Top Business News- IBNLive.com

Dear FM, here is India Inc's Budget 2012 wish list

Mon, 13 Feb 2012 04:17:50 +0530

The Union Budget will be presented on March 16 post the State elections. This could be the UPA government's make-or-break Budget. The economy is going through a slowdown. The bureaucracy is in a state of paralysis and corporate India is suffering from a bout of depression.

Agri Min pitches for crop loan at 3% in Budget 2012

Mon, 13 Feb 2012 04:12:08 +0530

Agriculture Ministry has demanded lowering of interest rate on crop loans to 3% for those farmers who pay in time, from the existing 4%.

Railways to move RPF Amendment Bill

Mon, 13 Feb 2012 03:07:25 +0530

A legislation to make the Railway Protection Force (RPF) responsible for all railway related law and order issues, apart from passenger safety, will likely be tabled in March 2012 when the Budget will be discussed in Parliament.

Union Budget to decide market sentiment

Mon, 13 Feb 2012 02:27:09 +0530

Last week was indeed flat and positive with NIFTY gaining back almost all that it had lost during the first few days. Immense fund flow clubbed with retail participation helped NIFTY to move above 5400, hinting that the markets are entering another bull phase.

Fare hike on the cards in Railway Budget 2012

Mon, 13 Feb 2012 02:10:44 +0530

With passenger fares on a freeze for years and little money to expand the world's second largest railroad network under a single management, Minister Dinesh Trivedi has an unenviable task when he presents the annual Railway Budget on March 14.

India retains world's most optimistic market tag

Mon, 13 Feb 2012 11:50:00 +0530

India has once again emerged as the most optimistic market, driven by its buoyant domestic consumption levels, but slowing growth and inflationary concerns could put pressure on consumer confidence for the year ahead, says a survey.

Sensex ends in green; SBI, SAIL in Q3 limelight

Mon, 13 Feb 2012 09:16:52 +0530

The market recovered from its early morning slump, egged on by better-than-expected third quarter results from banking major SBI. Also, strong buying interest was seen in metals, auto, banks, pharma and oil & gas stock.

Home loans may get Rs 3 lakh tax deduction

Mon, 13 Feb 2012 08:01:20 +0530

In a bid to boost housing sector credit, the government is contemplating enhancing income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.

Exuberant Indian markets gloss over economic reality

Sat, 11 Feb 2012 11:16:13 +0530

Surging capital inflows, booming stock markets and a fast-appreciating currency suggest the India story is again shining after a dismal 2011.

US working to reduce trade barriers with India

Sat, 11 Feb 2012 12:23:08 +0530

The United States has said it is working to reduce investment and trade barriers with India and Brazil, two of the fastest growing markets.

2G: PM meets ministers to decide on road ahead

Sat, 11 Feb 2012 12:08:17 +0530

Prime Minister Manmohan Singh is in a key meeting with Cabinet ministers Kapil Sibal, Salman Khursheed, Pranab Mukherjee and P Chidambaram to find a way out of the 2G mess. The ministers reached 7 Race Course early on Saturday morning to review the rules and guidelines to be applied for an auction of 2G spectrum.

Reliance Comm profit falls for 10th straight quarter

Sat, 11 Feb 2012 01:24:16 +0530

Reliance Communications reported its 10th straight quarter of declining profit as interest costs soared, with investors betting on a sale of the No 2 mobile operator's tower business to pare its heavy debt load.

Industrial output grows 1.8 pc in Dec 2011

Fri, 10 Feb 2012 12:08:04 +0530

Industrial production grew by just 1.8 per cent year-on-year in December 2011.

Industrial output grows 1.8 pc in December 2011

Fri, 10 Feb 2012 12:01:30 +0530

Industrial production grew by just 1.8 per cent year-on-year in December 2011 due to contraction in mining and capital goods sectors and a lower manufacturing sector growth.

India-EU summit today, free trade pact on agenda

Fri, 10 Feb 2012 10:39:26 +0530

The India-European Union summit is slated to begin in New Delhi on Friday. The proposed free trade pact, which has been hanging fire for quite some time, will figure prominently.

Sensex closes 85 pts down on weak global shares

Fri, 10 Feb 2012 09:48:59 +0530

The Sensex recovered more than half of its losses in the last hour of trade but closed 85 points down on Friday. The downtrend in global markets had negatively impacted sentiments although it was quite the opposite in the morning.

Gulf airlines say no interest in Kingfisher stake

Thu, 09 Feb 2012 10:59:48 +0530

Two major Gulf Arab carriers said they have no interest in taking a stake in struggling Indian carrier Kingfisher Airlines, which is grappling with a pile of debt and on the hunt for fresh equity.

Etisalat writes off $ 820 mn against Indian ops

Thu, 09 Feb 2012 06:41:05 +0530

After Telenor, UAE-based Etisalat, a shareholder in new telecom operator Etisalat DB, on Thursday said that it has has written off $ 827 million worth value of its Indian operations by way of an impairment charge as an after effect of Supreme Court order cancelling 122 2G licences.

Thirty proposed trains yet to be flagged off

Thu, 09 Feb 2012 05:08:19 +0530

Even as the 2012-13 Railway Budget is round the corner, the Railways is falling short of about 300 coaches to introduce 30 new trains promised in the last budget including double-decker AC trains between Delhi and Jaipur.

RBI planning to regulate gold loans

Thu, 09 Feb 2012 11:23:35 +0530

The Reserve Bank of India (RBI) is likely to step in and keep a check on gold loans disbursed by the banks. Sources say the RBI is planning to regulate interest rates and penalties on gold loans, and may impose higher margins on loan to value.

Thomas Cook to exit India, share price rises

Thu, 09 Feb 2012 11:13:43 +0530

Shares in Thomas Cook (India) Ltd rose as much as 16 per cent in early trade on Thursday, a day after its UK-based parent Thomas Cook Group Plc said it will look to sell its stake in the Indian travel operator.

Bharti profit hit by tough competition in India

Thu, 09 Feb 2012 10:53:20 +0530

Bharti Airtel Ltd disappointed investors with its eighth straight quarter of falling profit as the world's No 5 mobile carrier by users was buffeted by fierce competition from rivals in its home market.

Sensex closes 123 pts up; Hindalco shares fall

Thu, 09 Feb 2012 09:44:23 +0530

The 50-share NSE Nifty closed above the 5400 mark on Thursday, for the first time since August 3, 2011. It was completely lacklustre since the opening trade today, but it strengthened quite nicely in late trade with support from banks, technology and metals stocks.

Idea of free trade agreement with US is good: Montek

Thu, 09 Feb 2012 05:44:10 +0530

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday said that a free trade agreement (FTA) with US is a good idea.

Indo-Mauritius talks stuck; govt eyeing other options

Thu, 09 Feb 2012 12:18:00 +0530

There has been no headway in the Indo-Mauritius talks on the double taxation avoidance agreement (DTAA) as of yet. Government sources indicate that Mauritius is unwilling to allow taxation of capital gains as it feels the move will impact the country's economy.

BJP asks PM to explain 'fiasco' on economy front

Wed, 08 Feb 2012 08:30:31 +0530

The BJP on Wednesday targeted Prime Minister Manmohan Singh on the state of the Indian economy, saying the world renowned economist has been making tall claims about the growth rate despite the figure falling below 7 per cent.

Top telecom cos to be charged for extra spectrum

Wed, 08 Feb 2012 06:24:46 +0530

In what comes as another shock for the telecom industry, the government is set to recommend that older players like Bharti Airtel, Vodafone and Idea be charged for excess spectrum that they hold.

Pranab 'losing sleep' over rising subsidy bills

Wed, 08 Feb 2012 05:31:20 +0530

A worried Finance Minister Pranab Mukherjee on Wednesday said he is losing sleep over the rising subsidy bills, notably on food, fertiliser and petroleum products.

Meet India's 15 top paid CEOs

Wed, 08 Feb 2012 05:27:36 +0530

Naveen Jindal, the Chairman and Managing Director of Jindal Steel, is the top paid CEO in the country, with an income of more than Rs 67 crore per annum, according to data from Capitaline Database.

TCS, Mitsubishi to invest $5 mn in IT JV

Wed, 08 Feb 2012 05:08:27 +0530

India's biggest software services exporter, Tata Consultancy Services (TCS) and Japanese major Mitsubishi Corporation on Wednesday announced a new joint venture, Nippon TCS Solution Center Ltd for the Japanese market.

Europe to check Airbus A380 for wing cracks

Wed, 08 Feb 2012 05:08:07 +0530

European air safety officials are preparing to extend checks for Airbus A380 wing cracks to the entire superjumbo fleet, sources close to the matter told Reuters on Wednesday.

Tough to implement Food Security Bill: Pawar

Wed, 08 Feb 2012 01:20:53 +0530

Agriculture Minister Sharad Pawar said it will be difficult to implement the proposed Food Security Act with existing distribution system and suggested massive reforms.

2G scam: ED slaps case against Marans

Wed, 08 Feb 2012 10:44:08 +0530

The Enforcement Directorate (ED) registered two money laundering cases against former Union Minister Dayanidhi Maran and his brother Kalanidhi on Wednesday in the multi-crore 2G licence scam. An illegal gratification of Rs 550 crore was reportedly accepted through Dayanidhi's brother Kalanidhi in the garb of share premium invested in M/S Sun Direct TV by Maxis Communication, owned by Malaysian tycoon T Anantha Krishnan.

Volatile Sensex closes 85 points up

Wed, 08 Feb 2012 09:43:23 +0530

Volatile! That would be the best way to describe on Wednesday's session ahead of the outcome on Greece's debt deal. The Nifty made many attempts at reaching the 5,400 level but was met with resistance throughout.

Stock exchanges for abolition of STT in Budget

Tue, 07 Feb 2012 09:18:09 +0530

Stock exchanges on Tuesday pitched for abolition of the Securities Transaction Tax (STT) on equity trades at their meeting with Finance Ministry officials in New Delhi. The issue of removal of STT was raised by representatives of different stock exchanges, including BSE, National Stock Exchange, MCX-SX and USE.

Railways earnings up by 10.41 per cent

Tue, 07 Feb 2012 07:55:48 +0530

The Indian Railways has earned Rs 84,155.40 crore during April 2011-January 2012 period as against Rs 76,223.07 cr during the same period last year, registering an increase of 10.41 per cent.

Govt rejects RIL demand for gas price revision

Tue, 07 Feb 2012 05:56:23 +0530

The Government has rejected Reliance Industries' demand for a revision in the KG-D6 gas price, saying the $4.2 per mmBtu rate for five years was not only agreed to by the Mukesh Ambani-run firm but also upheld by the Supreme Court.

Pranab to present General Budget on March 16

Tue, 07 Feb 2012 02:20:58 +0530

The dates of Union Budget 2012-13 and Railway Budget 2012-13 have been finalised. While Union Finance Minister Pranab Mukherjee will present the Budget on March 16, Railway Budget will be presented on March 14 by Union Minister Dinesh Trivedi. The Economic Survey 2012-13 will be released on 15.

Pranab to present General Budget on March 16

Tue, 07 Feb 2012 02:20:58 +0530

Meeting with Sibal fruitful: Norwegian IT minister

Tue, 07 Feb 2012 12:17:51 +0530

Norwegian IT Minister Rigmor Aasrud said on Tuesday that she had a "constructive meeting with Mr Sibal". Calling the discussion "fruitful", Aasrud said she also sought protection for Telenor's 3 billion dollar investment in the Indian telecom sector.

GDP growth may slip to a 3-year low of 6.9 pc

Tue, 07 Feb 2012 11:51:28 +0530

The economic growth is likely to fall to a three-year low of 6.9 per cent in 2011-12, mainly due to sharp slowdown in manufacturing, agriculture and mining sectors, against 8.4 per cent expansion in the last fiscal.

Indian IT cos in US paid $15bn taxes : Mithai

Tue, 07 Feb 2012 10:46:11 +0530

The Indian IT industry in the US has contributed USD 15 billion in taxes alone in the last five years, Foreign Secretary Ranjan Mathai said, stressing on the need to eliminate discriminatory actions.

Sensex closes 85 points down; metal stocks fall

Tue, 07 Feb 2012 09:40:06 +0530

The market snapped five-day winning streak on Tuesday, weighed down by capital goods, metals, auto stocks and heavyweights Bharti, Infosys & SBI. However, buying in oil & gas and private banks limited the downside. The Nifty closed below the 5350 level, falling 26.5 points to 5,335.15. Meanwhile, the Sensex dropped 85.11 points, to close at 17,622.20.

Preity's KPH Dream Cricket posts Rs 35.26 cr loss

Tue, 07 Feb 2012 12:43:48 +0530

As franchisees gear up for the next IPL season, Bollywood actress Preity Zinta co-owned KPH Dream Cricket Private Ltd continues to be a loss making venture, with accumulated losses of Rs 68.08 crore in 2010-11 from three IPLs already held. KPH Dream, which owns IPL franchisee outfit Kings XI Punjab, recorded accumulated losses of Rs 32.82 crore in 2009-10.

SpiceJet not to hike fare despite Rs 39-cr loss

Mon, 06 Feb 2012 11:13:23 +0530

Despite reporting nearly Rs 40-crore loss in the December quarter due to a 90 per cent spike in fuel costs, no-frills carrier SpiceJet on Monday ruled out increasing fares.

Sibal-Norwegian IT minister meeting on the cards

Mon, 06 Feb 2012 10:34:22 +0530

Telecom Minister Kapil Sibal on Monday indicated that a meeting with Norwegian IT Minister Rigmor Aasrud is on the cards, in the backdrop of the Supreme Court order cancelling 122 2G licences.

Government may auction 5 pc stake in ONGC

Mon, 06 Feb 2012 10:26:46 +0530

The Government may auction 5 per cent stake in Oil and Natural Gas Corp, the nation's biggest energy explorer, to raise about Rs 12,000 crore.

Budget session schedule to be decided today

Mon, 06 Feb 2012 10:17:33 +0530

Schedule for the Budget session of Parliament will be decided on Tuesday amidst indications that the Union Budget 2012-13 may be presented around the middle of March.

Europcar selects TCS as IT partner in France

Mon, 06 Feb 2012 08:47:23 +0530

Country's biggest software services firm Tata Consultancy Services (TCS) on Monday said it has signed a multi-year, multi-million euro contract with European car rental company Europcar for deployment of IT services in France.

2G verdict: Tatas to file review petition in SC

Mon, 06 Feb 2012 08:18:01 +0530

Aggrieved by cancellation of its three licences by the Supreme Court, Tata Teleservices on Monday said it will file a review petition against the order as the company had applied for these licences more than 18 months before the 2008 licensing process began.

Trai considering putting ceiling on mobile tariffs

Mon, 06 Feb 2012 07:39:49 +0530

In view of some incumbent players seeking to raise mobile tariffs, telecom regulator Trai on Monday started the process to review the existing policy and see if it was required to put a ceiling on tariffs.

Trai's exit policy to come with 2G auction report

Mon, 06 Feb 2012 07:21:37 +0530

Telecom regulator Trai will soon give its recommendations on the exit policy - a move that will pave the way for operators to surrender licences - along with its report on fresh auction of 2G spectrum within two months.

RBI cautions against Manappuram Finance

Mon, 06 Feb 2012 06:38:40 +0530

The RBI on Monday said it has come across instances of acceptance of deposits by Kerala-based Manappuram Finance even after the firm converted itself into a non-deposit taking non-banking financial company, cautioning it was not permitted to do so.

Tax exemption limit may be hiked to Rs 2 lakh

Mon, 06 Feb 2012 05:10:38 +0530

The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.

'Slowdown in Western economies give India a chance to grow'

Mon, 06 Feb 2012 04:35:42 +0530

UN Industrial Development Organization's Director General Dr Kandeh K Yumkella says slowdown in the western economies has thrown open opportunities for India to attract investments into the country.

2G: Govt will protect customers, says Pilot

Mon, 06 Feb 2012 02:30:11 +0530

The government on Monday said it is looking at various options to protect the interest of subscribers following the Supreme Court's order to cancel 122 licenses given to the telecom companies.

Business irregularity will be punished: Moily

Mon, 06 Feb 2012 01:54:25 +0530

Union Minister M Veerappa Moily has said that any investor will be awarded if they invest but will also be punished if there is any irregularity.

2G auction should be among new operators: Uninor

Mon, 06 Feb 2012 12:50:04 +0530

New operator Uninor, a joint venture between Telenor of Norway and Unitech, on Monday said the company will participate in 2G spectrum auction but did not rule out exit option from the Indian market.

Don't see GDP growth improving soon: Pranab

Mon, 06 Feb 2012 10:56:29 +0530

With the budget session round the corner, Union Finance minister Pranab Mukherjee has said that India may have to settle for a GDP growth of 7 per cent in the coming year.

Sensex ends 102 pts up; metals, banks lead

Mon, 06 Feb 2012 09:41:32 +0530

The market continued its upward journey for the fifth consecutive session on Monday, led by banks, capital goods and metals stocks. It started off with more than 200 points gains on the Sensex and even the Nifty was near to the 5400 mark.

2G: Foreign investors not willing to give up yet

Mon, 06 Feb 2012 08:34:11 +0530

There seems to be no end to the 2G battle any time soon as foreign investors hit by the cancellation of licences have decided to move the court to protect their interests.

Oneworld Alliance defers Kingfisher's entry

Sat, 04 Feb 2012 07:26:44 +0530

The joining of Kingfisher Airlines into the global airline grouping 'Oneworld Alliance' was put on hold on Friday due to the financial crisis faced by the Vijay Mallya owned carrier.

Infosys swaps manufacturing, finance heads

Sat, 04 Feb 2012 03:49:12 +0530

The heads of Infosys Ltd's business units serving the finance and manufacturing sectors are swapping jobs, in an indication that both are contenders to take over the chief executive's post when it opens up in 2015.

