The yield on government bonds may move up on Monday as a fall-out of the upheaval in the market due to the plea by Dubai World, a Government of Dubai-owned company, for a six-month pause in repaying debt. Dealers said the prices are likely to open steady, with a downward bias on concerns over the [...]
Moving to newer markets is critical for SBI in the backdrop of India’s increasing integration with the rest of the world. We will increase our overseas presence to around 160 branches by March,” the official said. SBI, which derives around 12 per cent of its total revenue from the overseas business, at present has 137 [...]
Aditya Birla Retail, the country’s second biggest supermarket operator, is considering an initial public offer (IPO) and will time it as soon as the company starts spinning profits. “We will definitely be open to an IPO but it will be closer to the time of profitabillity… Around 2012 or maybe even before that, when we [...]
Milestone Religare Investment Advisors on Monday announced an investment of Rs 60 crore in Krishna Institute of Medical Sciences (KIMS), a Hyderabad-based 300-bed multi-speciality hospital. This investment has been made from the India Build-Out Fund-1, which is a Rs 600-crore sectoral private equity fund, focusing on education, healthcare and infrastructure, a press release issued here [...]
Happy with the high growth in the second quarter,the Finance Minister, Mr Pranab Mukherjee, on Monday expressed confidence that the economy would grow by over 7 per cent this financial year. “Taken together the two quarters, I do hope it will be possible for us to achieve 7 per cent plus (growth rate), but still [...]
The market seems to have more faith in the ability of an average Indian spending on consumer goods/services than in that of the average American. The US companies whose revenues depend on consumer spending (for example, FMCG, telecom and banking), trade at considerable discounts compared to their Indian counterparts. For instance, Hindustan Unilever and ITC [...]
India’s economy grew an annual 7.9 percent in the September quarter, much faster than expected on government stimulus spending and a surge in manufacturing, adding pressure on the central bank to lift interest rates as inflation rises. ( Watch ) The annual growth for India’s fiscal second quarter was far above a median forecast of [...]
Banks and unions today settled on a 17.5 per cent hike in the salary of 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension. State Bank of India employees association representatives, however, walked out of the wage settlement. According to the decision taken, while the wage hike, effective [...]
The domestic stock market buckled for the second consecutive day on Friday fearing the Dubai World debt crisis might lead to a repeat of last year’s Lehman Brothers’ episode that sent world markets crashing. Analysts said it was a knee-jerk reaction, as indeed it turned out to be when the Sensex, which plummeted 591 points [...]
Investors of the erstwhile Satyam Computers, formerly headed by B Ramalinga Raju, have made losses to the tune of Rs 14,000 crore, double of what the scam was estimated to be earlier, according to VV Lakshminarayana, DIG-CBI . With no headway into the aspect of diversion of funds in the Satyam scam, the apex investigating [...]
India’s central bank has banks to furnish details of their exposure to Dubai World, a top conglomerate which has sought a moratorium Banks on its debt payments as an exercise to assess the impact of the debt crisis on the economy gets under way here. Reserve Bank of India governor Duvvuri Subbarao said that the [...]
Public sector telcos BSNL and MTNL together have Rs 41,471 crore cash on hand as of September 2009, the government said today. As per the provisional and unaudited accounts, cash and bank balance of BSNL is 36,392.42 crore and MTNL is Rs 5,078.59 crore, minister of state for IT and telecom Gurudas Kamat said in [...]