Small Business
Titan Industries, a Bangalore-based watch and jewellery arm of Tata Group, today reported 41 per cent jump in its net profit at Rs 46.04 crore for the quarter ended June 30, 2009 compared to the corresponding quarter last fiscal.
Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. Earlier articles in this column had highlighted the problem of double taxation in relation to several transactions including the service taxation of packaged software post the changes announced in the Budget 2009.
Discussion paper sets out broad plan, no clarity on deadline.
As the takeover battle between Bharati Shipyard and ABG Shipyard for Great Offshore heats up, analysts feel it is the right time for retail investors to book profits as the fundamentals of the target firm"s stock do not support sustainability of its current price.
Credit offtake remained subdued at 11 per cent during the one-year period ending December 18, indicating the economic activity is yet to fully pick up momentum.
India"s foreign exchange reserves rose by $0.962 million to $286.376 billion for the week ended November 13 from $285.414 billion in the previous week, the Reserve Bank of India (RBI) said today.
Pakistani-origin US national David Coleman Headley, a LeT operative charged with criminal conspiracy in the 26/11 terror attacks, now appears to have turned into informant to FBI to avoid death penalty.
A top official of the Dubai administration today said the six months is not enough to restructure the debts of the troubled Dubai World and has asserted that the government-owned conglomerate has enough assets to meet its obligations.
Disinvestment plans likely to get delayed in 21 out of 43 listed companies
Your holiday in Dubai just got a little cheaper. Thanks to Dubai World’s crash, travel portals and agencies like MakeMyTrip, Yatra, Cleartrip and SOTC are offering packages at prices almost 40 per cent lower than a week or two ago.
The Sensex opened with a marginal positive gap of 23 points at 17,031. However, the index quickly slipped to a low of 16,907- down 102 points. The index has recovered somewhat and is now down 76 points at 16,932.
The stock pared all its gains and slipped into the negative to touch a low of Rs 1,595 . The scrip finally ended flat at Rs 1,606. The counter clocked volumes of 102,814 shares as compared to the two-week daily average traded volumes of 44,875 shares on the BSE.
Reaping benefits from its recent collaborative research programmes, Ahmedabad-based pharmaceutical company Cadila Healthcare, the parent company of Zydus Cadila group, reported an increase in its net profit by 39 per cent to Rs 131.92 crore for the quarter ended September 30, 2009 from Rs 94.88 crore for the corresponding period last year.
The global petrochemical industry’s centre of gravity is shifting to the feedstock-rich West Asia as dozens of new projects are coming up in the region while production falters elsewhere. According to Chemical Week, co-organiser of the Fourth Annual GPCA Forum, 19 million metric tonne ethylene, the key building block for petrochemicals, is scheduled to be added annually to the Gulf region capacity over the next five years, nearly doubling the current capacity and providing extensive raw materials for downstream industries.
The B K Chaturvedi committee set up to recommend ways to implement road projects faster and more efficiently, has recommended that the National Highways Authority of India (NHAI) be given sovereign guarantees on the loans it raises from the market.
As part of its institutional strengthening exercise, National Highways Authority of India (NHAI) is, for the first time, empanelling safety experts. The authority is also planning to form a safety cell and issue safety guidelines.
K VENKATESH
The stock ended with a gain of 2% at Rs 136. Around 2.33 million shares were traded today on the BSE.
The Indian bourses opened in the positive at 17,604 but soon slipped into the red owing to lack of buying activity and no major trigger to boost the sentiment. The index exhibited lacklustre movement for major part of the trading day. The benchmark index towards the end slipped deeper into the red to touch a low of 17,509, down 149 points from the day"s high.
The Indian Industries Association (IIA), an apex body of SMEs, has joined hands with Germany-based Confederation of Skilled Crafts to work for a development project for micro, small and medium enterprises (MSME) in Uttar Pradesh.
State-run power producer NTPC today signed agreements with GAIL, Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) for sourcing gas for its power project at Kayamkulam in Kerala.
