- McNally sees FY11 revenue at Rs 3,500 cr McNally Bharat Engineering (MBEL) expects total revenue to touch Rs 3,500 crore in FY11, helped by its bidding for orders in infrastructure, a top official told Reuters in an interview today.
- RPG grp planning to add 5,000 MW in few yrs RPG group today said it is planning to add 5,000 MW of thermal power generating capacity in the next few years and is also eyeing opportunities for inorganic growth.
- China 'appreciates' Indian stand on Tibet China today appreciated the stand of the Indian government recognising Tibet autonomous region as an integral part of China and New Delhis assertion not to allow "Tibetan separatist" activities in the country.
- FIIs net buy Rs 305cr, DIIs net sell Rs 203cr Foreign institutional investors (FIIs) were net buyers of Rs 304.87 crore (provisional) today, according to data released by BSE.
- GSPC to come out with IPO soon: Minister State-owned Gujarat State Petroleum Corp will be coming out with its initial public offer very soon, Minister of State for Energy Saurabh Patel said in the Assembly today.
- Power Finance Corp approves Rs 2,248 cr loan to BRBCL State-owned Power Finance Corp today said it has sanctioned a loan of Rs 2,248 crore to Bhartiya Rail Bjilee Company for establishment of 1,000 MW Nabinagar Thermal Power Project at Aurangabad in Bihar.
- MSMEs contribution to GDP to rise to 10%: Fin Secy The Finance Ministry today said the micro, small and medium enterprises are expected to raise their contribution to GDP to 10 per cent soon from the current level of eight per cent.
- Govt borrowing likely to be smooth: RBI The Reserve Bank today said the government borrowing for the next fiscal is unlikely to pose any major challenge to it, provided it remains within the budgeted target.
- Mukesh Ambani richest Indian for second year: Forbes Mukesh Ambani, chief of petrochemicals giant Reliance Industries (RIL), has retained the title of being the world's richest Indian for the second consecutive year with a networth of $29 billion in the Forbes' list of wealthiest people on the planet.
- Sharma assures traders of govt help for foreign currency loans Commerce and Industry Minister Anand Sharma today assured exporters of government mediation to ensure that they get foreign currency loans at the new lower rate set by the RBI amid complaints against banks levying additional charges.
- RBI says food inflation spreading to general economy The Reserve Bank (RBI) today said that high inflation, primarily driven by food prices, has started spreading to the broader economy but it is likely to ease on the back of an expected moderation in food prices.
- Interest rate may rise 100 bps in H1: Deutsche Bank Deutsche Bank today said there will be an upward pressure on interest rates, but the hike may not be more than a 100 basis points in the first half of the next fiscal.
- 'Time, cost overruns mar the prospects of infra projects' Time and cost overruns have delayed 850 infrastructure projects out of a 1,035 during the period between 1992 and 2009, says a study.
- India 'close friend', Pak 'conjoined twin' of Afghan: Karzai In a delicate balancing act, President Hamid Karzai today described India as a "close friend" while referring to Pakistan and Afghanistan as "conjoined twins.
- Surya Roshni to set up steel plant in K'taka Lighting products maker Surya Roshni plans to set up a steel plant in Karnataka and double the capacity in the sector from 25 lakh units to 50 lakh units each year.
- LIC sells shares of Tilaknagar Industries for Rs 19 cr Country's largest insurer Life Insurance Corporation of India has sold shares of alcoholic beverages manufacturer Tilaknagar Industries worth Rs 19.12 crore.
- NTPC trebles natural gas procurement from RIL State-owned power utility NTPC Ltd has tripled the volume of natural gas it buys from Reliance Industries at the government-approved price of $4.2 per mmBtu, to 1.81 million standard cubic meters a day.
- Fortis buys 23.9% in Singapore firm Delhi-based Fortis Healthcare today said that it is acquiring 23.9 per cent stake in Parkway Holdings, one of the Asia's largest healthcare service providers, from TPG Capital in an off-market deal.
- Audi eyes numero uno position in Indian market by '15 German luxury auto maker Audi is planning to beat rivals BMW and Mercedes to acquire the numero uno position in the Indian premium car market in the next five years, tripling its sales in the country by then.
- Suspension of 7 RS members may be revoked soon A solution is expected on the issue of suspension of seven Rajya Sabha members by evening.
