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L&T gains on winning orders worth Rs 1,920 crore
Posted on 8th September 2014
Shares of L&T have gained nearly 1% to Rs 1,623 on the BSE after the company said its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has secured new orders in the offshore and onshore segments worth Rs 1920 crore from domestic oil and gas majors.

An offshore contract worth Rs 1340 crore from Oil & Natural Gas Corporation (ONGC), includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field of ONGC. The project is scheduled for completion by March 2016, L&T said in a statement.


Sebi staff mull forming association
Posted on 8th September 2014
Stunned by the Central Bureau of India (CBI)'s first information report (FIR) against three of their colleagues, employees at the Securities and Exchange Board of India (Sebi) are considering setting up an association. The objective of the proposed union will be to protect the rights of the staffers, most of whom work on cases involving large corporates. The tasks and responsibilities of Sebi officials have undergone a change with the new powers the regulators have gained. In recent times, Sebi officials have drawn ire while cracking down on Ponzi investment schemes in several parts of the country.

NTPC may be forced to tap international solar power suppliers
Posted on 8th September 2014
Country’s largest power company NTPC may be forced to tap international solar plant suppliers due to shortage in domestic capacity.

NTPC was laying emphasis on developing a solar power portfolio and had invited tender for 1,000 Mw of solar power project open to only domestic suppliers.


HDFC Bank to open 24 branches in Odisha
Posted on 8th September 2014
Private sector lender HDFC Bank plans to open 24 new branches in the state by the end of this fiscal, said a bank official.

"HDFC Bank is operating with 97 branches in the state at present. By the end of the financial year, there will be 121 branches in the state with addition of 24 new branches," Debashish Senapati, zonal head, Odisha, HDFC Bank, said at the launch of Secure Banking Programme. PK Jena, Regional Director, Reserve Bank of India, was present at the occasion.


Hyundai global chief on a 3-day visit
Posted on 8th September 2014
Hyundai Motor Group's global chairman, Chung Mong-koo, arrived here on Saturday night, on a three-day tour.

It is described as a "private visit", though he's come with a 14-member group from the South Korean automobile giant, who are said to be largely technical experts.

An email sent to Hyundai Motor India, subsidiary of Hyundai Motor Corporation, did not get any reply.


SBI to raise global biz share to 25% in 3 yrs
Posted on 8th September 2014
State Bank of India, the country’s largest lender, has prepared a three-year schedule for raising the share of its international business in the balance sheet to 25 per cent from 18 per cent at present.

Chairman Arundhati Bhattacharya told Business Standard: “International operations should actually give us a risk diversification. Meaning, it should not be doing only Indian business, sitting at a foreign centre. Of course, it is our strength and we would continue to do part of that but we are now trying to localise as much as possible.”


Wipro makes entrepreneur push
Posted on 8th September 2014
Bangalore-based information technology services major Wipro is looking to promote entrepreneurship within the organisation through a programme called Horizon Investment Programme. Under this, the central strategic office of Wipro, headed by the chief strategy officer Rishad Premji, invests in ideas that are mooted by business units or verticals in a venture capital (VC)-like fashion.Bangalore-based information technology services major Wipro is looking to promote entrepreneurship within the organisation through a programme called Horizon Investment Programme. Under this, the central strategic office of Wipro, headed by the chief strategy officer Rishad Premji, invests in ideas that are mooted by business units or verticals in a venture capital (VC)-like fashion.

Yahoo Acquires, Shuts Down Luminate, An Interactive Image Platform
Posted on 6th September 2014
Another acquisition today from Yahoo to beef up its advertising and media business. It is buying Luminate, a startup founded by LiveOps, Netscape and Yahoo alums that has created a platform for interactive, tagged images — or, as we have called it in the past, an AdSense for images.

Terms of the deal, which was announced on Luminate’s homepage, have not been disclosed.


Infosys Foundation commits Rs30 crore to Chennai Mathematical Institute
Posted on 6th September 2014
Mumbai: The Infosys Foundation, the corporate social responsibility (CSR) arm of Infosys Ltd, India’s second largest software services exporter, has constituted a corpus fund of Rs30 crore for the Chennai Mathematical Institute (CMI).

This corpus will be used to enhance faculty compensation and support fellowship requirements for research students. In addition, the grant will enable CMI to invite distinguished mathematicians from across the world to mentor students and boost the institute’s quality of research, the company said in a statement.


Australia signs agreement to supply uranium to India
Posted on 6th September 2014
New Delhi: Australia agreed to sell uranium to India under a pact signed on Friday, giving greater impetus to strategic ties between the two nations and providing a boost to India’s energy sector.

Prime Minister Narendra Modi and Australian Prime Minister Tony Abbott signed the agreement on cooperation in the peaceful uses of nuclear energy in New Delhi. Abbott is the first head of government Modi has hosted at a bilateral level after taking office on 26 May.


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