News archive
Industrial growth rebounds
January 13 2012
Sharp rebound surprises industry players; mining, capital goods continue to suffer.
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Improved IIP could mark end of slowdown
January 12 2012
Encouraged by around 6 per cent industrial growth in November, the Planning Commission today exuded confidence that it would help improve the business sentiment and hopefully indicates an end to the slowdown.
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Govt investing $20 b in creating information highway
January 11 2012
The Government is investing $20 billion in projects related to creating information highway, according to Mr Sam Pitroda, Advisor to the Prime Minister on Public Infrastructure, Information and Innovations. This includes $3 billion for setting up the knowledge network and another $6 billion for the National Optic Fibre Cable Network.
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Inflation to drop to 6.5 pc this month
January 11 2012
India's overall inflation rate, which has remained near the double-digit mark since December, 2010, is likely to fall sharply to 6.5 per cent this month and stay "low" until 2013, says a report.
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India opens retail sector to foreign brands
January 11 2012
Government has allowed foreign brands such as Adidas or home furnishings giant Ikea to open 100-percent owned shops, but will continue to block the entry of supermarkets.
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PE investment in India at $10 bn in 2011
January 11 2012
Private equity firms made investments worth $10.11 billion in India during 2011, taking their total investment over the past five years to about $47 billion, a report by research firm Venture Intelligence says. In 2011, investments worth $10.1 billion were announced by way of 441 deals, compared to $8.1 billion through 362 deals in the previous year
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Green jobs to grow by up to 60% in 2012
January 09 2012
With 'global warming' becoming a major concern world over, hiring of green professionals is likely to grow by up to 60 per cent this year, say experts.
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Outlook for Indian mkts changes to optimism
January 06 2012
A week into the new year, market analysts have changed their tune about the markets. The sombre mood in December is giving way to an optimistic outlook
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FDI inflows increase 36% in Jan-Oct
January 04 2012
Foreign direct investment (FDI) in India surged 36 per cent to $23.7 billion during January-October this year, notwithstanding the uncertain global economic environment. During January-October 201O, the country had attracted FDI worth $17.36 billion.
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Factory activity jumps to highest since June
January 04 2012
The HSBC Markit India Manufacturing PMI jumped to 54.2 from 51.0 in November, its biggest monthly rise since April 2009.
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RBI steps to boost rupee
December 30 2011
The RBI sought to end speculative trading seen in the currency market in the November-December period, by announcing measures such as withdrawal of the facility to cancel and rebook forward contracts by resident and foreign institutional investors and reducing the overnight open position limit of banks authorised to deal in foreign exchange
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India may bring Japan on board for manufacturing plan
December 29 2011
The Indian government is counting on aggressive investments from Japan to fund the proposed National Manufacturing Zones (NIMZs) in the country.
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India has the capacity to overcome economic crisis
December 15 2011
Concerned over slowdown, Finance Minister Pranab Mukherjee today said the government will make efforts to build broad consensus on reforms as the economy has resilience to overcome the problem.
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Global investors bet $1 billion on India's Internet, mobile start-ups
December 15 2011
Global investors have placed a billion dollar bet on India's Internet and mobile start-ups during 2011, reposing confidence in the fast-growing base of digital consumers in the country. Marquee venture capital and private equity investors made aggressive investments in start-ups - most of which are less than five-year old - as they backed the story of rising disposable income and Internet penetration.
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India has the capacity to overcome economic crisis
December 13 2011
Addressing the Parliament, Finance Minister Pranab Mukherjee on Tuesday said that there was no policy paralysis in the government functioning. Pranab Mukherjee vehemently stated that the Indian economy was strong and that the real issue staring at the country was the recession in Europe.
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Global investors bet $1 billion on India's Internet, mobile start-ups
December 13 2011
Global investors have placed a billion dollar bet on India's Internet and mobile start-ups during 2011, reposing confidence in the fast-growing base of digital consumers in the country. Marquee venture capital and private equity investors made aggressive investments in start-ups - most of which are less than five-year old - as they backed the story of rising disposable income and Internet penetration.
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India continues to be attractive for foreign investors
November 28 2011
Indian economy has successfully weathered the global financial crisis, thereby proving its resilience and depth, suggests an Ernst & Young report titled, ‘Doing business in India’.
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Land of billion opportunities, not billion problems
November 14 2011
India is a land of billion opportunities and not billion problems, according to Mr Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd.
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India will continue to dominate KPO sector
November 11 2011
India will continue to be at the forefront of the development of knowledge process outsourcing (KPO) industry for the foreseeable future, says a report.
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Walmart to start innovation lab in India
November 11 2011
The world's largest retailer Walmart which is playing catchup with online retailer Amazon in trying to improve how its customers buy on the Internet, will start its innovation lab in India to drive its next generation of innovations that impact shopping behavior.
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India to be ranked 3rd largest Internet market after China and the US
November 09 2011
By the end of this year, one in every 10 Indians will be an Internet user, making the country the third-largest Internet market in the world after China and the United States
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India's innovation stimulus; Young techies move from outsourcing to innovation and entrepreneurship
November 09 2011
The world hit 7 billion people last week, and I think I met half of them on the road from New Delhi to Agra here in India. They were on foot, on bicycle, on motor scooters. They were in pickups, dented cars and crammed into motorized rickshaws. They were dodging monkeys and camels and cows. Somehow, though, without benefit of police or stoplights, this flow of humanity that is modern India impossibly went about its business.
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India to lead Rapid Growth Markets
November 03 2011
India and China are expected to be relatively less impacted among the 25 Rapid Growth Markets(RGMs) in case of a deterioration of the Eurozone debt crisis , according to Ernst & Young's first Rapid Growth Markets forecast (Autumn 2011) released on 24 October 2011.
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India's gas demand to double by 2017
October 31 2011
India’s natural gas demand is likely to more than double to 473 million standard cubic metres per day by 2016-17 with most of incremental demand coming from power plants.
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Forex reserves up $858 m to $318.35 b
October 31 2011
India's foreign exchange reserves rose by $858 million to $318.358 billion in the week ended October 21, according to Reserve Bank of India's ‘Weekly Statistical Supplement
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Govt clears manufacturing policy
October 28 2011
The much-awaited National Manufacturing Policy was approved on Tuesday by the Union Cabinet. It comes at a time when the country is facing a slowdown in manufacturing and industrial growth.
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India to overtake China in 2014
October 25 2011
India will overtake China in 2014, according to a forecast by the Ernst & Young's report on Rapid Growth Markets (RGMs). In 2014, India is expected to grow at 9 per cent while China is expected to grow at 8.6 per cent.
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India to attract $80 billion FDI over 12-24 months, says a Morgan Stanley survey
October 25 2011
Over the next 12-24 months India could attract a massive $80 billion in foreign direct investment (FDI), according to a research report by Morgan Stanley.
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India poised to be among top 5 aviation nations in next 10 years
October 18 2011
India is exploring opportunities to improve connectivity with Africa and plans to pump in $5 billion, according to aviation Ministry officials.
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Biotech sector to grow 20% in foreseeable future
October 18 2011
India's biotech sector is expected to grow at a robust 20 per cent per annum in the near future, given the growing demand for biopharmaceuticals, biosimilars and vaccines, says a veteran in the field.
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India sees 8.5-9 per cent growth in medium-to-long term
October 18 2011
Amid sluggishness in the economy, finance minister Pranab Mukherjee exuded confidence that the country will maintain a high economic growth trajectory of 8.5 to 9 per cent in the medium to long-term.
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Govt considers raising FDI ceiling in single-brand retail
October 13 2011
Government is considering to increase FDI ceiling for single brand retail. "We are seriously considering to raise the bar further - that means to allow increased FDI....how much it is, only when we take the decision you will get to know," commerce and industry minister Anand Sharma said on Tuesday, on the sidelines of a CII-ET Dialogue Luxury event here.
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Exports grow 36.3 per cent at US$ 24.8 billion in September 2011
October 13 2011
New Delhi: Indian exports continue to shine as the Government strategy to look for newer markets and change the composition of exports work. Exports grew 36.3 per cent to US$ 24.8 billion in September 2011 on a year-on-year basis.
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India may soon join sovereign fund club; fund to fuel natural resources acquisitions overseas
October 12 2011
India may soon join sovereign fund club; fund to fuel natural resources acquisitions overseas
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India has the potential to emerge among the top five economies in the world for electronic payments ET Bureau Sep 12, 2011, 05.39am IST
September 13 2011
India has the potential emerge among the top five economies in the world for electronic payments and transactions, according to study by a global player in the industry.
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India will invest $ 1 trillion of infrastructure development
September 13 2011
Indian Prime Minister Manmohan Singh announced the same day, in India, 'five' (2012 -2016 years), the Indian government will invest about 10,000 billion on infrastructure in the country, saying that India achieved an average annual 9 percent economic growth target is critical.
