Indian Business News – Selected Extracts (24/05/08)

1. India’s solar energy potential is great. Experts say that even if 2% of the land area were to be used to harvest energy from sunshine, the power generated will meet all the energy needs of the country. The government has formed an autonomous body called Solar Energy Commission with private and public sector participation, to launch country-wide programs to promote electricity generation using solar energy. Reliance Energy also has plans to draw power from the sun.
2. Inflation has gone up over 8% for the week ended May 10, 2008. The level is likely to go up if fuel rates are revised upwards. Crude oil price hit an all time high of US$133. In bullion market, gold closed at Rs.12,800/10gm and silver at Rs.24,980/kg.
3. The stock markets at Mumbai succumbed to weak global trends. The BSE ‘s 30-share sensex ended at 16,649, showing a steep fall of 257 points. The banking stocks took a beating. The BSE warned investors not to deal with stocks, which were either not being traded at all previously or had very thin volumes.
4. ITC’s net profit increases by 16% to Rs.3,120 Cr on non-cigarette business. The ITC has emerges as a bigger enterprise than FMCG giant Hindustan Unilever (HUL).
5. As per the WHO report, there are some 40 million Indians with hepatitis B carriers and about 1 million of the 25 million infants born each year in India will become infested with the virus.
6. The Government said that guidelines for 3G services will be issued next month and foreign players will be allowed to offer this service in the country.