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Submarine INS Arihant’s nuclear reactor goes ‘critical’

2013, August 10 - 10:54
Submarine INS Arihant’s nuclear reactor goes ‘critical’

India's indigenous nuclear submarine INS Arihant has moved a step closer toward its operational deployment by the Navy as its nuclear reactor has been activated.

Sources, with direct knowledge of the development, said, "The nuclear reactor on board the INS Arihant has been made critical (activated) last night."

The operational deployment of the INS Arihant by the Navy would complete India's nuclear triad, which means the company would become capable of firing nuclear-tipped missiles from land, air as well as sea.

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Ratnakar Bank acquires several of RBS’ India businesses

2013, August 10 - 10:50
Ratnakar Bank acquires several of RBS’ India businesses

Kohlapur, India-based Ratnakar Bank on Friday confirmed that it had bought several India businesses of Royal Bank of Scotland (RBS), including home loan and credit card portfolios.

Ratnakar Bank acquired the assets after beating rivals like Axis, IndusInd, Standard Chartered and YES Bank in the race.

A senior RBS official said, "The portfolios are of high quality and will give us a strong platform over and above our existing business."

The employees working as part of RBS' commercial and home loan business will be absorbed by Ratnakar bank.

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Indian Parliament passes Companies Bill

2013, August 9 - 07:19
Indian Parliament passes Companies Bill

Indian Parliament on Thursday passed the new Companies Bill that aims to strengthen accounting standards, corporate social responsibility (CSR), and shareholder rights.

The new Companies Bill is the first major revamp of company law in more than five decades. The first Companies Act was passed nearly 57 years ago.

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Cadbury to build new manufacturing facility in India

2013, August 8 - 08:05
Cadbury to build new manufacturing facility in India

Cadbury India Ltd, a subsidiary of global snacks producer Mondelez International Inc., on Wednesday revealed its plans to build a manufacturing facility in the southern state of Andhra Pradesh.

The maker of the Dairy Milk chocolate and Bournvita said it had signed a deal to take 134 acres of land in Sri City on lease for the planned multi-category food manufacturing facility.

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CBI arrests Micromax owners in a bribery case

2013, August 8 - 08:03
CBI arrests Micromax owners in a bribery case

The Central Bureau of Investigation (CBI) has arrested the owners of smartphone and tablet Micromax Informatics in a bribery case, sources form the investigating agency revealed.

According to the sources, Rajesh Agrawal and Manish Tuli were arrested when they were trying to give bribe of Rs 30 lakh to the officials of the Municipal Corporation of Delhi (MCD) for getting approval for construction of a banquet hall in the Wazirpur area of the city.

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Raghuram Rajan becomes next RBI governor as rupee struggles to recover

2013, August 7 - 09:53
Raghuram Rajan becomes next RBI governor as rupee struggles to recover

As the Reserve Bank of India (RBI) has been struggling to arrest rupee's falling value, the government has named Raghuram Rajan as the next governor of the central bank.

Fifty-year-old Rajan, who has been in the role of the top adviser to the finance ministry since 2012, will succeed Duvvuri Subbarao, who will step down on 4th of September this year.

Previously, he served the International Monetary Fund (IMF) as chief economist.

Mr. Rajan said the Indian economy is passing through challenging times and there was no magic wand to make those challenges disappear instantaneously.

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Hyundai aims to overtake Maruti by decade’s end

2013, August 7 - 07:24
Hyundai aims to overtake Maruti by decade’s end

The Indian arm of South Korean car manufacturer Hyundai has set an ambitious target to overtake Maruti Suzuki to grab leadership position in the country's compact car market by the end of current decade.

Hyundai Motor India, which is currently the second-largest carmaker in India, aims to overtake Maruti by launching news compact cars.

The company's chief coordinator, C H Han, said that South Korea-based parent firm had asked its Indian subsidiary to win leadership position and become the most-loved brand in India.

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Financial Tech shares fall 24% on reports of likely ban on e-series contracts

2013, August 6 - 08:12
Financial Tech shares fall 24% on reports of likely ban on e-series contracts

Shares of Financial Technologies Ltd slipped as much as 24 per cent in early morning trade on Tuesday, after media reports suggested that the government could put a ban on trading in e-series contracts on the National Spot Exchange Ltd (NSEL).

E-series contracts allow retail investors to purchase and sell commodities in demat form in smaller denominations. Any ban on this segment will hit the crisis-hit NSEL's business further.

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Aviva reportedly preparing to sell its 26% stake in India JV

2013, August 6 - 08:09
Aviva reportedly preparing to sell its 26% stake in India JV

Aviva Plc is reportedly in search of a buyer for its stake its stake in Aviva Life - an insurance joint venture with India's Dabur Group.

Aviva owns 26 per cent stake in Aviva Life, while the remaining 74 per cent stake in the insurance joint venture is owned by the Dabur Group.

At current price of Aviva Life shares, Aviva Plc's stake is worth more than $500 million.

Sources, with direct knowledge of Aviva Plc's plans, revealed that the company was in the process of appointing corporate advisers to find buyers for its stake.

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CIL shares fall to record low as earnings failed to meet expectations

2013, August 5 - 10:45
CIL shares fall to record low as earnings failed to meet expectations

Coal India Ltd (CIL) shares slipped as much as 2.6 per cent to a record low in early trade on Monday, after the state-owned miner reported earnings that lagged expectations.

CIL on Saturday said that its net profit for the April to June quarter slipped to Rs 3,731 core. Net sales slipped marginally from Rs 16,500 crore in the first quarter of FY2012-13 to Rs 16,472 crore in the same quarter of current financial year.

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BHEL shares slip to lowest since Dec. 2005 on poor Q1 results

2013, August 5 - 07:50
BHEL shares slip to lowest since Dec. 2005 on poor Q1 results

Stock in Bharat Heavy Electricals (BHEL) slipped to its lowest level since December 2005 in morning trade on Monday after it reported nearly 50 per cent decline in quarterly earnings.

BHEL, India's leading power equipment manufacturer, announced on Saturday that its net profit slipped to Rs 470 crore in the April-June quarter, from Rs 920 crore in the corresponding quarter of last fiscal.

Sales slipped 24 per cent, from Rs 8,439 crore in the first quarter of FY2012-13 to Rs 6,458 crore in the same quarter of the current fiscal year.

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Vodafone may be forced to sell its 4.4% stake in Airtel

2013, August 3 - 11:15
Vodafone may be forced to sell its 4.4% stake in Airtel

British telecom giant Vodafone Group may soon reveal a plan to sell its stake in Bharti Airtel as the newly published Unified Licence norms doesn't allow a carrier to own a direct or indirect equity stake in a rival firm.

Vodafone Group owns 4.4 per cent equity stake, worth about $1 billion, in Airtel - India's leading telecom services provider.

While the new rules states that no telecom firm can own a direct/indirect stake in another firm operating in the same of any of India's twenty-two telecom circles, Airtel and Vodafone offer telecom services in all of the those circles.

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