Business Ideas
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
Saturday
Jammu and Kashmir (J&K) Bank has posted over 19 per cent rise in net profit at Rs 139.99 crore for the third quarter of 2009-10 on the back of high non-interest income. The bank had registered a net profit of Rs 120.67 crore in the same quarter last year, a J&K Bank spokesman said today. Operating profit increased by 31 per cent during the same period.
Godrej Security Solutions (GSS) Division, one of the divisions of Godrej & Boyce Mgf Co. Ltd and part of Godrej Group, has set the target of around Rs. 400 crore turn over for the current FY 2009-10 and eyeing Rs. 500 crore turn over by FY 2010-11.
Global cues and fears of tightening monetary measures by the central bank pulled down the benchmark BSE Sensex 490.6 points (2.92 per cent), marking the sixth day the market has been in a bear grip.
Doha Bank is planning to expand its operations in India by entering into new segments. The Qatar-based bank had in 2007 acquired a 49 per cent stake in Kochi-based brokerage firm Select Securities.
For the first time in four-and-a-half years, State Bank of India (SBI), the country’s largest lender, on Monday reported a decline in its consolidated net profit.
As with all the bad news from Iraq and Af-Pak, sooner or later the bad news on the climate acquires a stultifying sameness. Only when a surge is in sight — troop surge, storm surge — does one’s news radar jolt awake momentarily. The cause of this deadened state is not an unassimilable surfeit of information, rather, it is a shortage of the right sort of information. Despite the barrage of news and opinion, we don’t know enough to figure out what the right questions are. Without that foundation, our knowledge rests on a bog, into which it is liable to settle with a gentle burp or two of greenhouse gas (or, hot air).
Tata Steel, India largest private steel producing company reported a higher than market estimate net profit at Rs 1,191 crore, a growth of 155 per cent for the quarter ended December 31, 2009 as compared to a profit of Rs 466 crore posted during the same quarter a year earlier.
Corporate Affairs Minister Salman Khurshid, who yesterday favoured trimming pay packets of India Inc CEOs, today earnestly advised them to lead a simple life, saying "display of affluence is unacceptable".
As energy costs rise ahead of inflation, awareness of potential impact of climate changes increases among organisation’s stakeholders. By 2014, strategies of at least two-thirds of organisations will exploit or risk-mitigate environmental sustainability, according to Gartner Inc, an information technology research and advisory company.
Job seekers can get their resume ready as India Inc"s hiring outlook improves considerably with over 70 per cent recruiters predicting new job additions in 2010, a survey says.
This time around, the Idea Cellular campaign champions the cause of environmental awareness.
Australian Prime Minister Kevin Rudd today said his government was committed to taking every “physically possible” step to ensure that all international students in his country remained safe.
It was a taste of India at President Barack Obama"s First State Dinner, where he welcomed Prime Minister Manmohan Singh in Hindi and treated him to a range of vegetarian delicacies, including dishes prepared with herbs from the White House kitchen garden.
For a sign of how the mood has changed at the World Economic Forum in Davos this week, consider the speakers at an invitation-only client lunch hosted by Paul Calello, who runs Credit Suisse Group AG’s investment bank.
Apollo Tyres, India’s second largest tyre manufacturer by tonnage, posted an 18-fold increase in net profit at Rs 102 crore for the quarter ended December 31, as compared to Rs 5.5 crore in the same quarter a year earlier.
Hinduja group"s flagship company Ashok Leyland today unveiled the country"s first electric plug-in CNG hybrid bus, HYBUS, at the Auto Expo here.
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.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Slamming claims that it poses a threat to oil and gas sector regulator V K Sibal’s life, the Anil Dhirubhai Ambani group today said it would file criminal proceedings against the Director General of Hydrocarbons (DGH) for “defamation and character assassination”.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country.
For the first time in six months, India"s crude oil production rose in December by 1.1 per cent as Reliance Industries and Cairn India helped offset decline in ONGC output.
The Sensex and Nifty closed near their trendline support of 17,400/5,220 on the back of weakness in world stocks and lack of buying interest in the futures and options (F&O) segment in the last couple days.
South Korea will host a world financial meeting ahead of a G-20 summit later this year as part of its efforts to help promote global financial stability, the country"s financial regulator has said.
