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| Rupee remains weak against US dollar in early trade MUMBAI, Mar 30: The rupee remained weak against the US currency early today due to possible month-end pressure in......more Haryana to
appoint CHANDIGARH, Mar 30: Haryana has decided to appoint one teacher per 40 students in each section in the government.....more Traders
down KOLKATA, Mar 30: Majority of trade establishments remained closed in the city today on the first day of the 72-hour....more UPFC
contemplating LUCKNOW, Mar 30: In a bid to boost the small scale sector in the state, Uttar Pradesh Financial Corporation is contem.....more |
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Pfizer to appeal Austrian Lipitor patent ruling NEW YORK, Mar 30: Pfizer Inc will appeal a decision by the Austrian patent office to invalidate a company patent........more NATCO
pharma issues NEW DELHI, Mar 30: NATCO pharma today issued 1,08,272 shares to Jermyn capital partners PLC on conversion of its........more Ecsorts
acquires NEW DELHI, Mar 30: India’s third-biggest tractor maker Escorts Ltd today said it had acquired its polish joint venture.....more BMC
employees, officials MUMBAI, Mar 30: The Brihanmumbai Municipal Corporation (BMC) employees union and civic officials have agreed to...........more |
Rupee remains weak against US dollar in early trade MUMBAI, Mar 30: The rupee remained weak against the US currency early today due to possible month-end pressure in mostly quiet and range-bound trade at the interbank foreign exchange (forex) market here this morning. Domestic unit was quoted 43.82/83 per dollar in late morning deals, a shade lower from yesterday’s five week closing low of 43.8150/8250 per dollar, after a lower opening quote of 43.83/84 per dollar. Although, the forex spot trade remained quiet within a narrow band in early deals, the rupee could come under renewed pressure due to possible month-end dollar demand amidst a slowdown in foreign fund inflows, a forex dealer said. A robust dollar overseas gave further weight to rupee value, even as global oil prices were stable at 54.31 dollar a barrel, he added. The rupee declined by over seven paise in the last two sessions due to customary month-end pressure. In cross currency trade, the euro was quoted at Rs 56.75/78 per dollar, the pound sterling at Rs 82.31/33 and the Japanese yen (100) Rs 40.86/88. (PTI) |
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Haryana to appoint one teacher per 40 students CHANDIGARH, Mar 30: Haryana has decided to appoint one teacher per 40 students in each section in the government primary and middle schools. The Education Minister Phool Chand Mullana said this here yesterday and added that this decision had been taken to improve the standard and quality of education in the state. He said that one teacher could give full attention to 40 students and educate them in an appropriate manner. He said that the children were the future of the nation and they should be imparted a sound education during their formative years. (UNI) |
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Traders down shutters against VAT KOLKATA, Mar 30: Majority of trade establishments remained closed in the city today on the first day of the 72-hour trade bandh in the state in protest against the implementation of Value Added Tax from April 1. While federation of West Bengal Trade Association (FWBTA) spokesman Mahesh Singhania claimed that the wholesale market in the city wore a deserted look and main markets were closed, small shops, grocers and fish vendors in the neighbourhood markets were seen selling their wares in the morning. Medical stores, petrol pumps, milk outlets, five star hotels and cinemas were kept outside the purview of the bandh. "Despite the huge losses we have to incur, we decided to go for the bandh to fight against implementation of VAT, which will not only affect the business and trading community, but the consumers and Governments as well," FWBTA president A R Kajaria claimed. If the bandh failed to achieve its objective, the FWBTA may move the court against VAT’s implementation, he said. Fwbta general secretary A N Paul said traders would submit a memorandum to Chief Minister Buddhadev Bhattacharjee in this regard and hold demonstrations across the state. (PTI) |
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UPFC contemplating loweing of interest rate LUCKNOW, Mar 30: In a bid to boost the small scale sector in the state, Uttar Pradesh Financial Corporation is contemplating lowering the rate of interest charged on loans provided to entrepreneurs. "The current rate of around 14 cer cent is on the higher side and we now propose to reduce it by about three per cent," UPFC Chairman Shiv Pratap Yadav told PTI here today. Owing to the difference in the rate of interest charged by UPFC and banks, entreprenueurs were not finding it profitable to take loans from the corporation, Yadav said. He said that UPFC was likely to sign a Memorandum of Understanding with the State Government and Small Industries Development Bank of India (SIDBI) soon after which the rate of interest would be lowered to about 11 per cent. Yadav said that the corporation had fixed a target of disbursing Rs 300 crore as loans to entrepreneurs to set up small scale units in the state in the current financial year. The corporation was also in the process of setting up more regional offices in order to make it easy for prospective entrepreneurs to approach it for loans, he said. He said that in order to realise the bad debts, the corporation was making plans to further simplify the One Time Settlement Scheme (OTS). Serious irregularities had been detected in disbursement and settlement of loans during the tenure of the former Managing Director of the Corporation Sunanda Prasad and an inquiry had been ordered in this regard, Yadav said. Efforts would be made to revive sick units by providing them all necessary help. (PTI) |
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Pfizer to appeal Austrian Lipitor patent ruling NEW YORK, Mar 30: Pfizer Inc will appeal a decision by the Austrian patent office to invalidate a company patent covering the active ingredient in the cholesterol-lowering drug lipitor. Indian generic-drug company Ranbaxy Laboratories Ltd said yesterday it received a ruling that certain claims of the patent were invalid. Ranbaxy is an seeking to expand in the US market. Lipitor is sold in Austria under the brand name Sortis. In a press release, Pfizer said it’s confident it will, on appeal, be able to make a "compelling" argument in support of its patent. Pfizer pointed out that the ruling applies only to Austria and is not relevant to litigation between Ranbaxy and Pfizer in other jurisdictions, including the United States. The patent will remain in force during the appeals process, which is expected to take about a year, Pfizer said. Lipitor, Pfizer’s top-selling drug, posted a 23 per cent sales gain to USD 3.26 billion in the fourth quarter, and topped USD 10 billion in sales for the year. (AP) |
