Business

Chennai, September 03: The Life Insurance Corporation of India today launched it’s second micro insurance product – ‘Jeevan Mangal’ aimed at lower income groups, as well as those living in remote rural areas.

“This policy, a term assurance plan with return of premiums paid on maturity, will be sold only by Self Help Group (SHG) and NGOs”, LIC Zonal (South) Manager V K Sharma told reporters here.

“We have set a target of selling a minimum of five lakh policies during the first year”, he added.

Jamshedpur, September 03: A leading automobile company Tata Motors today declared 15.27 per cent annual bonus for the accounting year 2008-09 after an agreement was signed with Telco workers union (TWU) in this regard here.

As per the agreement, the minimum bonus payable was Rs.22,652/- and maximum Rs.26.958, according to a press release issued by Capt. P J Singh, spokesman of Tata Motors Limited.

Puducherry, September 03: A total of Rs 69.86 crore remained as outstanding as on this March 31 from 1460 industries to the Department of Electricity for consumption of power.

Should industries continue to default in payment of the dues within the time limit fixed for them, the government would disconnect the power,an official source claimed.

—Agencies

Mumbai, September 03: A key index of the Indian equities markets slipped into the red soon after opening positive today, and was 33 points lower than its previous close about half an hour after start of trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,539.34 points, slipped to 15,433.76 points, 33.7 points or 0.22 percent lower than its previous close, about 30 minutes into trade. It had closed on Wednesday at 15,467.46 points.

New Delhi, September 02: Hyundai Motor India, the country’s second largest car manufacturer on Wednesday introduced a new model of its flagship brand Santro with improved exterior features and new luxurious interiors.

The new Santro will sport a body coloured grille, a full wheel cover and a rear spoiler. The new interiors will boast new fabrics in dual tone beige and brown with premium silver touches. The price of the car ranges from Rs.263,999 (Santro GL) to Rs.369,499 (Santro GLS LPG).

—Agencies

Kolkata, September 02: A section of West Bengal’s main opposition Trinamool Congress was obstructing the proposed IT park project at Rajarhat here, Housing Development Minister Gautam Deb alleged on Wednesday.

“A few Trinamool leaders are trying to obstruct the project. I would like to request all our state leaders, including Chief Minister Buddhadeb Bhattacharjee, Trinamool chief and Railway Minister Mamata Banerjee, and union Finance Minister Pranab Mukherjee to come and start working together for the development of the state,” he said.

Kolkata, September 02: Sony India is targeting 40 percent revenue growth in the country during the festive season.

“With a Rs.50 million (Rs.5 crore) investment, we intend to achieve 40 percent growth over last year and offer very competitive pricing to our customers during this festive season. The company is targeting a sales revenue of Rs.700 million,” said Sony India senior manager Vijay Singh Jaiswal.

The company also hopes to achieve 60 percent growth in West Bengal during the period.

–Agencies

Chennai, September 02: Tata group-owned jewellery brand Tanishq opened its largest retail store, spanning 20,000 square feet over three floors, on Usman Road here.

Stocked with exquisite jewellery collections, this large-format showroom is a part of the company’s commitment to increasing its market share.

—Agencies

New Delhi, September 02: New and Renewable Energy Minister Farooq Abdullah on Wednesday inaugurated a 30 KW micro hydel plant in the Leh district of Jammu and Kashmir.

The minister, who also met with local administrative and army officials, discussed deployment of solar energy equipment and micro hydel units to replace diesel and kerosene in civil and army establishments.

—Agencies

Bangalore, September 02: Datavision Software Solutions has tied up with global IT major IBM to provide web-based core banking solutions to cooperative banks with its proprietary product DateMate, the company said on Wednesday.

“DataMate will enable cooperative banks to provide customer relationship management through a unified view of customer’s transactions. IBM will help the banks migrate to web-based core banking offerings,” Datavision managing director Prakash Khanchandani said in a statement.

—Agencies

Chennai, Septemebr 02: Gypsum-based building solutions company Saint Gobain Gyproc India is hoping to double its turnover to Rs.600 crore by focussing on commercial and hospitality building segments.

“The trend is to construct highrise buildings at a quicker pace, which is possible by using gypsum plasterboard-based products for ceilings and drywalls,” said company general manager for marketing N.E. Subramanian.

“Further, the buildings have to be fire-safe and offer acoustic comfort, which traditional construction materials do not offer,” Subramanian told reporters here Wednesday.

Yangon, September 02: South Korea’s Daewoo International Company will invest $1.7 billion in gas exploration and production projects in western Myanmar, in which two Indian companies have a combined stake of 25 percent, a media report said Wednesday.

The gas produced from the Rakhine offshore area will be exported to China in 2013, the weekly Voice reported citing company officials.

The money will be used in the development of infrastructure at two blocks, A-1 and A-3, from where China would buy the gas for 30 years, the report said.

New Delhi, September 02: Yamaha Motors India has started a “Win Win Win” campaign for its entire range of products from Tuesday.

