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Moneylife Digital Team 20 August 2010
New Delhi: The Insurance Regulatory & Development Authority (IRDA) has imposed a penalty of Rs5 lakh each on two life insurers — state-run Life Insurance Corporation (LIC) and HDFC Life Insurance — for failing to meet rural and social sector obligation in 2008-09, reports PTI. IRDA has...

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Moneylife Digital Team 20 August 2010
Three private equity funds which had invested in the venture are set to incur losses Gujarat Pipavav Port is entering the capital market to raise Rs500 crore through a 100% book-building issue by offering 1.17 crore shares. The question is why are three private equity funds exiting the stock at...

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Moneylife Digital Team 20 August 2010
New Delhi: The Securities and Exchange Board of India (SEBI) and mutual fund (MF) houses have asked the finance ministry to continue with the tax benefits on equity linked schemes (ELSS) in the Direct Taxes Code (DTC), which will replace the existing Income Tax (IT) Act, reports PTI. The...

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Moneylife Digital Team 20 August 2010
New Delhi: The Securities and Exchange Board of India (SEBI) is believed to have turned down any out-of-court like settlement sought by Reliance Industries (RIL) in the ongoing probe relating to alleged insider trading in shares of erstwhile group firm Reliance Petroleum Ltd (RPL), reports PTI.

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Moneylife Digital Team 20 August 2010
New Delhi: There is a debt funding gap of over Rs1.62 lakh crore in infrastructure financing for the current 11th Five Year Plan but the government has no plans to channelize foreign savings in the sector, reports PTI. "There is...a funding gap of Rs1,62,496 crore or $40.62 billion in the...

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Moneylife Digital Team 20 August 2010
Alcoholic beverages producer Khoday India Ltd said its net loss for the first quarter widened to Rs6.1 crore from Rs3.6 crore in the same quarter last year. During the June 2010 quarter, its net sales increased to Rs68.6 crore from Rs63.7 crore, the Bengaluru-based company said in a regulatory...

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Moneylife Digital Team 20 August 2010
ABB Ltd, power and automation technology company said it started its fourth global wind power generator factory at Vadodara in Gujarat. The factory will supply wind power generators, a crucial component in wind turbines, for the growing Indian and global markets. The new factory will produce...

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Moneylife Digital Team 20 August 2010
Telecom operator Reliance Communications (RCom) said it has joined hands with Nokia India Ltd for a multi-faceted business alliance. No financials were provided. The alliance will make Nokia's Ovi Life Tools services available to rural and semi-urban segments for RCom customers. It will also...

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Moneylife Digital Team 20 August 2010
Sun Pharmaceuticals Ltd said it received an approval from the US Food and Drug Administration (USFDA) to market generic version of anti-depressant Venlafaxine hydrochloride extended release tablets. "The company has received 180 days marketing exclusivity," Sun Pharma said in a statement,...

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Moneylife Digital Team 20 August 2010
New Delhi: Maoist attacks have led to 217 disruptions in the movement of trains as a result of which the Railways have suffered a loss of Rs1,000 crore, reports PTI quoting railway minister Mamata Banerjee. Describing the matter as "sensitive", she said this has also led to 416 cancellation (of...

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Moneylife Digital Team 20 August 2010
New Delhi: State-owned Coal India Ltd (CIL) is likely to get listed by October and may be accorded the Maharatna tag by 2010 end, while BHEL has to wait for at least a year to be awarded with the coveted tag, reports PTI quoting a senior official. At present, there are four Maharatnas-Oil &...

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Munira Dongre 20 August 2010
The fundamentals of the industry have not changed; supply will continue to outstrip demand, and prices will be hit further Cement stocks enjoyed a huge rally across the board yesterday mainly on reports of a 2% hike in western India - CLSA says cement dealers confirmed a 2% hike in Mumbai. Cement...

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Moneylife Digital Team 20 August 2010
EC Media launches e-book reader Wink in India; Fortis MF introduces Fortis Fixed Term Fund-Series 18 C; Religare MF revises exit load under Religare Short Term Plan; ICICI Pru MF declares 10% dividend under two schemes; Dhanalakshmi Bank hikes deposit rates; State Bank of Bikaner and Jaipur hikes...

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Munira Dongre 20 August 2010
Cairn India: The buzz in the market is that there are counterbids likely from RIL and ONGC. According to one report, Vedanta stands to make Rs5 billion if Cairn Energy fails to get shareholders’ nod for the deal or solicits a rival bid (a small price to pay if somebody seriously wants to counter...

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Moneylife Digital Team 19 August 2010
New Delhi: After a temporary bar due to security concerns, the government has lifted ban on state-run telecom firm Bharat Sanchar Nigam Ltd (BSNL) to procure equipment from Chinese vendors, reports PTI. "In the interest of national security, the government had directed BSNL in May, 2009 that...

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The best kept secret about the Indian capital market is that in 20 years of economic liberalisation and market development, we have reduced it to a mere casino How wide is the public participation in the shining new India's financially successful stock exchanges? Here are some startling facts...

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Moneylife Digital Team 19 August 2010
New Delhi: The World Bank has approved a loan of $430 million for financing the Mumbai Urban Transport Project (MUTP) II, that is aimed to improve the transport situation in the financial capital, reports PTI quoting government sources. The loan will be used to finance procurement of electrical...

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Moneylife Digital Team 19 August 2010
The company has not yet paid 15% interest on the proceeds that it had received for its failed public offer in 2007, despite the Supreme Court upholding SEBI’s order to repay applicants’ money in 2008 Hyderabad-based paper product manufacturer Sri Vijaya Lakshmi Paper Convertors Ltd (SVPCL) Ltd...

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Moneylife Digital Team 19 August 2010
Patni Computer Systems Ltd, a major IT and BPO services provider, has appointed Manish Mehta as executive vice-president (EVP) and chief delivery officer-applications services. Mr Mehta will be part of the executive leadership team and will be responsible for application development &...

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Moneylife Digital Team 19 August 2010
Garment manufacturer Bhandari Hosiery Exports Ltd said its net profit for the financial year 2010-11 stood at Rs11.1 crore as against Rs0.9 crore in the last fiscal. During the current fiscal, its total revenues increased to Rs86.8 crore from Rs80.2 crore in the last financial year, said the...

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