ABG eyes Great Offshore
A bidding war has broken out for Great Offshore Ltd - the Rs 1,140crore offshore oilfield services provider
The takeover battle began today with ABG Shipyard, the country's largest private shipbuil |
Dumping duty on metal
India has imposed up to 30 per cent duty on import of key aluminium products from China to protect the domestic industry against cheap shipments.The revenue department has notified 12-14 per cent duty |
FDI inflow
India has attracted $2.34 billion of foreign investments in April, a rise of 19.3 per cent over the previous month, signalling confidence of foreign investors in the country's economy. FDI inflow in A |
Shipping bill
The shipping ministry today came out with a draft bill for establishment of a Major Ports Regulatory Authority, which will fix tariffs for facilities and services provided by major ports and monitor p |
Deadline set for Maytas
: Andhra Pradesh chief minister Y.S. Rajasekhar Reddy has given an ultimatum to beleaguered Maytas Infra to submit the financial closure plan of the Hyderabad metro rail project by June 30 along with |
BSNL cash for foreign buys
3: State owned telecom player Bharat Sanchar Nigam Limited (BSNL) is planning to use part of its Rs 30,000 crore reserves for global acquisitions
The company is also await- ing the approval from th |
TechM plans to raise Rs 1015cr
3: Tech Mahindra Ltd plans to raise up to Rs 1,015 crore by selling 1.36 crore equity shares through a private placement
On Tuesday, Tech Mahin- dra chairman Anand Mahindra also announced the appoi |
NTPC keen to buy gas
: Power producer NTPC said it was willing to buy gas from Reliance Industries (RIL) at $4.2 million metric British thermal unit (mBtu) except for the plants under dispute
"We are open to buying at |
Anil firm invites Reliance for talks
Anil Am bani-owned Reliance Natural Resources Ltd (RNRL) today invited Reliance Industries Ltd for talks to hammer out a gas supply agreement in accordance with a recent ruling by Bombay High Court
|
Market trip on SAIL agenda
Steel Au thority of India Ltd (SAIL) is mulling a follow-on public offer to fund its ongoing expansion plan that envisages almost doubling of the PSU's capacity, according to sources
The steel gian |
LIC kitty for stocks in place
The Life Insurance Corporation of India will invest between Rs 40,000 crore and Rs 45,000 crore in stocks in 2009-10
"Last year (2008-09),we in- vested Rs 40,000 crore in equities and I think we ar |
How to read the stock tables
2 6 8 5 4 2 4 3 8 9 6 2 0 6 8 4 7 7 0 p The Telegraph stock quotations are presented in an easy-to-read, sector-wise format that helps peer group comparison. For the sake of convenience, we have divid |
Global worries
far from
over
(Reuters): The Organisation for Economic Cooperation and Development (OECD) added to a grim outlook from the World Bank on Monday, saying major economies would contract throughout 2009 and the problem |
PF returns to stay intact
: The state-run employees provident fund is likely to continue paying an interest rate of 8.5 per cent to its 4-crore subscribers in 2009-10
The central board of trustees of the Employees Provident |
Air India plans
Rs 500-cr cut
in wage costs
State run Air India is planning to slash annual salary costs by Rs 500 crore
A four-member committee has been formed to look at the wage agreements, including flying allowances and productivity lin |
Petrol, diesel set
to turn dearer
The gov ernment may increase the price of petrol by Rs 2 per litre and diesel by Rs 1 per litre in sync with rising global crude prices that are hovering at $70 a barrel, a senior petroleum ministry o |
Mineral
royalty
The gov ernment is planning to link royalty rates on minerals to the market price
"Royalty system on minerals will be rationalised by adopting an ad valorem principle, wherever feasible, to make as |
Frito-Lay
focus on
Bengal unit
Frito-Lay, the food division of PepsiCo India, is planning to upgrade its Sankrail factory in Bengal by 2011
The company will invest Rs 110 crore over the next two years in the unit to ramp up its |
December date for UBI float
City-based United Bank of India is planning to float its maiden public issue by December this year
The Union government gave its approval to the bank's capital restructuring plan in March, paving t |
Union cuts
lending rate
:The Union Bank of India today brought down its benchmark prime lending rate by 25 basis points to 11.75 per cent
Analysts said the move had raised hopes that other public sector banks might soon f |
Birla Nuvo
Diversified firm Aditya Birla Nuvo has allotted Rs 1.85 crore convertible warrants to promoter group firms on a preferential basis to mop up over Rs 1,000 crore. |
ICAI directive
Accounting regulator ICAI has asked all chartered accounting firms with foreign tie-ups to furnish details of their contracts and income tax assessment orders for the last three years to the high powe |
TechM boss
Tech Mahindra managing director Vineet Nayyar has made Rs 11.20 crore by offloading 1.45 lakh shares of the firm in three tranches.The promoters of Dr Reddy's Laboratories,Dr Reddy's Holdings and K. A |
Bharti,
R-Com
bids
Telecom firms Bharti Airtel and R-Com have joined the race to acquire the African business of Kuwait-based Zain Group, South Africa's newspaper BusinessDay has reported.The two firms have joined Frenc |
FUND PICK - HSBC Equity
EQUITY: Diversified INVESTMENT OBJECTIVE:The scheme seeks to generate long-term capital growth from a diversified portfolio of equity and equity-related securities of companies.
