New Delhi, July 24: The Central Bureau of Investigation (CBI) has established that the Raju brothers were funnelling around Rs12 crore every month from Satyam through hawala. Satyam sent the amount as salaries for over 10,000 fictitious employees abroad.
A senior CBI official told DNA that they have established that Satyam founder B Ramalinga Raju and his aides were sending out the money.
New Delhi, July 23: Automobile major Maruti Suzuki Thursday reported a 25.3 percent increase in net profits to Rs.583.5 crore for the quarter ended June 30 compared to Rs.465.9 crore it earned in the corresponding period the previous fiscal.
Net sales grew 34 percent to Rs.6,340 crore in the quarter under review compared to the year-ago period.
‘Net profit growth was helped by an easing of commodity prices, sales mix moving in favour of higher end models and favourable foreign exchange realisations,’ the company said in a statement.
New Delhi, July 23: The Centre has cleared a proposal of deploying 100 CISF personnel each for Reliance refinery in Jamnagar and for Infosys premises in Bangalore.
Reliance Industries is, however, having second thoughts on having the security from the Government.
After making a detailed survey of the refinery, the central security agencies decided to clear the Reliance unit of Jamnagar at the earliest for security.
New Delhi, July 23: Amid a continuing legal battle between the Ambani brothers over gas supply, the elder of the two, Mukesh Ambani, is believed to have met Law Minister Veerappa Moily. No details could be obtained about what transpired in the meeting late last night and an RIL spokesperson declined to comment.
Besides Moily, Mukesh is also understood to have held extensive consultations with legal experts on the ongoing battle. On the other hand, his younger brother Anil met Telecom Minister A Raja, apart from his meetings with a battery of lawyers.
Seattle, July 23: Microsoft Corp said on Wednesday it is releasing the code for Windows 7 to PC manufacturers, keeping the software company on track to have machines running its new operating system in the stores by late October.
The move means Hewlett-Packard Co, Dell Inc, Acer Inc and other computer makers can start to load up new PCs, laptops and netbooks with the operating system, the successor to the unpopular Vista.
Mumbai, July 23: The BSE Sensex provisionally rose 2.7 percent on Thursday, as a series of strong corporate results and positive economic data boosted investor confidence.
The 30-share BSE index provisionally ended up 404.79 points at 15,247.91, with 28 stocks gaining.
The 50-share NSE index provisionally closed up 2.95 percent at 4,528.55.
—-Agencies
Seoul, July 23: Hyundai Motor Co. said second-quarter net profit rose 48 percent to a record high as robust sales in China and India helped it ride out the global auto slump.
Hyundai Motor, which along with affiliate Kia Motors Corp. forms the world’s fifth-biggest automotive group, said in a regulatory filing Thursday it earned 811.85 billion won ($650 million) in the three months ended June 30. It posted net profit of 546.9 billion won a year earlier.
Company spokesman Ki Jin-ho said the profit was the biggest ever for a single quarter.
New Delhi, July 23: Gold prices continued to rise in the second straight session by adding Rs 90 to close at Rs 15,190 per ten gram in the bullion market today on persistent buying by jewellery fabricators to meet the coming festival demand amid firming overseas trend.
Silver also rebounded to trade higher by Rs 130 to Rs 22,400 per kg on increased offtake by industrial units.
Trading sentiment remained firm as gold rose to the highest in almost six weeks on London as a weaker dollar increased demand for the metal as an alternative investment.
Kolkata, July 23: Diversified business house ITC posted a net profit of Rs.878.7 crore in the quarter ended June 30, as compared to Rs.748.67 crore earned in the corresponding quarter the previous year, the company said here Thursday.
This reflected a growth of 17.4 percent.
Total income increased to Rs.4,220.49 crore in the quarter under review from Rs.4,014 earned in the year-ago period, the company added.
–Agencies
New Delhi, July 23: Inflation rose to (-)1.17 per cent for the week ended July 11 compared to (-)1.21 per cent in the previous week as food articles like pulses, cereals, fruits and vegetables turned expensive.
The wholesale price index during the corresponding week a year ago was as high as 12.13 per cent.
Despite inflation remaining in the sub-zero level for the sixth consecutive week in a row, the Reserve Bank of India is unlikely to cut key policy rates when it reviews the credit policy on July 28.
New Delhi, July 23: Continuing its upward journey, Inflation rose marginally to -1.17 percent for the week ended July 11 against -1.21 percent for the previous week.
The annual rate of inflation, calculated on point to point basis, was 12.13 percent during the corresponding week of the previous year.
The firming trend was primarily due to higher prices of fish-marine, fruits & vegetables and condiments & spices, maize and rice.
Items like copra, raw silk, soyabean, raw cotton and linseed too gone up.
New Delhi, Mumbai, July 23: Sunil Mittal-led Bharti Airtel on Thursday reported 22.21 percent rise in net profit at Rs 2,647.95 crore for the first quarter ended June 30, 2009.
The private sector telecom operator recorded net profit after minority interest of Rs 2,166.68 crore in the June quarter of last fiscal, Bharti Airtel said in a filing to the Bombay Stock Exchange.
Total income rose 22.62 percent to Rs 10,429.94 crore during the June quarter, from Rs 8,506 crore in the corresponding period a year-ago, as per Indian accounting rules.
New Delhi, July 23: Inflation increased to minus 1.17 per cent for the week ended July 11 from minus 1.21 per cent recorded for the previous week.
