MARKETS REVIEW
Sensex down 124 points on weak global cues
EQUITIES dropped on Friday erasing earlier gains. The Sensex ended sharply lower led by realty, teck, capital goods and IT stocks. The markets witnessed lacklustre sessio |
Slow US economic growth fuels recovery fears
US economic growth slowed dramatically to 2.4 per cent in the second quarter of this year, the Commerce Department said on Friday, prompting fears the recovery is losing steam. The rate was only sl |
RICE PRODUCTION MAY TOUCH 100 MT IN 2010-11
India could achieve a record rice production of 100 million tonnes in 2010-11 crop year on the back of better monsoon this year. The country's rice production declined to 89.13 million tonnes in 2009 |
Invest in India's water and INDIA DONOR ROUNDTABLE sanitation sectors: US
NOTING that 12 per cent of India's over 1.2 billion people still lack access to safe drinking water, the US has asked donors to make targeted investments in India's water and sanitation sector. "Ta |
Foodgrains import bill up 28-fold in April
The value of India's foodgrains imports increased by over 28 times to Rs 17.66 crore in April vis-a-vis the corresponding period a year ago, as per the latest data from the Commerce Ministry. Overall |
NEW DELHI | NTPC
Commissions Dadri-II plant
State-run NTPC on Friday commissioned a 490-mw unit at its Dadri thermal power plant for the upcoming Commonwealth Games. Power Minister Sushilkumar Shinde inaugurated the |
Prior price approval must for scheduled drugs
The Government has referred 39 cases to state drug controllers to prosecute firms selling scheduled drugs without securing the mandatory approval of their prices, Minister of State for Chemicals Srik |
Control Order (DPCO)." IANS Uninor's 1 paise per second tariff discount
Uninor on Friday offered an up to 60 per cent discount on one paise-per-second tariffs depending upon the location and timing of a call.
Calls can now cost as low as 0.4 paise per second and this w |
SEBI allows currency options on bourses
Market regulator Securities and Exchange Board of India (SEBI) on Friday allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternati |
Fiscal deficit falls 68% in Q1 on 3G money
THE Centre's fiscal deficit fell by 68 per cent to Rs 40,196 crore during the April-June period yearon-year, on increased revenue receipts from the auction of 3G spectrum. The fiscal deficit, which |
Draft norms on health insurance policies soon
THE insurance regulator on Friday said that it will soon come out with draft norms that define terms like critical illness and hospitalisation cost, among others, a move that will reduce the scope for |
Banks get Rs 4,868 cr farm loan cushion
THE Government has decided to release Rs 4,868 crore to public sector lenders for providing concessional loans to farmers. The decision, taken at a Union Cabinet meeting on Friday, will help lenders p |
PM's sub-group to draft action plan to boost farm growth
The Prime Minister-appointed Committee on Agriculture, which has corporate honchos such as Mukesh Ambani and Jamshyd Godrej as its members, on Friday decided to come up with an operational plan to ac |
MARKETS REVIEW Market ends flat; Sensex up 35 points
E QUITIES bounced back on Thursday snapping earlier losses. The Sensex ended the choppy session on a flat note with positive bias due to F&O expiry on Thrusday. On |
Ashok Leyland buys 26% stake in British Optare
ASHOK Leyland has bought 26 per cent stake in Britain-based bus maker Optare for $7.5 million in a bid to enter new segments and insulate itself from down cycles affecting the commercial vehicle segme |
Mahilselvan is new NLC Director (Power)
Mahilsel
van, Chief General Manager in the power station engineering department of NLC Limited, assumes office as Director (Power) of NLC Limited on
er) of NLC Limited on July 23, 2010. A Mechanica |
NEW DELHI SAIL Q1 net profit drops 11.55%
Steel Authority of India Limited (SAIL) reported a 11.55 per cent decline in net profit at Rs 1,176.65 crore as against Rs 1,330.43 crore in the like period of 2009-10. Profitability was affected due |
HYDERABAD | LANCO INFRA Bags Mahagenco order
Lanco Infratech has bagged a contract from Maharashtra State Power Generation Company Ltd., (Mahagenco), for Balance of Plant (BoP) package for three new units of 660 mw each being set up for Mahagenc |
NEW DELHI | MAHINDRA Consortium bags UIDAI order
A consortium led by Mahindra Satyam - Morpho, Accenture and L1 Identity Solutions - has bagged the contract to implement the core biometric identification system for the 'Aadhaar' programme of UIDAI. |
CHENNAI | ORIENTAL HOTELS To spread wings in south
Oriental Hotels has major expansion plans to strengthen its footprint across southern India over the next 5-6 years. As part of it, the company plans to debut in a Taj property on the Race Course R |
SEBI TRIMS MUTUAL FUND BUY-SELL PERIOD
THE market watchdog SEBI on Thursday shortened the period within which mutual fund schemes can be subscribed and refunds can be claimed, a move that will safeguard investors from market volatility.
