Corporate
Essar Oil today said negotiations to buy Royal Dutch Shell"s three European refineries will continue beyond the expiry of the exclusive talks period today.
Ranju Sarkar / December 4, 2009, 0:36 IST
Nasik-based Vinsura Winery will be launching three products by mid-January priced at Rs 1,000 and above, a top company official said.
The IT SMEs (small and medium enterprises) in Orissa have urged the state IT department to come out with a new ICT (information and communication technologies) policy which would enable these units to have a greater share in the implementation of the e-governance projects in the state.
Infrastructure firm IL&FS"s open offer for acquiring an additional 20 per cent stake in crisis hit Maytas Infra will open tomorrow.
Blackstone Group, the world’s largest private-equity firm, may buy the amusement-park business of Anheuser-Busch InBev for about $2.5 billion to $3 billion, according to a person familiar with the discussions.
A court here has issued a non-bailable warrant (NBW) against Karnataka minister for tourism and mining magnate Janardhana Reddy in connection with a criminal case against him. The Sandur Judicial First Class Magistrate (JMFC) K Amarnath issued the NBW on December 30 and posted the case for hearing to February 3.
The ‘Incredible India’ campaign, an initiative by the Indian government to promote tourism, has won the World Travel Award 2009 for being the best campaign of the year.
Business Standard / New Delhi July 8, 2009, 0:58 IST
After ensuring successful implementation of basic Basel II norms by banks, Reserve Bank of India (RBI) today unveiled a timeframe to adopt advanced approaches to manage credit, market and operational risks.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST
Vijay Mallya-promoted Kingfisher Airlines is understood to have come down heavily on non-performing employees, even as a large number of its pilots are leaving the airline to join low-cost carrier Indigo and other rivals.
Scientists have created visual systems which they claim would help unmanned aircraft see for themselves as they fly fast and low over dangerous terrain.
The Delhi High court has directed Kingfisher Airlines to return all components leased out to it by Lufthansa Technik India following a petition by the latter that the carrier was using them even after it breached an obligation to make timely payments.
A Kingfisher Airlines ATR aircraft with 42 passengers and four crew onboard overshot the runway after it landed at Mumbai Airport today.
General Electric"s financial services arm GE Capital has appointed Steve Sargent as the President and CEO for its Asia Pacific operations.
Air India is to again start the process of negotiations on productivity-linked incentives (PLI) in pay with the staff unions. Earlier meetings held to agree on an amount to cut from salaries have not yielded satisfactory results.
Private sector lender Yes Bank and equity broker India Infoline (IIFL), today entered into a strategic alliance to offer premium brokerage services to the customers of Yes bank and a superior proposition of savings account for IIFL customers.
The robust growth in net profit in the second quarter seems unlikely to be repeated soon for cement companies, as prices in the south and west have been falling since October, with the increase in supply outstripping demand.
The government today said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore for delay in the payment of tax deduction at source (TDS).
Operational cost of Kingfisher Airlines is among the lowest in the country and is comparable to that of budget airlines like SpiceJet, airline"s chief Vijay Mallya has said.
Mangalore Chemicals and Fertilizers Limited (MCF), a UB Group company and manufacturer of fertiliser, is planning to expand its specialty fertiliser business in the next couple of years. The company, which has over 50 new generation fertiliser products in its basket, plans to expand the business through its integrated nutrient management division, set up four years ago.
Kolkata-based Jai Balaji Industries has raised Rs 198.50 crore through a qualified institutional placement (QIP) issue.
Enthused by a 12 per cent growth in traffic in contrast to a decline in the aviation industry, the new CEO of SpiceJet Sanjay Aggarwal has said he would transform the airline from a casual business entity to a professionally-run company within a year.
The Ministry of Shipping is nearly doubling the initial cost estimates of the controversial Sethusamudram Ship Channel Project, which aims to dredge a navigable channel through the Palk Strait between India and Sri Lanka.
If 2009 was a year when three of the country’s largest private sector financial services groups saw new faces at the top, next year could see over a dozen new faces lead state-owned financial sector entities.
Spending target raised to Rs 53,000 crore for 2007-12.
Hiring activity is likely to see an upward trend in the third quarter of the current fiscal year, especially in sectors like infrastructure, manufacturing and services other than IT.
Japanese car maker Toyota Motor Corp, which is coming out with a compact car by December 2010 in India, will produce 70,000 units in the first year, a top official of Toyota-Kirloskar Motor said.
