Essar Oil, an arm of Essar Energy Plc, has announced top-level management changes to drive growth. It has appointed Naresh Nayyar as deputy chairman and Lalit Kumar Gupta as managing director (MD) and CEO of Essar Oil. Until now, Nayyar has held the dual roles of CEO of Essar Energy Plc and MD & CEO of Essar Oil. Essar Oil source : indiatoday  Read More →

Ahmedabad-based real estate developer J P Iscon ( JPIL) will invest Rs 250 crore in four housing projects in Vadodara, a top official said today. “JPIL has put up four projects spread over 1.65 million square feet area of 900 apartments and 1.68 lakh square feet space for 81 offices,” company managing director Jateen Gupta told reporters here today. Gupta said JP Iscon‘s... 

Sugar stocks turned bitter for traders and investors in trade today. UP government raised the SAP for sugarcane in season started October by Rs 35-40 per quintal to Rs 235-250 per qtl. Mills will now have to pay farmers at least Rs 240 per quintal for fair average cane, Rs 250 per quintal for early maturing varieties that have higher recovery and Rs 235 for late maturing cane, against... 

Ailing Kingfisher airlines on Friday said it has not asked for a bailout from the government but admitted requesting banks to increase the loan limits to enable it meet rising operating costs due to increase in fuel prices and rupee devaluation. “Kingfisher has not made any bail out request to the government. We have only asked our banks for an increase in limits due to significant... 

In the larger interest of trade and industry, the state government has decided to make Value Added Tax (VAT) registration process simpler, faster and transparent. Giving details about the decision, minister of state for finance, Saurabh Patel, said that the new procedure will come into effect from December 1. “A provisional number will be generated and issued within three days of... 

Essar Ports Ltd, a unit of the $20 billion (Rs.98,400 crore) Essar Group, is seeking to develop a port in Mozambique as the conduit for the exports of iron ore from an affiliate’s mining assets in Zimbabwe. “Mozambique is a mineral rich country. We are working towards signing a concession agreement for building a port in that country,” said Rajiv Agarwal, chief executive officer... 

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Police today arrested a ‘panelist’ of a controversial multi-level scheme of the Singapore-based online survey company, Speak Asia, which allegedly duped over 12 lakh investors across India to the tune of Rs 1,300 crore. With this, the number of persons arrested in the case has gone up to five. Speak Asia had promised lucrative returns through a multi-marketing pyramid model.... 

Hiking the short-term lending and borrowing rates sharply by 50 basis points for the third time in three months to tame high inflation, the Reserve Bank of India (RBI) said that the demand pressures had remained strong and actual inflation so far had been higher than expected. The bank said that crude oil prices remain volatile and were a major risk factor and the non food manufactured... 

A benchmark index for the Indian equities market sensex plummeted sharply to close 369 points lower on Tuesday after a surprising 50 basis point increase in the repo rate by the Reserve Bank of India (RBI). Interest rate-sensitive stocks like realty, auto and banking were expectedly among the hardest hit. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened...