New Delhi: The Government may not look at building new shipyards proposed in the Maritime Agenda, as the existing ones are already finding it difficult to get business. The Government, while unveiling the Maritime Agenda 2010-12 last year, had proposed [...]
Mumbai: The BSE benchmark Sensex fell by 103 points in early trade on Thursday on continued selling by foreign funds and retail investors in the absence of any positive trigger. The 30-share barometer, which had lost 16.90 points in Wednesday’s [...]
Mumbai: The rupee declined by 26 paise to Rs. 51.37 per dollar on the Interbank Foreign Exchange in early trade today on increased demand from importers for the American currency. Besides dollar’s gains against other currencies overseas, a weak opening [...]
New Delhi: The government on Thursday decided to free sugar exports by removing quantitative restrictions in order to expedite shipments of sweetener and also scrapped the minimum export price (MEP) on onion. The government also decided to constitute a committee, [...]
Mumbai : The rupee on Wednesday fell below the 53 mark intra-day before closing at nearly four-month low of 52.96/97, down by 23 paise against the US currency, due to firm dollar demand and fears of more capital outflows. Strong [...]
New Delhi: Steel Authority of India may get a slice of a magnetite mine in Rajasthan’s Bhilwara district soon, according to sources. “SAIL had written to the Rajasthan government way back in 2009. Considering the need, the state had sought [...]
Mumbai: Auto majors Fiat and Tata Motors today said they have ended the distribution alliance formed in 2007 to distribute and service the vehicles of the Italian firm. As part of a 50:50 joint venture agreement signed in 2007, the [...]
New Delhi: The government today said it has removed restriction on urea imports from Iran and has asked State Trading Corporation (STC) to modify the global tender, which restricts bids by suppliers of Iranian origin. The restriction was imposed by [...]
Mumbai: Nissan Motor India Pvt Ltd (NIMPL) on Wednesday reported nearly three fold jump in the sales at 3,467 units in April. NIMPL had sold 1,201 units in the same month last year, the company said in statement here. The [...]
New Delhi: The government on Wednesday said it has in-principle decided to allow foreign direct investment from Pakistan and the move was expected to enhance commercial engagement between the two countries. When asked whether government has decided in principle to [...]
New Delhi: For the second time in as many months, Telecom Minister Kapil Sibal today met chiefs of leading operators, including Sunil Bharti Mittal, Anil Ambani and Vodafone’s Marten Pieters, to discuss various contentious issues such as spectrum pricing, allocation [...]
New Delhi: Quick service restaurant chain Subway today said it plans to operate 1,000 stores in India by 2015 through franchise route, which will entail an investment of $58 million (over Rs 300 crore). The Connecticut-headquartered brand is present in [...]
New Delhi: Fuelled by a rally in its stock price, FMCG major ITC remains the most influential stock on the Indian markets, posing a challenge to RIL’s long reign at the helm. As on April 30, ITC commanded a weight [...]
New Delhi:VE Commercial Vehicles has recorded a 14.8 per cent rise in sales at 4,213 units in April 2012. The company, which is a joint venture between the Volvo Group and Eicher Motors, had sold 3,669 units in the same [...]
New Delhi: Gold prices set yet another record high of Rs 29,690 per 10 gm in the national capital today on rising wedding season demand amid a firming global trend. Gold which had gained Rs 700 in last nine days, [...]
Dubai: India’s Tourism Ministry has taken up with the Prime Minister’s office the issue of hike in charges by airports regulator AERA that has made travel costly, hitting budget tourists hard. Minister of State for Tourism Sultan Ahmed said here [...]
New Delhi:Eight core industries’ growth rate slowed down to 2 per cent in March as against 6.5 per cent in the same month last year on account of dismal expansion in crude oil and natural gas sectors. The eight industries [...]
New Delhi: The government today said Oman has imposed a ban on import of Indian live birds and their by-products such as poultry meat and eggs. “The Ministry of Agriculture, Oman has issued an emergency notification dated April 5, 2012, [...]
Mumbai: The 30 scrip Index of the Bombay Stock Exchange (BSE) advanced today by 92.66 points in the opening trade at 17,280.00 on renewed demand by local operators amid mixed trend in Asian Markets. The Nifty of the National Stock [...]
Mumbai: The rupee Monday dropped by 19 paise to close at nearly four-month low of 52.73/74 against the US currency on continued capital outflows and month-end dollar demand from importers. Firm dollar overseas also weighed on the rupee while rally [...]
