Business News

Difficult days have ended for SAIL: says Chandreshwar Verma

Difficult days have ended for SAIL: says Chandreshwar Verma

The difficult days for Steel Authority of India (SAIL) have finally ended and the state-run steel giant is now on the path of growth, according to SAIL Chairman Chandreshwar Verma.

Mr. Verma on Sunday said that the future of SAIL was bright and the company had embarked upon an expansion project worth Rs 72 crore.

RIL posts marginal rise in quarterly net

RIL posts marginal rise in quarterly net

Following a slight improvement in refining business, Reliance Industries Ltd (RIL) on Friday posted a marginal 0.2 per cent year-on-year rise in net profit.

Mukesh Ambani-led company revealed that its net profit jumped to Rs 5,510 crore ($894 million) in the October to December quarter, from Rs 5,502 crore in the corresponding quarter of the previous year. Per share net profit jumped to Rs 17.10. It was a negligible year-on-year rise in net profit for the company, but it was well higher than analysts' average estimate of Rs 5,315 crore.

Govt.’s new land use policy to help ports prop up their revenues

Govt.’s new land use policy to help ports prop up their revenues

Indian Government on Thursday announced new policy guidelines for ports to help them prop up their revenues by leveraging their land resources.

Shipping Secretary Vishwapati Trivedi said the new policy guidelines provide essential regulatory framework for land allotment so that major ports could leverage their land resources for commercial advantage.

He added that the guidelines aimed at helping the country's major ports to carry out leasing and licensing of their land resources in a transparent manner. He was speaking at the annual conference on 'Ports in India' on Thursday.

Brokerages downgrade Ranbaxy over US FDA concerns

Brokerages downgrade Ranbaxy over US FDA concerns

Brokerages Macquarie and Jefferies downgraded pharmaceuticals giant Ranbaxy Laboratories Ltd after U. S. Food & Drug Administration (FDA) raised its concerns over manufacturing practices at one of the company's factories.

The two brokerages downgraded Ranbaxy saying the U. S. regulator's warning letter could put pressure on the valuations of the company in the near-term future.

Gujarat HC suspends commercial & development activity at Mundra SEZ

Gujarat HC suspends commercial & development activity at Mundra SEZ

The Adani Group suffered a major setback on Monday after the Gujarat High Court ordered the suspension of all commercial and development activity inside the 21 units at the group's Adani Ports & Special Economic Zone
(APSEZ) at Mundra with immediate effect.

A division bench of the High Court, headed by Chief Justice Bhaskar Bhattacharya, held that nearly 20-22 units at APSEZ were functioning unlawfully without any environmental clearance.

SpiceJet to raise Rs 130cr from promoters

SpiceJet to raise Rs 130cr from promoters

Billionaire Kalanithi Maran-led budget airline SpiceJet Ltd on Friday confirmed that it would raise nearly Rs Rs 130 crore from its planned warrants issue to its promoters.

The company will issue up to 6,41,69,000 warrants, with each having a face value of Rs 10. The warrants will be issued on preferential basis to the airline's promoters with the option to apply for and be allotted an equal number of equity shares.

The decision to issue warrants was taken by board of directors at a meeting on 9th of January.

Indian economy still in tight grip of persistent weakness

Indian economy still in tight grip of persistent weakness

Despite the Congress-led UPA government's hard efforts to boost the economy, latest factory output and trade data showed that the economy is in the grip of persistent weakness.

The headline Index of Industrial Production (IIP), released on Friday, revealed that India's industrial production slipped 2.1 per cent year-on-year in November 2013. In October, industrial output had slipped 1.6 per cent.

Govt. not to allow ‘non-compete clause’ in pharma deals except in special cases

Govt. not to allow ‘non-compete clause’ in pharma deals except in special cases

The Indian Government on Wednesday maintained its pharmaceutical policy that allows foreign equity of up to 100 per cent in the sector, but also declared that it would not allow the typical `non-compete clause' except in special circumstances.

The Department of Industrial Policy & Promotion (DIPP) stated that the government would continue to allow 100 per cent foreign direct investment (FDI) in both greenfield and brownfield segments. Any FDI proposal in brownfield will have to seek approval from the Foreign Investment Promotion Board (FIPB).

Kelkar panel opposes revenue-sharing model for deep sea blocks

Kelkar panel opposes revenue-sharing model for deep sea blocks

A high-level panel, headed by economist Vijay Kelkar, has opposed revenue-sharing model for exploration of high-risk deep sea oil & gas blocks.

The government is considering revenue-sharing model for the next round of auction of deep sea oil & gas blocks. But, the Kelkar panel favoured the current production-sharing model for the next round of auction.

France’s Lactalis acquires Tirumala Milk

France’s Lactalis acquires Tirumala Milk

French dairy giant Groupe Lactalis SA has acquired a 100 per cent stake in Hyderabad, India-based Tirumala Milk Products Private Limited.

Lactalis acquired 80 per cent of the company from its founders and the remaining 20 per cent stake from the Carlyle Group, which had acquired the stake for around $22 million in 2011.

Michel Nalet, a spokesperson for Lactalis confirmed the acquisition, and said that the French company would retain the Indian company's existing management.