International Business
Eleven students of Osmania University, who have been on an indefinite hunger strike demanding a separate Telangana state, were shifted to hospital on Monday after their health deteriorated.
SET Max, the official broadcasters of the Indian Premier League (IPL)cricket tournament, has already hit a sixer with the third edition of the twenty20 league. The channel is estimated to rake in over Rs 650 crore, 30 per cent higher than it got in IPL-2.
The political crisis in Andhra Pradesh over the Telangana issue has hit cricket as well and the BCCI is planning to shift the second India-Sri Lanka one-dayer in Visakhapatnam to another venue due to security concerns.
Organised retailers and fast-moving consumer goods (FMCG) firms have begun their slugfest yet again as the time approaches for redrawing of annual sales contracts.
Dalal Street has opened on a firm note, mirroring the strong global cues. The Sensex is quoting at 16680, up 79 points and the Nifty is at 4978, up 26 points. Consumer durables, metals and realty stocks are seing a lot of action in morning trades.
Shankar Acharya / New Delhi October 08, 2009, 0:59 IST
Volatility in share price of a company is inversely proportional to the grade assigned to its initial public offer, as firms with high grade show relatively less fluctuations in share prices, a study said.
As many as eight power companies have shown interest in setting up a 1,320 Mw thermal Plant near Rajpura in Patiala.
The CBI has charged Satyam founder B Ramalinga Raju, his brother B Rama Raju and eight others with creating fictitious customers and siphoning off Rs 430 crores from the IT firm.
Maytas Infra Ltd, the troubled infrastructure company promoted by the family of Satyam founder B Ramalinga Raju, is making efforts to recover Rs 380 crore inter-corporate debt from Satyam Computer Services, according to Maytas Chairman K Ramalingam.
The Union government has withdrawn four of the six directors appointed by it on the board of Satyam Computer Services Limited.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.
Against the backdrop of industrialised nations (G-8) putting curbs on full nuclear cooperation with countries like India, Prime Minister Manmohan Singh leaves for Paris today hoping that the visit would help India and France "build" its strategic partnership in nuclear energy, defence and other areas.
Concerned over reports of some Indian students in Australia retaliating in the wake of spate of attacks on them, Government today asked them to exercise restraint.
Indian spices to pep up the hot curries are a sure winner here with Malaysia emerging as the second largest importer, after the United States, with its imports worth $79 millions last year.
The gems and jewellery sector, hit hard by the global financial meltdown, has begun showing signs of improvement with employment reporting a 3.80 per cent increase during January-March 2009.
India"s natural rubber exports slumped to just 94 tonnes in May compared with 3,159 tonnes in the same month last year, as domestic prices far exceeded global rates, according to state-run Rubber Board.
Obama"s top diplomatic nominee for East Asia said that the rise of China has enormous implications for the United States. And as the Obama Administration plans to engage China on a host of economic and diplomatic issues, human rights and Tibet would continue to remain a subject of concern, he said.
Country"s largest lender State Bank of India will double the number of branches for retail sales of gold coins to 1,100 in the current fiscal to reach out to all important centres of the country.
Employees will have to pay tax on Esops, superannuation and ‘other amenities’.
After making three futile attempts to sell the controversial Crystal IT park, the only IT-specific SEZ in Madhya Pradesh, the state government has again invited tenders for a co-developer.
As violence in Manipur and Assam continued unabated, Prime Minister Manmohan Singh today said situation in the North-Eastern states was far from comfortable.
Despite the surge in automobile sales in recent months and new vehicle development programmes of car makers, auto component makers are wary of committing further investments in building new capacities. They have adopted a wait-and-watch attitude to see if the demand sustains. “Component makers are investing with caution and moving in a phased manner. They are not adding capacity in big strides, like a few years ago, but only incrementally,” said Ashok Taneja, president, Shriram Pistons.
Ignoring Railway Minister and Trinamool Congress boss Mamata Banerjee’s strong objections, the Union home ministry will continue its anti-Maoist operations in Lalgarh and even expand these to other parts of West Bengal.
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.
In a bid to tide over its financial crisis, Maytas Infrastructure, the listed company promoted by Satyam Computers’ B Ramalinga Raju, has decided to sell part of its shareholding in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Terra Projects Ltd, a company owned by the Kolkata-based Neco group.
