The ongoing financial sector crisis in the United States and its repercussions on developed markets worldwide will result in lower capital inflows into emerging markets like India, economists and government officials said on Thursday.
Jim Voelker, Chairman and CEO, InfoSpace, Inc said, "India's high growth and depth of technology talent make it an exciting location to expand our global research capabilities." The Bangalore centre which has close to 20 people now, will ramp up in size in due course, according to company sources. It will focus on enhancing the development and delivery of InfoSpace's consumer products and business solutions.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
Mobile phones in West Bengal will become more expensive than any other part of the country, thanks to the state government increasing the state value added tax on the product from 4 per cent to 12.5 per cent. The increase in prices, to be effective from September 8, is expected to give a major fillip to the grey market in the state.
The cost for the second terminal is expected to be close to Rs 3,000 crore (Rs 30 billion), around 20 per cent more than the first. It is expected to take three years for completion and will also include the second runway as part of expansion of this airport.
Godrej has provided three security products -- tyre killers, under vehicle surveillance, boom barriers -- to be installed around Bangalore's Vidhana Soudha, as part of its mandate to secure key government offices. The company is aiming for Rs 400 crore (Rs 4 billion) in revenues in FY 2008-09 as against Rs 300 crore (Rs 3 billion) it registered last year and has set a target to achieve Rs 1,000 crore (Rs 10 billion) by 2012-13.
NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
The sale will be conducted after the requirements of buffer and strategic stocks are met. The buffer norm for wheat on April 1 was 4 million tonnes (mt). Creation of a 3 mt strategic stock has also been proposed. The central pool had a wheat stock of 24.38 mt on August 1. After meeting the monthly requirement of about a million tonne for the August-March period and excluding the stock norms, the Food Corporation of India will be left with a stock of 9.3 mt.
Filling in the vacuum created by the high-profile exit of Neelam Dhawan, who quit Microsoft India to join Hewlett Packard (India) in June this year, the software giant on Friday announced the appointment of Rajan Anandan former Dell India head (Dell India VP and Country GM) as its new managing director.
If the Cabinet approves the long-pending Forward Contracts (Regulation) Amendment Bill, the regulator will be empowered to levy penalties besides getting the powers to approve options trading. In addition, it will pave the way for the entry of institutional players like mutual funds and foreign institutional investors into the trading arena, which many believe will deepen the markets. Similarly, the FMC will be able to decide on who can set up commodity exchanges.
Tata Power, the country's largest power utility, has emerged as the only Indian company among the six firms shortlisted to bid for Singapore's largest power utility, Senoko Power, which is likely to be sold at over $3 billion.
Despite expressing fears of rising defaults, banks committed themselves to promptly sanction fresh loans to farmers covered under the Centre's Rs 71,000-crore (Rs 710 billion) debt wavier and relief scheme.
A day after the Reserve Bank of India's monetary-tightening measures, banks on began raising interest rates, effecting the hike for the second time in a month.
A weak monsoon and the subsequent shortage of electricity has pushed Bangalore into an unprecedented fuel crisis.
Bharat Petroleum Corporation (BPCL), the country's second largest oil marketing company, plans to diversify into bottled water and direct to home (DTH) services in an attempt to boost its profits.
Muted rupee-term guidance, no upward revision in dollar-term guidance, an uncertain global business environment, forex losses due to over-hedged positions and low volume growth by the top four Indian IT firms this week spooked investors on Friday.
India's premier technical institute, IIT-Bombay's golden jubilee celebrations -- to be held in New York from July 18 to 20 this year -- have stirred a hornet's nest. The reason is that Dow Chemicals is one of the main sponsors.
The IT-BPO industry is becoming increasingly alert on fake biodatas. India's largest IT serivces provider, Tata Consultancy Service, has recently asked close to 20 employees at its Kolkata centre to leave after the company, during the background verification, found that these employees have used fudged resumes to get jobs.
The company had hedged $2.5 billion as of March 2008, but unwound its position reducing its exposure to $1.7 billion as on June 30. The unwinding resulted in a loss. An analyst tracking the firm said: "This was expected as HCL Tech had a major portion of its hedges in forward cover. Since the company has unwound $540 million of forward covers, a major part of which will show up in other income.
The double whammy saw the Bombay Stock Exchange's benchmark Sensex fall 3 per cent or 456.39 to close at 13,469.85 even as global rating agency Standard and Poor's suggested it might lower India's sovereign rating of BBB- (investment-grade status) due to the country's deteriorating credit profile over the last 12 months.
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