s Aggregates Portfolio |
Mining
merger
brews
Switzerland's Xstrata wants talks with mining rival Anglo American of the UK about a proposed merger of equals worth about $68 billion, seeking increased scale and cost synergies, Xstrata said
Angl |
Stake sale makes L&Tboss Naik richer by Rs 15cr
A.M. Naik, the chairman and managing director of the $8.5-billion engineering giant Larsen and Toubro, has scooped up Rs 15 crore by selling 4 per cent of his holding in the company in the past fortni |
Formula
for welfare
funding
The gov ernment is banking on the auction of telecom licences and limited stake sales in public sector enterprises to raise the extra money needed for welfare schemes
The higher outlay on social pr |
Icra business
?
Credit rating agency Icra is planning to increase its income from the non-rating business to bring it on a par with the rating business over the next two years. At present, the rating business contrib |
IT growth
The country's infotech industry is expected to grow at 10.8 per cent in 2009, the lowest in the last five years, because of the global economic meltdown,a report by analyst firm IDC India has said
|
Dumping duty
Thai authorities are about to slap up to 32 per cent anti-dumping duty on the import of a vital steel product from India
The Indian government is yet to impose a similar curb on inflows from China, |
E-bike plan
Electric vehicles manufacturer Lohia Auto is looking to sell 10,000 units of its e-bikes - FAME and OMA - by the end of this fiscal year. |
Govt dials for rules on mobile etiquette
: It's not enough to own a mobile; you should know to use it in public
The department of telecom (DoT) has asked handset manufacturers and service providers to provide guidelines on cellphone etiqu |
Buzz on Reliance, ONGC
vying for British oil firm
Thecountry's two largest companies - state-run ONGC and Mukesh Ambani-led Reliance Industries - are being rumoured as the "mystery" bidders for UK-based Addax Petroleum, which could be sold for �5 bil |
TCS staff feel variable pain
Tata Con sultancy Services, the country's largest software exporter, has slashed its employees' variable pay for the JanuaryMarch quarter - a move triggered by the compulsion to tamp down on costs in |
Satyam
gets a new
identity
Satyam Computer Services has been renamed Mahindra Satyam, two months after being taken over by Bangalore-based Tech Mahindra
The decision to change the brand identity and logo was taken at a board |
Q & A - Land logic
s I got a vacant plot from my father as gift in 2002 through a registered deed.The valuation of the land was shown as Rs 4.6 lakh in the deed.The registration cost was Rs 9,000. If I sell the land for |
PERSONAL FINANCE
M oney-back policies are perhaps the most popular among all en- dowment life insurance plans sold in the country
However, policyholders often ignore the relative cost benefits offered by other life |
Rising food, oil prices worry RBI chief'
'
Reserve Bank governor D. Subbarao today expressed concern about rising food and oil prices
"There are definite trends coming through, although the headline price index is negative. Oil prices are f |
Recovery in six months
Suresh Tendulkar, the Prime Minister's economic adviser, today predicted that the economy would recover in the next six months
"After the return of the UPA government at the Centre with a comfortab |
June 23 date for Mahindra entity float
Mahin dra Holidays and Resorts, a hospitality unit of the Mahindra and Mahindra group, is set to come out with its initial public offering on June 23
Analysts said the stock market was buzz with ac |
Air India appeal to employees
Air India chairman Arvind Jadhav today wrote to employees asking them to help tackle the current financial crisis
"It is a fight for survival," Jadhav said in a message that asked employees to view |
Tax sops high on IT wish list
The soft ware industry has sought extension of tax sops and a simplified tax structure in this year's budget
The IT industry's growth rate fell to 16-17 per cent in 2008-09 from 30 per cent earlier |
Michelin unit
French to open a factory in India, the company's chief executive Michel Rollier said today."We hope the factory will open within three years,"Rollier said
Michelin may invest more than one billion |
ABG Shipyard
Union minister of state for shipping Mukul Roy has sought comments from the shipping secretary on the Rs 700-crore contract given to ABG Infralogistics by the Calcutta port. ABG Infralogistics is a su |
MasterCard
Global payment firm MasterCard has appointed Citigroup's Ajay Banga as president and chief operating officer of the company. He is currently Citigroup's chief executive officer (Asia Pacific) and will |
Bhel stake shake
The government may sell a 10 per cent stake in profit-making public sector unit Bhel, heavy industries minister Vilasrao Deshmukh said
"The point of divestment is still under consideration.The gove |
SEZ move
