Business

Bangalore, April 05: Former MindTree co-founder Ashok Soota Tuesday announced setting up a new business venture – Happiest Minds Technologies Limited – to provide a slew of IT services to global firms.

“Happiest Minds will focus on new emerging technologies like cloud, social CRM (customer relationship management), unified communications, mobility, business intelligence and analytics,” Soota told reporters here.

Soota, a former Wipro vice-chairman, resigned from MindTree, a Bangalore-based leading IT solutions and product engineering services firm, March 31 on personal grounds.

New Delhi, April 05: Parliament’s Public Accounts Committee (PAC) Tuesday continued quizzing people, including industrialist Anil Ambani, on matters related to the allotment of scarce telecom spectrum by former communications minister A. Raja.

According to sources, the members raised six sets of issues pertaining to policy matters, the first-come-first-served basis for awarding spectrum, excess spectrum with service providers and second and third generation (2G and 3G) telecom services.

New Delhi, April 05: Reliance Communications chairman Anil Ambani was on Tuesday questioned by Parliament’s Public Accounts Committee in connection with alleged irregularities in the 2G spectrum allocation.

Etisalat DB Telecom CEO Atul Jham was also questioned by the panel headed by senior BJP leader Murli Manohar Joshi.

The PAC had on Monday quizzed Tata Sons chairman Ratan Tata and corporate lobbyist Niira Radia in connection with the 2G spectrum scam. ( ‘Candid’ Tata admits chemistry problem with Maran )

Tokyo, April 05: A new survey shows Japan will likely plunge into recession in the upcoming months, following the March 11 earthquake and tsunami and a nuclear crisis in the Asian nation.

After a survey of 11 major private economic institutions, the Nikkei business newspaper reported on Tuesday that Japan’s economy is feared to shrink 2.6 percent on the average.

Some economists, however, painted a gloomier picture of the current situation in Japan, predicting a 7.1 percent drop in the disaster-hit country, the Japanese daily said.

Mumbai, April 05: The BSE benchmark Sensex rallied by over 68 points in opening trade today on the back of strong FII inflows amid expectations of encouraging fourth quarter earnings by corporates.

The 30-share index of the Bombay Stock Exchange, which had gained 281.34 points in the previous session, rose further by 68.48 points to 19,770.21 points in opening trade as heavyweights such as oil and gas, PSU and power sector stocks made headway.

Similarly, the broad-based National Stock Exchange Nifty index also gained 20.20 points to 5,928.65.

New Delhi, April 05: After quizzing industrialist Ratan Tata and corporate lobbyist Niira Radia on Monday, Parliament’s Public Accounts Committee (PAC) will on Tuesday question Reliance Communications Chairman Anil Ambani in connection with alleged irregularities in the 2G spectrum allocation. The PAC has also asked Eti salat DB Telecom CEO Atul Jhamb, S-Tel CEO Shamik Das and Unitech Wireless Managing Director Sigve Brekke to appear before it.

New Delhi, April 04: Tata Sons Chairman Ratan Tata and Niira Radia were on Monday quizzed in connection with 2G spectrum scam by Parliament’s PAC whose head M.M. Joshi said the panel found the industrialist candid and the corporate lobbyist “evasive”.

The PAC will on Tuesday question Reliance Communications Chairman Anil Ambani, as also Etisalat DB Telecom CEO Atul Jhamb, S-Tel CEO Shamik Das and Unitech Wireless Managing Director Sigve Brekke on the same issue.

PAC quizzed Radia for two hours and Tata for three hours on issues related to the 2G spectrum allocation scam.

Washington, April 04: The world’s major central banks are about to break ranks.

Since the financial crisis entered its worst phase in late 2008, monetary policy has moved in the same direction across all advanced economies. On Thursday, the European Central Bank looks all but certain to become the first to shift interest rates higher as it tries to tame rising inflation.

The ECB, the Bank of Japan and the Bank of England all conclude policy-setting meetings that day, and they will probably reach three different decisions.

Chennai, April 04: Commercial vehicles major Ashok Leyland, the flagship company of the Hinduja Group, is open to acquisitions and partnerships to be among the top ten truck-makers in the world, a top company official said here Monday.

“The vision is to become one of the top ten truck companies and in the bus segment one of the top five companies in the world over the next five-ten years. This may be through acquisitions or joint ventures,” managing director Vinod Dasari said.

Dasari assumed office April 1.

New Delhi, April 04: State-owned oil firms will lose a whopping Rs 174,000 crore on selling fuel at government- controlled rates this fiscal, 68 per cent more than what they lost when crude oil touched an all-time high in 2008-09.

Indian Oil, Bharat Petroleum and Hindustan Petroleum will “at current international crude oil prices lose Rs 174,126 crore in revenues on selling diesel, domestic LPG and kerosene below their imported cost in 2011-12 fiscal,” a government official said today.

Mumbai, April 04: The Bombay Stock Exchange benchmark Sensex rose by over 145 points in opening trade today on the emergence of buying in fundamentally strong shares amid a firming trend on other Asian bourses.

The 30-share barometer, which lost 24.83 points in the previous volatile session, recovered by 145.90 points, or 0.75 per cent, to 19,566.29 in the first few minutes of trade today.

Stocks of auto, IT, metals and healthcare firms led the rally.

In a similar manner, the wide-based National Stock Exchange Nifty index rose by 41.45 points, or 0.71 per cent, to 5,867.50 points.

