Mumbai: Cairn India Ltd (Cairn India), the oil and gas unit of Sesa Sterlite Ltd, has initiated a polymer injection programme in the Mangala field in its Barmer oil and gas block in Rajasthan, said a company note released on Friday evening. This will help to arrest the falling output from the field and help the company in enhancing the oil recovery from the field. […]
India will launch an unmanned crew module in December onboard a heavy rocket to test its re-entry into the atmosphere for the country’s future maiden human space flight, the space agency chief said Thursday. “We will send an unmanned crew module on the experimental GSLV-Mark III rocket in December and test its re-entry into the earth’s atmosphere for a human space flight plan in future,” Indian […]
A tie-up between Malaysian and Hong Kong asset managers aims to market Islamic funds in mainland China, helping expand sharia-compliant investment products outside the industry’s core centres in southeast Asia and the Middle East. The asset management arm of Malayan Banking Bhd and Hong Kong-based Bosera International will jointly develop Islamic investment products, Nor’ Azamin Salleh, chief executive of Maybank Asset Management Group Bhd, told Reuters. The […]
Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according […]
By S. Sethuraman The American economy on an expanding phase is welcome for global growth and India’s exports if our exchange rates are not over-valued, but the ending of Federal Reserve’s asset purchases (QE3) opens way for US interest rates’ to rise in the near future with costs to other economies. This is likely to trigger some capital outflows from emerging market economies including India, which […]
From Pradeep Kapoor LUCKNOW: The elections for 10 Rajya Sabha seats from UP next month will decide future alliances by different political parties for 2017 assembly polls in the state. At present all the major political parties are busy in giving final shape to list of candidates but leadership of various political parties are under pressure to accommodate important leaders for future politics. It would […]
MUMBAI: If order inflows are a harbinger of an improvement in the investment cycle, India Inc has reason to feel happy. In the quarter ended September this year, companies received about Rs 67,000 crore worth of fresh orders, up 45 per cent on a quarter-on-quarter basis and the highest in the past four quarters (see chart). The momentum has continued into the quarter ending December, too, […]
Mumbai: After mark-to-market gains of over 30% from the ONGC stake sale in FY12, LIC is looking forward to the government’s divestment programme to raise its stake further in the oil & gas company if the shares are offered at an attractive price, said a source. Apart from ONGC, the insurer sees SAIL as an attractive opportunity. The government plans to sell 5% stake in ONGC and […]
By Kalyani Shankar Will Delhi go for fresh polls or is the BJP in a position to give a stable government? After the people of Delhi chose a hung Assembly, the Capital does not have a popular government since 17 February when the Aam Aadmi party chief Kejriwal resigned as chief minister claiming he was not allowed to get the Jan Lokpal bill passed. Now grapevine […]
By Nora Chopra The much awaited reshuffle of the Congress party is likely to be deferred indefinitely till the organizational elections next year. Disillusionment is fast taking over within the party in the wake of a defeat after defeat since 2011 when state after state started falling like nine pins. The worst was of course the Lok Sabha polls where the party faced a defeat like never […]
NEW DELHI: The government has relaxed the norms for allowing foreign direct investment (FDI) in the construction development sector. It is expected the move will boost affordable housing projects and smart cities across the country. At a Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday, the minimum built-up area required to attract FDI was reduced from 50,000 sq m to 20,000 sq m, while […]
Tunisians celebrate the results of the country’s recent elections. Reuters A heavily oversubscribed IPO by one of Tunisia’s key companies and smooth parliamentary elections held last weekend are helping the country attract more attention from foreign investors. Shares in Delice Holding, a consortium of companies that make dairy products, started trading on October 16 following an IPO that was almost 16-times oversubscribed. The company, which has a […]
