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Wednesday, March 26, 2008

Indian Business | Energy Sector latest Updates

Energy sector is very important sector of indian economy as it includes some of the heavy weights of indian industry like ONGC, Hindustan Petroleum, Indian Oil, Bharat Petroleum, Reliance group, Suzlon etc. Updates in energy sector have a lasting impact on indian economy. also update yourself with latest updates from Auto Sector Updates , Jobs Sector Updates , Energy Sector Updates , Media sector Updates , Entertainment Sector Updates , Telecom Sector Updates , Banking Sector Updates , Finance Sector Updates , Healthcare Sector Updates , Biotech Sector Updates , Pharmaceuticals Sector Updates - and get the comprehensive news about growth of indian economy.

Energy Sector consists of both power and Oil and Gas sector which includes many heavyweights of indian industry.

Latest Updates of Energy Sector:

April 2008 Energy Sector Updates :

Power Sector Updates:


  • Chinese cos power into equipment market here - (21/4/2008)
  • R-ADAG puts Rosa project on fast track - (20/4/2008)
  • Haryana to strengthen power generation - (20/4/2008)
  • ADB lends $113 mn to India wind power projects - (20/4/2008)
  • L&T-MHI set to bag Rs 48,000-cr equipment order - (19/4/2008)
  • CLP India to invest Rs 500 crore in Samana power project - (18/4/2008)
  • Himachal to provide 2000 MW power to northern states: Dhumal - (18/4/2008)
  • DVC poised to become 2nd largest power producer: Ramesh - (18/4/2008)
  • Suzlon Energy bags orders for wind farm projects in China - (18/4/2008)
  • Power ministry sends new name for NTPC top slot - (18/4/2008)
  • GMR buys 5% in S African mine co - (18/4/2008)
  • R-ADAG’s Rosa power plant ahead of schedule - (18/4/2008)
  • GMR Energy acquires 5 pc stake in South African co - (17/4/2008)
  • PGCIL seeks loan from World Bank, ADB - (17/4/2008)
  • Power Grid plans Rs 8,040 crore FY-09 capex - (17/4/2008)
  • KLG Systel to invest Rs 1.25 bn in power unit - (17/4/2008)
  • BHEL may bag NTPC deals at set price - (17/4/2008)
  • PFC to issue proposal for Tilaiya UMPP by May 30 - (16/4/2008)
  • Bidding process on for UMPP in Jharkhand - (16/4/2008)
  • Reliance Power to complete $2 bn ECB issue next month - (15/4/2008)
  • BHEL-led consortium may sell Rs 55k-cr equipment to NTPC - (15/4/2008)
  • No holds, bar: Reliance Power gets nod for $2-b ECB float - (15/4/2008)
  • GVK Power may hive off energy arm - (14/4/2008)
  • NHPC to form JV with J&K’s power utility - (14/4/2008)
  • Don't ride Re power for overseas M&As: KPMG - (14/4/2008)
  • Centre to increase Delhi's electricity quota by 10% - (13/4/2008)
  • PM says no to bio-fuel production out of foodgrains - (13/4/2008)
  • Haryana to add 5,000 MW of power generation capacity - (12/4/2008)
  • TN taking steps to make state power surplus - (12/4/2008)
  • Maharashtra sugar co-ops to produce 1,000MW surplus power - (11/4/2008)
  • Haryana to spend Rs. 722 crore on strengthening electric transmission - (10/4/2008)
  • NTPC to double coal imports in 2008/09:chief - (10/4/2008)
  • Govt to slap pre-condition on foreign power equipment cos - (10/4/2008)
  • Areva sees robust growth, plans to increase headcount - (10/4/2008)
  • Areva T&D targets to double turnover; to invest Rs 700 crore - (9/4/2008)
  • No interim relief to Reliance Power in UP land acquisition case - (9/4/2008)
  • DHBVN to set up 59 sub-stations of 33 kv - (9/4/2008)
  • IFC to lend Rs 1,800 crore to Tata's power project - (9/4/2008)
  • Areva T&D India sees sales doubling by 2010 - (9/4/2008)
  • World Bank approves $450 mn for Tata Mundra project - (9/4/2008)
  • Give power to the people or hang head in shame: Jairam - (9/4/2008)
  • Tata to set up 30 mw power unit in Haldia - (9/4/2008)
  • Areva T&D bags Rs 418 crore order from Essar Constructions - (8/4/2008)
  • RIL, Bhel consider JV for solar fab units - (8/4/2008)
  • Four companies shortlisted for solar power projects in Punjab - (7/4/2008)
  • APTEL rejects PGCIL plea on outages due to maintenance - (7/4/2008)
  • NED Energy completes Gulf Powerbeat buy - (7/4/2008)
  • India seeks energy cooperation with Kazakhstan - (7/4/2008)
  • Domestic JV to power BHEL overseas buys - (7/4/2008)
  • Lanco to invest Rs 18,000 cr for hydro power by 2015 - (7/4/2008)
  • BHEL, NPCIL to float N-power equipment JV
  • REL's plea on nod to PPA between Tata Power and BEST adjourned
  • BHEL bags Rs 50,000 cr order to supply critical equipments
  • BHEL, NPCL floats JV for nuclear power projects
  • Indiabulls Power receives LoI for Chattisgarh power plant
  • BHEL, NPCIL to sign JV agreement on Friday
  • NLC achieves all time high performance in lignite production
  • PTC India ventures into wind energy sector
  • NTPC, UP govt enter JV to set up power plant
  • Suzlon Energy's US arm bags 200 MW order
  • ADB to give $600 million loan to Power Grid Corp
  • PFC floats consultancy arm

Oil and Gas Sector Updates:

