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Pranab dispels fears about high fiscal deficit - Business Standard
Source: Business - Google News | 12 Jul 2009 | 12:31 pm Sreedharan: India's 'Metro man' put Delhi on fast trackElattuvalapil Sreedharan, who Sunday resigned as chief of Delhi Metro taking responsibility for the collapse of an under-construction elevated track-section, has acquired the sobriquet of the 'Metro man' of India after he oversaw the launch of the metro rail project - a showpiece of the modern urban infrastructure.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 12:30 pm Bahrain's Batelco to start India ops in 4th quarterMANAMA (Reuters) - Bahrain Telecommunications Co (Batelco) expects its Indian mobile phone affiliate S Tel Ltd. to start operations in the fourth quarter, it said in a statement on Sunday.Source: Reuters: Money News | 12 Jul 2009 | 12:24 pm SEBI may seek more info as Bharti, MTN near $23 bn deal!Market regulator SEBI on Sunday said it will seek more information from Bharti Airtel on its proposed USD 23 billion dollar deal and South African telecom giant MTN once there is more clarity on it.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Private equity confident on long term growth in India !Private equity investors are confident about the long-term growth in India and other emerging marketsSource: Zee News : Business | 12 Jul 2009 | 12:18 pm Trade ministers, Lamy to converge in Delhi to talk on Doha!Seeking a centre stage in "re-energising" the stalled Doha trade talks, India has sent invitations for hosting an "informal" meeting of key trade ministers of the WTO here in the first week of September.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm ICICI Bank seeks apology from HDFC Bank`s HR head!Irked by an adverse comment on its work culture, ICICI Bank has slapped a notice to a top official of its rival HDFC Bank, which in turn has termed the incident as "unfortunate".Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Singapore top Asean investor in India: FICCI!Singapore was the biggest investor among the 10-nation Asean bloc in India in 2008 with FDI worth Rs 15,775.90 crore, a study by industry body Ficci said.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm JLR plans extended shutdown and job cuts!The Tatas-owned Jaguar Land Rover plans an extended shut down of its UK plants and a new round of staff layoffs as it struggles to cope up with the slump in the world car market, a media report said on Sunday.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Supreme Court clears decks for PWC prosecution!The Supreme Court has left it open to the government to prosecute reputed chartered accountant firm PricewaterhouseCoopers Pvt Ltd for alleged errors in computing its taxable income for 2000-01.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Siemens IT arm lays off 128 staff; Union says it is 500!IT firm Siemens Information Systems, a unit of German conglomerate Siemens, on Sunday said it has laid off 128 employees as part of its cost cutting measures, debunking union`s claim that 500 employees had lost jobs.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Top 10 firms lose over Rs 1.73 lakh cr in market valuation!The country`s top 10 firms saw their total market capitalisation being wiped out by over Rs 1,73,000 crore last week, and Mukesh Ambani-led Reliance Industries Ltd lost the most.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm Public expenditure alone will not revive economy: ICRIER Chief!The government is over estimating growth and public expenditure alone would not revive the economy.Source: Zee News : Business | 12 Jul 2009 | 12:18 pm NTPC to set up 4,000 MW power plant in ChhattisgarhIndia's largest power producer NTPC, formerly National Thermal Power Corp, Sunday signed an agreement with the Chhattisgarh government for setting up a 4,000 MW coal-fired power plant on an investment of Rs.20,000 crore.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 11:30 am Deregulation of oil prices with human face: Deora - Hindu
