Corporate
The Nifty traded in the positive territory for most part of the day. The index made an intra-day high of 5,167 but closed at 5,103, indicating caution at higher levels. This means the 5,182 level has acted as a strong resistance for the last four days with crucial support remaining at 5,080. It is difficult to predict when the market will move out of the current trading band as indecisiveness has now spread to stocks futures — most traded Nifty components, such as Tata Steel, Reliance Industries, Unitech, DLF, Tata Motors and Suzlon Energy, closed in a Doji pattern today.
The Supreme Court today issued notice to the Centre and Maharashtra government on a petition seeking laying down of security guidelines for hotels to avoid any terror attack like the 26/11 strikes in Mumbai.
Aiming to make safe drinking water affordable to rural masses, Tata Group company Tata Chemicals today unveiled a water purifier named Swach under Rs 1,000 price tag and announced Rs 100 crore investment over the next five years for the project.
Punjab-based ABC Paper has put on hold its plan to set up a new agro-based facility with an investment of Rs 1,000 crore in view of sluggish demand and said it would rather stabilise existing operations.
Consumer durable maker Panasonic India today said it will invest around Rs 1,400 crore in the next three years to gain about 17 per cent share in 27 lakh domestic air conditioner market.
It was another lacklustre day of trade. The markets oscillated between either side of the dotted line before ending virtually unchanged. The Sensex closed at 16,894,lower by 18 points and the Nifty ended flat at 5041. Realty and energy stocks were in the doldrums, while consumer durables and pharma stocks looked up.
Tata group company Voltas today said its net profit for the year ended March 31, 2009, rose by 21 per cent to Rs 251.40 crore, over the same period last year.
After the contents of his note to the prime minister were made public, Environment Minister Jairam Ramesh called up the AIADMK leader in the Rajya Sabha, D Maitreyan, to see if his ideas could get some support across the political spectrum. When Jairam said he wanted to discuss the policy on climate change with him, Maitreyan was quick to respond, “ Look Jairam, if it is political change, our Madam is ready…” Never one to be caught without a reply, Jairam was equally quick to quip, “I am now tasked with only geographical climate change … political climate is in the hands of our Madam…”
Rajesh Tandon / October 11, 2009, 0:26 IST
The All India IIT Faculty Federation (AIIITFF) President M Thenmozhi today urged faculty members of all the Indian Institutes of Technology (IITs) to accept and implement the recommendations of the Sixth Pay Commission.
Blackstone Group, the world’s largest private-equity firm, may buy the amusement-park business of Anheuser-Busch InBev for about $2.5 billion to $3 billion, according to a person familiar with the discussions.
Construction firm Gammon Infrastructure Projects today said it has fixed October 27 as the record date for the proposed stock-split.
A court here has issued a non-bailable warrant (NBW) against Karnataka minister for tourism and mining magnate Janardhana Reddy in connection with a criminal case against him. The Sandur Judicial First Class Magistrate (JMFC) K Amarnath issued the NBW on December 30 and posted the case for hearing to February 3.
State governments in India have thrown caution to the winds and are rushing to attract FDI into export-oriented manufacturing and service industries by establishing Chinese-style special economic zones (SEZs) which are quite damaging for the society, says a new book.
For promoting a planned and healthy real estate development of colonies and apartments in big cities, Union Housing and Urban Poverty Alleviation Ministry has drafted a bill and invited suggestions from experts.
State governments in India have thrown caution to the winds and are rushing to attract FDI into export-oriented manufacturing and service industries by establishing Chinese-style special economic zones (SEZs) which are quite damaging for the society, says a new book.
Education services provider Manipal Education has joined hands with vocational training firm City & Guilds to form a joint venture (JV) called Manipal City & Guilds Skills Training that will provide its offerings under the name ‘IndiaSkills’. Manipal Education holds 51 per cent in the JV and the rest 49 per cent is held by City & Guilds.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST
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Liquor baron Vijay Mallya today said his UB Group will overtake Diageo as the world"s largest spirits maker by the next fiscal.
