Business News – Newsletter for January 19, 2011

Wednesday, January 19, 2011

Anand Sinha takes over as RBI Deputy Governor

Shri Anand Sinha took over today as Deputy Governor of the Reserve Bank of India. As Deputy Governor, Shri Sinha has been appointed Deputy Governor for a period upto February 28, 2013. He will look after two regulatory departments, namely, Department of Banking Operations and Development and Urban Banks Department. He …. Read the original article : Anand Sinha takes over as RBI Deputy Governor.

Bajaj Auto’s third quarter profit jumps 40 percent

NEW DELHI – Two-wheeler major Bajaj Auto Wednesday reported a 40 percent growth in its net profit for the third quarter of the current fiscal, which stood at Rs.667 crore as against Rs.457 crore in 2009-10.

The auto-major posted a net sales growth of 17 percent at 946,850 units in the third quarter as compared …. Original source : Bajaj Auto’s third quarter profit jumps 40 percent.

Jammu and Kashmir lost Rs.700 crore due to summer unrest

JAMMU – The Jammu and Kashmir government lost Rs.700 crore during last year’s summer unrest in the Kashmir Valley by way of damage to infrastructure and cost of ferrying employees to their duties, an official source said.

This figure does not include the loss the state suffered in the tourism and industrial sectors.
The …. Original article : Jammu and Kashmir lost Rs.700 crore due to summer unrest.

Kaiga-4 nuke plant synchronised with southern power grid

MUMBAI – The fourth unit of Kaiga Generating Station (KGS), Kaiga-4, Indias 20th nuclear reactor, began supplying electricity after it was linked to the southern power grid early Wednesday, an official said here.

After the synchronisation of the 220 MW KGS-4, the countrys nuclear power capacity has gone up to 4,780 MW with a total …. Original article : Kaiga-4 nuke plant synchronised with southern power grid.

HCL Technologies quarterly net profit rises 12 percent

NEW DELHI – HCL Technologies Wednesday reported an increase of 12 percent in the net profit at Rs.285.97 crore for the quarter ended December 2010 as compared to Rs.255.44 crore for the same period last fiscal.

The total income of the company increased to Rs.1,687.59 crore as against Rs.1259.22 crore during the quarter under …. Original article : HCL Technologies quarterly net profit rises 12 percent.

Black money stashed abroad a national plunder: Supreme Court

NEW DELHI – The Supreme Court Wednesday said stashing away ill-gotten money in foreign banks was a “national plunder” and asked the central government to give it all the information it had on Indians who had siphoned off their illicit money to tax havens.

The apex court bench of Justice B. Sudarshan Reddy and …. Original article : Black money stashed abroad a national plunder: Supreme Court.

Chinese president’s US trip focused on business

WASHINGTON – Chinese President Hu Jintao began a four-day state visit to the US clearly focused on business, much like his host President Barack Obama’s trip to India in November.

Reflecting the importance Obama places on the economic relationship with China to boost exports and spur job growth, Vice President Joe Biden personally greeted Hu [..] Read the original article: here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.38 and the Reference Rate for Euro is ` 61.15 on January 19, 2011. The corresponding rates for the previous day (January 18, 2011) were ` 45.53 and ` 60.62 respectively. Based on the Reference Rate …. Source article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex trades in tight range, broader markets gain

MUMBAI – A benchmark index for an Indian equities market Wednesday was trading in a tight range even as broader markets saw moderate buying activiy.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,138.42 points – up 46.37 points or 0.24 percent from its … Read : Sensex trades in tight range, broader markets gain.

RBI Measures to extend Credit Support to Micro Finance Institutions

The Reserve Bank of India has today advised certain relaxation to banks in its present restructuring guidelines in order to enable them to extend credit support to micro finance institutions (MFIs) (www.rbi.org.in/scripts/NotificationUser.aspx?Id=6227&Mode=0) . The relaxation is purely a temporary measure and would be applicable to bank loans to MFIs restructured by …. Source : RBI Measures to extend Credit Support to Micro Finance Institutions.

Bihar’s silent revolution: 30,000 women now own land

PATNA – Until two-and-a-half years ago, Parvatia Devi and Kamla Devi were among the poorest of the poor. They worked as farm labourers and did odd jobs to eke out a living. But today they are proud owners of land and part of the silent revolution through which nearly 30,000 women have been provided land … Read more : Bihar’s silent revolution: 30,000 women now own land.

Underwriting Auctions for Government Securities

The Government of India have announced the sale(reissue) of “7.99 per cent Government Stock 2017” for a notified amount of ` 4,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 4,000 crore (nominal) and "8.26 per cent Government Stock 2027” for a notified amount … Original article on : Underwriting Auctions for Government Securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 19, 2011 are:

Amount (face value in ` crore)

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction …. Original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Bolivian firm introduces coca-based soft drink

La Paz, Jan 19 (IANS/EFE) A private firm Tuesday presented Coca Brynco, Bolivia’s first mass-produced coca-based soft drink.

The drink was officially presented at the Rural Development Ministry with several ministers in attendance, a few days after President Evo Morales displayed it to foreign media during a press conference in which he defended coca leaf.
…. Original article : Bolivian firm introduces coca-based soft drink.

Suzuki Kizashi, Swift with all-wheel-drive

TOKYO – The Japanese car maker Suzuki is offering with immediate effect on the European markets an all-wheel drive version of its top-of-the-range Kizashi model and the Suzuki Swift.

From the exterior the all-wheel drive version only differs from the front-wheel drive in having a 4×4 badge. The front and rear axle are linked to …. Source article : Suzuki Kizashi, Swift with all-wheel-drive.

Japanese shares up on Apple, US gains

TOKYO – Japanese stocks climbed in Wednesday morning trading, boosted by overnight US gains and a robust earnings report from Apple Inc.

The benchmark Nikkei 225 Stock Average gained 19.95 points, or 0.19 percent, to trade at 10,538.93 while the broader Topix index was up 1.86 points, or 0.2 percent, at 933.44.
Apple, the world’s …. Original article : Japanese shares up on Apple, US gains.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Wednesday was trading flat in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,084.99 points – down 7.06 points from its previous close at 19,092.05 points.
The 50-scrip S&P CNX Nifty of the …. Source article on Gaea Times at : Sensex flat in early trade.