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On the back of steady growth in the economy, railway ministry officials indicate that Budgetary estimates outlined last year are likely to be met despite a shortfall in the earnings from passenger traffic and parcel services in the first three quarters of the current financial year (2009-10).
With the Indian Railways registering better-than-expected growth in traffic operations this financial year on the back of a revival in the economy, its gross domestic product (GDP) is expected to cross the 9 per cent mark by the end of this financial year. This could lead to rising freight rates of some commodities, say officials in the ministry.
The railway ministry is working on a proposal with the Ministry of Rural Development to jointly fund key railway projects by utilising the government’s flagship National Rural Employment Guarantee Scheme (NREGS).
Franklin Templeton Investments plans to hire two India stock analysts to increase its coverage of a market that has outperformed its developing nation peers this year.
Anil Ambani-led Reliance Natural Resources (RNRL) today asserted in the Supreme Court that family MoU of 2005 was a "sacrosanct" document for resolving the gas row with Mukesh Ambani group Reliance Industries (RIL) and accused it of scuttling efforts to arrive at a bankable agreement for the supply of gas from KG Basin.
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.
A four-member committee to shortlist the candidates.
The problem of traffic snarls due to places of worship on public roads will not compound with the Supreme Court today ordering that there would be no fresh construction of sites of worship on any public road or lane.
The last two seasons in Formula One have seen the bitter rivalry between Ferrari and Mclaren rearing its head. If in 2007 it was Kimi Raikkonen who sneaked in to win the driver’s championship for Ferrari at the last race, then Lewis Hamilton went a few steps ahead and snatched the title from right under Felipe Massa’s nose at the last corner of the season. Apart from seeing these two motorsport giants go head to head this season, there are a lot of other things to look forward to in the 2009 season.
The new five-party coalition in Jharkhand which is all set to assume power tomorrow has 31 MLAs with criminal cases against them.
As is now well known, the Task Force appointed by the Thirteenth Finance Commission, Government of India, has issued a report on December 15, 2009 detailing the recommendations on various issues relating to the design and implementation of the proposed GST in India.
KSK Energy Ventures today posted a consolidated net loss of Rs 4.91 crore for the third quarter ended December 31.
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.
Kerala Chief Minister VS Achuthanandan will be removed from the CPI(M)’s Politburo on ground of “serious indiscipline.” The Politburo has found him guilty of publicly airing his differences with his bete noire, Kerala unit General Secretary Pinarai Vijayan. VS will be allowed to remain Kerala chief minister by the Central Committee, but a section of the party thinks his days as CM are numbered, as the state unit will try to dislodge him from the post.
Says HC allocation order wrong, for govt is custodian of all gas in India
Naveen Jindal-controlled Jindal Steel & Power Ltd (JSPL) is in the race for Mongolia’s Tavan Tolgoi coal project, one of the 10 biggest deposits in the world.
Brokers have discovered a golden opportunity in the positive market sentiment to add investor accounts, even if it means offering these services for free.
Leads prime-time band with GRP of 113
Don’t get carried away by just the interest rate on offer when investing in company fixed deposits
Tata Steel Global Mineral Holdings, a unit of Tata Steel, today said it has increased its stake in Australia-based Riverdale Mining Ltd to 19.38 per cent through market purchases.
Metal producers’ earlier plan to raise funds through equity issues may get delayed, as the flush of liquidity has slowed and the market has turned weaker. Sterlite Industries, JSW Steel, Hindalco and Tata Steel together plan to raise about $5 billion through different equity issues.
Anil Dhirubhai Ambani Group"s subsidiary Adlabs films today filed up a winding up petition of Subhiksha Trading Services.
The government is understood to have approached industrialist Ratan Tata to head an advisory board of the ailing Air India.
The total telecom subscriber base in India crossed 500 million at the end of September, taking the overall teledensity to 43.5 per cent. India is the second-biggest and fastest market for wireless services, behind China, which has over 600 million users.
The Indian Institute of Management, Calcutta (IIM-C), which started its summer placements process today, saw offers trickling in from the world’s leading finance and consulting firms on day one.
Allows inclusion of technical write-offs while calculating provision coverage ratio.
