Business News – Newsletter for February 22, 2011

SIDBI to launch Rs 1,000 crore venture capital fund

KOLKATA – Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore ($220 million) to provide loans to small and medium enterprises (SME) sector, a top official of the bank said Tuesday.

“We are in the process of launching the venture capital fund to provide loan to the SME …. Source  : Gaea News Network.

Idea Cellular stock falls 4.52 percent

NEW DELHI – Telecom service provider Idea Cellular’s stock fell 4.52 percent in intra-day trade Tuesday following reports that the company’s licenses in six circles could be cancelled as an enquiry by the Department of Telecom (DoT) had found that the company violated merger and acquisition norms.

The reports also said Idea could …. Original article on Gaea Times at  : Idea Cellular stock falls 4.52 percent.

UN ready to remove 19 Indian vendors from blacklist

NEW DELHI – The UN is ready to reinstate the 19 Indian firms suspended from bidding for its multi-billion dollar contracts since 2008, including Satyam Computer and the Tata group, as some of them suit the requirements best, a top official has said.

“I don’t think any Indian company has applied for reinstatement. But we … Read the original article on Gaea Times at : UN ready to remove 19 Indian vendors from blacklist.

India to train Lesotho police

NEW DELHI – India and Lesotho, the small landlocked kingdom surrounded by South Africa, have a “very profitable partnership” that covers a variety of sectors from cooperation in defence and security to capacity building to tech connectivity, says Lesotho’s Foreign Minister Mohlabi Tsekoa. And after training its defence forces, India will soon start training its …. Read the original article  : India to train Lesotho police.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.20 and the Reference Rate for Euro is ` 61.41 on February 22, 2011. The corresponding rates for the previous day (February 21, 2011) were ` 45.11 and ` 61.70 respectively. Based on the Reference Rate for US …. Source article  : RBI Reference Rate for US $ and Euro.

What happened to Bhopal’s housing scheme, ask NRIs

BHOPAL – A two-decade-old housing scheme in Bhopal for non-resident Indians (NRIs) has got enmeshed in red tape, with the government even giving the allocated land to others, claims a group of Indian expatriates.

Out of 180 NRIs who applied for the scheme – mostly in the Middle East and some in the US – … Read more : What happened to Bhopal’s housing scheme, ask NRIs.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 22, 2011 are:

Amount (face value in ` crore)                            

Item

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

1 day Repo Auction  … Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Markets in dump as crude oil spike jitters global bourses

MUMBAI – Indian equities markets Tuesday were ruling weak as the global prices of crude spiked following protests in Libya and Bahrain, making traders nervous and resulting in a selling spree in some markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,390.72 points, was ruling at 18,405.65 points, … Read more »»».

Rocket failure: Russian, Indian scientists differ on cause

CHENNAI – The mystery over the mid-air crashing of an Indian rocket in December continues with officials of the Indian space agency and experts from Russia, which supplied the cryogenic engine, differing on the possible cause of the rocket’s failure.

The Russians have pointed their fingers at the rocket’s bigger heat shield (4 metre) as [..] Read the original article: here.

Japanese shares plunge on Libya turmoil

TOKYO – Japanese stocks dropped nearly two percent in Tuesday morning trading as investor sentiment was hurt by turmoil in Libya.

The benchmark Nikkei 225 Stock Average lost 213.15 points, or 1.96 percent, to trade at 10,644.38 while the broader Topix index was down 17.46 points, or 1.79 percent, at 957.17.
Intensifying … Read the original article on Gaea Times at : Japanese shares plunge on Libya turmoil.

Money Market Operations as on February 21, 2011

…. Source article  : Money Market Operations as on February 21, 2011.

UAE advocates free trade

Paris, Feb 21 (IANS/WAM) The United Arab Emirates has advocated a free trade policy in the world, saying it can create economic opportunity for millions of people in developing economies, and thus “contribute to global peace and stability”.

UAE Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan said this while commenting on his country’s participation …. Source article on Gaea Times at  : UAE advocates free trade.

Electronics development fund to promote innovation soon: Official

BANGALORE – The central government is in the process of setting up an electronics development fund to promote innovation, research and development (R&D), intellectual property (IP) and manufacturing in the electronics sector, a senior official said Monday.

“The government is in the process of formulating major initiatives, including setting up an electronics development fund (EDF) … Read more »»».

Apollo eyeing investments in Africa

KOLKATA – Asia’s largest chain of hospitals, Apollo Group is looking at business opportunities in Nigeria and Uganda, a senior company official said here Monday.

“The capital we have right now is India focused. We have India as the first priority. But if we get phenomenal opportunities then we would surely invest in the African …. Read the original article  : here.

Government working to create more jobs: Anand Sharma

NEW DELHI – India has sustained economic growth of 8-9 percent and the government is working to further improve economic growth and create more jobs, Commerce and Industry Minister Anand Sharma said Monday.

“We are working on to build India the manufacturing capital of the world so that more and more jobs can be …. Source article on Gaea Times at  : Government working to create more jobs: Anand Sharma.

Liquor to cost more in Haryana

CHANDIGARH – Announcing a marginal increase in the retail price of liquor, the Haryana government Monday said it will grant licences for pubs in Gurgaon, Panchkula and Faridabad cities.

In its new excise policy for 2011-12, the Haryana government has decided not to increase the quota of country liquor and Indian Made Foreign Liquor (IMFL) … Read : Liquor to cost more in Haryana.

VISA Power faces court case for felling trees

RAIPUR – VISA Power Limited (VPL), part of the Rs.5,000 crore VISA Group, is facing a court case in Chhattisgarh for felling trees illegally at a site where it has planned a thermal power project, Environment Minister Rajesh Munat told the state assembly Monday.

“There are a total of seven offences registered against VISA Power … Read : VISA Power faces court case for felling trees.

Indian semicon industry told to invest in nanotechnology

BANGALORE – The fledgling Indian semiconductor (semicon) industry has to invest in the research and development (R&D) of nanotechnology to face the challenge of disruptive technologies and shrinking innovative product cycles, a top expert said Monday.

“Nanotechnology is the future of the electronics industry worldwide. With disruptive technologies and product cycles shrinking, the Indian semicon … Read the original article on Gaea Times at : Indian semicon industry told to invest in nanotechnology.

India to grow 9 percent in 2011-12: PM’s advisor

NEW DELHI – India’s economy is likely to grow by 9 percent in 2011-12 on the back of 10.3 percent growth in services and 9.2 percent expansion in industry sector, the chairman of the prime minister’s economic advisory council said Monday.

“We hope that the economic growth in the next fiscal year will be about …. Source article  : India to grow 9 percent in 2011-12: PM’s advisor.

RIL deal, IT stocks lead late rally, Sensex ends 226 points up (Roundup)

MUMBAI – A benchmark index for Indian equities markets Monday shot up in late trade led by Reliance Industries as news of its $7.2 billion deal with global energy major BP came in.

After the markets closed, Mukesh Ambani-led Reliance Industries (RIL) said that London-based global energy major BP was buying a 30-percent stake …. Original source  : RIL deal, IT stocks lead late rally, Sensex ends 226 points up (Roundup).