Business News – Newsletter for November 14, 2010

Power project stalled as Gujarat, centre spar over allocation

CHENNAI – An integrated lignite mine-cum-power project planned by Gujarat and the state-run Neyveli Lignite Corporation (NLC) here is in limbo after the state government said it wants to keep all the electricity generated for itself.

“The project has not progressed further on the issue of share of power to the state,” Gujarat Chief Secretary …. Source  : Gaea News Network.

Punjab abolishes VAT on rice bran and husk

CHANDIGARH – Giving relief to the rice millers of the state, the Punjab government Saturday decided to abolish VAT (value added tax) on rice bran and husk.

“The Punjab rice millers’ association was pursuing the issue of abolition of VAT on rice bran and husk continuously for the last many months. Chief Minister Parkash Singh … Read more : Punjab abolishes VAT on rice bran and husk.

30th India International Trade Fair to commence on Sunday in New Delhi

NEW DELHI – Union Minister for Commerce and Industry Anand Sharma will inaugurate the 30th edition of India International Trade Fair (IITF) in the national capital on Sunday at the Pragati Maidan.

This year at least 23 countries including China, Japan, Korea and several western and eastern … Original article on : 30th India International Trade Fair to commence on Sunday in New Delhi.

Surat-Paradip Gas pipeline to cover four Chhattisgarh districts

RAIPUR – The 1,500-km proposed Liquefied Petroleum Gas (LPG) pipeline from Gujarat’s Surat city to Orissa’s port city Paradip would pass through four districts of Chhattisgarh, a state government statement said Saturday.

The Petroleum and Natural Gas Regulatory Board (PNGRB) plans to begin the construction work soon with a target to complete the Rs.6,000 crore-project …. Read the original article  : Surat-Paradip Gas pipeline to cover four Chhattisgarh districts.

Reliance Communications reports 78 percent jump in net profit

NEW DELHI – Telecom services major Reliance Communications (RCom), part of the Anil Dhirubhai Ambani Group (ADAG), Saturday reported a 78 percent rise in its net profits for the second quarter ended Sep 30 at Rs.446 crore ($99 million) over the previous sequential quarter.

“The net profit would have been 165 percent higher at Rs.1,181 … Read this article on Gaea Times at : Reliance Communications reports 78 percent jump in net profit.

Google Raise Makes Employees Happy

CALIFORNIA (GaeaTimes.com)- Internet search giant Google is held as a great company to work in and the company has lived up to the reputation by a pay hike that will affect 23000 of its employees. It has been announced that the employees of Google will get a pay hike of 10 … Read more >>.

Modi woos Tamil Nadu investors

CHENNAI – Gujarat Chief Minister Narendra Modi wants Tamil Nadu’s enterprises to invest in his state but has said no to private professional colleges that rake in crores of rupees through capitation fees.

“In Gujarat education is run as a social service. Gujaratis living in other places are also doing the same. Education is not … Read more »».

Entropia Universe’s $335K Deal

SAN FRANCISCO (GaeaTimes.com) A Entropia Universe user named ‘Neverdie’ has bagged a deal that can put some of the best real estate agents to shame. Jon Jacobs, who goes by the name of ‘Neverdie’ in the virtual world has managed to sell off his property on an asteroid in the Entropia Universe for a … Read the original article on Gaea Times at : Entropia Universe’s $335K Deal.

Reliance Capital net profit dips 28 percent

MUMBAI – Reliance Capital, the financial services arm of the Anil Dhirubhai Ambani Group (ADAG), Saturday reported a 28 percent decrease in net profit for the quarter ended Sep 30 at Rs.112 crore ($24 million) owing to lower capital gains and losses from its general insurance business.

The total income also witnessed a fall of … Read : Reliance Capital net profit dips 28 percent.

Reserve Bank of India concerned over sharp decline in factory output growth

MUMBAI – Expressing concern over the sharp decline in factory output growth, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn on Saturday said the latest numbers are alarming.

Subir Gokarn, however, added that the other key indicators such as the corporate earnings and tax collection numbers show that the recovery process is on track, though …. Original article  : Reserve Bank of India concerned over sharp decline in factory output growth.

Indian industries awarded innovation awards

NEW DELHI – Bharat Heavy Electricals Ltd (BHEL), Ranbaxy Laboratories Ltd, Council of Scientific and Industrial Research (CSIR) and National Institute of Immunology (NII) have been awarded for their innovation in research and development in India.

BHEL bagged the award for hi-tech corporate category while CSIR won the hi-tech academic award. NII and Ranbaxy … Original source on Gaea Times at : Indian industries awarded innovation awards.

Coal India in talks with US companies to acquire mines

KOLKATA – Kolkata-based Coal India is in talks with Peabody Energy and Massey Energy to acquire mines from the two US companies.

Coal India is the world’s largest coal miner by production, and is now aiming to secure coal assets abroad to meet the growing demand in the country.

“Our aim is to get at least 50 … Read more »»».

Get trade fair tickets at Metro stations

NEW DELHI – The Delhi Metro Rail Corp (DMRC) will sell tickets for the 30th India International Trade Fair (IITF) at 132 Metro stations from Sunday, an official said Friday.

The fair will be open to public Nov 19-27. The tickets are priced at Rs.40 for adults and Rs.20 for children on weekdays and Rs.60 … Read the original article on Gaea Times at : Get trade fair tickets at Metro stations.

Indian Institute of Mass Communication branch in Mizoram

AIZAWL – A branch of the Indian Institute of Mass Communication (IIMC) would be set up in Mizoram and the first session of the institute is expected to begin August next year, officials said here Friday.

“The Mizoram government would extend all out support in establishing the IIMC centre in the state capital Aizawl,” Mizoram … Original article on : Indian Institute of Mass Communication branch in Mizoram.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 12, 2010 are:

Amount  (face value in ` crore)                     

Item

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

3 days Repo Auction 
… Original article on : Second Liquidity Adjustment Facility : Auction Results.

364-day Treasury Bills auction : Rs.2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on November 16, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Read the original article  : 364-day Treasury Bills auction : Rs.2,000 crore under regular auction.

91-day Treasury Bills auction : Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on November 16, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Source article  : 91-day Treasury Bills auction : Rs.4,000 crore under regular auction.

CSIR, a jewel in India’s crown: FICCI

NEW DELHI – Describing the Council of Scientific and Industrial Research (CSIR) as a “jewel in India’s crown”, FICCI secretary general Amit Mitra Friday said its role is “fundamental in shaping Indian technical research and innovation”.

CSIR has done the greatest good for India by tapping its best resource, its massive human capital. …. Read the original article  : here.

Dull global cues, IIP pulls Sensex 432 points lower (Roundup)

MUMBAI – A benchmark index of Indian equities Friday closed 432 points lower as selling pressure intensified across sectors, especially in heavyweight scrips.

Disappointing industrial output numbers and weak global cues added to the downward pressure.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,529.74 points, closed at …. Read the original article  : Dull global cues, IIP pulls Sensex 432 points lower (Roundup).

Japanese firm to help develop specialty steel in India

NEW DELHI – Sunflag Iron and Steel, which supplies components to leading auto manufacturers like General Motors, Maruti Suzuki, Toyota and Nissan, has signed an agreement with Japanese firm Daido Steel for developing specialty steel products.

“Specialty steel products like crack shaft and ball valve steel is still being imported mainly from Japan. The …. Source article on Gaea Times at  : Japanese firm to help develop specialty steel in India.