Suzlon gets orders from Europe for 276 MW of turbines Suzlon Group subsidiary, REpower Systems announced cumulative orders of approximately 276 MW across Europe over a two-month period, the company informed the BSE
SEBI unveils norms to check systemic risk of algo trading “Based on recommendations of technical advisory committee (TAC) and secondary market advisory committee (SMAC), it has been decided to put in place broad guidelines for algorithmic trading in the securities market,” SEBI has said in a not
FII inflows into Indian stocks touch $9 billion During March, FIIs were gross buyers of shares worth Rs63,795.10 crore, while they sold equities amounting to Rs55,413.80 crore, translating into a net investment of Rs8,381.10 crore, as per data available with SEBI
Banks can save Rs300 crore annually by switching over to RuPay: NPCI “Adoption of the RuPay Card will help banks save Rs250-Rs300 crore annually as our interchange charge is cheaper by up to 40% than what banks pay to foreign cards like Visa and MasterCard,” NPCI managing director and chief executive offic
Banks can’t freeze accounts if KYC documents not supplied: HC The Gujarat High Court has ruled that banks cannot freeze accounts nor can they stop issuing cheque book or providing ATM facility where the accountholder has not supplied KYC documents. The court has further ruled that presence of the accountholder
Motor insurance premium rates to go up The premium rates for third party motor insurance in certain cases will go up by as much as 40% from 1 April 2012, as per the IRDA notification. The insurance regulator had earlier announced that the new rates of third party motor insurance premium w
Toyota Kirloskar sales up 87% in March Toyota Kirloskar Motor, however, said the demand next month could be impacted due to the increase in excise duty, registration tax and VAT.
India Yamaha Motor sales up 14% in March In the domestic market, the India Yamaha Motor's sales stood at 29,819 units in March 2012, against 25,786 units in the same month last year, up 15.64%.
Need for greater focus on state finances: RBI study “There is a need for greater focus on structural issues confronting state finances, particularly for those states that could not undertake rule-based fiscal corrections prior to the crisis years of 2008-09 and 2009-10,” an RBI study said.
Markets lost Rs10 lakh per trading second in FY12 In terms of the cumulative market value of all listed companies, the total investor wealth saw an erosion of Rs6,21,937 crore during the fiscal ended 31 March 2012
Bourses step up surveillance to curb price rise in farm items On commodity markets regulator FMC's direction, the commodity exchanges have restricted traders from buying agricultural items, especially potato, chana, soyabean, pepper and cardamom, from the exchange platforms
Exports up 4.2% in February The commerce secretary, Dr Rahul Khullar, has expressed concerns over the ballooning trade deficit, saying that since October exports are decelerating faster than imports
IDBI cuts floating home loan rates by up to 0.75% With this revision, loans up to Rs25 lakh will be available at 10.75% interest rate, while those above Rs25 lakh and under Rs30 lakh will be charged 11%
Indian Bank revises FCNR deposit rates For FCNR (B) deposits in USD terms, the revised interest rates have been fixed at 2.30% for deposits of one year and above but less than two years from the existing 2.31%
NSEL’s ‘e-Gold’ units can now be converted into 1 gm gold coins ‘The latest move to allow e-Gold delivery in 1 gm denominations is a benefit that is unique to this product alone. No other commodity investment product in Gold available in India has this facility:’ Mr Anjani Sinha, MD & CEO, NSEL`
Mahindra & Mahindra March sales up 25% In the domestic market, the company registered a 25% rise in sales to 44,342 units compared to 35,488 units in the year-ago period, Mahindra & Mahindra said in a statement
Tata Motors sales up 20% in March Sales of the company's Nano small car in March 2012 stood at 10,475 units compared to 8,707 units in March 2011, up 20%
SC to hear review petition on 2G licence cancellation Justice GS Singhvi, who is heading the bench in the 2G matters, earlier on 16 March 2012 had said Chief Justice SH Kapadia has set up a new bench comprising him and Justice Patnaik for hearing all cases on the 2G spectrum scam.