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India may soon join sovereign fund club; fund to fuel natural resources acquisitions overseas
September 09 2011
India's policy makers will discuss next week a proposal mooted by corporate chiefs to float a sovereign wealth fund (SWF), which would potentially invest in overseas projects and companies to secure access to natural resources for one of the fastest-growing economies in the world. A committee headed by Reserve Bank of India Governor D Subbarao will discuss the merits of the proposal on September 15, according to senior officials. The committee operates under the umbrella of the Financial Stability and Development Council, or FSDC, a forum of regulators monitoring financial stability and interregulatory co-ordination.
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New national manufacturing policy this month, says commerce and industry minister Anand Sharma
September 05 2011
The national manufacturing policy that proposes to create mega industrial zones with world-class facilities and tax sops for units is likely to be implemented by the end of the month, commerce and industry minister Anand Sharma has said.
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India can lend stability to world
August 30 2011
Finance minister says sustained high growth requires nimble, transparent, coordinated responses, allowing non-state actors to shoulder much more.
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India's Q1 FY-12 GDP at 7.7%
August 30 2011
Confirming fears of a slowdown, India's economy grew by just 7.7 per cent in the first quarter of the 2011-12 financial year, compared to 8.8 per cent growth in the same three-month period last fiscal, which was mainly due to the poor performance of the manufacturing sector.
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Mahindra Satyam opens delivery centre in Netherlands
August 24 2011
Mahindra Satyam has opened a near shore delivery centre in Eindhoven (Netherlands), with an aim to strengthening its presence in the Benelux region.
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Government to prepare a national bio-energy mission to boost power generation from biomass
August 22 2011
The government is preparing a national bio-energy mission to boost power generation from biomass, a renewable energy source abundantly available in India
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Twelfth five-year plan to aim at 9% growth rate
August 22 2011
he next five-year plan is going to maintain its target growth rate at 9% despite recent events pointing to apprehensions of a downturn in western economies. The planning commission is due to firm up its approach to the twelfth plan (2012-17) on August 20 in a meeting chaired by Prime Minister Manmohan Singh.
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Millionaire households in India growing
August 22 2011
The number of millionaire households in India will grow from 2.86 lakh to 6.94 lakh between 2011 and 2020, a growth rate of 143 per cent, said a study by the Deloitte Center for Financial Services
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Solar parks to get high priority
August 19 2011
The government plans to accord high priority to developing large "solar parks", or clusters of units that can generate a total of up to 5,000 megawatts, to help cut costs, Renewable Energy Minister Farooq Abdullah said on Wednesday.
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India allows foreign investors to buy local mutual funds
August 16 2011
India allowed foreign individual investors to buy local mutual fund units in equity schemes, a senior official at the finance ministry said, as Asia's third-largest economy seeks to attract overseas capital and widen its investor base for the mutual fund sector.
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TCS and SMU sign an agreement to set up iCity Lab at SMU
August 11 2011
Tata Consultancy Services (TCS), a leading information technology (IT) services, business solutions and consulting firm, and Singapore Management University (SMU) have announced the establishment of the TCS-SMU iCity Lab. The lab would be located at SMU.
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Investors see India as safe haven; robust economy & less leveraged corporates keep growth intact
August 11 2011
The Indian market showed remarkable resilience on Tuesday and ended just 132 points lower at 16,858 on Tuesday despite a 5.6% fall in the Dow Jones index in the US on Monday.
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RIL-BP $7.2-bn deal gets govt nod
August 10 2011
Reliance Industries (RIL) and BP's $7.2-billion deal has received the government's stamp. Under the agreement, BP will pick up 30 per cent stake in 21 (of 23) oil and gas blocks RIL operates in India.
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Chennai facility set to become Nokia's biggest in Asia
August 10 2011
Chennai: In the next one year, the Chennai (Oragadam) centre of Nokia Siemens Networks (NSN) could be the company's biggest manufacturing hub in Asia, overtaking the China facility, according to a senior company official.
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Analysts' views on where the market is headed
August 10 2011
Market may dip a little bit from here: Deepak Mohoni
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Our markets to stabilise in few days
August 10 2011
Encouraged by about 400 points upsurge in the BSE sensex in the opening trade, Finance Minister Pranab Mukherjee today exuded confidence that markets will stabilise in the next few days.
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Good buying opportunities in Indian markets at current levels
August 09 2011
Vikas Khemani, Executive Vice President & Head-Institutional Equities, Edelweiss Securities Ltd, in an interview with ET Now talks about investment opportunities in the current market conditions.
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India allows foreign investors to buy local mutual funds
August 09 2011
India on Tuesday allowed foreign investors to buy up to a cumulative $10 billion in domestic equity funds, opening the door wider to capital flows into an expanding economy.
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IFC to invest $15 million in Andhra's biomass co
August 09 2011
International Finance Corporation (IFC), the financial arm of the World Bank, will invest $ 15 million in Secunderabad-based biomass power firm Shalivahana Green Energy Ltd
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The Dynamic Indian Foreign Investment Regulatory Regime
August 08 2011
India's gross domestic product (GDP) is growing at an average rate of 8.5 per cent every year and is counted as one of the best amongst the emerging economies
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India's forex reserves at new high of $319 bn
August 08 2011
India's foreign exchange reserves have reached a new high of US$ 319 billion as on July 29, 2011, according to data from the Reserve Bank of India (RBI). The rise is attributed to the increase in foreign currency assets as well as appreciation in gold reserves.
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South American nations keen on trade pacts with India
August 08 2011
Bilateral trade pacts and free trade agreements with countries in Latin America will play a role in increasing trade with India, according to ambassadors from four South American countries.
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Indian economy can handle current financial crisis
August 08 2011
Amid a fall in the stock markets in the wake of economic problems in the US, Finance Minister Pranab Mukherjee on Monday said India's fundamentals are strong and the government is ready to address any concern that may arise, while admitting there could be some impact.
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Time to broaden strategic ties
August 08 2011
One of India’s principal challenges in east Asia is that New Delhi’s strategy can only be effective if it builds sustainable geoeconomic relationships with countries with whom it shares geopolitical interests.
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US crisis will hit exports and capital flows
August 08 2011
Prime Minister's Economic Advisory Council Chairman C Rangarajan today said the downgrade of the US sovereign rating would negatively impact exports and moderate capital flows into the country.
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Rupee falls 25 paise to 5-week low
August 05 2011
The rupee today fell by 25 paise to trade at nearly five-week low of Rs 44.79 against the US dollar in early trade
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India's banking industry hit as 1 million nationwide staff goes on strike
August 05 2011
Majority of banking transactions across India were hit on Friday as some one million staff struck work to protest proposals to divest government stake in state-run institutions, apart from demanding a host of welfare schemes
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Tata Steel to invest 7 million pounds in UK's Hartepool unit
August 05 2011
NEW DELHI: Tata Steel on Thursday said it will invest 7 million pounds (over Rs 500 crore) at its Hartlepool mill in the United Kingdom to enhance the welding and material handling capability.
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So far so good
August 04 2011
The monsoon has progressed well, but uncertainty persists
The progress of the south-west monsoon, which has run halfway through its four-month course, has been by and large satisfactory. However, uncertainties persist — mainly because, after a promising start in June that saw surplus rainfall, precipitation has been 14 per cent short of the normal in July. In addition, the met office has predicted that rainfall in the remaining months of August and September will be 10 per cent below the normal. The cumulative, area-weighted rainfall in June and July has been five per cent below the long-term average; for the monsoon as a whole, the shortfall could range between five per cent and 10 per cent. Technically, this would be deemed to be below normal.
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BMW Guggenheim Lab to come to Mumbai
August 04 2011
New Delhi: BMW in collaboration with Guggenheim Museum and Foundation has launched the BMW -Guggenheim initiative to explore the challenges and opportunities of life in urban cities and work towards the creation of forward-looking concepts and designs for building sustainable cities of tomorrow.
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Need to launch second phase of economic reforms
August 03 2011
India's economic liberalisation initiated by the then Finance Minister and present Prime Minister Manmohan Singh 20 years ago has come full circle and the time has come to launch the second phase of the programme so that benefits could also reach the common man.
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update automotive sector
August 03 2011
Total new vehicle sales in India rose 28% in the financial year ending March 2011, which followed record sales for calendar year 2010. This underlines robust consumer sentiment reflected in 30% growth in passenger car sales. Looking ahead, however, one of the key factors in the market's current growth could serve as a threat in the year to come
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update Foodprocessing sector
August 03 2011
The lagged impact of the central bank’s aggressive monetary tightening is expected to take the steam out of domestic demand over the coming quarters. Looking ahead, we maintain our view that the Indian consumer-facing sectors provide very exciting opportunities for consumer goods manufacturers, thanks to the country’s favourable demographics, rising disposable incomes and strong macroeconomic fundamentals.
