2:30 PM (1 minute ago)
UB ready to buyback Heineken stake
from rediff Business
"They have beer business in India, which has a conflict of interest as Kingfisher is the largest beer brand in the country. I am ready to buy back," Mallya said in Baramati while opening United Spirits' Baramati Four Seasons winery. Earlier in January, a consortium of Carlsberg and Heineken had acquired S & N for 7.5 billion pounds. S & N had 37.5 per cent stake in the UB Group. As per the takeover agreement, Heineken was supposed to continue to hold S & N's business in the UK.
2:30 PM (1 minute ago)
'Clean energy' revenue to touch $254 bn: Survey
from rediff Business
All the growth, it says, has meant that investment capital has poured into the sector with clean energy stocks easily outpacing the broader markets. The NASDAQ's 'Clean Edge' index was up 66.67 per cent last year, compared to just 3.53 per cent for the S & P 500 and 9.81 per cent for the NASDAQ Composite. Overall clean energy index returns particularly for wind and solar companies have fared even better.
2:30 PM (1 minute ago)
Pashmina shawl trade to be badly hit
from rediff Business
Kashmir's hand-woven Pashmina shawls, which are made of the warmest and the softest wool in the world, may soon become a rarity following the mass deaths of Ladakh's Changthangi goats caused by the recent heavy snowfall and damage of pastures as a result of the invasion of locusts.
1:30 PM (1 hour ago)
The threat of Board examinations
from rediff Business
In the coming decades, India will see an unprecedented diversity of job opportunities, reflecting the expanded basket of consumption in India and a more multi-faceted economy as a whole. Further, the needs and the priorities of society will undergo a fundamental change in the years to come, thereby making many new categories of jobs more attractive than the current more traditional ones
12:30 PM (2 hours ago)
Ratan Tata's M & A gamble falling into place
from rediff Business
Many in corporate India would be envious of the Tata Group's M & A strategy. Over the last eight years, the Tata Group had made 35 overseas acquisitions. The group has been able to make an impact in most of its acquisitions -- be that Tetley, which helped Tata Tea make a transition from a largely plantation company to a branded player with a global footprint, or Daewoo's commercial vehicles business, which has regained its lost ground.
12:30 PM (2 hours ago)
'We will supply engines for both brands'
from rediff Business
Just hours after returning to Mumbai, Ravi Kant, managing director, and C Ramakrishnan, CFO of Tata Motors addressed the press on a conference call. Excerpts from the call.
12:30 PM (2 hours ago)
Don't kill commodity derivatives
from rediff Business
The previous fiscal year proved to be quite a contrast in some ways. While the year started with the banning of a few commodity futures contracts from the national bourses, it ended with the allowing of FDI/FII investment in the commodities sector and the amendment of the archaic Forward Contracts Regulation Act. Proactive measures were also undertaken by the government to give autonomy to the Forward Markets Commission
11:30 AM (3 hours ago)
Are index funds and ETFs better options?
from rediff Business
With a steep fall in the markets since January this year, mutual funds have suffered heavily. Sample this: the year-to-date (January 1 to March 24) category average return from equity diversified mutual funds is down by 32.36 per cent, and index funds, including exchange traded funds (ETFs), have slipped by 26.41 per cent.
11:30 AM (3 hours ago)
Steep hike for regulators may attract more talent
from rediff Business
The Rs 200,000 plus perks hike for regulators proposed in the Sixth Pay Commission is likely to attract good talent. It would be sufficient incentive for both private sector executives and serving bureaucrats to join as watchdogs. The Commission has recommended that the remuneration of chairpersons of regulatory agencies like the Sebi, Irda, Trai, CERC as well as the Competition Commission of India be hiked to Rs 300,000 if they do not avail of perks like cars and housing.
