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The world"s largest chip maker Intel Corporation today withdrew its suit before the Delhi High Court against the government, trademark registry and the two small firms which have got registered its trademark till 2017.
Internet search major Yahoo! today appointed Arun Tadanki as the managing director of its India operations.
Nd Batra / October 25, 2009, 0:33 IST
Sunil Jain / New Delhi November 30, 2009, 0:43 IST
Essar Oil’s recoverable coal-bed methane (CBM) reserve at Raniganj block in West Bangal has been pegged at 1 trillion cubic feet (tcf), 43 per cent higher than the earlier estimate of 700 billion cubic feet (bcf). The basin has 3.5 tcf reserves, a third of which are recoverable.
The Sensex finally ended (provisional) with a loss of 46 points at 16,867. The NSE Nifty settled at 5,036, down six points.
Rajesh Tandon / October 11, 2009, 0:26 IST
Norwest Venture Partners (NVP), today said that it has invested over Rs 120-crore into Shriram City Union Finance Limited through a secondary-market block purchase of shares in the company.
Support at 5,150, resistance at 5,300.
Nilanjana S Roy / New Delhi December 8, 2009, 0:42 IST
HRD Minister Kapil Sibal today said the ministry has sought a detailed report into the server crash during the online Common Admission Test (CAT) examination.
Private airlines in the country owe Rs 274.19 crore to the Airports Authority of India (AAI) as of October-end, with Kingfisher being ahead of Jet Airways and SpiceJet leading the pack of low-cost carriers.
Vijay Mallya-promoted United Breweries today said its net profit rose by 57.14 per cent at Rs 35.50 crore for the quarter ended June 30, 2009, over the same period last year.
The Foreign Investment Promotion Board (FIPB) will again consider a proposal of Vijay Mallya-promoted United Breweries Holdings (UBHL) to raise Rs 708 crore by issuing convertible equity warrants in its meeting to be held on July 24.
The Vijay Mallya-led Kingfisher Airlines led the chart of the loss-making carriers by reporting a massive Rs 1,602 crore in losses in 2008-09, followed by Jet Airways with a loss of Rs 1,032 crore.
It surely took a long time coming, but now that it has, it’s got top clearance from us. Ladies and gentlemen, say hello to our Bike Of The Year 2010 — the Kawasaki Ninja 250R! While there was an impressive list of opponents to the Ninja, none of them could handle going toe-to-toe with the Japanese warrior. And it wasn’t just its bright green colour either. But more on the Ninja later; let’s see who it was up against, shall we?
The initial public offers (IPOs) of companies like Tata Consultancy Services (TCS), NTPC and Jet Airways were rigged and scamsters gained close to Rs 100 crore between 2003-05, market regulator Sebi-appointed panel has said.
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework.
A decade earlier, when the Indian auto market was stagnant and there were not many new models to talk about, there were years when even Maruti Udyog, the market-leader, gave the Delhi Auto Expo a miss. Few manufacturers can afford to do so today.
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.
Carnation Auto, the multi-brand car service provider promoted by former Maruti Suzuki head Jagdish Khattar, today joined hands with Fiat Group firm Magneti Marelli for servicing premium cars in the country.
Jeffrey Owens is the director of tax planning and administration at the OECD’s Centre for Tax Policy, which is responsible for framing tax principles and ensuring that tax havens fall in line on disclosure norms and share information. He spoke to Sidhartha on recent developments and the strategy India should adopt on double taxation avoidance treaties. Excerpts:
Media company UTV Software Communications today reported a consolidated net loss of Rs 23.33 crore for the quarter ended June 30, 2009, against a net profit of Rs 19.88 crore in the same period last year.
India"s biggest sugar refiner, Shree Renuka Sugars has reported a standalone net profit of Rs 48.2 crore, an increase of 298 per cent during the quarter ended September 30, 2009 as against the net profit of Rs 12.1 crore posted in the same period a year ago.
Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.
Concerned over the recent takeover of some firms by Multi National Companies (MNCs), the domestic pharmaceutical industry has asked the government to protect and promote it by making available funds for research and development.
New govt may be sworn in tomorrow.
Business Standard / New Delhi October 13, 2009, 0:04 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.
The advance tax collection from India Inc rose 20 per cent in the first nine months of the current financial year, compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
Support at 5,150, resistance at 5,300.
In the past three sessions, the market has tested 5,015 and pulled back.
The activities of foreign institutional investors (FIIs) with long build-up in the Nifty futures and short-covering in stock futures during the week ended September 13 augur well for the market. The Nifty is expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the downside, 4,940 is a healthy support level and, below that, 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short-covering from foreign investors in the Nifty and stock futures.
