Management
Omaxe net dips 73.6% Real estate player Omaxe on Friday reported 73.6 per cent decline in its consolidated net profit for the quarter ended June 30 at Rs 14.96 crore as against Rs 56.67 crore in the year-ago period. The consolidated net profit during the first quarter also dipped 66.06 per cent to Rs 118.91 crore from Rs 350.33 crore in the same period last year, the company said in a statement.
The Sensex has ended (provisional) at 17,458, down 28 points.
Mumbai-based Udyog Software, is in talks with Special Economic Zone (SEZ) developers in Gujarat for its tax software solutions. Udyog Software, which provides technology solutions to number of businesses in areas of Payroll Solutions, Tax Compliance Solutions, Integrated Solutions and ERP implementations, now plans to tap both SEZ developers as well as the upcoming units in it.
- satanic-verses-ban/02/12/369407/" class="textMost" title="Should we lift the Satanic Verses ban?">Should we lift the Satanic Verses ban? - the-godfather/02/12/367308/" class="textMost" title="All about the family: 40 years of The Godfather">All about the family: 40 years of The Godfather - Don't sue the science guys - The return of the short story - In search of an Asian prize - Nilanjana S Roy: Five lessons from the Teacher Man">Nilanjana S Roy: Five lessons from the Teacher Man
Infosys Technologies on Tuesday expanded the company’s Global Education Centre (GEC) at its Mysore campus, with the inauguration of a second training facility. With the GEC expansion, the company can provide training to 23,500 people at a time, making it one of the largest corporate education centres in the world.
N R Narayana Murthy, co-founder and chief mentor of India"s second-largest IT services provider Infosys Technologies, is planning to invest in US-based clean technology venture capital (VC) fund Siderian Ventures.
A government that limits its role to regulation would be a great enabler for agricultural growth.
The Enforcement Directorate (ED) has sounded a red alert against two key aides of former Jharkhand Chief Minister Madhu Koda, in the alleged Rs 2,000 crore havala and illegal investment cases.
Engineering and construction company Larsen & Toubro today said it has bagged an order worth Rs 6,897 crore from Maharashtra State Power Generation (Mahagenco) for manufacturing turbine generator units.
Engineering company Larsen & Toubro (L&T) today reported a profit after tax (PAT) of Rs 580.40 crore for the second quarter ended September, whereas the same was at Rs 460.26 crore during the corresponding period a year earlier.
The deadline set by the Income Tax (I-T) Department to record the statements of at least six associates of former Jharkhand Chief Minister Madhu Koda today expired without them appearing.
Burdened with rising commodity prices, especially of steel and copper, the country’s largest car maker, Maruti Suzuki India, has announced a marginal increase of up to 2 per cent in prices.
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
Hyundai Motor India Ltd, the country’s second largest car manufacturer and the largest passenger car exporter ended the year on a high note with domestic sales growing by 42.6 per cent while exports grew by 9 per cent, said a company press release. Cumulative growth stood at 22.6 per cent for the month ending December, 2009.
Commercial vehicle maker Ashok Leyland today reported a 70.47 per cent decline in its net profit at Rs 53.32 crore for the quarter ended March 31, 2009, compared with Rs 180.57 crore in the same period a year ago.
Gulf Oil Q1 FY10 PAT at Rs 21 cr
After storming back to power, the Congress Legislature Party (CLP) in Maharashtra on Saturday authorised party chief Sonia Gandhi to choose its new leader who will be the chief minister, senior party leader A K Antony said.
New tax rules on perks need some smart changes in what you claim.
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech International announced on Wednesday that its anti-staphylococcal molecule Lysostaphin had secured patent rights in US, Europe, China, Australia and other nations.
ISRO initially planned to have Russian lander, rover for project.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
Japan has stockpiled enough Tamiflu and Relenza drugs to treat 50 million influenza-infected patients, the health ministry has said.
Reserve Bank of India today said bank loans whose repayment is done from future rental generated from properties like shopping malls and office premises will be treated as commercial real estate exposure (CRE).
Two persons died of swine flu today taking the total deaths to four in Andhra Pradesh.
Union Law Minister M Veerappa Moily today virtually backed Chief Justice of India K G Balakrishnan on the issue of assets declaration by judges and said if judges were voluntarily disclosing their assets and "wanting to become heroes, it is their wish."
T N Ninan / New Delhi August 29, 2009, 0:12 IST
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
Japanese drug maker Daiichi Sankyo today reported a loss of $3.45 billion during the financial year 2008-09, and said it was on account of a steep fall in share prices of Ranbaxy, which it acquired last year.
