Business Line articles from December 2011

Business Line archives from December 2011

Sensex, Nifty plunge 24% in a aterrible' year.
December 31, 2011... Byline: Our Bureau Global woes, high domestic inflation, falling rupee to blame aTerrible' and apeculiar' is how market-men described calendar 2011. The benchmark indices fell 24 per cent and the Indian market was among the worst performer...

Lower January sale quota sweetens sugar.
December 31, 2011... Byline: Our Correspondent Sugar prices gained in markets across the country on Friday as a lower sales quota for January announced by the Centre provided the much-required trigger. aoeDemand emerged on lower sale quota. There could be some...

Mouthshut.com to start its own reviews.
December 31, 2011... Byline: Balaji Narasimhan Mouthshut.com, which allows consumers to review products and post them on the Web site, has decided to start offering its own reviews and also come out with a buyers' guide next year. aoeOver the years, we have...

More banks hike NRE, savings deposit rates.
December 31, 2011... Byline: Our Bureau DCB (Development Credit Bank has increased interest rates on Non-Resident External (NRE) rupee term deposits of Rs 15-50 lakh and having maturity of 18 months, to 10 per cent with immediate effect. For deposits under Rs 15...

Realty developer Salarpuria buys 300 acres in Bangalore.
December 31, 2011... Byline: Anjana Chandramouly Real estate developer Salarpuria Sattva has acquired 300 acres in Bangalore, in which it plans to develop about 30 million sq ft over 4-5 years. aoeWe are acquiring large parcels of land in Sarjapur and...

Coal to cost more on new pricing method.
December 31, 2011... Byline: Pratim Ranjan Bose The Board of Directors of Coal India Ltd (CIL) on Friday approved a proposal to adopt the internationally accepted, gross calorific value (GCV)-based pricing mechanism beginning 2012. The new pricing notification...

India pushing EU for greater access to services market.
December 31, 2011... Byline: Arun S. With the India-European Union Broad-based Trade and Investment Agreement negotiations entering the final lap, New Delhi is pushing hard for greater market access for services, especially the easier movement of its...

Heavy arrivals grind turmeric.
December 31, 2011... Byline: Our Correspondent Spot turmeric prices decreased by Rs 300 a quintal on Friday as stocks flooded Erode markets. aoeAs expected, over 12,500 bags of turmeric arrived for sale on Friday. Traders who got orders from North India have...

Year of brisk business for e-commerce sites.
December 31, 2011... Byline: Abhishek Law STEPPING UP HIRING Year 2011 has been a good one for e-commerce sites in India, thanks to an 18 per cent increase in online shoppers till November 2011 (according to comScore Data) a and some like Flipkart and SnapDeal...

Basel III norms will push up capital requirements, say bankers.
December 31, 2011... Byline: Our Bureau The capital and provisioning requirements for banks will increase once Basel III guidelines come into force. However, there will be no pressure on banks to raise capital immediately as the deadline for implementation is...

NRI deposits register an increase in Kozhikode.
December 31, 2011... Byline: Our Bureau The non-resident deposits in banks in Kozhikode district have recorded an increase during the second quarter of the current year ended September 30. The deposits rose to Rs 2,030 crore from Rs 2,005 crore as on June 30....

Kochi to host management convention.
December 31, 2011... Byline: a Our Bureau The 31st annual management convention of Kerala Management Association will be held here on January 12 and 13. The main theme for this year's convention is aoeResurgence through Innovation.a The sub-themes of the...

TCS pips Reliance Ind as most valued company.
December 31, 2011... Byline: Our Bureau On the last trading day of 2011, Tata Consultancy Services (TCS) became the largest Indian company by market capitalisation overtaking Reliance Industries. The market capitalisation of TCS stood at Rs 2.27-lakh crore,...

Auto sector looks to Expo boost to rev up flagging growth.
December 31, 2011... Byline: Roudra Bhattacharya Public excitement may be centred around the 50-plus new vehicle launches, but the Auto Expo next week is gearing up to deliver on the business end a and give a strong boost in the process to an industry in the...

