Rs 4,868 cr to state banks for crop loans
The government today decided to release Rs 4,868 crore to public sector lenders for providing concessional loans to farmers.The decision, taken at a Cabinet meeting, will help lenders provide farmers |
RBI fines ICICI, StanChart
The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh each on two top banks -ICICI Bank and Standard Chartered Bank -for violation of the guidelines on Know Yo ur Customer (KYC)/Anti Mone |
China overtakes Japan as No. 2 economy: Chinese forex chief
CHINA has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty. Depending on how f |
Cashless facility for mediclaim to be restored in 10 days
Chiefs of four public-sector general insurers met representatives of private hospitals today to settle the latest row on withdrawal of cashless facility on mediclaim policies and hoped that the cashle |
Separate IPO norms for health, general insurance firms
Life and general insurance companies will have separate guidelines for floating initial public offers and the norms will be unveiled shortly. According to the Insurance Regulatory and Development Auth |
NTPC commissions Dadri plant
Power maharatna NTPC today commissioned a 490 mega watt (MW) unit at Dadri thermal power plant, a unit which will supply electricity to Delhi for the Commonwealth Games. Power Minister Sushilkumar Shi |
Qualcomm sells 26% to Tulip,Global Holdings
US-based mobile chip maker Qualcomm today sold 26 per cent stake in its Indian broadband unit to Tulip Telecom and Global Holdings for $57.72 million (about Rs 268 crore). Telecom networking firm Tuli |
Honda launches new superbike in India
Japanese twowheeler giant Honda today launched its new super bike, VFR1200F, at exshowroom price of Rs 17.5 lakh in Delhi. The new bike is powered by a 1237 cc V4 engine. PTI
|
Markets at 1830 hours IST `Will we give the next Google, Facebook, or Twitter?'
WHICH Indian companies today have the capacity to strike fear into the hearts of the innovators and would-be innovators across the world? The answer, according to Harvard Business School Dean Nitin No |
Maruti to launch five CNG cars in a day
In an unprecedented move to defend market share, the country's largest carmaker Maruti Suzuki India will launch five cars in CNG version in a single day in the second week of next month - Alto, compac |
Inox soars 20pc on stake sale reports
Shares of Inox Leisure today surged 20 per cent on media reports that Reliance MediaWorks is interested in acquiring a 67 per cent stake in the multiplex operator, which the Anil Ambani-led firm has d |
Century Textiles plans Rs 2,975 crore capex
Century Textiles and Industries Ltd has planned a Rs 2,975-crore capex (capital expenditure) over the next 2-3 years across various divisions, including cement, paper & pulp and real estate. "We have |
Sebi allows currency options on bourses
THE Securities and Exchanges Board of India (Sebi) has allowed exchanges to introduce currency options on US dollar pairing with rupee, providing another alternative to corporates for hedging against |
Vaidyanathan to leave ICICI-Pru, join Future Group
V Vaidyanathan, managing director and CEO, ICICI Prudential, is moving to the Future Group. Vaidyanathan, among the younger talents of ICICI Bank, was earlier heading the bank's retail business |
US economic growth slowed to 2.4% in second quarter
The United States economy expanded at an annual rate of 2.4 percent in the second quarter, after expanding 3.7 percent in the previous three months, the Commerce Department reported on Friday. Non |
Allahabad, Kotak Mahindra raise deposit rates; other banks likely to follow
After the first round of hikes in deposit rates by three banks, Kotak Mahindra Bank, Allahabad Bank and South Indian Bank also raised their deposit rates on Friday Three others, Union Bank of India, B |
