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The body of veteran Marxist leader Jyoti Basu was taken in a hearse here this morning from a funeral parlour where it had been preserved since his death on January 17.
Describing Marxist veteran Jyoti Basu as a long-standing friend of Bangladesh, the country"s Parliament and cabinet have mourned his death, with premier Sheikh Hasina saying that she has lost a "guardian".
Samajwadi Party leader Amar Singh today said as his resignation from key posts was not yet accepted by Mulayam Singh Yadav, he would not be able to actively participate in party-related issues.
Amidst reports that he may join NCP, Amar Singh, who has resigned from all SP posts, today came out in defence of Agriculture Minister Sharad Pawar, saying the issue of price rise was the collective responsibility of the Cabinet including Prime Minister Manmohan Singh.
It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1.
A major tax reform like goods and services tax (GST) is a challenge and considerable preparation is necessary before implementing it. There is a need to bring in legal/constitutional changes, reforms in central tax system and state tax systems, said M Govinda Rao, director, National Institute of Public Finance and Policy (NIPFP).
Asian stocks rose, giving the MSCI Asia Pacific Index its biggest advance in two weeks, as the Group of 20 nations agreed on steps to shore up the financial system, while merger speculation boosted technology shares.
Signs of a deepening recession in the US, Japan and Europe have prompted investors to pull money out of developed-market stocks.
India said the Chinese government had assured it no dam on the Brahmaputra was proposed
Blaming excessive regulations for the media and entertainment industry’s acute financial crisis, Rupert Murdoch’s Indian venture Star Group today said the government and regulator had no role in the sector.
Ashish Sinha / New Delhi August 25, 2009, 0:40 IST
Financial services firm Edelweiss Capital today announced that it had entered into a joint venture (JV) agreement with Japanese insurer Tokio Marine Holdings for a foray into life insurance.
Indian Space Research Organisation (ISRO) would launch Oceansat-2 satellite, which would help identify potential fishing zones and in coastal zone studies, on September 23 in a mission that would have European flavour.
Dow Building Solutions, a foaming and insulation technology division of US-based Dow Chemical International, the world’s second largest chemical manufacturer, is contemplating investing $20 million (approximately Rs 98 crore) for setting up a manufacturing plant in India. “Potential for extruded polystyrene (insulation material) in India is very high.
JSW Energy will set up 10 power plants with a capacity of 1,350 mega watt (Mw) in all, in Rajasthan"s Barmer district.
In a country where data and information flow is like water on the Moon, bankers who are smart often take advantage of a statistical lie. “When I was a general manager in the planning department, I used to say come to me, I will give all the information.
Overseas borrowing by India Inc declined by around 9 per cent in November to $2.35 billion compared to the previous month.
The Nifty tested the support level of 4,910 and later recovered on the back of strong openings in European markets and firmness in Dow Jones futures. Telecom stocks tumbled on profitability concerns while buying in FMCG, metal and banking shares helped indices register decent gains by the end of the day.
National carrier Air India today said its passengers bookings in the last two days have regained the 26,000-28,000 level it had registered before the five-day stir by its senior pilots.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
Srei Equipment Finance (SEFL), a 50:50 joint venture between Srei Infrastructure Finance (SIFL) and BNP Paribas Lease Group (BPLG), is planning to foray into agriculture, medical equipment and information technology (IT) equipment finance.
The government will soon invite bids for 10 mega highway projects under, pubic-private partnership, and is in the process of making feasibility reports.
The government has identified 10 lucrative mega highway projects to be awarded to private developers. These projects, involving investment of Rs 45,000 crore, will be awarded in the next two years.
With the economic slowdown impacting the demand for credit, the credit-deposit (CD) ratio of the commercial banks in Orissa declined by 4.08 percent by the end of September compared to the same period last fiscal.
Cases of attacks on Indians in Australia have increased more than five fold this year compared to last year, the Rajya Sabha was informed today.
As implications of Home Minister P Chidambaram’s announcement that India’s internal security would be overhauled, beginning with the creation of a new National Counter Terrorism Centre (NCTC) sank in, the intelligence community was divided on how effective the overhaul — and NCTC itself — would be.