Pratip Kar / New Delhi January 11, 2010, 0:53 IST
Indian Oil Corporation Ltd (IOCL), which is setting up a 15 million tonne per annum refinery at Paradeep, has so far invested Rs 2200 crore in the project.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
The country’s multiplex industry is likely to invest Rs 400 crore in setting up new properties, new genre movies (3D being one) and in at least two big-budget Bollywood releases lined up every month over the next one year.
The Centre has indicated that it would consider giving direct cash subsidy to state-owned oil marketing companies this year, instead of bonds, to compensate them for selling cooking fuel at lower than market price.
The $100-million (Rs 470-crore) equity infusion through issue of global depository receipts (GDRs) to US-based buyout specialist Apollo Management and Rs 410 crore expected from the third tranche of its rights issue should help India’s largest direct-to-home (DTH) service provider, Dish TV, increase its subscriber base and post an improvement in performance.
Kishore Biyani to revamp existing print media business, introduce tailor-made packages for TV advertisers
Telecom operator Reliance Communications (RCom) today announced the launch of its value-added service "mVDO", which will allow its mobile subscribers watch, share, search and upload videos online.
Airtel DTH has high hopes from a market that offers scope for exponential growth but is already packed tight like a can of sardines. Can the telecom major pull it off?
The Prime Minister"s Office does not have any information whether Cabinet Ministers, who were part of Empowered Group of Ministers to decide on the price of gas from Godavari basin declared their conflict of interest with Reliance Industries Limited or the late Dhirubhai Ambani.
Canara Bank will soon become the sixth major Indian bank to open a branch in the East Midlands town of Leicester, which has a large population of Indian origin and has close business links with India.
Internet job portal Monster.com and direct-to-home company Dish TV have collaborated to offer an interactive jobs search service "MonsterJobs Active" for Dish TV subscribers, which would allow job seekers to search for jobs across the country.
Air India (AI) is in the process of having a seven-member international advisory board, with former top officials of global carriers, to turn the organisation around.
Bajaj Hindustan touched a low of Rs 230 - down 4% from the day"s high. It finally ended flat at Rs 233. The counter clocked a volume of 7.8 lakh shares on the BSE.
BJP today attacked government"s decision to abolish profit sharing clause in the Sugarcane Control Order saying farmers would not be able to get better price even though mills are currently earning huge margins.
The Sensex has dipped further to a low of 17,586. It is now up 61 points at 17,601.
Government of India has stayed suspension of Natco Pharma"s Albupax manufacturing (product) licence. Albupax is a nanotechnology based drug and is the first generic version of the international brand Abraxane of Abraxis Bioscience Inc, USA. Albupax consists of Paclitaxel in an albumin-bound nanoparticle form and is used to treat breast cancer.
Mobile services provider, Bharti Airtel, reduced its roaming rates by nearly 60 per cent. Customers who enroll into the Airtel Turbo plan will now be charged at 60 paise per minute for all incoming calls while on roaming. The new plan is available for both existing and new customers effective Friday.
The shop shelves are starting to fill up with fine waters, each claiming to be better and “purer” than the other. Gargi Gupta dips into what’s available.
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.
Why would the government want to rush through a badly drafted law, full of ambiguities? This is the question worrying R. Sreedhar, director of the Academy of Mountain Environics, a well-known trust promoting sustainable development solutions, about the National Green Tribunal Bill, 2009.
YouTube movies: Google is taking YouTube to Hollywood. The film business might help address the internet video site’s biggest problem – it loses money. Sure, it generates huge amounts of traffic. But it costs serious money to set up and run the server-farms that allow anyone anywhere to watch that adorable cat play the piano. And advertising revenues have been in short supply.
The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking.
The much-awaited 3G spectrum auction will be delayed beyond the scheduled date of January 14 due to uncertainty over the available spectrum and the number of slots to be put up for bidding.
Indian steel tycoon Lakshmi N Mittal will get a 1 billion pound windfall from a European scheme to curb global warming under the "carbon credits" given to it.
Defending BSNL"s massive loss in market share to just 16.71 per cent now from over 31 per cent in 2006-07, the government today said it was mainly due to fierce competition and not due to managerial reasons.
BJP today attacked government"s decision to abolish profit sharing clause in the Sugarcane Control Order saying farmers would not be able to get better price even though mills are currently earning huge margins.
The government today came out with the first batch of supplementary demands for grants in the Lok Sabha seeking to raise public expenditure by an additional Rs 25,725 crore during the current fiscal.
