Business News – Newsletter for January 16, 2011

Railways get long-delayed fog shields, but partially

NEW DELHI – Five years after the plan was first mooted, Indian Railways is finally set to instal fog shields on some lines in north India, but only at the end of January.

The move follows Railway Minister Mamata Banerjee’s directive late last year. Though fog continues to disrupt train movement across northern and eastern [..] Read the original article: here.

Demolish Adarsh society building: environment ministry

NEW DELHI – The environment ministry Sunday ordered that the scam-hit Adarsh housing society building in Mumbai be demolished within three months for violating green norms.

The ministry in its order said the unauthorised 31-storey structure built at Block 6, Backbay Reclamation Area in Mumbai’s upscale Colaba area should be removed in its entirety and [..] Read the original article: here.

Staffing companies value add services for higher rating

CHENNAI – With staffing services fast turning into big business, major players in the field have started going up in the value chain, offering trained people or even guaranteeing performance so as to get a better billing.

Staffing companies provide temporary employees to firms. The service is also called “temping” or “flexi staffing.”
“Staffing is … Original source on Gaea Times at : Staffing companies value add services for higher rating.

Stringent visa norms hurting Goa’s tourism prospects

PANAJI – Even as the central government has refused to review its stringent visa rules which force tourists to take a two- month gap before re-entering India, tourism officials and tourism industry stakeholders say that the norms were damaging the tourism prospects of Goa that has seen a seven-percent drop in tourist arrivals.

While the … Original article on : Stringent visa norms hurting Goa’s tourism prospects.

Snow cheers apple growers in Himachal

SHIMLA – Widespread snowfall in the apple-growing areas of Himachal Pradesh has brightened the prospects of a bumper apple production this year too.

High hills in Shimla, Kullu, Mandi and Kinnaur districts have been experiencing moderate spell of snow since Friday and the Met office has predicted more snow later this month.
“These spells of …. Original source  : Snow cheers apple growers in Himachal.

Finland’s Turku inaugurated as European capital of culture

HELSINKI – Finnish city Turku has inaugurated its year-long stint as European Capital of Culture for 2011.

Turku shares the title with the Estonian capital Tallinn, less than 200 km away on the other side of the Gulf of Finland, where the opening kicked off at the New Year.
In addition to a fireworks display, …. Source  : Finland’s Turku inaugurated as European capital of culture.

Nalco signs pact for Rs.400 crore titanium project

BHUBANESWAR – Two public sector companies, the National Aluminium Company Ltd (Nalco) and Indian Rare Earths Ltd (IREL), have signed a pact to set up a titanium plant at an estimated cost of Rs.400 crore in Orissa’s Ganjam district, a senior Nalco official said Saturday.

Nalcos director (finance) B.L. Bagra said Nalco and IREL … Read this article on Gaea Times at : Nalco signs pact for Rs.400 crore titanium project.

Petrol price hike a cruel blow: CPI-M

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Saturday termed the decision to increase the price of petrol as a cruel blow and said the United Progressive Alliance (UPA) government was riding roughshod over the interests of the people.

In a statement, the party politburo said the decision to hike prices was …. Source  : Gaea News Network.

Jaypee Group to invest Rs.33,000 crore in Gujarat

NEW DELHI – Infrastructure conglomerate Jaiprakash Associates Ltd Saturday said it has committed Rs.30,000 crore for investment in the western state of Gujarat over the next 3 to 5 years.

According to the company, the mega investment in the state comes as it signed six MoUs (memorandum of understanding) at the recently held ‘Vibrant Gujarat’ …. Read the original article  : Jaypee Group to invest Rs.33,000 crore in Gujarat.

Kolkata Metro station to be named after Mother Teresa

KOLKATA – Railway Minister Mamata Banerjee Saturday announced that a proposed Metro railway station in New Barrackpore municipality of West Bengal’s North 24 Parganas district will be named after Nobel laureate Mother Teresa.

“We will name the proposed Metro station at New Barrackpore after Mother Teresa. We will also name the proposed Metro stations at …. Original article on Gaea Times at  : Kolkata Metro station to be named after Mother Teresa.

