Bangalore, July 16: Despite commercial vehicle (CV) majors scaling back capacity and revising growth targets, Japanese auto major Toyota’s CV arm, Hino Motors, is in a hurry to kick off operations in India.
The auto major is doing a recce of manufacturing sites to set up a base here. And, in the interim, it has started importing vehicles from its Thai plant.
Mumbai, July 16: Sudip Bandyopadhyay, the face of Reliance Money, Reliance Capital’s broking, distribution and money transfer arm, is on his way out.
Sources told, Money he is likely to continue with the brokerage-cum-money transfer major till September.He is said to be joining a media and entertainment company.
But Bandyopadhyay denied any such move. “It’s baseless. I am still with Reliance Money,” he said. The stage for his exit was set about three months ago, when Reliance Money had “elevated” him to a position of managing director, the sources said.
New York, July 16: “We put a gun to his head, and only when he agreed, did we inform him that it wasn’t loaded,” was how Anil Ambani explained Steven Spielberg’s agreement to collaborate with Reliance Big Entertainment. Humour went hand-in-hand with big announcements at the press conference organised in New York, by Reliance Anil Dhirubhai Ambani Group (ADAG) chairman Ambani, and DreamWorks Studio partners Steven Spielberg and Stacey Snider.
New York, July 16: US stock indices surged Wednesday as the Federal Reserve said the country’s long recession was ending and upbeat outlooks from Intel and American Express.
The Dow Jones Industrial Average climbed more than three percent and recorded its biggest point gain since March. Financial and technology shares led the Wall Street gains.
The US central bank said its outlook had “improved modestly” since April and the economy “would expand sluggishly over the remainder of the year.” It warned that unemployment could still top 10 percent before the end of 2009.
New York, July 16: US stock indices surged Wednesday as the Federal Reserve said the country’s long recession was ending and upbeat outlooks from Intel and American Express.
The Dow Jones Industrial Average climbed more than three percent and recorded its biggest point gain since March. Financial and technology shares led the Wall Street gains.
The US central bank said its outlook had “improved modestly” since April and the economy “would expand sluggishly over the remainder of the year.” It warned that unemployment could still top 10 percent before the end of 2009.
Chennai, July 15: In a bid to retain its prime place in the consumer electronics market share in the country, Samsung today said it would be introducing several new models of fully automatic and semi automatic washing machines.
The company proposed to sell 3.6 lakh fully automatic washing machines during the current fiscal in a bid to increase its market share from 23 per cent to 46 per cent, Company Deputy Managing Director R Zutshi told reporters.
In the split Air Condioner segment also, in which the company had 62 per cent market share, new models would be introduced soon, he said.
Kochi, July 15: Kerala-based South Indian Bank Limited, (SIB) has registered a quarterly net profit of Rs 60.11 crore as against Rs 38.62 crore for the corresponding previous quarter, registering a growth of 55.64 per cent, a top official of the bank said today.
The total business of the bank increased by Rs 5272 crore from Rs 26,020 crore to Rs 31,292 crore on year-to-year basis registering a growth of 20.26 percent, Dr V A Joseph, Managing Director and Chief Executive Officer, told reporters here.
Chennai, July 15: Two wheeler maker Bajaj Auto today announced its entry into the 100cc segment with the launch of its popular executive bike ‘Bajaj Discover’.
The company made a media launch of the 100cc vehicle under the brand name ‘Bajaj Discover’ here.
Stating that the bike would establish company’s leadership position in the 100cc segment, Bajaj Auto Deputy General Manager (Sales) Chandrasekar R said the company was aiming to achieve a ‘leadership market share’ in this category.
Mumbai, July 15: The BSE Sensex rallied 2.9 percent on Wednesday, its second consecutive rise, as upbeat results from U.S. firms Goldman Sachs and Intel helped shore up investor confidence worldwide.
Traders said higher start for European bourses boosted investor appetite for riskier bets after the market appeared to lose steam due to concerns about the domestic economy and rich valuations.
State-run power equipment maker Bharat Heavy Electricals extended gains after the finance secretary said the government would announce plans to sell small stakes in state firms in 3 to 4 weeks.
Mumbai, July 15: Financial services firm Bajaj Finserv today reported a consolidated net profit of Rs 42.14 crore for the quarter ended June 30, whereas it had a net loss of Rs 36.24 crore in the corresponding period a year ago. The consolidated income from operations rose to Rs 106.21 crore during June quarter for the current fiscal from Rs 67.08 crore in the same period a year earlier, Bajaj Finserv said in a filing to the Bombay Stock Exchange (BSE).
New Delhi, July 15: Satyam founder B Ramalinga Raju’s communication about an accounting fraud left market regulator Sebi in a fix over halting trade in the stock, but it allowed the scrip to change hands although the US markets did not.
“At that time the issue was do you close the market or do you allow the market to operate?
“Now if there is somebody who knows about the confession (and) wants to buy (or sell) at price ‘X’, should we as a regulator be coming in the way?” C B Bhave, Chairman of Securities and Exchange Board of India, told PTI.
Mumbai, July 15: A key index of the Indian equities markets soared towards closing bell Wednesday, ending the day 433 points higher than its previous close.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 13,917.27 points, gained 433.24 points or 3.13 percent to 14,286.94 points (provisional).
