Business News

BJP condemns Chidambaram’s pre-election budget

BJP condemns Chidambaram’s pre-election budget

The Bharatiya Janata Party (BJP) has criticized Finance Minister P Chidambaram's pre-election budget, saying it contained unrealistic calculations.

In the interim budget, Mr. Chidambaram announced tax breaks for struggling manufacturers, increased outlay on subsidies, and more money for defence; while boasting that he had trimmed down the fiscal deficit lower than his own target of 4.8 per cent of GDP.

Essar Global offers 70p per share for remaining 22% stake in Essar Energy

Essar Global offers 70p per share for remaining 22% stake in Essar Energy

Essar Global Fund Ltd has made a possible offer of 70 pence per share for the remaining 22 per cent stake in its British subsidiary Essar Energy Plc that it doesn't own.

The proposal, which represents a modest premium to Essar Energy's Thursday share close of 60 pence on the London Stock Exchange (LSE), values the London-listed oil & energy firm at more than 900 million pounds.

Last Friday, Essar Global said that it could make a bid to acquire the remaining stake in Essar Energy on its own or as part of a consortium.

Bharti Airtel to acquire Loop Mobile for Rs 700 crore: reports

Bharti Airtel to acquire Loop Mobile for Rs 700 crore: reports

India's leading mobile phone carrier Bharti Airtel Ltd is going to acquire Loop Mobile in a deal worth Rs 700 crore, and the deal may officially be announced as soon as this week, emerging reports suggest.

Several local newspapers have reported that Airtel will acquire Loop's nearly 400 telecom towers along with optic fibre and electronic equipment, which is currently used by Loop to run its network.

India offering massive growth opportunity for US firms: USIBC

India offering massive growth opportunity for US firms: USIBC

Refuting allegations of some American businesses that Indian policies are restrictive to their growth, U. S. India Business Council (USIBC) President Ron Somers said India is offering a massive growth opportunity.

Speaking in his testimony before the U. S. International Trade Commission (USITC), Somers stressed that some companies didn't share the majority view that the growth opportunity in India was as clear as the horizon.

Sales of high-end smartphones will slowdown this year: Gartner

Sales of high-end smartphones will slowdown this year: Gartner

Sales of high-end smartphones will slow this year as low and mid-end handsets will hit the market and weigh on average selling prices, market research firm Gartner has predicted.

The market researcher underlined that even top smartphone makers, such as Samsung and Apple, are launching cheaper models as smartphone markets in North America and Europe have reached saturation point.

Launch of cheaper options will likely lead to a fall in average selling price and a decline in revenue growth.

Google completes $3.2bn Nest acquisition deal

Google completes $3.2bn Nest acquisition deal

U. S. tech giant Google Inc on Wednesday confirmed that it had officially completed the acquisition of digital home device maker Nest.

In a filing with the Securities & Exchange Commission (SEC), Google said the $3.2 billion cash deal for Nest closed on February 7, boosting its once 12 per cent stake in the firm to full ownership.

India’s industrial output contracts 0.6% in December

India’s industrial output contracts 0.6% in December

India's industrial production growth remained negative for the third consecutive month in December 2013, mainly due to persistent sluggish sluggishness in the manufacturing sector.

Newly released data revealed that industrial production contracted 0.6 per cent in December on a year-on-year basis, for the third month in a row. Industrial production for the April to December period of current fiscal year has, therefore, slipped 0.1 per cent, against a growth of 0.7 per cent in the corresponding period of the previous fiscal.

Conciliation talks over tax disputes between govt. and Vodafone fall through

Conciliation talks over tax disputes between govt. and Vodafone fall through

The conciliation talks between the Indian government and Vodafone relating to tax disputes of around Rs 20,500 crore (around $3.3bn) have fallen through, The Economic Times (ET) reported.

According to the report, the outgoing Congress-led UPA government has opted out of the conciliation process. Market analysts are of the view that government wants to wash its hands of the tax disputes with the UK-based telecommunications giant.

DLF sells Aman Resorts for $358 Million

DLF sells Aman Resorts for $358 Million

Real estate giant DLF on Sunday confirmed that the sale of its hospitality venture, Aman Resorts, to a joint venture (JV) between Peak Hotels & Resorts Group and Adrian Zecha.

DLF sold the chain of luxury resorts for US$358 million (Rs 2,215 crore). DLF had acquired 97 per cent stake in Aman Resorts for USD 400 million (Rs 1,640 crore) in 2007. It gradually hiked its stake in the chain of luxury resorts to
100 per cent.

Saurabh Chawla, executive director (Finance) at DLF, said the sale would allow them to focus on the company's core business of real estate.

India’s GDP estimated to grow 4.9% this fiscal

India’s GDP estimated to grow 4.9% this fiscal

The Indian economy will likely grow 4.9 per cent in the current financial year ending March 2014, according to advance estimates released by the Central Statistics Office (CSO).

The gross domestic product (GDP) growth in the third largest Asian economy is expected to remain under pressure due to an invasive demand slump amid high inflation.

Given the 4.6 per cent growth in the first half of current financial year, the economy is estimated to grow at 5.2 per cent in the second half.