Asian markets are mixed today.
Indian IT companies will have to be content with the existing visa options for the United States as the US Congress, the country’s highest lawmaking body, is unlikely to take up the issue of immigration reform in the short-term.
For the first time in 13 months, the country’s oil import bill registered a positive growth rate of 7.3 per cent, though the overall import continued to fall at $22.88 billion (Rs 1,06,640 crore) in November compared to $23.48 billion (Rs 1,09,440 crore) in the same month last year.
Asian markets are mixed today.
The government might miss the April 1 deadline for rolling out the much-anticipated goods and services tax (GST), Finance Minister Pranab Mukherjee indicated today.
Asian stocks fell for the first time in three days on concern the region’s economic recovery may falter after a Bank of Japan (BOJ) survey showed companies plan to deepen investment cuts.
Asia MotorWorks Limited (AMW), an Ahmedabad-based company specialising in design and manufacture of tractors, tippers and high-tonnage trucks, is contemplating foraying into bus manufacturing in the next two to three years.
The risk profile of an investor is difficult to gauge because it oscillates with market moods. When the market is on the rise, even the most risk-averse start buying stocks. A sharp correction leads to panic selling, even by risk-takers.
Strides Arcolab announced a collaboration with Pfizer, USA on Thursday where Pfizer will commercialise the later"s off-patent sterile injectables and oral products in the US.
Global pharma major Pfizer is to source source 40 off-patent (generic) cancer care products from Bangalore-based Strides Arcolab and sell the products in the United States.
As many as nine transactions, including Pfizer"s takeover of Wyeth Corp and Merck & Co"s buying of Schering-Plough Corp, are under investigation by the US regulator Securities and Exchange Commission (SEC) for possible insider-trading violations, says a media report.
The Sensex today opened at 17,702 mirroring subdued global cues and slipped into the negative terrain within few minutes of trading. Selling in IT and auto shares dragged the markets further into red. The index touched a low of 17,566, down 177 points from the day"s high. The Sensex languished in the red for the rest of the trading session and finally ended at 17,616, down 85 points. The NSE Nifty ended at 5,263, down 19 points.
The Sensex has ended at 17,589, down 111 points and the Nifty has closed at 5,257, down 24 points.
The country"s most valued firm Reliance Industries (RIL) today said the public sector insurer Life Insurance Corporation of India (LIC) has hiked its stake in the company to 6.94 per cent over the past two years through open market transactions.
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
Glenmark Pharmaceuticals is confident of outlicensing at least one of its new chemical entities (NCEs) under development before the end of this financial year, according to the chief executive and managing director, Glenn Saldanha.
Emami may join the race to buy Simple, one of the largest skincare brands in the UK. Sources familiar with the development say the company is exploring all options and may approach the management of the UK-based company shortly.
Mahindra & Mahindra, a renowned name of auto-mobile sector, which entered into the business of sale-purchase of pre-owned cars in 2007, is eying the turnover of Rs 500 crore in the current fiscal.
Foresight Opticals, the retail chain of optical stores from Foresight Vision Care Compnay Pvt Ltd, is planning to open 25 new stores in major cities across India in the next three years (by FY 2012-13).
Stocks of 127 companies on the Bombay Stock Exchange (BSE) have raced to touch their lifetime highs this month, even while the key domestic benchmark index, the 30-share Sensex, is still well below its all-time high of 21,000 that it had touched in January 2008.
Aims to enter China, Russia and African countries
Sohini Das & Maulik Pathak / Mumbai/ Ahmedabad December 05, 2009, 0:38 IST
Global pharma major Merck & Co has entered into a $130 million partnership with London-based Wellcome Trust to set up a not-for-profit research company in India. Merck operates in India as MSD Pharmaceuticals Pvt Ltd.
The Bill & Melinda Gates Foundation, created by the billionaire founder of Microsoft Corp, sold almost all its pharmaceutical holdings, including Wyeth, Merck & Co and Eli Lilly & Co, and bought shares of energy companies.
