Business News – Newsletter for March 2, 2011
Wednesday, March 2, 2011
Political parties to support anti-POSCO movement
BHUBANESWAR – The movement against South Korean steel major POSCO’s $12 billion project in Orissa’s Jagatsinghpur district got a boost with leaders of various political parties Tuesday announcing their support to the agitation led by the people likely to be displaced.
The one-day convention organised by the POSCO Pratirodh Sangram Samiti (PPSS) saw the presence [..] Read the original article: here.
Sensex surges 623 points on budget proposals (Roundup)
MUMBAI – A benchmark index for Indian equities markets surged 623 points Tuesday, a day after the presentation of the budget for 2011-12, as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds and mutual funds.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened …. Original article on Gaea Times at : Sensex surges 623 points on budget proposals (Roundup).
Cold storage, fertiliser classification as agri-infrastructure welcomed
NEW DELHI – Industry lobby Confederation of Indian Industry (CII) Tuesday welcomed the classification of cold chain (storage) and fertiliser industry as agriculture infrastructure in the federal budget 2011-12 presented by Finance Minister Pranab Mukherjee Monday.
“These steps will not only help in reducing wastages and seamlessly integrating the supply chain but at the …. Original article : Cold storage, fertiliser classification as agri-infrastructure welcomed.
Bosch India net up 45 percent on robust growth
BANGALORE – Bosch India Ltd posted Rs.859 crore profit for calendar year 2010, registering a strong 45 percent year-on-year (YoY) growth over 2009, the Indian subsidiary of the global German automotive major said Tuesday.
“Net sales grew nearly 40 percent YoY in 2010 to Rs.6,630 crore (Rs.66.3 billion) over like period previous fiscal, with exports … Read the original article on Gaea Times at : Bosch India net up 45 percent on robust growth.
286 projects await environment clearance: Ramesh
NEW DELHI – A total of 286 projects in various sectors, including construction projects, are awaiting environmental clearance, Environment Minister Jairam Ramesh told parliament Tuesday.
Replying to question in Rajya Sabha, Ramesh said a number of steps have been taken by the ministry to dispose the task.
Of the 286 projects, the highest 34 …. Source article : 286 projects await environment clearance: Ramesh.
Second Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 1, 2011 are:
Amount (face value in ` crore)
Item
2 days Reverse Repo Auction (Sale of securities by RBI)
2 days Repo Auction
(Purchase …. Original article : Second Liquidity Adjustment Facility : Auction Results.
Hero Honda’s February sales up 23 percent
NEW DELHI – Two-wheeler major Hero Honda Motors Monday reported an increase of more than 23 percent in its sales figure for February, which stood at 4,72,055 units over 382,096 units in the corresponding month last year.
Our performance throughout this fiscal has been very consistent and the strong February numbers are a positive … Read more »»».
Some states against FDI in multi-brand retail: Montek
NEW DELHI – Some state governments in India have expressed reservations against foreign direct investment (FDI) in multi-brand retail and said they won’t allow it even if the federal government chose to do so, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Tuesday.
“States are divided on the idea. Some say they have no … Original article on : Some states against FDI in multi-brand retail: Montek.
Indian automobile sector’s February sales soar (Roundup)
NEW DELHI/CHENNAI – The Indian automobile industry Tuesday reported good sales numbers for the month of February, prompted by a growing economy, increasing disposable incomes and low interest rates.
Market leader Maruti Suzuki’s sales increased by 15.5 percent in last month with 1,11,645 units being sold as compared to 96,650 vehicles sold in February 2010.
… Original source on Gaea Times at : Indian automobile sector’s February sales soar (Roundup).
Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar ??? Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 …. Source article : Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar ??? Penalised.
Results of Auctions of 10-year State Development Loans, 2021 of Eight Governments
The Results of the auctions of 10-year State Development Loans, 2021 for Eight State Governments held on March 1, 2011.
Table (` in crore)
Assam
Gujarat
Jammu and Kashmir
Madhya Pradesh
Maharashtra
Notified Amount
800.000
750.000
400.000
700.000
950.000
Underwriting Notified Amount
Nil
Nil
Nil
Nil
Nil
Competitive Bids Received
… Read more >>.