Source: Business - Google News | 12 Jul 2009 | 11:16 am Metro collapse second major accident involving Gammon IndiaThe collapse of a part of an underconstruction Delhi Metro line here Sunday was the second accident involving Gammon India, the construction company, in as many years.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 11:01 am Mukherjee inaugurates 154 State Bank branches, 2,151 ATMsFinance Minister Pranab Mukherjee Sunday inaugurated 154 branches and 2,151 automated teller machines (ATMs) of the country's largest lender, the State Bank of India, online here.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 11:00 am Delhi Metro’s Sreedharan quits over mishapNew Delhi: Taking moral responsibilty of a fatal accident at a metro rail construction site that claimed five lives and injured 15 in the national capital on Sunday, Delhi Metro chief Elattuvalapil Sreedharan tendered his resignation to chief minister Sheila Dikshit. In a second such incident in eight months an under-construction over-bridge of the Delhi Metro collapsed as a pillar of the bridge gave in near Lady Sriram College in Dhamrudpur in Lajpat Nagar at around 5 am, an official said. “Five persons have died in the incident while 15 others are injured,” said Delhi Metro spokesperson Anuj Dayal. Delhi Metro attributed the accident to a “problem in the design” of the pillar. “We are investigating the matter. It appears that there is a problem in the design of the pillar of the bridge and we were trying to rectify it,” he said. The accident also caused flooding in the area as the pillar fell on a water pipeline which burst. An eyewitness said 20-25 labourers were working on the site. In a similar incident in October last year, two people were killed and 16 injured when a portion of an under-construction bridge of the Metro collapsed and fell on a bus on Vikas Marg in Lakshmi Nagar area in east Delhi. Stepping in, the Centre said it would examine the causes of the collapse. “Our department will take a review and find out the causes. This is a very unfortunate incident,” said minister of state for urban development Saugata Ray. He said all precaution will be taken to ensure that such incidents do not recur. The Delhi government has also ordered a separate probe into the mishap. Source: Home - Livemint.com | 12 Jul 2009 | 10:13 am Prices of tomato, onion rise up to 50% despite normal supplyNew Delhi: The wholesale prices of key vegetables like tomato and onion are ruling higher by up to 50% from last year in the national capital despite normal supply of these items. In Azadpur, the country’s largest wholesale market, tomato prices have increased by 50% to Rs20 a kg on 10 July compared with Rs13.33 per kg on the same day last year, even though its supply was higher at 4,045 quintals against 3,345 quintals in the review period, according to data collated by the Delhi Agricultural Marketing Board (DAMB). Similar trend was seen in onion prices, which rose to Rs10.75 a kg on 10 July from Rs7.50 a kg in the year-ago period. Onion supply in the Azadpur mandi on 10 July was higher at 13,229 quintals, while on the same day last year it was 10,044 quintals. Prices of carrot, bottle gourd, carrot, cucumber, garlic and pumpkin have also increased though supplies of these items were normal in the wholesale market. Delhi Agriculture Produce Marketing Committee chairman J K Bansal said that the supply-demand mismatch is reflecting in prices. However, a leading trader at Azadpur said: “An increase in prices of few vegetables has impacted across the board. There is poor arrival of three or four vegetables only”. An agri-expert Devender Sharma noted that “there is no concrete reason for a rise in vegetables prices. The reports of late monsoon has boosted sentiment of traders to hike the prices.” There may be short supply in some vegetables but not all, he added. A rise in the wholesale prices was also reflected in the retail market, where onion prices have shot up by 40% to Rs14 a kg during the review period. However, the data showed a shortage of supply in vegetables like potato, lady’s finger, capsicum, coriander and green chilli. In a retail chain in West Delhi, prices of cauliflower are ruling at Rs60 a kg, tomato Rs30, potato Rs18, onion Rs15, lady’s finger Rs25, cabbage Rs25, bitter gourd Rs29, cucumber Rs28, beans Rs48, bottle gourd Rs36, brinjal Rs18, capsicum Rs50, and pointed gourd Rs23 a kg. The prices were ruling even more higher at local vendors. Source: Home - Livemint.com | 12 Jul 2009 | 10:02 am SAIL terminated contract in unprofessional manner: Posco - Livemint
