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The government should invest more in agriculture, health care and education sectors in rural areas as private sector is reluctant to go there, industry chamber Assocham said today.
The Rajiv Gandhi Thermal Power Project (RGTPP) at Khedar in Hisar district of Haryana created history on Tuesday by breaking all previous records of project implementation, when its first 600 Mw unit was synchronised with the grid in a record period of 35 months, by Haryana Chief Minister Bhupinder Singh Hooda.
The first unit of the 2x600 Mw Rajiv Gandhi Thermal Power Project (RGTPP) at Khedar in district of Haryana will be synchronised with the grid today in a record period of 35 months, thus breaking all previous records in project implementation.
As expected, the S&P CNX Nifty closed at 5,201 levels on long rollovers in index futures and key stocks futures. The index is expected to consolidate above 5,200 in the new series before moving above the short-term target of 5,350. The rollovers in the Nifty January futures, at 22 million, were at a five-month low, which indicates that bears are waiting in the wings. At similar point in July 2009, the Nifty had gained over 500 points in a couple months to move above 5,000 in September 2009. A similar trend may see the Nifty moving above 5,500 in the near future.
As many as six out of every 10 private equity companies have either frozen salaries of employees or are mulling to do so in near future as investments take a hit amid lower returns, says a study.
In yet another sign of a revival in the economy, the index of six core industries clocked a significant 7.1 per cent increase in August, against the 2.1 per cent growth it recorded in the same month last year.
India"s steel consumption rose by 5.7 per cent to 26.49 million tonnes in the first six months of the current fiscal over the same period a year ago on account of improved demand from sectors like automobile and consumer durables.
While SAIL is operating at full steam, the capacity utilisation among other global biggies is just 50-60 per cent.
The Centre today asked South Korean steel maker Posco’s Indian arm to apply afresh for permission to set up a 12-million-tonne-per-annum (mtpa) plant in Orissa, held up for four years over land acquisition.
Three years before Kishore Biyani set up his first Pantaloon store on Kolkata’s high-street, Gariahat, in 1997, Ram Chandra Agarwal had set up a large garment store, Vishal Garments, at Kolkata’s Tiger Cinema, which was converted into a sprawling store.
The Sensex today opened 55 points lower at 15,574 mirroring weak global vibes. The index slipped to a low of 15,423, down 206 points from the previous close.
The Sensex is now stable and is now at 15,677, up 49 points.
Business Standard / New Delhi November 02, 2009, 0:19 IST
Major steel makers are facing inordinate delays in acquiring land in the east.
Farmax Retail (India) today said its board has approved to raise funds up to Rs 500 crore through various routes including issue of foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs).
Medical devices manufacturer Johari Digital Healthcare Ltd is planning to foray into retail and medical spa space.
The Department of Telecom (DoT) is likely to seek approval for auctioning three blocks of 5 MHz each of 3G spectrum pan-India except Rajasthan and North East, from the Empowered Group of Ministers (EGoM) scheduled to meet tomorrow.
India’s second mission to Moon ‘Chandrayaan-II’, expected to be launched in 2013, has many challenges for scientists and engineers, mission director M Annadurai said today.
The US Food and Drug Administration (FDA) has directed Glenmark"s US arm, Glenmark Generics Inc, and three other manufacturers to stop the marketing of unapproved codeine sulphate tablets in the US market. The drug is an old narcotics product widely used to treat pain.
Zydus Cadila group"s Zydus Infrastructure is planning to create a knowledge park in Ahmedabad in a sprawling 500 hectares area. The park, which is a concept to bring together various academic institutions under one roof, will also see many foreign universities extend their presence.
Tata Consultancy Services (TCS), an IT services, business solutions and outsourcing organisation, announced plans to form an innovative business alliance that will provide critical business services to Dow, a diversified chemical company, its subsidiaries and joint ventures.
The Japanese and Indian industry are keen to take the Japanese investment in India beyond automobiles and into sectors like infrastructure, manufacturing, trade and education. The view emerged at a meeting between the Indian industry and a Japanese delegation, led by Prime Minister Yukio Hatoyama. Both the countries found that much more work had to be done for a comprehensive Economic Partnership Agreement (EPA) to fructify.
