Binani Industries hits 52-week high on Board nod to disinvestment in Cement arm

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Shares of Binani Industries rallied over 10 per cent, hitting 52-week high, during the morning trade on Bombay Stock Exchange (BSE) after its board gave in-principle approval to divest up to 40 per cent stake in subsidiary firm Binani Cement. “...the Board of Directors of the company at its meeting held on December 24, 2012, inter alia, has appr

Aurobindo Pharma jumps over 1% on USFDA approvals for Nafcillin Injections

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Shares of country’s leading drug maker Aurobindo Pharma jumped over 1 per cent on Bombay Stock Exchange (BSE) after the company received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Nafcillin injections. Cheering the news, shares of the company started the day on the positive note and witnessed a

Suzlon Energy soars over 7% on Morgan Stanley stake buy

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Shares of country’s largest wind turbine supplier Suzlon Energy soared over 7 per cent on Bombay Stock Exchange (BSE) after the foreign institutional investor, Morgan Stanley Mauritius Company acquired more than 30 million shares of the company from its promoter via an open market transaction. Morgan Stanley Mauritius Company on December 26 boug

Bharti Infratel shares drop in market debut

NEW DELHI - Shares in Bharti Infratel slumped around 12 percent to 194.85 rupees in opening trade on their Mumbai stock market debut on Friday after the mobile tower operator raised about $760 million in the country's biggest initial public offering in two years.

That compares with its IPO price of 220 rupees per share for funds and wealthy investors, wh

SBI will need up to Rs 17-k cr in next two years: CFO

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India’s largest lender State Bank of India (SBI) will need to raise around Rs 12,000-17,000 crore in next two years to meet its capital requirements, said managing director and CFO Diwakar Gupta to a leading financial media. Gupta said government has already approved Rs 3,004 crore capital infusion in SBI by march-end but that won’t be eno

GMR Group plans to terminate Rs 9,000 cr highway contract with NHAI: Report

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The GMR Group has become all set to run out of 555-km long Kishangarh-Udaipur-Ahmedabad National Highway project worth Rs 9,000 crore awarded by National Highways Authority of India (NHAI) on net present value basis. Reports said that GMR issued notice to NHAI to terminate the contract last week with former blaming the latter of not fulfilling its res

Bharti Infratel’s listing may fall short of CARE and PC Jewellers’ successful debut: Experts

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The telecom tower infrastructure service provider Bharti Infratel will get listed on bourses from Friday, December 28, after the company successfully completed its initial public offer (IPO) with total subscription of over Rs 4,365 crore or 1.3 times the issue size earlier this month. However, experts said that Bharti Infratel’s listing may fall

Karnataka Bank launches public awareness program

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Karnataka Bank today said that a CASA campaign has been introduced by the bank during November 15, 2012 to February 28, 2013 to educate people about banking services and to bring them under financial inclusion. This CASA campaign has already started generated encouraging results and the bank has added over one lakh new customers within one month. The

Dabur India introduces new fruit juice flavors

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With the introduction of two new fruit-mix variants, leading Ayurveda medicine maker Dabur India has expanded its range of fruit juices viz. Réal Activ. The addition of new flavors including Banana Strawberry and Green Apple Punch has raised the number of variants available in the Réal Activ range to 11, the company said. “With thi

L&T bags Rs 781 cr contract from ONGC

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Construction giant Larsen & Toubro (L&T) today said that it has secured an offshore contract worth Rs 781 crore from ONGC. Under the contract, L&T would be accountable for total engineering, procurement, construction and installation of 3 wellhead platforms, spread over ONGC’s Heera and South Heera fields, said the company in its fil

Bharti Airtel’s subsidiary to list equity shares on exchanges tomorrow

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Bharti Airtel’s subsidiary Bharti Infratel is set to list its equity shares on exchanges on December 28, 2012. The company has fixed an issue price of Rs 220 for qualified institutional as well as non-institutional investors. On the other hand, for retail investors, the company has fixed the price at Rs 210 (Rs 10 discount to issue price). The

Cyrus Mistry to succeed Ratan Tata tomorrow

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The 44-year old Cyrus Mistry will take over the charge from Ratan Tata on his retirement tomorrow. The retirement of Tata, who played a key role in transforming the Tata group from a conventional corporate house to a USD 100 billion global conglomerate, will end his 50-year run in the group. Ratan Tata served as the Chairman of the country’s old

Corporation Bank to raise Rs 200 cr via perpetual Tier-1 bonds

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Mangalore-based Corporation Bank, on Wednesday, said it will issue unsecured perpetual Non-Convertible Tier - 1 Bonds in the nature of promissory notes for Rs 200 Crore, on private placement basis. The issue opens on December 27, 2012 and will close on December 28, 2012, said Corporation Bank in a filing to the Bombay Stock Exchange on December 26, 20

