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Union railway minister Mamata Banerjee has called a meeting with chambers of commerce on February 6 to discuss how to get more private participation in rail projects.
The Railways is not short of smart ideas. After using the inside walls/doors of trains like the Rajdhani Express to place ads, another smart idea is to make use of the long waiting period at its telephonic information services. Those calling 139, the information service, are asked to enter their choices (1 for Hindi, and so on) on various prompts — after a while, ads of Tata Indicom phones get played.
On the back of steady growth in the economy, railway ministry officials indicate that Budgetary estimates outlined last year are likely to be met despite a shortfall in the earnings from passenger traffic and parcel services in the first three quarters of the current financial year (2009-10).
Zylog Systems India Limited, a software solutions and service provider, has launched its Voice over Internet Protocol (VoIP) services "Wi5 Mega Talk" in Ahmedabad. The service will be available in all leading cities of the state.Customers can now experience a clear, undistorted communication with no lag or echo via a high-speed Internet connection at an extremely affordable cost.
DuPont India, a wholly-owned subsidiary of US-based E I du Pont de Nemours and Company, plans to invest about Rs 150 crore in DuPont Knowledge Centre at Hyderabad over the next three years.
Financial regulators including Reserve Bank, and Sebi will meet next month to decide on giving a formal status to HLCC — a co-ordinating body for the sector — to make it more effective.
The crux of the problem is that the extent of government help for cooperatives is limited to purchase of their output.
Bank of Maharashtra is planning to raise funds from the market, its Chairman and Managing Director Allen C A Pereira said today.
IN MY MIND
Mukesh Ambani group firm Reliance Industries (RIL) today told the Supreme Court that its directors have filed the affidavits in the gas row to counter Anil Ambani"s contention that the family MoU was approved by the RIL board.
Ruias-led Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields, bettering an earlier offer from Jindal Steel and Power.
Indian firm holds preliminary talks, Essar group also in the fray.
The multilateral lending agency Asian Development Bank (ADB) will grant a loan of $200 million to finance Assam"s rural electrification drive.
Union Steel Minister Virbhadra Singh today said the Centre is in talks with the Jharkhand and Orissa governments to facilitate the multi-billion dollar India projects of global steel giants ArcelorMittal and Posco.
The dish TV antennas on asbestos or even thatched roofs bring colour pictures in this village. “The cable TV networks, television sets come as dowry items during our marriages,” says Babloo Rathode.
Tata Steel expects to resume construction work on its six million tonne per annum greenfield integrated steel plant at Kalinganagar in Orissa’s Jajpur district in the middle of August this year.
Group in alliance with global majors to gear up for the decade of innovation.
Pvt player to launch credit cards, education, personal loans in 3 yrs.
Their fight, despite a family settlement of June 2005, may have reached the Supreme Court but Ambani brothers Mukesh and Anil are expected to come together once again -- this time for a prayer meeting on their father Dhirubhai"s death anniversay.
The Nano can now hold its head high in the international arena. The small car passed the 40 per cent offset crash test at 56 kmph and the side-impact tests at the MIRA test facility in Birmingham, UK recently.
The government is understood to have approached industrialist Ratan Tata to head an advisory board of the ailing Air India.
Major revamp in Air India"s top management in next 30 days, says Civil Aviation Minister Praful Patel.
*This fictional character is a $5-billion cash cow for its company. But its popularity seems to be waning and the company has plans to rebrand its personality by moving away from its clean image. The first project for this exercise has been code named Super Secret. Name the character.
Gold prices fell by Rs 250 to Rs 17,110 per ten gram in the bullion market today as investors resorted to heavy selling amid a weakening global trend.
A status quo on “title and possession” is to be maintained on four properties that were owned by the late patriarch of the Ranbaxy family, Bhai Mohan Singh, and his wife, according to an order of the High Court here. Further proceedings will be taken up in March 2010.
Whirpool of India, a leading home appliance company, reported its quarterly earnings with an growth of 13.1 per cent in the first quarter of financial year 2009-2010.
ADAG firm Reliance Communications (RCom) has partnered with 3rd Space Services for advertising-funded videos on its mobile services platform .
