International Business
A day after alleged TRS activists attacked the shooting unit of a movie produced by his firm, noted Telugu actor M Mohan Babu today said he would file a case against K Chandrasekhar Rao for making "inflammatory speeches" against people of Andhra and Rayalaseema regions.
With the acute ethanol shortage derailing the programme to blend the sugarcane extract in petrol, Oil Minister Murli Deora will meet Agriculture Minister Sharad Pawar next week to salvage the programme.
Indian Premier League (IPL) Chairman Lalit Modi today brushed aside concerns that the Twenty20 League"s franchise team owners are miffed at not being compensated for extra expenditure incurred during the 2009 event held in South Africa.
The National Pharmaceutical Pricing Authority (NPPA) has sent a notice to Cipla for allegedly overcharging customers. The government arm has imposed a fine on the company for selling Ciprofloxacin and Doxycycline medicines at a higher price than the one stated by the government.
Members in the Rajya Sabha today took strong exception to halting of work at Ladakh border road because of Chinese objection and said it was "humiliating" and a "challenge to India"s sovereignty". Raising the issue in Zero Hour, Shreegopal Vyas (BJP) said, "It is very humiliating and a challenge to India"s sovereignty."
Shobhana Subramanian / New Delhi August 28, 2009, 0:44 IST
As many as eight power companies have shown interest in setting up a 1,320 Mw thermal Plant near Rajpura in Patiala.
FMCG major Dabur has alleged that US-based firm Aveda, which manufactures and sells Ayurvedic cosmetic products, is infringing on the trademark of its skincare range.
The Union government has withdrawn four of the six directors appointed by it on the board of Satyam Computer Services Limited. The government has taken this decision following the permission granted by the Company Law Board (CLB) to this effect.
Prime Minister Manmohan Singh"s positive observations on Sri Lanka winning the war against LTTE augurs well for a "renewed friendship" between the two countries which were "somewhat strained" during the last phase of the civil war, the state media commented today.
Prime Minister Manmohan Singh has assured Sri Lankan President Mahinda Rajapaksa of all support for resettlement of the Tamil civilians, displaced due to fighting between security forces and the LTTE in the north.
India"s gems and jewellery exports lost sheen for the eighth month in a row with exports dropping by a sharp 24 per cent to $1.5 billion in May 2009 over the year ago month mainly on account of slump in demand in its major markets like the US and Europe.
Global FMCG major Procter & Gamble will be bullish on winning consumers in emerging markets of India and China as it eyes increased sales in the two strong economies, its new chief said today.
The government"s direct tax arrears, including income and corporate tax, stood at over Rs 2.1 lakh crore at the end of May this year, while about eight per cent of the total amount was collected so far.
Essar Oil net zooms 450%
Apparel chain Koutons Retail India today said its net profit rose by 18.63 per cent to Rs 15.79 crore in the third quarter ended December 31, 2009 over the same period last fiscal.
Tata Capital, the non-banking finance arm of Tata Group, today said it expects revival of demand in auto, housing and personal loans from the third quarter and plans to raise Rs 2,100 crore through bond issue by the end of next fiscal.
Industrialist Rahul Bajaj today said the government should adopt a carrot and stick policy to bring back Indian money stashed in Swiss banks and suggested that identities of account holders should be protected.
A decade earlier, when the Indian auto market was stagnant and there were not many new models to talk about, there were years when even Maruti Udyog, the market-leader, gave the Delhi Auto Expo a miss. Few manufacturers can afford to do so today.
Unmindful of international pressure, a defiant North Korea today conducted a second "successful" and "more powerful" nuclear test, a move that could invite fresh sanctions and punitive action against it.
Imagine this scenario. While you are booting your computer or notebook, an advertisement pops up and the screen freezes for some time. The ad could be an audio or a plain visual one. Regardless, it may offer you some product or could even offer the operating system (which enables you to start or boot your computer) free or at a lower cost. Tying you down for a few more seconds, the ad automatically fades away and allows you to continue with the booting process.