Telenor takes $ 721 mn Indian writedown

Sat, 04 Feb 2012 12:14:55 +0530

Norway's Telenor will write down 4.2 billion crowns related to its Indian operations after a court there ordered its licences revoked, in a move analysts said was long overdue and had been expected by investors.

'Telecom review petition's scope quite limited'

Fri, 03 Feb 2012 11:18:06 +0530

Asim Abbas, Partner with Khaitan & Co spoke to CNBC-TV18 about his view on the legal recourse that telecom operators are looking forward to with regard to the 2G verdict. He says that the scope for the review petition is quite limited.

TRAI begins process for 2G spectrum auction

Fri, 03 Feb 2012 06:54:49 +0530

Following the Supreme Court order, telecom regulator TRAI on Friday started the process of auction of 2G spectrum and issued a pre-consultation paper on the same seeking views of all stakeholders.

2G: Telecos owe Rs 10,000 cr to PSU banks

Fri, 03 Feb 2012 04:18:47 +0530

Public sector banks have an exposure of about Rs 10,000 crore in the telecom companies whose licences were cancelled by the Supreme Court in connection with 2G spectrum allocation scam.

Monetary tightening, global crisis hit growth: PM

Fri, 03 Feb 2012 02:44:44 +0530

Addressing the Conference of Chief Secretaries in New Delhi, Prime Minister Manmohan Singh on Friday said that monetary tightening together with difficult global economic environment has impacted rate of growth adversely.

European crisis to hit India: IMF official

Fri, 03 Feb 2012 11:39:49 +0530

Having already seen its effects on private investment, any further deterioration in the economic situation of Europe has the potential to hit the Indian economy, including a drop in exports, an International Monetary Fund (IMF) official has said.

Infosys signs MoU, to enter Super Corridor in MP

Fri, 03 Feb 2012 10:38:51 +0530

With IT majors like Infosys and TCS gearing up to enter Madhya Pradesh's commercial town of Indore, the state is trying to position itself as the most sought-after destination after metros like Bangalore, Pune and Hyderabad which are facing severe space crunch.

Sensex jumps 14 pc since Jan, closes at 17,605

Fri, 03 Feb 2012 09:14:55 +0530

The market closed the week with a flourish. A late burst of buying powers the Nifty above the 5,300 mark. The rupee too rallies, making a fresh 3-month high below the 49-mark.

Govt to infuse Rs 18,000 cr in 12 PSU banks

Fri, 03 Feb 2012 04:58:27 +0530

The Finance Ministry will be infusing Rs 18,000 crore in the current fiscal in 12 banks, including SBI, and will be seeking supplementary grants from Parliament in the Budget session.

Air India says to clear dues to oil cos on Friday

Fri, 03 Feb 2012 01:29:31 +0530

Air India has settled a "major portion" of dues owed to state-run oil marketing companies and will pay the remainder on Friday, a spokesman for the ailing national carrier said on Thursday.

Telenor may quit India now after licences revoked

Thu, 02 Feb 2012 11:50:50 +0530

Norwegian telecom firm Telenor could quit India now after the Supreme Court revoked its mobile licences and not wait for new market rules to be introduced, the company's chief executive told.

2G verdict: A big blow to the UPA government?

Thu, 02 Feb 2012 10:27:49 +0530

The SC observed that DoT didn't listen to the Finance Ministry while going ahead with the first-come, first-serve policy in allotting spectrum.

2G verdict: Established players like Bharti, Vodafone to benefit

Thu, 02 Feb 2012 10:01:58 +0530

As many as 122 2G licenses cancelled in 22 circles across India - in a country of 900 million subscribers, it is less than 5 per cent.

Oil firms halt fuel supplies to AI, flights disrupted

Thu, 02 Feb 2012 09:51:08 +0530

State-owned oil companies on Thursday halted supplies of jet fuel to Air India for failing to honour payments even after expiry of the 90-day credit period, partially affecting the airline's flights.

SC verdict on 2G: What it means for consumers

Thu, 02 Feb 2012 08:46:35 +0530

The Supreme Court on Thursday cancelled all the 122 licenses issued in 2008 during the 2G spectrum allocation. A fresh auction will be held within four months.

India Inc invests $ 797 mn overseas in January

Thu, 02 Feb 2012 07:57:08 +0530

Overseas investments by Indian companies stood at $ 797 million in January, with Tata Group, infrastructure major IL&FS and pharma major Lupin emerging as major investors. As many as 418 overseas investment transactions were carried out by various companies last month.

2G: SC pulls up TRAI for "lopsided" methodology

Thu, 02 Feb 2012 06:20:30 +0530

The Supreme Court on Thursday pulled up the Telecom Regulatory Authority of India (TRAI) for adopting a "lopsided" approach in recommending grant of 2G spectrum at 2001 prices and methodology which suffered from several deficiencies.

Govt must clarify stand on 2G: Foreign telecos

Thu, 02 Feb 2012 05:34:38 +0530

Norwegian firm Telenor on Thursday sought a fair deal from the Indian government to protect its investment in the country after the Supreme Court cancelled the license of its joint venture Uninor.

Fin Min working on impact of 2G order on banks

Thu, 02 Feb 2012 04:54:52 +0530

The Finance Ministry is working out the financial implication of the Supreme Court judgement to cancel 122 telecom licences on the banking sector.

SC order in 2G not a bad news for investors: Telecom expert

Thu, 02 Feb 2012 01:43:11 +0530

Telecom expert Mahesh Uppal says that the SC order in 2G case will bring more transparency in the allocation process.

2G: SBI not worried about telecom exposure

Thu, 02 Feb 2012 01:06:59 +0530

State Bank of India (SBI), the country's top lender, is not worried about loans to telecom companies, whose licences have been cancelled, going bad as they may bid again, its deputy managing director Santosh Nair said.

Details of 122 2G licences cancelled by SC

Thu, 02 Feb 2012 12:52:54 +0530

The Supreme Court on Thursday cancelled all 122 telecom licences allotted under the 2G spectrum on or after January 10, 2008.

Customers won't be affected: TRAI on 2G order

Thu, 02 Feb 2012 12:50:28 +0530

Reacting to the Supreme Court judgement cancelling 122 2G licences, Telecom Regulatory Authority of India (TRAI) Chairman JS Sarma said that he did not expect disruption of facilities or services to the customers.

Innocent telecos will suffer in 2G: Experts

Thu, 02 Feb 2012 12:44:33 +0530

The Supreme Court on Thursday delivered a blow to the telecom industry by cancelling all licenses issued post January 2008, all in relation to the multi-crore 2G scam.

We have been treated unfairly: Uninor on 2G

Thu, 02 Feb 2012 11:59:19 +0530

Uninor, whose 22 licences allotted under the 2G spectrum have been cancelled by the Supreme Court on Thursday, claimed that the company was treated unfairly. The company in a statement issued on Thursday said that Uninor had followed the due process during the allocation and was not going to stop its operations.

Bharti Airtel gains on likely spectrum allocation

Thu, 02 Feb 2012 11:42:30 +0530

Bharti Airtel gained around 7 per cent at Rs 386 on likely allocation of spectrum on Thursday.

SC cancels all 122 2G licences given by A Raja

Thu, 02 Feb 2012 11:02:18 +0530

The Supreme Court has cancelled all 122 telecom licences allotted under the 2G spectrum during 2008. While cancelling the licences the Supreme Court ruled that 85 out of the 122 licences were outside the eligibility criteria for allocation. The Telecom Regulatory Authority of India (TRAI) must go in for a fresh issue of licences, ruled the Supreme Court.

Factbook: Facebook's laundry list of risks

Thu, 02 Feb 2012 10:27:40 +0530

Investors jumped on Facebook's regulatory filings on Wednesday for a glimpse into the company's inner workings ahead of one of the hottest initial public offerings in recent history. But there are also potential downsides.

Sensex closes 131 pts higher; RIL, SBI trim gains

Thu, 02 Feb 2012 09:10:57 +0530

The market closed higher for third consecutive session, though it erased some gains post Supreme Court's verdict on 2G case. Capital goods, technology, private banks and metals stocks, and Bharti Airtel helped the market. However, fall in Reliance and SBI trimmed gains in the last trading hours.

$5-billion IPO to make Facebook worth $100 billion

Thu, 02 Feb 2012 06:21:15 +0530

After a long wait and much speculation, Facebook filed for its IPO on Wednesday to raise a targeted $5 billion in a hotly anticipated initial public offering, setting the stage for Silicon Valley's biggest-ever IPO.

RCom rejigs wireless business management

Wed, 01 Feb 2012 10:25:21 +0530

In management rejig of telecom operations, Anil Ambani-led Reliance Communications on Wednesday said that its wireless business head Syed Safawi was leaving the company and COO Shamik Das would oversee all the geographical divisions.

Rupee hits highest level in nearly 3 months

Wed, 01 Feb 2012 05:16:00 +0530

The rupee touched its highest level against the dollar in nearly three months on Wednesday, supported by strong dollar inflows and a recovery in the local stock market.

Budget must tighten fiscal policy: Uday Kotak

Wed, 01 Feb 2012 03:06:36 +0530

Urging India to move ahead with economic reforms to benefit from the changing global dynamics, top banker Uday Kotak has said it is time for the country to go for a tighter fiscal policy and ease its monetary policy stance.

Budget to focus on fiscal consolidation: Montek

Wed, 01 Feb 2012 02:58:52 +0530

Speaking exclusively to CNBC-TV18 for the first time since the RBI policy announcement on January 24, Deputy Chairman of Planning Commission Montek Singh Ahluwalia said that the government will signal fiscal consolidation in the Budget, but it will not take massive contractionary steps.

Maruti reports 1st monthly sales rise since May

Wed, 01 Feb 2012 02:26:07 +0530

The country's largest car-maker Maruti Suzuki has made a turnaround in monthly sales after seven consecutive months of drop, with the company reporting 5.18 per cent rise in sales to 1,15,433 units for January.

Sensex ends 107 pts higher; metals, autos rally

Wed, 01 Feb 2012 09:20:51 +0530

The market retained its upmove on the first day of February, showing a strong follow-up to the January rally. It smartly rebounded in the last couple of hours of trade - especially after positive European cues post China's PMI data.

Airport Authority says Air India owes Rs 1,200 cr

Tue, 31 Jan 2012 07:18:01 +0530

State-run Air India owes the Airports Authority of India (AAI) 12 billion rupees while debt-laden private carrier Kingfisher Airlines owes 2.35 billion rupees, AAI Chairman VP Agrawal said.

January inflation could drop below 7 pc: Basu

Tue, 31 Jan 2012 07:05:51 +0530

Amid signs of moderation in price rise situation in the country, the January inflation numbers are likely to drop below 7 per cent, said Chief Economic Adviser Kaushik Basu.

Tata Global stock jumps on JV with Starbucks

Tue, 31 Jan 2012 12:51:54 +0530

Shares of Tata Global Beverages surged 6 per cent on Tuesday morning as investors gave a thumbs up to its joint venture with Starbucks Coffee Co to set up cafes in India.

Economic growth revised down to 8.4 pc for 2010-11

Tue, 31 Jan 2012 11:55:36 +0530

The government on Tuesday revised the economic growth rate for 2010-11 financial year slightly down to 8.4 per cent from the earlier estimate of 8.5 per cent.

India wins raw material export case against China

Tue, 31 Jan 2012 11:17:15 +0530

Led by the US, several countries, including India, Mexico and Brazil, have won their battle against China at the World Trade Organisation on export of raw material.

Sensex posts biggest monthly gains since Sept 2010

Tue, 31 Jan 2012 09:16:22 +0530

The market posted biggest ever monthly gains since September 2010, rising 11.5 per cent led by highest monthly inflow of foreign money since November 2010. The Nifty closed tad below the 5200 mark while the Sensex rallied over 17000 level quite smartly.

RBI for more open market operations

Tue, 31 Jan 2012 03:54:07 +0530

India's central bank is open to more open market operations to address the issue of liquidity, said a senior official on Monday.

Starbucks, Tata ink deal for cafes in India

Mon, 30 Jan 2012 06:25:24 +0530

Starbucks Corp said it will open its first outlets in India in August or September and plans to have 50 stores in operation by the end of the year in a joint venture deal with Tata Global Beverages.

DoT may not allow spectrum sharing by 3G operators

Mon, 30 Jan 2012 06:08:37 +0530

After their 3G roaming agreements being termed as "illegal" by DoT, telecom firms may be in for another shock now with the government deciding against allowing spectrum sharing in this segment. Spectrum sharing was expected to be part of the National Telecom Policy-2011 and the operators were looking forward to it, but the government's decision not to allow this may impact their business plans, sources in the know said.

Protectionism will hurt both US, India: Pranab

Mon, 30 Jan 2012 05:30:20 +0530

Worried over the adverse fallout of protectionism, Finance Minister Pranab Mukherjee said on Monday if the US stops outsourcing jobs to India, profitability of both the economies will be hurt.

FDI in retail will create jobs: Timothy Roemer

Mon, 30 Jan 2012 12:47:16 +0530

Opening up the retail sector to foreign investment will help create millions of jobs in India and also strengthen its trade ties with America, former American Ambassador to India Timothy Roemer has said.

AP: Power sector attracts huge investments

Mon, 30 Jan 2012 09:24:00 +0530

The state government on Sunday claimed that for the first time the the state power sector had attracted a lion's share of investments of around Rs 2.93 lakh crore and stood number two in attracting investments.

Sensex crashes 371 points at close

Mon, 30 Jan 2012 09:16:58 +0530

It was a bad start to the week on Monday with Sensex falling nearly 400 points to close way below its psychological 17000 mark. It was weighed down by banks, capital goods and metals sectors; index heavyweights Reliance and Bharti too added pressure on the market.

US: Pranab pitches for foreign investment in infra

Sun, 29 Jan 2012 01:57:12 +0530

Pitching for foreign investment in the infrastructure sector which needs $1 trillion in the 12th five-year plan, Finance Minister Pranab Mukherjee on Sunday asked the US investors to access the Indian debt market through a mechanism of regulated entities with a sustained long-term interest rate.

Facebook to file IPO documents as soon as Feb 1

Sat, 28 Jan 2012 10:05:26 +0530

Facebook plans to file documents as early as Wednesday for a highly anticipated IPO that will value the world's largest social network at between $75 billion and $100 billion, the Wall Street Journal cited unidentified sources as saying on Friday.

Skill shortage hurts hiring in Europe: Infosys

Sat, 28 Jan 2012 09:27:49 +0530

Infosys, India's second largest software services exporter, aims to expand its workforce in Europe, but is having trouble finding the computer science graduates it needs, the head of its European operations said on Friday.

Fitch cuts Italy, Spain, other euro zone ratings

Sat, 28 Jan 2012 09:07:40 +0530

Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years.

RBI to reintroduce second LAF to ease liquidity

Fri, 27 Jan 2012 10:12:13 +0530

With liquidity deficit being way above its comfort level, the Reserve Bank announced on Friday that it will reintroduce a second LAF window to inject cash into the system. The RBI operates liquidity adjustment facility (LAF) to help banks manage their liquidity position.

RBI to reintroduce second LAF to ease liquidity

Fri, 27 Jan 2012 09:48:58 +0530

With liquidity deficit being way above its comfort level, the Reserve Bank on Friday announced that it would reintroduce a second LAF repo to inject additional cash into the system.

Ranbaxy shares tumbles 7 pc on consent decree

Fri, 27 Jan 2012 12:01:09 +0530

Share prices of Ranbaxy tumbled nearly 7 per cent in the morning trade on Friday after a consent decree was filed in a United States court that requires the drug firm to make fundamental changes at its plants in the US and India.

Sensex closes above 17000, Rupee appreciates

Fri, 27 Jan 2012 09:40:49 +0530

The market staged a stunning performance for the fourth consecutive week led by huge inflow of foreign money that resulted into sharp appreciation in the Indian rupee. Better than expected earnings at home, signs of softening interest rates after RBI's CRR cut, stabilisation in the Europe and gradual improvement in the US economic data helped the Nifty get back above the 200 DMA (daily moving average) of 5,204, rising 12.5 per cent in four weeks. Even the Sensex jumped 11.5 per cent.

Mood at Davos cautious but not as bad as 2008: Mittal

Fri, 27 Jan 2012 07:48:08 +0530

The Indian economy is looking up but investments are yet to pick up pace says Bharti Airtel Chairman Sunil Bharti Mittal.

We are creating jobs in US: India Inc to Obama

Thu, 26 Jan 2012 08:03:28 +0530

With HCL Technologies announcing 10,000 jobs for locals in the US and Europe, India Inc on Thursday chose the WEF meet to send a strong message that Indian IT firms are creating and not stealing jobs in troubled western economies.

Ranbaxy may face permanent injunction in US

Thu, 26 Jan 2012 06:00:06 +0530

Indian pharma major Ranbaxy faces the possibility of a permanent injunction, which requires it to make fundamental changes to its plants both in the US and India and would prevent it from manufacturing drugs at certain facilities in the US.

Indian airlines likely to add 1,000 aircraft

Thu, 26 Jan 2012 03:21:53 +0530

Indian airlines and private non-scheduled air operators are together likely to add around 1,000 aircraft and 250 helicopters over the next five years, according to Planning Commission estimates.

India Inc thrives in boom and doom: PwC

Thu, 26 Jan 2012 02:10:01 +0530

Challenging economic conditions abroad are unlikely to affect the deal-making appetite of Indian companies as they are experts in closing deals both in the times of "boom and doom", consultancy giant PwC India Chairman Deepak Kapoor has said.

Mallya discusses KFA recovery plan with DGCA

Wed, 25 Jan 2012 07:13:00 +0530

Weeks after the aviation regulator warned Kingfisher not to compromise on aviation safety, its promoter Vijay Mallya on Wednesday met DGCA top brass in New Delhi and discussed the financial and operational recovery plan of the cash-strapped airline.