PNB fires first shot, raises rates by 75 bps
IN A move that indicates money could become much more costly soon, Punjab National Bank (PNB) on Friday increased lending rates, raising its benchmark prime lending rate (BPLR) by a steep 75 basis po |
Cabinet to mull interest waiver on crop loans
THE proposal for offering interest subvention of 2 per cent on crop loans for farmers, who make timely repayment, will be considered by the Union Cabinet on Friday. The proposal, if accepted, will cos |
Noel moves up in Tata hierarchy
ENS ECONOMIC BUREAU
NOEL N Ta ta, half-brother of Ta ta group chief Ratan Ta ta, has moved up in the group hierarchy with Ta ta International Ltd which controls the overseas business of the group ap |
ONGC profit slips 24.5% on sales discount
State-owned Oil and Natural Gas Corporation's net profit for the June quarter fell 24.5% to Rs 3,661 crore from a year ago as the company gave heavy discounts to refinery-cumretailers to enable them t |
Inflation slips down to single digit
JUST as the clamour for government control of food inflation becomes louder, within and outside parliament, inflation dipped to single digit to 9.67 per cent for the first time this year. Food prices |
SAIL making JV with Posco, Kobe to set up plants
STATE-RUN behemoth Steel Authority of India Limited (SAIL) is all set to formally sign a joint venture agreement with Korean giant Posco by October to set up a 1.15 million tonne steel mill adjacent t |
Nath asks truckers not to go on strike
The government is trying to persuade truckers not to go on strike from August 6 to press their demand for lower toll tax, Minister of Road Transport and Highways Kamal Nath said today. Truckers lobby |
PFC is infras finance company now
The Reserve Bank of India granted Power Finance Corporation the status of infrastructure finance company, the newly introduced category for non-banking financial companies. IFC status will allow the n |
Ashok Leyland to by 26 pc into UK firm
Hinduja flagship firm Ashok Leyland today said it will acquire 26 per cent stake in UKbased bus manufacturer Optare for USD 7.5 million (about Rs 35 crore) as part of its strategy to expand into new m |
Muthoot Finance sells stakes to raise Rs 157 cr
Leading goldloan business firm Muthoot Finance has raised Rs 157 crore by selling stake to two private equity firms to meet its capital requirements and ramp-up business growth, said a top official he |
Engineers India issue subscribed 11.6 times
The Rs 977crore follow-on offer of the state-run Engineers India got an overwhelming response with the FPO getting oversubscribed a whopping 11.63 times on the third day of the issue today, lapped by |
Petroleum ministry wants govt to shoulder 66 per cent of subsidy
FTER deregulating petrol price, the government is now rejigging the formula for apportioning subsidy burden. As per a petroleum ministry proposal under North Block's consideration, the government woul |
Hero Honda Q1 net dips 1.6%
Hero Honda Motors on Thursday reported a 1.6% dip in its net profit at Rs 491.69 crore in the quarter ended June 30, 2010. This was due to rise in input cost. In the corresponding period last year, th |
No tax liability in India: Vodafone CEO
Even as the income tax department claims that the telecom giant Vo dafone is liable to pay tax in India for the multi-billion dollar deal it clinched with Hutchison International in 2007, the company |
British delegates meet Indian industry leaders
As the UK still reels under pressure from the financial crisis and huge unemployment, Prime Minister David Cameron and his team of seven Cabinet ministers met with key industrialists here today, looki |
First housing Markets at 1830 hours IST start-up index by December
