Grasim has sold its sponge iron business to Welspun Power and Steel for Rs 1,030 crore, reports CNBCTV18. The GrasimWelspun transaction will be completed in six months. The Grasim sponge iron business under Vikram Ispat is to be spun off as a special purpose vehicle, or SPV. The sponge iron business generated revenues of Rs 950 crore in FY08. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 6:45 pm
The inital public offering of Indiabulls Property Investment Trust, or IPIT, has been fixed at the lower band, i.e. one Singapore dollar, reports CNBCTV18. The issue had a price band of 11.10 Singapore dollars. It has raised USD 191.5 million from the offering, thus pegging its initial market capitalization at USD 1.7 billion. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 6:27 pm
Natco Pharma has cracked the technology to develop Teva\'s multiple sclerosis drug Copaxone, which has US sales of over USD 2 billion, reports CNBCTV18. The drug is marketed by Sanofi Aventis. Natco has tied up with a US generic company Mylan for marketing the drug worldwide. Copaxone is under patent, so Teva may sue generic companies. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 6:15 pm
Real estate stocks are taking it on the chin, but foreign investors are staying firm. Foreign flows may slowdown but the Indian realty story continues to attract attention. Real estate pundits are still confident that foreign capital wants to lodge in India and there is proof of that. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 6:11 pm
Empowering the New India can only happen if Indias small and medium enterprises are empowered, reports CNBCTV18. SMEs are plagued by a number of issues but can be either mitigated or reduced by information technology. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 4:20 pm
With the fuel prices being hiked recently, motorists in Chennai on Tuesday faced an additional burden as there is no availability of unleaded petrol in the city. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 2:17 pm
Telecommunication services provider Tata Communications said it is expanding its network in Africa in tie-up with South Africa's communication network operator Neotel. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 2:05 pm
Realty major Omaxe announced its foray into the Middle East property market by setting up a subsidiary, which would develop two projects worth Rs 2,850 crore in Dubai. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 2:00 pm
In a move that could deter new players bidding for 3G spectrum as government is understood to have proposed that the successful bidder will not be entitled for the 2G spectrum. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 1:54 pm
It's official. Apple is bringing its much-hyped second-generation iPhone, equipped with 3G broadband, to India. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 1:53 pm
The Madhya Pradesh government wants technical and professional colleges across the state to verify the authenticity of companies participating in campus recruitment after some firms were found cheating students, officials said. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 1:52 pm
Yahoo India head of audience Gopal Krishna has said the new local area information service the company launched Tuesday is like Tata Motors' small car Nano: 'It will be well received by users because it satisfies the users' needs comprehensively.' Source: IndiaeNews.com: Business News | 10 Jun 2008 | 1:51 pm
If you are worried about your Reliance Power bonus shares, your bonus will reach you soon. Moneycontrol spoke to Karvy Computershare Private Ltd, the registrars and share transfer agents of RPL regarding this issue. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 1:40 pm
Ranbaxy may enter business alliance with a Japanese Company, reports CNBCTV18, quoting sources. Ranbaxy Management has denied such move of an alliance with Japanese Company. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 1:26 pm
With just four months to go for the premier Wills Fashion Week, uncertainty hangs over the show with Sumeet Nair stepping down as executive director of event organiser, Fashion Design Council of India (FDCI), due to its 'narrow-minded crab mentality'. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 1:21 pm
MUMBAI (Reuters) - The rupee fell to a two-week low on Tuesday, hit by worries about foreign investors withdrawing funds after the stock market hit a new low for 2008, but suspected Reserve Bank of India (RBI) intervention checked its losses.
Jet and Etihad Airways has signed a codeshare and frequent flyer partnership. The flights would have a codeshare on flights between Delhi, Mumbai, Cochin and Trivandrum to Abu Dhabi. The codeshare would be effective from June 16. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 12:45 pm
The Vijaya Bank Management has said that the lending rates will not go up. Meanwhile, the Punjab National Bank Management has said that there would be no move to tinker with deposit or lending rates. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 12:23 pm
KUALA LUMPUR (Reuters) - Bharat Petroleum Corp, India's second-largest state oil refiner, will raise its investment in overseas exploration and production ventures this fiscal year to $200 million, its chief said on Tuesday.
MUMBAI (Reuters) - India's top private carrier, Jet Airways, is working on its $400 million rights issue, delayed from 2007 by turbulent financial markets, but record oil prices were an added complication, a senior executive said.
Internet firm Yahoo!launched a new India-focused website to provide information such as business listings, maps and directions, events and movies. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 12:04 pm
MUMBAI (Reuters) - The Indian fund unit of JPMorgan is positive on industrial and infrastructure sectors, despite a sharp fall in their share values and is not averse to raising its exposure if they fell further, it said on Tuesday.
LONDON (Reuters) - Gold extended losses in Europe on Tuesday as the U.S. dollar firmed on speculation an increased focus on inflation by the Federal Reserve may lead to a hike in U.S. interest rates later this year.