- NMDC FPO gets poor response on day one Like its predecessors REC and NTPC, mining major NMDC, the third government-owned company to hit the markets this year, received tepid response on the first day of follow-on offer (FPO).
- More losses for oil companies as price rise option closes Even before the start of the new financial year, the spectre of rising losses during 2010-11 has begun to haunt the three state-controlled oil marketing companies that account for over 90 per cent of the countrys retail petroleum products market.
- IPL's third innings promises high-scoring revenues With just two days to go for the third edition of the Indian Premier League (IPL) Twenty20 tournament to get rolling, ticket sales have been brisk for the inaugural match in the suburbs of Mumbai and franchisees, broadcasters and movie hall-owners are all expecting high-scoring returns.
- S 500, Dow now on NSE Chicago Mercantile, NSE in tie-up for cross listing arrangement for index futures.
- India Inc faces higher gratuity provisioning Over 50 per cent of Indian companies will have to make higher provisions in their balance sheets as gratuity expenses. This follows last weeks Union Cabinet decision to raise the tax-free ceiling of gratuity payable to private sector employees from Rs 3.5 lakh to Rs 10 lakh.
- RBI to amend rules to control NBFCs turning LLPs The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.
- States in one-upmanship on crop loan rates In their efforts to show that their hearts bleed the most for farmers, several state governments are turning competitive in providing crop loans at concessional or even zero rates of interest.
- States in one-upmanship on crop loan rates In their efforts to show that their hearts bleed the most for farmers, several state governments are turning competitive in providing crop loans at concessional or even zero rates of interest.
- Now, nuclear liabilities bill under a cloud BJP says no quid pro quo as SP, RJD withdraw support over womens Bill.
- Now, nuclear liabilities bill under a cloud BJP says no quid pro quo as SP, RJD withdraw support over womens Bill.
- Daimler to sell 5.34% stake in Tata Motors German car major Daimler AG is exiting Tata Motors, Indias largest commercial vehicles maker. Daimler, which held 5.34 per cent stake in the company, plans to raise around Rs 1,950 crore from the share sale.
- Government tense on Budget after Women's bill fracas PM to meet SP, RJD and JD(U) as Congress managers fear for passage of Finance Bill.
- Government tense on Budget after Women's bill fracas PM to meet SP, RJD and JD(U) as Congress managers fear for passage of Finance Bill.
- Essar group working on $8-billion listing on LSE The Essar group is exploring the option of an $8-billion listing on the London Stock Exchange, potentially making it the first Indian company to enter LSE since Vedanta Resources seven years ago.
- LIC may seek bank licence State-owned Life Insurance Corporation of India (LIC) is likely to seek a licence to float a bank when the Reserve Bank of India (RBI) allows more players.
- IPL googly: Rebid on March 21, financial clauses diluted Faced with a poor response from prospective bidders the governing council of the Indian Premier League (IPL) Twenty20 cricket tournament announced rebids for the two new franchises and significantly eased three critical financial conditions for prospective bidders.
- Dept of pharma wants review of FDI rules The department of pharmaceuticals (DoP) under the ministry of chemicals and fertilisers has proposed that the government set up an expert group to assess the impact of foreign direct investment (FDI) in this sector. The move follows complaints from Indian companies that they were being forced to sell out to foreign companies for lack of long-term funding for R&D and market development.
- Dept of pharma wants review of FDI rules The department of pharmaceuticals (DoP) under the ministry of chemicals and fertilisers has proposed that the government set up an expert group to assess the impact of foreign direct investment (FDI) in this sector. The move follows complaints from Indian companies that they were being forced to sell out to foreign companies for lack of long-term funding for R&D and market development.
- Videocon, Adani bank on Bollywood hunks in IPL-4 Videocon plans to rope in Abhishek Bachchan as the brand ambassador for its franchise in the fourth edition of the Indian Premier League in 2011, while Adani Group is in talks to get Salman Khan on board. These two corporations are the strongest contenders to win the bids for the two new franchises, which will open on Sunday, informed sources said.
- Government lab faults Mahyco's study of pest resistance to Bt cotton The Central Institute for Cotton Research (CICR), the cotton research institute of the Indian Council of Agricultural Research, has contested Monsantos claim that the pink bollworm, a pest that feeds on cotton, has developed resistance to its Bollgard cotton. Instead, CICR has pointed to the emergence of new sucking pests which could have caused economic losses to cotton farmers.
- Government lab faults Mahyco's study of pest resistance to Bt cotton The Central Institute for Cotton Research (CICR), the cotton research institute of the Indian Council of Agricultural Research, has contested Monsantos claim that the pink bollworm, a pest that feeds on cotton, has developed resistance to its Bollgard cotton. Instead, CICR has pointed to the emergence of new sucking pests which could have caused economic losses to cotton farmers.
- GP Birla dies at 87 Industrialist Ganga Prasad Birla died last night at 87 after a prolonged illness. His Rs 5,000-crore business included companies like Hindustan Motors, Orient Paper and Industries, Hyderabad Industries, Avtec and Nigeria Engineering Works.
- 'Borrowings not to hurt private sector' Finance Minister Pranab Mukherjee today tried to comfort the markets and said that the Centres gross borrowing programme of Rs 4,57,000 crore will be handled in a manner that it will not impact the credit requirements of the private sector.
- 'Borrowings not to hurt private sector' Finance Minister Pranab Mukherjee today tried to comfort the markets and said that the Centres gross borrowing programme of Rs 4,57,000 crore will be handled in a manner that it will not impact the credit requirements of the private sector.
- Institutions to pay full money upfront in IPOs Sebi plans physical settlement in derivatives.
- Industry rushes to beat tax break deadline in hill states Ashok Leyland Managing Director R Seshasayee says the companys plant at Pantnagar in Uttarakhand, which started production today, will change the companys centre of gravity from south to north India. But thats not the only benefit the Hinduja group flagship company will get by fast-tracking the production schedule.
- NSC, DIPP clash over FDI rule change Differences have arisen between the National Security Council (NSC) secretariat and the Department of Industrial Policy and Promotion (DIPP), under the commerce ministry, over significant changes in foreign direct investment (FDI) rules and an expanded approval mechanism for sensitive sectors.
- Maharashtra opts for a facelift Concerned by the steady slide in its status as an investment destination, Maharashtra has taken its first tentative steps towards a major makeover exercise.
- Govt widens scope of anti-abuse provisions in I-T act This article has been modified. Please see the clarification at the end.
- No restraint on revenue deficit yet Finance Minister Pranab Mukherjee may have earned plaudits for projecting a decline in the fiscal deficit to 5.5 per cent of gross domestic product (GDP) for 2010-11, but his targets for revenue deficit reduction are relatively modest and represent a departure from the 13th Finance Commission's recommendations.
- Government turns builder to give Delhi a new look In the next couple of years, Indias capital will sport a new look with the government taking its role as builder seriously.
- Pranab may fall short of 3G auction revenue Telecom operators and analysts predict that Finance Minister Pranab Mukherjee will fall short of the Rs 35,000 crore target from the auction of third generation (3G) and broadband wireless access (BWA) licences by Rs 5,000 crore to Rs 10,000 crore on account of waning investor appetite and heightened risk perceptions.
- Budget circus plays out on the idiot box Watching the coverage of the Indian Budget is akin to watching an intense game of cricket. There is a buzz in the air, the tension is palpable and everyone is guessing frantically at the final outcome. Like cricket, there is a pre-game prep session, where pundits and experts spar on their views of the likelihood of success and failure.
- Pranab favours more debate on Direct Tax Code While ruling out a review of the Budget proposals, such as higher minimum alternate tax on corporations, the government today said that it will conduct another round of consultations before finalising the Direct Tax Code. At the same time, it warned that its legislation, and the proposed goods and services tax could take some time.
- Pranab scores a goal for fiscal prudence Finance Minister Pranab Mukherjee today presented a please-all Budget, that broadly focused on fiscal stabilisation.
- An enabling state for inclusive growth The Union finance ministrys Economic Survey of financial year 2009-10 outlines a new agenda for economic and governance reform to create, as the Survey says, an enabling government.
- Set fisc in order, panel tells Centre, states States to get higher share of taxes, debt relief; 68 per cent combined debt cap proposed.
- Mamata takes Railway finances off track No rise in fares, freight rates; West Bengal corners investments.
- DoT sets new deadline for 3G auctions To start on April 9 for three slots instead of the original four.
- Budget may lay roadmap against treaty shopping The Union Budget on Friday is expected to lay down a plan to plug loopholes in the double tax avoidance treaties which cost the Indian exchequer crores in tax revenues.
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