Business News – Newsletter for January 29, 2011

Further rate hike fears allow bears control of Indian equities (Weekly market review)

MUMBAI – Bears had the Indian equities markets in their firm grasp as stocks got battered in the wake of rising inflation and the Reserve Bank of India raising key interest rates and hinting at more such tightening in the short-term.

In a truncated trading week, the 30-scrip sensitive index (Sensex) of the Bombay Stock … Read more >>>.

Chandigarh gets Rs.5 crore to light up Rock Garden

CHANDIGARH – Chandigarh’s famed Rock Garden will now be illuminated. The union tourism ministry has given a Rs.5 crore grant to illuminate the garden, a major tourist attraction, and promote night tourism in the city, an official said Saturday.

Rock Garden, which showcases art objects in various forms and designs, made from industrial and urban … Read more »».

Chlorine gas leak detected on time, says Chemfab Alkalis

CHENNAI – Three days after a chlorine gas leak from its factory left 300 people affected, Chemfab Alkalis Ltd Saturday said the leakage had been detected on time and turned off but a strong wind carried the gas outside the premises.

The factory also said it is extending full cooperation to Puducherry authorities in investigating …. Read the original article  : Chlorine gas leak detected on time, says Chemfab Alkalis.

India’s new telecom policy to make licensing norms tougher

NEW DELHI – India Saturday said its new telecom policy to be unveiled soon will tighten the norms for grant of licences and airwaves to service providers in a bid to induce transparency and provide a level-playing field to new and existing players.

Announcing this at a hurriedly convened press conference here, Communications Minister Kapil … Read this article on Gaea Times at : India’s new telecom policy to make licensing norms tougher.

Chandigarh: City for 500,000 now has 800,000 vehicles

CHANDIGARH – When French architect Le Corbusier designed the modern city of Chandigarh in the 1950s, it

was supposed to cater to a maximum population of 500,000 residents. Six decades on, this twin capital is still the ‘City Beautiful’, but houses almost 1.2 million people with 800,000 registered vehicles and an estimated 100,000 driving …. Source article  : Chandigarh: City for 500,000 now has 800,000 vehicles.

BlackBerry knocked out of Top-5 sellers by China’ ZTE

TORONTO – China’s ZTE Corp. has replaced BlackBerry maker Research In Motion (RIM) among the world’s top five mobile phone sellers.

According to a report released Friday by tech research company IDC, the low-priced cellphone maker ZTE also pushed Apple to the last spot on the Top-5 list on the back its surging sales.
… Original source on Gaea Times at : BlackBerry knocked out of Top-5 sellers by China’ ZTE.

Waste-pickers’ views will be reflected in policy: Ramesh

AHMEDABAD – Waste-pickers’ views will be taken while drafting policy on waste disposal, union Environment and Forests Minister Jairam Ramesh said Friday.

Inaugurating the first-ever national conference of waste pickers, organised under the aegis of Alliance of Indian Waste-Pickers (AIW), at Self-Employed Women’s Association (SEWA), Ramesh said his department will take into consideration the … Read more »»».

MindTree co-founder chairman quits

BANGALORE – Leading IT consultancy and product engineering services firm MindTree Ltd co-founder Ashok Soota Friday resigned as the chairman and the member of the board here.

In a regulatory filing, the city-based company said Soota had requested the board to release him as an employee and executive chairman from March 31, 2011.
“The decision … Read more >>>.

Coast Guard plane chases pirates away off Lakshadweep

NEW DELHI – Pirates closing in on a merchant vessel off the Lakshadweep were thwarted by the Indian Coast Guard Friday with its patrol aircraft chasing the sea brigands away through a timely intervention.

The Bahamas-flagged container carrier, MV CMA CGM Berd, was sailing west of the Lakshadweep Islands when the Coast Guard’s Dornier …. Read the original article  : here.

Indian tourism industry targets gay, lesbian travellers

NEW DELHI – Gay and lesbian tourists are big spenders and vacation savvy and are being increasingly targeted by travel operators in India, said travel experts at the 18th South Asia Travel and Tour Expo (SATTE) Friday.

“Gays or lesbians are the biggest spender on lifestyle products. They have maximum disposable incomes as they come … Read more : Indian tourism industry targets gay, lesbian travellers.

