India Business Insight articles from August 2011

India Business Insight archives from August 2011

JLR DRIVES INTO CITY OF JOY (inaugurates its dealership in Kolkata).
August 31, 2011... Jaguar Land Rover has inaugurated its dealership in Kolkata where the full range of Jaguar vehicles including both the petrol and diesel variants of models, XJ and XF, XFR and XKR coupe and convertible and Land Rover vehicles, Freelander 2,...

M & M LAUNCHES DOUBLE-CAB GENIO (priced at Rs5.46-5.95 lakh).
August 31, 2011... Mahindra & Mahindra has introduced Genio DC, the double cab variant of the Genio pickup van to cater to the needs of small businessmen. The five-seater Genio DC priced at Rs5.46-5.95 lakh and equipped with mDI CRDe four-cylinder engine...

TOP 10 MODELS OF PASSENGER CARS IN JUNE 2011 (the top position occupied by Maruti Alto).
August 31, 2011... Maruti Alto sold 23,240 units in June 2011 and occupied the top position among the models of passenger cars sold in the country. The other positions are: Second - Maruti WagonR with 12,215 units; Third - Hyundai i10 with 10,969 units; Fourth -...

NANO DRIVES INTO NEPAL (priced at Nepali Rupees 7.98 lakh).
August 31, 2011... Tata Motors has introduced its model, Nano in Nepal. Nano, made available to its clients through a local dealer, Sipradi Trading, has been priced at Nepali Rupees 7.98 lakh. The cars in three variants are distributed through 14 showrooms...

VOLKSWAGEN'S CHAKAN PLANT ROLLS OUT 100,000TH CAR (the plant produces Polo, Vento and Skoda Fabia models).
August 31, 2011... Volkswagen India has manufactured 100,000 cars at its factory in Chakan, Pune after two years of starting operations in May 2009. The company has set up this factory in 17 months at an outlay of Rs3,800 crore that is the highest investment by a...

PROFILE OF NISSAN SUNNY (priced in the range of Rs7-9 lakh).
August 31, 2011... The Sunny, a compact saloon offering from Nissan and available in the price range of Rs7-9 lakh, is equipped with an I-4, petrol engine with a displacement of 1,498 cubic centimetres (cc) that develops power of 107.5bhp at 6,000 revolutions per...

PROFILE OF MASERATI GRANTURISMO MC STRADALE (priced at Rs1.37 crore).
August 31, 2011... The GranTurismo MC Stradale, a super car offering from Maserati and available at a price of Rs1.37 crore, is equipped with a V-8, petrol engine with a displacement of 4,691 cubic centimetres (cc) that develops power of 450bhp at 7,000...

PROFILE OF AUDI Q3 2.0 TDI, 2.0 TFSI (priced in the range of Rs29-35 lakh).
August 31, 2011... The Q3, a compact premium sports utility vehicle offering from Audi, is available with two different engine configurations and in the price range of Rs29-35 lakh estimated. While the I-4, 1,968 cubic centimetres (cc), turbo diesel engine that...

PROFILE OF TOYOTA ETIOS LIVA (priced at Rs5.99 lakh).
August 31, 2011... The Etios Liva, a hatchback offering from Toyota and available at a price of Rs5.99 lakh, is equipped with an I-4, petrol engine with a displacement of 1,197 cubic centimetres (cc) that develops power of 79bhp at 5,600 revolutions per minute...

PROFILE CHEVROLET BEAT DIESEL (priced in the range of Rs4.25-5.75 lakh).
August 31, 2011... The Beat Diesel, a hatchback offering from Chevrolet and available in the range of Rs4.25-5.75 lakh, is equipped with an I- 3, diesel engine with a displacement of 936 cubic centimetres (cc) that develops power of 58.5bhp at 4,000 revolutions...

PROFILE OF FORD FIESTA (priced at Rs9.42 lakh).
August 31, 2011... The Fiesta, a midsize saloon offering from Ford and available at a price of Rs9.42 lakh, is equipped with an I-4, petrol engine with a displacement of 1,499 cubic centimetres (cc) that develops power of 109bhp at 6,045 revolutions per minute...

