India

Airline lobby urges PM Manmohan Singh to prevent AirAsia take off

Airline lobby urges PM Manmohan Singh to prevent AirAsia take off

The Federation of Indian Airlines (FIA) has urged Prime Minister Manmohan Singh to block the grant of the Air Operator's Certificate (AOC) to AirAsia India, arguing that the entry of the budget carrier will hurt competition in the market.

The airline lobby group pointed out global airlines would enter India with a new joint venture (JV) partner and, thus, these global airlines would be able to avoid having to make investments in existing loss-making airline industry.

New India Assurance cuts health insurance policy rate by 50% for girl children

New India Assurance cuts health insurance policy rate by 50% for girl children

New India Assurance, the country's largest insurer, on Friday launched a new scheme, called New India Asha Kiran, which offers a discount of 50 per cent on policy rate for girl children.

Launched on the eve of International Women's Day, the New India Asha Kiran is floater policy that covers the proposer, spouse and dependent girl child. In case of accident of parents, the sum insured will be placed as fixed deposit (FD) in the name of the girl child.

Daimler India lays foundation stone for bus manufacturing plant

Daimler India lays foundation stone for bus manufacturing plant

Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of German auto giant Daimler AG, on Thursday laid the foundation stone for a new bus manufacturing & assembling facility in Chennai.

The upcoming manufacturing facility, which will be set up at the company's existing site of Oragadam plant near Chennai, will produce both intra-city and inter-city (luxury and premium) buses.

The Indian arm of Daimler AG has plans to produce two different sets of buses under two different brands, viz. Bharat Benz and Mercedes Benz, to compete with existing competitors.

Rolls-Royce cuts number of middlemen in face of corruption probe

Rolls-Royce cuts number of middlemen in face of corruption probe

As part of its efforts to prevent bribery and corruption charges in the future, aerospace and defence firm Rolls-Royce has slashed the number of middlemen or intermediaries it uses to hit deals.

Apart from slashing down the number of intermediaries, the British manufacturer announced the re-launch of around-the-clock ethics telephone line for staff. In addition, the company has created a new role of head of risk training.

The company also announced that its senior leadership team would not get any pay increment in 2014.

PSU banks’ NPAs likely to be a little higher in 2014: Chidambaram

PSU banks’ NPAs likely to be a little higher in 2014: Chidambaram

Public sector banks' non-performing assets (NPAs) or bad loans could rise further in 2014, Union Finance Minister P. Chidambaram said following a performance review meeting with PSU banks and financial institutions on Wednesday.

Mr. Chidambaram said PSU banks' NPAs, which at the end of March 2013 were at 3.84 per cent, would likely be a little higher in 2014. However, he added that NPA levels should be looked only at the end of a year as figures collected at the starting of the year could depict a very misleading picture.

Astrazeneca Pharma India shares jump 20% on delisting proposal

Astrazeneca Pharma India shares jump 20% on delisting proposal

Stock in AstraZeneca Pharma India jumped to its upper circuit filter of 20 per cent at Rs 1,113 a share in early morning trade on Monday on the National Stock Exchange (NSE) after the drug maker revealed its delisting plan.

AstraZeneca Pharma India's board will meet this Wednesday to discuss a proposal to delist the company's shares from the Indian stock exchanges.

The Indian drug maker received the proposal for delisting of its equity shares from the Indian stock exchanges from its Sweden-based parent firm AstraZeneca Pharmaceuticals AB.

I am a law-abiding citizen: Subrata Roy

I am a law-abiding citizen: Subrata Roy

Sahara India Chief Subrata Roy was on Friday sent to police custody till March 4 after he was presented before a chief judicial magistrate.

Roy will be produced before the Supreme Court of India on 4th of March, the day his police custody will end. The chief judicial magistrate directed Gomti Nagar police inspector Ajit Singh Chauhan to make sure Roy's presence in the SC by 2pm on March 4. However, the magistrate left it to the police's discretion to decide whether to keep Roy in his bungalow or at some other place.

LIC to buy 5% stake in BHEL

LIC to buy 5% stake in BHEL

State-run Life Insurance Corporation of India (LIC) will acquire 5 per cent stake in Bharat Heavy Electricals Ltd (BHEL) through a block deal, which is expected to fetch the national exchequer nearly Rs 20.46 billion.

The announcement was made on Friday by Disinvestment Secretary Ravi Mathur, who said that the government would divest 5 per cent stake in BHEL to LIC through a block deal this fiscal.

RBI intends to bring CPI inflation down to 8% by January 2015

RBI intends to bring CPI inflation down to 8% by January 2015

The Reserve bank of India (RBI) intends to drag Consumer Price Index (CPI) inflation down to 8 per cent by January 2015 and further down to 6 per cent by January 2016, Governor Raghuram Rajan announced on Wednesday.

Mr. Rajan said that the central bank was adopting the Patel Committee's suggestion that the focus should be on CPI inflation rather than WPI (Wholesale Price Index) inflation. He stressed that the Patel Committee's suggestion for cutting inflation to 6 per cent was achievable without extreme hardship.

Brokerage revises Tata Power stock upwards following CERC ruling

Brokerage revises Tata Power stock upwards following CERC ruling

Brokerage Edelweiss Securities has given a buy rating on Tata Power's stock with a target price of Rs 99 per share after the country's electricity regulator finalised the compensatory tariff order for the private-sector electricity producer.

The Central Electricity Regulatory Commission (CERC) has allowed Tata Power (TPC) to get higher tariff of 52 paise plus a compensation of Rs 329.45 crore for the power produced by its Mundra plant.

In response to the positive ruling, Edelweiss Securities revised its target price for Tata Power upwards from Rs 77 a share to 99 a share.