The Hindu Business Line : Thursday, October 30, 2008

Unitech offloads 60% stake in telecom biz to Telenor
Sale price: Rs 6,120 cr; Unitech’s licence fee: Rs 1,650 cr. New Delhi, Oct. 29 Telenor of Norway has entered the Indian telecom market. It has signed an agreement to acquire 60 per cent stake in Unitech Ltd’s telecom venture, ...

Windfall gains for new players
The Government’s decision to give out fresh telecom licences on first-come, first-served basis has resulted in windfall gains to some Indian promoters of new telecom companies. Unitech, which has sold its 60 per cent stake to Telenor, ...

Norway call: Mr Sanjay Ch... Do retail investors indulge in cherry picking?
Brokers advice: Accumulate large-cap stocks. Mumbai, Oct. 29 Though the highly volatile markets scare the retail investors away, they do seem to be picking up shares at low ...

Forex losses drag M&M profits down 21%
Co will look to tighten costs and process efficiency. Mumbai, Oct. 29 Notwithstanding the increase in sales, tractor and utility vehicle major Mahindra & Mahindra posted a 21 per cent drop in net profits at Rs 227 crore for the quarter ended ...

Other income boosts Cairn India Q3 profit
Cairn India Ltd and its subsidiaries (consolidated) clocked a 12-fold increase in net profit for the third quarter ended September 30. The net profit stood at Rs 293.32 crore for the quarter (Rs 23.24 crore in same quarter last ...

For passengers, Diwali was a day of cancelled flights
DIP IN TRAFFIC. New Delhi, Oct. 29 Domestic air travellers were a harried lot on Diwali day. Almost all airlines cancelled flights because of lack of traffic. However, they said the cancellations were due to ...

Ashok Leyland may cut number of working days
Not planning lay-offs, say company officials. Chennai, Oct. 29 Ashok Leyland is contemplating reducing the number of working days “by one or two days a week” so as to match its inventory to the current demand of commercial vehicle ...

Ispat Energy plans to produce bio-CNG
To invest Rs 1,000 cr to get gas from sugarcane byproduct. Mumbai, Oct. 29 Ispat Energy Ltd, a subsidiary of Ispat Industries Ltd, has plans to invest about Rs 1,000 crore in the current fiscal for producing bio-CNG from pressmud, a byproduct ...

HCL Tech bags National Insurance contract
IT players now aggressively scouting for domestic business. Software exporter HCL Technologies Ltd has pipped larger rivals, TCS and Wipro, to clinch a large CIS (core insurance solution) implementation deal from the public sector National ...

Service providers improve collection of payments
Lower debtor days despite clients’ financial woes. Chennai/Mumbai Oct. 29 Collection of receivables from clients by top Indian IT services companies has improved for the quarter ended September 2008 compared to the ...

SBI wants collaterals from airlines seeking credit
Banks shying away from having aviation assets on their books. Bangalore, Oct. 28 State Bank of India has insisted that airline companies provide corporate guarantees as a precondition for ...

RBI eases off-balance sheet exposure norms
Breather to foreign branches. Mumbai, Oct. 29 The Reserve Bank of India has relaxed the prudential norms for off-balance sheet exposure ...

Short-term rupee negative
The ferocious declines in stock prices yanked the rupee past the 50-threshold briefly, but the central bank intervention has thus far ensured that the rupee does not stay below that mark for long. Meanwhile pandemonium continues in ...

Airlines will stop paying commission to travel agents from Nov 1
Air India to implement transaction fee model. The airline industry could see another major upheaval from November 1 when all the airlines will stop paying any commission to the 3,000 travel agents across the country and instead make the agents ...

Portal glitch puts companies in a quandary
Ministry urged to extend deadline for e-filing of documents. Chennai, Oct. 29 A snag in the system for e-filing of company documents with the Registrar of Companies (ROC) has put thousands of companies into difficulty, as they race to meet the ...

Peninsular weather to stay quiet
Thiruvananthapuram, Oct. 29 Peninsular India will continue to stay quiet as the alternating wet-and-dry phase of a passing periodical Madden-Julian Ocean (MJO) wave dictates regional weather over the next week or ...