After Pune, the swine flu scare is affecting footfalls and sales in malls and retail stores here. Sales in these places have fallen by up to half in the past two days.
The condition of Marxist patriarch Jyoti Basu, who is battling pneumonia, remained critical today with doctors putting him back on full ventilation.
Anil Ambani group firm RNRL today told the Supreme Court that the government"s approval was not required for sale of gas by RIL to it and alleged that the Mukesh Ambani-led company had "wrongfully and mischievously" sought to pass this off as a condition.
The Supreme Court today issued notice to state-run telecom major Bharat Sanchar Nigam (BSNL) on a petition by Telecom Regulatory Authority of India (Trai), which had objected the PSU"s charging higher tariff from subscribers by way of reducing the pulse rate of each call.
Long dismissed as a price warrior, Acer is repositioning itself as a brand for the youth.
The country"s largest liquefied natural gas importer, Petronet LNG Ltd, may come out with a $100 million follow-up public offer or a rights issue in 2011-12 to part fund a 1,200-Mw power plant, to be set up at Dahej in Gujarat.
Liquefied natural gas importer Petronet LNG today said its net profit declined by 2.20 per cent at Rs 103.31 crore for the quarter ended June 30, 2009, over the same period last year.
The Gujarat government has banned Jaswant Singh’s book. But it is one of the items being smuggled into the state from Rajasthan, along with liquor. Two days ago, there were a few hundred copies of the book in various bookshops across Udaipur. Two days later, there were none. Reason? Smugglers bought these for circulation in Gujarat.
Liquefied natural gas importer Petronet LNG today said its net profit declined by 2.20 per cent at Rs 103.31 crore for the quarter ended June 30, 2009, over the same period last year.
Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tonnes, CEO Naresh Nayyar said.
Global auto component maker Delphi today said it will showcase a number of its automotive technologies during next month"s Delhi Auto Expo including SD card-based navigation and generic body control module designs.
The retail sector in Kolkata has adopted a wait and watch situation with retailers still wary of what lies ahead. What started as a big set-back for the retail industry in end-2008 with several malls and retailers shutting shop, the year 2009 was particularly bad for the industry with several cancellations of booked spaces and deferment of sanctioned projects.
Jai Arjun Singh / New Delhi November 21, 2009, 0:27 IST
On September 7, the Bombay Stock Exchange’s Sensitive Index, or Sensex, closed over 16,000 points for the first time in over a year. And the good news is that it has consistently been able to close above this mark.
Reliance Industries (RIL), which raised Rs 2,675 crore through the sale of treasury shares on Monday, is looking to generate a similar amount over the next few weeks by selling more stock to institutional investors.
If a telephone company had a heart, Google Inc would be inspiring terror in it. As the newspaper, book and video industries can attest, Google has a knack for invading established markets and turning them upside down. Next up are the phone companies: Google Voice, still in testing, provides a free, powerful suite of Internet-based services that makes it a personal communications hub.
Construction work on the power plant of Monnet Ispat and Energy Limited has come to a grinding halt since July 18 due to the stir of the locals who demanded compensation for land and a proper rehabilitation package.
With valuations of companies becomign more realistic due to the slowdown, investors are delaying their exit. What used to be a three-to-five year period now is five to seven years. The longer duration is to compensate for the low returns due to the slowdown, according to Sateesh Andhra, venture partner of Draper Fisher Jurvetson and convenor of The Indus Entrepreneurs (TiE)-Indian School of Business (ISB) Connect.
Will supply LNG, sell stake in Wheatstone project to Jap utility.
G Madhavan Nair, Chairman of the Indian Space Research Organisation, has been appointed President of the International Academy of Astronautics (IAA).
India, the world’s second-biggest producer of wheat, won’t end a ban on exports of the cereal to avoid food shortages after drought and floods damaged crops of rice and sugar cane.
Pushing for a legally binding substantive outcome at the Copenhagen climate change meet, Prime Minister Manmohan Singh today said India is willing to sign on to an ambitious global target for emission reduction or limiting temperature increase if it is accompanied by an equitable burden-sharing paradigm.