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update freight transport sector
August 03 2011
The country's rapid economic growth, and attendant expansion in its middle class and consumer market, is feeding rapid growth in throughput at the country's ports which is filtering down into the rest of the freight transport network. A number of new maritime terminals are being developed in order to cater for this, in addition to the expansion of existing terminals. The Indian air freight sector is equally buoyant, though continues to suffer from bottlenecks and strikes. The country's road and rail freight sectors remain overstretched due to the country's growing trade demands and a lack of investment by previous governments. However, attempts to increase capacity across these sectors are currently taking place.
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update shipping sector
August 03 2011
India's shipping sector continues to expand at a frenetic pace, with a combination of increasing consumer demand and overseas trade volumes boosting shipping volumes to and from the country's ports. The industry remains blighted by numerous problems, however, with Q211 witnessing a flare-up in congestion at major seaports. Meanwhile, the country's shipping fleet still remains undeveloped by global standards and ill-equipped to cope with the country's surging trade needs. To make matters worse, many companies' expansion programmes are being hit by the current slump in international freight rates.
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update pharmaceutical markets
August 03 2011
BMI View: Positive attributes include a huge population, a booming economy, a low-cost generic drug programme and relative political stability. However, sales of medicines are being restricted by faltering urbanisation, massive income disparities, insufficient state involvement in healthcare and, most importantly, a sub-standard intellectual property regime.
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Tata Motors to restructure local dealership network
August 03 2011
In a bid to boost sagging sales of passenger vehicles, Tata Motors has firmed up plans to restructure its local dealership network in the course of this financial year.
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Top 200 IT companies in India log revenue of $84 bn in FY'11
August 03 2011
Bengaluru: India's top 200 information technology (IT) firms reported combined revenues of US$ 84 billion (Rs 384,250 crore) in 2010-11, to grow at 25 per cent, the highest growth rate registered in the last four years.
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India to be second largest steel producer by 2013
August 02 2011
New Delhi: India will emerge as the second largest steel producer by 2013 with an installed capacity of 120 million tonnes (MT), according to Mr Beni Prasad Verma, Steel Minister. The steel demand in the country is growing at an average of 10 per cent, which may exceed even 12 per cent in the near future.
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Starting a business in India to take less than a day
August 02 2011
Mumbai: The Ministry of Corporate Affairs (MCA) has simplified the procedures for incorporation, to enable promoters to get their companies incorporated within 24 hours. With this procedure, India will join an elite group of countries where starting a business will take less than a day.
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Second Ford factory in India
August 02 2011
The American car manufacturer Ford will invest $ 1 billion in the construction of an assembling-and engine factory in India. Ford will increase the production in India substantially. The new factory -the second Ford factory in India- will be established in the Province of Gujarat, in the western part of the country, and will enroll 5,000 persons. The construction will start this year and according to the planning the first cars will be manufactured in 2014.
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India semiconductor consumption to grow by 15.5% in 2011
August 02 2011
ndia semiconductor consumption is projected to total $8.2 billion (approximately Rs 36,080 crore) in 2011, a 15.5% increase from 2010 consumption of $7.1 billion (approximately Rs 31,240 crore) according to Gartner Inc. Based on this forecast, India is the fastest growing market in terms of semiconductor consumption for 2011.
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Foreign tourist arrivals jump 11.5% in Jan-May
June 22 2011
Foreign tourist arrivals (FTAs) in India have helped the tourism
industry rebound from the recession-hit phase of the last two years.
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Indian firms using social media to get business
June 08 2011
There is a marked rise in use of social media by businesses worldwide as a tool to win new business, a recent study has found.
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Tech cos adopt venture capital model
May 31 2011
Indian technology companies are donning the venture capital (VC) hat to incubate business ideas generated by employees.
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Economic growth on track, more steps to check inflation: PM
May 23 2011
Bullish on an economic growth rate of 8.5 per cent in the past seven
years of its rule, the UPA government on Sunday said high prices still
remain a major concern and hinted at more steps to contain inflation,
especially for the poor and vulnerable sections.
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Emerging markets redefining global economy: World Bank
May 18 2011
India, along with five other emerging economies, will account for more than half of all global growth by 2025, the World Bank predicts. The bank also showered praise on Tata’s Nano car as an example of the importance of research and development.
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Exports from SEZs up 43% in 2010-11
May 18 2011
New Delhi: The country's exports from its Special Economic Zones (SEZs) registered a robust 43 per cent growth in the fiscal 2010-11 at Rs 3,15,867.85 crore, against Rs 2,20,711.39 crore in the previous year, even as the overall export growth was 32.3 per cent in rupee terms.
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Consistent growth needed: Harish Manwani, Chairman, Hindustan Unilever
May 11 2011
Hindustan Unilever Chairman Harish Manwani wants his company to keep up
the momentum that helped it record the highest volume growth in more
than a decade in 2010-11
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India rank 5th in a "Global economic power" survey
May 10 2011
The survey considers 4 variables which capture the government's ability to raise resources. It's credit worthiness and credibility in international financial markets; it's influence on global economic activity and it's representational strength or how much of the global economy, including it's global manpower, it can claim to represent.
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Nasscom sees strong spurt in tech demand
April 28 2011
Technology industry body National Association of Software and Services Companies (Nasscom) sees a strong revival of demand that could not only help meet, but even exceed, growth expectations for 2011-12.
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Internationale Handelsdag Utrecht
March 14 2011
On
the
7th of April the KvK Midden – Nederland and the KvK Gooi-, Eem- en
Flevoland
will jointly organize a program for the Internatonale Handelsdag from
15.30 –
21.00 hours in DeFabrique in Utrecht.
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India vs Netherland: India beat Netherlands by 5 wickets
March 10 2011
A patient Yuvraj Singh (51 not out) helped India struggle past the Netherlands by five wickets in their World Cup clash at the Ferozeshah Kotla in New Delhi on Wednesday.
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India in top 10 manufacturers list
March 04 2011
New Delhi: India was amongst the top 10 manufacturers in 2010 and together with Brazil and China accounted for a third of the world manufacturing output, up from one-fifth 10 years ago, said a United Nations report .
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A positive move, budget boosts growth drivers
March 01 2011
From the
perspective of the Indian industry, Budget 2011-12 is a positive
exercise, effectively balancing growth and inclusion while adhering to
fiscal
consolidation compulsions. The lowering of the fiscal deficit to 4.6%
for
2011-12 is truly laudable, given the multiple exigencies facing the
finance
minister. Inflationary expectations have been curbed as well by prudent
management of the government’s borrowing programme. The Confederation of
Indian
Industry deeply appreciates the sagacious manner in which the divergent
challenges of the economy have been addressed through the budget.
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India's bid to double export in three yrs
February 24 2011
India aims to double its exports to $450 billion by 2014 and will work on a four-pronged strategy to diversify and boost shipments out of the country.
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Car companies split over import duty
February 22 2011
The proposed
India-EU trade agreement has
divided car makers with Pawan Goenka, the president of industry body
Society of
Indian Automobile Manufacturers (Siam), opposing any move to cut duty on
imported cars while several members, including foreign luxury car makers
such
as Audi, Mercedes and BMW, batting for lower tariffs.
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Indians saving less, consuming more today
February 15 2011
Saving for a
rainy day is an American prerogative. However, they have too many
rainy days to really save anything. Then came the Japanese and their
miniaturisation in electronics.
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Cloud to see explosive growth: KPMG
February 11 2011
Worldwide cloud
services revenue is forecast to reach $68.3 billion in 2010
and projected to touch $148.8 billion by 2014, according to a report by
consultancy firm KPMG.
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Foreign investors embrace direct market access
February 09 2011
Mumbai: FIIs
use this route in a big way to save costs.
Direct market access (DMA) is fast gaining popularity among investors
abroad,
with more than a quarter of their trades in India coming through this
route,
say brokers familiar with the matter.
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Unilever Q4 net up 15% on emerging mkts growth
February 04 2011
Consumer good
giant Unilever today registered a 15% growth in net profit to
1.04 billion euros ($14.95 billion) in the October-December quarter of
2010
driven by strong performance in emerging markets like India.
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Indian IT sector grows by 19% in FY11
February 03 2011
New Delhi: Notwithstanding the uncertain global economic environment, currency volatility, debt crisis and protectionism in its largest market, the Indian Information Technology (IT) sector is estimated to have grown by 19 per cent in the financial year 2011, clocking revenue of $76 billion.
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Dutch consumer electronics maker Philips purchases leading Indian kitchen appliance maker Preethi
February 01 2011
Philips Monday announced it had purchased leading Indian kitchen appliance maker Preethi for an undisclosed amount. Royal Philips is a Dutch consumer electronics maker. The investment is aimed at turning the Dutch firm into a leader in India’s fast-growing market.
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India's exports rise 36.4%in December
February 01 2011
NEW DELHI:
India's
exports jumped 36.4% to $22.5 billion in December, the highest level in
nearly
three years, while imports declined 11.1 % to $25.13 billion, according
to
official data released Tuesday.