Godrej Consumer Products Ltd, the manufacturer and supplier of consumer durables, posted 167 per cent rise in consolidated net profit at Rs 93 crore for the quarter ending September 30, 2009 as compared to Rs 34.73 crore in the corresponding period last year.
Finance Minister Pranab Mukherjee on Sunday said the government would pass the Right to Food Act to promote inclusive growth, a concept that has been pursued by the Congress since Independence. “We are going to pass the Right to Food Act,” Mukherjee said while speaking at the Economic Times Award-2009 function in the national capital.
After an initial slide, the Sensex turned volatile on the back of mixed cues from the Asian markets. The index gained strength and touched a high of 16,910 - up 243 points from the day"s low of 16,667.
The Sensex has ended (provisional) at 16,844 - up 148 points. The Nifty ended (provisional) at 4,997 - up 44 points.
The Sensex after opening flat has now soared to a high of 16,885 on the back of buying in IT and metal stocks.
The Indian bourses opened on a negative note tracking weak global cues at 16,855.91.The Sensex however has tried to recover and is now at 16,868, down 20 points.
Market regulator Sebi has directed all stock exchanges and other securities intermediaries to keep a strict watch on UN-listed terror funding entities, including the name of underworld don Dawood Ibrahim.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 347.87 crore in futures and options segments on Monday.
Foreign institutional investors (FIIs) have raised their holding in most large- and mid-cap information technology (IT) stocks.
Jump 44% over September; experts attribute it to a strengthening rupee.
The Sensex after rebounding into positive zone has surged singificantly mainly on account of fresh buying in index heavyweights. The index has now re-gained the 17,000-mark, and is now up 224 points at 17,010.
Considering the weak US and Asian cues, our markets have opened on a quiter note. The Sensex is quoting at 16,714, down 71 points, and the Nifty is at 4962, down 26 points.
Energy major Reliance Industries today said that Production Sharing Contracts (PSCs), like the one it had signed for KG-D6 fields with the government, should not be tampered with by anyone.
State-run power company National Thermal Power Corporation (NTPC) is exploring opportunities to source coal from abroad and has identified two more blocks in Indonesia for securing the dry fuel for its thermal power plants.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 184.85 crore in futures and options segments on Tuesday.
Trades between FIIs generated a volume of Rs 63 crore on the BSE Tuesday-an increase of 357.01% from Rs 14 crore clocked on Monday. As many as six stocks witnessed trades of 12 lakh shares on Tuesday.
Foreign institutional investors (FIIs) were net buyers of Rs 169.69 crore (provisional) today, according to data released by BSE.
The stock ended at Rs 84 - up 2.3% from its issue price. the counter witnessed hefty volumes of 12.26 million shares on BSE today.
Along with Subir Gokarn’s appointment as the fourth deputy governor, the Reserve Bank of India (RBI) today reshuffled some of the key portfolios of its deputy governors and executive directors.
Tata Steel today hinted at increasing prices of its products.
Snapping its two-day losing string, the Bombay Stock Exchange (BSE) Sensex today surged over 240 points on the back of a good show by European markets and realty and metal stocks.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.
Lifeclinic India, a part of Lifeclinic International that manufactures and distributes automated blood pressure monitors and health stations, will set up about 100 anytime self-testing health kiosks, on the lines of public telephone booths, in Andhra Pradesh.
The fruits of economic progress will reach all sections of the society only when developmental intiatives are reinforced with policies of social justice, Defence Minister A K Antony said here today.
The Indian Navy will solely be responsible for overall security of the coastal zones, the government said today.
The Nifty convincingly closed above the 61.8 per cent retracement levels of 4,940 on short-covering. The V-shape recovery is expected to continue with the Nifty likely to complete 100 per cent retracement this week of its recent fall from 5,181 to 4,538. Options data suggest the index has strong support at 4,900 and is building fresh support at 5,000.
Business Standard / New Delhi November 16, 2009, 0:03 IST
The disinvestment department today said it is in talks with administrative ministries of 60 Central Public Sector Undertakings (CPSUs), including SAIL, BSNL, Coal India, for selling government stake.
The board plans to reduce the period for laying city gas pipelines.
The Delhi High court today dismissed a petition filed by Mumbai-based Man Industries challenging GAIL"s decision to re-bid for the Dahej-Vijaipur gas pipeline project.
