Small Business
Bharati Shipyard and ABG Shipyard have got the market regulator’s nod for their open offer bids to buy additional stake in Great Offshore.
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) today, according to data released by BSE.
Bharati Shipyard is likely to get stock market regulator Sebi"s nod for an open offer in about 10 days for its acquisition bid for offshore drilling company Great Offshore, which is also being targeted by ABG Shipyard.
Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
As the takeover battle between Bharati Shipyard and ABG Shipyard for Great Offshore heats up, analysts feel it is the right time for retail investors to book profits, as the fundamentals of the target firm’s stock do not support sustainability of its current price. Ever since the bidding war between Bharati and ABG started in June, Great Offshore’s stock has jumped significantly.
The Department of Telecom is likely to ask auditors of three telcos — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their reports by February 7, 2010.
Ashok K Lahiri / November 28, 2009, 0:02 IST
In spite of foreign tourist inflow adversely hit in aftermath of 26/11 terror attack and economic slowdown, the foreign exchange earning from the sector has witnessed a three per cent increase this year, Union Minister of State for Tourism Sultan Ahmed has said.
Industrialists say lack of policy guidelines affecting growth.
When it comes to on-line booking of air-tickets, travellers from Mumbai take the lead with as many as 77 per cent opting for these facilities compared to travellers at six other leading international airports globally.
It"s not just arts and culture or history that makes India popular, but also its way of doing business.
Government today said that in the next four to six weeks, investigations into David Headley and Tahawwur Rana"s links with 26/11 attacks will be completed by the National Investigation Agency (NIA).
State-owned mining company NMDC Limited and Steel Authority of India (SAIL) will jointly develop a limestone project at Arki in Himachal Pradesh with a three-million tonne per annum capacity.
Finance ministry begins internal discussions.
Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said.
The market capitalisation of 48 PSUs have spurted by a whopping Rs 1.89 lakh crore in the past five trading sessions, with these state-run companies suddenly turning investors" darling.
Tata group company, Indian Hotels Company, today posted a 76.56 per cent decline in profit after tax (PAT) at Rs 11.87 crore for the quarter ended September 30, 2009 on account of slowdown in travel trade.
Anil Ambani group firm Reliance Capital today reported 32 per cent decline in consolidated net profit for the second quarter ended September 30, while its total income rose by 11 per cent.
Meet chaired by PM concedes suggestion for immediate sale.
As part of its institutional strengthening exercise, National Highways Authority of India (NHAI) is, for the first time, empanelling safety experts. The authority is also planning to form a safety cell and issue safety guidelines.
Foreign institutional investors (FIIs) were net buyers of Rs 660.55 crore (provisional) today, according to data released by BSE.
The Indian bourses opened in the positive at 17,604 but soon slipped into the red owing to lack of buying activity and no major trigger to boost the sentiment. The index exhibited lacklustre movement for major part of the trading day. The benchmark index towards the end slipped deeper into the red to touch a low of 17,509, down 149 points from the day"s high.
Writer Pamela Timms regales us with her expert baking, and stories of street food adventures
Aarti Drugs closed at Rs 108, higher by Rs 2 or 2.8%, on the BSE.
Chef Simon Tress takes the best of German and Indian cuisines.
State-run power producer NTPC today signed agreements with GAIL, Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) for sourcing gas for its power project at Kayamkulam in Kerala.
Chief minister B S Yeddyurappa has said that H D Deve Gowda has no locus standi to criticise the Bangalore-Mysore Infrastructure Corridor (BMIC) project as it was he as chief minister who had cleared allotment of land at a lower price and had even signed an agreement accepting the clause that courts in London would have jurisdiction on dispute redressal.
Asian stocks fell for the first time in three days as Japan Airlines Corp and Asiana Airlines Inc plunged on debt concerns and as lower oil and gold prices dragged down commodity producers.
After the near-flat growth in the first two quarters quarters, the third-quarter earnings of the 30 Sensex companies are expected to increase by 20 per cent, indicate analysts from Angel Broking, IDFC-SSKI and Motilal Oswal.
Mahindra & Mahindra has ended at Rs 1,152, weaker by Rs 25 or 2.1%, on the BSE.
The condition of 95-year-old marxist patriarch Jyoti Basu, who is suffering from acute pneumonia, today continued to be critical and he is being given ventilatory support, doctors attending on him said.