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Indian economy to grow by 8.7 per cent per annum: Report
January 28 2011
New Delhi: The
Indian economy is expected to grow by
8.7 per cent annually, compared to 8 per cent expected currently and to
create
37.5 million more jobs in 2020 than currently expected, according to a
report
released by the global consulting firm, Accenture at the World Economic
Forum
(WEF).
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‘Cool' India offers inclusive growth for all
January 27 2011
At Café
Schneider's, a strategic location in this Swiss alpine ski resort, an
‘India a dda' has been set up to create a “mini India within Davos”
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Air France-KLM buys 26% stake in Mumbai company
January 27 2011
New Delhi: India's growing aviation market and huge aircraft orders from desi airlines are proving to be a big attraction for foreign carriers to invest here.
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PE investments may cross US$ 7 billion in 2010
December 28 2010
India is expected to receive more than US$ 7 billion in private equity (PE) investments in 2010, on the back of robust economic growth, according to Ernst & Young (E&Y), a global consultancy firm.
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Manufacturing shows high growth in April-December
December 28 2010
Around 50 segments in the manufacturing sector grew by 39 per cent, entering the 'excellent growth' category, during April-December 2010-11, according to a survey by the Confederation of Indian Industry (CII) and ASCON. The survey covered 127 segments. Sectors that showed over 20 per cent growth were categorised under the ‘excellent category’, while those registering 10-20 per cent expansion are considered the ‘high’ performance category.
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Retail to grow, number of malls to reach 280
December 23 2010
Global real estate firm CB Richard Ellis (CBRE) has said that the Indian retail sector is expected to continue on its growth path due to economic recovery, and the number of malls is likely to increase to 280 by 2012 from the current 190. The firm said that "
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Fitch revises India's growth to 8.7 per cent for 2010-11
December 23 2010
The forecast for the country’s economic expansion has been revised upwards to 8.7 per cent for 2010-11 from 8.5 per cent earlier by the leading global rating agency, Fitch Ratings.
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India Inc sealed record US$ 55 billion M&A deals so far in 2010
December 23 2010
India Inc sealed mergers and acquisitions (M&A) deals worth US$ 55 billion so far in 2010, including a record number of billion-dollar transactions.
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Domestic air traffic records 25 per cent y-o-y growth
December 23 2010
The Indian aviation industry has reported 25 per cent increase on a year-on-year (y-o-y) basis in passengers flown in November 2010, according to the latest data released by the Directorate-General of Civil Aviation (DGCA). Seven domestic airlines flew 4,875,000 passengers in November 2010. It is the highest carriage recorded during a single month in 2010.
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Indians may invest over US$ 1 billion abroad this fiscal
December 16 2010
Overseas investments by individuals appears set to cross the $1-billion mark during the current financial year as Indians are back to investing in equities and property, besides remitting more money as gifts and for maintenance of close relatives.
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Global Leader in 3D conversion comes to Chandigarh
December 16 2010
Prime Focus, one of the world’s largest visual entertainment services groups, announces the launch of its new facility in Chandigarh. This is the tenth Prime Focus facility in India, which also operates studios in Hyderabad, Bangalore, Chennai, Goa and Mumbai.
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Industrial output grows by 10.8% in October 2010
December 16 2010
After the buoyant gross domestic product (GDP) in the second quarter, the industrial output has registered a robust growth of 10.8 per cent year-on-year (y-o-y) in October 2010.
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Direct selling industry to cross US$ 1.54 billion by 2012-13
December 16 2010
The direct selling industry in India pegged at US$ 907.84 million is all set to exceed the US$ 1.54 billion mark by 2012-13.
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Consumer durable firms step up investments
December 09 2010
Consumer durable companies are stepping up investments in production and distribution to cash in on the demand the industry is witnessing.
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Exports in November 2010 touch US$ 18.9 billion
December 09 2010
Exports from India have increased by 26.8 per cent to touch US$ 18.9 billion year-on-year (y-o-y) in November 2010, urging the Government to exude confidence that overall shipments in 2010-11 may touch US$ 215 billion.For the April-November 2010 period, exports have grown by 26.7 per cent to US$ 140.3 billion, while imports clocked US$ 222 billion, expanding 24 per cent.
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Crisil revises upwards GDP forecast to 8.6%
December 08 2010
Rating agency Crisil has revised
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IT services sector to touch $70 billion this year
December 08 2010
The information technology and services sector to reach around $70 billion (around Rs 3.2 lakh crore) by the end of current fiscal, an increase of 41.5 per cent compared to last year, when it stood at $49.7 billion (around Rs 2.26 lakh crore).
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Passenger car sales grew by 20.79% cent in November 2010
December 08 2010
The domestic passenger car sales grew by 20.79 per cent to 1,61,497 units in November 2010 as compared to 1,33,703 units in the same month in 2009.
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Indian economy grows 8.9% during July-September 2010
December 03 2010
The Indian economy has registered an annual growth of 8.9 per cent for the quarter July-September 2010. The year-on-year increase in the country's real gross domestic product (GDP) during July-September 2010 comes ahead of a corresponding 8.7 per cent figure for the same quarter in 2009.
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India and China will lead in manufacturing
December 03 2010
India, along with China, will become world leaders in manufacturing competitiveness by 2015, according to a recently published 2010 Global Manufacturing Competitiveness Index, a collaboration between Deloitte and the US Council on Competitiveness, which has been quoted in the latest issue of the United Nations Industrial Development Organisation (UNIDO) quarterly magazine ‘Making It: Industry for Development'.
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FII inflows touch record $39 billion in 2010
December 03 2010
The overseas funds have infused a staggering $4.78 billion in the capital market in November, taking the year-to-date total to $39 billion. With an investment of $4.78 billion in November, the total inflows of foreign institutional investors (FIIs) so far in 2010 have crossed the record $38.76-billion mark.
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Indian Connection for Growth
November 30 2010
Indian Connection for Growth, 13.00 - 18.00 hours, 6th of December 2010, Kasteel de Vanenburg
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FDI in renewable energy sector touch US$ 498 million in fiscal year 2010
November 30 2010
Foreign Direct Investment (FDI) in renewable energy sector has witnessed an upward trend and investment in 2009-10 has been robust, according to the Government.
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Anand Rathi, Arbuthnot in pact to tap European markets
November 30 2010
Anand Rathi Financial Services has entered into an alliance with Arbuthnot Securities.The two firms will work together to develop cross-border capability in institutional stock broking and investment banking. The services will be focused on the
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FCCI: Seminar Maximizing the Demographic Dividend of India 19-12-2010
November 24 2010
Seminar: Maximizing the Demographic Dividend of India
Sunday, December 19, 2010
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Netherlands delegation explores potential for trade cooperation
November 24 2010
Members of a touring trade delegation from The Netherlands said there is immense potential for cooperation with companies in India, across different sectors, which could boost business ties.
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OECD: India's GDP to grow by 9.1 per cent in 2010-11
November 24 2010
The Indian economy is projected to grow by 9.1 per cent in 2010-11 on back of a strong rebound in the agricultural sector, according to a recent forecast by a Paris-based Organisation for Economic Cooperation and Development (OECD). OECD, a grouping of mostly developed nations, had earlier pegged India's gross domestic product (GDP) growth at 8.3 per cent for the year ending March 31, 2011.
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India gets more FII funds than Asian peers
November 24 2010
It is common knowledge that overseas investors have invested a humungous sum in primary and secondary markets in India so far this year. The inflow this year not only surpasses the previous yearly high recorded in 2007, but is also one of the highest among the Asian stock markets.
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Exports in October 2010 touches US$ 18 billion
November 17 2010
The exports touched US$ 18 billion in October 2010, posting a 21.3 per cent growth as compared to the corresponding period in 2009, while the imports rose by 6.8 per cent to touch US$ 27.7 billion, according to Mr Rahul Khullar, the Commerce Secretary. Addressing a press conference, Mr Khullar highlighted that during the April-October 2010 period, the exports reached a level of US$ 121.4 billion registering a growth of 26.8 per cent while imports during the same period grew by 26 per cent at US$ 194.2 billion.
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By 2012 India to grow faster than China
November 17 2010
India is expected to grow faster than China over the next couple of years and will be a $30-trillion economy by 2030, according to a report by Standard Chartered Bank . India is going to be the third-largest economy in the world after the US and China.
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Economy will come back to 9% growth
November 15 2010
The Finance Minister, Mr Pranab Mukherjee, sees strong prospects for the Indian economy getting back, in the short term, to the nine per cent average economic growth level witnessed prior to the global economic crisis of 2008.
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Railways register 7.15% growth in freight loading in Oct 2010
November 15 2010
The Indian Railways has registered a robust 7.15 per cent growth in freight loading with a traffic of 78.71 million tonnes (MT) in the month of October 2010 as against the corresponding period in 2009. It is the highest growth recorded till date in the current fiscal.