Hinduja Group"s flagship company Ashok Leyland is revising its domestic commercial vehicle sales target to about five per cent this fiscal from an earlier estimation of flat or negative sales, on the back of reviving market demand.
Bajaj Auto is planning to set up an assembly plant in a free trade zone in Manaus in Brazil next fiscal.
Idea Cellular, the pan-India GSM mobile operator expanded its presence in the North East by launching its 2.75G EDGE enabled GSM network in Meghalaya. The launch in Meghalaya comes close on the heels of IDEA’s recent launch in Assam.
ING Life Insurance is expecting a 60 per cent growth in renewal premiums during this fiscal.
Partition in Bengal, despair in Delhi and power games in Tudor England: three new books to read.
The security machinery has been put on high alert in the national capital after inputs that suspected LeT operative David Headley might have conducted a recee for carrying out a terror strike.
Subir Roy / New Delhi November 13, 2009, 0:03 IST
Retail investors’ response to initial public offers (IPOs) from the power sector have been tepid. The Adani Power IPO, subscribed 21.64 times in all, was subscribed 2.97 times by retail investors. Indiabulls Power was subscribed 21.84 times overall, but only 1.09 times by retail investors. JSW Energy saw retail investors place bids for 32.7 million shares of the 81 million reserved for them.
The Securities and Exchange Board of India (Sebi) had a hearing today on the controversial issue of the role of the National Securities Depository Ltd (NSDL) in the IPO scam of 2005.
Early last week, the Mumbai revenue department issued show cause notices to Vodafone, proposing to tax offshore transaction, as a result of which Vodafone acquired a controlling interest in GSM licences from Hutch.
Japanese corporates and retail investors see India as a major investment destination and already up to$1 billion has reached Indian equity markets.
Cellular services provider Vodafone has entered into an exclusive tie-up with Telugu film production house Jayam Movies to host a talent hunt.
Idea joins Vodafone to use the fun route on the Net
Villages in Andhra Pradesh will be supplied bottled "mineral water" rather than piped water from the coming Independence Day.
Famed micro-blogging site Twitter has acquired location tracking firm Mixer Labs for an undisclosed amount.
Priyanka Joshi / New Delhi August 16, 2009, 0:46 IST
Drug maker Natco Pharma today said it has launched anti-swine flu drug Natflu.
Busness Standard / New Delhi May 28, 2009, 0:24 IST
Young India is patriotic but being “stylish” is a growing priority, too. “Chocolate” remains the first craving of Indians and “MTV” Youngistan’s most loved space. And the stock market is growing in appeal for young traders, while football catches up with cricket.
Facebook Inc plans to expand its staff by as much as 50 per cent this year as it benefits from a surplus of engineers amid the recession, Chief Executive Officer Mark Zuckerberg said.
Vinod Kambli"s claims that he got a raw deal in Indian cricket due to his caste and colour are questionable.
British financial services major HSBC Holdings Plc has reported a 57 per cent plunge in profit at $3.35 billion in the first half of 2009, hit by the ballooning loan impairment charges in many markets including India.
The annual maintenance charges for subscribers of the New Pension System (NPS) may come down by Rs 70 from April. National Securities Depository (NSDL), the record-keeper for NPS, expects over one million people to join the scheme in the next six months, leading to a reduction in the account maintenance fees from Rs 350 to Rs 280.
AGM approves Reliance Infratel IPO, filing soon.
IT company HCL Infosystems today said it will raise funds to the tune of Rs 847 crore by private placement of shares with qualified buyers and issuing warrants.
Courier service provider Gati today said it will raise Rs 78.91 crore by issue of warrants to different promoters and the Infrastructure Fund of India LLC.
Real estate developer Ansal Properties & Infrastructure today said that it will raise Rs 203 crore through issue of shares on prefertial basis and issue of warrants.
India and Russia are expected to sign a number of key agreements during Prime Minister Manmohan Singh"s December 6-8 visit here, including those on extension of the long-term defence cooperation programme beyond 2010 and construction of four more nuclear reactors at Kudankulam.
