News Update (11-Apr-2009):-
SBI, IDBI Bank cut deposit rates
The country’s largest bank, SBI, on Thursday cut deposit rates across various tenures by 25-50 basis points (100 basis points equal one per cent).
Another PSU lender IDBI Bank also announced a similar reduction in deposit rates and a 50 basis point cut in benchmark lending rates meant for its best customers.
Obama sees 'glimmers of hope' in economy
US President Barack Obama said on Friday the recession-hit U.S. economy was showing "glimmers of hope" despite remaining under strain and promised further steps in coming weeks to tackle the financial crisis. "We've still got a lot of work to do," Obama told reporters after a meeting with economic and regulatory teams plus Federal Reserve Board Chairman Ben Bernanke. But he added, "We're starting to see progress."
US budget deficit nears $1 trillion: Treasury
The US budget deficit accelerated in March to hit a record nearly one trillion dollars in the first half of the current fiscal year as the government moved to bail out troubled institutions, government data showed. The deficit for the first six months of the fiscal year which began on October 1 was $956.80 billion, said the Treasury's monthly statement of receipts and outlays.
India Inc raises Rs 31k crore via rights issue in 2008
Corporate India mopped up an impressive Rs 31,069 crore via rights issue in 2008, a two-fold rise over the previous year, as fund
raising from the debt market and through IPOs dried up amid the global economic crisis. During the calendar year 2008, funds amounting to Rs 31,069 crore were raised through rights issue, up two-fold over the last year's figure of Rs 14,085 crore, as per data compiled by brokerage firm SMC Capital.
Wanbury eyes Rs 1,000cr revenue by 2011-12
Pharma company Wanbury said it has set a target of Rs 1,000 crore revenue by 2011 and 2012 and is eyeing half of it to come from contract research and manufacturing services (CRAMS) business.
Domestic insurance cos pump Rs 53,000 cr in equity markets
Domestic insurance companies’ investments in equities rose sharply during the fiscal ended March 2009; their net purchase of equity rose 70 per cent during this period. They were net buyers of equity for Rs 53,000 crore in the fiscal year ended March 31, 2009; against Rs 31,000 crore in the previous fiscal, data collated from the SEBI and BSE Web sites indicated.
Japan unveils $150 billion stimulus plan
Recession-hit Japan unveiled its largest-ever stimulus package of $150 billion to turn around the world's second largest economy. The 15.4 trillion yen package, the largest-ever size for a single extra budget, equivalent to nearly 3 per cent of Japan's GDP, is aimed to ward off further economic deterioration, protect people's livelihoods and foster future growth, Prime Minister Taro Aso said.
Suzlon to foray into South Africa, expand in South America
Wind power equipment maker Suzlon Energy said that it would start operations in South Africa and expand in South America, where the company has a presence in Brazil. "We will expand our operations to 3-4 countries... In South Africa and South America... We have just started in Brazil. We are looking at Canada as another potential country," Suzlon Energy CMD Tulsi Tanti told PTI.
Tata Steel expects 20% jump in sales this fiscal
The domestic steel market is likely to grow 4-5%, but Tata Steel expects to increase its sales by almost 20% this year due to the premium on its products and the quality of its service.
Tata Steel targets 1 bn pound in cost savings at Corus
Tata Steel is targeting £1 billion in cost savings at its UK subsidiary, Corus, during FY’10 in a bid to tide over the ongoing global recession. The company has already managed to achieve some £650 million in cost savings upto March 2009.
Tata Steel to begin production in South Africa next year
Tata Steel said it will begin production at Sedibang mine in South Africa from next year. "A small iron ore mine at Sedibang in South Africa will begin production next year. We would get two million tonnes per annum," Tata Steel managing director B Muthuraman said.
Aditya Birla in talks with 3i to sell insulators business
The diversified Aditya Birla group is in advanced negotiations with the UK-based buyout firm 3i to sell its electrical insulators business. A person close to the negotiations said the race for the acquisition of Aditya Birla Insulators, a part of Aditya Birla Nuvo, has narrowed down to one bidder, 3i, with other suitors, including Bain Capital and Carlyle, withdrawing from the fray.
Maruti plans diesel variants of SX4, Ritz
The success of diesel variants of Swift and DZire models, which have a waiting list of months, has propelled passenger car maker Maruti Suzuki India (MSI), which makes every second car sold in India, to introduce diesel engines in its other cars, a senior company official said.
Infosys fires 2,100 for poor performance
Infosys Technologies has fired 2,100 people across the country, after an annual performance appraisal exercise concluded mid-March. TV Mohandas Pai, head of the company's HR, told TOI that based on the performance, 2,100 employees had left Infosys. "The tolerance for non-performance has come down to zero," said Pai.
Indian IT industry to help in US economic recovery
India's information technology industry should start hiring in the US to help in its economic recovery as the US is always going to be its biggest market, the industry association's head has suggested. The restrictions on H1B visas in the US "absolutely is a concern," Pramod Bhasin, president and chief executive of outsourcing firm Genpact and the new chairman of the National Association of Software and Services Companies (Nasscom), said in an interview with Forbes Asia.