Union Budget may be presented in mid-March

Wed, 25 Jan 2012 02:00:58 +0530

The Union Budget may be presented around the middle of March in view of the ongoing Assembly elections, Finance Minister Pranab Mukherjee indicated on Wednesday.

Banks may cut lending rates in some segments

Wed, 25 Jan 2012 10:40:55 +0530

Banks are likely to reduce lending rates for select sectors and may see an improvement in their net interest margins after the RBI cut cash reserve requirements for banks, top bankers said.

Europe poses global recession threat: IMF

Wed, 25 Jan 2012 10:07:13 +0530

Europe's debt crisis could tip the world economy into recession and a bigger firewall is urgently needed to keep the damage from spreading, the International Monetary Fund said.

Corruption is a major concern: Azim Premji

Wed, 25 Jan 2012 10:04:10 +0530

The five-day World Economic Forum (WEF) kicks off at Mountain Resort Davos in Switzerland from Tuesday. Wipro Chairman Azim Premji who is one among the delegates said that corruption was a concern.

Sensex closes 81 points up; Tata Motors shares rise

Wed, 25 Jan 2012 09:28:40 +0530

The 30-share BSE Sensex rose 81.41 points, to close at 17,077.18 and the 50-share Nifty went up 30.95 points to 5,158.30 on Wednesday.

Citigroup to lay off 100 employees in India

Tue, 24 Jan 2012 10:16:05 +0530

International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise. None of the company's operations or verticals will be affected because of the lay-offs which will be carried out in the next few days, a spokesperson of Citigroup said.

Cabinet gives final nod to Cairn-Vedanta deal

Tue, 24 Jan 2012 08:04:38 +0530

The Union Cabinet on Tuesday gave final approval to London-based mining group Vedanta Resources Plc's acquisition of a majority stake in Cairn India Ltd for USD 8.48 billion. The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh cleared the deal this evening, highly placed sources said.

Telco chiefs meet Sibal to discuss spectrum pricing

Tue, 24 Jan 2012 06:24:40 +0530

For the second time in as many months, Telecom Minister Kapil Sibal on Tuesday 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 and one-time fee.

RBI asks Government to free diesel prices

Tue, 24 Jan 2012 05:55:01 +0530

The Reserve Bank of India (RBI) on Tuesday said the Government should deregulate diesel prices in order to contain the trade deficit, which is expected to widen to $160 billion during the current fiscal.

Difficult to predict timing of rate cuts: RBI

Tue, 24 Jan 2012 04:57:17 +0530

Reserve Bank of India Governor Duvvuri Subbarao said on Tuesday it would be difficult to predict the timing, pace and magnitude of any interest rate cuts. The RBI will be very circumspect about how rate cuts should roll out when they start, he said, adding the central bank would also have to look at the fiscal deficit before cutting rates.

TCS gets green signal for Indore SEZ

Tue, 24 Jan 2012 04:35:02 +0530

The Government on Tuesday permitted IT software major Tata Consultancy Services (TCS) to set up a Special Economic Zone at Indore in Madhya Pradesh, even as it allowed Videocon group to pull out from its SEZ project at Jalpaiguri in West Bengal.

'CRR cut to increase liquidity, boost growth'

Tue, 24 Jan 2012 01:39:39 +0530

The Reserve Bank's decision to cut cash reserve ratio (CRR) by half a percentage point will boost the economic growth by increasing liquidity in the system and reducing cost of fund, the Finance Ministry said on Tuesday.

RIL's share buyback to start from February 1

Tue, 24 Jan 2012 11:41:47 +0530

The country's most-valued firm Reliance Industries on Tuesday said its Rs 10,440 crore share buyback offer will start from February 1 and closes on January 19, 2013.

RBI cuts CRR, interest rates unchanged

Tue, 24 Jan 2012 11:09:41 +0530

The Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 50 bps to 5.50 per cent which will be effective from January 28 and held repo rate steady at 8.5 per cent.

Davos: Financial fragility and igloo protests

Tue, 24 Jan 2012 10:33:44 +0530

An igloo protest camp sprouting up amid $500-a-night hotels and security cordons at the Swiss resort of Davos seems to serve a warning to the world's rich and powerful gathering in Davos: Beware, or you might be sleeping in the snow next year, too.

WEF begins: Is the economy ahead of curve?

Tue, 24 Jan 2012 09:46:55 +0530

CNN's Richard Quest speaks to World Economic Forum founder Dr Klause Schwab about the big challenge for heads of state and industrialists.

CRR cut impact: Sensex ends 244 pts up

Tue, 24 Jan 2012 09:39:21 +0530

The Nifty closed at more than 2-month high on heavy volumes, rising 1.5% in reaction to the 50 basis points cut in cash reserve ratio (funds that banks have to keep with RBI) by the Reserve Bank of India.

Sibal to meet telco chiefs on spectrum pricing

Tue, 24 Jan 2012 08:17:45 +0530

Seeking clarity on pricing of spectrum and allocation, CEOs of five top telecom operators including Bharti Airtel, Reliance Communications and Idea Cellular will be meeting Telecom Minister Kapil Sibal on Tuesday.

Reserve Bank to review its credit policy today

Tue, 24 Jan 2012 07:49:36 +0530

The RBI has increased interest rates 13 times since March, 2010, to contain inflation and India Inc has been demanding a cut in the rates to arrest declining economic growth.

RBI to review its credit policy today

Tue, 24 Jan 2012 07:25:50 +0530

Amid slowing economic growth, the Reserve Bank of India (RBI) is reviewing its credit policy on Tuesday. RBI is not expected to cut interest rates at its review as it remains worried about inflation, but it may cut the cash reserve ratio (CRR) for banks as a way to relieve tight liquidity, a move that would cheer markets as a sign of easing intent.

Sibal to meet telecom chiefs on Tuesday

Mon, 23 Jan 2012 08:04:59 +0530

RBI may keep rates unchanged in Tuesday's review

Mon, 23 Jan 2012 07:09:18 +0530

Indicating that it may not tweak interest rates in Tuesday's policy review, the Reserve Bank of India (RBI) on Monday said it will try to strike a balance between the need for promoting growth and containing inflationary expectations.

Jet Lite, Jet Konnect to merge by May: Official

Mon, 23 Jan 2012 06:54:54 +0530

Country's largest private sector air carrier Jet Airways on Monday said it will complete the merger of its two low-cost models - Jet Lite and Jet Konnect - under a single brand by May.

Re recovers to touch over 2-month high Vs dollar

Mon, 23 Jan 2012 06:46:52 +0530

The rupee jumped 21 paise to a two-and-a-half month high of Rs 50.10/11 against the US dollar on the back of sustained capital inflows and weakness in the American currency overseas.

Anand Sharma for cut in interest rates by RBI

Mon, 23 Jan 2012 05:03:50 +0530

Ahead of the monetary policy review by RBI, Commerce and Industry Minister Anand Sharma on Monday made out a strong case for lowering of interest rates in the wake of industrial slowdown.

Maruti Q3 profit down 63.6 pc, sales by 17.4 pc

Mon, 23 Jan 2012 02:20:17 +0530

The country's largest car-maker Maruti Suzuki India on Monday reported a 63.6 per cent fall in net profit for the quarter ended December 31, 2011, to Rs 205.6 crore.

Sensex ends on a flat note; RIL, metals disappoint

Mon, 23 Jan 2012 09:28:37 +0530

The Sensex closed rangebound session on a flat note following lacklustre global markets. Mixed set of numbers too kept the Nifty moving around 5050 level during the day; Reliance and Sterlite disappointed the street with less than expected bottomline numbers in Q3 while L&T's numbers were above expectations and Maruti's profit was in line with estimates.

RBI may maintain status quo in its policy review

Sun, 22 Jan 2012 11:20:47 +0530

Overlooking the demand of India Inc to lower interest rates, the Reserve Bank in its policy review may refrain from cutting policy rate as the inflation of manufactured goods is still high.

Nokia to invest Rs 250 cr to revamp India business

Sat, 21 Jan 2012 02:20:37 +0530

Mobile handset market leader Nokia, with manufacturing facility in an SEZ near Chennai, plans to revamp its business in India by infusing fresh investment of Rs 250 crore in the next three years, with potential to create 500 new jobs.

India trying to find ways to pay for Iran oil: RBI

Sat, 21 Jan 2012 01:34:23 +0530

Reserve Bank of India Deputy Governor KC Chakrabarty on Friday said efforts were being made to explore ways to pay for oil imported from Iran, which has been subjected to international sanctions.

RIL announces Rs 10,440 crore share buyback

Fri, 20 Jan 2012 11:31:20 +0530

The country's most-valued firm Reliance Industries on Friday announced a buyback of shares worth up to Rs 10,440 crore from the public in what would be largest such programme in the history of the Indian capital market.

Vodafone wins tax battle against government

Fri, 20 Jan 2012 10:06:01 +0530

The SC has set aside a Bombay HC ruling asking Vodafone to pay over Rs 11,000 crore as tax on the Vodafone-Hutch deal.

Pranab, Khurshid meet over Vodafone tax ruling

Fri, 20 Jan 2012 06:17:08 +0530

Concerned over revenue implications of the Supreme Court judgement on the Vodafone case, Finance Minister Pranab Mukherjee on Friday held consultations with Law Minister Salman Khurshid and senior officials.

RIL posts 13.6 pc drop in Q3 net profit

Fri, 20 Jan 2012 06:16:03 +0530

Reliance Industries on Friday reported a 13.6 per cent drop in net profit to Rs 4,440 crore for the third quarter ended December 31, 2011.

Vodafone hails Supreme Court judgement

Fri, 20 Jan 2012 06:04:14 +0530

UK-based Vodafone Group Plc, the parent company of Vodafone Essar, on Friday hailed Supreme Court's ruling to set aside the Bombay High Court judgement asking the company to pay income tax of Rs 11,000 crore.

Vodafone wins tax dispute, Govt to refund money

Fri, 20 Jan 2012 01:46:15 +0530

The Supreme Court on Friday pronounced its judgement on Vodafone International Holdings' appeal and said that the Indian tax authorities have no jurisdiction over transactions outside India.

Google results fall short, shares crash 9 pc

Fri, 20 Jan 2012 11:48:27 +0530

Google Inc's quarterly results fell short of Wall Street's heightened expectations for the holiday season as declining search advertising rates contributed to a rare miss, triggering a 9 per cent slide in its shares.

RIL heads for largest buyback programme?

Fri, 20 Jan 2012 09:59:37 +0530

Reliance Industries (RIL) is mulling a buyback and if its gets the go-ahead from the board on Friday, this will be India's largest buyback programme ever.

Volatile Sensex trades higher; RIL under pressure

Fri, 20 Jan 2012 09:25:58 +0530

The market stayed in a positive terrain amid choppy trade on Friday, supported by banks, capital goods, steel and technology stocks. Asian markets too maintained their upside following improvement in Europe; Nikkei and Kospi rose 1-1.5 per cent; Hang Seng, Shanghai and Straits Times were up 0.3-0.6 per cent.

Wipro beats estimates, Q3 profits up by 12 pc

Fri, 20 Jan 2012 08:58:21 +0530

Third largest (among listed companies) software services provider Wipro has reported a consolidated net profit of Rs 1,456 crore in the third quarter of FY12, a growth of 12 per cent as compared to Rs 1,299.9 crore in the previous quarter.

SC judgement on Vodafone tax dispute today

Fri, 20 Jan 2012 07:38:42 +0530

The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings' appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison.

SC judgement on Vodafone tax dispute on Friday

Thu, 19 Jan 2012 10:00:07 +0530

HDFC Bank Q3 Net up 31 pc on higher income

Thu, 19 Jan 2012 06:49:57 +0530

HDFC Bank on Thursday reported a 31 per cent growth in its net profit at Rs 1,429.66 crore for the December quarter, mainly on account of increase in interest income and lower provisioning for bad loans.

'Internet penetration can help raise GDP'

Thu, 19 Jan 2012 05:52:49 +0530

A 10 per cent increase in Internet penetration in India can increase the gross domestic product (GDP) by 1.08 per cent, says a report released on Thursday by the Indian Council for Research on International Economic Relations.

Kodak files for bankruptcy, gets $ 950 mn lifeline

Thu, 19 Jan 2012 02:19:57 +0530

Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies.

Sensex closes 192 points up; banks, metals lead

Thu, 19 Jan 2012 09:28:41 +0530

The Sensex on Thursday rose 192.27 points, to close at 16,643.74, supported by index heavyweights ICICI Bank, L&T and Reliance; while the Nifty closed above an important psychological 5,000 mark - for the first time since December 7, 2011.

RCom may seek up to $1.5 bn in unit IPO: sources

Thu, 19 Jan 2012 03:01:05 +0530

Indian billionaire Anil Ambani's Reliance Communications is looking to raise up to $1.5 billion in a Singapore listing of its undersea cable unit, two sources said, though poor risk appetite globally and the company's unsuccessful deal-making history pose challenges.

Bharti to challenge Rs 10.67 bn tax demand in court

Thu, 19 Jan 2012 01:29:36 +0530

Top Indian mobile phone carrier Bharti Airtel said on Wednesday it will challenge in court a 10.67 billion rupee tax demand from the country's income tax department over payments to international telecoms operators.

I-T Dept demands Rs 1,067 cr TDS from Bharti

Wed, 18 Jan 2012 07:10:25 +0530

The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.

RBI seen holding rates steady, CRR cut unlikely

Wed, 18 Jan 2012 04:36:12 +0530

The Reserve Bank of India will not cut interest rates at its review on Tuesday, although it is nearly unanimously expected to do so by the end of June, a Reuters poll of 22 economists showed.

Power crisis: CEOs seek access to coal blocks

Wed, 18 Jan 2012 02:59:28 +0530

Some of India's biggest tycoons are set to make their case to Prime Minister Manmohan Singh on Wednesday on how to resolve the country's worsening electricity crisis, adding pressure on a government blamed for neglecting major policy initiatives.

Economic growth may fall below 7 pc: Pranab

Wed, 18 Jan 2012 12:04:57 +0530

Finance Minister Pranab Mukherjee has issued grim warning saying that the economy could grow at less than seven per cent in 2011-2012. Mukherjee said that the months ahead could be very difficult for the economy.

Sensex ends flat; cap goods, IT, metals fall

Wed, 18 Jan 2012 09:16:00 +0530

It was a dull session on Wednesday following a stellar rally on Tuesday. It stayed moderately lower for major part of the session led by profit booking. Global markets too consolidated today. Index heavyweight Reliance Industries was the star performer while TCS, post its numbers, dragged the technology space down.

Government moves to let foreign airlines invest

Wed, 18 Jan 2012 01:21:02 +0530

India's beleaguered airline industry was thrown a potential lifeline on Tuesday when the Aviation Ministry said it would recommend that the government allow foreign airlines to buy stakes of up to 49 per cent in Indian carriers.

RCom gets $1.18 bn loan from China banks

Wed, 18 Jan 2012 12:30:55 +0530

Chinese state banks have agreed to lend $1.18 billion to Indian billionaire Anil Ambani's debt-laden mobile carrier Reliance Communications to repay overseas convertible bonds due for redemption on March 1.

TCS Q3 cons net up 23 pc on outsourcing demand

Tue, 17 Jan 2012 08:03:17 +0530

Tata Consultancy Services reported 23 per cent year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong.

Ajit Singh recommends 49 pc FDI in civil aviation

Tue, 17 Jan 2012 06:09:03 +0530

The Civil Aviation ministry has recommended 49 per cent FDI in the airline sector. Civil Aviation Minister Ajit Singh said a cabinet note allowing foreign airlines to invest in domestic carriers will be floated.

Sensex ends 277 pts up, Maruti gains 10 pc

Tue, 17 Jan 2012 09:03:03 +0530

The Sensex staged an excellent performance on Tuesday after witnessing a consolidation in the previous four sessions, though there was small bout of profit booking in last few minutes of trade. The Sensex rose 276.69 points, to close at 16,466.05 and the Nifty moved up 93.40 points to 4,967.30 after hitting an intra-day high of 4,975.55.

Mamata's biz bluster mixes up cricket, geography

Mon, 16 Jan 2012 03:49:53 +0530

Banerjee boldly plunged into a sales pitch for attracting investment in the cash-strapped state at the recent Bengal Leads 2012 business summit in Kolkata.

Inflation declined due to fall in food prices: Rangarajan

Mon, 16 Jan 2012 03:40:40 +0530

The Chairman of the Prime Minister Economic Advisory Council explains the factors that led to the decline in inflation.

December inflation at a two-year low of 7.47 pc

Mon, 16 Jan 2012 12:49:28 +0530

Headline inflation fell to a two-year low of 7.47 per cent in December 2011 on cheaper food items, a factor which may prompt the Reserve Bank to cut policy rates in the upcoming review.

Sensex ends flat; capital goods, IT gain

Mon, 16 Jan 2012 09:08:05 +0530

The benchmarks as well as broader markets closed flat on first day of the week. It was under pressure in the first half of trade due to weak Asian cues, tracking a series of downgrades in Europe by rating agency S&P. Oil & gas sector too weighed down the market. However, the market seemed to have factored in all negatives and it managed to turn positive in the second half, supported by technology, capital goods, auto and metals stocks. Even, European markets were flat after initial sell-off.

Reliance Media to move businesses to subsidiaries

Sun, 15 Jan 2012 10:11:49 +0530

Reliance MediaWorks, a film and entertainment company, said its board had approved separating its exhibition and film and media services businesses into subsidiaries.

'Kingfisher importing ATF is bad economics'

Sun, 15 Jan 2012 10:52:12 +0530

As the government mulls allowing Kingfisher Airlines to import ATF directly, oil companies have opposed the move saying the proposal was "bad economics" for the beleaguered airline in view of high taxes and handling cost.

