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Power Brand status for Jet airways

February 9: Jet Airways, India's leading global airline, has been chosen as a Power Brand among foremost corporate activities in India. The airline was bestowed with this honour at a glitzy event in New Delhi on Friday, February 4th, 2011.POWERBRANDS of India is a catalog of the leading 200 brands of India. The catalog is a result of opinion based review undertaken by ICMR together with the IIPM. The factors are anchored on elevated recall worth, brand attentiveness, brand representation as well as sensitivity, brand presentation as well as brand alliance. This honor has been created by Planman Marcom.

Sudheer Raghavan, Chief Commercial Officer, Jet Airways observed, "This recognition for Jet Airways as an Indian POWERBRAND is a testimony of the growing emergence of our airline, as the preferred choice for guests travelling to and from the Indian subcontinent. This award holds special significance as it is an endorsement by our discerning customers. Jet Airways is committed to delivering truly world class service and has worked to continually to enhance the excellent in-flight product and service on all our flights. We will persist in our endeavor to exceed customer expectations and create benchmarks in service standards for others to follow."



Sensex gains 33 pts

September 10: Widening its profits for the fourth consecutive session, the Sensex at the Bombay Stock Exchange augmented to 33 points, or 0.7 percent, to a new 31-month closing gain of 18,800, in the midst of stable international markets, on Friday.

The Nifty at the National Stock Exchange climbed to 32 points, or 0.6 percent to 5,640. Stock markets in South Korea, Japan, and Hong Kong, along with Singapore soared between 0.3 percent and 0.8 percent.



Pawar: Food wastage because of lack of provisions for storage

May 8: Agriculture and Food Minister Sharad Pawar revealed on Saturday that scarcity of ample or correct provisions for storage was leading to rotting of food grains.

Pawar made this observation while speaking at a function in Mumbai while saying, "The condition of the godowns in the country is not good and that is resulting in the rotting of food grains."

The government has admitted that the country squanders Rs 58,000 crore value of food stuff annually because of scarcity of or weak provisions for storage.



Sugar cane FRP Rs 139.12 for every quintal

April 24: The government has augmented the fair and remunerative price, FRP of sugar cane by seven per cent and set it at 139.12 rupees for each quintal for the 2010-11 season of sugar.

A resolution concerning this was adopted by the Cabinet Committee on Economic Affairs in New Delhi on Friday morning. The FRP of sugarcane for the previous year 2009-10 was 129.48 rupees for each quintal.

FRP is the lowest cost the sugarcane cultivators are lawfully assured. The sugar mills have the freedom to propose any cost over the FRP. The FRP for 2010-11 season of sugar is connected to a basic recovery charge of 9.5 per cent conditional on a premium of Rs. 1.46 for every 0.1 percentage point augmentation in recovery over the basic charge.



Sensex attains 120 points; Nifty gets back to 5,300-level

April 23: The Bombay Stock Exchange yardstick Sensex widened profits for the fourth consecutive day on Friday expanding by 120 points on anticipations of superior quarterly earnings, chiefly by key player of the market RIL, and strengthening of worldwide cues.

The Sensex attained 120.21 points to conclude at 17,694.20 points while the barometer had acquired 173.31 points in the previous three business sessions.

Agents revealed that market continued on a buoyant sentiment prior to the quarterly results by Reliance Industries following the trading hours on Friday. RIL concluded at a greater point of 1.10 per cent. Wipro the IT giants as well proclaimed alluring quarter earnings as well as a bonus issue.

The National Stock Exchange index Nifty got back to the psychological 5,300-stage by appending 34.75 points to 5,304.10. Of the 30-index stocks, 15 concluded with profits. Banking stocks wooed enhanced purchases on expectations of boom in lending augmentation.



Mamata rebuts allegations of wagon scarcity

April 23: Railway Minister Mamata Banerjee on Friday affirmed that Coal India Ltd (CIL) had not properly utilized each of the railway wagon offered for transferring coal to power units, rebutting an accusation that 1,500 MW of electricity could not be produced because of a shortage of rakes.

"That is absolutely wrong," she asserted when T K Rangarajan (CPI-M) wanted to know from the Railway Minister if Railways had on a regular basis furnished 157 lakh rakes daily against a requirement for 166.5 lakh rakes everyday by CIL on account of which 2000 tonnes of coal could not be transferred.

Responding to supplementaries at Question Hour in the Rajya Sabha, she revealed that CIL had been provided with 12,036 wagons in 2009-10 of which the firm owned by the state requested for 10,602 wagons. But out of these, it utilized just 9,254 wagons for genuine transport of coal.



RBI Governor Calls on Finance Minister

April 17: Prior to the yearly fiscal policy convention on 20th April, Reserve Bank Governor D Subbarao on Friday took part in talks with Finance Minister Pranab Mukherjee and deliberated on the macro-economic condition of the nation.

Addressing the media in New Delhi on Friday Subbarao observed,” I have come to review the macro-economic situation with the Finance Minister as is customary. You will know our policy action when we do the review on Tuesday, April 20."

RBI will publicize the yearly fiscal strategy for 2010-11 among worry over price rises, which augmented to 9.9 percent in March, extremely near the psychological double-digit stage.

The food price rises is approximately 17 percent and there are concerns that it could spread out to the non-food sector. The wholesale cost-oriented price rises at 9.9 percent was much over the RBI's year-end forecast of 8.5 percent. Others who also attended the appraisal convention were the Finance Secretary Ashok Chawla as well as Chief Economic Adviser Kaushik Basu.



Food price rise augments to 17.7%

April 8: Elevated costs of fruits, milk, along with pulses accounted for food price rise to the extent of 17.70 per cent for the week that concluded on 27th March, giving rise to anticipation that the RBI could further squeeze rates in its yearly fiscal policy on 20th April. Food price rises in the preceding week was placed at 16.35 per cent.

The general price rises, which consists of deviation in costs of food and non-food products, was 9.89 per cent in February. On a yearly estimate, wheat became costlier by 13.34 per cent pulses by 32.60 per cent, milk by 21.12 per cent, and fruits by 14.95 per cent.



Sensex attains 18000-mark after over two years

April 7: The Sensex at the Bombay Stock Exchange on Wednesday surpassed the 18,000-mark after a period that extended to nearly two years, but consequently ended under this psychological figure, at 17,970, with a minor profit of 29 points, or 0.2 percent. The Nifty at the National Stock Exchange augmented by 9 points, or 0.2 percent, to 5,375.

South Korea, Japan, Hong Kong along with Singapore witnessed moderate profits in their Stock markets when trading concluded.



Strong global trends give fillip to Sensex


Strong global trends give fillip to Sensex April 5: The Bombay Stock Exchange yardstick Sensex expanded by 117 points, or 0.66 per cent, on Monday in commencing business augmented by purchasing by overseas funds, as a consequence of positive business trends across worldwide markets.

The 30-share index witnessed a growth of 117.88 points to 17,810.50 points.The broad-anchored National Stock Exchange index Nifty made a recovery to the extent of 5,300-points getting enhanced by 40.10 points, or 0.75 per cent, to 5,330.60 points.