PROFILE OF FORD FIESTA TDCi TITANIUM+ (priced at Rs10.42 lakh).
August 31, 2011... The Fiesta TDCi Titanium+, a diesel midsize saloon offering from Ford and available at a price of Rs10.42 lakh, is equipped with an I-4, diesel engine with a displacement of 1,498 cubic centimetres (cc) that develops power of 88.7bhp at 3,750...

PROFILE OF VOLKSWAGEN VENTO TDI HIGHLINE (priced Rs9.43 lakh).
August 31, 2011... The Vento TDI Highline, a diesel midsize saloon offering from Volkswagen and available at a price of Rs9.43 lakh, is equipped with an I-4, diesel engine with a displacement of 1,598 cubic centimetres (cc) that develops power of 105bhp at 4,400...

PROFILE OF BAJAJ RE 205 (priced at Rs1.26 lakh).
August 31, 2011... The RE 205, an auto rickshaw offering from Bajaj and available at a price of Rs1.26 lakh, is equipped with a single-cylinder, forced air cooled, four-stroke engine with a displacement of 198.75 cubic centimetres that develops power of 8.8bhp at...

PROFILE OF TVS KING (priced at Rs1.36 lakh).
August 31, 2011... The King, an auto rickshaw offering from TVS and available at a price of Rs1.36 lakh, is equipped with a single-cylinder, forced air cooled, four-stroke engine with a displacement of 199.26 cubic centimetres that develops power of 7.4bhp at...

PROFILE OF BMW K 1600 GT (priced at Rs23.74 lakh).
August 31, 2011... The K 1600 GT, a motorcycle offering from BMW, available at a price of Rs23.74 lakh, is equipped with an I-6, liquid cooled, four stroke engine with a displacement of 1,649 cubic centimetres that develops power of 160.4bhp at 7,750 revolutions...

CAR RENTAL AGENCY BUYS 90 C-CLASS MERCS (becomes the single largest owner of Mercedes-Benz cars in India).
August 31, 2011... Mercedes-Benz India Pvt Ltd has sold 90 units of its custom-built C-Class cars to Carzonrent, a car rental agency. Carzonrent with its fleet of 160 cars is the single largest owner of Mercedes- Benz cars in India.

TOYOTA'S PLANS FOR INDIA (looks at launching two small car models and a compact SUV model).
August 31, 2011... Toyota India Ltd (TIL) is contemplating to enter the smaller segments of the car market in India as they already have products in the upper segments. The company is planning for two small car models for which partnership may be entered into...

ZAFCO IN INDIA NOW (proposes to set up 84 trucking centres in northern and western India to cater to the industrial and commercial sectors).
August 31, 2011... Zafco of Dubai, manufacturer of automotive tyres, batteries and lubricants, has launched its Indian operations. The company is to set up 84 trucking centres in northern and western India to cater to the industrial and commercial sectors. ...

FORCE GET NEW TECHNOLOGY FOR MPV (enters into an agreement with Daimler AG for obtaining product technology for passenger and goods vehicles).
August 31, 2011... Force Motors Ltd (FML) has entered into an agreement with Daimler AG for securing product technology for passenger and goods vehicles. The company already uses the technology of Daimler under a licence for a 2,200 cubic centimetres common...

BAJAJ AUTO'S EXPANSION PLANS (proposes to set up a factory near Mundra in Gujarat to make two and three-wheelers and its proposed small car).
August 31, 2011... Bajaj Auto Ltd (BAL), producer of two and three-wheelers, is planning to set up a factory near Mundra in Gujarat to make two and three-wheelers with provision for making its proposed small car. The company wants the proposed factory to be its...

VOLVO GOING CORPORATE (proposes to bring out corporate editions of premium sedans).
August 31, 2011... Volvo Auto India Pvt Ltd has proposed to relaunch its sedan cars, S60 and S80 at competitive prices. The company wants to bring out corporate editions of these premium sedans by minimizing the standard features to reduce prices. It hopes...