|
Private carriers owe AAI Rs 304. 65 crore
The Government on Thursday informed the Lok Sabha that private airlines owe Rs 304.65 crore to Airport Authority of India (AAI). Minister for Civil Aviation Praful Patel said that Kingfisher Airlines |
N N Tata appointed as MD of Tata International
N N Tata, on stepping down as the Managing Director of Trent, has been appointed as the Managing Director of Tata International Limited. He will continue his association with Trent as its non execu |
Indian Bank's proactive step on rates pays off
Sensing liquidity constraints before the RBI's monetary policy, Indian Bank increased the deposit rates with effect from July 14, 2010. The bank has increased the interest rate on deposits of 1 year t |
Tata Global Beverages operating income up 7%
Tata Global Beverages Limited has reported Rs 1,380 crore consolidated total operating income for the current quarter, a growth of 7 per cent over the corresponding quarter of the
previous year. The |
EPFO trustees likely to fix rate of return at 8.5%
The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) will meet on September 4 to decide on the interest rate for depositors for 2010-11, which is likely to be 8.5 per cen |
MAJOR DEALS
Open up financial, retail sectors further: Cameron
EYEING Indian markets to accelerate economic growth back home, British Prime Minister David Cameron on Thursday pitched for further opening up of financial services and retail sectors by India saying |
Govt seeks investment in infra projects
THE Indian Government has asked British infrastructure and consulting companies to invest in infrastructure projects, Road Transport and Highways Minister Kamal Nath said on Thursday. "We are looki |
Food inflation falls to single digit
AS political parties played politics over the rising prices, food inflation nosedived to a single digit at 9.67 per cent for the first time, which could put the UPA Government in some comfort in view |
Andhra Bank Q1 net up 25% at Rs 320 cr
STATE-RUN Andhra Bank (AB), on Thursday, said its net profit surged 25.05 per cent at Rs 320.41 crore for the quarter ended June 2010, as against Rs 256.22 crore recorded for the same period last fisc |
MARKETS REVIEW Sensex down 120 pts, Reliance loses 3 pc
E QUITY markets dropped on Wednesday erasing earlier gains. The Sensex ended on a weak note as heavyweights Reliance Industries, Hindustan Uni ever and L&T dragged the i |
JET AIRWAYS MOVES TO T3
JET Airways and its wholly-owned subsidiary JetLite have migrated all its international and domestic operations from Terminal 2 to the new state-of-the-art Terminal 3 (T3) at Delhi's Indira Gandhi Int |
Indian cos to put Lanka rail network on fast track
TWO public sector Indian companies, IRCON and RITES, are to begin modernising the railway line between Matara and Galle in south Sri Lanka on August 1. "The 43 km stretch between Matara and Galle w |
Comply with security rules or shut shop: Govt to Blackberry
New Delhi: The Government on Wednesday warned the Canadian service provider Blackberry that if it does not allow facility to monitor emails and SMSes to address security concerns, it will have to clos |
ONGC sets up computer institute at Nazira
Guwahati: As part of its corporate social responsibility (CSR), the Assam Asset of ONGC has set up a computer institute at Nazira in collaboration with Bhartiya Vidya Bhavan, Mumbai.