Japanese auto maker Honda today said it will hold the world premiere of the concept model of a new small car that has been developed keeping the Indian market in focus at the Auto Expo here next month.
Pakistan army has arrested a retired Major for his alleged links with terror suspects David Coleman Headley and Tahawwur Hussain Rana, nabbed by Federal Bureau of Investigation (FBI) on charges of plotting attacks against India and Denmark.
AstraZeneca, an international healthcare company engaged in research, development and manufacturing of prescription medicines, and Nektar Therapeutics, a biopharmaceutical company headquartered at California with research and development operations in Hyderabad, have entered into an exclusive license agreement for two drug development programmes.
The government is in the final stage of notifying the fuel efficiency standards for automobile sector in the country which will be enforced from 2011, Environment Minister Jairam Ramesh said today.
Jyoti Parikh & Kirit Parikh / New Delhi November 22, 2009, 0:08 IST
Voicing a desire for a new chapter in the history of the sub-continent, Prime Minister Manmohan Singh has said Pakistan must break with the past, abjure terrorism and come for talks with India in "good faith and sincerity" to resolve outstanding issues.
Prime Minister Manmohan Singh left for Washington today for talks with President Barack Obama, saying India attaches “high priority” to its relations with the US and a “sustained and dynamic” partnership between them is essential to meet major global challenges like terrorism, climate change and economic slowdown.
FIIs like DSP Blackrock, Prudential step in with buys.
There is a flicker of hope for Tata Motors’ abandoned Singur site. A team from government-owned Bharat Heavy Electricals Ltd (BHEL) today visited the place, along with state government officials, for a possible project with the West Bengal Power Development Corporation.
Tata Motors today said it has sorted out differences with vendors regarding the compensation issues arising out of its decision to shift the Nano plant from Singur.
Tata Motors has no immediate plan to export the Nano, the world"s cheapest car, as it is currently concentrating on meeting the domestic demand, Tata Group Director Jamshed J Irani has said.
Pradipta Mukherjee / Kolkata January 1, 2010, 1:43 IST
Realising the enormous business potentials of Commonwealth Games 2010 in Delhi, Birmingham City is keen to further the trade ties with India through the mega-sporting event.
The metamorphosis of cricket from sport to business in the last decade lands on a relatively flat pitch.
With an average internet connection speed of 1,100 Kbps for the second quarter of 2009, Karnataka has been ranked second in a study of the top 10 Indian states for their average connection speeds. The state has recorded a 32 per cent increase in the average connection speed over last year.
Dhanalakshmi Bank today said it has raised Rs 150 crore by selling bonds to investors on a private placement basis.
Indian business spreads its footprint across the globe.
Cellular service provider Tata Teleservices today said it has become the top grosser of subscribers for the third consecutive month, with over 3.8 million new mobile users in October.
Bharat Forge
Pennar Industries, a leading player in engineered metal products, has clocked a 24 per cent rise in its first quarter net profit at Rs 38.1 crore as against Rs 30.8 crore in the same period previous year.
Maruti Suzuki India (MSI), the country"s largest car maker, today said it will launch a new van within this fiscal to replace its MPV Versa, whose production has been stopped.
The Advocates Association of Bangalore today demanded the transfer of Karnataka High Court chief justice P D Dinakaran who faces an impeachment motion for alleged disproportionate assets and land-grabbing.
The country"s second-largest car maker Hyundai Motor India today said it would invest $40 million for setting up an R&D centre in India next year.
R Gopalan, a 1976-batch IAS officer, has been appointed as the Financial Services Secretary in the Finance Ministry.
The Insurance Regulatory and Development Authority (Irda) has asked insurance companies to be more cautious while concluding contracts with “high risk customers”, particularly the “proposals of Politically Exposed Persons (PEPs)”.
The government today said it will soon come out with a uniform and single licence fee for telecom service provider, which is currently between 6 and 10 per cent of the revenue of these companies.
Roads construction in the country would require an investment of about Rs 3.5 lakh crore in the next three years, Transport Minister Kamal Nath said today.
