Business News – Newsletter for February 3, 2011

Food inflation shoots up again

NEW DELHI – India’s annual food inflation shot up to 17.05 percent for the week ended Jan 22, as onions and other items kept prices of food items at a high, as per official data released Thursday.

Food inflation for the previous week was 15.57 percent.
The high food prices will act as a dampener … Read more : Food inflation shoots up again.

Nepal parliament orders casinos to quit Kathmandu

KATHMANDU – The chips piled up against Nepal’s beleaguered casino industry, the oldest in South Asia, have mounted still more with lawmakers ordering it to quit the capital even as it faces an unequivocal closure this month.

The eight casinos in Kathmandu, which operate from the premises of the capital’s eight five-star hotels, will have … Read more >>>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.63 and the Reference Rate for Euro is ` 62.96 on February 3, 2011. The corresponding rates for the previous day (February 2, 2011) were ` 45.63 and ` 63.16 respectively. Based on the Reference Rate for …. Read the original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 3, 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 on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Maruti Kizashi Unveiled In India

DELHI, INDIA (GaeaTimes.com)- Maruti Suzuki which is the undisputed leader in the compact car segment in India is leaving no stones unturned for grabbing a larger pie of the luxury sedan sedan market. While its compact cars like Alto, WagonR, Alto and Ritz sell like hot cakes in the entry level the company has …. Source article  : Maruti Kizashi Unveiled In India.

Sensex soars, broader markets gain

MUMBAI – A benchmark index for Indian equities markets Thursday shot up after a tepid start and was ruling more than 300 points higher before noon as traders bought stocks which had been battered over the past few days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,113.73 points, … Read more >>.

India’s ICT exports rise by 244 percent in 2009

UNITED NATIONS – India’s exports and imports of information and communications technology (ICT) experienced a rapid rise in 2009 as Asia accounted for two third of global ICT exports, according to a UN agency.

While India’s ICT exports increased by a dramatic 244 percent, a rapid increase in imports too moved it from 28th to …. Original source  : India’s ICT exports rise by 244 percent in 2009.

Google opens online store for Android users

WASHINGTON – In an effort to compete with the rival Apple in the wireless sector, search engine giant Google has launched a new online store of advanced software applications that run on mobile phones powered by Android software.

Google’s new online store, Market.Android.com, will allow Android users find new applications more easily from their computers, …. Source article on Gaea Times at  : Google opens online store for Android users.

Global aviation traffic up 8.2 percent: IATA

TORONTO – Shaking off a bad previous year, the global airline industry posted an impressive 8.2 percent growth in passenger traffic in 2010.

At 20.6 percent, the growth in freight traffic was even more impressive, said Montreal-headquartered International Air Transport Association (IATA) in its annual report Wednesday. “The world is moving again. After the biggest … Read more >>.

Italian businesses eye deals worth 640 bn euros in India

Rome, Feb 3 (IANS/AKI) Companies from Italy’s main business association Confindustria will visit the Indian capital New Delhi in October in a bid to clinch deals on infrastructure projects worth 640 billion euros.

Confindustria’s head, Emma Marcegaglia, will lead the delegation to India – one of Asia’s economic powerhouses.
“Our objective is to further strengthen …. Source  : Gaea News Network.

212 more Indians return from Egypt

MUMBAI – A third batch of 212 Indians stranded in Egypt, which is in the midst of a political upheaval, arrived here early Thursday in a special flight.

Air India flight AI-160 landed with the Indians at 5.30 a.m., an official said.
This is the third flight to Mumbai in Air India’s efforts to bring … Read more : 212 more Indians return from Egypt.

Sensex weak in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was ruling weak in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,113.73 points, was ruling at 18,121.68 points, up 31.06 points or 0.17 percent from its previous close at 18,090.62 points.
The 50-scrip S&P CNX Nifty …. Original article on Gaea Times at  : Sensex weak in early trade.

Money Market Operations as on February 02, 2011

…. Source  : Gaea News Network.

Hitachi eyes 10 pc market share in AC segment in 2011

KOLKATA – Air-conditioner maker Hitachi Home and Life Solutions (India) Ltd (HHLI) is eyeing 10 percent market share in volume in the country this year, a top company executive said here Wednesday.

“We are aiming to capture 10 percent market share in air-conditioner segment in India in volume terms this year. That will translate into … Original article on : Hitachi eyes 10 pc market share in AC segment in 2011.

Allegations of forcible land acquisition false: Railways

KOLKATA – The allegations of forcible land acquisition for several railway projects are “distorted and devoid of truth”, the railway ministry Wednesday said in a release.

“The factual positions on the ground are in total variance from the allegations. Land acquisition is a process where there are significant overtones of resentment and alienation among land … Read more : Allegations of forcible land acquisition false: Railways.

barricades are up again at Posco site

BHUBANESWAR – The activists of an anti-displacement group Wednesday re-erected wooden gates and barricades in Orissa to prevent officials from entering into the proposed site of South Korean steel-maker Posco, a protest leader said.

The members of Posco Pratirodh Sangram Samiti (PPSS), which has been spearheading the movement against Posco project in the coastal district …. Source article on Gaea Times at  : barricades are up again at Posco site.

Delhi government to build 35,000 flats for poor

NEW DELHI – The Delhi government Wednesday said around 35,000 flats would be built for the economically weaker sections in the city, adding that they would be ready in two years.

In a high-level meeting with officials of the Delhi Urban Shelter Improvement Board (DUSIB) and Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), Urban … Read more »».

Dominican Republic assured of Indian investment

NEW DELHI – India has assured the Dominican Republic that it will encourage Indian businessmen to invest in the Caribbean nation’s hospitality, tourism, renewable energy sources, film industry and IT sectors.

We would like to encourage Indian businessmen to invest in the Dominican Republic in potential areas for mutually beneficial partnership. There is enormous scope … Read more >>>.

LIC expects to better budgeted growth target

KOLKATA – State-run Life Insurance Corporation of India (LIC) is expecting to better its budgeted growth target of 25 percent for the first premium business from eastern India, an official said here Wednesday.

We hope to surpass out budgeted target of growing 25 percent over the last fiscal. We feel we can touch 30 percent … Original article on : LIC expects to better budgeted growth target.

Punjab seeks PM intervention on procurement

CHANDIGARH – Punjab Chief Minister Parkash Singh Badal Wednesday called for direct and immediate intervention of Prime Minister Manmohan Singh for putting in place an effective institutional mechanism for smooth procurement of food grain by the central government.

“Badal brought up the issue when he called on the prime minister in New Delhi …. Read the original article  : Punjab seeks PM intervention on procurement.