The government today allowed realty major K Raheja Universal to opt out of two special economic zones at Navi Mumbai.It also gave a go-ahead to the metro passage through DLF SEZ in Gurgaon. |
Tata Steel
Tata Steel has raised prices of its products by up to Rs 750 a tonne because of improved domestic demand and a firming global trend
Prices of hot and coldrolled steel items have been raised by Rs 5 |
IPTV launch
Bharat Sanchar Nigam Ltd (BSNL) today officially launched the Internetprotocal TV or IPTV service in Calcutta and Bengal to take on the DTH players. |
GM India plan
GM India will continue to roll out models under the Chevrolet brand in India
However, the US auto maker will not introduce cars in other platforms
"We will continue to roll out newer models from |
SBI set to acquire Indore associate
: The State Bank of India today announced its plan to acquire the State Bank of Indore, an associate bank
"The central board of the bank, at its meeting held on June 19, approved a proposal for the |
AI asks seniors to skip pay
AirIndia today asked its top managers to forego salary for the month of July to help the ailing national carrier ride out a severe cash crunch
In a letter to general man- agers and directors, Air I |
Emami in two-way rejig
Emami will merge the FMCG business of Zandu Pharmaceuticals with itself, while hiving off its realty unit into a separate entity
The restructuring, which will take about three months, will create E |
Steel to get RIL gas
Private steel makers will now start receiving gas from Reliance Industries'wells in the KrishnaGodavari basin
Essar Steel, Ispat Industries and Vikram Ispat are scheduled to get around 3.75 million |
HEC, Skoda
in loco talks
Heavy Engineering Corporation Ltd (HEC) may team up with Skoda to make locomotives in India
The public sector unit has initiated talks with the Czech com- pany for a possible collaboration
G.K. |
Curbs on sugar stocks stay
Restrictions on sugar stocks will stay till January 8 amid fears of a looming shortage in the face of a production crunch and growing demand
The cabinet today extended the cap on the quantity of su |
Wake-up
call for
small units
Small and medium enterprises in the country face a tough challenge in the changed global environment, corporate affairs minister Salman Khurshid said today
"The protection that the SME sector is ge |
3G solution
in the air
The gov ernment is likely to fix the base price for 3G spectrum auctions at Rs 4,040 crore
A final decision will be taken next week by the Cabinet Committee on Economic Affairs
Telecom minister |
HDFCduo
slash
deposit
rates
Housing Development Fi nance Corporation Limited has reduced deposit rates by up to 25 basis points across various maturities with im mediate effect
India's second larges private sector lender, HDF |
Entry load off mutual schemes
: Investors will no longer have to pay an upfront fee - termed as an entry load - when putting their money in a mutual fund scheme
The board of market regu- lator Sebi today announced a set of majo |
Wholesale price index
falls after 30 years
Thecountry's wholesale price index fell for the first time in three decades today, but government officials and analysts described this as a statistical "blip" and allayed fears of real deflation
T |
Guessing
game on
rate cut
Inflation may have turned negative but bankers and economists are not convinced that the RBI will start another round of rate cuts
Observers say the central bank may at best cut key rates by 25 bas |
Car makers seek more incentives
Theauto industry wants a lower excise duty and cheap credit in this year's budget. Also on the wish list are export sops and more tax concessions for sale in rural areas
The two stimulus packages a |
Nath's
road
plan
Road transport and highways minister Kamal Nath today said the government had set a target of building 7,000km of roads in a year.The estimated cost for building each kilometre will be Rs 6 crore.The |
GE India
The US has given General Electric India the validated end-user status,which will enable it to receive certain controlled US technology items without an individual licence.US commerce secretary Gary Lo |
Air fares
Air India and no-frill carrier SpiceJet have increased the fuel surcharge per air ticket by Rs 400. While SpiceJet increased the surcharge with immediate effect, Air India said the hike would be effec |
LG investment
LG Electronics plans to double its annual R&D investment in India to Rs 400 crore as it steps up its study on market dynamics and consumer behaviour to push sales. |
Dish TV loss
DTH service provider Dish TV has reduced its net loss to Rs 78.66 crore in the fourth quarter ended March 31 from Rs 115.06 crore in the same period last year. |
Infy hints at
foreign
issue
Software services major Infosys Technologies has filed a prospectus with the US securities and exchange commission to enable the registration of new securities in advance
The company yesterday file |
BPCL in deal
to lift Haldia
output of Cals