ALMOST two years after the Reserve Bank of India (RBI) had suggested the compilation of a housing start-up index (HSUI) to measure the construction of housing projects, the ministry of housing and urb |
RBI effect: Banks hike deposit rates up to 75 bps
NTEREST rates have started going up. A day after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points and reverse repo rates by 50 basis points in its battle against inflation, banks |
UK wants bigger play for its banks in India mkt
UK's Chancellor of the Exchequer George Osborne on Wednesday said India should liberalise licensing norms for the UK banks through the implementation of the reforms set out in the Reserve Bank India's |
RIL tanks over 3%, m-cap falls Rs 11,000 crore on KG delay
MUMBAI: Reliance Industries Ltd (RIL), the country's most valued firm, on Wednesday plunged over 3 per cent, dragging its valuation down by Rs 11,000 crore -a day after the company reported its best-e |
JSPL Q1 net falls 3 pc on lower power tariff
NEW DELHI: JSPL Ltd on Wednesday posted a 3 per cent decline in its net profit to Rs 956.97 crore for the first quarter of the current fiscal mainly due to fall in power tariffs. "Power tariffs were a |
EGoM skips issue of gas to ADAG plants
NEW DELHI: The muchtalked meeting of a ministerial panel on Wednesday skipped discussion on allocating natural gas to Anil Ambani Group power plants even as it asked the oil ministry to indicate avail |
SBI to complete retail bond issue by Oct
MUMBAI: State Bank of India, the country's largest lender, on Wednesday said it expects to complete the bond issue to raise Rs 200300 crore from retail investors by September or October this year. "We |
UTI Mutual Fund launches UTI Mobile
MUMBAI: UTI Mutual Fund, along with its mobile solutions partner mCheck, has announced the launch of `UTI Mobile', which would enable an investor to initiate payment instructions for investing in the |
TCS on top of IT-BPO employer list: Nasscom
CHENNAI: IT Solutions provider Tata Consultancy Services continued to remain on the top slot in the Top 20 IT-BPO Employers in India for the 2009-2010 fiscal, according to industry body Nasscom. TCS i |
Tata Communications net loss at 281 crore
MUMBAI: Tata Communications on Wednesday posted a consolidated net loss at Rs 281 crore for the quarter ended June 30, 2010. The company had a net loss of Rs 55 crore in the same period of the previou |
Major ports may soon get to fix their own tariffs
T HE Planning Commission has recommended that ma jor port trusts be allowed to decide their own tariffs once they reach optimum capacity. At present, the tar |
India, Turkey form joint group to expand trade
HOPING to expand bilateral trade of goods and services, India and Turkey
have formed a joint study grouptoevaluatethepotential strengthening of commerce between themselves. The group, comprising of |
At 3.4%, June core sector growth at lowest pace in 10 months
INFRASTRUCTURE sectors grew by just 3.4 per cent in June, the worst performance of the core sectors in 10 months thanks to sliding output in coal, electricity and cement. The poor |
M&M posts 40.3% jump in April-June net profit
Buoyed by a ro
bust 40.30 per cent jump in itsnetprofitforthelastquarter, auto major Mahindra & Mahindra on Wednesday said it will invest about Rs 8,600 crore in the next five years for various p |
BP may sell assets to RIL, Essar topay for spill
A day after BP said it would sell $30 billion in assets
to pay for its Gulf of Mexico oil spill, the focus shifted to what is for sale, while lawyers prepared to tackle a mountain of claims for dama |
Tightening seen as credit growth picks up
"My bank's asset-liability committee (ALCO) is meeting this evening to take stock of the situation.