In a bid to attract subscribers of rival companies, state-run telecom operator Bharat Sanchar Nigam (BSNL) is gearing up to start mobile number portability (MNP) services as soon as telecom regulator Trai issues tariff structure.
GAIL
The Telecom Regulatory Authority of India (Trai) today said the guidelines for mobile number portability (MNP) were likely to be ready by August-end and asked operators to keep their networks ready to roll out the services quickly.
With entry load on all mutual funds banned from August 1, fund houses are finding different ways to pay distributors for promoting their schemes.
India Inc is likely to post a whoping 63 per cent growth in net profit in the second quarter, thanks to four oil marketing companies which are expected to post a combined net profit of Rs 2,730 crore in the quarter ended September. If one excludes these four from the sample of 235 companies studied, net profit is expected to only increase marginally, around 1 per cent.
Ten years ago if you had compared the film and television broadcasting businesses in India, you wouldn’t have given films a second chance. Today the film industry looks attractive while the TV business seems to be falling apart.
What does TV broadcast major Star’s shift of operations from Hong Kong to India suggest? What does it mean now that the Star India CEO Uday Shankar will report directly to James Murdoch, the head of Europe and Asia for parent News Corporation, instead of reporting to the regional boss in Hong Kong? In the answers to these questions lie the story of the growth of Indian media.
Adani Power has fixed the price at Rs 100 per equity share for its initial public offering, which has garnered over Rs 3,000 crore.
Accessing the voluminous debates of the Rajya Sabha since its inception in 1952 will now be available with just a click of the mouse.
The United Progressive Alliance (UPA) government today managed to pass five Bills in a hurry and adjourn the Lok Sabha sine die. But the main Opposition Bharatiya Janata Party (BJP) forced the government to keep the Rajya Sabha open for a debate on Copenhagen meeting on Monday.
The Supreme Court collegium has decided to drop its recommendation for elevating Karnataka Chief Justice P D Dinakaran, facing charges of land grabbing, to the apex court, bringing to end months of controversy over the move.
It makes you wonder about India’s ‘vibrant democracy’
Charts out ambitious growth plan for the company over the next five-six years.
Completion financing, or last-mile funding, where developers get funds to complete projects stuck midway, is catching on among private equity (PE) funds.
With Copenhagen Accord setting a January 31 deadline for the nations to specify 2020 emission targets and other steps, India will hold discussion with other BASIC group members comprising China, South Africa and Brazil in New Delhi to discuss their climate strategy.
The world"s largest steel company ArcelorMittal today said it has approached the Karnataka government for setting up a steel plant in the state.
Pharmaceutical firm Suven Life Sciences today said it will raise $50 million (nearly Rs 239.5 crore) through the issue of securities.
Ranbaxy Laboratories today said it would market products from Daiichi Sankyo"s portfolio in Mexico through its Latin America-based subsidiary, Ranbaxy Mexico S A De C V.
The upswing in Baltic Dry Index numbers recently to a 14 month high closing at 4661 on 19 November 09, raised hopes that a revival for the shipping sector is afoot sending shipping stocks zooming. Freight and tanker rates dropped sharply in July - September 09 quarter, but gained strength in October 09 which has sustained through November 09 as well. They hit 10 year lows in the December 08.
The electronic registration (e-registration) project in the state is set to become a reality soon as the state government would sign the concession agreement with IL&FS- Infrastructure Development Corporation (IDC) within 15 days for implementing the Rs 100-crore project.
Crisis-hit Maytas Infra today said the Company Law Board (CLB) had allowed the company to report its accounts for the quarter ended September by December 31.
Sayantani Kar / Mumbai December 8, 2009, 0:28 IST
The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises.
State-run Oil India (OIL) has rejected the resignation offered by V K Sibal after he was reverted to the company following denial of extension as oil regulator amid reports of alleged favours to corporate houses.
The mumbai-based Blue FRog is more than just a club with live music acts. it’s in fact an experience, a record label and to its fans, a way of life.