  • Assam Company for more aggressive in Nelp VII, to raise $ 250-300mn - (21/4/2008)
  • Refining margins may pump up RIL net by 35% - (21/4/2008)
  • SMEs hit legal hurdles at various stages of growth - (21/4/2008)
  • Hong Kong's CLP seeks more natural gas for its project - (20/4/2008)
  • Saudi welcomes Indian cos to invest in its energy sector - (20/4/2008)
  • India wants to participate in Saudi oil exploration - (20/4/2008)
  • ONGC launches redevelopment work on Mumbai High South field - (19/4/2008)
  • India Oil wants to market aviation fuel in Sri Lanka - (19/4/2008)
  • Govt postpones bidding date for 57 oil & gas blocks - (18/4/2008)
  • No need to reveal basis for cheap petrol through cards: CIC - (18/4/2008)
  • Govt likely to postpone NELP-VII bid date to May 9 - (17/4/2008)
  • IOC refinery to lose tax rebate benefits under proposed Clause - (17/4/2008)
  • Asian Naphtha: ONGC offers 35,000 T for May - (17/4/2008)
  • Oil at $115 record as dollar, US fuel stocks fall - (17/4/2008)
  • Jamnagar refinery ahead of schedule - (17/4/2008)
  • Reliance pipeline co files SLP against Andhra HC stay - (17/4/2008)
  • OIL, IOC signs pact for oil exploration in Yemen - (16/4/2008)
  • RPL to complete Jamnagar refinery project ahead of Dec - (16/4/2008)
  • India imports 38% more crude oil in 11 months of FY'08 - (16/4/2008)
  • Oil regulator asks IGL to halt setting up new stations - (16/4/2008)
  • Venezuela approves law taxing foreign oil companies' windfall profits - (16/4/2008)
  • Shell may offer $6.7 bn for 30% stake in RIL's D-6 block - (16/4/2008)
  • Tax rejig for gas firms may hurt RIL - (16/4/2008)
  • IGL expansion plans put on hold - (15/4/2008)
  • Oil scarcity hits Mizoram as tanker drivers agitates - (15/4/2008)
  • China Gas, Gail to tie-up for Coal Bed Methane blocks - (15/4/2008)
  • GAIL, Arrow may join coal gas project: China Gas - (15/4/2008)
  • Aban Offshore gets contract worth about $34 mn - (15/4/2008)
  • IOC to import 36 million tonnes crude in '08/09 - (15/4/2008)
  • India to take up IPI project with Pak - (15/4/2008)
  • RIL sees Saudi dreams in Jizan oil refinery - (15/4/2008)
  • OVL qualifies for oil and gas contracts in Iraq - (15/4/2008)
  • OMEL to partner Total in Nigeria - (15/4/2008)
  • Musharraf wants involvement of China in IPI project - (14/4/2008)
  • OVL qualifies for oil, gas contracts in Iraq - (14/4/2008)
  • India to meet Pak on Apr 25 on IPI gas pipeline - (14/4/2008)
  • Petronet to buy 15 more spot LNG lots this fiscal - (14/4/2008)
  • RIL in talks with BG, Chevron, Exxon for stake sale - (14/4/2008)
  • IOC losing Rs 320 cr per day on fuel sales - (14/4/2008)
  • IOC fiscal '08-09 capex seen at Rs 75 bn - (14/4/2008)
  • IOC wants fair share of KG gas - (14/4/2008)
  • IOC, Petronet in joint talks with Exxon for LNG supply - (14/4/2008)
  • Nelp-VII may fade into the distance - (14/4/2008)
  • Government asks oil producers to rethink policy - (13/4/2008)
  • LPG cylinders containing half of the specified gas: Haroon Yusuf - (13/4/2008)
  • Borrowings going up every month, says IOC chief - (12/4/2008)
  • Indian Oil takes LNG to doorsteps of companies - (12/4/2008)
  • Govt for lifting RIL gas sale stay - (12/4/2008)
  • Govt a party to RIL-RNRL case - (11/4/2008)
  • OVL may get to dig 2 more blocks in Venezuela - (11/4/2008)
  • RIL to sell up to 10% in KG basin - (11/4/2008)
  • NTPC in talks with oil firms for blocks bid - (10/4/2008)
  • RIL in talks with foreign firms to sell 10% stake in KG Basin D6 block - (10/4/2008)
  • Reliance in talks with foreign firms on D6 block - (10/4/2008)
  • L&T eyes new Cairn oil pipeline contract - (9/4/2008)
  • India keen to partner IPI gas project: Iran - (9/4/2008)
  • ONGC Videsh, Petroleos to develop oil field in Venezuela - (9/4/2008)
  • BG to sell LNG in India later this year - (9/4/2008)
  • Venezuela to supply 150,000 bpd of oil to Reliance - (9/4/2008)
  • India, Venezuela sign gas and oil agreement - (9/4/2008)
  • Energy tribunal APTEL raps petroleum sector regulator on lack of guidelines - (8/4/2008)
  • IOC seeks June sweet crude - (8/4/2008)
  • RIL team strikes oil in Yemen - (8/4/2008)
  • OVL to sign pact for 40% stake in Venezuelan field
  • RIL to make rigs, invest $2.5 bn in gasification project
  • Green Power International eyes Rs 400-cr turnover by 2011
  • Deora to meet Pak, Iran officials on gas pipeline issue
  • OVL to invest $450 mn in Venezuela
  • India, Turkmenistan ink MoU on cooperation in oil sector
  • US to provide technical assistance to HPCL
  • Jindal Drilling buys 49 pc in Singapore firm
  • Deora asks PM to cut customs duty on crude oil
  • HPCL awards May-Oct term naphtha; plus $15/tonne
  • Natural gas regulator lays down retail rules
  • Reliance strikes new gas find in Krishna basin
  • GAIL signs contract for PMT gas
  • 'Pak committed to IPI project'
  • Gujarat Gas signs supply pact with GAIL India
  • Reliance says finds more gas off east coast
  • GAIL India to buy 17.3 mmscmd PMT gas
  • OVL makes $1 bn offer for three blocks in Angola
  • Oil regulator lays down criteria for city gas projects
  • GAIL signs contracts to takeover PMT gas marketing
  • RPL eyes $500 million for Jamnagar SEZ refinery


March 2008 Energy Sector Updates:

Power Sector:

- PFC floats consultancy arm

- Inverters, generators demand in NCR to grow by 30 pc

- NTPC gets investment cap waiver

- Power in Punjab cheap by 3.5 pc from April 1

- NHPC commissions all 3 units of Teesta-V

- HPDC to launch awakening campaign

- Three hydel projects of Narmada Valley to be assigned to NHEDC

- Rel Energy arm wins Rs 1,200-cr Rel Power deal

- Power Grid signs for $1.2 bn loan from ADB, World Bank

- PGCIL aims Rs 5,400 crore turnover in FY09

- ONGC to fuel NEEPCO's power plant in Tripura

- Nigeria invites Indian firms to invest in power sector

- GEI Industrial bags Rs 30 cr contract from Essar

- Reliance Power to seek shareholders nod for bonus issue

- Jyoti Structures bags Rs 253 cr contracts from Uganda Electricity Transmission

- XL Telecom bags Rs l53.9 cr order to supply solar panels

- Morgan Stanley buys 3.85% in Sujana Towers

- Reliance Power speeds up Sasan plan

- With level playing field you can't compete with NTPC: CMD

- Delhi will have surplus power by 2010

- New power project coming up in Kashmir

- Tatas, RPower submit RFQ for Rajpura Thermal Power Project

- Larsen & Toubro to add thermal power equipment capacity

- World Bank approves $600 million loan to Power Grid Corporation of India

Oil & Gas Sector latest Updates:

