Business News – Newsletter for January 25, 2011

Jaypee Infratech quarterly net profit falls 2.58 percent

NEW DELHI – Infrastructure major Jaypee Infratech Limited (JIL) has posted a decrease of 2.58 percent in net profit at Rs.378.51 crore during the quarter ended December 2010 as against Rs.388.53 crore for the like period last fiscal.

The total revenue of the company stood at Rs.755.38 crore during the quarter as compared to [..] Read the original article: here.

India set to grow at 8.4 percent in 2011: IMF

WASHINGTON – Essentially predicting no change in its previous estimate of 8.4 percent growth for India in 2011 dipping to eight percent in 2012, the International Monetary Fund (IMF) says the two-speed global recovery will continue.

In advanced economies, activity has moderated less than expected, but growth remains subdued, unemployment is still high, and …. Source  : India set to grow at 8.4 percent in 2011: IMF.

IMF sees some ‘hot spots’ in Indian equities markets

WASHINGTON – Suggesting that some “hot spots” appear to be emerging in the equities markets in some countries including India, the International Monetary Fund (IMF) Tuesday said global financial stability is still not assured.

“Nearly four years after the onset of the largest financial crisis since the Great Depression, global financial stability is still not … Read this article on Gaea Times at : IMF sees some ‘hot spots’ in Indian equities markets.

Thai airline recruits transsexuals as flight attendants

BANGKOK – A newly launched Thai airline has adopted a policy of recruiting transsexuals as flight attendants in an effort to offer equal opportunities to the “third sex,” company sources said Tuesday.

PC Air hired three transsexuals, 17 women, and 10 men in its initial recruitment drive Monday.
“Our initial quota was set at three … Read this article on Gaea Times at : Thai airline recruits transsexuals as flight attendants.

Reliance, Tata eyeing hydro projects in Himachal

SHIMLA – Corporate giants like Reliance Power, Tata Power-SN Power joint venture, Larsen and Toubro (L&T), Essar Power, ABG Shipyard and GMR Infrastructure have shown keen interest in hydropower projects in Himachal Pradesh, official sources said here Tuesday.

Reliance Power alone has evinced interest in most of the hydro projects located mainly in Lahaul and … Read more >>>.

PTC India’s mega deal to buy Nepal power grounded

KATHMANDU – An initial power purchase agreement signed almost seven years ago between PTC India Ltd, a leading provider of power trading solutions in India, and Nepal’s biggest hydropower project in the private sector has been grounded, due to the protracted turmoil in the country.

The 750 MW West Seti hydropower project, being developed by …. Original article on Gaea Times at  : PTC India’s mega deal to buy Nepal power grounded.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.53 and the Reference Rate for Euro is ` 62.14 on January 25, 2011. The corresponding rates for the previous day (January 24, 2011) were ` 45.58 and ` 62.01 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Black money estimated at $462 billion to $1.4 trillion: Pranab

NEW DELHI – Finance Minister Pranab Mukherjee Tuesday said the estimate of black money stashed abroad by Indians and Indian entities was estimated at between $462 billion and $1.4 trillion and every step within means was being taken to bring it back.

He also made it clear that unless there are legal provisions in other … Read more : Black money estimated at $462 billion to $1.4 trillion: Pranab.

Sensex slips on profit booking

MUMBAI – A benchmark index for an Indian equities market Tuesday slipped from its intra-day highs as stocks first rose after only a 25 basis points hike in interest rates by the Reserve Bank of India, but later slipped sharply on profit booking.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao hiked the repurchase or … Read more »».

Highlights of third quarter review of monetary policy

NEW DELHI – The Reserve Bank of India Tuesday hiked its short-term lending and borrowing rates by 25 basis points in its third quarter review of monetary policy 2010-11. Following are the highlights of the document:

— Repo rate raised by 25 basis points to 6.5 percent
— Reverse repo rate hiked by 25 …. Original article on Gaea Times at  : Highlights of third quarter review of monetary policy.

RBI ups inflation projection to 7 percent, positive on growth

MUMBAI – With food prices continuing to rule high, the Reserve Bank of India Tuesday revised its current fiscal year-end projections for inflation, raising it to 7 percent from the earlier 5.5 percent, but said it was hopeful of the economy growing at a robust 8.5 percent.

“While the impact of transitory factors is expected … Read : RBI ups inflation projection to 7 percent, positive on growth.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 25, 2011 are:

Amount (face value in ` crore)                           

Item

2 days Reverse Repo Auction
(Sale of securities by RBI)

2 days Repo Auction 
…. Source  : Gaea News Network.

Myanmar to launch new private airline

YANGON – Asian Wings, a new private airline in Myanmar will be launched Thursday that will provide domestic and chartered services.

Two 70-seat TR 72-500 aircraft have arrived in Yangon for use in domestic flight services that would to cover 11 destinations, Xinhua reported citing the local Weekly Eleven News.
The Asian Wings airline is … Read more >>.

India’s Reserve Bank hikes key rates to tame inflation

MUMBAI – In a bid to tame prices that has seen annual food inflation soar to double digits, India’s central bank Tuesday hiked its short-term lending and borrowing rates by 25 basis points that could make commercial, housing and auto loans dearer.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao hiked the repurchase or repo …. Original source  : India’s Reserve Bank hikes key rates to tame inflation.

Mobile phone firms go all out to woo other’s customers

NEW DELHI – Telcom firms have launched a major advertising, marketing and promotional blitz to attract new and existing customers after the government launched a pan-India scheme that allows them to switch operators while retaining the numbers.

Although mobile number portability may not be a big game changer for the industry, it is certainly proving …. Original source  : Mobile phone firms go all out to woo other’s customers.

India’s central bank hikes key interest rates

MUMBAI – India’s central bank hiked the short-term lending and borrowing rates by 25 basis points each to tame inflation. The repurchase rate now stands at 6.5 percent, while the reverse repurchase rate has been raised to 5.5 percent.
… Read more >>>.

Tourist arrivals in Spain rises in 2010

Madrid, Jan 25 (IANS/EFE) Last year Spain welcomed 52.6 million foreign tourists, 1 percent more than in 2009, authorities said.

The figures released previously by the Industry, Tourism and Trade Ministry indicated a growth of 1.4 percent, or some 53 million tourists.
However, the figures from the Frontur border entry survey, released Monday, continue to … Read the original article on Gaea Times at : Tourist arrivals in Spain rises in 2010.

Sensex rises, monetary policy awaited

MUMBAI – A benchmark index for Indian equities markets Tuesday rose in early trade ahead of the monetary policy review by the Reserve Bank of India which is expected to result in a hike of key interest rates.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,227.42 points, was [..] Read the original article: here.

Japanese shares rise on US, European gains

TOKYO – Japanese stocks rose in Tuesday morning trading as investor sentiment were boosted by overnight gains on the US and European markets.

The benchmark Nikkei 225 Stock Average gained 97.5 points, or 0.94 percent, to trade at 10,442.61 while the broader Topix index was up 11.34 points, or 1.24 percent, at 928.52.
Despite the …. Original article on Gaea Times at  : Japanese shares rise on US, European gains.

US lifts 12-year export controls on Indian space, defence cos.

WASHINGTON – The United States Monday lifted a 12-year-old export control ban on nine Indian space and defence-related companies, removing them from the so-called Entity List in a move expected to drive hi-tech trade and forge closer strategic ties with India.

The companies removed from the export control list for sensitive items – mandatingput …. Source  : US lifts 12-year export controls on Indian space, defence cos..