RBI notifies change in single-brand retail in FDI

Sat, 14 Jan 2012 03:21:15 +0530

The Reserve Bank of India (RBI) on Friday operationalised the change in FDI policy by removing restrictions on foreign investment limit in single brand retail.

'Screening social websites a technological issue'

Fri, 13 Jan 2012 11:03:37 +0530

The government has sanctioned the prosecution of several websites including Google, Facebook, Yahoo and YouTube amongst others. The Delhi High Court had earlier refused to squash proceedings against Google and Facebook.

RBI notifies FDI in single-brand retail

Fri, 13 Jan 2012 07:44:52 +0530

The Reserve Bank of India (RBI) on Friday formally notified allowing full foreign ownership in single-brand retail sector in the country. The government had earlier taken decision to open up the sector.

Mark Mobius upbeat on emerging economies

Fri, 13 Jan 2012 03:18:49 +0530

Global investment guru Mark Mobius has a positive outlook on emerging economies in the long term and believes that their stock markets would be at much higher levels in the course of year than present levels.

German bank may seize two Kingfisher planes

Fri, 13 Jan 2012 01:45:36 +0530

Germany's DVB Bank SE said it may repossess two Airbus A320 aircraft from troubled Kingfisher Airlines Ltd if the carrier failed to meet its commitment to the lender in due time.

DoT asked to refund penalties to new operators

Fri, 13 Jan 2012 01:35:10 +0530

In a major development, the telecom tribunal TDSAT on Friday set aside all penalties imposed by the Government on new telecom operators for delay in meeting roll out obligations of services.

Sensex ends 117 pts up; metals, banks support

Fri, 13 Jan 2012 09:14:20 +0530

The market managed to recover almost all its previous day's losses on Friday, supported by infrastructure, metals, banks, metals and telecom stocks. However, the fall in Reliance, HDFC and TCS limited the upside.

Industrial production surges to 5.9 pc in Nov

Thu, 12 Jan 2012 10:40:01 +0530

CNBC TV18's Banking Editor Latha Venkatesh explains what this means for the economy.

Food inflation remains in negative zone

Thu, 12 Jan 2012 12:57:39 +0530

Food prices fell for the second consecutive week as food inflation remained in the negative zone at -2.90 per cent for the week ended December 31, 2011.

Industrial production in Nov grows by 5.9 pc

Thu, 12 Jan 2012 11:21:29 +0530

Industrial production has grown by 5.9 per cent in November, 2011, in comparison to the level in the corresponding month of 2010. The figures for October 2011 were a disappointing -5.1 per cent.

Banks grapple with Air India loans

Thu, 12 Jan 2012 10:35:51 +0530

Banks may have to downgrade their loans to loss-making state-run Air India after they deferred a long-pending debt restructuring proposal, seeking a revision and making it tougher for the carrier to raise funds, three sources said.

Infosys, RIL drag Sensex 138 points down

Thu, 12 Jan 2012 09:31:35 +0530

Bears remained powerful for the whole session on Thursday on bleak guidance from Infosys for FY12. However, it managed to trim some looses in late trade on better than expected Spain's bond auction. Meanwhile, though industrial output improved significantly in November, it proved to an non-event for the market.

Infy Q3 profit at Rs 2372 cr, up 25 pc over Q2

Thu, 12 Jan 2012 09:15:28 +0530

Infosys, the second largest software services exporter, reported a better than street expected numbers in the third quarter of FY12 but the company disappointed with its dollar revenue guidance for FY12.

Air India cabin crew call off strike

Thu, 12 Jan 2012 08:26:07 +0530

Air India cabin crew personnel, who were on a strike for the past two days, have decided to go back to work after their sustenance allowance dues were partially paid on Wednesday, sources said.

Need to narrow down revenue-expense gap: Pranab

Wed, 11 Jan 2012 09:35:11 +0530

Finance Minister Pranab Mukherjee on Wednesday said it would be difficult to restrict fiscal deficit to targeted level of 4.6 per cent of GDP this fiscal, but all efforts be taken to narrow down the revenue expenditure gap.

'Budget needs to signal fiscal correction'

Wed, 11 Jan 2012 05:30:36 +0530

India's budget for 2012-13 should send a credible signal on fiscal consolidation by reforming the petroleum subsidy, Montek Singh Ahluwalia, deputy chairman of India's planning commission, said.

Govt won't bail out private airlines: Ajit Singh

Wed, 11 Jan 2012 03:22:41 +0530

Giving a clear message to ailing Indian carriers, Civil Aviation Minister Ajit Singh on Wednesday asked national carrier Air India to become competitive as the Government "cannot keep on pouring money" and told private carriers that there would be no bailout for them.

Sensex ends flat; metals shine, IT falls

Wed, 11 Jan 2012 09:29:54 +0530

The market consolidated throughout the session on Wednesday, though it managed to hold 4850 level on the Nifty quite well. Wednesday's trend was completely in line with global cues.

Restrictions on FDI in single-brand retail lifted

Wed, 11 Jan 2012 07:55:27 +0530

India formally eliminated restrictions on foreign investment in its single-brand retail sector on Tuesday, opening the door to the likes of Swedish furniture giant IKEA to open stores in Asia's third-largest economy.

Pre-Budget meetings with Pranab begin today

Wed, 11 Jan 2012 02:24:41 +0530

Finance Minister Pranab Mukherjee will start pre-Budget consultations with various stakeholders from Wednesday. The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists over the next three weeks to get their feedback and inputs for considering incorporation in Budget 2012-13.

Economic growth to slip to 7 pc in 2011-12: Montek

Wed, 11 Jan 2012 12:10:00 +0530

The Planning Commission on Tuesday said the country's economic growth in the current fiscal will slip to 7 per cent from 8.5 per cent a year ago and may not touch 9 per cent in the next financial year.

Pre-Budget meetings with Pranab from Wednesday

Tue, 10 Jan 2012 09:43:47 +0530

Govt notifies 100 pc FDI in single brand retail

Tue, 10 Jan 2012 07:41:20 +0530

India on Tuesday allowed 100 percent foreign equity in single brand retail, notifying the norms that, among other things, said all wholly owned international brands will need to source 30 percent of their requirements locally.

Car sales in India rise 8.5 pc in Dec: SIAM

Tue, 10 Jan 2012 02:06:51 +0530

Car sales in India rose an annual 8.5 percent in December, an industry body said on Tuesday, the second consecutive monthly rise as the industry continued to rebound from record falls in sales in late 2011.

2G: DB Realty loses plea on attachment of property

Tue, 10 Jan 2012 01:58:01 +0530

DB Realty on Tuesday lost an appeal against the attachment of Rs 223 crore property over the 2G spectrum scam. The PMLA (Prevention of Money Laundering Act) authority said that the Enforcement Directorate (ED) was justified in attaching the property.

Price Waterhouse fumes as Satyam files case

Tue, 10 Jan 2012 09:19:29 +0530

Outraged over a case filed by Satyam against it, audit firm Price Waterhouse on Monday said it was an attempt to shift responsibility to auditors.

Sensex up 350 points; Banks, metals surge

Tue, 10 Jan 2012 09:06:34 +0530

The Sensex got strengthened post Moody's upgraded India's rating to investment grade, rising 350 points. Even the Nifty too hit the century led by sharp upside in banks, oil & gas and capital goods stocks.

Kingfisher submits plans on passenger safety

Tue, 10 Jan 2012 07:53:33 +0530

After a rap from the aviation regulator for neglecting safety issues, Kingfisher Airlines on Monday submitted a detailed response to DGCA giving time-bound plans to resolve the lapses and discrepancies identified.

DGCA to review IndiGo fleet expansion

Tue, 10 Jan 2012 07:22:00 +0530

India's aviation regulator plans to review the massive fleet expansion plans of IndiGo, the country's No 2 airline, after a safety audit found a shortage of trained staff and alleged operational discrepancies, a report by the regulator shows.

Chatwal eyes 100 hotels in India in 10 years

Mon, 09 Jan 2012 06:22:14 +0530

New York-based Chatwal Hotels and Resorts is looking to expand in India with initial investments of Rs 2,000 crore and plans to operate around 100 hotels in the next 10 years in partnership with international hospitality major Wyndham Hotel Group.

SC admits Sahara's plea challenging SAT order

Mon, 09 Jan 2012 04:29:31 +0530

The Supreme Court on Monday admitted Sahara group's plea challenging the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors, and extended its interim order to stay tribunal's decision till further date.

Sensex ends flat; broader markets outperform

Mon, 09 Jan 2012 08:56:42 +0530

The market closed flat on Monday after a sharp recovery in the second half of trade. Equity benchmarks tried to get back into green for a while before the closing, but cautious European markets ahead of Angela Merkel and Nicolas Sarkozy meet weighed down over the market. Overall expectation of the third quarter earnings kept the market nervous on Monday.

Investing in India tough, say NRIs

Sun, 08 Jan 2012 07:10:44 +0530

Many overseas Indians participating in the annual Pravasi Bharatiya Diwas diaspora meet have complained that investing in the country was difficult due to lack of facilities and red tape.

Food deflation to end in a few weeks: Kaushik Basu

Sat, 07 Jan 2012 09:59:39 +0530

The recent deflation in food prices is expected to continue for the next few weeks, following which a scenario of low inflation in food prices will be witnessed from February, Chief Economic Advisor Kaushik Basu said on Saturday.

RBI okays Air India's debt restructuring plan

Sat, 07 Jan 2012 09:16:24 +0530

The Reserve Bank has approved debt-ridden national carrier Air India's financial restructuring plan, which would enable banks to amortise their provisional losses over 29 quarters, a senior Air India official said on Saturday in Mumbai.

After Kingfisher, AI, DGCA raps other carriers

Sat, 07 Jan 2012 06:09:07 +0530

Aviation regulator DGCA, which came down heavily on Kingfisher and Air India Express for ignoring safety requirements, has also found serious lapses on part of other carriers on major counts.

Politics hurting India's growth: HDFC Chairman

Sat, 07 Jan 2012 07:36:09 +0530

HDFC Chairman Deepak Parekh has come down heavily on both the Opposition and the coalition government saying that their style of politics is hurting India's growth. Speaking to Karan Thapar on Devil's Advocate, Thapar said, "Disruption in politics is not good and what we saw in Parliament gives you a little negative feeling on democracy."

Fitch downgrades Hungary to junk status

Sat, 07 Jan 2012 12:26:43 +0530

Fitch Ratings downgraded Hungary's credit grade to junk status on Friday, citing a standoff between the country and the European Union and the International Monetary Fund over rescue loans.

Pranab holds review meeting on revenue collection

Fri, 06 Jan 2012 10:19:51 +0530

Finance Minister Pranab Mukherjee on Friday held discussions on ways to step up revenue collection for 2011-12 with top officials of Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT).

TRAI seeks industry views on exit policy

Fri, 06 Jan 2012 09:54:57 +0530

In a move that will pave the way for the exit of unsuccessful telecom service providers from the business, Telecom Regulatory Authority of India (TRAI) on Friday issued a pre-consultation paper on a proposed exit policy for various telecom licence holders.

India can achieve 9 per cent growth: Montek

Fri, 06 Jan 2012 09:39:46 +0530

India can achieve nine per cent growth in 12th five-year plan if scarcity in the key sectors of infrastructure and energy is addressed through big investment, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Friday.

Kingfisher fails to pay dues by Jan 6 deadline

Fri, 06 Jan 2012 08:22:37 +0530

Debt-ridden Kingfisher Airlines on Friday failed to pay its service tax dues for December, which could lead to freezing of its bank accounts once again, a senior Finance Ministry official said.

'Budget likely to be between March 12 and 16'

Fri, 06 Jan 2012 07:51:11 +0530

AI to sell its 6 Boeing-737 cargo planes

Fri, 06 Jan 2012 05:17:02 +0530

In a major bid to shore up its falling revenues, cash-strapped Air India has floated a global tender for the sale of six Boeing 737 freighters, virtually bringing the curtains down on its plan to launch a dedicated cargo service.

KFA shares crash as DGCA raises concerns

Fri, 06 Jan 2012 11:55:34 +0530

Kingfisher Airlines fell more than 8 per cent after the country's aviation regulator, Directorate General of Civil Aviation, asked the carrier to provide a specific timeline for getting its grounded aircraft back in the air and for its recapitalization efforts.

Sensex ends flat, recovery led by RIL, ADAG

Fri, 06 Jan 2012 09:22:11 +0530

The market showed a good come back in the last one hour of trade on rumours that Mukesh Ambani and Anil Ambani jointly will be taking press conference in the evening.

Ratan Tata says Nano wasted early opportunity

Fri, 06 Jan 2012 04:10:45 +0530

The Nano is not a flop, its creator Ratan Tata said on Thursday, but he acknowledged that his Tata Motors failed to capitalise on the early excitement surrounding the launch of the world's cheapest car.

No more flouting of safety regulations: DGCA

Thu, 05 Jan 2012 08:58:50 +0530

The DGCA on Thursday cracked the whip on airline, saying there will be no compromise on air safety after an official audit report suggested that the financial crisis in the aviation sector may lead to safety concerns.

Govt committed to infra projects: PM to industry

Thu, 05 Jan 2012 08:41:19 +0530

Prime Minister Manmohan Singh on Thursday assured the industry that his government is committed to giving a big push to investment in infrastructure projects which will also help the economy to recover from slowdown. Singh gave this assurance to CII President B Muthuraman and Director General Chandrajit Banerjee who called on him.

Kingfisher is a non-performing asset: SBI

Thu, 05 Jan 2012 08:15:58 +0530

State Bank of India, cash-strapped Kingfisher Airlines' largest creditor, on Thursday called the Vijay Mallya-led air-carrier a non-performing asset.

Scheduled flights will continue to operate: KFA

Thu, 05 Jan 2012 05:22:01 +0530

Kingfisher Airlines on Thursday said that the scheduled flights will continue to operate and safety of passengers is of paramount importance.

IT sectors to see slower spending growth in 2012

Thu, 05 Jan 2012 03:35:03 +0530

Worldwide IT spending is forecast to total $3.8 trillion in 2012, a 3.7 per cent increase from the previous calendar year, according to the latest outlook by technology researcher Gartner.

Nano isn't a flop, says Ratan Tata

Thu, 05 Jan 2012 03:34:46 +0530

Claiming that Nano wasn't a flop, Tata Sons Chairman Ratan Tata on Thursday admitted that the company wasted an early opportunity on the car.

Kodak may file for bankruptcy: Report

Thu, 05 Jan 2012 01:10:46 +0530

Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday.

Food inflation turns negative; drops to -3.36 pc

Thu, 05 Jan 2012 12:58:03 +0530

Food inflation entered the negative zone at (-) 3.36 per cent for the week ended December 24 as prices of essential items like vegetables, onion, potato and wheat declined.

Sensex ends 22 points down, Nifty unchanged

Thu, 05 Jan 2012 09:08:40 +0530

It was another boring session for the Indian equities on Thursday due to lack of any major global and domestic cues. The Sensex fell 22 points, to close at 15,859.99 and the Nifty was almost unchanged at 4750.20.

Scott Thompson named the new Yahoo CEO

Wed, 04 Jan 2012 07:50:44 +0530

Yahoo Inc named Scott Thompson, president of eBay Inc's PayPal division, as its new CEO on Wednesday.

Kingfisher Airlines denies reports of lay-offs

Wed, 04 Jan 2012 06:16:02 +0530

In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options.

Volatile Sensex ends with moderate losses

Wed, 04 Jan 2012 09:18:17 +0530

The market retreated after an upmove in the previous two sessions and closed with moderate losses on Wednesday. It was weighed down by telecom, cement, FMCG, auto (barring Tata Motors) and technology stocks. Index heavyweight Reliance Industries too was under pressure.

Cabinet to discuss NHB stake transfer today

Wed, 04 Jan 2012 08:10:24 +0530

The Union Cabinet is likely to meet on Wednesday the Prime Minister's house to discuss the proposal to transfer RBI's stake in the National Housing Bank (NHB) to the Government.

RBI to buy back up to Rs 120 bn bonds on Friday

Tue, 03 Jan 2012 11:26:10 +0530

The Reserve Bank of India (RBI) on Tuesday said it will buy up to 120 billion rupees of government bonds via open market operations on Friday, including the 10-year paper which till recently was the benchmark paper.

Network18 to acquire ETV, become debt-free

Tue, 03 Jan 2012 03:48:40 +0530

In a significant move, Network 18 and TV 18 announced an expansion into regional news and entertainment on television through a Rs 2,100-crore acquisition of ETV channels. Both the companies also announced rights issues for themselves, each amounting to Rs 2,700 crore. The proceeds will be used to make both the companies debt-free, finance the ETV acquisition, and fund working capital requirements.

Sensex ends 421 pts higher; Metal index up 5 pc

Tue, 03 Jan 2012 09:18:48 +0530

The Sensex gained 452 points intra-day trade on Tuesday, continuing a positive uptrend for the second consecutive session in the year 2012. Global cues and the rally in most beaten down sectors like capital goods, banks and metals boosted the confidence of the Indian equities.

Risk of politics scoring over economy: Basu

Mon, 02 Jan 2012 07:49:49 +0530

Kaushik Basu, Chief Economic Advisor to the Indian government, said on Monday that there is a risk of politics scoring over economy and hoped politics does not come in the way of determining petrol prices.

Govt's anti-inflation steps hit growth: Ratan Tata

Mon, 02 Jan 2012 05:34:44 +0530

Tata Group's Chairman Ratan Tata on Monday said that the government's anti-inflation steps hit growth and demand and India was fortunate to show continued economic growth despite global slowdown.

Will Asian equities rebound in 2012?

Mon, 02 Jan 2012 11:06:01 +0530

The risks from Europe's debt crisis and a global slowdown have left investors in Asia reeling in 2011, but analysts tell CNBC, Asian equities will outperform and push global markets higher in 2012 because of further policy easing and better valuations.

