Glenmark Pharmaceuticals soars over 7% on strong Q2 numbers

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Riding high on the strong second quarter numbers, shares of the country’s leading drug maker Glenmark Pharmaceuticals soared over 7 per cent on the Bombay Stock Exchange. The pharma major has reported a three times rise in net profit to Rs 157 crore in Q2 Y-o-Y. Cheering the numbers, shares of the company started the day on positive not

Maruti Suzuki beats the Street despite Q2 loss; scrip jumps over 2%

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Despite of marginal decline in second quarter numbers, shares of the country’s largest car maker Maruti Suzuki India gained over 2 per cent on the Bombay Stock Exchange after results came in above analyst expectations. The auto major has reported the decline of 5.4 per cent in its net profits for the second quarter ended September 2012 at Rs 227

Mahindra Satyam gains over 2% on better-than-expected Q2 numbers

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Buoyed by better-than-expected second quarter numbers, shares of Information, communications and technology giant Mahindra Satyam (previously known as Satyam Computer Services) gained over 2 per cent on the Bombay Stock Exchange. The company has reported a 16.7 per cent growth in its net profit for the quarter ended September 30, 2012 at Rs 277.93 cro

Moily likely to ensure efficient supply of subsidized LPG cylinders: Media Reports

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The new oil minister Veerappa Moily has given a ray of hope to consumers facing difficulties in getting timely delivery of LPG cylinders after discussing the issue with oil firms’ top executives and senior bureaucrats on Tuesday, said the media reports. Through this discussion, the oil minister is expected to increase the efficiency of existing

Banks to have credit information sharing mechanism from next year

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The Reserve Bank of India (RBI), on Tuesday, made information sharing among banks compulsory with effect from 2013 and warned that banks would face action, including penalties, if they did not adhere to the norms. “NPAs (non-performing assets) and restructured loans of banks have been increasing significantly. A major reason for deterioration in

Irda to allow insurer to invest in government and corporate bonds repos

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In a major reform that would kick-off the moribund repo market in corporate bonds, the Insurance Regulatory and Development Authority (Irda) is likely to permit insurance companies to participate in repos in government and corporate bonds. This move will deepen the root of the debt market and will boost liquidity as entry of large institutional player

Don’t expect lending rates to come down immediately with CRR cut: Chanda Kochhar

News Details The Reserve Bank of India (RBI) has always addressed the issue of liquidity proactively and has always ensured that credit is available to production sectors of the economy, but the recent CRR cut will not be enough to lower the lending rates immediately, said ICICI Bank’s Managing Director and CEO, Chanda Kochhar. “Over a period there will be some softening in inter

DoT to set up committee to examine Trai recommendation on refarming

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Refarming of spectrum has become a headache for the telecom department after questions are raised over modalities, quantum of spectrum in various bands that can be retained. In a recent move, the Department of Telecommunications (DoT) proposes to set up a committee to examine sector regulator the Telecom Regulatory Authority of India (Trai’s) cl

India to invest $200mn to tone-up its cyber security infrastructure

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India, an IT superpower, still lags behind as far as cyber-security is concerned, and the government is now ready to spend as much as USD 200 million to strengthen its infrastructure to come to par with the developed countries like US and China. Speaking on the sidelines of 3rd Worldwide Cybersecurity Summit Kapil Sibal, , Telecom and IT Minister, sai

Biocon inks agreement with GE Capital’s subsidiary

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Leading biopharmaceuticals & research services company Biocon Ltd today announced that it has inked an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation. As per the terms of agreement, GE Capital would invest Rs 125 crore for 7.69 per cent equity share in Syngene International Ltd, a research services subsidi

Biocon’s INSUGEN® demonstrates positive outcomes in Global Phase 3 study

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Leading biotechnology company Biocon today said that it has seen positive results from the Global Phase 3 study for its Recombinant Human Insulin (INSUGEN®) in Type 1 diabetes mellitus (T1DM) patients. The Global Phase 3 study has demonstrated comparable safety and efficacy with the innovator product, said Biocon in its filing to the Bombay Stock

Religare MF declares dividend under monthly payout option

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Religare Mutual Fund has declared 0.1058 per cent dividend under monthly dividend payout option of scheme named as “Religare Ultra Short Term Fund - Retail Plan”, on the face value of Rs 1000 per unit. The record date for the dividend is October 29. The NAV of scheme as on October 30, 2012 was Rs 1007.7649. The investment objective of &lsq

Maruti eyes sales pick-up after 5th quarter of profit fall

By Henry Foy

NEW DELHI - Maruti Suzuki, India's biggest carmaker, expects sales growth to accelerate in the months ahead helped by the launch of new vehicles, after it posted a fifth straight quarterly profit decline.