BS Reporter / December 8, 2009, 0:19 IST
European auto giant Volkswagen Aktiengesellschaft today said its shareholders have approved the proposal for issuing 135 million new preference shares, a move aimed at ensuring greater financial flexibility prior to the company"s proposed merger with Porsche AG.
Persistent Systems, providing software product development services, set up a Centre of Excellence (CoE) around the Android open mobile platform.
A day after the Reserve Bank of India (RBI) tightened norms governing external commercial borrowings (ECB), Governor D Subbarao said the capital flow into India was in line with the requirement and current account deficit.
Betting big on the growing India-related M&A deals, private-sector lender Kotak Mahindra Bank today entered into a pact with Russian investment bank, Renaissance capital, to advise cross-border transactions.
As a first initiative of its kind in India, a World Bank entity will provide credit facility of up to $51 million to Kotak Mahindra Bank to help small and medium enterprises, hit hard by the global financial crisis, meet their export and import obligations.
Gold futures rose 0.31 per cent at the Multi Commodity Exchange (MCEX) today as traders engaged in enlarging their positions in tandem with a firming global trend on dollar weakness.
The state-run Rural Electrification Corporation (REC), which finances rural power projects in the country, is keen to pick up 26 per cent stake in coal mines and merchant power plants.
Neyveli Lignite Corporation today said it plans to venture into power generation and mining industry business.
The Coal Ministry is working on a proposal to disinvest 5-10 per cent stake in navratna PSU Coal India Ltd, a move which may pave way for early listing of the country"s largest producer of the dry fuel.
Coal India Limited (CIL) will shortlist companies for revival and development of abandoned coal mines within three months.
Drug maker Jubilant Organosys today said it has earmarked Rs 250 crore for its capacity expansion plans in the current fiscal.
Three contract workers died in a mishap at a unit of the Haldia Petrochemicals (HPL) in East Midnapore district of West Bengal.
As part of enhancing production of oil and gas, public sector undertaking Oil and Natural Gas Corporation (ONGC) has decided to install Electrical Submersible Pumps (ESP) in 26 Well Head Platforms (WHP) in Western Offshore of the coast of Mumbai.
Madhukar Sabnavis / New Delhi December 04, 2009, 0:34 IST
State-run Oil and Natural Gas Corp (ONGC) has bowed to the diktat of the Petroleum Ministry and approved higher investment in Cairn India"s Rajasthan oilfields.
With markets moving up on the disinvestment buzz, Smart Portfolios too registered steady gains last week. It was after a while that all fund managers participated in the markets. While Phani Sekhar and Praveen Panjwani were seen re-building their portfolios, Amar Ambani and Ajay Parmar continued with their churning process.
In the last month of 2009, the Hindi film industry promises lots of fun, drama and action.
Investment decisions based only on current events can lead to Serious losses. A disciplined approach is better
Sixty-two opposition members were suspended from the state Assembly on Thursday following a furore over the alleged illegal iron ore mining by Obulapuram Mining Corporation (OMC) owned by Karnataka tourism minister G Janardhan Reddy.
When it comes to on-line booking of air-tickets, travellers from Mumbai take the lead with as many as 77 per cent opting for these facilities compared to travellers at six other leading international airports globally.
The government today admitted that there is a delay in issuing passports in a few passport offices and assured that remedial measures are being taken to avoid the delays.
The hearing on the issue of land acquisition for the Anil Dhirubhai Ambani Group (ADAG) company’s 8,000 Mw Dadri power project in Uttar Pradesh could not commence in the Supreme Court today as one of the judge recused himself from the Bench.
Dubai World will sell some of its assets to part finance its $26 billion debt, a senior city-state official said amid a sharp fall in the main stock exchanges in the United Arab Emirates today.
The Reserve Bank of India (RBI) has pointed out serious lapses in the way banks sold derivative products in 2007 and 2008. This is part of RBI’s reply to a questionnaire sent by the Central Bureau of Investigation (CBI). The Orissa High Court had last year asked the CBI and the Enforcement Directorate to submit a report on the derivative losses incurred by the industry last year.
