Monday, April 1, 2013

Business:4/1/2013 5:28:43 PM

Room for more FDI: Chidambaram

India's economy is capable of absorbing $50 billion in foreign direct investment per year, finance minister P Chidambaram said on Monday, adding that the government is committed to reforms to tackle a large current account deficit.

Sensex gains on first day of new fiscal year

The BSE benchmark Sensex on Monday closed 29 points higher in the first trading session of fiscal year 2013-14 supported by buying in blue-chip stocks such as Dr Reddy's, Infosys and RIL.

Suzuki Motor's stake in Maruti Suzuki up to 56.2%

Suzuki Motor Corp's stake in subsidiary Maruti Suzuki has gone up to 56.21 per cent after merger of its engine and transmission maker Suzuki Powertrain into India's largest car maker

Yamaha Motor total sales up 21% in March

Two-wheeler maker India Yamaha Motor (IYM) today reported 20.50% increase in total sales for March at 50,473 units.

Novartis shares plunge 7%

Shares of Novartis India Ltd plunged nearly 7 per cent to hit a one-year low level on the BSE, after the Supreme Court dismissed Novartis AG's plea for getting its blood cancer drug patented in India.

Manufacturing growth slips in March: HSBC survey

India's manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said.

Sensex up 84 points in opening trade

Starting the new fiscal on a positive note, the BSE Sensex on Monday gained 84 points in early trade on increased buying by funds as well as retail investors at prevailing levels.

Patent war over drugs goes chronic

Turf war between Big Pharma and generic companies, which was largely restricted to exorbitantly priced life-saving drugs for cancer and HIV, is now spilling over to other chronic ailments like diabetes, and threatening to change dynamics of the nearly Rs 70,000 crore Indian pharma market.

Air India may face fresh trouble over salaries

Air India may be headed for a fresh round of staff trouble. Constant delay in salary payment and the uncertainty surrounding pay cut following the implementation of Dharamadhikari committee report has forced the pilots of erstwhile Indian Airlines to call an emergency meeting of their union on Monday.

Govt to ease norms for exporters

The government is planning to do away with the registration-cum-membership certificate that exporters have to furnish, in a move aimed at simplifying the process for traders and reducing transaction cost.

6th edition of consolidated FDI policy to be out soon

The sixth edition of the consolidated FDI policy will be released by the Department of Industrial Policy and Promotion (DIPP) this week which will incorporate the changes made in the regulations over the past one year, an official has said.

AirAsia incorporates Indian venture

Gearing up to launch services in partnership with Tatas, Malaysian low-cost carrier AirAsia has incorporated a company in India with the filing of all requisite documents with the ministry of corporate affairs.

Train tickets, freight tariff to be costlier

Travelling in trains is set to become costlier from tomorrow as the hike in reservation fee and superfast charges announced in the Rail Budget come into effect from April 1.

Religare-run Air Mantra goes off air

Religare group-promoted Air Mantra has suspended operations and stopped taking bookings, citing technical reasons.

AI Express hopes to make operating profit next fiscal

The proposed 'Air Kerala' is unlikely to make a dent in the market-share of Air India's international budget arm Air India Express.

Wipro, Siemens to exit Nifty tomorrow

IT major Wipro and diversified group Siemens will exit the National Stock Exchange's benchmark index Nifty tomorrow.

Business confidence index slips to a new low

Mirroring the impact of the recent reforms initiated by the government to boost growth, CII Business Confidence Index, which had slipped below the psychological 50 level mark in the third-quarter of the current fiscal, rose to 51.3 in the final quarter.

Fraud costs ICICI Prudential Rs 90 lakh

Fraudsters have managed to steal customer database from ICICI Prudential causing a "loss" of over Rs 90 lakh to the insurance major after some policy holders either surrendered or discontinued policies believing the cheats.

'Bill to regulate real estate wont clip wings of players'

The proposed bill to regulate the real estate sector seeks to establish a transparent system of delivery and would not hamper the growth of the sector, a top government official said today.

ADB to give $300m loan to Uttarakhand: Bahuguna

The Asian Development Bank has decided to extend a loan of $ 300 million to Uttarakhand to help the state government accelerate work on power generation and transmission projects, chief minister Vijay Bahuguna has said.

Infosys to weigh options on investments in Bengal

IT major Infosys today said it will weigh options, including making the proposed West Bengal campus into a domestic development centre, after the state denied it the SEZ status with assurance of alternate benefits.

Cyprus bank savers face huge losses

Big savers in Cyprus's largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial EU-led bailout plan, officials said on Saturday.

Cushman & Wakefield to offer debt financing

As part of its ongoing endeavor to strengthen services towards the real estate industry in India, Cushman & Wakefield in India has launched debt financing services under its capital markets division.

Gold, silver down on slow demand

Both the precious metals, gold and silver, ended lower here today due to sluggish demand at prevailing higher levels amid absence of any market moving factor from the global front.

Broadcaster hikes IPL-6 ad rates by 10%

Multi Screen Media (MSM), the official broadcaster of the IPL, has hiked its advertising rates by 10%, said a senior company official. MSM had earlier lowered rates by 10-15 % for IPL-6 and was charging Rs 4- 4.5 lakh for a ten-second ad spot.

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