Business News – Newsletter for January 12, 2011
Wednesday, January 12, 2011
91 day Treasury Bills : Auction Result
Date of Auction : January 12, 2011
I.
Notified Amount
` 4000.00 crore
II.
Underwriting notified amount
N.A.
III.
Competitive Bids received
(i)
Number
86
(ii)
Amount
` 10940.38 crore
IV.
Cut-off price
` 98.25 (YTM is 7.1443%)
V.
Competitive bids accepted
(i)
Number
36
(ii)
Amount
` 4000.00 crore
VI.
Partial Allotment Percentage of Comp. Bids
76.95 (17 Bids)
VII.
Weighted Average Price
` 98.26
VIII.
Non-competitive bids received
(i)
Number
1
(ii)
Amount
` 500.00 crore
IX.
Non-competitive bids accepted
(i)
Number
1
(ii)
Amount
` 500.00 crore
(iii)
Partial … Original source on Gaea Times at : 91 day Treasury Bills : Auction Result.
Shriram group to divest 20 percent in Shriram Capital to Sanlam
CHENNAI – The city-based Shriram group plans to divest around 20 percent in its financial services business holding company, Shriram Capital, for around Rs.900 crore ($200 million) in favour of South African insurance group Sanlam.
Confirming the development, S.P. Raghunathan, a director in the Shriram group, told IANS: “Talks are on with the Sanlam … Read more »».
Bangladesh accord pushes 14 irrigation schemes in Tripura
AGARTALA – The India-Bangladesh secretary-level talks of the Joint River Commission (JRC), removed four years long deadlock over the construction of 14 irrigation projects along the border in Tripura, officials said here Wednesday.
During the one-day JRC meeting held in Dhaka Monday, the two countries have agreed to sign a 15-year interim water-sharing treaty on …. Read the original article : here.
Shriram Life to tap clients of group companies
CHENNAI – The Rs.611 crore ($135 million) premium income Shriram Life Insurance Company Ltd will tap the client base of its sister companies this year and also beef up equity capital by Rs.25 crore in two months, said a top company official.
“We will soon promote our Shriram Credit Guard policy to the clients …. Source article on Gaea Times at : Shriram Life to tap clients of group companies.
Indian Navy commandos to be armed with Israeli rifles
NEW DELHI – The Indian Navy’s elite marine commandos will this month be armed with Israeli assault and rifles that will enhance their operational capability as a force trained for special operations.
A consignment of over 500 TAR-21 Tavor assault rifles and another 30 Galil sniper rifles worth over Rs.15 crore ($3.3 million) and
Rs.2 … Read more »».
IndiGo to buy 180 Airbus aircrafts
NEW DELHI – Leading low cost carrier (LCC) IndiGo Wednesday signed a deal with European aircraft manufacturer Airbus for buying 180 A320 aircrafts.
“IndiGo has signed a memorandum of understanding for 180 eco-efficient Airbus A320 aircrafts of which 150 will be the neo option and 30 will be standard A320s,” a company statement said.
The … Read this article on Gaea Times at : IndiGo to buy 180 Airbus aircrafts.
Correct steps will be taken to push up factory output: Mukherjee
NEW DELHI – Union Finance Minister Pranab Mukherjee on Wednesday promised to take corrective steps to push up factory output.
He said the decline in industrial growth to 2.7 per cent in November and rising inflation could have an adverse impact on the economy.
“If index of industrial production (IIP) goes …. Original source : Correct steps will be taken to push up factory output: Mukherjee.
With 8.5 percent growth, new Rwanda woos global investors
GANDHINAGAR – With robust 8.5 percent growth since 2006, the east African nation of Rwanda is seeking to put behind the ugly civil war of 1994 that claimed a million lives, calling upon global investors to invest and benefit from its progress.
Prime Minister Bernard Mazuka led the country’s sales pitch at the two-day Vibrant …. Original article on Gaea Times at : With 8.5 percent growth, new Rwanda woos global investors.
Rajan Anandan Joins Google Inc India
NEW DELHI, INDIA (GaeaTimes.com)- Rajan Anandan, the Managing Director of Microsoft India’s Sales Marketing and Services business has been appointed as the Vice President of Google Inc, India. This can be called as the headhunting victory of Google against its rival company. The President of search giant in Japan, Daniel Alegre, at the press … Read this article on Gaea Times at : Rajan Anandan Joins Google Inc India.
