|
|
|
|
Insurance Ind records 11.35% growth in premium income in H1!The insurance industry overall has registered a growth of 11.35 percent in premium collection at Rs 55,866.54 crore in the first six months of this fiscal as compared to Rs 50,171.09 crore in the year-ago period.Source: Zee News : Business | 25 Oct 2009 | 6:21 am RBI likely to retain policy rates, may hike CRR: Experts!RBI is unlikely to signal hike in interest rates in its forthcoming monetary review this week, say economists.Source: Zee News : Business | 25 Oct 2009 | 6:21 am India Inc upbeat on economic growth: CII survey!India Inc is upbeat on the country`s economy as it projects growth in the range of 6-7 percent this fiscal but slackening global demand remains a major concern for the community, a CII survey said.Source: Zee News : Business | 25 Oct 2009 | 6:21 am Domestic motor-cycle sales bounce back after a two-year lull!Domestic motor-cycle sales have witnessed a strong bounce-back after two torrid years, a report by a leading credit rating and research agency, said.Source: Zee News : Business | 25 Oct 2009 | 6:21 am Maruti to launch Alto, Wagon R with advanced engine!The country`s largest car maker Maruti Suzuki will launch two of its best selling models -- Alto and Wagon R, with a new generation engine as it prepares to meet April 2010 deadline of stricter emission norm.Source: Zee News : Business | 25 Oct 2009 | 6:21 am Seven of top-10 firms lose Rs 69k cr in M-cap last week!Seven of the country`s top-10 firms lost a total of over Rs 69,000 crore from their market capitalisation, while state-run NTPC and IT bellwether Infosys Technologies saw their valuations rise.Source: Zee News : Business | 25 Oct 2009 | 6:21 am Inflation may touch 10% by end March 2010: Assocham!Inflation, which crossed the 1% mark for the week ended October 10 after seven months, is likely to surge to 10% by March end driven by surging food prices, low base effect and rising manufacturing costs, Assocham said.Source: Zee News : Business | 25 Oct 2009 | 6:21 am Asian leaders seek to reduce Western trade tiesHUA HIN, Thailand (Reuters) - Asia-Pacific leaders called on Sunday for regional-wide free trade and other measures to reduce dependence on the United States and big Western markets as Asia leads the way out of the global economic downturn.Source: Reuters: Money News | 25 Oct 2009 | 3:48 am Watch out for UN-listed terror funding entities: SEBIMarket regulator SEBI has directed all stock exchanges and other securities intermediaries to keep a strict watch on UN-listed terror funding entities.Source: Daily News & Analysis: Money News | 25 Oct 2009 | 3:22 am With farm output poor, India's recovery projections premature - Economic Times
Source: Business - Google News | 25 Oct 2009 | 3:12 am Saree remains six-yard wonder for most Indian womenKnown popularly as the identity of an Indian woman, sarees may not seem to be worn by many on the streets, but statistics show the industry has seen a massive leap.Source: Daily News & Analysis: Money News | 25 Oct 2009 | 3:07 am Delhi Climate Ministerial adopts India's 'proposal' - Financial Express
Source: Business - Google News | 25 Oct 2009 | 3:04 am Air India seeks Rs5,000 cr equity, promises to cut fleet-sizeNew Delhi: Air India is seeking an additional equity of Rs5,000 crore from the government as it promises to squeeze its fleet size and reduce the wage bill of its 31,000-strong workforce. The national carrier has suggested that the government should inject Rs5,000 crore of equity over a period of three years from this fiscal, besides providing guarantee for low- cost working capital loans from banks, official sources said here. The airline, which is starved of cash, has sought Rs2,400 crore by the end of March next year, they said, adding that the carrier would need Rs3,000 crore every three years to meet its expenditure obligations. In a proposal presented to the Group of Ministers last week, the airline said it could cut down the fleet-size from the present 146 aircraft to 95 over the next two years by introducing new planes to replace the aged and leased ones. The GoM, which met under the chairmanship of finance minister Pranab Mukherjee, made it clear to the ailing national carrier that any assistance by the government should be matched by the airline through cost-cutting and revenue enhancement measures. In a presentation to the GoM on its restructuring and turnaround programme, AI CMD Arvind Jadhav said the carrier would reduce costs by about Rs3,000 crore and enhance revenues by