TVS Motor sales fall 4% in March For the entire 2011-12 fiscal, TVS Motor's total sales jumped 7.41% to 21,98,142 units from 20,46,541 units in the previous fiscal, TVS Motor Company said in a statement
Glenmark gets US nod for oral contraceptive pills The approval is for Desogestrel and Ethinyl Estradiol tablets in the strength of 0.15 mg/0.02 mg and for Ethinyl Estradiol tablets in the strength of 0.01 mg
HCL Infosystems launches operations in Qatar With the launch, HCL Infosystems Middle East and Africa (MEA) aims at establishing a foothold to fully implement expansion plans in the region
Companies need RBI nod to operate foreign currency accounts abroad “An Indian party is required to obtain prior permission of the Reserve Bank to open, hold and maintain FCA in a foreign country for the purpose of overseas direct investments in that country...” the RBI said in a notification
US court permits class action lawsuit against TCS The Court approved a class action suit in a case charging the Tata group company with systematic violations of the rights of its non-US citizen workers in the US
Google ads misleading says Australian court The Australian Competition and Consumer Commission chairman Rod Sims says the case raises important issues on the role of search engines as publishers of paid content
SEBI proposes AIF norms to bring unregulated funds under its ambit SEBI has proposed a comprehensive framework in the form of Alternative Investment Funds Regulations, under which AIFs operating as private equity funds, real estate funds, hedge funds etc, must register with the market regulator
RBI tightens banks’ reporting norms to monitor gold import According to the RBI directive, banks have been asked to file a half-yearly statement on quantity and value of gold imported by nominated banks, agencies, export-oriented units and special economic zone in gem & jewellery sector, as well as mode of p
Assocham urges RBI to cut CRR by at least 0.75% “The economy is going through a very difficult patch and business confidence has plummeted. New investments have slowed down,” Assocham president Rajkumar Dhoot said
RBI ask banks to provide new interest rates on PPF, SCSS According to a central bank circular, the rates of interest on PPF 1968 and SCSS 2004 will be 8.8% and 9.3% respectively from 1 April 2012. The new rates would be applicable during this fiscal
ICRA downgrades bonds of Oriental Bank ICRA has revised ratings outstanding on the Rs1,000-crore lower Tier-II bond programmes of OBC from AAA (stable) to AA+ (stable)
Piramal Healthcare to spend Rs200 crore on R&D this fiscal Piramal Healthcare is currently conducting Phase I clinical trials for its tumour suppressor treatment molecule 'P1446A- 05' and blood cell cancer treatment molecule 'P2745'
Everonn Education founder sells 4.98% stake According to a BSE filing, Kishore sold 1.090 million shares along with six other PACs on 30 March 2012, which would be worth about Rs29 crore at the current market price
Unity Infra bags Rs840 crore contracts Unity Infraprojects first project entails development and operation of Suratgarh-Sriganganagar section of NH-15 in Rajasthan through public- private-partnership on design, build, operate and transfer basis
Banks credit grew 23% in July-Sept: RBI Nineteen nationalised banks taken together accounted for 52.2% of the total deposits, while SBI and its associates contributed 21.8%, according to RBI data.
NBFCs seek different capital adequacy norms The RBI panel headed by former deputy governor Usha Thorat had recommended that NBFCs should have tier-I capital adequacy ratio of 12% against 7.5% now
RBI imposes restriction on Bhuj co-op bank This is not a cancellation of the banking licence by RBI. The Bhuj Mercantile Co-operative Bank will continue to undertake banking business with the restrictions till its financial position improves
Clarification on GAAR after approval of Finance Bill: Finance ministry FIIs have sought clarification on permissible activities which will remain out of the purview of the GAAR. They also pointed out that certain aspects of the proposed law were vague and would give discretionary powers to the income tax officials
Govt may cut lock-in under Rajiv Gandhi Equity Scheme to one year “We discussed the issue of reduction of the blanket lock-in period to one year. We will meet the stock exchanges again and finalise the modalities,” government sources said after meeting the representatives of BSE, National Stock Exchange
Funds through IPOs slump 82% to Rs5,800 crore in 2011-12 A total of 33 Indian firms together raised Rs5,808 crore via IPO route during the fiscal ended 31 March 2012. In comparison, a total of Rs33,183 crore worth capital was raked in by 52 firms during the fiscal 2010-11
Govt monitoring efforts to recover NPA High interest rates and lower economic growth has impacted the repayment capacities of borrowers, pushing up the NPAs of banks to Rs1.27 lakh crore in the first nine months of 2011-12 fiscal
SAIL hikes prices of some long products by 2.5% According to SAIL's website, the company has hiked the price of TMT bar (8mm) by Rs500 a tonne to Rs41,000 a tonne. It also hiked the price of angle (65 x 65 x 6mm) and channel (200 x 75 mm) by Rs1,000 a tonne to Rs39,500 a tonne
