Public Relations
Move comes within months of acquiring Wockhardt hospitals.
The stock erased all its gains and slipped into the negative terrain to touch a low of Rs 1,005. The stock finally ended at at Rs 1010, down 1% from its previous close. The counter clocked volumes of 136,077 shares as compared to the two-week daily average traded volumes of 147,279 shares on the BSE.
In the past three sessions, the market has tested 5,015 and pulled back.
The government today deferred the implementation of the ground handling policy at airports by a year, allowing private airlines to continue their ground handling services, along with airport operators, Air India and other air carriers, inside the airport terminal during that period.
The private carriers would continue to provide ground handling services inside the airport terminal, along with airport operators, Air India (AI) and other selected specialised service providers, under the policy approved by the government today.
Jharkhand Governor K Sankarananaryanan today invited Jharkhand Mukti Morcha (JMM) Chief Shibu Soren to form the new government in Jharkhand.
The private carriers would continue to provide ground handling services inside the airport terminal, along with airport operators, Air India (AI) and other selected specialised service providers, under the policy approved by the government today.
Concerns over climate change are only second to profit amid the slowdown, but in India it is rising and over 54 per cent continue to be "very concerned" about global warming, a survey says.
The oldest brand in the non-salt biscuits segment is fighting back to regain market share
To dole out Rs 3,000 cr to fertiliser companies; Rs 800 cr to AI
What was till now a popular model in the road sector has now become a strategy for cash-strapped Indian Oil Corporation to save on capital investment. The company has managed to bring down the cost of its Rs 29,777-crore Paradip refinery by Rs 5,000 crore, by taking recourse to the build-own-operate-transfer (BOOT) model.
Eyes 90-year, revenue-sharing contract for eight fertiliser units.
The Delhi Metro Rail Corporation (DMRC) has proposed the "company formation" method for the upcoming Rs 17,935 crore metro rail project in Pune, ruling out the possibility of the public private partnership (PPP) or the build-operate-transfer (BOT) models for implementation.
The Ministry of Finance is in favour of scrapping the practice of issuing oil bonds to government-owned oil marketing companies (OMCs).
The country’s first Special Economic Zone dedicated to the Aerospace industry has been inaugurated in Belgaum district. The SEZ situated at Hattaragi, 37 km from Belgaum is promoted by Quest Global, an aerospace engineering and manufacturing company. The SEZ houses an engineering services facility, a precision machining unit and Aerospace Processing India, a joint venture between Quest and Magellan, a processing facility, which is critical for the industry.
The Sensex is now at 17,710, up 24 points. The NSE Nifty is at 5,285, up eight points
The Sensex is now at 17,710, up 24 points. The NSE Nifty is at 5,285, up eight points
The Foreign Institutional Investors (FIIs) were net buyers of Rs 2,207.28 crore in futures and options segments on Tuesday.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 2,207.28 crore in futures and options segments on Tuesday.
Birla Kerala Vaidyashala (BKV), a joint venture between the Yash Birla group and Kerala Vaidyashala, plans to open a store in Malaysia this month, in addition to entering other countries this fiscal, a company official said.
The Sensex is now at 17,664, down 23 points. The NSE Nifty is at 5,268, down nine points.
Hyderabad-headquartered infrastructure developer, GVK Power and Infrastructure (GVKPIL), today acquired the entire stake of 17 per cent held by L&T Infrastructure Development Projects in Bengaluru International Airport (BIAL) for a total consideration of Rs 686 crore.
Bangalore International Airport Limited (BIAL) has extended its end-to-end managed services contract with Nortel for three years. Nortel will manage BIAL’s entire IT infrastructure, which includes data and wireless network systems and will oversee network security. This network will be managed remotely through Nortel’s Network Operations Center (NOC) in India, which will continue to ensure the high level of reliability and dependability the airport requires.
Criticising private carriers for "bad management" and seeking bailout from the government, senior CPI leader D Raja today said their functioning should be enquired into and demands "carefully scrutinised".
Motilal Oswal Financial Services reported a 74 per cent year-on-year growth in net profit to Rs 47.2 crore for the quarter ended September 30, 2009.
India Infoline Investment Services today said that its Board of Directors has approved the appointment of M N Singh and A K Purwar as independent Directors on the Board of the company.
Industry shows revival signs as firms start raising money again.
