Unitech Ltd , India's No 3 real estate developer by market value, reported a halving of its quarterly net profit on Tuesday, as the company was hit by a fall in demand for houses in a rising interest rate environment. India's debt-laden developers have been hit by slowing sales as 13 interest rate hikes since March 2010 by the central bank in Asia's third-largest economy ...Read More

Much to the government's respite, headline inflation eased to a 26-month low at 6.55 per cent in January from 7.47 per cent in December, 2011, owing to a further fall in vegetable prices, prompting Finance Minister Pranab Mukherjee to scale the benchmark lower at 6 per cent from the earlier estimate of 7 per cent for the fiscal year ending March. With overall inflation, as measured ...Read More

India's leading carriers, Air India, Jet Airways and Kingfisher Airlines (KFA) are witnessing massive exodus of pilots to low-cost domestic airlines like IndiGo as well as foreign carriers due to delayed salaries. Airline sources said that around 40 pilots of national carrier Air India have quit in past few months while 62 have quit KFA and approximately 50 from Jet Airways to join IndiGo as well ...Read More

The delegation, led by India's commerce minister Anand Sharma who was joined 150 business leaders, crossed the regional rivals' land border at Wagah in Punjab, where they were warmly welcomed by Pakistan's trade minister Makhdoom Amin Fahim. Pakistan is expected to confirm 'Most Favoured Nation' status to India which could see trade across the celebrated Wagah border soar. The border is famed for the dramatic closing ceremony ...Read More

The government has decided to go ahead with preparation of detailed project report for the High Speed Rail Corridor connecting Thiruvananthapuram to Kasaragod trains speeding more than 200 kilometres an hour. Though there were apprehensions about the feasibility of the project, the Delhi Metro Rail Corporation, which conducted the feasibility study, has given a positive report. The all party meeting, convened by Chief Minister Oommen Chandy here ...Read More

Innovation and efficiency are keys to boost the growth of exports from the country, according to Mr M. Veerappa Moily, Union Minister for Corporate Affairs. Inaugurating the ‘Karnataka: Export Vision 2020', an exporters' convention, in Mangalore on Monday, he said that exporters need to re-invent themselves. In such a situation, innovation and efficiency play the major role in boosting exports from any region. develop ...Read More

New Delhi: The Centre on Monday suggested that states levy a one-time uniform road tax of 6 percent on the sale price of cars and two-wheelers unlike the current system where the quantum of tax varies from state to state. The highways ministry’s proposal is aimed at rationalisation of motor vehicle taxes across the country. It also proposed ...Read More

Sun Pharmaceutical , India's top drugmaker by market capitalisation, reported a better-than-expected 91% rise in December quarter net profit on robust sales by Israeli unit Taro Pharmaceutical Industries . Sales in the US also helped, said the company, which makes generic drugs and provides contract research and manufacturing services. Sun Pharma's consolidated net profit rose to Rs 668 ...Read More

Accounting regulator ICAI barred the ex-CFO of the erstwhile Satyam Computer Services, Srinivas Talluri, and former Pricewaterhouse auditor Vadlamani Srinivas from practice for life, while slapping a Rs 5 lakh penalty on them over the Rs 14,000 crore fraud at the IT firm. The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the two auditors guilty ...Read More

The Indian equities were trading in negative terrain as selling pressure was felt in realty, capital goods, IT, metal and banking stocks. Meanwhile oil & gas stocks were trading with marginal gains. The BSE midcap and smallcap indices were trading flat. The Sensex was down 46.50 points or 0.26% at 17702.19 while the Nifty was down 16.95 points or 0.31% at 5364.65. The market breadth was ...Read More