Source: Business - Google News | 12 Jul 2009 | 9:52 am Israel Chem shares sink after India-Silvinit dealJERUSALEM (Reuters) - Shares of Israel Chemicals (ICL) slid nearly 9 percent on Sunday after India late last week signed a potash deal with Russian producer Silvinit at a price sharply below market expectations.Source: Reuters: Money News | 12 Jul 2009 | 9:45 am Pakistan to talk with WB, ADB for IMF loan reviewISLAMABAD (Reuters) - Pakistani officials will meet with the World Bank and Asian Development Bank from Monday to discuss progress in addressing the problem of circular debt and improving the power sector, the finance ministry said.Source: Reuters: Money News | 12 Jul 2009 | 9:42 am Rs.200 mn-worth 'desi ghee' order to Milkfed for SGPC gurdwarasPunjab-based milk products supplier Milkfed will supply its Verka brand desi ghee (clarified butter) worth Rs.200 million (Rs.20 crore) to Shiromani Gurdwara Parbandhak Committee (SGPC) run gurdwaras (Sikh temples). The ghee is used for preparing 'kada prasad' and 'langar' served in community kitchens.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 9:33 am Deregulation of petroleum prices need to have human face: DeoraDeora justified the recent increase in oil prices stating the oil companies fall under Navaratna category and that they cannot sell at a loss.Source: Daily News & Analysis: Money News | 12 Jul 2009 | 9:33 am Singapore largest investor in India among ASEAN nationsSingapore is the largest investor in India among the 10 ASEAN countries with its investments rising from Rs.1,416.9 crore in 2005 to Rs.15,775.9 crore in 2008, says an industry lobby report released Sunday.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 9:30 am Pawan Hans, other air charter firms eyeing HimachalState-owned helicopter services firm Pawan Hans, which primarily provides chopper services to various state governments and the Oil and Natural Gas Corp (ONGC), is among several companies eyeing the tourist-driven heli-taxi projects proposed in Himachal Pradesh, according to a senior official.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 9:30 am China beats US in world’s largest auto market raceBeijing: China has for the first time overtaken the US as the world’s largest auto market with sales of locally-made vehicles surging 17.7% to 6.1 million units in the first six months this year. Sales of China’s domestically made automobiles topped 1.14 million units in June, up 36.5% over the figure a year earlier, the fourth month in a row surpassing the 1.1 million units mark, the China Association of Automobile Manufacturers (Caam) said. China’s vehicle sales in June rose to 1.14 million, the second-highest month to date after April’s 1.15 million units, out of which passenger car sales hit a monthly record of 872,900 units, it said. Total auto sales for the first half of the year (January-June) rose to 6.1 million, up 17.7% from a year earlier, out-pacing the US market, where passenger car sales in the same period plunged to 4.8 million amid the economic slowdown. China manufactured 15.2% more automobiles in the first half of the year as compared to 2008, an increase Caam said is due to a government stimulus package to boost domestic spending. “The good performance by the automobile industry in the first half of this year is mainly because of the efficient measures China had put in place to counter the financial crisis, and the different stimulus policies targeting the automobile industry,” Caam said in its report. China unveiled a $585 billion stimulus package last November and 10 specific industry stimulus plans for autos, iron and steel, petrochemicals and other sectors this year to shore up the Chinese economy, Xinhua news agency noted. The association also said that while exports of automobiles remained in decline, it was “cautiously optimistic” about Chinese-made auto sales on the domestic market in the second half of 2009. It forecast that sales will exceed 11 million vehicles for the whole year, topping its earlier forecast of 10.2 million vehicles. Source: LatestNews-Home - Livemint.com | 12 Jul 2009 | 9:26 am SAIL terminated contract in unprofessional manner: PoscoNew Delhi: South Korean steel giant Posco has accused state-run SAIL of terminating a contract in an “unprofessional” manner after having delayed in signing the deal. SAIL had terminated the offer made to Posco for constructing a blast furnace at its Bhilai steel plant citing the South Korean firm’s failure to sign the contract despite several reminders. “SAIL is not professional. SAIL is not correct (to terminate the offer). Discussions