The Madras High Court on Monday set aside its earlier order restraining country’s third largest two-wheeler manufacturer TVS Motors from manufacturing and marketing vehicles with twin spark technology.
One million more go globe trotting in 2008-09.
The Supreme Court today refused to stay the Karnataka High Court’s judgement quashing a state government order making Kannada the compulsory medium of instruction in all schools of the state from class I to IV.
Private airline Jet Airways today posted a profit of Rs 105.80 crore for the third quarter ending December 31, 2009, the company said in statement here.
Sunil Sethi / New Delhi July 25, 2009, 0:26 IST
The third Software Technology Park of India (STPI), being set up in Orissa at Ambapua on the outskirts of Berhampur, has failed to attract major IT companies even though the construction work on the STPI centre is nearing completion.
Business Standard / December 27, 2009, 0:21 IST
Copenhagen: The world’s best spin-doctors couldn’t put much of a glow on the Copenhagen summit. Representatives of 120 countries gathered in the Danish capital with solemn pledges to draft an international treaty to fight man made climate change, but all that emerged was a vague text with a few good intentions and no firm commitments. It"s not much comfort to think that no treaty might be better than a hastily composed bad one.
Swiss drugmaker Novartis has begun injecting its swine flu vaccine into people in the company"s first human tests, a spokesman said today.
Investment banking major Goldman Sachs today reported huge profit of $3.44 billion for the second quarter ended June, bolstered by stellar performance in trading operations.
Never let it be said that the Justice Department can’t move quickly when it gets a hot tip about an alleged crime at a Wall Street bank. It does help, though, if the party doing the complaining is the bank itself, and not merely an aggrieved customer.
Suzlon Energy bagged a repeat order from Gujarat Alkalies & Chemicals (GACL) to set up, operate and maintain a 21 megawatt (Mw) wind energy project in Maliya Miyana in the Rajkot district, Gujarat. The project will comprise of 14 units of Suzlon"s S82-1.5 Mw wind turbines.
Ishita Ayan Dutt / Kolkata September 11, 2009, 0:52 IST
Tata Realty and Infrastructure, which hopes to develop projects worth Rs 20,000 crore over the next three years, today said that the $1 billion infrastructure fund, sponsored by its parent company Tata Sons, is expected to close by 2009-end.
India’s policies for the software sector and China’s promotion of special economic zones (SEZs) for the manufacturing sector suggest that well-designed and sector-specific government policies can overcome weaknesses in investment climate and allow developing countries to compete globally in new fields, according to a study by the International Finance Corporation (IFC), the private lending arm of the World Bank.
Satyam Computer today said it has allotted 75,090 equity shares to its employees, under its stock options plans.
Essar Oil has approached the Nepal government for supplying petroleum products. If the proposal is accepted, it will break the monopoly of Indian Oil Corporation, which retails petroleum products in the land-locked country along with the Nepal Oil Corporation (NOC). Nepal is not a very big market and is estimated have an annual demand of 720,000 tonnes of diesel and 1,40,000 tonnes of petrol. Essar currently supplies only small quantities of fuel oil to Nepal.
Lakshman Menon / December 02, 2009, 0:13 IST
In the same way that you should get massages and take naps or meditate, you should, everyone should, make a point to eat out by yourself from time to time,” wrote Amanda Hesser in her wonderful Cooking for Mr Latte. “You should be kind enough to yourself to lavish your appetite with good food without the interruptions of company.”
Sunil Jain / New Delhi January 04, 2010, 0:20 IST
Sanjay Jog / Mumbai January 03, 2010, 0:44 IST
Yes Bank plans to raise $150-200 million through private placement of shares this fiscal, a senior bank official said.
The Sensex has gained 53 points to the day"s high of 16,412. The Nifty is up 32 points at 4,914.
The row between the CPI(M) and its arch rival, the Trinamool Congress (TC), over land refuses to die. After the land acquisition issue played a crucial role in the 2009 Lok Sabha polls in West Bengal, it became a hot topic again today, as the CPI(M) and the TC locked horns during the Railway Budget discussion in the Lok Sabha.
Despite the global economic downturn, medical tourism has emerged as the fastest growing sector of the Indian tourism industry as it provides first world treatment to patients at an affordable rates.
Buoyed by the demand for its Discover range of motorcycles, the country’s second largest two-wheeler maker, Bajaj Auto, posted healthy numbers for the second quarter in a row. The company, which had been struggling with weak demand, lack of auto financing and sluggish exports in 2008-09 was able to make a hit out of its Discover 100cc bike boosting revenues and market share in the current year.
