Business

Dubai,January 01:UAE’s Emirates NBD has been ranked the largest bank in the Middle East in a latest ranking by the US-based Global Finance magazine.

Besides the Middle East region, the Emirates NBD also has a significant presence globally at a time when emerging markets continue to drive the global economy out of recession, the monthly magazine said.

Bangalore, December 31: India’s top industrialist Ratan Tata has funded a research project in the Massachusetts Institute of Technology (MIT) to use hydrogen from water as an alternative fuel to drive cars, an eminent scientist said Friday.

‘Tata has given $15 million to fund the research being conducted by MIT professor Daniel Nocera on using water as auto fuel. The project involves generating hydrogen by splitting water and storing it in a safe can to drive an automobile,’ noted scientist C.N.R Rao told reporters at a press meet here.

Mumbai, December 31: A benchmark index of the Indian equities market moved up 120 points Friday, the last trading day of 2010. Led by realty and banking stocks, broader markets too saw modest buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,412.76 points closed at 20,509.09, up 120.02 points or 0.59 percent, from its previous close of 20,389.07 points.

It traded in a tight range, touching an intra-day high of 20,552.03 points and falling to intra-day low of 20,412.76 points.

New Delhi, December 31: India’s external debt rose to $295.8 billion by Sep 30, 2010, an increase of $33.5 billion during the first six months of current fiscal, on increased short-term borrowings and depreciation in value of the US dollar.

Long-term debt increased by 9.5 percent to $229.8 billion, while short-term debt soared 25.8 percent to $66 billion during the first two quarters of fiscal 2010-11, according to data released by the finance ministry Friday.

Mumbai, December 31: RPP Infra Projects Limited Friday announced plans for a 5 MW solar power project with an investment of Rs.80 crore in Tamil Nadu.

The company has selected a 92-acre site at Ramanathapuram district of Tamil Nadu for the power plant.

It is also contemplating a joint venture with potential solar cell manufacturing companies in China and Thailand to commence operations for the solar power projects.

Hyderabad, December 31: The Andhra Pradesh government Friday said it was not satisfied with the Krishna Water Disputes Tribunal verdict on sharing of surplus water with neighbouring Karnataka and Maharashtra.

Revenue Minister Raghuveera Reddy told reporters that the government would study the full report and consult irrigation experts, engineers and lawyers before taking any decision.

Major Irrigation Minister P. Sudarshan Reddy had Thursday said that the government would file an appeal before the tribunal in three months and seek clarifications.

New Delhi, December 31: In a tumultuous year for Indian equities, a key index finished 2010 on a positive note with a gain of nearly 18 percent, over and above the 80-percent upward swing the previous year, after fluctuating within a broad range of 5,500 points.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) which had closed 2009 at 17,464.81 points, dipped to an intra-day low of 15,651.99 points Feb 8, and then rose to the year’s high of 21,108.64 Nov 5.

Bangalore, December 31: Tata Group Chairman Ratan Tata’s dream is to see cars run on water and he has invested USD 15 million in a start-up firm supporting research in the field, an eminent scientist said today.

Chairman of the Scientific Advisory Council to the Prime Minister Prof C N R Rao said one of his close friends and a professor in the famed Massechusetts Institute of Technology in the US has found a way to split water directly into hydrogen and oxygen.

Gurgaon, December 31: Police today questioned Chief Financial Officer of Hero Corporate Services over investment with a Citibank official suspected to be involved in a Rs 300 crore fraud even as they claim that the money was safe.

Brijmohan Lal Munjal-led Hero Group meanwhile admitted today that its exposure to the fraud allegedly done by Citibank’s Gurgaon branch Relationship Manager Shivraj Puri is to the tune of Rs 28.75 crore and it was done through its entities.

Bangalore, December 31: India’s top industrialist Ratan Tata has funded a research project in the Massachusetts Institute of Technology (MIT) to use hydrogen from water as an alternative fuel to drive cars, an eminent scientist said Friday.”Tata has given $15 million to fund the research being conducted by MIT professor Daniel Nocera on using water as auto fuel.

The project involves generating hydrogen by splitting water and storing it in a safe can to drive an automobile,” noted scientist C.N.R Rao told reporters at a press meet here.

New Delhi, December 31: In a tumultuous year for Indian equities, a key index finished 2010 on a positive note with a gain of nearly 18 percent, over and above the 80-percent upward swing the previous year, after fluctuating within a broad range of 5,500 points.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) which had closed 2009 at 17,464.81 points, dipped to an intra-day low of 15,651.99 points Feb 8, and then rose to the year’s high of 21,108.64 Nov 5.

Mumbai, December 30: The country’s largest lender, State Bank of India (SBI), today said it plans to raise Rs 12,000 crore through bonds to fund its business growth.

The executive committee of the central board of the bank has accorded approval for raising the capital for an aggregate amount of Rs 10,000 crore by way of the issue of Tier II bonds, SBI informed the Bombay Stock Exchange.

The fund would be raised during the remaining period of 2010-11 and 2011-12 in different tranches, it said.