Jindal Saw"s board has announced that it would split its equity shares, with a face value of Rs 10 each, into five equity shares of Rs 2 each.
Road Transport and Highways Minister Kamal Nath said here that India has achieved construction of nine-km roads per day and the target of developing 20-km daily would be accomplished by this April.
Newly elected BJP MLAs met today to decide on supporting JMM chief Shibu Soren as the new Chief Minister.
Tata aims to create disruption in the water purifier market with the low-priced Swach.
The closure would lead to loss of 1,700 jobs
The 700-member Bombay Stock Exchange (BSE) Brokers Forum may approach the Prime Minister’s Office (PMO), the ministry of finance, the Securities and Exchange Board of India (Sebi), investor associations and other trade associations against the move to extend trading hours.
In the words of our present Chief Justice of India,“….. the citizens’ faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged “ The quote certainly does not auger well if one were to look at pendency of tax cases in different layers of our judicial hierarchy – 28,000 cases in high courts with disposal rate of roughly 6000 each year. Ironically, the situation is worse in Mumbai, Delhi, Kolkata & Chennai where the wait time ranges between 10-15 years. Not to forget the figure of 2 lac crores often debated in the Parliament as arrears of tax in dispute. These could be more staggering in the future.
Towns and cities, witnessing a growing population and change in both quality and quantity of their urban solid waste, are finding garbage disposal a major environmental issue. Garbage clearance and its disposal is becoming a herculean task with the volume of solid waste rising by the day.
Disinvestment of public sector companies gathered steam in the first year of UPA-II that saw two PSUs-- Oil India and NHPC-- raising around Rs 8,600 crore from IPOs and the way was cleared for divestment in three more state-run power companies in the new year.
Continuing its agitation for the cause of Maharshtrian youth, Raj Thackeray-led Maharasthra Navnirman Sena (MNS) has written a letter to State Bank of India (SBI) for considering locals for its new job openings.
Bank of Baroda (BoB), Andhra Bank and Legal & General’s insurance joint Venture, IndiaFirst Life Insurance Co, has received all regulatory approvals for its products, and would launch operations in the second or third week of December, P Nandagopal, chief executive officer, IndiaFirst Life Insurance, said.
Finding the economy and markets back on the recovery path, more than 60 companies are looking to raise an estimated Rs 50,000 crore through sale of shares and awaiting the regulatory nod for the same.
The life insurance industry has paid around Rs 1,717 crore as death benefit to policy holders between April and June 2009 compared with Rs 1,422 crore during the corresponding quarter last year (an increase of 20.74 per cent), according to Life Insurance Council, the body governing life insurance companies in India.
ICICI Securities, Citigroup and Morgan Stanley along with 14 other merchant bankers have submitted bids to manage the estimated Rs 14,000-crore disinvestment of the state-run iron ore producer NMDC.
The Goods and Services Tax (GST), the new tax regime, would have four slabs and these were likely to be unveiled within 15 days, Chairman of the Empowered Committee of State Finance Ministers Asim Dasgupta said today.
Gujarat government has given its green signal to Nirma Ltd"s controversial cement plant in Mahuva. The company has been aiming to foray into cement production by setting up a 2.4 million tonnes cement plant in Bhavnagar district for an estimated investment of Rs 1000 crore, according to industry sources privy to the development.
CORPORATE AFFAIRS MINISTER SALMAN KHURSHID:
Over 50 per cent of the electorate cast their votes in the fourth phase of the assembly polls in 14 Maoist-affected constituencies in Jharkhand, which passed off peacefully today amid tight security.
The year was the best in more than a decade. 2010 could churn out modest returns while being increasingly volatile.
Polling began today at 7 am for the first of the five-phase assembly elections in Jharkhand under air surveillance and tight security, state election commission sources said.
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”
Australia will ask New Delhi to crack down on the unscrupulous education agents in India who give misleading information to students willing to pursue studies in the private institutes Down Under.
In a key fallout of the global economic crisis, which gathered steam with the collapse of the Lehman Brothers exactly a year ago, countries will now be more cautious amid the ballooning government debt across economies.
Australia captain Ricky Ponting quit Twenty20 Internationals today, hoping the decision would prolong his career in other formats of the game.
