SpiceJet said it plans to cut the number of flights to just 100 per day from 117 by the first week of July. FY08 net loss for SpiceJet was seen at nearly Rs 100 crore. Vijay Mallya, Chairman, UB Group said there is a need to rationalise fleet services and cut routes if ATF prices are not cut. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 6:20 pm
Civil Aviation Minister Praful Patel and CEOs of airline companies are meeting the Prime Minister to make a case for airlines flying into big losses due to the rising jet fuel prices and on possible bailout measures for the airline industry. Praful Patel will discuss a cut on sales tax and on Aviation Turbine Fuel (ATF). Source: Moneycontrol Top Headlines | 11 Jun 2008 | 4:39 pm
OP Bhatt Chairman of SBI feels that manufacturing growth is showing signs of losing momentum reports CNBCTV18 quoting Newswire18. He said that the US subprime crisis will not significantly impact the SBI. He added that SBI is in the advanced stage of preparation to set up an equity fund. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 4:00 pm
Malvinder Singh, MD and CEO, Ranbaxy said there will be no demerger of the research development (RD) division and it is an integral part of the business. He told CNBCTV18 that Ranbaxy is well positioned to capitalize on opportunities in the generics space. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 2:49 pm
Sujay Shetty, Head of Life Sciences, PriceWaterhouseCoopers or PwC has said that this was a good time for Ranbaxy to have done the deal. And the reason is that consolidation was inevitable, many companies may want to sell off, as beyond 2011 it will be difficult business in India. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 2:24 pm
Daiichi plans to acquire 50.1% stake in Ranbaxy. So, what does this marriage mean for Indian pharma cos? Dr Anji Reddy of Dr Reddys Labs said, \"I cant imagine selling my company at whatever value. N Prasasd, who sold his Matrix stake to Mylan, said, Consolidation will be important for the Indian drug ind as a whole to have a global play. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 2:09 pm
Malvinder Singh, MD and CEO, Ranbaxy Laboratories, said Daiichi Sankyo would get 50.1% stake in Ranbaxy. \"Ranbaxy will turn into a debt free company post deal. About USD 440 million FCCBs will be converted into equity. The FCCB conversion, new capital infusion would be used to clear the debt. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 1:50 pm
There are 3 things to watch out for in the Ranbaxy deal: a) whether there will be cash infusion in Ranbaxy, b) whether there will be fresh issuance and equity dilution and c) if the management is going to exit and there is a stake sale. It is going to see good times ahead with superb exclusivity lineups. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 1:46 pm
Masaya Tamae of Daiichi Sankyo said Ranbaxy\'s product pipeline and geographical presence is attractive. Tamae told CNBCTV18 that they will explore other options if the 20% open offer does not happen. He staetd that they will make an open offer for Zenotech. \"The goal is to acquire over 50% stake in Ranbaxy as of now.\" Source: Moneycontrol Top Headlines | 11 Jun 2008 | 1:08 pm
Positive comments on Ranbaxy Daiichi Sankyo deal are seen coming from the market experts. The deal is seen as the first genericsproprietary partnership in global pharma.
Udayan Mukherjee, CNBCTV18 explains that Ranbaxy is the largest pharmaceutical company in India and would certainly command a bit of a strategic premium. Source: Moneycontrol Top Headlines | 11 Jun 2008 | 12:24 pm
Bhutan is likely to join the World Trade Organisation by 2009, but the country will not immediately open up its financial and services sectors completely, trade officials have said. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
Snapping three-session losing streak, the Bombay Stock Exchange benchmark Sensex on Wednesday recovered by over 226 points to regain 15,000 level in early trade on buying by funds along with short-covering by speculators in heavy-weight stocks. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
Civil Aviation Minister Praful Patel will meet Prime Minister Dr Manmohan Singh here on Wednesday to find ways to give relief to airlines that are seeing losses growing due to high jet fuel prices. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
Leaders of different agricultural forums will meet here on Wednesday to discuss the fresh WTO proposals on agriculture. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
The chief executive of brewer Foster`s Group resigned on late Tuesday as the company cut its profit forecasts and began a review of its wine business whose expansion he had overseen. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
The Indian aviation industry is
likely to suffer losses to the tune of more than USD 2 billion
in 2008-09, a top aviation industry consultant said. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
Global credit turmoil, an economic slowdown in industrial countries and accelerating inflation are set to curb the rapid pace of growth in developing economies this year, the World Bank said on late Tuesday in its annual review of global financial conditions in the developing world. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
Oil prices rose again in Asia on Wednesday as the world`s biggest oil producers and consumers prepared to meet to discuss record crude prices which have sparked fears for the global economy. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
The presumptive Democratic presidential nominee Barack Obama says he would make the US economy strong and competitive again by expanding opportunity outward rather than clamping down on outsourcing to countries like India and China. Source: Zee News : Business | 11 Jun 2008 | 12:09 pm
LONDON (Reuters) - Oil jumped more than $3 to top $133 a barrel on Wednesday after oil major BP said the world's proven oil reserves were mostly unchanged last year, a further indication of tightening global oil supplies.