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Auto sales increase up to 46% in October
November 15 2010
Overall vehicles sales in the domestic market during October grew by 45.9 per cent, compared to 10,00,953 units during the corresponding period last year. Vishnu Mathur, director general, Society of Indian Automobile Manufacturers (
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US pitches for level playing field for its firms in foreign investment regulations of India on US President Barack Obama’s India
November 10 2010
Ahead of US president Obama’s visit to India, the US voiced its concerns over Indian FDI regulations that it termed as opaque. In a summit organized before Obama arrives in the country, the Americans voiced their concerns for a level playing field and an atmosphere of genuine competition for its firms doing business in India. According to the US, India’s existing FDI rules are not prohibitive and her tariffs complex.
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India third fastest growing foreign investor in US
November 10 2010
Indians are the third fastest growing foreign investors in the United States, a top Obama Administration official has said, acknowledging the positive contribution of India in the US economy at the time of recession. Vineyard said Indian investment in 2008 was USD 4.5 billion but the investments in 2009 grew 60 per cent higher than investments in the previous year.
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India among 40 most improved economies
November 10 2010
India belongs to one of the 40 “most-improved economies” that made significant changes in business regulation at a steady pace in 2009 in order to make it easier for firms to operate, according to a new World Bank report.
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FII inflows cross the US$ 100 billion mark
November 10 2010
The net foreign fund investments has crossed the US$ 100 billion mark on November 8, 2010, since the foreign investors were allowed to make investments in the Indian stocks in 1992.
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Auto makers post record sales in festive October
November 04 2010
The country’s passenger vehicle makers reported record domestic sales and growth for October, buoyed by strong festive demand. Maruti Suzuki India (MSIL), Hyundai Motors, Tata Motors, General Motors, Ford, Toyota and Mahindra & Mahindra sold a record 296,064 vehicles (including exports), a rise of 27 per cent over last year. These companies account for 95 per cent of car sales in India.
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Consumer durables firms expect 40% growth during festive season
November 04 2010
This festive season is expected to be a happy one for consumer durables companies, with most expecting to clock a sales growth of 40 per cent — double the amount achieved last year.
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September: exports rise 23.2% and imports rise 26%
November 03 2010
India's exports during September 2010 stood at $18,023 million (Rs 83,018 crore) which was 23.2 per cent higher in dollar terms as against $14,624 million (Rs 70,838 crore), a year ago.
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Improved share in outsourcing deals Indian vendors
November 03 2010
The global outsourcing market remained steady during third quarter of 2010 with 503 deals, marginally higher than the 498 deals announced in June quarter, fuelled by the return of discretionary spends in IT space.
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October registered 25% total FII inflows in 2010
November 03 2010
Foreign institutional investors (FIIs) injected a record US$ 6.4 billion in October 2010, which was almost 25 per cent of the total inflows in the stock market registered so far in 2010. Total net investment by FIIs on the local stock exchanges is currently US$ 24.79 billion, the highest in a single year.
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20% growth in Indian animation sector
October 29 2010
The Indian animation industry is expected to grow at 20 per cent to reach $253 million by 2013 from the current $122 million, according to a study jointly brought out by Assocham and Deloitte.
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India's IMF rank to go up 3 notches in quota terms
October 29 2010
India's rank in the International Monetary Fund (IMF) will improve to the eighth position from the current eleventh in terms of quota, after the G-20 grouping reached agreement on Saturday on proposals to reform the IMF's quota and governance system.
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Denim capacity to rise by 100 million in India by 2011
October 29 2010
With an increased focus on catering to the domestic market, the denim industry is India expects the production capacity to rise by 100 million meters by next year. According to the Textile Association of India (TAI), the denim manufacturing capacity, which stands at 600-650 million meters per annum, is set to witness an addition by another 100 million meters wherein 70 per cent focus will be on the domestic market.
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India and Malaysia complete negotiations on CECA
October 29 2010
India and Malaysia has announced completion of the negotiations on the Comprehensive Economic Cooperation Agreement (CECA), indicating that the agreement will significantly transform the bilateral engagement between the two countries.
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$55 billion in renewable energy in 5 years
October 29 2010
India expects investments of up to $55 billion in the next five years in the renewable energy sector, which would generate 35,000 MW of power, a top official said. India, one of the leading producers of wind power, is encouraging investment in renewable energy to curb emissions and reduce dependence on
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Indian Finance Ministry to permit foreign investments in stock purchases, relaxing tough regulations on mutual fund investments
October 20 2010
In a move that may prove encouraging to foreign investors in India, the country’s finance Ministry announced it is planning to allow foreigners to invest in stock purchases. Currently, Foreign direct investments are stringent and do not allow foreigners to invest in Indian mutual funds. The move comes as a first in a long period of time, and will relax the existing restrictions on mutual funds investments.
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India experiences an increase in foreign portfolio inflows as investors seek higher returns in robust Asia markets
October 20 2010
India has experienced an increase in portfolio inflows thanks to investors in sluggish developed markets seeking higher returns in the robust Asia markets, Reuters reported. With most developed markets experiencing a slowed recovery, with underperforming markets; the Indian and Asian markets at large have shown impressive buoyancy and a potential for higher returns.
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GSM operators add 12.4 million users in September
October 20 2010
GSM-based mobile operators added 12.4 million subscribers in September to take their total tally to 494 million.
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Handicrafts exports up 33% in September
October 20 2010
Handicraft exports increased by 33 per cent at $ 62 million in September this year as against exports worth $ 46 million in the corresponding period last year. The exports increased on the back of more demand from the US, according to the Export Promotion Council for Handicrafts (EPCH).
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Life insurance industry posts 60% growth in new business in H1
October 20 2010
The life insurance industry grew by around 60 per cent in new business in the first half of 2010-11 despite a slowdown in sales in September, according to data compiled by life insurance companies.
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IMF: India to grow at 9.7 per cent in 2010
October 13 2010
India's growth projection has been revised upwards by the International Monetary Fund (IMF) to 9.7 per cent for 2010, from the earlier estimate of 9.4 per cent. It is the third straight revision of IMF's growth projections for India.
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Durables majors confident of 30% growth in 2010
October 13 2010
The consumer electronics and durables industry is expected to post at least 20-25 per cent growth this calendar year. Industry majors, LG and Samsung, are confident of outperforming the industry with at least 30 per cent growth in 2010 over 2009.
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HSBC study: Rise in confidence among Indian exporters, importers
October 13 2010
Confidence among the Indian small- and mid-market exporters and importers has increased significantly during the second half of fiscal 2010, according to the Trade Confidence Index commissioned by The Hong Kong and Shanghai Banking Corporation (HSBC) and conducted by TNS.
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Outbound M&A deals set to touch $100 billion this year
October 13 2010
India has climbed seven notches to the 10th position in the global takeover league table and is poised to set a record this year on abundant funding as companies go in search of technology and new markets. Corporate valuations and financial strength favor more overseas acquisitions by Indian companies than the other way round, say experts. The steep run-up in Indian stock prices could be a deterrent in multinational companies buying domestic ones, they say.
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Gems and jewellery exports to grow by 30-35 per cent in 2010-11
October 13 2010
Gems and jewellery exports from India is expected to grow by 30-35 per cent in 2010-11, according to the Gem and Jewellery Export Promotion Council (GJEPC), on the back of revival in demand in the international markets.
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Bollywood delegation to Holland 10-15 october 2010
October 06 2010
Between 10 and 15 October, 15 Indian media and entertainment companies will be visiting the Netherlands. For the first time a delegation from this sector is visiting the Netherlands. The delegation is being invited by a cluster of Dutch companies from the media and entertainment sector, the 2g@there ME-India program.
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India’s fast auto sales growth
October 06 2010
According to a study by global consultancy firm Ernst & Young , the Indian market will clock the fastest compound annual growth rate between 2009 and 2020, more than double that of China and the triad of North America, Europe and Japan. India’s CAGR between 2009 and 2020 is likely to be 14% compared with China’s 6%, other emerging markets’ 6% (which includes Bric nations) and the triad’s 4%.
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FIIs cross US$ 20 billion mark
October 06 2010
Net foreign institutional investor (FII) inflows crossed the US$ 20 billion mark on October 5, 2010, surpassing the US$ 17.7 billion high recorded in 2007, according to the Securities and Exchange Board of India (SEBI) data.
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Sensex goes live in Europe
October 04 2010
Futures & options (F&O) contracts of the Sensex — India’s popular blue-chip index, owned by the Bombay Stock Exchange (BSE) — will start trading in Europe from Monday. It will be country’s first equity index to be traded there. In Europe, the Sensex will be traded on the Eurex, the region’s derivative leader, controlled by German operator Deutsche Börse and SIX Swiss Exchange AG.
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FII inflows help Sensex reach 33 month high
October 04 2010
The benchmark stock indices reached a 33 month high on October 1, 2010 as foreign institutional investors (FII) continued to show their confidence in India's future. In just a period of two days in the week ending October 1, 2010 FIIs invested more than US$ 899.77 million in the Indian stock markets.
