The Kansagra family holds 12.91% stake in Spice Jet. The Kansagra stake lock in period expired on February 7 but they are not keen on exiting Spice Jet due to low valuations. Kansagra is believed to have met officials in London last month. Source: Moneycontrol Top Headlines | 13 May 2008 | 5:13 pm
The Supreme Court has issued a notice to West Bengal and Tata Motors on the Nano plant land deal in Singur under allegations from residents of that land that the acquisition by the West Bengal government has been arbitrary, and no law has been followed. Source: Moneycontrol Top Headlines | 13 May 2008 | 5:05 pm
Lloyd Electric Engineering will acquire Luvata Czech SRO, reports CNBCTV18. The European Union approved Luvatas economic group acquisition is conditional to divesture of Luvata Czech. Luvata Czech 2007 revenues were at Euro 29 million whereas the EBITDA stood at Euro 2.3 million. Source: Moneycontrol Top Headlines | 13 May 2008 | 4:42 pm
The whole IT pack has been excited because of the depreciation that we have seen. It will boost margins both on the topline and bottomline. Analysts are looking at how the forex losses are likely to pan out this time because in FY08 we had seen significant forex gains coming from hedge positions of IT companies. Source: Moneycontrol Top Headlines | 13 May 2008 | 4:09 pm
Nazim Shiekh, Executive Director, Sandur Manganese Iron Ores, expect to make a turnover and profits of about Rs 1,200 crore and Rs 600 crore respectively in FY09, if manganese ore prices continue to rise. \"Of that, Rs 300 crore will be from manganese ore even though the production is just 15% of the total ore production.\" Source: Moneycontrol Top Headlines | 13 May 2008 | 3:09 pm
Indresh Batra, MD, Jindal Saw, said the challenge is to maintain margins and margin improvement would depend on coal and steel prices. According to Batra, nearly 100% of their raw material needs is imported and there is no clarity on whether there will be a duty exemption on imported steel. Source: Moneycontrol Top Headlines | 13 May 2008 | 3:04 pm
The Finance Ministry has opposed issue of oil bonds covering 57% of under recoveries of oil marketing companies, reports CNBCTV18. The Oil Ministry said the government is not looking at hiking auto fuel prices now. Source: Moneycontrol Top Headlines | 13 May 2008 | 2:15 pm
SCI will buy over 40 ships in five years, reports CNBCTV18 quoting Newswire 18. It will fund the ship buys via 80% debt and 20% internal accruals. Source: Moneycontrol Top Headlines | 13 May 2008 | 2:08 pm
Minda Industries is scouting for an overseas acquisition, reports CNBCTV18, quoting sources. The target company is likely to be in Europe with the deal size seen at around USD 100 million. Minda is looking to fund acquisitions via internal accurals and debt, sources said. The management has refused to comment on market speculation. Source: Moneycontrol Top Headlines | 13 May 2008 | 12:35 pm
Software major Satyam Computer Services Ltd Tuesday announced that it has developed a new solution to reduce downtime for process manufacturing companies, which normally take an annual or semi-annual plant maintenance shutdown. Source: IndiaeNews.com: Business News | 13 May 2008 | 12:02 pm
Entertainment and communications firm Percept Limited Tuesday announced a joint venture with retail major Future Group to launch 'Bollywood Retail' that aims to cash in on the Hindi film industry, the biggest entertainment phenomenon in India. Source: IndiaeNews.com: Business News | 13 May 2008 | 12:01 pm
Indian equities markets that opened in the green Tuesday morning remained choppy in the second half and slid to close in the red, with a benchmark index shedding over 300 points from the day's high. Source: IndiaeNews.com: Business News | 13 May 2008 | 12:01 pm
Piramal Life Sciences Ltd, part of the Piramal Group of companies, has commenced the clinical study of its P1736, a drug meant for the treatment of diabetes (type II), in the Netherlands. Source: IndiaeNews.com: Business News | 13 May 2008 | 12:00 pm
NEW YORK (Reuters) - Hewlett-Packard Co will buy Electronic Data Systems Corp for $25.00 per share, the two companies said on Tuesday, or about $12.6 billion to better compete against IBM.