Australia today said it will cooperate with the family of Nitin Garg, the Indian youth killed here, and expedite the process of returning his body back home, terming the delay in the process as "unfortunate".
Nobel Laureates / October 11, 2009, 0:06 IST
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
In yet another attack on Indians here, an engineering student from the community was racially abused by a group of Australians, including a woman, who also punched him in his left eye.
Having a large number of educational and research institutions, Mysore no wonder is a book lovers’ paradise for book sellers, both local and others. A huge number of student population is always looking for textbooks and related books, both new and second hand and to serve them and other buyers, book sellers keep organising book exhibitions regularly at one venue or the other.
External Affairs Minister S M Krishna today ticked off his junior minister Shashi Tharoor for publicly questioning new visa guidelines, saying if he had any "perceptions", those should be discussed within the "four walls" of the government.
India today said it was hoping for an outcome with "substantive and enforceable commitments" at the Copenhagen climate meet which are "equitable and supportive" of economic growth in developing nations.
Pakistan has said "political compulsions" and "divisions in Indian polity" were preventing India from holding dialogue with Islamabad, after the foreign ministers of the two countries avoided a meeting despite being under the same roof.
Rrishi Raote / New Delhi November 14, 2009, 0:36 IST
Gears up to launch stock, commodity futures in three years.
The Planning Commission today said the economy may grow at a rate higher than 6.3 per cent projected earlier as it sees drought having lesser impact on agriculture.
A reduction of the logistics costs by 1 per cent of the GDP means a saving of over $7.5 billion, according to a report on ‘Competitiveness Through Efficient Logistics’ released by KPMG in association with CII Institute of Logistics.
HOW MUCH THE RECOVERY HAS GAINED GROUND is best seen from the fact that the IMF has, once again, raised its forecast for global growth for 2009 as well as 2010. But, as was underlined at the G-20 meet, the recovery is fragile, heavily dependent upon government spending and support — global deficits are up 6 percentage points and governments in advanced economies have provided guarantees of over 30 per cent of their GDP to prevent their banks from collapsing.
In signs of easing labour market situation in the US, the number of first time claimants for jobless benefits declined by 26,000 to 550,000 for the week ended September 5.
Kolkata-based Pawan Kumar Ruia Group, which owns Dunlop India, today said that it had acquired a 60 per cent stake in Germany"s Henniges Automotive Grefrath GmbH, a supplier of automotive sealing systems to leading carmakers, for an undisclosed sum.
With food inflation rising to a 10-year high, the Reserve Bank of India (RBI) and the finance ministry today discussed the macroeconomic situation and the monetary policy stance. The meeting assumed significance, as this would decide the course of action by RBI to combat rising inflation.
The public sector Indian bank, with a lot of expertise in the field of recovery of Non-Performing Assets (NPAs), is exploring the possibility of floating a subsidiary for undertaking NPA management.
Dilip Kumar Jha / Mmbai August 11, 2009, 0:24 IST
Rajasthan-based Rallison Electrical Private Limited today launched the country"s first Fire Survival Cable and targeted to achieve turnover of Rs 500 crore in the current fiscal.
The US President’s visit to the region begins a new game with new rules.
Apex industry body Ficci has suggested that the government should encourage companies to invest in corporate social responsibility initiatives by giving tax incentives instead of making it binding.
Industry body Ficci has asked the Prime Minister not to shift positions on climate change at the Copenhagen Summit from the original stand of fixing responsibility of cutting greenhouse gas emissions on a per capita basis.
Industry bodies were enthused by the more than anticipated GDP growth of 7.9 per cent in the second quarter (Q2) of the current financial year, 2009-10, along with the increase in consumption and investment. However, they are apprehensive about the sustainability of growth.
The Asian Development Bank (ADB) today raised its growth outlook for the country to 7 per cent from its earlier 6 per cent for calendar year 2009.
The paper industries in Orissa have urged the state government to roll back its move to raise the selling price of the bamboo.
Construction major Gammon India has bagged a $ 22.5 million contract for a 220 KV transmission line turnkey project in Algeria. The contract was awarded to company"s wholly-owned subsidiary SAE Powerlines S.r.I, Italy.
Faced with tremendous margin pressures due to the runaway raw material prices and falling demand from consumer industries, pig iron producers have reduced their production capacity again by 10 per cent effective immediately.
