Indian Economy - News & Updates - Archive

[Zaheerkhan]

Inflation dips to 10-month low of 5.91 pct


New Delhi: Inflation fell for the ninth consecutive week on Friday to a 10-month low of 5.91 per cent for the week ended December 27, owing to cheaper food and manufactured items.

Inflation, measured by movement in the wholesale prices, dipped by 0.47 per centage points from 6.38 per cent in the previous week. It stood at 3.83 per cent a year ago.

The previous low was recorded at 5.69 per cent for the week ended February 23, 2008.

The index of food articles group declined by 0.7 per cent as prices of jowar fell by five per cent, fruits and vegetables by three per cent, eggs and bajra by one per cent each.

In case of manufactured goods, imported edible oil became cheaper by one per cent, polyester fibre by two per cent and newsprint by one per cent.

The index of fuel remained unchanged and also there was no movement in the prices of cement and iron and steel during the week.

However, the items which became expensive during the week were unrefined oil (up 14 per cent) and khandsari (2 percent), groundnut oil (2 per cent) and pulses (0.2 per cent).

The inflation has been declining after it touched a peak of 12.91 per cent in August last year

Inflation dips to 10-month low of 5.91 pct - The Financial Express

 

[Zaheerkhan]

Govt approves to 34 FDI proposals

New Delhi: The government has cleared 34 Foreign Direct Investment (FDI) proposals worth about Rs 1,615 crore of firms like Mahindra and Mahindra, Sumitomo Corporation, and Barwah International from Qatar.

The largest investment proposals are in urban development, by HBS Realtors Mumbai, which intends to invest Rs 300 crore to convert the operating company into a operating-cum-holding company and Qatar-based Barwa International, which would invest Rs 400 crore.

Besides, Sumitomo Corporation from Japan would invest Rs 160 crore, but its proposal would be subject to norms laid down in Press Note one, the government said.

Meanwhile, another proposal from Universal Biofuels for an investment of Rs 200 crore was cleared, and it would incorporate and make downstream investment in subsidiaries and also issue and allot equity.

Govt approves to 34 FDI proposals - The Financial Express

 

[nitesh]

Infosys Q3 net profit rises 14.5% QoQ- Earnings-News By Company-News-The Economic Times

Infosys Q3 net profit rises 14.5% QoQ
13 Jan 2009, 0918 hrs IST, ECONOMICTIMES.COM

MUMBAI: IT bellwether Infosys Technologies declared a healthy performance in the October-December quarter, reporting 14.5 per cent rise in net Infosys profit to Rs 1641 crore as against Rs 1432 crore in the previous quarter. Income stood at Rs 5786 crore vs Rs 5418 crore (QoQ).

On Monday, the company's shares ended 3.22 per cent at Rs 1156.60 on BSE.

Infosys, the second-largest software services exporter in the country, kicked off the sector's earnings parade today, which would be followed by Tata Consultancy Services on Thursday.

After Satyam lost its credibility, Infosys Technologies is expected to gain the most among the top Indian IT players. Although there will be no shift towards one single provider, Infosys’ reputation as a firm with high corporate governance standards as well as its US listing is expected to stand it in good stead when customers make a choice, said analysts.

On Wednesday, when Ramalinga Raju confessed to cooking Satyam’s books, Infosys was among the few IT stocks that ended higher. The stock was up 1.7% to Rs 1,187, as compared to Wipro and TCS that ended almost flat at Rs 243.30 and Rs 503.70, respectively. HCL Technologies, the other top player, was down 15%.

"The senior management of Infosys has come out quite aggressively in the media on maintaining high corporate governance standards," pointed out Ascendia Consulting principal analyst Alok Shende. However, the hitch to this could be Infosys’ premium pricing, which some analysts said was 10-15% higher than Satyam’s rates. This, along with a substantial customer overlap, could work in the favour of the number one IT exporter, TCS.

 

[MastanKhan]

Hi,

The news about fraud amongst some of the indian companies is not good. There will be repercussions coming about in the next 30 to 60 days. It will be interesting to see how the indian govt acts.

