Public Relations
Business Standard / New Delhi December 08, 2009, 0:32 IST
The sugar industry is likely to post robust profit in the financial year ending September 2010 on the back of an expected decline in production in the current sugar cycle (October 2009-September 2010).
The boundary between a television set and a computer is blurring. Consider Zenith Computer-promoted Vu Technologies’ offering, the Intelligent TV, which is a television-cum-PC with a Microsoft Windows operating system (OS).
General Motors today said Chris Liddell, Microsoft Corp"s outgoing finance chief, has been appointed as the vice-chairman and chief financial officer of the auto giant.
The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country.
The government has cleared nine proposals that will bring in foreign direct investment (FDI) of Rs 524 crore, more than half of which would be contributed by Japanese Mitsui and Company in setting up warehousing and container freight stations in the country.
The airline gets an opportunity to clean up its balance sheet as the holiday season travel brings cheer to the sector.
Over the next month, Prime Minister Manmohan Singh is expected to review the performance of his ministerial colleagues in their first six months in office. This review exercise could be a precursor to a Cabinet reshuffle, the first since the United Progressive Alliance (UPA) government entered its second term in office.
The Nifty faced resistance above 5,200 and closed below the trend-line resistance level of 5,182 on profit-booking at higher levels. The market will remain closed tomorrow and on Monday. Rollovers in the January futures were substantially lower at 10.22 million shares, with only three trading sessions left for the expiry of the December series. So we may see strong carry forward of positions.
Production to begin in 12-15 months; second such venture.
Commercial vehicle maker Ashok Leyland today said it expects a double-digit growth in sales during this fiscal on the back of a strong demand.
What was till now a popular model in the road sector has now become a strategy for cash-strapped Indian Oil Corporation to save on capital investment. The company has managed to bring down the cost of its Rs 29,777-crore Paradip refinery by Rs 5,000 crore, by taking recourse to the build-own-operate-transfer (BOOT) model.
A cargo vessel carrying soda ash consignment from Veraval Port to Calicut capsized after travelling 60 nautical miles into the Arabian sea between Jafrabad and Diu here today, Gujarat Maritime Board (GMB) officials said.
Petroleum and natural gas companies without any experience in executing infrastructure projects will no longer be able to bid for projects under the public private partnership (PPP) model.
The country’s first Special Economic Zone dedicated to the Aerospace industry has been inaugurated in Belgaum district. The SEZ situated at Hattaragi, 37 km from Belgaum is promoted by Quest Global, an aerospace engineering and manufacturing company. The SEZ houses an engineering services facility, a precision machining unit and Aerospace Processing India, a joint venture between Quest and Magellan, a processing facility, which is critical for the industry.
The stand-off between Air India and Indian Commercial Pilots Association (ICPA), which represent the domestic pilots of erstwhile Indian Airlines, was resolved here today with the management agreeing to payment as per 5th day commission.
Andhra Bank ended at Rs 109, stronger by 1.5%, on the BSE.
Hyderabad-headquartered infrastructure developer, GVK Power and Infrastructure (GVKPIL), today acquired the entire stake of 17 per cent held by L&T Infrastructure Development Projects in Bengaluru International Airport (BIAL) for a total consideration of Rs 686 crore.
Flughafen Zurich AG, operator of Zurich airport in Switzerland, which has a 17 per cent stake in Bangalore International Airport Ltd (BIAL), will reduce this to five per cent, to fund its further growth in India. The divestment process is expected to take four months.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it.
DTH player Dish TV today unveiled a new brand logo and TV commercials featuring brand ambassador Shahrukh Khan as part of its Rs 30-crore brand restructuring plan.
Bank credit fell sharply in the first half of the financial year, but the overall funds flow to the corporate sector was virtually the same as the corresponding period last year.
Business Standard / New Delhi November 04, 2009, 0:02 IST
Yaga Venugopal Reddy / October 27, 2009, 0:48 IST
The shares of the engineering and construction major Gammon India, which plunged 16.11 per cent in the morning trade, closed with an over 6 per cent decline on the Bombay Stock Exchange, as investors dumped its shares after one of the bridges it was constructing in Kota, Rajasthan collapsed last Thursday.
Gold’s best year in three decades has yet to match the returns of an interest-bearing checking account for anyone who bought the most malleable of metals coveted for at least 5,000 years during the last peak in January, 1980.