Rs2,000 crore annually. The cash-strapped carrier, which is estimated to post losses to the tune of Rs7,200 crore this fiscal, has proposed several measures to rationalise manpower costs. While it has spent Rs839 crore in the first quarter of the current financial year, it has projected spending the same amount in the second quarter and cap it at Rs650 crore each in the last two quarters, the sources said. Among the steps initiated by the carrier is the introduction of leave without pay scheme, reduction in overtime and rationalisation of contractual and casual employees. Regarding “right-sizing” of its fleet, the sources said Air India was planning to sell off its three Boeing 777- 400s after the Haj operations, two Airbus A-310 cargo planes next month and lease up to three Boeing 777-200 (LRs) and up to four A-310 cargo aircraft. It also plans to finalise the sale of five Boeing 737 -200s and four A-320s by early next year, the sources said. All these moves are part of the overall plan to make the fleet trim and packed with newly-inducted aircraft, they added. Source: LatestNews-Home - Livemint.com | 25 Oct 2009 | 2:26 am India in talks with China for free trade pactCha-Am Hua Hin: A day after Indian Prime Minister Manmohan Singh and Chinese premier Wen Jiabao smoked peace pipe, New Delhi on Sunday said it is in discussion with Beijing for a free trade agreement aimed at breaking the duty barriers for bilateral trade. “We have signed a comprehensive economic partnership agreements with Singapore and the Republic of Korea and recently a trade in goods agreements with the Asean. We are in discussions with Japan, China, Thailand and Malaysia and other countries to conclude agreements of a similar nature,” Singh said at the 4th East Asia Summit here. Faced with a huge trade imbalance in favour of China, the Indian industry is strongly against signing any FTA-like agreement with the neighbouring country. The Commerce Ministry has launched the maximum number of investigations for dumping its goods into the Indian market. Against exports of $9.26 billion, imports from China into India totalled $31.33 billion in fiscal 2008-09. India is also in favour of creating a large Asian trade and investment community, while the Prime Minister said that the focus should presently be on creating of the domestic demand at the time of global financial crisis. However, at the government various study groups have been initiated. “Our focus should be on generation of stronger domestic demand in Asian economies through investment in infrastrucutre, creation and strengthening of the social welfare....” Singh said. Singh and Wen on Saturday agreed that the two countries should handle carefully the differences over the borders which should not be allowed to act as impediments for harmony and cooperation. It was important for the two fastest growing economies in the world to live in harmony to ensure that the present century belongs to Asia, both the leaders had agreed. The Prime Minister said the vision of Asian economic integration by coalescing the FTAs among member Asian countries into an Asian Regional Trade Agreement is a pivotal step towards the integration of Asia into a common unit. “This can lead to the creation of a broader Asian Economic Community,” he said adding that there was a need to move forward in this direction and “exhibit the requisite political will”. He said economic integration among the Asian countries could generate billions of dollars of additional output. Referring the global financial crisis, the Prime Minister said,“ It is too early to say whether we are completely out of trouble.” The East Asia Summit institution has 16 countries. Besides the 10 nation Asean bloc, its members are China, Japan, South Korea, India, Australia and New Zealand. Source: LatestNews-Home - Livemint.com | 25 Oct 2009 | 2:13 am Air India seeks Rs5,000 crore equity, promises to cut fleet-sizeThe national carrier has suggested that the government should inject Rs5,000 crore of equity over a period of three years from this fiscal.Source: Daily News & Analysis: Money News | 25 Oct 2009 | 2:08 am Google, Microsoft ‘most discussed tech brands’ in IndiaNew Delhi: Internet search giant Google and software major Microsoft are among the most discussed technology brands in India, dominating most of the online conversations, says a survey. Topped by Google, the list of top 10 technology brands compiled by research firm Edelman, features Microsoft at the second spot while Yahoo! has cornered the third position. Google and