on terms and conditions of the contract and over certain technical specification delayed the signing of the final agreement,” Posco E&C deputy general manager Man- Ho Jung said. When contacted and informed about the allegations, SAIL chairman S K Roongta declined to comment. In August last year, Posco E&C won the Rs2,000-crore contract for constructing a blast furnace at the Bhilai steel plant. According to the Posco official, the final contract was to be signed by 15 September, 2008, but the draft was made available to the firm through many correspondences by October-end. Finally, Jung alleged that the Indian steel firm asked for changing certain terms of the deal on 24 December last year at the eleventh hour, when the parties had assembled to put a final assent to the pact. Source: LatestNews-Home - Livemint.com | 12 Jul 2009 | 9:10 am Sterlite Energy mulls IPO to raise Rs3,000 crNew Delhi: Sterlite Energy, a wholly-owned subsidiary of Vedanta Group firm Sterlite Industries, may hit the capital market soon with a public offering to raise up to Rs3,000 crore to part finance its expansion plans. “Sterlite Energy is planning to come out with an initial public offer (IPO) in next three-four months,” sources close to the development said. The company may dilute up to 10% of its stake to raise about Rs3,000 crore to fund its expansion programme. When contacted the Vedanta Resources spokesperson declined to comment. Sterlite Energy is working to set up two commercial power projects -- a 2,400MW plant at Jharsuguda in Orissa and another 1,980MW utility in Punjab at an investment of about Rs15,000 crore. The company has already tied up finances worth Rs6,150 crore for its Orissa project. In addition, Sterlite Industries is infusing a capital of Rs2,050 crore. In the first phase, the firm will commission 600MW of 2,400MW power plant in Orissa by this September-October 2009. Vedanta Resources group companies, including Sterlite Industries and Hindustan Zinc, plan a cumulative capital expenditure of Rs20,000 in the next one year to take the overall power production (captive and commercial) to 6,500MW from the present 4,500MW. Source: LatestNews-Home - Livemint.com | 12 Jul 2009 | 9:07 am South Korea-EU free trade deal imminent - SeoulSEOULJuly 12 (Reuters) - South Korea and the European Union have tentatively reached a free trade deal that will boost their $100 billion two-way trade and will likely announce it on Monday, the trade ministry in Seoul said.Source: Reuters: Money News | 12 Jul 2009 | 8:50 am Sebi to seek more information on $23 bn Bharti-MTN dealNew Delhi: Market regulator Sebi on Sunday said it will seek more information from Bharti Airtel on its proposed $23 billion dollar deal and South African telecom giant MTN once there is more clarity on it. On the exemption given to MTN from open offer now, Sebi chairman C B Bhave told PTI: “...(it) was under a scheme of advance ruling ... What advise we have given them is correct... whether we will study the deal further and things like that we will see because the deal is not yet done.” Last week, Sebi had said that the South African firm MTN need not make an open offer to Bharti Airtel shareholders in India as its shareholding in the Sunil Mittal-promoted firm would be through Global Depository Reciepts (GDRs). Sebi said that the open offer will only trigger once the GDRs, issued to MTN and its shareholders by Bharti Airtel are converted into local shares with voting rights. Asked about the complicated nature of the deal that could be beyond the understanding of common investors Bhave said, “As long as we are satisfied with that, we will allow complication to happen...” The proposed $23 billion transaction between the largest mobile phone operator in India and the African firm involves a complex structure, according to which, both entities would pay cash and equity to get each other’s stake. Bhave said, “As far complicated deals are concerned it is in the nature of innovation. People will try to make more and more complicated deals, complicated products and so on. What as regulator we need to make sure is that complication is not just for the sake of getting over something else.” Short selling means selling the shares without owning them and later squaring off the transaction by either buying the shares or paying the difference between the selling and buying price. On Indian regulator’s approach and if it handled the