Japanese drugs major Daiichi Sankyo Wednesday said will pay $4.6 billion in cash to buy majority stake in Ranbaxy Laboratories, India's largest pharmaceutical firm with global revenues of $1.6 billion, including the entire 34.8 percent equity held by its promoters. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 12:01 pm
The country's second largest pilgrimage destination in western India - the Sant Gajanan Maharaj Sansthan in Shegaon - has successfully computerised its temple trust. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 12:01 pm
Meerut's sugarcane farmers say they will stop supplies to Bajaj Hindustan Ltd. at Kinauni in the next crushing season. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 12:00 pm
Country's third largest steel maker JSW Steel's profit margins have been eroded by up to 10 per cent over the last three months due to cap on prices and rising raw material costs. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 12:00 pm
MUMBAI (Reuters) - Indian shares rose 2 percent on Wednesday as investors scooped up bargains after the market had hit a 2008 low the previous day, while drug maker Ranbaxy was driven by a takeover bid from Japan's Daiichi Sankyo.
Policy-makers must ensure the reach of technology to the lowest-end customers so that the benefits of the ongoing financial inclusion initiatives reach them, Sebi Chairman C B Bhave said. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:55 am
Low-cost carrier SpiceJet said that the airline is expected to make a total loss of Rs 80-100 crore in the current fiscal due to higher ATF price. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:49 am
After inking a deal with Bajaj Auto for a $2,500 car to compete with Tata Nano, Renault Nissan is entering the fray in India in the mid- to high-end car market. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:47 am
MUMBAI (Reuters) - A recent increase in fuel prices may see higher demand for cheaper 100 cc motorbikes in India, but tighter credit will pose a challenge for manufacturers already battling high costs of raw-materials such as steel.
The government Wednesday issued terms of reference for the high-powered committee to examine the financial position of state-run oil companies. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:32 am
McDonald's India plans to spend Rs.1 billion to open 15 more restaurants here over the next three to five years. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:31 am
The Indian equity markets ended their losing streak Wednesday, tracking strong global markets, as investors resorted to bargain buying after the sharp fall in share prices in the last two days. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:30 am
Leading e-commerce platform eBay India is all set to woo young entrepreneurs from the eastern region, offering a wide online business opportunity to sell products across India. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:30 am
Country's second largest car maker Hyundai Motor said that it has crossed the one lakh units mark in export of its latest hatchback 'i10' within seven months of first shipment. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:26 am
Indian investors who missed global investment opportunities due to lack of awareness will now be able to get advise from renowned investment experts. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:25 am
With an aim to clock 30-35 per growth per annum, the US fast food chain McDonald's plans to open around 60 more restaurants across the country Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:24 am
Triumphant Institute of Management Education (TIME), a premier coaching Institute for competing exams will set up play schools in the country. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:23 am
India ranks third in terms of value of goods sold for eBay Inc in the Asia Pacific region, the company said. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 11:19 am
BHUBANESWAR, India (Reuters) - Police in Orissa fired teargas to disperse a violent protest against the construction of a steel factory in the east of the country, officials said on Wednesday.
