Computer chip maker Micron Technology Inc. in a latest announcement revealed its plans to cut as many as 2,000 jobs by the end of the fiscal year, amid the weak economy and lower demand for its DRAM memory chips.
The company said late Monday that it will end manufacturing of DRAMs on 200-millimeter wafers in Boise, and would cut 500 jobs at the plant.
The company is also looking at cost reduction, including capital expenditure and infrastructure.
The 24,500 campus offers, where the students are expected to join in July 2010, will also be delayed.
Elder Pharmaceuticals has announced that the wholly owned Dubai subsidiary of the company has made an unsolicited offer to NeutraHealth Plc, UK, at an indicative partial offer price of 5.5 pence per share..
The approach may or may not lead to a partial offer that would result in the subsidiary`s shareholding increasing from 21% to between 50 and 60%.
JL Morison India has tied-up with US based Alberto Culver International for marketing and distribution of international brands St. IVES, VO5 and Alberto Balsam in India.
JL Morison India, a part of the Rasoi group, is engaged in the business of manufacturing and marketing personal care, oral care, and foot care products.
White House budget chief Peter Orszag said the Obama administration's budget outline reflects costs for the war in Iraq and other items that were previously not included in the budget.
The easiest way to define `liquidity risk` is risk that arises from the difficulty of selling an asset.
An investment may sometimes need to be sold quickly. The reasons can be different for individuals and different for an investment manager.
Unfortunately, an insufficient secondary market may prevent the liquidation or limit the funds that can be generated from the asset. And in a market with very high transparency and poor liquidity the problem is increased - like a set of brokers who know you are trying to sell a house.
Some assets are highly liquid and have low liquidity risk (such as shares of a listed A group company), while other assets are highly illiquid and have high liquidity risk (such as a house).
A humorous definition of liquidity is - the moisture in your eyes when you look at your portfolio!
Petron Engineering Construction bagged 2 orders worth Rs 725.5 million from HPCL - Mittal Energy (HMEL), Bathinda (Punjab)
The two orders include DHDT Heater Package for the lump sum contract value Rs 293 million and NHT CCR Heater Package for the lump sum contract value Rs 432.5 million for Guru Gobind Singh Refinery Project.
Everest Kanto Cylinder has announced that Cp Industries Holdings (CPI), step down wholly owned subsidiary of the company in USA has received orders totaling USD 5.8 million from National Oilwell Varco, Rig Solutions Group.
In addition, a letter of intent has also been received for supply of large pressure vessels for an additional USD 7.2 million.
Nano`, the world`s cheapest car by Tata Motors will be commercially launched on March 23 in Mumbai and bookings will start from April this year.
Nano was originally to be launched in the second half of 2008, but was delayed after the company was forced to shift the manufacturing base from Singur in West Bengal to Sanand in Gujarat.
Bharat Sanchar Nigam (BSNL) has reduced the tariff on landline/ wireless local loop (WLL) plans effective from Mar. 1, 2009. The details for the revised tariifs are as follows:
Revised Tariff for Landline/WLL subscribers:
| Particular | BSNL Network | Others Network | ||
| | Fixed/WLL (except 10 digit numbers) | Cellular/WLL (10 digit numbers) | Fixed/WLL (except 10 digit numbers) | Cellular/WLL (10 digit numbers) |
| Local & Intra Circle Calls | ||||
| Pulse/Rs. Per Min. | ||||
| Local | 180/0.33 | 120/0.50 | 180/0.33 | 60/1.00 |
| 0.50 kms | 180/0.33 | 120/0.50 | 180/0.33 | 60/1.00 |
| > 50 kms | 120/0.50 | 120/0.50 | 120/0.50 | 60/1.00 |
| Inter Circle Calls | ||||
| 0.50 kms | 120/0.50 | 60/1.00 | 120/0.50 | 60/1.00 |
| > 50 kms | 120/0.50 | 60/1.00 | 120/0.50 | 60/1.00 |
[Revised pulse rates are shown in BOLD Letters]
Note:- It is illustrative example considering unit rate of Re 1.
Under prepaid mobile service, a special plan named `India Golden 50` has been introduced effective from Mar. 1, 2009.