Microsoft secured about 20% and 12% of all monitored conversations respectively, according to Digital Brand Index (DBI) for India compiled by Edelman in collaboration with Brandtology. The list features Intel and Sony in the fourth and fifth spot respectively. They formed 14% of the overall online conversation during the September quarter. The DBI monitored 74,452 online conversations relating to 96 large technology brands, contained within 423 communication channels, between July and September, which saw one brand being mentioned every two minutes on an average, Edelman said. “The DBI shows which brand names are more active than others, but the real opportunity for brand owners is to identify and engage influential channels and voices through compelling social media content,” Brandtology co-founder and business development director Kelly Choo said. Besides, the index also features online channels which includes influential blogs, forums and online news outlets used for technology related conversations online in a list topped by Twitter India. According to the survey, Twitter India emerged as the “buzziest” communication channel in India with almost 60% of the overall conversation share. The survey noted that while Internet and software brands lead the conversations online, mobile and telecommunications brands like Nokia and BlackBerry, consumer electronic brands like Dell, Samsung and LG also featured in the top 10. “While Internet penetration remains a challenge in India, the appetite to search and share information is growing exponentially. This is true with technology brands,” Edelman India national director (corporate practice) Sachin Talwar said. The list includes Dell India at the sixth place, followed by Samsung India Electronics (7th), Nokia (8th), LG (9th) and Blackberry (10th). Among the communication channels, select online forums, such as the Chip India Forum, TechArena Community Forum-Windows Software, Digit’s Technology Discussion Forum and DigitalPoint Forum, emerged as the key hubs where technology related conversations take place. “What is especially striking is the rising influence of social media channels such as Twitter which dominates with a two-thirds share of all conversations about technology brands in India,” Talwar said. According to DBI the top 10 communication channels in India also includes IT News and Economic Times-Stocks among others. Source: LatestNews-Home - Livemint.com | 25 Oct 2009 | 1:23 am Google, Microsoft ‘most discussed tech brands’ in IndiaNew Delhi: Internet search giant Google and software major Microsoft are among the most discussed technology brands in India, dominating most of the online conversations, says a survey. Topped by Google, the list of top 10 technology brands compiled by research firm Edelman, features Microsoft at the second spot while Yahoo! has cornered the third position. Google and Microsoft secured about 20% and 12% of all monitored conversations respectively, according to Digital Brand Index (DBI) for India compiled by Edelman in collaboration with Brandtology. The list features Intel and Sony in the fourth and fifth spot respectively. They formed 14% of the overall online conversation during the September quarter. The DBI monitored 74,452 online conversations relating to 96 large technology brands, contained within 423 communication channels, between July and September, which saw one brand being mentioned every two minutes on an average, Edelman said. “The DBI shows which brand names are more active than others, but the real opportunity for brand owners is to identify and engage influential channels and voices through compelling social media content,” Brandtology co-founder and business development director Kelly Choo said. Besides, the index also features online channels which includes influential blogs, forums and online news outlets used for technology related conversations online in a list topped by Twitter India. According to the survey, Twitter India emerged as the “buzziest” communication channel in India with almost 60% of the overall conversation share. The survey noted that while Internet and software brands lead the conversations online, mobile and telecommunications brands like Nokia and BlackBerry, consumer electronic brands like Dell, Samsung and LG also featured in the top 10. “While Internet penetration remains a challenge in India, the appetite to search and share information is growing exponentially. This is true with technology brands,” Edelman India national director (corporate practice) Sachin