India

Adani Power emerges as India’s biggest private power producer

Adani Power emerges as India’s biggest private power producer

With the commissioning of one more unit of Tiroda, Maharashtra-based power plant, Adani Power has become the largest private-sector power producer in India.

Adani Power, a subsidiary of integrated infrastructure giant Adani Enterprises, yesterday announced the commissioning of the fourth unit of 660 megawatts (MW) at its Tiroda power plant, increasing its total installed power generation capacity to 8,620 MW.

London-listed UCP in talks to sell stakes in 6 Indian projects

London-listed UCP in talks to sell stakes in 6 Indian projects

Unitech Corporate Parks (UCP), a London-listed subsidiary of Unitech Group, has confirmed that it is pursuing talks to offload its majority stake in six IT SEZ/Park projects in India.

Two of the six Indian IT SEZ/Park projects are in Gurgaon, while Kolkata and Noida host one and three projects, respectively. The London-listed firm is developing the projects in partnership with the realty major.

Daimler announces top management changes

Daimler announces top management changes

Truck giant Daimler has announced some high-profile changes in the managements of its Asian entities - Daimler India Commercial Vehicles (DICV) and Mitsubishi Fuso Truck & Bus Corp (MFTBC).

Marc Llistosella, the current managing director and chief executive of Daimler India has been moved to Trucks Asia & DICV as head of its marketing, sales & after-sales business. He will keep on reporting to Daimler Trucks Asia chief Albert Kirchmann, who is also the president & CEO of MFTBC.

Sugar prices jump as crushing enters last phase

Sugar prices jump as crushing enters last phase

Sugar prices are on the rise as the process of crushing has entered the last phase of the current season.

In the last three weeks, sugar prices in the domestic market have increased by nearly 24 per cent, with around 8 per cent of the increase taking place within the last couple of days.

The NCDEX sugar stats for delivery in April traded at Rs 3,226 per quintal on Wednesday. Ashok Jain, president of Bombay Sugar Merchants' Association said average price of sugar jumped by Rs 2-2.55 per kg in last couple of days.

March car sales remain feeble

March car sales remain feeble

Heavy year-end discounts and price cuts failed to boost car sales in month of March, with almost all car manufacturers reporting decline in their sales numbers.

Maruti Suzuki, the country's leading carmaker, suffered a decline of 5.2 per cent in domestic sales during final month of the recently concluded financial year. The company sold 102,269 units in March 2014, considerably down from 107,890 units in March 2013. Sales of mini segment cars, such as M800 and Alto, slipped 11 per cent, from 45,047 units to 40,085 units.

Wipro combines advanced tech and analytics segments into single unit

Wipro combines advanced tech and analytics segments into single unit

Indian IT services provider Wipro has confirmed the organizational restructuring of its business segments and the elevation of Vice President Saurabh Govil as head of human resources.

Wipro announced that it has combined two of its verticals, viz. the advanced technologies and analytics, into a single unit.

The advanced technologies segment was created under the headship of CEO T. K. Kurien to focus on new areas of business for the company. Analytics is a key growth driver for the company, currently contributing nearly 7.2 per cent to its total revenue.

SC appoints Australian ex-chief justice as arbitrator in KG-D6 gas dispute

SC appoints Australian ex-chief justice as arbitrator in KG-D6 gas dispute

The Supreme Court of India on Monday appointed a former Australian chief justice as an arbitrator for resolution of the dispute between Reliance Industries Ltd (RIL) and the Indian government over issues related to KG basin gas field.

James Spigelman, former Chief Justice of New South Wales in Australia, is going to be the third arbitrator and the chairman of the arbitral tribunal that will try to settle the dispute between RIL and the government over recovery of cost for developing key natural gas field in KG basin.

PNB chief KR Kamath leads race to become RBI deputy governor

PNB chief KR Kamath leads race to become RBI deputy governor

Punjab National Bank (PNB) Chairman K. R. Kamath is reportedly the front-runner to replace Reserve bank of India (RBI) Deputy Governor K. C. Chakrabarty, who is going to retire next month.

Sources, with direct knowledge of the matter, said that Raghuram Rajan-headed search panel had zeroed in on a successor to Mr. Chakrabarty, and that Mr. Kamath was at the top in the reckoning.

The post will become vacant as Mr. Chakrabarty has expressed his intention to be relieved on 25th of April, around a couple of months ahead of his scheduled retirement on June 30.

Sebi now has authority to act against ponzi schemes

Sebi now has authority to act against ponzi schemes

India’s capital market regulator, the Securities and Exchange Board of India (Sebi) has said that it now has the authority to act against ponzi schemes, illegal deposit schemes and also access call data records in securities-related offences.

PSU banks’ situation will improve with stabilisation of economy: Raghuram Rajan

PSU banks’ situation will improve with stabilisation of economy: Raghuram Rajan

Growing non-performing assets (NPAs) or bad loans of public sector banks become an issue to some extent but the situation will likely improve with stabilisation of the economy, according to Reserve Bank of India (RBI) Governor Raghuram Rajan.

PSU banks saw an increase of 28.5 per cent in their NPAs or bad loans last year, from Rs 1.83 lakh crore in March to Rs 2.36 lakh crore in September 2013.