Corporate
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.
Minutes after the National Stock Exchange (NSE) announced that it would start equity trading from 9 am from Friday (December 18), rival Bombay Stock Exchange (BSE) followed suit.
The stock soared 22% to touch a high of Rs 120 and finally settled with a gains of 20% at Rs 118. The counter clocked heavy trading volumes of over 4 million shares on the BSE today.
Analysts say the company has not focused enough on the scooter segment as it saw bigger opportunity in motorcycles.
Upscale hotels to see occupancy rates of 40 per cent, mid-scale 25-30 per cent.
German commercial vehicle maker Daimler today said it would introduce lightweight trucks from Mitsubishi Fuso stable in the Indian market by 2010 as part of its expansion strategy in the country"s auto mart.
Promising to push economic reforms, Prime Minister Manmohan Singh has invited US investors to tap "enormous opportunities" in sectors like infrastructure, energy and agriculture, exuding confidence that India would return to 9 per cent growth within two years.
Prime Minister Manmohan Singh today announced Rs 1,000 crore assistance to Karnataka to take up flood relief works after undertaking an aerial survey of the rain-ravaged areas in northern districts.
Business Standard / New Delhi October 09, 2009, 0:10 IST
Aditya Birla Nuvo is in talks with global private equity players Blackstone, Carlyle and KKR to sell shareholding in its proposed holding firm for its financial services business. The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses.
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.
Media and entertainment firm UTV Software Communications today said it would raise $150 million (nearly Rs 750 crore) through various channels to meet its growth plans and retire debt.
The National Consumer Commission has held that commercial users cannot move against service providers for any deficiency in service under the Consumer Protection Act.
China had recently objected to Asian Development Bank"s (ADB) funding an irrigation project in Arunachal Pradesh which is a "clear violation" of the charter of the multilateral lending agency, the government informed the Rajya Sabha today.
More than 2.5 lakh posts were lying vacant in the police forces of different states and Union territories, Rajya Sabha was informed today.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST
Vijay Mallya-promoted Kingfisher Airlines is understood to have come down heavily on non-performing employees, even as a large number of its pilots are leaving the airline to join low-cost carrier Indigo and other rivals.
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.
An expected dip in its global sales notwithstanding, luxury car-maker Porsche is hoping for a nearly 20 per cent jump in sales in India this year. Working towards that direction, the company had earlier introduced the premier sedan, Panamera, in the country in the price range of Rs 1.4-2.05 crore.
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.
Private sector lender Yes Bank and equity broker India Infoline (IIFL), today entered into a strategic alliance to offer premium brokerage services to the customers of Yes bank and a superior proposition of savings account for IIFL customers.
BA: British Airways has become one of those companies that is trapped in an endless restructuring. Over the years, the UK airline has undergone successive rounds of cost cuts. The need for yet more is as urgent ever. Sales fell 14 per cent in the first half of BA’s financial year, but costs were not removed fast enough to avert a record pre-tax loss of £292 million. And that was in the normally buoyant summer months.
Mangalore Chemicals and Fertilizers Limited (MCF), a UB Group company and manufacturer of fertiliser, is planning to expand its specialty fertiliser business in the next couple of years. The company, which has over 50 new generation fertiliser products in its basket, plans to expand the business through its integrated nutrient management division, set up four years ago.
Kolkata-based Jai Balaji Industries has raised Rs 198.50 crore through a qualified institutional placement (QIP) issue.
Mangalore Chemicals and Fertilizers Limited (MCF), a UB Group company and manufacturer of fertiliser, is planning to expand its specialty fertiliser business in the next couple of years. The company, which has over 50 new generation fertiliser products in its basket, plans to expand the business through its integrated nutrient management division, set up four years ago.
The crowd of 600 falls silent as an employee asks Chief Executive Officer Carlos Ghosn if he’s staking too much of Nissan Motor Co’s future on electric cars and not enough on green alternatives like Toyota Motor Corp’s Prius gas-electric hybrid.
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
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.
Vinayak Chatterjee / New Delhi December 21, 2009, 0:46 IST
M Govinda Rao / New Delhi October 6, 2009, 0:21 IST
The stock gained 3 per cent to Rs 525.60, after the company successfully raised Rs 73 crore by private placement of shares with qualified institutional buyers. The board of directors had allotted 1.45 million equity shares at Rs 506 per share, including premium of Rs 496 per equity share.