Vedanta Resources Chairman Anil Agarwal today said the company will bid for the Ultra Mega Power Projects (UMPP) and coal blocks as and when the government puts them on auction and added it has plans of Rs 70,000 crore till 2011-12.
The US government is preparing to steer General Motors into bankruptcy as early as the end of next week, a plan which would provide billions of dollars more in federal funds to the ailing auto maker, says a media report.
Asking the US corporate sector to build a lasting partnership with India in high technology including the defence sector, new Indian envoy Meera Shankar has said that New Delhi is looking at optimising its ability to procure the best equipment from anywhere in the world.
India’s new airports use an international architectural language, but a local twist might have been interesting, suggests Anand Sankar
Congress today appointed central observers in Maharashtra, Haryana and Arunachal Pradesh, to facilitate election of the party"s chief ministers.
By securing 13 seats in its maiden outing in the Assembly polls, Maharashtra Navnirman Sena (MNS) has dealt a blow to Opposition Shiv Sena-BJP alliance, making victory easier for the ruling Congress-NCP combine.
Social networking, dating and mating portals enter even pets" lives.
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 Indian rupee today depreciated by 33 paise against the US currency in early trade on strong demand from importers for the dollar, which rebounded against other major currencies.
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.
V Madhu, principal secretary, infrastructure development department, government of Karnataka said that the government was keen to partner with the railway ministry to expand the network in the state. Incidentally, the rail coverage in Karnataka lags neighbouring Tamil Nadu by a factor of two with the former having only 16 kms of railway lines per 1000 square kilometres compared to Tamil Nadu’s 30 kms.
India imported 20 per cent more pulses during the April-October period this year at 1.59 million tonnes to bridge the demand-supply gap in the domestic market that has led to a sharp rise in prices.
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.
Two-wheeler and consumer durables loan provider Bajaj Auto Finance today said it would seek shareholders" approval through postal ballot to start mutual funds and finance infrastructure projects.
After yesterday"s massive 520 points rally, the Sensex today opened on a flat note. It slipped into the negative zone for a while and touched a low of 14,078.
The stock touched a high of Rs 1,374 and finally ended up 2% at Rs 1,342. The counter clocked a comparatively heavy trading volume of 1.18 million shares as against the two-week daily traded average of 8,79,982.
CG Mantra Digital Media Private Limited, a Noida-based animation and VFX (visual effects) academy, is planning to add four more studios – one each at Hyderabad, Bangalore, Chennai and Pune – by the end of this financial year with a total investment of Rs 10 crore.
To encourage information sharing, collaboration, and interactivity, the Centers for Disease Control and Prevention (CDC) and the US Department of Health and Human Services (HHS) have been working jointly to provide consumers and partners with social media tools like widgets, mobile information and online videos.
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.
If a committee set up under the heavy industries ministry approves a recommendation of the auto industry, the country may soon get a scheme which would incentivise a vehicle buyer for scrapping his old vehicle in exchange .
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
The country"s largest auto maker Tata Motors today said its total sales during December last year more than doubled to 51,627 units, up from 25,219 vehicles sold in December 2008.
In a move to promote transparency and improve corporate governance standards, the capital market regulator, the Securities and Exchange Board of India (Sebi), has proposed the formation an audit committee to oversee its financial reporting process and disclosure of financial information.
Bhuvan, an indigenously developed satellite mapping tool similar to Google Earth, should be widely accessed by different organisations and agencies for their programmes, Science and Technology Minister Prithviraj Chavan said today.
German auto major Volkswagen today introduced its small car Polo and said it will launch sedan version on the same platform in the second half of this year.
IT bellwether Infosys Technologies today said its subsidiary Infosys BPO will acquire US-based McCamish Systems for an initial payment of $38 million (about Rs 176.6 crore).
Two-wheeler maker Bajaj Auto today said it is eyeing 1 million sales a year from the Pulsar brand in the next fiscal with the launch of the Pulsar 135 LS.
Over 30 people died in Uttar Pradesh (UP) due to a cold wave, as foggy conditions prevailed for the second day today in many parts of the northern region, with some states also experiencing light showers.
Marxist patriarch Jyoti Basu was today admitted to the intensive care unit of a hospital here with slight pneumonia infection and doctors attending on him said his condition was stable.
