The decision to relocate the second edition of the Indian Premier League (IPL) Twenty20 tournament to South Africa has prompted several key advertisers such as Hyundai, Havell's and Reebok, among others, to consider cutting back budgets or pulling out.
"The scene will be a bit like the Maruti 800 days. Those who are lucky enough to be allotted cars this year can resell it immediately at a premium of Rs 30,000 due to the anticipated shortage," an executive at a Motors dealer said. Supply, Tata Motors dealers say, would be between 40,000 and 50,000 cars, with 100,000 being the most optimistic estimate. This would mean customers may have to wait for up to two years to get delivery if all the bookings are accepted.
Tata Motors subsidiary Telco Construction Equipment Company Ltd (Telcon) has opposed a proposal to the Foreign Investment Promotion Board (FIPB) from John Deere for a joint venture with Ashok Leyland to distribute and market its construction equipment in India.
If the Third Front -- currently comprising nine parties opposed to both the Congress and the Bharatiya Janata Party -- manages to get more seats than the Congress, the Communist Party of India - Marxist led Left Front will work towards ensuring that the next prime minister is made from this bloc.But if the Congress' own tally turns out to be larger than the cumulative strength of the alternative-seekers, the Left will support a Congressman for the top slot.
SBI may charge 14 to 14.75% for 5-year loans.
While they are trying to unite different parties to form a non-Bharatiya Janata Party, non-Congress alliance at the Centre, the Communist Party of India - Marxist and the Communist Party of India on Monday intensified their tussle over the Ponnani Lok Sabha constituency in northern Kerala's Mallapuram district.After the CPI announced its intention two days earlier to field its own candidate from that seat, the CPI-M's Central Committee today put its foot down.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
With the delimitation exercise changing the face of Lok Sabha constituencies, many members of the Lower House may have to work hard to adapt to new political contours. But Mani Shankar Aiyar, the union panchayat minister, can rest in peace. He is the only Member of Parliament who could resurrect his constituency (Mayiladuturai in Tamil Nadu's Nagapattinam district) after it was declared abolished by the delimitation commission.
The proposal aimed to provide pension for life to widows and persons with severe and multiple disabilities belonging to families below the poverty line, irrespective of age. Expenditure Secretary Sushma Nath argued that if there was no age cap, it would become "open ended" and "send the wrong message" to society. The Cabinet conceded Nath had a point and adopted the revised plan, which includes an age limit.
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
Employment generation in the midst of a global meltdown will be the central idea of the Interim Budget that the United Progressive Alliance will present on February 16, just ahead of the general elections.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
In a note, titled 'IIFCL financing for PPP projects,' sent to Prime Minister Manmohan Singh, Ahluwalia wrote, 'It was pointed out in the meeting that the term of the current CMD (chairman and managing director) of IIFCL ends on March 10. The FS (finance secretary) had indicated that the term can be extended. Action on this front should be expedited to avoid loss of momentum.'
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
The dispute involves a UK-based hedge fund, Altima Partners, and the company's principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
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