Corporate
Essar Group today said it will invest $400 million in upgrading the refinery it had bought in Kenya.
Mirroring the impact of the global meltdown across sectors, investments by venture capital (VC) companies in clean technology companies fell 13 per cent on year in 2009.
Asian markets are mixed this morning. The Hang Seng has dropped 112 points to 21,702. However, the Nikkei has added 100 points (1%) to 10,184.
The stock pared all its gains and finally ended flat at Rs 1,341. The counter clocked volumes of 79,706 shares as compared to the two-week daily average traded volumes of 90,915 shares on the BSE.
The Sensex opened in the positive zone at 16,912 but however slipped into the red owing to subdued cues from the gloabl markets all over. The index is now at 16,870, down 42 points.
Nasik-based Vinsura Winery will be launching three products by mid-January priced at Rs 1,000 and above, a top company official said.
Beverages maker Coca-Cola today announced its foray into the energy drink segment in India with the launch of "Burn".
The stand-off between the IIT faculty and the government over the "anomalies" in pay structure finally ended today with the teachers" body deciding to accept the new package in the "interest" of the institutes, but maintained that concerns still remain.
Manipal Acunova, the Bangalore-based Rs 80 crore clinical research firm, has raised Rs 30 crore from US-based OrbiMed, a global healthcare-dedicated investment firm, with approximately $5 billion in assets under management.
The IT SMEs (small and medium enterprises) in Orissa have urged the state IT department to come out with a new ICT (information and communication technologies) policy which would enable these units to have a greater share in the implementation of the e-governance projects in the state.
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.
The Blackstone Group, the global private equity giant, today said that it had pumped in an additional $23 million (around Rs 110 crore) into Allcargo Global Logistics.
Gammon Infrastructure Projects today said it has entered into an agreement with the Spain-based Dragados for acquiring the firm"s stake in Indira Container Terminal Pvt Ltd (ICTPL) in phases.
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.
The Asian markets ended in the red.
Welcoming public-private partnership in efforts to provide affordable housing, Union Housing and Urban Poverty Alleviation Minister Kumari Selja today said it was increasingly being seen as a commercial opportunity and not just a welfare programme.
UTV Motion Pictures, an arm of UTV Software Communications, has signed a series of non-exclusive television rights syndication deals amounting to Rs 95 crore. The deals are across their slate of 2008 and 2009 productions, from Oye Lucky! Lucky Oye! and Dev D to recent hits like Kaminey, Wake Up Sid and Kurbaan.
Government hopes to surpass last year"s all-time high production of 80.58 million tonnes of wheat, Agriculture Minister Sharad Pawar told the Rajya Sabha today and described as manageable the current food security situation in the country.
- Bhupesh Bhandari: The basket case of Uttar Pradesh">Bhupesh Bhandari: The basket case of Uttar Pradesh - Bhupesh Bhandari: Headhunters feel hunted">Bhupesh Bhandari: Headhunters feel hunted - Bhupesh Bhandari: Are celebrities worth their price?">Bhupesh Bhandari: Are celebrities worth their price? - DCGI to issue CoPP & WHO certificates for export from October - Bhupesh Bhandari: Royal challenge">Bhupesh Bhandari: Royal challenge - Bhupesh Bhandari: Brand them into the dust">Bhupesh Bhandari: Brand them into the dust
Purists will tell you that celebrity endorsement is nothing but lazy advertising. Instead of working on the brand, companies use a celebrity to create awareness and get the message across in a jiffy. The cost of creating the campaign may go up, but the money and time required to rub the brand in get reduced by a huge margin.
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.
Vijay Mallya-promoted Kingfisher Airlines has the dubious distinction of having the maximum cases of pilots found under the influence of alcohol before take-off.
Business Standard / New Delhi July 16, 2009, 0:41 IST
Australian mobile phone retailer Crazy John"s is reportedly offshoring about 150 jobs to Mumbai where its parent company Vodafone Hutchison Australia (VHA) operates a call centre.
The stock failed to hold on to its gains and slipped 5% to its low of Rs 138. The stock finally ended marginally down at Rs 139. Around 2.92 million shares were traded on the BSE today.
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 country’s largest foreign lender, Citibank, today announced the launch of CitiHome One, which seeks to combine the features of a conventional home loan and a credit line.