With many rich nations failing to meet Kyoto Protocol goals, top climate expert R K Pachauri today said a “stronger and firmer” regime envisaging punitive action against the defaulters awaits in a new climate treaty, whenever it is framed.
He described how India had negotiations with US for almost 36 hours over the words of the Accord.
Gems and jewellery exporters are pinning hopes on the recovery in the western markets ahead of Christmas, after witnessing a sharp decline in their shipments for the last eleven months in a row.
An all-male student band in Pennsylvania sing Bollywood songs without accompaniments.
Box office collections for major production houses below investment.
Abhilasha Ojha / New Delhi October 25, 2009, 0:40 IST
Yash Raj Films (YRF) has formally announced its entry into the television space, by joining hands with Sony Entertainment Television (SET), a leading Hindi genereal entertainment channel. As part of the deal, YRF will produce exclusive fiction and non-fiction content for SET.
Japan"s national flag carrier is planning to suspend a total of 50 domestic and international routes by the end of fiscal 2011 through March 2012 as part of its restructuring measures, sources close to the matter said today.
The Society of Indian Automobile Manufacturers today said implementation of new emission norms scheduled to be effective from April 1, 2010, should be postponed by up to six months if there is no clarity on availability of upgraded fuels latest by January-end.
Kaustubh Kulkarni / December 03, 2009, 0:49 IST
South Korean consumer durables major LG today said it plans to give a push to its LED TV sales by launching more advanced versions of it in 2010 and expects to sell up to 3 lakh units by the end of next year.
The Christmas season has brought cheers for the Indian handicraft exporters as overseas shipments shot up by nearly fivefold to $26.32 million (around Rs 122 crore) in October, thanks to the economic revival in some of the western economies.
Kishore Singh / New Delhi November 3, 2009, 0:30 IST
Cement-maker, Ambuja Cements, today said that its cement production in October stood at 14.98 lakh tonnes as against 14.51 lakh tonnes in the year-ago period.
US car manufacturer General Motors today hoped to get 20 per cent revenue from overseas markets by 2011 once it starts exporting to these countries, a top company official said.
Car maker General Motors India today said it has offered a new scheme under which customers can exchange their Opel cars for Chevrolet brands.
Fears of an imminent price rise, production spillovers owing to spare parts shortages plus a low base effect saw sales of the country"s major car makers grow a record 63 per cent in November.
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.
Advance tax collection shored up in the second quarter of the financial year indicating expectations of profit for the September quarter.
Indian Commodity Exchange (ICEX) is likely to launch operations on November 23 with 10 contracts in the farm and non-farm space, a source familiar with the development informed. “Most pre-launch formalities such as finalising the bye-laws and a few regulatory approvals are at a final stage, and the exchange may go live on Nov 23,” the source said.
Foreign Institutional Investors raised their holdings in as many as 25 Sensex companies in the first quarter of the current fiscal, riding on positive global cues and a decisive verdict in the general elections.
Company launches ‘Cash & Carry’ format.
In contrast, exports during April-October decline 42 per cent.
Commercial vechicle manufacturer Ashok Leyland (AL) expects its overall sales to drop by 3-5 per cent in the second half of the year, in case the poor monsoons this year hits the economy hard. The company, at the same time, is bullish on its bus segment on the back of the impetus provided by the Jawaharlal Nehru National Urban Renewal Mission(JNNURM) order book.
The decision was reached after political consensus; sellers offered land-for-land deal
Mumbai-based auto maker Tata Motors today stated that its wholly-owned subsidiary Tata Motors European Technical Centre plc (TMETC) has received a loan of £10 million (Rs 78.81 crore) from the UK government for its £25 million (Rs 197 crore) electric car programme.
After decades of hunt for fortune abroad, India’s pharmaceutical companies now plan to strike gold in their own backyard. Large players from Ranbaxy to Dr Reddy’s and Piramal Healthcare are all headed to rural India to boost their revenues.
Hyderabad-based biopharmaceutical company Suven Life Sciences Limited announced that its drug discovery collaboration in central nervous system (CNS) disorder with the US-based Eli Lilly and Company yielded a positive outcome with lead declaration leading to a milestone payment to Suven.