market better than its American counterpart, he said, “It appears that the (global financial) crisis was handled much better in India.” Making it clear that though there would be impact of global developments on Indian bourses, he wondered why India, a fast growing market should play a subservient role or follow the developed countries. “If we ban futures market, it is very easy for Singapore to start that market. And it is easy for our haves to access that market. Why should we do that... Why shouldn’t the price get formed here. “Because the experience of South America is relevant in this. All of their stock prices are formed in New York Stock Exchange,” he said, adding that India has a strong trading community and should hence not squander the advantage. “Indian traders can go anywhere and compete with other traders in the world. So when we have this advantage, keep the price formation ability in our market because the volume should remain here,” he insisted. Noting that overseas events will affect the Indian stock markets Bhave said, “If the outside events have lot of uncertainty, which is the situation today, then you will have lot of volatility in the market. “The question is whether the markets should be open at all times... should we be interfering in the price formation function,” he added. Pointing out that regulators cannot interfere in the price formation function he said, “At times we forget the fact that there are two sides to the transaction. Someone is selling and someone is buying.” Market, he added, “is in a sense (a place) where people make money, people lose money. There isn’t much we can do about it...we have to live with the fact (that) market is going up and down.” On the issue of change of norms for circuit breakers, which is applied by stock exchanges to halt trading in the event of high volatility, Bhave categorically said, “there is no proposal to change the system.” Referring to developments on 18 May, when the trading on both BSE and NSE was halted for the day as the tracker indices hit the upper circuit twice he said, “In the first instance, the market closed in 10 seconds, in other instance the market closed in 15 seconds. “So they (brokers) didn’t get the opportunity to cover their positions. The next day they were able to cover those position without any disturbances to the market price. Because by them the supplies came in,” he added. Source: Home - Livemint.com | 12 Jul 2009 | 8:50 am SEBI may seek more info as Bharti, MTN near $23bn dealSEBI said it will seek more information from Bharti Airtel on its proposed USD 23 billion dollar deal with South African telecom giant MTN.Source: Daily News & Analysis: Money News | 12 Jul 2009 | 8:03 am Chemicals sector attracts highest foreign investmentDespite the global slowdown, the chemicals sector witnessed the highest growth in foreign investment in 2008-09, says a report by an industry lobby.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 8:01 am Tweeting away, Tharoor shows the wayMove over Press Information Bureau (PIB), Twitter's here! It seems web's latest micro-blogging sensation could be the best public relations tool yet for ministers. Showing way is the polished and tech-savvy Minister of State for External Affairs Shashi Tharoor, a former UN information executive.Source: IndiaeNews.com: Business News | 12 Jul 2009 | 8:00 am Nomura in tie-up with with LIC: reportTokyo: Japan’s top securities firm Nomura Holdings has agreed to an asset-management capital tie-up with Life Insurance Corp. (LIC), India’s largest life insurer, a newspaper reported on Sunday. Under the accord, Nomura will take a 35% stake in LIC Mutual Fund Asset Management Co., a LIC subsidiary, for about six billion yen ($65 million), the Nikkei business daily reported. Nomura is expected to send executives and staff to LIC Mutual Fund Asset Management, which currently has ¥600 billion in assets under management, the newspaper said. Nomura, which began stock trading operations in India last year by taking over the business base of the collapsed Lehman Brothers, now plans to start selling bonds in the country later this year. Nomura has bought the Asian, European and Middle Eastern operations of Lehman Brothers, which became the most visible corporate casualty of the financial crisis. Parent firm LIC, a 100% state-owned entity, insures ¥35 trillion worth of policies, accounting for more than 60 percent of the domestic