Semiconductor industry hopes National Policy will help create ecosystem.
December 31, 2011... Byline: K V Kurmanath Sees increase in broadband connectivity triggering domestic demand in 2012 The who's who of the semiconductor industry will gather in Hyderabad in the second week of New Year to discuss the most promising area for the...

Ringing in the era of people's power.
December 31, 2011... Byline: B.S.Raghavan I have never in all my life known a turn of the year that has not been marked by a gloom-and-doom syndrome in the outpourings in the media. If you want evidence, go to the section in the Madras University Library keeping...

SBT hikes NRE deposit rates for the third time.
December 31, 2011... Byline: Our Bureau State Bank of Travancore (SBT) has announced a fresh hike, the third in almost as many weeks, in the interest rates for NRE term deposits. New Year gift The new rates, described as a New Year gift to customers, will...

Cyclone Thane leaves a trail of destruction in Puducherry, Cuddalore.
December 31, 2011... Byline: T.E. Raja Simhan Cyclone Thane, which crossed the Tamil Nadu coast near Cuddalore, has pooped the New Year party for executives of industrial units located in Cuddalore and Puducherry. Instead of celebrating the New Year, they will...

Pedalling a lone path at Auto Expo 2012.
December 31, 2011... Byline: Chitra Narayanan HIGH-END CYCLES At the forthcoming Auto Expo in New Delhi, India's largest organised homage to the internal combustion engine, there will be one unexpected participant a cycle manufacturer Firefox. In a show...

For want of a cover, a tender is lost.
December 31, 2011... Byline: S. Murlidharan NEW DELHI: When the tender categorically calls for financial bids in two separate envelopes for two separate jobs that were being tendered, submitting the bids in one cover vitiates the process, the Madras High Court...

Office space leasing rises 8% in 2011: Cushman report.
December 31, 2011... Byline: Our Bureau The commercial space absorption in India rose eight per cent in 2011 to about 36 million sq. ft. Real estate consultant Cushman & Wakefield, however, cautioned that the vacancy level continues to be high at 18 per cent,...

Letters.
December 31, 2011... Dispiriting failure I stayed awake, as did millions across the country, to follow the Lokpal story. The finish to the extended winter session of Parliament wasn't entirely unexpected, given the undisguised disinclination of our netas to put...

Marikar Nissan showroom opens.
December 31, 2011... Nissan Motor India has opened its dealership, Marikar Nissan, in the city. Mr Manoj Kumar, Vice-President, Operations, Hover Automobiles India, inaugurated the facility here in the presence of Mr Ameer Shahul, Head, Communications, Nissan Motor...

Korean cargo ship drifts towards Chennai coast.
December 31, 2011... Byline: T.E. Raja Simhan A Korean cargo vessel, OSM Arena, with 14 members on board drifted towards the Chennai coast following heavy wind due to cyclone Thane. The storm with wind speeds of 140 kmph made landfall this morning between...

Auto sector bullish on expo.
December 31, 2011... New Delhi: The Auto Expo next week is gearing up to deliver on the business end and give a strong boost in the process to an industry in the doldrums. Against the backdrop of the India-EU Free Trade Agreement to be signed soon, four of the eight...

aMBA courses must focus on soft skills'.
December 31, 2011... Byline: Our Bureau The challenge to management education in India is that there isn't enough capacity to accommodate all those who want to pursue it, said Professor H. Fenwick Huss, Dean, J. Mack Robinson College of Business, Georgia State...

Indian carriers not worried about IAG getting more slots at Heathrow.
December 31, 2011... Byline: Ashwini Phadnis IAG, the parent company of British Airways and the Spanish carrier, Iberia, wants to get around 56 more daily slots at London's Heathrow airport. But this is not worrying Indian carriers wanting to fly to London, at...

Tweaking the takeout financing route.
December 31, 2011... Byline: S.MURLIDHARAN When an economy isn't buoyant, the only area one can look for registering a quantum jump is bad debts, euphemistically called non-performing assets (NPA). From Rs 56,000 crore in 2008 to the present estimated Rs 1,50,000...

