Business Ideas
Nation building through learning – Usha Martin Education & Solutions Limited (UMESL), forays into providing standardized end-to-end solutions and school management services to enable the creation of a national network of high quality English medium K-12 schools with a focus on non-metro towns and cities of India.
The Royal Bank of Scotland (RBS) will sell part of fund management assets to Aberdeen Asset Management Plc for an estimated 84.7 million pounds.
Saturday
These independent projects are likely to end the monopoly of PowerGrid.
Since the Satyam scam, the focus on corporate governance has increased manifold. Investors should keep a close watch on a company’s activities to ensure safety of their money
The Sensex opened weak this morning following subdued cues from its Asian peers. The Sensex opened at 16,827 and is now down 61 points at 16,798.
Forty years ago, man landed on the Moon. Also in 1969, the Vietnam war ground on, high hippydom ruled Western youth culture, feminism was in its so-called second wave, and the collectivist kibbutz movement in Israel was at the peak of its post-war efficacy. In 1969, Ursula Le Guin was just gaining renown as a writer. In that year she turned 40, and published her best-known science fiction novel. In 2009 the author turned 80 and her book, still in print and now a classic, turned 40.
Sobha Developers, the Bangalore-based realty player, is set to raise another Rs 250 crore by selling a little over 100 acres of its land in Pune. The company has been making headway to settle a part of its Rs 1,900 crore debt by selling part of its 3,000-acre land bank spread across the country. Sobha recently raised close to Rs 530 crore through the Qualified Institutional Placement (QIP) route. With a debt of Rs 1,900 crore, the company was leveraged 1.6 times and it is understood that a part of the proceeds from QIP is being used to settle a part of that.
If he had kept his mouth shut and his head low, Bradley Birkenfeld would be a free man today. He didn’t, so now the former UBS AG banker wears an electronic bracelet on his ankle and, beginning January, will spend three years and four months in a federal penitentiary.
Swiss banking major UBS AG continued to be in the red for the third straight quarter, with losses of 1.40 billion Swiss francs for the three months ended June, bogged down by credit and restructuring charges.
Usha Martin Education and Solutions has forayed into providing standardized end to end solutions and school management services to enable the creation of a national network of high quality english medium K-12 schools with a focus on non-metro towns and cities of India.
Movement on this seems stuck and linked initiative to defreeze progress needed, say analysts.
Oil prices rose above $80 a barrel today in Asia as crude investors eyed a surge in global stock markets.
The Centre may give sops to drug exporters for shipments to Africa and Latin America through a route that would avoid passing through Europe, while it prepares to drag the EU to the World Trade Organisation (WTO) over seizures of consignments of Indian pharma companies.
Prime Minister Manmohan Singh today said India is open to discussions on a free trade pact with the US on the lines of the agreement New Delhi already has with the 10-nation South East Asian bloc.
Martin Feldstein / December 5, 2009, 0:59 IST
A top diplomat of the Bush Administration who was its point man for negotiations on Indo-US nuclear deal, has accused President Barack Obama of being less attentive to the partnership between the two countries, saying the relationship has been stalled in some critical issues.
A sizeable number of Americans believe that the next Bill Gates will come from India or China, as the two Asian giants are fast marching ahead on the global platform, a new US survey reveals.
Power trading company PTC India today reported a decline of 33 per cent in net profit at Rs 15.8 crore for the third quarter ended December 31, 2009.
The Supreme Court today did not pass any order on a petition filed by the Anil Dhirubhai Ambani Group (ADAG) challenging the Allahabad High Court verdict quashing Uttar Pradesh Government"s notification to acquire land for the company’s 8,000 MW Dadri power project.
Vinayak Chatterjee / New Delhi January 18, 2010, 0:53 IST
German carmaker Volkswagen AG said it would unveil several new models at the Frankfurt Auto Show, including an electric car called the E-Up.
Yahoo! Inc, owner of the No 2 search engine in the US, was targeted by a Chinese attack similar to the one that affected Google Inc, according to a person familiar with the matter.