HUL sells leasehold rights for Mumbai property for Rs452 crore HUL and entities of Piramal Realty have signed an agreement for the assignment of HUL's leasehold rights of the land and building named 'Gulita' situated at Mumbai for Rs452.5 crore, HUL said in a filing to the BSE
Educomp bags Rs209 crore order from Assam Govt Educomp said with the addition of 1,054 government schools in Assam, the company now reaches a total of 12,176 government schools across 10 states, serving over 6.7 million students
Bharti Airtel selects ZTE to manage 4G network in Kolkata Bharti Airtel has selected ZTE Corporation to plan, design, supply and deploy its 4G network in Kolkata, which will allow its subscribers to experience high-speed wireless internet access, an Airtel statement said
India’s services sector activity declined in March: HSBC survey The seasonally-adjusted HSBC Services Business Activity Index posted 52.3 in March, down from 56.5 in February. In January, it stood at 58. India’s manufacturing sector also witnessed the third consecutive month of decline in March as output an
BHEL eastern region turnover up 24% in FY12 In the next financial year, the targeted turnover is Rs3,100 crore and gross profit is pegged at Rs374 crore, Kumar, executive director of BHEL, eastern region, said
SEBI mulls new ethics code for brokers, frequent inspections The capital market regulator would also ask all the market entities, including brokers and mutual funds, to implement the new common KYC (Know Your Client) norms even for their existing clients in a phased manner
Govt to kickstart coal block auction says Jaiswal Following furore over an initial report by CAG that estimated huge losses to the exchequer in the allotment of mines, the government is readying for auction during first half of the year
China to end monopoly of state-owned banks “Consensus has emerged among leadership of the ruling Communist Party to let private capital play greater role to reduce, if not break, the state sector’s banking monopoly,” Premier Wen Jiabao said
NMDC may hike iron ore prices by Rs300-Rs400 per tonne The price hike in China to $150 per tonne now from $130 per tonne in the recent past provides NMDC the necessary cushion to effect a hike, which is likely for both for lumps and fines—two varieties of iron ore
Facebook picks Nasdaq to list shares: Report Facebook’s IPO has generated unprecedented interest since it is expected to be the largest offering since Google went public in 2004
Swiss move closer to higher taxes for rich foreigners Switzerland has come under pressure from its neighbours -- many of which have depleted state coffers -- as well as from some of its own citizens over its flat rate tax system that has attracted the wealthiest to claim residency
EPFO may provide 8.6% interest rate for 2012-13 “EPFO is working on income estimates to provide 8.6% rate of return on provident fund deposits during this fiscal,” a source privy to the development said.
Maharashtra legislators fudged income for acquiring govt flats: CAG According to the CAG report, which is yet to be tabled in the legislature, 11 Maharashtra legislators had declared their monthly income ranging from Rs2,500 to Rs12,500 to acquire large flats under the government quota in Ashirwad Co-operative Housin
Fiscal prudence needed at Centre, state levels: RBI deputy governor While emphasising on the need for fiscal prudence at both the state and national level RBI deputy governor Subir Gokarn said, “The important thing in this year’s budget is the commitment to return to the rule-based approach and the curren
Govt committed to infusing funds in PSU banks: FM “Additional capital is required for meeting Basel III norms. However, sufficient cushion is available for the Indian banking system. The government is committed to infusing required capital in the PSBs (public sector banks),” finance mini
Revamp provisions of forward, option contracts: Assocham “The legal regime governing forward and option contracts in securities of Indian companies is archaic and needs immediate revamping for a healthy financial sector,” Assocham said
Cotton Association demands removal of ban on cotton exports “We urge the government to open registration of further quantities for export and make the export of cotton free under OGL without any quantitative and other restrictions with immediate effect,” the Cotton Association of India said
M-cap of top six Sensex companies rise Rs18,234 crore The market value of ONGC gained Rs5,219 crore to reach Rs2,33,907 crore in the shortened first trading week of the fiscal 2012-13 that saw the BSE benchmark Sensex gain 0.47% over 30 March 2012 closing
Marico to sell 4.56% stake for Rs500 crore to fund Paras buy “The objective is to fulfil a substantial part of the funding requirements to complete the proposed acquisition of Paras Personal Care business by the company,” Marico said in a communication to shareholders
RBI cancels licence of Bhadran Cooperative Bank “Consequent to the cancellation of its licence, Shri Bhadran Mercantile Cooperative Bank is prohibited from carrying on business of banking,” RBI said.