Tata Sons, the holding company of the Tata Group firms, has won a case at the World Intellectual Property Organisation against the travel portal, MakeMyTrip, which has been using the term "tata" in one of its website, "oktatabyebye.Com".
Despite facing resistance from the Opposition as well as a section within the party, the Left Front government in West Bengal is exploring ways of reviving the shelved chemical hub project at Nayachar.
The boundary between a television set and a computer is blurring. Consider Zenith Computer-promoted Vu Technologies’ offering, the Intelligent TV, which is a television-cum-PC with a Microsoft Windows operating system (OS).
On the second day of placements at the Indian Institutes of Technology (IITs), IIT Kharagpur saw IT biggies like Yahoo, Microsoft, and Adobe flock its campus, apart from companies like Amazon, JLLM, 3M and FICO.
An investor with a wide exposure to small caps can beat the Nifty.
Silver futures prices extended gain for the second straight day by adding 0.48 per cent on the Multi Commodity Exchange(MCX) today on increased offtake in the spot markets due to festival season.
India’s largest IT firm Tata Consultancy Services (TCS), is eyeing six-seven deals worth over $100 million in the Latin American region.
Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, announced the opening of a new Global Delivery Centre in Buenos Aires, Argentina - the first company to officially inaugurate its facilities in the new Technology District of the city of Buenos Aires.
The country"s largest software exporter Tata Consultancy Services (TCS) today announced that trainees joining it this fiscal would not be eligible for variable pay of about Rs 5,000 a month in the first six months.
The ‘Jai Ho’ trust by the ‘Slumdog Millionaire’ filmmakers has hired a social worker to ensure the welfare of Rubina Ali Qureshi after her father allegedly tried to sell her for nearly USD 300,000.
Mounting pressure on Pakistan, the US today joined India in underscoring the "absolute imperative" to bring to justice the perpetrators of Mumbai attacks and underlining the need for "resolute and credible steps" to eliminate "safe havens" in Pakistan and Afghanistan, which undermine the security and stability around the world.
Information Technology major IBM today launched a new infrastructure service model targeting Small and Medium Businesses (SMB) in Tier-II and Tier-III cities.
Gold and silver sparkled and logged an all-time peak in Mumbai"s Zaveri Bazar on Wednesday on heavy stockists buying and firm global guidance.
Business Standard / New Delhi December 03, 2009, 1:32 IST
The Centre today said state governments have been asked to prepare the local level adaptation action plans on climate change consistent with the objectives of the National Action Plan on Climate Change.
The Reserve Bank of India (RBI) today said it would reassess its soft policy stance amid food inflation soaring past 17 per cent even as the the PM"s advisory panel and others called for tightening money supply.
The government on Tuesday said it would not withdraw the fiscal stimulus, provided in the last one year to help the economy deal with the global slowdown, in the current financial year.
A K Bhattacharya / New Delhi December 2, 2009, 0:09 IST
Business Standard / New Delhi December 17, 2009, 0:58 IST
Shanghai Automotive Industry Corporation Group (SAIC) and General Motors, US, today announced the formation of a 50:50 joint venture exclusively to cater to the Indian market and to South East Asian countries. The new company will be called General Motors SAIC Investment Ltd (GMSIL) and will be based in Hong Kong.
For six years I had lived in Beijing, the constantly churning capital of a dynamic country on the ascent. But I was now to move again, this time to Brussels, the bureaucratic centre of old world Europe. There were many counts on which this was a change I wasn’t looking forward to. But the one positive I did anticipate was an escape from the paroxysm of construction that was emblematic of Beijing’s remorseless embrace of modernity.
Industry bodies were enthused by the more than anticipated GDP growth of 7.9 per cent in the second quarter (Q2) of the current financial year, 2009-10, along with the increase in consumption and investment. However, they are apprehensive about the sustainability of growth.
To meet the strong demand from India and Middle East, Jaipan industries plans to step up its production by 50 per cent this month onwards.
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
Maruti Suzuki, the country’s largest manufacturer of cars, is also quite cash-healthy, markedly so in comparison to many of its competitors.
City-based drug firm Natco Pharma (NPL) will make ten million strips of its generic version of Roche"s swine flu medicine Tamiflu available by October.
With Formula One Supremo Bernie Ecclestone giving a categorical assurance that the Indian Grand Prix is very much on, Force India Chairman Vijay Mallya today said the 2011 race would be a huge boost both for motorsports and the outfit he owns.