PROFILE OF PORSCHE 911 GT3 RS 4.0 (priced at Rs93 lakh).
August 31, 2011... The 911 GT3 RS 4.0, a race car offering from Porsche and available at Rs93 lakh plus duties, is equipped with a 3,996 cubic centimetres flat-6 engine that develops power of 500PS at 8,250 revolutions per minute (rpm) and torque of 461Nm at...

CATHY PACIFIC LAUNCHES FREIGHTERS FROM CHENNAI TO FRANKFURT (the bi-weekly service operates on Wednesdays and Thursdays).
August 31, 2011... Cathy Pacific Airways has launched direct freighter services between Channai and Frankfurt. The bi-weekly service operates on Wednesdays and Thursdays. This is in addition to the four freighter services it is operating from Chennai to Hong...

DB SCHENKER INDIA INTRODUCES DIRECT LCL SERVICES FROM NHAVA SHEVA TO AUSTRIA (serves various destinations in Europe from Nhava Sheva).
August 31, 2011... DB Schenker has introduced its enhanced weekly direct consol services to Austria. With this introduction of service DBS combine serves various destinations in Europe from Nhava Sheva. The new service offers customers suitable connectivity and...

GAC SHIPPING (INDIA) PLANNING MORE INVESTMENTS IN OIL AND GAS LOGISTICS (company has identified the oil and gas sectors as high growth sectors).
August 31, 2011... GAC Shipping (India), which was established 25 years ago, is one of the top five shipping agents in India. The company has identified the oil and gas sectors as high growth sectors and is planning investments in them. With the discovery of a...

A DUSTER FOR INDIA (Renault India to manufacture the vehicle in Chennai facility.
August 31, 2011... Renault India has announced the production and sale of its sports utility vehicle, Duster in India. Duster is to be manufactured at its Chennai factory and will meet the needs of the Indian market. It will be available by 2012 along with a...

TWENTYFIVE YEARS OF EICHER BUSES (the company produced about 3 lakh units since 1986).
August 31, 2011... Eicher Trucks and Buses (ETB) has completed 25 years of Indian operations in Jun 2011. The company manufactured its first vehicle in 1986 at its factory in Pithampur, Madhya Pradesh. It has produced about 3 lakh units since then. ETB...

JAGUAR LAND ROVER'S NEW DEALERSHIP IN KOLKATA (located on AJC Bose Road).
August 31, 2011... Jaguar Land Rover has inaugurated its new dealership at Kolkata recently. The company has facilitated its clients to access its full range of Jaguar products that include XJ, XF, XFR and the XFR Coupe and Convertible in the new show room on...

PROFILE OF PORSCHE PANAMERA HYBRID (priced at Rs1.23 crore).
August 31, 2011... The Panamera Hybrid, a luxury hybrid car offering from Porsche and priced at Rs1.23 crore, is equipped with a V-6 engine with a displacement of 2,995 cubic centimetres that develops power of 374bhp and torque of 580Nm. The Panamera Hybrid having...

PROFILE OF MERCEDES-BENZ C250 CDI COUPE (priced at Rs48.4 lakh).
August 31, 2011... The C250 CDI Coupe, a luxury car offering from Mercedes-Benz and priced at Rs48.4 lakh, is equipped with a 4-cylinder engine with a displacement of 2,143 cubic centimetres that develops power of 201bhp and torque of 499Nm. The C250 CDI Coupe...

PROFILE OF MERCEDES-BENZ C63 AMG COUPE (priced at Rs80.88 lakh).
August 31, 2011... The C63 AMG Coupe, a luxury car offering from Mercedes-Benz and priced at Rs80.88 lakh, is equipped with a V-8 engine with a displacement of 6,208 cubic centimetres that develops power of 451bhp and torque of 600Nm. The C63 AMG Coupe having a...

MICHELIN PLANT IN TN (targets commencement of production in the new factory by Nov 2012).
August 31, 2011... Michelin is establishing a factory at Thervoy Kandigal Industrial Park in Thiruvallur District of Tamil Nadu on 290 acres of land allotted by State Industries Promotion Corporation of Tamil Nadu. The company will offer jobs to 1,500 local people...

