Kochi, August 10: Public sector Cochin Shipyard Limited has declared a dividend on equity capital for the first time in its history at the annual general meeting held here Aug 7.
The total amount of dividend at the rate of 10 percent of equity share capital works out to Rs 11.32 crore, a shipyard release said. The company also declared 7 percent dividend on Preference share capital amounting to Rs 8.33 crore.
New Delhi, August 10: To support the export sector, the foreign trade policy (FTP) to be announced later this month is likely to contain stimulus packages, Commerce Minister Anand Sharma said here Monday.
“We will talk to the finance ministry on export sector stimulus. We will announce more stimulus in the trade policy this month,” Sharma said after a meeting of the Board of Trade (BoT), the government’s highest advisory body on export and import-related issues.
Srinagar, August 10: In its first budget proposal since it came to power early this year, the National Conference-Congress alliance government proposed additional taxes on petrol, diesel, poultry, mutton and liquor while providing for pay parity for its employees with those of the central government.
Presenting the budget for 2009-2010 in the assembly here Monday, Finance Minister Abdul Rahim Rather proposed additional tax of Rs.2 on petrol and Re.1 on diesel per litre.
The finance minister also proposed increase in the present daily wage rate from Rs.70 to Rs.110.
New Delhi, August 10: The opening of Delhi Metro’s Noida Line that links east Delhi to the suburban Noida has been pushed back by a month due to the non-availability of trains, an official of the Delhi Metro Rail Corporation (DMRC) said Monday.
‘The opening of Yamuna Bank to Noida Metro corridor is likely to happen only by the end of September 2009 as the new trains built for this line, which were being procured from Bombardier company, are still under commissioning and testing,’ DMRC spokesman Anuj Dayal said.
Mumbai, August 10: After opting for the franchise route to provide 3G services, state-run MTNL now wants to adopt the same model for Wi-Max based hi-speed wireless broadband services for better customer focus and revenue realisation.
MTNL intends to allow one successful bidder each in its licensed area of Delhi and Mumbai for the deployment and operation of its Wi-Max system on exclusive, revenue-sharing basis.
New Delhi, August 10: Domestic car sales shot up by nearly 31 percent to cross 115,000 units in July, from about 88,000 units in the same period a year ago, an industry body said Monday.
Sales of motorcycles rose over 19 percent to 546,250 units from 457,200 units, said the Society of Indian Automobile Manufacturers (SIAM) in a statement.
According to SIAM, two-wheeler sales surged 20 percent in July to 719,670 units as compared to 599,370 units in the corresponding month last year.
Sales of trucks and buses rose 9.6 percent from a year earlier to 37,620 units, SIAM’s data showed.
New Delhi, August 10: Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
OIL is looking at pricing its initial public offering (IPO) at closer to the prevailing share price of Oil and Natural Gas Corp (ONGC), a source close to the development said.
ONGC, the nation’s largest explorer, was trading at Rs 1,167 on the Bombay Stock Exchange at 1400 hrs on Monday.
Mumbai, August 10: The BSE Sensex provisionally fell 1.7 percent on Monday, as fears that weak monsoon rains — crucial for the country’s domestic-demand-led economy — will hurt a nascent economic revival weighed on investor confidence.
The 30-share BSE index provisionally ended down 258.22 points at 14,902.02, with 24 stocks declining.
The 50-share NSE index provisionally closed down 1.8 percent at 4,402.75.
—-Agencies
Mumbai, August 10: Larsen & Toubro has not taken a decision to sell its stake in outsourcer Mahindra Satyam, a senior official at Larsen told a TV channel on Monday.
“No decision at the board or management level has been taken (to sell our stake in Mahindra Satyam). It is some kind of an enabling situation we wanted to create,” Larsen’s chief financial officer, YM Deosthalee, told the television channel.
Tokyo, Augustt 10: Hopes mounted Monday that Japan’s economy is on the mend after its worst recession in decades as the current account surplus showed the first rise in 16 months and machinery orders rebounded.
The surplus in the current account, the broadest measure of trade in goods and services, more than doubled in size in June to 1.15 trillion yen (USD 11.8 billion) from 471.6 billion yen a year earlier, the government said.
The figure easily beat market expectations for an increase of about 40 percent.
Manama, August 10: Gulf Air trade unions on Sunday alleged the struggling Bahrain-owned carrier is planning to dismiss 272 workers within three months as part of a restructuring plan.
“The company plans to fire 272 Bahraini and foreign workers by the end of October. We have (copies) of (dismissal) letters sent to some employees and names of those targetted by the company’s redundancy plan,” the union’s deputy chief Ghazi al-Murbati told reporters.
Kuala Lumpur, August 10: Aggressive stimulus spending by governments helped the world avoid a second Great Depression but full economic recovery will take two years or more, Nobel Prize-winning economist Paul Krugman said Monday.
Krugman said the worst of the global crisis was over with economic and exports growth showing signs of stabilization. Still, recovery was likely to be “disappointing” as government spending wasn’t sustainable in the long-run and unemployment rate still lagging behind, he told a two-day world capital markets conference here.
New Delhi, August 10: Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
OIL is looking at pricing its initial public offering (IPO) at closer to the prevailing share price of Oil and Natural Gas Corp (ONGC), a source close to the development said.
ONGC, the nation’s largest explorer, was trading at Rs 1,167 on the Bombay Stock Exchange at 1400 hrs on Monday.