Volkswagen, Europe’s largest car maker, has bought 19.9 per cent stake in Suzuki Motor Corporation, Japan’s third largest carmaker, for $2.5 billion. Of course, Suzuki’s strength is in small cars and Volkswagen’s stated mission is to become the world’s largest car company, ahead of Toyota and General Motors. And that’s not possible unless you have a bevy of small cars in your portfolio. A full takeover would have given Volkswagen annual volumes of 4.4 million cars — way ahead of Toyota’s 3.5 million. At the moment, Volkswagen-Suzuki is merely an alliance.
The Supreme Court has issued notices to 23 states and three UTs on a petition by Tata Motors seeking quashing of the Central Sales Tax Appellate Authority"s decision asking it to pay Central Sales Tax to the tune of around Rs 14 crore on sale of bus chassis to the Andhra Pradesh government.
Even as IT bellwether Cognizant Technology Solutions raised its outlook for 2009-10, it reported a 21 per cent growth in net profit for the quarter ended September 30, 2009, to $136.6 million compared with $112.8 million during the corresponding period a year ago.
Accusing Pakistan of not doing enough to bring to book the perpetrators of the 26/11 Mumbai terror attacks, Prime Minister Manmohan Singh has said India does not know whom to deal with in Islamabad as the army is the most powerful force in the neighbouring country.
Trying to resolve sticking points on the India-US civil nuclear cooperation agreement on the one hand, and narrow differences on their approach to climate change on the other, India and the US are likely to sign a joint Memorandum on Energy Security, Clean Energy and Climate Change during Prime Minister Manmohan Singh’s visit to the United States this week.
Buoyed by optimism, offshoots of economic revival and more stable job market vis-à-vis 2009, the people are loosening their purse strings and splurging on shopping sprees to mark the arrival of 2010.
The global car market, which has suffered acute demand contraction since September 2008 when economic downturn set in, has bottomed out and the industry was set for a sale of 60 million units in this year and the next, said Renault-Nissan Chairman Carlos Ghosn.
Pradipta Mukherjee / Kolkata January 1, 2010, 1:43 IST
Abhineet Kumar & Sidhartha / Mumbai December 31, 2009, 0:26 IST
Bajaj Auto, the country’s second largest motorcycle manufacturer, has quietly discontinued two of its flagship products in the past three months to make way for more expensive models.
Olympic gold medallist Abhinav Bindra tells us how, when he wanted to quit his sport, the competitor in him just didn’t allow it
British Prime Minister Gordon Brown has promised to talk to Tata Group Chairman Ratan Tata, as a final effort to stop the Corus steel plants in Teesside from being shut at the month-end, thus saving 1,700 jobs.
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.
A consortium of Indian and Abu Dhabi investors, which is believed to include steel czar Lakshmi Mittal, is planning to bid for UK property company British Land, says a media report.
Indians living abroad are equally eligible for housing loans from banks here but with some riders.
The Internet Corporation for Assigned Names and Numbers, or Icann, has set the ball rolling for web addresses in scripts other than Latin. This will allow uniform resource locators (URLs), as web addresses are called in virtual parlance, in languages other than English, including Hindi, Tamil or Bhojpuri.
Commotion broke out today at a conference aimed at promoting peace between India and Pakistan when a section of the audience objected to the presence of JKLF leader Yasin Malik as a speaker.
Indian business spreads its footprint across the globe.
ITC has posted a 26 per cent rise in net profit after tax (PAT) of Rs 1009.91 crore for the quarter ended September 30, 2009 as compared to Rs 802.7 crore for the quarter ended September 30, 2008.
Wiser from last year’s free fall, realty companies discovered a new mantra in ‘affordable housing’ and found help from banks that offered low-interest home loans to build their businesses in 2009.
With the Indian economy showing signs of leaving the recession behind, companies from the US are once again making a beeline to the India shores scouting for opportunities. Companies from varied sectors are looking to test the waters with an investment in mind at a later stage. “Last year, things were rocky and very few trade delegations came to India. However in the last one and half months, things have turned around,”said Sandeep Mehra, committee member, Indo American Chamber of Commerce (IACC), Karnataka branch.
