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Suzlon board approves Rs 5,000 cr fund raising proposal

SuzlonNew Delhi: Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities.

It is an "enabling resolution to facilitate the company to raise funds at an appropriate time should that be required," the wind turbine maker said in a regulatory filing today.

During a meeting held yesterday, the board also gave its nod for increasing the company's authorised share capital from Rs 1,100 crore to Rs 1,500 crore.

Force Motors Q1 Net up 36% at Rs 19 crore

Force-MotorsNew Delhi: Force Motors today posted 35.87 percent increase in its net profit at Rs 19.39 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 14.27 crore for the same period of previous fiscal. Net sales of the Pune-based company rose to Rs 538.42 crore for the first quarter, as against Rs 497.13 crore in the same period of previous fiscal, Force Motors Ltd said in a BSE filing.

Force Motors sells a range of vehicles, including small commercial vehicles, multi-utility vehicles (MUVs), light commercial vehicles, sports utility vehicles (SUVs) and agricultural tractors. --- PTI

Management rejig at Ranbaxy; Arno Gessner replaces Dale Adkisson

Management rejig at Ranbaxy; Arno Gessner replaces Dale AdkissonNew Delhi: Pharma major Ranbaxy has elevated Arno Gessner to the position of global quality and compliance head after Dale Adkisson has stepped down from the post, a business newspaper has reported.

Meanwhile the company has made Alexander Gebauer as its new head of global research and development, the paper added.

The management rejig at Ranbaxy assumes significance ahead of the $4-billion merger of Ranbaxy Laboratories Ltd with Sun Pharmaceutical Industries Ltd.

BJP, Shiv Sena ideology based on hatred, both harmful for country: Rahul Gandhi

Rahul-GandhiNew Delhi, July 25 : Congress vice president Rahul Gandhi on Friday said the ideology of the Bharatiya Janata Party and the Shiv Sena is based on a politics of hatred and of bullying people, and that both parties were harmful for the country.

"The ideology of the BJP and the Shiv Sena is based on a politics of hatred and of bullying people. They are harmful for the country," said Gandhi.

The Shiv Sena and the Bharatiya Janata Party have formed an alliance to contest the polls in Maharashtra which is to take place in October this year.

President dedicates Rashtrapati Bhavan museum to nation

India-Rashtrapati-Bhavan-museumNew Delhi, July 25 : President Pranab Mukherjee dedicated the Rashtrapati Bhavan Museum to the Nation in a ceremony presided over by Prime Minister Narendra Modi today.

Speaking on the occasion, the President said "I hereby dedicate the Rashtrapati Bhavan Museum to the nation. I am sure this Museum will enable the people of our nation obtain an inside view of the Rashtrapati Bhavan, its art, architecture and vibrant community as well as educate them on the lives of various Presidents."

PNB Q1 net rises 10% to Rs 1,405 crore

Punjab National BankNew Delhi: State-owned Punjab National Bank (PNB) on Friday reported 10 percent growth in net profit to Rs 1,405.12 crore for the April-June quarter of 2014-15.

In the year-ago period, the bank had reported a net profit of Rs 1,275.32 crore, PNB said in a regulatory filing to the stock exchanges.

The bank's total income increased to Rs 12,825.13 crore during the first quarter ended June 30 from Rs 11,746.59 crore in the same period last year.

Cipla appoints Adil Zainulbhai as an independent director

Adil ZainulbhaiNew Delhi: Adil Zainulbhai has been appointed as independent director on the board of drug major Cipla, the company said on Friday.

Commenting on the development, Cipla Chairman Y K Hamied said: "Adil's 30 plus years of experience across various industries in India and globally will add a valuable perspective to our Board of Directors."

Zainulbhai retired as Chairman of McKinsey India.

Earlier, he spent 24 years in the US where he led McKinsey's Washington Office and founded the Minneapolis office before returning to India.

Biocon Q1 Net up 9% to Rs 103 crore

BioconNew Delhi: Biotechnology major Biocon has reported nine percent increase in its consolidated net profit to Rs 103 crore for the quarter ended June 30.

The company had posted a net profit of Rs 94 crore during the same period of previous fiscal.

The total revenue of the company rose to Rs 742 crore for the first quarter, against Rs 723 crore during the same period of previous fiscal, Biocon Ltd said in a statement.

"Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets, especially in the Middle East.

Cairn India gives surprise $1.25 bn loan to Vedanta; stock tanks

Cairn-IndiaNew Delhi: After using its cash to help new promoter raise stake in the company, Cairn India has loaned out USD 1.25 billion to Vedanta Group, leading to its stock dropping by the most in five years.

Cairn, which has already disbursed USD 800 million out of the total loan of USD 1.25 billion, made the loan disclosure after analysts raised doubts on utilisation of cash reserves.

Its spokesperson said, "the loan has been extended for two years at floating rate of 3 percent plus LIBOR after requisite approvals, which is significantly higher than comparable rates being received on fixed deposits of same tenor."

Glenmark Pharma Q1 Net up 43.7% at Rs 184.8 crore

Glenmark-Pharma-LtdNew Delhi: Glenmark Pharmaceuticals Thursday reported 43.7 percent jump in consolidated net profit at Rs 184.8 crore for the first quarter ended June 30, 2014.