To refine 9-15 million tonnes of crude oil every year, the state-run Hindustan Petroleum Corporation (HPCL) plans to set up a plant in the Konkan region. It is looking to invest over Rs 20,000 crore for a greenfield project in Raigad or Ratnagiri districts of Maharashtra.
The scrip zoomed to end at its 20% upper circuit at Rs 84. The counter clocked volumes of 18.67 lakh shares as compared to the two-week daily average traded volumes of 1.59 lakh shares on the BSE.
Bajaj Auto shares rose 6.52 per cent to Rs 1,304.5 on the proposed increase in its motorcycle production. Bajaj’s plan to raise domestic motorcycle production by about 25 per cent in August 2009 came as a response to stronger demand in the segment.
Two-wheeler maker Suzuki Motorcycle India today reported a 20.35 per cent rise in its sales in July at 12,585 units compared with 10,457 units in the same month last year.
After receiving Stage –II clearance from the Ministry of Environment and Forest (MoEF) for its 12 million tonne steel plant in Orissa, Posco-India has initiated various activities including infrastructure development to expedite the project work.
The UAE remains a popular destination globally among expatriate workers as employment prospects have increased by up to 8.3 per cent annually and is expected to maintain its upbeat growth this year, a leading Middle East online recruitment portal has said.
In the long run,” John Maynard Keynes had famously said, “we are all dead.” Keynes may not have been quite dead, but he had lived a ghostly half-life in the corridors of central banks and within the academia for decades. Now with the failures of unbridled capitalism on a global scale, he is back in fashion, along with Marx. John Cassidy, the finance correspondent for the New Yorker has come with How Markets Fail: The Logic of Economic Calamities (Allen Lane/Penguin £25), which draws heavily on Keynes to recount the story of America’s housing boom and the failures of regulators and self-deception of bankers that led to the present financial crisis. The book is a sequel to Cassidy’s earlier book DotCon that dealt with the stupidities of the stock market bubble in the late 1990s, but both deal with one central idea: the belief that society is best served when individuals are left free to pursue their self-interest was “Utopian economics” and led to disaster because of “the crooked timber of humanity”, and the uncertainty that is inherent in any human enterprise.
Engineering services provider Defiance Tech, part of the multi-billion dollar Hinduja Group, today announced expanding its services to the areas of manufacturing and enterprise solutions, eyeing the markets of India, US, Europe and Middle-East nations.
Karnataka claims to have gone far ahead of other states when it came to using job fairs and helping job-seekers find jobs. It is part of the Centre’s efforts to promote job creation through the development of skills and promoting employment.
Lowe India chairman and Cheeni Kum director Balki strayed into advertising, hoping to meet Ramesh Sippy. Now, many years and accolades later, he has discovered the mantra to success. “Unsureness”, he tells Aabhas Sharma
Government today informed Rajya Sabha that it has issued a show cause notice to "Colors" television channel for telecasting obscene visuals in the ongoing reality show "Big Boss 3".
India"s exports declined by 28.4 per cent in July over the same month last year, contracting for the tenth month in a row, as overseas shipments were hit by slowdown in major global markets like the US and Europe.
Sanjaya Baru / New Delhi January 11, 2010, 0:36 IST
Rakes in Rs 240 crore in 10 days.
She began her career as a choreographer and then moved into film direction with aplomb. A full-time mother of three, Farah Khan is back in a new avatar as a talk show host for Tere Mere Beach Mein that is being aired on Star Plus.
Using a disputed measure, TAM, the television research agency, has said Doordarshan not only commands the highest channel share compared to private networks but attracts a far greater number of viewers. It made a presentation to this effect before the information and broadcasting minister recently.
Abhilasha Ojha / New Delhi October 25, 2009, 0:40 IST
An acute labour shortage is hurting coffee production in Karnataka, which accounts for around 70 per cent of the country’s coffee output.
Rising cotton prices have robbed the domestic garment exporters off their competitive edge in the global markets which could lead to massive job losses, Apparel Export Promotion Council (APEC) said today.