DOUBLE-CAB GENIOS ARRIVE (priced in the range of Rs5.46 - 5.95 lakh).
August 31, 2011... Mahindra & Mahindra (M&M) is launching a new model, Genio Double Cabin Pickup. Genio DC is a 1.1-ton pickup, priced in the range of Rs5.46 - 5.95 lakh and equipped with 2.5-litre mDI CRDe engine that develops power of 75PS and torque...

PROFILE OF AUDI A8 W12 (priced at Rs1.26 crore).
August 31, 2011... The A8 W12, a luxury car offering from Audi and priced at Rs1.26 crore, is equipped with a W-12, petrol engine with displacement of 6,299 cubic centimetres that develops power of 500PS at 6,200 revolutions per minute (rpm) and torque of 625Nm at...

PROFILE OF HYUNDAI VERNA 1.6 CRDi SX4 (priced at Rs9.34 lakh).
August 31, 2011... The Verna 1.6 CRDi SX4, a C-segment diesel car offering from Hyundai and priced at Rs9.34 lakh, is equipped with a 1,591 cubic centimetres, I-4, Common rail VGT engine that develops power of 128PS at 4,000 revolutions per minute (rpm) and torque...

PROFILE OF MARUTI SUZUKI SX4 DDiS ZDi (priced at Rs8.61 lakh).
August 31, 2011... The SX4 DDiS ZDi, a C-segment diesel car offering from Maruti Suzuki and priced at Rs8.61 lakh, is equipped with a 1,248 cubic centimetres, I-4, Common rail VGT engine that develops power of 90PS at 4,000 revolutions per minute (rpm) and torque...

PROFILE OF HONDA CITY V MT (priced at Rs8.64 lakh).
August 31, 2011... The City V MT, a C-segment petrol car offering from Honda and priced at Rs8.64 lakh, is equipped with a 1,497 cubic centimetres, I-4, iVTEC engine that develops power of 118PS at 5,500 revolutions per minute (rpm) and torque of 146Nm at...

PROFILE OF AUDI A6 3.0 TDI QUATTRO (priced at Rs47-50 lakh).
August 31, 2011... The A6 3.0 TDI Quattro, a luxury diesel car offering from Audi and priced at Rs47-50 lakh, is equipped with a 2,967 cubic centimetres, V-6, common-rail direct injection engine that develops power of 245PS at 4,000-4,500 revolutions per minute...

KOCHI GETS INDIA'S TOP TOYOTA SHOWROOM (having dust-free and climate-controlled service floor for assured efficiency and quality).
August 31, 2011... Toyota Kirloskar Motor (TKM) has set up the largest Indian showroom of Toyota, 'Nippon Towers', at Kochi, Kerala. This large multi-floor showroom on 3,85,000 square feet area, has revolving stages for display of cars, an entire floor for...

PROFILE OF FORD FIESTA 1.5D TITANIUM (priced at Rs10.17 lakh).
August 31, 2011... The Fiesta 1.5D Titanium, a C-segment diesel car offering from Ford and priced at Rs10.17 lakh, is equipped with a 1,498 cubic centimetres, I-4, TDCi engine that develops power of 90PS at 3,750 revolutions per minute (rpm) and torque of 204Nm at...

PROFILE OF FORD FIESTA 1.5P TITANIUM+ (priced at Rs9.42 lakh).
August 31, 2011... The Fiesta 1.5P Titanium+, a C-segment petrol car offering from Ford and priced at Rs9.42 lakh, is equipped with a 1,499 cubic centimetres, I-4, Ti-VCT engine that develops power of 109PS at 6,045 revolutions per minute (rpm) and torque of 140Nm...

GDP GROWTH DIPS TO 7.7% IN Q1 ON SLOWDOWN IN CONSTRUCTION (construction segment has registered a growth of 1.2 percent in Apr-Jun 2011).
August 31, 2011... Gross domestic product (GDP) of India has registered a growth of 7.7 percent in Apr-Jun 2011 (8.84 percent in Apr-Jun 2010). Agriculture sector has registered a growth of 3.93 percent (2.36 percent). Industry sector has registered a growth of...

