India

Italian court rejects India’s bid to recover AgustaWestland guarantees

Italian court rejects India’s bid to recover AgustaWestland guarantees

An Italian court has rejected India's request to recover nearly 300 million euros in bank guarantees over a cancelled helicopter deal with defence group Finmeccanica.

The court ruled that it had no jurisdiction over the money deposited as security, which it said had already been paid out by the State Bank of India (SBI) and Deutsche Bank.

Announcing the move, Finmeccanica said in a statement, "The Milan court has confirmed the ruling made last January, prohibiting... the payment of collateral of more than 278 million euros deposited in relation to the contract."

Reliance Jio signs tower-leasing agreement with Viom

Reliance Jio signs tower-leasing agreement with Viom

Reliance Jio Infocomm Ltd, the telecommunications arm of Mukesh Ambani-owned Reliance Industries Ltd (RIL), has signed a tower-sharing agreement with Viom Networks for rolling out 4G services.

Viom Networks, which is a joint venture between India's SREI Infrastructure and Tata Teleservices, has 42,000 mobile phone towers across the country.

RIL purchased 4G airwaves in a government sale in 2010, and added some more airwaves it can use to deliver 4G services from an auction this year, but it has yet to launch services.

Toyota Motor announces lockout in Indian unit

Toyota Motor announces lockout in Indian unit

Japanese auto giant, the Indian unit of Toyota Motor Corp has declared a lockout of its workers in tow of its plants.

The lockout was announced at two plants after salary negotiations failed to reach an agreement and workers stopped production lines. Toyota Kirloskar Motor (TKM) has said in a statement that it has locked out workers at the plants near Bangalore since Sunday. The company did not announce the duration of the lockout.

"The company is left with no other option but to declare a lockout of the premises to ensure the safety of its workers and management personnel," TKM said.

India-born Rajeev Suri will become CEO of Nokia Corp: media reports

India-born Rajeev Suri will become CEO of Nokia Corp: media reports

India-born Rajeev Suri, the current head of Nokia's telecom equipment business, will be elevated to the top position of global chief executive officer (CEO) of Nokia Corporation, emerging media reported.

Citing unnamed sources, Finnish media reported that Mr. Suri might be made the CEO of Nokia Corp by March or April this year, when Redmond-based software giant Microsoft Corp will likely conclude the acquisition of the Finnish firm's handset business.

The reports also say that an official announcement regarding the same could be made as early as the end of this month.

Lower inflation gives RBI greater room to cut rates

Lower inflation gives RBI greater room to cut rates

Declining inflation numbers have shown a ray of hope to the Indian economy as lower inflation can encourage the Reserve Bank of India (RBI) to slash key interest rates, which is essential to stimulate investors and boost the economy.

Helped by a considerable decline in prices of onion and potatoes, the wholesale price index (WPI)-based inflation slipped to 4.68 per cent in February this year. It was the lowest level of WPI-based inflation in the past nine months.

CPI inflation eases to more than 2-year low

CPI inflation eases to more than 2-year low

Decline in food prices dragged India's retail inflation rate down to its lowest level in more than two years in February this year, according to Consumer Price Index (CPI) data released on Wednesday.

Fresh figures revealed that the CPI-based inflation slipped to 8.1 per cent in February, lowest in the last twenty-five months. The inflation rate in rural area was recorded at 8.51 per cent; while in urban area, it was at 7.55 per cent in the month under review. Prior to February, the lowest CPI-based inflation was recorded in the first month of 2012 at 7.65 per cent.

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India's trade deficit narrowed to lowest in five months in February this year despite a decline in exports, according to stats released by the commerce ministry on Tuesday.

Newly released figures revealed that the country's trade deficit narrowed to $8.13 billion in the second month of this year even as exports slipped 3.7 per cent year-on-year to $25.69 billion.

The shrinkage in the trade deficit was on account of continued decline in imports, which slipped 17.1 per cent year-on-year to $33.82 billion.

Google can be fined up to $5 billion by CCI

Google can be fined up to $5 billion by CCI

Search engine giant Google Inc could be slapped with a penalty of up to $5 billion if it is found guilty of violating competition norms in India, emerging reports suggest.

The Asian country's fair trade watchdog, the Competition Commission of India (CCI), is examining if the Internet search giant has really breached competition norms of the country.

Flipkart hits $1bn sales milestone ahead of schedule

Flipkart hits $1bn sales milestone ahead of schedule

Indian e-commerce giant Flipkart has confirmed that it has hit the milestone of an annualised sales run rate of $1 billion (nearly Rs 6,200 crore) this year, ahead of schedule, thanks to more and more people's inclination towards online shopping.

In March 2011, the homegrown e-commerce company had announced its aim to achieve the $1-billion-mark for gross merchandize value (GMV) by 2015. But increasing Internet penetration and people's liking for online shopping helped the company hit the milestone ahead of schedule.

Ranbaxy to recalls generic Lipitor in U.S

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Indian pharmaceutical giant, Ranbaxy has said that it has recalled more than 64,000 bottles of generic version of Lipitor in the US market after a suspected mix up of dose.

Ranbaxy Laboratories has announced its decision to recall more than 64,000 bottles of the generic versions of its cholesterol-lowering drug in the country. Several media reports have said that the company realised that a doze mix-up has affected the match. The decision to call comes after media reports said that