Fiscal situation likely to be better in 2012

Mon, 02 Jan 2012 10:59:55 +0530

What a year it has been for the Indian banking sector, and the road ahead too doesn't seem to be very smooth. Every macro economic indicator got worse, perhaps worse than we have ever seen it except the six months post Lehman.

RBI likely to ease monetary policy: Subbarao

Mon, 02 Jan 2012 10:42:22 +0530

The Reserve Bank of India is likely to begin easing monetary policy to address concerns about economic growth, Governor Duvvuri Subbarao said in a BBC interview, reiterating comments made by the RBI when it kept rates unchanged on December 16.

Sensex ends 63 pts up amid low volume

Mon, 02 Jan 2012 09:41:20 +0530

The first trading session of the year turned out to be a merely dull day. It closed with moderate gains amid low volume due to lack of global and domestic cues, though it closed with moderate gains amid low volume. The support was led by oil & gas, steel, auto (four-wheeler), technology and banks (top two lenders) while auto (two-wheeler), FMCG and select infrastructure stocks were down.

Govt lets foreign individuals invest in stock markets

Mon, 02 Jan 2012 08:37:52 +0530

India will allow individual foreign investors direct access to its stock market from January 15, the government said on Sunday, the latest step to liberalise Asia's third-largest economy after a year of big losses on the benchmark Sensex index.

Happy New Year: Over 5 lakh new jobs in 2012

Sun, 01 Jan 2012 01:56:03 +0530

The new year may bring in loads of cheers for job-seekers, as the experts expect the companies to hire more than five lakh new employees during 2012 despite the uncertainties prevailing about the overall economic scenario.

Ministry proposes $ 6.2 bn aid for Air India

Sat, 31 Dec 2011 09:58:34 +0530

The Aviation Ministry proposes to provide Rs 330 billion to cash-strapped Air India by 2017 as part of the government's 12th Five-Year Plan, according to a working group report seen by Reuters.

TCS pips RIL to become India's most valuable firm

Sat, 31 Dec 2011 09:32:59 +0530

Top software exporter Tata Consultancy Services surpassed Reliance Industries on the last trading day of the year to become the country's most-valuable firm, capping a gloomy year for shareholders of the energy major controlled by India's richest man Mukesh Ambani.

India to borrow Rs 40000 cr more in 2011-12: RBI

Fri, 30 Dec 2011 07:21:19 +0530

India will borrow an additional Rs 400 billion through dated securities in the current fiscal year ending in March, the RBI said on Friday.

Sensex ends 89 pts down, crashes 24 pc in 2011

Fri, 30 Dec 2011 09:19:08 +0530

The last day of the year 2011 was quite bad for the market, weighed down by banks, metals stocks, and index heavyweight Reliance Industries. It had seen some short covering today but the last couple of hours of trade turned tricky. It closed lower for the fourth consecutive session on Friday.

AI to issue $ 1.4 bn preference shares to banks

Fri, 30 Dec 2011 07:56:09 +0530

Air India's banks will own a chunk of the loss-making state carrier after its board approved issuing preference shares worth Rs 75 billion to lenders led by State Bank of India as part of a financial restructuring.

AI to issue its bankers shares worth Rs 7,500 cr

Thu, 29 Dec 2011 07:59:27 +0530

A proposal to issue preferential shares worth Rs 7,500 crore to Air India's lenders was approved by its Board on Thursday, as the national carrier saw significant rise in its yields and passenger revenue.

Rupee declines by 8 paise against US dollar

Thu, 29 Dec 2011 10:07:07 +0530

The Indian rupee shot past the Rs 53 per US dollar-mark in early trade on Wednesday, losing 8 paise to Rs 53.05 per dollar amid foreign capital outflows and dollar gains against the euro and other rivals overseas, coupled with a lower opening in the domestic equity market.

Sensex ends 183 points down, RIL drops

Thu, 29 Dec 2011 09:26:40 +0530

The Nifty ended below the 4650 level on expiry day in the last series of the year 2011. The last one hour of trade on Thursday was very bad for the market - as there was sharp slaughtering in capital goods, private banks stocks. Index heavyweight Reliance Industries pulled the Sensex down 183.92 points.

Ambani brothers bitter rivalry over?

Thu, 29 Dec 2011 12:16:00 +0530

The billionaire Ambani brothers on Wednesday appeared to signal that their bitter rivalry may end as they prayed, danced and ate together at a two-day family reunion to mark the 80th birth anniversary of their father Dhirubhai at this small Gujarati village.

Ambani brothers to inaugurate Dhirubhai memorial together

Wed, 28 Dec 2011 06:08:22 +0530

Mukesh, Anil came together at their hometown in Gujarat to commemorate Dhirubhai Ambani's 80th birth anniversary.

Sensex ends 146 pts down; banks, oil & gas drag

Wed, 28 Dec 2011 09:39:03 +0530

The market shaved off all Monday's gains in the last two days' fall amid volatility, especially weighed down by banks and Reliance for second consecutive session. It seems like bears were partying ahead of the F&O expiry on Thursday. The movement seen in the market this week was despite absence of global cues as global markets are in a holiday mood for Christmas.

Flight fares to remain high on strong demand

Tue, 27 Dec 2011 01:28:20 +0530

Despite Gulf and Indian air carriers increasing capacity and flights between the two regions, fares are unlikely to come down while demand for seats remains high, according to a survey.

Sensex ends 97 pts down; banks, metals fall

Tue, 27 Dec 2011 09:15:33 +0530

The Sensex retreated on Tuesday led by profit booking in the second half of trade, pulled down by banks, technology and metals stocks. Index heavyweights Reliance and BHEL too added pressure on the market. The Sensex was down 96.80 points, to close at 15,873.95 and the Nifty fell 28.50 points to 4,750.50.

Tata to replace starter motors in Nano models

Mon, 26 Dec 2011 12:33:28 +0530

India's Tata Motors is upgrading the starter motor of all old Nano models to the one installed in its new 2012 edition, launched in November, a spokesman said on Monday.

Sensex ends 232 pts up on Infosys, RIL support

Mon, 26 Dec 2011 09:06:22 +0530

The Sensex staged nice performance on the first day of last week of the year 2011, shooting up over 200 points amid low volumes. Telecom, technology, banks, FMCG and capital goods were major sectors that led the rally. Positive macro data and congress move from the US too lifted the confidence of Indian equities on Monday.

Japan to enter dollar swap agreement with India

Sun, 25 Dec 2011 06:31:54 +0530

The Japanese government is considering a dollar swap arrangement with India to provide emergency liquidity in case the European debt crisis reaches emerging economies, the Nikkei business newspaper said on Sunday.

Top 6 cos lose Rs 9,791 cr in market value

Sun, 25 Dec 2011 11:30:34 +0530

A lacklustre stock market saw the combined market capitalisation (m-cap) of six of the country's top-10 firms getting eroded by Rs 9,791 crore last week.

Bharti, Vodafone, Idea asked to stop 3G roaming

Fri, 23 Dec 2011 06:49:29 +0530

Telecom Ministry on Friday issued notices to three leading telecom firms - Bharti airtel, Vodafone and Idea - asking them to stop their 3G roaming agreements with immediate effect as the pacts are illegal and has sought their response within 24 hours.

Govt has not shelved FDI in retail: Pranab

Fri, 23 Dec 2011 12:40:48 +0530

Finance Minister Pranab Mukherjee on Friday made it clear that the government has not shelved its plans of bringing Foreign Direct Investment (FDI) in retail. "We could not bring FDI in retail in this winter session, that does not mean that we have shelved it," Pranab said.

Determined to achieve growth: PM to India Inc

Fri, 23 Dec 2011 09:35:59 +0530

Leading industrialists met Prime Minister Manmohan Singh on Thursday amid concerns over the slowdown in the economy and shrinking industrial output. The Prime Minister assured them that the government was determined to get back on the growth path.

Sensex closes 75 points down in volatile trade

Fri, 23 Dec 2011 09:21:08 +0530

The Sensex fell more than 74 points and the Nifty tested the 4700 mark, weighed down by oil & gas, banks, realty, power and metal stocks. The Sensex closed 74.66 points or 0.47 per cent down to 15738.70 and the Nifty dropped 19.85 or 0.42 per cent points to 4714.00.

'Negative remarks by India Inc add to uncertainty'

Fri, 23 Dec 2011 03:21:03 +0530

Prime Minister Manmohan Singh on Thursday hit out at industry leaders for their "negative comments" on government policies, saying it has "added to the uncertainty" but admitted that evolving of consensus on issues takes longer than desired due to coalition politics.

PM meets industrialists amid slowdown fears

Thu, 22 Dec 2011 08:11:14 +0530

Amid concerns of slowdown in economy and shrinking industrial output, Prime Minister Manmohan Singh on Thursday met leading industrialists and assured them that the government was determined to get back on the growth path.

'India may borrow $ 9.5 bn by pledging assets'

Thu, 22 Dec 2011 06:18:58 +0530

India plans to borrow up to Rs 5 lakh crore ($ 9.5 billion) by pledging property and shares to bridge the government's budget deficit, Bloomberg reported on Thursday, citing unnamed government officials.

Sensex ends 128 pts higher; banks lift spirits

Thu, 22 Dec 2011 09:14:23 +0530

The market saw smart rebound in the afternoon trade after more than 200 points fall on the Sensex. The Nifty clawed back above the 4700-mark for the first time in last five sessions on closing basis, aided by further short covering in banks, capital goods, oil & gas, FMCG and power stocks.

India back in trillion-dollar market cap club

Thu, 22 Dec 2011 12:59:59 +0530

Within a day of slipping out of the coveted league of countries with trillion-dollar-size stock markets, India on Wednesday regained this status as a 510-point strong Sensex rally boosted its market capitalisation to $ 1.02 trillion.

Moody's upgrades rating of Indian Govt bonds

Wed, 21 Dec 2011 04:23:13 +0530

Global agency Moody's on Wednesday upgraded the credit rating of Indian government's bonds from speculative to investment grade, a move that could encourage FIIs to increase their exposure in gilts and help companies raise funds from abroad at competitive rates.

US bill aims to choke call centres in India

Wed, 21 Dec 2011 11:22:06 +0530

A bipartisan bill has been tabled in the US House of Representatives to make companies that move call centres overseas ineligible for grants or guaranteed loans from the federal government, a move aimed at stemming the tide of jobs heading to nations like India.

Sensex ends 510 pts higher; banks, tech surge

Wed, 21 Dec 2011 09:24:27 +0530

It was a relief rally for the Sensex - shot up 3 per cent - on Wednesday after a big rout in last two weeks (fall of over 1500 points), reacting to sharp upmove in global peers since Tuesday. As expected by many technical experts, the short-covering led rally took past the Nifty 4700 mark in last minutes of trade, before closing up 148.95 points at 4,693.15.

Indian market loses trillion-dollar tag

Tue, 20 Dec 2011 10:42:47 +0530

After Tuesday's sell-off, Indian market has lost one more key title - that of being a trillion dollar market.

Kingfisher Airlines violated tax rules: minister

Tue, 20 Dec 2011 12:50:20 +0530

Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, a government minister told lawmakers on Tuesday

Sensex touches 28-month low, ends 204 pts down

Tue, 20 Dec 2011 09:39:11 +0530

The market closed at 28-month low on Tuesday after it broke the important technical level of 4550. The fall in index heavyweights in the last hour of trade and even considering fall over 1000 points on Sensex since last week had investors running for cover.

FDI in retail will benefit all: Sunil Munjal

Tue, 20 Dec 2011 08:28:26 +0530

The Hero Cycles MD says FDI in retail will help in streamlining the overall system of trade and industry.

Sensex plunges to its lowest level in 2 years

Mon, 19 Dec 2011 10:06:14 +0530

The BSE Sensex fell 0.72 per cent on Monday to its lowest close since August 2009.

Banks are trying to help Kingfisher: SBI chief

Mon, 19 Dec 2011 07:25:34 +0530

The lenders to struggling Kingfisher Airlines are trying to help it and are open to extending further loans to the carrier, said the leader of a consortium of the airline's banks.

Sensex falls to lowest close since August 2009

Mon, 19 Dec 2011 09:26:32 +0530

The BSE Sensex fell 0.72 per cent on Monday to its lowest close since August 2009, as investors continued last week's selloff on mounting concerns over slowing growth in Asia's third-largest economy amid lingering global economic uncertainty.

Rupee fall spells big troubles for FIIs

Sun, 18 Dec 2011 10:54:00 +0530

A sharp fall in rupee value, which is already rubbing salt on the foreign investors' injury in the Indian stock market, may create further troubles for their entry into the newer segments such as currency trading.

Mumbai: Dalit businessman breaks the barrier

Sun, 18 Dec 2011 09:46:14 +0530

A Dalit businessman Ratilal Makhwana, who fought against caste barriers in his profession, now owns three companies with an annual turnover of a whopping 400 crores. When Makwana started his business 30 years ago, he least expected untouchability to be a hindrance in his growth trajectory.

Kingfisher to get $ 47 mn loan from Sahara: report

Sun, 18 Dec 2011 08:10:43 +0530

The Sahara group will give a loan of more than 2.5 billion rupees to cash-strapped Kingfisher Airlines, to help the carrier continue operations, the media reported on Saturday, citing sources.

Fitch warns may downgrade 6 euro zone nations

Sat, 17 Dec 2011 09:37:53 +0530

Fitch Ratings on Friday warned it may downgrade Belgium, Italy, and four other euro zone countries in the absence of a "comprehensive solution" to the region's debt crisis.

Court yet to note chargesheet against Essar, Loop

Sat, 17 Dec 2011 06:55:14 +0530

The special trial court set up to heat the case against Essar and Loop Telecom in the 2G spectrum allocation case, is yet to take cognizance of the chargesheet filed against both companies.

RBI policy hints at shifting focus to growth

Fri, 16 Dec 2011 03:46:29 +0530

The Reserve Bank of India (RBI) is now focussing more on growth after a long spell of rate hikes to curb inflation. In its mid-quarter monetary policy announced on December 16, the banking regulator has kept its key policy rates unchanged: Cash reserve ratio (CRR) at 6 per cent, repo rate at 8.5 per cent, reverse repo at 7.5 per cent and statutory liquidity ratio (SLR) is at 24 per cent.

FM welcomes RBI's decision to keep rates unchanged

Fri, 16 Dec 2011 03:08:53 +0530

Finance Minister Pranab Mukherjee on Friday welcomed the Reserve Bank's decision to keep policy rates unchanged and expressed the hope that inflation would moderate in the coming weeks.

No hike in interest rates in RBI credit policy

Fri, 16 Dec 2011 12:17:53 +0530

The Reserve Bank of India (RBI) left the interest rates unchanged while announcing its credit policy on Friday. The credit policy left the Repo rate unchanged at 8.5 per cent while the Cash Reserve Ratio (CRR) will remain at 6 per cent.

Rupee gains after RBI intervention

Fri, 16 Dec 2011 09:33:36 +0530

The rupee rebounded early on Friday, a day after the central bank curbed speculation in the forwards market after the currency had plumbed record lows for three days in a row.

Sensex closes on a negative note; 345 pts down

Fri, 16 Dec 2011 09:16:50 +0530

Indian markets closed on a negative note with the 30-share BSE Sensex dropping more than 350 points, The Sensex closed at 15485.37, down by 351.10 points and the 50-share NSE Nifty was at 4651.60, down by 94.75 points.

IMF Chief warns of another great depression

Fri, 16 Dec 2011 08:27:29 +0530

Speaking at the US State Department Christiane Lagarde speaking on escalating euro zone crisis also called for collective action.

RBI to hit pause button on interest rates?

Fri, 16 Dec 2011 08:10:27 +0530

CNBC TV18's Banking Editor Latha Venkatesh explains how the decision's taken at the RBI's credit policy meet on Friday will impact consumers.

No country immune from economic crisis: Lagarde

Fri, 16 Dec 2011 07:59:41 +0530

No country is immune from an "escalating" euro zone crisis and each one must act to head off the risk of a global depression, the head of the International Monetary Fund said on Thursday.

RBI meet to review credit policy today

Fri, 16 Dec 2011 07:00:07 +0530

The Reserve Bank of India will meet on Friday to review its credit policy against the backdrop of a gloomy economic environment.

2012 will be a challenging year for IT firms: TCS

Thu, 15 Dec 2011 09:43:47 +0530

The depreciation in rupee's value is likely to benefit software exporters, but the global macro economic situation will pose a challenge for the industry next year, a top official of IT giant TCS said on Thursday.

Oil companies reduce jet fuel price by 1.3 pc

Thu, 15 Dec 2011 07:06:40 +0530

After three consecutive price hikes, state-owned oil companies on Thursday cut jet fuel rates by 1.3 per cent in step with softening in commodity's international rates.

'High interest rates contributed to economic slowdown'

Thu, 15 Dec 2011 02:18:36 +0530

Ahead of the RBI's credit policy meet, Pranab Mukherjee admitted that high interest rates have contributed to the economic slowdown.

Rupee hits new record low, at 54.20 per dollar

Thu, 15 Dec 2011 09:12:52 +0530

The rupee hit a record low for the fourth straight session on Thursday as concerns over the domestic economy and risk aversion globally raised fears of more capital outflows from Asia's third largest economy.

Sensex ends 45 pts down; RBI policy eyed

Thu, 15 Dec 2011 09:09:08 +0530

The market was highly volatile in the last couple of hours of trade, especially ahead of mid-quarter review of monetary policy on Friday at 12 noon from the RBI. Market was in confusion whether CRR cut will happen or not. The Sensex recovered 240 points from day's low of 15,596.22, before closing down 44.67 points at 15,836.47. The Nifty fell 17 points to 4,746.35, after hitting an intra-day low of 4,673.85.

