INDIA BUSINESS WORLD - 1st MARCH - TO - 15th MARCH - 2009
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.
ECONOMIC & LEGAL NEWS
BIHAR ANTI-CORRUPTION BILL GIVES NEW POWERS TO GOVT : Moving swiftly to rein corruption at various levels, the Nitish Kumar government in Bihar has got the state legislature to pass the Bihar Special Court Bill, 2009, which, among other things, will enable the state government to confiscate property of the errant officials even if the matter was sub-judice...........More....
SUPREME COURT ISSUES NOTICE TO TATA TEA : The Supreme Court has issued notice to Tata Tea on a petition filed by the Karnataka government seeking to levy sales tax of around Rs 25 crore on raw coffee (coffee berries) procured by the company from growers.......More....
FDI GROWS 90% IN THE FIRST EIGHT MONTHS OF THE CURRENT FISCAL YEAR TO RS 85,700 CR: FOREIGN investment inflows into India grew 90% in the first eight months of the current fiscal year, indicating that the country continues to be an attractive destination for investors despite a fall in economic growth rates........More....
SUPREME COURT: GRAVITY OF OFFENCE BE CONSIDERED FOR ANTICIPATORY BAIL : The Supreme Court has pulled up Punjab and Haryana High Court for granting anticipatory bail to those involved in a criminal conspiracy and cheating without taking the gravity of the offence into account and also for imposing unwarranted conditions for grant of pre-arrest bail, in two separate cases........More....
SUPREME COURT: GIVE PROTECTION TO WITNESSES, AT LEAST IN HEINOUS CRIMES: Being forced to acquit a alleged murderer due to lack of evidence, the Supreme Court has ruled that criminal justice system in the country would be at crossroads unless and until witnesses were given protection to enable them to depose freely against the mighty criminals, at least in heinous crimes.......More....
STATEMENT OF FINANCE MINISTRY ON INFLATION : The following is the statement of Department of Economic Affairs, Ministry of Finance on inflation issued: Annual (year-on-year) rate of inflation declined by 60 basis points to 2.4 per cent for the week ended February 28, 2009 from 3.0 per cent in the week of February 21, 2009......More....
SUPREME COURT: COURTS CAN'T IMPOSE IRRELEVANT CONDITIONS FOR WIFE'S MAINTENANCE : The Supreme Court has held that while granting anticipatory bail, courts cannot impose irrelevant conditions on the husband such as directing him to pay maintenance, along with arrears, to the wife......More....
30 MNCS GET NOD TO BYPASS FIPB : THE wait is over for 30 foreign firms to get foreign exchange promotion board’s (FIPB) nod for making downstream investments......More....
SATYAM GETS SEBI NOD TO SHED 51% : TTHE government-appointed board of Satyam Computer Services is set to invite expressions of interest (EoIs) from potential bidders after the market regulator allowed it to sell a majority stake in the fraud-hit company......More....
DR REDDY'S WINS OMEPRAZOLE CASE IN US : INDIAN drug maker Dr Reddy’s Laboratories (DRL) has won a lawsuit it was facing in the US market on patent infringement in the sale of Omeprazole, a drug used to treat acidity......More....
Others..
BUSINESS NEWS
GOVERNMENT EXEMPTS THREE CRUCIAL STEEL ITEMS FROM THE LIST OF MANDATORY QUALITY CONTROL ORDER : The government has exempted three crucial steel items used in construction and packaging sectors from the list of mandatory quality control order, a move that could increase the supply of low quality metal....More....
JET FUEL PRICE SLASHED BY 7% :State-run oil companies slashed prices of jet fuel by around 7%, but airline companies said they would use the opportunity to cover accumulated losses and may not lower air fares in the near term.........More....
MOTOROLA SNAPS BHARTI TIES, GETS NEW PARTNER : US-BASED cellphone vendor Motorola has restructured its sales and distribution structure in India. The company has terminated its sales and distribution arrangement with Bharti Teletech, a subsidiary of Bharti Enterprises.........More....
HCL BAGS RS 393-CR, 7-YEAR NATIONAL INSURANCE COMPANY CONTRACT : HCL Technologies has won a Rs 393-crore, seven-year contract from National Insurance Company, beating top Indian IT firms and multinationals......More....
NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA) SEEKS ACTION AGAINST SUN, EMCURE & FRANCO FOR CHANGING COMPOSITION OF DRUGS, DODGING PRICE CONTROL : THE country’s drug pricing body, National Pharmaceutical Pricing Authority (NPPA), has recommended action against three companies for allegedly changing the composition of some medicines while retaining their old brand names, which helped it dodge price controls.......More....
AUROBINDO DRUG GETS FDA NOD : Drug-maker Aurobindo Pharma has said that it has received tentative approval from the US drug regulator for antidepressant tablets Escitalopram Oxalate........More....
CENTRE APPROVES 29 FDI PROPOSALS WORTH RS 616 CR : The government has approved 29 foreign direct investment (FDI) proposals worth Rs 616 crore including AAPC Singapore’s Rs 365-crore hotel project........More....
LIFE INSURANCE CORPORATION OF INDIA HIKES STAKE IN GAIL : Life Insurance Corporation of India has hiked its stake in Gail India to 10.1% after purchasing over 13.40 lakh shares through the open market......More....
IT DEALS COME AT 20% DISCOUNT, TOP INDIAN IT FIRMS SIGN NEW OUTSOURCING CONTRACTS AT MUCH LOWER RATES : TOP Indian tech firms, such as TCS, Infosys, Wipro, and HCL, are signing new outsourcing contracts at 15-20% lower billing rates than last year, as customers including BT, Bank of America and Citibank renegotiate existing contracts and award new projects at much lower rates......More....
FDA NOD FOR RANBAXY'S CARDIOVASCULAR DRUG : Ranbaxy Laboratories has received the final approval from the US Food and Drug Administration’s (USFDA) to sell Ramipril capsules (in 5mg & 10mg), a drug used to treat cardiovascular diseases......More....
NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA) REVISES THE RATES OF THREE BULK DRUGS : TDrug price regulator the National Pharmaceutical Pricing Authority (NPPA) has revised the rates of three bulk drugs, including chloroquine phosphate that is used in treatment of malaria.......More....
WIPRO INFOTECH BAGS RS 1,182-CR EMPLOYEES’ STATE INSURANCE CORPORATION (ESIC) CONTRACT : WIPRO Infotech, the India and Middle East IT business arm of Wipro, has bagged an IT outsourcing contract from Employees’ State Insurance Corporation (ESIC) worth Rs 1,182 crore.......More....
AUROBINDO GETS US NOD FOR ANTI-HIV INFECTION TABLETS : Aurobindo Pharma has said that it has received the US health administrator's approval for Lopinavir/Ritonavir tablets used in the treatment of HIV infections.......More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
CAR INSURANCE COVER NOW COSTS 20% LESS : ARMED with the freedom to fix tariffs, general insurance companies have driven down auto insurance premiums by 20-40% in their scramble for a larger pie of the shrinking car market........More....
GE SECURITY AND WIPRO INFOTECH INK DEAL TO OFFER SECURITY SERVICES : GE Security and Wipro Infotech have jointly announced the signing of an agreement for coming up with physical security solutions in India.........More....
RELIANCE PETROLEUM (RPL) IN 1:16 MERGER WITH RELIANCE INDUSTRIES (RIL) : THE boards of Reliance Industries (RIL) and Reliance Petroleum (RPL) have approved the merger of the two firms, with a swap ratio of one RIL share for 16 RPL shares......More....
PIRAMAL HEALTHCARE COMPLETES ACQUISITION OF US-BASED MINRAD INTERNATIONAL : Pharma firm Piramal Healthcare has said that it has completed the acquisition of US-based Minrad International.......More....
FRENCH FOOD SERVICES GIANT SODEXO IS ACQUIRING RADHAKRISHNA HOSPITALITY SERVICES GROUP (RKHS) IN RS 520-CR DEAL : FRENCH food services giant Sodexo is acquiring Radhakrishna Hospitality Services Group (RKHS), India’s pioneer in the food and facilities management sector, in a transaction valued at over $100 million, or roughly Rs 520 crore.......More....
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