Media and entertainment firm UTV Software Communications today said it will raise $150 million (nearly Rs 750 crore) through various channels to meet its growth plans and retire debt.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
A week after the National Stock Exchange (NSE) launched interest rate futures (IRF) on August 31, the domestic mutual fund industry is all set to make the most of this new instrument. The industry is planning to either come up with new schemes, or use IRF in their existing schemes.
The rupee is expected to appreciate in the near future, a leading mutual fund industry official said.
HSBC Holdings Chairman Stephen Green said proposals to separate retail and investment banking are “unrealistic” and will slow economic growth because larger firms are needed to finance big companies.
Traders and brokers seem cautious about taking membership in Indian Commodity Exchange (ICEX), the fourth commodity futures exchange, promoted by Indiabulls Financial Services and public sector MMTC.
T N Ninan / New Delhi August 22, 2009, 0:58 IST
The government today said it will not relook into the investigations handled by arrested CLB member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
The state owned Industrial Development Corporation of Orissa Limited (IDCOL) has sought allotment of new mines to meet the blast furnace (BF) grade ore requirement of Idcol Kalinga Iron Works Limited (IKIWL) located at Barbil.
The shortage of information and communications technology (ICT) skills in developed countries could become a serious issue once the worldwide economic crisis starts easing. This will be exacerbated by the falling number of masters and PhD holders in science and engineering, restrictions on cross-border movement of IT professionals and the US H-1B visa programme. However, this vicious circle could be mitigated by the Indian service firms increasingly recruiting internationally, according to a new OECD report on employment trends in the ICT sector.
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
State-owned Dena Bank has reduced home loan rates for new customers as part of festival offer.
With the objective to create awareness regarding banking services among people in remote villages of North-East, Reserve Bank of India (RBI) has undertaken a series of financial outreach programmes in the region.
Despite a lukewarm year on the box office, UTV Motion Pictures (UMP) has managed to hold ground by reducing content acquisition costs, widening distribution in international markets and milking satellite & DTH rights to the fullest.
Norwegian mobile operator Telenor today said it has slashed the earmarked capital expenditure by Rs 3,500 crore from Rs 15,500 crore spread over the next five years on lower equipment costs.
Kraft Foods Inc today proposed a 10.2 billion pounds ($16.7 billion) takeover of Cadbury PLC, but said the offer was immediately rejected by the British maker of chocolate, gum and candy.
Matthew Lynn / October 7, 2009, 0:33 IST
UK’s Takeover Panel today asked US confectioner Kraft Foods Inc to make its final offer (popularly known as “put-up or shut-up”) to take over Cadbury Plc by November 9, or announce that it does not intend to make any fresh offer at all.
Sachin Tendulkar could be the face of the Brihanmumbai Municipal Corporation’s (BMC) forthcoming campaign on water. If everything falls in place, the star cricketer will be seen endorsing the cause of water conservation — a pressing issue in the city which requires upto 4,550 million litres per day shortly.
Schools and colleges have become the new hunting ground for non-life insurers, eager to push personal accident (PA) policies, a segment which has traditionally seen low claims.
US-based mobile electronics and transportation systems supplier Delphi today said it would hire 150 more engineers at its Bangalore Technical Centre to cater to the automobile sector.
Mobile telephone subscribers would have to wait a little longer to change their service provider without changing their numbers. The introduction of mobile number portability (MNP) across the country would be delayed by about two to three months, as some of the operators are not ready, said a senior official of the Telecom Regulatory Authority of India (Trai).
In view of the unearthing of David Coleman Headley"s case by the FBI and several other similar incidents in the recent past, the US has modified procedure based on intelligence inputs to expose any travel nexus of terror suspects.
Two-wheeler maker India Yamaha Motor today said its sales jumped by 44.40 per cent in October at 26,879 units, on positive consumer confidence and recent launches.
The Frankfurt Motor Show kicks off on Monday. Here’s a preview of the important cars.
Bayerische Motoren Werke AG and Daimler AG’s Mercedes-Benz unit, the world’s top two makers of luxury cars, are considering building a joint transmission plant in the US, expanding on their cooperation in purchasing.
The Asian markets have advanced for the fourth day on reports that the Chinese factory output jumped to a 19-month high in October.