Wockhardt closed at Rs 175, lower by Rs 5 or 2%, on the BSE.
The Sensex has finally ended (provisional) at 15,881 - down 171 points.
Commercial vehicle makers including Tata Motors, Volvo and Ashok Leyland have hiked or are considering raising prices of trucks by up to four per cent this month to offset rising input costs, even as the segment saw return of demand.
For the second time in last one year, the government is likely to inspect financial books of Uttam Galva Steels for alleged manipulation of share prices, funds diversions and some other related matters.
State-run National Aluminium Company (Nalco) today increased prices of aluminium by Rs 3,500 a tonne, a second hike for the prevailing month, citing improvement in the metals rate at the London Metal Exchange (LME).
This last year, two friends of mine lost their fathers to Indian healthcare.
The seizure of Caraco’s drugs by the FDA could have an adverse impact on Sun Pharmaceutical in the near term.
India’s second-largest information technology services provider, Infosys Technologies, has applied for a mere 405 visas till date for financial year 2009-10 — its lowest application count in recent years.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
In a major setback to Sun Pharmaceutical Industries - the largest Indian drug maker in terms of market capitalisation, the US Food and Drug Administration (FDA) has seized all medicines produced by Sun’s US arm Caraco Pharmaceutical Laboratories, for repeated violations of manufacturing standards.
In a new development in the RIL-RNRL appeals in the Supreme Court today on their gas dispute, RNRL revoked its opposition to the Union government being heard. And, the Solicitor General appeared for the first time, on behalf of the government and NTPC.
Hardy Oil to abandon well in D9 block in Krishna-Godavari basin.
Pushes oil and gas to second and IT to third place.
The Bombay Stock Exchange"s (BSE) newly launched IPO Index, that tracks the value of companies for the first two years after listing on the bourse, rose by 5 per cent during the first week of its introduction.
The meltdown on bourses today left investors on the Bombay Stock Exchange (BSE) poorer by over Rs 2 lakh-crore -- with nearly half of the losses being incurred by shareholders in the 30 blue-chip stocks.
Hit by economic slowdown and dip in customers repayment capability, ICICI Home Finance Company, subsidiary of ICICI Bank, reported about 3.5 fold growth in its non-performing assets at Rs 161.43 crore at end of September 2009 from Rs 36.03 crore a year ago.
With gradual improvement in the security scenario in North Cachar Hills district of Assam, following the surrender of "Black Widow" militants, work on the Lumding-Silchar railway gauge conversion project has begun.
Currency volatility is a concern for India’s largest information technology company, Tata Consultancy Services (TCS). So much so, that it has taken new hedging positions worth $135 million (around Rs 630 crore) for the quarter ending December 31.
Infosys BPO, the business process outsourcing subsidiary of Infosys Technologies, has forged an alliance with MortgageFlex Systems to provide offerings to the mortgage industry in the US .
Wants to expand within the country and outside, while Star Aviation, yet to begin operations, has three aircraft ready
India’s largest BPO Genpact has opened a Remote Operations Center in Hyderabad to provide uninterrupted, secured application and infrastructure monitoring and support services to clients worldwide.
Kuwait"s Oil Minister Sheikh Ahmad Abdullah al-Sabah today ruled out any production increase by OPEC this year and predicted that oil prices would remain at between $60 and $80 a barrel.
The benchmark prime lending rate (BPLR) is set to give way to a new loan pricing regime. Called Base Rate by a committee of the Reserve Bank of India (RBI), it will represent the bare minimum rate below which it will not be viable for banks to lend.
A good rainfall over the last week has cheered the farmers of Dharwad district and they are now busy on their agricultural plots. Farmers were worried over the delay in the onset of monsoons as there were no rains in June. However, to dispel their anxieties the rain god has smiled on farmers.
Pipe manufacturer Welspun Gujarat Stahl Rohren today said it has raised $250 million (over Rs 1,100 crore) by way of institutional placement of shares and bonds issue.
Did not figure in last year’s rankings as it did not do any QIP or IPO.
The country"s top-10 firms added over Rs 39,000 crore to their market capitalisation last week, with Oil and Natural Gas Corporation (ONGC) gaining the most.