Traders revealed that business trend was greatly sustained by positive advancement on the worldwide markets following the largest expansion in recruitment by US companies in three years, augmenting revitalization expectations for the globe’s biggest financial system.



Finance Minister optimistic of easing of food prices

April 3: Finance Minister Pranab Mukherjee said that he anticipated easing of the costs of food products with the yield of crops that are sown in winter being available this month and on account of imports of necessary merchandise.

The Finance Minister revealed in Shillong in the north east state of Meghalaya on Saturday that the government was making an earnest attempt to keep the prices of food under control. The Finance Minister furthermore stated that organizations belonging to the Private sector were also engaged in the procedure of buying commodities from overseas countries. He also revealed that costs of sugar had lessened globally owing to supply from Brazil, and was optimistic that it would lessen further. The Finance Minister observed that not many nations yielded pulses and the global costs were as well on the rise.



Pranab: Budget to revitalize outlay, propel expansion to 9 %

April 2: Finance Minister Pranab Mukherjee on Friday articulated conviction that the steps adopted in the Budget for 2010-11 would revitalize private outlay and set the financial system back on a 9 per cent expansion course. While addressing a function in New Delhi, the Finance Minister articulated conviction that the measures charted in the ongoing year's budget would restore private venture and place the financial system back on the expansion trail of 9 per cent.

Mr. Pranab Mukherjee observed that the financial system in 2009-10 was anticipated to expand by 7.2 per cent, which was remarkable according to the worldwide criteria. Mr. Mukherjee stated that in the present financial year the financial system would grow by 8.25-8.75 per cent.



Upcoming financial year sees positive market commencement

April 1: Markets commenced on a strong approach for the upcoming financial year with the benchmark Sensex augmenting by 165 points on Thursday.

Ending the downward trend that was evident on the last couple of days, the Bombay Stock Exchange barometer concluded at 164.85 points to record a figure of 17,692.62 points. Stocks belonging to the IT segment wooed back up purchase.

The National Stock Exchange index Nifty got a fillip to the extent of 41.40 points to attain 5,290.50 points.



50 paise rise in costs of petrol, diesel for every litre

March 31: Costs of petrol will rise by 50 paise a litre from midnight on Wednesday and the augmentation of prices will cover 13 major cities that will include Delhi as well as Mumbai, where less toxic Euro-IV grade fuel will be made available from tomorrow.

Cost of petrol in Delhi will augment by 50 paise for every litre to 47 rupees and 93 paisa and diesel by 26 paise to 38 rupees and 10 paise for every litre owing to the availability of less toxic Euro-IV fuel. Thirteen major cities, consisting of Chennai, Delhi, Mumbai, Kolkata, Hyderabad, Bangalore, Surat, Lucknow, Kanpur, Agra, Ahmedabad, Pune as well as Sholapur will change from Euro-III grade fuel to Euro-IV from Thursday. Costs will differ from city to city based on local taxes.



Sensex augments to two-year peak of 17,711 points

March 29: The Bombay Stock benchmark Sensex witnessed the maximum rise in two years on Monday, appending more than 66 points on fund-oriented purchase in heavy-weight stocks guided by banks, in the wake of the government’s consent for a number of large ticket overseas investments.

Extending the four-day growing trend, the Sensex rose to 17,793.01 points prior to closing at 17,711.35, the greatest fillip since 21st February 2008.

The broad-anchored National Stock Exchange index Nifty augmented by 20.85 points to 5,302.85, in the aftermath of gaining the day's elevated augmentation of 5,329.55.



Montek: Price rises to lessen in 2-3 months:

March 27: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday observed that price rise would lessen in the subsequent two to three months as food prices are plummeting and rejected the notion that rise in food prices would affect non-food products.

"I do not think it matters if inflation reaches double digit mark in one week... but in the next two-three months, the overall inflation will come down as the food prices are declining," Ahluwalia made this observation while talking to newspersons on Saturday when he was questioned whether price rises would get to a digit of double figures.



Funds can be generated by private, public sector through infrastructure bonds

March 23: The government on Tuesday observed that the private along with the public sector would be permitted to generate funds by offering long-term infrastructure bonds that would give advantages to tax payers.

Finance Minister Pranab Mukherjee made this observation while speaking at a convention on infrastructure segment in New Delhi today. Taking into account the fact that funding was a cause of great limitation; Mr. Mukherjee revealed that the resolution would assist in enhancing funds of public and private sector for giving vitality to the nation’s infrastructure.

With the aim of encouraging investment in the infrastructure segment, the Budget for 2010-11 planned to spare investment to the extent of 20,000 rupees in long-term infrastructure bonds from income tax. The figure is apart from the prevailing general tax exemption ceiling of 1 lakh rupees every year for private income tax payers.

The long-term infrastructure bonds to obtain the prospective advantage would be conveyed by the government afterward.



Finance Minister: Nation Progressing Towards 7.2 pc growth

March 22: The government anticipates the financial system to enhance by 7.2 this financial year and augment by 8.5 per cent in the subsequent fiscal, Pranab Mukherjee, Union Finance Minister observed on Monday.

He made these comments while talking to newspersons on the sidelines of a programme in Bangalore noting, "We are sticking to the advance estimate of 7.2 per cent for 2009-10".

He expressed optimism by saying that 2010-11 fiscal will ensure the nation accomplish a GDP expansion of 8.5 per cent making allowances for 0.25 per cent for or against the target.



World Bank offers USD 1.05 for educational advancement

March 19: Aimed at enhancing the number of children enlisting in and finishing elementary school, as well as to advance the class of engineering learning all over India, the World Bank has endorsed two education schemes valued at USD 1.05 billion.

The World Bank has backed Sarva Shiksha Abhiyan (SSA), a countrywide plan with the objective of offering superior elementary teaching to every child, with two International Development Association (IDA) credits adding up to 1.1 billion since 2003.

Roberto Zagha, World Bank Country Director for India observed, "SSA, now largest ongoing Education for All (EFA) programme in the world, has been remarkably successful, particularly in achieving greater access to elementary education."



Funds to public sector banks under consideration

March 17: The Government is mulling over the proposal to offer funds of to the tune of 16,500 crore rupees in the public sector banks by the closing stages of the subsequent month. Mr. R Gopalan Secretary, Department of Financial Services, addressing the National Microfinance Conference in New Delhi on Wednesday, urged Microfinance Institutions to trim down the lending procedure with the aim of fortifying the fiscal condition of those who are still way behind in the affluence chart.

He appealed to the banking society to guarantee credit assistance to poor segments of the nation for comprehensive expansion. Speaking about fiscal inclusion, Mr. Gopalan observed that a model was in position via which numerous monetary functions can be directed to the underprivileged and made a request for augmenting it. The two-day convention in which specialists and other stakeholders are taking part will plan a mechanism for enhanced microfinance to provide greater thrust to it.



