Wiproís hydraulics arm plans expansion in defense, aerospace segment: Media Reports

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Wipro’s hydraulics business, Wipro Infrastructure Engineering is planning to increase its presence in the defense and aerospace segment, said the media reports. “Our vision is to build a significant presence in the Aerospace and Defense market, leveraging on our experience and competence in precision engineering and machining space. Going

United Bank Q3 net down 81% at Rs 42.20 cr

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United Bank of India has reported the decline of 81 per cent in net profits for third quarter ended December 2012 at Rs 42.20 crore amid steep rise in provisions against bad loans, sending the stock down by over 4 per cent. The net profit of the bank stood at Rs 226.02 crore during the same period a year ago, said United Bank in a filing to the Bomba

Tilaknagar Industries Q3 net up 1.8% at Rs 16.93 cr

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Liquor giant, Tilaknagar Industries Ltd has posted 1.8 per cent growth in its net profit for the quarter ended December 31, 2012 at Rs 16.93 crore. The company’s net profit stood at Rs 16.63 crore during the corresponding quarter last fiscal, said the company in a filing to the Bombay Stock Exchange. Net income of the company also rose 21.8 per

Kotak Mahindra Bank acquires Barclays Indiaís Rs 700 cr business loans portfolio

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Kotak Mahindra Bank Ltd (KMBL), on Tuesday, announced that it has acquired the business loan portfolio of Barclays India and Barclays Investments and Loans (India) Ltd. The acquisition is in line with KMBL’s strategy to add value to its existing business lines as it strengthens its business loan portfolio, said KMBL in a filing to the Bombay St

CMC signs MOU; launches alliance for UDAAN initiative in J&K

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CMC Limited, end to end IT solutions provider, said that it has entered in an agreement with National Skill Development Corporation (NSDC) to launch the UDAAN initiative in Jammu & Kashmir (J&K). “Under the UDAAN initiative, CMC plans to train graduates from J&K in specialized IT skills in the area of Software Engineering, Software

GTL posts net loss of Rs 81 cr in Q3

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Technology and infrastructure services firm, GTL Ltd has posted a net loss of Rs 81.07 crore for the quarter ended December 31, 2012, as against the net loss of Rs 102.98 crore in the year-ago period. However, total income from operations rose by 12 per cent to Rs 715.67 crore during October-December quarter 2012, from Rs 638.68 crore in the year-ago

Ram Informatics receives High Courtís approval for scheme of arrangement

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Ram Informatics Ltd today said that the High Court of Andhra Pradesh has approved the scheme of arrangement between the company, its shareholders and unsecured lenders. As per this scheme of arrangement, the company’s share capital will be reduced by 90 per cent, and will be subsequently consolidated, said the company in a filing to the Bombay S

ICICI Bank ties-up with Aircel to launch Mobile Money

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India’s largest private sector lender ICICI Bank has tied up with Aircel-- one of India’s leading telecom players—to launch mobile banking service, Mobile Money. ICICI Bank already has tie-up with Vodafone and Tata Docomo for Mobile Money service which enables its customers transfer money securely and instantly through their mobile p

Tata Communications inks agreement with AT&T to extend video networks

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Tata Communications Ltd today said that it has signed a new interconnection agreement with AT&T for extending its global business video ecosystem. With this agreement, Tata Communications’ Global Meeting Exchange™ network would offer connections to most of the today’s major providers of Telepresence services, thereby providing cu

Exide Industries inks agreement with Japan-based Shin-Kobe Electric: Media Reports

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Leading manufacturer of storage batteries, Exide Industries Ltd has signed an agreement with Shin-Kobe Electric Machinery Company Ltd of Japan to facilitate implementation of new manufacturing processes for automotive batteries, said the media reports. As per the terms of this agreement, Shin-Kobe would provide its extensive technical support to Exide

Bharti Airtel introduces new business model for fixed line & DSL broadband

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Telecom giant, Bharti Airtel Ltd, said that it has introduced a new business model for managing fixed line and DSL broadband networks, on the line of Indus Towers. “Bharti will initially acquire the entire equity stake of Alcatel Lucent India in Alcatel Lucent Managed Network Service India, a joint venture between Bharti and Alcatel Lucent Indi

BHEL to set up 1980 MW thermal power project in Bihar

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State-run Bharat Heavy Electricals Ltd (BHEL) today announced that it has secured a contract worth Rs 2,854 crore from Nabinagar Power Generation Company Ltd for setting up a 1,980 MW thermal power project in Bihar. "BHEL has bagged a contract for supply of the Steam Generator Package for three coal-fired thermal units of 660 MW each. Valued at R

UCO Bank Q3 net dips 69% on higher provisioning

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Public sector lender UCO Bank has reported the decline of 69 per cent in net profits for October-December 2012 at Rs 102.47 crore amid steep rise in provisioning against the bad loans, sending the stock down over 5 per cent on Bombay Stock Exchange. The net profit of the bank stood at Rs 332.55 crore during the same period a year ago, said UCO Bank i

NMDC keeps February iron ore prices unchanged

MUMBAI  - National Mineral Development Corp.  , India's biggest iron ore producer, kept prices unchanged for February, fearing a drop in sales after a robust January, a source said, a move that could impact realisations amid rising overseas prices.

