Business News – Newsletter for January 24, 2011

ICICI Bank’s net profit jumps 30.5 percent in third quarter

NEW DELHI – One of India’s largest private lenders ICICI Bank Monday reported an increase of 30.5 percent in its net profit for the quarter ended Dec 31, 2010, which stood at Rs.1,437 crore.

“Bank has posted a net profit of Rs.14,370.20 million for the quarter ended Dec 31, 2010 as compared to Rs.11,010.60 million …. Source article  : ICICI Bank’s net profit jumps 30.5 percent in third quarter.

Bengal Peerless Project Started

KOLKATA, INDIA (GaeaTimes.com)- Bengal Peerless is all set to execute its much awaited housing-cum-commercial project at EM Bypass, worth Rs 400 crores. The authorities of this high profile project has declared that the candidates who are interested to book their properties can now start with the procedures.

The West Bengal government acquired these lands as this …. Source  : Gaea News Network.

Sensex holds on to gains

MUMBAI – A benchmark index for an Indian equities market Monday held on to its gains, about an hour before the closing bell, as bank stocks rose as a result of robust earnings reported by private lender ICICI Bank and other public sector banks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), …. Source  : Gaea News Network.

Bharti Airtel launches 3G services in Karnataka

NEW DELHI – Telecom giant Bharti Airtel Monday launched its third generation (3G) services in Karnataka – its largest circle by revenue – and said that it will launch 3G services in its other circles by March this year.

3G enables customers to access high speed internet, watch videos and live TV, make video … Read more : Bharti Airtel launches 3G services in Karnataka.

Corrupt babus making life miserable for SMUs: Survey

NEW DELHI – Corruption is making live miserable for small and medium units that are often left to fight their own battles in getting clearances and conducting day-to-day operations, according to a survey.

“Almost all Small and medium enterprises have been victims to corrupt babus at least once,” revealed the survey conducted by tradeindia.com, a …. Original source  : Corrupt babus making life miserable for SMUs: Survey.

Man strips in China after failing to get train ticket

SHANGHAI – A man took off his clothes and confronted a senior railway official in China’s Zhejiang province after he failed to buy a train ticket to go home even after standing in a queue for 14 hours.

A photograph circulated online showed Chen Weiwei, a migrant worker from Central China’s Henan province, clad only [..] 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 ` 45.58 and the Reference Rate for Euro is ` 62.01 on January 24, 2011. The corresponding rates for the previous day (January 21, 2011) were ` 45.70 and ` 61.65 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 24, 2011 are:

Amount  (face value in ` crore)                           

Item

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

1 day Repo Auction 
[..] Read the original article: here.

Sensex builds on early gains

MUMBAI – A benchmark index for an Indian equities market Monday moved further up from its opening levels trading flat in noon trade even as broader markets saw buying action.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,095.69 points, was ruling at 19,172.23 points – 164.70 points or … Read : Sensex builds on early gains.

Money Market Operations as on January 21, 2011

…. Original article  : Money Market Operations as on January 21, 2011.

Japanese shares rise on US gains, bargain hunting

TOKYO – Japanese stocks climbed in Monday morning trading as investors snapped up blue-chip issues at lower prices after recent losses.

The benchmark Nikkei 225 Stock Average gained 38.64 points, or 0.38 percent, to trade at 10,313.16 while the broader Topix index was up 2.2 points, or 0.24 percent, at 913.05.
The Nikkei also … Read the original article on Gaea Times at : Japanese shares rise on US gains, bargain hunting.

Abu Dhabi seeks economic ties with Bangladesh, Portugal

Abu Dhabi, Jan 23 (IANS/WAM) The Abu Dhabi Chamber of Commerce and Industry (ADCCI) held separate talks with Bangladeshi Prime Minister Sheikh Hasina and Portugal premier Jose Socrates to explore prospects of economic cooperation with the two countries.

Fatima Al Jaber, member of the ADCCI, expressed readiness to establish joint ventures with Bangladeshi firms and …. Read the original article  : Abu Dhabi seeks economic ties with Bangladesh, Portugal.

Sreedharan happy with cleanliness at Metro stations

NEW DELHI – Delhi Metro chief E. Sreedharan says he is happy over the state of discipline and cleanliness at stations.

In an interview to IANS, Sreedharan underlined that it takes a lot of efforts to achieve the desired results.
This has not come naturally. A lot of effort is put in educating the public … Read more >>.

Karat slams laxity in seizing black money in foreign banks

AGARTALA – The United Progressive Alliance (UPA) government is not taking any steps to bring back black money stashed away by Indians in foreign banks, Communist Party of India-Marxist (CPI-M) general secretary Prakash Karat said here Sunday.

“The Supreme Court is also not satisfied with the central governments inaction over the black money issue, Karat … Read : Karat slams laxity in seizing black money in foreign banks.

Honeywell posts $550 million sales in India in 2010

HYDERABAD – Honeywell International, a Fortune 100 globally diversified technology and manufacturing leader, recorded sales of $550 million in India last year and expects a growth of 15 percent this year, a top company official said Sunday.

Sales grew by 15 percent in 2010 and are expected to grow on the same trajectory during the … Read the original article on Gaea Times at : Honeywell posts $550 million sales in India in 2010.

Bangladesh, India open border land ports to boost trade

DHAKA – Bangladesh and India have opened two land ports along the international border to boost bilateral trade and facilitate trading activity of neighbours Nepal and Bhutan.

The simultaneous openings of the two land ports Saturday followed an understanding reached last year between the neighbours. India said it would also facilitate goods movement through Bangladesh’s …. Original article on Gaea Times at  : Bangladesh, India open border land ports to boost trade.

Metro services to be affected by Republic Day rehearsal

NEW DELHI – Delhi Metro services will be partly curtailed Sunday as the dress rehearsals for the Republic Day parade take place with the Central Secretariat and Udyog Bhawan Metro stations remaining out of bounds for commuters till 12.30 p.m.

Delhi Metro Rail Corporation has announced that Metro services will be affected on the Huda … Read the original article on Gaea Times at : Metro services to be affected by Republic Day rehearsal.

Orissa holds up permission to operate 23 mines

BHUBANESWAR – Orissa has held up permission to operate 23 iron ore mines in its mineral rich Keonjhar district as the operators are yet to submit documents to show that their mining activities were legal, an official said Saturday.

“We have held up permissions and asked the operators to supply documents like forest clearance, mining … Read more : Orissa holds up permission to operate 23 mines.

India’s forex reserves rise $3.4 billion

MUMBAI – India’s foreign exchange (forex) reserves increased by $3.4 billion to $297.41 billion for the week ended Jan 14 on the back of rise in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, rose by $3.30 billion to $267.86 billion during the week … Read the original article on Gaea Times at : India’s forex reserves rise $3.4 billion.

Now, pre-paid cards for fresh vegetables

LUCKNOW – Pre-paid cards are soon to cover packed, garden fresh vegetables. Kaushlendra, an alumnus of Indian Institute of Management-Ahmedabad (IIM-A), is getting set to launch it in Lucknow.

Kaushlendra, whose project of selling vegetables through ice-cooled push-carts became a hit in Bihar, told IANS that his new ORVEM (Organised Vegetable Marketing) project will be … Read more : Now, pre-paid cards for fresh vegetables.