Public Relations
Business Standard / New Delhi December 08, 2009, 0:32 IST
The country"s largest drug maker by sales, Ranbaxy Laboratories, today said it would launch Olmesartan Medoxomil, an anti-hypertensive drug from parent company Daiichi Sankyo"s portfolio, in six African countries.
Move comes within months of acquiring Wockhardt hospitals.
Ashok Leyland is working on a new bus platform, which “will offer a higher level of comfort and safety in public transportation”, says R Seshasayee, managing director. Its portfolio includes high-floor buses comprising the Viking & Cheetah series, vestibule and double-decker buses, semi-low-floor buses, and airport transfer air-conditioned coaches. Seshasayee was speaking on the sidelines of the launch of the company’s U-Truck series.
Hinduja group firm, Ashok Leyland today said it will roll out 25 products in the next eighteen months from its newly launched truck platform and will shift all existing products to it by 2013.
Assurances from governments that stimulus packages around the world would continue and China"s strong industrial production numbers were welcomed by the markets. Indian government"s thrust on disinvestment also lifted market sentiments as proceeds may be used to reduce fiscal deficit that is expected at 6.8 per cent of GDP for this fiscal.
In the past three sessions, the market has tested 5,015 and pulled back.
Dabur"s promoter family member Gaurav Burman-led Atlas Acquisition today said it will acquire US-based staffing and employment services company Koosharem Corporation for $840 million (around Rs 3,900 crore) and merge with itself.
State-run Indian Oil Corp (IOC) has appointed three merchant bankers for its maiden overseas bond issue of $500 million (Rs 2,325 crore).
Marked by a strong bonding between their Prime Ministers, Indo-UK ties witnessed an upswing in 2009, especially in fields like education, IT and trade, with President Pratibha Patil"s October visit here proving to be icing on the cake as it helped cement the bilateral relations.
Tata Motors, India’s largest auto manufacturer, will shut down manufacturing operations at its Pune’s commercial vehicle (CV) unit for three days.
National carrier Air India today said it aimed to save Rs 800-900 crore from its fuel efficiency programme, started in 2008.
In Jharkhand politics, it’s sometimes all in the family. Take for example, Jharkhand Mukti Morcha (JMM) chief Shibu Soren, who is a Lok Sabha member. His daughter-in-law Sita Soren, widow of Durga Soren, won the elections from the Jama Assembly seat. Soren’s younger son, Hemant, contested the Assembly polls from the Dumka seat and humbled former deputy chief minister Stephen Marandi. Sushila Hansda of the JMM, who was a sitting party legislator in the last Assembly, was not in the fray from her Litipara constituency this time, but her husband, Simon Marandi, contested on JMM ticket and won the seat.
The Supreme Court has held that banks are liable to compensate a customer whose money is wrongly paid to another person without verifying the original signature of the account-holder as it amounted to deficiency of service.
The Telangana Political Joint Action Committee (JAC) has issued an ultimatum to the Centre asking it to announce a clear cut time-frame for formation of a separate state by Monday evening, failing which an indefinite bandh would be called from December 29.
Mundra Port and SEZ Ltd (MPSEZ) has been awarded letter of intent (LOI) by Hazira Port Pvt Ltd. (HPPL) for development of non-LNG port facilities at Hazira.
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 Rs 1,000 crore heath city project coming up in Bardhaman, a Tier II city about 150 kilometres north of Kolkata, is expected to generate direct and indirect employment of over 9,400 people when fully operational besides promoting health tourism in the state.
Government has given "in principle" approval for the establishment of 12 greenfield airports for public use in various parts of the country, the Rajya Sabha was informed today.
The government would infuse additional equity into ailing Air India provided it saves at least Rs 2,000 crore this financial year by implementing cost-cutting measures, Civil Aviation Minister Praful Patel said today.
Brokerage firm Kotak Securities today tied up with Denmark-based Saxo Capital Markets to launch a trading platform that provides real-time access to equities across 24 stock exchanges.
The proceeds from selling treasury stock will add to RIL’s cash and help its big acquisition plans.