Low interest rates, a revival in auto financing and strong spending based on improved sentiment boosted auto sales this year so far. This sales momentum should sustain going ahead as per most market analysts and the sector has seen earnings estimate upgrades all around.
The Indian Space Research Organisation (Isro) is working on using space applications to improve rural health infrastructure through telemedicine. Already 55 super specialty hospitals and 350 nursing homes have been connected and more will be added shortly, said Isro chairman K Radha Krishna.
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.
India"s retail industry boom gave way to despair in 2009 as consumers held back big spending, forcing some companies to restructure finances, while recession-battered western retail chains would have felt glad they were not allowed to set shop.
The Supreme Court today asked the Madras High Court to first hear on Thursday the amalgamation plea of cash-strapped retail chain Subhiksha Trading Services with its subsidiary Blue Green Construction and Investments (BGCIL).
The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.
Vandana / Mumbai January 27, 2010, 2:06 IST
As the government mulls hiving off Oil and Natural Gas Corp’s (ONGC’s) Assam oilfields, state-owned Oil India Ltd (OIL) has said it is willing to take over the assets and can run the fields more efficiently than the current owner.
Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today.
Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.
Apollo Tyres today reported an over 18-fold jump in net profit for its Indian operations during the quarter ended December 31, 2009, at Rs 102.03 crore, mainly due to robust growth in topline.
Century Textiles and Industries, part of the B K Birla group, has posted a rise of 110.52 per cent in its net profit for the quarter ended December 2009 at Rs 59.64 crore compared with Rs 28.33 crore in the corresponding previous quarter. Its net sales during the period grew to Rs 1,068.10 crore against Rs 879.79 crore, up 21.4 per cent.
In view of a surprising economic growth for the second quarter, Nomura Financial Advisory & Securities (India) today revised the country"s FY10 GDP growth forecast at 7 per cent from 6 per cent earlier.
Inflation is likely to peak at 8.7 per cent by end-March and the Reserve Bank of India (RBI) is likely to begin tightening its monetary policy from its January policy review itself, a report by Bank of America Merrill Lynch (BofAML) has said.
The government today came out with a new Press Note stipulating that foreign direct investment in micro and small enterprises (MSE) will be governed by sectoral caps and other regulations instead of the earlier 24 per cent ceiling on the foreign equity holding.
Trust Kishore Biyani, the founder of Future Group, to spot new revenue streams before anybody else. The latest from Biyani is Indian-style hotels and schools to train entrepreneurs and help understand consumer behaviour. Both initiatives are expected to go on stream in the next six to eight months.
Tata Tea, engaged in tea plantation and processing business, today announced a consolidated net profit of Rs 92.23 crore for the third quarter ended December 31, 2009, down 76.71 per cent over the corresponding period last fiscal.
Land acquisition process, in the recent times, has emerged as a major bottleneck resulting in time lags, cost over runs, business uncertainties and even shelving of projects by companies. Tata’s Singur project in West Bengal, Vedanta’s (Sterlite) project in Orissa, Posco’s Paradeep project in Orissa and Jindal’s Raigarh project in Chattisgarh are some classic examples that showcase project shelving due to the cumbersome land acquisition process in India. This article discusses the challenges faced by companies in land acquisition for their projects in India and the way forward.
Mobile telephony service provider Aircel is taking the philanthropic path. While most brands and advertisers offered discounts this festive season, Aircel came out with a 35-second corporate social responsibility TV campaign that urged youths to donate their unused mobile handsets to old people.
The government-run Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.
Public sector lender Bank of India (BoI) today said its net profit declined by 53.50 per cent to Rs 405.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.
Bangalore-based public sector lender, Canara Bank, is aiming to double its home loan portfolio to around Rs 17,500 crore by December 2010. The bank’s home loan portfolio stands at Rs 8,464 crore, little over 5 per cent of the total advances, as of December 2009, the bank’s executive director K L Jagadish Pai said.