Kingfisher Airlines is planning to raise around $600 million worth of funds in the current financial year to pay off its debt and strengthen its bottom line, in the backdrop of a turbulent time for the country’s aviation industry.
Communications Minister A Raja is pushing an innovative plan under which vendors which supply equipment for 3G mobile services to state-owned Bharat Sanchar Nigam Ltd (BSNL) will share the bill for advertising and marketing the services in the first six months of the launch.
Luxury car maker, Honda Siel Cars India today said it is set to start the export of engine components to Japan from October.
Regulator may extend deadline after industry says it lacks Indian commanders
With global aviation bodies like International Air Transport Association pressing for reduction of carbon emissions in the sector, some major airlines have carried out test flights using biofuel and alternative fuel, which are cleaner.
Kingfisher Airlines is planning to raise around $600 million worth of funds in the current financial year to pay off its debt and strengthen its bottom line, in the backdrop of a turbulent time for the country’s aviation industry.
The robust growth in net profit in the second quarter seems unlikely to be repeated soon for cement companies, as prices in the south and west have been falling since October, with the increase in supply outstripping demand.
The Telangana agitation has forced several companies including Bharat Forge, Lakshmi Mittal Group and NTPC-BHEL join venture to either put their expansion plans on hold or explore other states.Addressing the media here on Tuesday after a meeting with industry representatives, chief minister K Rosaiah said Bharat Forge, which planned to set up a nuclear power plant equipment unit at Nellore at an estimated cost of Rs 2,500 crore, was considering Gujarat.
After increasing it four times in a row, the state-run oil firms today cut jet fuel prices by 5.7 per cent on easing international rates.
With the government having finally admitted that the current Plan period’s power capacity addition target of 78,700 Mw is likely to be missed by over 20 per cent, experts have raised concerns over the impact on the country’s economic growth.
Hiring activity is likely to see an upward trend in the third quarter of the current fiscal year, especially in sectors like infrastructure, manufacturing and services other than IT.
Eicher Motors Group company Royal Enfield today launched two bikes, Classic 350 and Classic 500, priced at Rs 98,086 and Rs 1.25 lakh (ex-showroom Delhi) respectively.
Leslie D"Monte & Kirtika Suneja / New Delhi December 5, 2009, 0:15 IST
After having launched the Classic 500 in European markets in 2008, Royal Enfield has launched the model Classic 500 in Chandigarh market as well. Shaji Koshy, Head, Sales and Marketing, Royal Enfield said that since the launch of Classic 500 model in European markets, there had been a besieged demand from Indian customers as well for this model. “In order to reach out to customers in India, Royal Enfield has introduced Classic 350 also in addition to Classic 500,” he added .The ex-showroom price of Classic 500 is Rs 1,24,000 while Classic 350 has been priced at Rs 98,000.
The Indian car market may be revving but the country"s marque event, Auto Expo starting on January 5, is being cut short to just a week as participants want to curtail expenditure in the face of the global slowdown.
Volkswagen, Europe’s largest car maker, has bought 19.9 per cent stake in Suzuki Motor Corporation, Japan’s third largest carmaker, for $2.5 billion. Of course, Suzuki’s strength is in small cars and Volkswagen’s stated mission is to become the world’s largest car company, ahead of Toyota and General Motors. And that’s not possible unless you have a bevy of small cars in your portfolio. A full takeover would have given Volkswagen annual volumes of 4.4 million cars — way ahead of Toyota’s 3.5 million. At the moment, Volkswagen-Suzuki is merely an alliance.
Pakistan army has arrested a retired Major for his alleged links with terror suspects David Coleman Headley and Tahawwur Hussain Rana, nabbed by Federal Bureau of Investigation (FBI) on charges of plotting attacks against India and Denmark.
The Directorate General of Civil Aviation (DGCA) is planning to set up a separate body called the Civil Aviation Authority of India to lay down the administrative guidelines for the industry.