GDP expansion anticipated to be about 8.5 % for 2010-11

March 14: The Planning Commission Deputy Chairman Dr. Montek Singh Ahluwalia has observed that with the fiscal expansion thrust regaining pace, the GDP enhancement was anticipated to be nearly 8.5 per cent for 2010-11 and a nine per cent augmentation in the next financial year.

Speaking at the 'Maharashtra economic Summit' in Mumbai yesterday, he thought the Indian financial system has revealed extremely fine buoyancy. Acknowledging that food cost rise is a reason for worry, Dr Ahluwalia credited it to the overstated reports on the drought situations as one of the causes. Nonetheless, with the rabi potential appearing favourable, he anticipated the food price rise to alleviate within the subsequent couple of months.

Dr Ahluwalia observed that the Planning Commission would assemble on the 20th of this month for a mid-term evaluation of the 11th Five year plan.



Finance Minister Advises Taxmen To Be Gentle Towards Taxpayers

March 12: Finance Minister Pranab Mukherjee has urged taxmen to be "humane" while coping up with taxpayers, as he observed that being caring and behaving respectfully with people assists in boosting collection of taxes.

A formal proclamation on Friday revealed, “(Mukherjee) has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach"

The Finance Minister made this observation while giving a speech at the 63rd group of IRS trainees last evening, according to the formal proclamation. The official release stated, “Mukherjee pointed out that the shift in policy whereby taxpayers are not seen as adversaries has resulted in a significant growth in tax collection during the past decade."

He urged the trainee officers to absorb the method in their every day work. Direct taxes accumulation has augmented by 10 times through the last decade. Mukherjee as well mentioned that the portion of direct taxes is currently over 55 per cent.



Sensex lessens by 28 pts on inflation worries

March 4: Concerned by suggestions of growing food price rises the Bombay Stock Exchange benchmark Sensex plummeted by 28 points on Thursday on profit booking, shattering a three-day recovery.

With major players like Reliance Industries, Infosys as well as ICICI Bank not performing well, the Sensex lost 28.31 points to end at 16,971.70 points. Over the previous three sessions, the 30-share index had attained more than 740 points.

The broad-anchored National Stock Exchange index Nifty lessened by 7.85 points to finish at 5,080.25 points.



Sensex augments by 243 points in commencing transactions

March 2: Guided chiefly by a recovery on worldwide bourses, the Bombay Stock Exchange level Sensex soared by a massive 243 points on Tuesday accounting for 1.47 per cent, in the commencing transactions on capital inflows by overseas finances.

The 30-share guide, which had grown by 175.35 points in the preceding session on Friday, augmented by 243.55 points to 16,673.10 points, with oil and gas, metals and auto segments spearheading the recovery.

The broad -anchored National Stock Exchange index Nifty as well soared by 74.10 points accounting for 1.26 per cent to 4,996.40 points, slowly approaching the vital 5,000-points mark.


Fastrack to establish 50 additional franchise outlets

Fastrack a renowned fashion accessories product belonging to Titan Industries Ltd, is considering the notion of augmenting the number of its elite outlets to 50 all over India by April 2010, from the existing 13 outlets currently.

The brand would offer a greater variety of designs as well as models of diverse accessories for example belts, bags together with leatherettes each month. As revealed by official sources the majority of the stores would be run according to the franchisee model with an outlay of Rs 40-50 lakh, and a floor area extending to 400-500 sq. ft.

The brand, which is mostly known for its watches as well as sunglasses, started manufacturing accessories akin to hats, belts, and bags this year and anticipates to record a sales total of Rs 360 crores with an expansion pace of 25 per cent above the previous year.


Government anticipates GDP at 6.5% all through the current financial year

November 4: The Planning Commission anticipates the economy to expand by 6.5 percent all through the present financial period and expects moderation in the rise in prices of food articles in the approaching months with the onset of rabi crops.

The Deputy Chairman of Planning Commission made this revelation while speaking to newspersons at the Economic Editors' Conference in New Delhi on Wednesday adding that the evaluation of fiscal expansion was a bit higher than 6.3 percent as estimated by the Commission before.

Prime Minister's Economic Advisory Council (PMEAC) as well had estimated 6.5 percent financial growth in the current economic period.

Conveying apprehension with regard to price rise, particularly related to food articles, Deputy Chairman of Planning Commission Ahluwalia observed that the prices had begun to lessen and would fail additionally in the subsequent months with the onset of rabi crop.

The Agriculture Minister Sharad Pawar noted in the convention that the costs of the food articles could lessen just subsequent to the onset of Rabi spell.

He revealed that because of the effect of sparse rainfall coupled with the effect of floods the costs will not lessen at once. He observed that the expansion of agriculture would linger in the region of 1.5 percent this year.

The agriculture minister also revealed that 10 lakh tonnes of wheat together with 5 lakh tonnes of rice have been offered for open market trade to restrain the costs.


National Paints comes to India; Likely to spend Rs. 500 crores. in three years

National Paints, a worldwide paint manufacturing company functioning in 45 nations and 12 factories worldwide is making its entry into India by establishing its 13th factory in Angamali Industrial Area, close to Kochi, Kerala. The recently established high-tech unit boasting of the most up-to-date equipments has an every day productivity competence of about 1, 20,000 litres.

Founded 40 years ago in Amman, Jordan’s capital, National Paints Factories Ltd is renowned and esteemed worldwide for its exclusive creation range. Company commenced its Sharjah venture under the guidance of its existing chairman Mr. Salim F. Sayegh in 1977 as component of its forceful global growth efforts. Salim, a Jordanian citizen with varied commercial eagerness in landed property, aviation and banking, led the expansion procedure by setting up high-tech infrastructure for the company which can vie with any comparable organizations in the advanced nation. At present National Paints have 12 production units in nations like Qatar, Jordan, Kazakhstan, Sudan, Oman, Egypt, Kyrgyzstan, Russia, Romania, and UAE along with Palestine.

National Paints is the biggest paint group in the Middle East at present with yearly manufacturing capability of 4, 00,000 tons and yearly sales over one billion USD. Advanced creation excellence and outstanding client service are the chief causes that can be attributed to National Paints’ achievement story. All the unrefined resources utilized in the paint creation with every consignment of paint products are put through meticulous laboratory evaluation to guarantee excellence values.

National Paints has established its Indian subsidiary National Paints Factories (India) Private Limited to start operation in the nation. Its new unit located in the Angamali Industrial Area is centrally positioned next to the NH 47 with admirable rail as well as road communications. Cochin International Airport is located barely 8km away from the unit. The plant offers straight jobs to approximately 150 persons.

Talking to newspersons in Kochi, Mr. Salim F. Sayegh, Chairman, National Paints Factories Ltd noted; “At National Paints, we strive to develop products that help make people’s lives more vibrant and colorful. Since our inception in 1969, we have been moving forward at a rapid pace by capitalizing all growth opportunities and improving our operating efficiency so as to expand our global presence and sharpen our product portfolio. The new plant in Angamali is our latest expansion and we are looking at investing Rs. 500 cr. in India within the next three years”

National Paints produces complete array of paint products comprising ornamental paints, polyurethanes, wood varnish, industrial paints, vehicle paints, paints related to marine use together with a broad array of texture as well as exclusive paints. It is dedicated to a hygienic and vigorous setting with the company making available an assortment of environmental friendly paints for harmless and green surroundings for example as water-oriented ornamental varnish, unique result for internal embellishment and free of lead paints for toys, educational institutions as well as hospitals etc. It also furnishes fire resistant paints to defend cementations and wooden exterior against fire along with paints to defend steel construction against fire.