Glass, Lewis & Co, LLC, an independent proxy advisory firm has recommended the shareholders of Taro Pharmaceutical Industries to vote against the proposals made by Taro’s board of directors in the upcoming annual general meeting of Taro’s shareholders scheduled for December 31.
Want Gandhi to stop the process of transfer of stake, divestment.
The green building code, termed energy conservation building code (ECBC), is likely to be mandatory for commercial buildings coming up in eight fast growing states in the next two years.
CMD Shanghvi’s hard-hitting letter contrasts financial returns of the two firms.
Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee today said the government would like to ‘take forward’ financial sector reforms like insurance and pension, but added caveats that suggested the road ahead was not smooth.
As the Obama Administration moves ahead with its new policy of engaging the Burmese military junta, a top US official today said it will actively consult India along with China on its new strategy.
Two more army jawans tested positive for swine flu here today, raising the total number of people affected by the disease so far to 37 in Jammu and Kashmir.
Saudi Arabia’s Haj and Umrah industry may suffer a loss of more than 3 billion Saudi riyals ($799 million) this year, the biggest in the last 50 years, owing to swine flu.
The Rs 15,000-crore steel pipes industry is set to grow 20-25 per cent in the next 3-4 years following massive investment laid out on energy security by the governments of developing economies. Developed economies require a change in existing pipelines that were installed over 25 years ago and demand is likely to emerge from various sectors of global economies.
British retail major Marks & Spencer is looking at scaling up its India operations and plans to open at least 50 more outlets in the country over the next few years.
City-based logistics solutions provider DRS Logistics Private Limited is embarking on a Rs 450-crore expansion that envisages construction of warehousing facilities in south India by the end of the next financial year.
The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
Naphthol Tar Fondue, Reactor Residue Quiche, Sevin Tar Souffle, Lime Sludge Mousse — these are on the menu of “Benign Buffet” to be served to government officials and members of the state cabinet with a complimentary B’eau Pal (Bhopal) Water Cocktail on November 28 at 12 noon on the Union Carbide road. The chefs are DRDE (Defence Research and Development Establishment), Gwalior, R Vijayraghavan and Sous-chef Tapan Chakravarty of Neeri, Nagpur.
Car maker Premier Limited (formerly Premier Automobiles Limited) re-entered the Indian passenger vehicle market with the launch of its compact sports utility vehicle (SUV) ‘Rio’ on Thursday. The new vehicle, which seats five people, aims to cater to the segment between mid-size passenger cars and larger utility vehicles.
Joe C Mathew / New Delhi September 30, 2009, 1:08 IST
IT industry body Nasscom today said the sector will regain double-digit growth from April next year leaving behind the prolonged recession.
The Goa government today said it will invoke the Epidemic Act only when chartered flights, carrying foreign tourists begin to arrive in the coastal state, in September end.
A Pakistani court has sought responses from federal authorities to a petition challenging the amendment of policy to allow the import of medicines and vaccines from India.
Thanks to the Congress party blinking in the face of K Chandrasekhar Rao’s fast and declaring that it would support the creation of a Telangana state, an unprecedented crisis has been created. As many as 130 MLAs in the state assembly have already resigned, and it is possible there will be a similar move among the MPs. Thanks to the Telangana move, there are already protests from Rayalseema supporters.
Premvir Das / January 31, 2010, 0:16 IST
In a setback to Indian Air Force"s (IAF) plans to expand its capabilities, the Defence Ministry has cancelled a tender worth around Rs 6,000 crore for procuring six air-to-air refuelling aircraft.
Two top PSUs under the steel ministry -- SAIL and NMDC -- will enter into an agreement on Monday to mine Arki Limestone Mine in Himachal Pradesh, the home state of Steel Minister Virbhadra Singh.
Broadcasting regulator Telecommunications Regulatory Authority of India (Trai) today sought views of stakeholders in the sector on issues such as raising limits on foreign direct investment (FDI) and on whether there is need for modifications in uplinking and downlinking guidelines for television channels.
India will push for building large capacity integrated nuclear energy parks to step up nuclear power production to meet increasing power demands, Atomic Energy Commission Chairman S Banerjee said today.