Maruti Suzuki is the latest auto major in the country preparing for trading in carbon credits.
World"s top forging company Bharat Forge reported a sharp decline of 68.03 per cent in consolidated net profit to Rs 20.33 crore during the fourth quarter of the financial year 2008-09 as against Rs 63.6 crore posted over the same quarter a year ago.
Kerala-based South Indian Bank (SIB) has registered 55.64 per cent growth in net profit at Rs 60.11 crore for the first quarter of the fiscal.
Maruti Suzuki India (MSI), the country"s largest car maker, today said it will launch a new van within this fiscal to replace its MPV Versa, whose production has been stopped.
World"s largest car maker Toyota today said it is looking to expand its dealership network in the country with plans to have a total of 150 outlets by 2010.
Business Standard / New Delhi August 26, 2009, 0:58 IST
R Gopalan, a 1976-batch IAS officer, has been appointed as the Financial Services Secretary in the Finance Ministry.
The Supreme Court today issued notice to the Narendra Modi government on a petition filed by expelled BJP leader Jaswant Singh challenging the order banning his controversial book on Muhammad Ali Jinnah in Gujarat.
The International Monetary Fund (IMF) wants India to gradually eliminate the norms that make it mandatory for banks and other saving funds to park a portion of their funds in government securities.
The mutual fund industry has come for some serious criticism in the recent past. The reason: It has completely missed the stock market rally that started from early March and has given returns of over 70 per cent to investors. Madhusudan Kela, head (equities), Reliance Mutual Fund, which has the highest average assets under management and investor base, speaks to Palak Shah and explains why fund houses are being judged unfairly. Excerpts:
Fortis advanced 1.5% to Rs 102. The stock touched an intra-day high of Rs 105 and a low of Rs 101. Around 275,716 shares were traded as against its two-week average traded quantity of 338,454 shares.
Producers meet agriculture minister, agree to increase supply of the commodity
PTC India Ltd, the country’s largest power trading firm, has posted a 76.8 per cent rise in net profit for the quarter ended June 2009 owing to increased trading volume and higher treasury income.
The European Central Bank (ECB) today retained the benchmark rates, continuing with its low interest rate regime to boost the region"s economic recovery.
Consumer electronics major Philips Electronics India has decided to float an buyback offer of Rs 242 per share, to enable minority shareholders make an exit.
The Sensex has slipped once again into the red and is now down 70 points at 16,780. The Nifty is down 33 points at 4,971.
While sugar prices are likely to stay at high levels, stock valuations reflect most of the positives.
Business Standard / New Delhi September 24, 2009, 0:57 IST
Sugar prices, already at record highs, are set to rise further. The food ministry has decided to raise the levy price at which it buys sugar from mills to supply the public distribution system (PDS) by 50 per cent in Maharashtra and 63 per cent in Uttar Pradesh (UP) for the new sugar season starting next month. The two states account for 55 per cent of India’s sugar output. Prices have also been revised for other sugar purchasing states.
NLC net rises marginally
Industry says fiscal stimulus must continue
Tata Steel"s net profit dipped 49.4 per cent to Rs 902.94 crore in the second quarter of 2009 compared to Rs 1787.81 crore in the quarter ended September 30, 2008. Its total income plunged 18.23 per cent from Rs 7054.33 crore for the quarter ended September 30, 2008 to Rs 5768.16 crore for the quarter ended September 30, 2009.
Sugar major Bajaj Hindusthan today said it has fully utilised Rs 710 crore raised by private placement of shares for repayment of its debt in accordance with the terms of the issue.
Siemens closed at Rs 571, down by 2.5% or Rs 14 on the BSE. The stock opened at Rs 590 and touched a high of Rs 605 and a low of Rs 565 during the day. A total of 272,659 shares were traded on the BSE as against the 2-week average of 109,271 shares.
TRF, which provides material handling/processing systems and equipment, today announced a consolidated net profit after minority interest of Rs 11.92 crore for the second quarter of current fiscal.
Wants earlier rule on mills having to share extra profit with cane growers restored.
Despite uncertainties over cane pricing, sugar mills in Uttar Pradesh plan to commence crushing as early as possible, in order to avoid any recovery loss which may impact their operating performance.