Short-covering, expectation of rise in yield on advances behind spike.
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
Cipla ended at Rs 317, lower by Rs 1 or 0.5%, on the BSE.
Britannia ended at Rs 1578, lower by Rs 22 or 1.4%, on the BSE.
Glenmark Pharmaceuticals today said it has received the final approval from the US drug regulator for the marketing of its anti- hypertension tablets.
BCCI to partner Google India for the venture.
The Pakistan Cricket Board (PCB) today accused Indian Premier League (IPL) Commissioner Lalit Modi of betraying the PCB after none of the 11 Pakistani players got a buyer in the third IPL auction in Mumbai today and said he will take up the matter with BCCI.
The third edition of the Indian Premier League (IPL) will begin on March 12 in Hyderabad with the final to be held at D Y Patil Stadium in Navi Mumbai on April 25, the BCCI announced here today.
Samsung India Electronics (SIE) is eyeing a 30 per cent market share in the CDMA handset space, which is expected to be around 16 million units next year, said Hendrick Lee, vice president – hand held products division, SIE.
Mobile advertising: Every year for the last decade, media experts have predicted a boom in mobile advertising. But if recent acquisitions of mobile ad agencies by Google and Apple Inc are any indication of what’s to come, this year’s round of forecasts might prove more accurate.
Finnish mobile phone maker Nokia today filed a complaint with an US agency for alleged infringement of its patents by technology major Apple.
US markets edged up on Monday. The Dow added 30 points to 10,501. The Nasdaq gained 22 points (1%) at 2,212.
In my mind
Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
State Bank of India (SBI) Chairman O P Bhatt today said that excess liquidity available with the bank would be a matter of concern for the next two quarters.
Asian markets ended mostly in green. The Nikkei added 74 points to 10,982. The Hang Seng, however, slipped 63 points to 21,654.
The Sensex finally ended (provisional) at 16,242, down 538 points. The Nifty shed 171 points at 4,837.
The US markets ended on a negative note on Friday.
In a major boost to India"s Sun Pharma, which is locked in a takeover battle with Taro, shareholders of the Israeli drug firm today rejected a proposal to re-elect directors.
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
Reaping benefits from its recent collaborative research programmes, Ahmedabad-based pharmaceutical company Cadila Healthcare, the parent company of Zydus Cadila group, reported an increase in its net profit by 39 per cent to Rs 131.92 crore for the quarter ended September 30, 2009 from Rs 94.88 crore for the corresponding period last year.
India witnessed only one air accident -- the helicopter crash that claimed the lives of Andhra Pradesh Chief Minister Y S Rajasekhar Reddy and four others -- this year, a period that saw airlines improve their safety record, says IATA.
At the end of 2008, banks were staring at a slowing economy, souring retail loans and a tanking stock market. The focus, especially of private and foreign banks, was on containing losses rather than growing.
Shree Cement today reported over two-fold jump in its net profit for the quarter ended September 30 at Rs 288.91 crore.
But opinion remains divided on extent and duration of the hike.
Seven companies, including Reliance Industries and JP Associates, have raised over Rs 14,000 crore by way of treasury stock sale, private placements and bond issues in the second quarter of this fiscal.
The Mukesh Ambani Group firm Reliance Industrial Infrastructure (RIIL) today said its net profit rose by 3.52 per cent to Rs 5.87 crore for the third quarter ended December 31, over the same period previous financial year.
Dhanalakshmi Bank is planning a brand transformation initiative which will include changing the logo and related branding treatment across all its customer touch-points.
The Sensex has ended (provisional) at 17,458, down 28 points.
The markets have opened in the positive, mirroring the gains in the US and firmness across Aia. The Sensex is quoting at 17589, higher by 103 points and the Nifty is at 5254, up 29 points.
Admitting that there were communication gaps in the recently concluded climate talks in Copenhagen, Environment and Forests Minister Jairam Ramesh today said that the Danish Presidency could have handled the larger consultation process in a better way.