No assistance for Air India in the offing unless its reduces expenses

September 22: Finance Minister Pranab Mukherjee evaluated the revival strategy of Air India, taking into account the measures it was adopting to curtail expenses and augment funds. As revealed by official sources Mr. Mukherjee was apprised of the state of affairs by the Civil Aviation Secretary M Madhavan Nambiar along with Air India CMD Arvind Jadhav in New Delhi on Monday.

The Finance Minister is believed to have clarified that any government aid to Air India was feasible only if it diminishes surplus expenses. The talks occurred while the Civil Aviation Ministry commenced activities on arranging a memorandum for the Union Cabinet on a bailout package for Air India, including the provision for extra equity together with a flexible credit to prevail over its current problems. The national carrier is in quest of a Rs. 5,000-crore assistance package from the government.


Branch office of OSS Retails service established in Kolkata

September 19: In a bid to accommodate and offer enhanced service to its clients in Kolkata, OSS Retails service has established its branch office in Kolkata. Known for its excellence in B2B space OSS Retails service is one of the renowned corporate business houses in India. The aim of the organisation is to seek prospective business associates in Kolkata which will develop with them.

The OSS group has expanded into crucial segments such as technology, real estate, ITEs (IT Enabled Services), internet marketing. The Key slot which the OSS group has made an attempt to shine has been the service segment. One of the most thrilling novelty has been Rail ticket online portal (railticketonlin.com) because they were the foremost tour ecommerce site in India which provided PNR numbers to railway passengers .Apart from the Rail ticket online, the OSS Group has also generated numerous other thriving projects for example flightsafar.com, donecard.com, paybillonline.in, mybima.com all beneath the mother entity of onestopshop.in

The OSS Group was founded in 2006 and it started to accomplish landmarks and has registered great corporate within a short period. Currently, the OSS Group has a remarkable proceeds of over 1500 crores and has branch outlets in Mumbai, Delhi, along with Bangalore and has currently expanded its operations to Kolkata

Mr. Rahul Roy who is a celebrated Bollywood actor is a co campaigner and a brand ambassador of OSS group of Companies observed, “We are committed to provide world class services and opportunity for small business owners in Kolkata that will enable them to successfully operate their business and increase their earning potential. We are the highest eticket reseller of Asia’s largest E Commerce site irctc.co.in "

Mr. Subhash Jewria, CWD revealed that OSS Retails is preparing to encompass an extensive and assorted set-up of business associates all over Kolkata in under 2 years. It will augment the client experience by expanding its contact into target markets as well as geographies. Rather than consolidating the sector at one place, it has embraced a model in which the company will be capable of entering the market by means of decentralized distributors. flightsafar.com, OSS IT solutions have many advantages for the retailers and present them with a bunch of utilisation such as Bill payment, Ticketing, Recharges and so forth all through OSS Retails services.


Pranab: Drought not as upsetting as estimated before

September 15: Lessening apprehensions linked to the drought condition to some extent, Finance Minister Pranab Mukherjee observed that the condition at present was not as precarious as it seemed in the opening stages, because of enhanced agricultural segment scenario following fresh augmented showers.

"Thanks to late monsoon, the problem (of drought) is not as alarming as it was visualised in the month of July and early part of August," he noted.

He made this observation at the India Today Conclave in New Delhi noting, "Despite this drought, why we felt a little confident was because of huge buffer stock which we were having in respect of foodgrain," furthermore stating that the nation’s rice along with wheat reserve were over the buffer requirements .

Mukherjee observed that the nation would enjoy augmented rice along with wheat production. He affirmed that there would be an excess of 17.7 million tonnes of wheat in the vending term.


Sangam: Wipro Infotech Technology’s Innovation Hub Unveiled

September 14: The India and Middle East IT Business of Wipro Ltd, Wipro Infotech a top contributor of IT and Business Transformation Services, recently proclaimed the commencement of its Technology Innovation Hub, Sangam. Wipro has collaborated with chief technology associates like IBM, Microsoft, SAS, Sun Microsystems along with Teradata to create this amalgamated Centre of Excellence which will unction across technologies to expand novel IT solutions.

The hub was officially launched by Mr. Ravinder Jain, Chief Information Officer, Aircel. Aircel is one of Wipro’s major clients and a top telecom organization in India. Mr. Jain observed, “I would like to congratulate the team for setting up Sangam. We at Aircel work closely with Wipro to offer our subscribers, the next-generation telecom experience. With this centre, Aircel can now evaluate technology solutions centered on innovation, get a comprehensive view of solutions and deploy global best practices and tools for the benefit of our customers."

The Technology Innovation Hub will not just boost the advancement of powerful efficiencies in expertise, but furthermore augment tactical business worth via technological and procedure brilliance, along with quality created solutions that copes up with the demanding and growing business requirements of clients. The integrated setting aids in lessening overall tenure for expansion, leading to rapid time to promote and swiftly react to business requirements.

Mr. Sairaman Jagannathan, Vice President and Business Head, Business Solutions Division, Wipro noted, “We live in very exciting times, with unprecedented opportunities of bringing together great minds and new thoughts that further the cause of innovation. Sangam aims to provide thought leadership for quantum and incremental innovation through partnering and delivering complex industry solutions on emerging technologies. It would work on economies of scale thereby reducing Total Cost of Ownership and maximize realization of an integration investment”.

The centre will assess up-and-coming paraphernalia and expertise and protect client accurate solutions. This modern client knowledge unit is positioned in Wipro’s Electronic City site at Bangalore and will facilitate clients to have a convincing vision of the solutions. Sangam adheres to Wipro’s modernization procedure agenda to distribute solutions, inline with worldwide values.


Nifty soars over 4,800-mark for the only time this year, Sensex augments by 122 pts

September 8: The broad-anchored National Stock indicator Nifty moved over the 4,800-points stage for the only period in nearly 15 months, while the BSE yardstick Sensex soared by more than 122 points in commencing transactions on Tuesday on augmented inflow of overseas re4sources propelled by strengthening tendencies in other Asian markets.

The wider –anchored National Stock Exchange indicator, Nifty, boosted by 38.40 points to 4,821.30 points- a stage previously observed on 2nd June 2008.

The 30-share BSE Sensex surged by 122.11 points to trade at the year's maximum of 16,139.27 points in commencing transactions with the majority of leading stocks quoting in profitable terms..

The BSE barometer had recovered nearly 617 points in the last couple of business sessions.

Brokers observed that purchasing action in the national markets gained pace sustained by a strengthening tendency in other Asian equity markets, which augmented by nearly 0.80 percent in morning transaction.