Rise in portfolio value triggers higher dividends.
Operational cost of Kingfisher Airlines is among the lowest in the country and is comparable to that of budget airlines like SpiceJet, airline"s chief Vijay Mallya has said.
Liquor baron Vijay Mallya today said his UB Group will overtake Diageo as the world"s largest spirits maker by the next fiscal.
A day after ICICI Bank cut rates, Axis Bank follows with a 50-75 basis points cut.
Asian stocks rose, lifting the MSCI Asia Pacific Index to a two-week high, on speculation the Bank of Japan would enact measures to limit the yen’s gains, and as Chinese manufacturing grew at the fastest pace in five years.
Upping the ante in the home loan war, the country’s third largest private sector lender Axis Bank today announced a sweetened fixed-cum-floating home loan offer.
Leading car makers are considering to raise prices of their vehicles across the board, if the government withdraws the excise duty benefit in the coming Budget. The benefit was given as part of a stimulus package in December 2008, following the onset of the global economic meltdown.
Aditi Phadnis / New Delhi December 06, 2009, 0:23 IST
Proof of firmly growing buoyancy in demand, says industry.
Low volumes of the "common man"s car", expected to encourage people to buy a brand new car instead of an used one, has, however, put prices in the used car market back on track.
It"s called initial public offer, but it was promoters who walked away with a lion"s share in this market during 2009, when they sold shares worth about Rs 20,000 crore in their companies to the public shareholders.
At a time when merger and acquisition (M&A) activity is still recovering, companies are finding solace in private equity (PE) funds for acquisitions. And, PE funds seem keen to participate in such deals.
The Government is in the final stage of notifying the fuel efficiency standards for automobile sector in the country which will be enforced from 2011, Environment Minister Jairam Ramesh said today.
Prime Minister Manmohan Singh has conveyed to the United States, India"s concern over misuse of its military and other kind of aid by Pakistan.
Japanese car maker Toyota Motor Corp, which is coming out with a compact car by December 2010 in India, will produce 70,000 units in the first year, a top official of Toyota-Kirloskar Motor said.
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
Pune-based Bajaj Auto, India"s second biggest two wheeler manufacturer today stated that the company has recorded a growth of 52 per cent in sales of motorcycles at 249,681 units in October as against 163,850 units recorded in the same month a year ago.
The multi-million dollar production contract for the Commonwealth Games (CWG) 2010 may be decided between two entities — consortium of Nimbus Communications and Canadian Broadcasting Corporation, and Satellite Information Service Live of United Kingdom — as only these two entities are said to have submitted the bids today, highly places sources said.
Italian modular kitchen company Cucine Lube today said it plans to strengthen its retail presence in India by opening nine more outlets across the country by 2011.
The race to succeed Kenneth Lewis as the Bank of America Corp chief executive has narrowed to two internal candidates, though the board is still looking for a new face for the nation"s largest bank by assets, says a media report.
State-run Bank of India was set to launch an 8 per cent home loan scheme from January 1, M Narendra, executive director of the bank said today. “We are in the process of launching such a scheme. The scheme will be open to applicants from January 1 to February 28,” he said.
Cost pressures due to rising input prices may hit profitability.
Volkswagen’s decision to buy a stake in Suzuki Motor Company of Japan is proof of just how far Maruti Suzuki India Limited has come in Suzuki’s global activities. Under the agreement, apart from the larger capacity diesel engines that Suzuki will now be able to source from the German auto-maker, it will supply small cars that Volkswagen will sell under its brand name in Europe.
After a breather, private sector banks are again catching up with their public sector counterparts in auto finance as car sales zoom.
Tata Steel has invested Rs five crore on developing the Dharani Dhar sports complex at Sankarpur in Keonjhar.
Cross 1-million mark on surge in commercial vehicle sales.
Fears of an imminent price rise, production spillovers owing to spare parts shortages plus a low base effect saw sales of the country"s major car makers grow a record 63 per cent in November.
Low interest rates, a revival in auto financing and strong spending based on improved sentiment boosted auto sales this year so far. This sales momentum should sustain going ahead as per most market analysts and the sector has seen earnings estimate upgrades all around.
The country"s second-largest car maker Hyundai Motor India today said it would invest $40 million for setting up an R&D centre in India next year.
Equity brokerage volume jumps 66% in April-June while non-broking income dips.