KOLKATA (Reuters) - Steel wire rope maker Usha Martin on Tuesday posted a 29 percent rise in net profit in January to March quarter on higher sales of value-added products, a top official said.
JERUSALEM (Reuters) - Israel Aerospace Industries (IAI) and Indian conglomerate Tata Group signed an agreement on Tuesday to cooperate on the development, manufacturing, marketing and support of defence products in India.
MUMBAI (Reuters) - Indian shares surrendered an early rise and fell 0.6 percent on Tuesday, with top mobile services operator Bharti Airtel Ltd sliding 2 percent after a potential rival emerged for South Africa's MTN Group.
Taking advantage of the popularity of Indian Premier League T20, the SriLankan Airlines has announced attractive packages, including match tickets for its travellers. Source: Daily News & Analysis: Money News | 13 May 2008 | 11:32 am
Sutlej Jal Vidyut Nigam Limited (SJVNL), a public sector hydel power company based in Himachal Pradesh, was Tuesday given the status of a 'mini ratna' by the central government. Source: IndiaeNews.com: Business News | 13 May 2008 | 11:22 am
Israel Aerospace Industries Ltd (IAI) and India's Tata group have inked a framework agreement for cooperation in the development, manufacturing, marketing and support of defence products in India. Source: IndiaeNews.com: Business News | 13 May 2008 | 11:21 am
Mahindra & Mahindra, one of India's leading automobile manufacturing companies, is diversifying into the entertainment media. Source: Daily News & Analysis: Money News | 13 May 2008 | 11:16 am
K Ravi Kumar, CMD, BHEL said that the company\'s project execution is taking time due to the unavailability of raw material. He said that the company may see margin pressures but their project execution is on track. Source: Moneycontrol Top Headlines | 13 May 2008 | 11:02 am
NEW DELHI (Reuters) - A strong rupee and high interest rates are responsible for a slowdown in India's manufacturing growth, which the government hopes to reverse with new industry initiatives, junior industry minister Ashwani Kumar said.
MUMBAI (Reuters) - As prices in India shoot over the roof, the value of a politically sensitive, perishable commodity has tumbled, troubling farmers whose pleas for aid have gone unheard as the government battles runaway inflation.
Varun Shipping has announced a profit after tax (PAT) of $56.44 million (Rs.2.2 billion) during the fiscal year 2008 compared to $35.33 million for the previous year, recording a growth of 59.73 percent. Source: IndiaeNews.com: Business News | 13 May 2008 | 10:00 am
The Indian equities markets, which opened in the positive zone Tuesday, were trading flat in the afternoon. However, consumer durables, realty and metals scrips continued to be in demand. Source: IndiaeNews.com: Business News | 13 May 2008 | 9:07 am
NEW DELHI (Reuters) - India's ambitious $90 billion industrial corridor project is on track, and rising prices of steel and cement will not hamper work, Minister of State for Industry Ashwani Kumar said.
The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb. Source: Daily News & Analysis: Money News | 13 May 2008 | 8:56 am
The central government would launch a dedicated regional airline for the northeastern region by January next year, union minister for the Development of North Eastern Region (DoNER) Mani Shankar Aiyar said here Tuesday. Source: IndiaeNews.com: Business News | 13 May 2008 | 8:30 am
DUBAI (Reuters) - Emirates Telecommunications Corp may compete with Mexican billionaire Carlos Slim and Russia's Altimo for a $1 billion stake in India's Tata Teleservices Ltd., al-Khaleej newspaper reported on Tuesday.
State Bank of India on Tuesday announced a general insurance joint venture with Australia's Insurance Australia Group (IAG) and plans to commence the business. Source: Daily News & Analysis: Money News | 13 May 2008 | 8:05 am
After making a wave worldwide with unveiling of the cheapest car from India, Tata Motors said on Tuesday that it will consider exporting the Rs 1-lakh car to many promising markets Source: Daily News & Analysis: Money News | 13 May 2008 | 8:01 am
MUMBAI (Reuters) - India shines like a tempting lure for Chinese companies seeking to expand abroad, and on first glance the Indian market looks like a natural fit.