The shares of the engineering and construction major Gammon India, which plunged 16.11 per cent in the morning trade, closed with an over 6 per cent decline on the Bombay Stock Exchange, as investors dumped its shares after one of the bridges it was constructing in Kota, Rajasthan collapsed last Thursday.
The government will sell 8.38 per cent of its stake in the mining major NMDC before March 31, 2010, generating Rs 14,100 crore from the process.
Abu Dhabi banks: Abu Dhabi’s banks are in an odd position. They look more exposed to the real problem areas in neighbouring Dubai than most western banks. But they have a better trump card.
Markets slipped today on investor"s worries that the recent rally can be cut short soon. Better-than-expected results from IT giant, Infosys, also could not cheer up the market.
The market could test 5,300 going into the December settlement
Fortis Mutual Fund today announced a 10 per cent dividend in its Fortis Equity Fund. The record date for the declaration of this dividend is September 9, the company said in a statement here.
Markets have erased all its gains and slipped into the red.
HSBC Holdings Chairman Stephen Green said proposals to separate retail and investment banking are “unrealistic” and will slow economic growth because larger firms are needed to finance big companies.
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
JSW Energy, part of the $8-billion JSW Group, today said the company plans to scale up its capacity to 11,390 Mw which entails an investment of over Rs 50,000 crore.
Jamal Mecklai / New Delhi November 27, 2009, 0:29 IST
The BK Modi group’s finance arm, Spice Finance, has proposed to buy a 15 per cent stake in Ahmedabad-based National-Multi Commodity Exchange (NMCE).
Sensex, Nifty hit the first-ever upper circuit in history.
The Sensex has soared to a high of 17,513 and is now at 17,501, up 157 points. The NSE Nifty is at 5,214, up 44 points
The stock touched a low of Rs 274 - down over 13% and finally ended at Rs 276 - down 12.5%. Over 5.59 million shares were traded on the BSE today.
The shortage of information and communications technology (ICT) skills in developed countries could become a serious issue once the worldwide economic crisis starts easing. This will be exacerbated by the falling number of masters and PhD holders in science and engineering, restrictions on cross-border movement of IT professionals and the US H-1B visa programme. However, this vicious circle could be mitigated by the Indian service firms increasingly recruiting internationally, according to a new OECD report on employment trends in the ICT sector.
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.
Commodity exchange ICEX made a business of Rs 2,559 crore in just four days after it went live on November 27, the market regulator FMC said today.
India"s largest lender State Bank of India (SBI) plans to introduce 7,000 voice-enabled ATMs across the country for visually challenged customers beginning next month, a senior SBI official said here.
Hit by a drop in corporate tax revenues, direct tax collections rose marginally to Rs 20,822 crore in October, compared with Rs 19,708 crore in the corresponding month last year.
With a sharp rise in bond yields in the third quarter, most banks have been saved mark-to-market (revaluing securities to reflect their current value) losses by a whisker.
National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
Faremers" suicides in the district were still continuing despite Rs 3,000-crore farm loans lent to farmers by banks during the last one decade, Yavatmal district Collector Sanjay Deshmukh said today.
India and Britain have a responsibility to work together for "long overdue structural reforms" of the global financial system in the wake of recent global downturn, President Pratibha Patil has said.
Calls it ‘unappealing prospect’ from a ‘low-growth’ conglomerate.
Cadbury said the bid "fundamentally undervalues" the company.
Two global lenders--JP Morgan and Bank of America (BofA) are preparing to lend US chocolate maker Hershey about $7 billion to bid for British confectionery major Cadbury, says a media report.
The bailed out fat cats on the Wall Street woke up to stringent compensation norms this year sans hefty bonuses, as the Obama regime cracked down on excessive risk-taking ways of financial chieftains.
Four Wall Street lobbyists and about a dozen lawmakers huddled over eggs and bacon at Tortilla Coast restaurant on Capitol Hill on December 2 to discuss legislation aimed at strengthening bank regulation.
After acquiring 51 per cent stake in domestic money changer and transfer agent Wall Street Finance, the BK Modi Group-promoted Spice Finance is looking to acquire one of Nepal’s biggest money changer and transfer agent, Annapurna Finance, promoted by a local businessman.
US-based mobile electronics and transportation systems supplier Delphi today said it would hire 150 more engineers at its Bangalore Technical Centre to cater to the automobile sector.
In a twin decision on its global operations involving about Rs 27,000-crore investment, the state-owned aluminium major Nalco has shelved its proposed project in South Africa, and has put on hold the one in Iran.