- GAIL signs contracts to takeover PMT gas marketing

- RPL eyes $500 million for Jamnagar SEZ refinery

- IOC to focus on cleaner fuels in FY'09

- Rajasthan asset costs at $1.8 bn: Cairn India

- BPCL files DRHP for JV setting up refinery in MP

- Oil prices below $105 in Asian trade

- Reliance, BG refuse to sign Panna/Mukta gas deal

- Govt in a fix over Reliance's decision to close petrol pumps

- India likely to sign deal for Iran projects in April: ONGC

- Bhagawati Gases enters into MOU with Russian co

- Gail to transmit 81.5 mmscmd of gas a day in 2008-09

- Australian construction co bags $720 mn contract from ONGC

- Reliance Industries to shut its retail petrol pumps

- BP may enter into pact with Cals for refinery at Kolkata

- HC notice to Centre, IOC on shortage of cooking gas

- IOC bags Petrofed's 'Oil & Gas Corporate of the Year' award

- GAIL awarded Oil & Gas Pipeline Transportation Co of the year

- MRPL to shut 120,000 bpd crude unit in March

Posted by himanshu Sharma at 11:52 PM 0 comments
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Banking / Finance Sector Latest Updates

Banking and finance sector are very crucial sectors of indian economy and alight downtrend in these sectors can see a slowdown in Indian economy as well. also update yourself with latest updates from Auto Sector Updates Jobs Sector Updates Energy Sector Updates Media sector Updates Entertainment Sector Updates Telecom Sector Updates Banking Sector Updates Finance Sector Updates Healthcare Sector Updates Biotech Sector Updates Pharmaceuticals Sector Updates - and get the comprehensive news about growth of indian economy.

Latest Updates from Banking and Finance Sector:

April 2008 Banking Sector Updates:

  • SBI's clients may take a Rs 700-cr derivatives hit - (24/4/2008)
  • BoJ may drop call for higher rates as growth slows - (24/4/2008)
  • JWT Bangalore bags ING Vysya Bank's creative account - (23/4/2008)
  • State Bank to provision $10 million for subprime - (23/4/2008)
  • HDFC Bank plans mobile banks for microfinance - (23/4/2008)
  • Banks see lower credit growth in FY09 - (23/4/2008)
  • SBBJ to focus on retail segment - (22/4/2008)
  • HDFC bank to start mobile banking ATM - (22/4/2008)
  • ICICI Bank to scale down promotions, increments - (22/4/2008)
  • PNB Gilts records 4-fold jump in PBT - (22/4/2008)
  • South Indian, City Union save Dhanalakshmi's rights issue - (22/4/2008)
  • RBI rejects IFC plan to invest in Karnataka Bank - (22/4/2008)
  • Axis Bank net jumps 71% in Q4 - (22/4/2008)
  • Punjab National Bank to start Bhutan JV by year-end - (20/4/2008)
  • Deutsche to invest Rs 685-cr for its NBFC business - (20/4/2008)
  • IOB to take over assets & liabilities of Shree Suvarna - (19/4/2008)
  • SBI wants to move to global IFRS a/c standards, invites bids - (19/4/2008)
  • CRR hike to impact profitability: Kamath - (19/4/2008)
  • Citigroup posts $5.1 bn loss, to cut 9,000 jobs - (19/4/2008)
  • No hike in interest rates at least till Apr 29: Bankers - (18/4/2008)
  • CRR hike to affect profitability of banks: Kamath - (18/4/2008)
  • Banks cancel undrawn loan limits to firms - (18/4/2008)
  • PSU banks retain lead play in bank credit - (18/4/2008)
  • RBI wants deposit taking limited to banks - (18/4/2008)
  • ICICI Bank to offer Visa eMarketplace - (17/4/2008)
  • PSU banks may post poor result in Q4; pvt sector may do better - (17/4/2008)
  • PNB sees loan growth of 20 pc - (17/4/2008)
  • Corporation Bank launches reverse mortgage loan scheme - (17/4/2008)
  • Interest rate decision only after RBI policy: K V Kamath - (17/4/2008)
  • ICICI Bank not in hurry to list broking arm - (17/4/2008)
  • Bank of Baroda launches new health scheme in Oman - (17/4/2008)
  • SBI, Macquarie line up $1-bn fund for core play - (17/4/2008)
  • ICICI a/cs must’ve Rs 10k min balance - (17/4/2008)
  • StanChart pumps in $250-mn fresh funds - (17/4/2008)
  • Corp Bank launches NEFT through ATMs - (16/4/2008)
  • Stanchart keen to spread wings in rural India - (16/4/2008)
  • Bank of India sees 25 pc credit growth in Apr-Jun - (16/4/2008)
  • Volatility to sustain for few months: Peter Sands - (16/4/2008)
  • Axis Bank opens branch in Madurai - (16/4/2008)
  • State Bank, Macquarie plan India infrastructure fund - (16/4/2008)
  • ICICI Bank invests more in ICICI Prudential - (16/4/2008)
  • India Inc should focus on corporate governance standards: Kotak - (16/4/2008)
  • HDFC Bank inks pact with two carbon-credit firms - (15/4/2008)
  • Kotak Mahindra Bank rolls out credit cards - (15/4/2008)
  • SBI to launch mobile banking service soon - (15/4/2008)
  • Grievances against private banks rise 33% - (15/4/2008)
  • Smart cards enter rural, urban poor big time - (15/4/2008)
  • Banks open wallets as IIM aspirants fret over fee hikes - (15/4/2008)
  • Bankers say lending rates may go up post credit policy - (14/4/2008)
  • PNB expects 20 pc rise in net profit during 2008-09 - (14/4/2008)
  • Yes Bank mulling QIP to raise $300 mn by December - (14/4/2008)
  • JKSCB aims disbursing Rs 100-cr loans this fiscal - (13/4/2008)
  • HDFC Bank to enter Bahrain by the middle of the year - (13/4/2008)
  • Bank of Rajasthan's business crosses Rs 21,000 crore - (11/4/2008)
  • RBI bought $3.88 billion in February - (11/4/2008)
  • Yes Bank eyes two private sector banks for acquisition - (11/4/2008)
  • Germany's Dresdner Bank to open branch in India in 2009 - (10/4/2008)
  • Vijaya Bank signs pact with Fitch Ratings - (10/4/2008)
  • Vijaya Bank signs MoU with FITCH Ratings - (10/4/2008)
  • No immediate plans for merger: DCB - (10/4/2008)
  • Development Credit Bank plans asset management foray - (10/4/2008)
  • ICICI Bank expects SME business to grow by 50% in FY'09 - (9/4/2008)
  • TCI Cyprus Holdings buys 3.45 per cent in IOB - (9/4/2008)
  • Banks can't take stocks as security - (9/4/2008)
  • Born-again IndusInd to focus on core growth - (8/4/2008)
  • Open up banking sector
  • PNB to enter credit card business on its own by Sept
  • BoM scouting for partner in general insurance JV
  • UBI offers reverse mortgage at 10%
  • ICICI awaits RBI move on rates: Kamath
  • ICICI Bank to focus more on wealth management, mobile banking
  • Union Bank launches Reverse Mortgage scheme
  • NABARD credit to West Bengal touches Rs 1,309 cr
  • RBI delay forces PNB to go solo in credit cards
  • RBI seeks fresh bank loan exposure data
  • NABARD extended Rs 3,871 crore in credit support to AP
  • Govt rules out diluting stake in public sector banks
  • PNB revises interest rates on non-resident deposits
  • Citi woos expatriates in India to expand customer base
  • Bank of Canada injects C$835 million into market
  • ICRA inks MoU with State Bank of Indore for rating services
  • Citibank launches services for expatriate Indians
  • BoB revises foreign currency deposit rates
  • Bank deposits in Gujarat rise 5% in third quarter
  • UBS' India plan seen intact despite global writedown
  • J&K Co-operative Bank posts business of Rs 2,000 cr in FY08
  • Banks' hopes of treasury gains vanish as bond prices decline
  • Citigroup rejigs global operations on geographical lines
  • Barclays to set up private bank in India
  • Firms revisit derivative bets to clean books

