COMPANIES
Unitech
applies for telecom licences nation-wide
Mumbai: Real estate major Unitech Ltd has applied
for mobile licences for the entire country and is
in talks with telecom companies and financial investors
for partnerships.
Unitech
said eight of its subsidiaries have applied for telecom service licences in 22
of the 23 circles that make up the national market.
"We
see the potential in the telecom business and believe that investment in this
sector would provide immense potential for value addition to the group,"
Unitech managing director Sanjay Chandra said.
Another
realty player Parsvnath Developers is also entering the rapidly growing telecom
sector.
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Reliance
strikes oil off east coast
Mumbai: Reliance Industries Ltd, has discovered
oil in a new block in the Krishna Godavari (KG) basin,
company sources said.
Reports
quoting unidentified sources said Reliance had found oil in its D4 block, also
known as KG-DWN-98/1, in the KG basin off the east coast.
"Only
oil flow is there in this block and we are going to inform the regulator later
today," one official, adding, "It is a promising find. The flow is good."
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Mukesh
Ambani group M-cap hits Rs4,00,000 crore
Mumbai: Mukesh Ambani became India's richest business
head with the group's market capitalisation rising
to more than Rs4,00,000 crore, following a sharp surge
in the share prices of his group companies.
Shares
of his flagship company Reliance Industries and three other group firms - Reliance
Petroleum, IPCL and Reliance Industrial Infrastructure -soared to an all-time
high with gains ranging from 4-12 per cent.
Total
investor wealth in the four companies surged to a total of Rs4,01,800 crore, led
by RIL's market value of Rs3,16,940 crore.
The
sharp rally in the Mukesh Ambani group stocks widened the gap with his younger
brother Anil Ambani group's total market cap, which today stood at less than half
the amount at Rs1,90,700 crore.
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GENERAL
India
elected to International Organisation for Standardisation
council
Mumbai:
India along with four other countries has become a
member of the International Organisation for Standardisation
(ISO) council.
"India,
China, Brazil, Spain and the Netherlands have won the election of ISO Council,
which is responsible for the function of ISO," Bureau of Indian Standard
(BIS) spokesperson said.
India
would be member of the ISO council for two years starting January 2008, he said.
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US,
India to discuss WTO, bilateral trade
Mumbai: Commerce and industry minister Kamal Nath
will meet US trade representative Susan Schwab early
next week as part of the US-India trade policy forum,
Sean Spicer, a spokesman for Schwab's office, said.
The
two are expected to discuss ways of boosting business ties as well as last-ditch
efforts to reach a world trade deal, the US trade office said.
The
two will also have discussions with top business executives from leading companies
in the United States and India. The two are also expected to discuss a free trade
agreement between the United States and India, although it could be years before
any negotiations are launched.
Brazil's
foreign minister Celso Amorim, his country's lead trade negotiator, is also expected
to attend that session, Spicer said.
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Exporters
move RBI as rising rupee hits trade
Mumbai: The Federation of Indian Export Organisations
(FIEO) has sought RBI intervention to calm the rupee
and support the falling dollar to help exportes hit
by the falling dollar.
FIEO
president Ganesh K Gupta said the RBI should not only intervene directly in the
foreign exchange market to support the falling dollar but also cut the interest
rates to check foreign fund flows.
"We
want immediate intervention by RBI," he said. Besides checking the overseas
fund flows, a cut in the prime lending rate (PLR) would reduce exporters' cost
of borrowing. "The advantage of pre-shipment and post-shipment credit at
4.5 per cent below PLR has been offset by the increase in the benchmark interest
rates," the FIEO chief said.
Gupta
said the government has not implemented the package for exporters announced in
June this year. "The announcement simply remained on paper and arrears of
increased Duty Entitlement Pass Book (DEPB) and drawback have not been given to
exporters," he said.
He
also demanded extension of recently notified service tax waiver to transport of
goods from factory to container depots.
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India's
foreign exchange reserves up $1.81 billion at $232.187
billion
Mumbai: Foreign exchange reserves of the country
rose $1.81 billion to touch $232.187 billion, as of
September 14, 2007, on the back of rising foreign
currency inflows.
As per the weekly
statistical supplement of the Reserve Bank of India (RBI) released on September
21, 2007, foreign currency and assets rose $1.808 billion to $224.870 billion.
Gold
reserves and SDRs (special drawing rights) remained flat at $6,881 million and
$2 million respectively. Reserve position in the IMF increased $2 million to $434
million.
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INTERNATIONAL