BT renews contract with Subex The framework contract specifically covers the on-going provision by Subex of mission critical revenue operations centre portfolio software solutions, application/operations support, and managed services
Loop Telecom to close operations; Mumbai unaffected "We have no other option. The company has already advertised in newspapers for shifting our customers on other network through MNP (Mobile Number Portability)," a Loop Telecom spokesperson said
Govt announces issue of Special Bonds worth Rs7,000 crore The investment in the bond -- Postal Life Insurance Government of India Special Floating Rate Security 2022 -- by the banks and insurance companies will not be reckoned as an eligible investment in government bonds for their statutory requirements, t
Indian government approves Public Procurement Bill The Cabinet approved the PP Bill that would regulate government purchases of over Rs50 lakh and also has a provision to debar bidders found engaged in corrupt practices
ADB projects moderate increase of 7% in India GDP According to the Asian Development Bank, India’s growth would depend on the the country’s ability to push reform and address issues related with investments
PSL gets Rs570 crore order from IOC PSL’s order is for the manufacture of pipes and provisions of ancillary coating services towards the Salaya-Mathura pipeline de-bottlenecking project
Karur Vysya in tie-up with M&M to provide vehicle finance “Under the agreement, M&M (Mahindra and Mahindra) customers will be able to avail of vehicle finance from any of the 450-plus branches of KVB (Karur Vysya Bank),” a bank release said
Commexes turnover zooms 52% to over Rs181 lakh crore in FY11-12 The major part of business came from trading in bullion, agri commodities, energy and metals, the data released by commodity market regulator Forward Markets Commission on Wednesday showed
IIP growth likely to moderate in February: Experts “Notwithstanding the improvement in core sector growth, IIP growth is expected to decelerate to around 4.2% in February from the 6.8% reading in the previous month. A lower PMI and easing export growth in the month point towards a moderation of
CCI to come out with final report on cement cartel in 15 days CCI is probing the cement cartelisation issue on various fronts like retail sales price of the building materials and creation of the artificial shortage scenario by producing less than their capacity
Maharashtra Housing Bill tabled in state assembly As per the proposed bill, the promoter will have to make full disclosure of his housing project, register and display it on the website of the housing regulatory authority. Any promoter who fails to comply with the provisions will have to pay heavy p
Suzlon wins 16 MW turbine order from Renerco The construction on the Cotton Farm wind farm, which is likely to power nearly 10,000 homes annually, is expected to be completed by February 2013
Government to issue Special Bonds worth Rs7,000 crore The investment in the bond -- Postal Life Insurance Government of India Special Floating Rate Security 2022 -- by banks and insurance companies, however will not be reckoned as an eligible investment in government bonds for their statutory requiremen
Dr RH Patil, the architect behind NSE, passes away Dr RH Patil, calm, self-effacing, determined and a true visionary who set up the National Stock Exchange battling immense skepticism and hostility passes away
India to allow FDI from Pakistan says Anand Sharma Several Pakistani industries and banks are keen on setting up business in India, which is possible only when a policy decision on allowing cross-border FDI is taken
January IIP data revision totally baffling says Pranab Mukherjee The Chief Statistician had attributed the sharp downward revision in IIP data to incorrect reporting on sugar production by the Directorate of Sugar in the Ministry of Consumer Affairs, Food and Public Distribution
Professor held for anti-Mamata cartoons; sparks outrage Prof Mohapatra was charged with IPC offences relating to defamation and insulting the modesty of women as well as cyber crime offences for allegedly posting a cartoon of Trinmool leader Mamata Banerjee
SEBI asks exchanges to put in place a disaster management system “The stock exchanges and depositories should have in place Business Continuity Plan and Disaster Recovery Site so as to maintain data and transaction integrity,” the market regulator’s guidelines said
25% public float: SEBI rules out extending time limit “Companies will have to see that public shareholding is 25% as per the time-frame. As far as listed private sector companies are concerned, it is June 2013 and for the public sector undertakings it is August 2013,” SEBI chairman UK Sinha
Customer KYC details to be submitted to KRAs by March 2013: SEBI SEBI on Friday asked all market intermediaries including mutual funds and stock brokers to submit Know Your Customer details of the existing customers with KYC Registration Agency by 31 March 2013
Good policy communication is responsibility of insurer: IRDA Speaking at the first meeting of newly-formed Health Insurance Forum, IRDA chairman J Hari Narayan said they received 92,898 complaints in the non-life sector, of which 38,891 or 37.48% were with regard to health insurance
RBI for setting up of rehabilitation fund for sick MSMEs Rehabilitation of sick MSMEs could not be taken up due to non-availability of promoters' contribution in a large number of cases and there is need to set up separate fund for it, the central bank feels
CMIE maintains forecast of 7.6% GDP growth in FY 13 “We do not anticipate any improvement in economic activity on account of the budget proposals. Consequently, we have maintained our GDP growth forecast for 2012-13 at 7.6%,” CMIE said in its monthly report
RBI may cut CRR, repo by 0.25%: Bankers Hit by tight liquidity conditions, banks are still borrowing on an average about Rs80,000 crore from the central bank every day and cut in CRR, repo rate may help them
