Business

Mumbai, July 22: A key index of the Indian equities markets rallied around Wednesday noon, rising more than 240 points from its last closing figure.

Around 11.50 a.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,124.92 points, was at 15,295.38 points — 240.93 points or 1.6 percent higher than Tuesday’s closing figure.

The S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green, 1.56 percent up at 4,538.95 points.

Milwaukee, july 22: Coca-Cola Co’s second-quarter profit rose 43 percent, and the world’s largest beverage maker said Tuesday its rapid overseas growth helped offset weak domestic volumes, even as foreign currency exchange dragged down sales.

For the three months ending July 3, Coca-Cola said it earned USD 2.04 billion, or 88 cents per share, up from USD 1.42 billion, or 61 cents per share, a year earlier.

Mumbai, July 22: It is the last frontier, and the most lucrative opportunity for business. After changing the face of the Chinese education sector, international education giants are waiting for the government to give them the go-ahead to set up shop in India. It is literally a once-in-a-lifetime opportunity, Robert Lytle, partner with international investment consultant The Parthenon Group, tells Sreejiraj Eluvangal in an interview, Excerpts

What is the level of interest among your clients with regard to investing in the Indian education sector?

Mumbai, July 22: The Indian rupee turned stronger after a brief break yesterday and was quoted higher at 48.25 against the greenback in early trade today on the back of bullish equity markets and dollar sales.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed higher at 48.38/40 a dollar and later surged to 48.25 level before being quoted at 48.32/34 a dollar in late morning deals.

Mumbai, July 22: Tata Power has raised USD 335 million via global depositary receipts (GDR), reports CNBC-TV18.

The issue was priced at Rs 1,090 per share. The company had planned to raise USD 400 million. The equity dilution caused by this GDR is nearly 7%.

Tata Power was looking to raise money to close an equity funding gap of nearly Rs 2,500 crore from FY10 to FY12 caused by some projects that the company had undertaken; namely Mundra UMPP and one other project.

–Agencies

Mumbai, July 22: A key index of the Indian markets opened stronger Wednesday, moving up 95 points from its last closing figure about five minutes into trading.

The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,124.92 points, was at 15,157.91 – 95.42 points or 0.63 percent higher than Tuesday’s closing figure.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,491 points, up 0.49 percent.

Bangalore, July 22: Wipro Ltd posted net profit of Rs.10.16 billion (Rs.1,016 crore) for the first quarter (April-June) of this fiscal (2009-10), registering 12 percent year-on-year (YoY) growth as per the Indian accounting standard.

In a regulatory filing Wednesday, the IT bellwether said consolidated revenue for the quarter (Q1) was Rs.62.74 billion (Rs.6,274 crore), an increase of five percent YoY as per the Indian accounting standard.

Hong Kong, July 22: Hong Kong share prices opened 0.28 per cent higher today, with the benchmark Hang Seng Index rising 53.66 points to 19,555.39 in the first few minutes of trading.

—Agencies

California, July 22: Just weeks after returning to the helm of Apple after a life-saving liver transplant, Steve Jobs has announced the best ever June quarter sales and revenue figures in the company’s history.

The Californian-based technology giant reported revenues for the three months to the end of June of $8.34 billion, an increase of 12 percent over the same period last year and a 15 percent increase in corporate profits to $1.23 billion.

New Delhi, July 21: The government has sanctioned Rs 106 crores to the Department of Post (DoP) to help post offices provide their small savings scheme customers the facility to access their account from any branch, Minister of State for Communications and IT Sachin Pilot today said.

“The government has already approved a project that will help post offices implement core banking facility. The government has earmarked Rs 106 crores for developing software for the project,” Pilot said.

New Delhi, July 21: Liquor manufacturer Radico Khaitan, which Tuesday reported a 56 percent jump in its net profit for the quarter ended June 30, is planning to launch two brands in the brown spirits category.
“We are looking to launch a whisky and a brandy brand, and both will be in the premium segment,” Radico Khaitan’s chairman and managing director Lalit Khaitan told IANS.

Khaitan said the two new products will hit the market next quarter.

The company’s brands include 8PM and Whytehall whiskies, as well as Magic Moments vodka.

Mumbai, July 21: A key index of the Indian equities markets lost over 128 points Tuesday as investors booked profits, especially in IT, power and PSU stocks.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 15,218.83 points, lost 128.52 points or 0.85 percent to close at 15,062.49 points.

Similarly, the Nifty of the National Stock Exchange (NSE) closed 0.9 percent lower at 4,461.8 points.

Broader market indices ended mixed, with the BSE midcap index closing 0.19 percent down and the BSE smallcap index ending 0.24 percent higher.

Chennai, July 21: Direct-to-home (DTH) service provider Sun Direct has tied up with software major IBM India to implement and manage customer relationship management services, it was announced Tuesday.
“As we continue our aggressive growth plans, we will rely on IBM to help us tackle key issues surrounding billing and customer relationship management, as well as develop ways to get better insights to customer behaviour,” Tony D’Silva, chief operating officer of Sun Direct, said.

Earlier, Sun Microsystems was providing these services to Sun Direct.