Indian Oil Corp, the nation"s largest oil firm, today said it will take 26-49 per cent stake in the Rs 10,000-crore nuclear power plant it will set up in collaboration with the Nuclear Power Corp of India.
The government today said there is a need to enhance investment in the agriculture sector to achieve 4 per cent growth during 11th Five Year Plan.
For the second time this month, state-run oil companies today cut jet fuel prices to ease the burden on cash-strapped airlines.
For the December 2009 quarter, SAIL saw net sales at Rs 9,880 crore up 11 per cent year-on-year, in line with market expectations, even as seasonal impact saw sales dip 2 per cent sequentially. The company’s steel sales was at 2.9 million tonnes (mt) in the recently concluded quarter against 3 mt in the September 2009 quarter and 2.4 mt in December 2008 quarter.
The consolidated net profit of fast moving consumer goods company Dabur India increased 27.04 per cent in the quarter ending December 31, 2009. It stood at Rs 137.77 crore in the third quarter against Rs 108.45 crore in the corresponding period a year ago. Net sales, on the other hand, saw a slower pace of growth, moving up 18.25 per cent only, to touch Rs 926.18 crore in the third quarter against Rs 778.65 crore in the corresponding period last year.
Monster Worldwide, the parent company of global online employment solution provider Monster.Com, today reported a net loss of $1.37 million in the quarter ended June 30 this year.
Hartmarx Corp Chairman and CEO Homi Patel is expected to retire from his post tomorrow as his company, which made suits for US President Obama prepares to be run by UK"s Emerisque and Indian apparel company S Kumars Nationwide Ltd, its new owners.
TVS Motor Company’s net profit during the quarter ended June 30, 2009 rose by over 150 per cent to Rs 18.11 crore from Rs 7.02 crore, a year ago. Total income rose to Rs 988 crore from Rs 924 crore, an increase of 6 per cent during the same period.
Anil Ambani group company Reliance Communications today said its shareholders have approved raising funds from institutional investors through sale of shares worth up to Rs 15,000 crore at current market price.
Real estate firm Parsvnath Developers today reported a nearly three-fold growth in consolidated net profit at Rs 61.43 crore for the second quarter ended September 30, and said it expects the coming quarters to be more robust.
Preparing ground for launching a "strategic" small car in the Indian market, the world"s largest car maker, Toyota, will expand its dealership network by over 65 per cent by the end of 2010 to increase its interface with customers.
Reliance Communications on Friday tied up with Chennai-based UniverCell, a telecom services retail company.
This year"s Indian advertising rage will soon get audiences overseas to sit up and take notice.
The Advertising Standards Council of India (ASCI) has pulled up 15 companies, including telecom ones, for running misleading ad campaigns during July to October this year.
ING Life Insurance is expecting a 60 per cent growth in renewal premiums during this fiscal.
Partition in Bengal, despair in Delhi and power games in Tudor England: three new books to read.
US Secretary of State Hillary Clinton today said the Obama Administration is not "cutting and running" from Afghanistan.
The Reserve Bank of India (RBI) has found and took action against 17 cases of irregularities by companies that raised foreign currency convertible bonds (FCCBs) since April 2005, Minister of State for Finance Namo Narain Meena said today.
The Enforcement Directorate (ED) today claimed to have found evidence of ‘large-scale’ violations of Foreign Direct Investment (FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, the ED also claimed to have recovered about Rs 9 crore in cash, two kg of gold and foreign currency worth Rs 5 lakh. Stating that Emaar MGF had availed more than Rs 6,000 crore of FDI in the last four years, the ED said in a press statement that the seized documents indicated “large-scale violations of FDI guidelines.”
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
As many as five companies among the elite club of top-10 Sensex firms have witnessed an erosion of over Rs 24,000 crore from their market capitalisation previous week, while Reliance Industries (RIL) maintained the top position with a valuation of Rs 3.49 lakh crore.
Idea joins Vodafone to use the fun route on the Net
India urgently needs coherent policy and regulation
A 20 per cent share sale proposal in PSU steel maker SAIL will be taken to the Cabinet by mid-January next year, Steel Secretary Atul Chaturvedi said today.
