Business Fwire News - Page 21

Premium of life insurers drops by 3% in FY12

Data showed that the total premium of life insurers dropped by 3 percent to Rs 2,83,315 crore for 2011-12 compared to Rs 2,91,605 crore in the year ago period.

Jet Airways plans to launch aviation academy

The Naresh Goyal-owned airline would be the second domestic carrier to foray into the aviation education segment after Kingfisher.

FDI in multibrand retail will boost farm sector: report

The government suspended the implementation of the decision to allow FDI in the multi-brand sector following strong protests from different quarters.

Solar energy attracts Rs 24,000 cr investments in Apr-June

The solar energy sector attracted a total funding of $ 4.3 billion (over Rs 24,000 crore) through 66 deals, including two Indian transactions-Reliance Power and Azure Power.

GM to launch two new cars this year despite sluggish demand

Auto major GM India has said that it will launch two new cars this year despite the sluggish demand season.

Renault plans to sell 30,000 cars in 2012

Auto maker Renault India has said it has set a target of selling 30,000 cars in the country in 2012.

Suzlon signs pact with ReNew for equipment supply

Alternative energy major Suzlon signed a pact with ReNew Power Ventures for supplying equipment for its 300 MW projects in India.

Now it is mandatory for cable TV cos to furnish set top box data

Timely availability of accurate data would be critical for the ministry to ensure timely digital switchover and take mid-course action if needed.

SAIL, Kobe Steel to ink pact for Rs 1,500 cr plant

Output from the proposed plant will be shared between SAIL and Kobe Steel for captive use in their own plants/joint ventures.

Irda imposes fine of Rs 15 lakh on IndusInd Bank

The fine relates to IndusInd Bank's receipt of commission as corporate agent of Cholamandalam General Insurance Company.

Bausch & Lomb may go public by year-end

The eye care company's Chief Executive Brent Saunders said last October that he was setting sights on an IPO for the company "in the next couple of years.

India to give free medicine to millions, worry time for big pharmas

India has put in place a $5.4 billion policy to provide free medicine to its people, a decision that could change the lives of hundreds of millions, but a ban on branded drugs stands to cut Big Pharma out of the windfall.

SpiceJet spreads wings in North India

The five new aircraft will be christened as Dhaniya, Haldi, Javitri, Jaiphal and Laung.

Italy's Sogefi to make auto parts in India

The new Pune plant will supply Tata, Mahindra, Fiat and Piaggio.<br /><br />

Australian regulator to assess Indian outsourcing standards

A team of Australian Prudential Regulation Authority (APRA) will visit India later this year to evaluate standards of Indian service providers amid their growing role in overseeing back office functions for the country's largest four banks.

Hero launched 'Ignitor' for growth in deluxe segment

Hero Motocorp launched a new 125 cc bike called Ignitor which the company is confident that it will be able to attract the youth

Airtel launches cloud computing services on HP's technology

Telecom major Bharti Airtel introduced cloud computing solutions using HP's technology to provide software and related infrastructure to business organisations on pay-per-use model.

Govt considering Rs 2,000 cr VC fund for pharma

Sharma was reviewing the pharma sector with industry representatives and government secretaries.

Lupin gets US FDA approval to sell oral contraceptive

Pharma major Lupin received USFDA approval to sell generic version of oral contraceptive.

Rigged rates and mkts: Inquiry puts Barclays boss under pressure

The cross-party inquiry, due to start within days and to report by the end of the year, will have free rein to call witnesses under oath from the worlds of finance and politics and will influence the government's reform of the financial sector.

SFIO report on Reebok fraud in two months: Moily

Adidas-owned Reebok India had filed an FIR alleging that its former MD Subhinder Singh Prem and COO Vishnu Bhagat were involved in the Rs 870 crore fraud.

Govt has assured us of a level-playing field, says Vodafone

Vodafone, which faces a possible tax on its 2008 deal, on Thursday said it has been assured of a "level playing field" by the government and asked to stay invested in the country.<br /><br />

JSW Steel pays Rs 2,200 cr for FCCB redemption

Steel major JSW paid Rs 2,200 crore for redemption of foreign currency convertible bonds (FCCB) issued in 2007, with this the company said that it has fully discharged its obligation to Citibank London.

CCI approves Hero Motocorp merger with Hero Investments

The Competition Commission of India has approved the merger of Hero Motocorp with Hero Investments which was proposed earlier this month.

Rupee effect: Bajaj Auto to raise prices on high input costs

The rupee hike has made motorcycle maker Bajaj Auto to hike the prices of their bikes owing to the rising costs of the raw material. The company had increased costs earlier this year citing high input costs.

Stan Chart PE acquires stake in Karaikal Port for Rs 130 cr

Standard Chartered Private Equity acquired a minority stake for Rs 130 crore in Karaikal port for expansion of the port facility.

Steel minister asks SAIL to fast-track expansion

Dissatisfied with the delay in the modernisation programme of SAIL,Steel Minister Beni Prasad Verma has asked the state-run steel maker to fast-track expansion.

Amway eyes TN, Gujarat for manufacturing plant worth Rs 400 cr

DIrect-selling FMCG retailer Amway is looking at setting up manufacturing plants worth Rs 400 crore in Gujarat and Tamil Nadu. This will be the company's first plant in India.

No production at Tata Motor's Jamshedpur plant for 3 days

50 percent of the block closure would be adjusted against leave of employees and the remainder would be borne by the company.

Tea production down 16% to 61 mn kg in April

India is the world's second-largest producer and the biggest consumer of tea.