India Business

Indiabulls Real Estate gets nod to raise $600 million

Indiabulls Real Estate gets nod to raise $600 millionProperty developer Indiabulls Real Estate (IBREL) has informed that company's board of directors has finally approved a plan to raise $600 million (Rs 3,000 crore) through qualified institutional placement (QIP) of securities.

The QIP proceeds are expected to be utilized for funding its power projects, mainly a 1,320-megawatt project planned in Amaravati in Maharashtra.

The board of directors took a decision to this effect at its meeting on April 24 (Friday).

SBI Mutual Funds celebrates Akshaya Thrithiya week

SBI Mutual FundsWith Akshaya Thrithiya - an auspicious day by the Hindu calendar – falling on April 27, gold suppliers are hoping for a turnaround for the better so far as demand for gold is concerned! Since the gold prices in India having more or less hovered around the Rs 14,000-15,000 per 10-gram range for some time, the jewellery sales have plunged substantially. In fact, there was hardly any import of the yellow metal during February and March.  

The proposed US visa curbs to affect Indian IT firms; evoke criticism

IT SectorThe bill introduced by US Senators Mr. Chuck Grassley and Mr. Dick Durbin on Thursday is expected to have grim implications for the Indian IT firms, as it aims at curtailing the use the of H-1B and L1 visas, thereby limiting the competitiveness of the offshore vendors.

The bill proposes to alter the H-1B and L1 visa stipulations in such a way that US employers would be prohibited from employing additional H-1B and L-1 guest-workers in case more than 50 per cent of their workers are H-1B and L-1 visa holders. The implementation of the proposal in its current form could cause a big dent in the profitability of the Indian IT services market.

ISPs sues DoT on the contentious issue of forced spectrum surrender

ISPs sues DoT on the contentious issue of forced spectrum surrender The directive by the Department of Telecom (DoT) - whereby Internet Service Providers in India have been compelled to surrender spectrum falling in the Broadband Wireless Access (BWA) space - has become a contentious issue. Taking a hard line stance against the edict, the Internet Service Providers Association of India (ISPAI) has filed a petition with the Telecom Dispute Settlement and Appellate Tribunal.

Audi to have 40 models by 2015; to launch its Q3 SUV in 2011

Audi to have 40 models by 2015; to launch its Q3 SUV in 2011 Audi will literally on a roll over the next few years - what with more than 40 of its models to be in the markets by 2015; and the new models to be lined up for their respective launches, one following the other! By this year-end, 32 Audi models will be available, inclusive of the lately-launched A4 Allroad, A5 and S5 Cabriolet, TTRS and the R8 V10.

JK Tyre to focus on OTR Segment; sketches investment plan worth Rs 270 crore

JK Tyre to focus on OTR Segment; sketches investment plan worth Rs 270 croreJK Tyre & Industries, a leading automobile tyre manufacturer, sketched an investment plan worth Rs 270 crore for expanding its production capacity of off-the-road (OTR) tyres by 2011.

The company currently has 42 per cent share in the 95,000-units domestic OTR market in the country, which are used for application like mining and excavation.

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