The company had posted net profit of Rs 128.6 crore in the same quarter of the previous year.

Consolidated net sales of the company rose by 19.38 percent to Rs 1,477.8 crore during the quarter under review, as against Rs 1,237.8 crore in the same period of previous fiscal, Glenmark Pharma said in a BSE filing.

Pfizer Q1 Net dips 3% at Rs 46 cr

PfizerNew Delhi: Drug firm Pfizer Thursday reported 3.10 percent decline in net profit at Rs 46.15 crore for the first quarter ended June 30, 2014.

The company had posted a net profit of Rs 47.63 crore in the same period of previous fiscal.

Net sales of the company, however, rose to Rs 239.85 crore during the first quarter, as compared to Rs 237.53 crore in the same period of previous fiscal, Pfizer Ltd said in a filing to the BSE.

Shares of Pfizer today closed at Rs 1,412.05 apiece on the BSE, down 0.45 percent from previous close.--- PTI

First look of Priyanka Chopra's 'Mary Kom' revealed

Priyanka-ChopraNew Delhi, July 24 : Priyanka Chopra has launched the trailer of her upcoming biopic drama film 'Mary Kom' along with director Sanjay Leela Bhansali and producer Omung Kumar, in Mumbai.

Speaking about the film in which she is playing the role of Olympic boxing champion Mary Kom, the 'Agneepath' star said, "Whatever I am playing, especially a biopic on a living, breathing person who is almost my age, that was the most difficult thing for me to do. If we are working on a biopic, we have to be very particular".

Najeeb Jung meets Rajnath Singh

Najeeb-Jung-Rajnath-SinghNew Delhi, July 24 : Delhi Lieutenant Governor (LG) Najeeb Jung met Union Home Minister Rajnath Singh here on Thursday at the North Block

The meeting comes amidst the demand of the Aam Admi Party that the Delhi Assembly should be dissolved and fresh elections should be held.

The Aam Aadmi Party (AAP) has alleged that the BJP is trying to form a government in the national capital. It has also alleged that the BJP was indulging in unethical practices and luring lawmakers to support it to form a government in Delhi.

Kiran Bedi, Brinda Karat come out in support of Sania Mirza

Kiran-Bedi-Brinda-KaratNew Delhi, July 24 : Former IPS officer Kiran Bedi today said that the elected representatives who are opposing Sania Mirza's appointment as the brand ambassador of Telangana are involved in small talk and wasting everyone's time.

Bedi told ANI, "These elected representatives are involved in very small talk. This is small talk and wasting big time of everyone. A daughter remains a daughter, she doesn't lose the roots in her country, and some of our elected people refuse to grow up. If a man marries outside the country he is not called an outsider then why should a woman be called that?"

"Entertainment is a necessity of life," says Akshay Kumar

Akshay-KumarNew Delhi, July 24 : Akshay Kumar is going all the way to promote his upcoming film 'Entertainment', as he feels entertainment is a necessity of life.

During a unique promotional event held in Mumbai, Akshay recorded a live song for the film and made his fans sing along.

Cabinet approves 49 percent FDI in insurance sector

FDI-in-insurance-sectorNew Delhi, July 24 : The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.

However, the management control of insurance companies will be with the Indian companies only.

The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital. (ANI)

Need to respect each others concerns: PM Modi told Chinese President

Narendra-Modi-Xi-JinpingNew Delhi: Chinese President Xi Jinping has agreed to create the "right conditions" to harness the true potential of ties with India after Prime Minister Narendra Modi emphasised the need for respecting each other's "interests and concerns, including in the shared neighbourhood".

India, Pakistan to hold foreign secretary-level talks next month

Syed-AkbaruddinNew Delhi, July 23 (ANI): Ministry of External Affairs (MEA) spokesperson Syed Akbaruddin on Wednesday confirmed that India and Pakistan will hold foreign secretary-level talks next month.

Spice to bring Firefox, Android One phones before Diwali

SpiceNew Delhi: Homegrown handset maker Spice on Wednesday said it will bring the much-awaited Rs 1,500-Firefox and Rs 6,000-Android One smartphones to India before Diwali.

Earlier this year, Mozilla (developer of Firefox web browser) had tied up with Indian firms -- Intex and Spice -- to bring smartphones priced at USD 25 (about Rs 1,500) to India.

Similarly, under the Android One initiative, Google has partnered Spice, Micromax and Karbonn from India to deliver a smartphone under USD 100 (about Rs 6,000).

Both the handsets are expected to fuel further competition in the world's fastest growing smartphone market.

Sushma Swaraj to visit Nepal from July 25

Sushma-SwarajNew Delhi, July 23 : External Affairs Minister Sushma Swaraj will undertake a three-day official visit to Nepal from July 25 to July 27. She had earlier visited Bangladesh.

"The External Affairs Minister is visiting Nepal from the 25th to the 27th of this month. Just exactly one month ago, the minister visited Bangladesh. On 26th July, when she will have the joint commission meeting with her counterpart from Nepal, she would be on her second solo visit to the neighbourhood. That gives an idea the importance that the Government of India is giving to the neighbourhood," said MEA spokesperson Syed Akbaruddin in a press conference.


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