Will help state government breathe easy.
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.
The government will set up two regional directorates to assist companies in the north western and north eastern regions, Parliament was informed today.
SBI Cards, the 60:40 joint venture between State Bank of India and GE Capital, has a new CEO. Abhay Singh, who used to be chief general manager of SBI’s Mumbai circle, has taken over from Diwakar Gupta.
Business Standard / Mumbai October 31, 2009, 0:51 IST
Foreign investment in the Indian stock markets may cross $10 billion-mark by the end of this month as a hefty $9.8 billion (Rs 47,674 crore) have already been poured into the bourses by overseas entities so far this year, analysts feel.
The International Monetary Fund, which sold 200 tonnes of gold for about $6.7 billion to the Reserve Bank of India, today said it got a "good price," and wants to be similarly "lucky" in the next phase sale of the precious metal.
Protecting the rights of HIV positive job seekers and those already employed, a policy document has asserted that their HIV screening should not be required at the time of giving jobs or extending other benefits.
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.
The rift between Karnataka chief minister B S Yeddyurappa and his mine-owning ministerial colleagues continued as they stepped up their campaign against a new cess imposed on lorries transporting iron ore. Tourism minister G Janardhana Reddy, himself a mine owner in the ore-rich Bellary district, took the lead in holding parleys with like-minded fellow miners since yesterday to mobilise support against the Rs 1,000 cess on each lorry load of iron ore, sources close to them said here. There are 92 licenced owners of mines in the district and about 40 of them have been carrying on mining.
Infosys BPO, the back-office unit of IT firm Infosys Technologies, today said it would hire 1,500-2,000 people by the end of the current fiscal.
Joe C Mathew / Mumbai November 6, 2009, 0:48 IST
I have been a regular investor in mutual funds for the past 3-4 years. I have accumulated many funds in my portfolio which were at some time or the other very good funds, but not all are rated 4- or 5-stars today. Should I exit funds as soon as they go below the top ratings? I think this will mean too much of churning in my portfolio.
I have some money that I plan to use after a month. Should I invest it in liquid funds instead of a bank Fixed Deposit for better returns?
Is it better to invest short-term money in an arbitrage fund instead of liquid funds? The returns from the former, being equity-oriented, are tax-free after a year, while those of a liquid fund, which is a debt fund, would be taxable. More, in a falling interest rate scenario, liquid funds are not expected to return 8 to 9 per cent as earlier. On the other hand, arbitrage funds can comfortably return 7 per cent. Suggest some good arbitrage funds.
BS Reporter / Mumbai July 05, 2009, 0:42 IST
Arnav Pandya / Mumbai September 27, 2009, 0:28 IST
However, it will file a chargesheet on company law violations
Industrial output, which grew at a 22-month high of 10.4 per cent in August, is set to accelerate further on inventory restocking and improving external factors, rating agency Moody"s said today.
Public sector lender Bank of Baroda (BoB) today reported a jump of 60 per cent in net profit to Rs 634.18 crore for the second quarter ended September over the corresponding period a year earlier.
Sanjaya Baru / New Delhi November 4, 2009, 0:58 IST
The excise and custom collections from the northern region declined by 49.14 per cent and 18.21 per cent, respectively, in the first six months of this fiscal.
A severe drought has the potential to restrict the country"s economic growth to 5.5 per cent, the Planning Commission has said.
With wholesale price inflation not reflecting true picture of food prices, the government today justified the introduction of separate index numbers for primary products and manufacturing items, saying the new mechanism give better reflection of price movements.
Bimal Jalan / New Delhi July 26, 2009, 0:03 IST
Surjit S Bhalla / New Delhi December 26, 2009, 0:41 IST
Pricol has reported a net profit of Rs 6.29 crore for the quarter ended September 30, 2009 as compared to net loss of Rs 8.10 crore, a year ago.
The chief executive officers of JPMorgan Chase & Co, Goldman Sachs Group Inc and Morgan Stanley will headline the inaugural hearing of a congressional panel investigating Wall Street’s financial crisis.
Oil and Natural Gas Corp plans to raise a term loan of about Rs 4,000 crore to refinance the debt its overseas investment arm had taken to buy UK-based Imperial Energy Corp.
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.