AstraZeneca, an international healthcare company engaged in research, development and manufacturing of prescription medicines, and Nektar Therapeutics, a biopharmaceutical company headquartered at California with research and development operations in Hyderabad, have entered into an exclusive license agreement for two drug development programmes.
The area under wheat rose a marginal 2 per cent this year on favourable climatic conditions. Late monsoon left adequate moisture content in the soil that suited the wheat sowing for this rabi season.
Swaraj Baggonkar / Mumbai November 10, 2009, 1:10 IST
A day after paceman S Sreesanth was diagnosed with swine flu, comprehensive preventive measures were today put in place to ensure that other members of the Indian cricket team were not affected by the dreaded virus.
To dole out Rs 3,000 cr to fertiliser companies; Rs 800 cr to AI
Dhanalakshmi Bank today said it has raised Rs 150 crore by selling bonds to investors on a private placement basis.
Hexaware’s net profit for the third quarter ended September 30, 2009 jumped over threefold to Rs 41.3 crore from Rs 11.5 crore in the corresponding quarter last year.
Although growth was helped by the low base of last year, monthly sales suggest the recovery is turning stronger.
Tata Steel has invested Rs five crore on developing the Dharani Dhar sports complex at Sankarpur in Keonjhar.
Finnish mobile phone maker Nokia today reported a 66 per cent decline in profit at euro 380 million for the second quarter of this year, mainly on account of falling sales in the wake of the global economic slowdown.
Battery major Exide Industries today said its net profit rose by 48.90 per cent to Rs 122.40 crore for the quarter ended June 30, 2009, over the same period last year.
The Advocates Association of Bangalore today demanded the transfer of Karnataka High Court chief justice P D Dinakaran who faces an impeachment motion for alleged disproportionate assets and land-grabbing.
With the country’s capacity to manufacture medicines at competitive prices and drugs worth $80 million going off-patents soon, there is a big opportunity for investment in the drug manufacturing sector, Health Minister Ghulam Nabi Azad said today.
The Road Transport and Highways Ministry is set to award 58 projects worth Rs 19,000 crore for building over 7,000 km roads in various states.
Almost a year after its inception, the Indian Institute of Technology, Gandhinagar (IITGn) has got its own director in Sudhir K Jain. An expert in earthquake engineering, Jain graduated with a BE in civil engineering from IIT Roorkee before he went on to pursue a masters degree, as well as PhD in structural engineering. In an interview with VINAY UMARJI & CHITRA UNNITHAN, Jain talks about his plans of making IITGn “one of the finest institutions in the world”. Edited excerpts:
The outgoing president of SIAM Ravi Kant today called for a need to continue government -industry partnership to ensure investments in the sector are used productively.
Without a strong global economic recovery, the maritime sector will find it tough to overcome the demand-supply mismatch.
The sugarcane growers of Uttar Pradesh have declined the state government’s offer of selling their produce at Rs 160-170 a quintal, a rate less than what their counterparts in Uttarakhand are getting.
Despite the economic recovery, the government"s direct tax collections increased by a marginal 3.7 per cent to Rs 1.83 lakh in the first eight months of this fiscal compared to the same period a year ago.
BS Reporter / Mumbai November 12, 2009, 15:31 IST
The bidding for the Uttar Pradesh government sugar mills has again been put off until November.
Siemens, the German engineering giant, says it plans to expand its green energy portfolio to enable ¤25 billion (approximately Rs 1,74,339 crore) savings globally by 2011, with significant carbon dioxide (CO2) reduction from its products and processes in key markets, including India.
Diversified firm Siemens today said the company, in consortium with Siemens AG, has bagged an order worth Rs 403 crore from Qatar-based Ezdan Real Estate QSC for power related works.
Despite uncertainties over cane pricing, sugar mills in Uttar Pradesh plan to commence crushing as early as possible, in order to avoid any recovery loss which may impact their operating performance.
Infrastructure development firm Maytas Infra today said it has bagged an order worth Rs 790 crore from IL&FS Transportation Networks (ITNL) for road construction work.
Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity.
Expectations are on the rise that the second term of chief minister YS Rajasekhara Reddy would give a boost to the manufacturing sector with the state bagging four major projects, including two manufacturing units, involving an investment of Rs 8,750 crore in the past fortnight.
Most US companies are not planning to reverse the pay cuts made in executive salaries during the economic crisis in the next six months despite the improving economic climate, a survey by HR consultancy Watson Wyatt says.
The government will consider disinvesting its stakes in profitable listed public sector units when these come out with follow-on offers.
Corporate Affairs Minister Salman Khurshid today said it is for the Finance Ministry and the Sebi to take a call on dual listing of shares as is being proposed in connection with the $23-billion Bharti-MTN deal.
India is back on the radar of global investors even in the midst of the global financial crisis, with 56 per cent year-on-year rise in inflows of foreign direct investment in July this year, an official said.
The International Monetary Fund, which sold 200 tonnes of gold for about $6.7 billion to the Reserve Bank of India, today said it got a "good price," and wants to be similarly "lucky" in the next phase sale of the precious metal.
The government today said it is looking at steps to cut subsidy on fertiliser and oil sale with an aim to cutting non-Plan expenditure and contain fiscal deficit.
Indian Overseas Bank (IOB) has reported a 17.90 per cent increase in the net profit for quarter ended June 30, 2009 at Rs 301.78 crore as compared to Rs 255.97 crore, during the same quarter a year ago. Bank"s total income rose to Rs 2,808.51 crore from Rs 2,186.83 crore, an increase of 28.43 per cent.
Karnataka government has decided to provide airlink as an added attraction to lure tourists to this year’s Dasara festival at Mysore. The state’s tourism department has decided to charter a 65-seater ATR short haul aircraft to fly passengers from Bangalore to Mysore from September 22 for five days, Minister for Tourism G Janardhana Reddy told reporters here.
Ispat Industries today said its board has approved its plans to raise Rs 500 crore by selling shares to investors.
ICICI Bank today said it would reduce its stake in BPO company Firstsource in a phased manner, even as there are reports of appointment of a merchant banker for exiting from the outsourcing company.
World"s largest drug maker Pfizer today said it is in the process of bringing in synergies in operation with Wyeth, which it acquired in January this year, and will launch one more product by the end of this fiscal.
I have been a regular investor in mutual funds for the past 3-4 years. I have accumulated many funds in my portfolio which were at some time or the other very good funds, but not all are rated 4- or 5-stars today. Should I exit funds as soon as they go below the top ratings? I think this will mean too much of churning in my portfolio.
I have some money that I plan to use after a month. Should I invest it in liquid funds instead of a bank Fixed Deposit for better returns?
I have invested Rs 1 lakh in Reliance Diversified Power Sector Fund. Its value has come down to Rs 74,000. What is the future outlook of this fund? Should I stay invested or redeem?
BS Reporter / Mumbai July 05, 2009, 0:42 IST
Trades between FIIs generated a volume of Rs 38 crore on the BSE Tuesday-an decrease of 38.84% from Rs 62 crore clocked on Monday. As many as six stocks witnessed trades of 7.71 lakh shares on Tuesday.
Business Standard / New Delhi November 06, 2009, 0:34 IST
Hiring activity particularly in the manufacturing and infrastructure sectors is expected to pick up in the third quarter of this fiscal on the back of the country"s economy showing signs of recovery, a top official of online recruitment portal Naukri.Com said.
Public sector lender Bank of India today reported a decline of 57 per cent in net profit to Rs 323.34 crore for the second quarter of current fiscal, over the same period a year earlier.
Subir Gokarn / New Delhi November 16, 2009, 0:04 IST
Companies have turned optimistic about their hiring plans in the year ahead, with as many as 44 per cent employers anticipating new job additions in 2009, a survey by job portal Naukri.com says.
ICICI Prudential AMC has emerged as the top earner by providing a return of 8.73 per cent on the EPFO funds, invested by the private fund house during the nine months period ended June 30.
