Inflation rises to 8.62 percent in September

NEW DELHI – The wholesale price inflation rose to 8.62 percent in September from 8.51 percent in the previous month, increasing pressure on the Reserve Bank of India (RBI) to further tighten the monetary policy.

A sharp jump in food prices and increase in the prices of most manufactured products continue to push … Read more >>.

Sensex drops 189 points on profit booking in IT heavyweights

MUMBAI – A benchmark index of Indian equities Friday slipped 189 points lower in afternoon trade with bluechip IT companies Infosys and TCS coming under selling pressure.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,299.12 points – down 189.74 points or 0.93 …. Source  : Gaea News Network.

Areva to import critical parts for first nuke units in India

CHENNAI – French nuclear group Areva is at an advanced stage of negotiations with the Nuclear Power Corporation of India Ltd (NPCIL) to supply six mega light water reactors and will import major components like pressure vessel and primary loop for the first two units.

Areva is seeking to sell six 1,750 MW European … Read this article on Gaea Times at : Areva to import critical parts for first nuke units in India.

New oil blocks up for auction with no more tax breaks

NEW DELHI – India Friday launched the ninth round of auction of its hydrocarbon assets for 34 blocks, including eight deep water ones, but removed the tax exemptions given to investors in the crucial sector.

“NELP 9 (New Exploration licensing Policy) is being launched in the background of positive economic conditions, including revision of APM …. Source article  : New oil blocks up for auction with no more tax breaks.

Chhattisgarh to procure Rs.5,000 crore worth paddy

RAIPUR – Chhattisgarh farmers are all set to earn Rs.5,000 crore during the 2010-11 paddy procurement season starting November, the state government said Friday.

The state government will procure paddy Nov 1, 2010-Jan 31, 2011 from farmers at Rs.1,000 per quintal rate for common grade paddy and Rs.1,030 per quintal for Grade-A category paddy, a …. Original article  : Chhattisgarh to procure Rs.5,000 crore worth paddy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 15, 2010 are:

Amount  (face value in ` crore)                        

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
…. Source article  : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.03 and the Reference Rate for Euro is ` 61.95 on October 15, 2010. The corresponding rates for the previous day (October 14, 2010) were ` 44.18 and ` 62.25 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Infosys on hiring spree as attrition climbs up

BANGALORE – Infosys Technologies has stepped up hiring on robust growth in the second quarter (July-Sept) of this fiscal (2010-11) to make up for the rising attrition to meet the increasing demand of the resilient industry.

Though the IT bellwether added 14,264 new employees during the quarter under review (Q2), the exit of 6,618 of …. Source article  : Infosys on hiring spree as attrition climbs up.

India’s annual food inflation nudges up to 16.37 percent

NEW DELHI – India’s annual food inflation moved up a bit to 16.37 percent for the week ended Oct 2 compared to 16.24 percent the previous week, increasing the pressure on the Reserve Bank of India to continue with its view on tightening key interest rates.

The annual inflation rate for the primary articles … Read more >>>.

Infosys returns to double-digit growth, ups guidance again

BANGALORE – Returning to double digit growth in net profit and revenue during the second quarter (July-Sep), India’s second largest IT bellwether Friday revised revenue guidance for this fiscal (2010-11) again.

Consolidated revenue for fiscal 2011 will be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Read : Infosys returns to double-digit growth, ups guidance again.

India to take up outsourcing issue with Obama

NEW DELHI – During the visit of US President Barack Obama here, India will raise concerns expressed by its IT industry over the US curbs on outsourcing, External Affairs Minister S.M. Krishna said here Friday.

“There are some serious reservations being expressed about India’s IT industry about outsourcing and the tightening of visa rules. …. Read the original article  : India to take up outsourcing issue with Obama.

China’s communist party begins 12th Plan discussions

BEIJING – The ruling Communist Party of China (CPC) opened a key meeting here Friday to discuss the nation’s next five-year development plan.

The 17th central committee of the CPC will review proposals for the country’s 12th five-year programme (2011-2015) on national economic and social development, Xinhua reported.
The period would be critical for building …. Original article on Gaea Times at  : China’s communist party begins 12th Plan discussions.

Ahmedabad, Bangalore, Chennai among world’s fastest-growing cities

WASHINGTON – Three Indian cities – Ahmedabad, Bangalore and Chennai – have been listed among the world’s fastest-growing cities by Forbes magazine. It also called Gujarat the “most market-oriented and business-friendly” among Indian states.

“The urban powerhouses of the next decade aren’t behemoths like New York or Mumbai, but smaller cities like Chongqing, China; … Read more >>>.

Infosys declares 200 percent interim dividend

BANGALORE – Infosys Technologies Ltd Friday declared 200 percent interim dividend of Rs.10 per share and a whopping 300 percent special dividend of Rs.30 per share of Rs.5 at par value for its 30th year.

In a regulatory filing, the IT bellwether said the record date for the payment of dividend is Oct 22.
An … Read more >>>.

Sensex 97 points lower in morning trade

MUMBAI – A benchmark index of Indian equities Friday was ruling 97 points lower in morning trade. However, smaller sized scrips saw buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,400.13 points after 45 minutes – down 97.51 points or 0.48 percent from … Read this article on Gaea Times at : Sensex 97 points lower in morning trade.

Infosys ups guidance for fiscal 2011 on strong growth

BANGALORE – Infosys Technologies Ltd revised its guidance upwards for the fiscal 2010-2011 on strong growth during the second quarter (July-Sept).

In a regulatory filing Friday, the IT bellwether said its consolidated revenue for fiscal 2011 would be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Original source on Gaea Times at : Infosys ups guidance for fiscal 2011 on strong growth.

Infosys posts net profit of over Rs.17 bn in Q2

BANGALORE – Infosys Technologies Ltd posted a net profit of Rs.17.37 billion (Rs.1,737 crore) for the second quarter (July-Sept) of the fiscal 2010-11, registering year-on-year (YoY) growth of 13.2 percent and 16.7 percent sequentially as per the Indian accounting standard.

In a regulatory notification Friday, the IT bellwether said its consolidated revenue for the quarter …. Original article on Gaea Times at  : Infosys posts net profit of over Rs.17 bn in Q2.

After Mahindra’s $10 mn, Tata donates $50 mn to Harvard

WASHINGTON – India’s Tata Group has given America’s prestigious Harvard Business School a $50 million donation, the largest gift the school has received from an international donor in its 102-year history.

Earlier this month Anand Mahindra, head of India’s Mahindra Group, gave $10 million to Harvard where he earned his undergraduate and master’s degrees.
… Original article on : After Mahindra’s $10 mn, Tata donates $50 mn to Harvard.

Money Market Operations as on October 14, 2010

… Original source on Gaea Times at : Money Market Operations as on October 14, 2010.

China shuts down 1,355 coal mines

BEIJING – China has shut down 1,355 coal mines with total production capacity of 125.19 million tonnes until September this year as part of the country’s efforts towards restructuring the mining industry.

The National Energy Administration (NEA) said that it has surpassed its annual target of eliminating outdated mines with 121.67 million tonnes of production …. Original source  : China shuts down 1,355 coal mines.