I do personally believe that there may be some impact on the deposit rates, though not immediatel |
RBI will review monetary policy every six weeks
MOVING in line with the global practices and keeping pace with the fast-changing changing monetary environment, the Reserve Bank of India has decided to undertake mid-quarter review of the monetary po |
RBI cracks whip on inflation, ups short-term interest rates
S TEPPING up its war on infla tion, the Reserve Bank of In dia (RBI) on Tuesday raised short-term interest rates, signalling a rise in interest rates across the board |
Contrarian view: Growth choppy at best, no need to tighten
THE Reserve Bank of India may be following a preset trajectory of monetary tightening that will take key policy rates to November 2008 levels, but some fear this may threaten the growth targets of 8.5 |
Govt says `no' to ban on iron ore export
The government has informed the Lok Sabha that it has no plans to bring about a policy to ban export of iron ore. "No," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a writt |
RInfra, Brakel pleas in SC on Sept 23
The Supreme Court will, on September 23, hear cross-appeals by Anil Ambani Group firm Reliance Infra and Dutch firm Brakel Corporation filed against each other over a Rs 8,000-crore tender by Himacha |
Yes Bank to raise Rs 500 cr from bonds
: Private sector lender Yes Bank on Tuesday said it would raise Rs 500 crore from bonds by September to fund business growth. "We have plans to raise Rs 500 crore from Tier II bonds during the current |
Choudhury set to be new NTPC chairman
: Arup Roy Choudhury, currently chairman of National Buildings Construction Corp, will be the new chairman of maharatna National Thermal Power Corp once RS Sharma superannuates on August 31. Sources s |
Kotak Bank stake sale to Sumitomo cleared
Private sector lender Kotak Mahindra Bank on Tuesday said that its shareholders have approved the selling of 4.5 per cent stake to Japanese financial services major Sumitomo Mitsui Banking Corp for R |
Portfolio managers part-fee be paid if client gains: Sebi
Market regulator Sebi on Tuesday suggested that a part of portfolio managers fee be paid only if the client gains from the capital markets, a proposal if implemented would protect a loss-making invest |
Ashok Leyland net up 15-fold
Buoyed by volumes growth, Ashok Leyland, the Hin
duja Group flagship, has registered 156 per cent increase in turnover to Rs 2,347.98 crore for the quarter ended June 30, 2010, compared with Rs 918.0 |
L&T profit plunges 58%
Engineering and construction major Larsen & Toubro on
Tuesday reported 58% decline in its profit after tax (PAT) for the first quarter of FY11 to Rs 666.17 crore as compared to Rs 1,598.20 crore in |
OIL profit down 32%
Upstream oil major Oil India Ltd on Tuesday posted a
32 per cent decline in profits to Rs 501 crore in the first quarter ending June compared to a year ago, as production declined and the company co |
JSW Steel sells 14.99% to Japan's JFE for Rs 4,800 cr
JSW Steel Ltd, India's third largest steel manufacturer, has sold 14.99 per cent stake in the company to JFE Holding Inc, Japan's second largest and world's fifth largest steel producer, for over Rs 4 |
HUL Q1 net drops 1.8 pc
FMCG major Hindustan
Unilever has recorded a 1.8 per cent drop in its profit to Rs 533.21 for the June quarter from Rs 543 crore in the year-ago period due to price wars with rivals and aggressive a |
RIL profit jumps 32.3% on margins, volumes
POSTING one of its fastest pace of profit growths in more than two years, Reliance Industries Ltd, India's biggest listed company by market value, recorded a 32.3 per cent rise in profit and a massive |
Can't supply gas to RNRL or NTPC: PetroMin
THE petroleum ministry is telling the Empowered Group of Ministers (EGoM) that as of now it cannot commit gas supply to either Anil Ambani's Reliance Natural Resources Ltd or state-run National Therma |
POWERMIN WANTS GAS FOR NTPC, RPOWER PROJECTS
With a meeting of ministers to prioritise gas allocation for the remaining 11th Plan gas-based power projects slated for Wednesday, the ministry of power (MoP) has written to the ministry of petroleum |
EGoM to discuss ways to prioritise applicants seeking gas allocation
CONCERNED that the country would not have gas supply to the tune of over 450 million standard cu bic metre per day (mmscmd) required for its greenfield and brownfield p |
Dabur acquires Turkish company for Rs 324 cr
FMCG player Dabur has acquired Tu rkish personal care firm Hobi Kozmetik Group for US $69 million (about Rs 324 crore) as part of its strategy to strengthen its presence in the Middle East and North A |
BLUE STAR TO BUY DS GUPTA CONSTRUCTION
Blue Star Electro-Mechanical Limited, a wholly-owned subsidiary of Blue Star Limited, has proposed to acquire plumbing and fire fighting major D S Gupta Construction for a consideration of Rs 80 crore |
BP chief Tony Hayward's fate hinges on board vote