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Airbus sees India's aircraft demand taking off in a big way
October 04 2010
Aircraft manufacturer Airbus Industry has forecasted that India will require an additional 1,000 aircraft in the next 20 years. The company is also planning to raise the headcount at its engineering centre at Bangalore from 180 to 400 over the next three years.
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Indian millionaires zoom by 42,800
September 29 2010
India added more than 42,800 US dollar millionaires last year, taking the total number in the country to more than 127,000 — and the phenomenon is only going to grow further as high economic growth is sustained. What’s more, India, China and other Asia-Pacific regional economies are collectively set to outpace developed countries in spawning high net-worth individuals (HNIs), wealth manager Merrill Lynch and consulting firm Capgemini said in a report released on Tuesday.
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Overseas borrowings up 30% in April-Aug
September 29 2010
Taking advantage of the low interest rates prevailing overseas, Indian companies raised 30 per cent more resources through the external commercial borrowing (ECB) route in the first five months of the current financial year compared to last year. The resources mopped up during the reporting period aggregated to $7.559 billion compared with $5.816 billion in the corresponding period last year. Interest rate arbitrage of 100-150 basis points between rupee and foreign currency loans is spurring India Inc to tap the overseas market, say bankers.
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United Tech to explore M&A opportunities in India
September 27 2010
United Technologies Corporation (UTC), the US-based $53-billion company with interests in aviation, elevators, fire and safety, has formed a mergers and acquisition (M&A) team to scout for acquisitions to strengthen its commercial companies in India.
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Nestle to invest Rs 230 cr ($2.3-billion) in first Indian R&D centre
September 27 2010
Nestle, the fast moving consumer goods major, today said it would invest Rs 230 crore ($2.3-billion) to set up its first research and development (R&D) centre in India at Manesar in adjoining Gurgaon district. The facility will be made operational by July 2012. The R&D centre, the company’s 30th such facility worldwide, will facilitate innovation across a variety of categories -culinary, cereals, beverages and dairy products, among others.
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EFIB Conference held on the 19th of October in Edinburgh
September 27 2010
Explore research and business opportunities offered by India in industrial biotechnologies at the EFIB conference:
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India's growth numbers look very robust: Credit Suisse
September 22 2010
Robert Parker, Senior Advisor, Credit Suisse, spoke to ET Now on the US economy, European and Asian markets, with a special reference to the Indian market. Please click on the link below for interview excerpts:
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Two-wheeler sales to cross 12 million units in 2010-11
September 22 2010
The sales in the two-wheeler segment for 2010-11 is projected to exceed 12 million units, an increase of 20 per cent from around 10 million units in 2009-10.
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Job optimism in the economic scenario across all sectors
September 22 2010
There is optimism in the economic scenario across all sectors. In the services sector, healthcare and hospitality are seen to add the maximum number of jobs, the survey says.
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Department of posts gets RBI nod for launch of debit cards
September 22 2010
The Reserve Bank of India has given permission to the Department of Posts (DoP) to launch its prepaid debit card, in partnership with Master Card, which will allow customers to purchase products from all major retail outlets across the country.
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Government approves simplified labour law
September 22 2010
The Cabinet today cleared a simplified version of a labor Bill that will benefit small business establishments employing up to 40 workers in maintaining registers and submitting returns electronically.
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GDP growth projected at 9.2 per cent
September 22 2010
The Centre for Monitoring Indian Economy (CMIE), in its monthly review has estimated India's gross domestic product (GDP) to grow at 9.2 per cent in 2010-11 on back of robust growth in the economic activities, as the GDP had registered 7.4 per cent in the preceding year. "We have been maintaining a 9.2 per cent growth projection for FY 11 since March 2010. We project the three broad sectors of the economy (industry, services and agriculture) will improve their performance in FY 11," said CMIE.
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India and EU target free trade pact by December
September 16 2010
In an effort to conclude the negotiations for the India-EU free trade pact by December, the two sides will hold a series of meetings in Brussels and here. The first set of meetings at the level of chief negotiators is scheduled from next week at Brussels. There is also a likelihood of ministerial level talks for the Bilateral Investment and Trade Agreement (BITA) before the summit scheduled in December at Brussels.
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Industrial production rises by 13.8 per cent in July 2010
September 16 2010
India's industrial production witnessed an increase of 13.8 per cent in July 2010, surpassing analysts' forecasts. The official Index of Industrial Production (IIP) grew by 13.8 per cent as compared to 7.2 per cent in July 2009. The rise was powered by a 63 per cent jump in output of capital goods and 22.1 per cent in that of consumer durables.
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India becomes the seventh largest vehicle producing country globally
September 16 2010
The government has claimed that the country has become the seventh largest vehicle producing nation in the world, six years ahead of the set target. According to Mr B S Meena, Secretary, Ministry of Heavy Industry, "When we were making the Auto Mission Plan (AMP) in 2006, we had projected India to become the seventh largest vehicle producing country in the world by 2016. We have already achieved this milestone good six years ahead of the set target."
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Digital information in India to grow 60 fold by 2020
September 15 2010
India’s share of digital information is expected to grow 60-fold by 2020, driven by the roll-out of 3G and BWA networks, digitization of television networks, and increased technology adoption among individuals, small and medium enterprises, enterprises and in Government services like the Unique ID project, Census, among others, said a study.
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NIC sets up Rs 1,000-cr ($ 215.5 million) fund to reward innovations
September 15 2010
The newly-constituted National Innovation Council (NIC), which will promote new ideas for inclusive development, today announced the setting up of a fund with a corpus of Rs1,000 crore (approximately $ 215.5 million) to encourage innovation.
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Passenger car sales grew by 33 per cent in August 2010
September 15 2010
Indian auto industry sales broke records for the second month consecutively in August 2010 on the back of good monsoons, a positive customer sentiment, and low borrowing rates. According to the Society of Indian Automobile Manufacturers' (SIAM) data, the overall sales rose by 25 per cent to record 1,263,000 units in August 2010 - highest ever for a single month after July 2010. Specifically, sales were highest for the passenger vehicle and two-wheeler segments in August 2010.
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India government likely to consent to foreigners setting up limited liability partnerships (LLPs) in sectors where 100% foreign investment is allowed
September 09 2010
The Indian government said it may soon be allowing overseas investors to set up limited liability partnerships in sectors that permit 100% foreign investment. The announcement comes after a lot of dilly dallying with regard to financing regulations for this type of business organization favored worldwide for its flexibility. The move therefore marks a decisive step on the part of the Indian government towards encouraging this type of business in the country.
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Indian private security firm SIS India keen on raising equity for acquisition investments
September 09 2010
Indian private security firm, SIS India Monday announced that it is planning a $100 million equity raising that will aid the firm in future acquisition investments. The Indian company said it is planning to raise the capital via private equity by diluting about 10% to 15% stake. The firm reiterated that it has its sights set on a number of future acquisitions and investments and the equity raising will come in handy in such undertaking.
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Mobile subscriber base touched 652 million mark in July 2010
September 09 2010
The number of Indian mobile subscribers witnessed a robust growth as it touched the 652.42 million mark in July 2010, with an addition of 16.92 million connections, as per the official data.
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Vijayawada to be solar city in 5 years
September 09 2010
Vijayawada will be one among the 60 cities in the country that would be called solar cities, in the next five years. The project, for which the Centre has allocated over 6.4 million dollar with each city getting 5 million dollar each, is part of the 11th Plan. The plan, designed by the Ministry of New and Renewable Energy (MNRE), is aimed at meeting 10 per cent of the energy demand through solar power.
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MRPL-Shell venture to market ATF in three more airports
September 09 2010
Mangalore Refinery and Petrochemicals Ltd (MRPL), which has a joint venture with Shell B.V. of the Netherlands for marketing aviation turbine fuel (ATF) for domestic and international airlines at two Indian airports, will expand its marketing network to three more airports by the end of the current financial year.
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Indian government proposes to impose capital gains tax on acquisitions made overseas if the acquired company holds over 50 per cent assets in an Indian company
September 02 2010
In a move aimed at preventing disputes between overseas firms and the Indian Income Tax Department, the Indian government proposed to have capital gains tax imposed on acquisitions made overseas if the acquired firm holds 50% assets in an Indian firm. The measure comes as a reaction targeted at sealing loopholes that brought about Vodafone’s conflict with the Indian Income Tax Department over taxes.
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Q1 growth climbs to 8.8% on back of manufacturing
September 02 2010
Led by strong manufacturing and services growth, the economy expanded 8.8 per cent in the quarter ended June — the fastest pace in nine quarters. Though the performance of the agriculture sector was subdued during the quarter, both the government and economists expect it to pick up in the coming quarters as kharif sowing has been healthy after good monsoons.
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Chennai port gets Rs 100 cr for new hub
September 02 2010
The Union shipping ministry has sanctioned Rs 100 crore to the Chennai Port Trust to procure around 125 acres of land from the Tamil Nadu government on a long-term lease to set up a dry port and multi-modal logistics hub near Sriperumbudur special economic zone.