The Indo-US nuclear deal and India"s subsequent entry into the Nuclear Suppliers Group (NSG), ending 34 years of nuclear isolation, has thrown open business opportunities worth an estimated $100 billion by the year 2032. The country is planning to increase its nuclear power generation by about 60,000 mega watts (Mw) within the next 25 years. This planned capacity addition is being executed by the state-owned Nuclear Power Corporation of India Ltd (NPCIL). Its head, Chairman and Managing Director SK JAIN, tells P B JAYAKUMAR about his plans and expectations. Excerpts:
DLF rallied nearly 3% to Rs 373. The scrip touched an intra-day high of Rs 376. Around 3.9 million shares changed hands at the counter as against its two-week average traded quantity of 3.8 million shares.
Tata Steel plunged over 4% to settle at Rs 443. The counter saw trades of around 4.80 million shares against its two-week average quantity of 4.15 million shares.
Reserve Bank of India Deputy Governor K C Chakrabarty said today the weak southwest monsoon could put upward pressure on inflation.
State-run trading firm MMTC today reported Rs 41.27 crore net profit for the first quarter ended June 30, 2009, down 23.23 per cent over the corresponding period a year ago.
Media and Entertainment Group UTV Software Communications today said its consolidated net profit for the fourth quarter ended March 31, 2009, slipped by 40.16% to Rs 11.22 crore.
The sugarcane growers of Uttar Pradesh have declined the state government’s offer of selling their produce at Rs 160-170 a quintal, a rate less than what their counterparts in Uttarakhand are getting.
The Sensex has slipped once again into the red and is now down 70 points at 16,780. The Nifty is down 33 points at 4,971.
Karnataka is likely to witness a marginal rise of about 10 per cent in sugarcane production for the next sugar season commencing October 2009. This is despite a rise in the statutory minimum price of sugarcane announced by the Centre for the next year.
The stock jumped 4.24 per cent to Rs 227.65 to an all-time high, after the company acquired Vale Do Ivai SA (VDI), a Brazil-based sugar and ethanol firm. The acquisition includes two sugar and ethanol production facilities with a combined cane crushing capacity of 3.1 million tonnes per annum.
Announce intense agitation against Rs 30,000-cr project
Industry says fiscal stimulus must continue
The Wipro scrip rose two per cent amid falling market to Rs 604.15 after the net profit of the company rose 19 per cent to Rs 1,162 crore in the second quarter of the current financial year, as compared to the same quarter a year ago.
Tata Steel"s net profit dipped 49.4 per cent to Rs 902.94 crore in the second quarter of 2009 compared to Rs 1787.81 crore in the quarter ended September 30, 2008. Its total income plunged 18.23 per cent from Rs 7054.33 crore for the quarter ended September 30, 2008 to Rs 5768.16 crore for the quarter ended September 30, 2009.
Optimism level among businesses globally has increased and as many as 70 per cent of the companies surveyed in India are bullish about the future, says global consultancy firm Grant Thornton.
Bajaj Hindusthan today announced its third quarter results. The company has posted a net profit of Rs 60.08 crore for the third quarter ended June 30, 2009 as compared to a loss of Rs 35.41 crore during the corresponding quarter last year.
Kolkata-based Balrampur Chini Mills profit after tax for fourth quarter ending September 30, 2009 improved 193 per cent at Rs 42.7 crore from Rs 14.58 crore in the fourth-quarter last year. Net sales dropped to Rs 379.96 versus Rs 416.73 crore in the corresponding quarter in the preceding year. Earnings per share gained 192.7 per cent at Rs 1.67 as against 57 paise in the year ago quarter.
Balrampur Chini Mills, one of the leading sugar producers of the country, has posted a rise of 193 per cent in its net profit at Rs 42.73 crore for the quarter ended September compared with Rs 14.58 crore in the corresponding quarter last year. The company"s net sales during the quarter, however, decreased around 8 per cent to Rs 378.9 crore from Rs 411.72 crore.
Despite uncertainties over cane pricing, sugar mills in Uttar Pradesh plan to commence crushing as early as possible, in order to avoid any recovery loss which may impact their operating performance.
Dutch financial services firm ING today reported euro 499 million profit for the third quarter, helped by strong performance in banking and insurance business.
Delhi Police today questioned Olympic gold medalist Abhinav Bindra"s industrialist father in connection with two cases of cheating, for which he was arrested 24 days ago.
Trinamool Congress, Left blame each other for starting violence
The government will set up two regional directorates to assist companies in the north western and north eastern regions, Parliament was informed today.
The government today said it does not maintain statistics of Muslim employees in Central government services but it has data for the five minority communities as a whole.
