CII for cut in rates
New Delhi, Oct. 14: Seeking a cut in interest rates to partially negate the impact of the rising rupee, CII president Sunil Mittal has said that Indian exporters are losing their comparative advantage as local currencies in other markets have not shown similar upswing against the dollar as the rupee has. Countries that compete with Indian exports in textiles, apparels and leather have a comparative advantage on the local currency front against the dollar as their currencies have appreciated at a lower rate than rupee, he said.
New Delhi, Oct. 14: International Finance Corporation (IFC),the private sector lending arm of the World Bank, is proposing to increase its exposure in infrastructure projects in India to $500 million this fiscal from $300 million in the previous fiscal. “We expect to provide an assistance of $1 billion this year, of which $500 million will be for the infrastructure sector,” Neil Gregory, manager of the South Asia department of IFC, said.
New Delhi, Oct. 14: SAIL will invest over Rs 2,500 crore to install pollution control facilities at its steel plants and mines as part of its current growth plan to raise its crude steel production capacity to 26 million tonnes by 2010.
New Delhi, Oct. 14: Nicholas Piramal India (NPIL) is developing 13 new chemical entities and expects to launch its first patented drug by 2010. It aims to shift focus from generic drugs to patented medicines.
New Delhi, Oct. 14: Hero Honda Motors and Bajaj Auto have reduced prices of their 100cc products by Rs 2,020 and Rs 4,000 respectively as a festive season discount.
Mumbai, Oct. 14: Bharat Petroleum Corporation (BPCL) has joined hands with Godrej Aadhaar to enter into the agri-retail segment as it seeks to diversify its retail business, a company official has said.
Mumbai, Oct. 14: Infrastructure Development Finance Company (IDFC) has posted a net profit of Rs 375 crore for the half-year ended September 30, up 31 per cent against Rs 286 crore in the corresponding period of the previous year.