Ask for amendment of the Atomic Energy Act and rule changes to
Optimistic on job losses, but closely watching the situation, says overseas Indian affairs ministry
The Orissa government has granted Prospecting License (PL) in favour of Bhushan Steel Ltd (BSL), over an area of 280.755 hectares spread over Marsuan,Tiriba and Narasinghapur villages in Keonjhar district. This follows the Centre’s prior approval to the proposal.
Bhushan Steel Ltd today signed a technical collaboration and marketing agreement with Sumitomo Metals, Japan’s third-largest steel producer. The two companies are also exploring the setting up of a joint venture for setting up a six-million tonne steel plant at Asansol in West Bengal.
After the return of leading finance and consulting firms on the recruitment scene, the Indian Institute of Management Calcutta (IIM-C) on its second day of summer placements saw general management and marketing firms giving its students a lot to cheer about.
The BJP, which got two more seats than ally Shiv Sena in the Maharashtra Assembly poll, has staked claim on the post of the Leader of Opposition in the Assembly, held by the latter for the last 10 years.
Ajai Shukla / New Delhi October 20, 2009, 0:37 IST
You can purchase property Directly or go for Sect0ral stock picks and PMS.
Fresh trouble appears to be brewing over non-vacation of spectrum by Defence Ministry, a move that could frustrate the Telecom Ministry"s scheduled auction of third generation (3G) radio frequency next month.
The telecom department has written to the Cabinet Secretary seeking expeditious vacation of airwaves held by the defence forces so that the exact availability of 3G spectrum is known before the auction scheduled for December 7 takes place.
The stand-off between the IIT faculty and the government over the "anomalies" in pay structure finally ended today with the teachers" body deciding to accept the new package in the "interest" of the institutes, but maintained that concerns still remain.
The Indian private industries who are keen to participate in the large growth of civil nuclear power programme in the country should immediately concentrate on the manufacturing of equipments to become a major N-supply chain provider and later even exporters, Chairman, Atomic Energy Commission, Dr Anil Kakodkar said.
Business Standard / New Delhi June 04, 2009, 0:11 IST
With no clarity on availability of third-generation (3G) mobile spectrum, the government is considering, among others, restricting the number of private players to just two to avoid a situation where it would need to pay damages to operators.
Power engineering solutions provider Bilpower Ltd today said its subsidiary Tarapur Transformers is planning to enter capital market with a public offer and would file draft papers with Sebi by next week.
Honda Siel Cars India (HSCI), the Indian subsidiary of the Japanese giant Honda Motor Co, today said that its sales will register double digit growth in the current financial year. The company expects its total sales to be around 60,000-65,000 units during the current year, up from 55,250 cars sold in 2008-09.
Global automobile giants converged here as the 10th edition of the Auto Expo opened today, rolling out an array of cars mostly the small ones with a green theme.
The Planning Commission today said it would start interacting with Union ministries over the next two-three weeks over their demands for gross budgetary support for 2010-11.
Tata Motors today previewed "Aria", a cross-over between a multi-utility (MUV) and sports utility vehicle (SUV), at the Auto Expo here and billed it as a four-wheeler built for Indians by Indian engineers.
Real estate firm CHD Developers" is looking to expand its education business and plans to open around 500 pre-schools in the next five years across the country.
The ministry of environment and forests has drafted a comprehensive legislation encompassing all aspects of climate change that it plans to put in place post the climate change talks in Copenhagen scheduled from December 7-18.
Business Standard / New Delhi October 15, 2009, 0:45 IST
Sreelatha Menon / New Delhi November 29, 2009, 0:22 IST
Last decade’s unthinkables become this decade’s symbols.
More than lobbying for concessions, CII strove to be an instrument of change.
Sreelatha Menon / New Delhi November 1, 2009, 1:04 IST
As the GJM announced a fresh indefinite strike in government offices from December 28 in Darjeeling, Union Finance Minister Pranab Mukherjee expressed hope that Gorkhaland issue would be solved through dialogue.
The government is to shortly consider the recommendation to sell three units of Burn Standard Company Ltd, an ailing public sector undertaking.
Under attack for its climate policy for Copenhagen summit, the government today said India will not accept any legal binding on emission cut and rejected any proposal that would put a cap on the carbon emission.
