India

Ranbaxy suspends shipments of APIs from its Toansa and Dewas plants

Ranbaxy suspends shipments of APIs from its Toansa and Dewas plants

Gurgaon-based drug maker Ranbaxy Laboratories Ltd on Tuesday announced that it had suspended all shipments of active pharmaceutical ingredients (APIs) from its Toansa and Dewas plants, which are currently banned from shipping products to the United States.

Ranbaxy voluntarily suspended shipments from the two plants in order to enable it to review processes and controls.

DMRC to install 500kWh rooftop solar power plant

DMRC to install 500kWh rooftop solar power plant

The Delhi Metro Rail Corporation (DMRC) has announced its plans to install a 500kWh solar power plant on the roof of Dwarka Sector-21 Metro station.

Anuj Dayal, a spokesperson for DMRC, said that the rooftop solar plant would likely start producing power within next six months, and that efforts were being made to incorporate such solar power plants with Metro Phase-III stations.

Mr. Dayal added that DMRC would also explore the possibility of installing more solar plants at its Metro stations, depots and other places.

Tata Power, Adani Power shares soar on CERC ruling

Tata Power, Adani Power shares soar on CERC ruling

Shares of Tata Power and Adani Power enjoyed significant gains in early morning trade on Monday after they were granted compensatory tariff hikes by the Central Electricity Regulatory Commission (CERC).

The CERC allowed Tata Power to hike tariffs and receive compensation so that it could make up for losses that it incurred at its Gujarat-based Mundra plant.

United Bank CMD Archana Bhargava quits

United Bank CMD Archana Bhargava quits

United Bank of India (UBI) Chairperson & Managing Director Archana Bhargava resigned from her post on Friday, just around a year away from retirement.

While Bhargava sought voluntary retirement scheme (VRS) citing health reasons, sources said that her rift with the government due to difference of opinion on classification of non-performing assets (NPAs) was the reason behind her departure.

Wilmar to invest $145 million in Shree Renuka Sugars

Wilmar to invest $145 million in Shree Renuka Sugars

Singapore-based Wilmar International on Thursday confirmed that it would acquire a major stake in Shree Renuka Sugars for an investment of up to $145 million.

Wilmar, which is the world's leading palm oil processor, has business interests in sugar, lauric oils among other commodities. The Shree Renuka deal will see Wilmar and the founders of the Indian firm owning equal stakes in the sugar company.

IMF commends India’s monetary policy to control inflation

IMF commends India’s monetary policy to control inflation

The International Monetary Fund (IMF) on Thursday commended India's ability to keep tight control on spending and monetary policy amid economic slump and high inflation rates.

The global financial institution said Indian authorities maintained macroeconomic and financial stability in the midst of a challenging environment.

Cuts in car prices expected to provide much-needed fillip to auto industry

Cuts in car prices expected to provide much-needed fillip to auto industry

Passing on recently announced excise duty cuts, many Indian car manufacturers on Wednesday slashed prices of their various models.

Car manufacturers have slashed prices by a minimum of Rs 10,000 for entry level models of their cars to whopping Rs 3.5 lakh and more for luxury sports utility vehicles (SUVs). Luxury car maker Volkswagen announced a cut of Rs 18,000 to Rs 31,000 for its Polo, while the Vento's price was slashed by Rs 14,500 to Rs 27,000.

SBI slashes deposit rates by up to 0.50%

SBI slashes deposit rates by up to 0.50%

India's largest lender, the State Bank of India (SBI) has said that it will slash its retail deposit rates by 0.50 per cent from 18 February, 2014.

The bank said in a filing with the stock exchange that the deposit rates for maturities of three to five years are cut by 0.25 per cent, the maturities for five years and above have been cut by 0.50 per cent. SBI is currently offering an interest rate of 8.75 per cent for three to five year deposits and 8.5 per cent on deposits for five years and longer.

India offering massive growth opportunity for US firms: USIBC

India offering massive growth opportunity for US firms: USIBC

Refuting allegations of some American businesses that Indian policies are restrictive to their growth, U. S. India Business Council (USIBC) President Ron Somers said India is offering a massive growth opportunity.

Speaking in his testimony before the U. S. International Trade Commission (USITC), Somers stressed that some companies didn't share the majority view that the growth opportunity in India was as clear as the horizon.

SpiceJet reports Q3 loss on high fuel costs & weak currency

SpiceJet reports Q3 loss on high fuel costs & weak currency

The combination of higher fuel costs and forex losses pushed budget carrier SpiceJet Ltd into the red in the fiscal third quarter ended December 31, 2013.

Controlled by billionaire Kalanithi Maran-promoted Sun Group, SpiceJet, on Friday reported a net loss of Rs 1.73 billion (US$27.74M) for its October-December quarter. In the corresponding quarter of the previous year, the carrier had pocketed a net profit of Rs 1.02 billion.