THE board of oil giant BP faced a decision Monday on whether to keep To ny Hayward as its chief executive, although deliberations appeared to have narrowed to setting the terms for his departure. Afte |
UNION BANK NET UP 35.9%
Union Bank of India has registered a net profit of Rs 601 crore for Q1 FY 11 as against Rs 442 crore in the previous year, a growth of 35.97 per cent. The net profit for Q1 has grown at CAGR of 38.75 |
DENA BANK PROFIT RISES 20.6%
Dena Bank has clocked a 20.67 per cent jump in its net profit for the quarter ended June 30 to Rs 138.79 crore against Rs 115.02 crore during the same period last year. "We have posted a good profit i |
Tech Mahindra net up just 10%
IT firm Te ch Mahindra has posted a lower-than-expected increase of 9.65 per cent in its consolidated net profit at Rs 144 crore for the quarter ended June 2010 on account of the adverse impact of cur |
New Pension Scheme cover may extend to NREGA workers
THE pension regulator is ex ploring ways to extend the coverage of the New Pension Scheme (NPS) to MGNREGA workers. A move that will ensure a safety net for these workers, who otherwise n |
Maruti skids 12% after royalty shock
THE HIKE in royalty payment by Maruti Suzuki India to its overseas parent Suzuki Motor of Japan disappointed Dalal Street. Maruti stocks plunged 12.31 per cent on the Bombay Stock Exchange on Monday, |
Moody's upgrades India currency rating
IN Al ong overdue move, global rating agency Moody's has upgraded India's local currency rating to 'Ba1' from 'Ba2' with a positive outlook. However, despite this, its local currency rating remained b |
SENSEX FALLS 111 PTS AMIDST RATE HIKE FEARS
Dalal Street witnessed a steep fall in auto and rate-sensitive stocks on Monday amidst fears of a rate hike by the RBI on Tuesday. The BSE Sensex managed to end above the psychological 18,000-level at |
Inflation, not low growth, biggest worry if rains poor
Inflation may be the biggest problem if India receives inadequate rainfall leading to a second successive year of drought, an unprecedented event. "Our fear is that inflation will be a bigger worry. L |
RBI vows to tame inflation, pegs growth above 8 pc
THE RESERVE Bank of In dia (RBI) on Monday hinted at steps to contain inflation and continue with the policy of monetary unwinding. On the eve of unveiling the quarterly r |
Fortis pulls out of Parkway battle, pockets Rs 350 crore
FORTIS HEALTHCARE promoters Malvinder and Shivinder Singh on Monday exited the takeover battle to retain majority control in Singapore-based hospital chain Parkway, neatly pocketing around Rs 350 cror |
ICICI Bank profit at Rs 4.5K cr under US GAAP
Private lender ICICI Bank on Monday reported a net profit of Rs 4,525 crore ($1,008 million) for the year ended March 2010, under the US GAAP (Generally Accepted Accounting Principles) compared to Rs |
EIL issue opens today, price band Rs 270-290
The state-run Engineers India (EIL) on Monday said it has set the price band for the over Rs 900-crore follow-on public offering (FPO), which hits the market on Tuesday, at Rs 270-290 a share. A group |
TDSAT decision on intra-circle calls in SC
Private telecom operators on Monday challenged in the Supreme Court telecom tribunal TDSAT's decision that they pay carrier charges to state-owned BSNL based on distance instead of a uniform rate of 2 |
RS Gujral is new road transport secretary
Raminder Singh Gujral will take over as the new Road Transport and Highways Secretary, succeeding Brahm Dutt, who retires at the end of this month. Gujral, a 1976 batch IAS officer of the Haryana cadr |
New CPI inflation series from Jan: Anant
The government on Monday said it will come out with two more series of consumer price inflation indices from January to truly reflect the impact of price rise on consumption pattern of households in u |
EGoM fixes ethanol price at Rs 27
An Empowered Group of Minister (EGoM) on Monday made ethanol blending with petrol mandatory at Rs 27 a litre and said that a new committee will decide on future pricing. "A s of now, blending (ethanol |
SMEs consolidate in Q2
Small and medium enterprises are upbeat and showing a buoyant outlook in terms of employment and capacity expansion after getting hit by the global financial crisis, a CII survey has said
After suff |
IRDA, pension regulator brace for face-off
THE insurance regulator which has won a bat tle against capital market regulator, Sebi, over unit-linked investment plans may better brace itself for a fresh turf war, thi |
Panel to probe Vedanta project impact on tribe
TROUBLES seem to be mounting for Anil Aggarwal promoted Vedanta's bauxite mining project in Orissa as the environment ministry has asked a fourmember committee, headed by NAC member N C Saxena, to inv |
Patel rules out job, wage cuts in AI turnaround plan
CIVIL aviation minister Praful Patel on Sunday said the new turnaround plan for Air India would not involve any job or wage cuts for its employees.