The government of India directly owns 85.82 per cent of the country’s largest steel producer, SAIL, which has caused a surprise of the pleasant kind by emerging as the most profitable in its genre of the world industry. The ownership of the government would be even more if the holdings of financial institutions and banks are considered. We are not taking stock of that now.
NRI steel tycoon Lakshmi Mittal has donated 15 million pounds towards creation of a landmark art installation in East End in honour of the 2012 Olympics.
In line with its plans to bring synergies in operation and to improve cost efficiency, FMCG major Godrej Consumer Products is consolidating three of its businesses, including its joint ventures and the process is going to be completed in the next two-three months.
The Orissa government has asked oil companies to open more LPG outlets by appointing agents in all the 314 blocks of the state, official sources said.
The anti-land acquisition leaders and the activists of various Jana Sangathans in Orissa have intensified their stir against the projects of Posco and Vedanta, the two big ticket investments in the state.
Emphasizing on the urgent need of a multi-prong approach to curb corruption, Prime Minister Manmohan Singh today said it is hurting India’s economic growth and discouraging investors from coming to this country.
The anti-land acquisition leaders and the activists of various Jana Sangathans in Orissa have intensified their stir against the projects of Posco and Vedanta, the two big ticket investments in the state.
Late Andhra Pradesh Chief Minister Y S Rajasekhara Reddy"s brother and MLC Y S Vivekananda Reddy today began an indefinite hunger strike here in support of a united state.
Congress MP L Rajagopal, who had threatened to go on an indefinite hunger strike to oppose division of Andhra Pradesh, today began his fast here.
Pyramid Saimira, an entertainment company based here, has sent a legal notice to Tamil film star Kamal Haasan for allegedly taking fees for, but not completing, the film Marmayogi. The company also said it has filed a recovery suit at the High Court.
Six firms including TCE Consulting Engineers Ltd, Kirloskar Consultants Ltd and Desein Pvt Ltd have submitted bids to Punjab State Electricity Board (PSEB) for rendering consultancy and services for obtaining environmental clearance and no objection certificate for the 1,000-Mw gas-based power project in the existing premises of Guru Gobind Singh Super Thermal Plant (GGSSTP), in Ropar.
The country"s software sector is likely to miss the much-touted target of touching $60 billion exports by FY10, due to unprecedented slowdown in key markets like the US and Europe, IT industry body Nasscom said.
Rex Cano / Mumbai December 09, 2009, 9:22 IST
State"s first medical device manufacturing cluster having a common research and development (R&D) facility in products and human resource development, will come up next to Tata Motors Nano"s plant in Sanand, official said.
Automobile maker Mercedes-Benz India today launched its multi-axle luxury bus at a price of Rs 85 lakh in the domestic market.
Will spend $58 million to acquire McCamish Systems
Veteran Marxist leader and former West Bengal Chief Minister Jyoti Basu was put on ventilator this morning after his condition turned serious.
Two stores to open in Chennai, hiring begins.
The UPA government"s proposal requiring public and private sector companies to maintain religious profile of their employees has not gone down well with several corporate leaders, though some say they can live with it.
Betting big on the growing India-related M&A deals, private-sector lender Kotak Mahindra Bank today entered into a pact with Russian investment bank, Renaissance capital, to advise cross-border transactions.
Green chilli, fried and crumb-coated ice creams sting the tastebuds and emerge winners.
Keisuke Uno proves that language is no barrier when it comes to cooking.
The attention that we give to food during days of fasting never ceases to amaze me.
Satish Warier"s idea of doing his own thing has landed him in a good-natured spot.
Rising coal prices cited as reason.
Indian Institute of Management-Calcutta (IIM-C) grads seem to be back in demand as the slot zero--or the most coveted slot offered to recruiters for summer placement--has seen a significant increase in the number of companies coming to the institute over last year.