Health and skin care products maker Johnson & Johnson today announced the launch of its global beauty care brand "Neutrogena" in the domestic market with an aim to be one of the top five companies in India.
Pipe manufacturer Jindal Saw today reported a 46.36 per cent growth in net profit at Rs 146.48 crore for the third quarter ended September 2009. The firm had a net profit of Rs 100.08 crore in the September quarter of FY"09, Jindal Saw said in a filing to the Bombay Stock Exchange.
Strong non-core income growth pushes revenues.
The condition of 95-year-old marxist patriarch Jyoti Basu, who is suffering from acute pneumonia, today continued to be critical and he is being given ventilatory support, doctors attending on him said.
The Bill & Melinda Gates Foundation, created by the billionaire founder of Microsoft Corp, sold almost all its pharmaceutical holdings, including Wyeth, Merck & Co and Eli Lilly & Co, and bought shares of energy companies.
Five more persons, including an AIDS patient, died of swine flu in the city, taking the countrywide death toll in the pandemic to 23.
The condition of Marxist patriarch Jyoti Basu, who is battling pneumonia, remained critical today with doctors putting him back on full ventilation.
Anil Ambani’s Reliance Natural Resources Ltd (RNRL) has told the Supreme Court through an affidavit that the government has no scope to alter the utilisation of gas or the fixation of its price with regard to the former’s disputed contract with Reliance Industries Ltd (RIL).
Having provided mobile internet solutions to 20 million customers worldwide, world’s third largest PC vendor, Acer, is targeting 6-7 per cent market share worldwide in the smartphone category.
Reflecting the changed ground realties in the US in the wake of economic crisis, there has been a sharp drop in H-1B work visas being applied for and obtained by major IT companies from India.
The country"s third-largest private sector lender, Axis Bank, today said it expects to raise about Rs 940 crore through preferential allotment of 1.08 crore shares to its promoters, including LIC, by September 24.
Over 12,000 BSNL employees in Gujarat circle boycotted work today as the strike by telecom C and D category staff entered the second day here.
Ties up with food, banking cos to up mkt share.
Delhi Metro Rail Corporation (DMRC) is expecting its revenues from traffic operations to increase by 25 per cent this financial year due to the increase in average daily ridership after the inauguration of various new routes, including the Yamuna Bank-Noida Sector 32 stretch which will be commissioned tomorrow.
Leading Indian drug majors, such as Ranbaxy Laboratories, Dr Reddy’s Laboratories, Piramal Healthcare and Wockhardt, are in-licensing popular products from overseas drug makers to boost their domestic sales. They introduce the in-licensed drugs — which are mostly in the premium skin care segment — on payment of an upfront fee to the brand owners, who also get a share of the sales revenue.
Pharma major Glenmark Pharmaceuticals is planning to repay its debt of around Rs 300 crore by end of this fiscal, a top company official said.
FMCG and healthcare company GlaxoSmithKline Consumer Healthcare (GSKCH) is planning to undertake a special campaign this summer to drive growth in the health food drinks category, consisting of the "Boost" and "Chocolate Horlicks" brands.
Chennai-based fast moving consumer goods firm Cavin Kare Private Limited has planned to double its exports this year by reaching out to new overseas markets like the US and Australia, a top company official said.
The annual plan ceiling of the water resources department (WRD) for 2010-11 has been fixed at Rs 2222.64 crore. It is the highest among all the departments.
Godrej Properties (GPL), the real estate arm of the Godrej group, is likely to come out with its initial public offering (IPO) in the next 10 months, a top company official said.
Due to an increase of over Rs 100 per quintal in the economic cost of foodgrains.
There might be political uproar over the meager revision of MSP of wheat (Rs 20 per quintal hike), but the farmers in Punjab are firm on expanding the area under wheat cultivation. The state agriculture department is hopeful that this year also the total area under wheat would surpass the designated target of 35.20 lakh hectares.
India produced a record quantity of foodgrains in the last crop year at 233.87 million tonnes (MT), surpassing the previous high in 2007-08 by about 3 MT.
The stock closed at 52-week high of Rs 468.30, up 6 per cent, on reports that the company has started recruiting pilots to man proposed expansion of the operations due to a rise in air traffic recently. Domestic traffic is reported to have risen 25.80 per cent to 3.9 million passengers in October 2009 from 3.1 million passengers a year ago.