Mamata call to stamp out hooch menace.
December 31, 2011... Byline: Our Bureau In view of the tragic death of over 170 people in the State following consumption of illicit liquor recently, the West Bengal Chief Minister, Ms Mamata Banerjee, on Friday walked in a procession to create awarenessAon the...

Tur gains on improved buying.
December 31, 2011... Byline: Our Correspondent Barring tur, pulses and pulse seeds were flat on slack buying interest. Tur (Maharashtra) gained Rs 50 at Rs 3,400 a quintal on improved buying interest, while tur (Nimar, Madhya Pradesh) was unchanged at Rs...

Consumers Association awards.
December 31, 2011... Byline: Our Bureau Consumers Association of India (CAI) is launching all-India awards as part of its tenth anniversary celebrations, which conclude with a two-day international conference to be held here on March 16 and 17, 2012. CAI is...

Pact soon for JN port's 4th box terminal.
December 31, 2011... Byline: Our Bureau The concession agreement for the fourth container terminal at the Jawaharlal Nehru port will be signed in the second week of January, the Union Minister of Shipping, Mr G.K. Vasan, said here on Friday. The agreement will...

A day not too soon.
December 31, 2011... Today marks the last day of what many would consider to have been an annus horribilis for the Indian economy. We shall be slightly more charitable: The best thing about 2011 is that it is finally getting over. The reason why it hasn't been a...

Bengal raises upper age limits for govt jobs.
December 31, 2011... Byline: Our Bureau The WestABengal government on Friday decided to raise the upper age limit for government jobs to 40 for those in the general category and to 43 for the other backward classes (OBC) and handicap categories. For the SC and ST...

Deficient N-E monsoon drags rabi acreage of almost all crops.
December 31, 2011... Byline: Our Bureau A 50 per cent deficient North-East monsoon has led to coverage of almost all rabi crops dropping compared with the corresponding period a year ago. Paddy is the sole exception. With severe cold prevailing in North, the...

Zuari venture buys stake in Peru mine.
December 31, 2011... Byline: Our Bureau Zuari Industries, a fertiliser manufacturing company of the K K Birla Group, and its joint venture partner Mitsubishi Corporation has acquired 30 per cent stake in Fosfatos del Pacifico SA, Peru (Fospac) for $46.12 million...

8 firms show interest in Kochi port's ship repair project.
December 31, 2011... Byline: V. Sajeev Kumar Will lease workshop, dry dock, slipway for 30 years The proposal of the Kochi port to set up an international ship repair facility in its premises has received encouraging response, as is evident from the...

Thoughts from a cliff side.
December 31, 2011... Byline: Shyam G. Menon Some weeks ago, a senior outdoor educator conducted a clinic for approximately a dozen people working in the outdoor industry. They were people who had, for long, set up climbing and abseiling systems, using ropes and...

CNG costlier by Rs 2 in National Capital Region.
December 31, 2011... Byline: Indo-Asian News Service The price of compressed natural gas (CNG) went up by Rs 1.75 a kg in Delhi and by Rs 2 in Noida, Greater Noida and Ghaziabad from Friday midnight following depreciation of the rupee against the dollar that has...

Cardamom growers worst hit; pepper turns hot.
December 31, 2011... Byline: G.K. Nair The year 2011 left cardamom growers disappointed, but it brought cheers to pepper growers. Similarly, cloves and nutmeg growers also had something to treasure in the year. The worst hit in 2011, as far as the spice...

Coal woes pull the plug on power sector.
December 31, 2011... Byline: Our Bureau A debilitating domestic coal shortage and prospects of costlier imported coal derailing upcoming projects marred what started as a bright year for the electricity sector. The strong performance by the private sector,...

E. Sreedharan to pass on DMRC reins to Mangu Singh.
December 31, 2011... Byline: Our Bureau Dr E. Sreedharan, on his last official working day in Delhi Metro, was busy in Chennai helping Chennai Metro learn key lessons. Counted as one the best technocrat managers, the country has had, the 79-year old Dr...