Wiser from last year’s free-fall, realty firms discovered a new mantra in ‘affordable housing’ and found help from banks which offered low interest home loans to build their businesses in 2009.
Chennai would require Rs 2,000 crore and 700 acres of land for rehabilitating slum dwellers, said Vikram Kapur, member – secretary, Chennai Metropolitan Development Authority.
Differences over number of private players to be allowed to offer 3G mobile services continue within the government as an empowered ministers" panel today failed to reach at any consensus.
The country"s largest passenger car manufacturer Maruti Suzuki India (MSI) is planning to hike prices on rise in input costs, a company official said.
Maruti Suzuki, India"s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad today.
The Indian auto industry is likely to see a growth of 10-12 per cent in sales in 2010, but companies will come under margin pressures as competition hots up in the market, according to global rating firm Fitch.
Global auto component maker Delphi today said it will showcase a number of its automotive technologies during next month"s Delhi Auto Expo including SD card-based navigation and generic body control module designs.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
Shree Ashtavinayak Cine Vision, the film production company, plans to invest Rs 457 crore to expand its movie entertainment business.
For the first time in 13 months, the country’s oil import bill registered a positive growth rate of 7.3 per cent, though the overall import continued to fall at $22.88 billion (Rs 1,06,640 crore) in November compared to $23.48 billion (Rs 1,09,440 crore) in the same month last year.
Two-wheeler maker BSA Motors today said it will invest Rs 50 crore in next fiscal, besides launching three new models, as part of its strategy to capture over 20 per cent share in the Indian electric scooter market by 2010-11.
The stock dropped to a low of Rs 89 and has finally ended with a loss of 2% at Rs 90. The counter clocked a volume of 15.6 lakh shares, as against the two-week daily average trade of 6.9 lakh shares on the BSE.
After swelling to a nine-month high in the previous fortnight, the outstanding credit of Indian banks decreased by Rs 11,898 crore in the 15 days up to January 15 — its first fall in two and half months.
Increased capacity and demand have helped cement manufacturer Binani Cement post a whopping 573 per cent jump in net profit at Rs 57 crore in the third quarter this fiscal compared to the same period last year.
Life science company NYSE listed Millipore Corporation is understood to have paid out Rs 270 crore to gain full control of its Indian arm. The company during November 2009 struck a deal to buy out the 60 per cent stake held by pharma entrepreneur Subhash Bagaria in the Bangalore-based joint venture of the firm.
Travel and tour company Cox & Kings (India) made an impressive debut on bourses today. The stock closed 30 per cent up at Rs 426.05 on the Bombay Stock Exchange (BSE) as against the initial public offer (IPO) price of Rs 330. On the National Stock Exchange (NSE), the stock closed at Rs 430.
While oil and gas companies are cash rich, focus on managements’ credibility and ability to run the business.
LIC Housing Finance has posted a rise of 14.32 per cent in its net profit after tax at Rs 153.57 crore for the quarter ended December, 2009 compared with Rs 134.33 crore in the corresponding previous quarter. Its net sales during the period stood at Rs 833.61 crore against Rs 734.33 crore last year, up 13.52 per cent.
Invest Rs 1 lakh in property or stocks and double it in six months’. Many would have received variants of this SMS in recent months.
Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
Wind power major Suzlon Energy today said financial services major Indiabulls Financial Services has reduced stake in the company to 0.6 per cent, by way of releasing pledged shares.
Companies knocking on government doors for bailout funds may have been the norm in the West, but India Inc begged to differ from this rule by raising over Rs 1,50,000 crore of capital for expansion from investors across the world in 2009.
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
The National Stock Exchange (NSE) today said it is not averse to the idea of listing its shares on its own platform.
The Union Budget is a few weeks away and entities across sectors are busy drafting their wishlists. Officials of the Bombay Stock Exchange (BSE), Asia’s oldest, are busy, too, but to get the exchange’s almost dormant equity derivatives segment in order by the Budget eve.
