(MUMBAI) Police launched a massive manhunt in India's financial capital yesterday, believing that the deadly blasts that rocked the western Indian city of Ahmadabad over the weekend were hatched in a Mumbai suburb. Four cars used in the bombings were stolen in the suburb of Navi Mumbai - 'New Mumbai' - police said.
Tuesday, July 29, 2008
Sunday, July 27, 2008
SBI beats profit calls, ICICI in surprise fall
(MUMBAI) State Bank of India (SBI) beat forecasts with a 15 per cent rise in quarterly profit as other income more than doubled, but its private sector rival ICICI Bank posted an unexpected fall in profits after its bond and equity portfolios lost value.
Saturday, July 26, 2008
UBS cuts growth forecast
(MUMBAI) UBS yesterday cut its forecast for Indian economic growth in 2008/09 to 7.1 per cent from 7.7 per cent earlier, as high inflation and rising interest rates bite into consumer spending.
Thursday, July 24, 2008
Tata open to Fiat selling Nano cars
(TURIN) Indian carmaker Tata Motors Ltd is open to Italy's Fiat helping to sell the ultra-cheap Nano model overseas, chairman Ratan Tata said on Tuesday.
Tuesday, July 22, 2008
Telcos Bharti and Reliance set to post stellar profit
(NEW DELHI) India's top mobile operators Bharti Airtel and Reliance Communications are set to report quarterly profit jumped by a quarter as they ride a boom in the world's fastest growing mobile market.
Monday, July 21, 2008
Reliance and SAfrica's MTN end merger talks
(MUMBAI) Reliance Communications, India's second-largest mobile phone operator, and South Africa's MTN Group have ended discussions to combine their operations following threats from Reliance Industries to block the transaction.
Friday, July 18, 2008
UBS lops 21% off its year-end Sensex call
(MUMBAI) UBS AG has cut its estimate for India's Sensitive Index by 21 per cent on concern that high commodity prices would prompt the central bank to raise interest rates to tame inflation.
Wednesday, July 16, 2008
Force India boss stays upbeat on team's 2009 F1 race
(PARIS) Force India boss Vijay Mallya believes his team will make a major impact in 2009 despite a sobering introduction to the Formula One world championship this season.
Tuesday, July 15, 2008
US accuses Ranbaxy of falsifying data
(MARYLAND) The United States is probing whether India's Ranbaxy Laboratories destroyed reports it was required to keep, falsified data and failed to meet quality control specifications in manufacturing its generic drugs.
Sunday, July 13, 2008
Man Group to invest in energy projects
MAN Group, the independent UK hedge fund firm with US$80 billion under management, has teamed up with Abu Dhabi to invest directly in energy and environmental projects.
Saturday, July 12, 2008
Profit growth slows for Infosys in Q1
(BANGALORE) Infosys Technologies Ltd, India's second-largest software-services provider, reported first-quarter profit growth slowed after widening credit-market losses prompted US banking clients to delay orders.
Friday, July 11, 2008
India seen limiting IAEA oversight
(VIENNA) India wants to place conditions on the right of the International Atomic Energy Agency to oversee its civilian nuclear programme, according to a confidential document obtained by The Associated Press.
Thursday, July 10, 2008
India monetary policy still loose, say economists
(MUMBAI) Indian monetary policy is still loose despite a burst of interest rate increases and economists say the central bank needs to train its sights on inflation alone rather than juggle growth, the currency and price stability.
Wednesday, July 9, 2008
Major reforms unlikely, even as Left's exit looms
(NEW DELHI) Having lost the shackles of its communist allies that stymied years of economic reforms, India's government finally has political space to push for change.
Tuesday, July 8, 2008
Reliance, MTN may extend talks: report
(PHILADELPHIA) South African mobile phone operator MTN Group Ltd and India's Reliance Communications Ltd may continue their tie-up talks beyond today's deadline, the Wall Street Journal reported on Sunday.
Monday, July 7, 2008
Thousands uprooted by flash floods
(GUWAHATI, India) Flash floods triggered by heavy monsoon rains have washed away thousands of homes and displaced more than 50,000 people in India's northeastern state of Assam, officials said yesterday.
Sunday, July 6, 2008
Coalition in shake-up over nuclear deal with US
(NEW DELHI) India's coalition government was undergoing a major shake-up yesterday with the dominant Congress party to push ahead with a controversial nuclear deal with the United States and ditch left-wing allies.
Saturday, July 5, 2008
Inflation accelerates to fastest in 13 years
(NEW DELHI) India's inflation accelerated to the fastest pace in more than 13 years, strengthening the case for the central bank to increase borrowing costs this month.
Friday, July 4, 2008
Rains 21% above average this season
(MUMBAI) India's monsoon, which accounts for four-fifths of the nation's annual rainfall, has been 21 per cent above average so far this season, boosting sowing of soybeans, rice and corn, the weather office said.
Thursday, July 3, 2008
India truck strike drives up food prices
(MUMBAI) Truckstops across India were at a standstill yesterday as many lorry drivers nationwide staged a strike over rising fuel bills, raising fears that it could force up food prices and dampen commerce.
Wednesday, July 2, 2008
India needs to tighten monetary policy: IMF
(WASHINGTON) International Monetary Fund (IMF) said India needs to tighten its monetary policy, so the country could feed their people and maintain economic stability if the surging food and fuel prices continue to hike.
Communist pullout from coalition hinges on PM's G-8 summit decision
(NEW DELHI) Angry about a civilian nuclear deal with the United States, India's main communist party said that it could withdraw support for the government if Prime Minister Manmohan Singh makes what is seen as a symbolic trip to a G-8 summit.
Tuesday, July 1, 2008
AT&T close to buying Maxis' 74% stake in Aircel: report
(MUMBAI) Top US phone company AT&T Inc is close to buying Malaysia's Maxis Communications' 74 per cent stake in Indian mobile operator Aircel, The Economic Times said yesterday, citing unnamed sources.
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