ONGC OPTS FOR THIRD-PARTY VALUATION OF CAIRN INDIA ASSETS (the company is likely to consider the issue at the board meeting on 27 Sep 2011).
August 31, 2011... Oil and Natural Gas Corporation (ONGC) has appointed a third party for valuation of the oil and gas assets of Cairn India. Cairn Energy has asked the company to provide no objection certificate to sell a stake of 51 percent in Cairn India to...

EMAMI TO INVEST Rs40 CRORE IN NORTH-EAST PLANT (the company expects to announce turnover of Rs1,600 crore for 2011-2012).(Financial report)
August 31, 2011... Emami Ltd is planning to set up a new plant in the North-East with an investment of Rs40 crore. The company has two plants in Assam and 13 facilities across India. Emami expects to announce turnover of Rs1,600 crore for 2011-2012 (Rs1,250 crore...

MARUTI SUZUKI BEGINS OPERATIONS AT MANESAR; WORKERS REFUSE TO RELENT (the company is looking for ITI-trained manpower on contract basis).
August 31, 2011... Maruti Suzuki India Ltd has resumed operations at its Manesar plant on 30 Aug 2011. Workers are refusing the sign the good conduct bond to resume work. The company had suspended 16 regular workers and dismissed 12 trainees due to quality...

DR REDDY'S UNVEILS 2 NEW PRODUCTS IN US MARKET (the company intends to market the drugs in the US under store brand labels).
August 31, 2011... Dr Reddy's Laboratories Ltd has launched two products in the over- the-counter category in the US. The US Food and Drug Administration has approved Abbreviated New Drugggg Application for Fexofenadine HCl and Psedoephedrine HCl extended...

WIND-POWER COMPANY SUZLON LAUNCHES CLEAN-AIR CAMPAIGN (the campaign appeals to people to switch off engines at traffic signals).
August 31, 2011... Suzlon Ltd has launched a campaign, Pure Air Lovers' Society, to promote clean air. The campaign appeals to people to switch off engines of the vehicles at traffic signals. The wind-power company intends to encourage people to take a pledge...

AUTO COMPONENT SECTOR SET TO DRIVE IN LOW GEAR IN 2011 (the industry is expected to register a growth of 12-15 percent in 2011-2012).
August 31, 2011... The Automotive Component Manufacturers Association expects the industry in India to register a growth of 12-15 percent in 2011- 2012 (34 percent in 2010-2011). The industry had reported turnover of Rs1,82,127 crore in 2010-2011. Exports had...

NISSAN STARTS PRODUCTION OF MID-SIZE SEDAN SUNNY (the company expects to market the car from Oct 2011).
August 31, 2011... Nissan Motor India Ltd has started manufacturing its mid-size sedan, Sunny, at its plant near Chennai. The company expects to market the car from Oct 2011. The car will have nearly 85 percent local components and will be available in petrol...

TATA GROUP MULLS ENTRY INTO NOURISHING FOODS (Tata Global Beverages has entered into a joint venture with Starbucks).
August 31, 2011... The Tata Group is planning to enter into the nourishing foods and nourishments segment. Tata Global Beverages Ltd (TGBL) has entered into a joint venture with Starbucks to supply tea and coffee. TGBL has also entered into a 50:50 joint...

TATAS INVESTING IN WEST BENGAL HINGES ON NO HOSTILITY ASSURANCE (the group does not intend to negotiate with the farmers).
August 31, 2011... The Tata Group is willing to invest in West Bengal if the State Government provides an assurance of no hostility. The group had relocated the Nano car project of Tata Motors due to the agitation by the farmers. Tata Motors had taken the land...

LANCO INFRATECH ARM TERMINATES COAL SUPPLY PACT WITH PERDAMAN (an Australian court had rejected the appeal of Perdaman for interim relief).
August 31, 2011... Griffin Coal of Australia has terminated the Coal Supply Agreement with Perdaman Chemicals and Fertilisers Pty Ltd. The company is a subsidiary of Lanco Infratech Ltd. Griffin Coal has decided to withdraw the formal termination notice till 15...

