By Naazneen Karmali, Forbes Staff
B.G.Raghupathy, founder, chairman and managing director of BGR Energy Systems, a supplier of power equipment and engineering services, died Sunday night in Chennai, at the age of 59. Shares of the Bombay Stock Exchange-listed company fell to a new low, losing 16% in early trading Monday following the announcement of his sudden demise. …read more
Source: FULL ARTICLE at Forbes Latest
This morning, in advance of President Obama's major economic address, Vice President Biden delivered remarks in Mumbai, India where he discussed how America’s partnership with India could improve the economies of both nations.
The speech, at the Bombay Stock Exchange, was part of the administration’s effort to focus attention on the progress our economy has made in the past several years, and the work we must do going forward to build on that progress.
The Vice President began by speaking to the enduring strengths of the U.S. economy. “We are in the midst of the biggest increase in domestic manufacturing in nearly 20 years. The foundations of our economy are stronger than ever. The best research universities in the world and the most vibrant startups. The world’s most innovative companies. A hundred-year reserve of natural gas.”
He noted that America’s interests at home were similar to India’s.
“Today…President Obama is going to be giving a major speech outlining the top priority for the Obama-Biden administration,” he explained. “And it’s straightforward and simple: how do we continue to shore up America’s future and the foundations of middle class life in America with good-paying jobs, affordable health care, housing, education, and the dignity of retirement?”
Similarly, he pointed out, “India’s top priority is to lift hundreds of millions of people out of poverty to join the middle class.”
Source: FULL ARTICLE at The White House
The Bombay Stock Exchange
Mumbai, India
1:40 P.M. IST
THE VICE PRESIDENT: Thank you very much, Kaku. I appreciate it.
Thank you all for giving me this opportunity. It’s an honor to be back in India and to be here in Mumbai. Off script for a second here, I was reminded — I was elected to the United States Senate when I was a 29-year-old kid back in 1972, and one of the first letters I received and I regret I never followed up on it. Maybe some genealogist in audience can follow up for me, but I received a letter from a gentleman named Biden — Biden, my name — from Mumbai, asserting that we were related. (Laughter.) Seriously. Suggesting that our mutual, great, great, great, something or other worked for the East India Trading Company back in the 1700s and came to Mumbai.
And so I was thinking about it, if that's true, I might run here in India for office. (Laughter.) I might be qualified. But I’ve never followed up on it. But now that I’m back for the multiple times, I’m going to follow up to find out whether there is a Biden and whether we’re related. I hope he’s in good standing if we are. (Laughter.)
I want to thank you for the kind welcome, Kaku, and the nice introduction. I’m delighted to be in Mumbai, a city full of history and dreams and incredible energy. I bring with me the admiration of the American people and the good wishes of President Obama.
We admire the way you’ve melded ethnicities, faiths and tongues into a single, proud nation; the way entrepreneurship seems almost hard-wired into Indian society, from rickshaw wallas to web programmers; and maybe most of all, we admire your democracy and the message that your democracy sends to people everywhere in the world. And that message is: No nation need choose between development and freedom. They are not inconsistent.
America is a land of immigrants, as we tell ourselves all the time and are reminded in every generation. And America has been strengthened by the diverse cultures of India woven into the fabric of most of our communities, including those of you who are Americans my own the small community in the state of Delaware that I represented in the United States Senate.
Any weekend in Delaware — we have a very significant and tight Indian-American community — any weekend in Delaware, you can find the Delaware United Cricket Club competing. And now I have bragging rights. I will be able to go back and tell my friends who belong to that club that I visited the home of the best cricket team in the world. It will give me some reason to — (applause). You won the International Cricket Council Championship.
And as an Irish American, it pleased my heart to see you …read more
Shares in Tata Consultancy Services, India’s biggest IT outsourcing firm, rose to a record high on Friday after reporting better-than-expected quarterly earnings.