Digital imaging company Canon India Pvt said it has appointed Shunichi Senda as Director, imaging communication products (ICP) division of the company. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 11:46 am
BRDO, Slovenia (Reuters) - The United States and the European Union called on Tuesday for urgent progress in talks for a world trade deal which risk years of further delay if there is no breakthrough soon.
More people are likely to find jobs in India in the second quarter of 2008 than anywhere else in the world, according to a survey of employers by global recruiter Manpower Inc. released Tuesday. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 11:32 am
The Indian equities market for the second consecutive day continued its downslide and closed in the red Tuesday. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 11:31 am
MUMBAI (Reuters) - Wobbly Indian shares fell to their lowest in 2008 on Tuesday, rattled by concerns interest rates may be raised to cool inflation, but pared some losses toward the close on late buying by domestic funds.
Tata Motors will not only keep existing jobs going at Jaguar's research base in the northern British towns of Whitley and Gaydon, it may even hire more workers, a local MP said. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 11:23 am
Public sector lender Vijaya Bank may soon hike its short-term deposit rates, a top official said. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 11:02 am
R Seshasayee, MD of Ashok Leyland said a further interest rate hike could cause concern for the industry. India Inc can sustain equilibrium if interest rates stay stable, he said. Availability of finance remains an issue for transport operators. But operators can absorb fuel price hike for the moment, he said. Source: Moneycontrol Top Headlines | 10 Jun 2008 | 11:00 am
Tata Motors said that it is looking at further acquisition opportunities and strategic alliances in India and abroad and is seeking to raise USD one billion in debt or equity from overseas market. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 10:00 am
NEW YORK (Reuters) - A Yahoo employee severance plan meant to protect workers after a merger with Microsoft should be scrapped, according to a shareholder lawsuit against Yahoo and its directors, The New York Times reported on Tuesday.
NEW DELHI (Reuters) - India's top mobile operator, Bharti Airtel, will bring Apple Inc's latest third-generation iPhone to India later this year, the firms said in a statement on Tuesday.
Spice Telecom launched 'People Phone', a mobile handset with lifetime prepaid connection at just Rs 599, targeting the rural markets where the company sees a huge potential for expansion. Source: Daily News & Analysis: Money News | 10 Jun 2008 | 9:16 am
The Indian equities markets, which started Tuesday with a huge loss tracking weak global markets, took a fresh battering early afternoon. The Sensex was trading at over 260 points below its previous close. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 9:01 am
Etihad Airways, the national carrier of the United Arab Emirates, and Jet Airways have inked a code share agreement and reciprocal frequent flier partnership on the New Delhi-Mumbai-Abu Dhabi sectors. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 8:30 am
India may like to think that it draws a lot of foreign tourists, but the fact is that the many-splendoured land of the Taj Mahal gets far fewer visitors than much smaller nations like Ukraine, Tunisia, Croatia and Saudi Arabia, says a report. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 7:15 am
Coral reefs along the Gulf of Mannar on the southeastern tip of India are under attack by an alien algae, according to a report by Indian marine biologists. Source: IndiaeNews.com: Business News | 10 Jun 2008 | 7:09 am
New Delhi, June 9 In a move that will benefit over 70 million telephone users across the country, State-owned Bharat Sanchar Nigam Ltd has reduced STD rates for its fixed line and cellular subscribers by up to 50 per cent. Once the new ... Source: Business Line - Home Page | 10 Jun 2008 | 12:00 am
The stock has formed a spinning top candlestick pattern, indicating indecisiveness. The outlook is cautious for the stock. Avoid initiating buy or sell positions in this counter for the day. Infosys Initiate ... Source: Business Line - Home Page | 10 Jun 2008 | 12:00 am
KK Swamy, the former deputy managing director of Toyota Kirloskar Motors, who will soon take over as the managing director of Volkswagen India, wears a light blue shirt for important meetings, including product launches. Source: Business Standard | Front Page Headlines | 9 Jun 2008 | 6:41 pm
The Supreme Court today directed Sahara India Financial Corporation Ltd to approach the designated authority of the Reserve Bank of India (RBI) on Thursday to convince it that its financial activities are in order. Source: Business Standard | Front Page Headlines | 9 Jun 2008 | 6:39 pm
Sensex tanks 506 points, public sector refiners bear the brunt. ??Bears saw an opportunity to short the market today as key benchmark indices fell sharply on concern that the spiralling oil prices will further fuel inflation and eat into economic growth. Source: Business Standard | Front Page Headlines | 9 Jun 2008 | 6:36 pm
Power equipment maker Bharat Heavy Electricals Ltd has a brand new strategy in place ? it will set up onsite fabrication units rather than transport equipment over long distances. Source: Business Standard | Front Page Headlines | 9 Jun 2008 | 6:35 pm
