Business News
« Previous EntriesTata Signs Deal With Sirkorsky To Manufacture S-92 Cabin
Tuesday, June 16th, 2009Indian conglomerate Tata took another step towards establishing itself as a major player in the country’s aerospace industry after signing an agreement with Sikorsky to manufacture S-92 helicopter cabins.
Satyam To Put 7,000-10,000 Staff On “Virtual Pool”
Tuesday, June 16th, 2009Technology outsourcer Satyam Computer Services, which has launched a cost-cutting drive to improve its bottomline, said it would put around 7000-10,000 staff on “virtual pool” as part of its strategy to manage excess staff and cut costs.
Air India To Set Up MRO Facilities In Hyderabad
Tuesday, June 16th, 2009State-run carrier Air India is setting up maintenance, repair and overhaul (MRO) facilities at the Rajiv Gandhi International Airport in Hyderabad at an approximate investment of Rs 80 crore. Arvind Jadhav, chairman and managing director of the airline, laid the foundation stone for the MRO and engineering facilities here on Thursday. The project is expected […]
Realty Prices ‘Will Not Go Up For Atleast Two Years’
Sunday, March 15th, 2009With a 6,000-acre land bank in Mumbai and over 27 million sq.ft across 30 ongoing projects, the Lodha Group is clearly one of the largest developers in the country.
Valued at over Rs 32,000 crore, it has 300 million sq.ft under planning, slotted for delivery over the next five years. Beyond Mumbai, it has launched a […]
Citi, Merrill, Novartis, GSK May Drop Satyam Contracts
Saturday, January 31st, 2009Troubles keep mounting for Satyam Computer Services. Four of its large clients — Citigroup, Merrill Lynch (ML), Novartis and GlaxoSmithKlein (GSK) — are in talks to move their business from the Hyderabad-based company to other Indian IT firms. These clients contribute over $200 million to Satyam’s topline.
Realty Majors Witness Worst Quarterly Drop In Profit
Saturday, January 31st, 2009Realty majors DLF, Unitech, Parsvnath and Ansal Properties today reported their worst quarterly drop in profit in at least six years as faltering economic growth crimped demand for homes and offices.
DLF, the nation’s biggest real estate developer, reported a 69 per cent drop in consolidated profit at Rs 670.79 crore, trailing analysts estimates. The company […]
DLF, Unitech Following ‘Satyam’s’ Path? Credit Suisse Report Smells Something
Saturday, January 31st, 2009DLF, Unitech lack in transparency: Credit Suisse
Credit Suisse, a global investment banking major has said in a report that in terms of transparency and key disclosures, the country’s top real estate firms including DLF and Unitech are found lacking.
Noting that related-party transactions account for a significant portion of their revenues, its report said that their […]
Wells Fargo Dumps Maytas Hill County
Tuesday, January 27th, 2009The world class Maytas Hill County SEZ, a flagship venture of Maytas Properties and the only venture of the company still afloat is now in trouble. US-based Wells Fargo, the first and only firm to have tied up with the SEZ coming up in Bachupally and had even located its office there, pulled down its […]
Maytas Properties To Close 4 Divisions
Tuesday, January 27th, 2009With cash flows threatening to dry up and debt hard to get, Maytas Properties’ ambitions to be among the top five realty companies in India on “fast track” are coming crashing.
Pegasystems Opens R&D Centre In Hyderabad
Saturday, November 22nd, 2008Pegasystems Inc., provider of business process management (BPM) software, on Tuesday announced opening of a Research & Development (R&D) facility in Hyderabad. “The R&D facility and the state-of-the-art training centre are set up with an inve stment of $5 million,’’ said Mr Suman Reddy Endunuri, Managing Director, Pegasystems India.
Market Meltdown Hits Hyderabad Infra Companies
Saturday, November 1st, 2008The market turmoil has hit Hyderabad infrastructure industry like never before. The valuations of companies have touched historic lows and thereby substantially eroding their ability to raise capital.
Nagarjuna Puts RE Projects On Hold
Saturday, November 1st, 2008Nagarjuna Construction Co Ltd has clamped down on future real estate projects due to current slowdown in the sector and has tempered its capital expenditure plan for 2008/09, a top official said.
RAKIA Signs MoU To Develop $5billion Hyderabad Economic City
Sunday, October 26th, 2008Ras Al Khaimah Investment Authority (RAKIA), the government body for the socio-economic growth of the Emirate, has recently signed an MoU with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish Hyderabad Economic City.
Jeppesen To Open Office In Hyderabad
Sunday, October 19th, 2008Jeppesen, a wholly-owned Boeing subsidiary specialising in aeronautical charting, is to open an office in Hyderabad by early 2009. While it has operations in Singapore and Beijing, the Hyderabad office would be the first and the only one in India.