FDI in services up 62% in April-January FY12 The financial and non-financial services sector had attracted FDI worth $4.83 billion during the 10-months of FY12 compared with $2.98 billion same period a year ago
Piramal acquires Bayer's molecular imaging portfolio The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain, an indication of probable Alzheimer's disease
Home, auto loan may become cheaper by 0.25% The reduced cost of borrowing is expected to be passed on partially by banks to borrowers in the form of lower interest rate on loans
RBI wants government to hike prices of diesel, LPG While petrol prices are market-linked, the government fixes the rates of LPG, kerosene and diesel, which results in a large budgetary expenditure on subsidies
RBI asks banks not to levy pre-payment charges on home loans Some banks are charging pre-payment penalty of 1-2% of the outstanding loans and the central bank feels that there a need for ensuring uniformity across the banking system in this regard
CII for removal of TDS on corporate bonds The industry body asked government to raise tax incentives for investment in corporate bond, including deduction from taxable income from infrastructure bonds
SEBI in talks with RBI, IRDA for common KYC norms In the near future one KYC with any one of the KYC Registration Authority (KRA) will suffice for all the transactions across spectrum of the financial sector
Mining firms in Goa asked to give details of daily operations As per the order, the mines will have to provide details like the number of trucks ferrying the iron ore on a daily basis, information about ships and their carriage capacity, among other things
CBI carries out searches in Noida, Delhi in Tatra case The investigating agency searches three locations in Noida and the national capital in connection with its probe into alleged irregularities in the procurement and supply of Tatra all terrain vehicles to the Army
SC upholds EC criteria on symbol issue Permanent symbol would be granted only to political parties which have garnered at least 5% votes in assembly elections or have managed to win two assembly seats or one seat in the parliamentary elections from the state
HCL Tech Q3 net profit up 28% to Rs602.5 crore HCL feels that a key strategic shift in the global IT industry has been the levelling of the playing field between the Indian origin service providers and the global MNCs
IDBI bank cuts loan interest rates by 0.25% Following a cut in repo rate by the central bank, the lender has decided to cut its base rates and base prime lending rates from20th April
RBI notifies cut in bank rate to 9% The notification follows the announcement made by RBI governor D Subbarao in the annual credit policy which was unveiled on Tuesday
ECB norms for power companies to be eased within 7 days Joint secretary in finance ministry Thomas Mathew said the power sector would now be able to raise ECBs for refinancing their rupee debt up to 40%, “provided the remaining 60% of the ECB raised is utilised for investment in a new project”
Global bodies want US to take up Vodafone issue at IMF meeting “We strongly encourage you to raise these concerns (retrospective amendment to I-T Act and GAAR provisions) and seek clarity on the scope and international consistency of the proposals during the upcoming IMF and World Bank meetings,” abo
India test-fires Agni V missile successfully With the surface-to-surface Agni-V which is capable of striking a target more than 5,000 km away, India joined the elite missile club of the US, Russia, France and China
Consumer Forum asks Delhi police to file cheating case against Kotak The district forum also asked Kotak Mahindra Old Mutual Life Insurance to pay Rs1 lakh as compensation to its customer, a retired Army officer for selling a wrong insurance-linked saving policy by signing the proposal form
Punjab National Bank cuts interest rate by 0.25% The lender cut its base rate for loans by 0.25% to 10.5% that would make home, auto and corporate loans slightly cheaper. It also reduced interest rate on term deposits of less than Rs1 crore by 0.25%-0.50%
FirstRand enters into retail, commercial banking in India The South African lender, which has partnered with Reliance Mutual fund for online sales along with Bajaj and Aditya Birla in the insurance segments also plans to offer loan against gold after July
Chief Justice's remarks may dampen RTI journey says Information Commissioner Shailesh Gandhi, in a letter, underlined that transparency law has started making small difference in the "power equation between citizens and government," given hope of bringing correction, making citizens effective monitors of government, and helpi
Indian government says global trade bodies cannot pressurise in Vodafone case Trade bodies are no one to pressurise on what to tax and what not to and similar retrospective amendment was made in UK last month and Vodafone was made to pay tax there, then why are they having problems in India? a senior official from the Indian g
ICICI Bank cuts lending, deposit rates by 0.25% Chanda Kochar says she expect the cost of funds to gradually come down and this reduction in the lending rates is a proactive move by the bank
CBI books BEML chief on charges of cheating, corruption BEML chairman Natarajan is already being questioned by the CBI in a separate case regarding alleged irregularities in procurement and supply of Tatra all terrain vehicles to army
CII asks PM to fast-track economic reforms CII's new president Adi Godrej said it will work closely with central government, state government and opposition to form a consensus on reforms, including allowing FDI in multi-brand retail
IPL chief seeks match referee's report on Zinta incident Preity Zinta was visibly agitated and reacting vigorously during the strategic time out period against the controversial dismissal of Kings XI batsman Shaun Marsh last night