Ground reality on rural development.
December 31, 2011... Byline: P. V. INDIRESAN It has been reported that during the Twelfth Five-Year Plan, the Government of India plans to establish 2,000 PURA (Providing Urban amenities in Rural Areas) projects spread all over the country. Considering how...

Chhattisgarh plans media blitz to rid anaxal' tag.
December 31, 2011... Byline: Indo-Asian News Service The Chhattisgarh Tourism Board (CTB) has earmarked Rs 8 crore on a publicity blitz to rid the state of the aNaxal' tag, which affects its tourism prospects. Speaking to reporters in Panaji on Friday, CTB...

Mixed trend in rubber market.
December 31, 2011... Byline: Our Correspondent Spot rubber finished unchanged on Friday. The commodity lost its direction as it failed to improve tracking the marginal higher rates in the domestic futures on the National Multi Commodity Exchange (NMCE). There...

Weapon of choice.
December 31, 2011... With great competition comes even greater creativity. Such is the world of the modern day entrepreneur. With more and more people taking to experimenting and creating something new, rather than aoesettling downa post academia, the creative...

JRG Securities to revamp online trading platform.
December 31, 2011... Byline: G. Naga Sridhar JRG Securities Ltd is revamping its online trading platform which will be available from April next year for users, according to its Chief Executive Officer, Mr Anant Tandon. aoeIn view of the increasing popularity...

Aura sets up international school in Malappuram.
December 31, 2011... Byline: Our Bureau The group has joined hands with MDN Edify Education and iEduteam to start the school, which will be become operational from the next academic year. Mr K.K. Ashraf, Chairman and Managing Director of Aura Academic...

Plan panel okays Maharashtra river project.
December 31, 2011... Byline: Our Bureau The Planning Commission on Friday gave investment clearance for the Rs 154.92-crore Upper Kundalika project in Maharashtra. The project will have to be completed in financial year 2012-13 and the Plan accounts will be...

Slump in potato prices yet to reflect in retail outlets.
December 31, 2011... Byline: Shobha Roy Only half of the benefit passed on to consumers The sharp 37 per cent fall in wholesale potato prices in West Bengal over the last fortnight seems to have offered retail traders an opportunity to make some extra bucks....

Srei Infra to raise Rs 500 cr via bonds issue.
December 31, 2011... Byline: Our Bureau Kolkata-based Srei Infrastructure Finance plans to raise up to Rs 500 crore by way of long-term infrastructure bonds to fund its project finance business. The company hopes a 30 per cent rise in its combined disbursement...

SEBI allows interest futures trading on G-Secs.
December 31, 2011... Byline: Our Bureau Yields of bonds in the basket to be determined through polling process Market regulator SEBI on Friday allowed trading in exchange traded interest rate futures on two- and five-year notional coupon bearing government...

Political tensions fail to make dent in IT investments.
December 31, 2011... Byline: Our Bureau Despite global recession and political disturbances, Andhra Pradesh could attract proposals worth from Rs 4,500 crore from global and national information technology companies either to set shops here or expansion of their...

Inclement weather hits air, rail, road traffic in North.
December 31, 2011... Byline: Our Bureau Inclement weather conditions over north India affected normal life in different parts of the country, including the capital, on Friday. Road, rail and air traffic was disrupted due to poor visibility. Flights at Delhi...

Nabard to refinance warehouse loans.
December 31, 2011... Byline: Our Bureau In order to address the huge demand for storage facilities, the National Bank for Agriculture and Rural Development (Nabard) will completely refinance loans by banks and cooperative banks given for creation of warehouses,...

Team Anna blames Ansari for Rajya Sabha debacle.
December 31, 2011... Byline: Our Bureau Team Anna on Friday blamed the Rajya Sabha Chairman, Mr Hamid Ansari, for the Lokpal Bill debate fiasco on Thursday. At a press conference in Ghaziabad, the former Law Minister and Team Anna member, Mr Shanti Bhushan,...