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.
Higher other income, positive currency movement and enhanced focus on operating discipline aided Patni Computer Systems post net income (India GAAP) of Rs 135.9 crore for the second quarter ended June 30, 2009, an increase of 14 per cent from Rs 119 crore in the corresponding quarter last year.
Karnataka is likely to witness a marginal rise of about 10 per cent in sugarcane production for the next sugar season commencing October 2009. This is despite a rise in the statutory minimum price of sugarcane announced by the Centre for the next year.
Balrampur Chini has called off the deal it was looking to enter into with Bajaj Hindusthan after initial talks. In a communication to the stock exchanges, Balrampur Chini said “some discussions were held with Bajaj Hindusthan on future business strategies”. It said the promoters had not entered into any agreement with any party for sale of their stake.
Here"s another reality show, but of a different kind — this one includes engineering and management students who will vie for funding for their business ideas from real time investors.
The bidding for the Uttar Pradesh government sugar mills has again been put off until November.
The world"s largest retailer, Wal-Mart Stores Inc, today reported a 3.2 per cent rise in profit at $3.25 billion for the quarter ended October this year, with rise in productivity and improved inventory management supporting its profitability.
US companies such as GE Hitachi Nuclear Energy, Westinghouse and Babcock & Wilcox have made a strong case for an early passage of the Civil Liability for Nuclear Damage Bill by Parliament. The Union Cabinet has already cleared the Bill, which is expected to be tabled in Parliament during the ongoing winter session.
A day after the term of the outgoing Assembly in Maharashtra expired, Congress and NCP today held fresh discussions to sort out the vexed issue of portfolio sharing and break the deadlock over government formation.
NCP has "broadly agreed" with its ally Congress on power sharing in Maharashtra and a new government would be in place in the state shortly, party leader Praful Patel said.
Sreelatha Menon / New Delhi November 1, 2009, 1:01 IST
The stock jumped 4.24 per cent to Rs 227.65 to an all-time high, after the company acquired Vale Do Ivai SA (VDI), a Brazil-based sugar and ethanol firm. The acquisition includes two sugar and ethanol production facilities with a combined cane crushing capacity of 3.1 million tonnes per annum.
The Chennai-based Indian Overseas Bank (IOB) intends to go for Business Process Re-engineering (BPR) of its operations as a performance boosting measure.
Fashion and lifestyle brand retailer DLF Brands will launch the DKNY brand in the Indian market this month.
The government would contest the claims of European steel product makers that it is subsiding domestic manufacturers and has asked the engineering industry to collect data that would help in defending Indian firms.
Crisis in Karnataka BJP continued today with dissidents persisting with their demand for the removal of Chief Minister B S Yuddyurappa, who said that the party leadership is evolving a "new formula" to end the stalemate.
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.
The Mittal brothers-led Ispat Industries plans to repay Rs 800 crore of debt in the next financial year to evade the risk of conversion of a part of its debt into equity by creditors. The company has total debt of Rs 7,000 crore lent by 14 creditors, who have got shareholders’ approval to convert a part of this into equity in case of default.
I had invested Rs 25,000 each in HDFC Top 200, HSBC Equity, Reliance Growth and Magnum Taxgain in April 2009. At the time of investment, all these funds were 5-star rated, but now I notice their ratings have come down to 4-star. Have I chosen the correct funds? And, should I remain invested or withdraw? Also, please guide me where I should invest Rs 2-3 lakh for a period of around three years.
Over the past two decades, India is being viewed as one of the premier destinations for the global foreign direct investments. These investments have been the major supplement of the growth story of the country, particularly in the areas of infrastructure, information technology and power.
Business Standard / New Delhi November 06, 2009, 0:34 IST
Powering its way ahead in tapping renewable energy sources for power generation, public sector power utility NTPC (formerly National Thermal Power Corporation) has set the ball rolling for its two solar thermal units of 50 Mw each in Gujarat. The company has firmed up its plans to initially install a solar power generation capacity of 100 Mw in the state, which may go up to 300 Mw at a later stage.
The stock of Infosys Technologies rose nearly 2 per cent to close at Rs 2,235, a level not reached in over two years.
Mukul Pal / August 17, 2009, 0:43 IST
HSBC InvestDirect today said its Singapore-based wholly owned subsidiary IL&FS Investmart Asia Pacific will surrender the capital markets services license granted by the Monetary Authority of Singapore.
