Business News – Newsletter for January 28, 2011

Bharti Airtel is not a price point player in 3G service (Repeating for all needing)

CHENNAI – Integrated mobile telephony major Bharti Airtel Ltd said Thursday that it is not a price point player though there may be price play in the company’s strategy to gain market share in the 3G service segment.

“There are market segments that have different needs. Pricing plans to have to meet that. But we …. Read the original article  : here.

After Antarctica, Kerala travel agency eyes space

THIRUVANANTHAPURAM – Kerala Travels has many firsts to its credit. Billed as the first travel agency in Kerala, it was the first to come out with a tourism brochure, offer Antarctica-Arctic packages and now is working on an ambitious plan to send children to space.

“This is the first stage of space tourism where 30 … Read : After Antarctica, Kerala travel agency eyes space.

Goa scraps controversial number plate contract to Delhi firm

PANAJI – After dilly-dallying for nearly a year, the Goa government Friday scrapped a controversial agreement signed with a Delhi-based firm for providing high security number plate (HSNP) for motor vehicles in Goa.

The decision was taken after a high-level committee admitted that there were major discrepancies in awarding of the contract. The opposition had … Read more >>>.

Reliance Infrastructure in $900 mn Nepal highway project race

KATHMANDU – Reliance Infrastructure, a part of the Anil Dhirubhai Ambani Group, remains in the race for the prestigious $900-million highway project in Nepal, expected to boost development in the southern Terai plains, top officials said.

Expression of interest for the four-lane, 76-km highway was invited in 2009 to connect the capital city with the … Read the original article on Gaea Times at : Reliance Infrastructure in $900 mn Nepal highway project race.

India targets $1 trillion infrastructure investment: Ahluwalia

DAVOS – India will double its investments in infrastructure to $1 trillion during the 11th Five Year Plan that begins 2012, with half of that expected from the private sector, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said.

Speaking at the annual meeting of the World Economic Forum at this Swiss ski resort, the …. Original article  : India targets $1 trillion infrastructure investment: Ahluwalia.

Suzlon signs wind power deal worth $1.28 bn

MUMBAI – The country’s largest wind power turbine manufacturer Suzlon Energy Ltd Friday said it had signed a $1.28 billion deal for building 1,000 MW of wind power projects to be developed in India with Caparo Energy.

The project’s first 500 MW will be completed by March of 2012 and the remainder by March …. Original source  : Suzlon signs wind power deal worth $1.28 bn.

General Motors India launches Smartech petrol engine

NEW DELHI – Making a slew of sales and products announcements, General Motors (GM) India has launched its made in India new petrol engine in New Delhi which would be fitted into its hatchback beat from next month onwards.

The newly launched engine is called as “Smartech Engine.”

Addressing mediapersons, Karl Slym, President and Managing Director of … Read the original article on Gaea Times at : General Motors India launches Smartech petrol engine.

Pakistanis increasingly going hungry: Pakistani daily

ISLAMABAD – Pakistanis are “increasingly going hungry”, a leading Pakistani daily Friday said adding that it was shocking that the malnutrition levels in Sindh province have been “likened to those prevailing in sub-Saharan Africa”.

An editorial in the Dawn Friday said: “It is shocking that the levels of malnutrition in Sindh have been likened to …. Source article on Gaea Times at  : Pakistanis increasingly going hungry: Pakistani daily.

Scheduled Banks’ Statement of Position in India as on Friday, January 14, 2011

(Amount in Rupees crore)

Scheduled Commercial Banks (SCBs) (including RRBs)

All Scheduled Banks

15.01.2010

31.12.2010

*

14.01.2011

*

15.01.2010

31.12.2010

*

14.01.2011

*

I

Liabilities to the Banking System (A)

a) Demand & time deposits from banks

53915.56

69499.66

66428.59

56708.81

72209.02

69137.95

**

b) Borrowings from banks

19052.83

26638.13

23220.03

19059.21

26836.16

23358.44

c) Other demand & time liabilities

5527.07

9120.92

7161.96

5545.32

9126.57

7167.61

II

Liabilities to Others              (A)

a) Deposits (other than from banks)

