Business News – Newsletter for November 1, 2010

Monday, November 1, 2010

Maruti Suzuki October sales up 39.2 percent

NEW DELHI – Car market leader Maruti Suzuki Monday reported its higher ever monthly sales for October at 1,18,908 vehicles, a growth of 39.2 percent over the same month last year at 85,415 units.

The company crossed 1 lakh unit sales mark in the domestic market for the first time in October 2010, touching …. Source article : Maruti Suzuki October sales up 39.2 percent.

Karunanidhi showing his scorn for democracy: Jayalalithaa

CHENNAI – AIADMK general secretary J. Jayalalithaa Monday said Tamil Nadu Chief Minister and DMK president M. Karunanidhi is showing his scorn for democracy by not recalling Telecom Minister A. Raja over the 2G spectrum scam.

“Ultimately, the buck stops at the doorstep of DMK president Karunanidhi,” Jayalalithaa said in a statement here.
“Despite the …. Source : Gaea News Network.

India seeks partnership with hydrocarbon producers: PM

NEW DELHI – Prime Minister Manmohan Singh Monday sought to strengthen economic partnerships with hydrocarbon producing countries, saying the demand for this source of energy would increase by over 40 percent in the next 10 years.

“Hydrocarbons will continue to be our major source of energy for quite sometime in the future,” Singh said after … Read : India seeks partnership with hydrocarbon producers: PM.

Sensex surges 336 points

MUMBAI – A benchmark index of Indian equities Monday built on its morning gains and was ruling 336 points higher in afternoon trade. Positive cues from Asian markets helped boost sentiments.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,272.49 points, was ruling at 20,368.8 points, up 336.46 points … Read more : Sensex surges 336 points.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.42 and the Reference Rate for Euro is ` 62.16 on November 1, 2010. The corresponding rates for the previous day (October 29, 2010) were ` 44.54 and ` 61.81 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 1, 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 … Read the original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

RBI may raise rates to curb inflation: Mukherjee

NEW DELHI – Finance minister Pranab Mukherjee Monday hinted that The Reserve Bank of India (RBI) may increase key interest rates further to contain inflation.

“RBI monitory policy will be announced soon. I had a discussion with the RBI (Reserve Bank of India) governor. He may may take the necessary step,” Mukherjee told reporters on …. Read the original article : here.

Nissan Recalls 1592 Vehicles in New Zealand

Wellington, New Zealand (GaeaTimes.com) — Nissan is recalling 1592 vehicles from New Zealand as a part of worldwide recall of their more than two million vehicles.
Nissan issued the international recall of 2.14 million car last week. This will be the third largest recall ever, which is issued by Nissan to fight an ignition problem … Read more »».

TVS Motor registers 48 percent volume growth

CHENNAI – Two and three wheeler maker TVS Motor Company closed October with a 48 percent increase in total sales as compared to the corresponding period of the previous year.

The company registered total sales of 195,271 units in October against 131,941 units in the same month of 2009.
Cumulative total sales for the …. Read the original article : here.

Krishna hopes China removes barriers in IT, pharma

NEW DELHI – External Affairs Minister S. M. Krishna Monday said he hoped China will provide a level playing field to India in pharmaceuticals and IT sector.

There is a capacity for enormous growth… Hope China will provide India a level playing field in pharmaceuticals and IT sector where we face barriers, said Krishna.
He …. Original source : Krishna hopes China removes barriers in IT, pharma.

World’s fertilizer giant faces takeover bid, Canada worried

TORONTO – The hostile takeover bid by the British-Australian BHP Billiton Ltd for the world’s biggest fertilizer company – Potash Corporation of Saskatchewan (PCS) – here has triggered a big headache for the Canadian government.

BHP, the Anglo-Australian mining giant, launched the takeover bid with a $39 billion offer in August – by far the … Original article on : World’s fertilizer giant faces takeover bid, Canada worried.

Rohtang Pass to be operational till Nov 15

MANALI – The Border Roads Organisation (BRO) Monday said it would operate the majestic Rohtang Pass, which connects this Himachal Pradesh town with Leh in Jammu and Kashmir, for two weeks more.

“On the demand of the state (Himachal Pradesh) government, we have decided to operate the Rohtang Pass till Nov 15,” a BRO spokesperson … Original article on : Rohtang Pass to be operational till Nov 15.

Census begins in China

BEIJING – Over 6.5 million census takers Monday fanned out across China and would visiting more than 400 million households to try to get an accurate count of the country’s population over a 10-day period.

The census takers, dressed in a uniforms and bearing a certificate, are asking everyone living and working on the mainland … Read : Census begins in China.

Corporate bigwigs to make inroads into Delhi bus services

NEW DELHI – Big corporate houses are set to hit the Delhi roads with world class buses that have automatic ticketing systems, providing commuters a “safe and reliable” option to the “killer” Blueline buses that are being phased out.

The Delhi government has already allowed StarBus company to come out with around 230 buses in …. Source : Gaea News Network.

Rate hike fears in India’s monetary policy review Tuesday

MUMBAI – The Reserve Bank of India (RBI) reviews its monetary policy for this fiscal Tuesday with high food inflation in the backdrop, even as industry and commercial banks hoped for status quo in policy rates, already tweaked five times in 2010.

RBI Governor D. Subbarao will conduct the second quarterly review … Original source on Gaea Times at : Rate hike fears in India’s monetary policy review Tuesday.

Sensex soars in early trade

MUMBAI – A benchmark index of Indian equities Monday soared in opening trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,3272.49 points, was ruling at 20,281.66 points, up 249.32 points or 1.24 percent from its previous close at 20,032.34 points.
At the National Stock Exchange (NSE), the 50-share … Original article on : Sensex soars in early trade.

Tokyo stocks edge down

TOKYO – Tokyo shares inched down in Monday morning trading, dragged down by bank shares and the yen’s appreciation hurting investor sentiment.

The benchmark Nikkei 225 Stock Average lost 16.41 points, or 0.18 percent, to trade at 9,186.04 while the broader Topix index was down 6.06 points, or 0.75 percent, at 804.85.
Mitsubishi UFJ Financial … Read this article on Gaea Times at : Tokyo stocks edge down.