Cairn India and its joint venture partners have decided to take up 4 dimensional (4D) seismic survey of Ravva field in the Krishna-Godavari Basin to further explore oil and gas reserves.
The Committee for Determination of Terms of Reference (CDToF) under the Central Environment and Forest Department has turned down the application of Bhoruka Power Corporation Ltd (BPCL) to set up a thermal power plant at Halga village beside Hanakon in Karwar taluk in Uttara Kannada district.
The need of the hour is to create meritorious uses of natural gas, such as by building new capacities.
Using energy more efficiently can reduce our energy needs by 20 per cent; it is a strategy we must pursue even as we promote renewables.
Steel magnate Lakshmi Mittal has pulled out of a project involving development of an oilfield in Kazakhstan in partnership with Oil and Natural Gas Corporation (ONGC). It is now looking for buyers for its stake in another company in the Central Asian nation.
The rupee today appreciated by 2 paise to 45.69 a dollar in early trade in line with other firming Asian currencies.
Balbir Singh (50) of village Rampura Phool near Bhatinda is a happy man these days. He is getting queries from buyers for his patch of land, on which he has been growing cotton for over 30 years. He found it less remunerative for the past few years and wanted to relocate to some fertile belt of Punjab from the semi-arid belt of Malwa in the state.
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.
Sports Minister M S Gill had to face some tough questioning by his cabinet colleagues today as he sought additional funds for Commonwealth Games (CWG) preparation.
The Sensex and the Nifty closed in the red on Friday on profit-booking in technology stocks and lack of interest in other pivotals at current levels. The trading volume on the F&O segment remained lackluster as the Nifty provided little scope for trading since it moved in a tight range of 20-30 points on Friday.
The Dharwad division of the Insurance Employees’ Union has opposed the UPA government’s move to take up discussion and passing two bills pertaining to the insurance sector during the winter session of the Parliament that began on November 17.
The markets struck positive notes at the beginning of the year with the benchmark indices touching their fresh 22-month highs. The Sensex scaled a high of 17,790, but eventually ended with a marginal gain of 75 points at 17,540 this week. Mid- and small-caps outperformed the benchmark with significant gains of 3.4 per cent and 4 per cent, respectively.
After a series of consultations with stakeholders, the government has formulated the ambitious National Solar Mission implementation plan to be launched soon.
Developed nations should be more "philanthropic" in providing developing countries with energy storing devices at cheaper rates, Union Minister for New and Renewable Energy Farooq Abdullah has said.
Two senior officials of AES Corporation are likely to visit Orissa on 17 November to hold discussion with the government officials pertaining to the proposed expansion of the unit-3 & 4 (660Mw x 2) of the IB Thermal Power Station of the Orissa Power Generation Corporation (OPGC).
Timothy Geithner / November 1, 2009, 0:58 IST
The Foreign Institutional Investors (FIIs) were net buyers of Rs 647.45 crore in futures and options segments on Friday.
The government today said that more companies should go for listing as it would help a large number of investors to become partners in the development of the corporate sector.
Sidhartha / Mumbai December 25, 2009, 0:43 IST
Resolving the issue of fuel supply guarantee to upcoming gas-based power projects, Oil Ministry has asked state-run GAIL India to extend "comfort letters" assuring gas supplies so that the developers can raise finances.
One of the positive fallouts for India from the BASIC powwow at Copenhagen was the thaw in India-China relations after the recent chill over Dalai Lama and Arunachal Pradesh. A warm and friendly Chinese premier Wen Jiao Bao bent over backwards to reassure Prime Minister Manmohan Singh that China was a good friend of India, adding that contrary to the impression created by the China-US joint statement issued during the visit of US President Barack Obama, China had no intention to interfere in India’s disputes with Pakistan. Perhaps feeling that Manmohan Singh was not fully convinced of his good intentions, Premier Wen insisted, “I am telling the truth, I am not a liar”!
The Satyam Computer accounting scam, slowdown and resultant hiring freeze by many made 2009 a forgettable year for the Indian Information Technology industry.
