Category: India

Soros Picks Stake in BSE

George Soros has picked up a 4 per cent stake in the Bombay Stock Exchange for USD 35 million (over Rs 160 crore).
Soros’s Quantum hedge fund bought the stake from Dubai Financial, a part of the state-run Dubai Holdings, for an estimated Rs. 380 per share, sources said.

With a total of 10.4 crore shares, the deal at Rs. 380 per share values BSE at over $800 million (Rs. 3,952 crore). Over 5,000 companies are listed on the exchange.

Rcom – Nokia tie up to offer Ovi Life Tool services

Telecom major Reliance Communications (RCom) on Friday announced its partnership with mobile handset maker Nokia India for jointly offering Ovi Life Tools services.
Ovi Life Tools is a set of mobile information and application services, covering crop prices, education, health, games, maps, music and entertainment.

Nokia’s Ovi Life Tools will be available to RCom users under subscription and pay-per-use models. While education and entertainment services will be offered at Rs. 30 per month, agriculture service will be available at Rs. 60 per month, the company told reporters here.

FDs now with floating rates

SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as the interest will change with the revision of base rates.

So, if a depositor wants flexibility in returns, then he can go in for the floating option, said Central Bank of India Executive Director Arun Kaul said.

LIC, HDFC Standard Life Get IRDA Fine

LIC and HDFC Standard Life have both been imposed on with a fine by Insurance Regulatory and Development Authority (IRDA) for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee told the Lok Sabha.

Against the target of 25 per cent, LIC missed it by a whisker and could only underwrite 24.27 per cent of policies in the rural sector, he said. At the same time, HDFC Standard Life achieved just 12.85 per cent against the target of 19 per cent, he said.

India sees solution on Blackberry

BlackBerry-maker Research In Motion may provide some solution next week to help Indian security agencies access corporate email by obtaining encrypted data in readable format, a government source said on Friday.

Research In Motion (RIM) faces an August 31 deadline to give Indian authorities the means to track and read BlackBerry Enterprise email and its separate BlackBerry Messenger service.

Telangana a political issue not constitutional: Supreme Court

The Supreme Court on Friday said the issue of carving out a separate State of Telangana from Andhra Pradesh was a “political question” which cannot be answered by it.
It said no larger Constitutional question is arising at this stage from the issue as there is no decision on the division of the state requiring its interference to examine the legality.

MPs demand 500 per cent pay hike

A salary hike of close to 300 per cent would leave most jumping with joy. But our country’s MPs are fretting and fuming and demanding more. Nothing less than a 500 per cent hike, as recommended by the joint committee on salaries and allowances of MPs, would suffice, they say.

By itself, a salary of Rs 16,000 per month for an MP might seem a piffling amount. However, this salary comes with a generous list of perks and allowances, all at the taxpayer’s expense. The present raise will increase an MP’s salary to Rs 50,000 per month though what our demanding MPs are seeking is an increase to Rs 80,000 per month.

BCCI defers decision on IPL-4

The Governing Council of the Indian Premier League has deferred its decision on the number of games in the league from next year.

At its meeting here on Friday, the members decided to take up the matter in September despite having unanimity on the need to reduce the number of matches drastically from the original number of 94. “We have decided to not have any discussion on the matter. It will be decided in September,” said IPL vice-chairman Niranjan Shah. In the run-up to the meeting, there were indications that the BCCI will settle for 73 or 74 matches.

Pakistan in control of Oval test match

Pakistan are in control of the third Test match against England at The Oval after close of play on the third day.
When play was called off early because of bad light, the home sides were struggling on 221 for nine wickets, a lead of just 146 runs with one wicket remaining.

Stuart Broad is six not out and Steven Finn nought not out as England will look to add some more runs to their total on Saturday.

Farmers reject Mayawati’s ‘high compensation’

Farmers in Uttar Pradesh rejected Chief Minister Mayawati’s fresh attempt by offering higher compensation for their land acquired for the Yamuna Expressway project and threatened to stall the construction work.

The farmers continued with their protest in front of the Chhalesar police outpost in Agra for the third day and rejected Mayawati’s offer of Rs. 580 per sq metre along with the promise to give special impetus to milk production, animal husbandry, pisciculture, horticulture and sericulture to increase the farmers’ income.