LANXESS finishes acquirements in India and China

German specialty chemicals conglomerate LANXESS has fruitfully finished the acquirements of the chemical trade and production resources of Indian company Gwalior Chemical Industries Ltd and China's Jiangsu Polyols Chemical Co. Ltd. The dealings have obtained the obligatory sanctions from the anti-trust establishment and Gwalior shareholders. Both dealings have taken fiscal as well as lawful effect at the beginning of September

LANXESS is offering EUR 82.4 million that includes liability for the property of Gwalior, while the purchase cost for Jiangsu Polyols will stay unrevealed. Both dealings complement the case of LANXESS’ trade component Basic Chemicals, which is one of the top makers of unprocessed resources for surface coatings, agrochemicals, polymers, as well as pigments

“These acquisitions in India and China are further milestones in our company’s long-term growth strategy in the BRIC countries,” observed Axel C. Heitmann, Chairman of LANXESS’ Board of Management adding, “We will start to integrate these two successful businesses into our group and will warmly welcome the new employees into the LANXESS family.”

Gwalior is one of the major Indian creators of benzyl products and one of the top worldwide creators of sulphur chlorides for the agrochemicals as well as pharmaceuticals and for the aroma and perfume industries. In its fiscal year 2008/2009 that concluded in March 31, the Indian organization attained transactions of roughly EUR 57.8 million and at present utilizes the services of nearly 400 permanent workers chiefly located at its manufacturing location in Nagda, in the state of Madhya Pradesh.

Jiangsu Polyols attained transactions of approximately EUR 10 million in 2008 and at present utilizes nearly 170 workers at its unit in Liyang, west of Shanghai. It chiefly makes trimethylol propane (TMP) that is utilized in coatings, lubricants and paints. LANXESS’s trade component Basic Chemicals is already a chief provider of TMP in China.

LANXESS is a top specialty chemicals company with transactions of EUR 6.58 billion in 2008 and at present utilizes 14,335 workers in 23 nations. The organization is represented at 44 manufacturing locations globally. The basic trade of LANXESS is the advancement, production and selling of specialty chemicals, plastics, rubber and intermediates.


Government not to clamp service tax on transportation of essential goods

September 3: The government on Wednesday resolved not to levy taxes on transportation of essential goods such as food grains, fertilisers as well as petroleum related items from service tax, a step that could assist in restricting costs of these stuffs from augmenting.

The exclusion of taxes is in force from 1st September, the date from which service charges on transportation by means of rail and waterways, as revealed by the Finance Minister Pranab Mukherjee in the Union Budget in July, was going to be enforced.

"It is necessary in the public interest so to do, (the government) exempts the taxable service provided to any person in relation to the transport of goods," the Central Board of Excise and Customs in two discrete announcements for transport by rail along with waterways observed.

The catalog of staffs getting the tax relief include oil seeds fit for human consumption as well as oils which are consumed by the people; food grains like cereals and pulses and flour, petroleum and petroleum related stuffs and defence and armed forces tools.


Bank of Rajasthan enters into collaboration with Bajaj Auto

September 2: Bank of Rajasthan, one of the rapidly expanding, technologically boosted and client responsive private sector bank, which has made advancements in its retail property range comprising vehicle funding, has formed a tactical countrywide partnership with Bajaj Auto Ltd. to provide credits to two-wheeler clients.

The two key participants have entered into a collaboration to facilitate the purchase of two-wheelers for both the city based as well as clients in rural India with the aid of extensive set-up of branches of Bank of Rajasthan. The partnership will allow clients to obtain credit for vehicles at an appealing charge of interest.

The client can obtain this credit at lesser interest charge, which has been diminished to the extent of 150 basis points based on the maturity tenure. Bank of Rajasthan has also lessened the processing fees by 2% on the credit. Bajaj Auto will control the retail financing effectiveness and contact of Bank of Rajasthan to offer loan facilities all over the nation.


GDP anticipated at 8% for 2010-11 by Planning Commission

September 2: The Indian financial system will return to the track of expansion with the GDP anticipated to be 8 per cent in 2010-11, the Planning Commission has revealed.

The panel, which apprised the Prime Minister of 'Current Economic Outlook' during the complete panel congregation, also estimated the Gross Domestic Product (GDP) to touch 9 per cent in 2011-12.

"We project growth of 8 per cent in 2010-11 and nine per cent in 2011-12. This is optimistic but not impossible. If we have normal monsoon in 2010-11, we can expect a strong rebound in agriculture next year," the paper revealed by the plan panel observed. The panel furthermore noted that the fall in exports would lessen subsequent to 2010 when the advanced fiscal systems would attain positive expansion.

"Exports would also recover as industrialized countries return to positive growth of one per cent in 2010 with further acceleration in 2011", the paper noted.



Sensex augments by 152 points in commencing transactions

September 1: The Bombay Stock Exchange yardstick indicator Sensex soared by 152 points in commencing transactions on Tuesday as a result of trading by funds as well as retail financiers in the midst of strengthening tendencies in other Asian bourses. The 30-share BSE Sensex mounted to 15,818 points in commencing business with IT as well as realty stocks in the forefront of the recovery.

The broad-anchored National Stock Exchange indicator Nifty surged by 43.60 points to 4,705 points. Traders revealed that trading action on the home markets gathered thrust mainly on the support of strengthening tendency at other Asian equity markets which augmented by approximately 0.5 per cent in the morning transactions, sustained by overnight profits on the US markets. Stocks of government-operated hydro energy producer NHPC catalogued on the bourses with bonus.


Indian economy augments by 6.1 in first quarter in contrast to 7.1% the previous year

August 31: The country attained a rational financial expansion of 6.1 pc during the first quarter of the existing economy notwithstanding the worldwide fiscal catastrophe affecting production and a number of services such as hotels. The Gross Domestic Product (GDP) expansion pace during April-June 2009 at 6.1 percent was greater than 5.8 percent in comparison with the preceding quarter, though it experienced deterioration in contrast to 7.8 percent financial growth registered during the equivalent phase of the previous economy.

The government together with the Reserve Bank has been asserting that the Indian financial system will enhance by six percent expansion with growing prejudice. If agriculture advancement does not collapse and this tendency sustains, expansion in this economy would be along the lines of the anticipations of the establishment.

Mining as well as electricity amid industrial segment, and funding amid services units registered greater expansion of 7.9, 6.2 and 8.1 percent, correspondingly, in the first quarter of this economy, in contrast to 4.6, 2.7 and 6.9 percent a year before. Construction as well as community services also attained favourable expansion of 7.1 and 6.8 percent in contrast to 8.4 and 8.2 percent, correspondingly.

Nonetheless, cultivation and manufacturing grew at a sluggish pace of 2.4 and 3.4 percent in contrast to three and 5.5 percent, correspondingly.
Expansion in segments for example hotels, business, transport and communication was appreciably lesser at 8.1 percent in comparison to 13 percent.