Petroleum Ministry has sought oil bonds worth Rs 20,871 crore for state-run fuel retailers to make up for the losses incurred on selling domestic LPG and kerosene below cost during the first three quarters of this fiscal.
Fire at the MCL Bharatpur coal mines today affected power generation from the captive power plant of Nalco, official sources said.
Godrej Security Solutions (GSS) Division, one of the divisions of Godrej & Boyce Mgf Co. Ltd and part of Godrej Group, has set the target of around Rs. 400 crore turn over for the current FY 2009-10 and eyeing Rs. 500 crore turn over by FY 2010-11.
The much-awaited auction of spectrum for third generation (3G) mobile services would be delayed by over a month and is likely to start by the end of February.
The Department of Telecommunications (DoT) is hopeful that the defence ministry would release more spectrum for the 3G auction scheduled for next month.
National air-carrier, Air India (AI), today said it targets to save around Rs 800-900-crore, following the implementation of its fuel efficiency programme, started in 2008.
The market could test 5,300 going into the December settlement
Ch Prashanth Reddy / September 27, 2009, 0:07 IST
Newbie restauranteur Rajyasree Sen of Brown Sahib gives the humble mishti doi a new twist.
Reiterating her opposition to the ongoing joint operation against the Naxalites (CPI Maoist) at Lalgarh, in Paschim Medinipur, Mamata Banerjee said today that her party would continue to oppose it. She has pointed out that the joint operation had not yielded the desired results, as killing of poor people in the junglemahal was continuing.
Shyamal Majumdar / Mumbai November 12, 2009, 0:24 IST
The Centre appears to be bracing itself up for more discussions with political parties and groups on the issue of Telangana on the lines of the dialogue held here yesterday.
Union Minister for New and Renewable Energy Farooq Abdullah and Punjab Chief Minister Parkash Singh Badal laid the foundation stone of the 60 Mw biomass-based Green Energy Power Plant of Lakshmi Energy and Foods Limited (Lakshmi Group) at Khamanon village of Fatehgarh Sahib in Punjab.
- Mittal plans 6 mt plant in Karnataka - PSUs to lose out on interest - Capex spending slows in Q2 - Disinvestment of 4 PSUs likely to be completed in two months - SAIL again delays Rs 70,000-cr mega expansion plan - Maoists explode bomb in SAIL mine
Mahindra Satyam has topped the combined value chart with a turnover of Rs 1,076 crore. It is followed by Suzlon( Rs 954 crore), Reliance (Rs 886 crore), ICICI Bank (Rs 757 crore) and DLF (Rs 676 crore).
Global business leaders are hoping for relaxed immigration regulations to help bring in more skilled foreign workers, who want to capitalise on the opportunities provided by a rebounding economy, says a survey.
India"s largest cement maker ACC today reported a marginal dip in sales in December at 1.88 million tonnes.
Domestic mutual funds are again scouting investment opportunities abroad, mostly in emerging markets, as they plan to launch international funds, after more than a year. At least three fund houses-- SBI Mutual Fund, UTI Mutual Fund and Mirae Asset Mutual Fund— are planning to launch international funds soon.
Auto component sales in the country are likely to rise in 2010 on the back of positive outlook for cars sales but overseas demand will continue to be sluggish, global rating firm Fitch said.
The country’s multiplex industry is likely to invest Rs 400 crore in setting up new properties, new genre movies (3D being one) and in at least two big-budget Bollywood releases lined up every month over the next one year.
India"s gems and jewellery exports lost sheen for the eighth month in a row with exports dropping by a sharp 24 per cent to $1.5 billion in May 2009 over the year ago month mainly on account of slump in demand in its major markets like the US and Europe.
Entertainment firm Pyramid Saimira Theatre today posted a loss of Rs 3.66 crore for the quarter ended December 31, 2009.
Indian Air Force today deployed two MI-17 helicopters to carry out flood relief operation in and around Pursura and Khanakul areas of Hooghly district, nearly 100 km northwest of here.
Sometimes the quintessential celebrity byte — “No comments” — saves the day
Ten power companies, including NTPC, Ratnagiri Gas and Power Pvt Ltd (RGPPL), Lanco and GMR Energy, will get KG-D6 gas in the second round of allocation decided last month, confirmed a government release issued on Monday. The decision has been reported already. Reliance Industries Ltd (RIL), operator of the D6 block in the Krishna-Godavari basin, will also be getting gas for consumption at its refineries and petrochemicals business, as well as for its captive power plants.
The MD of entertainment firm Pyramid Saimira, P S Saminathan, was today arrested by Haryana Police on a loan default complaint filed by Indiabulls, but the company claimed he was let out shortly after.