The Nifty of the National Stock Exchange (NSE) similarly closed 3.26 percent higher at 4,245.25 points.
New Delhi, July 15: The government Wednesday ruled out rollback of tax cuts offered to various sectors as part of the fiscal stimuli announced earlier and said it intends to bridge the fiscal deficit largely through internal resource mobilisation.
“The economy is slowly reviving. There are offshoots of recovery but we do not intend to roll back tax cuts given as part of fiscal stimuli in December last year,” said Finance secretary Ashok Chawla at a post-budget interactive session organised by the Confederation of Indian Industry (CII) here.
New Delhi, July 15: IBM today announced that it has signed a 10-year information technology (IT) services agreement with Delhi Stock Exchange, one of the leading stock exchanges in India.
As part of this Rs 11 crore agreement, IBM will provide business continuity and disaster recovery services to DSE as well as remotely host and manage its IT infrastructure.
London, July 15: The number of people claiming unemployment benefits in Britain rose in June at the slowest pace for 13 months, official data showed on Wednesday.
The number of people claiming benefits increased 23,800 last month to 1.56 million, the highest total since the Labour government came to power in 1997 but the slowest monthly increase since May 2008.
Unemployment, according to the International Labor Organization measure, rose by 281,000 to 2.38 million in the three months to May. The quarterly increase was the highest since records began in 1971.
Mumbai, July 15: India’s economic prospects have brightened in recent months, prompting analysts to raise their 2009/10 growth forecast, but the economy is still expected to post its weakest performance in seven years.
Analysts in a Reuters poll raised their median forecast for growth in Asia’s third-biggest economy to 6.3 percent for the year to the end of March 2010 from a forecast of 5.7 percent in a similar poll three months ago.
Mumbai, July 15: A key index of the Indian equities markets went past the 14,000-mark today, the first time this week, as buying interest picked up, especially in realty stocks. It was ruling 232 points above its last closing figure, about 90 minutes before closing bell.
Around 2 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,917.27 points, was at 14,086.04 points — 232.34 points or 1.68 percent higher than Tuesday’s closing figure.
New Delhi, July 15: DLF Ltd, the country’s largest real estate developer, said it is looking to reduce its debt by Rs 600-1,000 crore each month in this fiscal by utilising funds raised by selling non-core assets, land plots, and the cash flow from operations.
It also added that it has replaced its entire short-term loans with long-term debt, with lower interest rates and repayment liabilities in the next 5-7 years.
The company had net debt of Rs 13,958 crore at the start of 2009-10, of which Rs 3,591 crore was to be cleared this fiscal.
Mumbai, July 15: The Bombay Stock Exchange benchmark Sensex rose over 131 points in opening trade today, rising for the second straight session on higher capital inflows by foreign funds and a firming global market.
Short-covering by speculators too supported the rise in stock prices.
The 30-share index, which had surged 453.38 points in the previous session, gathered another 131.21 points at 13,984.91 points in opening trade.
Similarly, the wide-based National Stock Exchange index Nifty moved up by 44.55 points to 4,155.95.
New Delhi, July 15: Government on Tuesday said talks have started for identifying PSUs for equity sale as part of the disinvestment programme, while assuring the industry that it would not be crowded out beacuse of Centre’s borrowings of about Rs four lakh crore this year.
“My ministry has initiated discussions with other ministries and departments for identifying the PSUs, where a portion of government shareholding can be sold and for issue of fresh equity by the PSUs to meet their fund requirements.
Mumbai, July 15: The Indian rupee appreciated by 22 paise at 48.74 in early trade on Wednesday, extending gains on increased dollar sales by exporters amid expectations of fresh capital inflows by funds as market may open higher in tandem with firming trends on the other Asian equity markets.
Dollar’s weakness against major currencies also supported the rupee to some extent.
Mumbai, July 15: A key index of the Indian equities markets opened stronger Wednesday, moving up 118 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 13,917.27 points, was at 13,972.59 — 118.89 points or 0.86 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 4,152.7 points, up 1 percent.
New York, July 15: US stocks edged up Tuesday after Goldman Sachs posted surprising quarterly earnings and retail earnings rose by the most since January.
Goldman Sachs overwhelmed Wall Street expectations, earning $2.7 billion in the second quarter of the year despite the ongoing economic crisis, its best performance since a record year in 2007.
But financial stocks as a group actually fell slightly on the day. Other major US banks are set to report their quarterly earnings in the coming days.
New York, July 15: US stocks edged up Tuesday after Goldman Sachs posted surprising quarterly earnings and retail earnings rose by the most since January.
Goldman Sachs overwhelmed Wall Street expectations, earning $2.7 billion in the second quarter of the year despite the ongoing economic crisis, its best performance since a record year in 2007.
But financial stocks as a group actually fell slightly on the day. Other major US banks are set to report their quarterly earnings in the coming days.
New Delhi, July 14: Elated by the successful execution of India’s first sea link in Mumbai, Hindustan Construction Corp (HCC) is eyeing some Rs.30,000 crore (Rs.300 billion/$6 billion) worth of projects in three years, a top company official said here Tuesday.
‘Our target for next three years is to get an order-book of Rs.30,000 crore and we are hopeful that we will achieve it,’ said HCC chairman and managing director Ajit Gulabchand.
The company had an order book of Rs.16,500 crore till March.