4247501.73

4971390.23

4945648.08

4386690.27

5116397.08

5090858.13

 i) Demand

539893.52

636525.13

572901.01

553597.58

652563.34

587944.98

ii) Time

3707608.21

4334865.10

4372747.07

3833092.69

4463833.74

4502913.15

b) Borrowings @

101767.31

116737.93

124180.74

103505.05

119355.09

126761.26

c) Other demand …. Original article  : Scheduled Banks’ Statement of Position in India as on Friday, January 14, 2011.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.74 and the Reference Rate for Euro is ` 62.73 on January 28, 2011. The corresponding rates for the previous day (January 27, 2011) were ` 45.57 and ` 62.46 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Revised cost for Tripura power project gets nod

AGARTALA – The revised cost estimate of Rs.623.44 crore for Tripura’s 100 MW thermal power project has got the green signal from the union Cabinet Committee on Economic Affairs (CCEA), officials said here Friday.

“The CCEA headed by Prime Minister Manmohan Singh in its meeting held in New Delhi Thursday approved the revised cost estimate …. Source article on Gaea Times at  : Revised cost for Tripura power project gets nod.

Agartala-Kolkata bus service via Bangladesh likely: Minister

AGARTALA – New Delhi and Dhaka may soon introduce a direct bus service from this capital of Tripura to Kolkata via Bangladesh, a minister said here Friday.

A five-member team of the Bangladesh Road Transport Corporation (BRTC) Friday held a meeting with Tripura Transport Minister Manik Dey and other Indian officials to discuss the issue. … Read : Agartala-Kolkata bus service via Bangladesh likely: Minister.

Sensex sheds further, selling intensifies across markets

MUMBAI – Selling intensified at noon in Indian equities markets after trading had begun Friday on a weak note.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,708.62 points, was ruling at 18,469.96 points, down 214.47 points or 1.15 percent from its previous close at 18,684.43 points.
The 50-scrip … Read this article on Gaea Times at : Sensex sheds further, selling intensifies across markets.

RBI invites Comments on Malegam Committee Report on MFIs

The Reserve Bank of India has invited views/comments of all stakeholders and the public at large on the Malegam Committee report on microfinance institutions (MFIs). Comments/suggestions/views may be forwarded to the Chief General Manager-in-Charge, Rural Planning and Credit Department, Reserve Bank of India, Central Office Building, 10th floor, S.B.S. Road, … Read this article on Gaea Times at : RBI invites Comments on Malegam Committee Report on MFIs.

Luxury dinner could make even the richest think twice before ordering

BEIJING – A luxury hotel in China is offering a special dinner package for the upcoming Chinese lunar new year that may cause even the most well-off to think twice before ordering it. It’s priced at 388,888 yuan (about $59,000).

The high price of the dinner package has made it one of the most expensive …. Source  : Gaea News Network.

Mahindra Genio Launched In India

MUMBAI, INDIA (GaeaTimes.com)- Mahindra & Mahindra which is one of the leading commercial car manufacturers of India has launched Genio its new commercial vehicle. The new 1.2 tonne pick-up trick is targeted at the small to mid sized business segment. The BS3 version of the model is priced at INR 499000 and a BS4 [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 28, 2011 are:

Amount  (face value in ` crore)                          

Item

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

3 days Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

From a Punjab kitchen, these sweets, snacks have travelled far

CHANDIGARH – A business formula that originated three decades ago in the kitchen of a homemaker is creating a buzz in international markets. What is more, it counts chains like McDonalds, Pizza Hut, Barista and Cafe Coffee Day as clients.

Brainchild of 62-year-old Rajni Bector, Cremica products started with ice-creams made from a hand churner …. Original source  : From a Punjab kitchen, these sweets, snacks have travelled far.

Bangladesh hopes for $400 mn Indian investment

DHAKA – Bangladesh hopes to attract Indian investments worth Taka 30 billion ($422 million) at the second Indo-Bangla trade fair to be held here in May, reducing its bilateral trade deficit.

India-Bangladesh Chamber of Commerce and Industry president Matlub Ahmed said he based his optimism on the success of the first Indo-Bangla trade fair … Read the original article on Gaea Times at : Bangladesh hopes for $400 mn Indian investment.

World’s fertilizer leader doubles profits on rising food prices

TORONTO – Rising global food prices have spelt bonanza for the world’s biggest fertilizer company, Potash Corporation, which Thursday reported more than a two-fold increase in its profits during the fourth quarter.

The Canadian company’s stock also jumped about three percent to $172.26 on the Toronto Stock Exchange Thursday on record profits. At the opening … Original article on : World’s fertilizer leader doubles profits on rising food prices.