The Nordic region (Norway, Denmark, Iceland, Finland and Sweden), which is now opening up to offshoring as a viable option to sustain its long-established competitiveness, offers an untapped $10 billion outsourced services opportunity for Indian IT companies, said a Nasscom-PricewaterhouseCoopers report.
Fiat India Automobiles (FIAL), a 50-50 JV between Fiat Group Automobiles (Fiat) and Fiat India Automobiles , has sold 10,000 units of its sedan, Linea, since its launch in January this year.
A meeting of the Union Cabinet scheduled today was cancelled in view of Prime Minister Manmohan Singh"s visit to Kolkata to see the ailing CPI(M) leader Jyoti Basu.
Prime Minister Manmohan Singh is going to Kolkata tomorrow to see ailing former West Bengal CM Jyoti Basu. Singh would be leaving for the West Bengal capital in the morning and there was a possibility of the scheduled Union Cabinet meeting being postponed till the evening, official sources said.
Chairing a meeting of the full-time members of the Planning Commission, Prime Minister Manmohan Singh today asked the commission’s members and officials to keep track of state-level development.
T N Ninan / New Delhi October 17, 2009, 1:55 IST
The Telangana agitation over the Centre’s decision to create a new state in the region has forced several companies, including Bharat Forge, the Lakshmi Mittal Group and the NTPC-BHEL joint venture, to either put their expansion plans on hold or explore other states.
The volume of initial public offer (IPO) in the US in 2009 amounted to $16.6 billion, the second lowest on record, amid uncertainties in the financial sector worldwide.
India today unveiled a detailed roadmap for phase out of ozone depleting and green house gas Hydro chlorofluorocarbons (HCFCs) and sought adequate funds and technology from the global community for it.
Acquisition of Rs 5,440-cr German major will make Ahmedabad firm a global textile-chemical giant
Mortgage major Housing Development Finance Corp (HDFC) aimed to grow loan approvals as well as disbursements by at least 20 per cent in the current financial year, Joint Managing Director Renu Sud Karnad said today. HDFC has already seen a rise in new home loan applications, she said.
The Insurance Brokers Association of India (IBAI) today demanded implementation of a mechanism to reduce delays in renewal of licences and dubbed the recommendations of the Swarup Committee as being “unpractical” and “misconceived”.
To make London its European hub.
Reliance Industries (RIL) held Petroleum Trust has sold 10.5 million equity shares of the company today. Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL, is the sole beneficiary of the Trust.
Companies across the world have continued to send employees overseas to take advantage of business opportunities, despite a reduced budget for international assignment programs during the economic downturn, a KPMG survey said.
Silver futures prices today rose up to 2.92 per cent on the Multi Commodity Exchange as traders engaged in creating fresh positions, tracking firming global trend.
Japan Airlines Corp is planning to agree on capital tie-ups with foreign airlines by mid-October and to cut 6,800 group employees over the three years through March 2012 as part of its restructuring program, its president Haruka Nishimatsu has said.
Given that the proposed date of implementation of the Goods and Services Tax (GST) is April 1, 2010; a declaration regarding the design and architecture of GST is perhaps one of the most eagerly awaited announcements expected from the Finance Minister in the forthcoming Budget.
The budget may not mention the introduction of Goods and Services Tax (GST) from next fiscal as there are already voices expressing doubts about meeting the deadline.
Likely to drill three additional exploration wells in the block before the end of 2010.
The train running between Baramulla to Anantnag in Kashmir is all set to extend up to Qazigund next month.
The latest GST move is why the tax holiday notifications are being sought to be ended by March 2010.
Food company Britannia Industries has reported an increase of 11 per cent in its net profit at Rs 59.07 crore for the second quarter ended September 30, 2009, compared with the corresponding quarter last year, on the back of recent launches and its focus on the Rs 5 price point.
Some aspects of global warming may not be entirely understood and data may be sparse, but scientists do not dispute that global temperature has increased, especially since 1950, as pointed out in the fourth assessment report of the Intergovernmental Panel on Climate Change (IPCC).
Confectionery brand Parle Products Private Limited will consider bringing more products in small packs at a price point of Rs 5 and below.
The government today fixed a price band of Rs 950-1,050 per share for the initial public offering (IPO) of Oil India (OIL), the second state-run firm to hit the market this year, and will raise up to Rs 4,982 crore.
The UK government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover (JLR) or risk the plan being taken off, says a media report.
