New York-based REcap Partners-LLC is all set to buy out Chennai-based business process outsourcing firm HOV Services along with its two units operational in Beijing and Hong Kong for around Rs 950 crore
Dow India would comply with all the directives stated by the government to work outa solution to the current situation, the company said. Recently the company's research facility at Chakan was razed by a group of villagers, following which members of the Warkari sect claimed responsibility for the act, saying they would not allow the facility to come up at a place which is sacred to the followers of the 17th century Bhakti movement saint Tukaram.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
It is now probing the quality of AIDS medicines supplied by the company to developing countries under US government-funded programmes. Estimates suggest that Ranbaxy has received over $9 million from the programme so far. Ranbaxy had a turnover of $1.5 billion in 2007-08, of which a quarter came from US sales.
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.
According to a CLSA Asia Pacific Markets report, the e-learning market is projected to grow to around Rs 1,100 crore (Rs 11 billion) by 2012 from 145 crore (Rs 1.45 billion) currently. Besides, online modules cost one-tenth that of a regular course. The worldwide market for online tutoring is estimated to be in the region of Rs 46,800 crore (Rs 486 billion). India now earns around Rs 60 crore per year from online tutoring or 10 per cent of the total market share.
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.
It's a blessing in disguise, of sorts. Indian companies, which had to face a huge attrition problem over the last few years, can finally breathe easy. HR analysts said the economic slowdown is expected to reduce the attrition rates across industries, at least for the next two quarters.
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.
Spencer's Retail, the Rs 800-crore retail arm of the RPG Group, will expand its range of fashion merchandise with the launch of private labels as well as foreign apparel brands, in an attempt to revamp its image as a fashion-centric brand instead of just a food retail chain.
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.
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