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NATCO pharma issues 1,08,272 shares to Jermyn capital NEW DELHI, Mar 30: NATCO pharma today issued 1,08,272 shares to Jermyn capital partners PLC on conversion of its FCCBs into shares. The committee constituted for the issue of foreign currency convertible bonds and related matters at its meeting held today have allotted 1,08,272 equity shares to Jermyn capital partners PLC who had exercised their right of conversion of bonds into equity shares, NATCO informed Bombay Stock Exchange. (PTI) |
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Ecsorts acquires polish tractor JV partner NEW DELHI, Mar 30: India’s third-biggest tractor maker Escorts Ltd today said it had acquired its polish joint venture partner farmtrac tractors Europe. The acquisition will enable escorts to expand its European base and also penetrate the fast-growing markets in Africa, Asia and Latin America, escorts said However, the company did not specify the financial details of the deal. Escorts formed a joint venture with farmtrac in 2000 to make and market agricultural tractors in Europe. Escorts first held a 49 per cent stake, which it increased to 64 per cent in 2003. Escorts invested about 14 million dollars in the farmtrac brand and an additional 90 million dollars on upgrading its manufacturing facilities, the company added. (UNI) |
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BMC employees, officials agree to appoint arbitrator MUMBAI, Mar 30: The Brihanmumbai Municipal Corporation (BMC) employees union and civic officials have agreed to appoint an arbitrator to resolve the exployees demands, including 129 per cent dearness allowance. "We will be signing an agreement to this effect today evening and an arbitrator will be appointed", BMC union secretary Govind Kamtekar said here today. The decision was reached after over six hours of talks between the union and BMC officials yesterday. The workers also decided not to go on their proposed indefinite strike, he said. On March 23, the union had postponed their call of indefinite strike after Mayor Datta Dalvi promised to look into a workable solution which the union presented to the officials. Though the pay revision committee has recommended 15 per cent hike in salaries and 100 per cent DA, the union has demanded 129 per cent da for last five years. (PTI) |
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HCC bags Rs 159.42 cr order from Saudi company NEW DELHI, Mar 30: Hindustan Construction Company Ltd today said it has bagged an order worth Rs 159.42 crore from Saudi Arabia. The company has received notice to proceed for execution of restoration of piers project from royal Saudi naval forces, the company informed the Bombay Stock Exchange. The value of the contract is about Rs 159.42 crore, it added. (PTI) |
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Strides signs $160 mn agreement with US Co NEW DELHI, Mar 30: Strides Arcolab has entered into an agreement with a US hospital company for upto $160 million to develop, license and manufacture four specialised injectable products for sale in the American market. The size of the contract is estimated to be $90 million at the lower end and $160 million at the upper end, including milestone payments, the company informed the Bombay Stock Exchange. The agreement with the unnamed US company is for an initial period of five years, and is renewable for additional periods of time on mutual agreement, it said. "The successful conclusion of this strategic relationship will significantly increase the credibility of strides’ partnering philosophy", said Arun Kumar, CEO of Strides group. (PTI) Meghalaya not to implement VAT from April 1 SHILLONG, Mar 30: Congress-ruled Meghalaya has decided not to implement the Value Added Tax from April 1, pending amendment to certain clauses in the 2003 act. Giving reasons formissing the deadline, Taxation Minister J D Rymbai told PTI here today that the VAT bill was passed in the Assembly in 2003 and then sent to the Centre through the empowered committee for the President’s assent. But afterwards, the state wanted to amend certain clauses in the legislation and sought the Centre’s permission which was not allowed as it was already with the President, Rymbai said. "Now we have received the bill from the President with his assent and will amend the act in the re-assembled budget session of the Assembly on April 4 next," he said hoping the amended act would then be implemented from April 10. Meanwhile, two prominent chambers of commerce in Meghalaya decided not to observe traders strike from today to protest against the implementation of VAT to avoid public inconvenience. (PTI) |
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Traders’ strike evokes muted response in Orissa BHUBANESWAR, Mar 30: The three-day All India Traders’ strike against the implementation of VAT which began today evoked a muted response with the federation of All Orissa Traders’ Association (FAOTA) deciding to observe a one-day bandh on April one. Shops and commercial establishments in most cities, including Bhubaneswar and Cuttack, remained open today though a few outlets remained closed. The FAOTA has decided to observe April 1, which is also celebrated as ‘Utkal Divas’ (foundation day of Orissa state), as a ‘black day’ to protest against the Naveen Patnaik Government’s decision to go ahead with the implementation of VAT, its general secretary B K Mohanty said. Mohanty said that talks with Finance Minister Prafulla Chandra Ghadai held here on Monday in this regard had failed. The minister took a "rigid and inflexible" stand on the issue, he said. The traders in Orissa had gone on a day’s strike on March 19 demanding deferment of VAT implementation in the state. Differences had also cropped up between BJD and BJP ministers at a recent cabinet meeting where the latter argued for non-implementation of VAT from April one. They said that the Government should adopt a wait and watch policy as neighbouring states of Chhattisgarh and Jharkhand were not implementing the new tax regime. While BJP ministers obviously toed their party’s line, BJD pointed out that it would be difficult to go back now after having decided in favour of VAT implementation from April one. "We will be implementing VAT from April one", Ghadai told reporters after the cabinet meeting. Reports from Rourkela, Sambalpur and Berhampur said that shops and business establishments remained open. (PTI) |
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