In view of the unearthing of David Coleman Headley"s case by the FBI and several other similar incidents in the recent past, the US has modified procedure based on intelligence inputs to expose any travel nexus of terror suspects.
German luxury car maker Audi today reported 69.31 per cent increase in its sales at 171 units in August in India, compared to 101 units in the same month last year.
WTO Chief Pascal Lamy is going to the G-20 meeting at Pittsburgh with a clear message that the failure to reach the Doha trade deal would be "hard felt" by the global economy facing the worst crisis since 1930s.
The Hang Seng has slipped 111 points to 22,516.
Prior to the derivatives expiry this Thursday, markets have shown weakness, ignoring strong cues from the US markets.
Manufacturing and marketing of portable gensets firm, Honda Siel Power Products today said it has appointed BSR & Company an Indian associate of KPMG, as statutory auditors of the company.
Jarnail Singh, a Sikh journalist who acquired a celebrity status after the shoe-throwing incident at a press conference addressed by Home Minister P Chidambaram on April 7, 2009, has exercised unusual caution while narrating the incident that made him a hero for large sections of the Sikh community. It is ironic because the “heroism” for which he was hailed by many Sikh bodies, including the Sikh Gurdwara Prabandhak Committee, was clearly missing when it came to narrating the events that led to the infamous shoe-throwing incident.
Gammon Infrastructure Projects may raise Rs 500 crore through the qualified institutional placement (QIP) route, a top company official said.
Kolkata-based FMCG major Emami Limited has approved the qualified institutional placement (QIP) issue of 100,00,000 equity shares of Rs 2 each at the issue price of Rs 310 per equity share, aggregating to an issue size of Rs 310 crore.
India, China and other developing nations have played a key role in checking the economic crisis, World Bank President Robert Zoellick has said, adding there is need of multiple poles of growth as the global economy can no longer rely on the US consumers.
After months of hampered operations, there is now an official assurance that the floundering Haldia Dock Complex (HDC), West Bengal"s only facility capable of handing large vessels, will have a new navigational channel by the first half of next year.
Dredging Corporation of India Ltd has received approval for purchasing three dredgers worth Rs 1,722 crore from the Public Investment Board.
Leslie D"Monte & Kirtika Suneja / New Delhi December 5, 2009, 0:15 IST
Shobhana Subramanian / Mumbai December 4, 2009, 0:53 IST
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
Kolkata-based Emami, the Rs 2,200-crore fast moving consumer goods major, is on the lookout for local homeopathy companies, even sick units will do. Emami had acquired Kolkata-based M Bhattacharyya & Co, one of the country’s earliest homeopathy companies, three years ago.
The Centre today constituted a committee of industry ministers of seven states to prepare guidelines for creating land banks for meeting industrial needs.
The Cabinet is expected to clear tomorrow the proposal to grant the coveted "Maharatna status" to public sector blue-chips like ONGC, SAIL, BSNL, NTPC and CIL giving them increased autonomy.
Upbeat on higher-than-expected growth rate for 2009-10, Union Finance Minister Pranab Mukherjee today said the continuation or withdrawal of fiscal stimulus to the industry, given to combat the global financial meltdown, would be decided in the Budget for 2010-11 in February.
Away from the glamour, but important nevertheless
Alok Industries closed at Rs 22, higher by Rs 1 or 5%, on the BSE.
The signs of global economic recovery have given new life to the Indian diamond processing industry, with export orders rising sharply by 20 per cent for execution on the occasion of Christmas and New Year.
Among many fallouts of the general elections in West Bengal in 2009, the resurgence of trade unionism, in particular, has significantly affected industry in the state during the last year.
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.
Bajaj Auto, India’s second largest bike maker, today posted a growth of 84 per cent in motorcycle sales in November at 242,390 units, against a dismal tally of 131,681 units recorded in the same month a year ago.
Kanika Datta / New Delhi December 10, 2009, 0:53 IST
UK-based Barclays today said it would increase workforce in merchant banking segment across Asia by 10 per cent during 2010.
Bolstering the world economic recovery and crafting a deal to fight climate change will be top of the agenda for G20 finance ministers meeting tomorrow in Scotland.
The government today said it has received a complaint from an ex-employee of Subhiksha alleging that the company had not paid salary for three months and closed all units without any communication.
In advanced discussions with many domestic lenders, including SBI, Axis Bank and IDFC for raising the debt.