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TN expects investments worth Rs 20,000 crore
August 31 2010
Investments into Tamil Nadu would exceed Rs 20,000 crore in the current calendar year, according to a senior state official from the industries department. The government has received proposals worth Rs 7,000 crore, mainly from automobile companies including South Korea's second largest car maker Kia Automotive.
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Auto component sector to see 4-fold growth by 2020
August 31 2010
The Indian auto component industry expects to grow by over four-fold to $113 billion by 2020 as there have been projections of a similar jump in car manufacturing in the country in the next decade, said Automotive Component Manufacturers' Association.
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NMDC seeks foreign partners for Karnataka steel project
August 31 2010
NMDC, the country’s largest iron ore mining firm, is seeking foreign partners for its proposed steel plant in Karnataka, even as the project’s feasibility report is yet to be written.
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Consumer Affairs Ministry says yes to 49% FDI in multi-brand retail
August 26 2010
The Consumer Affairs Ministry has given the green signal to allow 49 per cent FDI in multi-brand retail. It has written a letter to this effect to the Commerce Ministry.
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Is Wipro not getting enough local talent for European operations?
August 26 2010
Wipro Technologies seems to be finding it difficult to hire more local people in Europe despite an internal mandate to ramp up its headcount there, according to details available on computerweekly.com.
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10 more flyovers, 7 new roads planned in Hyderabad
August 26 2010
The Revised Development Plan (Master Plan) for the erstwhile Municipal Corporation of Hyderabad area, released by chief minister, K Rosaiah, on Tuesday envisages construction of 10 new flyovers, 13 bridges, 7 new road under bridges, 27 commercial strips and 70 commercial roads.
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India is the favoured offshoring location for British firms
August 24 2010
India is the overwhelming favourite destination for offshoring by British companies, according to a joint study published over the week-end by the Chartered Institute of Personnel and Development and KPMG.
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Emerging logistics hub near Chennai
August 24 2010
India has been experiencing significant development over the last decade, continuously clocking a growth rate of around 8-10 per cent. Logistics costs in India are high at 13-14 per cent of GDP compared to 8-9 per cent for developed countries.
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Government announces Rs 1,050-cr sops for exporters
August 24 2010
In the face of ‘fragile recovery' of the world economy, the Government today extended export sops worth Rs 1,050 crore.
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Invest in India if you want to make serious money: Nilesh Shah
August 19 2010
Nilesh Shah is often the first port of call for any foreign institutional investor keen on investing in India.
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TN unveils rural BPO policy
August 19 2010
The Tamil Nadu government has unveiled a Rural Business Process Outsourcing (BPO) policy, adopting an incentive-based approach to encourage establishment of BPOs in rural areas. The new policy is an outcome of the success of rural BPO units in Sanasandiram Chennathur panchayat in Hosur block, three years ago.
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Government allows cotton exports without license from October 1st
August 19 2010
The government today allowed export of cotton with effect from October 1 without the required licenses even as it needs to be registered with the authorities concerned, said a notification issued by the Directorate General of Foreign Trade (DGFT), which is under the Ministry of Commerce and Industry.
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Morgan Stanley: India to witness 9-9.5 per cent growth rate by 2013-15
August 17 2010
Witnessing continuing structural reforms, globalization and a sterling demographic dividend, India is bound to increase its growth rate to 9-9.5 per cent over 2013-15, even as China will moderate down to 9 per cent by 2012 and to 8 per cent by 2015, as per a new report by Morgan Stanley, authored by Chetan Ahya (managing director for Asia and India economist) and Tanvee Gupta.
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RBI study: Total investment in infra projects higher at 53%
August 17 2010
Total investment in infrastructure projects was higher at 53 per cent of the cost of all projects in FY10 as against 45 per cent in FY09, according to a study on corporate investments by the Reserve Bank of India.
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TCS top IT exporter of FY10; Genpact leads BOP pack
August 17 2010
Tata Consultancy Services maintained its pole position in the list of top IT services exporters for 2009-10 (in revenue terms), while Infosys Technologies and Wipro held on to the second and third slot, respectively.
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First phase of new GPS system launched
August 12 2010
Less or no circling before you land, the ability to pin-point a mishap wreck within 15 meters of the incident, and increased fuel saving for airline will soon become possible when, in 2013, the new GPS system becomes fully operational. The Minister for Civil Aviation, Mr Praful Patel, launched the final operational phase of the GPS-Aided Geo Augmented navigation (GAGAN) system here on Tuesday.
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Railways offer rebate to private sector for transport of vehicles
August 12 2010
In an attempt to raise its share in the transportation of automobiles by 10 per cent, Indian Railways has formulated a policy, which will allow logistics service providers and road transporters to induct special wagons on the railway network and avail of freight rebates in return.
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Government to levy 10 percent import tax on power gear
August 12 2010
Government will impose a 10 percent import tax on power equipment for big projects within weeks to help level the playing field between domestic and foreign firms jostling in what may soon be the world's biggest market. The tax would reverse a policy of zero import duty on equipment for mega projects introduced to meet India's urgent capacity shortages, said Arun Maira, a member of the government's Planning Commission who led a committee on equipment imports.
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Drug market grows 20% in H1; foreign firms tighten hold
August 10 2010
India's drug retail market grew 19.6% in the first six months of the year, headed by new leader American company Abbott Laboratories, as foreign drug makers strengthen their dominance among the top 10 brands sold in the country.
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Auto sales at record 1,237,461 units in July
August 10 2010
On the back of strong demand for passenger cars and two-wheelers, the Indian automobile industry posted its highest monthly sales at 1,237,461 units last month. The previous high was 1,226,944 units in March. According to data released by the Society of Indian Automobile Manufacturers (Siam) today, sales grew 31.5 per cent in July compared to 941,070 units sold during the corresponding period last year.
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FDI proposals worth over US$ 496.84 million approved
August 10 2010
The government has cleared 12 proposals for foreign direct investment (FDI) worth over US$ 496.84 million. The major inflows are expected to be accounted for by KKR Mauritius Cement Investments and Shriram City Union Finance.
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Indian IT firms top Europe survey
August 05 2010
Indian information technology (IT) service providers Cognizant, TCS and Infosys have topped the latest ranking of service providers in Europe, in a survey done by EquaTerra, an IT advisory service provider. Cognizant first, TCS third, Infosys fourth in Performance and Satisfaction study.
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M&A deals treble to near US$ 50 billion from 2009 level
August 05 2010
India Inc's merger and acquisitions (M&As) have nearly touched US$ 50 billion level from Jan-July 2010, over three times the total in 2009. M&A deals in 2009 were worth about US$ 16 billion. The deal valuations are also witnessing a revival in line with the recovery in stock markets and overall economy, besides the value of M&A deals has risen.
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India accounts for 21 per cent of the global outsourcing deals in Q2
August 05 2010
The number of global outsourcing deals in quarter ended June 2010 rose by 6.6 per cent over the year ago period to touch 498 deals. The number of deals went up 12.1 per cent higher than the levels witnessed in the March quarter of 2010. The share of Indian service providers in transaction volumes stood at 21 per cent in April-June 2010.
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FII inflows touch US$ 3.6 billion in June 2010
August 03 2010
Re-writing India's growth story, fund inflow from foreign institutional investors (FIIs) touched a total amount of US$ 3.6 billion into the domestic stock market in June 2010, taking their total investment till date in 2010 to over US$ 10.4 billion.
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High-income households exceeded number of low-income households in India
August 03 2010
For the first time ever, the number of high-income households in India has exceeded the number of low-income, the National Council of Applied Economic Research (NCAER) has estimated.
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Centre approves Rs 364 cr for National Highways in state
August 03 2010
The Centre has approved an outlay of Rs 364.10 crore in 2010-11 for the development and upgradation of National Highways (NH) and other road infrastructure projects in Orissa, said state Chief Minister Naveen Patnaik.
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Bharti-Walmart eagerly awaits FDI policy decision, Wal-Mart looking to open over 100 stores in India
July 29 2010
Wal-Mart Thursday announced that it will open more than one hundred stores in India if the FDI regulations policy under discussions permits FDI in multi-brand retail. Wal-Mart, the biggest retail chain in the world, said it is mulling the establishment of as many stores in the country to tap into its large retail market, estimated to be worth $450 billion.
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Commerce and Industry Minister Anand Sharma: India-EU trade opening pact likely this year
July 29 2010
The India-European Union Free Trade Agreement, under negotiations for the last three years, is expected to be finalized by the end of this year, Commerce and Industry Minister Anand Sharma said today.
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Foreign Direct Investment on rise in Indian electrical companies
July 29 2010
According to the Indian Electricals and Electronics Manufacturers Association (IEEMA), the number of foreign direct investments targeting companies in the electrical products industry has increased in recent times. The agency revealed that major electrical products companies in the world are increasingly taking up acquisition investments in the country, with the latest being the takeover of Indo Asian Fusegear’s Switchgear division for an estimated Rs 600 crore by the giant French electrical equipment company Legrand Group.
