The Telecom Regulatory Authority of India, or TRAI, said the government has announced guidelines for satellite radio, reports CNBCTV18. The licence fee is to be 4% of gross revenue. It can be extended for another 10 years. It will roll out obligations within a year of launch. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 4:49 pm
Neeraj Saluja, MD,SEL Manufacturing said that SEL has created a SPV (Special Purpose Vehicle) to build up Textile Park. He added that this would provide employment to around 11000 people. He further said that SEL holds 49% stake in the SPV. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 2:53 pm
Tata Motors said the price hike would impact the auto industry. This view was shared by Honda Siel which felt that sales will be impacted.
However, Honda is confident that it will pull through because of its fuelefficient range of cars. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 1:17 pm
LONDON (Reuters) - Prospects of a stronger dollar threatening the commodities boom and worries about the global financial sector sent European equities sharply lower on Wednesday and set Wall Street up for a poor start.
Notwithstanding fears of talent shortage in the country, India witnessed a 12 per cent growth in employment. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 12:13 pm
PARIS (Reuters) - U.S. economic growth will slow to a crawl, inflicting heavy collateral damage on Western Europe and Japan, because of a "triple shock" of market turmoil, high commodity prices and the end of the housing boom, the OECD said on Wednesday.
With rising fuel costs, the Gujarat government has raised electricity charges by 35 paise per unit for non-agricultural consumers. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 12:05 pm
LONDON (Reuters) - Oil on Wednesday fell below $124 a barrel to its lowest level in nearly three weeks after a fuel price rise in India, which is expected to curb demand.
NEW DELHI (Reuters) - Indian shares fell 2.8 percent on Wednesday to their lowest close in two months, after a rise in state-set fuel prices triggered concerns of accelerated inflation and a squeeze on corporate earnings growth.
Sugar prices are expected to remain under pressure, largely owing to oversupply as well as the ensuing monsoon, industry officials said. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 11:40 am
The Indian equities market closed Wednesday deep in the red with fears of further rise in inflation after the fuel price hike. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:33 am
Low cost airline SpiceJet has hiked its fare following the recent hike in aviation fuel price. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:32 am
With rising fuel costs, the Gujarat government has raised electricity charges by 35 paise per unit for non-agricultural consumers. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:32 am
Commercial vehicle manufacturer Eicher Motors reported a seven per cent increase in total sales in May at 2,063 units, against 1,931 units it sold in the same month last year. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 11:30 am
The hike in the prices of transport and cooking fuels will have only marginal impact on inflation, Petroleum and Natural Gas Minister Murli Deora said here Wednesday. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:22 am
Hospitality major, The Leela Palaces, Hotels & Resorts, announced new airline partnerships with international airlines with a view to offer value-addition to its guests. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 11:22 am
The Left, which supports Prime Minister Manmohan Singh's government, and the main opposition Bharatiya Janata Party (BJP) Wednesday took the lead in condemning the hike in fuel prices. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:20 am
The ten percent rise in petroleum products Wednesday has come as a rude shock for the man on the street, who feels cheated and stunned by the rise which one considers more than what was expected. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:19 am
Kerala's ruling Left Democratic Front (LDF) Wednesday called a state-wide dawn-to-dusk shutdown Thursday to protest the hike in fuel prices. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:19 am
Deccan Aviation, India's leading private charter firm, will launch a helicopter service this month to ferry passengers between the new Bengaluru airport and Bangalore city, about 40 km away. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:19 am
MUMBAI (Reuters) - Reliance Communications Ltd and South Africa's MTN have begun due diligence as they inch closer to creating a global top-10 telecoms firm, a source close to the development said.
Despite political opposition, the government Wednesday allowed a 9.5-11 percent increase in prices of cooking and transport fuels, but cut customs and excise duties on crude and petroleum products to ease the financial burden on state-run oil firms, reeling under high global oil prices. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 11:11 am
NEW DELHI (Reuters) - India raised petrol and diesel prices by about 10 percent on Wednesday, its biggest increase in 12 years, curbing losses at its state-owned refiners but likely driving inflation to a 13-year high and triggering a political backlash.
Biocon announced the launch of a new drug delivery system, a pre-filled safety syringe device for two of its lifesaving drugs for kidney and cancer patients. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 11:00 am
Jindal Steel & Power said it has signed an agreement with the Jharkhand government for setting up a power project in the state at an estimated cost of Rs 11,880 crore. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 10:19 am
MUMBAI (Reuters) - India's gold prices eased on Wednesday in step with overseas markets that gave up most of the previous day's gains with the dollar's strength eroding the safe haven appeal of the metal, dealers said.