: Bharat Pe troleum Corporation will pick up petrol and diesel from Cals Refineries' proposed 10-mil lion-tonne refinery in Haldia Cals plans to commission a 5 million-tonne refinery by July 2011 and |
TCS opens
Mexico
unit
?Tata Consultancy Services (TCS) has opened its third delivery centre in Mexico.The company will hire 500 professionals for the centre and offer advanced IT, consultancy,BPO, industrial and engineerin |
Balmer show
?Balmer Lawrie's turnover for the year ended March 31, 2009,has increased 13 per cent to Rs 1,776 crore from Rs 1,571 crore a year ago. Net profit has grown 17 per cent to Rs 102 crore. |
Ramsarup
?Ramsarup Industries has started production from a 500 TPD DRI plant in Bengal and waste heat recovery boiler at Kharagpur.The plant will generate Rs 4 crore in revenues per month. |
Audi engines
?Audi has announced the introduction of three engines for the A4 - the 3.0 TDI quattro, the 2.0 TFSI and the 1.8 TFSI. |
Vodafone cards
?Vodafone Essar has launched three bonus cards for its prepaid customers in Calcutta.The cards are priced at Rs 33, Rs 57 and Rs 123 with a validity of one month, two months and six months, respective |
Maytas set to lose metro rail project
: The Andhra Pradesh government has decided to cancel the Rs 12,200cr contract awarded to a Maytas Infra-led consortium for the Hyderabad metro rail project
However,Maytas,which is owned by the rel |
Coal India to pick
advisers for selloff
Coal India Ltd (CIL) is likely to appoint merchant bankers within a month to sell around 10 per cent of its equity
"In about a month's time, you will get a clear picture. By that time, they (mercha |
India ahead
in energy
efficiency
Indian firms are more conscious of the need for energy efficiency than their western counterparts, according to a survey
"Business leaders in India are becoming increasingly aware of the need for e |
Get Internet
on the move
: Zylog Sys tems plans to make Chennai WiFI-enabled, allowing laptop users in the city access to the Internet from anywhere, including a moving vehicle
The company plans to dot Chennai with WiFi no |
Import ban
on mobiles
minus code
The gov ernment today banned the import
of mobile handsets without
the unique identity code
that helps authorities track
usersThe unique code,known as
the international mobile
equipment identity |
Wockhardt
bid to
reduce
debt
Wock hardt Ltd today sold its German
business Esparma to
Mova - a subsidiary of Lindopharm
of Germany - for
an undisclosed sumWockhardt had acquired
Esparma in May 2004 for $11
millionThe sa |
Chrysler cars
next in line
Fiat,which has recently entered into an al liance with Chrysler of the US,may roll out the models of the
American car manufacturer in IndiaWhen asked whether the Italian auto maker would bring
th |
Mamata to chug along novel track
: Rail minister Mamata Banerjee is
planning to unfurl a slew of innovative
projects in the forthcoming
rail budgetOn her agenda are solar-
powered railway stations, captive
power plants, public-p |
Sebi advice for MFs
Market regulator Sebi today asked
mutual funds to focus on retail
customers and stop chasing
corporate clients who were
known to scoop money out of
funds at short notice and deploy
it somewhere else
|
Sops to lessen export woes
:The gov ernment is planning incentives
for recession-hit exporters,
especially for those in
the labour-intensive gems and
jewellery, textiles and leather
industriesCommerce secretary
Rahul Khull |
More funds
for Coal
Videsh
asset buy
The gov ernment plans to let Coal
Videsh, a subsidiary of Coal
India, have more than Rs 1,000
crore at its disposal to shop for
assets abroad"The proposal to increase
the financial powers of Coal |
Air India strike threat
: Air India's employees have threatened
to go on a strike on June
30 to protest the company's decision
to delay their salariesAir India officials, howev-
er, said the strike was unlikely
to take |
Crude shock for air fares
Private carriers Jet Airways and
Kingfisher Airlines today
upped fuel surcharge by Rs 400
on all domestic routes because
of a steep rise in aviation fuel
prices"The increase was necessi-
tated by |
Bank
credit
up 15%
Credit offtake of banks
for the fortnight ended
June 5 increased 15.1 per
cent to Rs 28 lakh croreOutstanding loans increased
to Rs 28,39,203
crore from Rs 24,66,762
crore in the year-ago period. |
Rate futures
India may start exchange-traded
interest
rate derivatives, if a report
by an RBI-Sebi panel
is accepted.The panel
has suggested that these
derivatives could help
banks, insurance firms
and even househ |
IBA chief
Indian Banks' Association
today appointed
Union Bank of India
chairman and managing
director M.V. Nair as its
new chairman
|
TCS hope
The decline in global
demand for outsourcing
has been 'arrested',
S. Mahalingam, executive
director and CFO of
Tata Consultancy
Services, said
|
Daiichi bonds
June 17:Drug maker
Daiichi Sankyo, the
majority shareholder
in Ranbaxy Laboratories,
plans to raise 100 billion
yen (about $1.04 billion)
through public issue
of bonds
|