DLF PULLED UP BY COMPETITION PANEL AGAIN (for abusing dominant position in respect of The Park Place in Gurgaon).
August 31, 2011... The Competition Commission of India (CCI) has issued cease and desist orders to DLF Home Developers Ltd for abusing dominant position in respect of its housing project, The Park Place, in Gurgaon. The company had changed the project mid-way and...

CONSUMER PRICE INDEX FOR INDUSTRIAL WORKERS EASES IN JULY (the CPI has gone up by 8.43 percent in Jul 2011).
August 31, 2011... The inflation based on consumer price index (CPI) for industrial workers in India has gone up by 8.43 percent in Jul 2011 (8.62 percent in Jun 2011). The inflation based on food index has gone up by 6.25 percent (6.91 percent). The inflation...

GDP DATA DISAPPOINTING, SAYS PRANAB (the Government of India expects the GDP growth to recover by Mar 2012).
August 31, 2011... The Finance Minister of India, Pranab Mukherjee, is of the view that the gross domestic product (GDP) growth is disappointing. The GDP of the country has registered a growth of 7.7 percent in Apr-Jun 2011 (8.8 percent in Apr-Jun 2010). Overall...

2G: ED ORDERS ATTACHMENT OF PROPERTIES, FREEZING OF ACCOUNTS OF 5 COMPANIES (the CBI has alleged that DB Realty had paid a bribe of Rs200 crore to Kalaignar TV).
August 31, 2011... The Enforcement Directorate (ED) has attached immovable properties and frozen accounts of five companies in the 2G spectrum allocation scam. The ED has initiated action against Dynamix Realty, Conwood Constructions, Nihar Constructions,...

MULTI SCREEN MEDIA EYES MUSIC, SPORTS CHANNELS (the company is planning to acquire the Eenadu Group for regional channels).
August 31, 2011... Multi Screen Media (MSM) is planning to enter into music and sports channels to expand its operations in India. The parent company, Sony Pictures, had acquired the Bengali channel, Aath, two years ago. MSM is planning to acquire the Eenadu...

AIRLINES ON A PILOT RECRUITMENT OVERDRIVE (IndiGo will require about 300 extra pilots by end of 2012).
August 31, 2011... Airline firms in India are on a pilot recruitment drive. The demand for trained pilots has increased following the addition of aircraft by low-cost airlines IndiGo and SpiceJet. IndiGo, which is set to launch its international operations from...

AUTO COMPONENT INDUSTRY GROWTH TO SLOW DOWN IN FY12 (growth rate likely to decline to 12-15%).
August 31, 2011... The Automotive Component Manufacturers Association of India (ACMA) expects the auto component industry's growth rate to decline to 12-15 percent in 2011-2012 owing to poor demand. The auto component industry grew by 34 percent in 2010-2011...

IRFC CROSSES ROLLING STOCK BARRIER, VENTURES INTO PROJECT FINANCING (Indian Railways plans to raise Rs20,594 crore through IRFC in 2011-2012).
August 31, 2011... Indian Railways Finance Corporation (IRFC) plans to foray into project financing. The Indian Railways plans to raise Rs20,594 crore through IRFC in 2011-2012. Of the Rs20,594 crore to be raised, Rs8,654 crore is for project financing, Rs11,800...

NOVA MEDICAL PLANS Rs500 CR EXPANSION (plans to set up 25 centres across India and West Asia).
August 31, 2011... Nova Medical Centers, a standalone Ambulatory Surgery Group, plans to set up 25 centres across India and West Asia by Mar 2013 at an investment of Rs500 crore. The company develops, owns, acquires and operates ambulatory service centres in...

JULY BANK CREDIT TO NBFCs, COMMERCIAL REALTY ROBUST (bank credit to NBFCs increased by 55.6%).
August 31, 2011... Credit flow to non-banking finance companies (NBFCs) and the commercial real estate sector in Jul 2011 remained robust, while overall bank credit to industries declined. According to the Reserve Bank of India (RBI), bank credit to NBFCs...