Chhattisgarh to build seven barrages on Mahanadi

RAIPUR – The Chhattisgarh government will construct a chain of seven barrages on Mahanadi river at an investment of about Rs.1,467 crore to provide water to dozens of industries, mainly the power plants, coming up in Raigarh and Janjgir-Champa districts, official sources said Saturday.

“Four barrages are to be constructed in Janjgir-Champa, while two in … Original article on : Chhattisgarh to build seven barrages on Mahanadi.

Sterling Agro buys wind energy equipment from Suzlon

NEW DELHI – Sterling Agro Industries has placed an order with Suzlon to buy wind energy equipment that will raise its renewable energy production capacity to 18.55 mega watt (MW).

Encouraged by the experience of our recently commissioned wind power project, we have again trusted the expertise of Suzlon for the new project, Kuldeep …. Read the original article  : Sterling Agro buys wind energy equipment from Suzlon.

Farmers in Bihar demand higher compensation for land

PATNA – Hundreds of farmers clashed with the police in Bihar’s Aurangabad district Saturday afternoon, demanding higher compensation for the land acquired by state-owned firm NTPC in Nabinagar, police said.

The clashes left nearly a dozen farmers injured. A farmer was also reported to have died in the protests, but district authorities have … Read more »»».

India’s forex reserves dip $3.32 bn

MUMBAI – India’s foreign exchange (forex) reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, fell by $3.25 billion to $264.56 billion during the week … Original source on Gaea Times at : India’s forex reserves dip $3.32 bn.

Mizoram launches new policy, shifts to permanent farming

AIZAWL – The Mizoram government has launched an ambitious Rs.2,873 crore new land use policy to solve food scarcity by moving away from shifting cultivation to permanent farming.

Mizoram Chief Minister Lal Thanhawla launched the programme late Friday by distributing Rs.20,000 each to 400 farmers at a function in Aizawl.
Simultaneously, the new farm policy [..] Read the original article: here.

Panel to review advanced internet protocol implementation

NEW DELHI – The Department of Telecom (DoT) will set up a panel to review the progress of implementation of a next version of internet protocol, IPv6, in the government sector and to prepare a national IPv6 address policy.

IPv6 will increase the capacity for internet domains. Domains listed under the current protocol IPv4 are …. Source article on Gaea Times at  : Panel to review advanced internet protocol implementation.

‘Vibrant Gujarat’ an inspiration, development role mode: Gadkari

NEW DELHI – Hailing the ‘Vibrant Gujarat’ investors’ summit as a phenomenal achievement, Bharatiya Janata Party (BJP) president Nitin Gadkari said it would encourage other party-led governments and inspire party rank and file.

In a letter to Gujarat Chief Minister Narendra Modi, Gadkari said the party takes pride that one of the states being ruled … Read : ‘Vibrant Gujarat’ an inspiration, development role mode: Gadkari.

Modi no longer bats just for Gujarat to attract investment (News Analysis)

GANDHINAGAR – The two-day Vibrant Gujarat Summit that concluded with much fanfare here Thursday presented three striking facets that catapult both the state and its Chief Minister Narendra Modi to another league.

If it is rare for 60 of India’s top industrialists, representing companies that command the bulk of market capitalisation, to share the …. Source  : Modi no longer bats just for Gujarat to attract investment (News Analysis).

Government Stock – Auction Results

The results of the auctions of 7.17% Government Stock, 2015 (Re-issue), 8.13% Government Stock, 2022 (Re-issue) and 8.30% Government Stock, 2040 (Re-issue) held on January 14, 2011 are :

Auction Results

7.17% Government Stock, 2015

8.13% Government Stock, 2022

8.30% Government
Stock, 2040

I.

Notified Amount …. Source article  : Government Stock – Auction Results.

Sensex closes 339 points lower (Third Lead)

MUMBAI – A benchmark index of Indian equities market Friday closed 339 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, closed at 18,842.94 points (provisional) — down 339.88 points or …. Source  : Sensex closes 339 points lower (Third Lead).