Haryana Chief Minister Bhupinder Singh Hooda would be the Guest of Honour in the Plenary-III Session of Pravasi Bhartiya Divas to be organised by the Ministry of Overseas Indian Affairs, Government of India, and the Confederation of Indian Industries at Vigyan Bhawan in New Delhi.
Helped by cash subsidy from the government, Hindustan Petroleum Corporation Ltd (HPCL), India’s third-largest refiner, managed to report a net profit of Rs 31.4 crore in the quarter ended December 2009. It posted a net loss of Rs 422 crore in the corresponding quarter last year.
Indians living abroad are equally eligible for housing loans from banks here but with some riders.
In a major setback to cash-strapped infrastructure company Maytas Properties, promoted by former Satyam Computer founder B Ramalinga Raju’s family, a local court has passed an order barring it from using land as collateral for loans.
Though I have been an avid consumer of all sorts of media, I never seriously looked at them from a child’s perspective. Now, with a five- month baby who is fascinated by any screen or newspaper, I have started wondering about his media choices as he grows up. Currently all he thinks of is eating the newspaper or the screen. But eventually these will form the fodder for his mind, as all media does. So what is the appropriate age for him to watch TV? What should he watch? When can he watch films, what kind of films, what books should one allow him to read?
After a brief lull in attacks on Indians in Australia, three members of the community were "brutally bashed" by a group of around 70 youths, including women, who were attending a birthday party in a bar here after making racist remarks against the trio.
In a major diplomatic embarrassment to India, the maverick Libyan leader Muammar Gaddafi has supported the idea of an "independent state" for Kashmir and said that it should be a "Baathist state" between India and Pakistan.
Noting that the global order has changed dramatically since the establishment of the United Nations some 65 years ago, External Affairs Minister S M Krishna has asserted that the world body should also change and reflect the contemporary reality.
The government has allocated Rs 1,740 crore to expand educational and economic opportunities for the disadvantaged section of the minorities through various schemes, Rajya Sabha was informed today.
Nokia, the dominant force in the handset industry, has spent the major part of 2009 guarding its turf against resurgent rivals like Samsung, LG, Sony Ericsson and Motorola, and also tech powerhouses like Research in Motion (RIM), Apple and HTC. Additionally, Nokia has also been deflecting blows at the operating system level, most notably from Google’s Android and Microsoft’s Windows Mobile.
Business Standard / New Delhi December 02, 2009, 0:52 IST
The Vedanta Aluminium Ltd (VAL), part of Vedanta Resources, has not violated any forest and environment norms at its alumina refinery and bauxite mining site in Kalahandi district of Orissa, according to a report of the state government.
State government has said it will not allow Dow Chemicals, the company which has acquired Union Carbide, allegedly responsible for world’s worst ever chemical disaster in Bhopal, to clean up the toxic waste present in the closed unit of Union Carbide. It has also said that it will open the premises permanently for public from January.
A lawsuit should be a continuous, seamless process from the stage of filing to getting relief.
M J Antony / New Delhi November 25, 2009, 0:06 IST
The Indian Institute of Management, Calcutta, (IIM-C), has successfully placed all its 32 students of the post-graduate programme for executives (visionary leadership in manufacturing, or PGPEX-VLM). The highest offer was Rs 18 lakh and the average stood at Rs 11.37 lakh.
Oil prices fell in Asian trade today, pulled by equities markets that were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
International companies would be allowed to hold 100 per cent ownership of businesses they set up in the United Arab Emirates under a new legislation aimed at boosting foreign investment.
State-owned infrastructure funding company IIFCL is planning to raise US$500 million (Rs 2,500 crore) through its UK-based subsidiary for financing import of capital goods for infrastructure development.
Mahanadi Coalfields Limited (MCL) organized an awareness camp at its headquarters at Burla near Sambalpur in association with the Young Men Christians" Association (YMCA) on the occasion of the World AIDS Day. Free comdoms and pamphlets on HIV/AIDS were distributed to the truck drivers on the occasion.