For the corresponding week in the year-ago period, inflation stood at 12.13 per cent for the week ended July 12, 2008.
Food articles became dearer over the previous week. The price of fish-marine went up by 9 per cent and fruit and vegetables became costlier by 3 per cent.
Other items that became expensive included copra (3 per cent), raw silk (2 per cent) and aviation turbine fuel (7 per cent).
–PTI
Dubai, July 23: Dubai based Al Nassma, the world’s first camel milk chocolate brand, plans a global expansion, its general manager told Wednesday.
Martin Van Almsick said Al Nassma is finalizing a contract with a Jeddah-based distributor and that the company is set to deliver a first shipment of camel milk chocolates to Saudi Arabia in the next few days to launch the product there.
The United Arab Emirates chocolate company said it plans to enter Saudi Arabia first, followed by Bahrain, Qatar, Kuwait and the United States.
Tokyo, July 23: Japan’s trade surplus grew in June for the first time in 20 months as an export slump eased, data showed Thursday, supporting hopes the world’s number two economy is crawling towards a recovery.
The surplus jumped roughly five-fold to 508.0 billion yen (5.4 billion dollars), from 104.1 billion yen a year earlier, the finance ministry reported.
Exports exceeded imports for a fifth straight month, giving a vital boost to a country whose heavy dependence on overseas demand left it highly exposed to the global economic downturn.
Chennai, July 23: IT boom did many things, and one significant effect was the shift in the conversation from only ‘employment’ to ‘employability’ and ‘scale,’ observes Vaidya Nathan, Founder and CEO, Classle Knowledge Pvt Ltd, Chennai (www.classle.net).
New Delhi, July 23: Ahead of a high level committee vetting its restructuring plan, government has appointed SBI Caps to prepare a growth plan for the cash-strapped national carrier Air India.
“We have appointed SBI Caps. Soon, we would be getting feedback on what would be the short, medium and long term restructuring required for Air India,” Civil Aviation Minister Praful Patel said while speaking at an event on India Aviation 2010 international exhibition here.
New Delhi, July 23: A high base effect and refunds have pulled down net direct tax collection growth to 3.65 per cent to Rs 59,465 crore during the first quarter of the current fiscal over April-June 2008-09.
The Direct tax collection, comprising corporate and personal income tax, stood at Rs 57,373 crore during the April-June period last year.
Tax payers received Rs 17,600 crore, representing 52.01 per cent growth over Rs 11,578 crore given in the first three months of last fiscal.
New Delhi, July 22: Amid a legal battle on gas supply between Mukesh and Anil Ambani groups, Prime Minister’s office has sought comments from Petroleum Ministry on allegations by the younger Ambani that it was siding with the other side.
In a communication sent earlier this week, PMO has asked the Petroleum Ministry for comments on issues raised by Anil in a letter, wherein the industrialist urged Prime Minister Manmohan Singh to direct the ministry to “cease from overtly and covertly attempting to intervene in our commercial dispute with RIL”.
Banglore, July 22: Managing a 12 percent growth in profit for Wipro even in these trying times, India’s billionaire tech czar Azim Premji Wednesday said he was now more upbeat about the future than before and was confident that the business environment would stablise.
“We are seeing signs of stability in the macro environment as a result of measures taken by governments and businesses the world over to reverse the downturn,” Premji told reporters here.
Mumbai, July 22: The Bombay Stock Exchange benchmark Sensex, after rising nearly two per cent, fell by 1.03 per cent to dip below 15,000 at midsession today on heavy selling by funds amid a weak opening at European markets.
The Sensex, which had started with a hefty gain of 120 points, fell sharply to record a loss of 172.47 points at 14,889.02 at 1330 hrs.
Similarly, the wide-based National Stock Exchange index Nifty lost 59.15 points at 4,409.95. It touched the day”s high of 4,557.95.
Bangalore, July 22: Kingfisher Airlines has emerged as the carrier having the maximum cases of pilots found under the influence of alcohol before take-off.
A number of airlines including Naresh Goyal’s Jet were cited where pilots were reported to be under the influence of alcohol in the past one year, civil aviation minister told Parliament.
Mumbai, July 22: The Bombay Stock Exchange benchmark Sensex, after rising nearly two per cent, fell by 1.03 per cent to dip below 15,000 at midsession today on heavy selling by funds amid a weak opening at European markets.
The Sensex, which had started with a hefty gain of 120 points, fell sharply to record a loss of 172.47 points at 14,889.02 at 1330 hrs.
Similarly, the wide-based National Stock Exchange index Nifty lost 59.15 points at 4,409.95. It touched the day’s high of 4,557.95.
New Delhi, July 22: Counterfeiting licensed software products of global giants Microsoft Corp and Adobe Systems proved costly for a businessman here as the Delhi High Court Tuesday asked him to pay Rs.1 million in compensation to the two firms.
Justice Manmohan Singh held Mahindra Saxena guilty of counterfeiting the products of the two global software giants that fought a seven-year legal battle to nail him.
Chandigarh, July 22: Getting over the slowdown hiccups, students of the Chemical Engineering department at Panjab University were in for a rather happy surprise with the Indian Oil Corporation (IOC) hiring four of its students on the first day of placements and that too at a high pay package of Rs 7.82 lakh per annum.
In all, 17 students had been shortlisted out of which four were hired by the company. Officials of the department say they hope to see other students getting placed on similar lines.