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.
State-owned Gujarat State Petroleum Corporation (GSPC), in association with Swan Energy, is all set to increase its Pipavav power project capacity from 1600 Mw to 2100 Mw. The project is in the process of going on stream with about 700 Mw.
Despite a five per cent capacity reduction worldwide due to global recession, Hong Kong airline major Cathay Pacific is upbeat over business operations worldwide and plans acquisition of new aircraft, as it believes recovery will be a sure but slow process.
Global financial services firm Citigroup is in advanced talks with regulators over its plans to raise more than $15 billion through an equity offering, a media report says.
Domestic brokerage firm India Infoline today said its consolidated net profit rose by 44.27 per cent to Rs 58 crore for the second quarter ended September 30, over the same period last year.
Corporate awards normally go to the sultans of success and the purveyors of good news. The cautious CEO who worries about bad times and steers his ship away from choppy waters is rarely rewarded. So, it is not surprising that the same high-profile jury of a media group that rejected the name of former RBI governor YV Reddy for an award two years ago, on the grounds that he was an excessively cautious and conservative governor, has now chosen him for this year’s award for saving the Indian banking sector from the ravages of the global financial crisis.
The concept of conflict of interest in commercial jurisprudence is hogging the headlines. A judge of the Supreme Court has recused himself from adjudicating a high-profile corporate war since his daughter now works for a law firm that had been involved in scripting a document that the court would have to interpret.
The IIMs will have to reinvent themselves considerably if they are to compete with top B-schools internationally - both in terms of their faculty as well as their curriculum.
Yaga Venugopal Reddy / October 27, 2009, 0:48 IST
Friends,
Demand from mutual funds (MFs) continued to fall today as the rates on short-term money market instruments stayed low, dealers said.
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.
Credit rating company Crisil has maintained a stable outlook on Reliance Industries Ltd, reaffirming its ratings on the debt instruments and bank facilities. This is after RIL’s announcement on its preliminary non-binding bid for the acquisition of LyondellBasell Industries (LBI).
Domestic institutional investors (DIIs) were net buyers of Rs 86.72 crore (provisional) today, according to data released by BSE.
The Sensex has slipped further and is now at 16,623, down 220 points.
India needs to find a balance between remaining competitive and being financially secure and stable in a troubled economic climate, Infosys" Chief Mentor, N R Narayana Murthy said here today.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
Markets have erased all its gains and slipped into the red.
The foreign institutional investors (FIIs) were net sellers of Rs 899.75 crore in futures and options segments on Thursday.
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.
On the back of robust economic growth at about 8 per cent in the second quarter of the fiscal, the Prime Minister"s economic panel today said the economy is likely to grow by 7 per cent in the current fiscal.
US medical devices maker Boston Scientific Corp today said it will pay $1.73 billion to settle three patent disputes with healthcare firm Johnson & Johnson (J&J).
The bourse to start with seven contracts.
With the greenback making gains, there is short term pressure on the yellow metal
The markets ended the last day on a high note. Erasing the previous day"s losses and shrugging off the spike in food inflation, the Sensex gained 120 points to end at 17,464 and the Nifty conquered the 5200 barrier to close at 5208, higher by 39 points. Power, consumer goods and energy stocks powered the indices.
“What experience and history teach us is this—that people and governments never have learnt anything from history, or acted on principles deduced from it.”
The government today said it will not relook into the investigations handled by arrested CLB member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries (SIL), the company said 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.
Ashim Purkayastha’s latest works focus on the violent history of the North-east.
The government has now decided to go for electronic trading of wheat for bulk consumers like flour millers to boost sales of the grain in the open market.
Income-tax arrears against assessees — of Rs 2,01,276 crore as on March 31, 2009 — have once again become an issue, as Parliament’s standing committee on finance has asked the Department of Revenue and the Central Board of Direct Taxes (CBDT) to put in place a Management Information System (MIS) within three months for collating and retrieving data concerning appeals, pendency disposal and recovery.