Mumbai, April 04: The Interbank Foreign Exchange (Forex) and Money markets are closed today on account of “Gudi Padwa”.

-Agencies

Washington, April 04: US Democratic Congressmen have proposed to triple cuts in social spending for the remainder of the fiscal year 2011 as the deadline for an agreement looms.

The administration of US President Barack Obama and Congressional Democrats are preparing deep cuts to social expenditures, bringing it to an estimated $30 billion from $10 billion, which if agreed would mark the largest-ever federal budget cuts in social spending in a single year, reports said on Sunday.

Tehran, April 04: Director of Iran’s Trade Promotion Organization Hamid Safdel says Iran and Belarus plan to set up a joint chamber of commerce to promote mutual trade ties.

Safdel made the remarks on Sunday in a meeting with Belarusian Ambassador to Iran Victor Ribak, IRNA reported.

The deputy commerce minister noted that a joint chamber of commerce will increase the level of transactions between the two countries.

Tehran, April 04: Iran and Syria have held a joint conference and workshop to discuss ways to increase the level of bilateral cooperation in the field of nanotechnology.

The event, co-organized by Syria’s Higher Commission for Scientific Research and Iran’s Nanotechnology Initiative Council and in cooperation with the Arab School for Science and Technology, was inaugurated in Damascus on Sunday, Syrian Arab News Agency reported.

Hyderabad, April 02: Godrej Group chairman Adi Godrej was Saturday elected the chairman of the city-based Indian School of Business (ISB). He succeeded Rajat Gupta, who resigned March 21 after the US Securities and Exchange Commission (SEC) slapped insider trading charges on him.

Adi was unanimously elected the chairman by the executive board at its meeting, attended by 14 of its 30 members.

The board accepted the resignation of Indian-American businessman Rajat Gupta, who founded ISB a decade ago.

Washington, April 02: India, which along with China is one of the world’s “documented growth stories”, offers some of the largest opportunities for American companies and the “challenge” for US companies is to come and see the “potential of India”, says Anil Ambani, chairman of Reliance Anil Dhirubhai Ambani Group, one of India’s most successful corporations.

“The opportunities for US companies is vast volume markets of the world,” he said participating in a panel discussion on “The Shifting Global Economy and Implications for Trade” at the US Exim Bank Annual Conference here Friday.

Washington, April 02: India, which along with China is one of the world’s “documented growth stories”, offers some of the largest opportunities for American companies and the “challenge” for US companies is to come and see the “potential of India”, says Anil Ambani, chairman of Reliance Anil Dhirubhai Ambani Group, one of India’s most successful corporations.

“The opportunities for US companies is vast volume markets of the world,” he said participating in a panel discussion on “The Shifting Global Economy and Implications for Trade” at the US Exim Bank Annual Conference here Friday.

New Delhi, April 01: Two-wheeler major Hero Honda Motors Ltd Friday reported a 24 percent rise in its sales for March – its highest-ever – at 515,852 units as compared to 414,638 in the same period last year.

“Hero Honda capped 515,852 units in March ’11 – its highest-ever month sales. This is a growth of more than 24 percent in over the corresponding month in 2010 when the company had sold 414,638 units,” said the company in a statement.

New Delhi, April 01: India”s exports grew by an impressive 50 per cent in February, crossing the USD 200 billion mark during the first eleven months of 2010-11 on the back of rising demand from the US and other markets.

Exports went up by 49.7 per cent year-on-year during February to USD 23.5 billion, taking the April-February 2010-11 figure to USD 208.2 billion, an increase of 31.4 per cent over the year-ago period and past the yearly target of USD 200 billion.

Chennai, April 01: Two and three-wheeler maker TVS Motor Company Ltd closed March with 28 percent sales growth over the corresponding period the previous year, a company statement said. It also sold more units in this fiscal compared to the last one.

The company sold 191,208 units (186,781 two-wheelers, 4,427 three-wheelers) last month — up from 149,194 units (146,763 two-wheelers, 2,431 three-wheelers) sold in March 2010.

New Delhi, April 01: The country’s largest car-maker Maruti Suzuki India Friday reported a 28.20 percent jump in total sales for March to 1,21,952 units from 95,123 units in the same month last year.

For the entire 2010-11 financial year, the company’s sales soared by 24.81 percent to 12,71,005 units from 10,18,365 units in the previous fiscal, Maruti Suzuki India (MSI) said in a statement.

In March, 2011, the national capital-based firm reported an increase of 38.85 percent in sales in the domestic market to 1,10,424 units from 79,530 units in March, 2010.

Washington, April 01: Business baron Anil Ambani had a meeting with US Commerce Secretary Gary Locke on Thursday, during which they discussed the new momentum in economic relationship of the two countries following the November visit of President Barack Obama to India.

Locke and Ambani expressed their desire to work together to accelerate the development of the bilateral relationship, informed sources told the Press Trust of India.

Mumbai, April 01: The BSE benchmark Sensex rallied by over 117 points in opening trade today, extending its gains for the ninth session in a row on the back of steady capital inflows from foreign funds and easing inflation.

The 30-share index of the Bombay Stock Exchange rose by 117.33 points, or 0.60 per cent, to 19,562.55 points in opening trade. The Sensex has gained over 1,606 points in the previous eight sessions.

Stocks of realty, banking, oil and gas, metal, capital goods and auto coampanies led the rally.

Mumbai, April 01: If you have a last-minute plan to watch the World Cup finals live in Mumbai on April 2, be prepared to shell out a lot of money, for the tickets and for the airfare here.