Business News
Browse all articles and features filed under the News desk.
Tata Consultancy, Hilton Worldwide tie up for IT services
Tata Consultancy Services (TCS) Wednesday said it has signed a multi-year agreement with global hospitality company Hilton Worldwide to enhance its technology strategy as part of its ‘Hilton Worldwide Innovation Collaborative’ initiative. “The innovation collaborative will evolve
World Bank gives $45 million loan for improving highways
The World Bank Wednesday extended to India $45 million technical assistance loan to help strengthen institutional capacity of its National Highways Authority (NHAI). The technical assistance loan from the World Bank’s International Bank for Reconstruction and Development unit has
Panasonic India targets Rs.3,000 crore turnover
Consumer durables firm Panasonic India aims to almost triple its turnover to cross the Rs.3,000 crore mark by the end of the 2010-11 fiscal, a top company official said here Wednesday. The company, a subsidiary of Osaka-headquartered Japanese firm Panasonic Corp, had a turnover o
India formally bans onion exports, allows import at zero duty
In a bid to bring down the spiralling prices of onions, India Wednesday formally notified a ban on its exports while permitting imports at zero duty with immediate effect. Earlier, the government had doubled the minimum export price of onions from the country, the second largest
Sensex opens 58 points up on positive global cues
A benchmark index of Indian equities opened 50 points higher Wednesday, taking positive cues from global stocks. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,118.82 points, up 58.50 points from the previous close, after gaining nearly one
Telecom firms ask government not to stop 3G phone services
Telecom operators Tuesday asked the government not to stop the roll-out of third generation (3G) phone services, saying they will soon come up with a method to intercept the calls for security purposes. “We are working with the government and have asked them not to stop the roll-
Stinging onion prices make buyers cry
Sky-rocketting onion prices are literally bringing tears to the eyes. With rates shooting to Rs.70-80 per kg, the humble bulb has become really pricey, forcing people to drastically chop their purchase of the mainstay vegetable. “What option do we have but not to buy onions,” sai
Onion prices soar, curbs imposed on exports
The central government Monday banned fresh permits for onion exports till Jan 15 following a big jump in its price in local markets. Onion is currently selling between Rs.60-70 per kg in local markets. A food ministry official told reporters that agriculture cooperative major, Na
Infosys ranked top for retail IT services
India’s IT bellwether Infosys Technologies Ltd has been ranked number one among retail IT services providers worldwide for 2010 in a global evaluation, the company said Monday. The Bangalore-based global software major emerged top in the evaluation by the US-based Retail Info Sys
Ranbaxy’s South African arm bags $133 million order
Pharma major Ranbaxy Laboratories Monday said that its South Africa-based joint venture, Sonke Pharmaceuticals, has won a 913.5 million rand ($133 million) order in that country for supplying anti-retroviral (ARV) drugs for prevention and treatment of AIDS. Anti-retroviral drugs
Gujarat eyes $1 bn investment for pharma industry
Gujarat, which accounts for nearly a half of the Indian pharma industry’s turnover, is betting big on making the state a global hub as it eyes deals worth over $1 billion at the upcoming business conclave here next month. “Our government is proactive. We have systems in place. Th
India’s GSM phone subscribers grow 3.4 percent in November
India’s GSM phone subscriber base grew 3.4 percent in November with the addition of 17.5 million subscribers taking the total number of subscribers to 526 million, the Cellular Operators Association of India (COAI) said Thursday. Telecom giant Bharti Airtel added 3.1 million subs
Ashok Leyland’s UAE joint venture plant goes on stream
Chennai-based commercial vehicle manufacturer Ashok Leyland Limited Thursday announced the commissioning of its Ras Al Khaimah plant set up in a joint venture with Ras Al Khaimah Investment Authority (RAKIA). The 2,000 units per annum plant is the first vehicle factory in the Uni
Yahoo to lay off five percent of workforce
Struggling internet portal Yahoo is to lay off up to five percent of its workers – or up to 700 employees – as it struggles to compete with the likes of Google and Facebook, sources at the company confirmed Tuesday. Most of the layoffs will come from the company’s products divisi
China’s Huawei to invest $2 bn on Indian telecom lab, factory
On the eve of Chinese Premier Wen Jiabao’s visit to India, Shanghai-based telecom equipment manufacturer Huawei Tuesday announced an investment of $2 billion in a new research facility in Bangalore and its manufacturing unit in Chennai. The investment, which will be made over the
O-Zone to open 40,000 wireless internet zones
Leading wireless mobility solution provider O-Zone Networks Tuesday said it plans to open another 40,000 wireless internet zones in the country in the next two-and-a-half years. The company’s chief financial officer, Dharmendra Amin, said these Wi-Fi ‘Hotspots’ in malls, coffee s
Infosys wins knowledge enterprise award
India’s second largest infotech company Infosys Technologies Monday said it had won the Most Admired Knowledge Enterprises (MAKE) awards in the global, Asian and Indian categories for 2010. “The MAKE selection panel recognised our company for creating a corporate knowledge-driven
Google to buy discount coupon website for $5.3 bn
Internet giant Google will buy a website that offers its users discount coupons at a staggering price of $5.3 billion, a media report said Wednesday. Andrew Mason will sell Google his Groupon website at $5.3billion (4.1 billion pounds). Mason, 29, set up the business two years ag
Sensex moves up in early trade
A benchmark index of Indian equities Thursday slipped a tad in morning trade after breaching the 20,000-mark soon after opening. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.66 points, was ruling at 19,969.86 points, up 119.86 p
Tafe to invest Rs.1 bn to expand battery capacity
Tractor major and storage battery maker TAFE Ltd will invest Rs.1 billion (Rs.100 crore) for increasing the capacity of its valve regulated lead acid (VRLA) battery at its Maraimalainagar plant near here. TAFE Power Source (TPS), the company’s manufacturing division, Wednesday si