market, the Nikkei added. Source: Home - Livemint.com | 12 Jul 2009 | 7:44 am Godrej Group appoints facilitator for succession planThe Godrej Group took the first step to work out succession plan for the Rs 10,000 crore conglomerate by appointing a facilitator.Source: Daily News & Analysis: Money News | 12 Jul 2009 | 7:26 am FIIs invest Rs3,500 cr in equities since BudgetNew Delhi: Foreign institutional investors (FIIs) have made a net investment of Rs3,500 crore in the Indian stock markets since the presentation of the Budget in Parliament on 6 July, even as the benchmark index Sensex lost over 9% in the same period. An analysis of FIIs activity in the domestic markets shows that overseas investors were the net purchaser of Indian stocks worth Rs3,499.5 crore during the last week. FIIs were the gross buyer of shares worth Rs17,092.1 crore during the week, while they sold equities valued at Rs13,592.6 crore, resulting in a net inflow of Rs3,499.5 crore, as per the data available with the Securities and Exchange Board of India (Sebi). Significantly, during the past week, the Bombay Stock Exchange’s benchmark index Sensex - composed of 30 bluechip stocks - dropped 9.44% to end at 13,584.22 points. On the Budget day, FIIs booked profit and sold shares worth Rs351.3 crore, dragging the benchmark indices in the negative zone. The Sebi compiles the trade data one day late. On 6 July, the day finance minister Pranab Mukherjee presented general Budget in the lower house of Parliament, Sensex suffered the biggest fall on any Budget day and in the year too by plunging over 870 points on concerns of high fiscal deficit. Mukherjee said the fiscal deficit may rise to 6.8% of gross domestic product in the year 2009-10, the highest since 1994. In five trading sessions from 6 July to 10 July, FIIs were the net seller for three sessions, while, for other days they remained net purchaser. During the week, the foreign investors also put in money worth Rs2,984.9 crore in the debt market segment, while so far this year, FIIs are the net seller of Rs1,356.10 crore in debt instruments. Source: Home - Livemint.com | 12 Jul 2009 | 7:19 am India steel output seen near doubling by 2011/12 - ministerRAIPUR, India (Reuters) - India's steel production will almost double to 124 million tonnes a year by 2011-12 from 65 million, the steel minister said late on Saturday.Source: Reuters: Money News | 12 Jul 2009 | 7:03 am 20% VAT on tobacco products to hit exchequer’s revenues:TIINew Delhi: The Tobacco Institute of India on Sunday said the decision by the governments of Delhi and Maharashtra to increase the value added tax to 20% on tobacco products may encourage tax-evading tactics leading to revenue loss to the exchequer. The potential revenue loss could be as high as Rs3,000 crore annually, the institute said. “...on all India basis, it is estimated that the illegal cigarettes (smuggled foreign cigarettes and tax evaded domestically manufactured) account for as much as 10 per cent of the industry,” TII Director Udayan Lall said in a written response to a query. “The consequent revenue loss could be estimated between Rs2,500 to Rs3,000 crore,” he said. Recently, Delhi and Maharashtra governments has increased the VAT rates to 20% from 12.5% on tobacco products and according to experts, this may encourage other states to follow the suit. This would also encourage retailers to purchase cigarettes and other tobacco products from wholesale dealers in the neighbouring states and smuggle them in the state without paying taxes. “Higher tax rate may further increase the evasion as the incentives become bigger,” Ernst &Young Associate Director Tax and Regulatory services Vivek Sharma said. Cigarettes accounts for around 15% of the total tobacco products but in terms of revenue as it contributes to 85% of the total taxes collected on tobacco products. Source: LatestNews-Home - Livemint.com | 12 Jul 2009 | 6:31 am JLR plans extended shutdown and job cutsLondon: The Tatas-owned Jaguar Land Rover plans an extended shut down of its UK plants and a new round of staff layoffs as it struggles to cope up with the slump in the world car market, a media report said on Sunday. “Executives at Jaguar Land Rover, the Midlands carmaker, are drawing up plans for an extended shutdown of its UK plants and a new round of staff layoffs,” UK daily The Sunday Times reported on its online edition today. Preparation for the closures