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SAIL,RINL spend Rs 7,000 cr for plants' maintenance in 3 years

sailNew Delhi: State-owned SAIL and RINL together incurred average expenditure of more than Rs 7,000 crore towards maintenance of different plants in the last three financial years, the government said today.

Replying to queries on accidents at steel plants, the government told the Lok Sabha that all measures are being taken to prevent fatal incidents.

Accidents at steel plants are a "matter of concern" and the government is taking all measures to ensure security of people there, Steel Minister Narendra Singh Tomar said.

Gold price snaps 2-day gains, down Rs 50 at Rs 28,450 per ten gram

Gold-priceNew Delhi: After two days of gains, gold prices fell by Rs 50 to Rs 28,450 per ten gram at the bullion market in the national capital Saturday on stockists selling, triggered by a weak global trend.

Silver followed suit and eased by Rs 350 to Rs 45,150 per kg on reduced offtake by industrial units and coin makers.

Marketmen said stockists selling in tandem with a weak global trend amid speculation that the Federal Reserve will raise US interest rates sooner than expected mainly influenced the sentiment.

Sun Pharma-Ranbaxy deal gets BSE, NSE clearance

Sun Pharma RanbaxyNew Delhi: The USD 4-billion merger of Ranbaxy Labs with Sun Pharmaceutical has got clearance from the two leading stock exchanges -- BSE and NSE.

The 'no-objection' from the two exchanges would allow the two companies to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.

The deal had separately come under scanner of the markets regulator Sebi for alleged insider trading violations and the present 'no-objection' from the exchanges.

Gold futures gain on global cues

Gold futures gain on global cuesNew Delhi - Gold prices rose 0.15 percent to Rs 28,007 per 10 grams in futures trade on Monday as speculators created fresh positions on positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month October was up by Rs 41, or 0.15 percent, to Rs 28,007 per 10 grams in a business turnover of four lots.

The metal for delivery in August moved up by Rs 32, or 0.11 percent, to Rs 28,025 per 10 grams in a turnover of 264 lots.

Tata Power eyes assets for acquisition, overseas opportunities

Tata PowerNew Delhi - Pushing ahead with its expansion plans, Tata Power is scouting for investment opportunities in select overseas geographies and eyeing assets available for acquisition due to financial stress in power sector.

Further, the power major is looking at opportunities for providing management and technical advisory services in distribution business.

These plans are part of the leading private utility's strategy to remain as an integrated player across the power value chain, as per Tata Power's latest annual report for 2013-14.

Higher weight of food items causing high retail inflation: Govt

Higher weight of food items causing high retail inflation: GovtNew Delhi - A higher weight of food items in the consumer price index has kept retail inflation at elevated levels in the country, according to official data.

The high inflation in India owes to "higher weight for the food basket (about 50 percent)" as against 14 percent and 32 percent weights for Korea and China, respectively, according to the data.

The consumer price index-based inflation remained elevated at 9.5 percent in 2013 and 10.2 percent in 2012.

Private power producers to discuss future roadmap for sector

Private power producers to discuss future roadmap for sectorNew Delhi - Private power generating firms will meet later this month to discuss a new roadmap to expedite capacity addition in the sector.

"Power sector issues ranging from fuel shortages to banks' rising non-performing assets and lack of financial accountability on the part of state governments towards discoms, etc will be discussed at the Policymakers and Regulators Retreat this month," Independent Power Producers Association of India said in a statement.

Indian companies raise Rs 3,300 cr via NCDs

Indian companies raise Rs 3,300 cr via NCDsNew Delhi - Indian companies have mopped up over Rs 3,300 crore via retail issuance of non-convertible debentures (NCD) till early this month, primarily to meet their working capital requirements.

A cumulative amount of Rs 42,383 crore had been garnered through 35 issues of NCDs in the entire 2013-14 fiscal.

NCDs are loan-linked bonds that can't be converted into stock, and usually offer higher interest rates than convertible debentures.

Most of the funds were raised to support the working capital requirements and for other general corporate purposes.

Arun Jaitley says India needs to create productive environment for investors

Arun-JaitleyNew Delhi, July 19 : Finance Minister, Arun Jaitley, said here on Saturday that India needs to create such a productive environment for investors, that makes them feel that doing business in India is profitable.

Jaitley said that the essence of economy starts from investment.

I share a special bond with Gaurav Gupta, says Shraddha Kapoor

Shraddha-KapoorNew Delhi, July 19 : Shraddha Kapoor, who recently walked the ramp for Gaurav Gupta on the fourth day of India Couture Week (ICW) in Delhi, has said that she shares a special bond with the designer.

The 'EK Villian' star was the showstopper of the evening and donned a stunning off shoulder gown on the ramp.

Modi writes to Netherlands PM, condoles MH17 disaster

Narendra ModiNew Delhi, July 19 - Prime Minister Narendra Modi has written to the Prime Minister of Netherlands, Mr. Mark Rutte, expressing his condolences on the loss of lives on board MH17.

