India News

Country records 1.31 lakh job losses in 3 months: Survey

BPOGlobal slowdown has turned 1.31 lakh persons jobless in last three months, according to a quarterly report by the labor bureau on the slowdown and its impact on employment in India. Indian manufacturing and service sectors, including textile, export, Information Technology, Business Process Outsourcing (BPO) and gems and jewellery sectors, have been adversely hit due to low demand in the global market, forcing these sectors to shed jobs during April-June 2009.

Infosys Technologies is working out deals worth $1 billion

infosysThe country's second largest software exporter, Infosys Technologies, is working to bag 15 deals worth $1 billion in the second quarter, amid hopes of a surge in global outsourcing demand which was adversely hit on accounts of global slowdown.

Shikha Sharma takes charge at Axis Bank as MD & CEO

Axis BankAxis bank, country's third largest private bank, has appointed Shikha Sharma as the Managing Director and Chief Executive Officer (MD & CEO) of bank following approval of its shareholders in its general meeting held in Ahmadabad. She also gets place in the Axis Bank's board of directors as additional director.

IIM-A revises fee structure

The Indian Institute of Management, Ahmedabad has announced to revise fee structure for various two-year postgraduate programme (PGP) in management by making an increase of Rs 1 lakh, applicable for 2010 academic year.

However, students of 2009-11 batch would be required to pay existing fees as per spokesperson of IIM-A. The decision regarding fees hike was taken in a meeting of the IIM-A governing council on Saturday.

41 firms contribute 10 per cent of total tax

A recently concluded study on taxes by Pricewaterhouse Coopers and FICCI, maintains that 41 companies contributed 10 per cent of tax collected by government in terms of Corporate tax and fringe benefit taxes (FBT).

The study, titled, Total Tax Contribution Survey 2008 says, “Government tax collections in India are dependent on a few large corporate entities which contribute significantly to the Indian government’s total receipt of corporate tax and FBT.”

Deora is asked to file reply by Nov 27

The Chief Election commission of India has served a notice to Union Petroleum minister Murli Deora for his alleged announcement on fuel price reduction. Mr. Deora had announced price reduction in line with falling international prices of crude oil, after completion of the ongoing election process and opposition parties, especially, BJP, objected to the comments of the Union Minister.

BJP filed a complaint against him before the election commission. Now, the EC has asked the Union Minister to file his reply by November 27 on his comments regarding price cut.

Inflation rate surges to 42-month high

The Indian Ministry of Commerce and Industry revealed that country's inflation rate rose to a three-and-a-half-year high of 7.57 per cent, for the week ending April 19, as compared to 7.33 per cent a week ago.

Compared to 7.57 per cent rise this week, inflation stood at 6.07 per cent in the corresponding week, last year.

Wholesale inflation now stands at its highest since Nov. 13, 2004, when it was 7.68 percent. The latest rise was largely driven by higher prices of foods articles, metal products, and industrial fuels.

Pfizer Net up by Three Fold Fy ’07 at Rs 340 Crores

Pharmaceutical major, Pfizer has recorded a three fold growth in the net profit of Rs 340 for the financial year ended November 30, 2007 as against the net profit of Rs 106.33 crore in the financial year ended November 30, 2006.

Company has also recorded the three fold of the standalone net profit of Rs 338.93 crore for the financial year ended November 30, 2007 as against of Rs 105.73 crore in the financial year ended November 30, 2006.

The total income rose to Rs 1,019.76 crore for the year 2007 as against Rs 721.88 crore in the year-ago period.

PNB Slashes PLR Rates By 50 Bps

Punjab National Bank (PNB) has announced that the bank has reduced the benchmark prime lending rate (PLR) by 50 basis points (bps) from the existing level of 13% per annum to 12.50% per annum effective March 1, 2008.

The bank has also reduced its interest rates by 50 basis points on loan, which are not linked to BPLR such as housing loans above Rs 20 lakh where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10%-11%).

NALCO Gets Approval For Worth Rs. 9000 Crore Bauxite Mining Project

State-owned National Aluminium Company Limited (Nalco) has received in-principle rights for bauxite mining from the Andhra Pradesh Government.

The state government has also assured the company that additional mining leases would be granted if it meets the required parameters and work under suitable environment.

The Rs 9,000 crore project was struggling to progress in the last two years due to a row between Andhra Pradesh Mineral Development Corporation and Nalco on the issue of bauxite mining leases.