Bharti, Vodafone under TRAI scanner over MNP

Wed, 14 Dec 2011 07:20:07 +0530

Two leading telecom firms, Bharti and Vodafone, have come under the scanner of regulator Trai for violating Mobile Number Portability (MNP) norms.

Rupee hits new low, no respite seen for now

Wed, 14 Dec 2011 06:47:30 +0530

The rupee hit yet another record low on Wednesday as worse-than-expected inflation data and the US Fed's decision to hold back on new stimulus steps heightened fears that capital outflows from emerging economies such as India could accelerate.

KFA, AI make part-payment, accounts de-freezed

Wed, 14 Dec 2011 03:52:10 +0530

The government has de-freezed the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues.

Inflation eases to 9.11 pc in November

Wed, 14 Dec 2011 01:13:34 +0530

Moderating prices of essential food items like onions, potatoes and milk pulled down inflation marginally to 9.11 per cent in November, a development that may prompt the Reserve Bank to halt its monetary tightening strategy at its policy review on Friday.

Eko takes banking to rural areas

Wed, 14 Dec 2011 11:45:36 +0530

For the urban India, banking means a stop at the nearest ATM, but what about the lakhs of people in the rural India who have no such access? But now thanks to the Eko system of banking, the mobile retail network has tied up with the SBI allowing almost 11 lakh rural customers to bank through their local shops.

Economic downturn temporary: Pranab Mukherjee

Wed, 14 Dec 2011 11:44:11 +0530

Finance Minister Pranab Mukherjee said, "The present economic downturn will be temporary and will soon take an upward movement."

Aiming at 9 pc growth in 12th Five-year Plan: PM

Wed, 14 Dec 2011 11:23:51 +0530

India needs to rapidly increase energy consumption to achieve the ambitious target of 9 per cent economic growth in the 12th Five-Year Plan (2012-17), Prime Minister Manmohan Singh on Wednesday said.

Rupee falls to a record low, at 53.75 per dollar

Wed, 14 Dec 2011 09:34:34 +0530

The rupee hit another record low on Wednesday as worse-than-expected inflation data and the US Fed's decision to refrain from new economy-boosting measures heightened concerns that capital outflows from riskier economies could accelerate.

Fall of the rupee: who gains, who loses

Wed, 14 Dec 2011 09:18:10 +0530

The fast deteriorating value of the Indian rupee is spelling good news for some and bad news for others. With industrial growth at an all-time low, the fall in the rupee could not have come at a worse time.

Sensex slips sharply to close 121 points lower

Wed, 14 Dec 2011 09:09:06 +0530

The Sensex wiped out all its Tuesday's gains post higher than expected monthly inflation numbers and weak European cues. Capital goods, banks, power, auto and realty stocks took beating in the second half of trade. The Sensex fell 121.37 points, to close at 15,881.14 and the Nifty dropped 37.35 points, to end at 4,763.25.

Rupee may fall further, touch 54 against dollar

Tue, 13 Dec 2011 09:22:31 +0530

The main problem is that lot of people who need dollars have remained un-hedged through the past several years.

Infosys topples RIL as most influential stock

Tue, 13 Dec 2011 06:56:15 +0530

Billionaire Mukesh Ambani-led Reliance Industries Ltd has lost its position as the Indian stock market's most influential individual company to IT major Infosys, following a recent plunge in its share price.

Rupee off day's low on shares boost

Tue, 13 Dec 2011 04:20:35 +0530

The rupee pulled back from the day's low in afternoon trades on Tuesday as a rebound in local equities provided some comfort, though the outlook remained bearish, with shrinking domestic growth and Europe's debt worries weighing.

Gold falls to 7-week low on Europe anxiety

Tue, 13 Dec 2011 01:51:55 +0530

Spot gold slid to a seven-week low on Tuesday, extending a 2.6-per cent decline in the previous session, as worries about the euro zone debt crisis continued to grip investors after the euphoria over the European Union summit agreement faded.

Nominees for Indian of the Year 2011 in Business

Tue, 13 Dec 2011 09:28:16 +0530

Here's a look at the nominees of CNN-IBN's Indian of the year in the category of Business.

Rupee at an all-time low of 53.21/dollar

Tue, 13 Dec 2011 09:22:14 +0530

The rupee sank to a record low of 53.21 per dollar on Tuesday on worries Europe's debt crisis could exacerbate the growth slowdown in Asia's third-largest economy.

Sensex closes 132 points up after 3-day fall

Tue, 13 Dec 2011 09:10:11 +0530

The market snapped a three-day losing streak on Tuesday, supported by index heavyweight Reliance Industries. Buying in banks, FMCG, metals, auto, power and pharma stocks led the short covering rally in late trade.

US hopes India will move forward on FDI

Tue, 13 Dec 2011 07:34:36 +0530

US has hoped that India would eventually move towards Foreign Direct Investment (FDI) in multi-brand retail which has been put on hold due to strong protest from key opposition parties.

Reliance Industries eyes fast-food business: report

Tue, 13 Dec 2011 03:21:51 +0530

Energy major Reliance Industries, India's most valued company that also runs supermarkets, plans to enter the fast-food business next year, the Economic Times reported on Monday.

India Inc warns of job losses, demands stimulus

Mon, 12 Dec 2011 08:41:08 +0530

Deeply worried at negative growth in industrial output, particularly the manufacturing sector, India Inc on Monday warned of job losses and said RBI should immediately bring down interest rates to stimulate investment.

BCCI terminates broadcast deal with Nimbus

Mon, 12 Dec 2011 05:42:35 +0530

The Board of Control for Cricket in India (BCCI) on Monday terminated a deal with its broadcast partners Nimbus, sources told CNN-IBN. The BCCI will encash the bank guarantee of Rs 2,000 crore, sources confirmed.

CBI chargesheets Essar, Loop Telecom in 2G

Mon, 12 Dec 2011 03:36:46 +0530

The Central Bureau of Investigation (CBI) has filed a chargesheet against Essar and Loop Telecom in the 2G spectrum allocation scam case. Essar has been charged with controlling Loop Telecom through a stake in Vodafone.

Industrial growth shrinks, CII warns of job cuts

Mon, 12 Dec 2011 03:17:34 +0530

The economic slowdown is real and for the first time in recent months India's industrial economy has actually shrunk. The Index of Industrial Production has fallen to minus 5.1 per cent in October, the lowest in 28 months and the Confederation of Indian Industries has warned of job losses and appealed for urgent measures to tackle the slowdown.

October industrial output falls 5.1 per cent

Mon, 12 Dec 2011 11:39:16 +0530

India's Industrial output in October plunged to minus 5.1 per cent. It was 1.9 per cent in the month of September.

Industrial output shrinks, plunges to -5.1 pc

Mon, 12 Dec 2011 11:27:49 +0530

India's industrial output contracted 5.1 per cent in October from a year earlier, government data showed on Monday, much sharper than a median forecast in a Reuters poll for 0.5 per cent fall.

RIL eyeing fast-food business: report

Mon, 12 Dec 2011 10:01:13 +0530

Energy major Reliance Industries, India's most valued company that also runs supermarkets, plans to enter the fast-food business next year, the Economic Times reported on Monday.

Sensex, rupee slaughtered on murky IIP data

Mon, 12 Dec 2011 09:06:41 +0530

Hopes of a pullback rally were dashed by the roaring bears, thanks to lower-than-expected October IIP data. It is now clear that India's growth engine is definitely slowing down. The first day of action-packed week was won by bears.

Reliance eyes energy targets in America

Mon, 12 Dec 2011 04:34:13 +0530

Reliance Industries (RELI.NS), India's most valuable listed company, is scouting for oil investments in the America as it looks to increase the stake of crude production it owns to feed its refinery, the world's largest, a senior executive said.

Top 9 firms lose Rs 65,884 crore in market value

Sun, 11 Dec 2011 05:19:33 +0530

The combined market capitalisation (m-cap) of the country's nine most valued firms got eroded by Rs 65,884 crore last week, with corporate bellwether Reliance Industries Limited (RIL) bearing the maximum loss.

'Infosys to hire 10,000 by March 2012'

Fri, 09 Dec 2011 07:56:40 +0530

IT major Infosys Technologies will start construction work on its first software development centre in West Bengal, at Rajarhat near Kolkata, in three to six months, a top company official said on Friday.

Govt admits it goofed up export data by $ 9 bn

Fri, 09 Dec 2011 07:46:41 +0530

Already battered by corruption scandals, and less than a week after an embarrassing policy U-turn, the Indian government admitted on Friday that it had accidentally inflated this year's export figures by more than $ 9 billion.

Mallya's guarantee of Rs 249 cr for Kingfisher

Fri, 09 Dec 2011 07:21:06 +0530

Kingfisher Airlines promoter Vijay Mallya has given a personal guarantee of Rs 248.97 crore, besides pledging shares as security against loans taken from various banks, Parliament was informed on Friday.

'Asia to be world's top casino market by 2013'

Fri, 09 Dec 2011 05:37:28 +0530

Asia will surpass the United States as the world's largest casino gaming market in 2013 on account of the region's robust economic growth and growing people interest for gambling, says a report by PwC.

Facebook IPO sparks dreams of riches, adventure

Fri, 09 Dec 2011 10:37:25 +0530

Travelling to space or embarking on an expedition to excavate lost Mayan ruins are normally the stuff of adventure novels. But for employees of Facebook, these and other lavish dreams are moving closer to reality as the world's No 1 online social network prepares for a blockbuster IPO.

BNP Paribas to buy out India broking JV

Fri, 09 Dec 2011 09:40:14 +0530

French lender BNP Paribas (BNPP.PA) will pay Rs 405 million to buy out its Indian institutional broking business from local partner Geojit Financial Management Services, the Indian company said on Thursday.

US drags China to WTO on chicken product imports

Fri, 09 Dec 2011 09:28:59 +0530

The US has knocked the World Trade Organisation (WTO), seeking a dispute settlement mechanism over China's imposition of duties on chicken product imports from the country.

Sensex nosedives, ends 275 points down

Fri, 09 Dec 2011 09:08:46 +0530

The Indian markets ended this week on a fragile note ahead of the action-packed events lined-up for the upcoming week. Sensex gave up most of its gains it recorded last week.

Microsoft upset over suspension of FDI in retail

Fri, 09 Dec 2011 03:23:59 +0530

Centre's decision to suspend FDI in multi-brand retail till a consensus is evolved has not only upset the domestic and international retail chain majors but also software major Microsoft.

Vedanta completes Cairn India acquisition

Thu, 08 Dec 2011 08:57:59 +0530

Mining group Vedanta Resources on Thursday completed the long delayed acquisition of oil producer Cairn India Ltd, after 16 months of protracted wrangling over royalty payments. Vedanta paid $8.67 billion for 58.5 per cent stake in Cairn India, the company said in a press statement. Iron-ore unit Sesa Goa Ltd holds 20 per cent of that stake.

India not the first choice for MNCs: Microsoft

Thu, 08 Dec 2011 07:07:11 +0530

Global software major Microsoft on Thursday said that for MNCs, India is no longer a preferred destination. Microsoft India chairman Bhaskar Pramanik said this when asked if the company is considering any R&D centre for West Bengal as it seeks to work closely with the state government.

TRAI to initiate process on exit policy for telcos

Thu, 08 Dec 2011 06:57:39 +0530

In a respite to new telecom service providers, who are operating in the highly competitive market dominated by incumbent GSM players, sectoral regulator TRAI on Thursday said it will come out with a paper seeking views on exit policy for such players.

Mamata invites IT giants to invest in Bengal

Thu, 08 Dec 2011 03:58:24 +0530

West Bengal Chief Minister Mamata Banerjee on Thursday announced full support for development of the IT and technology sector in the state.

October industrial output shrank by 7 pc

Thu, 08 Dec 2011 02:24:45 +0530

India's industrial output declined by 7 per cent in October, dragged down by a fall in the capital goods sector, the first time it moved into negative territory since June 2009, The Times of India reported on Thursday, quoting an unnamed source.

Food inflation falls sharply to 6.60 per cent

Thu, 08 Dec 2011 12:23:54 +0530

Food inflation fell sharply to 6.60 per cent for the week ended November 26, reflecting a decline in prices of essential items like vegetables, onions, potatoes and wheat.

S&P places EU, European banks on negative watch

Thu, 08 Dec 2011 12:23:14 +0530

Standard & Poor's Ratings Services has put its ratings on the European Union and some big banks on negative credit watch, warning possible downgrades within next 90 days.

Eurozone crisis to hit global airlines hard: IATA

Thu, 08 Dec 2011 11:59:56 +0530

The Eurozone crisis is turning out to be the biggest threat to the profitability of global aviation industry, with airlines in Asia-Pacific expected to post losses worth $ 1.1 billion out of a total industry loss of $ 8.3 billion next year, global airlines body IATA has said.

Sensex closes 389 pts down on domestic issues

Thu, 08 Dec 2011 09:06:30 +0530

Plagued by poor fundamentals, Indian markets chose to decouple from global markets and reacted vigorously to domestic news flow that was tinted red on Thursday. The opposition party's demand for resignation of P Chidambaram only added to market woes, further denting confidence of traders.

Credit Suisse sees Sensex at 13,200 pts by June

Wed, 07 Dec 2011 10:55:18 +0530

The Sensex is likely to rule between 13,200 and 14,400 points and the rupee may touch Rs 54-55 by June next, Credit Suisse India has said in a report.

Suspending FDI 'highly regressive': India Inc

Wed, 07 Dec 2011 02:18:43 +0530

Disappointed by the government's decision to put foreign direct investment (FDI) in multi-brand retail on hold, India Inc on Wednesday described the move as 'highly regressive'.

'Citigroup to axe 4,500 jobs in coming months'

Wed, 07 Dec 2011 12:35:28 +0530

Citigroup Chief Executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment.

Govt committed for telecom sector's growth: PM

Wed, 07 Dec 2011 11:30:26 +0530

Prime Minister Manmohan Singh on Wednesday reassured the telecom industry of the Government's full commitment for the growth of the sector which has been facing the heat following the 2G spectrum allocation scandal and has also been seeking early resolution of a dispute over 3G roaming.

Sensex ends 72 pts higher; IT shares soar

Wed, 07 Dec 2011 09:33:02 +0530

Traders on Dalal Street shut the screens on a watchful note as they booked profits leaving nothing on the desk. The focus now shifts to the EU Summit scheduled to be held on Friday.

Pak rejects Lakshmi Mittal's investment proposal

Tue, 06 Dec 2011 09:18:41 +0530

Pakistani authorities have turned down a proposal by India-origin steel magnate Lakshmi Mittal's company ArcelorMittal to invest in a coal project in the Thar desert of Sindh province, a media report said on Tuesday.

'FDI in retail will leave consumers suffering'

Tue, 06 Dec 2011 11:55:54 +0530

The Central government's proposal to introduce FDI in the retail sector can spell doom for both consumers and traders as it will dry up the existing supply chain with foreign investors jacking up prices, exploiting the situation to their benefit, according to a top official of a traders body.

Two wheeler majors aim for decent sales

Mon, 05 Dec 2011 12:38:51 +0530

Undeterred by the slump in the automobile market, two wheeler manufacturers in India aim to post decent sales this financial year, buoyed by good sales in November.

Lehman Brothers close to naming a new board

Mon, 05 Dec 2011 11:04:16 +0530

The bankruptcy estate of Lehman Brothers Holdings is close to naming a new board of directors to help finish winding down the collapsed financial firm, the Wall Street Journal said, citing people familiar with the matter.

Sensex closes moderately lower amid volatility

Mon, 05 Dec 2011 09:30:55 +0530

It was a boring Monday for the Indian markets as the Sensex closed marginally lower amid volatility. Traders preferred to book some profits after a stellar performance of the Sensex in the last week by adding 1151 points. The Nifty was down 11 points, to close at 5,039.15 and the Sensex declined 41.5 points, to end at 16,805.33.

Protests on FDI in retail false drama: India Inc

Sun, 04 Dec 2011 04:39:10 +0530

Anguished over "perennial disarray" in Parliament over FDI in retail, India Inc's prominent leaders on Sunday asked common people to stand up against "false drama" on the issue.

RBI to act if rupee fall escalates

Sun, 04 Dec 2011 02:34:48 +0530

The Reserve Bank of India will use all available tools to stem a fall in the rupee if the currency's downward spiral escalates and will take steps to keep liquidity in the country's markets at comfortable levels, a deputy governor said on Saturday.

Retailers disappointed over holding back of FDI

Sat, 03 Dec 2011 07:14:13 +0530

Expressing disappointment at the government's decision to put on hold the FDI in retail decision, players in the sector on Saturday said a political consensus must be arrived soon in the interest of consumers and farmers.

RIL's $ 1.52 bn investment plan in KG-D6 rejected

Sat, 03 Dec 2011 08:22:23 +0530

Oil Ministry and its technical arm DGH on Friday refused approval to Reliance Industries' $ 1.529 billion investment plan to develop satellite fields to offset fall in gas output at its flagging KG-D6 block.

'Kingfisher still in talks with local investor'

Sat, 03 Dec 2011 08:09:42 +0530

Kingfisher Airlines is still in talks with a potential local investor to raise funds, its chairman Vijay Mallya said on Friday, even as woes mounted for the cash strapped carrier with a major airport set to stop facilities on credit.

Mallya knocks for help to end Kingfisher crisis

Fri, 02 Dec 2011 10:43:12 +0530

Kingfisher chairman Vijay Mallya has said he is in talks with an Indian investor to bail out Kingfisher Airlines. This even as Mumbai Airport authorities have put the airline on notice for not paying dues up to Rs 90 crore.

Miracle on D-Street: Sensex rallies 7 per cent

Fri, 02 Dec 2011 09:40:41 +0530

This week has been one huge relief rally after the bloodshed we witnessed previously. Indian equities gained 7 per cent mainly led by global cues like the central banks' move to increase liquidity and the cut in China's reserve ratio.

