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.
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.
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.
Low-cost carriers SpiceJet and IndiGo were two of the main traders of aviation turbine fuel (ATF) at the Multi Commodity Exchange of India (MCX), which started trading of ATF futures on Monday, market sources said. Around Rs 34.8 crore worth of ATF was traded till five on Monday evening.
Auditing firms in the country could soon run out of business if they do not get themselves verified according to the guidelines mentioned in the Eighth Directive issued by the European Union (EU). EU will recognise balance-sheets of companies audited by firms that fit their specified standards.
Nearly 30 Indian firms that have imported aircraft for charter use are under the scanner of the Customs authorities for allegedly flouting import norms in order to evade taxes.
The finance ministry is considering meeting a key demand of truckers by easing procedural issues and raising the abatement on service tax.
Maruti Suzuki and other Indian companies are bracing themselves for a slump in demand after a 13-year high inflation triggered fears of curbs on consumer spending and the central bank raising interest rates, thereby hurting India Inc's expansion plans. The annual wholesale price index -- the most watched index in the country to gauge rising prices -- rose to 11.05 per cent in the last 12 months ending June 7.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh on Tuesday said that interest rates may rise owing to higher inflation, but lending rates are unlikely to change in the next one month.
Chief Executive S Ramadorai said, "We have hedged for about $1.5 billion. I believe one has to run the business on fundamentals and not on currency fluctuations." He also said it was very difficult to predict the rupee movement as in the last one-and-a-half months, the currency has begun to depreciate against the dollar.
Adversity often brings out the best in companies, even state-owned ones. Faced with a bloated fuel bill, companies are busy devising new ways to control costs. These range from cut in travel to shift to cheaper fuels and even reduced recruitment. Power equipment maker Bharat Heavy Electricals Ltd has a brand new strategy in place -- it will set up onsite fabrication units rather than transport equipment over long distances.
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