The stock gained 3.1 per cent to Rs 236.95 on reports that the company earned $4 million (approximately Rs 18 crore) by creating 200 of the 1,600-odd shots in James Cameron’s mega Hollywood movie Avatar. The film, with a reported budget of at least $300 million, is one of the most expensive films ever made.
State-run Union Bank is not likely to cut lending rates although the cost of funds may start coming down from the third quarter of the current financial year (2009-10).
The National Bank for Agriculture and Rural Development (Nabard), has extended its financing scheme through Joint Liability Groups (JLGs ) to the non-farm sector, to cover the micro entrepreneurs and artisans among others. The scheme was earlier available to small and marginal farmers and tenant farmers and small farmers cultivating land without possessing proper title of their land.
The National Bank for Agriculture and Rural Development today said it has sanctioned Rs 121.05 crore as loan to Karnataka to build rural infrastructure projects like roads and bridges, minor irrigation structures, secondary schools, anganwadi buildings, rural godowns and markets and fish jetties in various districts.
The Department of Telecom (DoT) is considering the Defence Ministry"s demand for an exclusive band of spectrum that will not be put to civilian use like mobile telephony and broadcasting.
Kraft Foods Inc, which this month proposed to buy Cadbury Plc, is poised to make an 11 billion-pound ($17.6 billion) hostile bid for the chocolate maker, the Observer reported, citing unidentified “City sources”.
A month after the Company Law Board"s (CLB) order allowing Descon to bid for its parent firm Dishergarh Power Supply Company (DPSC), Andrew Yule would invite financial bids for the power utility on November 20.
American chocolate maker Hershey Co is unlikely to bid for British confectionery major Cadbury as the company is "too small" to support the debt load needed to make an offer, says a media report.
The US government quietly agreed to forgo about $38 billion in potential tax payment from troubled financial giant Citigroup as part of a deal that help the company repay bailout funds, a media report has said.
Investigators probing the radiation contamination of a drinking water cooler unit in Kaiga atomic plant in Karnataka have zeroed in on five employees from whose department the heavy water could have been smuggled out.
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.
The Citigroup may cut a deal with the US government today that will allow it to repay the bailout fund the financial entity had received at the height of the global financial crisis, says a report.
Mobile telephone subscribers would have to wait a little longer to change their service provider without changing their numbers. The introduction of mobile number portability (MNP) across the country would be delayed by about two to three months, as some of the operators are not ready, said a senior official of the Telecom Regulatory Authority of India (Trai).
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.
We sail within a vast sphere, ever drifting in uncertainty, driven from end to end,” is what the G20 leaders conveyed to their trade negotiators at the Pittsburgh summit last Friday. Like the previous two summits in Washington and London respectively, the latest event under the leadership of President Barak Obama failed to provide any clear direction on how to end the comatose Doha Development Agenda trade negotiations.
Trade talks resumed in World Trade Organization (WTO) headquarters at Geneva today, 10 days after 30 ministers broke the impasse on Doha negotiations, aimed at reaching a global pact for opening $32 trillion international commerce.
The stock extended gains and touched a high of 1,517 - up 2%. The stock finally ended with a gain of 1% at Rs 1,506. Over 26,830 shares were traded on the BSE today.
The move will shorten the 30-40 days it has to wait for between producing cars and delivering them.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pound (about $284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
Toyota Motor said today that global sales of its hybrid vehicles had topped the two-million mark since their launch in 1997, led by the Prius — Japan"s top-selling car for the past four months.
Minority shareholder of Golden Tobacco Pramod Jain today made an open offer for acquiring another 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash between them over management control.
Lancor Holdings, a realty major, has approved the further issue of securities up to a value of Rs 75 crore with domestic and international markets through various instruments. The decision ws taken in its board meeting yesterday.
Kolkata Port Trust has run into fresh trouble, with the Union ministry of finance seeking a detailed report of operations at the Kolkata and Haldia Dock complexes, to gauge whether it is viable to continue to extend dredging subsidy.
