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Apollo Tyres to invest $340 mn to upgrade facilities

Apollo-TyresNew Delhi: Apollo Tyres board on Wednesday said its board has approved a proposal to invest USD 340 million (around Rs 2,025 crore) to upgrade its manufacturing facilities at Chennai and Kalamassery (Kerala).

Besides, the company's board which met on Wednesday, also gave its nod to seek shareholders' approval to raise USD 200 million (around Rs 1,191 crore) via issue of securities to pursue organic growth opportunities and for other corporate purposes, Apollo Tyres Ltd said in a statement.

Rajnath Singh reviewed policy planning division of MHA

Rajnath-SinghNew Delhi, July 2 : The functioning of the policy planning division in the Ministry of Home Affairs was reviewed by Union Home Minister Rajnath Singh here today.

Singh was apprised of the security arrangements for VVIPs/VIPs and desired that these security arrangements may be reviewed and suitably strengthened, wherever required.

The Home Minister further directed that the security audit of vital installations, wherever due, may be carried out and additional forces deployed, if found necessary, so as to ensure that adequate security arrangements are in place for such installations.

New Infosys CEO to get annual salary of $5.08 million

Infosys-CEO-Vishal-SikkaNew Delhi: Infosys Ltd will pay its new chief executive officer Vishal Sikka up to USD 5.08 million in annual salary besides a stock option of USD 2 million, a package considered lower than global peers. Sikka, 47, will replace SD Shibulal and take charge on August 1.

India's second-largest software services exporter sent out a circular calling for an extraordinary general meeting (EGM) of company shareholders on July 30 at Bangalore to approve appointment of Sikka as the new Chief Executive Officer (CEO).

French FM Fabius promises to process visas within 48 hrs for Indians

Laurent-FabiusNew Delhi, July 1 : French Foreign Minister Laurent Fabius has promised to ensure the processing of visa applications for Indian nationals within 48 hours from January 2015.

Addressing this year's French Scholarship Award Ceremony and Pre-Departure Session held at the Embassy of France , Fabius revealed that this move of the French Government is aimed at strengthening tourism and to facilitate human exchanges between the two countries.

Maruti, Hyundai sales up in June as excise cut propels growth

Maruti-HyundaiNew Delhi: Buoyed by excise duty reduction, domestic car sales saw an upswing in June with major firms, Maruti Suzuki, Hyundai, Honda, Mahindra & Mahindra, Toyota and Ford reporting growth.

Yet others such as General Motors India and Tata Motors reported decline in their domestic sales during the month.

The country's largest car-maker Maruti Suzuki India (MSI) said its domestic sales rose 31 percent during the month to 1,00,964 units as against 77,002 units in June 2013.

Silver futures up on global cues

SilverNew Delhi: Silver prices edged higher by 0.60 percent to Rs 44,380 per kg in futures trade Tuesday after speculators enlarged their positions largely driven by a firming trend overseas.

At the Multi Commodity Exchange, silver for delivery in July was up by Rs 266, or 0.60 percent, to Rs 44,380 per kg in business turnover of 96 lots.

Similarly, the white metal for delivery in September contracts traded higher by Rs 267, or 0.59 percent, to Rs 45,163 per kg in 238 lots.

Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

Gold futures rise on global cues

Gold futures rise on global cuesNew Delhi - Gold prices rose 0.47 percent to Rs 27,980 per 10 gram in futures trade Tuesday as speculators created fresh positions taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in far-month October contracts traded at Rs 131, or 0.47 percent, to Rs 27,980 per 10 gram with a business turnover of 8 lots.

Similarly, the metal for delivery in August moved up by Rs 120, or 0.43 percent, to Rs 27,896 per 10 gram, with a trade volume of 179 lots.

Petrol price hiked by Rs 1.69/litre, diesel by 0.50 paise

Petrol-prices-hikedNew Delhi: Petrol price was on Monday hiked by a steep Rs 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and currency markets.

The hike, effective midnight tonight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.

Petrol in Delhi will cost Rs 73.58 per litre, up Rs 2.02 from Rs 71.56 at present. Diesel rates will go up by 56 paise to Rs 57.84 per litre.

"Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks.

'RIL to defer investment in developing new fields'

'RIL to defer investment in developing new fields'New Delhi: Reliance Industries (RIL) will defer investments in developing newer fields like R-Cluster in KG-D6 block if the government does not hike gas prices to make them economically viable to produce.

RIL's Dhirubhai-34, or R-Cluster field, in the flagging KG-D6 block was to produce about 13 million standard cubic metres per day of gas, equivalent to present day output from D1&D3 as well as MA fields, by 2017-18.

Rahul 'not PM material', says BJP as Cong plays down Diggy remark

Shahnawaz-HussainNew Delhi: Congress on Monday went into damage control mode over party general secretary Digvijay Singh's purported comment that Rahul Gandhi does not have the temperament of a ruler even as BJP attacked the Congress Vice President saying he was "not Prime Minister material".