With the Dubai World crisis, Indian exporters have again started biting their nails, even as the government assured there would be no impact on the domestic economy.
After Switzerland, South Africa, New York and Hong Kong, it is Egypt that is now looking at grabbing a piece of the Bollywood film action.
Big Bazaar, the hypermarket of Pantaloon Retail, has come out with a breakfast cereal range under its private label, Tasty Treat. Big Bazaar already sells noodles, pasta, vermicelli, soups, namkeens, chips, toast, khari, papads, jams, pickles, carbonated drinks, ketchup and fruit beverages under the brand. It has now added breakfast cereals to the range.
Economy is likely to grow by 7 per cent or a "little more" in the current fiscal returning to a fast expansion pace after a sluggish 2008 due to the global economic crisis, Prime Minister Manmohan Singh said today.
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.
Terming as "unfortunate" the stalled Indo-Pak talks, Pakistan has advocated delinking of resumption of composite dialogue from the 26/11 probe, saying it was "seriously" pursuing all the leads provided by India.
The government might consider selling fewer bonds in the year ending March after announcing expenditure cuts yesterday, Finance Secretary Ashok Chawla said.
The government today ruled out any increase in its borrowing programme for the current fiscal and said expenditure needs due to failed monsoon would be met with additional tax and adjustments within the budget.
SpiceJet has been recognised amongst the top ten budget airlines in Asia, based on the results of “Best in Travel Poll 2009”, an online survey on budget airlines conducted by Smart Travel Asia magazine, which is a online travel magazine for Asia read by over 10,00,000 visitors annually.
The government has slapped a penalty of Rs 32 crore on mobile operators for failing to adhere to the subscriber verification norms in 2008-09.
Stock broker Ketan Parekh, alleged mastermind of the securities scam of the 1990s, has moved the Supreme Court seeking permission to travel abroad for the treatment of his daughter.
Consumers now have a wide variety of choices available in the market for a state-of-the-art digital camera that’s compact in size. Practically every brand is competing on megapixels and in looks too in this segment. Here is our pick of the best compact digital cameras for young adults, parents with young children and compulsive picture takers. Don’t be fooled by their diminutive looks - these babies have enough megapixels to portray in detail your picture-perfect moments.
Consumer durables major LG Electronics today said it will invest Rs 25 crore in promotional activities of its home appliances during the festive season, as it targets a 30 per cent share in the segment by next year.
Mahindra & Mahindra (M&M), the country"s leading utility vehicles maker that recently forayed into the two-wheeler space, is now eying to source parts from China for cost advantage.
Industry body FICCI today sought more fiscal sops in the 2010-11 budget to prop up the economy.
Mercedes-Benz India today sounded bullish about the growth of the heavy duty truck segment in India and said it plans to sell 240 units of the product this year.
Diesel engines, automatic gearboxes, same price range... but worlds apart. You could read the following few lines and be done with this article. Even if you have not driven either of these two cars, the conclusion is foregone. The Skoda Laura 2.0 TDI with the DSG is the driver’s car here, and if you are a chauffeur-driven sethji, the Hyundai Sonata Transform 2.0 CRDI Automatic should be at the top of your list. Game, set and match. It is that simple and if you go to the end of the story, there are no surprises in store for you either. But since you are reading anyway (ostensibly not to make a purchase decision!), let me tell you what these two cars are like.
Two-wheeler manufacturer TVS Motor Company today reported 12 per cent increase in its vehicle sales during October.
Luxury car maker Audi India today reported 8.41 per cent increase in its sales in October at 116 units over the same period last year.
Chinese heavy machinery maker Tengzhong said today it expected to get regulatory approval for its acquisition of the iconic Hummer brand from General Motors this year or early next.
US-based car maker General Motors today joined hands with Reva Electric Car Company to develop and produce electric vehicles in the Indian market as part of its plan to make the country a global hub for environment friendly vehicles.