Corporate acquisitions in India could become costlier with market regulator the Securities and Exchange Board of India (Sebi) mulling making it mandatory for acquirers to make an offer for up to 100 per cent stake in any listed company.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
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.
Bharati Shipyard today said its open offer for a 20 per cent stake in offshore drilling firm Great Offshore will open from December 3 to December 22.
Sidhartha / Mumbai December 25, 2009, 0:43 IST
The interest rate futures (IRFs) trading in the country will get a boost in coming days, as Life Insurance Corporation (LIC) and Central Bank of India have agreed to provide support to the exchange-traded product. Both these will ensure adequate liquidity on the National Stock Exchange (NSE)— the bourse where IRFs are traded.
In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned by it would be eligible for input tax credits as such services will qualify as ‘input services’. The decision has extended the present understanding of the service tax provisions to a significant extent and beneficially at that.
HCL Technologies closed at Rs 355, higher by Rs 6 or 1%, on the BSE. It opened at Rs 350 and touched a high of Rs 357 and a low of Rs 349 during the day. The stock saw trading volumes of 517,850 shares as against the 2-week average of 172,036 shares.
The government today said it is expecting to raise about Rs 8,100 crore from the five per cent stake sale in power PSU NTPC through a follow-on public offer (FPO).
Worried over an adverse impact on export earnings due to rising rupee against the US dollar, several north Indian export companies are mulling hedging against the volatility of the Indian currency.
Over 10 per cent rise of rupee against the US dollar has become a "big worry" for exporters at a time when they saw arrest in sharp decline in the country"s exports amid a hope of recovery.
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.
Two-wheeler maker India Yamaha Motor today said its sales have grown by 2.12 per cent in November to 17,055 units, against 16,701 units in the same month last year.
Kanika Datta / New Delhi December 10, 2009, 0:53 IST
Unlike in the past when economic growth did not translate into increased employment, the current investment boom is likely to have caused a spurt in jobs growth, argues Mahesh Vyas
Dubai has set up of a tribunal to settle all financial disputes between Dubai World, which is seeking to restructure around $26 billion of debt and its creditors.
Engineering and construction major Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with the US-based GE Hitachi Nuclear Energy, one of the largest nuclear power plant vendors in the world, for the construction of nuclear power plants in India.
Fifty-one days after the death of former chief minister of Andhra Pradesh, YS Rajasekhara Reddy (YSR), his son and a Member of Parliament from Kadapa, YS Jagan Mohan Reddy, broke his silence on his future role in the state politics.
The Punjab National Bank (PNB) is mulling to provide financial assistance to Small and Medium Enterprises (SME) clusters across the country. The bank has decided to grant a collateral free loan of upto one crore rupees under the programme.
While the Insurance Regulatory and Development Authority (Irda) is working on making third-party motor cover obligatory for non-life insurance companies along with rural and social sector obligations, private insurers want to abolish the fund, which is used to pay claims in this category.
Jharkhand has asked the Centre to rein in Public Sector Units (PSUs) from carrying out "reckless" mining activities causing environmental degradation in the state and demanded setting up of a team to monitor their functioning.
Kotak Mahindra bank today announced its first quarter results. The bank"s net profit went up by 72 per cent to Rs 257 crore in first quarter of FY10 compared to Rs 150 crore in the corresponding quarter last year on a consolidated basis.
Bank of Baroda (BoB) would open five new branches in Uganda, Trinidad and Malasiya during 2009-10, a top bank’s official said today.
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.
Down 387 points to 16,353 as banking stocks fall on hardening monetary policy.
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
Mukesh Ambani and Anand Jain promoted Mumbai SEZ Ltd has suspended, for an indifinite period, its land acquisition for the MahaMumbai special economic zone (SEZ) in coastal Raigad. The company may drop the project altogether, as it was not able to acquire “a minimum of 1,000 hectares of contiguous land” as mandated by the SEZ Act.
FII attitude may be key
The Foreign Institutional Investors (FIIs) were net sellers of Rs 1,594.16crore in futures and options segments on Tuesday.
