In the absence of buyers, projects have either slowed down or have been delayed. Punjab Colonisers and Builders Association finance secretary HS Lamba said people in Ludhiana are bottom fishing and awaiting further correction in prices. "Though prices of construction material like steel and cement have come down, builders are unable to reduce the price owing to the high land costs," Lamba said.
The company plans to consolidate its position in the existing markets in the north, west and eastern region, and foray into the southern states by the end of this year. Hina Nagarajan, country manager, Mary Kay, told Business Standard that the brand was launched in India in September 2007 and has a sales force of over 3,000 women.
Troubles for the textile industry, which has been grappling with financial blood-letting both in international and home markets, are likely to deepen further. While there are fears of half-a-million more job losses, exports from the sector are likely to take a hit of about Rs 15,000 crore (Rs 150 billion), according to industry estimates.
According to industry leaders, the ongoing strike is also going to dampen production and also hit the timely delivery of goods to the customers. The transporters are mainly demanding that diesel prices be reduced by at least Rs 10 per litre, a uniform VAT of 4 per cent on the fuel, withdrawal of service tax on truck operators and rationalisation of tyre prices.
According to Puneet Gupta, general secretary of the Ambala Scientific Instruments Manufacturers' Association, the frequent variations in the value of the rupee against the dollar have hit the already squeezing margins. He added that the value of exports of individual units is not large enough to resort to the modern banking instruments like hedging.
With profit margins of companies being hit, the firms are taking a host of measures including closing down the unprofitable stores. The stores promoted by REI Agro recently closed 30-odd discount stores that were running into losses.
Group Vice-President (Sales and Marketing) Sudhir Gulati said Canton Greens, which is spread over an area of 100 acres near Amritsar, would offer a comprehensive modern city infrastructure. The group is investing Rs 300 crore (Rs 3 billion) on this project, which is likely to be completed in three years.
The whole country broke into an impromptu celebration and by the evening, four state governments had announced cash rewards that added up to Rs 1.4 crore. Cash-rich BCCI also announced a reward of Rs 50 lakh for Bindra and Railway Minister Lalu Prasad issued him a lifetime AC first-class travel pass. Not to be left behind, budget carrier SpiceJet gave him free unlimited travel for life.
As work on the National Rural Employment Guarantee Programme gathers pace in the villages of Bihar and Uttar Pradesh, paddy farmers of Punjab are faced with an unprecedented shortage of farm hands to sow the crop.
Sabeer Bhatia, founder of hotmail, may give some concrete shape to his proposed Nano City project, to be set up near Panchkula in Haryana, on June 9, when he visits India to finalise equity structure with real-estate player Parsvnath Developers.
Big retail is fine tuning its strategy to win over critics and corporate social responsibility drives are providing it with the means.ITC and Reliance have already launched projects to recruit street hawkers, the main adversaries of big retail. And now Bharti Mittal has opened a retail innings of its chain, Easy Day, in Ludhiana with something similar.
Bharti Retail, owned by Sunil Mittal's Bharti Enterprises, on Wednesday started retail operations in the country with neighbourhood store format, Easy Day, from Ludhiana in Punjab. Bharti has set up three stores in Ludhiana.Bharti has announced plans to invest Rs 10,000 crore (Rs 100 billion) to set up stores across the country by 2012. The company said that it is looking at a retail space of 10 million square feet and employ 60,000 people.
Real estate market in the national capital region is likely to be hit by the steep rise in steel & cement prices. Caught between oversupply of sales of residential properties and rising steel & cement prices, property developers may be forced to review property prices. But realty developers will not pass on the burden to buyers and will try to absorb the shock of the rise in steel & cement prices. Pushing up real estate prices may hinder potent buyer from buying properties.
For the first time in India, Chandigarh-based Compact Disc India Ltd (CDIL), an integrated media and entertainment company, will animate a true love story titled Eternal Love in English which will revolve around the Taj Mahal. The company has secured an animation outsourcing contract worth $15.70 million from a Los Angeles-based firm through its arm Mediaone Ventures Ltd for the film which is slated to be released in December 2009.
Haryana Urban Development Authority had to defer the auction of an eight-acre plot earmarked for a five-star hotel in the city centre as only one bidder turned up on the day of auction. The authorities told that a quorum of three bidders was a must for the auction to take place.
McDonald's India is setting up a food processing plant in the North. Though the location is yet to be finalised, the proposed plant is likely to be set up either in Punjab or Haryana with an investment of Rs 100 crore. Also, it has plans to set up a distribution centre in this region in addition to Delhi, Mumbai, Kolkata and Banglore.
According to its promoter, Hirji Kanji Patel, this would be equivalent to the Pentium 4 technology but will be ultra low on voltage. The company also plans to start 20 level 3 multi-brand chip-level laptop service centres across India by April 2008.
IndiaTotal Infoline, an online business information dissemination service that offers information in three languages (Hindi, English and Punjabi), will soon add seven more languages (Bengali, Oriya, Tamil, Telgu, Kannada, Gujarati and Marathi).
The Rs 2,200-crore (Rs 22 billion) handloom industry of Panipat is undergoing an image makeover
India is fast becoming a favoured destination for global animators.
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