Subir Roy / New Delhi November 13, 2009, 0:03 IST
How a man drinks defines him. For the last few weeks I have been doing the rounds of Kolkata’s clubs — a hallowed bastion of tradition, if there be any left. And I am sorry to say that they don’t take the matter of tradition seriously enough. What I mean is, the emphasis is all wrong. Quantity prevails over quality, not the other way round.
Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions.
Kirtika Suneja / New Delhi December 10, 2009, 0:11 IST
To manage and transform data centre.
A probe panel looking into the crane mishap at Delhi Metro site during debris clearance today held the contractor Gammon India responsible for the "unusual" incident which it said was due to "mismanagement and lack of professionalism".
Seeking greater cooperation in education sector, France today said Indian students are most welcome there and that it wants to be a "privileged partner" in the growth that India is witnessing now.
With US and French leaders asking Prime Minister Manmohan Singh to attend the Copenhagen Summit on climate change, he is weighing options to participate in the meet where India is expected to strongly pitch for legally binding substantive outcome to deal with the challenge posed to the world.
Foreign Institutional Investors raised their holdings in as many as 25 Sensex companies in the first quarter of the current fiscal, riding on positive global cues and a decisive verdict in the general elections.
Company launches ‘Cash & Carry’ format.
Gujarat Chief Minister Narendra Modi, who returned from abroad two days back, tested positive for swine flu today, a doctor attending on him said.
With the death of a 30-year-old woman, the Swine Flu toll in the city has gone up to 91, health officials said today.
Suven Life Sciences Limited, a Hyderabad-based biopharmaceutical company specialising in central nervous system (CNS) diseases, has received patents for two new chemical entities (NCEs) from the US Patent office.
German luxury car maker Audi today said it will start assembling its Sports Utility Vehicle (SUV) Q5 in India by March next year and is expecting its sales to grow by about 70 per cent in 2009.
Having secured the much-needed funds for Jaguar Land Rover (JLR) without the government help, its Indian parent Tatas are now tightening their management control on the carmaker, but are unhappy over the way their request for help was handled by the UK authorities, a report said today.
The central pool of food grains is insufficient to provide for families above the poverty line (APL) who are covered by the Targetted Public Distribution System (TPDS), if they are to be all included in the proposed National Food Security Act, show data from the Planning Commission.
Hyderabad-based Aurobindo Pharma Limited received approval from Swissmedic, an agency of Switzerland government for therapeutic products, for the licence of Cefepime APL for injection 1g and 2g.
Low demand due to high prices will make a dent in India"s gold imports this month which will be down to 10-15 tonnes, experts have said.
CM Nitish Kumar’s party wins just 4 of the 18 seats that went to polls; RJD bags five
Tata Group today said the British government has not yet contacted it on the possible options to avoid closure of Corus steel plants in Teeside that could result in 1,700 jobs losses.
Tata Consultancy Services (TCS), the country’s largest IT services provider, will use the new data centre — which was set up by the Software Technology Parks of India (STPI) — in Chennai as a disaster recovery for its e-passport service.
Business Standard / New Delhi November 27, 2009, 0:14 IST
The global downturn has taken the wind out of the sails of India"s exports, which fell the most in 14 years in April, by 33.2 per cent, over the same month last year, while domestic slowdown led to imports dropping by 36.6 per cent in the same period.
As many as seven of the top-10 firms added more than Rs 81,000 crore to their market capitalisation during the week, while three state-run companies -- NMDC, NTPC and ONGC -- saw erosion in their valuation.
Brushing aside reports that India is moving away from Russia, President Pratibha Patil has said New Delhi"s ties with other countries would not be at the cost of Moscow.
Maruti Suzuki’s portfolio has several small cars. That makes its task of differentiating each of these cars difficult. To bolster one of its most sturdy performers, the WagonR, which sold 135,000 last year, the country’s largest carmaker has come out with a mascot named WizeR.
Gold futures prices traded lower by 0.27 per cent today on reduced offtake at existing higher levels.