US hedge fund makes 40% profit; KP Singh family to go for DLF Assets IPO in the first quarter of 2010
Mangalore-based public sector lender, Corporation Bank, today reported 41.75 per cent rise in its net profit at Rs 261.25 crore for the first quarter ended June 30, 2009 compared to the corresponding quarter last year. Its operating profit for the quarter went up by 77.96 per cent year-on-year to Rs 571.24 crore.
It"s called initial public offer, but it was promoters who walked away with a lion"s share in this market during 2009, when they sold shares worth about Rs 20,000 crore in their companies to the public shareholders.
My father is a senior citizen and wants to invest around Rs 3 lakh in mutual funds. He wants to derive monthly returns from the investment, like through pension. Please suggest some funds that do not carry risk.
The Sensex is quoting at 17,636, higher by 20 points, and the Nifty is at 5,271, up 8 points.
Wind Turbine maker Suzlon Energy repaid $780 million (around Rs 3,700 crore) acquisition loan. This has also made the company achieve a net reduction in overall debt by $350 million (around Rs 1,700 crore).
UCO Bank has recorded 22.05 per cent growth in advances and 19.77 growth in deposits for the quarter ended December 31, 2009.
Business Standard / New Delhi January 06, 2010, 0:08 IST
The Indian government has cancelled visas of Pakistani-origin terror suspects David Coleman Headley and Tahawwur Rana, according to sources.
Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year.
China is getting all worked up about the wrong thing when it comes to the US. Forget these nascent trade wars over tires, cars and chickens. China’s real problem is how quickly the dollars they hold in great quantity are getting all the respect of pesos these days. Sounds like hyperbole? Not when you consider what may be the hottest investment of 2010: the dollar-carry trade.
Citigroup Inc posted a $4.28 billion profit, less than analysts estimated, as surging loan losses cut into a gain from selling control of the Smith Barney brokerage unit.
As investors get ready for Christmas celebrations, domestic bourses will not have much to cheer about and is likely to see subdued trading this week, feel analysts.
The Nifty remained listless after opening on a positive note on lack of follow-up buying in cash and F&O segments. With traders unwilling to be active at higher levels, the derivatives trading volume dropped significantly by Rs 10,000 crore. The Nifty December futures closed on a par with the spot index and shed 1.24 million shares in open interest (OI), mostly through a blend of buy and sell trades, indicating short-covering and unwinding of long positions. The rollovers in the Nifty January were lower at 0.78 million shares compared to unwinding in the December futures. This indicates that participants are not in a hurry to rollover their positions at the current level.
Financial services provider Religare Enterprises today said it would raise Rs 1,850 crore through rights issue.
Over 15 senior executives of the PricewaterhouseCoopers (PwC), whose Bangalore-based arm audited accounts of scam-hit Satyam Computer Services, have quit and would be joining PwC"s global rival KPMG.
Media house DB Corp, which publishes Hindi daily Dainik Bhaskar, will list its equity shares on the bourses on January 6.
The initial public offer of DB Corp, publishers of Hindi daily Dainik Bhaskar, has received an overwhelming response from investors and got subscribed 14.60 times on the final day of the issue today.
Vishnupriya Hotels Limited (VHL), which is setting up a five-star hotel at Visakhapatnam, has tied up with US-based JHM Interstate to operate the hotel.
Air India (AI) has convened a meeting of foreign pilots’ recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 per cent. This is the airline’s bid to reduce costs and narrow the difference between the pay of Indian and foreign pilots.
Toeing the line of some other states, Madhya Pradesh, which is facing a severe power shortage, has finally decided to import 4.5 lakh metric tonnes of coal to meet its shortfall and does not affect its electricity generation, officials said.
The UPA government"s austerity measures was dubbed as "tokenism", by BJP leader Yashwant Sinha today.
Business Standard / New Delhi December 29, 2009, 0:14 IST
Bhupesh Bhandari / New Delhi November 05, 2009, 0:27 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.
Ali Sethi writes a coming of age saga but hopes for a revival of the region"s progressive culture.