Day after budget people wonder if they are really better off
NEW DELHI – A day after the federal budget, people across India wondered if they were really better off and problems on the ground such as high commodity prices and the general fall in living standards will be adequately addressed.
The most tangible measure proposed by Finance Minister Pranab Mukherjee concerning the average tax payer …. Original article : Day after budget people wonder if they are really better off.
Kerala IT team to visit global infotech fair
THIRUVANANTHAPURAM – A high level delegation from Kerala IT, the state government’s nodal infotech agency, will participate in the prestigious global infotech and communications fair CeBIT 2011 in Hanover in Germany, a statement said here Tuesday.
The team will comprise Kerala State IT Mission director Ishita Roy, Technopark’s chief executive officer Mervin Alexander and Infopark … Read more »»».
Oz ATMs eject ‘thousands of dollars’ thanks to malfunction
MELBOURNE – A malfunction in Commonwealth Bank has caused at least 40 ATMs to spill out “thousands of dollars” in Sydney and others in Brisbane.
Anecdotal reports suggest the machines have also been issuing excess cash in Melbourne, but there has been no confirmation.
In Sydney, police have been called to guard affected machines, including one at …. Read the original article : here.
Singhvi withdraws himself from JPC
NEW DELHI – As the Rajya Sabha nominated 10 MPs for the 30-member joint parliamentary committee (JPC) probe into the 2G spectrum scam, Congress member Abhishek Manu Singhvi withdrew himself from the panel saying he had appeared for cellular operators in court as a senior advocate.
“I had appeared as a senior advocate in …. Original source : Singhvi withdraws himself from JPC.
Micra drives up Nissan sales
CHENNAI – The Indian subsidiary of Japanese auto major Nissan recorded sales of 2,081 units in February, up from 44 units in the corresponding period last year, thanks mainly to its Micra model.
The growth is mainly driven by its compact car Micra, which accounted for 2,030 units as against 1,784 units sold in January …. Original source : Micra drives up Nissan sales.
Excise duty on coal to increase cement prices: Birla Corp
KOLKATA – The imposition of excise duty of one percent on coal, proposed in the general budget 2011-12, will push up cement prices, a top executive of leading cement maker Birla Corporation Limited said Tuesday.
“In the budget presented yesterday (Monday), one percent excise duty was imposed on coal. It is a new introduction. It …. Source article on Gaea Times at : Excise duty on coal to increase cement prices: Birla Corp.
182 days Treasury Bills : Auction Result
Date of Auction : March 1, 2011
I.
Notified Amount
` 2000.00 crore
II.
Underwriting notified amount
N.A.
III.
Competitive Bids received
(i)
Number
53
(ii)
Amount
` 6893.00 crore
IV.
Cut-off price
` 96.39 (YTM is 7.5110%)
V.
Competitive bids accepted
(i)
Number
16
(ii)
Amount
` 2000.00 crore
VI.
Partial Allotment Percentage of Competitive Bids
49.06 (7 Bids)
VII.
Weighted Average Price
` 96.40
VIII.
Non-competitive bids received
(i)
Number
Nil
(ii)
Amount
Nil
IX.
Non-competitive bids [..] Read the original article: here.
91 days Treasury Bills : Auction Result
Date of Auction : March 1, 2011
I.
Notified Amount
` 5000.00 crore
II.
Underwriting notified amount
N.A.
III.
Competitive Bids received
(i)
Number
68
(ii)
Amount
` 10928.10 crore
IV.
Cut-off price
` 98.25 (YTM is 7.1443%)
V.
Competitive bids accepted
(i)
Number
37
(ii)
Amount
` 5000.00 crore
VI.
Partial Allotment Percentage of Competitive Bids
81.59 (24 Bids)
VII.
Weighted Average … Read the original article on Gaea Times at : 91 days Treasury Bills : Auction Result.
Tata Motors logs 12 pc sales growth in February
CHENNAI – Indian automobile major Tata Motors Ltd logged 12 percent sales growth in February over the same period last year while its small car wonder Nano logged 101 percent growth.
The company sold 77,543 vehicles (commercial vehicles – CV – 41,130 units and passenger vehicles – PV – 33,751 units including exports) last month … Original source on Gaea Times at : Tata Motors logs 12 pc sales growth in February.