April 2008 Finance Sector Updates:


  • UTI Ventures exits Excelsoft, earns 50 times its investment - (24/4/2008)
  • Morgan Stanley has a May 1 date with private equity play - (24/4/2008)
  • Oriental Insurance to provide cover to Mundra project - (23/4/2008)
  • IDFC raising $700 million India infrastructure fund - (23/4/2008)
  • IFCI stake sale not imminent-source - (23/4/2008)
  • Short-term debt yields rise as RBI dislike for 'surplus grows - (23/4/2008)
  • PEs invest $4 bn in first quarter of 2008 - (23/4/2008)
  • Central undertakings told to stopinviting bids for bulk deposits - (22/4/2008)
  • Bajaj FinServ eyes asset management - (22/4/2008)
  • Premji launches $1 bn PE fund - (19/4/2008)
  • RBI to encourage microfinance to curb money-lenders - (16/4/2008)
  • DHFL opens representative office in London - (16/4/2008)
  • Vision Global plans $200-million distressed debt fund - (16/4/2008)
  • SBI weighs merger of GTF with SBI Factors - (16/4/2008)
  • Private equity activity strongest in October-December quarter - (16/4/2008)
  • Singapore fund kicks off India ops with i-Flapp Tech - (16/4/2008)
  • ICRA assigns high rating to L&T Infrastructure - (15/4/2008)
  • Bidders see less value in GE units - (15/4/2008)
  • Unitech Realty to float 2 funds of $650 million - (14/4/2008)
  • Cramped for room, small brokerages look for exit - (14/4/2008)
  • Modern India in talks with PEs to dilute promoters' stake - (14/4/2008)
  • PE deals hit the road again, but M&As dry up - (14/4/2008)
  • HC asks Axis not to enforce Rajshree Sugars contract - (12/4/2008)
  • IDBI not to cut prime lending rate following inflation spiral - (11/4/2008)
  • Canara Robeco to merge equity funds - (12/4/2008)
  • Chidambaram to inaugurate British branch of IIFC - (10/4/2008)
  • Religare to buy UK's oldest broking firm Hichens Harrison - (9/4/2008)
  • Broadening finance access - (9/4/2008)
  • $1 billion infrastructure fund on anvil - (8/4/2008)
  • BankAm trader moves to JPMorgan in India - (7/4/2008)
  • Citi Venture, AIG scrap Akruti investment plan
  • Reliance Money plans 20,000 outlets by fiscal end
  • IDFC PE invests Rs 40 cr in Emergent Ventures
  • Ask plans PE fund with initial corpus of $100 mn
  • UK fund manager ties up with Tata for India equity fund
  • Reliance Money launches loyalty card for customers
  • SREI Infrastructure enters JV with BNP Paribas
  • RBI appeals not to deface currency notes
  • Darby Asia Mezzanine Fund invests in Coffee Day
  • Reliance Money brings Canadian partner in broking biz

MArch 2008 Banking / Finance Sector Updates:
- SREI Infrastructure enters JV with BNP Paribas