Accusing V K Sibal of having a ‘nexus’ with private parties when he headed the upstream oil regulator, the Directorate General of Hydrocarbons (DGH), the Central Bureau of Investigation (CBI) has decided to seek government permission to probe his actions.
Sail has closed at Rs 187, higher by nearly a Re or 0.5%, on the BSE.
The markets chose to ignore the strong index of industrial production (IIP) numbers to shed nearly one per cent in a volatile session of trade. The Sensex closed at 15696.03, lower by 153.57 points, and the Nifty faced resistance around the 5,000 mark to end at 4,952.65, down 51.30 points. Realty, metal and banking sectors were the major draggers.
Meanwhile, park spare cash in short-term debt.
Mumbai-based HDFC Standard Life Insurance Company today said the various cost saving measures adopted by the company would lead to less need for capital infusion during the current financial year. The company’s original plan was to invest about Rs 350 crore in the current financial year, which now may come down to Rs 250 crore.
While pay-per-second tariff plans seem attractive, there’s a lot you need to know before switching over.
Andhra Pradesh chief minister K Rosaiah has directed the Greater Hyderabad Municipal Corporation to take up road repair works at a cost of Rs 30 crore in the state capital.
Trinamool Congress chief Mamata Banerjee today claimed that the CPI(M) was importing Naxalites from Nepal and providing them with arms to terrorise the people.
In an attempt to uproot Naxalites from their support base among the tribals, the West Bengal government will soon embark on a development project costing Rs 1,600 crore for the western part of the state.
IRB Infrastructure Developers will raise funds by further issue of securities.
Rajesh Bhayani / Mumbai December 24, 2009, 0:12 IST
Think of what can go wrong — insurance companies have a list and the answer.
Investors, who bought gold from banks, are in a fix as leading jewellery houses are not ready to buy it and it cannot be sold back to banks either.
State-owned Oriental Bank of Commerce today said it is looking at credit and deposit growth of up to 24 per cent each in the current fiscal.
Devangshu Datta / New Delhi August 1, 2009, 0:50 IST
Aarti Drugs closed at Rs 108, higher by Rs 2 or 2.8%, on the BSE.
Chennai-based mobile retail chain, UniverCell, will be opening 700 stores across the country in the next two years. Each outlet will entail an investment of Rs 28 lakh.
Anil Ambani Group company Reliance Power (R-Power) today said it plans to become over 3,300-Mw company by the end of the Eleventh Five-year Plan (2007-2012).
Despite being in the Opposition in West Bengal, Trinamool Congress chief and Railway Minister Mamata Banerjee is ‘setting’ the agenda for the state government.
When an actor of the stature of Aamir Khan refuses to acknowledge the creative input of Chetan Bhagat in his blockbuster movie 3 Idiots, it makes you realise just how poor the copyright protection is in India.
Sensex has finally ended (provisionally) at 17,336 - up 104 points.
In an attempt to improve telecom services in rural areas, state-owned BSNL would set up about 10,000 towers across the country, many of which would be installed in villages bordering Bangladesh and Pakistan.
IT firm Sterlite Technologies today said its net profit jumped nearly nine-fold to Rs 54.67 crore for the second quarter ended September 30, 2009, over the same period last year.
You’ve heard of honorary doctorates, but honorary black belts? Bollywood czar Shahrukh Khan who has been appointed the Honorary Ambassador of Korea (Culture & Tourism) has been conferred the title ‘Honorary Black Belt (5 Dan) of Taekwondo’. The ceremony, a press release from the Korean National Tourism Organisation says, was held at the Taj Lands End Hotel in Mumbai. And in case you think SRK has just got the black belt for nothing, Korea’s honorary ambassador said, according to the press release, that he had ‘developed a keener interest in sports such as Taekwondo now because of his children — son Aryan, who has won 10 gold medals in sports and daughter Suhana who’s won 3 gold medals in sports activities at the school level’. SRK also said that given the rising interest in sports in India, this was the right time to associate with Korea which is known for its strong base in sports. Bollywood’s macho man Akshay Kumar is probably trembling in the face of SRK’s new black belt.