New Delhi, December 30: Finance Minister Pranab Mukherjee today indicated more steps to check rising prices as food inflation surged to a 10-week high of 14.44 per cent while pegging the overall inflation rate at 6.5 per cent by this fiscal end, a bit higher than projected earlier.

The high inflation rate is not due to (statistical technicality called) base effect and is real, the Finance Minister told reporters here.

New Delhi, December 30: The Reserve Bank of India (RBI) today said inflation is always a concern and hinted at taking more steps to check it.

“Inflation is always a concern”, RBI deputy governor KC Chakrabarty said.

Asked if the RBI is expected to take more measures to cool down inflation, he said, “RBI has already taken the measure. If the Reserve Bank feels the measure is not adequate, they (RBI) will take more measures.”

New Delhi, December 30: In a bid to revive cash-strapped national carrier Air India, the government Thursday approved an equity infusion of Rs.1,200 crore in the ailing airline.

“Cabinet Committee on Economic Affairs (CCEA) today approved the infusion of Rs.1,200 crore as equity in Air India Limited,” Civil Aviation Minister Praful Patel said in a statement.

According to the statement, the infusion of funds would give the much needed capital required by the national carrier for payment of its dues, revival of its operations and expansion of its fleet.

Washington, December 30: American military aviation companies have announced their intention to re-enter the race for India’s massive $1.4 billion contract for purchase of 22 attack helicopters, almost a year after withdrawing from the hunt.

The American intentions were made clear with the Pentagon notifying US Congress about the possible sale of helicopter gunships to India and clearing the sale of AGM-84L Harpoon Block II missiles to the country to arm Indian Navy’s about to be delivered P-81 Neptune maritime patrol aircraft.

New Delhi, December 30: Silver hit a new peak at Rs 46,200 per kg in the national capital on Wednesday on brisk buying by stockists and jewellers, triggered by a firm trend in global markets. Gold also rose by Rs 165 to Rs 20,955 per 10 grams on local buying support for the ongoing marriage season.

Silver prices spurted by Rs 1,200 to Rs 46,200 per kg on firming global cues, amid a strong demand from industrial units.

Mumbai, December 29: A Jaipur-bound GoAir flight got delayed by over three hours today with a section of the passengers complaining that the airline did not inform them about the late departure.

GoAir, however, refuted the charge.

There were around 150 passengers on board the GoAir Mumbai-Jaipur flight, scheduled to take off at 14.50 pm, which finally departed for its destination at around 18.30 pm.

“The flight was scheduled to take off at 14.50 pm.

Mumbai, December 29: Gold prices continued to surge at the bullion market here today on hectic buying by stockists and jewellers in tandem with a steep rise in international level.

Silver flared up to hit a new record high, topping the Rs 46,000 a kg mark on the back of frantic speculative buying amidst a huge rise in overseas.

Silver ready (.999 fineness) shot up by a hefty Rs 1,145 per kilo to close at Rs 46,710 from Tuesday’s closing level of Rs 45,565.

Standard gold (99.5 per cent purity) zoomed by Rs 110 per 10 grams to end at Rs 20,615 from Rs 20,505 yesterday.

New Delhi, December 29: Despite difficult weather conditions, Air India today managed to fly back two of its three aircraft that had been stuck in the US since Sunday, helped by passengers’ readiness to travel without baggage due to problem in ground-handling due to heavy snow at airports there.

The operation of the ‘passengers only’ flight was made possible as air travellers agreed to collect their baggage a couple of days after their journey, an Air India statement said here.

Bangalore, December 29: IT bellwether Wipro Limited Wednesday deposited Rs.24 crore (Rs.240 million) with the state commercial tax department in compliance with a Karnataka High Court directive, a company official said.

‘We have deposited the amount (Rs.240 million) as directed by the court Tuesday but we look forward to an early solution to the issue of double taxation on goods and services,’ Wipro Senior Vice President (taxation) P.V. Srinivasan told IANS here.

Lucknow, December 29: Uttar Pradesh is all set to augment its power generation by a substantial 3300 megawatts in the coming year, a senior official said Wednesday.

UP Power Corporation Chairman Navneet Sehgal said such a rise in power generation would be historic and unprecedented.

According to him, ‘the government would be creating history by adding as much energy to the state as the previous governments had not been able to generate over the past 60 years.’

New Delhi, December 29: Engineering firm Gayatri Projects Limited Wednesday said it has bagged a road contract worth Rs.1,130.67 crore in Nagaland in a joint venture with Maytas Infra.

‘The contract from the government of Nagaland is for widening of roads in the state for a total value of Rs.1,130.67,’ the Andhra Pradesh-based company said in a regulatory filing.

The joint venture has received a letter of acceptance from the government to this extent, it added.

At the Bombay Stock Exchange, the shares of the company closed 1.42 percent higher to trade at Rs.320.45.

–IANS

New Delhi, December 29: Environment minister Jairam Ramesh Wednesday said a three-member panel of his ministry will visit Lavasa Lake City project near Pune in Maharashtra in the first week of January to look into allegations of green laws violations.

‘A three-member technical team of the ministry will visit Lavasa project in the first week of January and we will submit our reply by Jan 10 as directed by the Bombay High Court,’ Ramesh told reporters here.