Business News – Newsletter for November 21, 2010

Sunday, November 21, 2010

Foreign funds turn net sellers for first time in 25 weeks

MUMBAI – Foreign funds sold stocks worth $88 million this week, a first in about 25 weeks, sending strong signals of consolidation at Indian equities markets for the coming sessions.

While the flow of overseas money has swelled to record levels, recent weeks have also seen stocks tumble, soon after benchmark indices soared to their … Read more : Foreign funds turn net sellers for first time in 25 weeks.

Jharkhand asks coal firms to cough up taxes

RANCHI – The Jharkhand government has asked three subsidiaries of state-run Coal India Limited (CIL) to pay taxes for unauthorised mining on state land, an official said Sunday.

Jharkhand Land and Revenue Minister Mahtura Mahto met officials of Central Coalfield Limited (CCL), Bharat Coking Coal Limited (BCCL) and Eastern Coalfields Limited (ECL) Saturday in Ranchi.
… Read this article on Gaea Times at : Jharkhand asks coal firms to cough up taxes.

Property prices to drop 20 percent in China

BEIJING – Property prices in China are likely to drop by almost 20 percent starting March due to a slew of cooling measures adopted by the government on the real estate market, a report said.

The cooling measures, which led to financial difficulties of the developers, and monetary policy adjustment, will drag down property … Read the original article on Gaea Times at : Property prices to drop 20 percent in China.

Anand automotive group looks to double retail revenue

CHENNAI – The Rs.4,200 crore automotive component group Anand is planning to double its retail sales to Rs.700 crores within two years, a company official said.

“It is part of overall group strategy of doubling the turnover, investing Rs.1,400 crore. We will grow both organically and inorganically to add more products so that the after … Read more >>.

Indian, Pakistani traders want less restrictions

NEW DELHI – Indian and Pakistani businessmen at the 30th India International Trade Fair (IITF) want more access to each other’s markets and removal of various barriers to further trade and good relations between the two neighbours.

Pakistan pavilion director Mazhar Mufti, who is also assistant secretary of the Federation of Pakistan Chambers of Commerce … Read more »».

Post-Obama, India may get best of US technologies

NEW DELHI – The goodwill generated by President Barack Obama’s recent visit to India may lead to this country getting some of the best US defence and other technologies, says Vivek Lall, chairman of the Indo-US Strategic Dialogue in the Indo-American Chamber of Commerce.

The US-educated Lall, who is also Boeing India’s vice president … Read : Post-Obama, India may get best of US technologies.

Shale gas extraction is fraught with problems

BANGALORE – “We are trying to usher in a shale gas era”, Petroleum Minister Murli Deora exulted after signing an agreement with the United States for shale gas exploration during President Barack Obama’s visit early this month. But if the current controversy in the US is any indication, recovery of shale gas from the bowels … Read : Shale gas extraction is fraught with problems.

Nearly 50,000 Chhattisgarh steel workers face job loss

RAIPUR – About 50,000 workers employed with 175 mini steel plants in Chhattisgarh face a threat of job loss as factory owners have announced closure of their units in the wake of rising prices of sponge iron used as raw material.

“The per tonne price of sponge iron has shot up from Rs.14,000-15,000 to …. Source : Nearly 50,000 Chhattisgarh steel workers face job loss.

Himachal to set up 10 new industrial estates

SHIMLA – The Himachal Pradesh government would soon establish 10 new industrial estates across the state to promote industrialisation, Industry Minister Kishan Kapoor said Saturday.

“All the upcoming industrial areas would be equipped with state-of-the-art infrastructure with an outlay of Rs.3,000 crore,” Kapoor said while speaking at the India International Trade Fair – 2010 in …. Source : Himachal to set up 10 new industrial estates.

Industrial redevelopment: Delhi government blames MCD, DDA for delay

NEW DELHI – The Delhi government Saturday blamed the Municipal Corporation of Delhi (MCD) and Delhi Development Authority (DDA) for delay in implementation of its redevelopment plan for the city’s industrial areas.

The national capital recently got its own industrial act, providing the government a mechanism to ensure maintenance and development of the city’s industrial …. Source : Industrial redevelopment: Delhi government blames MCD, DDA for delay.

Linking my 2006 letter with current scenario wrong: Maran

CHENNAI – Union Textiles Minister Dayanidhi Maran Saturday said the media is mistakenly linking his 2006 letter to Prime Minister Manmohan Singh on the process of spectrum allocation with the current scenario.

He also gave a clean chit to Manmohan Singh, saying he is “a bold and honest leader.”
Speaking to reporters here after … Read more >>>.

Tata Teleservices ”fish finder’ plan to cover coastal India

AHMEDABAD – Tata Teleservices Limited (TTL) is planning to commercially launch and expand its “fish finder” project across coastal India early 2011 to help low-end fishermen in coastal areas.

Initially launched as a community service pilot project, it involves the use of mobile phones to home in on fish-rich areas in the sea to help …. Source article on Gaea Times at : Tata Teleservices ‘ ‘fish finder’ plan to cover coastal India.

Probe ordered into disruption of Delhi Metro services

NEW DELHI – The Delhi Metro Saturday instituted an inquiry into the electrical fault in a coach which led to the stalling of services on the busy Jahangirpuri-Gurgaon stretch Friday evening, leaving thousands of commuters stranded. Full services only resumed Saturday morning.

A Delhi Metro Rail Corporation (DMRC) spokesperson said managing director E. Sreedharan appointed … Read more : Probe ordered into disruption of Delhi Metro services.

Gorge on chicken kebabs, biryani at trade fair’s Pakistan pavilion

NEW DELHI – Come Sunday and Delhiites would finally be savouring piping hot biryanis and melt-in-the-mouth murgh malai tikkas as famous Pakistani restaurateur Shahid Bundu Khan is all set to start operating his food stall at the India International Trade Fair.

“My stall would start operating from tomorrow (Sunday) morning and I am looking forward …. Source article : Gorge on chicken kebabs, biryani at trade fair’s Pakistan pavilion.

Gujarat to set up textile parks for cotton

AHMEDABAD – The Gujarat government is planning to set up separate industrial parks for spinning cotton, state industries minister Saurabh Patel said Saturday.

He was speaking here at a seminar on the current status and scope of future development and investment opportunities in the technical textile sector in Gujarat.
The seminar was organised by … Read more : Gujarat to set up textile parks for cotton.

India needs new Look-West policy: Vice President

NEW DELHI – Vice President Hamid Ansari Saturday called for the adoption of a new Look-West policy aimed at the Gulf and West Asia that can secure the country’s economic, strategic and cultural interests in the region, which has a huge non-immigrant population of over six million Indian workers.

“For us in India, a …. Read the original article : India needs new Look-West policy: Vice President.