Kotak Mutual launches Hybrid Fixed Term Plan.
December 31, 2011... Byline: Our Bureau Kotak Mutual Fund announced the launch of the Kotak Hybrid Fixed Term Plan-Series I on Thursday. The scheme is a close-ended fund with a maturity of 24 months. The Scheme aims to generate income by investing in debt...

PNB car loan scheme gets good response.
December 31, 2011... Byline: a Our Bureau The recently launched special car loan scheme by Punjab National Bank is receiving encouraging response from the public, said Mr K. V. Rajesh, Circle Head of the bank. Through the scheme, which is valid till January 31,...

It could be foggy New Year for North.
December 31, 2011... Byline: Vinson Kurian The severe cyclonic storm aThane' tracked to the west over land, weakened rapidly to a deep depression and lay about 150 km west of Cuddalore on Friday afternoon. This is even as north and north-west India braced...

Govt, Opposition trade charges on Lokpal Bill fiasco.
December 31, 2011... Byline: Our Bureau The blame game on who should take responsibility for the Lokpal Bill not being passed by the Rajya Sabha started with both the Government and Opposition accusing one another of sabotaging the Bill's passage. Addressing a...

aOne should never try to mislead and mis-state facts'.
December 31, 2011... Byline: K.Raghavendra Rao When stock market regulator SEBI passes an order against an entity, the Securities Appellate Tribunal (SAT) is where the entities turn to, for appealing against the order. Mr Justice Nauvdip Kumar Sodhi, recently...

Wellfit begins sale of luxury car seats.
December 31, 2011... Dubai-based Wellfit Group of Companies, engaged in the manufacturing of luxury car seats, has started distribution in the Kerala market. The 4 {+t} {+h} showroom of Wellfit was inaugurated at Kazhakoottam in Thiruvananthapuram. The company plans...

Limited export buying amid arrivals drags onion.
December 31, 2011... Byline: M.R. Subramani Heavy arrivals, particularly of late kharif crop, continued to pound onion in markets around growing regions in Maharashtra and Gujarat this week. aoeArrivals have been huge in the last 3-4 days of the late kharif....

India seeks greater access for service providers in EU.
December 31, 2011... Byline: Arun S. Pushes for quota regime for temporary workers in bilateral trade talks With the India-European Union broad-based Bilateral Trade and Investment Agreement (BTIA) negotiations entering the final lap, New Delhi is pushing hard...

Rupee depreciation adds to foreign investors' woes.
December 31, 2011... Byline: Anand Kalyanaraman Despite this, net FII outflow from equity market was negligible If 2011 was bad for domestic investors, it was worse for foreign investors in the Indian equity market. Consider this: The Sensex shed close to...

SBI approves revision in pension schemes.
December 31, 2011... Byline: Vinson Kurian The Central Board of SBI has accorded approval for revision of family pension and minimum pension with retrospective effect from November 1, 2007. A decision to this effect was taken at a meeting of the board held...

Janardhana Reddy's bail plea rejected.
December 31, 2011... Byline: a Our Bureau The special court for Central Bureau of Investigation (CBI) has on Friday rejected bail plea of ex-Karnataka Minister, Mr Gali Janardhana Reddy, in an illegal mining case. Mr Reddy on Thursday sought a limited bail with...

Cotton perks up on export enquiries.
December 31, 2011... Byline: Our Correspondent Export demand for cotton yarn a mainly from Hong Kong, South America and Egypt a and demand from mills kept cotton prices stable on Friday. The Sankar-6 variety traded at Rs 35,200-35,500 a candy of 356 kg and...

Poll panel to decide on Budget date: Bansal.
December 31, 2011... Byline: Or Bureau Govt may look at March 9-11 as alternative dates The date of the presentation of the Union Budget for 2012-13 will hinge on the Election Commission's view on the matter. The Government will soon initiate talks with the...

Life insurance: Battling against the odds.
December 31, 2011... Byline: Suresh Parthasarathy The life insurance sector has witnessed robust growth in the past decade with private players entering the fray. But rapid changes in the regulations and highly volatile equity markets were duly mirrored in the...