The government has identified some public sector companies for disinvestment, but its primary focus would be to dilute equity in listed profitable companies with less than 10 per cent public shareholding, with follow-on public offerings.
Various central levies such as excise, value added tax and service tax are proposed to be subsumed in the the Goods and Services Tax (GST), making it a lot easier for the business and industry.
The Prime Minister"s Economic Advisory Council today said the process to bring down the fiscal deficit from the current 6.8 per cent to a more sustainable level could start from next year.
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said that inflation would go up and hover between 4 and 5 per cent by the end of this year.
The Sensex after rebounding into green touched a high of 17,226, and is now up 77 points at 17,196. The NSE Nifty is up 15 points at 5,132.
The economic and financial status of emerging market economies like India would continue to improve in the days to come and the recent downturn would help accelerate the trend, a Deutsche Bank report said.
Business Standard / New Delhi December 22, 2009, 0:28 IST
A Parliamentary panel today pulled up the Finance Ministry for its failure to take timely action to contain inflation and asked the government to take immediate steps to provide relief to common man reeling under rising food prices.
With the Indian economy regaining its robustness, the Income Tax Department has collected an additional Rs 2,477 crore from the top 90 advance taxpayers in the third quarter (October- December) this financial year.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11. Representatives of the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci) met revenue secretary P V Bhide to discuss the coming budget.
India’s recovery from the global financial crisis is “still fragile”, according to Reserve Bank of India (RBI) Governor D Subbarao.
Bank ROEs: What is an acceptable return on equity (ROE) for a bank? That question is likely to dominate the debate among executives, investors and regulators in the coming year. After the spectacular losses of the crash, there is no doubt that banks’ future returns should be lower than the super-charged profits earned during the credit boom. But if ROEs fall too far, the consequences could be severe.
Constitutional amendment to be basis of new tax regime.
A new decade started in the year 2010 will witness a radical re-distribution of forces in the world economy.
The policy paper on the proposed Goods and Services Tax (GST) will soon be brought in the public domain.
The Sensex has ended (provisional) at 17,562 - up 97 points.
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
Oil & Natural Gas Corporation (ONGC), India’s biggest energy explorer, plans to raise $1 billion (Rs 4,669 crore) in a month to refinance debt its unit incurred in the purchase of UK-based Imperial Energy Plc amid low interest rates.
The Indian rupee today depreciated by 8 paise to 46.28 against the US currency in early trade on expectations of capital outflows by foreign funds.
Notwithstanding the UAE being India"s top destination for exports, the government today put up a brave face stating financial concerns in Dubai would not impact the Indian economy and the country"s real estate sector.
State-run Indian Oil Corp (IOC) is losing Rs 92 crore per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed it to revise rates in line with firming international oil prices.
For the second time this month, state-owned oil firms today hiked jet fuel prices, this time by 2.4 per cent following a spurt in international oil rates.
ONGC and ONGC Videsh (OVL), the overseas investment arm of ONGC, in association with the Hinduja Group and Petronet LNG, have entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran, in return for assured minimum six million tonnes a year of LNG on long-term basis. ONGC made an announcement on the Bombay Stock Exchange (BSE) today.
Oil and Natural Gas Corp (ONGC) and its partners will invest over Rs 46,000 crore (about $10 billion , based on current exchange rate) in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said.
India’s energy scenario poses the challenge of investing adequately to narrow the demand-supply gap and reducing import dependence.
Wind power could help India abate up to 100 million tonnes of CO2 by 2050. By Santosh Kamath
In a major breakthrough, Oil and Natural Gas Corporation (ONGC) today signed agreements to pick up stake in a giant gas field and an LNG plant in Iran, which also awarded the rights to develop a gas discovery it made in the Persian Gulf two years ago.
Bank of America has said it will repay $45 billion bailout funds to the US government.
Oil and Natural Gas Corp (ONGC) and its partners will invest about $10 billion in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said.