- RBI appeals not to deface currency notes

- Subprime fallout: RBI wants lenders to play counsellor

- RBI delay forces PNB to go solo in credit cards

- RBI seeks fresh bank loan exposure data

- NABARD extended Rs 3,871 crore in credit support to AP

- Govt rules out diluting stake in public sector banks

- PNB revises interest rates on non-resident deposits

- Citi woos expatriates in India to expand customer base

- Bank of Canada injects C$835 million into market

- Banks' hopes of treasury gains vanish as bond prices decline

- Citigroup rejigs global operations on geographical lines

- Barclays to set up private bank in India

- Firms revisit derivative bets to clean books

- ICRA signs MoU with State Bank of Indore to rate loans

- Vijaya Bank exceeds business target for 2007-08

- Oriental Bank to review interest rates in next 10 days

- Union Bank ties-up with Alankit to provide services

- Canara Bank inaugurates Retail Asset hub

- Bank of Maharashtra to merge 2 regional rural banks

- JM Financial unit to buy out ASK Sec's stake in JV

- Reliance Money gets approval to operate in Oman

- IDBI puts key rate cut decision on hold

- Indian Overseas Bank to take over Pune bank

- Mumbai accounts for 80 pc of bank deposits in Maharashtra

- Syndicate Bank releases Rs 1010 cr annual credit plan

- Canara Bank launches basket of products

- Federal Bank reaching out to NRIs

- RBI lets 2 Singapore banks open account in India

- State Bank of India gets Singapore full bank license

- Demand draft's bounce on stop payment order

- Axis Bank opens two new branches

- Banks may gain from bond holdings as yields plunge

- HSBC arm raises stake in Yes Bank by 4%

- Bank of India to roll out mobile phone banking

- Singapore's DBS bank to expand in India

- Union Bank sees lower FY08 credit growth

- State Bank of India buys 91% in factoring firm

- Federal Bank to open its 600th branch on 26/3/2008

- ICICI, Jaypee Infra ink Rs 1,150-cr deal

- Banks twist RBI's rules to sell leveraged products to corporate clients

- Bank credit slowdown reflects fading growth

- Bank of India plans to open full-fledged branch in Beijing

- SBI looking at alternate channels for rural penetration

- Religare to acquire UK broking co for $100 million

- Cholamandalam DBS to raise Rs 4,500 cr through private placement

- Fidelity plans Indian securities fund

Posted by himanshu Sharma at 4:51 AM 0 comments
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Auto Sector Latest Updates | Indian Business

Auto Sector is a very dynamic sector comprising of many auto giants such as - Tata Group, Hyundai, Maruti Suzuki, Bajaj Auto, Tvs Motor Company, Skoda Auto, Hinduja Group, Ashok Leyland, Volvo, Ford Motor India, General Motors India Ltd, Honda, Toyota, LML etc. so it has a wide variety of companies ranging from scooters manufacturers to Truck manufacturers and heavy industry manufacturers. also update yourself with latest updates from Auto Sector Updates, Jobs Sector Updates , Energy Sector Updates , Media sector Updates Entertainment Sector Updates , Telecom Sector Updates , Banking Sector Updates , Finance Sector Updates , Healthcare Sector Updates , Biotech Sector Updates , Pharmaceuticals Sector Updates - and get the comprehensive news about growth of indian economy.

Latest Updates of Auto Sector:

April 2008 Auto Sector Updates:

  • Setco Automotive targets to double turnover in three years - (24/4/2008)
  • India supplies horns for 5 lakh BMW luxury cars - (24/4/2008)
  • Auto parts cos to post modest Jan-March profit - (23/4/2008)
  • Apollo group co to sell 15% in arm to PEs for Rs 70 cr - (23/4/2008)
  • BMW opens its first showroom in Kolkata - (24/4/2008)
  • Maruti Q4 net at Rs 297.7 crore - (24/4/2008)
  • Mitsubishi plans to price Outlander at Rs 15.5 lakh - (24/4/2008)
  • Toyota overtakes GM as world's top automaker - (24/4/2008)
  • Tata gets US antitrust clearance for Jaguar, Land Rover - (24/4/2008)
  • Mahindra & Mahindra drives Scorpio to Chile - (23/4/2008)
  • Honda to hike City, Civic prices by up to Rs 10,000 - (23/4/2008)
  • BMW aims to be market leader in premium car segment by 2010 - (23/4/2008)
  • German co to setup heavy truck manufacturing plant in Pune - (22/4/2008)
  • Tatas' world-class R&D hub coming up in UK - (22/4/2008)
  • Indian market to be flooded with luxury sedans - (21/4/2008)
  • Daimler, Hero to invest Rs 4,400 cr in commercial vehicles venture - (21/4/2008)
  • Chinese cars eye emerging markets fo drive fast on export targets - (21/4/2008)
  • M&M set to buy Belgian gear-maker for $475 mn - (21/4/2008)
  • Auto majors plan company-run showrooms to drive car sales - (21/4/2008)
  • Sutlej Motors to meet global standards in bus body building - (20/4/2008)
  • Auto sector corners a large pie of M&As by domestic firms - (20/4/2008)
  • Good demand for bicycles due to fuel price hike - (20/4/2008)
  • Maruti to hike prices in May first week - (20/4/2008)
  • Maruti keeps market share in FY08, Tata loses ground - (19/4/2008)
  • Zip, zap...IIT Delhi's F1 car for Silverstone circuit - (19/4/2008)
  • Higher input costs pushing up bike prices - (19/4/2008)
  • Delhi to sweep streets clean of 15-yr-old cars - (18/4/2008)
  • Beijing auto show spotlights automakers' hopes for booming China market - (17/4/2008)
  • Car companies to hike prices by Rs 4,000-16,000 - (17/4/2008)
  • Rahul Bajaj seeks CLB's permission to convene board meeting - (17/4/2008)
  • Cheap Chinese fake bikes haunt Bajaj Auto - (17/4/2008)
  • Ceat plans to set up 2 new plants in India: Official - (15/4/2008)
  • SC asks Tata Motors to file reply on Singur project - (15/4/2008)
  • M&M showcases hybrid version of Scorpio - (15/4/2008)
  • Chrysler and Nissan unveil production alliance - (15/4/2008)
  • US firm launches new bearings manufacturing plant in India - (16/4/2008)
  • M&M launches Alfa in Andhra Pradesh - (15/4/2008)
  • M&M launches Alfa Passenger in Andhra Pradesh - (14/4/2008)
  • Argentum may roll out luxe cars for Karmann - (14/4/2008)
  • Volvo expects India, China to drive its growth in Asia - (13/4/2008)
  • SC asks Tata Motors to replace defective car - (13/4/2008)
  • Hyundai cuts export target due to strong rupee - (12/4/2008)
  • Mitsubishi Motors to increase its capacity to four folds - (12/4/2008)
  • JK Tyres acquires Mexican tyre co Tornel for Rs 270 cr - (12/4/2008)
  • Oil, environment, lifestyle fuel Asia's two-wheeler boom - (12/4/2008)
  • Toyota's small sedan to debut by 2010 - (12/4/2008)
  • Toyota to invest Rs 1400 cr for small car plant - (11/4/2008)
  • Ajanta to challenge Nano with electric car - (11/4/2008)
  • Tata faces green, not nationality issues with JLR - (11/4/2008)
  • Bajaj-Renault Lite may miss launch date - (11/4/2008)
  • Auto sales dip After seven straight years of growth - (11/4/2008)
  • Fiat may roll out cheaper Palio in BRIC countries - (11/4/2008)
  • Consumer court asks Hyundai Motor to replace faulty engine - (10/4/2008)
  • Automobile sales drop 4.7% in 2007-08 - (10/4/2008)
  • Atlas Copco acquires holding in Indian drilling technology Co - (10/4/2008)
  • Tata Motors' Nano heads for South Africa - (10/4/2008)
  • Indian SMEs help Rover for a smooth drive - (10/4/2008)
  • Ford plans side-view mirrors to track blind spots - (10/4/2008)
  • Indian auto suppliers eye US companies - (9/4/2008)
  • Ford India launches roadside assistances in Chandigarh - (9/4/2008)
  • Steel prices to impact profits of auto firms: Tata Motors - (9/4/2008)
  • Tata Motors on expansion drive in Africa - (9/4/2008)
  • Tata Motors to make trucks in South Africa - (9/4/2008)
  • SRF approves Rs 17 crore expansion project - (9/4/2008)
  • Hero Honda to pump in additional Rs 150 cr in Haridwar - (9/4/2008)
  • Emcon Technologies plans to setup plant in West Bengal - (9/4/2008)
  • Hero Honda starts Haridwar facility - (9/4/2008)
  • Ford India's 24-hour roadside service in Hyderabad - (9/4/2008)
  • Sifcor stake buy to give BFL more market access - (9/4/2008)
  • M&M's Bolero sells 50,000 units in FY08
  • Bharat Forge buys Groupe Sifcor of France - (8/4/2008)
  • Eicher's motor bike unit March sales up 14% - (8/4/2008)
  • India drives BMW's record sales - (7/4/2008)
  • Eicher Motors March sales fall marginally - (7/4/2008)
  • Tata Motors raises truck, bus prices - (7/4/2008)
  • Eicher Motors March sales slip marginally - (7/4/2008)
  • Ashok Leyland March vehicle sales up 27 per cent - (7/4/2008)
  • Maruti to power small cars with genext engines - (7/4/2008)
  • Tatas to focus on 'world truck', goes slow on Iveco deal - (7/4/2008)
  • China is world's 3rd largest motor vehicles producer
  • JK Tyres to invest Rs 480 cr for capacity expansion
  • Maruti Suzuki to launch 'world car' from India by end-2008
  • Nano may steer clear of Sona, eyes cheaper option
  • Hyundai to roll out small car from Chennai plant
  • Steel price hike could affect Nano's Rs 1 Lakh tag
  • Hyundai i10 is JK Tyre-Indian Car of the Year 2008
  • S&P downgrades Tata Motors corporate credit ratings to 'BB'
  • Tata Motors buys Nissan's South African plant
  • Indica engine to power Ace
  • Volkswagen hikes India investment for Skoda Fabia
  • GM shows off Volt, progress toward 2010 launch
  • M&M, I-Venture team buys Italian gear maker Metalcastello