Byravee Iyer / Mumbai November 3, 2009, 0:34 IST
Sidhartha / Mumbai October 28, 2009, 0:06 IST
The Lok Sabha today post facto put its seal on merger of the State Bank of Saurashtra (SBS) with State Bank of India (SBI) amid opposition from Left parties.
IDBI Bank has taken an initiative to strengthen its base in the mid-corporate, SME and retail sectors without compromising its pre-eminent position in the corporate banking business.
Corporate Affairs Minister Salman Khurshid today said it is for the Finance Ministry and the Sebi to take a call on dual listing of shares as is being proposed in connection with the $23-billion Bharti-MTN deal.
Foreign investment in the Indian stock markets may cross $10 billion-mark by the end of this month as a hefty $9.8 billion (Rs 47,674 crore) have already been poured into the bourses by overseas entities so far this year, analysts feel.
India is back on the radar of global investors even in the midst of the global financial crisis, with 56 per cent year-on-year rise in inflows of foreign direct investment in July this year, an official said.
In an indirect warning to Delhi, the Reserve Bank of India (RBI) today said central banks could find it tough to maintain price stability if governments continued to incur large deficits.
The banking stocks continue to rule high on the back of stimulus measures by the Reserve Bank of India that helped revival of economic growth and attraction of foreign funds. Key economic data like the recent Index of Industrial Production (IIP) indicated likely swift recovery of the economy. Factory output at 10.4% in August registered the highest growth rate in 22 months.
As the three dissident ministers continued their defiance against him, chief minister B S Yeddyurappa today talked tough, hinting at "stern action" against them. "These people cannot cow me down. They are worried about my popularity graph," Yeddyurappa told reporters here, as he hit back at the three ministers who had launched a strong attack on him at a function in their home district of Bellary yesterday.
Infosys BPO, the back-office unit of IT firm Infosys Technologies, today said it would hire 1,500-2,000 people by the end of the current fiscal.
Tata Steel has reduced flat steel products prices 4 per cent on account of a weakening global trend. The new prices will be effective November 1. Prices of long products will remain unchanged.
Metals company Ispat Industries"s net loss widened to Rs 79.4 crore for the September quarter of financial year 2009 as compared to a net loss of Rs 26.7 crore it posted in the corresponding quarter of previous financial year.
Joe C Mathew / Mumbai November 6, 2009, 0:48 IST
I have invested Rs 1 lakh in Reliance Diversified Power Sector Fund. Its value has come down to Rs 74,000. What is the future outlook of this fund? Should I stay invested or redeem?
Arnav Pandya / Mumbai September 27, 2009, 0:28 IST
State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker next month to do the due diligence of those properties.
Abheek Barua / New Delhi October 26, 2009, 0:19 IST
Buoyed over 22-month high industrial growth of 10.4 per cent in August, Finance Minister Pranab Mukherjee today said it is a recovery process from the earlier slowdown caused by the global financial crisis and possibly there could be some higher growth projection.
Subir Gokarn / New Delhi November 16, 2009, 0:04 IST
Profitable listed public sector undertakings (PSUs), in need of funds to meet their capital expenditure, will be encouraged to approach the stock market with follow-on public offerings. The government will consider the sale of a part of its shareholding in such PSUs when they expand their equity bases by issuing fresh shares.
A severe drought has the potential to restrict the country"s economic growth to 5.5 per cent, the Planning Commission has said.
The country managed a reasonable economic growth of 6.1 per cent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and certain services like hotels.
Responding to banks’ petitions, the Reserve Bank of India (RBI) has raised the transaction limit for mobile banking to Rs 50,0000 a day.
Is Rs 500 enough to start an entrepreneurship venture?
Over 3000 Indian Institute of Technology (IIT) alumni from across the world will gather near here to participate in a global conference on technology and innovation that would be attended by President Barack Obama"s Chief Technology Officer Aneesh Chopra.
Close on the heels of implementing an electronic benefit transfer (EBT) scheme for beneficiaries under the National Rural Employment Guarantee Act (NREGA), the Orissa government is in the process of appointing Ombudsmans for the works taken up under the scheme.
A new decade started in the year 2010 will witness a radical re-distribution of forces in the world economy.
Equity infusion in Max India by Goldman Sachs will help the company expand its insurance and other businesses
As deadline draws closer for implementation of Goods and Services Tax (GST), the Centre today said discussions on various issues have made "considerable progress".