That the new direct taxes code is proving embarrassing for the government is obvious, it’s just that one didn’t realise the government felt the same way as well. At one point the code says, “A business shall be distinct and separate from another business if there is no interlacing, inter-dependence or unity ‘embarrassing’ the two businesses.” Now that’s embarrassing.
Wadhwa Committee wants recovery of Rs 95 crore from those behind the fraud.
Average participation in the last 12 offers was just 2.39 times
JSW Energy’s track record and high revenue visibility are some clear positives, but the IPO leaves little to gain from in the short-term.
There is need for a separate exchange or platform for small and medium enterprises (SME) as the criteria for listing such companies are different, Finance Minister Pranab Mukherjee said today.
Foreign firms helping domestic oil explorers need to pay tax at lower rate of 10 per cent only as their business is technical services, the Authority for Advance Ruling (AAR) has ruled.
Passengers flying in and out of the Mumbai airport are likely to face a tough time on every Tuesday for the next five months as the intersection point of the two runways would remain closed for a few hours that day.
Around four months ago, the new Boeing airplane for Prime Minister Manmohan Singh arrived in India. But the prime minister didn’t get an opportunity to fly in it because of the elections. Now, Singh has used the plane to fly to Thailand for the 7th India-Asean summit. The ultra-modern aircraft has a bedroom and a conference room for the prime minister apart from special chambers for his aides. It is equipped with security gadgets of the likes used in Airforce One to protect the US president.
Business Standard / New Delhi December 9, 2009, 0:13 IST
Deal goes ‘much further’ than the 123 agreement between India and US.
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.
Tech Mahindra’s equity infusion into Mahindra Satyam should comfortably bankroll the pay-off.
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.
State owned Coal India Limited (CIL) has finally decided to reduce the floor price of coal offered for sale on the forward e-auction platform.
Ratnagiri Gas and Power Private (RGPPL) or the erstwhile Dabhol power project in Maharastra would start generating 1,900 Mw of electricity by March, 2010.
Non-banking finance company Tata Capital today announced the appointment of Jamshed Daboo, to the newly created position of head, of national sales and services organisation.
The outgoing chairman of the Company Law Board (CLB) S Balasubramaniam on Wednesday said that lack of qualified manpower at independent quasi-judicial body could impede its functioning in the medium-term, especially considering the delay in the implementation of the proposed National Company Law Tribunal (NCLT).
New Delhi, Oct 19 (PTI) The Company Law Board today dismissed a petition challenging the appointment of Harsh Vardhan Lodha, son of late R S Lodha, on board of Birla Corporation.
The Company Law Board (CLB) today allowed Satyam Computer (now Mahindra Satyam) to finalise accounts for 2008-2009 and also adjust past irregularities.
The stock surged further to a high of Rs 37 - up 7%. The stock, however, slipped from the high and ended with a gain of 5% at Rs 36.30. Over 7.46 million shares changed hands at the counter today, comparatively higher than the two-week daily average trade of 1.56 million.
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.
The initial public offer (IPO) of Adani Power, which closed today, got subscribed over 14 times with most of the bids coming in from institutional investors.
The markets after a strong start to the week, danced to the "D"-word tune in the latter half of the week as derivatives unwinding coupled with the Dubai debt scare saw the index tumble sharply.
Investing in this capital-intensive sector calls for a close look at existing power purchase agreements and fuel supplies
Sahara Prime City Ltd, the company planning India’s second-largest real estate initial public offering in more than two years, is in talks to raise as much as Rs 1,000 crore ($214 million) from private equity investors.
Public sector hydropower producer Satluj Jal Vidyut Nigam (SJVN) today said its proposed initial public offer is likely to come in the next fiscal and the company is in the process of appointing independent directors, a prerequisite for firms planning to hit the market.
The government today cleared foreign fund house Lazard"s proposal to invest Rs 125 crore in its Lazard India Growth Fund, which will focus on mid-sized firms in the country.
Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities.
It is the first overseas acquisition by an Indian sugar company.
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.
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.