Talwar said. The list includes Dell India at the sixth place, followed by Samsung India Electronics (7th), Nokia (8th), LG (9th) and Blackberry (10th). Among the communication channels, select online forums, such as the Chip India Forum, TechArena Community Forum-Windows Software, Digit’s Technology Discussion Forum and DigitalPoint Forum, emerged as the key hubs where technology related conversations take place. “What is especially striking is the rising influence of social media channels such as Twitter which dominates with a two-thirds share of all conversations about technology brands in India,” Talwar said. According to DBI the top 10 communication channels in India also includes IT News and Economic Times-Stocks among others. Source: Tech News - Livemint.com | 25 Oct 2009 | 1:23 am Global economy seems to have bottomed - Japan PMHUA HIN, Thailand (Reuters) - The global economy has likely bottomed out but employment conditions are "dire" and stimulus is needed across Asia to spur domestic demand, Japan's prime minister said.Source: Reuters: Money News | 25 Oct 2009 | 1:11 am Insurance ind records 11.35 pc growth in premium income in H1 - Economic Times
Source: Business - Google News | 25 Oct 2009 | 1:07 am Domestic aviation industry sees 20% less aircraft acquisitionThe directorate general of civil aviation's monthly statistics on registration of new aircraft, deregistration and change of ownership of aircraft shows that so far this year only 132 new aircraft have been added.Source: Daily News & Analysis: Money News | 25 Oct 2009 | 12:47 am Maruti to launch Alto, Wagon R with new generation engine - Economic Times
Source: Business - Google News | 25 Oct 2009 | 12:40 am Inflation may touch 10% by March 2010: AssochamNew Delhi: Inflation, which crossed the 1% mark for the week ended 10 October after seven months, is likely to surge to 10% by March end driven by surging food prices, low base effect and rising manufacturing costs, industry body Assocham said. However, the industry chamber wants the government to keep soft monetary stance, adopted during the global financial meltdown, unchanged as it feels that the resultant rise in interest rates could hurt private investment. It said, as the government has to borrow large amount of money from the market to finance the high fiscal deficit, estimated to be 6.8% of GDP this fiscal, the knee jerk reaction on inflation could cause sharp rise in interest rate scenario and crowding out of private investments, it added. Assocham said that although there is a hope that with the kharif crop coming to the market food prices will start cooling off but the chamber believes the impact may not be much significant to offset the increasing prices. It is estimated that the significantly deficient (about 20%) monsoon, which has hit half of the country, could impact kharif production by about 15-20%, it said. The rise in crude oil prices and other commodities such as copper, aluminum and manufacturing articles have started moving up swiftly during the recent weeks, it added. Meanwhile, the Prime Minister’s economic advisory panel and business information provider, Dun & Bradstreet (D&B) have also said inflation may cross the 6% mark by March. Source: LatestNews-Home - Livemint.com | 25 Oct 2009 | 12:20 am 3G auctions may begin on Jan 14New Delhi, Oct. 24 The Department of Telecom on Saturday said that auction for third generation (3G) mobile spectrum will start from January 14.Source: Business Line - Home Page | 25 Oct 2009 | 12:00 am Food security demands ban on futures trade in all essential items: Jayati GhoshChennai, Oct. 24 The Union Government must ensure that there is no instability in domestic prices of food grain and must curb speculative tendencies. It must also ban futures trade in all essential commodities, to make any programme of foodSource: Business Line - Home Page | 25 Oct 2009 | 12:00 am Sugar mills will no longer have to pay State advised prices for caneNew Delhi, Oct. 24 Sugar mills can heave a sigh of relief. They will no longer have to bear the burden of paying farmers cane prices that the State governments ‘advise’ (read, ‘force’) over and above what the CentreSource: Business Line - Home Page | 25 Oct 2009 | 12:00 am Private players could be roped in to boost coal outputNew Delhi, Oct. 24The Centre is working on a proposal to enable the development of blocks by Coal India Ltd (CIL) on a PPP (private-public partnership) mode, with price-based bidding modelled on the Ultra Mega Power Project, to meet its coalSource: Business Line - Home Page | 25 Oct 2009 | 12:00 am Mumbai’s super-rich back to house-huntingMumbai, Oct. 24 Luxury homes are back in the reckoning and it appears that the days when sales are complete before the shovel is put to earth is not too far off.Source: Business Line - Home Page | 25 Oct 2009 | 12:00 am Maruti Q2 net races 93%New Delhi, Oct. 24 Riding on buoyant semi-urban markets, low interest rates, Government stimulus and strong export numbers, Maruti Suzuki posted a 93 per cent rise in its net profit at Rs 570 crore for the quarter ended SeptemberSource: Business Line - Home Page | 25 Oct 2009 | 12:00 am Delhi plans major clamp down on counterfeit drugs marketNew Delhi: In a bid to rid the city of spurious, misbranded and adulterated medicines, the Delhi Government will soon launch a series of initiatives to clamp down on the Rs75 crore counterfeit drugs market. The Health department is working on some “harsh measures” which will include frequent raids and better coordination with the police. The government is also mulling bringing a new legislation to deal with the problem as the Central Act has certain loopholes. Delhi health minister Kiran Walia said she was determined to “stamp out” the business of spurious medicines and has decided to approach the Union Health Ministry to take strict action against those involved in the trade. “We are considering many options to deal with the problem,” she said without elaborating. S. Bhattacharjee, director of Health Services of the city government, said Ghaziabad and Faridabad are some of the areas where spurious and adulterated drugs are manufactured and circulated in large quantities. He said under the current law, cooperation is required from several agencies including police and welfare department to get hold of those involved in the business, which at times create hurdles for the drug control authority. “Our efforts are basically focussed on tightening noose. This is an important issue and we are planning to strengthen our vigilance in a big way,” he told PTI. Admitting that criminal networks always find new ways of evading the authorities, Bhattacharya also indicated that Delhi Government may come out with its own law to deal with the problem. The Indian Drug Manufacturers’ Association (IDMA) said there is scope for improvement in implementing the Drugs and Cosmetics (Amendment) Act by the Delhi Government. “We are satisfied with the action taken by Delhi Government against those involved in the crime. But we think there can be improvement in implementation of the Act,” executive director of IDMA Ganjanan Wakankar said. Concerned over the mushrooming business of fake drugs, union health minister Ghulam Nabi Azad had introduced an amendment to the Drugs and Cosmetics (Amendment) Act, 2008, significantly increasing the penalty for manufacture of spurious or adulterated drugs. The amended bill was passed in Parliament last year. The Ministry had also launched a whistle blower scheme under which anyone providing information about such rackets would be given rewards upto Rs20 lakh. Experts said the increasing prevalence of internet pharmacies has also made spurious drugs more difficult to trace. Source: LatestNews-Home - Livemint.com | 24 Oct 2009 | 11:49 pm Western Union open to acquisition in IndiaWestern Union has the largest network among the money transfer firms in India, spanning over 54,000 locations across the country.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 11:23 pm Seven of top-10 firms lose Rs69,000 cr in m-cap last weekMumbai: Seven of the country’s top-10 firms lost a total of over Rs69,000 crore from their market capitalisation, while state-run NTPC and IT bellwether Infosys Technologies saw their valuations rise. The numero-uno in the list, Reliance Industries Ltd (RIL) saw its valuation dipping by Rs29,157.16 crore to Rs3,36,395.96 crore for the week ended 24 October. Shares of the company declined nearly 8% to close at Rs2,047.30 on at the end of Friday’s trade on the Bombay Stock Exchange. RIL had a market cap of Rs3,65,553.12 crore for the week ended 17 October. RIL is followed by state-run oil firm ONGC that lost Rs13,603.22 crore from its market cap, while power utility NTPC added Rs618.41 crore to its valuation. The total market cap of ONGC dipped to Rs2,51,338.61 crore, while the market valuation of NTPC surged to Rs1,76,988.8 crore. Trading firm MMTC lost over Rs7,000 crore and the country’s largest public sector lender SBI saw an value erosion of Rs6,882.1 crore. MMTC’s market valuation was Rs1,68,662.75 crore