By S. Sethuraman Entering the sixth month post-bifurcation, Telengana and the truncated Andhra Pradesh are still in such unsettled conditions that governance and credibility are at a discount in the new State of Telengana while Seemandhra, battered recently by a super-cyclone, faces baffling problems of land acquisition for capital-building and fiscal management. Both states are in massive budget deficits and have vainly looked to the Centre […]
NEW DELHI: Life Insurance Corporation of India, the country’s largest insurer, will consider increasing its holding in companies in which the government plans to sell shares this year, possibly up to the 15% limit allowed. LIC, which is also the country’s largest investor, is expected to invest about Rs 55,000 crore in the equity markets this financial year, up from about Rs 51,000 crore in 2013-14. […]
New Delhi: In a bid to take advantage of the bullish stock market sentiment, the finance ministry has kicked off the exercise to cut government stake in public sector banks to 51% and enable them to raise fresh capital to meet their growth requirements. Sources told TOI that the ministry has moved a cabinet note as the government is keen that banks are well capitalized to meet […]
NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, on Tuesday signed an agreement to pick an up to 50 per cent stake in PetroVietnam’s two exploration blocks in the South China Sea. OVL will take a 40 per cent stake in Block 102/10 and 50 per cent in 106/10 that lie outside the sea territory claimed by China. PetroVietnam, […]
Global SWFs: Assets under Management (USD billion), 2014 GeoEconomica The sovereign wealth funds of the energy-rich Arab Gulf are some of the world’s largest pools of capital, collectively holding more than $1 trillion of assets. But their strategies, returns and approaches to risk aren’t often disclosed, something political risk consultancy GeoEconomica singles them out for in a new report. Gulf funds lag global peers in compliance with […]
Look at computer models for the Venice-like Arabian Canal proposed for central Dubai, or the plans for the world’s biggest shopping mall, and it seems as if the collapse of the United Arab Emirates real estate market six years ago never happened. Citibank estimated earlier this year that there were already two thirds of a trillion dollars worth of construction projects underway in the UAE. That was […]
Luxembourg is poised to test demand for Islamic bonds as the issuer of the lowest-yielding sovereign sukuk on record plans to become a regular borrower. The country has been “encouraged” by investor feedback and the market’s readiness and will begin working on its next sukuk today, Finance Minister Pierre Gramegna said. Luxembourg, one of the smallest economies in the 28-member European Union, sold 200 million euros ($254 […]
By Amulya Ganguli The writing is on the wall. To save itself, the Congress has no option but to bid farewell to the Nehru-Gandhi family. Therefore, the 100-odd supporters of the party who recently clamoured for the elevation of Priyanka Gandhi-Vadra to senior party positions are mistaken. If the 129-year-old party is to have a future, it has to make a new beginning under a new […]
Shares of Indian companies with key markets in Europe such as Tata Steel, Tata Motors, Bharat Forge, Motherson Sumi and Crompton Greaves have crashed by as much as 19% since mid-September on concerns their earnings may get adversely affected by the slowdown in the region. However, analysts say investors should buy some of these stocks. “We are positive on companies such as Tata Motors, Bharat Forge […]
New Delhi: The National Democratic Alliance (NDA) government on Monday scrapped the selection of six chiefs of public sector banks, recommended under the United Progressive Alliance (UPA) regime, following a high-level panel finding irregularities in the process followed. The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of tainted Syndicate Bank Chairman and Managing Director (CMD) S K Jain […]
By Nantoo Banerjee It is very heartening that the government has, for the first time, equipped itself with a clear and comprehensive policy to ensure the growth and competitiveness of India’s less-cared micro, small and medium enterprises (MSMEs) sector. MSMEs are regarded as backbone of development even in highly industrialized countries, including Germany, Japan, France, the US and China. They are incubators of ideas and homes […]
NEW DELHI: After clarity on natural gas prices and an ordinance on coal, the government is set to decide on pooling of imported and domestic fuel prices to help stressed power stations with a combined capacity of 91,000 mw generate electricity that’s badly needed as India tries to revive its economy. The Cabinet Committee on Economic Affairs is likely to decide on pooling gas and coal prices […]