PM Modi wrote that the people of India share the sorrow, and stand in mourning with the bereaved families and the Dutch people.

The Prime Minister also wrote that he hopes the circumstances of the disaster are established quickly and that such tragedies are prevented. (ANI)

MTNL turns profitable at Rs 7,825 cr,BSNL loss at Rs 7,085 cr

MTNL-BSNLNew Delhi: State-run telecom firm MTNL has shown profit of Rs 7,825 crore on books for 2013-14 on account of some write back provisions, Parliament was informed today.

The telecom firm had last posted annual profit of Rs 211.7 crore in 2008-09.

"MTNL has shown profit of Rs 7,825 crore mainly due to write back of provisions on account of pensionary liabilities and spectrum amortization costs after decisions of government taken revival of MTNL," Telecom Minister Ravi Shankar Prasad informed Rajya Sabha in a written reply.

MTNL, which operates in Delhi and Mumbai, had posted a loss of Rs 5,321 crore in the year 2012-13.

Sushma Swaraj seeks info on Indians jailed abroad for action

Sushma-SwarajNew Delhi: External Affairs Minister Sushma Swaraj has directed all Indian missions in the countries where significant number of nationals were in jail to provide updated information for further action.

This came after the release of 40 Indian nationals, who returned today after being held in prison in Saudi Arabia for nearly one year for allegedly violating labour laws of that country.

RBI asks banks not to charge usurious interest rate on loans

RBI asks banks not to charge usurious interest rate on loansNew Delhi: RBI has advised boards of banks not to levy usurious interest rate including processing and other charges on loans.

"It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variation in their costs, business models, margins etc," Finance Minister Arun Jaitley said in a reply to the Lok Sabha.

Mahindra Two Wheelers plans up to 4 launches this year

MahindraNew Delhi: Mahindra Two Wheelers plans introduce up to four new products, including a scooter, a bike in entry level segment and variants of existing products, this year as it looks to scale up presence in the market.

The company is also aiming to treble its exports in the next six months with plans to enter four new international markets by this year.

"We have been on a stabilisation mode putting our infrastructure in place in the last one year. With a series of launches in both domestic and international markets, we are now looking at rapid growth," Mahindra Two Wheelers Chief of Operations Viren Popli told PTI.

Arun Jaitley presents Rs 36,776 crore Delhi Budget 2014-15

Arun-JaitleyNew Delhi, July 18 : Finance Minister Arun Jaitley today presented the Delhi budget proposals for 2014-15 in parliament, where he announced Rs. 260 crore for power subsidy providing Rs 0.80 to Rs 1.20 per unit to small power consumers whose monthly consumption does not exceed 400 units.

A subsidy of Rs. 1.20 per unit has been provided for electricity consumption between 0 to 200 units and subsidy of Rs. 0.80 per unit has been provided for consumption between 200 to 400 units.

Jaitley had also proposed no new taxes and more night shelters in the National Capital Territory (NCT).

Shraddha Kapoor supports Whisper's 'Touch the pickle campaign'

Shraddha-KapoorNew Delhi, July 18 : Shraddha Kapoor came all the way to New Delhi in support Whisper's 'Touch the pickle campaign' where she got candid with us.

Speaking exclusively to ANI at the event, Shraddha said she was proud to be associated with the campaign which is trying to break period taboos among Indian women.

According to reports, about 75 percent of the women still shy away from buying sanitary pads, 40 percent of women stay at home during 'that time of the month' and 65 percent don't wash their hair.

No Indian on board ill-fated Malaysian plane: Aviation Minister

Ashok Gajapathi RajuNew Delhi: Terming as "unfortunate" the loss of lives in the Malaysian airline tragedy, Civil Aviation Minister Ashok Gajapathi Raju Friday said there was no Indian on board the plane.

He also said that the government has already asked all Indian airlines not to overfly Ukraine.

"It is unfortunate that this incident has happened. As far as our information... No Indians were on the flight. It is an unfortunate incident. No Indian citizen was on board," Raju told reporters here.

Gold price falls by Rs 44 to Rs 28,155 per 10 gm in futures trade

gold price fallNew Delhi: Gold prices fell by Rs 44 to Rs 28,155 per 10 grams in futures trade Friday as speculators trimmed positions, tracking a weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in August fell by Rs 44, or 0.16 percent to Rs 28,155 per 10 grams in business turnover of 1,396 lots.

In a similar fashion, the yellow metal for delivery in October contracts shed Rs 11, or 0.04 percent to Rs 28,100 per 10 grams in 71 lots.

HDFC Fund raises $250 million for realty investments

HDFCfundNew Delhi: HDFC Property Fund, a part of financial sector conglomerate HDFC group, Friday announced the closure of USD 250 million international fund focused on investing in Indian real estate.

The fund-raising exercise has been concluded with investments from marquee international institutional investors and marks closure of HDFC's second international real estate fund, it said in a statement.

HDFC had raised an international fund of USD 800 million in 2007, which is fully deployed.

The recently closed fund will focus on investing primarily in residential property developments in major cities across India.


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