Mukesh Ambani’s RIL likely to buy out Bharti from Axa JV
India’s largest private sector company Reliance Industries may invest in the insurance sector and is in talks with Sunil Mitall’s Bharti to buy out its stake in its joint venture with Axa, a French financial services group. Reliance is sitting on cash from its petrochemical business and sees insurance as a good investment avenue.
Source: Economic Times
AI operations take a hit on Day 2 of Pilot Strike
The country’s national carrier Air India’s operations were affected severely as pilots defied the Delhi High Court oder for a second day today. Around 80 flights were cancelled and the airline was forced to stop ticket bookings for the next five days, resulting in a daily loss of Rs 4 crore.
Trai’s call to cut interconnect charges may lower tariffs
The Telecom Regulatory Authority of India has proposed major cuts in charges paid by mobile operators to each other for using their networks. The move could lower tariffs for consumers but may also divide the industry as bigger operators are likely to oppose the proposal and newer enterants may welcome the changes.
Source: Economic Times
India to lead global steel demand
The World Steel Association says India will lead steel demand in the world with growth in steel demand expected to surge 13.3 percent. Massive infrastructure development and industrial expansion are driving demand, which is estimated to rise further to 14.3 percent in 2012.
Source Business Standard
India, Pak to explore preferential trade agreement
India and Pakistan made a breakthrough on enhancing trade relations by agreeing to explore the possibility of preferential trade deal, relax curbs on investment and banking and ease norms for issuing business visas. This was the first the time two countries engaged in trade talks since the Mumbai attacks in 2008.
Source: Times of India
Smartphone boom boosts phone market in Q1
Strong demand for smartphones continued to boost overall cellphone market volumes in January-March, and made Apple a rare winner on the market, research firms said on Friday. IDC saw January-March market growth of 20 percent, helped also by strong gains by smaller vendors as the three largest phone makers — Nokia, Samsung Electronics and LG Electronics — lost market share.
Broadband @Rs 99 a month in country roads!
People living in six lakh villages across India will soon enjoy broadband for jusr Rs 99 a month without any upfront costs for buying the connection and will also get the consumer premise equipment free. The Department of Telecom has finalised a scheme, funded by the Universal Service Obligation, to pay telcos to roll out wireless broadband network in villages.
Source: Hindu Business Line
Exxon, Shell profit soar on oil price hike
Oil companies are benefiting from over a 30 percent rise in oil price over the past year. Exxon Mobil and Royal Dutch Shell reported large increases in their net income for the first quarter for financial year 2011-2012 on good earnings from refining and higher oil prices. Concerns over political turmoil in North America and the Middle East have pushed up prices to a level not justified by demand.
Source: New York Times
India’s $11 billion rebuke to Obama
India rejected a US bid from Boeing and Lockheed Martin for an $11 billion defence deal today. The rejection is a blow to the US as the deal was expected to create some jobs in the US. The Indian defence ministry has shortlisted France’s Dassault Rafale and the Eurofighter Typhoon to supply the country with 126 multi-role fighter jets. Source: Business Insider