The eight team owners of the Indian Premier League (IPL) are all set to lock horns with the Board of Control for Cricket in India (BCCI) by refusing to pay their next instalment of the franchisee fee which is due in January 2009.
Cricket fans were not the only ones left disappointed by the cancellation of the India-Australia one-day international (ODI) match today that was to be played at the DY Patil Stadium in Navi Mumbai. Public sector insurer Oriental Insurance will have to pick up the tab for claims worth Rs 6.75 crore.
It’s painful to watch Tendulkar’s brilliant knocks go in vain.
To really understand the power of execution, you need to be in the East Stand of Mumbai’s Wankhede stadium, when India is playing an opponent like Australia in a one day international. Every time Sachin Tendulkar touches the ball, an electric current passes through 60,000 spectators who let out a humungous roar of excitement. It is a zing that almost physically tries to reach out and touch this diminutive teacher’s son. A man who realizes a million dreams as he sends the ball scorching across the ropes.
Pinched by rising raw material prices, fast moving consumer goods (FMCG) companies, especially manufacturers of packaged foods and soaps, may raise prices or reduce grammage per pack over the next one or two quarters.
Heavy downpours threaten Dasara events across the city even as public apathy has left the organisers and the authorities frustrated and helpless.
India may import rice if domestic supplies are inadequate to meet the government’s requirements for the so-called central pool, a minister said.
The ministry for commerce and industry may approach the shipping ministry for improving the operations at ports on the eastern coast of the country with an eye on improving trading infrastructure before the Asean free trade agreement (FTA) comes into force in January 2010. Presently, Asean is a 10-nation Southeast Asian organisation to promote trade and culture, among others.
Windows 7, Adobe, Symantec software stuck at customs over excise duty
Lalit Modi’s high-profile auction of international players for the domestic Indian Premier League Twenty20 tournament failed to attract the big bucks today. Eight teams ignored the star-studded Pakistan players. They were expected to be sold at fancy prices.
Microsoft today launched its new operating system (OS), ‘Windows 7’, with a host of tools for multimedia applications for business and retail customers. The much-awaited Windows 7 promises significant improvement in productivity levels, enhanced security, reduced risk and manageability costs.
The world"s largest software maker Microsoft, today launched the much-awaited "Windows 7" operating system (OS) with a host of tools for multimedia applications for business and retail customers.
Global software major Microsoft will slash hundreds of jobs globally as part of its effort to realign business activities.
The Indian Space Research Organistaion (Isro) is looking at 25 per cent growth in revenues this fiscal over Rs 1,000 crore attained last year, betting big on satellite launches and carrying space crafts of other countries.
They said the day a black man became president of the United States, pigs would fly. Well, lo and behold, Obama was sworn in and one hundred days later... swine flu!”
There was a stunning omission from the government’s latest list of “problem” banks, which ran to 416 lenders, a 15-year high, as of June 30. One outfit not on the list was Georgian Bank, the second-largest Atlanta-based bank, which supposedly had plenty of capital. It failed last week.
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.
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.
Home Minister P Chidambaram today sought to allay apprehensions on the security arrangements for next year"s Commonwealth Games here, giving a categorical assurance that "fool-proof security" would be in place and that no one needed to worry on that count.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor.
The National Textile Corporation (NTC) has begun talks with the National Buildings Construction Corporation (NBCC) and others for sale of its surplus land in four cities that is expected to fetch the state-owned firm Rs 5,000 crore.
Deficient rains in the agrarian interiors and lack of finance availability from lending institutions, despite a mammoth relief package announced by the Centre last year, is slated to hit tractor sales, the industry says.
Reliance Industries (RIL) has cautioned that NTPC should not make comments on matters sub-judice lest they are construed as attempt to influence the outcome of its court case seeking natural gas at price committed in 2004.
Fortnight ended July 31 witnesses Rs 29,500-crore jump.