Until 2009, India was the world's third-largest exporter of iron ore, but a government-led cl

Diageo-United Spirits open offer deal gets Sebiís approval: Media Reports

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Market regulator, Securities and Exchange Board of India (Sebi) has cleared the way for Rs 11,000 crore deal between Vijay Mallya’s United Spirits Ltd and UK-based Diageo plc, said the media reports. Sebi had raised concerns over “put” option in the share purchase agreement of the proposed deal. Under the put option, United Breweries

McNally Bharat bags order worth Rs 11.9 crores for coal handling plant operations

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Engineering giant, McNally Bharat Engineering Company Ltd, said that it has received service order for complete operation of coal handling plant including Buldozers for a value of Rs 11.9 crores. “Company have received a service order for complete operation of coal handling plant including Buldozers for a value of Rs 11.9 crores,” the comp

Bank of India rebounds from what traders call 'freak' trade

Market Eye - Shares in Bank of India   make a sharp fall before quickly recovering in what some traders describe as a "freak" trade.

Trading at 336.65 rupees, down 1.2 percent, Bank of India shares suddenly fell to 314 rupees, down 7.8 percent on the day, at around 12:20 p.m IST. The shares, however, recover to 337.35.

On Frid

GSK spends $900 million to raise India subsidiary stake

LONDON  - GlaxoSmithKline Plc   has lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent, deepening its footprint in emerging markets and non-prescription products.

David Redfern, GSK's chief strategy officer, said on Tuesday the transaction - valued at 48 billion Indian rupees or 568 m

RBI tightens rules on banks' low-coupon bond buys

By Suvashree Dey Choudhury

MUMBAI
- The Reserve Bank of India has clamped down on bank purchases of low-coupon bonds by requiring them to invest in such debt only if the issuer has a back-up fund, widely known as a "sinking fund", to ensure payment in case of a default.

The central bank notified banks about the directive last week,

Sun Pharma gains on US nod for cancer drug

Market Eye - Shares in Sun Pharmaceutical Industries Ltd   rose as much as 4.5 percent after the U.S. Food and Drug Administration approved its generic version of ovarian cancer drug Doxil made by Johnson & Johnson  n the U.S. market.

"Doxil generic approval came in as a positive surprise. This would add US$70-$100m in high margin sales fo

BSE Sensex at lowest level since Jan 1; ITC, ICICI fall

By Manoj Dharra

MUMBAI
- The Sensex fell on Tuesday for the fifth session in the last six sessions as renewed worries about the euro zone hit global markets, spurring continued profit-taking in recent outperformers such as ITC Ltd  and ICICI Bank .

Domestic shares have struggled ever since the Reserve Bank of India surprised investors w

Service sector expands at fastest pace in a year in Jan

BANGALORE  - Activity in India's service sector expanded at the fastest pace in a year last month, driven by rising foreign orders, but businesses were a little less optimistic about the future, a survey showed on Tuesday.

The HSBC Markit services Purchasing Managers' Index, which gauges business activity from a survey of over 400 companies rang

DGH refuses to give nod to RILís KG-D6 investment plans: Media Reports

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During the audit of Reliance Industries Ltd’s (RIL) KG-D6 gas fields, the Director General of Hydrocarbons (DGH) has declined to provide the company with approval letters for KG-D6 investment plans as well as budget since 2010-11, said the media reports. The Comptroller and Auditor General (CAG) of India wrote a letter to the oil ministry in thi

Ministerial panel to decide on NTPC's Rs 12,000 cr share sale today

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Selling down shareholding has certainly become a reliable solution for the government to lower its fiscal deficit to 5.3 percent of GDP in the current financial year from 5.8 percent in 2011-12. Recent in the development is power producer NTPC in which government has proposed to sale 9.5 per cent to raise Rs. 12,000 crore. The Empowered Group of Minis

Morgan Stanley upgrades ONGC, HPCL

MUMBAI (Reuters) - Morgan Stanley raised its ratings on ONGC and HPCL to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

The government last month allowed companies to raise diesel prices, reducing the sector's subsidy burden.

ONGC shares rose 0.5 percent as of 9:39 a.m., while HPCL

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