Sudeep Jain & Abhijit Lele / Mumbai December 10, 2009, 0:33 IST
The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.
Bank of Maharashtra will raise Rs 300 crore by September this year as Tier I and Tier II capital by issuing bonds, the bank executive director M G Sanghvi said today.
Public sector lenders Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
Chennai-headquartered Indian Overseas Bank (IOB) has written to the government for a capital infusion of about Rs 1,000 crore to maintain a capital adequacy ratio (CAR) of 12 per cent and to ensure a credit growth of 20 per cent in the next 3 years.
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
Rabo India Finance, a 100 per cent subsidiary of Rabobank International, will take a call on foraying into banking in India by the end of this calendar year.
Down 387 points to 16,353 as banking stocks fall on hardening monetary policy.
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.
Public sector Corporation Bank has posted 52.29 per cent increased in its net profit to Rs 291.67 crore for the second quarter ended September 30, 2009 as compared with the corresponding quarter in the previous fiscal.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
State-owned BSNL today said it was negotiating hard with telecom equipment suppliers — Ericsson and Huawei — for its Rs 32,000 crore project, to expand GSM network by 93 million lines, but has kept open the option for re-inviting bids if the talks lead nowhere.
Shyamal Majumdar / Mumbai October 1, 2009, 1:48 IST
Bihar Deputy Chief Minister Sushil Kumar Modi today claimed that the Centre"s move to amend the jute packaging law would have an adverse impact on 40 lakh farmers of eastern states, including Bihar.
Virudhunagar, near Madurai in Tamil Nadu is to house one of the handloom clusters which was announced in the Union Budget 2009, said Union Minister for Textiles Dayanidhi Maran.
The 50-share Nifty also ended almost flat at 5,041.
Brazilian firm wants to concentrate on gas finds back home
Dishman Arabia, the 50:50 joint venture between Dishman Pharmaceuticals & Chemicals and Saudi Arabia based Takamul, is bullish on touching a turnover of $50 million within two years of commencement of production at its JV plant in Riyadh.
While Goldman Sachs Group Inc scrapped its holiday party for a second straight year and some JPMorgan Chase & Co bankers had their yuletide gathering in a cafeteria, staffers of Bear Stearns Cos reunited at a velvet- roped bar that sells bottles of Cristal champagne for $450.
Refusing to be drawn into the debate over when should stimulus packages be withdrawn, the Planning Commission today said India will not stand out in the world as an overspender despite the rise in the fiscal deficit because of the sops.
The fiscal deficit rose by 73 per cent to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
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.
India’s 10-year bonds gained the most this week, as yields near the highest levels since October 2008 attracted investors.
The recent surge in domestic sugar prices along with a strengthening rupee has made imports viable once again. About 400,000 tonnes of raw and refined sugar is estimated to have been contracted over the last two weeks. For last couple of months, millers had stopped contracting imports due to lack of price parity.
The markets rose steadily for the better part of the week on news of robust GDP numbers and allaying of fears on the Dubai repayment crisis. The S&P CNX 500 index rose over 4 per cent to 4,239, thereby taking the benchmark’s portfolio value higher to Rs 11.04 lakh as against Rs 10.60 lakh in the preceding week.
Over-exposure to mid-caps and small-caps, feel analysts.
A V Rajwade / New Delhi January 11, 2010, 0:50 IST
Broking firm Kotak Institutional Equities today revised upwards the growth estimate of Indian economy at 7.5 per cent for the current fiscal on the back of increased economic activities and turnaround in industrial production growth.
The year 2009 saw the industry combating the shadows of global slowdown. A year full of challenges, which kick-started with the Vibrant Gujarat summit, was also a blessing in disguise in some cases especially with pharma companies returning homewards to Gujarat or brain drain from the reputed insitutes like IITs and IIMs being contained for the time being. While acquisitions and mergers gained some momentum in the later half of 2009, some of the special economic zone projects were hit. Companies responded with more innovative solutions while waking up to newer challenges. Problems in land acquisitions continue to remain although the process has been far more peaceful in Gujarat as compared to other states. This can be guaged from the fact that the first Nano by Tata Motors at Sanand got ready this year
M J Antony / New Delhi November 4, 2009, 0:59 IST
Having learnt its lessons from the land acquisition experiences in Nandigram and Singur, the West Bengal government today urged the industry to make land losers stakeholders in the development process.