Kalpataru Power bags Rs 955 cr orders

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Power and infrastructure giant, Kalpataru Power Transmission Ltd. today said that it has secured new orders worth Rs 955 crore in the country as well as across the globe. Of the new orders, a major contract worth Rs 405 crore has been received by the company from Power Grid Corporation of India Ltd. for supply and installation of 800 kV HVDC, 238 km t

Clariant Chemicals to divest 3 business units

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Clariant Chemicals (India) Ltd today said that SK Capital has agreed to purchase its 3 business units including Textile Chemicals, Paper Specialties and Emulsions. The deal would include transfer of the whole R&D, applications, sales and marketing organization along with production plants and sites across the globe, said the company in its filing

Andhra Pradesh govt issues show-cause notice to GSPC: Report

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State-run Gujarat State Petroleum Corporation (GSPC) has now come under the attack from Andhra Pradesh government for failing to get forest and wildlife clearance before starting the work on a crucial submarine pipeline to take gas from KG Basin to its onshore gas terminal (OGT), said a media report. GSPC, which is already facing troubles due to an al

Private equity pours money into India primary healthcare

MUMBAI - Private equity funds quadrupled their investment in India's primary healthcare, betting the sick and ailing will stop seeing family doctors in often cramped and dingy quarters and check into modern chains sprouting up across Asia's No.3 economy.

Goldman Sachs Group Inc, Warburg Pincus LLC, Sequoia Capital and the Government of Singapore Inve

Aurobindo Pharma secures US FDA approval for Nafcillin Injections

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Hyderabad-based Aurobindo Pharma Ltd today said that the US Food and Drug Administration (FDA) has awarded the company with final approval for manufacturing and marketing Nafcillin injections. The new injections, which are ready to be launched, are available in1g and 2g vials and 10g/Vial Pharmacy Bulk Package, said the company in its filing to the Bo

Sensex falls; record volumes in derivatives expiry day

By Manoj Dharra

MUMBAI
  - The BSE Sensex fell as recent gainers such as Reliance Industries were hit by profit-booking, while IT stocks fell due to concerns about their outlooks on a day in which the expiry of derivatives led to record volumes in the futures and options (F&O) segment.

Turnover in F&O on Thursday reached around 4

Singh says 8 percent growth target 'ambitious'

NEW DELHI  - Prime Minister Manmohan Singh struck a downbeat note on the challenges facing the Indian economy on Thursday, dubbing a five-year plan for average growth of 8 percent "ambitious".

India's GDP growth has languished below 6 percent for three straight quarters, a far cry from the near-double-digit pace of expansion before the 200

Growth could get stuck at 5-5.5 percent if logjam continues: Montek

NEW DELHI- India's economic growth could get stuck at 5-5.5 percent if a policy logjam continues, Montek Singh Ahluwalia, deputy chairman of the planning commission, said on Thursday.

India's GDP growth has languished below 6 percent for three straight quarters, a far cry from the near-double-digit pace of expansion before the 2008 global financial d

PC Jeweller shares surge over 10 percent in debut

MUMBAI - Shares of PC Jeweller rose as much as 14.6 percent in its stock market debut on Thursday after the company raised 6.1 billion rupees in an initial public offering as investors bet on strong demand for jewellery sales.

Shares in the retailer were trading at 153.65 rupees as of 2:35 p.m., up 13.8 percent from its IPO price of 135 rupees to institution

Karur Vysya Bank denies merger talks and possibility of unfriendly takeover

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Tamil Nadu based Karur Vysya Bank, on Wednesday, denied the media reports of being under threat of acquisition in an unfriendly manner which, many thought, could be possible after parliament approved the Banking Regulations (Amendments) Bill, paving way for RBI to issue new licences. The stock, which rallied to hit 52-week high today on such reports,

Sarla Performance Fibers to invest $13.8mn to setup manufacturing unit in USA

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Sarla Performance Fibers, a 100 per cent EOU engaged in manufacturing of yarn and threads and enjoying strong customer relationships with well known brands across the Americas, Europe and Asia, has announced that it will invest USD13.8 million to start new manufacturing operations in Colleton County, South Carolina, USA. The Mumbai based company has m

Suzlon promoters raise funds for CDR process via stake sale

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The major energy player, Sulzon Energy Limited said it has sold 3.75 crore shares for a total consideration of nearly Rs 63 crore. The development was done following the process started to comprehensively address its liabilities through the Corporate Debt Restructuring (CDR) mechanism.

The company has “sold 3.75 crore shares for a tot