The Centre today said state governments had been asked to prepare the local-level adaptation action plans on climate change, consistent with the objectives of the National Action Plan on Climate Change (NAPCC). Necessary assistance is also being provided to the state governments (to tackle climate change) subject to availability of funds, Environment and Forests Minister Jairam Ramesh said in reply to a written question in the Lok Sabha.He said a study on “the impact of climate change in India” had been launched under a joint Indo-UK Research Programme.
The Centre today said state governments have been asked to prepare the local level adaptation action plans on climate change consistent with the objectives of the National Action Plan on Climate Change.
The government on Tuesday said it would not withdraw the fiscal stimulus, provided in the last one year to help the economy deal with the global slowdown, in the current financial year.
After taking a two-day break, bulls re-entered the market today buoyed by good results from Maruti Suzuki India and ITC.
Pharma firm Orchid Chemicals & Pharmaceuticals today said it has received the final Abbreviated New Drug Application (ANDA) approval for its Zaleplon capsules from the US Food and Drug Administration, in a filing to the Bombay Stock Exchange(BSE).
Car market leader Maruti Suzuki India Limited is testing its cars on the CNG platform before launching them commercially in the next 2-3 years.
Union Minister of State for Minorities and Corporate Affairs Salman Khursheed today said 2,500 crore would be spend for development and upliftment works in minority dominated constituencies.
The Centre, in an attempt to end the imbroglio over Telangana, today convened a meeting here on January 5 of eight recognised political parties in Andhra Pradesh for a discussion on the issue, a move welcomed by a grouping of all parties spearheading the statehood stir.
The Indian corporates have all the reasons to smile in this scorching summer of June, as they can take their teams on the fast track. Radio City Connect, activation arm of Radio City, India’s first and leading FM radio brand has partnered with Force India F1 team for Corporate Go Karting Championship across Mumbai, Delhi, Chennai, Bangalore and Hyderabad. Corporates from these five cities will get an opportunity to participate in the Maruti Suzuki Ritz presents Force India & Radio City Connect corporate Go Karting Championship.
Business Standard / New Delhi September 4, 2009, 0:00 IST
Business Standard / New Delhi January 16, 2010, 0:54 IST
Buys US rights for Oscient Pharma"s Antara.
In an apparent climbdown, India today agreed with Pakistan"s contention that terrorism should not be linked to the composite dialogue process as Prime Minister Manmohan Singh and his counterpart Yousuf Raza Gilani met here to chart the "way forward" in bilateral ties.
State-run Bharat Sanchar Nigam (BSNL) failed to retire a government loan of Rs 7,500 crore despite having a cash-reserve of Rs 18,829 crore as on March 2005, leading to an excess expenditure of Rs 1,089 crore on interest payment during 2005-07.
The yellow metal rose Rs 155 on the announcement of RBI’s asset purchase, weak dollar.
The Centre today constituted a committee of industry ministers of seven states to prepare guidelines for creating land banks for meeting industrial needs.
Major Russian aircraft manufacturer famous for its fighters, Sukhoi has been listed amongst the most rapidly growing companies of Russia by the Economic News Agency rating.
The contemporary hotel in India is lifestyle- rather than luxury-oriented, and it suits younger business travellers just fine.
Frank Sieren & Andreas Sieren / July 11, 2009, 0:03 IST
India’s government might miss a target to add capacity at its 12 major ports, as the economy grew less than anticipated and global trade slumped amid a recession, the shipping secretary said.
Offers 2,000 acres in Pune’s Saswad taluk.
Bangalore-based telecom solutions provider, Subex, reported a loss of Rs 3.2 crore for the second quarter ended September 30, from a net loss of Rs 71.6 crore in the corresponding quarter last fiscal.
US markets advanced on Monday, sending indexes to fresh 13-month closing highs, after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to help growth.
The Sensex is now at 14,879, down 531 points.
The Sensex is now at 14,948, down 463 points. The NSE Nifty is now at 4,446, down 133 points.
At the upper price band of Rs 212, it will be the most valued listed media company in India.
