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Business News
New Delhi March 10:
Kolkata-based pen manufacturer Linc Pen & Plastics said it has inked a sponsorship deal with Rajasthan Royals for the Indian Premier League 2010.
Under the agreement Linc Pen would be an associate sponsor and the official pen of the Rajasthan Royals for IPL 2010, Linc Pens said in a statement. "We are extremely proud to be associated with Rajasthan Royals, the winners of the inaugural IPL tournament," Linc Pen Managing Director Deepak Jalan said.
The Jaipur IPL franchise team Rajasthan Royals is owned by a consortium of international investors comprising of Suresh Chellaram, Manoj Badale, Lachlan Murdoch, Raj Kundra and bollywood actress Shilpa Shetty. "We are working with Linc Pens on an activation programme involving schools, which will help grow our brands and we look forward to a fruitful relationship with them," Rajasthan Royals Chief Marketing Officer Raghu Iyer said.
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Source :
Punjab Mail Online
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News Date :
March 10,2
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New Delhi March 8:
The government on Monday sought parliamentary approval to cut its stake in the country’s largest lender State Bank of India to 51 percent from 55 percent, seeking to raise $1.2 billion at current market prices from the key reform move.
The government had earlier said it would move to cut its holdings in state-run banks while retaining majority control, but has faced political and union opposition. The government owns 59.41 percent of State Bank of India (SBI) and already has lawmakers' approval to trim it to 55 percent.
On Monday, Finance Minister Pranab Mukherjee introduced in parliament a bill seeking approval for SBI to raise capital by a public issue or private placement of shares or through a rights issue. SBI shares were up 2.5 percent at 2,096 rupees by 1:12 p.m. (0742 GMT), outpacing the 1 percent rise in the broader market and the 1.25 percent rise in the bank index.
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Source :
Punjab Mail Online
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News Date :
March 8,20
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Mumbai March 8:
A benchmark index for Indian equities closed 108 points higher on Monday, shedding some of its intra-day gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,034.92 points, closed at 17,102.6 points - 108.11 points or 0.64% higher than its previous close at 16,994.49 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,124 points against the previous close at 5,088.7 points, a gain of 0.69% or 35.3 points. Broader markets also saw gains with the BSE midcap index closing 0.71% higher and the BSE small cap index 1.09% up.
Auto and banking stocks generated buying interest, while realty stocks came under selling pressure. The market breadth was positive, with 1,761 stocks advancing, compared to 1,097 scrips on the decline, while 88 remained unchanged. Among the gainers on the 30-scrip Sensex were M&M, up 4.33% at Rs.1,122.40; Hero Honda, up 3.09% at Rs.1,913.45; ITC, up 2.43% at Rs.250.50; and ICICI Bank, up 2.32% at Rs.922.75.
Top losers included Bharti Airtel, down 2.13% at Rs.292.20; Hindustan Unilever, down 1.59% at Rs.238.80; Reliance Infra, down 1.52% at Rs.1,019.25; and Hindalco, down 1.1% at Rs.166.30. According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought scrips worth $410.46 million. Most other Asian markets did better than their Indian peers.
The benchmark Japanese index, Nikkei, ended 2.09% higher at 10,585.92 points, while the South Korean Kospi moved up 1.56% at 1,660.04 points. Hong Kong's Hang Seng closed in the green too at 21,196.87 points, up 1.97%, while the Chinese Shanghai composite index gained 0.73% at 3,053.23 points. European markets were slack around closing bell here.
The FTSE 100, the benchmark index of the London Stock Exchange, was ruling 0.28% lower at 5,584.17 points, while its German peer DAX was trading flat at 5,873.38 points, down 0.07%. The French CAC 40 index was also in a slump at 3,906.92, down 0.09%.
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Source :
Punjab Mail Online
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News Date :
March 8,20
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New Delhi March 8:
The Planning Commission today said food prices will come down in the next two months easing the overall inflation, which is currently at over 8.5 per cent.
"The trend is that food price will come down in the next two months. I am sure that the trend down on food prices will bring down the overall inflation in the next two months," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters.
The wholesale price inflation (WPI) rose to 8.56 per cent in January, the highest in over 13 months, shooting past the RBI's forecast of 8.5 per cent for this fiscal end. The WPI hike was mainly because of a surge in prices of food items such as sugar, potatoes and pulses. Overall inflation in December was 7.31 per cent. In January, sugar prices rose by 58.96 per cent year-on-year while potatoes turned costlier by 53.
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Source :
Punjab Mail Online
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News Date :
March 8,20
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New Delhi March 8:
The Ministry of Food Processing Industries has asked states to set up separate departments for the sector to help develop it, the Rajya Sabha was informed today.
"MFPI, with the intention to make concerted efforts for development and growth of food processing sector, has requested the states to set up dedicated departments for food processing in their respective states," Food Processing Industries Minister Subodh Kant Sahai said in a written reply.
This will help the states to create congenial environment for strengthening rural infrastructure, raise level of processing and generate farm-level employment keeping in view distinct agro-climatic scenario of the respective states, Sahai said.
Answering a separate question, the minister said, formulation of food processing policy is the subject matter of the state and the ministry has urged to frame suitable policies for their specific needs.
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Source :
Punjab Mail Online
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News Date :
March 8,20
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New Delhi March 7:
Items like type writers and VCRs would soon be moving out making way for mobile phones and LCD TVs to be included in the new wholesale price-based index for measuring inflation which would be rolled out from May 14.