Despite a sharp fall in treasury income compared to the year-ago quarter, private sector lender Yes Bank recorded a 19 per cent growth in net profit to Rs 125 crore for the quarter ended December 31, 2009.
Wipro and Tata Power are scheduled to annouce their Q3 results today.
Animation and gaming firm DQE India is planning to hit the capital market initial public offer to raise Rs 150 crore to part finance its expansion plans.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
Suzuki agreed to sell its entire 50 per cent stake in the venture, Cami Automotive Inc, to the Detroit-based car maker.
Bajaj Auto Finance today said its net profit jumped over two-fold to Rs 27.32 crore for the quarter ended December 31, 2009, over the same period last year.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
Two-wheeler giant Bajaj Auto reported a smashing 189.24 per cent increase in its net profit at Rs 475.14 crore for the third quarter ended December 31, 2009.
Bajaj Auto Finance today said its net profit jumped over two-fold to Rs 27.32 crore for the quarter ended December 31, 2009, over the same period last year.
A day after senior Samajwadi Party leader Amar Singh announced his resignation from key posts, party supremo and former Uttar Pradesh chief minister Mulayam Singh Yadav today said Amar Singh continued to be in the party fold and his quitting key posts was “nothing big”.
Indian economy would expand by 8 per cent during fiscal 2010-11 and return to the high growth trajectory of 9 per cent a year later, Prime Minister"s Economic Adviser C Rangarajan said today.
Japanese car maker Nissan today said it would consider launching electric vehicles in the Indian market within few years as part of its global plan to roll out cleaner and alternative fuel technology.
Tata Motors, India’s biggest auto company, will look to strengthen its presence in the sedan segment with the launch of an all-new mid range sedan, Manza, next week. It will be priced in the range of Rs 5-7 lakh. The Manza is basically the sedan version of the indigenous hatchback, Indica Vista, launched by the company in August last year. The car is aimed at arresting the company’s dwindling performance in the sedan category.
Away from the glamour, but important nevertheless
India-specific hatchbacks took centrestage at the 10th AUTO EXPO, currently on in New Delhi. But BIJOY KUMAR Y took a detour and was seduced
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
German automobile giant Volkswagen, which has picked up almost 20 per cent stake in Japanese car major Suzuki Motor Corporation, may source small cars from Maruti Suzuki (in which Suzuki has 54 per cent stake) for the European market and sell them under its own brand name.
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
After five days of relentless selling, any hopes of a change in fortunes yesterday were dismissed early in the morning, as bears took grip of the markets. Aggressive selling in auto, banking, metal and realty stocks saw the markets break one support level after another during the course of the day.
In the first three-and-a-half weeks of trading in the new year, the Bombay Stock Exchange’s Sensitive Index, or the Sensex, has been range bound – a phase that many market experts would call a consolidation phase. And there are expectations that after the Union Budget, the market could enter a correction phase as well.
The government-run Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.
High-profile Samajwadi Party spokesperson Amar Singh today resigned as its General Secretary and other posts following deepening differences with party chief Mulayam Singh Yadav, saying his priority now was his health, wife and children.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 692.18 crore in futures and options segments on Tuesday.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 1,625.66 crore in futures and options segments on Monday.
The Orissa government today approved 16 investment proposals worth about Rs 30,000 crore, including the expansion plan of domestic major Aditya Alumina.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
Korean consumer durables maker LG Electronics today said it will hire around 4,000 people in India in next three months to enhance its after-sales services in the air conditioner segment.
Though the index of industrial production expanded 11.7 per cent in November, the Reserve Bank of India (RBI) sees the recovery still skewed and says the uneven recovery would dominate the central bank’s thinking.
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.
The central bank may hike CRR by 50 bps; some economists expect a rise in policy rates too.
Aided by strong growth in sales of unit-linked insurance plans (Ulips), new business premium income of life insurers went up by 75 per cent during December to Rs 12,201 crore against Rs 6,961 crore during the corresponding period last month.