SEBI MOPS Rs73 CR THROUGH CONSENT ORDERS IN 2010-11 (received 359 applications for consent and compounding).
August 31, 2011... The Securities and Exchange Board of India (SEBI) has raised about Rs73 crore through consent settlement and compounding in 2010-2011. SEBI received 359 applications for consent and compounding and approved 185 applications to settle various...

GUAR SEED ACREAGE FALLS IN HARYANA, RAJASTHAN (owing to scanty rainfall).
August 31, 2011... The area under guar seed cultivation declined by eight percent in Rajasthan and by 16 percent in Haryana. The decline in acreage has been mainly attributed to scanty rainfall. The area under guar seed cultivation in Rajasthan is estimated at...

BRPSE FOR REVIVAL OF HINDUSTAN CABLES: GOVERNMENT (in partnership with public/private sector).
August 31, 2011... The Minister for Heavy Industries & Public Enterprises, Government of India, has informed that the Board for Reconstruction of Public Sector Enterprises (BRPSE) has recommended revival of Hindustan Cables Ltd (HCL). BRPSE has suggested...

CORE GROWS AT FASTEST PACE IN 15 MONTHS AT 7.8 PERCENT IN JUL 2011 (from 5.7 percent in Jul 2010).
August 31, 2011... The production of eight core sector industries of India registered the fastest growth in 15 months in Jul 2011. The index for eight core sector industries increased to 7.8 percent in Jul 2011 from 5.7 percent in Jul 2010. The eight core...

GOVERNMENT ALLOCATES 19.31 LAKH TONNES SUGAR FOR SEP 2011 SALE (of which 2.31 lakh is for sale through public distribution system).
August 31, 2011... The Government of India has allocated 19.31 lakh tonnes of sugar for sale in open market and public distribution system in Sep 2011. The allocation for open market sale is 17 lakh tonnes and for public distribution system, 2.31 lakh tonnes....

KING FISHER RENEWS AIR COVER AT LOWER PREMIUM (of Rs43 crore for 2011-2012).
August 31, 2011... Kingfisher Airlines has renewed its annual aviation insurance policy for 2011-2012 at a lower premium of Rs43 crore ($9.5 million). It had paid a premium of Rs60 crore ($15 million) in 2010-2011. The premium rate declined by 37 percent in...

KEEN TO ENTER EFFICIENCY, RENEWABLE BUSINESS: ABB INDIA (to exit the rural electrification business by 2012).
August 31, 2011... ABB India Ltd plans to venture into renewable energy, data centres and smart grids businesses. It considers these as the potential areas for its future growth. The company plans to exit the rural electrification business by 2012.

RUPEE DROPS MARGINALLY (on 30 Aug 2011 owing to demand for dollars from importers).
August 31, 2011... The rupee dropped against the US currency on 30 Aug 2011 owing to demand for dollars from importers. It closed at Rs46.08/09 on 30 Aug 2011. The Reserve Bank of India has fixed the reference rate for the dollar at Rs46.0190.

BONDS END MIXED (on 30 Aug 2011 owing to alternate bouts of buying and selling).
August 31, 2011... Bonds ended mixed on 30 Aug 2011 owing to alternate bouts of buying and selling. The 7.80 percent 2021 bond rose to Rs96/6150 on 30 Aug 2011 from Rs96.55 on 29 Aug 2011 while its yield declined to 8.32 percent (8.33 percent). The 8.08 percent...

CALL INCHES UP (on 30 Aug 2011 due to demand from borrowing banks).
August 31, 2011... The call rate rose on the overnight call money market on 30 Aug 2011 due to demand from borrowing banks. The overnight call money rate closed at 8.05 percent on 30 Aug 2011 from the previous close of eight percent on 29 Aug 2011. The liquidity...

RELIGARE SETS UP ADVISORY PANEL TO GUIDE ITS BANKING FORAY (by developing an innovative and commercially viable model).
August 31, 2011... Religare Enterprises Ltd (REL) has formed an Advisory Panel to provide guidance for its foray into the banking sector. The panel will assist REL by developing an innovative and commercially viable model that will also satisfy all regulatory...