Chandigarh: Trade movement between India and Pakistan at Attari-Wagah land route continued to remain affected, with Punjab traders protesting against the “exorbitant” amount of handling charges of cargo at the newly built Integrated Check Post (ICP). With trading activity being [...]
New Delhi: The government on Monday decided to allow further cotton exports in 2011-12 marketing year ending September as production estimates have been revised upwards. “A decision has been taken to remove suspension of cotton exports registration. Registration of cotton [...]
New Delhi: Real estate firm Mahindra Lifespace Developers on Saturday said its standalone profit after tax (PAT) rose by 5.34 percent to Rs 32.12 crore for the quarter ended March 31, 2012. The company had posted a profit after tax [...]
New Delhi: India will host the 46th Annual Meeting the Asian Development Bank (ADB) in May next year which is expected to be attended by 4,000 delegates from across 67 countries. The meeting will be held at India Expo Mart [...]
Bathinda: ArcelorMittal today said it has been able to make some inroads for its proposed Rs 30,000 crore Karnataka steel project with the acquisition of a major part of the required land, but rued that the progress has been slow. [...]
New Delhi: Hit by high commodity prices, sluggish sales and labour issues, the country’s largest car maker Maruti Suzuki India (MSI) today reported 28.55 per cent decline in net profit at Rs 1,635.1 crore for the year ended March 31, [...]
Bhatinda:Prime Minister Manmohan Singh today said India needs to rationalise the prices of petroleum products while insulating the common man from its effects. Dedicating the Rs 20,000 crore-Guru Gobind Singh Refinery, he said with imports accounting for about 80 per [...]
Stating that India faces “formidable” challenges on the energy front, Prime Minister Manmohan Singh on Saturday said spiralling international oil prices have put a strain on the country’s import bill and domestic prices need to be rationalised. “With imports accounting [...]
New Delhi: The revenue generated under the Tatkal scheme for reservation of railway tickets has shown a steady increase, with the government earning Rs 847 crore in 2011-12, an increase of Rs 118 crore over the previous year. In a [...]
New Delhi: The US today raised concerns over India’s proposal to bring foreign companies under retroactive tax liabilities and adoption of manufacturing policies “discriminatory” to international firms, contending that such policy decisions “dampen” investor sentiment. The new American Ambassador to [...]
New Delhi: The government on Friday said the ratio of external loan to GDP as well as ratio of internal loan to the GDP showed a declining trend from the period of 2009-10 to 2011-12. ”The external loan ratio during [...]
New Delhi: Gold prices gained Rs 100 to touch over four-and-a-half-month high of Rs 29,440 in the bullion market here today on strong buying by stockists and retailers to meet the wedding season demand. The precious metal, which was last [...]
New Delhi: BJP today attacked the government in Rajya Sabha on unilateral ban on export of cotton saying it has affected farmers and triggered suicides as cotton prices have fallen sharply and questioned whether the step was taken to favour [...]
London: Notwithstanding global credit rating agency S&P’s lowering India’s outlook to ‘negative’, the country remains bullish and its long-term economic growth potential is 8-9 per cent, Deputy Chairman of Planning Commission Montek Singh Ahluwalia has said. “My view of India [...]
New Delhi: “The rates were brought down due to lower income (on investment in Special Deposit Schemes)…There is no question of minimum or maximum interest rates. We distribute it as per our revenue. Next time, it will be 8.6 per [...]
New Delhi: The Civil Aviation Ministry is learnt to have strongly opposed the Budget proposal imposing a four-time hike in service tax on air travel, terming it a retrograde step that would hit fliers and airlines very hard. Ahead of [...]
New Delhi: Amid depleting resources and rising global prices of soil nutrients, the Fertiliser Ministry has proposed a $1-billion Sovereign Wealth Fund to acquire such assets abroad. “We have proposed to the Finance Ministry about creating a SWF of $1 [...]
Mumbai: The rupee on Thursday appreciated by 11 paise to 52.43 against the US dollar in early trade on the Interbank Foreign Exchange market, as the American currency fell against other currencies overseas. Besides gains in euro and other currencies [...]
New Delhi: Amid controversy over his remarks on economic reforms, Chief Economic Adviser Kaushik Basu today met Prime Minister Manmohan Singh. Basu is believed to have given clarification about his comments on economic reforms, which had generated a big debate [...]
Mumbai: In volatile trade, the BSE benchmark Sensex plunged nearly 190 points following S&P downgrading India’s credit rating outlook to negative, but recovered most of the losses to end the day lower by 56 points after Finance Minister Pranab Mukherjee [...]