Corporate profit margins have recovered handsomely but are likely to come under pressure in the face of both higher salary as well as increased raw material costs.
Luxury hotel chain operator Orient Express, in which Indian conglomerate Tata Group holds a significant stake, has reported a net loss of $24.3 million for the second quarter ended June 30, 2009.
EXIM Bank and IDBI are said to be cautious while financing films, prompting producers to tap PE players and investors like the Dar Capital group.
Sayantani Kar / Mumbai December 8, 2009, 0:28 IST
In the last one year, Dubai has lost much of its lustre. The global credit crunch already hit inflows into the emirate, leading to job losses and delayed real estate projects.
Normal life was paralysed across the Kashmir Valley today due to a strike called by a local outfit to protest the CBI report in the Shopian case even as authorities placed top Hurriyat leaders under house arrest as a precautionary measure.
It’s never easy to be in public domain. Members of Parliament (MP) cutting across party lines have realised that. Madhusudan Mistry, a Congress MP from Gujarat, gave his mobile number to the voters of his constituency. “Even in the middle of the night, people, evidently drunk, used to call me to solve their petty personal problems,” Mistry recalls.
Ruing over the lack of skilled manpower, human resource (HR) professionals said, during a management conference, that more interface between educational institutions and industry should take place. Organised by St. Kabir Institute of Professional Studies (SKIPS), Ahmedabad, the conference focused on "Adding Lasting Value in Uncertain Times...through Human Capital Leadership".
Amid increasing concern over financial health and rising operating cost, Railway Minister Mamata Banerjee is expected to table a white paper on the actual condition of the PSU on December 21, the last day of the winter session of Parliament.
Winter session of West Bengal assembly began here today and is likely to be stormy with the ruling Left Front moving a non-official resolution in the House demanding discussion on "Statewide anarchy by Maoists and Trinamool Congress". Announcing to move along with several other resolutions, government chief whip Syed Mohammad Masih told reporters that they had raised the issue in Business Advisory Committee meeting. He alleged that Naxalites and TMC were "unleashing a reign of terror" in the state and the latter was involved in spreading anarchy with their direct or indirect involvement with the former.
Business Standard / New Delhi September 28, 2009, 0:36 IST
Indian-American Anil Kumar, an accused in one of the the largest insider trading scam in the US, has agreed to waive indictment in the Galleon Hedge Fund case, in an indication that he might plead guilty as per a deal struck between him and the prosecutors.
Sri Lankan Tamil-origin billionaire Raj Rajaratnam has pleaded not guilty before a court here to running an insider trading scam that allegedly racked upto $21 million in profits, the biggest such case in the US.
Indian education has only regulatory bodies such as the All India Council of Technical Education. It also needs rating agencies like Crisil that can rank colleges by performance, said Union minister of state for higher education, D Purandeswari.
Life insurers are pitching for increased exemption on investments in long-term policies. They have asked the government to consider raising the exemption limit to around Rs 1.5 lakh from Rs 1 lakh at present.
India’s life insurance sector is expected to grow by almost 15 per cent in the current financial year and touch a total premium income of Rs 2,55,000 crore (about $ 50 billion).
Shobhana Subramanian / Mumbai July 10, 2009, 0:36 IST
US-based Yum Restaurants, which owns the franchise of KFC and Pizza Hut in India, has come under the Enforcement Directorate"s (ED) scrutiny for allegedly failing to bring in Rs 390 crore ($80 million) foreign investment in the country after getting the government approval.
Casual dining chain Pizza Hut today announced that it has roped in Bollywood star Lara Dutta to promote its newly-launched "Cheesy Bites" range.
Authorities in Mexico have announced three more deaths, as the United States and Canada each said they had another death connected with the illness.
The Bombay Stock Exchange (BSE) on Tuesday said it would launch a trading platform for mutual fund (MF) units on December 4. The move comes a day after the National Stock Exchange (NSE) launched a similar platform. Central Depository Services Ltd will be the BSE’s depository partner.
The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
Foreign institutional investors (FIIs) were net buyers of Rs 885.65 crore (provisional) today, according to data released by BSE.