Volkswagen, Europe"s biggest carmaker, and luxury auto manufacturer Porsche said they had approved a plan to merge by 2011 and create an automotive giant.
The Sensex after touching a low of 17,028, has recovered a bit and is now down 100 points at 17,080.
Rajiv Shirali / New Delhi November 8, 2009, 0:17 IST
Toyota Motor said today that global sales of its hybrid vehicles had topped the two-million mark since their launch in 1997, led by the Prius — Japan"s top-selling car for the past four months.
Vehicle maker Eicher Motor will invest Rs 95 crore during this fiscal to expand its India business, and will also launch two heavy vehicles next year.
As the government wants to make accreditation mandatory for all institutions, the IITs have said they would like to be accredited by a statutory body and not by the National Board of Accreditation (NBA).
There is little doubt that public private partnerships have contributed to infrastructure-building, but if the lay public perceives them as one-sided, most politicians will be reluctant to promote them.
Construction firm Sobha Developers today said it has raised Rs 526.89 crore through qualified institutional placement (QIP) by allotting over 2.51 crore equity shares of Rs 10 each.
With greenshoots of economic recovery becoming visible, a top banker was today optimistic that India will record a growth of 7-7.5 per cent in this fiscal.
Finance Ministers of the world"s 20 most powerful countries in their two-day meet starting today are slated to discuss reforms to tackle black money and money laundering.
A global tea shortage may increase by 10 per cent next year as drought in Kenya, Sri Lanka and India, the top exporters, damage crops and propel prices to a record, the world’s biggest tea plantation company said.
Sensex ends up 35pts
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus’ Teesside plant in Britain.
Sidhartha / Mumbai December 25, 2009, 0:43 IST
Space, says Raavi Sabharwal, is “opportunity”, “challenge” and, most importantly, “fun”. Sabharwal, 63, is the publisher of Timeless Books and owner of Timeless — The Art Book Studio, tucked away in one of the many bylanes of Kotla Mubarakpur, one of the many “asides” of the Capital, cheek by jowl with the upmarket South Extension shopping centre. The 1,600 sq ft space, which you stumble into after you’ve taken a few wrong turns, is quiet and peaceful, a refuge from the chaos that surrounds it.
Vedanta Group has asked Orissa government to restrict entry of foreign NGOs in the area where it proposes to mine bauxite, as part of its $8-billion project in the state, saying they were instigating locals.
The government today said it is expecting to raise about Rs 8,100 crore from the five per cent stake sale in power PSU NTPC through a follow-on public offer (FPO).
World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.
The mystery surrounding Black Rose, the Mongolian ship which sank near Paradip port a couple of months back, appear to be unfolding gradually with the officials of the Criminal Investigation Department (CID) unearthing some vital facts in their probe.
US President Barack Obama has appointed Indian American Arun Majumdar as in-charge of advanced research in the field of energy, one of the key posts in his administration.
Unlike in the past when economic growth did not translate into increased employment, the current investment boom is likely to have caused a spurt in jobs growth, argues Mahesh Vyas
Around a third of India Inc’s investment plans are in states affected by Naxalism.
Dubai has set up of a tribunal to settle all financial disputes between Dubai World, which is seeking to restructure around $26 billion of debt and its creditors.
With fears of its flights being disrupted, Air India today warned its employees of wage and allowance cuts if they participated in the proposed two-hour "illegal" walkout this afternoon to protest delayed payment of salaries.
Chinese banks: Economic crisis or not, China’s lenders are in good shape. The country’s big listed banks – Industrial Commercial Bank of China (ICBC), Bank of China and China Construction Bank (CCB), all unveiled mid-year balance sheets enviously light on bad debts. Thank China’s rapid growth – and an astonishing $300 billion vanishing act.
The first elections to the Greater Municipal Corporation of Hyderabad, formed by merging 12 surrounding municipalities in April 2007, ended on a peaceful note and polled 42 per cent. Counting will be held on November 26.
Technical Textiles sector is poised for growth with rise in salary levels in developing nations, particularly India, where the middle class population is expected to reach half a billion by 2030, an expert has said.
Fall in government holding will help the bank raise capital through a follow-on public offer or a rights issue.
Fifty-one days after the death of former chief minister of Andhra Pradesh, YS Rajasekhara Reddy (YSR), his son and a Member of Parliament from Kadapa, YS Jagan Mohan Reddy, broke his silence on his future role in the state politics.
