Wednesday, February 20, 2013

Business:2/20/2013 12:05:33 PM

Airtel, Voda challenge airwave auction

India's two biggest mobile phone operators, Bharti Airtel Ltd and Vodafone India, challenged in court a government move to auction airwaves in a band they already use.

Civil Aviation Authority to replace DGCA: Minister

Aviation regulator Directorate General of Civil Aviation would soon be replaced with a Civil Aviation Authority to regulate the troubled sector, which has been facing mounting financial and operational issues, Civil Aviation Minister Ajit Singh said Wednesday.

Volvo to launch 'value' bus brand in India next year

Swedish automotive major Volvo is gearing up for a "value'' game in the fast growing Indian bus market.

Sensex gains for third day, RIL rises

The BSE benchmark Sensex on Wednesday closed seven points up on the back of a strong rally in market heavy Reliance Industries amid a firming global trend.

FDI inflows dip 19% at $1.1bn in Dec '12

Falling for the second straight month, India's foreign direct investment (FDI) inflows declined nearly 19 per cent to USD 1.10 billion in December 2012.

Rupee up 8 paise vs dollar in early trade

The rupee today appreciated by eight paise to 54.10 against the US dollar on the Interbank Foreign Exchange (Forex) market in early trade on increased foreign fund flows amid firm local equities.

Sensex up over 106 points

Continuing its rising streak for the third straight session, the BSE benchmark Sensex today rose by over 106 points in early trade on sustained buying by funds and retail investors amid a firm trend in other Asian bourses.

Sahara plans to set up thinktank in UK

Subrata Roy Sahara on Monday met British Prime Minister David Cameron to commit to a project that has the potential to generate thousands of jobs in the UK and would also benefit a large number of Indians looking at UK for business and education.

Biyani front-runner to acquire Spykar

Future Group founder Kishore Biyani has emerged as the surprise frontrunner to snap up homegrown denim brand Spykar, after Avigo Capital, which has majority stake, put it on the block last year.

Top jobs at banks, regulatory agencies fall vacant

India's financial sector is set to don a fresh look over the next 12 months with new chiefs at nearly a dozen financial institutions and three out of the four regulatory bodies.

RIL, BP to invest $5bn in KG basin

India's energy major Reliance Industries and British firm BP Group are planning to invest in excess of $5 billion (Rs 27500 crore) in the next three to five years to enhance production from the show case KG D-6 block in India's east coast to develop 4 trillion cubic feet of natural gas reserves.

Sensex closes 135 points up

The BSE benchmark sensex on Tuesday closed at nearly two-week high level of 19,635 led by buying in blue-chips stocks such as ONGC, Infosys, TCS and ICICI Bank amid a firming European trend.

CCI to clear oil, gas blocks in 2 weeks: Montek

The government is likely to clear in next two weeks several of 39 oil and gas fields that are stuck for want of defence clearance, said Planning Commission deputy chairman Montek Singh Ahluwalia.

Gold, silver down on sluggish demand

Both the precious metals, gold and silver, fell on Tuesday due to sluggish demand and reduced offtake by industrial units and coin makers.

GDP to take Rs 20k cr hit from strike: ASSOCHAM

While sharing some of their concerns like rising prices, ASSOCHAM today appealed to the central trade unions to call off their two-day strike as the country's economy will take a hit of big hit of Rs 15,000-20,000 crore from the nation-wide disruption in economic activity.

Hotel Leela's shares gain 9 per cent

Hotel Leelaventure shares rise 9 per cent, a day after the company sold its IT park building in the city of Chennai for 1.7 billion rupees to Reliance Industries.

Forex, money markets closed for 'Shivaji Jayanti'

The Forex and money markets are closed on Tuesday on account of 'Chhatrapati Shivaji Maharaj Jayanti'.

Sensex down over 17 points

The BSE benchmark Sensex today declined by over 17 points in early trade as funds and retail investors booked profit amid weakness in other Asian bourses.

Iconic magazine Reader's Digest goes bankrupt

RDA Holding, publisher of the 91-year-old Reader's Digest magazine, filed for bankruptcy to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media.

Times, HDFC Bank launch credit card

Times Internet, the digital arm of The Times of India Group, has partnered with HDFC Bank to launch Times Card, a co-branded card that provides special offers such as 25% discount on movie tickets and 20% off on dining.

RIL not allowing access to accounts: CAG

Comptroller and Auditor General (CAG) Vinod Rai has sought government's intervention to ensure that it gets to investigate Reliance Industries Limited's (RIL) claim to have spent more than Rs 25,000 crore for developing the D-6 gas fields in the Krishna-Godavari basin.

Banking licence norms before March-end: RBI

The Reserve Bank is likely to come out with the final guidelines for new bank licences much before the end of the fiscal."We are in the process of issuing the licence guidelines. We should issue them soon.

Govt cancels Rs12k cr borrowing

The government on Monday cancelled the Rs 12,000 crore market borrowing scheduled for February 22 due to an improved cash situation and after a review of its funding requirement.

NHAI to pay up for delayed okays

In a first-of-its-kind move, the National Highways Authority of India (NHAI) is likely to pay per day penalty to private developers in build, operate and transfer (BOT) projects in case it fails to get statutory clearances and approvals in the scheduled time frame.

Bangalore, Madras stock exchanges to merge

The Bangalore Stock Exchange will be merged with the Madras Stock Exchange. The combined entity will become the single largest regional exchange in the country with over 1000 local companies listed exclusively on it.

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