Brushing aside government"s stand that Formula One is not a sport, F1 supremo Bernie Ecclestone today said the foundation stone of the race track in India would be laid in October for the showpiece event next year.
Jet Airways Chairman Naresh Goyal said the strategic alliance forged almost a year ago between his company and Kingfisher Airlines has still not achieved tangible progress.
The captive power plant of National Aluminium Company (Nalco) in Angul has started regulating power supply to the smelter, located next to it, owing to acute coal crisis.
Although Smart Portfolios kicked off on September 1, 2009, it feels good to end the calendar year on a cheerful note. The net returns in the second season are at the highest point currently. The benchmark S&P CNX 500 portfolio value has appreciated by 12.73 per cent to Rs 11.27 lakh as against its starting corpus of Rs 10 lakh. Ajay Parmar and Amar Ambani continue to outperform the benchmark with a wide margin. While the former"s return has zoomed 20.46 per cent, the latter"s portfolio value has soared nearly 19 per cent. Phani Sekhar has reported gains of 6.72 per cent so far, and Praveen Panjwani"s net worth is up by 6.3 per cent.
Business Standard / New Delhi January 15, 2010, 0:19 IST
In an apparent climbdown, India today agreed with Pakistan"s contention that terrorism should not be linked to the composite dialogue process as Prime Minister Manmohan Singh and his counterpart Yousuf Raza Gilani met here to chart the "way forward" in bilateral ties.
The state-owned telecom service provider Bharat Sanchar Nigam Ltd (BSNL) is planning to seek exemption from paying licence fees, stating a clause under the National Telecom Policy of 1999 (NTP ‘99). At present, the company pays around Rs 3,000 crore per annum as licence fee to the exchequer.
The Sensex has erased some of its gains and is now at 17,666, up 109 points. The NSE Nifty is at 5,267, up 34 points.
The Sensex is exhibiting firmness and is now at 17,708, up 149 points. The NSE Nifty is at 5,280, up 48 points.
Godrej Properties ended the debut day at Rs 534, which is a premium of 9% to its issue price of Rs 490.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
High prices along with floods and poor monsoon led to the fall
The yellow metal rose Rs 155 on the announcement of RBI’s asset purchase, weak dollar.
Over 175 exhibitors from India and abroad are expected to showcase their designs and products at the second edition of the Kerala Gem and Jewellery Show, which begins here from November 21.
Aptech has so far trained five million students globally and has over 1,000 centres in 35 countries. In his first interview to the media after taking over as CEO and managing director, Ninad Karpe tells Shivani Shinde how he plans to take the company into the next phase of growth. Edited excerpts:
The intensifying tariff war among telecommunication players in India is likely to result in consolidation of smaller, regional and startup operators in the telecom space, global research firm Macquarie says.
The contemporary hotel in India is lifestyle- rather than luxury-oriented, and it suits younger business travellers just fine.
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.
Fred Bergsten & Arvind Subramanian / August 22, 2009, 0:01 IST
Frank Sieren & Andreas Sieren / July 11, 2009, 0:03 IST
IT solutions provider NIIT Technologies today reported a 12 per cent fall in its profit after tax to Rs 32.1 crore for the second quarter ended September, due to volatility in currency movement.
US markets advanced on Monday, sending indexes to fresh 13-month closing highs, after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to help growth.
US markets rose in light volume on Friday to achieve a second straight week of gains as strong retail news reinforced hopes for strong sales in the holiday season.
The Sensex is now at 14,879, down 531 points.
The Sensex is now at 14,948, down 463 points. The NSE Nifty is now at 4,446, down 133 points.
Russian government to pay $676.9 million for the deal.
The government is likely to appoint investment bankers and advisors soon for the disinvestment of additional 8.38 per cent stake in iron ore producer NMDC, official sources said today.
Power producer Jindal Power Ltd (JPL) is planning to raise about Rs 10,000 crore through an initial public offering.
Bangladesh may soon emerge as a major investment destination for Indian power sector players, as its government is planning nine power projects and a liquefied natural gas (LNG) terminal worth $5 billion, with the help of expert private sector players around the world.