SPAR to open 24 more hypermarkets in next two years

NEW DELHI – Reality major Landmark Group’s retail subsidiary SPAR Friday said that it plans to add another 24 hypermarkets to its chain in the next two years, with an investment of Rs.550 crore.

“We plan to add another 24 hypermarkets in the metros and tier-I, II cities in the next two years, with a …. Source article  : SPAR to open 24 more hypermarkets in next two years.

Tata Beverages, Kerala Ayurveda to form joint venture

BANGALORE – Tata Global Beverages Ltd Friday signed an agreement with Kerala Ayurveda Ltd to form a joint venture (JV) for developing a range of beverages and food products based on native recipes for the global market.

“The proposed joint venture will focus on developing beverage and food products based on Ayurvedic recipes, actives and …. Source article  : Tata Beverages, Kerala Ayurveda to form joint venture.

Chennai Metro to begin service in two years: Stalin

CHENNAI – The 45-km Chennai Metro Rail project will be completed ahead of the original schedule and the train service would begin in two years time, Tamil Nadu Deputy Chief Minister M.K. Stalin said here Friday.

Speaking to reporters after reviewing the project’s progress, he said the first phase between Koyambedu and St. Thomas Mount …. Source article on Gaea Times at  : Chennai Metro to begin service in two years: Stalin.

Tourism minister calls for higher regional cooperation

NEW DELHI – Tourism Minister Subodh Kant Sahay Friday called for higher cooperation among South Asian countries in promoting tourism and offered India’s training facilities to other countries in the region.

More trained and skilled tourism professionals are required for the fast developing tourism industry. India can offer its training facilities to the people from …. Original article on Gaea Times at  : Tourism minister calls for higher regional cooperation.

UCO Bank’s net up 22.35 percent in Q3

KOLKATA – Public sector UCO Bank Friday declared a 22.35 percent year-on-year (YoY) growth in its net profit to Rs.301 crore in the third quarter of the current fiscal compared to Rs.246 crore in the corresponding period the previous year.

Declaring the third quarter results, UCO Bank chairman and managing director Arun Kaul … Read the original article on Gaea Times at : UCO Bank’s net up 22.35 percent in Q3.

HCL Infosystems Q3 net profit dips marginally

NEW DELHI – HCL Infosystems Ltd Friday reported a marginal decline of 0.19 percent in its net profit during the quarter ended December 2010 at Rs.55.98 crore as against Rs.56.09 crore in the same period last fiscal.

However, the net income from operations of the company increased by 2.75 percent at Rs.3,115.14 crore for the …. Source article  : HCL Infosystems Q3 net profit dips marginally.

Air India announces sops for international travellers

MUMBAI – National carrier Air India has introduced several schemes including ‘Buy One Get One Free’ for those using it to travel to London, Frankfurt, Paris and Toronto, an official said.

“Only fuel surcharge and non-airline taxes will be payable on the companion ticket. The passenger and the companion would have to travel together in … Read more : Air India announces sops for international travellers.

Ennore Port’s three new terminals go on stream

CHENNAI – Three new terminals – for coal, iron ore and cars – went on stream at Ennore Port here Friday.

Speaking at the function, union Shipping Minister G.K. Vasan, stressed the need for further expansion of the Indian port sector to keep in line with the economic growth.
He said: “The coal and …. Source article on Gaea Times at  : Ennore Port’s three new terminals go on stream.

Lilliput Kidswear’s new apparel line with Nick’s cartoons

NEW DELHI – Leading kids entertainment channel Nick India Friday said that it has signed a licensing agreement with children clothing retailer Lilliput Kidswear for an apparel line based on popular cartoon characters.

“As part of the deal, Lilliput Kidswear will launch a full array of apparel lines around Nicks most popular characters – …. Original source  : Lilliput Kidswear’s new apparel line with Nick’s cartoons.

Mahindra to target captive segment for Genio pickup

CHENNAI – Automobile major Mahindra and Mahindra Ltd (M&M) will first target the captive segment for its newly-launched Genio pickup truck and look at exports along the way, an official of the Rs.31,172 crore company said here Friday.

“We are looking at exports is all I can say as I do not handle that portfolio. …. Original source  : Mahindra to target captive segment for Genio pickup.