New Delhi, August 10: The first Tata Nano, the world’s cheapest car, was delivered in July Car sales in India have risen by almost a third as new launches and lower interest rates encourage people to buy new cars.
Sales jumped 31% in July, to 115,067 units, from the same month a year ago, the Society of Indian Automobile Manufacturers said.
Commercial vehicle sales also rose by 9.6% after months of decline.
The first owner of the world’s cheapest car, the Tata Nano, took possession of his vehicle in Mumbai in July.
‘Sustainable demand’
Mumbai, August 10: Equities bounced back from day’s lows as low level buying emerged in IT, pharmaceuticals and metals space. However negative opening of European markets may cap the gains back home. ( Watch )
At 12:50 pm, Bombay Stock Exchange’s Sensex was at 15182.85, up 22.61 points or 0.15 per cent. The index touched an intra-day low of 14981.46 and intra-day high of 15417.34.
National Stock Exchange’s Nifty was at 4497.65, up 16.25 points or 0.36 per cent. The broader index hit a low of 4430.30 and high of 4562.50 in trade so far.
Mumbai, August 10: The Bombay Stock Exchange benchmark index Sensex surged by over 257 points in early trade on Monday, on fresh capital inflows by foreign funds, triggered by firming trends in Asian markets amid better-than-expected US jobs data.
The 30-share BSE Sensex shot up by 257.10 points to 15,417.34 points in early trade with most of the sectoral indices gaining up to 2.76 percent. The BSE barometer had lost almost 745 points in the past two sessions.
The wide-based National Stock Exchange index Nifty climbed 81.10 points, or 1.22 percent, to 4,562.50 points.
New Delhi, August 10: Domestic passenger car sales recorded 30.91 percent increase at 1,15,067 units in July from 87,901 units in the same month last year.
According to the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Monday, motorcycle sales in the country during the month was up 19.48 percent at 5,46,245 units from 4,57,178 units in the corresponding month a year ago.
The total two-wheeler sales in July surged by 20.07 percent to 7,19,668 units compared to 5,99,369 units in the same period last year.
Mumbai, August 10: A key index of the Indian equities markets opened in the green Monday, but slipped marginally soon after. About 15 minutes into trade, it was 78 points higher that its last close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 15,287.14 points, as against Friday’s close at 15,160.24 points. After 15 minutes, it was at 15,238.48 points, 78.24 or 0.52 percent up from its previous close.
Toronto, August 10: Canada’s SNC-Lavalin, which is at the centre of the alleged Rs 300-crore ($60 mn) bribery scandal in Kerala, has reported a higher profit of $80 million for the second quarter of 2009 – up from $75 million during the same period in 2008.
The Montreal-based company said the increase in its profit was “mainly due to higher contributions from the power and infrastructure and environment segments, partially offset by a loss in chemicals and petroleum.”
Jammu, August 09: The Excise Department collected revenue of Rs 46.71 crore in July this year, Rs 13.80 crore more than raised in July last year, a top official of the department said.
So far, in the current fiscal, the department registered a hike of Rs 20.82 crore in its revenue collections till July this year as compared to the same period last year, he said.
Vadodara, August 09: National Thermal Power Corporation Limited (NTPC), country’s largest power utility, is likely to set up power plants in Nigeria and Srilanka, a top NTPC official said here.
“Proposal is being pursued with the Federal Government of Nigeria for setting up coal and gas based power plants in Nigeria and sourcing of gas for NTPC’s plants in India,” Chairman and Managing Director, NTPC, R S Sharma told yesterday after his visit to 648 MW gas based power plant at Jhanor, about 100 km from here.
New Delhi, August 09: The Oil Ministry has informed Prime Minister Manmohan Singh it was not favouring Mukesh Ambani in his ongoing tussle with younger brother Anil and it had moved Supreme Court only to protect its rights on natural gas.
Responding to queries raised by the Prime Minister’s Office on the basis of a letter to Singh from Anil Ambani, Petroleum Ministry said in a communication that it has not shown any favouritism to Mukesh-led Reliance Industries.
Singapore, August 09: Singapore’s Prime Minister Lee Hsien Loong warned the city state to brace for further job retrenchments in 2009, although he said the economy did better than expected in the first half of the year.
“We might see another wave of retrenchments later in the year, so we must stay on guard for more challenges to come,” Lee said in a recorded speech on state television on Saturday, the eve of national day.
New Delhi, August 09: Dairy chain majors Amul and Mother Dairy have increased the prices of milk by rupee one in Delhi and NCR with effect from today, on the back of a rise in the prices of milk procurement.
Mother Dairy has increased the prices of its three variants, whereas Amul has revised the price of double toned milk only.
Double toned milk of Mother Dairy will now be available at Rs 19 per litre and toned and bulk vended milk (token milk) would now cost Rs 20. Skimmed milk of Mother Dairy will now cost Rs 17 a litre.
New Delhi, August 09: Unable to access RIL’s books for two years for auditing the government’s gas contract with the Mukesh Ambani-led firm, the country’s apex audit institution CAG has sought the Petroleum Ministry’s help in the matter.
The Comptroller and Auditor General has written to the ministry as it has not been able to access the accounts of RIL to conduct the audit of the government’s production-sharing contract with the company for Krishna-Godavari basin gas, a top official associated with the matter said.