TCS jumped as much as 3.84 percent to 1,724.0 rupees on the Bombay Stock Exchange after announcing Thursday that net profit had risen 16.8 percent to 38.31 billion rupees ($641 million) in the April-June quarter.
The firm, part of the steel-to-tea Tata conglomerate, counts blue-chip companies such as British Airways, BP, Citigroup and Microsoft among its main clients.
“TCS’s results were hugely positive, the highlight being a 6.1 percent volume growth, a seven-quarter high,” said Ankita Somani, an analyst with Mumbai’s Angel Broking.
TCS and its rival Infosys — which lead India’s flagship IT outsourcing industry — have both reported strong earnings this month, despite lingering uncertainty over global business conditions.
Infosys last week reported a nearly four percent rise in quarterly net profit and kept its market forecast intact.
India’s software outsourcing industry carries out a wide range of jobs for Western firms such as answering calls from bank customers, processing insurance claims and developing software.
India, with its large English-speaking workforce, accounts for at least 50 percent of the global outsourcing market.
Source: FULL ARTICLE at Fox World News
Tata Consultancy Services is to acquire French IT services company Alti in a bid to increase its presence in the European market.
India‘s largest outsourcer said in a filing Tuesday to the Bombay Stock Exchange that it has signed definitive agreements to acquire 100 percent of the equity in privately-held Alti for €75 million (US$97.5 million) in an all-cash transaction.
The deal will help it grow in France, regarded as the third largest IT market in Europe after the U.K. and Germany, TCS said in the filing.
Alti’s key customers include French companies in banking, financial services, luxury, manufacturing and utilities sectors. It has 1,200 employees across France, Belgium and Switzerland, and had revenue of €126 million in 2012. The company is currently owned by its management and two private equity firms.
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Source: FULL ARTICLE at PCWorld
By Business Wirevia The Motley Fool
Filed under: Investing
Sterlite Industries (India) Limited – Sterlite Announces Approval of the Schemes of Amalgamation and Arrangement by the High Court of Bombay at Goa
TUTICORIN, India–(BUSINESS WIRE)– The Honourable High Court of Bombay at Goa by order dated April 3, 2013 approved the Scheme of Amalgamation and Arrangement amongst Sterlite Industries (India) Limited, Madras Aluminium Company Limited, Sterlite Energy Limited, Vedanta Aluminium Limited and Sesa Goa Limited and their respective shareholders and creditors, to create Sesa Sterlite.
The Scheme is also subject to approval of the Honourable High Court of Madras wherein the hearings have completed and the order is awaited.
About Sterlite Industries
Sterlite Industries (India) Limited is India‘s largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com
Disclaimer
This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Senior Vice President – Investor Relations
sterlite.ir@vedanta.co.in
Sheetal Khanduja, +91 22 6646 1531
AGM – Investor Relations
sterlite.ir@vedanta.co.in
KEYWORDS: Asia Pacific India
INDUSTRY KEYWORDS:
By Business Wirevia The Motley Fool
Filed under: Investing
Sterlite Industries (India) Limited: Supreme Court Reverses High Court Closure Order on Tuticorin Smelter
TUTICORIN, India–(BUSINESS WIRE)– The Hon’ble Supreme Court of India vide its judgment dated April 02, 2013 has allowed the appeal of the Company and set aside the judgment of the Madras High Court order dated September 29, 2010 vide which the Company’s Tuticorin Smelter was ordered to be closed.
The Company had appealed against the Madras High Court order closing the Tuticorin Smelter (Unit). The Apex Court had initially stayed the Madras High Court judgment vide interim order dated 01-10-2010.
The Apex Court had appointed a team of NEERI, TNPCB and CPCB to carry out inspection of the Unit. NEERI submitted its report confirming that the Unit meets the required standards and made certain recommendations for improvements, which were implemented.
The Hon’ble Supreme Court after being satisfied has allowed the appeal of the Company. The Apex Court as part of environment commitment of the Company has asked to deposit Rs.100 crore to the Collector, Tuticorin. This money will be kept in a Nationalized bank and the interest will be used to improve the air and water environment of Tuticorin.