The new index, with 2004-05 as the base year, will have 250 new items and is expected to provide a more realistic picture of price rise and its impact on people. "As per the calendar, April data would be release on May 14 with the new base year," a senior official said.
The new series would have about 680-685 items that include mobile phones, LCD TV among others, the official said adding close to 25 items would be knocked off from the new inflation series. "Existing series has some obsolete items like type- writers. They will not figure in the new series," the official said.
With the addition of new items, data reporting would be more representative and give a better picture of the price situation, the official added. The Wholesale Price Inflation (WPI) is at present calculated with 1993-94 as the base year. Asked if there would be any variations in the inflation when it will switch to the new base year, the official said, "it would be insignificant and the variation would be less than 1 per cent."
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Source :
Punjab Mail Online
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News Date :
March 7,20
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Mumbai March 7:
India's record market borrowing in the fiscal year 2010/11 will not crowd out private borrowers, the finance minister said.
"Last year, in co-operation with the Reserve Bank the borrowing was arranged in such a manner that the private sector did not feel any difficulty in raising their legitimate credit requirement... this year too reserve bank governor has assured that it will be worked out in such a manner that the private sectors are not elbowed out of the market for their credit requirement," Pranab Mukherjee told reporters.
India has budgeted it will borrow 4.57 trillion rupees in the fiscal year starting April 1, higher than 4.51 trillion it borrowed in the current fiscal. The Finance Minister was in Mumbai at an event to mark the seventy fifth anniversary of the Indian central bank.
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Source :
Punjab Mail Online
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News Date :
March 7,20
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Mumbai March 7:
Finance Minister Pranab Mukherjee said licenses for opening new banks would be issued under the norms and criteria laid down by the Reserve Bank of India.
"We have assured RBI that government borrowings will not affect access to private credit," he said at a function organised by the RBI, adding that the process of consolidating government-run regional rural banks was underway.
The finance minister, in the budget for 2010-11 he presented last week, had announced that the RBI was open to giving banking licenses to private players and non-banking finance companies (NBFCs) if they met the central bank's criteria.
No new banks have been set up in the past eight years. In fact, no new Indian bank has been set up since the first flush of liberalisation when half-a-dozen banking licenses were given in 1993. India has 96 scheduled commercial banks, 27 public sector banks, 31 private banks and 38 foreign banks, with a combined network of over 53,000 branches.
According to a government report, public sector banks hold over 75 percent of the total assets of the banking industry, while private and foreign banks hold 18.2 and 6.5 percent respectively.
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Source :
Punjab Mail Online
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News Date :
March 7,20
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Chandigarh March 7:
Keeping in view the changing needs of the society, the Punjab Government today announced major modifications in the building bye laws in the state.
Disclosing this at a media conference here today, Local Bodies Minister Manoranjan Kalia said the new changes would be more conducive to the people and would encourage group housing projects. Urban estates, which were transferred to the local bodies would be covered under these modified building bye laws.
In order to strike a balance between changing needs of the society emerging urban development scenario and to cope with the factors like rapid urbanisation, horizontal sprawling, road network, changes in technology and socio-economic set up, the changes in new building bye laws were necessary, the Minister said.
Referring to the amendments, Mr Kalia said to facilitate more open space around buildings, there would be no restriction of height subject to air safety regulations, traffic circulation and fire safety norms. According to the existing specifications, residential building could be constructed upto a height of 38.6 feet but now they could be raised upto 50 feet.
There would be no restriction of density of number of dwelling units (DUs) per acre which at present was restricted to 60 DUs per acre. This would increase the supply of affordable housing, the Minister added. Clubbing of plots for purposes of constructing one unit with provision of rainwater harvesting system and provision of underground water storage tanks to ensure proper water pressure for supply to upper floors would be permissible, he added.
Mr Karia said excess constructions in the existing buildings would be considered for regularisation in case these confirm to the above mentioned provisions. To facilitate the owners to start construction work immediately on residential plots under the schemes of improvement trusts and the residential plots in urban estates, industrial focal points or schemes prepared under any other Acts which stand transferred to the municipal authorities, henceforth, a Self Certification Scheme has been introduced for such areas.
Under this sanction order from the unicipal uthority, building permit would not be necessary and the building plans shall be deemed to be sanctioned on the basis of a certificate from the 'Architect registered under the Architect's Act'.
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Source :
Punjab Mail Online
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News Date :
March 7,20
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Mumbai March 7:
Finance minister Pranab Mukherjee said food inflation -- currently over 17 per cent -- is coming down gradually and exuded confidence that the economy would get back to nine per cent growth rate "as soon as possible".
Talking to reporters after customary post-Budget interactions with the RBI board here, Mukherjee added that the central bank has assured him that the government's borrowing programme will be conducted in a manner that will leave resources for private sector as well.
He said inflationary pressures are not rising because of the earlier monetary accommodative policy of the RBI, but is driven by the rise in food-prices due to supply shortage. Driven by higher prices of milk, wheat, rice and vegetables, food inflation rose marginally to 17.87 per cent for the week ended February 20. It had reached nearly 20 per cent a few months back.
"If you look at the basket of the wholesale prices, you will find that the contribution of other elements are not that high," Mukherjee said, adding that high food prices are gradually coming down. On the growth front, he said the economy, which is estimated to be over 8 per cent next fiscal, expects to get back to the 9-per cent growth path "as soon as possible."
Mukherjee said fiscal consolidation process does not come in the way of high growth, rather promotes it. He said fiscal consolidation has helped the country withstand the ill-effects of the global financial crisis.
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Source :
Punjab Mail Online
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News Date :
March 7,20
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