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Indian Government approves 18 FDI proposals worth US$ 479.5 million
July 26 2010
The government has approved 18 foreign direct investment (FDI) proposals worth US$ 479.5 million.
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India and EU in new bid to clinch free-trade deal
July 26 2010
India and the European Union are to hold a fresh series of free-trade talks next month in Brussels in a bid to clinch a deal by the end of the year, an official said. Chief negotiators for India and its largest trading partner will meet at the European Union headquarters in Brussels in August as part of a push to conclude negotiations on the India-EU free-trade pact by December.
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Goldman Sachs: GDP growth may be closer to 8.2%
July 26 2010
Tushar Poddar, chief India economist at Goldman Sachs, is surprised by the International Monetary Fund’s rather aggressive 9.4% economic growth forecast for India. With the US and Chinese economies slowing down in the second half of the year, Indian gross domestic product growth this year may be closer to 8.2%, Mr Poddar said in an exclusive interview with ET NOW’s Andy Mukherjee.
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Government proposes 20% GST on goods and 16% on services
July 22 2010
Finance Minister Pranab Mukherjee today proposed a three-rate structure for the Goods and Services Tax -which will simplify the indirect tax regime – under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
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BPCL sets up international bunkering facility at Kochi port
July 22 2010
Bharat Petroleum Corporation Ltd has commissioned its international bunkering facilities at the Kochi port on Wednesday to offer international bunkering of furnace oil at competitive rates. The facility was launched jointly by Mr Stefan Herde, Managing Director, Matrix Bharat Marine Services Pvt Ltd, Singapore, Mr N. Ramachandran, Chairman, Kochi port, and Mr D.M. Reddy, ED (I&C) BPCL, at the south coal berth in Willingdon Island.
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After Japan, Canada to partner Vibrant Gujarat 2011
July 22 2010
The Government of Canada has accepted an invitation from Gujarat to act as a ‘Partner Country' to the Vibrant Gujarat 2011 Summit. Canada is the second country to partner the fifth edition of the global summit to be held on January 12 and 13, 2011.
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PE funds invested $300 million in food processing, agri-based companies
July 21 2010
Food processing and agri-based companies seem to have caught the attention of private equity (PE) investors, if the recent investment numbers released by accounting and consulting firm Grant Thorton are anything to go by. PE players have invested $300 million in these companies during January-June this year, according to Grant Thorton. In 2009 calendar year, PE investments in these sectors were about $398 million. The comparative figures in 2008 and 2007 were $187 million and $4.3 million, respectively.
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Exports in June 2010 touched US$ 17.75 billion
July 20 2010
The Indian exports touched US$ 17.75 billion in June 2010, posting a 30.4 per cent growth compared to the corresponding period last year. The exports witnessed a positive growth for the eighth consecutive month on the back of good results reflected by major sectors such as engineering, oil, iron ore, chemicals, gems and jewellery.
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Rupee becomes 5th currency to get a symbol
July 19 2010
In keeping with India’s growing economic might and its status as a major investment destination, the hitherto humble rupee is all set to get a distinct identity in the form of a new symbol. The Union Cabinet on Thursday gave its approval to the symbol which combines the Roman letter ‘R’ with the Devnagri ‘Ra’.
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Deloitte: Global Venture Capital Survey upbeat on Indian economy
July 15 2010
The billion dollar Indian venture capital industry is likely to significantly expand in
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Indian MRO firm Air Works looking for acquisitions in Europe and Southeast Asia
July 15 2010
Air Works, a dominant player in
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Google: Indian centres to lead in cloud computing
July 15 2010
Google’s engineering initiatives in cloud computing will be led by its centres in
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Chief Executive HCL Nayar: Firms must enthuse employees
July 13 2010
As India's $60-billion IT industry comes out of recession and prepares to chase the $100-billion goal, rising attrition, commoditising of workforce and wage inflation are among its top worries.
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PM: Indian economy expected to grow at 9% by 2011-2012
July 12 2010
India is expected to grow at 9 per cent by 2011-12, said Prime Minister Dr Manmohan Singh while addressing the G-20 Toronto Summit. He added that the fiscal deficit is expected to halve in the next three years.
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Indian corporate sector hungry for new technology
July 12 2010
The pursuit of technology is driving the growing number of foreign acquisitions by Indian firms as much as the search for new markets, top Indian business leaders told a conference in
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Tata Power setting up India’s largest solar PV installation
July 06 2010
After the ultra mega power project (UMPP) at Mundra in Gujarat, Tata Group, has set the ball rolling to tap renewable energy in the state, which is also a home to its Nano plant. Tata Power has decided to set up 50 Mw solar photovoltaic power project at Mithapur in
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Indian service sector witnesses highest growth in June 2010
July 06 2010
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India's biggest terminal inaugurated
July 06 2010
Prime Minister Dr Manmohan Singh and UPA Chairperson Mrs Sonia Gandhi inaugurated,
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Indian M&As investments touch $40 billion in first half of 2010
July 06 2010
Outbound Mergers and acquisition investments in
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TRAI recommends higher FDI in cable, DTH television
June 30 2010
The Telecom Regulatory Authority of India (TRAI)
has recommended increasing Foreign Direct Investment (FDI) limits to 74 percent
in DTH, IPTV, Mobile TV, HITS, Teleport and multi-system operators.
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Aegon Religare working for a triple jump in FY2010-11
June 30 2010
To grow three times this year is what Aegon
Religare Life Insurance is aiming for in FY 2010-11. An Indo-Dutch joint
venture of Aegon and Religare Enterprises, Aegon Religare is designing its
growth through increasing employee strength, expanding distribution through
increased branch network and increasing third party distribution to work out a
bank partner. Also, integrated customer management strategy and introducing new
product lines would add towards achieving the growth.
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Philips India targeting inorganic expansion
June 30 2010
Philips India is working on continuing its
inorganic growth in the lighting and healthcare segments through the M&A
route.
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India now a full-fledged FATF member
June 30 2010
India was granted full-fledged membership
of the Financial Action Task Force (FATF) at the third plenary session of FATF
in Amsterdam. India is the 34th country to join the
inter-governmental organisation working to set up policies to fight money
laundering and terror financing.
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EU-India Trade Agreement gets push for framework by October
June 24 2010
Representatives
from the European Union (EU) and India at the India business conference were
quoted as pushing for a framework agreement by October, the time set for a
Europe-India summit meeting in Brussels.
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Search for technology drives foreign acquisitions for Indian companies
June 24 2010
Discussions at the recently concluded
Global India Business Meeting, Spain saw top Indian business leaders identifying
technology as an important driver for Indian firms signing acquisition deals in
international markets.
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Rabo Equity’s India Agri Business Fund to invest $50 million in current fiscal
June 23 2010
Rabobank’s PE arm Rabo Equity Advisors will
invest $50 million in the financial year 2010-11. The funds are to come from
Rabo Equity’s India Agri Business Fund.
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India pharma companies seek share in global biosimilars market
June 23 2010
From
the launch of the first Indian biosimilar product by Dr. Reddy Laboratories, Indian
companies are seeking to get a share of the global biosimilars market,
predicted to be valued at $19.4 billion by 2014.
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India may gain on FDI due to Euro crisis
June 15 2010
With
Indian banks presenting a healthy asset quality and the economy, foreign
investors are likely to consider India as an investment destination. Foreign institutional investors (FIIs) have
put in funds to the tune of $5 billion this fiscal as against $17.45 billion in
2009.
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India rating ‘Stable’ post wireless spectrum auction gains: Fitch
June 15 2010
Rating agency Fitch has raised India’s
credit rating to ‘Stable’ from the earlier ‘Negative’ as a result of the
incoming gains from the spectrum auction for 3G and wireless broadband. The
auction and lower budget deficits are expected to help reduce government borrowing,
currently at a record Rs 4.57 trillion.
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LOFAR – World’s largest radiotelescope in the Netherlands
June 15 2010
Assen in the Netherlands is the proud home of the Low Frequency Array or LOFAR radiotelescope launched by the Netherland’s Radioastronomy Institute on June 12, 2010. The telescope is capable of catching faint signals and will help scientists understand the origin of the universe from the Big Bang. A supercomputer at the University of Groningen will gather the data and transmit it to the institute.
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Logistics major TNT targets domestic growth for Indian arm
June 14 2010
Dutch
logistics major TNT is looking at a 20-25% growth from domestic business for
its Indian arm TNT India. The growth is seen in the company’s domestic road
based service following the acquisition of Speedage Express Cargo Services in
2006.The integrated entity had its first operational year in 2009.
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India BPO industry targets growth over 15%, high value outsourcing
June 11 2010
The National Association of Software and Service Companies (Nasscom) has forecasted a 15-16 percent growth in the Indian business process outsourcing (BPO) industry in 2010-11. The industry had marked up