The investments would be made in the company's acquired companies, Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad and Tobago. The groundbreaking ceremony for the first steelmaking facility in Minnesota's Iron Range was held on Sunday.
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.
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.
For such bonanzas, prospective home buyers have a downturn to thank. Property sales have fallen 15 to 20 per cent countrywide over the last six months, owing to rising home loan rates. This has pinched the cash flows of developers, already reeling under higher borrowing costs and a range of anti-inflationary measures that restrict their flexibility to raise funds.
Although a merger with low-cost carrier SpiceJet would have made the Kingfisher-Deccan combine the largest carrier in Indian skies, it would have put a huge burden on the Vijay Mallya-controlled carrier's financials, feel experts. SpiceJet's losses have almost doubled to Rs 133 crore (Rs 1.33 billion) this year -- of which Rs 123 crore (Rs 1.23 billion) were incurred in the March quarter -- as compared with last year.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
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.
A high-profile team from MTN is also expected to meet Reliance Industries Ltd next week to take stock of the situation. RCom had informed the bourses on May 26 that it has entered into exclusive negotiations with MTN for 45 days soon after the South African giant aborted its talks with the Sunil Mittal-controlled Bharti group. The deadline will end on July 8.
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.
South African major to make open offer to RCom shareholders. The deal would create a telecom colossus with 115 million subscribers in 25 countries.
Electronics, IT goods makers HCL Infosystems, HP, LG Electronics and Zenith are raising prices of personal computers (laptops and desktops), LCDs and plasma TVs, and IT peripherals for the first time this year by as much as 13 per cent to offset higher cost of inputs triggered by a falling rupee. The move may nudge inflation further crimping consumer spending.
The race for South African telecom major MTN Group is hotting up with the possibility of two other players evaluating a bid or a strategic relationship with the company. Banking sources say European telecom major Deutsche Telekom and Russian telco Vimpel Communications are also studying the possibility of talking to the MTN Group.
The auto sector is doing well in India, despite stock market meltdown, emerging signals of industrial slowdown and rising costs.
Banking sources said with the MTN shareholders asking for a higher price than what Bharti had initially offered, the Indian telecom company might now pay 50 per cent of the money in cash and the rest through shares in Bharti Airtel. The sources added that MTN is also believed not to favour signing an 'exclusivity' contract with Bharti Airtel under which it would be bound not to talk to any other competing bidder till the negotiations with them have been concluded.
This is as definitive as it can get. Dutch global beer major Heineken is understood to have outlined its intent to Vijay Mallya's United Breweries that it does not want to have any conflicting presence in India.
After 14 months of deliberation, the five-member Abhijit Sen Committee on futures trading has failed to reach a consensus on whether to support or oppose the ban on futures trading in all farm commodities. Earlier, the committee had planned to recommend continuation of the existing ban on futures trading in some farm commodities and had included it in its draft report. The government had suspended futures trading in tur, urad, wheat and rice last year.
The premier Indian Institutes of Management will have to draw on all their management skills to solve the current financial imbroglio they are in. On the one hand, the fee hike by IIM Ahmedabad and IIM Bangalore has caused heartburn not only among students and the Union Human Resource Development Ministry but also among the other IIMs who say they were not consulted despite an existing agreement to do so. IIM-A and IIM-B have said that a fee hike is a prerogative of their own
Struggling US telecom giant Motorola is exploring the possibility of shifting part of the manufacturing facility it is closing in Singapore to India. China and Thailand are also on the radar. Top sources said India is high on the list since Motorola already has a plant in Chennai and a large domestic mobile phone base of over 120 million phones annually.
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