The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.
The Life Insurance Corporation of India (LIC) today launched it"s second micro insurance product - "Jeevan Mangal" aimed at lower income groups, as well as those living in remote rural areas.
Public sector lenders Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
Markets closed lower with the Sensex losing 3 per cent to close below the 17,000 mark at 16,810.80 during the last week. FIIs were net buyers to the tune of Rs 1,083 crore for the week ending October 22. However, selling over the last two trading sessions by FIIs in frontline stocks, disappointing global cues and an uptick in domestic inflation were prime reasons for the correction.
BS Reporter / Mumbai October 26, 2009, 8:14 IST
Swiss banking firm UBS AG today said it has appointed Robert J McCann as the Chief Executive Officer of UBS Wealth Management Americas and member of the Group executive board.
Media house Sun TV Network today reported a rise of 20.54 per cent in its net profit at Rs 130.56 crore for the second quarter ended September 30, over the same period a year earlier.
The transaction values XTO at $51.69 a share, 25 per cent higher than its last closing - MCL decision on coal transport to help land oustees - UBI likely to float IPO by early February - 25 suspended workers reinstated at Dunlop"s Sahaganj unit - Elder gets bolder - Ruia Group acquires 60% stake in Henniges Automotive Grefrath - "Declare oil palm a plantation crop"
The rupee on Monday hit a fresh 15-month high against the dollar. Dealers offered oil companies’ dollar buying and heavy inflow of funds from foreign institutional investors (FIIs) as reasons.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
The last fortnight of 2009 brought back smile on the face of bankers, as outstanding credit in this period grew at the quickest pace in the financial year so far.
The rupee depreciated by 8 paise to 45.75 a dollar in early trade today as the US currency strengthened against major global currencies.
The Sensex is quoting at 17,636, higher by 20 points, and the Nifty is at 5,271, up 8 points.
Less than a week after deflecting calls for his resignation, Timothy Geithner sold bonds on behalf of US taxpayers at the lowest yields on record in a show of confidence in the Treasury Secretary’s policies.
A US Congressional panel has recommended to the US Treasury Department to provide regular disclosures about its asset guarantee programme for embattled Citigroup.
Global business leaders are hoping for relaxed immigration regulations to help bring in more skilled foreign workers, who want to capitalise on the opportunities provided by a rebounding economy, says a survey.
JPMorgan Chase & Co, the second- largest US bank by assets, said profit in the third quarter soared almost sevenfold, beating analysts" estimates, as fixed- income revenue surged.
General Electric Co (GE) is seeking to sell its security unit, which builds surveillance cameras and alarms, and may fetch about $2 billion, people aware of the details said.
Investors got the upper hand in 2009, while fund houses struggled to cope with regulatory changes and upheavals in the economy, even as the industry shrugged off recession blues with its assets hitting an all time high of Rs 8 lakh crore.
The country’s foreign exchange reserves fell by $144 million for the week ended December 25, 2009, mainly due to revaluation of currencies. The rupee ended the week at Rs 46.65 to the dollar as against Rs 46.73 at the end of the preceding week.
Media firm Eros International plans to raise Rs 350 crore through an initial public offer (IPO) and has filed a draft prospectus with market regulator Securities and Exchange Board of India (Sebi) for the same.
Birla Shloka Edutech Ltd, part of the Yash Birla Group, an education company offering IT and ITeS services has announced a price band between Rs 45 and Rs 50 per share per equity share of Rs 10 each for its further public offering (FPO) of Rs 34.77 crore. The Issue opens on January 11.
Domestic institutional investors (DIIs) were net buyers of Rs 182.87 crore (provisional) today, according to data released by BSE.
Media house DB Corp, the publisher of Hindi newspaper "Dainik Bhaskar", today said it has fixed the issue price of its initial public offer at Rs 212 per share, garnering Rs 384.22 crore through the offer.
The initial public offer of DB Corp, publishers of Hindi daily Dainik Bhaskar, has received an overwhelming response from investors and got subscribed 14.60 times on the final day of the issue today.
The Federal Reserve Bank of New York gave up efforts to save taxpayer money on American International Group Inc’s rescue after the insurer’s biggest trading partners refused to make concessions, said a Treasury watchdog.