Palmolein falls despite positive Malaysian cues.
December 31, 2011... Byline: Our Correspondent Imported palmolein and soya refined oil fell by Re 1 and Rs 3 for 10 kg each on Friday, ignoring gains made by palm oil futures in Malaysia on the last trading day of the year. Cotton refined oil declined by Rs 3...

Govt to borrow Rs 40,000 cr more as deficit soars.
December 31, 2011... Byline: Our Bureau The Government has announced yet another round of borrowings amounting to Rs 40,000 crore for the current fiscal. With this, the total additional borrowing for the current fiscal is almost equal to one per cent of the...

TMB inks pact with Ashok Leyland.
December 31, 2011... Byline: Our Bureau Tamilnad Mercantile Bank has inked an agreement with Ashok Leyland for financing commercial vehicles. The bank sanctioned Rs 8 crore to its customers towards vehicle finance on day one of the tie-up and is hoping to market...

Re-designed golf course handed over.
December 31, 2011... Byline: Our Bureau A Muscat golf course re-designed and re-built by KITCO, the premier public sector consultancy organisation, was handed over to the Oman Government. The Ghala Golf course (formerly Ghala Wentworth Golf Course), that was...

Pantaloons launches concept store in Vizag.
December 31, 2011... Byline: Our Bureau Fashion retailer Pantaloons, a part of Future Group, today announced the launch of its first concept store in VIzag at Dabagardens, TSR Complex Alipuram Ward. This marks the advent of Pantaloons aoeNext Gena Journey in...

Coal to cost more on new pricing method.
December 31, 2011... Byline: Pratim Ranjan Bose The Board of Directors of Coal India Ltd (CIL) on Friday approved a proposal to adopt the internationally accepted, gross calorific value (GCV)-based pricing mechanism beginning 2012. The new pricing notification...

Paddy arrivals dwindle on lukewarm demand.
December 31, 2011... Byline: Our Correspondent Paddy arrivals dropped to just around 6,000 bags on Friday because of lacklustre demand. With not much procurement taking place in the market, farmers have started holding back their stocks, said Mr Tara Chand...

Financial inclusion: Banks made some headway in 2010-11.
December 31, 2011... Byline: A.J. Vinayak Almost halfAthe population in the country do not haveAdeposit accounts in banks. Less than 10 per cent have loan accounts with banks.AThe extent of financial exclusion in India is staggering. But some change in these...

Current account deficit widens to $32.7 b in first half of 2011.
December 31, 2011... Byline: Our Bureau Trade deficit rises to $85.6 billion Reflecting widening of trade deficit as well as moderation of growth in export of services, India' current account deficit widened to $32.7 billion in the April-September 2011 period,...

Pepper bounces back on bullish activities.
December 31, 2011... Byline: G.K. Nair Pepper market rebounded on Friday on bullish activities and after high volatility, despite liquidation, all contracts moved up. In fact, the market opened on an easier note and Jan declined to 32,500 in the morning...

Sugar may gain on lower sale quota.
December 30, 2011... Byline: Our Correspondent Sugar prices ruled flat across the country on Thursday but are set to increase as the Centre has announced a lower sale quota for January. The Centre has allowed sale of 14 lakh tonnes in the open market, one lakh...

Air India to issue Rs 7,500 cr worth of shares to its lenders.
December 30, 2011... Byline: Our Bureau The Air India board has approved the rearrangement of authorised share capital by issue of preference shares worth Rs 7,500 crore as part of its debt restructuring plan. These are proposed to be allotted to the lenders...

PE investments see good valuations with narrow exit route.
December 30, 2011... Byline: Priya Sheth Internal Rate of Return at 17.9% is a cause for concern: KPMG report Calendar 2011 has been marked by a high number of investments and low volumes of exits for the private equity industry as compared with last year....

Food inflation eases sharply.
December 30, 2011... Byline: Our Bureau Continuing its steady slide, the food inflation rate eased sharply to its slowest pace in over five years during the third week of December. The annual wholesale price index-based food inflation rate in the week ended...