Industry in Uttar Pradesh has demanded a new industrial policy, which should comprise a judicious incentive package for attracting investment in the industrial sector.
India’s foreign minister today advised its students to be “more discreet” in choosing educational institutes and courses of study in Australia, whose high commissioner admitted there was a drop in applications of Indian students following media coverage of attacks on them.
Indian stocks trading on the American bourses added nearly $3.6 billion to their market capitalisation, with copper producer Sterlite and private sector lender HDFC Bank accounting 70 per cent of the total gains.
Credit demand from consumers seemed to be back on track, especially in sectors such as auto and home loans though banks had cut down unsecured loan exposures, said KV Kamath, chairman of ICICI Bank.
Joining the battle being fought in the market for mortgages, India’s second-largest lender, ICICI Bank, has cut rates for home loans from August 20.
ICICI Bank has asked the government not to take into account overseas securities such as American Depositary Receipt (ADR) and Global Depositary Receipt (GDR) while deciding on a bank’s nationality.
The second largest DTH player is way behind the market leader in subscriptions. But it is pushing value-added services to maintain its leadership in average revenue per user
Faces tough competition due to the presence of players such as Blackstone.
Japan Airlines Corp (JAL), restructuring under state supervision, is likely to tap financial institutions for around 170 billion yen in additional loans while considering cutting more than 1,000 jobs through an early retirement program after October, sources said.
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
Wind energy major, Suzlon group"s consolidated revenue expanded 91 per cent at Rs 26,082 crore in FY09 as against Rs 13,679 crore in FY08.
Even as the Department of Telecommunications (DoT) and the finance ministry have failed yet again to reach a consensus on the reserve price for 3G auction, Communications Minister A Raja today assured that the auction would definitely find mention in the coming General Budget. After meeting Finance Minister Pranab Mukherjee today, Raja said no decision had been taken on the base price and further discussions were on.
The Asian markets had a weak closing, across the board.
With a view to providing domestic fuel to the power projects run by the State PSUs, Gujarat government has resolved to reserve additional area having lignite resources for public sector companies of Gujarat government and for power generation joint venture with state utilities.
Modernisation of SMEs will be the focus of discussion with the new govt
To facilitate flow of credit to various sectors of the state’s economy including the micro, small and medium enterprises (MSMEs), ancillary and downstream industries, the state owned Industrial Promotion and Investment Corporation of Orissa Ltd (Ipicol) today entered into a pact with the Central Bank of India (CBI).
Dalal Street is likely to remain volatile this week as negative global cues would act as a drag on the trading sentiment of investors, analysts say.
The strong 700-member Bombay Stock Exchange (BSE) brokers forum yet again expressed its reservation against the extension of trade timing by both the BSE and the National Stock Exchange (NSE) from January 4. Last week, both the bourses had to postpone their decision to open markets by 9 am after a sharp outcry against the decision from market participants.
Great Offshore’s share price may fall once open offers by Bharati and ABG Shipyard close.
Dalal Street is likely to remain volatile this week as negative global cues would act as a drag on the trading sentiment of investors, analysts say.
Non-traditional revenues are expected to fall to Rs 2,760 crore for 2009-10.
FMCG major Nestle today said its board of directors, in a meeting scheduled to be held on December 9, would consider the acquisition of nutrition business of Speciality Foods India.
FMCG major Marico has posted 32 per cent jump in its consolidated net profit for the quarter ending September 30, 2009 at Rs 62.35 crore as compared to Rs 47.12 crore profit it posted in the corresponding quarter last financial year.
Congress-backed candidates today won all the 13 seats on the board of Kheda District Co-operative Milk Producers Union Ltd (KDCMPUL), popularly known as Amul Dairy. On the other hand, BJP once again failed open its account.
The Orissa government today rejected the Opposition demand for an enquiry by the Central Bureau of Investigation (CBI) into the irregularities at high level in the alleged mining scam running into hundreds of crores.