Vemagiri Power Generation Limited (VPGL), a subsidiary of Bangalore-based GMR Energy Limited, is planning to put up an additional capacity of 750 Mw in Vemagiri, adjacent to its existing natural gas-fired combined cycle power plant of 388.5 Mw.
French power equipment maker Areva is all set to dispose of its transmission and distribution business, including its Indian arm Areva T&D.
Three private sector power companies — Reliance Infrastructure’s subsidiary Reliance Power Transmission Limited (RPTL), Sterlite Energy and Lanco Infratech — will compete with each other in the final round of bidding for the first ultra mega transmission project (UMTP) in the country for the North-Eastern region.
Kailash Nautiyal / January 2, 2010, 0:45 IST
Tata Motors has started distribution of its Prima range of World Trucks, unveiled in May. The first product, the Prima 4028 S, is a 40-tonne 266-PS (Cummins ISBE engine) tractor with a 9-speed ZF transmission, a matching trailer with new generation brakes, ABS and specialised axles for heavy-duty and high-speed application. The tractor’s air-conditioned cabin includes reclining seats, adjustable steering wheels and arm rests for driver comfort. It has got sleepers to facilitate long-distance travel.
The Sensex is now at 16,962, up 85 points. The Nifty is at 5055- up 22 points.
Japanese auto maker Nissan Motor Company, which plans to launch a compact car in India after six months, today showcased a sedan. The car is to be built on the same platform as the compact car, but will not serve the low-cost concept.
Joe C Mathew draws up a ready-reckoner on the malaise that ails the healthcare system
In my garage
Ajit Ranade / January 26, 2010, 0:35 IST
Business Standard / January 26, 2010, 0:11 IST
For the first time in four-and-a-half years, State Bank of India (SBI), the country’s largest lender, on Monday reported a decline in its consolidated net profit.
The country"s largest lender, State Bank of India (SBI), reported a 8.40 per cent decline in its consolidated net profit at Rs 3,304.59 crore for the third quarter ended December 31, 2009.
A number of Reliance Retail outlets in Andhra Pradesh today came under simultaneous mob attack after a news report on some Telugu channels alleged the role of the Ambani brothers in the sudden death of former chief minister Y S Rajasekhara Reddy in a chopper crash last year.
Low interest rates helped banks report healthy growth in the third quarter of the current financial year.
Delphi, a leading global supplier of electronics to the automobile sector, today said it has introduced CNG kits for vehicles that have been sold to consumers.
IDBI Bank had completed due diligence on a private bank for a possible acquisition, Chairman and Managing Director Yogesh Agarwal said today. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he said on the sidelines of Bancon 2009-10.
Actor-turned-politician Chiranjeevi, whose party Praja Rajyam is opposed to bifurcation of Andhra Pradesh, today met Home Minister P Chidambaram and apprised him of the "deteriorating" law and order situation in the state.
All the 13 Congress ministers from Telangana region in Andhra Pradesh today decided to withdraw their resignation after the Centre"s announcement on holding discussions with political parties the state.
The country"s largest power producer NTPC has asked the government for abolition of import duty on coal, which currently stands at 8 per cent.
India is clearly showing strong growth, as outlined by the RBI which stated that the output gap is narrowing with economy operating close to potential and raised its baseline projection for GDP growth in FY10 to 7.5 per cent from 6 per cent forecast in October 2009 in the monetary policy announced today.
Economists were "slightly surprised" by the extent of hike (75 basis points) in mandatory cash reserves of banks held by the Reserve Bank, but felt that the apex bank"s move was strongly influenced by rising inflationary pressures.
After a brief lull, mobile operators have begun clashing over the fee paid for spectrum (air-waves), with Vodafone claiming Tata Teleservices and RCom were underpaying the government — a charge denied by the two companies.
Higher provisioning and lower net interest income have resulted in a 42.59 per cent drop in net profit of Syndicate Bank for the quarter ended December 2009.
Anil Ambani Group firm Reliance Natural Resources (RNRL) today reported growth of 3.30 per cent in net profit at Rs 25 crore for the third quarter ended December 31, 2009, over the same period last year.
Majority of HR managers in financial institutions across London expect hiring in the city to rise significantly in 2010, a survey by global professional recruiter Morgan McKinley says.
Harley Davidson Motor Company India (HDMCI), the wholly owned subsidiary of Harley Davidson Motor Company, the US-based motorcycle producing company, today announced the appointment of its national leadership team.