Mumbai: In volatile trade, the BSE benchmark Sensex today fell by 56 poins on selling pressure after Standard and Poor’s downgraded India’s sovereign credit rating outlook to negative. The Sensex, which had opened higher, lost steam and dropped to 17,019.24 [...]
New Delhi: Domestic air passenger traffic recorded in April to September 2011 registered a growth of 18.8 per cent from the corresponding period last year, Government on Wednesday said. In reply to a question in the Lok Sabha, Civil Aviation [...]
New Delhi: The Finance Ministry today hit back at Vodafone’s claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. “We have provided [...]
New Delhi: In a move that would soon raise air travel costs from the IGI Airport here, the Airports Economic Regulatory Authority (AERA) today decided to raise landing, parking and other charges by a whopping 346 per cent for two [...]
Mumbai: The Sensex, which had climbed to 17,249.61 at the outset, fell back to trade lower by 188.05 points to 17,019.24 at 1300 hrs, following steep fall in stocks of realty and IT sectors. Similarly, the broad-based National Stock Exchange [...]
New Delhi: Terming Standard and Poor’s decision to lower India’s credit rating outlook to negative as a “timely warning”, Finance Minister Pranab Mukherjee today said there is no need to panic as the government is committed to economic reforms. “I [...]
New Delhi: Global agency Standard and Poor’s (S&P) lowered India’s rating outlook to negative and warned of a downgrade in two years if there is no improvement in the fiscal situation and the political climate continues to worsen.
New Delhi: Finance Minister Pranab Mukherjee today called upon the global sugar industry to initiate steps for curbing price volatility of the sweetener. “Much more needs to be done to improve the world sugar economy as we are still at [...]
New Delhi: Private airlines owe a total of Rs 14,573 crore to state run banks, with loss making air carriers Kingfisher Airlines and Jet Airways together accounting for almost 80 per cent of the outstanding as on the second quarter [...]
New Delhi: The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas. “Government has, in principle, agreed to make the prices of diesel market determined,” Minister of [...]
Mumbai: Shares of IT major TCS soared over 10 percent in the morning trade Tuesday, following 21.9 percent rise in net profit for 2011-12 and an upbeat outlook. Cheering the numbers announced last evening, shares of TCS shot up by [...]
Mumbai: The rupee on Tuesday lost 29 paise to 52.79 against the US dollar in early trade on the Interbank Foreign Exchange market, due to increased demand for the American currency from importers. Forex dealers said weakness in euro against [...]
Mumbai: A benchmark index for Indian equities markets was trading 100 points higher in the afternoon session Tuesday, led by more than 12 percent surge in the share price of Tata Consultancy Services (TCS). The 30-scrip sensitive index (Sensex) of [...]
New Delhi: Terming regulator Trai’s recommendations on spectrum auction as “arbitrary, regressive and inconsistent”, telecom operators on Monday said the proposals will hurt further investment in the sector and expansion of services in rural areas. “We believe that several of [...]
Washington, DC: Dismissing US corporate sector’s perception of a power vacuum in New Delhi, Finance Minister Pranab Mukherjee has said that a “very powerful” and “acceptable” Prime Minister was at the helm of affairs in India and the appetite for [...]
New Delhi: Country’s largest lender State Bank of India (SBI) on Monday slashed interest rates on fixed deposits by up to 1 per cent across various maturities, a move that may prompt other lenders to follow the suit. The bank, [...]
New Delhi: Telecom regulator TRAI today proposed a steep minimum price for auction of 2G telecom spectrum, setting off fears of a hike in mobile phone tariffs which are at present among the cheapest in the world. The regulator, whose [...]
Singapore: Oil prices edged down in Asian trade today as cautious traders awaited the release of key economic data from China and the United States, analysts said. New York’s main contract, light sweet crude for delivery in June shed 15 [...]
Mumbai: Shares of Reliance Industries rose nearly two per cent in the morning trade today despite a 21 per cent dip in net profit during the fourth quarter ended March 31, 2012. The scrip erased initial losses and gained 1.9 [...]
Mumbai: The rupee marginally down by 3 paise to Rs 52.10 per dollar on the Interbank Foreign Exchange in early trade on Monday, on increased demand from importers for the American currency. Traders said besides increased demand for the U.S. [...]
New Delhi: Corporate giant Reliance Industries Ltd has stopped lobbying with US lawmakers for the last two quarters, while the government incurred an expense of Rs 3.7 crore for such activities during the last financial year ended March 31, 2012. [...]