GoAir to begin operations from Chennai airport GoAir would introduce double daily round trip services between Chennai and Mumbai, a daily flight between Chennai and Pune and five weekly frequencies between Chennai and Port Blair
Centre refuses to take stand on Ram Setu, asks SC to decide The case relating to Ram Setu came under judicial scrutiny due to a bunch of petitions filed in the apex court against the ambitious Sethusamudram project, whose execution allegedly was to damage the mythological bridge
Another scary weekend selloff but crucial support level holds! The market is not very exciting at the moment but this sideways narrow range movement might just be the lull before the storm. One should stay alert in the weeks ahead and not be lulled into sleep lest you want to miss a big opportunity
No witch hunting in name of fighting corruption: PM A civil servant who does not take decisions might always be safe, but at the end of the day he or she would have contributed nothing to our society and to our country, Dr Singh said
Markets gear up for Akshyaya Tritiya BSE and NSE, would allow trading till 8pm in gold ETFs (Exchange Traded Funds), which allow buy and sale of the yellow metal in paperless electronic format, on Akshyaya Tritiya day on 24 April 2012
'Some important' reforms in next 6 months: Basu “Among the reforms that will happen, I hope, is subsidy reform. The finance minister talked about this in his budget. We will try to use the UID system that we are developing to cut down leakage in subsidy,” chief economic advisor, Kaushi
Linc Pen to enter premium segment “We will be launching our brand 'Cruiser' by August. The pens will be priced above Rs1,000 apiece. We are building products under this brand,” Linc Pen and Plastics managing director Deepak Jalan said
Tata Steel to commission Kalinga Nagar plant by March 2013 “We expect European steel demand to grow at around 2% to 3% this financial year, so it is unlikely that our plants would operate at full capacity,” Tata Steel managing director H M Nerurkar said
Printing of MICR, IFSC code must on passbook, account statement: RBI “The MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook/statement of account of the account holders,” RBI s
Larger SC bench to examine cheque bounce cases' conflict While some judgements had stated that the 15 days period could be waived off, several other rulings had said that the time period was mandatory and no cognisance could be taken before it expiry
SC seeks Centre’s response on PIL against Cairn-Vedanta deal A bench of justices DK Jain and Anil R Dave issued a notice to the Centre seeking its reply on the PIL which also sought an audit by the Comptroller and Auditor General into the various aspects of the deal
RBI not in favour of allowing MFIs to take deposits: RBI deputy governor The draft MFIs (Micro Finance Institutions - Development and Regulation) Act, 2011, circulated for public comments by the finance ministry has a provision that allows MFIs to collect small savings from Self Help Groups (SHGs) known as thrift
SBI, 4 more banks cut interest rates The net effect is that depositors lose more than the gains accruing to borrowers resulting in widening of the banks' margins
UltraTech FY11-12 net profit up 42% at Rs2,446 crore Net sales of UltraTech, which currently has 52 million tonnes of cement making capacity, rose to Rs18,166 crore as compared to Rs15,406 crore in the previous year, the company said in a statement
HDFC Bank ties up with Wells Fargo to offer remittances from US “The services will be free of cost to begin with,” Wells Fargo global remittance services executive vice-president Daniel Ayala told reporters, after singing a non-exclusive pact with HDFC Bank
The Scam of 1992 revisited On 23rd April 1992 Sucheta Dalal broke the securities scam. In the latest issue of Moneylife she recounts how she broke the story, and how hundreds of court cases have meandered for two decades with no end in sight. Debashis Basu tracks the post-scam
ADB to fund Reliance Power's solar plant Under the government’s ambitious Jawaharlal Nehru National Solar Mission that started in January 2010, the country aims to have 2,000 MW of installed solar power generation capacity by 2013, which would be further increased to 10,000 MW by 2017
Retrospective change in I-T Act may yield around Rs40,000 crore “The Income Tax department has made an estimation that the total tax implication in consequences of retrospective amendments introduced in Finance Bill 2012 may be to the tune of Rs35,000-Rs40,000 crore,” minister of state for finance SS
Petronet LNG Q4 net profit rises 19% to Rs245 crore Net profit in January-March 2012 at Rs245.12 crore was 19% higher than Rs206.27 crore in the same period a year ago, Petronet LNG managing director and CEO AK Balyan told reporters
Timex Group India to add 40 stores in FY13 In India, Timex sells watches under brands such as Timex, Marc Ecko, Nautica, Tarun Tahiliani, Versace, Helix and Salvatore Ferragamo
IDBI Mutual Fund launches ‘India Top 100 Equity Fund’ The investment approach of the scheme would concentrate on a total of 100 stocks that are constituents of the S&P CNX Nifty Index (Nifty 50) and the CNX Nifty Junior
Union Bank, Corporation Bank cut lending rate Union Bank of India has revised base rate or minimum lending rate by 15 basis points to 10.50% from 10.65%. The revised rates will be effective from 1st May
Tech group to revisit poverty estimates in two weeks “The government has decided to set up a technical group to revisit the methodology for estimation of poverty and identification of poor,” minister of state for planning Ashwani Kumar said
Govt biggest factor weighing on outlook: Moody's India's outlook is still underachieving and poor management has dragged economic growth to below potential, Moody's Analytics’ senior economist Glenn Levine said
ICICI Bank lowers Kingfisher stake to 2.9% As per the latest shareholding pattern filed by Kingfisher with the stock exchanges today, ICICI Bank held about 1.67 crore shares, accounting for a 2.9% stake in the airline as on 31 March 2012