Maruti, which until the middle of last year produced every other car sold in India, is looking to claw back market share after a de

Cyclone warning halts port operations in Chennai

NEW DELHI - The Chennai port on the southeast coast has stopped cargo operations after a cyclone warning, a port official said on Tuesday.

"Only cargo operations have stopped, not berthing," said the official, who requested anonymity.

The port handles about 10 percent of traffic passing through India's major ports, covering a variety of

PineBridge MF declares dividend under monthly payout option

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PineBridge Mutual Fund has declared 0.0757 per cent dividend under monthly dividend payout option of scheme named as “PineBridge India Short Term Fund - Retail Plan”, on the face value of Rs 1000 per unit. The record date for the dividend is October 29. The NAV of scheme as on October 30, 2012 was Rs 1003.6852. The investment objective of

Xander eyes 35% stake in Indiabulls arm for Rs 800 cr: Report

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Global investment firm Xander has been in talks with Indiabulls Real Estate to acquire 35 per cent stake in the latter’s arm, Indiabulls infraEstate, for Rs 800 crore, said a media report. An executive of Indiabulls confirmed the deal to a media saying, “The due diligence is on. We are a couple of weeks away from concluding the deal.&rdquo

LIC lowers holding in 15 Sensex firms by $1 bn

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As the Indian benchmark indices rallied higher on back of government’s reforms overdrive, the India’s largest insurance company as well as institutional investor LIC (Life Insurance Corporation of India) lowered its holding in as many as 15 Sensex companies during the three months ended September 2012. The 30-share benchmark index of Bomba

RBI rolls out customer friendly measures to boost financial inclusion

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The Reserve Bank of India (RBI), on Tuesday, rolled out various customer friendly measures in its second quarter monetary policy review 2012-13, aimed at boosting the financial inclusion in the country. In a much-needed move, RBI simplified the stringent KYC (know-your-customer) norms, to make banking easier for the common man. “It is proposed t

RBI unveils stricter provisioning norms for restructured bank loans

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The Reserve Bank of India (RBI) has raised the provisions for restructured standard accounts from 2 per cent to 2.75 per cent, as part of its monetary policy review released on Tuesday, and also signaled that the lenders who fail to comply with the guidelines would stand punished. “As an immediate measure, it has been decided to increase the pro

Fund houses slash distributor registration fees by up to 80%

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Acting in line with government and the market regulators to revive mutual fund investments, the fund houses have cut the distributor registration fees by up to 80 per cent. The step which is estimated to boost the sales of the mutual funds would be effective from November 1. Besides, Association of Mutual Funds in India (AMFI) has also announced a sma

RBI asks banks to monitor unhedged forex exposures: Report

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The Reserve Bank of India (RBI) has asked banks to monitor their unhedged foreign exchange exposures of corporates which poses a huge risk to the both the parties and the overall financial system, said a media report. RBI’s deputy governor had earlier said that as much as 65 per cent of forex loans and bonds of Indian companies were unhedged, in

FM eyes to raise Rs 40,000 cr from 2G spectrum sale

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Expressing confidence towards the government’s road map for fiscal consolidation, Finance minister P. Chidambaram, on Monday, said that he is looking at raising Rs 40,000 crore from sale of second-generation (2G) spectrum in the current fiscal. "We are confident and hope that we will collect the amount budgeted under the head non-tax receip

PSU banks’ credit growth engine fast losing steam: RBI

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The credit growth in public sector banks (PSBs) has been decelerating at a faster pace than in the private sector, said Reserve Bank of India’s (RBI) Macroeconomic and Monetary Developments for second quarter review 2012-13 released on Monday. “At the bank-group level, the deceleration was particularly sharp for PSBs. As PSBs are the large

Russia threatens arbitration on 2G licence cancellation for Sistema

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Russia has warned that it would opt for international arbitration if the Indian courts fail to resolve the issue of cancellation of 2G licences involving Russian telecom giant Sistema. Speaking on the sidelines of cultural event, Alexander Kadakin, Russian Ambassador to India said, If the issue of cancellation of 2G licence to Sistema is not resolved

Oil Min seeks Rs 1 lakh cr as fuel subsidy

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In a bid to relief the oil refineries from the debt and loss burden, the oil ministry has sought Rs 1,00,000 crore from the Finance Ministry this fiscal towards fuel subsidy. "Of this, about Rs 60,000 crore will come from upstream companies Oil and Natural Gas Corp (ONGC), Oil India Ltd and GAIL India. We will ask the Finance Ministry to compensa