Railway Minister Mamata Banerjee on Monday said she had already altered the land acquisition template of the Indian Railways in a bid to ensure no land was forcefully acquired for projects undertaken by her ministry.
After hitting a 13-month high in October, external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) issued by Indian companies dipped slightly to $2.35 billion.
Former Haryana DGP SPS Rathore, against whom fresh cases involving serious charges have been registered, was today granted interim bail till January 7 by a local sessions court hearing the Ruchika molestation case.
Anil Ambani-led Reliance Natural Resources (RNRL) today accused Reliance Industries (RIL) in the Supreme Court of unilaterally inserting provisions in the agreement for gas supply, saying it went against the family MoU of 2005 providing for fixed quantity of gas from the KG Basin for 17 years.
Bank of New York Mellon Corp"s Chief Executive Robert Kelly has emerged as the front-runner for the top job at Bank of America (BofA), but compensation issues are making a hurdle to the deal, says a media report.
The Bank of America (BofA) has repaid the US government the entire bailout money of $45 billion. The Department of the Treasury announced yesterday that it has received full repayment on its Troubled Asset Relief Programme (TARP) investments in Bank of America in the sum of $45 billion.
Companies in dire straits often roll the dice in a bid to stave off bankruptcy. The problem is that last-ditch efforts to raise new funds or restructure often come at the expense of bondholders. Struggling companies, their advisers and lenders should think twice about such strategies after an almost $700-million judgment last month against Citigroup Inc, Bank of America Corp, Wells Fargo & Co and other lenders, in connection with the bankruptcy of home builder Tousa Inc.
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
Jamal Mecklai / New Delhi November 27, 2009, 0:29 IST
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.
Bloomberg / January 5, 2010, 0:16 IST
India"s forex reserves declined by $144 million to $283.499 billion in the week ended December 25 as compared to $283.643 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly report.
The rupee depreciated by 7 paise against the dollar on the first day of New Year today due to firm demand for the US currency which rose to three-month high against other major currencies.
FIIs back in the game, buy shares worth Rs 769 crore.
Domestic institutional investors (DIIs) were net buyers of Rs 182.87 crore (provisional) today, according to data released by BSE.
Abhineet Kumar & Sidhartha / Mumbai December 31, 2009, 0:26 IST
New-age private banker YES Bank is now focusing on eastern Uttar Pradesh and will soon expand its footprint in the region.
Raghavendra Kamath / Mumbai September 11, 2009, 0:36 IST
Raghavendra Kamath / Mumbai September 04, 2009, 1:38 IST
CEO seeks changes in regulatory regime
Wind power major Suzlon Energy today said financial services major Indiabulls Financial Services has reduced stake in the company to 0.6 per cent, by way of releasing pledged shares.
DP World, a regional branch of the crisis-hit UAE investment company Dubai World, celebrated the 38th National Day of the country here, ignoring the hoopla over its parent company"s debt default issue.
With the new UPA Government expected to give a push to economic reforms, LIC Housing Finance Ltd (LICHFL) hopes the Centre would resolve some pending issues to enable it to launch long-awaited reverse mortgage scheme for senior citizens.
Rrishi Raote / New Delhi July 25, 2009, 0:52 IST
There are several ugly faces of fashion: anorexic models who survive on cigarettes and coffee is just one such instance. But, by far the ugliest thing that has happened to Indian fashion is the ongoing fight between the various “bodies”. Two bodies — FFI and the government mandated FDPC — have triumphantly announced that they have now merged and will work for the betterment of fashion. FDCI, the original fashion apex body, continues to stay aloof of this merger and may or may not also merge with FDPC.
The Insurance Regulatory and Development Authority (IRDA) today said it would come with initial public offer guidelines for the insurance sector within a fortnight to allow companies to raise funds from the capital market.
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are likely to lose Rs 45,478 crore this fiscal on selling fuel below cost, Petroleum Minister Murli Deora has said. Addressing the Parliamentary Consultative Committee yesterday evening, Deora said such a huge subsidy support was unsustainable in long run.
Cairn India, part of the UK-based Cairn Energy, said it would merge the oil and gas businesses of four of its subsidiaries with itself, a move that would improve administrative efficiencies.
Titan Industries, a Bangalore-based watch and jewellery arm of Tata Group, today reported 41 per cent jump in its net profit at Rs 46.04 crore for the quarter ended June 30, 2009 compared to the corresponding quarter last fiscal.