An ONGC releas |
Bajaj Allianz Insurance posts Rs 169 cr profit
Chennai: Bajaj Allianz Life Insurance has posted a profit of Rs 169 crore in the first quarter of financial year 201011, as against Rs 68 crore of the corresponding quarter of the previous year. Ba |
M B N Rao, Vellayan on Cholamandalam board
Chennai: The board of directors of Cholamandalam Investment and Finance Company Ltd, at its meeting held here on Wednesday, appointed M B N Rao and Vellayan Subbiah to the board. Rao, former CMD of Ca |
CHENNAI | NOKIA Launches 0% EMI scheme
Nokia has announced the launch of its easy EMI scheme that will allow customers to buy their favourite Nokia handset and pay for it in three equal monthly instalments (EMI) at zero per cent interest. |
CHENNAI NIAC Celebrates Foundation Day
The New India Assurance Company (NIAC), India's largest general insurance company, celebrated its 91st year of operations and sustained leadership with a grand function commerating the occassion on Ju |
Solar power projects to get a fiscal boost
IN a bid to give the much-needed fiscal boost to companies producing solar power, the Ministry for New and Renewable Energy, on Wednesday, said it will initiate dialogue with financial institutions an |
Nasscom for ethical hiring practices
THE annual HR summit of National Association of Software and Service Companies (Nasscom), which opened here on Wednesday, resolved to improve the human resources landscape in India with the fortificat |
TMB plans to open 500 branches
New Delhi: TamilNad Mercantile Bank (TMB) is on an expansion spree by setting up 500 branches all over the country with a focus to expand its footprint in Northern and Western India by end of 2013. Of |
Engineers India to diversify
Hyderabad: Engineers India Ltd., on Tuesday, said it will diversify into city-gas distribution, water management, gas-based fertiliser plants, solar and nuclear power plants. The public sector company |
MAIT posts 18% growth in PC sales
New Delhi: Manufacturers Association for Information Technology (MAIT), the apex body representing country's IT hardware, training and R&D services sectors, has reported a total PC sales (desktop comp |
PowerGrid gets 4 int'l HR awards in Singapore
Chennai: PowerGrid CMD S K Chaturvedi has been conferred with "CEOs with HR Orientation Award" by Asia's Best Employer Brand Awards 2010. Further, V M Kaul, Director (Personnel) has been awarded "Most |
Infrastructure industries grow by 3.4%
New Delhi: Infrastructure industries expanded by 3.4 per cent in June, the lowest in 10 months, on a sharp slide in coal electricity and cement output. Output of crude oil petroleum refinery produc |
TELECOM LICENCES RULE AMENDED
Stiff penalty for security breach
THE Government on Wednesday amended telecom licences rule making it mandatory for equipment suppliers to share the `source code' and the `design details' to address the security concerns. It also s |
India inks deal with Rolls-Royce, BAE for making 57 Hawk AJTs
EXTENDING its cooperation with Britain on the defence front, India signed a 900 billion pound contract with BAE Systems and Rolls-Royce to supply products and services to manufacture 57 Hawk Advanced |
Gurumurthy resents move to allow FDI in multi-brand retailing
NOTED columnist S Gurumurthy on Tuesday mounted a scathing attack on the Union Government's move to allow foreign direct investment (FDI) in multi-brand retailing in India. Pointing out the differe |
Gurumurthy resents move to allow FDI in multi-brand retailing
NOTED columnist S Gurumurthy on Tuesday mounted a scathing attack on the Union Government's move to allow foreign direct investment (FDI) in multi-brand retailing in India. Pointing out the differe |
PRANAB CHEERS, INDIA INC FEARS
Reserve Bank of India hiked its key interAS the Re est rates for the fourth time in a year to tame the headline inflation, Union Finance Pranab Mukherjee cheered the action of the central bank and des |
Oracle's Ellison highest paid CEO of the decade
Washington:
Oracle
Corporation founder and chief executive Larry Ellison topped the list of best-paid executives of the decade with $1.84 billion,
according to a report in the Wall Street Journa |
Reliance Industries net up 32 per cent
Reliance Industries (RIL) has reported a 32.3 per cent increase in net profit at Rs 4,851 crore for the quarter ended June 31, compared to Rs 3,666 crore in the previous fiscal.