France’s Michelin, the world’s second largest tyre manufacturer, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a factory near Chennai. The project would attract Rs 4,000 crore investment over the next seven years.
Britain and France today joined India in making it clear that there should be no "double standards" in the fight against terrorism, a view that can be seen in the context of Pakistan.
S Kalyanasundaram, former managing director of GlaxoSmithKline Pharmaceuticals, will join Sun Pharmaceutical Industries, the country’s largest drug manufacturer in terms of market capitalisation, as one of its top three executives.
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.
Even healthy growth in vibrant markets like India and China could not help global personal computer manufacturer Dell’s net profit from slipping 54 per cent to $337 million, from $727 million in the same quarter last year. Revenue also declined by 15 per cent to $12.9 billion, compared with $15.2 billion in the same period last year, it added.
The scientific instruments manufacturers’ cluster in Ambala (200 km north of Delhi on NH 1), which includes over 1,000 units, is upbeat, as the Union Ministry of Micro, Small and Medium Enterprises plans to organise the first exposition on scientific instruments to promote the cause of smaller units engaged in this business.
The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.
J Venkatesan, Fund Manager, Sundaram BNP Paribas MF spoke with Jitendra Gupta about PSU stocks as an investment theme.
The Sensex witnessed a volatile week with important announcements by the government and global cues. The government"s decision to auction three slots in the 3G spectrum helped telecom stocks gain.
Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today.
Zooming inflation, a build-up of inflationary pressures and cues from global markets could impel the Reserve Bank of India (RBI) to further tighten its monetary policy stance by hiking the cash reserve ratio (CRR) and policy rates, bankers said.
State-run Canara Bank today reported a 50 per cent jump in net profit to Rs 1,052.58 crore for the third quarter ended December 31, 2009.
The government is setting up a high-level Task Force to address the problems of Micro, Small and Medium Enterprises (MSMEs) which have been demanding adequate financing and other incentives to tide over the economic slowdown.
The shareholding pattern of all credit rating agencies should be made public so that their relationship, if any, with rated companies, could be known, a body constituted by market regulator Sebi has recommended.
Life for Reserve Bank of India (RBI) governors can be tough. Being the government’s money manager is hectic enough, but what have added to their “permanent state of busy-ness” (as an RBI observer says) are quarterly statements, the latest of which will be announced tomorrow.
The central government, which has stepped up efforts for the blending of ethanol in a 5 per cent proportion with petrol, has threatened to blacklist ethanol manufacturers if they fail to supply the commodity to oil marketing companies (OMCs).
Business Standard / New Delhi December 31, 2009, 0:44 IST
To mark 10 years of its existence, Kurkure, FritoLay’s Indian innovation in the salted snack market, is changing tracks. It came out in December with a print campaign which told readers how Kurkure is made from what can be found in any Indian kitchen, underlining that the ingredients are as wholesome as what goes into home-made food. Kurkure now on will be less about flavours and more about ingredients. It will launch the first of its products towing this line, called Punjabi Kadai Masala, soon. The product contains rajma and ragi, staple Punjabi food, apart from the usual rice, corn, spices and lentil.
Telecom service provider Aircel today entered into a partnership with software exporter Infosys Technologies to launch the first mobile application store in the country.
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
Land acquisition process, in the recent times, has emerged as a major bottleneck resulting in time lags, cost over runs, business uncertainties and even shelving of projects by companies. Tata’s Singur project in West Bengal, Vedanta’s (Sterlite) project in Orissa, Posco’s Paradeep project in Orissa and Jindal’s Raigarh project in Chattisgarh are some classic examples that showcase project shelving due to the cumbersome land acquisition process in India. This article discusses the challenges faced by companies in land acquisition for their projects in India and the way forward.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
Leading tyre maker MRF today posted a net profit of Rs 119.41 crore for the quarter ended December 31.
Finance Secretary Ashok Chawla today said the Reserve Bank of India"s (RBI) review policy has taken a balanced view of the current situation and the CRR hike would not have any affect either on interest rates or the industrial recovery.