Foreign Trade Policy launched by Anand Sharma

August 27: Anand Sharma the Union Commerce & Industry Minister launched a fresh set of guidelines with regard to Foreign Trade Policy and revealed a number of measures to assist exporters along with importers.

He observed that that Industrial production had augmented by 7 per cent in July and Export goal for 2010-11 was fixed at 200 billion USD.

The Union Commerce and Industry Minister Anand Sharma in New Delhi on Thursday affirmed that duty repayment ventures would extend till December 2010 while Income Tax relief for export-based segments would continue for another year. He also noted that capital goods would be entitled to zero duty up to March 2011 to boost production.

He asserted that notwithstanding the most awful worldwide recession after the Second World War, Indian financial system was revealing encouraging tendencies owing to the sustenance offered by the government.

Anand Sharma noted that the current aim was to curb slowdown in exports and to attain 200 billion dollar export goal by 2011.


Sensex augments by 289 points in opening transactions

August 24: Stretching its profitable rush for the third session consecutively, the Bombay Stock Exchange yardstick Sensex on Monday augmented by 289 points in opening transactions because of enhanced purchase by funds, guided by a strengthening tendency in the worldwide markets.

The 30-share pointer, Sensex, ascended by 289.17 points, or 1.70 per cent, to 15,530.00 with the majority of the sectoral pointers profiting to the extent of 3.12 per cent. The BSE guide had expanded by above 430 points in the last couple of sessions.

The broad-anchored National Stock Exchange pointer Nifty soared 76.85 points, or 1.61 per cent, to 4,606.65.

Brokers noted that purchasing action in the home markets gathered momentum chiefly sustained by a strengthening tendency at further Asian equity markets, which augmented by nearly three per cent in morning business.


Sensex regains after opening losses; mounts by 173 points

August 18: Regaining from its opening losses, the Bombay Stock Exchange yardstick index Sensex augmented by 173 points in late morning business in the middle of sustained FII pullout from the stock market.

The 30-share guide was cited at 14,958.09 points, a profit of 173.17 points with regard to its earlier finish.

The Sensex had plummeted by 627 points or 4 per cent yesterday following deterioration in the US customer buoyancy catalog that unfavorably disrupted worldwide markets.

Foreign Institutional Investors (FIIs) vended shares valued at Rs 1,226.49 crore on August 17, according to the conditional statistics available.

The wider 50-share Nifty of the National Stock Exchange also acquired 55.45 points at 4,443.35 points at 1100 hrs.

Traders said the market is anticipated to stay unstable all through the day because of rotating sessions of buying as well as selling.


Sensex plummets by 107 pts on profit-selling, monsoon worries

August 14: The Bombay Stock Exchange yardstick Sensex on Friday plummeted by 107 points as funds booked gains from the above three per cent gush in preceding trade, in the middle of apprehensions that scanty monsoon showers might reduce rural buyer expenditure.

The Sensex, which gushed almost 500 points in the preceding day's transactions, droppedl by 106.82 points at 15,411.63, after hovering between 15,535.47 and 15,367.61 points all through the day.

The 50-share National Stock Exchange index Nifty fluctuated between 4,619.00 and 4,559.35 prior to finishing with a loss of 24.95 points at 4.580.05.
Traders noted that business attitude weakened following fears that scanty showers this monsoon might obstruct agricultural production and endanger the monetary expansion objective.

They revealed that common shareholders along with overseas funds booked gains at lucrative, elevated stages, following the sharpest one-day boost in six weeks in yesterday's business.

Strengthening tendencies in the oil and gas segment, piloted by pacesetter Reliance Industries, thwarted any major decline in the equity markets.


Sensex plummets by 304 pts at noon on quick selling

August 12: The Bombay Stock Exchange yardstick Sensex plummeted under 15,000 by plunging over 304 points at noon on Wednesday owing to quick selling by overseas funds as well as retail investors, over monsoon apprehensions in the midst of feeble worldwide tendency.

The 30-share index declined by 304.50 points to 14,770.09 at 1200 hrs as stocks of real estate, metals as well as banks were hit by severe losses.

Likewise, the 50-share Nifty of the broad-anchored National Stock Exchange plummeted by 91.65 points to 4,379.70. The entire the sectoral indices plunged with losses to the tune of 1.68 per cent.

Traders revealed the equities dropped severely in the past few sessions over apprehensions that the poorest monsoon in the last five years would result in lesser farm productivity as well as expenditure.



Sensex returns to encouraging sector, revives by 143 points


August 11: Subsequent to declining by above 145 points in the early hours of trading, the Bombay Stock Exchange benchmark Sensex, registered a revival to figure in encouraging sector with a climb of 143 points at 1100 hrs on the support of resurgence in heavy-weight stocks of oil as well as gas, auto along with real estate segments. The Sensex sprang back to trade 143.42 points greater at 15,153.19 at 1100 hrs.

Similarly, the broad-anchored National Stock Exchange index Nifty attained 46.80 points at 4,484.45. Stockbrokers observed that a surge of business by overseas funds as well as national financial organizations, chiefly in oil as well as gas along with auto sector stocks, assisted Sensex to trade in encouraging sector with striking revival.

In the oil along with gas segment, Reliance Industries gained by 2.23 per cent at Rs 2,030.70, Reliance Petroleum by 2.23 per cent to Rs 126.05, RNRL by 1.11 per cent at Rs 77.45, ONG Corp by 0.47 per cent at Rs 1,165.


Patel favours a GOM to resolve aviation industry crises

August 10: Civil aviation Minister Praful Patel has recommended establishing a Group of Ministers to work out a solution to the troubles encountered by the aviation industry, particularly as a result of high taxes on jet fuel.

Patel stated that he favoured the selection of a high-level board or "even a Group of Ministers to comprehend the situation and solve the problems of the aviation sector, principally with regard to ATF."

His proposal came a week following the private airlines decision to call off the strike objecting to the steep sales taxes on aviation turbine fuel (ATF) and enhanced airport fees. When queried when this board or GoM, if created, would offer its suggestions he said, "We will push for an early resolution".

"Though I can't decide on a time-frame but may be a month or two. I hope so but I cannot speak on behalf of everybody," he told. He said the topics put forward by the private carriers had reached the offices of the Prime Minister as well as the Finance Minister.

Patel observed that the topic in question had been forwarded by the civil aviation Ministry to the Empowered Group of State Finance Ministers, led by West Bengal Finance Minister Asim Dasgupta. On airport fees, Patel did not concur with submissions that these were more than 60 per cent in comparison to the international charges, affirming that this was "an absolute myth". "I can show you airports where these charges are far higher as also those where charges are lower than in India.... Now many airports those are being built are world class," he noted.


Market recoil on monsoon uncertainties, Sensex drops 3 pc

August 8: Less than the usual rain up to now this year has stopped powerful bull advancement on the bourses bringing down the key indices Sensex and Nifty by over three per cent in the midst of an abrupt withdrawal by overseas institutional investors.

The Bombay Stock Exchange 30-share barometer concluded the week at 15,160.24, at a net a drop of 510.07 points or 3.26 per cent from its previous weekend's finish.

