Monday, February 11, 2013

Business:2/12/2013 10:02:48 PM

GMR to sell technology park in Chennai for Rs 150 crore

GMR Varalakshmi Tech Park located in Chennai's IT corridor of Old Mahabalipuram Road (OMR) is more than 400,000-sqft , and completely leased out to Cognizant .

Pfizer may value Strides unit at Rs 10k cr

Big Pharma Pfizer Inc could value the sterile injectables unit of drug maker Strides Arcolab at up to $1.88 billion, or roughly Rs 10,124 crore, for a potential acquisition, said people familiar with the matter.

IT dept identifies 12L entities not filing returns

Notices were sent after the intelligence wing of the Income Tax Department's Directorate of Criminal Investigation sifted through more than 4.7 crore financial transactions , accessed through banks and Financial Intelligence Unit.

Car sales set to slip into negative after a decade

Car sales are headed for their first crash in a decade as poor buyer sentiment and adverse economic factors have hit demand badly.

At 7.2 % inflation is still high: RBI governor

"If you take the macroeconomic context today, you find that growth has moderated, inflation has come off the peak, but even at 7 plus per cent, it is still high," D Subbarao said.

ONGC Q3 profit down 17 per cent

The company reported a net profit of 55.63 billion rupees for its fiscal third quarter ended December, down from 67.4 billion rupees a year earlier, which had included a one-time gain on account of royalty dues from a joint venture partner.

Rupee closes at 53.85 against dollar

Falling for the fourth straight day, the rupee on Monday lost 35 paise to end at nearly two-week low level of 53.85 on sustained dollar selling by exporters amid RBI concerns that the country's current account deficit is headed to its highest ever this fiscal.

Renault launches Duster SUV's new variant

Renault India has introduced multimedia device with infotainment and communication features in its new best seller Duster SUV.

Sensex closes at new one year low

The Sensex fell by 24.20 points, or 0.12 per cent, to 19,460.57, its lowest close since December 31, 2012. The index had lost 520 points in last seven sessions.

Govt to give Rs 25,000 crore additional fuel subsidy

The government will pay Rs 25,000 crore additional cash subsidy to state-owned fuel retailers to make up for part of the revenue they lost on selling auto and cooking fuel below cost this fiscal.

Indian Railway's total earning up by 20%

The total approximate earnings of Indian Railways on originating basis during 1st April 2012 to 31st January 2013 was Rs 101223.95 crore compared to Rs 84083.74 crore during the same period last year.

I'm very optimistic on India: M Ambani

Reliance India chairman Mukesh Ambani is bullish on both India and the US because of the aspirations of a billion people in one and a fundamental transformation of the energy scene in the other.

Rupee down 24 paise vs dollar

The rupee today fell by 24 paise to 53.74 in early trade, continuing its downward march for the fourth straight session at the Interbank Foreign Exchange, due to continued dollar demand from importers.

Sensex down 16 points in early trade

Extending losses for the eighth straight session, the BSE benchmark sensex today lost over 16 points to 19,468.36 in early trade due to sustained selling by funds amid absence of any market moving factor from overseas.

Flipkart divests front-end operations

A group of Indian investors led by former OnMobile COO Rajiv Kuchhal has acquired e-commerce poster boy Flipkart's front-end operations company WS Retail Services, helping the e-tailer comply with regulations on foreign ownership, said people briefed on the matter.

RBI may tighten credit card norms

The Reserve Bank of India (RBI) is likely to come out with new norms to ensure card safety. Bankers say that this is likely after a meeting RBI had with banks on Friday to discuss recent frauds in electronic payments.

IndiGo allowed to import only 5 planes

If you felt the government would encourage airlines to expand their fleets after the closure of Kingfisher caused fares to spike, think again.

Is Ajit Singh neglecting fliers' interest?

The aviation ministry has forever run-and many say ruined-Air India. And now, even private airlines or those who plan to start one are no longer free to decide how many planes they should have in their fleet or if they should start a new airline.

China becomes biggest trading nation, pips US

US exports and imports of goods last year totaled $3.8 trillion, the US commerce department said last week.

US Air, AMR near $11bn merger: Report

The deal would come more than 14 months after the parent of American Airlines filed for bankruptcy in November 2011, and would mark the last combination of legacy US carriers, following the Delta-Northwest and United-Continental mergers.

Mutual fund month-end AUM hits all-time high in Jan

The month-end assets under management (AUM) increased to an all-time high of Rs. 8.26 lakh crore in January 2013 on the back of strong inflows into money market and income funds.

Renault to recall over 60,000 cars in China

Renault's Chinese subsidiary has recalled 61,508 Koleos sport utility vehicles produced between December 2008 and July 2012 to fix problems with their fuel level sensors.

Fuel surcharge on train tickets in the offing

With the recent hike in diesel prices putting an additional burden of Rs 3,300 crore on railways, the PSU behemoth is considering to further increase passenger fares or raise freight charges.

Chidambaram hints at Budget boost to equity

Finance minister P Chidambaram on Saturday indicated that he would bring in major changes in the Budget to boost equity culture among retail investors and address concerns that this group was preferring financial assets over physical ones, mainly gold.

Slash operational costs to reduce interest rates: FM

Stating that low interest rates spur economic growth, finance minister P Chidambaram today asked banks to improve their operational efficiency to bring down the rates, and pass on the benefit to borrowers.

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