- US economy moving in right direction: Obama - US economy expands 3.5% in Q3 - White House defends Obama"s economic policies - It may take US over seven yrs to wipe off job deficit: Report - Oil lower in Asian trade - Job mkt still grim; 27 people lose job per hour
The long suspense over control of the Tamilnad Mercantile Bank (TMB) ended on Thursday, with the Sivanthi Adityan-led group filling nine of the 10 elected posts on the 13-member board of directors.
The government will tomorrow decide on the requests of stainless steel producer Jindal Stainless and 16 other developers for more time to execute their SEZ projects.
- Oil imports rise first time in over a year - 2010 set to be year of indices trading - Crisil to research illiquid stocks to help investors - "Indian regulatory regime has brought us a world of good" - Global crisis pinches FDI purse in 2009 - Experts debate rollback of lenient policy
The Reserve Bank of India (RBI) today said that foreign institutional investors (FIIs) would be allowed to buy more shares of Maruti Suzuki but only after obtaining approval from the central bank.
M Govinda Rao / New Delhi January 5, 2010, 0:29 IST
Fresh power capacity addition has fallen short of target by nearly a third in the first half (April-September) of the current fiscal, owing to delays in the supply of critical components in thermal projects, delayed forest clearances and non-availability of fuel for a nuclear power project.
Torrent Power, the private sector power company that distributes power to Ahmedabad, Gandhinagar and Surat has reduced fuel surcharge by only 1 paise per unit. This means there will be no significant relief in power bills of consumers in the third quarter of 2009-10.
Leading steel maker JSW Steel today cut prices of its products by up to Rs 1,400 a tonne, mainly due to the softening global trend.
With post-monsoon construction about to take off, major producers of steel have announced a rise in prices across product categories.
Tata Steel would start work on its Kalinganar plant in Orissa from December. The company had 3,200 acres in possession but could not start work as 20 per cent of the project-affected persons were yet to be relocated, according to Managing Director H M Nerurkar.
State-run steel producer Steel Authority of India (SAIL) and mining major NMDC will invest Rs 260 crore in developing the Arki limestone reserves in Himachal Pradesh.
Private equity investment in the country"s telecom sector is likely to surge next year with the introduction of 3G services and rural penetration by telcos, experts say.
State run Mahanagar Telephone Nigam (MTNL) has taken to the franchise route to sell its 3G services in Delhi and Mumbai and has floated a global Expression of Interest (EoI) for 3G Services Franchisee.
Amid rising hopes of global economic turnaround Indians have emerged as an optimistic lot than their Chinese counterparts when it comes to trust in business.
French auto major Renault today said it was looking at launching zero emission electric vehicles (EVs) in India by the middle of this decade. The company, which today unveiled its city two-seater ‘Twizy’ in the country, also plans to produce up to 500,000 units of EVs globally by 2014.
Facebook lovers, here is another survey showing how employee productivity is robbed at workplaces. So put a limit on its usage before employers and the bosses put a stop on its usage at work.
The Indian School of Business (ISB) is creating a capital network to provide seed money to prospective entrepreneurs. The institute will also help entrepreneurs in refining their ideas and business plans.
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needs to build a "flexible" climate partnership with New Delhi to address the issue of global warming.
Despite lower revenue projections this financial year, Pune-based manufacturing solutions provider KPIT Cummins Infosystems has entered into a definitive merger agreement to acquire US-based SAP specialist Sparta Consultant for Rs 180 crore.
Analysts, economists plan to raise their IIP forecasts
Cane growers from the sugar bowl of Maharashtra are happy this time as the statutory minimum price (SMP) for sugarcane has been hiked to Rs 107.76 per quintal for the upcoming crushing season from Rs 81.18 a year ago. The politicians are happier and the happiest are political big-wigs of the ruling Congress-Nationalist Congress Party (NCP) democratic front as they want to en-cash this “feel-sweet factor” during the state assembly elections scheduled on October 13. However, these sugar barons are also swallowing the bitter pill of intra-party rebellion in this “green-belt” of the state.
After a gap of almost two months, inflation dipped marginally to 0.7 per cent, but there was no respite for people as prices of items of common consumption, like potato and vegetables, continued to rule high.
