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BHEL to ramp up capacity to 20,000 MW
Spelling out its endeavour to focus on improvement in cost competitiveness and quality, Bharat Heavy Electricals Ltd. on Tuesday said it was on track to become a 20,000-MW company in power equipment making by March, 2012. Addressing the 17th annual general meeting of the company here, BHEL Chairman and Managing Director B. Prasada Rao said [...]
SkodaAuto introduces upgraded Laura
SkodaAuto India on Tuesday introduced the new version of its premium sedan Laura and announced plans to launch a new sedan car by the end of this year. Priced at Rs.15.49-lakh, Laura RS comes with 1.8 litre petrol engine that gives a mileage of 13.4 km a litre. “The new Laura RS offers both power-packed [...]
JLR to invest 355 million pound in new facility in the U.K.
To produce all-new advanced technology, low-emission engines Jaguar Land Rover (JLR), a subsidiary of Tata Motors, has announced plans for a 355 million pounds (over Rs.2,660 crore) investment in a new facility to make all-new, advanced technology, low-emission engines in the U.K. This announcement was marked by a visit to the company’s Solihull vehicle production [...]
House panel warns against giving port projects to MNCs
NEW DELHI: Citing security reasons, a parliamentary committee has recommended that the shipping ministry should not allow foreign (MNCs) to undertake port-related activities. The recommendation comes at a time when the ministry is in the process of bidding out 24 projects with an investment of Rs 17,000 crore during the current fiscal. The standing committee [...]
SBI Q1 net down by 25.3% at Rs 2,512.4cr
NEW DELHI: The country’s largest lender State Bank of India (SBI) on Saturday reported a 25.3 per cent decline in its consolidated net profit to Rs 2,512.4 crore for the first quarter ended June 30, 2011, over the same period last year. The bank had posted a net profit of Rs 3,365.2 crore in the [...]
Govt owes industry 3,500 cr: IT sector
BANGALORE: The IT/BPO sector says the government owes the industry over Rs 3,500 crore in service tax refunds for the past three years. With the amount continuing to grow, the matter is now being taken up by industry bodies Nasscom and the Confederation of Indian Industry (CII). Since 2008, companies have been paying a 10.3% [...]
India growth story intact: Pranab
NEW DELHI: The India growth story is intact and the fundamentals of the economy remain strong despite the uncertainty in global markets due to the downgrading of US debt ratings by ratings agency Standard & Poor’s, finance minister Pranab Mukherjee said on Monday. Policymakers grabbed every opportunity on Monday to calm markets and investors, saying [...]
Arun Jaitley rips apart Ajay Maken’s defence in CWG scam report
Ripping apart Sports Minister Ajay Maken’s defence, BJP leader Arun Jaitley said in the Rajya Sabha that the Commonwealth Games which were intended to be a great sporting event turned out to be the largest scandal of the country. BJP said Maken misled the House. “Ajay Maken is hiding facts. His defence conceals more and [...]
Asian stock markets stabilising after deep dives
Asian stocks markets are stabilising after a day of dramatic plunges today as futures point to a measure of calm returning to Wall Street following the Dow’s sixth worst decline in the last 112 years. To be sure, investors remained on edge amid fears of a possible global recession. But by mid-afternoon, major Asian indexes [...]
FM hints at raising diesel price for cars
NEW DELHI: Running your diesel car may soon become more expensive. The government on Thursday said that it would consider a suggestion to remove subsidy on diesel used in passenger cars. “Fifteen per cent (of the diesel sold in the country) is for passenger cars – where we can accept your suggestion and try to [...]