Internet giant Yahoo! has posted a profit of $153 million (Rs 693 crore) in the quarter ended December 2009 on the back of improving advertising market.
Prime Minister Manmohan Singh has rejected the UN deadline of January 31 for submission of emission targets and climate actions under the Copenhagen Accord.
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
Top US and Indian officials are making hectic efforts to conclude the discussions on critical reprocessing deal on spent nuclear fuel before Prime Minister Manmohan Singh"s high-profile state visit here next week.
The country’s development planning is anti-people and will lead to national turmoil, activist Medha Patkar tells Sreelatha Menon
Aditi Phadnis / New Delhi January 10, 2010, 0:52 IST
In order to give a boost to its almost stagnant ratings, STAR Plus, the number two Hindi entertainment channel, is betting big on Bollywood films. Within past few weeks, STAR India has picked up exclusive satellite rights for blockbusters, including Paa, Wanted, De Dana Dan, Aladin and Drona for Rs 50 crore, the highest among the leading broadcasters this year for exclusive content.
The ongoing attacks on Indian students studying in Australia have received a strong reaction from the Indian film fraternity.
LG Electronics, the global manufacturer and marketer of consumer electronics and home appliances, today opened one brand showroom ‘LG Shoppe’ at Samantarapur in Bhubaneswar. Arvind Kumar, the branch head of Orissa, inaugurated the premium brand showroom.
Hungry for growth, companies such as Godrej Appliances and LG Electronics are set to debut in the sub-Rs-7,000 refrigerator range.
Ohio Governor Ted Strickland is quick to admit that he doesn’t “particularly enjoy heights”. So why would he climb into a cherry picker to be lifted 40 feet in the air?
Shivani Shinde / Mumbai September 24, 2009, 0:36 IST
Maruti Suzuki India Limited, the passenger car leader in the domestic market has posted 48 per cent growth in its sales in Orissa during the April-August period of 2009-10 compared to the same period of the previous fiscal.
Japanese auto giant Suzuki today announced an investment of up to Rs 1,500 crore in the next 6-7 years for setting up a research and development (R&D) centre in India, which will be the company"s global small car R&D hub.
IT majors — Tata Consultancy Services (TCS), Infosys, Wipro Technologies and Cognizant Technology Solutions — have made 408 job offers to the students of Osmania University College of Engineering (OUCE) during the "premium company recruitment drive" that ended on December 31.
Bharat Sanchar Nigam Limited (BSNL) today launched its new service delivery platform "BSNL Live" - a web portal that would offer videos on demand and movie streaming for its 3G customers for the first time in the country.
Demand for gold waned by 49 per cent in the third quarter this year over the corresponding period last year, thanks to a surge in its prices, the World Gold Council (WGC) said today.
The Ministry of Finance has assured the Planning Commission of at least 15 per cent increase in gross budgetary support (GBS) for 2010-11, over the 2009-10 budget estimates.
Business Standard / New Delhi December 18, 2009, 0:21 IST
Delhi-based NIIT Technologies today posted a 12.4 per cent fall in its profit after tax (PAT) for the second quarter ended September 30, owing to a foreign exchange loss of $153 million (around Rs 700 crore). PAT stood at Rs 32.1 crore compared to Rs 36.7 crore in the year ago period. Consolidated revenues, at Rs 226.3 crore, were down 12 .5 per cent year-on-year from Rs 258.7 crore.
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
When reporters asked former Railway Minister Lalu Prasad for a reaction on why his successor Mamata Banerjee was trying to mock his work by bringing out her White Paper, he asked, “Do you know any tantric? I need to consult one.” As the reporters wondered why the RJD chief needed a tantric, Prasad added, “I think there is something wrong with the time of my birth. Earlier, I faced this fodder scam and now people are after me for unnecessary reasons.
Builders feel move may hinder development.
The life insurance industry logged a 21 per cent increase in premium collections during the first seven months of the current financial year compared to the same period last year, indicating recovery in the sector.
Business Sandard / New Delhi October 29, 2009, 0:50 IST
The country"s exports in December have grown to $14.6 billion, up 9.4 per cent over November, on the back of a strong growth in pharma, engineering and auto components sectors, Commerce and Industry minister, Anand Sharma said today.
Indian companies have raised about $ 2.6 billion from the international market through external commercial borrowings and foreign currency convertible bonds (FCCBs) in October to fund overseas acquisitions and import capital goods and modernisation and lending.