India’s government might miss a target to add capacity at its 12 major ports, as the economy grew less than anticipated and global trade slumped amid a recession, the shipping secretary said.
Bhushan Steel Ltd today signed a technical collaboration and marketing agreement with Sumitomo Metals, Japan’s third-largest steel producer. The two companies are also exploring the setting up of a joint venture for setting up a six-million tonne steel plant at Asansol in West Bengal.
The financial services industry will see significant changes.
With Haryana Chief Minister Bhupinder Singh Hooda earlier indicating review of the Haryana industrial policy, industrialists in Panchkula eagerly await the review that might help in changing the facade of industry in the state.
Internet company AOL today said it is planning to reduce one-third of its workforce, as part of its cost cutting initiative.
State-owned NTPC today said it has appointed a consultant for evaluation of a coal mine in Indonesia.
It’s never easy to be in public domain. Members of Parliament (MP) cutting across party lines have realised that. Madhusudan Mistry, a Congress MP from Gujarat, gave his mobile number to the voters of his constituency. “Even in the middle of the night, people, evidently drunk, used to call me to solve their petty personal problems,” Mistry recalls.
System integration firm Teracom today said it has bagged a Rs 12.6 crore broadband services deal from the Indian Railways.
The Sensex after opening flat, surged to a high of Rs 17,658. The index then slipped to a low of 17,604 - down 54 points from the day"s high.
Offers 2,000 acres in Pune’s Saswad taluk.
The raging controversy over the credit for the story in 3 Idiots escalated today with director Rajkumar Hirani accusing author Chetan Bhagat of “lying” despite agreeing to several conditions including a rolling credit in a contract.
Saksoft Limited, a Chennai-based software services company with focus on the banking, financial services and insurance (BFSI) segment, is planning to double its revenues by the end of the 2011-12 financial year, from last year’s Rs 120 crore, through the organic growth route.
The liquidity crunch in the real estate sector has hit Indian Railways’ efforts to lease out surplus land for commercial development on public-private partnership.
The Nifty closed below 5,000 on Friday due to unwinding of long positions and fresh shorts build-up by foreign institutional investors (FIIs). We had indicated in our December 10 report that the index might not hold the 5,000 level in near future. Technically, the market is trading in a bearish triangle pattern and fresh correction is expected next week with strong support around the 4,900 level. The daily Relative Strength Index has drifted below the mean level of 50, indicating caution. Any failure to rise from the current level could see the index drift lower to test the 4,940 level.
Life insurers are pitching for increased exemption on investments in long-term policies. They have asked the government to consider raising the exemption limit to around Rs 1.5 lakh from Rs 1 lakh at present.
The expert committee examining the way financial products are sold, which is chaired by Pension Fund Regulatory and Development Authority Chairman D Swarup, will stick to its earlier proposal of banning payment of upfront commission by insurance policyholders.
Crisil’s IER initiative should benefit investors in the long-run provided the service is available on an ongoing basis
Mumbai-based IRB Infrastructure Developers today reported an 80 per cent jump in profit after tax (PAT) at Rs 74.31 crore in the second quarter ended September 30, 2009.
Jubilant Foodworks, which runs the Indian franchise for global fast food chain Domino"s Pizza, today filed an application with market regulator Sebi for an initial public offering (IPO) to raise up to Rs 300 crore.
After the launch of the country"s first indigenously built nuclear submarine, India has the "technical expertise and capability" to build nuclear-powered aircraft carrier and warships, Atomic Energy Commission Chairman Anil Kakodkar has said.
The Bombay Stock Exchange (BSE) on Tuesday said it would launch a trading platform for mutual fund (MF) units on December 4. The move comes a day after the National Stock Exchange (NSE) launched a similar platform. Central Depository Services Ltd will be the BSE’s depository partner.
India Inc sells a third of carbon credits to middlemen at low rates.
Foreign institutional investors (FIIs) were net buyers of Rs 885.65 crore (provisional) today, according to data released by BSE.
The world’s third largest wind energy turbine maker, Suzlon Energy, has shifted most of its management operations back to its headquarters in Pune.
India suffered loss of export orders worth Rs 8,982 crore in nine months since August 2008, on account of global recession, Minister of State of Commerce and Industry Jyotiraditya M Scindia informed Rajya Sabha today.