Space, says Raavi Sabharwal, is “opportunity”, “challenge” and, most importantly, “fun”. Sabharwal, 63, is the publisher of Timeless Books and owner of Timeless — The Art Book Studio, tucked away in one of the many bylanes of Kotla Mubarakpur, one of the many “asides” of the Capital, cheek by jowl with the upmarket South Extension shopping centre. The 1,600 sq ft space, which you stumble into after you’ve taken a few wrong turns, is quiet and peaceful, a refuge from the chaos that surrounds it.
Many entrepreneurs wanting to sell a stake have unrealistic valuations of their companies. This is a major block for private equity (PE) players to close a deal. Also, many do not have a second plan if talks fall apart, according to speakers at the Private Equity Conference at the Indian School of Business.
The retail sector in Kolkata has adopted a wait and watch situation with retailers still wary of what lies ahead. What started as a big set-back for the retail industry in end-2008 with several malls and retailers shutting shop, the year 2009 was particularly bad for the industry with several cancellations of booked spaces and deferment of sanctioned projects.
Cipla ended at Rs 317, lower by Rs 1 or 0.5%, on the BSE.
Britannia ended at Rs 1578, lower by Rs 22 or 1.4%, on the BSE.
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
The Sensex ended at 16,330, higher by 40 points, and the Nifty closed at 4,876, up 22 points (provisional closing).
Putting an end to speculation, BCCI President Shashank Manohar today announced that Lalit Modi will remain the Chairman of the Indian Premier League (IPL) till 2012.
The semiconductor industry will post a revenue decline for just the sixth time in the last 25 years, with world-wide revenue totaling $226 billion in 2009, a 11.4 per cent decline from 2008, according to preliminary estimates by Gartner, Inc, an information technology research and advisory company.
Mukesh Ambani, India’s richest man and chairman of the country’s largest private sector company, Reliance Industries, has been ranked the fifth-best CEO in the world by Harvard Business Review.
Asian stocks rebounded from earlier losses after Dubai secured $10 billion of funding to repay its debt. Japan shares dropped as a measure of business confidence showed companies are scaling back investment plans.
Commercial vehicle makers including Tata Motors, Volvo and Ashok Leyland have hiked or are considering raising prices of trucks by up to four per cent this month to offset rising input costs, even as the segment saw return of demand.
The famous “Day Zero” at the Indian Institutes of Management (IIMs) will soon be history. IIM-Ahmedabad in a meeting held with over 30 representatives of top Indian companies today proposed a “cluster” system by March 2010, wherein companies would be divided as per their sectors and invited on the campus in batches over the weekends.
Seven out of the top 10 companies lost nearly Rs 46,000 crore from their market capitalisation past week, while companies including state-run MMTC, Infosys Technologies and Tata Consultancy Services (TCS) saw their valuation surge.
Indian stocks trading on the American bourses $5.33 billion to their cumulative market capitalisation, with the IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting nearly half of the gain.
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.
Markets have dropped again. The Sensex is now down 213 points at 16,567. The Nifty is down 75 points at 4,933.
Rajesh Bhayani / Mumbai January 30, 2010, 0:05 IST
Experts from the UN and Asian Development Bank (ADB) today asked developing nations to adopt low cost Sulabh toilet to streamline their sanitation system.
Power equipment supplier Bharat Heavy Electricals today reported a growth of 35.67 per cent in its net profit at Rs 1,072.50 crore for third quarter ended December 31, 2009, over the same period last year.
Progress on infrastructure, real estate and power projects will determine value creation in the long run.
Oil eased in Asian trade today as traders continued to evaluate the pace of recovery in the US economy, the world"s biggest energy user, analysts said.
Jaiprakash Power Ventures today said it has appointed Sunil Kumar Sharma as Vice-Chairman and Chief Executive Officer of the company.
The Copenhagen accord on climate change was a partial success for India but it has certain "inbuilt hazards" of which the developing countries have to be wary, Environment Minister Jairam Ramesh said here.
Japan"s unemployment rate fell to 5.5 per cent in August, from a record 5.7 per cent in July, the first improvement in seven months, the government said today.
Wiser from last year"s free-fall, realty firms discovered a new mantra in "affordable housing" and found help from banks who offered low interest home loans to build their businesses in 2009.
After robust 2009, wherein funds garnered via the Qualified Institutional Placements (QIP) route touched a record Rs 41,522 crore, India Inc seem keen to start this year too on an earnest note. Most companies prefer the QIP route as it cheaper and quickest route with minimum disclosures. There"s no lock-in and the whole process takes little time.