TOKYO/NEW DELHI (Reuters) - Japanese drug maker Daiichi Sankyo Co Ltd will pay up to $4.6 billion for control of India's Ranbaxy Laboratories Ltd, the latest in a string of global health deals as firms look to bulk up and diversify to fend off aggressive rivals.
NEW DELHI (Reuters) - The chief executive of Ranbaxy Laboratories said on Wednesday Japan's Daiichi Sankyo wanted a controlling stake in the Indian firm and a deal would not have happened without the founders selling their entire holding.
The government was forcing industry not to raise product prices despite inflationary pressures because of the coming elections, Associated Chambers of Commerce and Industry of India (Assocham) president Sajjan Jindal said here Wednesday. Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:02 am
: The Indian Institute of Management, Ahmedabad (IIM-A), has been accredited by the European Quality Improvement System (EQUIS). Source: IndiaeNews.com: Business News | 11 Jun 2008 | 11:01 am
MUMBAI (Reuters) - India's gold demand was low on Wednesday after some improvement in the previous session as prices were still ruling above 12,000 rupees level, dealers said.
Arun Sarin, the chief executive of Britain's mobile giant Vodafone, would leave the company with over £ 25 million in his pocket. Source: Daily News & Analysis: Money News | 11 Jun 2008 | 9:33 am
MUMBAI (Reuters) - India's Ranbaxy Laboratories Ltd said on Wednesday it had decided not to proceed with a planned spin off of its new drug discovery research unit following a bid from Japan's Daiichi Sankyo.
MUMBAI (Reuters) - Rising incomes and greater health awareness, especially among urban Indians, have boosted demand for fruits and vegetables, keeping prices firm and prompting farmers to increase acreage.
MUMBAI (Reuters) - UBS on Wednesday cut India's economic growth forecast for the 2008/09 fiscal year that began in April to 7.7 percent from 8.2 percent, citing weakening investment and industrial output.
In the last trading session, the stock declined penetrating the 21-day moving average. We retain our sell recommendation in this counter. L&TThe stock has formed a doji candlestick pattern in the last ... Source: Business Line - Home Page | 11 Jun 2008 | 12:00 am
New Delhi, June 10 Reflecting the surge in global crude prices of Friday, the Indian crude basket on Monday has touched a new high for the current fiscal at $132.69 a barrel, up $5.73 a barrel from Friday ($126.96 a barrel). Though the ... Source: Business Line - Home Page | 11 Jun 2008 | 12:00 am
Thiruvananthapuram, June 10 A vigorous phase of the monsoon on Tuesday saw it run up to more areas on the west coast and interior east India as two well-heeled weather systems to either side of the peninsula dictated weather over the region on ... Source: Business Line - Home Page | 11 Jun 2008 | 12:00 am
Chennai, June 10 The Chennai-based Archean group, which has interests in ores and minerals, shipping and industrial chemicals, is all set to own a part of Industries Chimiques de Senegal (ICS), a company based in Senegal that produces ... Source: Business Line - Home Page | 11 Jun 2008 | 12:00 am
We recommend a sell in Great Eastern Shipping Company from a short-term perspective. From the charts of the stock, we note that it was on a medium-term uptrend from its March 2008 low of Rs 311, till it recorded a peak at Rs 537 in late May. ... Source: Business Line - Home Page | 11 Jun 2008 | 12:00 am
Mukesh Ambani-controlled SeaKing Infrastructure Ltd (SKIL) may be back in the reckoning for the Rs 6,000-crore Mumbai Trans Harbour Link project. Source: Business Standard | Front Page Headlines | 10 Jun 2008 | 6:46 pm
Vedanta Resources, the UK-listed mining group, is planning to invest $20 billion in India in the next four years to expand its metals, mining and electricity generation operations in the country. Source: Business Standard | Front Page Headlines | 10 Jun 2008 | 6:44 pm
The under-realisation on fuel sales reported by the country's oil companies is overstated by as much as 15 per cent, according to experts, though this does not mean that the oil companies are making profits on selling subsidised petrol, diesel, cooking gas and kerosene. Source: Business Standard | Front Page Headlines | 10 Jun 2008 | 6:43 pm
