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INDIA BUSINESS WORLD - JANUARY 1st - JANUARY 15th
- 2008
The Month that was ...
News & important developments from the most prospective of the New World markets... India. Our effort is to provide you with the latest and relevant developments that take place in the Indian business, economic and legal environment.
BUSINESS NEWS
UNITED SPIRITS LTD. (USL) BUYS DISTRIBUTION RIGHTS OF DALMORE:Vijay Mallaya-owned spirits giant United Spirits Ltd (USL) has bought the distribution rights of Dalmore Single Malt in the US for $58 million. The group now has global distribution rights for Dalmore. The company has bought the rights from USbased Jim Bean through debt financing from Citibank. Dalmore is owned by Whyte... More....
POST-MERGER, PROMETHEAN, SCHOLZ TO GET 3.3% & 12% IN MFL:Private equity firm Promethean will pick up 3.29%and Scholz AG will get 12.04% equity stake in Mahindra Forgings(MFL), the forging arm of the Mahindras. This would be pursuant to the merger of global forging companies - UK-based Stokes and German firms... More....
CRANES SOFTWARE BUYS US FIRM IN RS 72CRORE DEAL:Bangalore-based Cranes Software (CSIL) has acquired US-based specialized auto consulting and product development firm Engineering Technology Associates (ETA) through its subsidiary Cranes Software Inc. CSIL, which provides enterprise statistical analytics and engineering simulation software products and solutions, will invest Rs 72 crore for the acquisition... More....
NASSCOM IN PARTNERSHIP WITH THE NETHERLANDS' CBI:Nasscom has announced a capacity-building partnership with Netherlands' CBI (Centre for the Promotion of Imports from Developing Countries), for CBI's export development programme. The programme is currently available for Nasscom member companies... More....
L&T BAGS RS 1,300CR CAIRN INDIA CONTRACTS :The engineering and construction major Larsen and Toubro (L&T) has bagged two major infrastructure contracts worth Rs 1,300 crore from Cairn India. The scope of the work covers development of infrastructure facilities ... More....
AD VALOREM ROYALTY RATES FOR MINERALS:In a move that would dramatically hike the cost of minerals, including iron ore, and raise revenues of mineral-rich states, the government is preparing to dump low, specific rates of royalty and replace it with royalty that would change with the ore's market... More....
NIFTY TOPS SENSEX WITH 60% RETURNS IN '07 :Investing in the BSE Sensex or the Nifty Fifty was never an issue for fund managers. But times are changing. Over the past one year, the Nifty has returned 60% while the Sensex has returned 52.70%. Over the past five years, this is for the first time that the Nifty has given higher returns than that of the Sensex... More....
SUPREME COURT PUTS RELIANCE POWER MEGA IPO BACK ON TRACK:Trouble seems to be jogging along Anil Ambani ever since he put the much-hyped Reliance Power IPO on track... More....
CONCEPT CREATION CHARGES EXEMPT FROM SALES TAX: SUPREME COURT:In a reprieve to advertising agencies, the Supreme Court has ruled that charges collected towards the services such as evolution of prototype conceptual design like creation of concept... More....
L&T BAGS RS 3,560-CRORE BUILDING CONTRACTS :Larsen & Toubro (L&T) has bagged Rs 3,560 crore worth of orders for constructing commercial and residential buildings across the country. One of the contracts, worth Rs 2,000 crore, has come from Kingston Properties. L&T has to complete the project... More....
SEBI CLEARS WAY FOR LONG-TRADED OPTIONS:Decks have been cleared for the introduction of long-traded options in the Indian stock market. The Sebi Derivatives Market Review Committee (DMRC), headed by M Rammohan Rao, has recommended the introduction of new derivative products, with option contracts... More....
SUPREME COURT CLEARS HURDLES AGAINST REL POWER IPO:The Supreme Court (SC) has cleared the decks for Reliance Power's IPO. The IPO, one of India's largest, is scheduled to hit the market on January 15... More....