Latha Jishnu / New Delhi December 10, 2009, 0:10 IST
Shree Renuka Sugars ended at Rs 229, up by Rs 7 or 3.3%, on the BSE. Over 4.07 lakh shares have changed hands at the counter. The stock hit a high of Rs 230 and a low of Rs 223 during the day.
US markets moved up marginally on Wednesday. The Dow dded three points to 10,549. The Nasdaq was up three points at 2,291.
State-run Indian Oil Corp (IOC) is losing Rs 92 crore per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed it to revise rates in line with firming international oil prices.
Cairn India and its joint venture partners have decided to take up 4 dimensional (4D) seismic survey of Ravva field in the Krishna-Godavari Basin to further explore oil and gas reserves.
A move in the right direction but in a discriminating manner has been made by the Ministry of Finance in extending the facility of availing of advance ruling only for public sector. This has been extended to all sectors only in respect of import of projects, which are in the nature of a full plant such as power plant or paper plant. With regards to central excise and service tax the facility has not been extended to private sector at all. The real beneficiary is only the public sector. And for private sector it is only ‘a trickle down effect’!
Joe C Mathew / New Delhi September 16, 2009, 0:45 IST
In a bid to remove "fly-by-night" players who import electric two wheelers unlike the domestic ones, members of the Society of Manufacturers of Electric Vehicles (SMEV) are seeking stringent norms to be levied for low speed two wheeler electric vehicles from Automotive Research Association of India (ARAI).
Cairn India, which began production from the world class Mangala oilfield in Rajasthan in late August, has reached 1 million barrels of oil output from the nation"s most prolofic onland field.
The need of the hour is to create meritorious uses of natural gas, such as by building new capacities.
Erasing its early gains, the rupee was trading 11 paise down at 45.73 against the dollar in late morning deals on good demand from banks for the US currency that was going strong against its other major rivals.
Oil and Natural Gas Corp (ONGC) and its partners will invest about $10 billion in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said.
In a major breakthrough, Oil and Natural Gas Corporation (ONGC) today signed agreements to pick up stake in a giant gas field and an LNG plant in Iran, which also awarded the rights to develop a gas discovery it made in the Persian Gulf two years ago.
Samruddhi Cement, a wholly-owned subsidiary of Grasim Industries, is all set to merge with UltraTech Cement – Grasim’s another subsidiary, on July 1, 2010. The merger, to be completed by September 2010, will result into world’s tenth-largest cement maker.
Kirtika Suneja / New Delhi December 07, 2009, 0:16 IST
Indian Olympic Association chief Suresh Kalmadi was today re-elected unopposed as the president of Asian Athletic Association (AAA) in Guangzhou, China, to serve his third consecutive term at the office.
India and the European Union (EU) have begun discussions to resolve the ongoing dispute over the seizure of Indian generic drugs consignments in transit at European ports. Lutz Guellner, spokesperson for the European Trade Commissioner, told Business Standard that a meeting of the EU-India Joint Customs Cooperation Committee held in New Delhi on Thursday proved “constructive” with an “open discussion of the issues” taking place.
The Dharwad division of the Insurance Employees’ Union has opposed the UPA government’s move to take up discussion and passing two bills pertaining to the insurance sector during the winter session of the Parliament that began on November 17.
Business Standard / New Delhi November 17, 2009, 0:10 IST
Public sector oil major Indian Oil Corporation (IOC) will double its spend on research and development (R&D) to Rs 200 crore from the next financial year to help the company explore new opportunities and technologies.
After a series of consultations with stakeholders, the government has formulated the ambitious National Solar Mission implementation plan to be launched soon.
Delhi-based BAG Films and Media, a media and entertainment company, today stated that its board has apporved the raising of upto $ 30 million (about Rs 141 crore) through global depository receipts (GDR) or foreign currency convertible bonds (FCCB) or any other security in the international market.
With retailers downsizing operations, many senior executives from fast-moving consumer goods (FMCG) and telecom who had jumped on the retail bandwagon a couple of years ago are making a quiet comeback.
Trades between FIIs generated a volume of Rs 107 crore on the BSE Friday-an increase of 39.82% from Rs 77 crore clocked on Thursday. As many as seven stocks witnessed trades of 20 lakh shares on Friday.
Inflation more than trebled to 4.78 per cent during November on account of rising prices of food items like potato, sugar and pulses, and may prompt the Reserve Bank to squeeze money supply to tame price rise.
