After meeting the Prime Minister earlier this week, airline chiefs are meeting again to make a stronger case to the government for a relief package. State Finance Ministers are expected to meet on June 16 to discuss a cut in sales tax on ATF. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 7:00 pm
Aditya Mittal, CFO and Member of the Groups management board,
ArcelorMittal said the company is looking for acquisitions in steel and mining. Mittal added that the India plant is on track and will begin operations in 2012. Mittal added that ArcelorMittal is not looking for acquisitions in North Asia. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 6:22 pm
Forex reserves on June 6 stood at USD 315.66 billion, up USD 1.05 billion on week, reports CNBCTV18. Bank deposits on May 30 are up Rs 61,507 crore month on month and 23.1% versus 23.3% a year earlier. Loans on May 30 are up 25.5% YoY at Rs 43,303 crore. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 6:17 pm
India Inc wants to buy up as many defunct coal mines as possible. These mines were closed down years ago when it was too expensive to get coal out of them. However, now the sudden increase in the price of coal has now made it economically viable to restart these mines. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 5:47 pm
Saraswat Bank has sought the Reserve Bank of India\'s, or RBI, nod to acquire ailing South Indian Cooperative Bank, reports CNBCTV18. It expects RBI nod in two months. The merger would provide relief to 67,000 depositors. South Indian Cooperative Bank has 13 branches in Mumbai, Thane, and Raigad. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 5:29 pm
The USD 20 billion global media company Aegis Media\'s leading digital agency Isobar has made its India entry via acquisition, reports CNBCTV18. It has picked up a minority stake in Communicate2, a fouryear old Indian contextual marketing company. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 5:21 pm
Tamil Nadu might soon face a power crisis due to an ongoing conflict between the contract workers of Neyveli Lignite Corporation and the central government, reports CNBCTV18. The 13,000 contract workers on strike say they want to be absorbed as permanent workers in the plant. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 4:30 pm
Vishnu R Dusad, MD of Nucleus Software said the pipeline for US looks robust and margins are good. He told CNBCTV18 that they are bullish on the companys future growth rate. Dusad stated that they have an advantage of their intellectual propertyled business model and this will help them maintain margins at the level of 25%. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 3:45 pm
Kanan, Director, Everonn Systems India expects that the company may be able to double its earnings and profit this year. According to him the company may earn Rs 21 per share from the current Rs 11 per share (EPS). The company will come out with guidance by the end of this quarter and it is well on track for achieving that, he added. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 3:16 pm
Telekom Malaysia will pick up an additional 15% stake in Idea Cellular, reports CNBCTV18, quoting sources. The Telekom MalaysiaIdea deal is likely to be done at over Rs 150 per share, say sources. Source: Moneycontrol Top Headlines | 13 Jun 2008 | 2:23 pm
LONDON (Reuters) - European stocks recovered and Wall Street looked set for a positive start on Friday after U.S. inflation data fell short of investors' worst fears about rising costs.
MUMBAI (Reuters) - The Indian rupee weakened on Friday, weighed down by a strong dollar and a wobbly stock market after inflation hit its highest in seven years, raising concerns foreigners would withdraw more of their investments.
India's booming realty industry will attract foreign direct investment worth $30 billion over the next 10 years, with an annual growth of 30 percent, says a study by a leading industry lobby released Friday. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 1:00 pm
A good monsoon will moderate the prices of essential commodities, said Planning Commission deputy chairman Montek Singh Ahluwalia here Friday. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 1:00 pm
Proposals for four new airports in Karnataka secured the first set of approvals from a designated authority Friday, which met for the first time after it was set up in April. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 1:00 pm
Consumer durables major Videocon Group, which has bagged national telecom licence through its subsidiary Datacom Ltd, would roll out the GSM services Source: Daily News & Analysis: Money News | 13 Jun 2008 | 12:53 pm
Premier arts institution Osian's on Friday said it would soon venture into movie production. Source: Daily News & Analysis: Money News | 13 Jun 2008 | 12:45 pm
MUMBAI (Reuters) - Pfizer Inc may bid for Ranbaxy Laboratories Ltd, countering a $4.6 billion offer by Japan's Daiichi Sankyo Co Ltd for the Indian generic drug maker, the Business Standard newspaper said.
NEW DELHI (Reuters) - Indian inflation raced to its highest in seven years at the end of May and could top 10 percent this month as higher fuel prices feed in, stoking speculation of more central bank tightening after this week's surprise rate hike.
Government approved 13 FDI proposals worth Rs 1,524.70 crore including one by steel major ArcelorMittal for its operations in India and by Cyprus-based Golboot Holdings. Source: Daily News & Analysis: Money News | 13 Jun 2008 | 12:25 pm
The Indian IT market is expected to grow by 18 per cent to $38 billion in the present year, clocking second highest growth rate after China. Source: Daily News & Analysis: Money News | 13 Jun 2008 | 12:21 pm
LONDON (Reuters) - Oil dropped below $136 a barrel on Friday after volatile trading in the previous session, helped by a strong U.S. dollar and OPEC's reduction of its oil demand growth forecasts.
NEW DELHI (Reuters) - Indian oil firms plan to invest $3 billion to develop gas fields in Iran's Farsi block if Tehran gives the go-ahead, a source at one of the companies said, adding the block holds estimated recoverable gas reserves of 12.8 trillion cubic feet.