Maharashtra sugar mills, which contribute over 35 per cent to the total sugar production, are not affected by the controversy over the fair and remunerative price (FRP) and the subsequent ordinance issued by the Centre. Over 150 cooperative and 25 private mills in the state have paid Rs 800 a tonne more than the prevalent statutory minimum price (SMP) of Rs 1,070 a tonne during the 2008-09 season.
US defence major Boeing today said India was planning to buy 10 C-17 Globemaster heavy-lift aircraft and the US government has received a "Letter of Request" in this regard.
Famed micro-blogging site Twitter has acquired location tracking firm Mixer Labs for an undisclosed amount.
A research on top-10 searched terms by volume has rated ‘facebook’ as number one in the ‘net communities and chat’ category, indicating the brand recall that Facebook enjoys globally and how it has reached a massive audience since its general availability in December 2008.
The Securities and Exchange Board of India (Sebi) today allowed promoters of listed companies to make offer for sale. The move assumes significance as such promoters can now sell their stake directly to the public.
The Nifty maintained its support of 4,580 and closed at 4,593, indicating that it could go down to the 4,500-level in the near future. The Nifty September futures closed at a discount to the spot and built an open interest (OI) of 0.6 million shares, hinting at fresh sell-offs by bear operators. The upside for the index is around 4,650 with a major support likely at 4,500.
Freebies are no longer catching the fancy of prospective home buyers; instead they are seeking cash discount, as the real estate market shows signs of revival.
Google Inc, seeking new ways to make money from internet-search advertising, is dressing up its plain-text search ads with movie and TV previews.
Indian skipper Mahendra Singh Dhoni has topped the list of world"s 10 top earning cricketers compiled by Forbes, which also features four other players from the sub-continent, Sachin Tendulkar, Yuvraj Singh, Rahul Dravid and Sourav Ganguly.
India has urged the US Securities Exchange Commission (SEC) not to impose fine on Satyam, now Mahindra Satyam, in view of irregularities as the company was also listed there.
The annual maintenance charges for subscribers of the New Pension System (NPS) may come down by Rs 70 from April. National Securities Depository (NSDL), the record-keeper for NPS, expects over one million people to join the scheme in the next six months, leading to a reduction in the account maintenance fees from Rs 350 to Rs 280.
In a move to make the mutual fund (MF) industry more transparent, the Securities and Exchange Board of India (Sebi) today asked asset management companies (AMCs) to stop paying commissions to intermediaries, including banks and other distributors, who did not keep proper documents of their clients.
India and Russia are expected to sign a number of key agreements during Prime Minister Manmohan Singh"s December 6-8 visit here, including those on extension of the long-term defence cooperation programme beyond 2010 and construction of four more nuclear reactors at Kudankulam.
Telecom operator Reliance Communications (RCom) today announced the launch of its value-added service "mVDO", which will allow its mobile subscribers watch, share, search and upload videos online.
In a bid to attract subscribers of rival companies, state-run telecom operator Bharat Sanchar Nigam (BSNL) is gearing up to start mobile number portability (MNP) services as soon as telecom regulator Trai issues tariff structure.
The government today said though it had amended the central motor vehicles rules in March 2001 for High Security Registration Plates (HSRP), it is primarily the responsibility of states to ensure its implementation.
Come New Year, cars will be costlier with automakers like Toyota and General Motors today saying that they will hike prices by up to three per cent due to rising input costs, while the country"s largest car maker Maruti Suzuki India is still evaluating the situation.
Business Standard / New Delhi December 03, 2009, 1:34 IST
Hyderabad-based drug maker Natco Pharma reported an 8.5 per cent rise in its consolidated net profit at Rs 43.98 crore for the year ended March 2009, compared with Rs 40.52 crore posted in the previous year.
The government today said that China has denied reports suggesting it was planning to divert the course of the Brahmaputra river.
The Telecom Regulatory Authority of India (Trai) today said the guidelines for mobile number portability (MNP) were likely to be ready by August-end and asked operators to keep their networks ready to roll out the services quickly.