Construction company Unity Infraprojects today said it has received a contract worth Rs 54.56 crore from Amanora Park Town for construction related works.
Two stores to open in Chennai, hiring begins.
As Tata Motors gears up for test production, it is targeting 200 Nanos daily from its Sanand factory by March 2010, according to vendors.
Four public sector giants -- Oil and Natural Gas Corp, Steel Authority of India Ltd, Indian Oil Corp and NTPC -- are likely to get in next ten days the coveted Maharatna status, which will empower the PSUs with greater autonomy, a top government official said today.
Make-up artist Vidya Tikari fancies exotic seafood in the kitchen.
Oil and Natural Gas Corp (ONGC) has bid for Venezuela"s Carabobo oil auction along with Spain"s Repsol YPF SA and Petroliam Nasional Bhd of Malaysia.
Two Democrat Congressmen today appealed to their colleagues in the US Congress to oppose the Obama Administration"s proposal to fund $108 billion to the International Monetary Fund.
Pakistan launched its nuclear weapons programme after its 1971 military defeat to India in order to "augment its inferior conventional forces," a Congressional report has said.
Days after scrapping the proposed IT township project at Rajarhat, the West Bengal government today said it had suggested alternative land to Infosys and Wipro, a proposal rejected by the IT majors.
Media firm New Delhi Television (NDTV) today said it will buy back NBC Universal"s entire 26 per cent stake in its subsidiary NDTV Networks Plc.
Business Standard / New Delhi October 15, 2009, 0:37 IST
Power and energy storage company Luminous Power Technologies today announced the appointment of Arun Nagpal as Chief Executive Officer of the company.
Fred Bergsten & Arvind Subramanian / August 22, 2009, 0:01 IST
Murli Deora / August 9, 2009, 0:21 IST
Bimal Jalan / New Delhi July 26, 2009, 0:03 IST
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.
Panacea Biotec today bagged a three-year contract worth over Rs 1,067 crore ($222.37 million) from Unicef for supplying its EasyFive vaccine.
The Supreme Court today directed the Election Commission to allot a common symbol of "Railway engine" to Raj Thackeray-led Maharashtra Navnirman Sena (MNS) for contesting the coming assembly elections in Maharashtra.
In a surprise move, the Maytas Infra board today approached the Company Law Board (CLB) to remove erstwhile director R P Raju from proceedings in a case filed by the government for superseding of the company"s board.
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.
India has been successful in phasing out ozone depleting substances (ODS) like chlorofluorocarbons (CFCs) 17 months ahead of the targeted date, said Union Minister for Environment & Forests, Jairam Ramesh, while addressing a conference to observe International Ozone Day here today.
Prime Minister Manmohan Singh and leaders of emerging countries like Brazil, China and South Africa are expected to make a big push for more space and a stronger voice in global financial institutions at the G-20 Summit starting in Pittsburgh this Thursday.
Seeking a fair and equitable agreement at the key climate talks at Copenhagen, India has insisted that it would be a deal-maker and "not a deal-breaker" at the December meet aimed at tackling the pressing issue of global warming.
India and other developing countries have no emission reduction obligations and will take appropriate mitigation actions on voluntary basis as supported and enabled by finance and technology provided by developed nations, the government said today.
Business Standard / New Delhi December 04, 2009, 0:25 IST
India and the European Union (EU) have agreed to sign a free trade agreement (FTA) by 2010, though it appears to be a far cry as they still have differences over the inclusion of social issues like labour laws, human rights and environment.
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.
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Pakistani gunman Ajmal Kasab has complained to the 26/11 terror trial court that food given to him in jail is laced with tranquilisers, but medical experts say there is no truth in his allegations, special public prosecutor Ujjwal Nikam said here today.
The Insurance Brokers Association of India (IBAI) today demanded implementation of a mechanism to reduce delays in renewal of licences and dub-bed the recommendations of the Swarup Committee as being “unpractical” and “misconceived”.
Riding on back of brisk sales in India and China, Korean car major Hyundai Motor Company today said its net profit for the year 2009 zoomed by 104.5 per cent at 29.615 trillion won (about Rs 1,18,950.16 crore) from the previous year.
