* AUTO: Volkswagen India has launched a new variant of its mid-sized sedan Vento, powered by a 1.2 ltr TSI engine, at 999,000 rupees ex-showroom Delhi . Bridgestone may look at setting up a third plant in India depending on the market situation.
* BANKING: RBI has advised banks to explore the possibility of enlisting the services of cash-in-transit entities for various currency management functions such as distribution of coins and bank notes.
* ECONOMY: Indian economy's fundamentals remain strong and the impact of various government measures will be visible soon, Prime Minister Manmohan Singh said.
* ENERGY: The finance ministry is not in favour of RELIANCE INDUSTRIES automatically getting higher rates for existing fields. India is preparing a draft of high value projects in the oil sector to attract foreign direct investment from energy majors across the globe.
* FDI: Walmart has urged the Department of Industrial Policy and Promotion to allow entry of private label suppliers as part of the 30% mandatory sourcing norms.
* IMPORT: The government is evaluating three options to reduce dependence on costly imported coal, including diversion of surplus from captive coalmines to thermal power generators whose coal blocks are yet to become operational.
* INFORMATION TECHNOLOGY: iGate Corp reported a 12.7% year-on-year rise in Jul-Sep net profit at $31.9 mln on the back of improved sales and higher margins.
* INSURANCE: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large share in Philippine non-life company Monarch Insurance.
* REALTY: The Landmark Group, real estate investment arm of the Dalmia Group, sold its stake in a 4,500-acre residential property--Hi Tech City--to its partner Wave Group in Ghaziabad for 3.50 bln rupees.
* REGULATORS: The RBI has allowed authorised dealer banks, falling under category I, to borrow from international and multilateral financial institutions until Nov 30. RBI said unsecured loans worth up to 10,000 rupees sanctioned by urban co-operative banks would be exempt from aggregate ceiling on unsecured exposure of 10% of total assets as per audited balance sheet as on Mar 31 of the previous financial year.
- The SEBI has floated draft norms for setting up of real estate investment trusts in India , which will require mandatory listing and minimum asset base of 10 bln rupees. Central Provident Fund Commissioner K.K. Jalan has asked the department's Uttar Pradesh office to initiate action for alleged compliance lapses by Sahara Group, which claimed to have 1.01 mln employees.
* RETAIL: The government is looking up to British retailer Tesco to become the first foreign supermarket chain to open shop in the country.
* TELECOM: The government appears set to accept a lower floor price for auction of airwaves recommended by telecom regulator TRAI and hopes to net over 350 bln rupees through the sale when they are held in January.
- The government may impose customs duty of up to 17.5% on certain wireless telecommunications equipment used for third and fourth generation mobile networks.
* WEATHER: Cyclonic storm Phailin is expected to intensify further and hit the Gopalpur district of Odisha on Saturday evening.
* BANKING: RBI has advised banks to explore the possibility of enlisting the services of cash-in-transit entities for various currency management functions such as distribution of coins and bank notes.
* ECONOMY: Indian economy's fundamentals remain strong and the impact of various government measures will be visible soon, Prime Minister Manmohan Singh said.
* ENERGY: The finance ministry is not in favour of RELIANCE INDUSTRIES automatically getting higher rates for existing fields. India is preparing a draft of high value projects in the oil sector to attract foreign direct investment from energy majors across the globe.
* FDI: Walmart has urged the Department of Industrial Policy and Promotion to allow entry of private label suppliers as part of the 30% mandatory sourcing norms.
* IMPORT: The government is evaluating three options to reduce dependence on costly imported coal, including diversion of surplus from captive coalmines to thermal power generators whose coal blocks are yet to become operational.
* INFORMATION TECHNOLOGY: iGate Corp reported a 12.7% year-on-year rise in Jul-Sep net profit at $31.9 mln on the back of improved sales and higher margins.
* INSURANCE: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large share in Philippine non-life company Monarch Insurance.
* REALTY: The Landmark Group, real estate investment arm of the Dalmia Group, sold its stake in a 4,500-acre residential property--Hi Tech City--to its partner Wave Group in Ghaziabad for 3.50 bln rupees.
* REGULATORS: The RBI has allowed authorised dealer banks, falling under category I, to borrow from international and multilateral financial institutions until Nov 30. RBI said unsecured loans worth up to 10,000 rupees sanctioned by urban co-operative banks would be exempt from aggregate ceiling on unsecured exposure of 10% of total assets as per audited balance sheet as on Mar 31 of the previous financial year.
- The SEBI has floated draft norms for setting up of real estate investment trusts in India , which will require mandatory listing and minimum asset base of 10 bln rupees. Central Provident Fund Commissioner K.K. Jalan has asked the department's Uttar Pradesh office to initiate action for alleged compliance lapses by Sahara Group, which claimed to have 1.01 mln employees.
* RETAIL: The government is looking up to British retailer Tesco to become the first foreign supermarket chain to open shop in the country.
* TELECOM: The government appears set to accept a lower floor price for auction of airwaves recommended by telecom regulator TRAI and hopes to net over 350 bln rupees through the sale when they are held in January.
- The government may impose customs duty of up to 17.5% on certain wireless telecommunications equipment used for third and fourth generation mobile networks.
* WEATHER: Cyclonic storm Phailin is expected to intensify further and hit the Gopalpur district of Odisha on Saturday evening.