March 2008 Auto Sector Updates:

- TVS launches Scooty Teenz Electric

- Hero Group, UK's Ultra scrap JV plans

- GM shows off Volt, progress toward 2010 launch

- Tata Motors gets nod to produce 'eco cars' in Thailand

- Tata Motors to list on Tokyo Stock Exchange

- Worker dies inside Tata's Singur project site

- Tatas plan to raise $983 million in Japan

- Steel Strips Wheels bags Rs 110-cr order from Renault

- M&M, I-Venture team buys Italian gear maker Metalcastello

- Mahindra sees double-digit growth in FY09

- Duty cut perks up sales figures of auto companies

- TVS Motor March sales down 9% on year

- Maruti posts record annual sales, up 13.3% in '08

- Ferrari may drive into India in 2010

- Tata Motors to invest Rs 6K cr in Pune, M&M readies Rs 1,500 cr for Chakan

- Tata Motors to invest $1.5 billion over 4-5 yrs

- Tata's acquisitions of JLR sparks an outpouring of national pride

- Hinduja Group eyes stake in Valeo

- TVS motor company launches 125CC TVS Flame

- Amtek Auto may lose $18 mn due to global currency turbulence

- Auto component industry seek check on input cost

- Ford sells Jaguar, Land Rover to Tata Motors

- Auto component industry seek check on input cost

- Minda Group becomes darling of global auto firms

- JBM Auto in JV with Italy's Magnetto

- TVS bags TPM award

- Bajaj, Hero Honda, Kinetic plan gas-based 2-wheelers

- Luminous Power to foray into electric 2-wheeler segment

- AAIFR dismisses SEBI, BSE appeals on Dunlop

- Ceat sells surplus Mumbai land

- Apollo Tyres to set up greenfield plant in Hungary

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Posted by himanshu Sharma at 1:24 AM 0 comments
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Indian News by Industry | Highlights of Indian Industry | Indian Economy

Indian Economy constitutes of Numerous Industries which together contribute to indian GDP these industries are very diversed spread in every sphere of the Indian subcontinent - including Auto, Banking and Finance industry, Energy, Health care and biotech, Media Industry, Services industry, Telecom Industry, Transportation Industry etc.

Posted by himanshu Sharma at 1:13 AM 1 comments

Rail Concession to AIDS patients - From April 1

As a noble gesture towards AIDS patients, Railways will provide 50 per cent concession to them in second class passenger fares to nominated ART centres for treatment. "Railways has decided to grant 50 per cent concession in train fares to AIDS patients for treatment at nominated Anti-Retroviral Therapy (ART) centres," a senior railway official said.

The concession will be applicable only in second class. Station masters are authorised to grant concession to the patients at the stations, the official said, adding they have to produce the certificate in prescribed form issued by officer-in-charge of the concerned ART centre where the patient is to be treated or has been treated. The concession can be availed for return journey after the treatment at nominated ART centres.

However, the concession will not be applicable in Rajdhani, Shatabdi, Jan Sadharan and Garib Rath trains. The official also said the railways plans to launch 'Mother-Child Health Express' in collaboration with Rajiv Gandhi Foundation. "As per the plan, the train with seven coaches would run on a pilot basis for providing medical facilities to mother and child. The train would have facilities like delivery operation room and child health centre," said the official. Railways had on December one last launched the Red Ribbon express in collaboration with National Aids Control Organisation.

Posted by himanshu Sharma at 1:09 AM 0 comments
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6th Pay Commission Report has for all - Salary Hikes for everyone

The sixth pay commission report has salary hikes for all the central government employees while hikes are ranging from 23% to 53% depending upon the category in which the employee falls. There has been looking skeptical however because government officials have still not given any details about the hike officially and the employees have to wait for the report to be announced officially.

Since elections are to be held next year therefore it might be a voters benefit report and governemnt is turning no stone upturn to please voters, P Chitambram presented a please all budget on february 29 /2008.