Sunita Narain / New Delhi November 06, 2009, 0:24 IST
The country’s second-largest public sector lender, Punjab National Bank (PNB), is planning to seek Rs 3,000 crore from the proposed $3-billion (around Rs 15,000 crore) funding from the World Bank (WB) for recapitalisation of public sector banks in India.
State-owned infrastructure finance company India Infrastructure Finance Company (IIFCL) today said it is planning to raise up to Rs 5,000 crore to fund various projects.
The Sensex ended at 16,357, up 50 points, and the Nifty ended at 4,891, up 24 points (provisional closing).
It’s painful to watch Tendulkar’s brilliant knocks go in vain.
Navy Chief Admiral Sureesh Mehta today said negotiations between India and Russia over price of aircraft carrier Admiral Gorshkov could be concluded within next two days.
Social networking site Facebook has received a $200 million investment from Digital Sky Technologies, an internet investment group, in exchange for a 1.96 per cent stake in the company.
A week after Prime Minister Manmohan Singh was accorded a red carpet welcome in the US, the Obama administration has termed his visit as "historic" and said both the countries had some "specific accomplishments".
C K Birla group company Hindustan Motors(HM), the makers of the Ambassador car, is all set to launch a niche car in the premium segment.
India will not import rice as it has adequate stocks of the grain, Commerce and Industry Minister Anand Sharma said today after a meeting of the empowered group of ministers (EGoM) on food.
The government is likely to announce more sops to exporters engaged in labour-intensive sectors like engineering, Minister of State for Commerce and Industry Jyotiraditya Scindia said today.
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.
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.
From music to mind games to muscle-building exercises, mobile applications are the key to turn your cellphone into a know-all mate.
Nokia,maker of mobile devices and a pioneer in mobile telecommunications today, announced the availability of its latest touch devices—Nokia 5230 and Nokia 5530 XpressMusic in the market.
Early signs of a recovery in demand along with measures to improve profitability at Corus indicate that Tata Steel may bounce back into the black
Anand Sankar / New Delhi September 8, 2009, 0:08 IST
The government is beginning a review of the administered interest rate structure for small savings schemes and plans to set up a committee headed by a former Reserve Bank of India (RBI) governor to suggest a roadmap for possible decontrol.
General Electric Co reported a 47 per cent decline in second-quarter profit as a global recession hurt the finance, health care and NBC Universal divisions, contributing to a bigger drop in sales than analysts predicted.
- Bank stocks surge on hope of better profits - SBI upbeat on foreign growth, to scale up Singapore ops - Scarce lending by banks hitting tractor sales, complains sector - Unitech Wireless raises Rs 5,000 cr for network roll out - Advance tax collections shore up in Q2 - SAIL"s Bhilai Steel Plant bank account attached
Unitech Wireless, the joint venture between realty major Unitech and Norway"s Telenor, has raised Rs 5,000 crore as loan from State Bank of India to finance the roll-out of its network as the firm will be launching mobile services in next three months.
Corporate giant Reliance Industries (RIL) today said its auditors have pointed out a possible increase of Rs 263 crore in its current tax provisions for quarter ended June 2009 due to the budgetary proposals of the central government.
Karnataka Chief Minister B S Yeddyurappa has written to Prime Minister Manmohan Singh seeking 40-45 mmscmd of natural gas for industries in the state, joining the growing crowd of users jostling for the fuel from fields operated by Reliance Industries.
Fortnight ended July 31 witnesses Rs 29,500-crore jump.
Andhra Pradesh will seek financial assistance, including an additional Rs 2000 crore under NREGA, from Centre to meet the drought situation prevailing in the state.
Unsatiated by trebling of its share price to Rs 750 since March, ICICI Bank has embarked on an ambitious plan to double return for investors in three years and be counted among the country"s top five valuable entities, CEO and Managing Director Chanda Kochhar has said.
There’s really no room for revolution in the design of a book. Makers and users — not professional designers — have perfected its form and features over millennia. (The real revolution, if we’re looking for one, was the invention of the alphabet by the Phoenicians 5,000 years ago.) After all, a book is basically a text-bearing surface, organised for convenience.
Realty firm Parsvnath Developers today said it has received approval from the Haryana government for a township project in the state, in which the company would invest about Rs 380 crore.