Companies like Goldman Sachs, HSBC, Nomura, Standard Chartered, JPMorgan and RBS flock the campuses Banking and finance companies, whose dismal performance in late 2008 caused panic among students and faculty members of the premier Indian Institutes of Management, are making up this year with better profiles and stipends.
New-age private banker YES Bank is now focusing on eastern Uttar Pradesh and will soon expand its footprint in the region.
Cairn India’s crude oil will finally go for refining, with Mangalore Refinery and Petrochemicals Ltd (MRPL) receiving the first consignment tomorrow. The 2,08,000-barrel consignment of crude oil has been shipped from the Gujarat coast to Mangalore.
Computing giant Apple has decided to leave the US Chamber of Commerce in protest over the organisation"s opposition to tough climate change rules, according to a letter.
National carrier Air India today received the National Energy Conservation Award 2009 for its efforts in saving fuel and reducing carbon emission.
Banks across Asia have minimal exposure to Dubai and its debt-laden conglomerate Dubai World, Moody"s Investors Service said.
The Union shipping ministry has asked all ports in the country with a presence of Dubai World’s maritime subsidiary, DP World, to report on how much trade goes through the company-operated terminals.
DP World Group, a leading container terminal operator, has appointed Anil Singh as the new Managing Director for the DP World Subcontinent Region.
Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.
Public sector lender United Bank of India (UBI) today filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).
Finance Minister Pranab Mukherjee today exuded confidence of managing differences among some allies over disinvestment policy of the UPA government.
Business Standard / New Delhi December 29, 2009, 0:14 IST
Rrishi Raote / New Delhi July 25, 2009, 0:52 IST
Adani Power Rajasthan, a 100 per cent subsidiary of Adani Power (APL), has been awarded letter of intent (LoI) by Rajasthan Rajya Vidhyut Utpadan Nigam (RRVPNL) for purchase of upto 1,200 MW of power on long-term basis.
JSW Energy will open its Initial Public Offer (IPO) on December 7, to raise Rs 2,700 crore. The issue will close on December 10.
Undeterred by the premature end to its life insurance joint venture with Indiabulls Financial Services Ltd, French banking giant Societe Generale is still buoyant on the opportunities in the sector and plans to develop a fresh strategy.
Cairn India, part of the UK-based Cairn Energy, said it would merge the oil and gas businesses of four of its subsidiaries with itself, a move that would improve administrative efficiencies.
Power producer Jindal Power Ltd (JPL) is planning to raise about Rs 10,000 crore through an initial public offering.
To ensure assistance to enforcement agencies during company investigations, the Securities and Exchange Board of India (Sebi) has asked exchanges and brokers to preserve original records for a period ranging from two to five years.
TOP SEED Boris Gelfand edged Ruslan Ponomariov to take the World Cup and a place in the next Candidates. Gelfand held his nerve after the four normal games were drawn without much excitement. Gelfand won the second rapid tiebreaker and lost the fourth. Then, he won the second blitz, lost the third and finally won the fourth and last blitz game.
When reigning world champion Anatoly Karpov lost to Wolfgang Hartmann in Hanover in 1983, it created shock waves. The 27 year old Hartmann was a lowly 2290-rated player and no prodigy. By those standards, Anand’s last round defeat to Levon Aronyan at the Tal Memorial was mundane.
Acting chief Vasudevan caught taking Rs 7 lakh.
Provogue India has invested over Rs 1,500 crore for setting up six new malls, which would be developed by its real estate arm, Prozone Enterprises, and come up in the next two years.
Abhineet Kumar / Mumbai September 9, 2009, 0:20 IST
An investor with a wide exposure to small caps can beat the Nifty.
The government today cleared foreign fund house Lazard"s proposal to invest Rs 125 crore in its Lazard India Growth Fund, which will focus on mid-sized firms in the country.
The CBI today began its probe into the helicopter crash that killed former Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and four other persons with a team visiting the site in Nallamala forests.
France’s Michelin, the world’s second largest tyre manufacturer, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a factory near Chennai. The project would attract Rs 4,000 crore investment over the next seven years.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST
Global wealth management major, SG Private Banking today said it has adopted the brand Societe Generale Private Banking effective from January 1.
The restructuring should help strengthen the balance sheet and create value for shareholders.
The budding corporate managers need to tap the huge potential offered by the retail sector which is the second largest employer in the country after agriculture and the retailers need to imbibe a work culture driven by productive performance.