Mumbai: The BSE benchmark Sensex gained 68 points in the late morning trade on buying in refinery, consumer durables, capital goods and banking stocks. Sensex opened lower at 17,347.76 and moved between 17,444.18 and 17,336.89. It was at 17,441.74 at [...]
Chandigarh: Haryana has received five industrial projects proposals, entailing investment of Rs 3,000 crore, at Rohtak, which is set become the new industrial hub after Gurgaon. Among these, prominent projects are of Maruti Suzuki, Suzuki Motorcycles, Amul Dairy, a senior [...]
Jorhat: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday said tea would be declared as national drink by April next year. “The drink would be accorded national drink status by April 17 next year to coincide with the 212th [...]
Mumbai: Around 200 engineers of the crisis-hit Kingfisher Airlines struck work today protesting non-payment of salaries despite the airline’s earlier claim that all the staff had been paid. The engineers belongs to both management and non- management cadre, they said. [...]
Washington: Expressing concern over projected decline of World Bank lending, India has called for new solutions to bolster its financial capacity and that of International Monetary Fund (IMF). “We are concerned that World Bank lending is projected to decline at [...]
Washington: Rejecting criticism that UPA is not serious on reforms, Finance Minister Pranab Mukherjee today said it is now time for the government to take some hard decisions and expressed confidence that three key legislations on pension, banking and insurance [...]
Washington: India is working towards elimination of subsidies in all areas except for food and is also taking concrete steps to reduce massive leakages in subsidy. “My strategy would be two-pronged, first to prevent the leakage of subsidy by taking [...]
Washington: Achieving a political consensus on resolution of the European economic crisis seems to be particularly challenging given the depth of the meltdown, the Finance Minister, Pranab Mukherjee, has said. “Given the depth of the crisis in Europe and heterogeneity [...]
Washington: Observing that the global economy appears to be strengthening gradually after suffering a setback, the Finance Minister, Pranab Mukherjee, has said developing countries and emerging economies are expected to continue as growth drivers. “Developing countries and emerging economies are [...]
Mumbai: Hindustan Zinc today said its net profit was down by 25.6 per cent to Rs 1412 crore for the quarter ended March 31, 2012, comapared to Rs 1771.27 crore for the quarter Ended March 31, 2011. The company has [...]
Mumbai: The Reserve Bank of India (RBI) today fixed the Reference rate at 51.9995 against the dollar, up by 10.65 paise, from the previous rate of 51.8930. The Reference rate of Euro was fixed at 68.3980, up by 33.50 paise [...]
Jaipur: The production in Cairns India’s Mangla oil field in Barmer district of Rajasthan will soon go up by 25,000 barrels per day(BPD), a company spokesperson said. ‘The oil field presently is producing 1,25,000 BPD that would go up to [...]
Mumbai: The BSE Sensex and Nifty were flat as Reliance Industries dropped ahead of its quarterly earnings due out later on Friday, while traders also booked profits on recent gains in the past four-session winning streak. The Sensex and the [...]
Koodankulam: The first unit of the 2X1000 MW VVER nuclear reactor of the Koodankulam Nuclear Power project (KKNPP) is expected to attain criticality and start power generation in two months, as the preparation for commissioning the plant was progressing as [...]
Visakhapatnam: N Sreenivasa Rao has assumed charge as the new Director (Projects) Rashtriya Ispat Nigam Limited( RINL), the flagship Company of Visakhapatnam Steel Plant(VSP). Earlier, he was working as the Executive Director (Projects and Commissioning) in the steel plant. He [...]
Industry body CII has asked Prime Minister Manmohan Singh to fast track economic reforms, which in turn would boost investments and accelerate growth, chamber’s new President Adi Godrej said today. “We met the Prime Minister yesterday and discussed with him [...]
New Delhi: Telecom regulator Trai today approved hike in processing fee for all mobile recharge coupons (top-up vouchers) priced above Rs 20 but has left it unchanged for the vouchers below that. Trai cleared the increase of 50 per cent [...]
New Delhi: With trouble brewing between some major airlines and travel portals over issues concerning ticket pricing and revenue sharing, Air India has called all major online agencies to discuss how to overcome such problems, airline sources said today. The [...]
Mumbai: The BSE benchmark Sensex gained for the fourth straight day on Thursday, up 111 points, led by the auto sector amid a firm trend in global markets. Sensex, which had gained nearly 300 points in last three trading sessions, [...]