 

[nitesh]

Hi,

The news about fraud amongst some of the indian companies is not good. There will be repercussions coming about in the next 30 to 60 days. It will be interesting to see how the indian govt acts.

The financial fraud has came in light in Satyam. It's CEO is already in custody and new board members are assigned who are looking for independent auditing. As of now no big customer has deserted them. World bank has issued a statement against Wipro that it will not be able to quote for it's tender till 2011. But Wipro has already said that they have revenue of less then 1 million dollars with them and this will not affect them. But yes we need to see how the situation unfolds

 

[beetel]

gujaraath attracts 7.5 lakh crore investment...

Gujarat vibrant as investment meet brings in Rs 7.5 lakh crore - Express India

 

[Nihat]

India's inflation falls further to 5.24 per cent


New Delhi: India's annual rate of inflation fell further to 5.24 per cent for the week ended January 3, from 5.91 per cent the week before, official data released on Thursday said.

The inflation rate was 4.26 per cent during the corresponding week the previous year.

The wholesale price index (WPI) for all commodities declined 0.2 per cent to 229 from 229.5 the previous week. Both figures are provisional.

The index for primary articles declined 0.5 per cent to 246.3 from 247.5 the previous week, while that for manufactured products fell 0.1 percent to 200.6 from 200.8.

The index for fuel, power, light and lubricants also declined by 0.2 percent to 329.8 from 330.5.

 

[Nihat]

TCS Q3 profit seen up 11% at Rs 1401 cr


Tata Consultancy Services (TCS) is to announce its third quarter results. The company's revenues are expected to go up by 5.7% to Rs 7347.7 crore versus Rs 6953.4 crore. Its EBIDTA is seen up 5.4% to Rs 1917 crore versus Rs 1819.7 crore.

The margins are seen flat at 26.1% versus 26.2%. The company's profit is expected to go up by 11% to Rs 1401 crore versus Rs 1261.5 crore.


TCS Q3 profit seen up 11% at Rs 1401 cr

 

[LCA]

gujaraath attracts 7.5 lakh crore investment...

Gujarat vibrant as investment meet brings in Rs 7.5 lakh crore - Express India

May be this one better

Vibrant Gujarat nets Rs 12 lakh crore

Vibrant Gujarat nets Rs 12 lakh crore - ET Cetera-News By Industry-News-The Economic Times

 

[nitesh]

wow more then 200 billion dollar investment!!!!

Gr8 going

 

[Incredible India]

Narender modi should become the Prime Minister of India if BJP gets max seats for the next Parliament election.
Anil Ambani pushes Narendra Modi as next Prime Minister | Reliance Insider | Reliance News, Stock Market Updates, Ambani Brothers, RIL, RNRL, Retail, Communication, Power

 

[ICBM]

I sincerely hope that point never arrives. Even though he may be a great leader, I cannot accept a person with blood on his hand to be my primeminister ever.

 

[shrivatsa]

REVA introduces next generation electric cars news
New Delhi: India's first electric car maker Bangalore-based Reva Electric Car Company (RECC) has flagged off the advance technology next generation REVA cars to join the nationwide Indian Climate Solutions Road Tour in Bangalore.

These cars will be powered by the next generation lithium ion batteries. In addition they will have solar power panels to harness sun's energy and further increase the range. The proprietary energy management system manages the flow of energy efficiently increasing the range to 150km – 200km per charge.

''We take this opportunity to showcase our advanced technology as well as how EVs can be a viable transport option to battle environmental issues," said Chetan Maini, founder & chief technology officer, RECC. "REVA is happy to be associated with the Indian Youth Climate Network and hope that it succeeds in spreading awareness of going green as well as showcase the power of EVs.''

Indian Youth Climate Network, a group of dynamic individuals from across India and around the world have launched on a journey across the country to highlight India's local eco-solutions as well as empower the youth on one of the greatest challenges of our time: global climate change.


Equipped with three solar plug-in electric REVA vehicles and a solar powered music band called Solar Punch, these inspired youth powered by their passion for the future will depart from Bangalore to their other destinations today.

