Business Fwire News - Page 18

Court reject Veritas analyst anticipatory bail plea

A sessions court here rejected the anticipatory bail application of Nitin Mangal, co-author of Canada-based research firm Veritas' report that had alleged serious irregularities at Indiabulls group.

Indian-American entrepreneur chosen as US Prez innovation fellow

Indian-American entrepreneur Karl Mehta has been selected among the 18 'Presidential Innovation Fellows' who will work on five 'high-impact' projects in the US capital.

Glenmark gets favourable interim award against Napo Pharma

Glenmark Pharmaceuticals said it has received a favourable interim award in a dispute against Napo Pharmaceuticals regarding commercialisation of anti-diarrheal drug

Bengal urges financial institutions to set up offices in Kolkata

The Urban Development Ministry and the West Bengal government today urged leading financial institutions to set up their offices in the newly planned International Financial Hub in New Town, Kolkata.

HSMI revokes suspension of 2 Manesar workers

In the beginning of this month Honda Motorcycle & Scooter India had suspended two workers after it "received a report of manhandling and assault of a manager with an intent of creating an environment of terror in the logistics work area".

Finmin, RBI scrutinising HSBC and StanChart bank

he Government today said the Reserve Bank is scrutinising the "systems" of HSBC Bank and Standard Chartered Bank related with anti-money laundering (AML) and KYC norms

Alstom bags Rs 700 crore contract for nuclear power gear

Alstom India said it has bagged a Rs 700 crore contract, to be implemented alongwith state-owned BHEL, for supplying power equipment for Nuclear Power Corporation's plant at Rawatbhata in Rajasthan.

CCI terms Aditya Birla-Pantaloon deal invalid on pending board approvals

Competition Commission has termed as invalid an application seeking its approval for takeover of Future group's Pantaloon brand business by Aditya Birla Nuvo.

South Africa's Limpopo govt may allow changes in CIL pact

CIL, which accounts for more than 80 percent of the domestic coal production, missed its revised 2011-12 production target.

Sesa Goa's coke plant commissioning delayed by 3 weeks

The commissioning of Sesa Goa's metallurgical coke plant's expansion facility at Amona village near has been delayed by three weeks after two high-capacity diesel burners misfired continuously for two days

16 percent salary hike for Vedanta chief in 2011-2012

Chairman of Vedanta Resources, Anil Agarwal, got a little over 16 percent hike in his annual remuneration to 2.01 million pounds (Rs 15.36 crore) in 2011-12.

Tata Global Beverages acquires Russian firm SuntyCo

Tata Global Beverages Ltd (TGBL) said it has fully acquired SuntyCo Holding, the owner of the 'Grand' business in Russia.

Unitech sales booking in Q1 drops 31% to Rs 701 cr

Real estate major Unitech sold properties worth Rs 701 crore during the first quarter of this fiscal, down by 31 percent as compared to the year-ago period.

Wockhardt receives USFDA approval on heart-attack drug

Drug firm Wockhardt said it has received American health regulator's approval to market clopidogrel bisulfate tablets used for reducing risk of heart attack, in the US market.

ICICI Bank to raise $750 mn through overseas bonds

Private sector lender ICICI Bank said it has raised $750 million through bonds in the international market.

Reliance Life to hire 5,500 advisors to beat attrition

Leading private sector insurer Reliance Life will hire nearly 50,000 advisors and 5,500 full-time insurance consultants this fiscal to negate any impact of high attrition and to sustain growth.

Gail eyes stake in Russian LNG plant

State-owned GAIL India Ltd is interested in buying stake in Russia's planned 10 million tonne LNG plant at Vladivostok on the Pacific coast and import natural gas from the $7 billion project to meet nation's growing energy needs.

Model FSA to be presented to CIL board next month

The model fuel pact which CIL would sign with power firms with changes may be placed for approval in the PSU's board meeting likely early next month.

Customers who left at uncertain times are coming back: MahSatyam

Satisfied with its three-year transformation journey from the once scam-hit Satyam Computer, Mahindra Satyam has said the customers who had left it during uncertain times are returning back to its fold.

TISS, DBS Bank tie-up to support social entrepreneurship

Singapore-based DBS Bank and Tata Institute of Social Sciences (TISS) joined hands to launch a programme which will support social entrepreneurship.

Thomas Cook concludes stake sale to Fairbridge Capital

UK-based travel major Thomas Cook Group PLC (TCG) has concluded the sale of 76.69 percent stake in its India operations to investment firm Fairbridge Capital (Mauritius).

LIC sells 3% stake in ACC Cements for Rs 188 crore

State-run Life Insurance Corporation (LIC) has sold 2.68 percent stake in cement maker ACC for Rs 187.75 crore through open market operations.

FDI in multi-brand to boost organised retail in India: CII

The chamber said foreign direct investment in the sector is the next logical step after increasing FDI cap to 100 per cent FDI in single-brand retail.

India Cements Q1 net drops 39% to Rs 62 crore

India Cements today reported a 39 percent drop in net profit for the April-June quarter at Rs 62.07 crore notwithstanding around 14 per cent growth in income over the corresponding quarter last fiscal.

ONGC to set up urea manufacturing unit in Tripura

The oil and gas major is already setting up a 727-MW gas based thermal power project in the state.

Drought will affect coffee production this year

Coffee production is expected to decline in 2012-13 crop year beginning October mainly due to poor monsoon rain in traditional growing areas of Karnataka, Kerala and Tamil Nadu.

Accel Partners invests Rs 2.7 crore in Delhi-based education start up

Venture capital firm Accel Partners and a group of angel investors, led by Pearson Education Services India's managing director and chief executive, Meena Ganesh, have invested Rs 2.7 crore in a Delhi-based education start-up Mind Edutainment.

Reliance Life Q1 net jumps 140% to Rs 19 crore

Reliance Life Insurance has recorded a whopping 140 percent jump in the first quarter net profit to Rs 19 crore in the current financial year.

BHEL does not see slump in overseas business

Power equipment major Bharat Heavy Electricals (BHEL) continues to be upbeat about its overseas business and does not see any slump due to the economic slowdown in major economies, said a top company official.

Apollo Hospitals Q1 net up by 36% to Rs 70 crore

Healthcare major Apollo Hospitals Enterprises reported a 36.02 percent rise in net profit to Rs 69.74 crore for the quarter ended June 30, 2012, on account of robust performance of healthcare services and pharmacy segments.