Prices collapsed in settlement week with the Nifty dropping 5.7 per cent to close at 4,711.7 points. The Sensex was down 5.5 per cent, closing at 15,896 points. The Defty was down 6.8 per cent with the dollar bouncing from over-sold levels.
Stock markets skidded today, commodity prices took a beating, Kerala panicked and even Bollywood worried as Dubai’s $60-billion debt woes sparked fears over corporate and bank exposure to the crisis. Indian companies and banks played down the impact, saying the exposure was not significant.
The Nifty closed above the crucial resistance level of 5,080 on strong buying in index stocks such as Reliance Industries, ICICI Bank, Tata steel and Cipla. Bharti Airtel, Reliance Communications, Jaiprakash Associates and State Bank of India closed in the red on shorts build-up on the F&O segment. The Nifty November and December futures closed at a premium to the spot on intraday short-covering and fresh long build-up.
Funds will have to launch products tailor-made for semi-urban, rural markets.
Exporters, hit by a demand slump in the global market, have sought RBI"s intervention for dollar credit from banks at competitive rates.
The tremors from the Dubai World crisis are unlikely to be felt by Indian information technology (IT) service providers, since they do not have a major exposure to the market in that region.
Taking its “In India, for India” initiative further, GE Healthcare today launched MACi, a low-cost portable ECG device.
The Central Bureau of Investigation (CBI) today filed second chargesheet in the multi-crore rupee Satyam scam against the founder chairman of the company B Ramalinga Raju and others, including recently arrested internal auditor of the company V S Prabhakar Gupta.
Bharatiya Janata Party (BJP) leader Rajiv Pratap Rudy had egg on his face today over his earlier statement that as the BJP did not get the mandate to rule in Jharkhand it should sit in the Opposition.
Magma Fincorp has picked up 7 per cent stake in Experian Credit Information Company of India, the proposed Indian arm of global information services company Experian.
JMM chief Shibu Soren is all set to take oath as chief minister heading a five-party coalition in Jharkhand tomorrow, which will be the seventh dispensation in nine years since it became a separate state.
The Bombay High Court has asked Delhi-based businessman Sanjay Dalmia to appear before the Economic Offences Wing (EOW) in connection with a cheating case.
The Government today said it has no plans to sell more stake in aluminum producer National Aluminum Company (Nalco).
The country"s second largest public sector lender, Punjab National Bank, today said it can raise up to Rs 7,000 crore from bonds to fund growth plans.
Essar Oil has bagged three more coal bed methane (CBM) blocks after a panel of secretaries rejected the bids put in by a consortium led by Deep Industries.
Essar Oil is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage firm IDFC-SSKI said in its report on the firm while putting a price target of Rs 194 on its stock.
The stock erased all its gains and slipped into the negative to settle at Rs 210, down 1.5%. The counter clocked volumes of 1.82 million shares as compared to the two-week daily average traded volumes of 1.40 million shares. _________________________________________________
Anglo-Australian mining giant Rio Tinto today said it will sell building products maker Alcan Composites to Swiss firm Schweiter Technologies for $349 million.
China vs. Iron ore oligopoly: China could fracture the world’s iron ore oligopoly. Three miners – Vale, BHP Billiton and Rio Tinto – control two thirds of international trade. The big producers are consolidating, most notably with a joint production venture between BHP and Rio. China, the world’s largest customer, would like to keep its costs down and its supply assured.
Aditi Technologies, an outsourced product and application development firm, is increasing its focus on intellectual property (IP)-led domain services for which it plans to double its headcount to over 2,000 people over the next 18 months. The company hopes this move will help it cross the $120 million mark in revenues during the same period.
Wholesale food prices touched 10-year high with food inflation inching to 19.95 per cent for the week ended December 5, prompting Finance Minister Pranab Mukherjee to commit food imports to maintain supply in the domestic market.
Mahindra & Mahindra gave all its gains and slipped to a low of Rs 813. The scrip finally settled flat at Rs 820. The counter clocked volumes of 239,425 shares as compared to the two-week daily average traded volumes of 277,548 shares.
The West Bengal government has not received any compensation bill from Tata Motors for the land at Singur given for its small car project, although group chairman Ratan Tata has expressed willingness to return the land to the government if compensated for its investment.