New Delhi: The government today brushed aside the pressure being built by the global trade bodies in the Rs11,000 crore Vodafone tax dispute case and asserted that the British telecom major cannot invoke the India-Netherlands investment treaty as the $11.2 [...]
Kolkata: Shares of Dunlop India Ltd made 20 per cent gain at Rs 11.68 on the BSE early today as it resumed trading after two weeks following confusion related to a winding up court case. Dunlop India, which is controlled [...]
New Delhi: Country’s second largest public sector bank PNB today announced cut in lending rate by 0.25 per cent, a move that will make housing and corporate loans cheaper. “The bank has decided to decrease the base rate by 25 [...]
Dubai: India has been ranked as the most optimistic nation in Asia in a global consumer confidence survey released here. At 81.2, in an index which is calculated with zero as the most pessimistic 100 as the most optimistic, India [...]
Dubai: India remains at the top of Dubai’s most important trading partners with 19 per cent of the overall Dubai foreign trade amounting to 206 billion dirhams (about Rs 2.88 lakh crore) in 2011. India headed the list of Dubai’s [...]
Mumbai:Mukesh Ambani-led Reliance Industries today regained its position as the most influential stock on the BSE benchmark index Sensex and pushed FMCG major ITC to the second slot. ITC had dethroned Reliance Industries (RIL) from the top position yesterday but [...]
New Delhi: Even before the holiday season has begun, all airlines have jacked up their fares on many busy air routes by 10-25 per cent over the past few days. One reason for the high fares was that the airlines, [...]
Mumbai: Erasing inital gains, the BSE benchmark Sensex on Wednesday closed with a moderate gain of 34 points on profit-booking after the surge it had made following RBI’s cut in the short-term lending rate. Intra-day, Sensex touched 17,522.80 but ended [...]
New Delhi: BlackBerry-maker Research in Motion (RIM) today launched its new smartphone ‘Curve 9220′ priced at Rs 10,990, a move aimed at strengthening its presence in India, which is one of its fast growing markets. The Curve 9220 may be [...]
New Delhi: Spurt in prices of milk and its products, vegetables, meat, edible oil and fuel pushed the retail inflation to 9.47 per cent in March, suggesting deterioration in the price situation. Retail inflation, based on the Consumer Price Index [...]
Washington: Issues related to global economy and international financial architecture are expected to be the focus of Finance Minister Pranab Mukherjee during his 4-day visit here starting today to attend the annual spring meeting of the International Monetary Fund and [...]
India received USD 2.21 billion in foreign direct investment in February, showing an annual growth of 74 per cent, taking cumulative inflows to USD 28.40 billion for the April-February period of the last fiscal. In February 2011, the country received [...]
New Delhi: The Coal Ministry is likely to begin this week the process of issuing show-cause notices to 58 captive coal block holders, including PSUs, which have not started the development work of mines in stipulated time. “The coal ministry [...]
Bangalore: Wipro Technologies today announced that it has become title sponsor for Wipro San Francisco Marathon 2012. The 35th annual event will take place on July 29, 2012 in San Francisco, California. In addition to being the title sponsor of [...]
New Delhi: The rupee moved up marginally by 5 paise to trade at 51.42 against the dollar on the Interbank Foreign Exchange market in early trade today on increased foreign fund inflows. Dealers said higher opening in equities amid increased [...]
Mumbai: The BSE benchmark Sensex on Tuesday surged 207 points, led by interest-sensitive stocks from realty and banking as RBI cut short term lending rate to boost economic growth. The BSE 30-share index, which had gained 56 points on Monday, [...]
New Delhi: The Reserve Bank of India’s decision to cut lending rate by 0.50 per cent will encourage investments, Finance Minister Pranab Mukherjee said today, while assuring the government will also take additional steps to boost growth and control price [...]
Mumbai: In a surprise decision, the Reserve Bank on Tuesday cut the benchmark interest rate for first time in three years by 0.5% to provide relief to borrowers and revive the sagging economic growth. Unveiling the annual credit policy here, [...]
New Delhi: Vodafone has issued a notice to the Indian government under Bilateral Investment Protection Treaty over retrospective tax proposal announced by Finance Minister Pranab Mukherjee in the Union Budget 2012-13. The company says the proposal in the budget to [...]
Mumbai: Interest rate sensitive stocks, such as banking, auto and realty, gained up to 2 per cent in late morning trade on Tuesday after RBI slashed short term lending rate by 0.50 per cent, a development that will lead to [...]
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