India Inc today cautiously welcomed the RBI"s move to modify the ECB guidelines and said this also indicates a gradual withdrawal of stimulus measures announced to help the industry tide over the global credit crunch last year.
What does TV broadcast major Star’s shift of operations from Hong Kong to India suggest? What does it mean now that the Star India CEO Uday Shankar will report directly to James Murdoch, the head of Europe and Asia for parent News Corporation, instead of reporting to the regional boss in Hong Kong? In the answers to these questions lie the story of the growth of Indian media.
The creation of a single national media policy and a single-window clearance for companies involved in the media and entertainment sector will give required fillip to the domestic media industry, says India Inc.
Government today downplayed comments by White House senior adviser David Axelrod that the Copenhagen Accord had bound India to cutting emissions and said the remarks were that of a "spin doctor" aimed at domestic consumption.
The deal to integrate two of the country’s largest lease-rental entities, DLF Cyber City (a subsidiary of DLF) and Caraf Builders (majority owned by DLF promoters), hasn’t gone down well with the markets.
The Sensex ended at 17,088, lower by 31 points and the Nifty shut at 5,102, down 15 points (provisional closing).
I pay an annual premium of Rs 12,000 on a unit-liked insurance plan (Ulip). An agent mis-sold me this policy three years back, but I continued with it. I will be completing the three-year lock-in period soon. Should I surrender this policy? When does it make sense to discontinue an Ulip?
The minimum ticket size and the tenure for unit-linked insurance plans (Ulips) are set to be higher from the New Year.
Life insurance industry logged a 21 per cent increase in premium collections during the first seven months of the current fiscal compared to the same period last year, indicating recovery in the sector.
Ten years ago, a survey had projected that the life insurance industry would see its premium income grow at a compounded annual growth rate (CAGR) of 18.9 per cent.
The government has said that the Securities and Exchange Board of India (Sebi) was empowered to take action against Reliance Industries (RIL) if a probe established irregularities in share allotment by the company in 2000, and wanted to know what exactly the market regulator expected from it.
India’s biggest drug maker, Ranbaxy Laboratories, has posted a net profit of Rs 116.6 crore for its third quarter ended September, against a net loss of Rs 394.5 crore in the same period last year, which had been largely attributed to mark-to-market exchange losses.
Development Credit Bank (DCB) today said it has raised Rs 81 crore by private placement of shares with qualified buyers.
The key strategic investments made by the erstwhile promoters of Ranbaxy Laboratories may seem to be floundering on the surface, but the Daiichi-owned company is looking at bigger engagements with at least two of these companies.
Mahesh Kulkarni / Bangalore November 17, 2009, 0:30 IST
Markets rallied smartly at the beginning of the week owing to strong gross domestic product numbers and easing Dubai debt woes. The benchmark indices consolidated at higher levels in the second half of the week.
In view of the security threat to offshore oil and gas installations, the government is mulling on extending the safety zone around these facilities beyond 500 meters.
IN MY MIND
Sea Trans Marine Private Ltd, a Kolkata-based shipping agency has filed a case in an international court in London against the owner and management company of the vessel Black Rose, which capsized near Paradeep port a month back.
The corporate debt restructuring (CDR) cell for Haldia Petrochemicals (HPL) has approved the company"s additional bank finance needs to fund its expansion project.
The global recession and the resultant demand slump has delayed Steel Authority of India"s (SAIL) ambitious Rs 70,000-crore expansion plan for the second time in as many months, as it would now be completed by 2012-13 only.
With markets moving up on the disinvestment buzz, Smart Portfolios too registered steady gains last week. It was after a while that all fund managers participated in the markets. While Phani Sekhar and Praveen Panjwani were seen re-building their portfolios, Amar Ambani and Ajay Parmar continued with their churning process.
Most people think that small investments will lead to lower risks. But the returns are adversely impacted.
Jai Arjun Singh / New Delhi November 21, 2009, 0:27 IST
With markets moving up on the disinvestment buzz, Smart Portfolios too registered steady gains last week. It was after a while that all fund managers participated in the markets. While Phani Sekhar and Praveen Panjwani were seen re-building their portfolios, Amar Ambani and Ajay Parmar continued with their churning process.