Even as socially responsible investing (SRI) is yet to find its feet in India, indices that screen stocks based on ethical and environmental concerns have been outperforming their benchmark peers.
When reigning world champion Anatoly Karpov lost to Wolfgang Hartmann in Hanover in 1983, it created shock waves. The 27 year old Hartmann was a lowly 2290-rated player and no prodigy. By those standards, Anand’s last round defeat to Levon Aronyan at the Tal Memorial was mundane.
Dishman Arabia, the 50:50 joint venture between Dishman Pharmaceuticals & Chemicals and Saudi Arabia based Takamul, is bullish on touching a turnover of $50 million within two years of commencement of production at its JV plant in Riyadh.
The market watchdog Sebi today extended the ASBA (application supported blocked amount) facility to corporate investors and high networth individuals (HNIs) to enable them to apply for IPOs or rights issue by keeping the application money in their bank accounts till allotment.
Mahindra Satyam (the erstwhile Satyam Computer Services) has agreed to pay $70 million (Rs 325 crore) as settlement to UK-based Upaid, which had claimed damages of $1 billion for alleged forgery, fraud and breach of contract.
Mahindra Satyam today said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Satyam Computer Services Ltd (SCSL) founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore.
To ensure assistance to enforcement agencies during company investigations, the Securities and Exchange Board of India (Sebi) has asked exchanges and brokers to preserve original records for a period ranging from two to five years.
Market watchdog Securities and Exchange Board of India (Sebi) today banned the leading English bank Barclays from issuing offshore derivative instruments following its failure to provide "true and accurate picture of transactions" as required by the regulations.
With uncertainty prevailing over the supply of jute bags due to the indefinite strike of the jute mills in West Bengal, the Centre plans to allow Food Corporation of India (FCI) and the other government procurement agencies to place orders for polymer bags for packaging of food grains.
After a lull of over eight months when virtually no new endorsement deal of any significant value was signed, the Rs 400-450 crore celebrity endorsement business is back on the recovery path.
The National Stock Exchange Nifty closed above the 5,000 mark for the first time in 16 months on Thursday after second-quarter advance corporation and personal income tax collections registered positive growth.
Abhineet Kumar / Mumbai September 9, 2009, 0:20 IST
Indian telecom majors Bharti Airtel and Reliance Communications (RCom) have sought to build a fibre optic network in Bangladesh to get connected to the isolated north-eastern states, a report said on Sunday.
Weakness in realty stocks weighed on Unitech. The stock could not hold gains and slumped to a low of Rs 82. It finally ended with a loss of 5.5% at Rs 84. Around 27 million shares were traded on the BSE today.
The Sensex has recovered partially from the day"s low of 16,210, and is now down 369 points at 16,485. The NSE Nifty is down 111 points at 4,894.
Telecom regulator TRAI today said it will float a consultation paper on merger and acquisitions in the sector by the next month, a move that could unleash the second wave of consolidation in the sector.
Just days after an aborted deal for merger with South Africa"s MTN, Bharti Airtel today said it may bid to acquire Luxembourg-based telecom firm Millicom"s operations in Sri Lanka.
A couple of real estate initial public offers (IPOs) may falter from around 15 lined up over the next few months if the issues are not reasonably priced, a realty consultant said.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstrations by the Suryakiran team of the Indian Air Force (IAF) during this Dasara.
The CBI today began its probe into the helicopter crash that killed former Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and four other persons with a team visiting the site in Nallamala forests.
Public sector lender Punjab National Bank (PNB) today said it will raise Rs 700 crore by issues of bonds.
The Kalyani Group"s flagship company Bharat Forge is planning to make a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 Mw, over the next 10 years.
Auda International LP, the $5 billion private-equity unit of Germany’s Quandt family, plans to invest as much as $300 million in Asia over the next three years as it expects deals in the region to pick up.
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.
Business solutions company Aditya Birla Minacs has partnered with NorthStar Systems International, a provider of wealth management software solutions, to provide a total wealth management package.
The budding corporate managers need to tap the huge potential offered by the retail sector which is the second largest employer in the country after agriculture and the retailers need to imbibe a work culture driven by productive performance.
Fastrack, a branded chain of retail stores from Titan Industries Ltd (TIL), has set the target of Rs. 360 crore sales turn over for the current FY 2009-10.
The Directorate General of Income Tax (investigation) today claimed it has unearthed Rs 122 crore "un-assessed" income during its search operations at ship building and repairing major ABG Shipyard"s establishments.