The Bombay Stock Exchange benchmark Sensex fell by 108 points on heavy selling in heavy-weights led by refinery stocks on Tuesday. Source: Daily News & Analysis: Money News | 13 May 2008 | 7:10 am
Amidst high volatility in morning trade, the rupee depreciated further by another four paise to 42.09/10 against the greenback dollar buying by oil refiners. Source: Daily News & Analysis: Money News | 13 May 2008 | 6:53 am
To broaden its 14-million customer base, BlackBerry maker Research in Motion, unveiled a new and sleeker version of the wireless device Source: Daily News & Analysis: Money News | 13 May 2008 | 6:35 am
The Indian equities market Tuesday opened in the green zone tracking favourable cues from Asian markets. Source: IndiaeNews.com: Business News | 13 May 2008 | 5:31 am
Fresh long position can be initiated only if the stock moves above Rs 1,800 level, with stiff stop-loss. L&TOn Monday, the stock opened with a downward gap and closed the gap by rallying. Our near-term ... Source: Business Line - Home Page | 13 May 2008 | 12:00 am
Mumbai, May 12 The rupee crossed the psychological mark of 42, on Monday, due to lower industrial production data, high oil price and inflation. The lack of dollar supply combined with continuing dollar demand from domestic oil ... Source: Business Line - Home Page | 13 May 2008 | 12:00 am
French carmaker Renault SA has maintained that it has a clear product and partner strategy for India. Source: Daily News & Analysis: Money News | 12 May 2008 | 10:09 pm
The index of industrial production for March 2008 makes a grim reading, with the overall growth rate slackening to a mere 3% from its year ago level of 14.8%. Source: Daily News & Analysis: Money News | 12 May 2008 | 10:09 pm
The UK-based promoter-director Bhulo (Bhupendra) Kansagra of Delhi-based low-cost carrier SpiceJet is willing to divest the family stake in the airline if the valuations are right. Source: Business Standard | Front Page Headlines | 12 May 2008 | 6:38 pm
In a clear pointer to slower economic growth, industrial production fell to a six-year low of 3 per cent in March 2008 against 14.8 per cent in the same month last year. Source: Business Standard | Front Page Headlines | 12 May 2008 | 6:37 pm
Codenamed ULC, $2,500 car scheduled for 2011. ??After six months of negotiation, Bajaj Auto today announced its joint venture with European car maker Renault and Japanese giant Nissan to manufacture a small car in India with a wholesale price tag of $2,500 (Rs 1.03 lakh). Source: Business Standard | Front Page Headlines | 12 May 2008 | 6:37 pm
The government on Monday ruled out importing wheat this year as procurement of the foodgrain is all set to reach 20 million tons against the targeted 15 million tons in the current marketing season. Source: Zee News : Business | 12 May 2008 | 1:27 pm
Inflation is expected to come down to 6 per cent from the present level of 7.61 per cent in next three to four months, Prime Minister`s economic advisory council chairman Prof C Rangarajan said here on Monday. Source: Zee News : Business | 12 May 2008 | 1:27 pm
China`s new aerospace firm charged with building jumbo-jets will pose no threat to Airbus and Boeing for 20 years and will require the help of foreign technology, state press reported Monday. Source: Zee News : Business | 12 May 2008 | 1:27 pm
Tracking global markets, the Bombay
Stock Exchange benchmark Sensex today fell by over 136 points
in early trade on selling by funds. Source: Zee News : Business | 12 May 2008 | 1:27 pm
Industry performed badly during the last month of 2007-08, with growth decelerating to 3 percent from 14.8 percent in the year-ago period, a development that could be a major cause for concern for the government that is now focussing on fighting high inflation. Source: Zee News : Business | 12 May 2008 | 1:27 pm
to buying the Long Island newspaper Newsday from Tribune Co. for $650 million (euro420.49 million), a person with knowledge of the situation said Sunday. Source: Zee News : Business | 12 May 2008 | 1:27 pm
World oil traded below 126 dollars on Monday after an inflow of investment funds helped push the price to another record high, analysts said. Source: Zee News : Business | 12 May 2008 | 1:27 pm