At a time when cities are looking at improving transport and residential properties for urban development, the Asian Planning Schools" Association (APSA) concluded on the first day of its 10th International Congress held at Centre for Environment Planning and Technology (CEPT) University that the key lies in reducing number of slums as well.
For most companies, hiring women employees at an entry level has never been a problem. However very few of them make it to the higher levels. This has been a concern for recruiters.
Italian auto maker Fiat today said it is taking help from its partner the Tatas in developing the small car, which it plans to launch in India by 2012.
Italian car-maker Fiat today said it plans to bring its super premium hatchback "By Diesel 500", a co-branded model with European clothing firm Diesel, to India as it looks to add more style quotient to its portfolio.
The trickle has turned into a deluge. India Inc’s order book has more than doubled to an all-time high of Rs 73,320 crore in the second quarter of the current financial year, compared to the first quarter. On a year-on-year basis, the increase is 21 per cent.
The West Bengal government today said it has not rejected proposals of IT majors Wipro and Infosys for setting up units near the state capital.
A man allegedly involved in illegal land acquisition for the controversial Vedic village resort near New Kolkata township was arrested along with five others from Bankura by a North 24 Parganas police team today.
In many cases foreign companies grant access to Indian companies for using their data base and other copyr-ighted material. The question for consideration is whether the amount received by the foreign company for permitting use of such copyrighted material constitutes consideration which could be treated as royalty under the provisions of the tax laws.
AE Rotor Holding B.V., a wholly-owned subsidiary of Suzlon Energy today announced that it plans to sell a 35 per cent stake in Hansen Transmissions.
The Sensex is now at 15,375, up 144 points. The NSE Nifty is at 4,566, up 43 points.
The markets are now exhibiting sideways movement, after initial volatility.
The markets are likely to open on a positive note owing to strong cues from the global markets. Reliance is likely to be in focus today ahead of its Q1 numbers.
The UPA government today cleared the introduction of State Bank of India (Amendment) Bill in the current session of Parliament. The Bill seeks to bring the government’s holding in the country’s largest public sector bank on a par with other public sector banks at 51 per cent. Currently, the Union government holds 59 per cent stake in the SBI.
Former Jharkhand Chief Minister Madhu Koda today met Congress President Sonia Gandhi and announced unconditional support to the UPA.
Goldman Sachs Group Inc, which took $10 billion in US bailout funds last year, shouldn’t get taxpayer support if the firm focuses on trading over banking, according to former Federal Reserve Chairman Paul Volcker.
Dubai: Abu Dhabi"s $10 billion bailout of Dubai World will boost confidence and please Nakheel bondholders. But this volte-face won"t restore the credibility lost over recent weeks.
The year 2009 is likely to be remembered as a year of several milestones in the e-book space, according to Gartner, Inc, an information technology research and advisory company. However, Gartner said that while the number of electronic readers sold is likely to increase in 2009, it expects 2010 to be the year when e-book readers become popular consumer electronic devices.
The Sensex is now at 17,645, down 55 points. The NSE Nifty is at 5,271, down 12 points.
Semiconductor capital equipment spending worldwide will grow 47.3 per cent in the second half of 2009, but the market is projected to decline 47.9 per cent this year, according to IT research and advisory firm Gartner Inc.
State-owned Hindustan Shipyard (HSL) plans to build a large shipyard to accommodate very large crude carrier ships (VLCC) at an estimated project cost of Rs 3,000-4,000 crore, a top official said. The proposed shipyard, which will be built on a public-private-partnership model, is expected to receive cabinet approval by the end of this fiscal, HSL"s Chairman and Managing Director, Naresh Kumar said on the sidelines of SMM India"s shipping trade fair.
Naval Chief Admiral Nirmal Kumar Verma today said that responsibilities of the Indian Navy has increased post 26/11 terror attacks and suggested to bring all coastal vigilance agencies "under a single security magnet".
The Indian Navy would undergo infrastructural development in the next few years, Admiral Sureesh Mehta, Chief of the Naval Staff, said today.
Business Standard / New Delhi January 1, 2010, 0:28 IST
If power companies want their IPOs to be reasonably successful, they will have to price them well.