and SBI’s at Rs1,49,441.23 crore at the end of the week. State-run mining giant NMDC lost Rs6,085.81 crore from its market valuation taking its total market cap to Rs1,33,134.63 crore. During the week, IT bellwether Infosys Technologies moved up to the seventh slot after adding Rs3,818.31 crore, while private telecom services provider Bharti Airtel fell to the eighth spot after losing Rs702.42 crore from its market capitalisation. Infosys’ market valuation surged to Rs1,29,581.79 crore whereas Bharti Airtel’s to Rs1,25,713.37 crore. India’s largest software exporter TCS inched up to the ninth position after adding Rs6,360.9 crore, while power equipment maker Bhel skid to last spot in the list, after losing Rs5,700.46 crore from its market cap. TCS saw its market valuation swelled to Rs1,25,485.88 crore, while the total market cap of Bhel stood at Rs1,16,716.25 crore. In the club of top-10 firms, RIL is followed by ONGC (Rs2,51,338.61 crore), NTPC (Rs1,76,988.8 crore), MMTC (Rs1,68,662.75 crore), SBI (Rs1,49,441.23 crore), NMDC (Rs1,33,134.63 crore), Infosys (Rs1,29,581.79 crore), Bharti Airtel (Rs1,25,713.37 crore), TCS (Rs1,25,485.88 crore) and Bhel (Rs1,16,716.25 crore) in that order. Source: LatestNews-Home - Livemint.com | 24 Oct 2009 | 11:20 pm Probe widens in Galleon case to SAC CapitalFederal prosecutors in the Galleon Group case have sent a subpoena to a former employee of SAC Capital Advisors.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 11:04 pm SevenHills Healthcare plans to set up health cities pan-IndiaHyderabad-based SevenHills Healthcare Pvt Ltd has plans to set up 'health-cities' across the country over the next couple of years.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 10:55 pm UK's Brown says 'suicidal' to suddenly cut stimulusLONDON (Reuters) - British Prime Minister Gordon Brown said it would be "suicidal" to suddenly cut off the government's fiscal stimulus in the economy, in his weekly podcast on Saturday.Source: Reuters: Money News | 24 Oct 2009 | 10:50 pm Domestic motorcycle sales bounce back after a two-year lullSales had witnessed a sharp drop of 11.9 per cent in FY 08 and registered only a modest growth of 1.2 per cent in FY 09.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 10:22 pm Probe widens in Galleon case to SAC Capital - WSJCHICAGO (Reuters) - Federal prosecutors in the Galleon Group case have sent a subpoena to a former employee of SAC Capital Advisors, a sign that the scope of the probe into the largest hedge fund insider trading case in history is expanding, the Wall Street Journal reported, citing people familiar with the matter.Source: Reuters: Money News | 24 Oct 2009 | 9:59 pm Angry with SAP, farmers plan agitation - Times of India
Source: Business - Google News | 24 Oct 2009 | 6:43 pm 3G spectrum auction starts January 14Foreign players will be allowed to bid.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 2:41 pm Michael Jackson film is a selloutThis Is It, the upcoming 110-minute film on pop-icon Michael Jackson, has received tremendous response in multiplexes across India with as much as 70-80 per cent of the tickets already sold for some of the initial shows.Source: Business Standard | Front Page Headlines | 24 Oct 2009 | 12:50 pm Govt moves to end cane price politicsRaising the price at which sugar mills are mandated to purchase sugarcane from farmers, over that fixed by the Centre, could punch a hole in the pockets of states. The Union government has said that anything that the state mandates above the centre-assigned price will have to be paid by the state.Source: Business Standard | Front Page Headlines | 24 Oct 2009 | 12:48 pm Raja fixes timelines for 3G auction - Business Standard
Source: Business - Google News | 24 Oct 2009 | 12:39 pm Narayana Murthy wants to be 'catalyst for entrepreneurship' - Hindu Business Line
Source: Business - Google News | 24 Oct 2009 | 12:35 pm Steel prices unlikely to go up in November: SAIL chief - Hindu Business Line
Source: Business - Google News | 24 Oct 2009 | 12:35 pm Norms followed in spectrum allocation, says Raja - Hindu Business Line