Musicians from around the world are here for Jazz Utsav ’09. two of them tell us what to expect at the festival this year
The country"s top 10 firms added Rs 1,42,000 crore to their market capitalisation last week with country"s most valued firm, Reliance Industries (RIL) crossing Rs 3 lakh crore mark after two weeks.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
Business Standard / New Delhi October 12, 2009, 0:07 IST
Many private equity companies are interested in acquiring the management of Bank of America Merrill Lynch"s Asian real-estate investment business, a media report said.
Hit by volatile crude oil prices, Oil and Natural Gas Corporation (ONGC), the country’s largest oil exploration and production company, today reported a 26.94 per cent dip in its net profit for the quarter ended June 30. Net profit for the quarter was Rs 4,848 crore as against Rs 6,636 crore last year. The company’s turnover during the quarter slipped 25.84 per cent to Rs 14,922 crore.
Oil & Natural Gas Corporation (ONGc), the country"s largest public sector undertaking, has posted a decline of 26.95 per cent in its net profit for the quarter ended 30 June, 2009 at Rs 4,847.92 crore as compared to Rs 6,636.33 crore in the corresponding quarter last year. The company"s net sales from operations during the quarter, too, dipped to Rs 14,879.27 crore from Rs 20,052 crore, down 25.8 per cent.
Mukesh Ambani-promoted Reliance Petroleum (RPL) today reported a net profit of Rs 105 crore for the first quarter ended June 30, 2009.
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
India"s leading private carrier Jet Airways today entered into a code-sharing pact with Malaysian Airlines (MAS) enabling passengers to book tickets on each others flights between here and different destinations in India from next month.
The Malaysian arm of fast moving consumer goods (FMCG) player Marico has acquired hair-styling brand Code 10 from Colgate-Palmolive for an undisclosed sum. The buyout marks the company’s entry into the Malaysian hair-styling market. It is also the company’s first since the acquisition of Durban-based Enaleni Pharmaceuticals in late 2007.
Provided they have all the details, shareholders are best placed to do this.
Analjit to guard stake by pumping in money.
Indian Railways could soon have its own dedicated television channel, broadcasting passenger related information and highlighting various other facets of the PSU behemoth, if the suggestion of a railway committee is accepted.
Flow of personal loans declines 0.1 per cent in the year to October 2009.
CDMA operators association AUSPI has asked the Government to consider introduction of 11- digit numbering scheme for mobile operators to take care of the crunch of numbers due to the growing list of users.
Business Standard / New Delhi December 24, 2009, 0:39 IST
Google/Yelp: Google is dipping its hands further into the messy business of local search. The tech giant may splash out more than a half-billion dollars on Yelp, a website of local business reviews by customers. Google"s mobile ambitions make this a natural pairing. Yet Yelp’s untidy human element may fit awkwardly with Google’s clean algorithmic bent.
Trade unions have asked the government to shelve the proposal in the draft Direct Tax Code to tax all savings and provident fund schemes at the time of withdrawal, saying the move would hit the salaried class hard.
The scrip zoomed to a high of Rs 94 and finally ended at Rs 93, up 2.5% from the previous close. The counter clocked volumes of 30.16 million shares on the BSE as compared to the two-week daily average traded volume of 14.87 million shares .
Mahindra Satyam, the rebranded Satyam Computer Services, on Thursday announced the appointment of Vijayanand Vadrevu as the senior vice president – strategic initiatives.
Larsen & Toubro (L&T), one of the failed suitors for scam-hit Satyam Computer, today sold 2.32 per cent stake in the IT company (now Mahindra Satyam) for over Rs 306 crore, exactly a month after the lock-in perid on sale of its holding ended.
FMCG major Marico has posted 32 per cent jump in its consolidated net profit for the quarter ending September 30, 2009 at Rs 62.35 crore as compared to Rs 47.12 crore profit it posted in the corresponding quarter last financial year.
The government today opened its arguments in the high-voltage gas row between the Ambani brothers in the Supreme Court asserting that any understanding reached between them was not binding on it as gas was not their "private property".
The Sensex opened flat at 17,032 owing to subdued cues from the global markets. The index touched a high of 17,099 and continued to swing between alternate zones of red and green. The index slipped to a low of 16,958. The BSE benchmark ended at 16,998, down 52 points. The NSE Nifty settled flat at 5,054.
