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Private airlines called off their proposed strike on August 18. The Federation of Indian Airlines made no mention on its website of the strike or it being called off. A Reuters report quoted a statement by FIA saying that the airlines were calling off the strike as the government had asked them to come for talks.
Continue ReadingThe celebrations will have to wait longer for what has been touted as a major south-south corporate alliance. Bharti Airtel and
Even as the government talks about a recovery in the kharif sowing pattern, the monsoon is moving in a volatile fashion. Last week (July 23-July 29), the actual rainfall was 18% less than the average seen in this period. In the previous week, actual rainfall was 15% higher.
Continue ReadingThe opponents of free markets must be cheering. “We told you so.” Don’t hand over the skies to private players. Don’t destroy the monopoly that Indian Airlines enjoyed in domestic markets. So what if their fares were high, so what if their service oscillated between the pathetic to the barely tolerable and you were at their mercy, if your flight got cancelled.
Debt-laden pharmaceutical company Wockhardt continued its asset selling spree, handing over its nutritional foods business to Abbott. The US pharmaceutical company will pay $130mn or Rs 627 crore, for the business which will be distributed between Wockhardt, Carol Info Services, some subsidiaries of Wockhardt and associate companies.
Continue ReadingTrent’s sales in the June 2009 quarter fell by 8% over the previous corresponding period to Rs 119 crore (standalone results). The apparel retailer, promoted by the Tata group, had hived off its hypermarket business to a subsidiary effective August 1, 2008. The loss of revenue in its standalone results hit overall growth. The company runs stores under the Westside, Sisley and Fashion Yatra and also owns the Star India Bazaar stores, which are now run by a subsidiary.
Highlights
Continue ReadingThe Reserve Bank of India left benchmark interest rates untouched in its quarterly credit policy statement, released today. That was as expected. But RBI Governor D. Subbarao, has made it clear that once clear signs of a recovery are evident, and if prices are ruling higher, the RBI will move swiftly to hike rates. At present, it is holding back pre-emptive action, to give room for consumers to borrow and buy and thereby generate demand for industries to grow.
Continue ReadingThe Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.
Sanofi Aventis is acquiring the 80% stake that Merieux Alliance held in Indian vaccine company Shantha Biotech. The Hyderabad-based 90mn euro (Rs 620 crore) turnover company makes vaccines and its flagship product, a hepatitis-B vaccine Shanvac-B brought it fame. The company says this is India’s first WHO-Geneva pre-qualified vaccine. It also makes other vaccines including those used in inoculation of infants.
Sebi has introduced a new rule that will effectively kill the desire of companies to issue shares with differential voting rights. The capital market regulator has made a small amendment to the listing agreement that has a wider impact. It has said that a company shall not issue shares that have either superior voting rights or higher dividend entitlements, compared to the ordinary shares listed on the exchange. The rule is effective from July 21, 2009.