Mumbai, July 21: Union Oil Minister Murli Deora expresses distaste at how the Ambani brothers are fighting over natural gas resources even as petroleum secretary RS Pandey keeps a tight leash on both their companies

Oil minister Murli Deora on Monday reacted sharply to Anil Ambani’s charge that the petroleum ministry was favouring Mukesh Ambani in the dispute over natural gas from Andhra offshore, even as petroleum secretary R S Pandey said the government has not let any of the warring firms off the hook for striking a private deal for a government asset.

Hyderabad, July 21: Volvo Car India, the Indian arm of Swedish car major Volvo Car Corp, is upbeat about the Indian luxury car market and is gearing up to expand its footprint across the country.

Volvo, which entered the Indian market in 2007, is planning to introduce new models in India from its global line-up, but is looking for right partners in big cities.

‘Our biggest objective is to make Volvo brand available in major markets across the country and get new models here,’ Sudeep Narayan, marketing manager of Volvo Car India, told IANS.

Bangalore, July 21: Sonata Software Limited, a leading software solutions company, today joined International Air Transport Association’s (IATA) strategic partnership programme. As per the agreement, Sonata would participate in IATA initiatives on IT solutions and services in the activities of passenger and airport services, flight operations, environment and fuel services.

Sonata has also joined IATA as Simplifying the Business (STB) preferred partner and would participate in the STB Fast Travel Programme, according to a release here today.

Washington, July 21: India has been allocated the equivalent of about $4.78 billion as its share of International Monetary Fund’s Special Drawing Rights (SDR) worth $250 billion announced Monday to provide liquidity to the recession hit global economic system.

The equivalent of nearly $100 billion of the new allocation to supplement IMF’s 186 member countries’ foreign exchange reserves will go to emerging markets and developing countries, of which low-income countries will receive over $18 billion, IMF said.

Mumbai, July 21: Private carrier Kingfisher Airlines on Tuesday said it will consider raising further share capital of up to Rs 500 crore.

In a filing to the Bombay Stock Exchange, the Vijay Mallya-led firm said its board would meet on July 28 to “consider issue of further share capital up to Rs 500 crore and matters consequential thereto”.

The company did not disclose more details.

Shares of Kingfisher were trading at Rs 49.35, down 3.05 percent in morning trade on the BSE.

—-Agencies

New Delhi, July 21 : The government on Tuesday said it is looking at listing BSNL and Telecommunications Consultants India Limited, but the timeline for this will be decided in consultation with the Finance Ministry.

“Two of our companies BSNL and TCIL are not yet listed. We would like to list them with 10 percent divestment, offloading 10 percent in each of them initially. But the timeline will be decided in consultation with the Finance Ministry,” Telecom Secretary Siddharth Behuria said at a function.

New Delhi, July 21: Apprehending that sugar price may go up during the festival season (Diwali) due to lower production of sugar and sugarcane, the government today said in the Lok Sabha that it has allowed companies to import raw sugar and process it here to increase availability.

“This year sugar as well as sugarcane production is less and that is why sugar prices are going up to Rs 25-26 a kg or even Rs 27 in the domestic market. Around Diwali it may go up even further,” Agriculture Minister Sharad Pawar said during the Question Hour.

New Delhi, July 21: City-based e-governance firm MGRM has tied up with Bell ID, an identity card solutions provider headquartered in the Netherlands, to tap emerging opportunities in e-governance and identity management verticals in India.
The joint venture will become operational in the next quarter or as soon as necessary formalities are completed, MRGM said in a statement.

“This is a 50:50 joint venture, and combines strengths of both MGRM and Bell ID,” said MGRM group founder K.V.R. Murthy.

Mumbai, July 21: A key index of the Indian markets opened weak Tuesday, moving down 103 points from its last closing figure about 45 minutes into trading after opening in the green.

The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,218.83 points, was at 15,087.5 — 103.51 points or 0.68 percent lower than Monday’s closing figure.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the red at 4,474.25 points, down 0.62 percent.

Mumbai, July 21: The Bombay Stock Exchange benchmark Sensex fell over 125 points in early trade today as foreign funds and retail investors preferred to book profits after witnessing strong rally in the past few sessions.

However, firming trends in global markets restricted losses on the domestic bourses here.

The BSE-30 share benchmark Sensex, which had gained over 940 points in the past two sessions, fell by 125.76 points at 15,065.25.

Similarly, the Nifty index on the wide-based National Stock Exchange lost 29.35 points to 4,472.90.

New Delhi, July 21: Two of India’s biggest corporates led by warring brothers – Mukesh and Anil Ambani – are slugging it out in the Supreme Court over the controversial KG Basin and who has the right to sell the gas produced from it, and at what price.

The plot thickened on Monday with the Government opposing the family agreement to share gas. This has led to Anil Ambani writing to the Prime Minister accusing the Petroleum Ministry of favouring elder brother Mukesh.

Anil’s lawyer Ram Jethmalani went public with this allegation in the court.

New Delhi, July 20: Strong global cues and bullish sentiments over improved corporate earnings helped a key index Monday gain 446 points over its last closing figure.

The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,854.17 points, gained 446.09 points or 3.03 percent to close at 15,191.01 points.

Similarly, the Nifty of the National Stock Exchange (NSE) closed 2.91 percent higher at 4,502.25 points.