Small and medium enterprises (SMEs) have just got a reason to celebrate. The Union Minister for Information Technology and Communications, A Raja, said last week that his ministry had recommended to the Union Cabinet and the Finance Ministry that the tax rebate currently applicable to Software Technology Parks of India (STPI) should be extended beyond 31 March 2010.
The government today imposed stock limit on bulk sugar consumers, allowing them to keep quantities sufficient for only 15 days of their consumption at any point of time. The stock limit would be in force for six months and would be applicable to consumers whose monthly sugar consumption is at least one tonne, the government said in a statement. The move will affect confectioneries, large biscuit and beverage producing units.
With crude touching the year’s high above $74 a barrel on Friday, the government has no plans to increase fuel prices in the near future.
Oil India Ltd (OIL), the nation"s second-largest state-run explorer, will hit the market with an initial public offering (IPO) on September 7.The offer will be open from September 7 to 11, a source close to the development said.
As contingent measures to deal with the deficient rainfall, the Centre today said it will stop all exports of non-Basmati rice and wheat, and bear half of the subsidy on diesel offered to farmers by the states.
The Nano can now hold its head high in the international arena. The small car passed the 40 per cent offset crash test at 56 kmph and the side-impact tests at the MIRA test facility in Birmingham, UK recently.
The government today said it was taking all measures to check anti-dumping activities by countries, especially China, and said consumer rights would be protected in cases where defective imported goods were sold.
The huge government borrowing is likely to put pressure on interest rates in the remaining part of this fiscal, Member of Parliament and former Reserve Bank Governor C Rangarajan said today.
In an effort to check forgeries and misuse of passports, the government is rolling out e-passports that will carry biometric information in a chip.
IT firm Tech Mahindra today said it has opened a new centre in Chandigarh with an initial capacity of 1,000 seats.
The stock erased all its gains and slipped to a low of Rs 950. The scrip finally ended at Rs 957, down 1% from the previous close.
The government today said there would be no restriction on export of iron ore, as there is surplus of the mineral in the country even after its export.
Denying large-scale dumping of cheap steel from China and the CIS countries into India, Steel Minister Virbhadra Singh today said the government will take tough measures if such cases are brought to its notice.
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.
Insurance regulator IRDA today tightened the anti-money laundering guidelines by asking the insurance companies to ensure that no policies are issued to persons with fictitious names.
Despite the global economic slowdown, State Bank of India (Canada), a subsidiary of SBI, saw an overall business growth of 22 per cent in July 2008 to June 2009, although its profit slightly went down, a top bank official said here on Thursday.
The Indian economy will recover in the next financial year even as concerns over poor monsoon, drought and fall in exports loom large, a survey says.
The government will hold the much-awaited 3G spectrum auction for GSM operators on December 7 and invite bids from October 26 to November 13.
Postpaid users, high spenders and business subscribers are more likely to switch their operator if Mobile Number Portability (MNP) is introduced in the country, while prepaid users may remain loyal to their existing operator, a study today said.
Jaypee Group firm Jaiprakash Power Ventures today said it will raise Rs 1,500-2,000 crore through convertible bonds issued to foreign investors and institutional placement by next month to augment its generation capacity.
It’s not quite time for DTH to retire, as a leading IPTV firm would have us believe, since there are 13 mn DTH subscribers compared to IPTV"s 30,000.
Leading DTH players such as Dish TV and TataSky have urged the government to rationalise the multiple taxes on the industry, saying these are affecting the growth of the nascent sector.
Pfizer Inc sales folks had one tough customer in psychiatrist Stefan Kruszewski. He didn’t buy their pitch to prescribe the anti-psychotic drug Geodon to children, a use that hadn’t been approved by federal regulators. Nor did he go for the so-called off-label uses, such as treating dementia in the elderly, they suggested.
To probe the limited issue of disqualification of Nokia Siemens Networks from the 93-million GSM lines tender.