The International Atomic Energy Agency (IAEA) today formally appointed Yukiya Amano of Japan as its new director general from December 1, succeeding Mohamed ElBaradei.
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.
In what should come as a huge respite for Common Admission Test (CAT) candidates, the Indian Institutes of Management (IIMs) have hinted that the registration fee for the computer-based test this academic year will not be as high as similar tests like GMAT (Graduate Management Aptitude Test, for admission to business schools overseas).
Business Standard / New Delhi September 16, 2009, 0:29 IST
One of the key challenges in the implementation of a Goods and Services Tax (GST) is with regard to exemptions from the tax for specified goods and services. In the Indian context, given the plethora of exemptions that currently exist in regard to numerous goods and services, under the respective Central and state laws, the challenge is a larger one. The matter gets complicated if one were to consider that in addition to the exemptions, there exist exemptions from the tax, both Central and State, that are based on the geographic locations of the manufacturing units. These are commonly known as area based exemptions.
Indian industry is of the view that the proposed Goods and Services Tax (GST) will be beneficial for the economy, but the deadline of April 1, 2010, is not realistic, a leading consulting firm said in its survey.
Business Standard / New Delhi September 18, 2009, 0:34 IST
After trouncing Congress by winning five out of seven seats in Gujarat by polls on Monday, BJP today surprised the rival by taking over the reins of Gujarat Cricket Association (GCA) from Congress. Gujarat chief minister Narendra Modi was elected as its president in the Annual General Meeting (AGM) of the body.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
With the key IT outsourcing markets showing positive signs in terms of demand, Ness Technologies which provides R&D services to its global clients from offshore locations, has announced to expand its Indian operations. The company which presently employs close to 3,000 people in India, has announced opening a new facility in SEZ in Bangalore with 300 seats at present to be scaled up to 600 by March 2010.
The apex body of IT software and services, Nasscom, today lowered its forecast for the animation and gaming industry for 2012 on account of the global economic downturn.
Allied Blenders and Distillers today said its heritage whisky brand, Officer"s Choice, has crossed the 10 million cases mark to become the fastest growing whisky brand in the country clocking a compounded annual growth rate (CAGR) of 31 per cent over the last three years.
Finance Minister Pranab Mukherjee might have to fall back on disinvestment and other non-tax revenue sources while presenting the Budget for 2009-10 on July 6, economists believe.
Using tax rebates to induce investment will favour sub-optimal projects that are not related to either local or global demand - it"ll take India back to the "80s.
The Madhya Pradesh government has said it would not adopt the goods and service tax (GST), made mandatory by the Centre for all states by 2010.
With the last two stimulus packages working wonders for the packaged goods industry, players in the sector are now rooting for one more round of fiscal incentives to further boost demand in the domestic rural markets and be competitive overseas. They are hopeful the new government will meet their major demands in this Budget session.
Post the market rally, returns expectations will need to be tempered.
The government is assessing the needs of major export-oriented sectors hit by the economic slowdown to provide support for their fast recovery, Director General of Foreign Trade R S Gujral said today.
Amid a hectic rush of investors for subscribing the initial public offer of NHPC, shares of power companies, led by Tata Power, today tanked in afternoon trade on the Bombay Stock Exchange(BSE).
Stock market indices slipped On Thursday as investors rushed to book profit in select sectors such as auto and metals.
In a surprise move, ABG Shipyard today exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG moves comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
Social media sites have enjoyed a steep surge in popularity, but fail to attract advertisers at the same pace. Only 13 per cent of the total Internet ad spends have gone into social media initiatives for the year 2008-09, according to a recent study of the top 500 marketers in India (Digital Media Outlook 2009 report by Webchutney).
Software giant Microsoft’s representatives will soon meet finance ministry officials trying to persuade them to impose excise or countervailing duty instead of service tax on packaged software.
Parthi Bhatol, Chairman of Banas dairy, was today re-elected as the Chairman of Gujarat Cooperative Milk Marketing Federation (GCMMF), which owns Amul brand.
BEML Limited, a Mini Ranta Category-I Public Sector under the Ministry of Defence and Steel Authority of India, a Navaratna Company under the Ministry of Steel have signed a Memorandum of Understanding for supply of stainless steel.
