India pays third tranche of oil dues to Iran - sources
Published on Thursday, July 24, 2014 5:08 PM
By Nidhi Verma ...
NEW DELHI - India paid a third and final instalment of $550 million to Iran on Thursday, three industry sources said, part of the frozen funds released to Tehran in the interim deal with world powers.
Under a pact reached in November, Iran won access to $4.2 billion in oi
Wipro Q1 profit up 29.6 pct, slightly lags estimates
Published on Thursday, July 24, 2014 5:20 PM
BANGALORE/MUMBAI - India's third-biggest IT services exporter Wipro posted a 29.6 percent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients. ...
For the quarter ended June 30, Wipro posted a consolidated net profit of 21.03 billion rupees ($349.9 mi
Monsoon rains 24 percent above average in past week
Published on Thursday, July 24, 2014 4:59 PM
NEW DELHI - India's monsoon rains were 24 percent above average in the week ended July 23, the weather office said on Thursday, the first week of surplus rainfall during this year's monsoon season. ...
The revival of monsoon rains in soybean-growing areas of central India, rice areas in the east and
Coal India's plans for 20 mines hit by land, environment delays
Published on Thursday, July 24, 2014 5:06 PM
NEW DELHI - Twenty new coal mine projects by state-run Coal India, planned with annual capacity of 52 million tonnes, have been delayed by difficulties acquiring land and environmental clearances, the coal minister said on Thursday, underlining the uphill task he faces in reforming the sector. ...
The new g
Govt to form committee to review gas pricing formula
Published on Thursday, July 24, 2014 4:14 PM
The Narendra Modi government will appoint a committee under former Power Minister Suresh Prabhu to review a pricing formula approved by the previous UPA regime, reported PTI. The Cabinet headed by Prime Minister Narendra Modi had on 25 June deferred the implementation of the Rangarajan pricing formula, which would have doubled current gas rat ...
Asian economies to struggle on weak export demand - Reuters poll
Published on Thursday, July 24, 2014 3:47 PM
By Sumanta Dey ...
BANGALORE - The outlook for emerging Asia has dimmed further this year on weak demand for exports, although growth in India is expected to accelerate into 2015 even as China is held back in part by a slowing property market, Reuters polls showed.
China and India have been
Insurers gain after cabinet approves FDI hike
Published on Thursday, July 24, 2014 2:36 PM
Market Eye - Insurers gain after the cabinet approves raising the foreign direct investment (FDI) limit in the insurance sector. ...
The FDI hike to 49 percent from 26 percent had been proposed in the budget early this month.
The hike will need parliamentary approval.
UAE's TAQA pulls out of $1.6 billion India power deal
Published on Thursday, July 24, 2014 12:38 PM
ABU DHABI - Abu Dhabi National Energy Co (TAQA) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior TAQA official told Reuters on Thursday. ...
The official, who declined to be named under briefing rules, did not give furth
Ipca halts shipments to U.S. from Ratlam plant after FDA concerns
Published on Thursday, July 24, 2014 5:23 PM
By Zeba Siddiqui ...
MUMBAI - Ipca Laboratories Ltd has voluntarily halted shipments to the United States from one of its drug ingredient manufacturing plants after the U.S. Food and Drug Administration found violations of standard production practices at the site.
The FDA issued the