Lower raw material costs helped Maruti post better-than-expected margins, which analysts believe is unlikely to be sustained.
- Bonds gain as yields near 15-month high lure investors - Rupee gains 2 paise at 45.69/$ in early trade - Rupee down 16 paise at 45.50/$ in early trade - Imports turn viable on rising domestic prices - Dollar buys, FII inflows take Re to 15-month high - Rupee at 16-month high, rises to 45.34/$">Rupee at 16-month high, rises to 45.34/$
With sanctioned credit lines going abegging, banks take corrective action.
A nuclear-powered US aircraft carrier sped towards Haiti early today to assist an international relief effort, as anger and despair mounted in the stricken country.
The government expects to mop up a tidy Rs 24,000 crore in this fiscal with four more public issues of state-owned companies hitting the capital market in the next two-and-a-half months.
World"s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.
The Reserve Bank of India, in its Monetary Policy review today has hiked the Cash Reserve Ratio (CRR) by 75 basis points (bps) to 5.75 per cent, while holding the repo and reverse repo rates steady in line with market expectations.
The flow of resources from other entities to the corporate sector has almost made up for the shortfall in non-food bank credit.
United Breweries Holdings (UBL) has forged an alliance with Heineken to distribute the Heineken brand in India. The partnership in India is expected to drive growth in one of the world"s fastest growing beer markets. As part of the agreement, Heineken will acquire Asia Pacific Breweries (APB) India -- Asia Pacific Breweries (Aurangabad) and Asia Pacific Breweries-Pearl -- for Euro 25 million (Rs 174 crore). Following completion of this transaction in the first quarter of 2010, Heineken intends to transfer these businesses into UBL during 2010. APB is a joint venture partnership between Heineken and Fraser and Neave.
ECB will have to be raised within 12 months from the date of payment of the final instalment.
Rejecting Pakistan"s charge that its players were snubbed for IPL at the behest of India, External Affairs Minister S M Krishna today said it should draw a line between government programmes and private events.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
Telecom service provider Aircel today entered into a partnership with software exporter Infosys Technologies to launch the first mobile application store in the country.
Increasing competition and declining mobile call rates have taken a toll on the earnings of the country’s largest telecom operator, Bharti Airtel, which has posted 2.3 per cent growth in its net profit at Rs 2,209.8 crore for the third quarter ending December 31, 2009, against Rs 2,159.3 crore in the same quarter in December 2008.
Construction firm Patel Engineering Works said it has bagged nearly $1 billion (about Rs 4,600 crore) order for building a 350-km highway connecting Djibouti border to Ethiopia.
FXLabs Studios, a city-based developer of game products for PCs and video game consoles, has received the 24 FPS animation award for the best game design by Maya Academy of Advanced Cinematics (MAAC) for its game based on Bollywood movie ‘Ghajini’. MAAC is the academic wing of US-based 3D animation and visual effects house Maya Entertainment, a press release said on Wednesday.
Prime Minster"s IT adviser Sam Pitroda today said 3-G auction process would be completed this fiscal.
The Australian government has provided over A$8 million to fund the creation of the Australia-India Institute at the University of Melbourne. The institute is a platform to support research, training, executive briefings and policy advice for the benefit of both countries, according to Australia-India Institute Deputy Director John Webb.
Dismissing Australian suggestions that Indian reaction on the issue of attacks was "hysterical", External Affairs Minister S M Krishna today said India expects that its citizens, whether they are students or otherwise, should be safe in that country.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
Private sector lender City Union Bank on Saturday said its net profit rose by 26.55 per cent to Rs 40.65 crore for the third quarter ended December 31, over the corresponding period last year.
Auto component maker Sona Koyo Steering Systems today reported a profit after tax (PAT) of Rs 6.89 crore for the quarter ended December 31, 2009, on account of improved efficiencies and stable foreign exchange rates.
Leading Internet firm Info Edge, which owns job portal naukri.Com, today reported third quarter profit after tax of Rs 15.64 crore, a nine per cent decline from the corresponding period previous fiscal.