'Kingfisher the favourite airline despite crisis'

Fri, 02 Dec 2011 08:49:39 +0530

In spite of the mounting troubles and the recent flight cancellations, Kingfisher shares honours with Jet Airways in the category of most favoured airlines in 2011, according to an annual airline and air travel survey released on Friday.

SC notices to Jet, Sahara on sellout dispute

Fri, 02 Dec 2011 06:52:41 +0530

The Supreme Court on Friday issued notices on cross appeals by Sahara India and Jet Airways challenging a Bombay High Court order directing the latter to pay a renegotiated amount instead of the original determined price for purchase of Sahara Airlines.

In talks with an investor for KFA: Vijay Mallya

Fri, 02 Dec 2011 11:32:08 +0530

Kingfisher Airlines Chairman Vijay Mallya is in talks with an Indian investor to invest in his cash-strapped airlines. Speaking to CNBC-TV18 Mallya said that he has also put in an application for importing Aviation Turbine Fuel (ATF) directly in a bid to cut costs.

Sensex closes 363 pts up, BPCL top gainer

Fri, 02 Dec 2011 09:06:40 +0530

The Sensex on Friday jumped over 363 points to close at 16846.83 while the Nifty went up by 113.30 points to close at 5050.15.

Politics must not stop progress: Ratan Tata on FDI

Thu, 01 Dec 2011 08:53:57 +0530

Tata Group chairman Ratan Tata on Thursday batted for foreign direct investment in retail, saying that political differences should not stop the progress of India.

Kingfisher gets notices to clear airport dues

Thu, 01 Dec 2011 03:58:00 +0530

Vijay Mallya-led Kingfisher Airlines is in more trouble with several airports slapping the aviation major notices to clear their dues. Mumbai airport has issued notice to Kingfisher Airlines to pay usage charges immediately amounting to Rs 90 crore.

Maruti Suzuki sales down 18 pc in November

Thu, 01 Dec 2011 10:57:47 +0530

The country's largest car-maker Maruti Suzuki India witnessed its sales drop for the sixth consecutive month in November, with the firm on Thursday reporting a 18.46 per cent decline in sales to 91,772 units.

Sensex ends 359 points up; banks lead the way

Thu, 01 Dec 2011 09:04:43 +0530

The BSE Sensex ended up 2.23 per cent on Thursday, to its highest close in two weeks, as coordinated action by six major central banks boosted hopes of increased fund inflows into Asia's third-largest economy.

Reliance Industries to issue $ 1 bn bond: Sources

Thu, 01 Dec 2011 05:12:50 +0530

Reliance Industries (RELI.NS) plans to issue a $1 billion 10-year overseas bond, probably early next year, to fund capital spending and possible acquisitions, three sources with direct knowledge said on Wednesday.

Eurozone crisis: Joint action by 6 Central banks

Wed, 30 Nov 2011 08:37:39 +0530

Central banks from six developed nations had to resort to coordinated action on November 30 to ensure that the European debt crisis did not fundamentally destablise the global financial system. Europe's rolling debt crisis continues to trouble economies and markets.

Petrol prices may be cut by Rs 1.02 a litre

Wed, 30 Nov 2011 03:47:01 +0530

State-owned oil marketing companies will meet later on Wednesday to review petrol prices and may cut the prices by Rs 1.02 a litre, the second reduction this month, on falling global oil rates.

India registers lowest GDP in 2 years

Wed, 30 Nov 2011 01:42:26 +0530

The last time India's GDP growth fell below 7 per cent was in 2009 when developed economies just stepped out of the financial crisis.

Economy expected to grow 7.3 pc in FY12: Pranab

Wed, 30 Nov 2011 01:32:56 +0530

India's economy is expected to grow 7.3 per cent in the fiscal year ending March 2012, Finance Minister Pranab Mukherjee told reporters on Wednesday, adding, the reading for the September quarter fell below the government's expectations.

Experts' views on second quarter GDP data

Wed, 30 Nov 2011 01:23:31 +0530

India's economy grew at its weakest pace in more than two years in the quarter that ended in September, revealing the heavy toll that stubbornly high inflation, rising interest rates and crisis-hit global capital markets are having on Asia's third-biggest economy.

Q2 GDP growth slows down to 6.9 pc from 8.4 pc

Wed, 30 Nov 2011 11:23:04 +0530

Strengthening the indications of an economic slowdown, India's GDP grew by just 6.9 per cent in the second quarter this fiscal in comparison to 8.4 per cent expansion in the same period last year due to poor performance of the manufacturing, agriculture and mining sectors.

S&P cuts ratings for big global banks

Wed, 30 Nov 2011 09:53:43 +0530

Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria.

Volatile Sensex ends 115 pts up amid weak GDP

Wed, 30 Nov 2011 09:31:40 +0530

The Sensex on Wednesday gained 115 points despite a disappointing domestic second quarter GDP and weak global peers. The day has been very volatile as the index has seen a swing of 330 points, before closing at 16,123.46. Oil & gas, telecom, FMCG, technology and HDFC group's stocks helped the Nifty to close up 27 points at 4,832.05.

FDI in retail to deepen Indo-US cooperation: US

Wed, 30 Nov 2011 08:46:43 +0530

Welcoming the decision of the Indian government to allow foreign direct investment in the multi-brand retail sector, the United States said that it will "deepen" the India-US economic co-operation.

American Airlines files for bankruptcy

Wed, 30 Nov 2011 08:37:42 +0530

American Airlines filed for bankruptcy protection on Tuesday to cut labor costs in the face of high fuel prices and dampened travel demand, capping a prolonged descent for what was once the largest US carrier.

Inflation to fall sharply in next few months: PM

Wed, 30 Nov 2011 08:14:52 +0530

India's inflation rate will fall sharply over the next few months and the country's economy should hold up despite the global economic slowdown, Prime Minister Manmohan Singh said on Tuesday.

AI goes for leaseback for Boeing Dreamliners

Wed, 30 Nov 2011 07:45:11 +0530

A day after its lenders approved its debt restructuring plan, Air India on Tuesday decided to go in for sale-and-leaseback option for Boeing 787 Dreamliners instead of their outright purchase, as its Board reviewed the latest financial position of the cash-strapped company.

Greece gets $ 10.7 bn but rescue plan stalls

Wed, 30 Nov 2011 07:37:23 +0530

Eurozone ministers sent Greece an $10.7 billion Christmas rescue package on Tuesday to stem an immediate cash crisis yet failed to resolve fears that the common euro currency might be doomed.

Workers threaten strike at Chennai Hyundai plant

Tue, 29 Nov 2011 06:43:50 +0530

Trouble is brewing Hyundai Motor India Ltd's plant in Chennai with a section of workers threatening to go on strike from Wednesday demanding reinstatement of 18 sacked colleagues.

India may also witness 'Occupy' movement: Poll

Tue, 29 Nov 2011 06:27:23 +0530

An overwhelming 55% of the respondents in the Hindustan Times-CNN-IBN survey think that disenchantment with global corporations may spill over to the streets in India the way it has with the Occupy Wall Street movement in the US and similar movements elsewhere.

Karnataka may prove scams don't deter investors

Tue, 29 Nov 2011 01:53:28 +0530

Karnataka, which has been in the news more for corruption scandals than the robust show by its iconic IT firms in the face of global meltdown, may prove that scams may not deter investors.

Sibal to meet telcos over 3G roaming dispute

Tue, 29 Nov 2011 01:25:10 +0530

Telecom Minister Kapil Sibal will soon meet telecom industry leaders to work out an amicable resolution to the dispute between the government and service providers over a 3G roaming pact.

FDI in retail will create more jobs: Rajan Bharti Mittal

Tue, 29 Nov 2011 10:18:02 +0530

The Bharti Enterprises MD said retailers in Punjab are already reaping benefits with their retail schemes.

India Inc, politicians battle over FDI in retail

Tue, 29 Nov 2011 09:44:40 +0530

On the FDI in retail issue, battle lines are now clearly drawn between India Inc and the politicians, who are rooting for the neighbourhood grocer. While politicians are divided on the issue Corporate India appears united.

Sensex closes 159 pts down; RIL, Bharti drag

Tue, 29 Nov 2011 09:32:33 +0530

The Sensex closed with 1 per cent loss on Tuesday, weighed down by heavyweights Reliance Industries and Bharti Airtel. Among others, banks, realty and metal stocks added pressure on the market in the second half of trade. The Sensex was down 158.79 points at 16,008.34, which had rallied over 470 points on Monday. The Nifty tested an intra-day low of 4787.10, before closing down 46.20 points at 4,805.10.

S&P may cut France rating outlook to negative

Tue, 29 Nov 2011 08:40:11 +0530

Credit rating agency Standard & Poor's could change the outlook for France's triple-A rating to negative within the next 10 days, a French newspaper reported on Monday, citing several sources. Such a move would signal a possible downgrade.

Fitch warns of US downgrade if no budget deal

Tue, 29 Nov 2011 07:58:44 +0530

Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade of the country's coveted AAA rating.

RIL slaps arbitration notice on Oil Ministry

Tue, 29 Nov 2011 07:49:48 +0530

Slamming the move to restrict cost it can recoup from flagging KG-D6 gas fields, Reliance Industries has said it has slapped an arbitration notice on government against the 'violation' of the signed contract.

Bharti buys 6 lakh Airtel shares for Rs 22.71 cr

Tue, 29 Nov 2011 07:03:16 +0530

Bharti Telecom, the majority stakeholder in private telecom operator Bharti Airtel, on Monday raised it stake marginally with purchase of six lakh shares of the company for Rs 22.71 crore through open market transactions.

Sensex closes on a positive note; up by 472 pts

Mon, 28 Nov 2011 09:04:26 +0530

The Sensex gained 471.7 points (up 3 per cent) as relief rally swept market sentiments. After two weeks of bloodbath, investors loosened their purse strings and resorted to short covering. The rally was supported by strong global cues on hopes of easing the European debt crisis. The Sensex closed well above the 16,000 level, at 16,167.13. The Nifty rose 141.25 points, to end at 4,851.30. The Indian rupee too saw short covering and was trading at 51.95 to a dollar.

IKEA set to announce retail plans for India

Sun, 27 Nov 2011 08:39:29 +0530

Scandinavian home products giant IKEA that has stayed away from the Indian retail sector saying it will enter only on its own, is set to announce its plans for the market with the government allowing 100 per cent FDI in single-brand retail.

Cyrus Mistry's task: Set the pace, ensure growth

Sun, 27 Nov 2011 12:15:54 +0530

Cyrus Mistry, the next chief of the sprawling Tata empire, will have the responsibility of setting the pace and ensuring overall business continuity amid global economic headwinds, feel experts.

States can decide on foreign retail chains: Sharma

Sat, 26 Nov 2011 08:24:54 +0530

Guidelines for the new policy of allowing 51 per cent foreign direct investment (FDI) in multi-brand retail outlets will be out within a week, and it will be for states to decide on allowing such retail chains to operate on their soil, said Commerce Minister Anand Sharma.

FDI in retail good for economy: CII

Sat, 26 Nov 2011 08:04:59 +0530

Foreign investment in multi-brand retail would help the overall economy of the country, CII President B Muthuraman on Saturday said.

Indian FDI reform is fantastic: Lord Bilimoria

Sat, 26 Nov 2011 10:33:16 +0530

Leading NRI entrepreneur Lord Karan Bilimoria has described the decision of the Indian government to allow 51 per cent foreign direct investment in the multi-brand retail sector as "fantastic".

FDI in retail: Traders call for bandh on Dec 1

Fri, 25 Nov 2011 10:11:22 +0530

Traders' association CAIT has called for a nation-wide bandh on December 1 to protest the government's decision to allow 51 per cent foreign direct investment in multi-brand retail.

Bharti, RIL end talks on insurance JVs deal

Fri, 25 Nov 2011 09:08:52 +0530

Reliance Industries has mutually agreed to end negotiations with Bharti Enterprises to buy its stakes in two insurance joint ventures with France's AXA, the two companies said on Friday.

RBI hopes FDI in retail will reduce inflation

Fri, 25 Nov 2011 05:02:51 +0530

The Reserve Bank on Friday expressed the hope that foreign direct investment in multi-brand retail will help in bringing down inflation.

Tight monetary policy impacting growth: Pranab

Fri, 25 Nov 2011 03:40:37 +0530

Finance Minister Pranab Mukherjee on Friday said the tight monetary policy of the Reserve Bank which has helped in curbing inflation has also impacted growth.

Corporate America hails FDI reforms in India

Fri, 25 Nov 2011 10:35:22 +0530

Corporate America on Thursday welcomed the bold move of the Indian Cabinet to permit foreign direct investment in multi-brand retail and remove the cap on FDI in single-brand business.

FDI in retail an important step: Walmart

Fri, 25 Nov 2011 10:34:20 +0530

The world's largest retailer Walmart has termed India's decision to allow 51 per cent FDI in multi-brand retail as a 'first important step' and said it will study the finer details of the new policy to determine the impact on its ability to do business in India.

Sensex ends 163 points down on EU fears

Fri, 25 Nov 2011 09:09:16 +0530

The Sensex ended Friday's session with a loss of 1 per cent, dragged down by oil & gas, technology, auto and metals sectors.

'FDI clearance beneficial for farmers, entrepreneurs'

Fri, 25 Nov 2011 08:25:35 +0530

The Cabinet on Thursday cleared 51 per cent FDI in multi-brand retail and 100 per cent FDI in single brand retail.

No penalty on pre-payment of housing loans: SBI

Fri, 25 Nov 2011 02:53:52 +0530

Country's largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts.

FTN: Do we need Walmart in India?

Thu, 24 Nov 2011 11:57:10 +0530

The Union Cabinet on Thursday cleared 50 per cent FDI in multi-brand retail and 100 per cent FDI in single brand retail.

Industry welcomes FDI in multi-brand retail

Thu, 24 Nov 2011 10:09:01 +0530

India Inc on Thursday hailed the government's decision to allow 51 per cent FDI in multi-brand retail while completely opening single-brand retail to overseas investors, saying the move would help bring in the much needed capital for the sector.

FDI in retail cleared; multi brand 50 pc, single brand 100 pc

Thu, 24 Nov 2011 09:54:26 +0530

The Union Cabinet FDI in multi-brand retail and single brand retail despite division within the UPA on the issue.

Union Cabinet clears FDI in retail sector

Thu, 24 Nov 2011 08:49:46 +0530

The Union Cabinet on Thursday cleared 50 per cent foreign direct investment (FDI) in multi-brand retail and 100 per cent FDI in single brand retail despite division within the UPA on the issue.

RBI approves extension of AI loan tenures

Thu, 24 Nov 2011 08:06:14 +0530

Cash-strapped Air India on Thursday got a boost with Reserve Bank of India approving extension of its loan tenures from 10 to 15 years.

AI faces whopping Rs 43,777 crore debt

Thu, 24 Nov 2011 07:07:57 +0530

The total debt of cash-strapped Air India, consisting of aircraft and working capital loans, is Rs 43,777 crore and the government has infused Rs 3,200 crore equity to help the airline, Civil Aviation Minister Vayalar Ravi said on Thursday.

Lakshmi Mittal named most powerful Asian in UK

Thu, 24 Nov 2011 12:14:00 +0530

Lakshmi Mittal, the NRI steel tycoon with a fortune estimated at 15.5 billion pounds, is the most powerful Asian in Britain, according to a new list of eminent Asians in the country.

Global search for Tata chief ends close to home

Thu, 24 Nov 2011 12:02:18 +0530

The next chairman of India's venerable salt-to-software conglomerate Tata Group will be an insider and a family member by marriage. India's biggest corporate house had mounted a global search that lasted more than a year for a successor to Chairman Ratan Tata, but ended up tapping Cyrus Mistry, whose father is the biggest shareholder in the Tata Sons holding company.

Tata group stocks subdued in weak market

Thu, 24 Nov 2011 10:20:08 +0530

A number of Tata stocks opened on a strong note on Thursday, a day after Cyrus Mistry was named as successor to Ratan Tata as the group head, but could not sustain the gains in a weak market.

Retail stocks open shop with smart gains on FDI buzz

Thu, 24 Nov 2011 10:02:48 +0530

The Cabinet will consider 51 per cent Foreign Direct Investment (FDI) in multi-brand retail and 100 per cent in single-brand retail. India currently allows 51 per cent foreign investment in single-brand retailers and 100 per cent for wholesale operations, a policy that the world's top retailer Wal-Mart and Carrefour among others have lobbied to change for years.

Sensex gains 158 points, Nifty ends above 4700

Thu, 24 Nov 2011 09:04:05 +0530

Short covering in the late trade pushed the Sensex 1 per cent higher on Thursday. It was supported by capital goods, oil & gas, private banks, auto and technology sectors. The Nifty clawed back to above the 4750 quite nicely on expiry day after trading in a range of 4650-4690. The index was up 50 points, to close at 4,756.45. Meanwhile, the 30-share BSE Sensex gained 158.52 points at 15,858.49.

Tata watchers give thumbs up to Cyrus Mistry

Thu, 24 Nov 2011 06:10:41 +0530

Former Tata Steel MD JJ Irani has praised Tata Sons Chairman Ratan Tata's surprise decision to appoint 43-year-old Director of Tata Sons and Tata Elxsi (India) Cyrus Mistry as his successor. This is the second time that the group will have a non-Tata at the helm of affairs in its 143-year history.

Telecom cos post revenue of Rs 50,000 cr: TRAI

Wed, 23 Nov 2011 10:57:27 +0530

The total revenue of telecom service providers was Rs 50,054 crore during the quarter ended September, according to TRAI data released in New Delhi on Wednesday.