Source: Business - Google News | 24 Oct 2009 | 12:35 pm Pak military helicopter crashes in Bajaur; three killedThe helicopter crashed hours after a US drone attack in Damadola area of Bajaur Agency killed 25 militants.Source: Daily News & Analysis: Money News | 24 Oct 2009 | 11:14 am Should the RBI hike rates? Will it?SA Bhat of Indian Overseas Bank (IOB) and Samiran Chakraborty of Standard Chartered Bank discuss whether the RBI may or should continue with its accommodative monetary and fiscal stance.Source: Moneycontrol Top Headlines | 24 Oct 2009 | 10:30 am New releases on DTH: Are theatres right in protesting?Multiplex owners are up in arms against directtohome (DTH) operators broadcasting films soon after they are released in theatres.Source: Moneycontrol Top Headlines | 24 Oct 2009 | 10:16 am Forbes India: DuPont\'s plans for \'strategic\' India marketBalvinder Singh Kalsi took over as President and Chief Executive Officer of DuPont India in 2005. In an interview to CNBCTV18 he spoke about DuPont being bullish on India,its ambitious growth targets and agriculture strategy.Source: Moneycontrol Top Headlines | 24 Oct 2009 | 9:39 am Maruti profit jumps, sees pressure on marginsNEW DELHI (Reuters) - India's top carmaker Maruti Suzuki warned rising input costs and a stronger yen could put pressure on its margins in the future as it reported a 93 percent jump in quarterly profit on Saturday.Source: Reuters: Money News | 24 Oct 2009 | 6:35 am Australia PM raises Rio case with China, no changeHUA HIN, Thailand (Reuters) - Leaders from China and Australia discussed on Saturday the issue of an Australian detained in China on suspicion of corporate espionage, but there was no resolution in a case that has strained their relations.Source: Reuters: Money News | 24 Oct 2009 | 6:16 am Galleon begins to shed India holdingsMUMBAI (Reuters) - Galleon, which is winding up after its founder was charged with masterminding the biggest-ever insider-trading scheme involving hedge funds, has sold almost half its stake in one of the three Indian listed firms it directly holds shares, stock exchange data showed.Source: Reuters: Money News | 24 Oct 2009 | 5:09 am Govt sets Jan 14 date for 3G spectrum auctionNEW DELHI (Reuters) - India will begin a long-delayed auction of third-generation (3G) radio spectrum on Jan. 14, 2010, the telecoms ministry said on Saturday.Source: Reuters: Money News | 24 Oct 2009 | 4:49 am Maruti’s Sept quarter net profit rises 93%Mumbai: India’s top carmaker Maruti Suzuki on Saturday reported a 93% rise in quarterly net profit, boosted by buying in India’s August to October festival season and meeting analysts’ forecasts. Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, said net profit rose to Rs5.7 billion ($122.55 million) from Rs2.96 billion a year earlier. Net sales in the quarter rose to Rs70.5 billion from Rs48.06 billion in the same quarter a year ago. A Reuters poll of 11 brokerages forecast net profit at Rs5.5 billion on net sales of Rs69.53 billion. In a statement, the company said that the government’s stimulus package, buoyant semi-urban markets, low interest rates, low inflation and low oil prices boosted sales. However, it cautioned that margins could be under pressure going forward due to rising input costs and strengthening of the yen. Maruti sells around one in every two cars in India with models including the best-selling Alto, A-Star and Ritz hatchbacks and popular sedan Swift D’Zire. Shares in Maruti valued at $9.3 billion, rose nearly 60% in the quarter, compared to an 18.2% rise in the main index and 46.2% gain for the sector index. Source: LatestNews-Home - Livemint.com | 24 Oct 2009 | 4:02 am Hardy Oil to abandon 1 well in KG D9 block - Moneycontrol.com
Source: Business - Google News | 24 Oct 2009 | 3:28 am Banks close to full computerisation: RBIComputerisation of the banking sector is almost complete, according to the RBIs latest report on Trend and Progress of Banking in India.Source: Moneycontrol Top Headlines | 24 Oct 2009 | 3:22 am India sets 14 January for 3G spectrum auction New Delhi: India will begin a long-delayed auction of third-generation (3G) radio spectrum on 14 January, the telecoms ministry said on Saturday. Firms have to submit bids by 21 December for a total of 71 blocks of spectrum put up for auction across 20 of India’s 22 telecoms zones, according to a memorandum to prospective bidders. The auction, which would introduce high-speed Internet and video downloads on mobile phones, was originally slated for January 2009 but was deferred to December after differences between the telecoms and finance ministries over the reserve price for the bids. The government did not give a reason for the second extension. The base price for 3G spectrum across the country is Rs35 billion ($750 million), and telecoms minister Andimuthu Raja has said that the government would net at least Rs250 billion from the sale. Source: LatestNews-Home - Livemint.com | 24 Oct 2009 | 3:12 am
|