The US markets on Friday ended on a negative note. The Dow Jones Industrial Average slipped 2% to 10,173 and the Nasdaq Composite Index dropped around 3% to 2,205.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
Crompton Greaves ended at Rs 426, higher by Rs 29 or 7.4%, on the BSE.
While oil and gas companies are cash rich, focus on managements’ credibility and ability to run the business.
Tata Group firm Voltas today said its consolidated net profit rose by 85.80 per cent to Rs 76.46 crore for the third quarter ended December 31, over the same period corresponding fiscal.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
The Securities and Exchange Board of India (SEBI) is reported to have appealed a decision by the Securities Appellate Tribunal (SAT) that over-ruled the Bombay Stock Exchange’s (BSE) refusal to issue an in-principle listing approval to a listed company.
Pyramid Saimira Theatre today reported a net profit of Rs 5.77 crore for the quarter ended September 30, 2009, while it had a net loss of Rs 3.11 crore in the same period last year.
Suzlon Energy has forayed into the Swedish market with its first order coming from Triventus AB, a wind power developer and consultant. The order is for two S88-2.1 megawatt wind turbines. Suzlon will also sign service and maintenance partnership contracts with a subsidiary of Triventus for future projects in Sweden, the company said in a statement to the stock exchanges.
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
The Union Budget is a few weeks away and entities across sectors are busy drafting their wishlists. Officials of the Bombay Stock Exchange (BSE), Asia’s oldest, are busy, too, but to get the exchange’s almost dormant equity derivatives segment in order by the Budget eve.
Private sector lender Yes Bank today said that its net profit rose by 19 per cent to Rs 125.9 crore during the quarter-ended December as against Rs 105.8 crore a year ago.
Latha Jishnu / New Delhi January 21, 2010, 0:28 IST
Auto components maker Jay Bharat Maruti today reported an over five-fold jump in net profit at Rs 5.41 crore for the third quarter.
United Auto Workers (UAW) President Ron Gettelfinger plans to anoint Bob King, head of negotiations with Ford Motor Co, to be the shrinking union’s next president, on December 16, said two people familiar with the matter.
Tatas-owned Jaguar Land Rover will hire over 100 graduates and under-graduates in 2010 to fill up vacancies across different verticals as sales return on track after a prolonged bumpy ride.
A day after senior Samajwadi Party leader Amar Singh announced his resignation from key posts, party supremo and former Uttar Pradesh chief minister Mulayam Singh Yadav today said Amar Singh continued to be in the party fold and his quitting key posts was “nothing big”.
Party chief Mulayam Singh Yadav says he has not received any formal communication from Amar Singh.
Toyota Kirloskar Motors Limited (TKML) is looking to make further inroads into the Indian market as it puts its strategy into overdrive. With the launch of the Prius and its small car in 2010, it is looking to add another volume product to its portfolio,
In a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo Car Corp from Ford Motor Co, is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings Ltd’s rising sales and surging stock price could falter, he’s not showing them on that summer day.
Ford Motor Co agreed with China’s Zhejiang Geely Holding Group Co on most terms about a sale of its Volvo Car Corp unit and the automakers aim to complete the transaction in the second quarter.
Delhi-based auto component player Amtek Auto announced today that the company has raised an additional $75 million (Rs 360 crore) through 5.625 per cent Foreign Currency Convertible Bonds (FCCB).
Tata Motors, the country"s leading automobile manufacturer, reported a net profit of Rs 400.14 crore for the third quarter ended December 31, 2009.
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
Ford Motor Co hourly employees have rejected contract concessions the automaker said it needed to remain competitive with its US rivals, said two people familiar with the outcome of the voting.
New car sales in the United States plunged more than 20 per cent in 2009 to a 27-year low of 10.43 million units, less than the 12.23 million units sold in China during January-November, making the Asian country the world"s largest car market for the first time, data released by a US research firm showed today.
Domestic passenger car sales jumped 36.7 per cent to 1,13,687 units in November, the Society of Indian Automobile Manufacturers (SIAM) said today.
Auto makers Maruti Suzuki, Hyundai and Hero Honda today reported robust sales in November, lending optimism that the good economic showing in the second quarter would continue.
Personal and oral care products maker Colgate-Palmolive today reported a 50 per cent increase in net profit at Rs 116.39 crore in the third quarter ended December 31, 2009 over the same period last fiscal.