Samruddhi Cement, a wholly-owned subsidiary of Grasim Industries, is all set to merge with UltraTech Cement – Grasim’s another subsidiary, on July 1, 2010. The merger, to be completed by September 2010, will result into world’s tenth-largest cement maker.
Kirtika Suneja / New Delhi December 07, 2009, 0:16 IST
Oil marketing companies (OMCs) are increasingly going in for debentures and commercial papers for meeting their short-term credit requirements. The largest petroleum marketer, Indian Oil Corporation, has raised around Rs 5,000 crore and Hindustan Petroleum Corporation has raised Rs 2,000 crore through sale of commercial papers (CPs) over the past two months. Bharat Petroleum Corporation recently raised Rs 1,000 crore through debentures.
As Delhi races against time to complete all unfinished tasks ahead of the 2010 Commonwealth Games, it faces a daunting work of inculcating civic sense among Delhiites, generally known for being rude and inhospitable.
As Delhi races against time to complete all unfinished tasks ahead of the 2010 Commonwealth Games, it faces a daunting work of inculcating civic sense among Delhiites, generally known for being rude and inhospitable.
The markets struck positive notes at the beginning of the year with the benchmark indices touching their fresh 22-month highs. The Sensex scaled a high of 17,790, but eventually ended with a marginal gain of 75 points at 17,540 this week. Mid- and small-caps outperformed the benchmark with significant gains of 3.4 per cent and 4 per cent, respectively.
Riding on lower crude oil prices and a reduced under-recovery, Indian Oil Corporation (IOC), the country’s largest oil marketing company, has reported a net profit of Rs 284 crore for the quarter ended September 30, compared to a loss of Rs 7,047 crore in the corresponding quarter last year. Net sales, however, declined 18.7 per cent to Rs 60,392 crore on account of lower prices of petroleum products.
Blaze still on, investigation ordered
India’s highest broad gauge rail station at Qazigund, about 80 km from Srinagar, at an altitude of 1,722 metres would become operational on October 28 when Prime Minister Manmohan Singh inaugurates the Anantnag-Qazigund section of the ambitious Kashmir rail link project.
Markets can now be open 9 to 5, says regulator.
Jindal Drilling & Industries today said it has bagged an order worth Rs 635 crore from Oil and Natural Gas Corporation (ONGC) for hiring a drilling unit for five years.
The country"s largest software exporter, Tata Consultancy Services (TCS), today said various promoter group entities sold over 2.73 crore shares in the company, representing a 2.03 per cent stake, over a period of a little more than one year.
Minority shareholder of Golden Tobacco Pramod Jain today made an open offer for acquiring another 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash between them over management control.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
The stock ended flat at Rs 410 and clocked volumes of 201,186 shares at the counter on the BSE. __________________________________
Mahindra Satyam slipped to a low of Rs 109 and finally ended at Rs 110, down around 7%. The counter witnessed trades of 46.44 million shares on the BSE as compared to the two-week daily average traded volumes of 7.23 million shares.
A big controversy on procurement of Rs 35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board, threatening mega expansion programme of the PSU.
Equity infusion in Max India by Goldman Sachs will help the company expand its insurance and other businesses
Day one of the final placements at the Indian Institutes of Technology (IITs) has brought the smile back on the faces of students, as big recruiters are back on the campuses. IIT placement representatives say salaries could go up by 30-40 per cent this year.
In a significant development, Qatar today agreed to look into India"s demand for an additional 5 million tonnes a year of liquefied natural gas (LNG) to meet its growing energy needs.
Latha Jishnu / New Delhi October 31, 2009, 0:16 IST
Even after tendering his resignation for his alleged involvement in a sex scandal, troubles for former Andhra Pradesh Governor N D Tiwari may not be over.
India and China have not only agreed to act to cut down emissions but are also willing to be accountable for their action, Australia"s environment minister has said.
India has sent a proposal to the World Bank seeking a loan up to one billion dollar to fund its urban development projects here, Lok Sabha was informed today.
