India News

The country's second largest two-wheeler manufacturer, Bajaj Auto Ltd, Monday said it has registered a five percent hike in motorcycle sales in August despite rising input costs and soaring inflation.

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Aban Offshore Ltd, India's largest private sector drilling contractor, announced Monday its Norway-based subsidiary has bagged a contract worth Rs.11.91 billion in Angola.

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With economic growth slowing down and inflation soaring, the government Monday hinted at more measures to stabilise steel prices.

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The International Chamber of Commerce (ICC), the global arbitration tribunal, has directed Tata Communications to pay a Reliance Communication subsidiary approximately $19 million plus interest from May 2006.

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The growth of the Indian primary market will halve from the 20 percent registered during 2007-08, to 8-10 percent in the remaining period of the current fiscal because of adverse market sentiments, an industry lobby said Monday.

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Operations at Tata Motors' Nano plant at Singur in West Bengal remained suspended for the third consecutive working day Monday, with the company stating that the situation was not conducive to resuming work.

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Indian equity markets stayed in the red early Monday afternoon. Banking, metal and capital goods stocks were under selling pressure.

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The country's largest passenger car-maker, Maruti Suzuki India Ltd, Monday said its sales have dipped in August for the first time in five months as a result of higher interest rates and soaring inflation.

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Tata Motors' Nano factory in West Bengal's Singur area stayed closed Monday, its third back-to-back manday lost, with the company stating that the situation was not conducive to resuming work.

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Indian equity markets, which opened lower Monday following weak global cues, were in the red in early trade. Banking, auto and pharma stocks were under selling pressure.

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City-based engineering major Shriram EPC Ltd (SEPC) has acquired 55 percent stake in engineering consulting firm Blackstone Group Technologies Ltd for an undisclosed amount.

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Work remained suspended for the third day Monday at the Tata Motors' Nano plant at Singur in West Bengal as the ruling Left Front again invited the Trinamool Congress for talks to resolve the impasse over land acquisition.

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Oil and Natural Gas Corp Ltd (ONGC) Monday announced it would begin its pilot production of coalbed methane (CBM) gas in Jharkhand from December.

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US-based outsourcing company Etech Inc has acquired the IT tower-IV at Infocity in Gandhinagar as part of its business expansion in India, a top official said here Monday.

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The sugarcane price war in Uttar Pradesh took yet another turn Monday when separate appeals were moved by sugar mill owners and the state government to the Supreme Court over the minimum price of sugarcane.

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One of the highest tea producers and exporters in the world, Sri Lanka plans to marginally increase its production to 320 million kg this year, an official from the island said Monday.

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 Two-wheeler manufacturer TVS Motor Co has logged 11 percent volume growth in August 2008, selling 114,321 units against 102,734 units in the corresponding period last year.

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Leading car manufacturer Hyundai Motor India Ltd sold 44,710 units in August 2008 against 28,394 units sold in the corresponding period last year, a top official said Monday.

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Real estate major DLF Ltd could pull out of West Bengal if the state government failed to acquire land soon for its proposed Rs.330-billion project near here, the state urban development minister Asok Bhattacharya said here Monday.

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Indian exports have gone up over 31.2 percent in July and stood at $16.34 billion, as against $12.45 billion in the corresponding month last year, but trade deficit too increased by as much as 80 percent.

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Production at Reliance Industries Ltd's deepwater gas block in the Krishna-Godavari basin will be delayed, and now start from October-end, said a senior petroleum ministry official Monday.

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Mobile phone subscribers will get full talk time on recharges following a new a tariff order and a directive issued Monday by India's telecom watchdog TRAI.

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Luxury car maker Mercedes-Benz Monday announced its foray into the bus segment in India with the launch of its intercity coach.

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The Anil Ambani-led Reliance Natural Resources Ltd (RNRL) Monday told the Bombay High Court that it was willing to trade gas from the Krishna-Godavari basin, should its appeal for the allotment of the said hydrocarbon be upheld.

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Insurance major Life Insurance Corp's (LIC) sales of insurance policies and first premium income in the eastern zone dropped 20 percent during the first five months of the current fiscal, a top company official said here Monday.

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The Tata Motors plant at Singur in West Bengal, which was to roll out the world's cheapest car Nano, remained shut for the third day Monday.

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Skoda India, the fully-owned subsidiary of Skoda Auto of the Czek Republic, Monday reported a 22.6 percent growth in car sales August.

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Internet services provider IOL Netcom Monday said it has signed an agreement with the telecom operator Mahanagar Telephone Nigam Ltd (MTNL) to provide CDMA mobile services.

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Low-cost carrier SpiceJet will reduce fares only if aviation fuel prices remain stable over the next two-three months, a top airline official said Monday.

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Indian equity markets closed flat Monday, on the back of weak global markets. There were selloffs in metal, telecom, select power and technology stocks while buying interest was seen in oil and banking stocks.

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