The Indian real estate is expected to enter the recovery phase by end-this year and macro-economic and sector-specific factors will act as catalysts in this recovery, a leading real estate consultancy said.
The country managed a reasonable economic growth of 6.1 per cent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and certain services like hotels.
The first series of monthly wholesale price index (WPI) data showed that headline inflation rose marginally to 1.34 per cent in October, primarily due to a year-on-year increase in fuel prices. The inflation rate was 0.5 per cent in September and 11.06 per cent in October 2008.
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 markets are trading in the positive zone as global markets have improved on news of easing Dubai fears. Abu Dhabi has lent $10 billion to Dubai as emergency funds.
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.
A mid-year review of the economy by the government today stressed the need for urgent action to contain the rising prices of food articles, hitting the common man hard.
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.
Financial market regulators and senior finance ministry officials met today to review recent developments in markets and discussed issues, including those related to credit rating agencies, an RBI release said today.
Car maker Honda Siel Cars India today said it has entered into a Memorandum of Understanding with private lender Axis Bank for vehicle finance.
The Reserve Bank India today said it is examining the impact of the Dubai government"s decision to suspend debt payments by Dubai World, which led global stock markets to tumble amid fears of widespread default.
The Central Board of Excise and Customs (CBEC) has issued Circular number 26/2009-cus dated September 30, 2009, clarifying various changes made consequent to announcement of the new Foreign Trade Policy (FTP). Exporters must take note of the following:
US fund house TIAA-CREF has exited Oil and Natural Gas Corporation (ONGC) and other Chinese energy companies over their investments in war-torn Sudan, but the Indian company said its operations did not support suppressive activities anywhere in the world.
Oil and Natural Gas Corp (ONGC) today lost a bid to acquire a large oilfield in Iraq to a consortium of Chinese, Malaysian and French energy firms.
The Dubai government today said it fully expected the fallout from its massive debt problem and promised to pump in all necessary resources to ensure long-term success of Dubai World.
Joe C Mathew / New Delhi September 16, 2009, 0:45 IST
Hyderabad is likely to lose its status as the pharmaceutical capital of the country if the current political turmoil in Andhra Pradesh continues and the state is bifurcated, according to the head of the Bulk Drug Manufacturers Association (BDMA).
A Parliamentary Panel has asked the government to allocate 138 coal blocks to state-run Coal India (CIL) to help it meet production targets for the current and the next plan period and bridge demand-supply gap.
ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corporation, is in talks to set up a refinery in Nigeria even as Indian companies look at sourcing LNG from African nations.
Wind power could help India abate up to 100 million tonnes of CO2 by 2050. By Santosh Kamath
Merchandise exports contracted for the eighth consecutive month.
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.
The rupee today depreciated by 16 paise to 45.50 a dollar in early trade as the US currency strengthened against major world currencies.
Reliance Industries (RIL) and Essar Oil were today joined by state-run Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) in criticising the government"s "hotchpotch" fuel pricing policy which they alleged had ruined public sector firms and state finances, and demanded freeing of petrol and diesel prices immediately.
Indian Olympic Association chief Suresh Kalmadi was today re-elected unopposed as the president of Asian Athletic Association (AAA) in Guangzhou, China, to serve his third consecutive term at the office.
T N Ninan / New Delhi November 7, 2009, 1:34 IST
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.
T N Ninan / New Delhi November 7, 2009, 1:34 IST
Claim repayment of ‘temporary advance’ worth $265 million
State-run Indian Oil Corporation (IOCL) has proposed to double its investments on its Research and Development in order to develop newer technologies, a top company official said today.
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
Franklin Templeton Investments plans to hire two India stock analysts to increase its coverage of a market that has outperformed its developing nation peers this year.
Dalal Street is likely to remain on tenterhooks this week even as positive domestic triggers like second quarter earnings by companies may give some short impetus, analysts said.
Pollution control equipment maker Thermax today said it has bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.
Drug maker Glenmark Pharmaceuticals today reported 31 per cent drop in its consolidated net profit at Rs 80.88 crore for the second quarter ended September 2009.
Drug firm Glenmark Pharmaceuticals is planning to raise around Rs 300-350 crore through issue of shares to qualified institutional buyers on a private placement basis.