India Inc welcomes Mistry as Tata's successor

Wed, 23 Nov 2011 10:52:28 +0530

India Inc welcomed the naming of Cyrus P Mistry as the successor of Ratan Tata for heading the $ 80 billion Tata Group, saying it shows the high standards of corporate governance and integrity of the country's leading industrial house.

RBI hikes rates on NRE, FCNR(B) deposits

Wed, 23 Nov 2011 09:48:39 +0530

The Reserve Bank of India (RBI) on Wednesday hiked interest rates on Non-Resident (External) Rupee term deposits and Foreign Currency Non-Resident (Banks) deposits, a move expected to increase the flow of foreign exchange amid the weakening domestic currency.

Who is Cyrus Mistry?

Wed, 23 Nov 2011 07:01:43 +0530

Cyrus Mistry, 43, is the son of construction tycoon Pallonji Shapoorji Mistry who, valued at $8.8 Billion, is the richest richest person of Parsi descent followed by Adi Godrej at $7.3 Billion.

Ratan Tata picks Cyrus Mistry to succeed him

Wed, 23 Nov 2011 06:22:25 +0530

Tata Sons Chairman Ratan Tata has appointed 43-year-old Director of Tata Sons and Tata Elxsi (India) Cyrus Mistry his successor. Mistry will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012.

Cabinet may approve FDI in multi-brand retail

Wed, 23 Nov 2011 05:32:38 +0530

The government is likely to approve 51 per cent FDI in multi-brand retail on Thursday, a decision that will allow global mega chains like Walmart, Tesco and Carrefour to open outlets in India.

Sensex tanks 365 pts, Nifty ends at 2-year low

Wed, 23 Nov 2011 04:27:18 +0530

The benchmark Nifty closed at near 2-year lows on Wednesday, falling over 2 per cent on across the board selling amid huge volumes. However, the close could have been much worse if not for some short covering in the dying moments of trade.

Sensex, Nifty crash even as Rupee recovers

Wed, 23 Nov 2011 02:03:33 +0530

The Sensex lost over 500 points in mid session on Wednesday, even as Rupee recovered slightly, but remained above the 52 per dollar mark.

Rupee recovers after hitting all-time low

Wed, 23 Nov 2011 01:05:38 +0530

The rupee bounced more than 1 per cent on Wednesday after suspected RBI intervention, a day after the currency had slumped to an all-time low, but global risk aversion meant the Indian unit would remain under pressure in the near term.

Sensex crashes; Nifty at 20-month low

Wed, 23 Nov 2011 09:06:13 +0530

Indian equity benchmark Nifty could not hold the 4700 mark and fell 2.6 per cent due to heavy selling in major sectors like oil & gas, banking, metal, capital goods and technology. Even the European markets, which were showing some recovery, drifted lower again - France's CAC, Germany's DAX and Britain's FTSE lost 0.5 per cent.

Airtel, Vodafone, Idea threaten to exit 3G

Tue, 22 Nov 2011 03:40:42 +0530

Major telecom firms Airtel, Vodafone and Idea have threatened to exit 3G services if the government does not approve their pact to provide intra-circle roaming. Bharti Airtel Chairman Sunil Mittal, Idea Cellular Chairman Kumar Birla and Vodafone CEO Vittorio Colao have written a joint letter to the Prime Minister.

Rupee slide likely to continue

Tue, 22 Nov 2011 01:50:45 +0530

The rupee skidded to an all-time low on Tuesday as oil refiners and other companies scrambled to buy dollars.

Action against RIL in 3-4 weeks: Oil Secy

Tue, 22 Nov 2011 01:46:26 +0530

The government will initiate action to limit the amount of expenditure Reliance Industries is allowed to recoup from its flagging KG-D6 gas fields in three to four weeks, Oil Secretary GC Chaturvedi said on Tuesday.

RBI intervention will not stop rupee fall: Pranab

Tue, 22 Nov 2011 12:57:22 +0530

With the rupee falling to a lifetime low, Finance Minister Pranab Mukherjee on Tuesday said RBI intervention in the forex market will not arrest the slide as FIIs' pullout and global reasons were behind the depreciation.

Drastic fall of rupee is disruptive: RBI

Tue, 22 Nov 2011 12:35:54 +0530

Describing the sharp depreciation of the rupee as "disruptive", the Reserve Bank of India (RBI) on Tuesday said any action to arrest the fall will be guided by medium-term considerations.

Rupee hits all-time low; looks vulnerable

Tue, 22 Nov 2011 12:28:03 +0530

The rupee skidded to an all-time low on Tuesday as oil refiners and other companies scrambled to buy dollars, with the currency looking increasingly vulnerable to a swelling current account deficit.

Jet Airways needs to raise funds: Auditors

Tue, 22 Nov 2011 10:36:23 +0530

The auditors of India's biggest carrier Jet Airways have warned the company required to raise funds or generate cash flows in the future to meets its obligations, including financial support to its subsidiary JetLite.

Rupee hits record low past 52.2 per US dollar

Tue, 22 Nov 2011 09:42:45 +0530

The rupee slid past 52.2 against the dollar in opening trades on Tuesday, dropping to its lowest level in history, as broad gains in the dollar overseas and sustained demand from domestic oil refiners weighed.

Sensex, Nifty end in the green after 8 days

Tue, 22 Nov 2011 09:03:58 +0530

Indian equity benchmark Nifty snapped 8-day losing streak on Tuesday - bouncing back above the 4800 mark - led by technology, banks, metals and auto (four-wheeler) stocks. But the market was extremely volatile during the day due to choppy trade in rupee. Both the benchmarks trimmed gains in late trade following cut in gains in European markets and downward spiral in the rupee. The 30-share BSE Sensex rose 119.32 points, to close at 16,065.42 and the 50-share NSE Nifty moved up 34 points, to end at 4,812.35.

'India IT spending to reach $79.8 bn in 2012'

Mon, 21 Nov 2011 05:56:22 +0530

Indian companies are expected to continue investing in IT infrastructure despite global economic challenges and the country's IT spending is projected to grow 9.1 per cent to $ 79.8 billion in 2012, according to research firm Gartner.

Bharti Airtel shares fall after CBI search offices

Mon, 21 Nov 2011 01:41:53 +0530

Shares in Bharti Airtel, India's top mobile phone carrier, fell as much as 3.6 per cent on Monday after the Central Bureau of Investigation (CBI) searched its offices and those of Vodafone's Indian unit as part of an investigation into alleged irregularities in the allocation of the nation's airwaves.

Sensex closes below 16000; Rupee falls to 52/ $

Mon, 21 Nov 2011 09:02:39 +0530

With rupee breaching the 52/ $ mark, the stock market sentiment has been bruised further. The 30-share BSE Sensex fell 387 points to below 16000 at 15984.42 and the 50-share NSE Nifty crashed 118 points to 4,788. Global environment, which has been the key reason for Monday's capitulation, has shown no signs of reversing the trend. France's CAC, Germany's DAX and Britain's FTSE tumbled 2-3 per cent while the Dow Jones futures lost 138 points.

No FDI in retail, aviation for now: Montek Singh

Sun, 20 Nov 2011 12:05:20 +0530

Deputy chairperson of the Planning commission Montek Singh Ahluwalia says there are no plans for FDI in aviation or retail as of now.

Goldman executives face depositions in Gupta case

Sun, 20 Nov 2011 11:59:55 +0530

At least two Goldman Sachs Group Inc executives face potential interviews under oath in the top US market regulator's civil insider trading case against a former director of the firm, Rajat Gupta, a court heard on Friday.

Inflation to fall to 7.8 pc by March 2012: Citi

Sun, 20 Nov 2011 10:51:03 +0530

Global financial services giant Citigroup has forecast that headline inflation in India is likely remain above the 9 per cent-mark till December, before moderating to around 7.8 per cent by March, 2012.

Govt to provide adequate capital to PSU banks

Sat, 19 Nov 2011 08:05:00 +0530

Finance Minister Pranab Mukherjee on Saturday said the government will provide adequate capital to the state-owned banks during the current fiscal, a move that will help them to meet the international solvency norms.

Kingfisher slips to 3rd spot, IndiGo gains

Sat, 19 Nov 2011 03:51:22 +0530

India's struggling Kingfisher Airlines slipped in market share to the third position in October, from second in September, ceding ground to budget airline IndiGo, government data showed.

RBI keeping an eye on movement of rupee: Pranab

Sat, 19 Nov 2011 01:31:49 +0530

With the rupee depreciating to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee on Saturday said the Reserve Bank is "keeping an eye" on the situation.

Check depreciation of rupee: Rangarajan to RBI

Sat, 19 Nov 2011 12:36:41 +0530

Former Reserve Bank of India (RBI) governor C Rangarajan has called for the central bank's intervention to check the depreciation of rupee which has slumped to Rs 51.30 against the US dollar, the lowest in 32 months.

Tribunal asks Vodafone to pay Rs 25 crore penalty

Sat, 19 Nov 2011 10:37:39 +0530

The telecom tribunal TDSAT has directed telecom service provider Vodafone to pay Rs 25 crore penalty, 50 per cent of what the Department of Telecom (DoT) had earlier levied upon it for issuing bulk SIM cards without proper verification.

Kingfisher Airlines seeks funds, concerns persist

Sat, 19 Nov 2011 08:11:49 +0530

Shares in beleaguered Kingfisher Airlines fell as much as 18 per cent on Friday, even as it was in talks with a potential investor and met with lenders in a scramble to shore up its finances.

Mallya & Co hold discussions with SBI officials

Fri, 18 Nov 2011 09:21:15 +0530

In continuation of efforts to raise funds for beleaguered Kingfisher Airlines, its promoter Vijay Mallya and top officials on Friday held discussions with the State Bank of India officials.

Shares of 137 companies hit all-time low

Fri, 18 Nov 2011 06:59:28 +0530

Hundreds of the companies, mostly from mid-cap and small-cap segments, on Friday, saw their share prices hitting the all-time lows or lowest permissible limit for the day amid concerns over loans raised by their promoters with shares or convertible bonds as collaterals.

India Inc confronts slowdown from once-heady growth

Fri, 18 Nov 2011 06:00:41 +0530

India Inc has lost its swagger. Slowing growth, stubbornly high inflation, rising interest rates, political gridlock, gloom in the West and a sliding rupee have conspired to dampen investor and corporate sentiment in Asia's third-largest economy.

Reliance Industries, BP announce JV in India

Fri, 18 Nov 2011 05:47:00 +0530

Reliance Industries and UK's BP Plc on Friday announced incorporation of India Gas Solutions Pvt Ltd, a 50:50 joint venture company for sourcing and marketing of natural gas in India.

Rupee hits 32-month low, crosses 51 per dollar

Fri, 18 Nov 2011 02:25:26 +0530

The rupee has slumped 14.2 per cent from its highest point in 2011 hit late July and is the worst performer among major Asian currencies.

Kingfisher shares crash as carrier seeks funds

Fri, 18 Nov 2011 02:13:13 +0530

Shares in beleaguered Kingfisher Airlines slumped nearly 18 per cent on Friday as concerns heightened about the cash-strapped carrier's ability to raise funds to continue operations.

Boeing bags $ 21.7 bn order from Indonesia

Fri, 18 Nov 2011 11:12:03 +0530

The United States announced a massive order for Boeing jets from Indonesia's largest domestic airline, Lion Air, to be showcased as US President Barack Obama winds up an Asia-Pacific tour.

Kingfisher nears deal to save airline: Mallya

Fri, 18 Nov 2011 10:26:55 +0530

The chairman of Kingfisher Airlines, Vijay Mallya, said in an interview with the Financial Times (FT) he was close to sealing a $ 370 million deal with an Indian private investor and a consortium of banks that would save the airline.

Rupee hits 32-month low, crosses 51 per dollar

Fri, 18 Nov 2011 10:26:24 +0530

The rupee fell past 51 per dollar on Friday for the first time in nearly 32 months as worries Europe's debt crisis may spill over into the global economy boosted dollar demand.

Sensex recovers losses, but ends 90 points lower

Fri, 18 Nov 2011 09:22:18 +0530

Indian equity benchmark Sensex recovered smartly from day's low in the late trade led by short covering on Friday, but has sustained its downward spiral for the seventh consecutive session. European markets too turned positive after a fall of nearly 1 per cent in the early trade and even the Dow Jones futures gained 61 points; it seems that the global markets priced in all negatives of eurozone now, though the crisis remains in tact.

Make forex payments cautiously: RBI to banks

Thu, 17 Nov 2011 03:51:14 +0530

The Reserve Bank on Thursday directed banks to exercise caution with respect to online forex trading by Indian residents where margin payments through a credit card or deposit are required in view of the risk of fraud.

100 pc, 51 pc, 24 pc? FinMin okays FDI in retail

Thu, 17 Nov 2011 03:22:29 +0530

The Union Finance Ministry has given its approval to the Cabinet note on Foreign Direct Investment in retail.

US, India sign aviation safety pact

Thu, 17 Nov 2011 02:44:21 +0530

The Federal Aviation Administration (FAA) on Thursday announced the completion of a pact between the US and India that will allow for the reciprocal certification of aviation products.

Sensex closes 314 pts down on FIIs selling

Thu, 17 Nov 2011 09:31:04 +0530

The Indian markets crumbled under intense selling pressure with the Nifty surrendering the crucial 4,950 support level. Across the board selling in oil & gas, private banks, technology and steel stocks dragged the index sharply lower in late trade.

US airlines seek to block Air India jet purchases

Thu, 17 Nov 2011 08:27:59 +0530

US airlines sought on Wednesday to block $ 3.4 billion in pending taxpayer-backed loan guarantees for Air India to buy Boeing Co jetliners.

IDBI ignored Kingfisher mess, sanctioned loan

Wed, 16 Nov 2011 06:13:26 +0530

An internal report of the IDBI Bank had warned UB Group Chairman Vijay Mallya that his aviation company, Kingfisher Airlines, was in the red, but despite the report since 2009 the bank has sanctioned loan to the airline of over Rs 900 crore.

Airtel hikes tariff on international calls

Wed, 16 Nov 2011 05:46:49 +0530

In the face of financial pressure, private sector telecom major Airtel has increased international call rate tariffs by up to 10 per cent for some destinations for all customers and reduced certain benefits on add-on services for its pre-paid subscribers.

US-based Citigroup may cut 900 jobs: Report

Wed, 16 Nov 2011 04:33:17 +0530

US-based banking major Citigroup is likely to slash 900 jobs in its securities and banking division amid financial market turmoil, says a report. Quoting people familiar with the situation, the Wall Street Journal said job cuts are planned since turmoil in the equity and debt markets is eroding revenues.

Now, Jet Airways seeks funds to pay off debts

Wed, 16 Nov 2011 03:53:30 +0530

After Kingfisher, which is facing financial crunch, now the Jet Airways has expressed the need to raise funds in order to pay off its debt. According to Jet Airways, the depreciation in rupee has impacted debt levels for the company.

RIL denies Kingfisher stake-buy talks report

Wed, 16 Nov 2011 10:32:13 +0530

A spokesman for Reliance Industries denied on Wednesday a newspaper report that the energy major was in talks to buy a stake in cash-strapped Kingfisher Airlines.

Sensex ends 106 points lower; sharp fall in BHEL

Wed, 16 Nov 2011 09:09:06 +0530

The 30-share BSE Sensex has fallen for the fifth consecutive session on Wednesday due to lack of clarity in solution to Greece & Italy, and sharp fall in heavyweights like BHEL, L&T and Reliance Industries. The market has seen huge volatility in the last couple of hours of trade as it tried twice to attempt full recovery but could not make it.

Master Your Money: An online investor event

Wed, 16 Nov 2011 08:43:34 +0530

moneycontrol.com India's No 1 financial portal has launched an online investor camp starting 6 am on November 16, 2011. The day-long event will include a host of investment experts who will answer queries from investors all over India.

Mallya blames high fuel costs for Kingfisher crisis

Tue, 15 Nov 2011 10:02:55 +0530

However, in a two-hour long press conference, there was no clear announcement of how the airline plans to recover.

Mallya blames state govts for aviation mess

Tue, 15 Nov 2011 06:50:04 +0530

Battling financial mess, Kingfisher Airlines Chairman Vijay Mallya has apologised to passengers for the chaos. Speaking to CNN-IBN, Mallya averred that Kingfisher will not be grounded, but offered no clear roadmap out of the financial mess the airline finds itself in.

Petrol prices slashed by Rs 1.85 per litre

Tue, 15 Nov 2011 06:38:41 +0530

Oil companies have reduced petrol prices by Rs 1.85 per litre across India. This means that in Delhi petrol prices will get cheaper by Rs 2.22 per litre.

Kingfisher can't fly loss-making routes: Mallya

Tue, 15 Nov 2011 02:01:07 +0530

Putting up a brave front, Kingfisher Airlines chief Vijay Mallya on Tuesday said that phasing out Kingfisher Red was misconstrued as shutting down a part of airline, which is not true.

The highs and lows of the richest Indians

Tue, 15 Nov 2011 10:51:08 +0530

Reflecting the global turmoil, the fortunes of a majority of the richest Indians fell this year. Even then, 15 individuals managed to break into his exclusive club.

Kingfisher Q2 loss Rs 469cr, seeks more credit

Tue, 15 Nov 2011 09:34:00 +0530

Kingfisher on Tuesday reported a loss of Rs 469 crore in the second quarter, saying that it had incurred substantial losses. In a statement released on Tuesday, Kingfisher said that while the company had incurred substantial losses, its net worth had also been eroded.

Sensex ends 236 pts lower; Midcaps fall 2.6 pc

Tue, 15 Nov 2011 09:08:24 +0530

Bears took charge of the street in the last one-and-a-half hour of trade after trading rangebound since morning. Indian equity benchmarks closed over three-week low on Tuesday, losing 1.4-1.55 per cent on the back of broad-based selling.