Private Equity (PE) investments into South India have dropped 64 per cent between April and September, 2009, to $626 million from $1752 million, during the same period last year. The number of deals fell 48 per cent. Among the four states in South, Andhra Pradesh had attracted the highest investment, in terms of value.
As probe intensifies, says he’s being framed since he’s a tribal.
Tata Motors ended at Rs 827, higher by Rs 34 or 4.3%, on the BSE.
Samsung has got its act together in mobile handsets. The journey forward could be tough.
Equity derivatives volumes on NSE fall, but traders say it’s too early to see a trend.
Swiss drug major Novartis has approached the Supreme Court against a decision of the country’s apex patent complaint redressal forum, the Intellectual Property Appellate Board (IPAB), to deny patent protection for its cancer medicine, Glivec. The court is expected to take up the case for hearing on August 31.
The Supreme Court today refused to give any relief to Swiss pharma firm Hoffman La Roche Ltd that had challenged a Delhi High Court order allowing Cipla to manufacture and sell a generic version of lung cancer drug "Erlotinib".
Emami Ltd, the Rs 2000 crore FMCG major, is currently recording zero sales of biodiesel, following a circular issued this month by the ministry of petroleum, virtually banning the sale of bio-diesel.
FMCG major Emami today said its realty arm Emami Infra will be listed on the Bombay Stock Exchange in the next three-four months.
Drug maker Dr Reddy"s Laboratories today said it has launched a skin-care product, Strea Professional, in the country.
The country"s largest car maker, Maruti Suzuki India (MSI), has temporarily stopped production of its mid-sized sedan SX4.
Indian drug firm Sun Pharma may have to shell out up to Rs 1,000 crore this fiscal for acquiring Israel-based Taro Pharmaceuticals.
Reactions to the caste question are fairly predictable in India. The average (upper caste) response is that the policy of reservations has gone on far too long and that discrimination is very much a thing of the past. As to why certain social groups remain extremely poor and backward despite the legal safeguards, the usual explanation is that Dalits are either not well educated or do not have the merit to make it to good jobs.
The power ministry and the Central Electricity Authority (CEA) have projected a total investment of Rs 20,120 crore for renovation and modernisation, as well as extending the life span, of various old power plants during 11th and 12th Five-Year Plans.
Deepak Lal / New Delhi December 29, 2009, 0:17 IST
Reiterating her opposition to the ongoing joint operation against the Naxalites (CPI Maoist) at Lalgarh, in Paschim Medinipur, Mamata Banerjee said today that her party would continue to oppose it. She has pointed out that the joint operation had not yielded the desired results, as killing of poor people in the junglemahal was continuing.
Russian gas exports dropped by 37.7 per cent to 69.5 billion cubic meters in January-July 2009, as compared to the previous year, the Federal Customs Service has said.
Spice Energy Group company Cals Refineries and Bharat Petroleum Corporation (BPCL), a Navaratna PSU, have signed a memorandum of understanding (MoU) for off-take of petroleum products from Cals.
Anil Ambani’s direct-to-home company, Reliance BIG TV, has formed a marketing alliance with Fox STAR Studios for its forthcoming movie, Avatar. The deal, according to source, has been struck for Rs 20 crore.
Showing the rift in the Hamara Bajaj-famed two wheeler giant Bajaj Auto, group Chairman Rahul Bajaj today differed with his son and Managing Director Rajiv Bajaj"s decision to exit production of scooters saying he was not only not convinced but was "hurt" by it.
Anil Ambani group firm Reliance Infrastructure today said its consortium has bagged a project worth Rs 1,725 crore for building roads in Maharashtra from the National Highway Authority of India.
The union government may soon decide on keeping half of the electricity it is entitled to from public sector power generating units for sale to states.
In a move that could finally open up the power market in India, the power ministry has floated a Cabinet note to resolve a contentious issue in implementing open access that allows large users — typically consuming 1 Mw and above — to choose their electricity supplier.
The Centre has indicated that it would consider giving direct cash subsidy to state-owned oil marketing companies this year, instead of bonds, to compensate them for selling cooking fuel at lower than market price.
NIIT technologies has announced partnership with Hitachi Information Systems to offer cloud computing services. Cloud computing is an emerging mega trrend which is standardized IT capability delivered via the internet in a pay per use and self service manner. With cloud computing gaining impetus, both companies will be able to offer the complete portfolio of services around the cloud infrastructure to cater to the changing IT landscape.
Encouraged by the outcome of earlier initiatives, the Centre is preparing a roadmap to take the disinvestment process forward over the next two years.
The revival of the initial public offer (IPO) market has prompted brokerages to re-start margin funding, a process by which they finance high net worth clients to subscribe to new issues.