As a part of this campaign, people visiting a Yamaha showroom during Sep 1-Oct 31 can get a test ride and win Yamaha keychains. Upon buying any Yamaha bike, they will receive a Yamaha cap, a scratch card with which they can win upto Rs.3,001 in cash, and for a lucky few, a trip to Thailand.

—Agencies

New York, September 02: The Japanese electronics company Sony Corp plans to introduce a liquid-crystal-display television capable of playing 3-D programming by the end of next year, The Wall Street Journal reported Wednesday.

Sony is to announce its plans for the new TV next week at the IFA consumer electronics show in Berlin, an unnamed source familiar with the plans told the Journal.

Noida, September 02: State-run power utility NTPC will not file a separate plea in the ongoing legal dispute between Reliance Industries and Reliance Natural Resources since the government has already moved an application to protect its own and the navratna firm’s interests, a senior government official said Wednesday.

“Since the petroleum ministry has come out in support of NTPC, there is no need for NTPC to go to the Supreme Court,” Power Secretary H.S. Brahma told reporters here.

Kolkata, September 02: Bilateral trade between India and Canada is expected to grow threefold in five years, according to Gerald Keddy, the parliamentary secretary to the North American country’s international trade minister.

“We are looking at a bilateral trade of $14 billion in the next five years,” Keddy said at a press meet here Wednesday after inaugurating the Canada Trade Office.

This is Canada’s third trade office in India after Delhi and Mumbai, with Hyderabad and Ahmedabad slated to follow.

Mumbai, September 02: Late selling on Wednesday pulled down a key index of the Indian equities markets, forcing it to shut shop 83 points lower than its previous close after a lacklustre day of trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,482.05 points, ended at 15,467.46 points, down 83.73 points or 0.54 percent from its previous close of 15,551.19 points.

The broader-based Nifty of the National Stock Exchange (NSE) followed the Sensex to end at 4,608.35 points, down 0.37 percent.

New Delhi, September 02: Outlining the thrust of India’s foreign policy in the first 100 days of government, External Affairs Minister S.M. Krishna on Wednesday said India had pursued “a multi-dimensional” policy of deepening ties with major global players and its neighbours without compromising on its autonomy of decision-making.

New Delhi, September 02: Almond shipments from California to India increased 19 percent to 39,460 tonnes in 2008-09, says a US study.

According to the Almond Board of California report, India has become the fourth largest export market for US almonds following Spain, Germany and China.

“India is amongst the fastest-growing markets for California almonds and a top priority for long-term investment for the California almond industry,” said Richard Waycott, president and chief executive of the Almond Board that is in charge of promoting almonds, California’s largest tree crop.

New Dehi, September 02: Advertising revenues in the second half of the year are set to grow more than 65 percent, says a study.

The industry logged just Rs.7,452 crore in January 1-June 30 this year, a whopping Rs.1,414 crore less than what it made in the same period last year, according to the mid-term review of the Pitch Madison Media advertising outlook 2009.

However, things may be looking up for the media industry.

Mumbai, September 02: Late selling Wednesday pulled down a key index of the Indian equities markets, forcing it to shut shop 83 points lower than its previous close after a lacklustre day of trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,482.05 points, ended at 15,467.46 points, down 83.73 points or 0.54 percent from its previous close of 15,551.19 points.

The broader-based Nifty of the National Stock Exchange (NSE) followed the Sensex to end at 4,608.35 points, down 0.37 percent.

Mumbai, September 02: The stock markets lost ground for the third day in a row, as investors forced the bellwether Sensex down by 83.73 points taking cues from weak Asian and European markets.

In a volatile trade, the 30-share index closed lower by 83.73 points at 15,467.46 points.

The broader 50-issue Nifty of the National Stock Exchange declined by 17 points or 0.37 per cent to 4,608.35.

New Delhi, September 02: Indian call charges touched a new low on Tuesday with telecom operator Tata Teleservices’ new tariff plan that allows CDMA subscribers unlimited hours on local calls for just Re 1.

In the new ‘Pay-Per-Call’ plan, the company has moved away from the usual practice of charging on a one minute-pulse basis. Instead Tata Teleservices pre-paid CDMA subscribers will be charged Re 1 for all local calls and Rs 3 for long distance calls, regardless of the duration.

Abuja, September 02: Seeking to strengthen bilateral trade relations, Nigeria is keen to welcome foreign investments from India, enhance cooperation in field of information technology and export of non-oil and gas products, a senior Nigerian official has said. “As part of new reforms in our country, foreign investors willing to invest in the country are at liberty to repatriate their dividend and capital whenever they wish and the minister would have to get this message across to the Indian business community,” Emeka Omeihe Special Assistant on Media to Nigerian Commerce Minister has said.

New Delhi, September 02: Reversing its earlier stand, the Government on Tuesday told the Supreme Court that it was not in favour of declaring “null and void” the family pact between the two Ambani brothers, Anil and Mukesh.

The Government also told the apex court, ahead of a hearing on October 20 on the feud between the companies led by the two brothers, that its policy on pricing and allocation of gas was without prejudice to another legal case involving state-run power utility NTPC.