Its turnover increa |
Govt scraps 18 special economic zones
The Government on Tuesday informed the Lok Sabha that 18 special economic zones (SEZs) have been scrapped on the back of developers being impacted by the global economic slowdown. "Requests for de-not |
MARKETS REVIEW
Sensex gains 58 points on moderate rate hike by RBI
E QUITY markets bounced back on Tuesday snapping earlier losses. The Sensex ended in the positive terrain aided by auto and realty stocks, while capital goods, healthcare and p |
Bank of India completes 60 years in Japan Chennai: Bank of India completed 60 years of
Bank of India completed 60 years of operations in Japan. To mark the occasion, Union Minister of State for Finance Namo Narain Meena visited Tokyo on July 23, accompanied by the bank's CMD Alok K Misr |
EIL PRICE BAND FIXED AT RS 270 TO RS 290
PUBLIC sector undertaking Engineers India Limited (EIL) is set to enter the capital markets on Tuesday with its follow-on public offer of 33,693,660 equity shares of Rs 5 each. The offer comprises a n |
MOODY'S UPGRADES INDIA'S SOVEREIGN CURRENCY RATING
MOODY'S on Monday upgraded India's local currency sovereign rating by a notch on the country's efforts toward fiscal reforms and the economy's capacity to face a crisis a move that that will result in |
Hike in policy rates to tame inflation on cards
HINTING at a hike in its key rates, the Reserve Bank of India on Monday said it would continue exiting from its easy money regime to check double-digit inflation, while ensuring stable economic growth |
Who's who of business coming to India with Cameron
BRITISH Prime Minister David Cameron is leading the biggest delegation of ministers and business executives on his maiden visit to India. He has had to charter an aircraft to accommodate seven cabi |
ALLAHABAD BANK BUSINESS CROSSES RS 1,84,000 CR
THE business of Allahabad Bank stood at Rs1,84,039 crore as on June 30, 2010 as against Rs1,50,403 crore in the previous year showing a year-on-year growth of 22.36 per cent. Deposit of the bank we |
HONDA AIMING HIGH ON SMALL CARS
HONDA Siel Cars India is aiming high on small cars (priced below Rs 5 lakh) that are likely to be rolled out next year from its plant in Greater Noida in Uttar Pradesh, in the first instance and then |
HYDERABAD | TAJ GVK Net up 106% at Rs 10 cr
Taj GVK Hotels and Resorts, the joint venture company formed after the alliance of Taj Group of Hotels and the GVK group, said it recorded a net profit of Rs 10.10 crore, a growth of 106 per cent for |
HYDERABAD | APL In black with Rs 4 cr net
Andhra Petrochemicals Ltd (APL) reported a net profit of Rs 4.31 crore for the quarter ended June, 2010 compared with a net loss of Rs 1.65 crore in the corresponding quarter last year.
Its net sal |
Govt to disinvest in five PSUs by March 2011
Mumbai: The Government will disinvest its stakes in Coal India, Power Grid Corporation, Hindustan Copper, Steel Authority of India Ltd and Manganese Ore this fiscal, Disinvestment Secretary Sumit Bose |
Dabur acquires Turkey firm for Rs 324 crore
New Delhi: Making its first ever overseas acquisition, FMCG player Dabur on Monday said it has acquired Turkish personal care firm Hobi Kozmetik group for $69 million (about Rs 324 crore) as part of i |
FICCI against upping defence FDI
New Delhi: Industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday opposed raising the foreign direct investment (FDI) cap in defence, saying the existing limit of 26 |
Fortis mulls S'pore listing after exit from Parkway
New Delhi: After selling its entire stake in hospital chain Parkway Holdings for about Rs 3,800 crore, domestic healthcare major Fortis on Monday said it plans to list the firm on the Singapore stock |
Malaysia Airlines' monsoon offer
Chennai: Malaysia Airlines has announced the launch of its second consecutive monsoon return airfare series from the cities of New Delhi, Mumbai, Chennai, Bangalore and Hyderabad, offering travellers |
Oracle partners with ICT Academy of TN
THE Oracle Academy and ICT Academy of Tamil Nadu (ICTACT) have signed a memorandum of understanding to support 400 plus colleges in Tamil Nadu through the Oracle Academy programme. The Oracle Acade |
States wary of one-size-fits-all Central schemes
AN increasing number of states are growing restive about the Central Government's increasing tendency to impose its schemes on them irrespective of their efficacy and feel the "one-sizefits-all" appro |
Pranab asks RRBs to bring down NPAs
UNION Finance Minister Pranab Mukherjee on Sunday asked the Regional Rural Banks (RRBs) to bring down the non performing asset to below 5 per cent by March 2011. Mukherjee's direction came after he |
United Bank posts Rs 108 cr net in Q1
United Bank of India has reported a net profit of Rs 107.86 crore in the first quarter ended June 30, 2010. According to its CMD Bhaskar Sen, the bank achieved a total business of Rs 1,11,317 crore, |