Bharat Infratech: “Lehman Fall Will Have No Impact”
Monday, September 22nd, 2008Bharat Infratech, the Hyderabad-based real estate developer has said the recent developments in the financial markets regarding Lehman Brothers in US would not impact their ongoing projects, including its flagship Iconia.
‘The Koutons Family Store’ Launched At Hyderabad
Friday, September 12th, 2008Koutons Retail India Limited, the manufacturer of readymde fashion wear brand on Saturday inaugurated its 89th Family Store in Hyderabad, billed as its largest store in the country.
SemIndia Sought 3 Weeks For Financial Closure
Wednesday, August 27th, 2008SemIndia, which has promised to set up the country’s first full-fledged semiconductor fabrication unit, has sought some more time from Andhra Pradesh to freeze plans and finances.
ICICI Cutting Costs Aggressively
Sunday, August 24th, 2008Caught in an atmosphere of uncertain growth and rising costs of essential services, India’s largest private sector bank is cutting costs aggressively. ICICI Bank is shifting thousands of jobs from Mumbai to Hyderabad. The bank is also cutting down on banking hours in several branches and curbing staff reimbursements such as phone and conveyance bills.
Credit Suisse Invests $77mn In Indu Projects
Thursday, August 21st, 2008Infrastructure major Indu Projects on Thursday said it has received an investment of USD 77 mn from Swiss banking major Credit Suisse.
Flagstone Reinsurance Plans India Foray
Thursday, August 21st, 2008Flagstone Reinsurance Holdings Ltd, a NYSE-listed reinsurance company, is proposing to enter the primary insurance market in India within a year.
GMR Signs MoU With Deccan Express Logistics For Cargo Hubs
Thursday, August 14th, 2008G R Gopinath, who had stridently opposed the GMR group for its opposition to keeping the old Begumpet airport in Hyderabad open, has now joined hands with the infrastructure company.
Puravankara Plans Rs 8000-Cr Foray Into Affordable Housing
Thursday, August 14th, 2008Joining the likes of DLF and Unitech, Bangalore-based realty developer Puravankara Projects today announced its foray into the affordable housing segment in an effort to beat the property sector slump.
Microsoft Is Truly A City Giant
Thursday, August 14th, 2008The Hyderabad centre of software giant Microsoft has become the second largest product development centre of the company outside Redmond, its headquarters.
Infosys Begins Work On 450-acre Campus At Pocharam
Sunday, August 10th, 2008IT major Infosys Technologies, which has presence in 40 countries, will spend Rs 1,250 crore over the next ten years for its new facility at Pocharam, near Hyderabad, being constructed in a 450-acre special economic zone. The work on the project, which will have a built up area of 5 million sq ft, began formally […]
Jubilee Hills Landmark Project From Maytas, ICICI and Nagarjuna
Friday, July 18th, 2008A rendering of the Jubilee Hills Landmark Project from Maytas Properties
Jubilee Hills Landmark Projects Private Limited (JHLP) is a joint venture between ICICI Venture, Nagarjuna Construction Company and Maytas Properties to develop a 5.7 acre property in the heart of Hyderabad in Jubilee Hills.
Italy-based Furniture Brand ‘Incanto’ Enters Hyderabad
Sunday, July 13th, 2008Signature decor: The exclusive range of sofas and other accessories boasts of a fine blend of comfort and design. Photo: Mohd. Yousuf
International brands in furniture and accessories are flooding the city. And holding a true promise to redefine luxury is latest entrant, the Italy-based Incanto group which is opening a store South Bay to showcase […]
Reliance Retail To Launch Optical Chain Stores Under The Brand “Vision Express”
Thursday, July 10th, 2008Close on heels of the clearance of its proposal to invest in single brand front-end retail in India, the Netherlands-based Pearle Europe, is ready to soon unveil ““Vision Express””, a retail chain of eyewear and other optical products stores, under a joint venture with Reliance Retail – the Mukesh Ambani-led retail arm of Reliance Industries […]
Kamla Dials Spins Off Watch Retail Venture
Thursday, July 10th, 2008Chandigarh-based Kamla Dials and Devices (KDDL) on Wednesday said it has hived off of its watch retailing venture into a separate entity, with plans to invest Rs 70 crore over the next three years for setting up additional stores.
Fab City To Turn Hub For Alternative Energy
Thursday, July 10th, 2008Fab City, conceived to be developed as the largest cluster of semi-conductor manufacturing units in the country, appears to be heading to become the largest hub for alternative energy given the current industry preference to set up more photovoltaic or solar cell units.
IT Firms May Face Land Tax
Friday, July 4th, 2008Industries, IT firms and infrastructure project developers could face a additional charges on two fronts.
The government has issued notices to the agencies which alloted land to private industries and companies, to pay 10 per cent of the basic market value as one-time charge for using the land for non-agricultural purposes.