The sensex went over the 16,000 stage for the only time in 14 months to reach a business high of 16,002.46 on 4th August. It gained by 2,166 points or 16 per cent in the previous three weeks on remarkable earnings season.

The wider 50-share Nifty of the National Stock Exchange also plummeted by 155.05 points or 3.34 per cent to end the week at 4,481.40 from its earlier weekend's finish. The opening public offer by government-operated NHPC, which received favourable reaction on commencement, as well evoked apprehensions that it will soak up liquidity from the secondary market.

Experts observed that monsoon showers is the key supply for almost 60 per cent of agricultural irrigation in India and regarded as vital for Asia's third-biggest economy, which has begun revealing trends of revival.

According to temporary records, Foreign Institutional Investors (FII's) sold shares valued at Rs 2,113 crore in the final three days of week.


Govt mulling over amalgamation of Consumer Price Index: Pranab

August 7: Finance Minister Pranab Mukherjee on revealed on Thursday that the government has adopted measures to protect the underprivileged segments of the society from the soaring costs of goods.

Giving his comments in the Rajya Sabha the Finance Minister also stated that the government is furnishing the people with subsidy utilising the Public distribution system. He as well stated that the government was thinking in terms of unification of Consumer Price Index to obtain a true account of the cost escalation.

Pranab Mukherjee notified the Rajya Sabha that the Central Statistical Organisation has been directed to consider the viability of the scheme.


Govt: Kerosene, household LPG costs minimum in India

August 7: Kerosene and household LPG costs in India are the cheapest in South Asia, while the charges for petrol and diesel are equivalent to its neighbouring, countries Petroleum Minister Murli Deora said on Thursday.

In a written response to a query in the Lok Sabha, he observed kerosene at Rs 9.22 per litre in Delhi is the most low-priced cooking fuel in South Asia.

The price of Kerosene in Pakistan is Rs 34.89 a litre, Rs 30.53 in Bangladesh, Rs 21.26 in Sri Lanka and Rs 34.35 per litre in Nepal.

Likewise, a 14.2 kg household LPG cylinder in Delhi costing Rs 281.20 is less expensive in comparison to Rs 483.06 in Pakistan, Rs 670.12 in Bangladesh, Rs 666.31 in Sri Lanka and Rs 702.72 per cylinder price in Nepal, he asserted.

Petrol costing Rs 44.63 a litre in Delhi is more expensive than Rs 36.52 a litre charge in Pakistan but less costlier than Rs 51.36 a litre charge in Bangladesh, Rs 54.19 in Sri Lanka as well as Rs 34.35 a litre in Nepal.

Diesel costing Rs 32.87 per litre in Delhi was slightly expensive than Rs 30.53 per litre charge in Bangladesh and Rs 30.43 a litre cost in Sri Lanka. But it was less expensive than Rs 36.82 a litre cost in Pakistan and Rs 34.35 per litre charge in Nepal, he affirmed.

"It may, therefore, be seen that whereas prices of PDS kerosene and domestic LPG in India are the lowest, prices of petrol and diesel are quite comparable to the neighbouring countries," he noted adding charges vary because of tax rates.


Sensex plummets above 140 pts in commencing trade

August 6: The Bombay Stock Exchange benchmark Sensex plummeted by more than 140 points in commencing trade today. Sensex was at 15826, down by above 77 points. Likewise, the Nifty index on the broad-ranging National Stock Exchange suffered loses to the tune of above 20 points and was at 4674.

Market experts noted surfacing of profit-booking by key companies, including foreign funds, at prevailing higher stages resulted in a decline in stocks.
Companies which chiefly suffered were Reliance Industries, Infosys Technologies, ICICI Bank, Rcom, Tata Motors as well as Tata Power. The US Dow Jones Industrial Average concluded 0.42 per cent low on Wednesday.


Inflation drops for 8th successive week to - 1.58%

August 6: Inflation on Thursday dropped for the eighth successive week to (-) 1.58 per cent for the week that concluded on 25th July.

In the earlier seven day-period price rise was (-) 1.54 per cent. Wholesale price index (WPI)-anchored inflation was 12.53 per cent all through the equivalent week the previous year.

Inflation lessened over the earlier week although rise in food costs that consisted of fish-marine (8 per cent), arhar (4 per cent), urad (2 per cent), fruit as well as vegetables, moong, masur, mutton, wheat, and condiments and spices (1 per cent each).

Costs of fuel, power, as well as light and lubricants stayed unaltered all through the earlier week.


Sensex soars above 310 points to year's greatest

July 31: The BSE yardstick index Sensex soared by more than 310 points to the maximum in this year in opening trade on Friday on augmented capital inflows by foreign funds coupled with remarkable corporate profits among strengthening global cues. Stretching its Thursday's profits, the 30-share index increased by 311.01 points to touch 15,698.07 points in trade, with each of the sectoral indices attaining up to 2.47 per cent. The BSE barometer had acquired 1.41 per cent in the earlier session.

The broad ranging National Stock Exchange index Nifty soared to 86.90 points, or 1.73 per cent, to 4,658.35 points. Traders observed continual purchasing by overseas funds subsequent to greater than anticipated profits recorded by a number of key companies and progressive global markets chiefly lifting the sentiment, stimulating Sensex to a year's high.

The majority of the Sensex companies have registered notable quarterly profits this season till now, gaining over market assessment. Key profiteers in Friday's trading were Reliance Industries (2.24 per cent at Rs 1,942.50), Reliance Infra (1.67 per cent at Rs 1,204.90), Rcom (2.17 per cent at Rs 287.70) and Infosys Technologies (1.69 per cent at Rs 2,044.35).Tata Steel augmented by 2.44 per cent, Sterlite Industries by 3.57 per cent, Tata Motors by 4.48 per cent, Mahindra and Mahindra by 3.10 per cent along with DLF Ltd by 2.39 per cent.


Inflation plunges to minus 1.54 pc

July 30:July 30: Price rises dropped to (-) 1.54 per cent for the period of seven days that concluded on July 18 although the prices of essential commodities such as cereals, pulses, fruit as well as vegetables soared.

Inflation remained stagnant at (-) 1.17 per cent in the preceding seven days. Nonetheless, the wholesale price indicator was as soaring as 12.54 per cent in the equivalent week a year before. The costs of food stuffs such as mutton climbed by 14 per cent, arhar by 9 per cent, gram by 4 per cent, fruit as well as vegetables by 2 per cent all through the seven day period.

Nonetheless, a sharp decrease was recorded in mineral index, as prices dropped by 16.8 per cent chiefly because of diminishing iron ore prices that fell by 24 per cent and felspar by 3 per cent. Simultaneously, costs of jet fuel also lessened by 7 per cent in the last seven days.


Early trade shows regressing Sensex trend

July 29:The Bombay Stock Exchange benchmark index Sensex plummeted to the extent of 138 points in opening trade on Wednesday as overseas investments as well as retail financiers reserved profits at prevailing upper scales in the midst of feeble worldwide markets.The 30-share index, which had suffered a loss of more than 47 points in the previous two sessions, dropped by 138.09 points, or 0.65 per cent, to 15,193.85 points in the opening five minutes of the trade.

