Business News – Newsletter for January 10, 2011
Monday, January 10, 2011
Temple town with doorless homes gets a bank with no lock
AHMEDNAGAR – Shani Shingnapur, the world famous temple town in Maharashtra where houses have neither doors or locks, now befittingly has its first commercial bank branch – with no locks on its front door!
The public sector UCO Bank is the first to throw open the doors of commercial banking to this …. Source : Temple town with doorless homes gets a bank with no lock.
iGate acquires majority stake in Patni Computers
MUMBAI/BANGALORE – US software company iGate along with private equity firm Apax Partners has agreed to acquire a majority stake in Indian software services major Patni Computer Systems Monday for about $920 million.
The Indian software company in a regulatory filing said that iGate would buy out the promoter stake of Narendra Patni, Gajendra Patni …. Source : iGate acquires majority stake in Patni Computers.
Stalled Mizoram power project to be completed in 3 months
AIZAWL – The state-owned North Eastern Electric Power Corp (NEEPCO) would soon restart work at Mizoram’s Tuirial hydroelectric project that was suspended June 2004 due to law and order problems, an official said here Monday.
“After the intervention of Prime Minister Manmohan Singh and Union Power Minister Sushil Kumar Shinde, the Public Investment Board (PIB) … Read more >>.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.44 and the Reference Rate for Euro is ` 58.63 on January 10, 2011. The corresponding rates for the previous day (January 7, 2011) were ` 45.37 and ` 58.93 respectively. Based on the Reference Rate for US [..] Read the original article: here.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on January 10, 2011 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction
(Sale of securities by RBI)
1 day Repo Auction
(Purchase … Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.
Metro services hit on Gurgaon, Dwarka route
NEW DELHI – Travellers on Delhi Metro’s Jahangirpuri-Gurgaon and Anand Vihar-Dwarka lines had a tough time Monday morning as train services were affected due to technical snags.
The trains between Jahangirpuri and Gurgaon Metro stations were running at a very slow speed while services on Anand Vihar and Dwarka line with passengers waiting for up … Original source on Gaea Times at : Metro services hit on Gurgaon, Dwarka route.
Britain’s ‘most-networked’ man sets eyes on India
NEW DELHI – Pi Capital, the Britain-based private equity firm for top-notch industrialists and high net-worth individuals, is finally opening a unit in India where it has an indirect presence through its Fitness First gym chain, the largest globally.
“I love to do business in this country,” Pi Capital’s chief executive David Giampaolo, once called …. Read the original article : here.
Sensex down 204 points, Asian cues negative
MUMBAI – A benchmark index of the Indian equities market Monday was ruling weak amid negative cues from other major Asian markets.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,714.42 points, was ruling at 19,487.06 points, down 204.75 points or 1.04 percent from its previous close at 19,691.81 …. Original source : Sensex down 204 points, Asian cues negative.
Haryana to reserve 10 percent industrial plots for NRIs
CHANDIGARH – There’s good news for NRIs wanting to invest in Haryana. The state has decided to reserve up to 10 percent of industrial plots or sheds for NRIs and persons of Indian origin (PIO).
Industrial units with 33 percent or more foreign direct investment (FDI) can also avail the benefit of reservation of industrial …. Source : Gaea News Network.
Himachal records 16 percent increase in tourists
SHIMLA – As many as 13 million tourists visited the hills of Himachal Pradesh last year as compared to 11 million in 2009, registering an increase of over 16 percent in a year, said a state tourism survey.
The 2010 arrival number was 16.38 percent higher than 2009 and 25 percent up from 2008.
Similarly, …. Source : Himachal records 16 percent increase in tourists.
Hundreds of flights cancelled as ice storms hit US
WASHINGTON – A snow and ice storm swept across the US South Sunday, spreading power outages and prompting more than 1,400 flight cancellations by Delta, whose hub is Atlanta, Georgia.
The flight cancellations extend through Monday, as rare sub-zero temperatures ranging below minus 14 Celsius settled across the region from Ohio south to northern Alabama.
… Read more »».
Kashmir interlocutors submit report to Chidambaram
JAMMU – The three interlocutors on Jammu and Kashmir have submitted a report to union Home Minister P. Chidambaram, stressing on the right to protest and outlining a basic framework to bring peace in the state, an official source said Monday.
Journalist Dileep Padgaonkar, academician Radha Kumar and economist M.M. Ansari in their report have …. Read the original article : here.
Money Market Operations as on January 07, 2011
… Original source on Gaea Times at : Money Market Operations as on January 07, 2011.
UAE’s Masdar named city of the future
Abu Dhabi, Jan 9 (IANS/WAM) Masdar, a planned city currently being built outside Abu Dhabi, has been termed the “city of the future” by one of Germany’s largest television news networks.
Designed by British architectural firm Foster+Partners, the city will rely entirely on solar energy and other renewable energy sources, with a sustainable, zero-carbon, … Read the original article on Gaea Times at : UAE’s Masdar named city of the future.
Corporate-business tie-ups to generate million jobs in Gujarat
GANDHINAGAR – Gujarat Livelihood Promotion Company Limited (GLPC) has initiated corporate-business partnerships that will generate more than a million jobs in the next five years in the rural areas of the state, a company release said Sunday.
The company aims to organise the poor into self-help groups, link them with banks to build … Read the original article on Gaea Times at : Corporate-business tie-ups to generate million jobs in Gujarat.
Bangladesh to claim 400 nautical miles in Bay of Bengal
DHAKA – Bangladesh will fight to establish its claim to 400 nautical miles of territorial waters in the Bay of Bengal disputed by neighbouring India and Myanmar, officials said Sunday.
“We will submit our claim to the UN over our maritime boundary in the Bay of Bengal sometime next month,” Foreign Minister Dipu Moni told …. Source : Gaea News Network.
Electricity for everyone in Bihar in 5 years: Sushil Modi
NEW DELHI – Every individual in Bihar will have access to electricity in five years as the state government has undertaken several projects to boost generation capacity to 20,000 MW, Deputy Chief Minister Sushil Kumar Modi said Sunday.
“In five years, we target to become self-dependent in power sector. There will be electricity in …. Original article : Electricity for everyone in Bihar in 5 years: Sushil Modi.
IIT conclave as part of Vibrant Gujarat summit
AHMEDABAD – To give a thrust to the technological development of Gujarat, the state government, along with the 500-strong Pan-IIT Gujarat Alumni Association will be organising a conclave on technology and development here Monday.
‘The IIT Conclave: Technology and Development in Gujarat’ will present and discuss various issues such as addressing educational challenges for innovation …. Read the original article : IIT conclave as part of Vibrant Gujarat summit.
Delhi Metro trains Bangalore Metro personnel
NEW DELHI – The Delhi Metro Rail Corporation (DMRC) has trained more than 150 personnel of the Bangalore Metro, which is to soon start its operations.
According to a DMRC statement Sunday, 153 young professionals of the Bangalore Metro – including station controllers, train operators, section engineers, junior engineers and maintainers – underwent training at … Original source on Gaea Times at : Delhi Metro trains Bangalore Metro personnel.
Finnair achieves 2.5 percent growth in 2010
NEW DELHI – Nordic carrier Finnair’s passenger traffic grew by 2.5 percent in 2010 helped by a boost on its Asian routes, the airline said Sunday.
Traffic on the Asian route grew by 8 percent in 2010.
The airline carried a total of 6.2 million passengers in 2010, with over 1.2 million on its …. Source article on Gaea Times at : Finnair achieves 2.5 percent growth in 2010.