Crop insurance must reach farmers, Chouhan says after suicides
BHOPAL – Chief Minister Shivraj Singh Chouhan Wednesday termed as unfortunate the six farmer suicides in a month in Madhya Pradesh, and said he would make sure the benefits of crop insurance schemes reached cultivators.
“It is unfortunate that farmers have to commit suicide. Whatever be the reason, this should not happen,” Chouhan said after [..] Read the original article: here.
Economic woes worsen, industrial growth dips to 2.7 percent
NEW DELHI – India’s industrial growth plunged to 2.7 percent in November from 11.3 percent in October, worsening the economic woes for the government struggling to find ways to control the soaring prices of essential commodities.
The index of industrial production (IIP) fell to 2.7 percent in November, the slowest growth since May 2009, …. Source : Economic woes worsen, industrial growth dips to 2.7 percent.
Committed customers don’t like logo redesigns: Study
WASHINGTON – A new research has found that loyal customers who are strongly committed to a brand react more negatively toward logo redesigning, while more casual customers typically view the redesigns as a positive development.
Brands like Starbucks gain much of their strength from consumers who feel a personal connection to the brand. However, it’s these …. Read the original article : here.
RBI Bulletin for January 2011
The Reserve Bank of India today released its January 2011 Bulletin (www.rbi.org.in/scripts/BS_ViewBulletin.aspx) . The Bulletin carries four special articles: (i) Investment Portfolio of Scheduled Commercial Banks: March 2009; (ii) Composition and Ownership Pattern of Deposits with Scheduled Commercial Banks: March 2009, (iii) International Banking Statistics of India: March 2010 and … Original article on : RBI Bulletin for January 2011.
Modi kicks off conclave that fetches Gujarat mega-billions
GANDHINAGAR – Gujarat Chief Minister Narendra Modi kicked off the state’s 5th biennial global summit Wednesday, confident of pulling investment commitments larger than the $243 billion attracted by the previous edition.
With the who’s who of India’s corporate world in attendance here, the chief minister told the Vibrant Gujarat Summit that the 21st century …. Source article : Modi kicks off conclave that fetches Gujarat mega-billions.
BlackBerry to filter porn content for the first time
TORONTO – For the first time, BlackBerry maker Research In Motion (RIM) has agreed to filter pornographic content on its smart phones bowing to pressure from Indonesia.
The decision follows after the world’s biggest Muslim nation of 237 million people warned RIM that it shut down BlackBerry services and revoke its licence. Representatives from RIM … Read more »»».
Polish vodka takes a shot at Indian market
WARSAW – One of Poland’s best-known vodka brands is about to make a spirited entry in India. Sobieski will be on Indian shelves this April.
The French owner of Sobieski, the Belvedere Group, has announced it will cooperate with Delhi-based NV Distilleries to distill and distribute the spirit in Delhi and eight other Indian states.
… Read more >>>.
Business jets make a dash for Vibrant Gujarat (Diary)
GANDHINAGAR – Some 35 business jets and choppers ferrying the country’s top industrialists and political leaders have descended at Ahmedabad for the Vibrant Gujarat two-day biennial conclave that started here Wednesday.
Such was the rush at the roads leading from the airport to the city that a run that takes some 15-20 minutes to mid-town …. Read the original article : Business jets make a dash for Vibrant Gujarat (Diary).
Sensex recovers after intra-day sell-off
MUMBAI – A benchmark index of Indian stocks market rebounded after government figures showed Wednesday that industrial output had fallen to an 18-month low.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,353.34 points, was ruling at 19,359.78 points – up 163.44 points or 0.85 percent from its … Read : Sensex recovers after intra-day sell-off.
Peeved at raids, Delhi onion traders continue strike
NEW DELHI – Wholesale onion traders in Delhi are peeved at being held responsible for the rising price of the commodity and have gone on indefinite strike, saying raids by the authorities to counter hoarding are only adding insult to injury.
Raids were carried out across Delhi, including the wholesale vegetable market at Azadpur …. Original source : Peeved at raids, Delhi onion traders continue strike.
After all clear, Qantas to resume A380 flights to US
SYDNEY – Australian carrier Qantas Airways will resume its Airbus A380 flights on the US route from Jan 16, after receiving the all-clear from safety regulators, the airline has said.
Qantas said Tuesday that after “extensive engineering analysis and close consultation” with Rolls-Royce, Airbus and European and Australian safety regulators, the parties were “now satisfied …. Read the original article : After all clear, Qantas to resume A380 flights to US.