Non-traditional revenues are expected to fall to Rs 2,760 crore for 2009-10.
Early Saturday morning, as India woke up to celebrate its 63nd Independence Day, Bollywood superstar Shah Rukh Khan was detained at Newark Airport in the US and questioned for over two hours. Later, the Indian Mission intervened and secured the release of the 43-year-old actor.
Drug maker Zydus Cadila today said it has received approval from the Drug Controller General of India (DCGI) to conduct clinical trials for the swine flu (H1N1) vaccine.
Crisis-hit Maytas Infra today said the Company Law Board (CLB) has allowed it to report quarterly accounts for the current financial year by June 30, 2010.
Branson: Richard Branson is making headlines on three continents. The serial entrepreneur is selling Virgin Mobile USA to partner Sprint-Nextel well below its IPO price. But his latest mediocre performance in the US isn’t stopping him elsewhere. Abu Dhabi is ponying up money for his loopy spaceship venture and his Aussie airline Virgin Blue is planning a rights issue. Branson"s record doesn"t give investors any certainty.
WTO chief has confirmed his participation.
The billionaire Anil Agarwal-promoted Vedanta Resources is in talks with European and Japanese steel producers to get into steel making.
In a bid to reduce costs and increased offshoring focus, Tata Consultancy Services (TCS), India’s largest information technology company, has recalled close to 1,200 employees from the US and has decided not to hand out any salary increment this year.
Nitin Desai / New Delhi July 16, 2009, 0:43 IST
The BPO industry in India has undoubtedly been a very popular field of employment in recent years but one of the biggest challenges it is facing is a phenomenal rise in attrition rate, says a new book.
The BPO arm of Mahindra Satyam seems to be on a hiring spree with plans to recruit additional 300 persons by next month even as the parent is rationalising its headcount.
Realisation improves as national cement prices rise by Rs 90 since 2005-06.
New telecom licensee Etisalat DB Telecom has awarded a $400-million (nearly Rs 2,000 crore) IT applications and infrastructure outsourcing contract to Tech Mahindra. The contract is spread over a 10-year period.
The Sensex fell 0.88 per cent, or 155.02 points, at 17,486.06, as weak global markets encouraged investors to lock in profits in outsourcers such as Tata Consultancy Services and Infosys Technologies.
ICICI Bank on Friday said it could make initial public offerings (IPO) in four subsidiaries or sell stake in its insurance ventures after the sectoral foreign direct investment (FDI) limit was raised.
ICICI Bank has asked the government not to take into account overseas securities like ADR and GDR when deciding on whether a bank is Indian or foreign.
Irda also takes mortality, morbidity charges out of overall 3% cap
After reaching an agreement with Himachal Pradesh, the Uttarakhand government is now focusing on 600-Mw multi-purpose Kishau hydel project, which is likely to be given to Uttarakhand Jal Vidyut Nigam Ltd (UJVNL) for implementation despite intense lobbying by the Tehri Hydro Development Corporation Ltd (THDCL).
The Planning Commission approved the annual plan outlay for Uttarakhand for the year 2009-10 at Rs 5,574.7 crore.
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
Public sector lender IDBI Bank expects government"s decision on the sale of its Pune-based home loan subsidiary -- IDBI Home Finance (IHFL) -- in the next three months, a top official 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.
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Naya Theatre, sans its founder — thespian Habib Tanvir, who passed away recently — is firmly back on its feet. The 50-year-old theatre group opened to housefull shows of Tanvir saab’s classic Charandas Chor earlier this week in the capital. After the veteran theatreperson passed away in June this year, his daughter Nageen and group manager Ram Chander took over the reins of the 20-people strong group, based in Bhopal. Naya Theatre is now busy preparing for the group’s 50th anniversary, an event that will be held in Bhopal and will see many of Tanvir saab’s plays being performed.
The Opposition on Thursday lambasted the telecom ministry, alleging that the 2G spectrum allocation to mobile operators resulted in a loss Rs 60,000 crore to the exchequer, a charge rejected by the government. Leader of Opposition Arun Jaitley said in the Rajya Sabha that the difference in the valuation of spectrum awarded by the government in 2007 to private players and the value realised in transaction with foreign companies in each case had been minimum Rs 6,000-7,000 crore.