Sunday, March 30, 2008

Indian Business News – Selected Extracts (31/03/08)

1. The stock exchanges in Mumbai were trading low in the beginning of the trade on this last day of the financial year 2008-09. My choice of stock for the day is ITC.
2. US object to Indian Merger and Acquisitions (M&A) rules with respect to the requirement of getting the government’s approval even for the M & As taking place abroad. .
3. British Telecom announced the opening of its global operations centre at Gurgaon near Delhi. It will employ 300 people to provide the back-end support for its operations.
4. Domestic companies such as Cipla and Ranbaxy are dominating the show in the organized pharma market. The lone multi-national player in the top five is Glaxo-Smithkline (GSK).
5. Dena Bank to write off Rs.200 Cr as agriculture loan waiver.
6. HDFC to hire 2000 people for its BPO activity.
7. Nokia production reaches 125 million in over two years of operations at its manufacturing unit in Tamil Nadu.

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