11:30 AM (3 hours ago)
Pensioners angry at 2006 'divide'
from rediff Business
Those who retired prior to January 2006 will get only a 15 per cent hike. The commission's recommendations come into effect from January 2006. For instance, an officer who retired in the higher administrative grade-1 (equivalent to an additional secretary in the central government) prior to January
11:30 AM (3 hours ago)
Pay revision to swell tax coffers
from rediff Business
The pay hike proposed by the Sixth Central Pay Commission will boost income tax collections in the coming years despite the Rs 40,000 increase in the basic exemption limit for personal income tax announced in the Budget. The commission has proposed an effective salary hike of 28 per cent. The recommendations, if implemented in entirety, are likely to generate around Rs 6,000 crore tax revenue or around 20% of the immediate additional outgo of Rs 30,621 crore including arrears
11:30 AM (3 hours ago)
Pay hike: No direct impact on IITs, IIMs
from rediff Business
Faculty of top academic institutions like the Indian Institutes of Technology (IITs), the Indian Institutes of Management (IIMs), and central universities say the Sixth Pay Commission's recommendations do not have a direct bearing on their compensation levels. The new pay structure of assistant professors, associate professors and professors will be finalised by an internal committee of the Ministry of Human Resource Development, which would take a couple of months at least.
11:30 AM (3 hours ago)
Term plans to become cheaper
from rediff Business
To reduce the solvency margins on term products and make these products cheaper & popular, The Insurance Regulatory and Development Authority has decided to reduce the solvency margins on term products. Since the term insurance policies provide pure life cover with no maturity/survival benefits they haven't gained popularity with the customers. Insurers currently maintain a solvency margin of 150%. Solvency margin requirements are the prudential norms of capital requirements.
10:30 AM (4 hours ago)
Realty tops savings tool for Indian households
from rediff Business
The household sector's savings in physical assets increased by 16.12 per cent to Rs 5,17,837 crore (Rs 5.17 trillion) in 2006-07 compared to Rs 4,45,915 crore (Rs 4.45 trillion) in 2005-06. While savings in financial assets have gone up by 11.20 per cent to Rs 4,67,985 crore in 2006-07 compared with Rs 4,20,841 crore in 2005-06. This data shows that Indian households are increasingly opting for physical assets as instruments of savings rather than relying on financial tools.
10:30 AM (4 hours ago)
Trai may cap DTH channel prices
from rediff Business
Trai has announced that it may fix prices of pay channels on the direct-to-home (DTH) platform in line with the Rs 5 per channel cap on conditional access system (CAS) services in Delhi, Mumbai and Kolkata. This move will lower the fees but hit the income of broadcasters from DTH companies. However, new DTH entrants will benefit from the move as their cost of content will decrease. For the 2 existing DTH companies, Dish TV & Tata Sky, the current rates are likely to continue.
10:30 AM (4 hours ago)
Are product patents anti-consumer?
from rediff Business
There is no doubt that patients are the ultimate beneficiaries of pharmaceutical research and development. Thousands of public health needs go unmet each day simply because there is still a cure out there waiting to be found. Product patents serve as encouragement to innovation, providing impetus to both investors and innovators. It has been argued that by denying product patents, India will encourage domestic generic production and, therefore, access to medicines.
10:30 AM (4 hours ago)
More power to electricity commission
from rediff Business
It has the discretion to adjudicate disputes by itself or send it to an arbitrator. The use of 'and' posed such a difficulty for the Supreme Court in a recent case and it ruled that 'and' is an equivalent of 'or' in a clause in the Electricity Act and 'or' could mean 'and' in some cases. The judges traversed the English decisions and the Mimamsa principles in Sanskrit texts to harmonise provisions in the Electricity Act and the Arbitration & Conciliation Act.
10:30 AM (4 hours ago)
Fewer holidays, bigger challenge
from rediff Business
If you add to this 52 Saturdays and 52 Sundays every year, when government offices are closed, the total number of holidays a central government employee can enjoy is 171days. That is close to half the number of days in a year. This context has to be kept in mind before judging what may well turn out to be the Sixth Pay Commission's most controversial recommendation. To be sure, the Pay Commission does not favour a reduction in the number of earned or casual leave.
10:30 AM (4 hours ago)
Which stocks to buy, hold and sell
from rediff Business
The markets could correct a bit more. One should not get euphoric over the rise in the last couple of days. You still have to tread carefully and pick quality stocks with high growth rates in profit. I still maintain that you could look at buy small parts on days of large corrections in the index, says market expert Pranav Sanghavi.
4:30 AM (10 hours ago)
'Tata's JLR deal a sign of things to come'
from rediff Business
The takeover by Tata Motors of Land Rover and Jaguar in a $2.3-billion deal is a precursor of things to come and a sign of the times we are headed into, says Kam Rathee, President of Canada-India Business Council. "The river has started flowing upstream as India is now flexing its muscles. The economy of the world is turning on its head. India, once a business pariah is coming out to rule the roost," he says.
3:30 AM (11 hours ago)
Tata's awesome threesome
from rediff Business
While Ratan Tata looked into all the details, his handpicked team to make the acquisition of Jaguar and Land Rover possible comprised Tata Motors Managing Director Ravi Kant, the company's low profile CFO C Ramakrishnan (who recently replaced Praveen Kadle, now the boss of Tata Capital), and his merger and acquisition specialist Arunkumar Ramanlal Gandhi, executive director of Tata Sons and the man who also played an important role in getting the ambitious Corus deal through.
3:30 AM (11 hours ago)
Neo to reap Rs 70 crore from India-South Africa test series
from rediff Business
With Doordarshan opting out of the simultaneous coverage of the India-South Africa three-test match series, sports channel Neo Sports – the exclusive telecast rights holder for the series – hopes to rake in Rs 70 crore in advertising revenue. Neo Sports has eight on-air sponsors (two co-sponsors and six associate sponsors). Coca-Cola, Airtel, Hero Honda, Pidilite and Asian Paints are putting about Rs 26-28 crore, while the remaining amount will come from spot selling.
3:30 AM (11 hours ago)
Indians among top three brand conscious: Nielsen
from rediff Business
An improving economy and the rapid opening-up of the Indian market has given rise to a group of affluent consumers who are more than eager to adopt the latest fashion trends. According to the latest Nielsen Global Luxury Brands study, nearly 35 per cent Indians, who participated in the survey, confirmed buying luxury brands. This is the third highest percentage globally. Greece leads the pack with 46 per cent, followed by Hong Kong at 38 per cent.
3:30 AM (11 hours ago)
Tatas' eco-car project may get Thai go-ahead soon
from rediff Business
Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.
3:30 AM (11 hours ago)
PSU pay panel for 50-60% revision
from rediff Business
Over 1.6 million employees working in the estimated 240 central public sector undertakings (PSUs) are likely to receive a 50 to 60 per cent salary increase, possibly with retrospective effect from January 2006. The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, is in advanced stages of finalising its award due April-end and plans to submit its report to the government soon after.
Mar 26, 2008 (17 hours ago)
India Inc hails Tatas' JLR takeover
from rediff Business
The historic buyout of Ford Motor Co's global iconic brands Jaguar and Land Rover by Tata Motors for $2.3 billion has been hailed by domestic industry, including Tata's competitors in the sector.
Mar 26, 2008 (18 hours ago)
ICICI Bank rapped; asked to pay Rs 50,000 fine
from rediff Business
ICICI Bank has been directed by a consumer court to pay Rs 50,000 compensation to a customer and return his Indica car forcibly repossessed by its employees in violation of SC guidelines. The West Delhi District Consumer Forum president J P Sharma said: "The conduct of the bank in taking forcible possession of car without intervention of the civil court was illegal in view of what has been observed by the SC and the National Consumer Commission."
Mar 26, 2008 (18 hours ago)
In Coimbatore? Pay tax online by cards
from rediff Business
Later talking to reporters, Mayor R Venkatachalam said the new simplified system would be a boon to the people, as it worked 24-hours and they can pay taxes sitting in their homes. The corporation has tied up with ICICI Bank for the system and 1.85 per cent service tax would be charged for those paying by credit cards. On tax collection, Venkatachalam said the corporation has collected Rs 105 crore (Rs 1.05 billion), which was about 75 per cent of total taxes.
Mar 26, 2008 (18 hours ago)
Tatas: Biggest buyer of global entities
from rediff Business
For years, critics termed Tata's vehicle business as a millstone around the neck. But Group chairman Ratan Tata on Wednesday flattened their theory by taking the automobile venture to a new plane with the acquisition of British luxury brands Jaguar and Land Rover.
Mar 26, 2008 (19 hours ago)
Tatas to fund JLR deal through cash reserves, new debt
from rediff Business
"We will fund the deal through existing cash reserves and new debt facilities which will be raised at the company's level," Tata Motors spokesperson told PTI. He, however, declined to comment on the quantum of debt to be raised from the market to part finance the $2.3-billion requirement. Recently, Tata Motors had announced that its Board has approved raising of Rs 4,000 crore (about $1billion) from either overseas or domestic markets through issuance of securities.
Mar 26, 2008 (19 hours ago)
Raghu Menon takes over as Air India chief
from rediff Business
Raghu Menon, special secretary and financial advisor in the civil aviation ministry, has been appointed the chairman and managing director of Air India, ending weeks of speculation over the issue.The Appointments Committee of the Cabinet approved the name of Menon, a 1974 batch IAS officer of the Assam-Nagaland cadre, after a keen race for the top job in the National Aviation Company of India Limited (NACIL), which runs the merged national carrier.
Mar 26, 2008 (19 hours ago)
JLR employees welcome deal with Tatas
from rediff Business
Thousands of employees of Land Rover and Jaguar in the UK on Wednesday wholeheartedly welcomed the sale of the two British car marquees of American automobile giant Ford to India's Tata Motors.Roger Maddison, Unite National Officer for the automotive industry, said: "Today's deal is really good news for the UK automotive industry and the thousands of people who work for Land Rover Jaguar and its supply chain.
Mar 26, 2008 (19 hours ago)
Religare to buy UK firm Hichens for Rs 440 cr
from rediff Business
"We are in talks to acquire the 210 year old broking firm Hichens Harrison and have offered Rs 285 per share. At this price the deal value will be about $110 million or about Rs 440 crore," Group Chief Operating Officer Religare Enterprises Shachidra Nath told PTI. The deal would broaden the global distribution base of the company. Besides the acquisition would also add up to the bottomline of the firm, Nath added.
Mar 26, 2008 (19 hours ago)
Tata cars: From Rs 1 lakh to Rs 1 crore!
from rediff Business
Tata Motors on Wednesday became the world's only vehicle maker that offers a choice of cars ranging from Rs 1 lakh (Nano) to over Rs 1 crore following the acquisition of Ford's luxury car brand Jaguar, along with Land Rover.
Mar 26, 2008 (20 hours ago)
Rs 2.2-trillion plan for Mumbai makeover
from rediff Business
Mumbai's makeover plan has inched forward. The Rs 2.25 lakh crore plan for development of Mumbai Metropolitan Region is awaiting approval of the state government. The government will approve of this once the Mumbai Metropolitan Region Development Authority (MMRDA) okays it. The plan includes infrastructure such as road transport, Metro rail, skybus, Brimstowad storm water drainage project & water transport development. The plan covers entire Mumbai as well as Thane district.
Mar 26, 2008 (20 hours ago)
Sensex ends down 131 points, Tata Steel gains 4%
from rediff Business
The Sensex opened with a positive gap of 53 points at 16270. After the initial volatility the index advanced to a high of 16310 in early morning trades. The Sensex finally ended with a loss of 131 points at 16,087. The NSE Nifty slipped 49 points to end at 4,829. Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Communications, Cipla, Ambuja Cements, DLF, Jaiprakash Associates and BHEL, SBI, NTPC and ONGC were major losers. Tata Steel, HDFC and ITC were major losers.
Mar 26, 2008 (21 hours ago)
FM blames US for foodgrain price rise
from rediff Business
Finance Minister P Chidambaram has blamed the US' biofuel policy of diverting food grains such as corn for producing bio-fuels for the spurt in food grain prices globally. He also said that lack of adequate regulations in the US sub-prime market has led to global financial uncertainties. He said the demand for staple food was on the rise, leading to higher prices, but diverting food for fuel had also contributed to increase in food prices. He called US' priorities lopsided.
Mar 26, 2008 (21 hours ago)
S & P launches 10 stock India index
from rediff Business
The 'S & P India 10 index' is designed to address this accessibility challenge. It offers investors liquidity and investability, and can also serve as a basis upon which to create investment products," Vice President of Portfolio Services for S & P Steven Goldin said.
Mar 26, 2008 (21 hours ago)
Meet the gold medalists from IIM-B
from rediff Business
All work and no play makes jack a dull boy. But IIM-B makes its students work hard and also play hard, making them all-rounders was the unanimous opinion expressed by its medalists for the year 2007-08.
Mar 26, 2008 (21 hours ago)
RIL to close petrol pumps: Govt in a fix
from rediff Business
Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.
Mar 26, 2008 (21 hours ago)
ONGC, Hindujas may ink pact to dev oil, gas fields in Iran
from rediff Business
The ONGC-Hinduja combine would meet Iranian the authorities around mid-April to finalise 'participating agreement' for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi on Wednesday. The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan.
Mar 26, 2008 (23 hours ago)
FDI cap in DTH to go up to 74%
from rediff Business
Currently, we are planning to construct one animation centre in Pune. We have asked PwC to prepare a detailed report for the same; it should be ready in the next four months.
Mar 26, 2008 (23 hours ago)
Leeway for banks in loan recovery
from rediff Business
The Reserve Bank of India (RBI), in its second draft guidelines on banks' recovery agents, said, "If a customer has filed a complaint, the bank should not forward the case to recovery agents till it has disposed the complaint. However, in cases where the bank has appropriate proof that the borrower is making frivolous/vexatious complaints, it may continue with the recovery proceedings despite the pending complaint."
Mar 26, 2008 (23 hours ago)
ECB policy likely to be relaxed
from rediff Business
The government has initiated a comprehensive review of external commercial borrowings (ECB) policy. While the details are yet to be thrashed out, the government and the Reserve Bank of India are set to raise the ceiling for the current financial year from $22 billion to $28-30 billion. Sources said the move was prompted due to a breach in the existing ceiling.
Mar 26, 2008 (yesterday)
R-Power to spend Rs 3,000 cr to fuel Sasan project
from rediff Business
Reliance Power Limited, the flagship company of the Reliance Anil Dhirubhai Ambani Group (ADAG), plans to invest about Rs 2,500-3,000 crore (Rs 25-30 billion) over a period of three years, to develop three coal mines to fuel its Sasan Ultra Mega Power Project in Madhya Pradesh. Reliance Power currently has access to coal reserves of about one billion tonnes in India and abroad, including a coal mine in Indonesia, which it acquired recently.
Mar 26, 2008 (yesterday)
Maruti Swift DZire @ Rs 4.49 lakh
from rediff Business
"It has a special place in our product strategy. Millions of Indians own compact cars. With growing incomes and better lifestyle, many of them want to upgrade to a sedan. But on Wednesday, they are not able to find an entry level sedan that offers style, features and performance. The DZire offers all this, and at an attractive price," Maruti Suzuki India Managing Director S Nakanishi said.
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