SBI FIXES DOLLAR DEAL WITH SIX IRANIAN BANKS:In a bid to ensure that the trade with Iran is not affected, State Bank of India has said that they have correspondent relation with six Iranian banks through whom dollar denominated Iranian transactions can take place. This was indicated by SBI in a statement ... More....
SBI ALL SET TO OPEN ESOP LOCKER FOR STAFF :PUBLIC sector bankers, often seen as poor cousins to their counterparts in new-age private and foreign banks as regards remuneration packages, may soon be rid of that tag... More....
INDIA INC DEALS SOAR 150% TO $70 B IN '07:India Inc announced deals worth $70 billion in 2007, up 150% over the previous calendar year. Significantly, even though this is a mere 1.5% of the estimated value of global deals struck during the year, in terms of actual increase, Indian companies were a much... More....
INOX TO INVEST RS 100CR IN INDIAREIT UNIT :Ajay Piramal-promoted real estate fund Indiareit has sealed a strategic alliance with multiplex chain Inox, which will invest over Rs 100 crore in Indiareit's domestic unit as a value-added investor, reports Rajesh Unnikrishnan. Accordingly, Indiareit would offer a preferred tenant status to Inox in its all upcoming shopping malls... More....
MARVEL TEA GETS EXPORT ORDER FROM UAE:Marvel Tea has said it has bagged an export order of 1 lakh kg tea from the United Arab Emirates. The Haryana-based company has bagged the repeat export order of 1 lakh kg against previous order of 80,000 kg for... More....
ISPAT INKS GAS PACT WITH SHELL LNG:Ispat Industries has tied up with Shell LNG to secure additional requirement of gas for ramping up its sponge iron production capacity. LNG from Shell's Gujarat terminal would be transported by Gail India to meet Ispat's requirement,... More....
INCOME FROM SHARE APPRECIATION RIGHTS NOTHING BUT DEFERRED WAGES: I-T TRIBUNAL:Share appreciation rights (SAR), an innovative compensation package offered by many multinational companies to senior employees, will be taxed. The Income Tax Appellate Tribunal (ITAT), Mumbai - a quasi-judicial tax authority - has held that redemption... More....
NEW NORMS FOR FII REGISTRATION SOON:To put an end to the uncertainties over FII investments in the country, market regulator Sebi is set to notify the new guidelines for their registration. Accordingly, entities registered in non-International Organization of Securities... More....
PUBLIC SECTOR BANKS (PSBS) LOSE MARKET SHARE TO PRIVATE PEERS:The combined market share of public sector banks (PSBs) continues to slip, while private sector banks have further strengthened their position. While the State Bank of India (SBI) group has been losing share in credit among PSBs, nationalised banks have lost... More....
SBI INVESTORS TO GET SHARES AT 36% DISCOUNT IN RIGHTS ISSUE :The board of State Bank of India (SBI) has cleared the proposal to raise capital through a rights issue in the ratio of 1:5. The rights issue will be at a steep discount of 36%. SBI has pegged the rights issue at Rs 1,590 (which includes a face value of Rs 10) and for every five shares the shareholder... More....
SEBI LAUNCHES CONSULTATION PAPER ON SHORT SWING PROFIT REGULATION:The proposed regulation seeks to compel an insider to surrender such profits to the company in any of his/her transaction concerning equity based securities of the company (including its parents or subsidiarys shares) in the event both the buy and sell ... More....
INDO-GREEK BILATERAL TRADE TO DOUBLE BY 2010, SAYS COMMERCE MINISTRY:Shri Kamal Nath, Union Minister of Commerce and Industry, has stated that bilateral trade in the services sector holds great promise, as India is emerging as a global services provider especially in the information technology and software sector. While addressing at the Luncheon Meeting with the Prime Minister of Greece, Mr. Kostas Karamanlis, here today, the Minister... More....
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