Batting for the worried special economic zones (SEZs) developers who fear withdrawal of incentives in the new direct tax code, Commerce and Industry Minister Anand Sharma today said his ministry would ensure that the sops continue.
Will use funds to finance operations of group firms; to have a total war chest of Rs 10,500 crore.
The world’s third largest wind energy turbine maker, Suzlon Energy, has shifted most of its management operations back to its headquarters in Pune.
Finance Minister Pranab Mukherjee may meet state finance ministers next week to discuss their requirements and implementation of proposed Goods and Services Tax (GST), speculated to be delayed by over six months, is likely to be discussed during the meeting.
Ore prices have increased 20 per cent in a month.
Experian is the second credit bureau in the country to confirm conditions after Credit Information Bureau of India.
India"s sugarcane production is projected to fall short of the demand by 17 million tonnes(MT) at the end of this Plan period (2007-2012) from a surplus supply of 14 MT now, as per the Planning Commission.
Investments in mutual fund schemes saw a sharp 68 per cent decline in November to over Rs 45,100 crore over the previous month, as investors preferred to stay away from equity market.
The fall in assets under management (AUM) in financial year 2008-09 has hit the net profit of the mutual fund industry. The industry’s average net profit has declined 29.84 per cent in financial year 2008-09, acccording to an ICRA report released today.
The Nifty closed above the crucial resistance level of 5,080 on strong buying in index stocks such as Reliance Industries, ICICI Bank, Tata steel and Cipla. Bharti Airtel, Reliance Communications, Jaiprakash Associates and State Bank of India closed in the red on shorts build-up on the F&O segment. The Nifty November and December futures closed at a premium to the spot on intraday short-covering and fresh long build-up.
Sunil Jain / New Delhi December 7, 2009, 0:29 IST
JMM chief Shibu Soren is all set to take oath as chief minister heading a five-party coalition in Jharkhand tomorrow, which will be the seventh dispensation in nine years since it became a separate state.
LNG importer Petronet LNG is eyeing 53 per cent growth in the top line at Rs 13,000 crore during the current fiscal, Petronet LNG Managing Director P Dasgupta said today.
The Nifty closed in a Doji pattern after a breakout above 5,182 on profit-booking above 5,200. The trading volumes on the futures and options (F&O) segment declined by over Rs 10,000 crore with the number of contracts in index futures lower by almost 12 per cent. This means the participants are wary of taking positions at the current level as only two trading days are left for the expiry of the current series.
Oil and Natural Gas Corporation (ONGC) has replaced Reliance Industries Ltd (RIL) with Repsol YPF SA, Spain’s biggest oil company, and Malaysia’s Petronas to bid for Venezuelan oil blocks next month.
Shobhana Subramanian / Mumbai December 4, 2009, 0:53 IST
The stock erased all its gains and slipped into the negative to settle at Rs 210, down 1.5%. The counter clocked volumes of 1.82 million shares as compared to the two-week daily average traded volumes of 1.40 million shares. _________________________________________________
The Visakhapatnam zone of Andhra Bank is targeting to end the current financial year with a total business of Rs 3,600 crore.
Delhi-based real estate company Emaar MGF plans to utilise over half of the amount it will raise through its initial public offer to repay part of its debt.
The Fast Moving Consumer Goods (FMCG) sector has emerged as the industry of choice for this year’s management graduates.
USL Wines, a division of United Spirits, part of the United Breweries (UB) group, is set to start exporting its brands.
The US Administration will bring a Bill in the Congress to remove the federal cap on intake of medical students, a move that will benefit international students, including those from India, a body of Indian-origin physicians in America has claimed.
Private sector mutual fund house Religare AMC, a relatively new but fast-growing player, today said that abolition of entry load charged to investors will benefit the company and the industry as a whole.
RBS/Lloyds: The UK’s two big state-owned banks may be in for a re-branding. Royal Bank of Scotland and Lloyds Banking Group could end up being the country’s largest private equity firms.