Global satellite navigation device maker Garmin today said it has entered into a tie-up with Reliance Retail to launch its car navigation products in India.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
State-run gas utility GAIL India has bought an LNG cargo for $6.65 per mmBtu, about $2 million more than the rate at which Petronet LNG imported a shipload just two days later.
Mukesh Ambani Group firm Reliance Industries (RIL) and Anil Ambani"s Reliance Natural Resources (RNRL) today joined hands to oppose the plea of a shareholder in both the companies to be made party in their ongoing dispute in the Supreme Court over the gas price to be supplied from the KG basin.
We call it Nano, they don’t have to, says Vice-Chairman Ravi Kant
Mexico will push for a binding international agreement to cut greenhouse gas emissions when it hosts the next climate change summit in Mexico City in the coming year.
The Indian entertainment and media (E&M) corporates will prefer Hollywood over Bollywood in terms of investment in the near future, as over 90 per cent of the Bollywood movies flop annually, a study said.
It’s a comeback of sorts for Bollywood’s Big B, not just for his path-breaking performance as a 13-year old boy, Auro, but as a producer.
Broadcasters are increasingly opting for non-exclusive rights of films this year.
The industry minister Raghunath Mohanty today urged the Central Public Sector Undertakings (CPSUs) in the state to register at least 100 vendors under their wing within a year to facilitate growth of the Micro, Small and Medium Enterprises (MSMEs).
The year 2009 proved to be a turning point in the ties between India and Russia as the two strategic allies put aside the chill and "misunderstandings" to re-discover each other in the changing global scenario and extended their defence cooperation for another decade.
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.
The US Treasury has suddenly shelved its plan to begin offloading stocks worth $5 billion in Citigroup after an unlively response from investors, says a media report.
"Vulgar" salaries became a sore thumb in 2009 and everyone from CEOs to office assistants felt the pinch of the economic downturn, but Indians still managed a worldwide-best average six per cent hike in their pay.
Rajat Roy / New Delhi November 22, 2009, 0:36 IST
Consumer durables major Videocon Industries today said its board has approved raising Rs 1,245 crore by issuing shares on rights and preferential basis.
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.
Anil Ambani-controlled RNRL told the Supreme Court today that Mukesh Ambani’s RIL had put it in a disadvantageous position in terms of price, quantity and tenure in their Gas Supply Master Agreement (GSMA).
With its micro finance portfolio expected to cross Rs 500 crore, Ahmedabad-based non-profit organisation Friends of Women’s World Banking (FWWB) is floating an NBFC, Ananya Finance for Inclusive Growth (AFIG). The NGO, promoted by Self Employed Women’s Association (Sewa) Bank, expects to receive the Reserve Bank of India (RBI)’s approval soon for the new entity.
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.
The Future Group is foraying into the lingerie segment, with its own new brand, ‘Mohena’, as part of an aim to launch more private labels.
HCL Technologies has emerged as the best managed entity in the list of top 50 global outsourcing vendors for 2009 compiled by the Black Book of Outsourcing, which also features atleast eight other Indian IT services firms.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
Anil Ambani-controlled RNRL told the Supreme Court today that Mukesh Ambani’s RIL had put it in a disadvantageous position in terms of price, quantity and tenure in their Gas Supply Master Agreement (GSMA).
It’s a comeback of sorts for Bollywood’s Big B, not just for his path-breaking performance as a 13-year old boy, Auro, but as a producer.
Government today said efforts would be made to provide Piped Natural Gas (PNG) facilities to over 200 cities by 2015.
Religare aims to become one of the top financial services companies globally, and in double-quick time.
The broader indices opened higher for the first two days. Since then, index stocks struck to a narrow range as investors preferred to wait for the December quarter results. Nevertheless, markets ended the week at a 22-month high with the Sensex ending nearly flat and Nifty gaining 13 points or 0.8 per cent to 5,245.
Aurobindo Pharma Limited announced that it received two approvals from Swissmedic, a Switzerland government agency for therapeutic products, for the licence of Amlodipine APL 5mg and 10 mg tablets and Melformin APL 500 mg, 850 mg and 1,000 mg tablets.
The Sensex has ended (provisional) at 16,393 - up 35 points. The Nifty ended (provisional) at 4,916 - up 34 points.