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
In a record achievement despite the global economic recession, spice exports from India clocked $11.68 billion —an all-time high —in 2008-09.
The government today said that it would act as a patriarch and bless public sector bank mergers that are based on synergy.
Lloyds Steel Industries has posted a net profit of Rs 39.16 crore for the quarter ended December compared with a loss of Rs 113.84 crore in the corresponding previous quarter. The company’s net sales during the period grew to Rs 726.62 crore from Rs 660.80 crore last year, up 9.96 per cent.
Monsanto India posted 19.4 per cent increase in net profit at Rs 14.76 crore for the third quarter ended December 31, 2009 as against Rs 12.36 crore in the corresponding period last year.
Maruti Suzuki has ended at Rs 1433, down Rs 6 or 0.4%, on the BSE.
The Indian auto industry is likely to see a growth of 10-12 per cent in sales in 2010, but companies will come under margin pressures as competition hots up in the market, according to global rating firm Fitch.
HDFC Bank, India"s second largest private sector bank today reported a surge of 32 per cent in net profit at Rs 818.50 crore during the third quarter ended December 31, 2009.
Approaches government for fresh funds, conversion of bonds into equity.
Outflows fell 16.4 per cent in April-Sept 2009 compared to the year-ago period.
Tractor and utility vehicle (UV) manufacturer, Mahindra & Mahindra (M&M), today posted a net profit of Rs 413 crore for the quarter ended December 31, 2009. This was an increase of 849 per cent, aided by the low profit base of Rs 43 crore in the same quarter of the previous financial year.
Expressing confidence that the country will return to 9-10 per cent economic growth within a couple of years, Prime Minister Manmohan Singh today invited the Indian diaspora to participate in the development of the country of their origin.
Spurred by growth in the number of policies renewed, commission expenses of the life insurance industry grew by 5.64 per cent in 2008-09 to Rs 15,533 crore as against Rs 14,704 crore in the corresponding period last year.
State-run NTPC has undertaken 17 projects across the country for capacity addition of 17,930 Mw of power in the road map to achieve 75,000 Mw generation capacity by 2017.
Seeking to deepen its bilateral defence and strategic ties with India, the US plans to sell to the country 145 state-of-the-art 155mm towed Howitzers worth $647 million.
Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
Life for Reserve Bank of India (RBI) governors can be tough. Being the government’s money manager is hectic enough, but what have added to their “permanent state of busy-ness” (as an RBI observer says) are quarterly statements, the latest of which will be announced tomorrow.
Kirtika Suneja / New Delhi January 26, 2010, 0:43 IST
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.
Rejecting Pakistan"s charge that its players were snubbed for IPL at the behest of India, External Affairs Minister S M Krishna today said it should draw a line between government programmes and private events.
Finally starting the process to auction 3G spectrum to potential telecom operators, the government is likely to issue guidelines giving details about the number of blocks to be sold and other related information.
The government is unlikely to allow any merger or acquisitions among the third generation, or 3G, mobile service providers to ensure competition.
The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information.
The Department of Telecom is likely to ask auditors of three telcos — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their reports by February 7, 2010.
The Institute of Company Secretaries of India (ICSI) and Aptech Limited, the global provider of learning solutions, have entered into a tie-up to impart information technology training to ICSI students and members across India. Accordingly, Aptech’s specially designed task-oriented programme titled ‘Understanding Information Technology in the Corporate Environment,’ trains students in high-end personal computing skills including MS Office, computerised accounting with special modules on IT laws and security, e-commerce.The programme will be conducted across over 170 Aptech centres in India. The duration will be 70 hours followed by an 80-minute long online assessment.
The telecom tribunal TDSAT has held that the ongoing arbitration between broadcast major Star India and telecom major BSNL is not valid and that it has the sole jurisdiction to decide on the disputes between the two.
Thousands of foreign students, including Indians and Chinese, have marched in Sydney and Melbourne seeking more measures from the Australian government on their safety, accommodation and travel concessions.
Anil Ambani Group firm Reliance Natural Resources (RNRL) today reported growth of 3.30 per cent in net profit at Rs 25 crore for the third quarter ended December 31, 2009, over the same period last year.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas- based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
Engineering equipment maker Thermax Ltd today said its net profit declined by 21.84% to Rs 56.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.