comes just days after the company released its new flagship, the latest version of the Jaguar XJ beloved by Prime Ministers and top British executives, the report said. The car was launched at a glitzy party in London’s Saatchi Gallery on Thursday, to critical acclaim. Jaguar Land Rover, which employs some 15,000 people in the UK, has so far avoided the lengthy shutdowns that some other carmakers have used to save money and run down stock. Honda, for example, closed its plant at Swindon for three months. Last month Tata Motors stated that mounting losses at the UK carmaker had pushed it into its first annual loss of $522 million (£322 million) in seven years, and warned drastic cost-cutting should be expected. It said sales at its British subsidiary had fallen by a third. The Midlands group has taken measures, such as extending its Christmas break to two weeks, moving to a four-day week and laying off around 2,000 temporary staff, the report said. It is understood, however, that one option now under consideration is an extended closure of the three UK plants over the summer, accompanied by another round of job cuts, it added. Yesterday the company explained that there was no concrete plan. “We have always said there may be a need in the future to take further action, but there are no plans at present,” a spokesman said. Jaguar Land Rover is still trying to convince the government to provide a loan guarantee that would unlock a £340 million advance from the European Investment Bank. The EIB gave the green light two months ago, but cannot dispense the cash until Britain agrees to repay it if Jaguar Land Rover goes under. Source: Home - Livemint.com | 12 Jul 2009 | 6:11 am Top firms lose over Rs1.73 trillion in market valuationMumbai: The country’s top 10 firms saw their total market capitalisation being wiped out by over Rs1,73,000 crore last week, and Mukesh Ambani-led Reliance Industries Ltd lost the most. RIL lost Rs38,935 crore in market valuation, with its market cap dipping below Rsthree-trillion mark to Rs2,79,897 crore during the week ended 10 July, 2009, as against Rs3,18,832 crore in the previous week. Shares of the company on Friday ended 12.21% lower at the BSE to close at Rs1,778.40. The total market cap of the top 10 firms, comprising four private and six state-run companies, fell Rs1,73,462 crore at Rs14,31,433 crore last week as against Rs16,04,896 crore the previous week. State-run firms Oil and Natural Gas Corporation Limited (ONGC) and National Thermal Power Corporation (NTPC) together lost Rs40,872 crore in market cap. The total market valuation of ONGC stood at Rs2,10,967 crore and NTPC at Rs1,59,344 crore on Friday. Telecom services provider Bharti Airtel lost Rs6,635 crore in market cap but moved up one place to fourth position on the top ten list. Minerals and Metals Trading Corporation of India slipped to fifth position from fourth after losing Rs21,181 crore. Source: Home - Livemint.com | 12 Jul 2009 | 6:01 am Maharashtra is FDI raja, Gujarat next in lineGujarat is maha close to being India's number one destination for foreign direct investment.Source: Daily News & Analysis: Money News | 12 Jul 2009 | 3:06 am CAPEX planned for 12000 kilometer of roads - SteelGuru
Source: Business - Google News | 12 Jul 2009 | 2:10 am LIC makes Rs 2,800 cr from equity market in 3 monthsMumbai, July 11 The country’s largest domestic institutional investor, Life Insurance Corporation of India, has booked a profit of Rs 2,800 crore through its investments in the equity market in the current fiscal, said Mr N. Mohan Raj,Source: Business Line - Home Page | 12 Jul 2009 | 12:00 am New committee on infrastructure takes away Plan panel powersNew Delhi, July 11 The power that the Planning Commission had acquired during the last three years over the infrastructure sector has been snatched away.Source: Business Line - Home Page | 12 Jul 2009 | 12:00 am GAIL to source gas from ONGC at $5.5New Delhi, July 11 Come August and GAIL will lift gas from ONGC’s marginal C-series field at a market-related price. The field is located 60 km west of Daman in the Tapti-Daman block of Mumbai Offshore. The gas will be priced atSource: Business Line - Home Page | 12 Jul 2009 | 12:00 am Weekly News Round upThe 2009-10 Union Budget is likely to leave more money in the hands of the aam aadmi through a massive step-up in social sector outlays and a marginal tinkering of personal income-tax