MID-CORPORATE FINANCING WILL BE THRUST AREA FOR BANK OF BARODA (as it expects the mid-corporate segment to account for 15% of its asset portfolio).
August 31, 2011... Bank of Baroda (BoB) has decided to restructure its business by having a separate vertical for mid-corporate financing, which will be thrust area for the bank. BoB expects the mid-corporate segment to account for 15 percent of its asset...

BANK CREDIT TO INFRASTRUCTURE SLOWS IN JULY (2011 reports the Reserve Bank of India).
August 31, 2011... The Reserve Bank of India has reported that bank credit to the infrastructure sector comprising power, telecommunications and roads, has grown at a slower rate of 23.4 percent in Jul 2011 as compared to 49.4 percent growth in Jul 2010. However,...

HCL TECH TIES UP WITH FINNISH FIRM BASWARE (to implement Basware's purchase-to-pay solution to improve customer delivery processes and cut costs).
August 31, 2011... HCL Technologies has inked an agreement with Basware Corporation of Finland. Under the agreement, HCL will implement Basware's purchase-to-pay solution to improve customer delivery processes and cut costs. HCL will adopt Basware's invoice...

3i, CLOUPIA TIE UP FOR CLOUD, DATA CENTRE SERVICES (to cut capital and operating expenses).
August 31, 2011... 3i Infotech has entered into an agreement with Cloupia, a cloud automation and management software provider, to provide cloud and data centre automation services across the globe. The objective is to cut capital and operating expenses. 3i...

QUALCOMM ANNOUNCES INITIATIVES TO BOOST BROADBAND UPTAKE (in the Indian market).
August 31, 2011... Qualcomm of the US has launched several initiatives in association with its partner vendors to increase broadband uptake in the Indian market. It has launched two sub-Rs5,000 phones based on the CDMA platform of Sistema Shyam Teleservices....

TAMIL NADU LAPTOP SCHEME: HP, ACER ARE 'FIRST SUPPLIERS' (and HP will provide 5,000 laptops, while Acer will supply 1,600 laptops).
August 31, 2011... The Government of Tamil Nadu has awarded contracts to Hewlett- Packard (HP) and Acer as 'First Suppliers', to supply laptops to students of government and government-aided schools and colleges. While HP will provide 5,000 laptops, Acer will...

SEBI DATA POINT TO RISE IN NUMBER OF BROKERS (to 9,235 as on 31 Mar 2011 from 8,804 as on 31 Mar 2010).
August 31, 2011... The Securities & Exchange Board of India (SEBI) has released its annual report, which has revealed that the number of registered stock brokers in the cash segment rose to 9,235 as on 31 Mar 2011 from 8,804 as on 31 Mar 2010. While 531 new...

LAKSHADWEEP, COLOMBO DOCKYARD SIGN SHIPBUILDING DEAL (to construct two passenger-cum-cargo ships).
August 31, 2011... The Lakshadweep Administration has inked a contract with Colombo Dockyard Pvt Ltd to construct two passenger-cum-cargo ships. Each vessel will have a capacity of 400 passengers and cargo of 200 tonnes. Delivery of the first ship is scheduled...

K LINE BOOSTS PRESENCE IN EASTERN INDIA (covering Visakhapatnam and Chennai).
August 31, 2011... K Line, the shipping company from Japan, has inked an agreement with Nippon Yusen Kaisha (NYK Line) for its Thailand-East India (TCX) service covering Visakhapatnam and Chennai. The port rotation will be Laem Chabang-Singapore-Port...

COTTON BODY PROJECTS RECORD 355 LAKH BALES CROP NEXT SEASON (as area under cotton is seen higher at 121 lakh hectares in 2011-2012).
August 31, 2011... The Cotton Advisory Board has projected an increase of nine percent in cotton output to 355 lakh bales in the 2011-2012 season beginning in Oct 2011. The area under the cotton is seen higher at 121 lakh hectares in 2011-2012 as compared to 111...