In the meantime, the National Stock Exchange index Nifty dropped nearly by 43.05 points to 4,521.05 points.Shares of real estate, capital goods as well as metal segments, which had ascended greatly in the fresh run-up, yielded to profit-taking, driving the Sensex low.

Traders said surfacing of profit-booking by key players, consisting of overseas funds, at prevailing upper scales resulted in a number of stocks plummeting.

Stocks of FMCG giant Hindustan Unilever was down by 0.47 per cent at Rs 275.70 subsequent to the company recording a turn down of 2.69 per cent in its opening quarter net earnings. Reliance Industries caved in by 0.95 per cent at Rs 1,892.10, Reliance Infra by 1.15 per cent at Rs 1,196, Infosys Technologies by 0.64 per cent at Rs 1,982.05, DLF Ltd by 2.91 per cent at Rs 413.70, Tata Steel by 1.95 per cent at Rs 459.80 as well as Sterlite Industries by 1.29 per cent at Rs 649.


RBI makes no alterations to key rates; sounds alert against high deficit

July 28: The Reserve Bank has made no alterations to the key rates and observed that were trends of economic revival but alerted that by and large the situation was unstable with economic consolidation throwing up a test. In its quarterly assessment of the fiscal strategy, the Reserve Bank while maintaining the repo and reverse repo: the shot-term rates at which banks lend and borrow from RBI, expected economic expansion forecast at 6 percent with a growing bias in present economic condition.

The strategy, in accordance with the anticipation of the bankers, nonetheless, noted that there were trends of revival with augmented food supply, positive industrial production as well as positive business assurance.On the other hand, it added, there were certain negative trends such as deferred along with poor monsoon, food price rise, and recoil in global commodity costs, ongoing weak external order and high financial arrears. RBI anticipates price rises to extend to approximately five percent by March 2010.

RBI noted, "On balance, the risks to the current projections of real GDP growth and inflation for 2009-10 are on the upside."


Banks to recover dues from defaulters through salaries

In their persistent endeavour to claim dues from credit card clients, banks are making themselves more powerful with a means that permits them to ask employers to withhold the unpaid amount from the earnings. Employees who may have failed to pay , however, cannot oppose this subtraction of unpaid dues at source, as per the new section incorporated in the 'terms and conditions' by the nation’s biggest private sector lender ICICI Bank and anticipated to be followed by the other banks also.

The money subtracted from a defaulter’s salary will be deposited in the bank and the process will remain in place till the complete dues are obtained.


Prolonged downturn may pull India's growth down to 6.25 pc

In the event of the global financial recession continuing the nation’s growth pace may restrain to 6.25 per cent at the lower end according to an estimation given by the Economic Survey for 2008-09 in the present economic, the Lok Sabha was notified.

Minister of State for Finance Namo Narain Meena enlightened the Lok Sabha in a written answer on Friday by stating” In the event of a more prolonged external economic downturn, with revival of global economy being delayed until early 2010, the growth may moderate to the lower end of the range,"

As stated by the Economic Survey for 2008-09, the real gross domestic product (GDP) at factor cost is anticipated to develop at approximately 7 per cent plus/minus 0.75 per cent in 2009-10.

The prediction presupposes a regular monsoon as well as global economic revival by September 2009.


To a question on the comparative situation of India with reference to other Asian nations based on per capita income, the Minister citing facts from the United Nations Statistics Division noted that India's per capita earnings with reference to US dollars for 2007 were USD 976 till June 2009).

While the parallel total for Pakistan was USD 996, China USD 2,604, Indonesia USD 1,869, Mauritius USD 5,846, Sri Lanka USD 1,676, Singapore USD 36,370, Macao USD 39,731 as well as Japan USD 34,225, he maintained.


SC asks for clarification on gas contract from Ambani brothers

New Delhi, July 20: The Supreme Court on Monday directed Mukesh Ambani-operated RIL and Anil Ambani group organization RNRL to respond to the government's petition for declaring invalid their family contract on gas supply, and posted the subject for trial on 1st September.

The petition, which has also prayed for a ruling for adjournment of the June 15 Bombay High Court judgment that directed RIL to provide gas to RNRL, would come about before a three-judge bench.

The government had also wished that the Supreme Court would permit RIL to go on with sale of gas to consumers excluding RNRL.

The Supreme Court also gave out notification on the pleas made by clients of RIL seeking the arbitration of the court in the gas supply row the company has with RNRL.


Sensex makes progress

The Bombay Stock Exchange benchmark Sensex improved more than 297 points in starting trade on Tuesday, turning around a four-session losing trait, on new capital inflows by overseas funds.

The BSE-30 share index Sensex which had lost more than 1,510 points in the earlier period spanning four sessions, swelled by 297.69 points at 13,698.01 in commencing trade. Likewise, on the broad-based National Stock Exchange, Nifty acquired 87.60 points at 4,061.65.


Sensex plunges by 225 points in commencing trade

Stretching its losing trait for the fourth consecutive session, the Bombay Stock Exchange benchmark Sensex has plummeted by more than 225 points in opening trade on continuous selling by overseas funds. The 30-share index, Sensex, which had plunged by almost 9.45 per cent last week, weakened more by 225.20 points, or 1.67 per cent, at 13,279.02, a stage last observed in May.


Likewise, the Nifty index on the wide-based National Stock Exchange plunged under the 4,000-points mark by losing 63.50 points, or 1.58 per cent, at 3,940.40.Stock brokers attributed the development to feeble developments in other Asian bourses on apprehension regarding the worldwide economy chiefly weakening the trading sentiments.


Chief losers were Reliance Industries, reduced by 1.62 per cent at Rs 1,749.65, Reliance Infra 1.89 per cent at Rs 1,010, RCom 2.21 per cent at Rs 236.80, Tata Power 3.97 per cent at Rs 1,024, Tata Motors 1.26 per cent at Rs 26.50 as well as Tata Steel 2.79 per cent at Rs 343.55.Furthermore, shares of ICICI Bank lessened by 2.36 per cent at Rs 614, Larsen as well as Toubro 3.19 per cent at Rs 1,316 and ITC Ltd by 1.95 per cent at Rs 206.40.

In the meantime, Japan's Nikkei plunged by 1.17 per cent, while Hong Kong's Hang Seng Index dropped by 1.94 per cent in the trade that commenced in the morning


Sensex plummet by above 49 pts

The Bombay Stock Exchange Benchmark Sensex dropped by more than 49 points to 13,719 in

commencing trade on Thursday because of continual selling by funds. The Sensex was at 13761,

behind by 8 points based on latest records obtainable

In the same way, the Nifty index, on the extensive-based National Stock Exchange, plummeted

by 15 points to 4,063. Stock brokers assumed reactions were largely dampened on weak

development in the other Asian equity markets, which were behind by up to 1 per cent in

initial trade on Thursday. Key losers were Infosys Technologies, ICICI Bank as well as ONGC.



 

 
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