We welcome the judgment given by the Hon’ble Supreme Court. We will continue to work in close association with the Government of Tamil Nadu and other regulatory bodies, towards maintaining highest standards of Health, Safety and Environment.
About Sterlite Industries
Sterlite Industries (India) Limited is India‘s largest diversified metals and mining company. The company produces aluminium, Copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com
Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Senior Vice President – Investor Relations
sterlite.ir@vedanta.co.in
or
Sheetal Khanduja, +91 22 6646 1531
AGM – Investor Relations
sterlite.ir@vedanta.co.in
KEYWORDS: …read more
Source: FULL ARTICLE at DailyFinance
By Naazneen Karmali, Forbes Staff
Ending months of speculation, the once-warring Ambani brothers announced Tuesday that they are back doing business together. Reliance Jio Infocomm, the telecom arm of older brother Mukesh Ambani, India’s richest person, signed a $220 million deal with Anil Ambani’s Bombay Stock Exchange– listed Reliance Communications, for using the latter’s nationwide optic fiber network, as it prepares to roll-out its 4G telecom services. …read more
Source: FULL ARTICLE at Forbes Latest
By Business Wirevia The Motley Fool
Filed under: Investing
Sterlite Industries (India) Limited — Update on Tuticorin Smelter
TUTICORIN, India–(BUSINESS WIRE)– Sterlite Industries (India) Limited has been has been operating its copper smelter in Tuticorin for the last 17 years with requisite approvals and consents issued by regulatory authorities. The plant adheres to the highest standards of environment, health and safety practices, benchmarked to international standards. The plant has undergone continuous upgradation of technology over the years, including the implementation of numerous environmental upgradation measures based on recommendations of TNPCB, NEERI and CPCB in the last two years.
In response to a few public complaints of emission, on 23 March, 2013, Tamil Nadu Pollution Control Board (TNPCB) carried out a preliminary inspection. We provided to TNPCB all the technical details of the operations which confirms that all parameters and key readings of the particular period of 23 March, were well within the permissible range. The District Administration also issued a press note confirming that no case of illness was reported on account of alleged emission, based on a report by District health officials.
Since all parameters were found within permissible levels and there were no cases of illness, we believe that this should have been the subject matter of detailed technical evaluation by TNPCB. However, TNPCB has ordered closure of the plant. We will engage with TNPCB to explain the factual position and are committed to co-operate fully with the authorities in this regard, in order to be able to restart operations.
About Sterlite Industries
Sterlite Industries (India) Limited is India‘s largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com.
Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Senior Vice President – Investor Relations
sterlite.ir@vedanta.co.in
Sheetal Khanduja, +91 22 6646 1531
AGM – Investor Relations
sterlite.ir@vedanta.co.in
KEYWORDS: Asia Pacific India
INDUSTRY KEYWORDS:
The article Sterlite Industries (India) Limited — Update on Tuticorin Smelter originally appeared on Fool.com.
By Naazneen Karmali, Forbes Staff
K.Anji Reddy, founder and chairman of generics maker Dr Reddy’s Laboratories, died Friday in Hyderabad at age 72. The pharma pioneer had been battling cancer and was “ailing for some time” , according to a company statement. Reddy’s 26% stake in Bombay Stock Exchange-listed Dr Reddy’s, which he shared with his family, earned him a place among the world’s billionaires; he was ranked at Number 974 with a fortune of $1.5 billion. …read more
Source: FULL ARTICLE at Forbes Latest
By Naazneen Karmali, Forbes Staff Balvant Parekh, chairman of Bombay Stock Exchange-listed Pidilite Industries, maker of the popular Fevicol brand of adhesives, died Friday. He was 88. His 70% stake in Pidilite which he shared with his family, earned him a place among India’s richest. In October, the patriarch featured at Number 45 on Forbes Asia’s India Rich List with a family fortune of $1.36 billion.
Source: FULL ARTICLE at Forbes Latest
