India News
Hyundai Motor India, the country's biggest car exporter, has decided to shift focus from exports to the domestic market, which is showing signs of recovery after nearly two years of falling sales. The local unit of Seoulbased Hyundai Motor Company has stopped shipments from its Chennai plant to Europe, which will now be catered by the parent's plants in Turkey and the Czech Republic.
The Union finance minister in his budget speech on July 10 proposed several industrial corridors. He announced a Chennai-Bangalore industrial corridor, a Bangalore-Mumbai eco-corridor, a biotechnology cluster, and industrial smart cities to be developed in the proposed Chennai-Bangalore Economic Corridor region. He also declared that the perspective plan for the Bangalore-Mumbai Economic Corridor would be completed in this fiscal year.
The benchmark BSE Sensex today spurted over 225 points in early trade, led by auto, infra and oil and gas stocks amid expectations of encouraging IIP data for June to be released later in the day. The 30-share index shot up by 225.27 points, or 0.88 per cent, to 25,744.51 with stocks of auto, realty, consumer durables, power and healthcare sectors leading the rally.
A move that may attract more private investments and bring in greater transparency in the coal sector, the government is likely to auction mines through international competitive bidding route currently adopted for awarding ultra mega power projects.
LEH(Jammu & Kashmir): Prime Minister Narendra Modi on Tuesday inaugurated two hydroelectric power projects in the Ladakh region and praised the people of the region for extending support to him.
Centre will extend all possible help for the development of Leh and Ladakh region, Modi said addressing a gathering in Leh.
A yet another strong show by Jaguar Land Rover (JLR) helped city-based Tata Motors, India’s biggest automobile manufacturer, report a 213 per cent jump in consolidated net profit for the quarter ended June at Rs 5,398 crore, against Rs 1,726 crore in the corresponding quarter last year.
Jet Airways has decided to scrap its low-cost brand, Jet Konnect, launched five years ago, to focus on its full-service operation, as it faces competition from established airlines and start-ups like AirAsia and Vistara.
The airline, which reported its sixth straight quarter of losses on Monday (though it managed to reduce the figure), will reconfigure all its Boeing planes and offer a standard configuration of 12 business class and 156 economy seats. Jet Airways hopes to switch to the single model by the end of the year.
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The Odisha government has taken exception to the Centre’s proposal to phase out four old thermal units of NTPC Ltd with combined capacity of 250 Mw at its Talcher Thermal power station (TTPS).
The retirement of these four units, each with capacity of 62.5 Mw, would mean a loss of 250 Mw to Odisha since the entire power generated by NTPC's TTPS is supplied to state owned bulk power purchaser Gridco as per a power purchase agreement (PPA). The four units were identified to be phased out since they are old units commissioned during 1967-69.
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Vishal Sikka keeps shaking his head to stop the steward from refilling his plate every time he shifts his attention to something else. "This is Indian culture. They want to pamper you, quite unlike in the US where you are expected to help yourself. You feel flattered, but you tend to gain fat as well," Infosys' new managing director and chief executive officer jokes during a lunch he hosted for the media on his first day in office on August 1.
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The benchmark BSE Sensex recovered over 221 points in early trade today as realty stocks led the rebound after market regulator SEBI yesterday approved new norms for setting up and listing of Real Estate and Infrastructure Investment Trusts.
Besides, positive cues from other Asian markets also buoyed the sentiments.
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