slabs. It has done away with messy imposts such as the FringeSource: Business Line - Home Page | 12 Jul 2009 | 12:00 am Solar PV projects: Govt wants financial closure by Aug 31New Delhi, July 13 Solar Photo Voltaic (PV) projects in the country have taken another step forward. The Department of Information Technology has asked the 12 applicants who recently received in-principle nod for PV projects filed under specialSource: Business Line - Home Page | 12 Jul 2009 | 12:00 am Pranab remains non-commital on rate cutNew Delhi, July 11 The Union Finance Minister, Mr Pranab Mukherjee, on Friday remained non-committal on whether an interest rate cut was imminent. He also allayed fears that larger government borrowing this fiscal would leave lesser resourcesSource: Business Line - Home Page | 12 Jul 2009 | 12:00 am BHEL, NPCIL looking to rope in third partner for N-plant bizMumbai, July 11 Bharat Heavy Electricals Ltd (BHEL) and Nuclear Power Corporation of India Ltd (NPCIL), which have a joint venture for undertaking engineering, procurement, construction (EPC) projects for nuclear plants, will divest equal stakeSource: Business Line - Home Page | 12 Jul 2009 | 12:00 am India to 'study' G8 ban on nuclear fuel cycle sales - Hindu
Source: Business - Google News | 11 Jul 2009 | 9:44 pm PM promises more Nilekanis in govt - Times of India
Source: Business - Google News | 11 Jul 2009 | 8:06 pm Modi govt slams Mallya over remark - Economic Times
Source: Business - Google News | 11 Jul 2009 | 7:34 pm War of reality shows on TV this weekHindi entertainment television channels have opened the sluice gates for reality shows. Beginning Monday, a slew of new non-fiction shows will hit the idiot box.Source: Business Standard | Front Page Headlines | 11 Jul 2009 | 7:11 pm Tata's Land Rover plans low-price entry in OctoberProspects for Tata Motors-owned Land Rover in India will get a boost when it launches its cheapest sports utility vehicle (SUV), the Freelander, in October for under Rs 35 lakh.Source: Business Standard | Front Page Headlines | 11 Jul 2009 | 7:09 pm Nomura picks up 35% stake in LIC MF - Economic Times
Source: Business - Google News | 11 Jul 2009 | 7:07 pm Cabinet forms team to monitor infra projectsIn an attempt to get core sector projects off the ground, the government has constituted a 13-member Cabinet Committee on Infrastructure, which will be headed by Prime Minister Manmohan Singh.Source: Business Standard | Front Page Headlines | 11 Jul 2009 | 7:07 pm Prohibition behind hooch deaths: MallyaCalls to end 'farce', Gujarat unmoved.Source: Business Standard | Front Page Headlines | 11 Jul 2009 | 7:05 pm Avantha Group: The course ahead as the CEO sees itOn the Forbes Show on CNBCTV18, the guest is Gautam Thapar, reluctant inheritor and chairman and CEO of the USD 3billion Avantha Group. The Avantha Group includes Indias largest paper manufacturer Ballarpur Industries (now called Bilt) and Crompton Greaves, one of the countrys largest power equipment manufacturers.Source: Moneycontrol Top Headlines | 11 Jul 2009 | 6:21 pm Divestment for fiscal deficit financing disastrous: CPI-MThe Communist Party of India-Marxist (CPI-M) Saturday cautioned against raising funds through divestment of profitable state-run units to finance the fiscal deficit, terming this disastrous.Source: IndiaeNews.com: Business News | 11 Jul 2009 | 4:01 pm India plans intact despite FDI restrictions: WalMartIn an exclusive interview with CNBCTV18, Doug Mcmillion, President and CEO, WalMart International, said, the company would live with current FDI regime. He believes the FDI in retail should eventually open. We continue to be bullish on India, he said, adding WalMart would accelerate investment plans in India.Source: Moneycontrol Top Headlines | 11 Jul 2009 | 1:59 pm Govt to lower borrowing costs, seeks higher growthNEW DELHI (Reuters) - The government may take more steps to make cheaper and adequate funds available to the private sector, while ensuring the government's record-high borrowing plan proceeds smoothly, the finance minister said on Saturday.Source: Reuters: Money News | 11 Jul 2009 | 1:12 pm Kingfisher to launch flights on 8 new international routesThe airline also announced suspension of its services on the Bangalore-London and Bangalore-Colombo routes from September 15.Source: Daily News & Analysis: Money News | 11 Jul 2009 | 12:52 pm
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