A high-powered group of state finance ministers today indicated that the proposed Goods and Services Tax (GST), which will consolidate indirect taxes, may not be introduced as scheduled from April 1, 2010.
IT infrastructure provider Birla Shloka Edutech today said it has fixed the price band of it follow-on-public offer between Rs 45 and Rs 50.
Aksh Optifibre’s Internet Protocol Television (IPTV) service iControl, with a subscriber base of over 30,000, has plans to increase its IPTV subscriber base and reach the 100,000 mark by September 2010.
Reacting to the Centre’s announcement of discussing the Telangana issue further, 70 legislators cutting across party lines on Thursday decided to resign in protest against the government’s action.
As a political backlash erupted in Andhra Pradesh over the decision to put Telangana on the backburner, the Centre was today said to be considering setting up a States Reorganisation Commission (SRC) amidst pressure mounted by pro-Telangana leaders.
The Finance Ministry today said asking the employees to pay taxes on their perquisites is not new because such incentives were under the net even prior to the Fringe Benefit Tax (FBT).
China: For China, 2009 was a momentous year. The People"s Republic turned 60, and Beijing staved off economic disaster with an unprecedented 4 trillion yuan ($585 billion) stimulus package. The stage is set for an eventful 2010. If all goes well, China’s GDP is set to become the world"s second largest. But all may not go well.
The Rs 950-crore second phase expansion plan of the Gopalpur port is likely to be delayed by a year as the project is yet to get the environmental clearance from the Union Ministry of Environment and Forest (MoEF).
The government today said draft rules on managing e-waste will be ready by March next year.
The Vedanta Aluminium Ltd (VAL), part of Vedanta Resources, has not violated any forest and environment norms at its alumina refinery and bauxite mining site in Kalahandi district of Orissa, according to a report of the state government.
The most famous door in Udyog Bhawan has been taken off its hinges and is not to be seen any more. A glass door was installed by Jairam Ramesh during his stint as the junior commerce minister in the previous UPA regime. However, the new occupant of the room — Jyotiraditya Scindia — prefers a more private work place and a conventional door. The room is undergoing extensive renovation. For a few days, the glass door was lying in front of the room while everything inside was taken off (including the paint).
Mid-size steel maker Uttam Galva Steels said today it is not opposed to merger with the world"s largest steel producer ArcelorMittal and is open to all options aimed at taking the company to "new heights".
Environmental think tank Teri wants to commercialise its technologies. Here’s how.
The Government today said it has no plans to sell more stake in aluminum producer National Aluminum Company (Nalco).
Some aspects of global warming may not be entirely understood and data may be sparse, but scientists do not dispute that global temperature has increased, especially since 1950, as pointed out in the fourth assessment report of the Intergovernmental Panel on Climate Change (IPCC).
Industrialisation, technology, urban need make commercial water supply a growing opportunity.
The Madras High Court today dismissed Subhiksha’s scheme of arrangement proposal, which was filed by Cash and Carry Wholesale Traders Private Limited (C&C), a subsidiary of cash-strapped Subhiksha Trading Services.
Abdul Karim Telgi, the main accused in the multi-crore fake stamp paper scam, and two others were today awarded 10 years" rigorous imprisonment in two separate cases by a CBI Court which also imposed a fine of Rs 50 lakh on each of them.
In the face of alleged multi- crore rupee kickback, which is being probed by CBI, the government is considering cancelling power PSU NTPC’s Rs 2,000-crore contract with a Russian equipment firm.
Drug major Lupin and Swiss Garnier Life Science moved the Delhi High Court on Monday, challenging the government’s decision to fix the price of their anti-asthma drug Doxyflline. In their petition, Lupin and Garnier Life Science challenged the National Pharmaceutical Pricing Authority circular, in which it has put its two medicines under the first schedule of the Drug Price Control Order of 1995.
Drug firm Lupin today said it has settled all litigations relating to memantine tablets, the generic version of US-based Forest Laboratories" Alzheimer drug "Namenda".
Auto major Mahindra & Mahindra today reported 36.75 per cent growth in domestic sales of its utility vehicles (UV) in September at 21,961 units against 16,059 units during the same month last year.