Business

Mumbai, August 18: Reliance Communications has started talks to buy Kuwaiti Zain’s African operations, which media say are worth $10 billion, two banking sources said.

The move underscores a drive by Indian telecom companies to gain a foothold in Africa, where mobile phone penetration is low and the potential for growth high.

Bharti Airtel, Reliance’s bigger home rival, is in exclusive talks with South Africa’s MTN Group to create the world’s third-largest wireless firm with more than 200 million users.

Mumbai, August 18: Recovering its early losses, the Bombay Stock Exchange benchmark index Sensex rose by 173 points in late morning trade amid continued FII pullout from the stock market.

The 30-share barometer was quoted at 14,958.09 points, a gain of 173.17 points over its previous close.

The Sensex had fallen by 627 points or 4 per cent yesterday after a decline in the US consumer confidence index adversely affected global markets.

Foreign Institutional Investors (FIIs) sold shares worth Rs 1,226.49 crore on August 17, as per the provisional data.

Mumbai, August 18: The Indian rupee strengthened by 9 paise against the US currency in the opening trade Tuesday on dollar selling by exporters.

At the Interbank Foreign Exchange (Forex) market, the domestic unit gained 9 paise to quote at 48.86 a dollar over the previous close.

Dealers said dollar selling by exporters and hopes of fresh capital inflows by foreign funds into equity markets, mainly supported the Indian rupee.

Monday, the rupee fell by 71 paise to close at one-month low of 48.95/96 as the BSE Sensex tanked 626.71 points in line with melting global markets.
–PTI

Mumbai, August 17: Indian life insurance industry paid 20.74 per cent higher death benefit to its policy-holders at Rs 1,717-crore during the first quarter of the current fiscal, according to the Life Insurance Council.

“During April-June 2009 quarter, the Indian life insurance industry paid Rs 1,717-crore as death claims to its policy-holders compared to Rs 1,422-crore during the same period last year,” Life Insurance Council said in its recently released data.

Life Insurance Council is the industry body representing 21 life insurance companies in India.

Manilla, August 17: The economies of most South Pacific islands are expected to contract this year due to weak tourism and remittances, the Asian Development Bank said on Monday. Bureau Report

The global economy is showing signs of stabilizing, but the full impact from the downturn in the US, Australia and New Zealand has yet to hit 14 island nations in the region monitored by the Manila-based lender.

London, August 17: Oil fell to below $66 a barrel on Monday, touching its lowest this month, as investors became more cautious about the pace of global economic recovery and any revival in energy demand.

The decline added to the market’s $3.01, or 4.3 percent slide on Friday — the biggest loss since July 29 — after the Reuters/University of Michigan Survey of Consumers showed confidence in early August dropped.

Mumbai, August 17: Thanks to weak global cues and continued profit selling, BSE Sensex on Monday shed 637 points to close below the 15,000-mark.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 15,284.23 points, ended at 14,774.01 points (provisional), down 637.62 points or 4.14 percent.

The Nifty of the National Stock Exchange (NSE) also closed in the red, losing 4.2 percent from its previous closing figure to end at 4,387.8 points.

Mumbai, August 17: The Bombay Stock Exchange extended losses to 4 percent late on Monday, tracking a broad sell-off across equity markets worldwide on worries about the pace of global economic recovery.

Concerns that poor monsoon rains — crucial for India’s domestic-demand-led economy — will dent growth also weighed on sentiment.

At 3:04 p.m. (0934 GMT), the 30-share BSE index was down 4.1 percent at 14,776.72 points, with all stocks declining.

The 50-share NSE index was down 4.3 percent at 4,381.45.

—Agencies

McLeod Russel, flagship of the BM Khaitan Group, and the largest plantation company in the world is at present fortified with a tea crop portfolio of 80 million kg. It is hungry for more. But the company will stick to plantations, and not enter the packet tea business, managing director Aditya Khaitan tells DNA, while fielding questions on the company’s plans, challenges and the industry picture. Excerpts:

Your profits for first quarter have increased over four times to Rs 31 crore. Is this largely on account of price increases of tea?

New Delhi, August 16: Verizon in tie-up with ZTE has planned to launch AD3700 Mobile Broadband USB modem that would allow the user to get connected anywhere.

As Verizon and ZTE has divulge a Mobile Broadband Modem that proffers a global connectivity so that the users would able to access high-speed networks in the Global System for Mobile communications (GSM), General Packet Radio Service (GPRS), Enhanced Data Rates for Global Evolution (EDGE), High Speed Packet Access (HSPA) and Universal Mobile Telecommunications System (UMTS) wireless platforms.

New Delhi, August 16: Samsung has publicized the launch of first S60 5th Edition handset Samsung Omnia i8910 HD in India.

Samsung Omnia i8910 HD has been boasted with a noticeable feature of 8Megapixels camera which could not only captures the still frames but could also record the High Definition video @ 30FPS.

Omnia HD is packed with a huge 3.7 inch AMOLED screen sport a 360 x 640 pixel resolution which offers simply amazing Video and image watching experience.

Mumbai, August 16: Aimed at retail assesses, state-owned Corporation Bank will offer income tax returns filing facility through its 1000-plus strong ATM network spread across the country, a top company official said.

“We are offering a service for filing of Income Tax (I-T) returns for Corporation Bank debit card holders through our network of 1,000 plus ATM’s in the country. The facility will commence from August 18,” Corporation Bank Chairman and Managing Director J M Garg said.