"Digvijay Singh has said a correct thing (sic) that he (Rahul) is not Prime Minister material. He is talking about leader material. The country should know that he (Rahul) is not PM material," said BJP leader Shahnawaz Hussain.

India, France has a deep friendship, mutual respect for each other: Laurent Fabius

Laurent-FabiusNew Delhi, June 30 : Summarizing the relationship between India and France as 'trust and partnership', French Foreign Minister Laurent Fabius on Monday said that both countries have a deep friendship and mutual respect for each other.

"I think we can summarize the relationship between India and France as trust and partnership," said Fabius, who met External Affairs Minister Sushma Swaraj earlier in the day.

He said that he had had a fruitful conversation with Sushma Swaraj, and added that he will also be meeting Finance and Defence Minister Arun Jaitley.

Soaring onion prices leave commoners across India in 'tears'

onion-pricesNew Delhi, June 30 : A major difference between wholesale and retail prices of onions is adding to the woes of commoners across India.

After rail fare hike, the hike in onion prices has once again put the NDA Government in the dock on the issue of inflation.

This is the second time within a month that the price of onions has increased.

An angry Siliguri resident P. Das said, "The price of onion has increased once again. It is becoming very difficult for the common man to survive. Modi is not doing anything for the welfare of citizens. They are just increasing prices again and again."

Gold price falls on stockists selling, global cues

GoldNew Delhi: Continuing its losing streak for the fourth session in a row, gold lost Rs 55 to Rs 28,475 per 10 grams in the national capital Monday on sustained selling by stockists amid a weak global trend.

Silver followed suit and fell by Rs 180 to Rs 44,800 per kg on reduced offtake by industrial units.

Traders said sentiments remained weak as physical demand declined.

Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to USD 1,314.99 an ounce and silver by 0.3 per cent to USD 20.91 an ounce.

Union Bank of India to raise Rs 1,386 cr via QIP

Union-BankNew Delhi: State-owned Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement (QIP) to fund its business growth.

Shareholders of the bank have approved raising of capital up to Rs 1,386 crore by way of QIP, UBI said in a statement.

The bank had earlier planned the QIP last fiscal but it was called off considering poor market conditions.

Therefore, the bank sought extension of the proposal from shareholders for raising fund through QIP in 2014-15. It is looking to raise the fund during the second quarter of the current fiscal.

Cipla inks pact to acquire 51% stake in Yemeni firm

CiplaNew Delhi: Continuing its overseas acquisitions, pharma major Cipla has inked a pact with a Yemeni firm to acquire its majority stake for USD 21 million (over Rs 125 crore).

The company has signed a definitive agreement to acquire a 51 percent stake in a pharmaceuticals manufacturing and distribution business in Yemen, it added.

"The company will pay USD 21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones," Cipla said.

Kashmiri Pandits criticise linking their return to Valley with money, jobs

Narendra ModiNew Delhi: Ahead of Prime Minister Narendra Modi's visit to Jammu and Kashmir, Kashmiri Pandits today said their return and rehabilitation to the Valley cannot be addressed without recognising the fact that they were subjected to "religious cleansing and genocide" which eventually lead to their displacement.

PM greets people on Rath Yatras, Ashadhi Bij

Narendra ModiNew Delhi, June 29 - Prime Minister Narendra Modi has greeted the people on the occasion of the Rath Yatras that are being held across the country today.

The Prime Minister has also greeted the people on Ashadhi Bij, the Kutchi New Year.

"My warm greetings to the people on the occasion of the Rath Yatras that would be held across India today. We bow to Lord Jagannath on this auspicious day. Today once again he sets out on his chariot, giving blessings to the people," Modi said on the microblogging site twitter.

PM Modi to witness ISRO PSLV C23 launch on Monday

PM Modi to witness ISRO PSLV C23 launch on MondaySriharikota (Odisha)/New Delhi, June 29 - Prime Minister Narendra Modi is expected to witness the launch lift off of the Indian Space Research Organisation's (ISRO's) PSLV C23 on Monday morning.

According to reports, the Polar Satellite Launch Vehicle (PSLV) will carry a French Earth observation satellite along with four other satellites from Singapore, Canada and Germany on June 30 from the Sriharikota spaceport in Andhra Pradesh. The countdown for the launch began on Saturday, and is progressing normally.

Binani Cement says it is committed to paying taxes

Binani-CementNew Delhi: Binani Cement, which was yesterday questioned by the Supreme Court for not paying sales tax, on Saturday said that it is committed to making payment of the liability and is not in any manner trying to default.

In a statement issued by R S Joshi, President (Corporate Affairs), the company said it is only seeking instalments for making the payment as provided under law.

Cisco chief meets Prasad; talks on transparent taxes

John ChambersNew Delhi: Cisco Chairman John Chambers held a meeting with Communications and IT Minister Ravi Shankar Prasad on Friday and discussed a range of issues including a transparent tax regime and leveraging Internet for the promotion of education and health in India.

During the meeting, Chambers -- who is also the CEO of the US-based networking solutions giant -- told Prasad that a more transparent tax regime would encourage foreign investors to set up units in India, sources said.


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