Inflation is bound to cross a 13- year high of 9 per cent from the current level of 8.1 per cent, as a fallout of Wednesday's sharp hike in petrol and diesel prices, economists said. Source: Daily News & Analysis: Money News | 4 Jun 2008 | 10:07 am
In a broker poll conducted by CNBCTV18, all respondents expect a Rs 35 hike in petrol prices and Rs 23 hike in diesel prices. While 70% feel markets would react positively to the over Rs 5 hike in petrol prices. And 30% see neutral to negative impact in case of over Rs 5 hike in petrol. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 9:18 am
The Indian equities market traded flat and extended its loss in the afternoon session after the Cabinet Committee on Political Affairs (CCPA) approved a hike in fuel prices. Oil stocks reacted positively, but the overall impact on the market was negative. Source: IndiaeNews.com: Business News | 4 Jun 2008 | 9:03 am
Essar Oil is ramping up its oil exploration and production business, lining up a work programme in the current phase of existing blocks to the tune of $290 million. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 8:56 am
NEW DELHI (Reuters) - Losses at Indian airlines may double in 2008/09 from 40 billion rupees ($937 million) the year before due to surging costs of jet fuel, the civil aviation secretary told reporters on Wednesday.
Big TV, the directtohome (DTH) service of the Anil Dhirubhai Ambani group (ADAG) is all set for a nation wide launch in July, sources in Reliance Communications (RCom) told Business Line. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 8:45 am
The domestic aviation industry is likely to see more turbulent times ahead. While no respite seems to be coming on the spiralling oil prices, analysts say that addition of capacity in the market in such times is only going to add to the airlines woes. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 8:43 am
GMR Industries, the agri business arm of GMR group, today informed the stock exchanges that it has decided to acquire Alagawadi Bireshwar Sugars Pvt Ltd, which holds a licence to set up and operate a 3,500 TCD sugar mill at Raibagh in Karnataka. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 8:35 am
At a time when crude prices are peaking, a reduction in solar power costs could brighten the energy scenario. The solar photovoltaic (PV) business, which incurs a generation cost of Rs 1214 per unit, is looking at reducing it to Rs 46 a unit in the next three to five years. Source: Moneycontrol Top Headlines | 4 Jun 2008 | 8:32 am
NEW DELHI (Reuters) - The government is cutting the import duty on crude oil to nil from 5 percent, the revenue secretary said on Wednesday as the government announced increases in state-set retail prices of petrol and diesel.
Kolkata, June 3 Metals and mining stocks continued to weaken for two consecutive days on profit booking largely by institutional investors. The BSE Metal Index declined by 0.39 per cent, but its loss on weekly basis was lower at 0.24 per ... Source: Business Line - Home Page | 4 Jun 2008 | 12:00 am
The stock is hovering around the key support level of Rs 750 and has formed a spinning top candlestick pattern, indicating indecisiveness in the last trading session. Desist trading in this counter for the day. Infosys ... Source: Business Line - Home Page | 4 Jun 2008 | 12:00 am
Power stocks such as NTPC, Tata Power, Reliance Infrastructure (formerly Reliance Energy), Reliance Power, CESC, Torrent Power and PowerGrid Corporation have been facing the brunt of selling pressure in recent times. Other power equipment ... Source: Business Line - Home Page | 4 Jun 2008 | 12:00 am
SpiceJet plans to keep fuel surcharge unchanged but increase base fares by Rs 300550, reports CNBCTV18. The airline will increase base fares by Rs 300 for shorthaul flights up to 750 kms and raise base fares by Rs 550 for longhaul flights beyond 750 kms. Source: Moneycontrol Top Headlines | 3 Jun 2008 | 8:41 pm
Share prices of Emami, a leading cosmetic products manufacturer, and Zandu Pharmaceuticals, an ayurvedic pharmacy company, slipped today as the two companies looked set to fight a prolonged takeover battle. Source: Business Standard | Front Page Headlines | 3 Jun 2008 | 6:43 pm
The Cabinet Committee on Political Affairs (CCPA) will meet tomorrow at 8 am to consider raising petrol, diesel and cooking gas prices. Source: Business Standard | Front Page Headlines | 3 Jun 2008 | 6:39 pm
Yahoo Inc CEO Jerry Yang ordered up a draft press release rejecting a Microsoft Corp takeover bid months before January`s unsolicited bid, company documents unsealed on Monday show. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
The Cabinet will meet on Wednesday to decide on raising fuel prices that have been necessitated by the relentless rise in international crude oil prices. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
South Korea`s High Court on Tuesday gave Hyundai Motor Group chief Chung Mong-koo a suspended three-year sentence for fraud, duplicating an earlier ruling and keeping him out of jail despite pressure to crack down hard on corruption at the country`s top firms. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
The Bombay Stock Exchange benchmark Sensex today lost over 252 points and dipped below 16,000 points level in early trade on funds selling in heavy-weight stocks, triggered by weak global markets. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
With public sector oil firms increasing Aviation Turbine Fuel (ATF) sale prices by 18.5 percent, major air-carriers have raised fuel surcharge with effect from Tuesday, making air travel costlier. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
With valuation of banks going up and a very few private ones available for takeover, ICICI Bank is looking at growing internally rather than go for consolidation. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
Telecommunications giant Motorola Inc, a Fortune 100 company, says that the newer Wimax technology scores over 3G in data transmission capabilities and that it`s the broadband route India needed to take. Source: Zee News : Business | 3 Jun 2008 | 1:02 pm