Police have made elaborate arrangements to prevent any untoward incident in the light of the various students organisations and the Telangana Rashtra Samithi (TRS)’s proposed rally to the state Assembly on Thursday demanding separate statehood for the Telangana region.
The decision to carve out a separate state of Telangana, which will take the total number of states in the Union to 29, comes at the end of a 40-year-old struggle for a distinct identity.
Home Minister P Chidambaram has said the process for forming the new state will be initiated.
Bharathi Cement Corporation commenced its commercial operations from its Nallalingayapalli manufacturing plant located in Kadapa district of Andhra Pradesh on Tuesday.
Aditi Phadnis / New Delhi October 17, 2009, 0:32 IST
Bharathi Cement Corporation (BCC) commenced its commercial operations from its Nallalingayapalli manufacturing plant, located in Kadapa district of Andhra Pradesh, on Tuesday.
Even as its US business has been impacted by the recession, Tata Consultancy Services, India’s largest information technology services provider, expects its India revenues to double to $1 billion in the next three-four years, majorly coming from the government sector. India currently contributes 10 per cent to TCS’ total revenues.
A three-member team of United States Securities and Exchange Commission (SEC) exchanged information with CBI, which is probing the multi-crore accounting scam at Satyam Computers here.
Larsen & Toubro (L&T) has sold a third of its holding in Mahindra Satyam, or 27.24 million shares, for Rs 306.54 crore, taking the software company’s share price down by 6.6 per cent, the biggest fall in five months.
Simbhaoli Sugar, the country’s second largest refiner, has posted a net profit of Rs 71.9 crore in the second quarter of the current financial year as against Rs 29.1 crore loss in the corresponding quarter of the previous year. Backed by high sugar prices, the company’s net sales rose 62.2 per cent to Rs 706.5 crore compared with Rs 435.5 crore.
Although West Bengal"s present contribution to the Indian automobile sector is negligible, the state could capture about 10 per cent of the projected size of the domestic industry by 2022, a study undertaken by CII and PricewaterhouseCoopers (PwC) has suggested.
The Reserve Bank of India (RBI) on Tuesday said that an exit from an easy monetary policy must be calibrated in a manner that kept inflationary expectations well-anchored.
Was tipped as a probable to occupy the top seat in Infosys after Kris.
While pay-per-second tariff plans seem attractive, there’s a lot you need to know before switching over.
Shilpy Sinha / New Delhi September 22, 2009, 0:17 IST
Andhra Pradesh chief minister K Rosaiah has directed the Greater Hyderabad Municipal Corporation to take up road repair works at a cost of Rs 30 crore in the state capital.
Private life insurer, Aegon Religare, plans to enter the health insurance segment while continuing to focus on term insurance products, a senior company official said.
Surjit S Bhalla / New Delhi December 26, 2009, 0:41 IST
Trinamool Congress MP Sudip Bandopadhyay has a fetish for shawls. During the winter session of Parliament, Bandopadhyay found many opportunities to show off his shawls that he wears in a trademark style.
The government today said the postal department is expected to have a deficit of Rs 5,632.46 crore in the current fiscal, which has increased substantially over the past few years following implementation of the Sixth Pay Commission recommendations.
Investors, who bought gold from banks, are in a fix as leading jewellery houses are not ready to buy it and it cannot be sold back to banks either.
A Mercer survey reveals wide disparity across sectors when it comes to superannuation benefits to employees
IDBI Bank said on Friday it would come out with a follow-on public offer (FPO) in January to meet its capital needs. It also plans to raise $500 million through overseas bonds to fund Indian corporates’ expansion programmes abroad.
Trades between FIIs generated a volume of Rs 133 crore on the BSE Friday-an increase of 99.55% from Rs 66 crore clocked on Thursday. As many as five stocks witnessed trades of 9.73 lakh shares on Friday.
Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
Ashok Leyland ended the day at Rs 53, higher by Rs 0.6 or 1.2%.