The core committee constituted by the Indian Banks Association (IBA) to calculate the modalities involved in the proposed nationwide pay revision is likely to give its report within 90 days.
JMM chief Shibu Soren was today sworn in as chief minister of Jharkhand for the third time at a ceremony which was skipped by top leaders of coalition partner BJP, and will take a floor test in the Assembly on January 7.
Education, healthcare and FMCG sectors will grow at healthy rates in 2010, while capital goods, banking and real estate will continue to struggle next year, industry body Assocham has said.
Balrampur Chini ended flat at Rs 133, Around 410,679 shares were traded as compared to the two-week daily average traded volumes of 1.04 million shares.
Religare Finvest (RFL), the non-banking finance arm of Religare Enterprises, could infuse an additional equity of Rs 650 crore in order to meet a lending target of around Rs 5,000 crore by March 2011 under its consumer business segment.
Shipping Corporation of India (SCI) has gained in early trades on plans of purchasing new container ships.
Global private equity firm Actis today said it has raised $750 million for investment in infrastructure across emerging markets, including India.
Kishore Biyani-led Future Group is planning entry into hotel business and may set up the first one in the next six months.
Kishore Biyani-led Pantaloon Retail India Ltd (PRIL) will hive-off its value segments--Big Bazaar and Food Bazaar-- into a separate company called Future Value Retail from January 1.
The US auto maker General Motors has confirmed it will retain all four plants of its European subsidiary Opel in Germany but will cut 9,500 jobs in Europe as part of restructuring to make the company profitable again.
The year 2010 will start on a promising note as we have held on to the gains of 2009, even if it means consolidating for the first few months of the year, says Sundaresan Naganath, chief investment officer at DSP Blackrock mutual fund. After having worked with Credit Suisse Asset Management New York and Merrill Lynch Asset Management Hong Kong, Naganath oversees some of the best performing funds such as DSP Blackrock Equity and DSP Blackrock Top 100. In an interview with Vandana and Neha Pandey, he says challenges that markets face are more external than domestic. Excerpts:
Bangalore-based medical diagnostics products maker, Opto Circuits (India) Ltd (OCI) has announced that its wholly-owned US-based
The stock jumped 2.3 per cent to Rs 1,204.55 after the company said Phase-III clinical trial for its anti-diabetic molecule balaglitazone achieved the set parameters.
The country emerges as a bigger player on the global scene
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.
Foreign institutional investors (FIIs) were net sellers of Rs 548.77 crore (provisional) today, according to data released by BSE.
Hatoyama is the first Japanese PM to visit Mumbai in 25 years.
The Centre has refused to extend the in-principle approvals to as many as 11 SEZ projects, including the Mukesh Ambani-promoted Reliance Haryana SEZ, Posco India and Indiabulls Infrastructure, stating that the rules do not allow giving them more time for implementation.
And, India chose to break ranks consistently to be with its new friends.
As part of its special audit on selected companies, the Department of Telecommunications (DoT) has told Bharti Airtel to provide all required information to the auditor by December 14.
Drug maker Dr Reddy’s Laboratories plans to launch generic version of the world’s largest selling anti-cholesterol medicine ‘Lipitor’ in the US market in the next 2-3 years.
Sun Pharmaceutical Industries has settled a patent dispute with MedImmune, a unit of drug major Astra Zeneca, to dismiss an ongoing litigation in a US District Court. This was on patent rights of Ethyol (amifostine), a drug used to reduce toxicities associated with chemotherapy and radiation in head and neck cancers.
Sun Pharmaceutical Industries and its subsidiary, Caraco Pharmaceutical Laboratories, have reached a settlement agreement with drugmaker Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute over Forest’s blockbuster antidepressant, Lexapro.
Will be available from next year for Rs 2.5 cr.
Investor wealth has increased by over Rs 25 lakh crore in just over five months from the beginning of the current financial year, on improving sentiments in the domestic and global markets.
The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has issued offer letters, so far, to an Indian and two American companies for setting up solar power plants at Kadiri in Anantapur district where it has earmarked an area of 5,000 acres for allotment to solar power projects.
Country"s biggest GSM mobile company Bharti Airtel and South African MTN today apprised the Telecom Ministry of their proposed $23-billion deal that could create one of the top three wireless companies in the world.
Paresh Gandhi, director at brokerage firm BM Gandhi Securities, is not sure if he will be able to spend an hour at the gym. With trading in the stock markets starting at 9 am from today, Gandhi would have to start an hour early for work.
Wants to use the aircraft for light cargo purpose in North East region
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.