Reva Electric Car Companyis a joint venture between Maini Group of India and AEV LLC of California and venture-backed by US investors Global Environment Fund and Draper Fischer Jurveston.

A technology innovator from India, Reva was the first company worldwide to successfully commercialise electric carsand sells or test markets its range of electric cars in 18 countries across Europe and Asia and has the largest deployed fleet of electric cars in the market with over 2,500 EVs on the road that have logged in an estimated 50 million kilometes of user experience.

domain-b.com : REVA introduces next generation electric cars

 

[ju87]

India's inflation falls further to 5.24 per cent


New Delhi: India's annual rate of inflation fell further to 5.24 per cent for the week ended January 3, from 5.91 per cent the week before, official data released on Thursday said.

The inflation rate was 4.26 per cent during the corresponding week the previous year.

The wholesale price index (WPI) for all commodities declined 0.2 per cent to 229 from 229.5 the previous week. Both figures are provisional.

The index for primary articles declined 0.5 per cent to 246.3 from 247.5 the previous week, while that for manufactured products fell 0.1 percent to 200.6 from 200.8.

The index for fuel, power, light and lubricants also declined by 0.2 percent to 329.8 from 330.5.

Hopefully this will lead to a further interest rate cut?

 

[nitesh]

India will have 85-90 mn jobs across sectors: HR experts- Jobs-News By Industry-News-The Economic Times

NEW DELHI: The "India Shining" story may be under stress by the ongoing economic crisis, but some sectors and career options still hold promise for job seekers this year, according to human resource experts.

Leading advisory Boston Consulting Group says India will have a demand for 85-90 million people across various sectors, and the majority of the demand will come from high-growth industries like IT, outsourcing, banking, retail and healthcare.

Similarly, a survey by HR consultancy Manpower projects hiring to rise steadily by around 18 per cent from this quarter in many sectors, signifying that jobs in India may not be entirely affected by the financial turmoil in rich nations.

"India poses a far more positive outlook as compared to what has been happening across the world," said Cherian Kuruvila, director operations, Manpower India, adding that seven per cent gross domestic product (GDP) growth for the country showed that the economy remained healthy.

"Employers in the mining and construction industries as also services sector are especially looking to scale up," Kuruvila said, but added that new jobs won't be distributed evenly through all regions and industries.

India has a work force of 484 million people, of which 273 million work in rural areas, 61 million in manufacturing and about 150 million in services, says the Boston Consulting Group that recently conducted a study on the country's services sector.

"Going forward, the Indian economy is likely to be overwhelmingly dependent on the growth of services. More than 70 per cent of India's incremental GDP and 60 per cent of new jobs over the next five years are expected to be generated by services."

A survey across the Asia-Pacific region by TNS, a market research and business analysis firm, with Gallup International, a global human resource consulting firm, also threw up interesting findings.

Sixty-two per cent of the Indians polled felt they would be able to hold on to their jobs in 2009 and the 57 per cent who expected unemployment to rise did not not consider they would be the ones affected.

"It seems, despite the slowdowns and reports of downsizing, there is an overall confidence among the employed in India that 'My job is secure! Difficulties, if any, are for others, not me'," said TNS India executive director Chhavi Bhargava.

Experts concede that the present financial meltdown has raised doubts over the performance of some industries and its impact on salaries and perks, but hope Indian businesses will come out of the slump earlier than their counterparts overseas.

"The impact on salary was felt in 2008 and it may continue till some time. The payouts were significantly lower than the 15-200 per cent bonus payouts in 2007," said Absolute HR Services chief executive Kunal Banerji.

"Gone are the days of experimentation with jobs. I would advise employees not to be adventurous checking different jobs. Stability is the mantra," said Confiar Consultants managing director Vivek Ahuja.

Apart from advising employees to keep their jobs this year, HR consultants also feel these are also the times when people will turn to age old values and ethics and play by the book.

"The old adages like no substitute for hard work and no short-cuts to success are back in vogue," Banerji said. "Stay hungry for work or stay hungry is the mantra for corporate India."