Insurers are likely to take a hit of up to Rs 140 crore from the recent fire accident at the IOC marketing plant near Jaipur. The plant was insured for Rs 238 crore by ICICI Lombard as the lead insurer, while Oriental Insurance had the second-largest share, followed by Iffco Tokio and National Insurance with 10-15 per cent stake each.
The Aamir Khan-starrer 3Idiots is the most-awaited Bollywoood film of 2009. Producer Vidhu Vinod Chopra is banking on this to bargain for an exceptionally good financial deal.
Latha Jishnu / New Delhi October 31, 2009, 0:16 IST
Millions of fans of Hindi movies will soon be able to watch their favourite Bollywood films in multiplexes, with highly-placed sources in the film production and exhibition business saying a resolution is expected before June 12 to the two-month dispute over revenue-sharing between producers, distributors and multiplex owners.
The Orissa government plans to woo major players in the food processing industries to promote investment in this sector. They will be contacted for setting up manufacturing base in the state.
The year 2009 proved to be a turning point in the ties between India and Russia as the two strategic allies put aside the chill and "misunderstandings" to re-discover each other in the changing global scenario and extended their defence cooperation for another decade.
This is the first in a series on water woes faced by the country’s biggest cities and the lack of strategy to deal with the crisis that bothers every household.
Nearly two years after Amitabh Bachchan laid the foundation of a girls college named after his daughter-in-law and actress Aishwarya Rai in Barabanki district, legal formalities have been completed to transfer the land to the organisation building it.
With the demand for power in the state exceeding the supply by about 500 Mw to 600 Mw, the Orissa Electricity Regulatory Commission (OERC) today invited public comments on the consultative staff paper on power regulation in the state.
Soaring prices of the raw material had squeezed their margins to almost nil.
The West Bengal cabinet in a meeting today okayed creation of 606 new posts and filling up of 264 vacancies in different departments, the state"s finance minister, Asim Dasgupta, said.
The road to Lalgarh, in the heart of West Bengal’s Naxal badlands, is now secure. But it is still a distance too far for many of the districts" administrators to travel.
Barun Roy / New Delhi November 19, 2009, 0:13 IST
Infrastructure major Larsen and Toubro (L&T) has accepted all the demands in its implementation agreement with the Uttarakhand government on the 99-Mw Singoli-Bhatwari hydel project in the hilly Rudraprayag district.
The stock gained 3.2 per cent to Rs 253.80 after the company announced that it entered a joint venture agreement with NTPC, Power Grid Corporation of India and Rural Electrification Corporation for formation of a public limited company.
Jamal Mecklai / New Delhi January 8, 2010, 0:00 IST
The rupee today appreciated by 10 paise to hit a 15-month high of 45.74 a dollar in early trade, tracking other firming Asian currencies.
The West Bengal tourism department will appoint an international consultant by the end of next month, to chalk out a model for attracting more foreign tourists.
Century Textiles
Indian consumer durables major Videocon Industries has decided to buy Finnish company Elcoteq, engaged in contract manufacturing of mobile phones and other electronic items, in a deal estimated at around $73 million.
The Centre has suspended forest clearances of some firms, including that of the Obulapuram Mining Company owned by Karnataka minister G Janardhana Reddy, for allegedly carrying out "illegal" mining in six mines in Andhra Pradesh.
Bloomberg / January 5, 2010, 0:16 IST
Higher depreciation charges, interest and employee costs have brought down the net profit of Pantaloon Retail, the country’s largest retailer, by 54 per cent for the financial year 2009.
Telecom operator Tata Teleservices (TTSL) today said its subscriber addition in November at 3.3 million is the highest for the fourth time in a row among all service providers, including GSM operators.
Financial services major Morgan Stanley has appointed Merrill Lynch President and Chief Operating Officer Gregory J Fleming to head its investment management group.
Software product development company GlobalLogic plans to double its total revenues in three years by growing at a compounded average growth rate (CAGR) of 40 per cent, through increased focus on research and development in telecom, homeland security and medical electronics.
The indices closed flat for the third consecutive session. In line with its Asian peers, the Sensex was down nearly 200 points in opening trades. But a recovery in the Japanese markets engineered a turnaround on Dalal Street. The Sensex finally ended at 16,356, lower by one point, and the Nifty closed at 4,906, up 24 points. Consumer durables, IT and auto sectors traded firm, while FMCG and banking were sluggish.