Fast urbanisation throwing up several challenges, the Karnataka Government has formulated an urban development policy proposing far-reaching changes in urban governance.
Apple Inc Chief Executive Steve Jobs was paid his customary $1 annual salary in 2009, but Apple"s strength through a rough economic climate returned the value of his personal holdings in the company to pre-meltdown levels.
Subir Roy / New Delhi November 27, 2009, 0:31 IST
A new battlefront has opened between multiplexes and big banner production and distribution houses. Ignoring the revenue concerns of the multiplexes, Reliance Big Pictures, Percept Pictures, UTV Movies and Dharma Productions want to release their new films on direct-to-home (DTH) television shortly after their release on theatre screens.
Prime Minister Manmohan Singh today said economic reforms have helped reduce poverty in the country but admitted the rate of decline should have been faster.
The implementation of goods and services tax (GST) from next financial year will result in the reduction of tax burden for the industrial sector and make it more competitive, a senior official said today.
Luxury car and truck maker Mercedes-Benz expects 2010 to be a blockbuster year as it has a few launches lined up in the passenger car segment and is expecting a big demand for trucks from the mining sector, according to Mercedes-Benz India managing director and chief executive Wilfried Aulbur.
Wind power turbine maker Suzlon Energy today said its three promoters have, in total, pledged a further 2.80 crore shares, taking the total shares pledged by the company"s promoters to 28.28 per cent.
Citigroup Inc and Bank of America Corp paid top executives an average of $18.2 million each last year as the banks accepted $90 billion of bailout funds, records from Treasury Department paymaster Kenneth Feinberg show. Citigroup paid $390.2 million to 21 people, an average of $18.6 million each, the records released on October 22 show.
India and China have not only agreed to act to cut down emissions but are also willing to be accountable for their action, Australia"s environment minister has said.
The rupee today appreciated by 10 paise to hit a 15-month high of 45.74 a dollar in early trade, tracking other firming Asian currencies.
French pharma major Sanofi-aventis today said its vaccine division Sanofi Pasteur has acquired majority stake in Hyderabad-based Shantha Biotechnics, which has been valued at euro 550 million (over Rs 3,770 crore).
Watch out! The next time you buy your baby a cough syrup or get yourself any medication, make sure to get a proper bill else you could fall prey to the multi-crore clandestine business of spurious, misbranded and adulterated drugs.
The rupee today appreciated by 8 paise to hit a month"s high of 46.22 against the US currency in early trade, in line with other firming Asian currencies.
French pharma major Sanofi-aventis today said its vaccine division Sanofi Pasteur has acquired majority stake in Hyderabad-based Shantha Biotechnics, which has been valued at euro 550 million (over Rs 3,770 crore).
Kishore Biyani-promoted Future Group is expanding its private labels in various categories with plans to launch more products in new segments, such as toothpaste, as part of plans to become a Rs 25,000 crore conglomerate by 2013-14.
Zandu Pharmaceutical Works, the manufacturer of ayurvedic health care products, today reported a growth of over twofold in its net profit for the quarter ended June at Rs 11.12 crore, over the corresponding period a year ago.
Watch out! The next time you buy your baby a cough syrup or get yourself any medication, make sure to get a proper bill else you could fall prey to the multi-crore clandestine business of spurious, misbranded and adulterated drugs.
Reliance Webstore, the retail arm of Reliance Communications, today said it has forayed into handset distribution and plans to have a network of 10,000 outlets across the country in the next three years.
The 700-member Bombay Stock Exchange (BSE) Brokers Forum may approach the Prime Minister’s Office (PMO), the ministry of finance, the Securities and Exchange Board of India (Sebi), investor associations and other trade associations against the move to extend trading hours.
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
Stock markets recovered sharply after the Reserve Bank of India (RBI) raised the cash reserve ratio (CRR) for banks by 75 basis points and kept key interest rates unchanged. Short-covering in banking and real estate stocks, along with a rise in European markets and US index futures, also boosted sentiment.