Boththeseissueshavefomentedtroubleforthemanagemen |
3 states lose Rs 6,400 cr on poor VAT execution
DISTORTIONS in the implementation of value added tax (VAT), deficiencies in planning and loopholes in VAT Acts and rules across various states have cost the exchequer heavily since the introduction of |
RRB pay, allowances revised
The government on
Sunday revised the pay scale and allowances of employees of regional rural banks (RRBs) and brought it on a par with the nationalised banks. The move will put an additional cost |
Experts expect another RBI rate hike on Tuesday
O N July 27, when Reserve Bank of India Gover nor D Subbarao unveils the quarterly review of the monetary policy, he's expected to put into action the sentiment expressed |
SEBI mulls separate days for IPOs
In what could
be a major overhaul of the way public offers are conducted, market regulator SEBI is mulling over a possible demarcation of days to be given to retail and institutional investors for s |
Mining sector growth may slow to 8 pc
India's min
ing sector is likely to see a slowdown in growth to 8 per cent this fiscal, even as the overall economy is poised for higher growth, the Prime Minister's Economic Advisory Council (PMEAC) |
`GDP to grow 8.5-9%, but inflation a worry'
The industry
on Sunday projected India's economy to grow by 8.5-9 per cent this fiscal despite global uncertainties, but voiced concern over doubledigit inflation, says a CII survey. "Businesses are |
`Rate hike fears have dented confidence'
Fears of an
other round of hikes in RBI's policy rates and rising borrowing costs have shaken the confidence of the industry, which had started to rebound after the global downturn, a Ficci survey ha |
Mahindra Finance to enter mutual fund biz
HI: Mahindra Fi
nance, the financial services arm of auto major Mahindra and Mahindra, on Sunday said it expects regulatory approval for entering into the asset management business during the fiscal. |
SAIL's Rs 16K cr FPO may not come this yr
State-owned
SAIL's 20 per cent share sale plan, which aims to generate up to Rs 16,000 crore, may not happen this year due to certain regulatory hurdles.
"SAIL share sale may not come in (calende |
Maruti Q1 net dips 20.25 per cent
SCALATING raw material costs and a higher royalty paid to its Japanese partner Suzuki Motors have eaten into the profits of the country's largest carmaker Maruti Suzuki. The company on Saturday posted |
Oil companies post huge losses in first quarter
PUBLIC sector oil marketing companies have reported huge losses due to higher under-recoveries on petrol, diesel, LPG and kerosene during the quarter ended June 2010. Indian Oil Corporation (IOC) on S |
Indian Bank Q1 net up 11 per cent
Indian Bank on Saturday reported a net profit increase of 11 per cent at Rs 368.15 crore for the quarter ended June 30, 2010 as against Rs 331.66 crore in the same period last year. The total business |
I-T dept is the biggest litigant in govt: FM
THE income tax department has emerged as the biggest litigant in the government due its careless handling of cases, according to finance minister Pranab Mukherjee. He today asked the department to rev |