TDSAT reserves judgement on telcos’ 3G roaming pacts Telecom firms had requested in-chamber hearing as they were fearing leakage of details and cost inputs of their respective Intra-Circle Roaming (ICR) agreements
GAIL suspends cargo operations at Dabhol A ship carrying maiden or the so-called commissioning cargo, which will be used to prepare the site for commercial operations, had to move to high seas after the fenders lining the jetty got damaged, sources privy to the development said
Foreign brokerages seek exemption from GAAR Noting that proposed indirect transfer rules cause particular confusion for international portfolio investors, ASIFMA’s letter to the FM said a straightforward reading of the “draft legislation leads us to believe that double or even trip
Nomura says low likelihood of sovereign rating downgrade “We believe there is a low likelihood of a rating downgrade actually occurring as we expect the economy to see some cyclical rebound in the near term, the debt-to-GDP ratio is likely to remain stable, and the fiscal deficit should not worsen su
S&P cuts rating outlook of 21 companies to negative State Bank of India, ICICI Bank, HDFC, NTPC, SAIL, TCS, Infosys, Wipro and IIFCL are among the companies whose rating outlook has been slashed to negative from stable by S&P
Analysts downplay S&P downgrading, say nothing new in warning It is too premature for S&P to do it now. These issues were in place already. S&P is very reactive but Moody’s is balanced,” State Bank of India (SBI) economic research head Brinda Jagirdas told reporters
Fertiliser ministry proposes $1 bn fund to acquire overseas assets The Working Group on fertilisers, set up by the Planning Commission for the 12th Five Year Plan (2012-17), had suggested that India should look at buying fertiliser mineral assets in over 20 countries to meet the domestic shortfall
Mahindra Holidays and Resorts Q4 net profit down 7.34% at Rs37.22 crore Mahindra Holidays and Resorts’ MD Rajiv Sawhney said: “In the same quarter of previous year, we had very large number of corporate bookings, which is a high margin business, as compared to the fourth quarter of 2011-12”
Federal Bank cuts base rate by 0.20% to 10.45% The Reserve Bank of India had surprised all by slashing the repo rate at which it lends to the banks by 0.50% to 8% at its annual monetary policy announcement on 17 April 2012
UP introduces online payment facility for power bills “The corporation has developed website www.uppclonline.com on which consumers could register themselves by entering their account number and bill number to pay their bills,” UPPCL chairman Avnish Awasthi said
Black money: Eight I-T units abroad to be operational soon “The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the I-T department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is cu
Rabobank sells 3.4% stake in Yes Bank for Rs453 crore Rabobank has been reducing its stake in Yes Bank as it plans to enter banking space on its own in the country. As per Indian banking regulations, a foreign bank that holds a stake in a domestic bank cannot simultaneously have independent operations
Govt clears Banking Bill, retains voting right at 10% The Cabinet, while approving changes in the proposed the Banking Laws (Amendment) Bill 2011, said that cap on voting rights in private sector banks, which is currently at 10%, could be raised to 26% in a phased manner
India forecasts normal monsoon “Quantitatively, monsoon season rainfall is likely to be 99% of the long period average (LPA) with a model error of 5%,” earth sciences minister Vilasrao Deshmukh said
Lowering of interest rates to impact NIM: SBH According to SBH managing director M Bhagavantha Rao, the Assets and Liability Committee (ALC) of the bank is expected to take a call on interest rates in a day or two
No leniency for inability to repay loan, says court, jails man Metropolitan Magistrate Arun Kumar sentenced Ashok Kumar, a Delhi-based businessman, who had availed credit facility from ICICI Bank in 2009 but was unable to repay the same, to six months in jail and ordered him to pay Rs3.4 lakh to the bank
Give home loan up to Rs25 lakh in priority sector: RBI to UCBs “UCBs would, henceforth, be permitted to utilise the additional limit of 5% of total assets for grant of housing loans to individuals up to Rs25 lakh, which is covered under the priority sector,” RBI said in a notification
Exim Bank net profit up 16% to Rs675 crore “We have seen sound growth in our net profit and loan assets in the last financial year despite difficult economic conditions,” chairman and managing director TCA Ranganathan told reporters
L&T Finance Q4 net profit up 44.5% on strong loan growth “Our overall numbers would have been much better had it not been for the Rs90 crore write down in our micro-finance portfolio (MFI) in Andhra Pradesh apart from Rs55 crore provisioning for there,” L&T Finance Holdings chairman Y M Deostha
Greaves Cotton to expand construction equipment division Greaves Cotton construction equipment division is all set to tie-up with Samil Korea for a technology transfer, which will come into effect from 27 April 2012. This will result in technologically superior products being offered to the Indian market
Biocon Q4 net profit dips 3% to Rs98 crore Biocon’s consolidated Q4 net sales, however increased to Rs589.22 crore, from Rs466.45 crore in the same period of the 2010-11 fiscal
India's long-term growth potential is 8%-9%: Montek “My view of India is that it is bullish. India's long-term growth potential is 8% to 9%. In order to achieve this, we have to get our Macro-economic right,” said Montek Singh Ahluwalia, deputy chairman of Planning Commission
ICICI Bank Q4 net profit jumps 31% During Q4, its total income increased to Rs11,403 crore, from Rs8,797 crore in the same quarter of the previous fiscal, ICICI Bank said.