Moreover, the hikes so recommended have been more generous at the higher levels and lower levels in the government hierarchy, but not so at the middle rung — directors, deputy secretaries, etc. While for a section officer, the increase is 41.8% (24.6% at the higher level), for a director it is 31.1% (23% at higher level). For a joint secretary, the proposed hike translates into 58.7% (44.3% at the higher level), for additional secretary, it is 49% (47.4% at lower level). However, if the house rent allowance and children’s education allowance are not taken into account, the hikes are considerably lower.

For a section officer, the hike is 26.2% (12.2% at the higher level), For a director 21.3% (14.3% at the higher level), for a joint secretary it is 48.2% (35% at the higher level), for additional secretary it is 39.4% (38.1% at the higher level).

The department of expenditure, which is examining the recommendations will take the report to the Cabinet for taking note of it shortly before the Parliament session begins after the recess. After that a committee of secretaries would be constituted to oversee the implementation of the report clause by clause.

Even as the Sixth Pay Commission has recommended an overall increase, ranging between 23% and 58% in various categories, it has failed to cut ice with civil servants.

Posted by himanshu Sharma at 12:38 AM 0 comments
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Tata's Giant Takeover - Ford sells Jaguar / Rover Luxury brands to Tata's

Tata Motors of India finally tookover the luxurious Rover and Jaguar brands from world's number 3 auto maker Ford Motor Company of USA. The deal has been close to US$ 2.5 billion as said by resources. Ford was in constant talks with the Tata's from 2007 when Tata's emerged as the front runner in the takeover deal. This giant takeover would make the presence of indian Tata motors globally, recently Tata Motors also presented it's smallest and cheapest world car at the Geneva Auto Show to attract the world audience and making it's nano trully global car.

If the Tata Nano is well welcomed across the globe after it's commercial launch Tata's annual turnover would touch sky's since Nano is tagged as people's car.

U.S. automaker Ford has agreed to sell its luxury brands Jaguar and Land Rover to India's Tata Motors for more than $2 billion, according to a source familiar with the matter.

Ford, which signed the deal on Tuesday, plans to publicly announce the transaction in New York at 0800 EST on Wednesday, said another source. The deal will also see Ford pay about 300 million pounds ($598 million) into Jaguar and Land Rovers' pension funds, according to unions. Ford declined to comment, adding "our first responsibility is to communicate with our employees." The sale had been expected at the start of this month, but it was delayed as the two firms discussed their future relationship, including technology sharing and Ford's provision of engines and body parts for the two brands.

Tata, India's top vehicle maker, has been in talks with Ford since it was chosen as the frontrunner to buy Jaguar and Land Rover a few days into 2008. Tata is pursuing the deal to gain a substantial foothold outside India. But analysts have questioned how Tata will incorporate the luxury brands into its stable of sturdy trucks and functional passenger cars, including the Nano, the world's cheapest car which it unveiled in January.

While Land Rover has generated three years of record sales with its iconic SUVs, the fit of Jaguar is far less clear. Ford, which lost $2.7 billion in 2007 and $12.6 billion in 2006, is spinning off Jaguar and Land Rover to focus on turning around its loss-making operations in North America. The sale will include a commitment by Tata to continue buying engines from Ford, according to unions. All Jaguar and Land Rover's petrol engines are built in a Ford plant in South Wales, supporting hundreds of jobs there.

Diesel engines come from Ford's factory in Dagenham, east London. One of the sources knocked down reports on Indian television earlier on Tuesday that the deal had been closed for $2.65 billion. "That figure of $2.65 billion is highly unlikely," one source close to the deal said of the report on media. "You have to come south from that by quite a bit." Ahead of the media reports, shares in Tata Motors rose 2.7 percent to a three-week closing high of 679.95 rupees, in a Mumbai market that surged 6.1 percent. Ford shares were down 0.2 percent at around $5.95 at 1813 GMT.

Posted by himanshu Sharma at 12:25 AM 0 comments
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Monday, March 17, 2008

Indian Economy Updates Rs v/s $ daily trends - March 2008

Daily rupee trends against US $ month wise (at stock market closing time):

31/3/2008:(Rs v/s US $) 40.11 - (Up^0.04) - with respect to 28/3/2008 rate

28/3/2008:(Rs v/s US $) 40.15 - (Down -0.08)

27/3/2008:(Rs v/s US $) 40.07 - (Up^0.05)

26/3/2008:(Rs v/s US $) 40.12 - (Up^0.22)

25/3/2008:( Rs v/s US $) 40.34 - (Down -0.05)

24/3/2008:( Rs v/s US $) 40.29 - (Up^0.16)

19/3/2008:( Rs v/s US $) 40.62 - (Up^0.15)

18/3/2008:( Rs v/s US $) 40.77 - (Down -0.32)

17/3/2008:( Rs v/s US $) 40.45 - (Up^0.01)

Posted by himanshu Sharma at 6:12 AM 0 comments
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Saturday, March 15, 2008

Indian Budget Projections shattered by US economic recession

Indian budget projections are likely to be shattered by the slowdown in US economy or probably it's recession and government has to make new projections keeping the condition of US economic changes in mind becoz indian economy is governed more or less by US economy, CPI(M) on Saturday demanded immediate halt to futures trading in all essential commodities to contain inflation and corrective measures for the stability of the rupee.

"In order to check speculation and inflation, futures trading must be stopped in all essential commodities though the government has removed pulses, wheat and rice from the purview of forward market due to our pressure," CPI-M Politburo member Sitaram Yechury described.

Stating that the US has officially admitted that its economy was going through rough times, he said, recession, falling value of Dollar and growing unemployment in America would have adverse impact on India and the government must initiate corrective measures to tackle the situation.

Observing that Rupee has appreciated by 13 per cent during the past one year, he said decline in exports and manufacturing sector coupled with badly hit IT and textile sectors would cause considerable loss of jobs.

He said that such a situation has put the projections in the union budget into uncertainties.

It may also be noticed that CPI(M) are also against the nuclear deal and want the indian government to abundan it, they are organising a meeting to discuss the Indo-American nuclear deal on 17th of this month in delhi with government officials.

Posted by himanshu Sharma at 3:50 AM 0 comments
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Sunday, March 9, 2008

Rising Food Prices a concern | Inflation above 5% for february

India needs to be vigilant about rising food prices but achieving a goal of 9 percent economic growth on average over the next few years is feasible, Montek Singh Ahluwalia said in an interview.

Ahluwalia, the deputy head of India's planning commission, said India should consider setting up a sovereign wealth fund to make use of its swelling foreign exchange reserves, although any such move would take time.

Annual inflation accelerated in late February to 5.02 percent, the highest in nearly nine months and above the 5 percent level the central bank wants to contain it at for the fiscal year ending on March 31.

