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Economy
& Business
Petrol and diesel prices
may go up in mid-August
What is India News
Service, August 09, 2004, 2000 hrs IST
Oil companies are contemplating another hike in
petrol and diesel prices by mid-August,
citing the rise in international crude oil prices.
Since the government has already given a green signal to oil companies to increase petrol and diesel prices by up to 10 per cent without its approval, they would not require any sanction.
Industry experts say with inflation already crossing 7 per cent, another hike
fuel price may lead to higher prices. The recent hike has already led to increase in
basic sector costs by about 0.2 to 0.5 per cent.
EPFO Board meets today:
The Employees Provident Fund Organisation (EPFO) Board will not find it easy to keep
the interest rate at 8 per cent.
Weak banks to take hard knock in FY05:
Weak banks, both in the public and private sectors, would take the hardest knocking this fiscal, according to industry officials. Hardening interest rates, spiralling inflation,
and a crash in yields on government securities are bound to take a heavy toll on the
bottomline of banks still saddled with high non-performing assets (NPA).
RBI to study public comments:
Reserve Bank of India has received "several comments" from the public on the proposed scheme of amalgamation of Global Trust Bank with Oriental Bank of Commerce.
Daimler Chrysler to roll out new vehicle:
The latest offering of Daimler Chrysler in the passenger vehicle segment 'Ueano' will soon hit Indian roads.
Govt fears Benetton proposal may open
retail floodgates:
The Ministry of Commerce and Industry has decided to take a very cautious approach on allowing Benetton to buy out 50 per cent equity in the DCM Benetton joint venture. The ministry fears that a clearance might open
the floodgates in retail as players like Mark and Spencer and Pantaloons are waiting
in the wings.
On-board facial recognition systems to make entry:
In-flight cellphone use may not be the only break that air travellers can look forward in the near future. Close on the heels of the rather simple on-flight wireless service by Lufthansa earlier this year providing high-speed Internet access on its flights with Boeing's Connexion system, media reports suggest that on-demand entertainment and even homeland-security functions may be on board sooner than later.
India
favours trade with US the most: The United States has emerged the most preferred destination for Indian exports. According to a study India's exports to the US has been increasing steadily since
1993. India is ranked 17th in the list of exporters to the US. India's exports to the US in 2003 amounted to US$ 13 billion.
Cell
firms hike rental, tariff for roaming:
Private cellular operators,
including Bharti and Hutch, today revised upwards the monthly rental
and tariff for national roaming.
Is
there still room for softer interest rates?:
A study of recent global economic developments suggests that
concerns about interest rates going up may have been overdone.
The
big, noisy and underpowered: That is how diesel engines were
described two decades ago. In India it was a
couple of degrees worse! Today the scene has taken a
180-degree turn.
Salem
Steel at a crossroads: Is a Rs. 800-crore facility for rolling of stainless steel a
`non-core' asset for a company which makes steel?
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Fuel price hike hits
railways: The
recent hike in diesel price will increase the
expenditure bill for the Indian Railways by about Rs 250 crore. This
represents a 3 per cent hike over the budgeted operating expenses
for fuel in the current fiscal.
English
is edge for India's outsourcing sector:
The English-speaking outsourcing space accounts for 85 per cent of the total offshoring market.
LIC for image overhaul to face competition:
The LIC chairman admitted its market share had fallen but said the
insurer is striving to grow faster with product innovation
and new technology.
Only marginal increase in Plan spending:
The Planning Commission has announced an additional allocation of Rs 10,000 crore in the
budget to meet the objectives of the
National Common Minimum Programme
(NCMP). Despite the significant hike, the government will increase
the actual spending only marginally.
The best is over, market may plateau for now:
The stock market has welcomed the revival of monsoon and has gone bullish. The Sensex has not only crossed the
5200-mark but also recorded a
three-month high. Business Standard\92s analysis indicates that the Indian stock market has been doing better during recent weeks as
compared to many Asian stock markets.
Overall:
Petrol and diesel prices will go up
again:
Oil companies are contemplating another hike in petrol and diesel prices by
mid-August.
India prefers trading with US: The United States has emerged the most preferred destination for Indian exports. India is ranked 17th
on the list of exporters to the US.
English boosts outsourcing from India:
The English-speaking outsourcing space accounts for 85 per cent of the total
off shoring market.
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