Saurabh Kumar / New Delhi December 20, 2009, 0:30 IST
Saubhadro Chatterji / December 20, 2009, 0:11 IST
Some time in the summer of 1997, LG had thrown a party in Delhi. The Korean chaebol had set up shop in the country and was in a mood to celebrate. It had earlier joined hands with C K Birla but the joint venture fell through even before it could start. Globally, it had gone through a brand makeover from Lucky Goldstar to LG. It was now ready to have a go at India. At the party, K R Kim, the head of LG in India, took a few guests aside and said he knew how to make a nuclear bomb. The nasal voice was little more than a whine. Before anybody could ask how, he called a bearer, mixed whiskey in beer and handed it over to the guests — enjoy the nuclear bomb!
Videocon thinks integrating set-top boxes with consumer appliances will prove disruptive in the crowded DTH market.
Rising coal prices cited as reason.
The West Bengal cabinet in a meeting today okayed creation of 606 new posts and filling up of 264 vacancies in different departments, the state"s finance minister, Asim Dasgupta, said.
Videocon Industries today said it will consider selling equity shares on right basis and has called a board meeting on October 31 to discuss the issue.
The Videocon Group’s move to set up a 3-million-tonne-per-annum steel plant and a 1,200-Mw power project over a patch of coal-bearing area at Jamuria, near Asansol (West Bengal), has been opposed by state-owned Coal India Limited (CIL), the world’s single-largest coal miner.
Survey expresses serious concern at food prices, farm growth.
Amid fierce competition with per second tariff pulse, which is affecting their top line, the mobile operators are now focusing on value added services, such as, callertunes, ringtones and others to make up for the depleting revenues.
Taking a leaf from positive signals emanating from the stock markets in the last few sessions, companies in Uttar Pradesh hope to see further boost to the state’s industrialisation in 2010.
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.
The aluminium major National Aluminium Company Limited (Nalco) and the state owned Nuclear Power Corporation of India Limited (NPCIL) have signed a memorandum of understanding (MoU) for collaboration with each other for setting up nuclear power plants in the country.
Analysts say the crisis may discourage realty firms from venturing into that market
Nuclear Power Corporation of India (NPCIL) and National Aluminium Company (Nalco) today signed a Memorandum of Understanding (MoU) for setting up nuclear plants in the country.
The Centre has suspended forest clearances of some firms, including that of the Obulapuram Mining Company owned by Karnataka minister G Janardhana Reddy, for allegedly carrying out "illegal" mining in six mines in Andhra Pradesh.
The rupee today appreciated by 15 paise to 46.09 a dollar in early trade on sustained capital inflows into stock markets.
Ranbaxy Laboratories, received the final approval in Canada to manufacture and market Ran-Simvastatin tablets from Health Canada, Therapeutic Products Directorate. The total generic market size of Simvastatin tablets in Canada is $CAD153 million.
US drug maker Teva Pharmaceuticals has voluntarily recalled Propofol Injectable -- a drug used in the treatment of anxiety -- following incidents of side effects on patients.
India’s second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
Kishore Biyani-promoted Future Group is expanding its private labels in various categories with plans to launch more products in new segments, such as toothpaste, as part of plans to become a Rs 25,000 crore conglomerate by 2013-14.
Citigroup Inc, Marshall & Ilsley Corp and Huntington Bancshares Inc ended 2009 with the biggest drops in the Standard & Poor’s 500 Index, weighed down by defaulting property loans that may add to their declines this year.
The state-owned telecom major Bharat Sanchar Nigam (BSNL) has extended the deadline till January 4 for submitting bids to provide interactive value added services.
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
City-based Kamineni Hospitals today said it would set up a chain of hospitals across Andhra Pradesh under a Rs 300 crore-expansion plan in the next two to four years.
Trikona Trinity Capital, the Alternative Investment Market (AIM)-listed real estate fund, has terminated the contract with its India advisers, Trikona Advisors.
Ranbaxy Laboratories and its Japanese parent Daiichi Sankyo are working on a three-year plan for exploiting synergies in operations to enhance their generic as well as branded business across the globe.
The indices closed flat for the third consecutive session. In line with its Asian peers, the Sensex was down nearly 200 points in opening trades. But a recovery in the Japanese markets engineered a turnaround on Dalal Street. The Sensex finally ended at 16,356, lower by one point, and the Nifty closed at 4,906, up 24 points. Consumer durables, IT and auto sectors traded firm, while FMCG and banking were sluggish.