"I think that an inflation rate somewhere between 4.0-5.0 percent, nearer the lower end of that range, is what one can defend. However a lot depends on the composition of inflation," Ahluwalia said in the interview late last week

Prices such as food and fuel should also be kept under "a modest degree" of control, he said. Food prices overseas were rising but the government had taken measures to keep domestic prices under control and internal food stocks were satisfactory.

"So if we have a normal monsoon this year we should not be in difficulty. But constant vigilance is needed and the government gives high priority to this part of the agenda," he said.

The annual southwest monsoon lasts from June to September. Only about 40 percent of farmland is irrigated and the rains can determine spending and consumption patterns in rural areas.

Growth target

India's economy is forecast to grow 8.7 percent in the fiscal year ending March 31, down from an 18-year high of 9.6 percent in 2006/07. Growth in the October-December quarter slowed to an annual 8.4 percent from 8.9 percent in July-September.

The government has a five-year plan with a goal of average growth of 9 percent for the years to fiscal 2011/12, with a target of 10 percent for that last year.

Ahluwalia, one of the top economic advisers to Prime Minister Manmohan Singh, said the target was feasible.

"I agree the next two quarters don't look good for the international economy but I don't think we need to alter our medium-term prospects on that account," he said.

"There are a lot of underlying strengths in the Indian economy that are building up, which augur well for growth."

Ahluwalia supported creating a sovereign wealth fund to earn better returns on India's $300 billion foreign exchange reserves.

"You do want breathing space to manage short-term securities but our reserves greatly exceed what is needed for such management," he said.

"So quite frankly it makes a lot of sense to experiment with foreign wealth funds to earn better returns, but I doubt if we can do that very quickly," he said, adding there were restrictions on how the Reserve Bank of India (RBI) could deploy reserve assets.

Sovereign wealth funds in China, the Middle East and elsewhere have come into existence due to surging oil prices and large U.S. trade deficits. But some U.S. and European policy makers are concerned they could take investment decisions based on political rather than commercial grounds.

"India will probably be viewed much better than many others as a sovereign wealth investor and perhaps we should cash in on that. However, this is an area for the Finance Ministry and the RBI to take a view" Montek said.

Posted by himanshu Sharma at 5:05 AM 0 comments
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Friday, February 29, 2008

Indian Finance Budget 2008-09 HIGHLIGHTS!!

Highlights of the Union Finance Budget as it is being presented by Mr. P. Chitambaram :

Posted by himanshu Sharma at 7:34 AM 0 comments

Thursday, February 28, 2008

Is Govt sucking blood of 5% taxpayers to run whole country of 125 crores??

Finance Minister Mr. P Chitambaram would present the General Union Finance Budget tomorrow in the Parliament House. It would be seventh budget presented by P. Chitambarm as the finance minister . he presented the first budget in year 1997 some 11 years ago.

It is strongly indicated that there would not be any tax rates cut in tomorrow's budget . India's population is 125 crores and it is horrible to know that the total percent of tax payers is still in single digits ~ 5 percent . There can be hike in taxes in order to compensate for this year's budget deficit.

However the policies of government need to be changed rather then such financial reforms. It is not at all good for the country like India which sucks taxes from only 5% of the population in order to subsidise or feed the rest of the population which is a huge number in excess of 100 crores.

Finance Minister has to bring more industries under the tax knife so as the burden which is imposed on 5% of population to feed the other 95% is reduced as government clearly earns from taxes and import duties which are applicable to just 5% of the total population.

Some of the individuals who are into agri business i.e. the farmers, agricultural land owners of excess then 50 acres does not pay any amount of tax to the government however they earn profits in crores which simply becomes black money which these farmers never show to government.

So Mr. P Chitambaram kindly wake up and rather then sucking blood of 5% of populaion increase the domain of tax payers by bringing the rich farmers who own more then 50 acres of cultivable land under the taxable individuals so that there remains unbiased growth of all sectors .

Indian Economy growth target is again pegged at 9% this year which would be however impossible to sustain as the year runs by. because government has stopped thinking about agricultural sector and is concentrating on the services sector which is more governed by the US economy rather then Indian Economy. Its a bitter truth anyways!!

Posted by himanshu Sharma at 9:38 AM 0 comments
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Monday, February 25, 2008

Indian Union Railway Budget 2008-09 HIGHLIGHTS!!

Lalu Prasad yadav presented a traveller friendly railway budget yet again.
Highlights of the Union Railway Budget 2008-09 are:


Posted by himanshu Sharma at 11:11 PM 0 comments

Lalu Prasad Yadav presents railway budget in parliament (Updates)

Union Railway Minister lalu Prasad Yadav presented the railway budget for the year 2008-09 in parliament house today ie 26/2/2008 dressed in traditional Lalu style attire he looked cool and composed in his own way. He made common man happy once again as the railway budget consisted of no price hikes in any of the fares rather there were even more trains proposed this year.

It can be noted down that since Lalu Prasad became Railway minister there has been complete turn around in the fortunes of indian railways as once railways were a burden on government as it was running in huge losses from last 5-6 decades but after Lalu taking oath as the railway minister some 3 years back it has been in profit since then and that too in tune of INR 20000 crores which is a whopping amount atlast Lalu can be proud of his great achievement.

In the railway budget for year 2008-09 sops were given for students, senior citizens and common man as there was no rise in the fares and other taxes of the railways. However their is still enough slack in Indian railways that can be exploited to increase revenue without increasing the fares and taxes. Cash surplus projections of the railway budget 2008-09 stand at Rs 21578 crores. Hats off to Mr Lalu.!

Posted by himanshu Sharma at 10:35 PM 0 comments
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Re: Hit Sector feeling Good- Govt to announce Excise Sops in Budget

The main sectros which are greatest hit by the rising rupee including: Textiles, Rubber Sector, Handlooms, Handicrafts, Leather sector and Marine sector are breathing easy as the budget 2008-09 would provide excise duty waivers and extension of the interest rates, It can be noted that these six sectors are highly labour intensive and were greatest hit by the appreciating value of indian rupee in international market, Duty is to be cut on certain sectors like leather, marine sector.

All of these sectors were witnessing a negative growth in exports from the start of the previous fiscal and the local demand also declined due to cheap imports from the other countries to India, So the small business groups of textile hubs like Ludhiana, Jallandhar, Moradabad can see a hope as these cities saw a lot of closures in the past one year.

Posted by himanshu Sharma at 12:40 AM 0 comments
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