A proposal from global steel-maker Arcelor-Mittal to set up a holding company in India for various projects was among 13 proposals on foreign direct investment worth Rs.15.27 billion ($380 million) cleared by Finance Minister P. Chidambaram. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 12:00 pm
BANGALORE (Reuters) - Wipro Ltd, India's No. 3 software-services exporter, is seeing a revival in the flow of outsourcing deals as the turmoil in the global financial industry eases a bit, two senior executives said on Friday.
3i Infotech acquires 100% stake in Regulus Group LLC Economic Times - 1 hour ago MUMBAI: 3i Infotech has signed an agreement to acquire 100 per cent shares of Regulus Group LLC. 3i Infotech has further reported that the company has now completed the acquisition.
The Indian equities market closed the last day of the trading session of the week with a loss amidst volatility and higher inflation data, which pulled the market down in the late trade. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 11:30 am
MUMBAI (Reuters) - The Reserve Bank of India may increase its key overnight lending rate by 50 basis points by the end of 2008 and raise the cash reserve ratio (CRR) by 75 basis points, HSBC said on Friday.
MUMBAI (Reuters) - Indian shares fell 0.4 percent on Friday in seesaw trade as investors were wary after inflation hit its highest in seven years and raised the prospect of more monetary tightening ahead.
MUMBAI (Reuters) - Newspaper publisher Deccan Chronicle Holdings Ltd said on Friday it was in talks with New York Times Co to sell a 5 percent stake in its unit, Sieger Solutions Ltd.
Inflation reached a seven-year high of 8.75 per cent mainly due to rising prices of food articles and vegetable, amid fears that the recent increase in fuel prices would push it past 9 per cent. Source: Daily News & Analysis: Money News | 13 Jun 2008 | 10:23 am
The Rs.197.8 billion ($4.6 billion) acquisition of Ranbaxy Laboratories by Japanese pharmaceutical major Daiichi Sankyo could 'catalyse' a process of consolidation among Indian drug companies, Indian Pharmaceutical Alliance (IPA) secretary-general D.G. Shah said here. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 10:01 am
Come midnight Saturday, fish off the Kerala coast will breathe easier as the annual trawling ban comes into effect. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 9:30 am
The state-owned National Mineral Development Corp Ltd (NMDC) Friday resumed iron ore mining in Chhattisgarh's insurgency-hit Dantewada district after a week-long forced stoppage of work. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 9:30 am
Yahoo Inc has struck a deal with rival Google to run the online search leader's ads alongside its own search results in hopes of boosting its sagging fortunes Source: Daily News & Analysis: Money News | 13 Jun 2008 | 8:57 am
The Indian equity markets turned flat early Friday afternoon after official data showed the inflation rate had reached a seven-year high of 8.75 percent. Source: IndiaeNews.com: Business News | 13 Jun 2008 | 8:31 am
Fresh long-position can be initiated, if the stock moves above Rs 755 level, with stiff stop loss.Infosys The outlook is cautious for the stock. Desist trading in this counter for the day. Source: Business Line - Home Page | 13 Jun 2008 | 12:00 am
New Delhi, June 12 Riding on the high level of mineral production, the Index of Industrial Production (IIP) recovered to 7 per cent in April 2008 as compared to a low 3.9 per cent in the preceding month. However, it is still substantially ... Source: Business Line - Home Page | 13 Jun 2008 | 12:00 am
Thiruvananthapuram, June 12 The south-west monsoon strode into the whole of Maharashtra and some parts of Madhya Pradesh and east Uttar Pradesh even as monsoon easterlies from the Bay of Bengal fanned into the plains of northwest India on ... Source: Business Line - Home Page | 13 Jun 2008 | 12:00 am
New Delhi, June 12 Farmers may see prices of complex fertilisers coming down by an average of 17.5 per cent. This follows the approval given for a ‘nutrient-based’ subsidy-cum-pricing policy by the Cabinet Committee on Economic ... Source: Business Line - Home Page | 13 Jun 2008 | 12:00 am
Being India's biggest company by market capitalisation and the second-largest by sales isn't laurel enough for Reliance Industries. Source: Daily News & Analysis: Money News | 12 Jun 2008 | 10:26 pm
The index of industrial production rose by 7% in April 2008 -a far cry from the growth rate of 11.3% achieved during the same month of 2007-but still better. Source: Daily News & Analysis: Money News | 12 Jun 2008 | 10:25 pm
Morning clouds gave way to a sunny afternoon on Thursday as indices absorbed early losses to end with slim gains. Source: Daily News & Analysis: Money News | 12 Jun 2008 | 10:25 pm
My Forbes column, 'Hydro-Alchemy', begins: "Alchemy refers to a medieval science that turns metals into gold. Source: Daily News & Analysis: Money News | 12 Jun 2008 | 10:24 pm
The consortium led by Anil Dhirubhai Ambani Group company (ADAG) RELINFRA has decided not to seek an extension of the bid for the Rs 6,000-crore, 22-km sea link project between Sewri and Nhava-Sheva citing the state government's "indecisiveness" over awarding the contract. Source: Business Standard | Front Page Headlines | 12 Jun 2008 | 6:50 pm
Cites high valuations as reason for exit. ??Jet Airways has decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. Source: Business Standard | Front Page Headlines | 12 Jun 2008 | 6:49 pm
US giant expected to bid for 65% non-promoter stake. ??Pfizer Inc, the world's biggest drug maker, may bid for the 65 per cent non-promoter stake in Ranbaxy Laboratories, sources familiar with the developments said declining to be identified. Source: Business Standard | Front Page Headlines | 12 Jun 2008 | 6:49 pm