The Sensex finally ended (provisional) at 16,974, down 76 points. The NSE Nifty ended (provisional) at 5,052, down 10 points.
The Sensex is still in the red and is exhibiting lacklustre movement.The index is now at 17,024, down 26 points.
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FMCG major ITC, the largest player in the domestic cigarette market, has increased prices of two of its brands, India Kings and Benson & Hedges, by Rs 10 and Rs 5, respectively.
If you are in the age group of 18-25, ‘go snacking’ in between class lectures or office meetings must be part of your daily routine. Cadbury has just added a dash of glucose energy to it.
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
What sense do you make of the upcoming real estate initial public offers? There is a lot of hype around them. The shares of many real estate companies that came up with public issues in the past are trading below their offer prices. What is the outlook for the sector?
With seats in certain national level institutes remaining vacant due to multiple counselling, the IITs and NITs could start common counselling, a move that would smoothen the admission process and reduce hardship of students.
HCL Infosystems has seen its profit fall 10.77 per cent. The company has reported a profit of Rs 58.97 crore in the second quarter this financial year as compared to Rs 66.09 crore in the corresponding quarter last financial year.
With the report of the special audit into the accounts of Reliance Communication (RCom) stating that the company had misclassified its income to avoid paying licence fees and overstated its mobile phone income (by around a fourth) in other ways, you’d think the Ministry of Corporate Affairs would be interested in examining the report and taking appropriate action.
Delhi Chief Minister Sheila Dikshit today said security during the Commonwealth Games in October 2010 will be a matter of "grave concern" for her administration.
A bill to give legal cover for construction, operation and maintenance of the metro rail system in the National Capital Region and other metro cities was introduced in the Lok Sabha today.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
Supporters of Tata Steel in Bastar acted as a shield to prevent Communist Party of India (CPI) leaders and environment experts to visit the project affected villages and meet the people. The CPI leaders along with environment experts from Hyderabad and New Delhi had yesterday organised a public hearing on party"s banner in Badanji village. It is one of the ten villages to be affected by the 5.5 million tonnes per annum (MTpA) Tata Steel plant coming up in Lohandiguda area.
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.
More pacts with China, African nations likely.
Rising demand for cleaner and cost efficient fuels, and the forthcoming Commonwealth Games are positive triggers for Indraprastha Gas.
Raw materials may return more than financial assets for the first time in three years as the global economy rebounds, according to Bloomberg surveys and 2009’s most accurate commodity forecasters.
The decline is Rs 21,186 crore from the fortnight ended July 3
The government has shortlisted four candidates for the post of National Housing Bank (NHB) Chairman and Managing Director.
IDBI Bank, which has been mandated to raise Rs 13,000 crore syndicated loan for Reliance Power"s Krishnapatanam Ultra Mega Power Project (UMPP) has put the process on hold.
Global mergers and acquisitions (M&A) are projected to fall 56 per cent in 2009 compared to last year, mainly on account of sharp declines in such activities in rich and emerging markets including India.
Agro-chemical and pharma company Astec LifeSciences today said that it has fixed the price of its initial public offer at Rs 82 per equity share, the upper end of the price band.
Many index funds charge less than equity-diversified funds. Select a fund that has a low tracking error.
Signalling that new political winds were sweeping Maharashtra and could soon have India in their grip, the Shiv Sena candidate for the post of the Mayor of Mumbai, Shraddha Jadhav was today elected defeating Congress nominee Pricilla Kadam.
Elections to 57 seats in the 60-member Arunachal assembly began early this morning amidst tight security.
The fissures in the Congress over the Telangana issue today came to the fore in the Lok Sabha with Y S Jaganmohan Reddy along with some other party members joining a TDP protest against the decision to carve out a separate state from Andhra Pradesh.
National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 102 crore to Uttar Pradesh under the Rural Infrastructure Development Fund (RIDF).
Panel shortlists five candidates, decision on winning entry in January.
Business Standard / New Delhi December 17, 2009, 0:58 IST
Parliament today passed a bill that introduces new sugarcane price regime, after government allayed concerns of Opposition that the states will not be required to pay the difference between the Central and the State Advised Price to farmers.
Hospital chain Fortis Healthcare"s Rs 1,000-crore rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.