Business News – Newsletter for November 29, 2010

IVRCL Infrastructure bags Rs.500 cr construction order

NEW DELHI – Infrastructure and construction firm IVRCL Infrastructure Monday said its water and buildings division has bagged orders worth Rs.500.49 crore (nearly $110 million).

The plant water system package for the Kakrapar Atomic power project 3 and 4 near Surat, Gujarat, was awarded an order worth Rs.100.33 crore. The scope of the work … Read more : IVRCL Infrastructure bags Rs.500 cr construction order.

Sensex rises further in afternoon trade

MUMBAI – A benchmark index of Indian equities markets rose further in afternoon trade Monday with blue chip firms RIL and ICICI Bank leading the gainers pack.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,230.34 points, was ruling at 19,377.29 points, up 240.68 points or 1.26 percent from …. Original source  : Sensex rises further in afternoon trade.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.81 and the Reference Rate for Euro is ` 60.66 on November 29, 2010. The corresponding rates for the previous day (November 26, 2010) were ` 45.74 and ` 60.84 respectively. Based on the Reference Rate for … Read more >>.

India pushes for bilateral investment protection pact with Nepal

KATHMANDU – The Indian government and the Confederation of Indian Industry (CII) are pushing for a quick inking of a Bilateral Investment Protection Agreement (BIPA) with Nepal, whose trade with India accounts for 60 percent of external trade and where 45 percent of the foreign investment comes from India.

A visiting CII delegation that wound …. Source article  : India pushes for bilateral investment protection pact with Nepal.

Power regulators mull higher tariff during peak hours

CHENNAI – Central and state electricity regulators are looking for ways to reduce demand during peak hours, including charging higher tariff, an official said.

At a meeting of the chairmen of the central and state electricity regulatory commissions here Sunday, a broad consensus was arrived at controlling peak time demand.
“The discussion was on devising … Read the original article on Gaea Times at : Power regulators mull higher tariff during peak hours.

RBI cautions Public about Unauthorised Companies collecting Deposits

The Reserve Bank of India has today cautioned members of public about unauthorised companies which collect money from public stating that they have been authorised by the Reserve Bank to do so. The Reserve Bank stated that it has published on its website (rbi.org.in/scripts/BS_NBFCList.aspx) a list of non-banking finance companies (NBFCs) …. Source article on Gaea Times at  : RBI cautions Public about Unauthorised Companies collecting Deposits.

UN climate change conference to begin in Cancun Monday

CANCUN – The UN Climate Change Conference begins in Cancun Monday, where leaders of 194 countries would discuss their future commitments to reduce emissions and take action against climate change.

The conference would go on till Dec 10.
Rich countries had earlier pledged $30 billion to combat the affects of climate change – of which … Original source on Gaea Times at : UN climate change conference to begin in Cancun Monday.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 29, 2010 are:

Amount  (face value in ` crore)                      

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
(Purchase of securities by RBI)

5.25% …. Source article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Sensex moves up in morning trade

MUMBAI – A benchmark index of Indian equities was ruling 130 points higher in Monday morning trade compared to its previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,230.34 points, was ruling at 19,266.69 points, up 130.08 points or 0.68 percent from its previous close at 19,136.61 … Read more >>>.

Money Market Operations as on November 26, 2010

… Read : Money Market Operations as on November 26, 2010.

Tokyo stocks climb on weaker yen

TOKYO – Japanese shares rose in Monday morning trading as a weaker yen helped lift export-oriented issues.

The benchmark Nikkei 225 Stock Average gained 29.82 points, or 0.3 percent, to trade at 10,069.38. The broader Topix index was up 4.54 points, or 0.52 percent, at 871.35.
The yen weakened against the dollar, hovering around the …. Source article  : Tokyo stocks climb on weaker yen.

Technical snag disrupts Metro line for an hour

NEW DELHI – For the second time in nine days, thousands of commuters were stranded Sunday evening as services on Delhi Metro’s Gurgaon-Jahangirpuri line were disrupted for an hour due to a technical snag, a Metro official said. The fault was rectified and the services resumed at 10.36 p.m.

A Metro official told IANS that …. Original source  : Technical snag disrupts Metro line for an hour.

Technical snag against disrupts Metro line

NEW DELHI – For the second time in nine days, thousands of commuters were stranded Sunday evening as services on Delhi Metro’s Gurgaon-Jahangirpuri line were disrupted due to a technical snag, a Metro official said.

“There has been some technical snag which we are trying to figure out. Services on this line has …. Original article on Gaea Times at  : Technical snag against disrupts Metro line.

Nuclear plant in Maharashtra’s Jaitapur cleared: says Ramesh

MUMBAI – In a major fillip to resolving Maharashtra’s power crisis, the central government has accorded environmental clearance to the 9,900 MW Jaitapur nuclear power project slated to come up in Ratnagiri district, Environment and Forests Minister Jairam Ramesh said Sunday.

The approval has been granted subject to 35 conditions and safeguards, including 23 specific … Read the original article on Gaea Times at : Nuclear plant in Maharashtra’s Jaitapur cleared: says Ramesh.

‘New transfer rules for housing societies to benefit millions’

MUMBAI – A major problem faced by nearly 100,000 housing societies in getting the land and buildings tranfered to their names has been resolved and will benefit millions of Mumbaikars, a top official said here Sunday.

Addressing members of Sanskruti Housing Complex in Kandivli in northwest Mumbai with over 40 housing societies, North Mumbai Lok … Read this article on Gaea Times at : ‘New transfer rules for housing societies to benefit millions’.

MCD demolishes 180 shops in central Delhi

NEW DELHI – The Municipal Corporation of Delhi (MCD) Sunday demolished 180 shops in central Delhi for constructing a road, an official said.

“The shops were demolished at Panchkuian Road furniture market as the owners were given alternative shops in Gole Market but they were not vacating the space,” the official said.
The … Read this article on Gaea Times at : MCD demolishes 180 shops in central Delhi.

Seminar discusses UAE-Italy double taxation

Dubai, Nov 28 (IANS/WAM) A seminar was organised here to familiarize the participants about various articles under the avoidance of double taxation agreement signed between the UAE and Italy, it was announced Sunday.

Representatives of the Italian Business Council and the UAE’s foreign ministry, among others, attended the meeting. It was aimed at strengthening …. Original article on Gaea Times at  : Seminar discusses UAE-Italy double taxation.

UAE, Vietnam discuss trade cooperation

Hanoi, Nov 28 (IANS/WAM) Visiting UAE Economy Minister Sultan bin Saeed Al Mansouri and Vietnamese Investment and Planning Minister Vo Hong Phuc held talks to boost bilateral trade and investments, particularly in the energy and the petrochemical sectors, it was announced Sunday.

The two sides, at the meeting in Hanoi, explored ways of …. Source  : UAE, Vietnam discuss trade cooperation.

Tamil Nadu to add 18,140 MW in five years

CHENNAI – Private players are expected to increase Tamil Nadu’s power generation by 18,140 MW in five years at an outlay of Rs.910 billion ($20 billion), Deputy Chief Minister M.K. Stalin said Sunday.

Speaking at the All India Conference of Chairmen of Central and State Electricity Regulatory Commissions here, Stalin said: “Private power developers are …. Source  : Gaea News Network.

Punjab eyes record stamp duty collection

CHANDIGARH – Revenue collection from stamp duty in Punjab is likely to touch a record Rs.25 billion this financial year, an official said here Sunday.

Financial Commissioner (Revenue) Romila Dubey said here that due to a series of steps taken by the revenue department, the stamp duty collection was all set to touch Rs.25 billion …. Source  : Gaea News Network.