IMF lowers India’s growth forecast to 6.9% on investment slowdown “Concerns about governance and slow project approvals by the government have weakened business sentiment, which in turn has adversely affected investment, along with cyclical factors such as global uncertainty and policy tightening...” IM
RBI asks banks to allow intra-bank account portability “Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account,” RBI said in a notification
SC sets up committee on norms for issuing SIM cards A bench headed by Chief Justice SH Kapadia set up the joint committee headed by the telecom secretary to resolve the issue so that the DoT can issue the instructions within 15 weeks
Back to square one as the sideways trend continues… The 5,300-5,400 points area is proving a bottleneck for the bulls and the 5,130-5,185 area for the bears. A breach of either of these ranges (in close) would result in a swift move in the direction of the break
Maruti India FY11-12 profit dips 28% to Rs1,635 crore Maruti Suzuki India managing director and CEO Shinzo Nakanishi told reporters, “The year 2011-12 was a very challenging year for the auto industry. High inflation and interest rates along with high petrol prices impacted sales”
70% of capital market complaints redressed by SEBI in 3 years “SEBI has reported that 70% of the complaints with regard to capital market retail participation have been resolved,” minister of state for finance Namo Narain Meena said in a written reply to the Lok Sabha
SEBI to announce new consent settlement norms The Securities and Exchange Board of India has decided to revise the existing consent procedure, after it found lack of uniformity and necessary details in the prevailing system, which is in place since 2007, a senior official said
Tata Elxsi to increase headcount at Bangalore lab “We have 330 people working in Bangalore and we are in the process of hiring more,” Tata Elxsi head, marketing & sales, Asia, Kunaal Saigal told PTI
Siyaram's to invest Rs 160cr for capacity expansion in FY12-13 We have decided to expand our fabrics and garments manufacturing capacity. For this, we plan to spend Rs160 crore this fiscal,” Siyaram's vice-chairman and managing director Ramesh Poddar told PTI
Up home loan cap to Rs10 lakh for priority sector: RBI to RRBs “It has been decided to increase the limit from Rs5 lakh to Rs10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for home loans” the RBI said
RBI moots higher FDI cap in insurance sector “There may be a need to relook at the sectoral caps (especially in insurance) and restrictions on FDI flows (especially in multi-brand retail),” RBI said in a study
Government allows further export of cotton “A decision has been taken to remove suspension of cotton exports registration. Registration of cotton exports will be allowed by the government,” commerce and textiles minister Anand Sharma told reporters
Telenor to write-down $682 million India exposure “As a precautionary measure, Telenor ASA has decided to write down the remaining fixed and intangible assets in India amounting to NOK 3.9 billion (NOK 2.6 billion after non-controlling interests),” Telenor informed the Oslo Stock Exchang
Personal Accident: A must-have cover About 0.15 million Indians died on the roads and over 0.3 million were permanently disabled in 2010. Life and physical abilities are irreplaceable but personal accident insurance,
RIL does not hold stake in any media company – True or It may be true that on paper, RIL does not hold any stake in any media company, as the minister stated in Rajya Sabha. However, the Reliance group now openly controls Eenadu TV
Did New India overcharge lakhs of policyholders? – II New India Assurance admitted that a software glitch resulted in overcharging mediclaim premium, but has dragged its feet on providing information. It now says that it gave a wrong
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May 22,2012 | Last update 4 hours ago
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