Pharma cos asked to stop advertising ECPs
The Government has issued an advisory to all the marketers of oral emergency contraceptive pills (ECPs), asking them not to advertise the product. "Since drug advertising is not permitted under the ex |
BSE scouting for regional partners
The Bombay Stock Exchange (BSE) on Sunday said it is in talks with some regional bourses for a possible partnership, a strategic move to increase its footprint in the country. "We are looking for |
SCI FPO in current fiscal
The Shipping Ministry is reportedly working on a Cabinet note on the proposed 10 per cent divestment in Shipping Corporation of India (SCI). "The process is on (preparation of Cabinet note)," a Shipp |
Yatra.com `3G offer'
Yatra.com on Sunday extended its '3G offer' to the customers by offering two free air tickets on each transaction instead of one offered earlier. The offer is valid till August 15, 2010 and can also |
NEW DELHI RELIANCE LIFE Ties up with Netambit
Anil Ambani group firm Reliance Life Insurance has tied up with a financial services distribution company Netambit. With this tie-up, all products of Reliance Life Insurance can now be purchased throu |
NEW DELHI MAHINDRA FIN MF foray by March 2011
|
INDIA TO GENERATE 1,000 MW SOLAR POWER BY 2013
INDIA will generate 1,000 mw of solar power by the year 2013 with financial assistance from Power Finance Corp (PFC) and Rural Electrification Corp (REC) under the Government's Jawaharlal Nehru Nation |
SME BUSINESS CONFIDENCE RISING: CII
THE confidence of small and medium enterprises(SMEs)in India is on the rise with many firms recording higher sales and increased capacity utilisation, says a survey by the Confederation of Indian Indu |
EMPLOYEES' ARREARS PAYMENT TO COST RS 791 CRORE
Finance Minister Pranab Mukherjee on Sunday announced arrears for the RRB employees that would carry burden of Rs 791 crore. This will bring down the total profits of RRBs from Rs 2,374 crore, as on |
DTH TARIFF ORDER
BROADCASTERS MAY DRAG TELECOM WATCHDOG TO COURT
PEEVED at sectoral regulator TRAI's move to cap the wholesale fees payable by DTH and IPTV operators for Pay TV channels at 35 per cent of the rates paid by cable operators, broadcasters are mulling t |
MARKETS REVIEW Sensex posts marginal gain amid volatility
I NDIAN markets continued to gain for the third day on Friday. Both Sensex and Nifty traded above 24month high. The Sensex ended on a flat note with positive bias. Teck, capital goods and |
ITC sees Rs 23,000 cr investment opportunity in next 10 years
ITC Limited, the multi-business conglomerate, is seeing an investment opportunity in FMCG, paper, paperboard & packaging and hotel sectors to the tune of Rs 23,000 crore over the next seven to 10 year |
ITC may shut Wimco unit in Chennai
TC may shut
down its match box manufacturing unit in Chennai and has given voluntary retirement to all its employees. "We are restructuring our matchbox business. We are cutting down on number of |
Birla Corp Q1 turnover up 20% at Rs 652 cr
THE M P Birla Group flagship company and cement major, Birla Corporation Limited, has earned a cash profit of Rs 179.32 crore and profit after tax of Rs 118.28 crore in the first quarter of the financ |
WIPRO CLOCKS RS 1,319 CR NET
IT major Wipro on Friday posted a 31 per cent rise in profit for the first quarter ended June as the company continued to witness improved traction in the US, UK, Middle East and APAC regions. Wip |
Brandhouse Oviesse forays into Chennai
BRANDHOUSE Oviesse Limited, a joint venture between Brandhouse Retails Limited and Ovisse S.p.A of Italy, is all set to open three large format OVS fashion stores, one each in Chennai, Bangalore and D |
BANGALORE | BIOCON Q1 net up 33 pc at Rs 77 cr
Biocon reported a consolidated net profit for the first quarter ended June 30, 2010 at Rs 76.74 crore, up 33.34 per cent from the the same period previous fiscal.
Net sales of the company stood at |
CHENNAI | ICICI LOMBARD Health cover for students
ICICI Lombard General Insurance Company Ltd, has launched `Overseas Student Travel insurance Gold Plan' a comprehensive health cover against medical expenses for students planning to study abroad. The |
18 FDI proposals worth Rs 2,245 cr approved
The Government on Friday
cleared 18 FDI proposals involving an investment inflow of Rs 2,245crore, including a Rs 1,932-crore proposal from the US firm Transcend Infrastructure to acquire Essar's |
Sundaram Finance Q1 net profit up 49%
Chennai-based NBFC Sundar
am Finance Limited (SFL) has registered a net profit of Rs 58.80 crore for the first quarter ended June 30, 2010, up by 49.39 per cent from Rs 39.36 crore posted in the corr |
Tata's Grande MK II gets licence to market as taxi
Tata's Grande MK II has received
the licence to be sold as a commmercialy used taxi. "Normally, it takes a year to obtain the taxi production licence, but we have acquired it seven months after it |
