Business Fwire News - Page 22

Realtor ordered to pay Rs 2.5 lakh for delay in allotment of plots

The New Delhi District Consumer Disputes Redressal Forum ordered U-Turn Housing to pay Rs 50,000 as compensation to city resident Anjula Malik, besides her Rs 2 lakh paid as the cost of plot.

GM rolls out diesel Cruze for Rs 15 lakh

Auto major General Motors launched a new diesel variant of its premium sedan 'Cruze' priced between Rs 13.85 lakh and Rs 15.67 lakh

UCO bank to lend more to retail, SME sectors

Given the lower capital-to-risk weightage, state-run UCO bank wants to lend to the retail, SME and the farm sectors. <br /><br />

Citi appoints Asian to head retail banking for first time

In a first, Citigroup appoints an Asian banker, Jonathan Larsen as global head of its retail bank. Consumer banking contributed to $1.9 billion for the banking major.

Fujifilm to stop making low-cost cameras in India

Camera maker Fujifilm has said that it will exit the low-cost camera market to improve revenue generation after the recent fall of rupee has affected the margins of the low-cost cameras.

RPower's Maha plant begins electricity generation

Power major Reliance Power said that its two units of its 600 MW Butibori thermal power plant in Maharashtra have started generating electricity. RPower has invested Rs 3,600 crore in the Butibori plant.

AP High Court suspends order against SKS Microfinance

The court has issued an interim order suspending the notice issued by District Rural Development Agency (DRDA) which cancelled SKS Microfinance's registration in Mahabubnagar district

Airtel to invest $25 mn for 3G networks in Malawi

Telecom major Bharti Airtel has said that it will invest invest close to $25 million in of 3G network and introduction of Airtel Money services in Malawi Africa.

EGoM meet on spectrum price deferred

For the first time, EGoM was to discuss loan against airwaves which are not a physical asset.

Competition panel levies Rs 6,000 cr penalty on cement firms

The penalised cement manufacturers have been asked to deposit the penalty amount within 90 days.

Nerolac acquires 68% stake in Nepali co for Rs 8 cr

Paint maker Kansai Nerolac acquired a 68 percent stake in Nepal-based paint manufacturer Nepal Shalimar for Rs 7.55 crore. This will increase the company's market share to 15 percent in Nepal.

Duty hike on imports will increase electricity tariffs, say power cos

In a letter to Power Secretary, Association of Power Producers Director General Ashok Khurana has written that fuel availability and pricing concerns, financing difficulties and poor health of distribution utilities have led to an increase in cost of power generation in many cases.

Alstom bags orders worth Rs 176 cr from Power Grid

Power generation and transmission firm Alstom T&D bagged two contracts worth Rs 176 crore from Power Grid Corporation for the supply, erection, testing and commissioning of substations located at Gaya , Ranchi , Dharamjaygarh and Varanasi.

Ranbaxy gains after launching hybrid business model in Venezuela

Japanese pharma major Daiichi Sankyo will sell Ranbaxy's drugs in Venezuela expanding its portfolio of medicines to promote the hybrid business model.

HPCL stops fuel supply to Kingfisher briefly, resumes after payments

HPCL had a few months back put Kingfisher on cash-and-carry requiring the the Vijay Mallya-run airline to make daily payments before fresh aviation turbine fuel (ATF) supplies are made.

Carlyle ropes in Accel Partner's Neeraj Bhardwaj as India MD

US private equity giant Carlyle Group appointed Accel Partner's India MD Neeraj Bharadwaj as the head of India investment team.

Airbus launches customer support network in India

Airbus would combine the CSN with Airbus Training India and the Flight Operations Team in Bangalore to provide local support.

Amul to clock Rs 30,000 cr in revenue by 2019

Gujarat Cooperative Milk Marketing Federation (GCMMF) which retails products under Amul is targetting more than two-fold jump in turnover at Rs 30,000 crore in the next 7 years.<br /><br />

Court restrains Emami from airing oil ad on TV

Justice Manmohan Singh in an ex-parte interim order directed Emami to stop all forms of the TV commercial.

Court issues restrain order on Emami's Big B starrer oil ad

The order was issued on the plea of another oil manufacturer GK Burman Herbal (India) Pvt Ltd. alleging that Emami's commercial degraded its product.

Air India flight makes precautionary landing

The Air India New Delhi-Bhubaneswar took off from New Delhi at around 1250 pm for Bhubaneswar.

Rolls-Royce bags $1.7 bn reactor contract

The ministry said on Monday that about 500 million pounds will be spent to update the Rolls-Royce reactor core manufacturing plant in Derby in central England.

Bharat Biotech receives $4 mn award for new vaccine

NTS have emerged as an important cause of invasive bloodstream infection in sub-Saharan Africa.

Gold finance cos to form self-regulatory body under RBI

India's leading gold financing companies incluing Manappuram Finance, Muthoot Finance and Shriram Citi Union will form a self-regulatory body to frame a fair business practices code.

EGoM to meet on 20 June on telecom policy

The Empowered Group of Ministers on telecom, headed by Finance Minister Pranab Mukherjee, is likely to meet on 20 June to decide on spectrum auction related issues.

Eurozone needs a common finance minister: IMF

IMF chief Christine Lagarde said that the eurozone needs a common finance minister who must consider issuing region-wide bonds to help pull it out of its economic crisis.

Brazil, Uruguay to invest in WB's tourism and IT industries

West Bengal chief minister Mamata Banerjee said that Latin American countries including Uruguay, Brazil and Paraguay were interested in investing in the state in its IT and food processing industries.

MP to offer interest-free loans to farmers

Madhya Pradesh government on Saturday announced that it will give farmers interest-free loans to counter the 12 percent loans former Congress government was offering.

GE to invest Rs 1020 crore in rural Maharashtra

To revive the industrial output of Maharashtra, the state has signed an MoU with US giant General Electric for Rs 1,020-crore to set up a <br /><br /> manufacturing facility at Chakan.

CIL blames rains for low output, plans revival

Coal India which missed production target in the first quarter last fiscal largely due to heavy rains plans to evacuation of coal and removal of overburden before the onset of rains.