Frustrated with an almost seven-month delay in the Department of Telecommunication (DoT) response to the Telecom Regulatory Authority of India (Trai) recommendation that the Internet Service Providers (ISPs) should be permitted to use telephone lines to make internet telephony calls, the Internet Service Providers Association of India (ISPAI) has moved the Competition Commission of India (CCI).
Move could further bring down mobile tariffs.
‘Clear the proposal for laying of optical fibre network before Dec 7’.
Aluminum consumption in Asia may continue to grow next year as stimulus measures in China, the world’s biggest metals consumer, and rest of the region lift demand for the metal, an executive at Novelis Korea said.
Indian employees maintained high level of confidence in the future of their companies in the third quarter of this year compared to their global peers, a study says.
The Sensex after rebounding into green touched a high of 17,226, and is now up 77 points at 17,196. The NSE Nifty is up 15 points at 5,132.
The Sensex opened marginally lower this morning.
Union minister for New and Renewable Energy, Dr Farooq Abdullah today said that India was planning a major thrust in sphere of renewable energy sourcese, especially solar and wind energy.
Oil prices touched $80 a barrel today in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude.
After the heat it faced on climate change stand for the Copenhagen summit, the government today came under scanner as the Opposition felt that India might come under US pressure on the trade talks in WTO.
Investment likely to be Rs 30,000 crore.
Anil Ambani group firm Reliance Power (R-Power) today claimed that the Allahabad High Court has not set aside land acquisition for its proposed gas-fired power plant at Dadri in Uttar Pradesh.
Wind power turbine maker Suzlon Energy today said its three promoters have, in total, pledged a further 2.80 crore shares, taking the total shares pledged by the company"s promoters to 28.28 per cent.
Subir Roy / New Delhi October 14, 2009, 0:00 IST
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.
Markets have continued to gain. The Sensex is at the day"s high of 15,418, up 183 points. The Nifty is at 4,572 - down only six points from the day"s high. The index is up 48 points from the previous close.
The markets have recover after slipping into negative terrain for the second time since morning trades. The NSE Nifty is now at 4,535, up eight points.
The markets are now exhibiting sideways movement, after initial volatility.
The markets are likely to open on a positive note owing to strong cues from the global markets. Reliance is likely to be in focus today ahead of its Q1 numbers.
Buy shares worth Rs 30,456 crore in June quarter, mostly from open market.
Government today said the major private domestic airlines owed over Rs 274 crore to the Airports Authority of India for availing its services.
The Airports Authority of India is seeking financial assistance from the government for its loss-making operations in the North Eastern region.
A day after giving its letter of unconditional support in favour of UPA government to the President, Samajwadi Party today said it felt "heart-broken" at the attitude of certain Congress leaders who have been belittling it.
The BSE metal index tops the sectoral gainers list with an appreciation of 233 per cent.
LIC Housing Finance today sold 18.3 per cent of stake in LIC Mutual Fund to Japanese Financial services company, Nomura, expecting to garner Rs 138-crore.
In a first at the National Institute of Design (NID), academic profiles were offered to the graduating batch of young designers during placements this year. The annual industry interface at NID campuses in Ahmedabad and Gandhinagar saw around 70 firms visiting the campus. Apart from academics, profiles in auto design, apparel design, retail, and product design were offered by some of the biggies like Honda R&D, Bajaj Auto, LG, Madura Garments, TAFE, Luxor, Godrej Industries Limited, and Godrej & Boyce Manufacturing.
Hit by the economic slowdown and low spending by the government on the information technology sector prior to the assembly elections, the personal computer (PC) shipments in the country fell by 19 per cent during the January-March quarter this year.
The market watchdog Sebi today said intermediaries who undertake investor education programmes must make the pitfalls of investment clear.
Strides Arcolab ended the day at Rs 254, stronger by Rs 19 or 8.2%, on the BSE.
Naval Chief Admiral Nirmal Kumar Verma today said that responsibilities of the Indian Navy has increased post 26/11 terror attacks and suggested to bring all coastal vigilance agencies "under a single security magnet".
Mahindra & Mahindra has ended at Rs 1,152, weaker by Rs 25 or 2.1%, on the BSE.
Two greenfield plants to come up at Visakhapatnam and Hyderabad.
Godrej Properties Ltd"s public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.