New Delhi, August 16: Two worldwide contenders in the mobile arena Nokia and Microsoft have agreed for an partnership that would allow the Nokia users to work with Microsoft‘s office application on their mobile phones.

This concord is not been announced officially but it came in knowledge as Microsoft sees its supremacy being gradually more dared by rivalry like Google Docs which allow the access to web-based office application on phones and getting better and more “web-friendly”.

New Delhi, August 16: Though signs of an economic turnaround were starting to appear, a complete recovery for India’s crisis-stricken exports sector would happen only by the year-end, according to an industry survey.

“The quantum of decline on year-on-year basis may come down in the months ahead. But for exports to register reasonable positive growth, we will have to wait at least till the end of this year,” said a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

New Delhi, August 16: India’s arms imports are expected to touch $30 billion by 2012 even as the domestic defence market is poised to grow to $700 million in five years, according to an industry lobby report.

The report submitted to the defence ministry by the Associated Chambers of Commerce and Industry (Assocham) said: “India’s arms imports alone would rise to $30 billion by 2012.”

New Delhi, August 16: Keeping the promise it showed on the very first day of trading after the UPA government won the mandate for the second term at the Centre, the stock market has seen over Rs 10,00,000 crore being added to its wealth in just about three months since its historic surge on May 18.

Vadodara, August 16: Baroda Milk Dairy, maker of Amul products, will bottle surplus Narmada water it gets everyday from Sardar Sarovar Dam, its chairman Madhi Srivastav said today.

The purpose behind this is to supply Holy Narmada water across the country, he told.

The water will be available in pouches and jars besides bottles under the brand name of Narmada Neer, he said.

The profit generated through this venture will be distributed among 2 lakh milk producers who are members of Baroda Milk Dairy, he said.

Tiruchirapalli, August 16: Power equipment major Bharat Heavy Electricals Ltd (BHEL) will invest Rs.485 crore ($100 million) to expand its boiler division that makes thermal and nuclear plant boilers, a senior official said here Saturday.

“The expansion will be completed by 2011 and the division’s capacity will go up to 15,000 MW per annum,” BHEL executive director A.V. Krishnan said here at a flag hoisting ceremony on Independence Day.

At present, the company’s capacity is 10,000 MW.

BHEL has set up a new unit here at an investment of Rs.732 crore.

Chennai, August 16: A day after employees staged a sit-in in front of the Nokia India plant here, the management Saturday agreed to discuss their demands, including a higher wage hike than they were offered.

A union official said a reconciliatory meeting between employees representatives and company officials ended amicably Saturday and workers would submit a charter of demands next week.

“We will submit our charter of demands on August 21 to the company management. On August 24, it will be discussed at a meeting at the labour commissioner’s office,” the official told.

New Delhi, August 16: Though signs of an economic turnaround were starting to appear, a complete recovery for India’s crisis-stricken exports sector would happen only by the year-end, according to an industry survey.

“The quantum of decline on year-on-year basis may come down in the months ahead. But for exports to register reasonable positive growth, we will have to wait at least till the end of this year,” said a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

New Delhi, August 16: In a step towards disinvestment, Coal India has got approval from the coal ministry to reduce the face value of its shares to Rs 10 from existing Rs 1,000, a move would increase the number of the company’s shares to 631.6 crore.

At present, the face value of one Coal India share stands at Rs 1,000 and the company has 6.316 crore shares, Coal India Chairman P S Bhattacharyya told PTI.

Washington, August 16: Expressing concern at the rising fiscal deficit, the IMF has said that there should be a successor to the Fiscal Responsibility and Budget Management (FRBM) Act to reduce the scope for window dressing in government finances.

India’s fiscal responsibility legislation should be reformed “to reduce opportunities for creative accounting and biased forecasts,” said an International Monetary Fund working paper on “India?s Experience with Fiscal Rules”.

Tiruchirapalli (Tamil Nadu), August 15: Power equipment major Bharat Heavy Electricals Ltd (BHEL) will invest Rs.485 crore ($100 million) to expand its boiler division that makes thermal and nuclear plant boilers, a senior official said here Saturday.

“The expansion will be completed by 2011 and the division’s capacity will go up to 15,000 MW per annum,” BHEL executive director A.V. Krishnan said here at a flag hoisting ceremony on Independence Day.

At present, the company’s capacity is 10,000 MW.

BHEL has set up a new unit here at an investment of Rs.732 crore.

Kohima, August 15: Braving an inclement weather in the state today, the country’s 63rd Independence Day was celebrated throughout Nagaland with Chief Minister Neiphiu Rio reaffirming his government’s commitment towards achieving permanent peace and inclusive growth in the state.

After unfurling the national tri-colour at civil secretariat ground here to mark the celebration of the Independence Day, Rio said, “I can assure you that the government will continue to work with full commitment and sincerity in meeting the people’s expectations”.

Neyveli, August 15: The Neyveli Lignite Corporation planned to venture into environmentally friendly projects utilising non-conventional energy resources like Hydropower and Wind, A R Ansari, company Chairman and Managing Director said here today.

The Corporation proposed to set up its first 50 MW wind based power plant at Tuticorin and a 1000 MW hydro power plant at Uttarakhand, he said after unfurling the tricolour at Bharati ground here on the occasion of Independence day.