`India golden 50` under mobile service
| Particulars | Tariff (in Rs.) |
| Cost of SIM inclusive service tax | 67.00 |
| Activation/First Recharge Coupon | 333.75 |
| Service Tax | 41.25 |
| MRP of Activation/First Recharge Coupon | 375.00 |
| Talk value | 30.00 |
| Call to any network anywhere in India ( per Min) | 0.50 |
| SMS to any network any where in India (per SMS) | 0.50 |
| Other charges | Prepaid General |
Tariffs offered by BSNL and MTNL for the subscribers of landline and cellular phones are reviewed from time to time according to the prevailing market trends and to meet the competition from other telephone operators. This is in consonance with the policy, as laid down by Telecom Regulatory Authority of India (TRAI).
Pharmaceutical company, Piramal Healthcare has clarified that the promoter has no intention to dilute current ownership levels.
The clarification was made by the company with reference to news item appearing in leading financial daily titled `Sanofi seen ahead in Piramal race. ` The company has refused to comment further on the news.
The costs for the two wars will decline to $130 billion in the 2010 fiscal year that begins October 1, said the official, who briefed reporters on Obama's budget, which is due to be released on Thursday.
"We are looking very actively also at this opportunity," Kallasvuo said, when asked whether Nokia plans to make laptops.
Industry has rumored about Nokia's possible plan to enter the PC industry since late last year, but Kallasvuo's comment was the first official admittance of such plans.
The huge deficit would represent 12.3 percent of U.S. gross domestic product -- the largest share since World War II.
It also includes a 10-year, $634-billion reserve fund to help pay for the president's proposed healthcare reforms.
Another option under discussion is for Washington to convert $40 billion worth of preferred stock into common shares, said the source, who was not authorized to speak on the record.
A company official, who did not want to be identified said, the process has already started and we will shed about 1,500 jobs out of a total employee strength of about
10,000 employees.
However, he revealed that company has no intention to cut permanent jobs.
The Kashang Hydro Electric Project is located on Kashang and Kerang Streams, tributaries of river Sutlej, in Kinnaur district of Himachal Pradesh with an installed capacity of 3x65 MW.
The nation-wide launch of 3G mobile service in Chennai that permits various upgraded services, comprising rich voice, data and video services, to the subscribers.
The newly launched service will offer up data speed of 2 Mbps over the GPRS and EDGE enabled mobile networks.
Keeping its promise, the government today unveiled the third stimulus package.
In order to give relief to the beleaguered industry, the government reduced the rates of excise duty and service tax by 2%.
While the general excise duty has been reduced from 10% to 8%, the rate of service tax cut from 12% to 10%. Duty on bulk cement has been reduced from 10% to 8%.
Through the launch of latest facility, the customer of MTNL would now be able to access live TV, movie downloads, high speed Internet, a better gaming experience on mobile phones.
The company has bagged first order worth Rs 360-crore from Singareni Collieries for blast hole drilling, controlled blasting, which is scheduled to be completed over 72 months.
A company official, who did not want to be identified said, the process has already started and we will shed about 1,500 jobs out of a total employee strength of about
10,000 employees.
BMW has cut 850 jobs at its Cowley plant in Oxford. All agency workers who did the weekend shift at the factory have lost their jobs, with immediate effect.
Tata Communications (TCL) entered into pact with US-based SugarCRM to offer hosted customer relationship management (CRM) services which will enable customers to grow their business by servicing their clients based on their needs.
SugarCRM, a provider of commercial open source customer relationship management (CRM) software, has close to 4,000 customers worldwide.
Bank of Rajasthan, one of the fastest growing, technology driven and customer friendly private sector bank, has announced tie-up by signing memorandum of understanding (MOU) with Escorts, one of the leading tractor & farm equipments manufacturer in India.
This pact will help farmers in Rajasthan to obtain loan for tractors & farm equipments at a lower interest rate.
South Korea`s central bank has cut interest rates to a record low and signaled further cuts could lie ahead.
The Bank of Korea lowered rates for the sixth time in four months, reducing them to 2% from 2.5%.
Reliance Infrastructure on Feb. 13, 2009, announced a fresh program for buy-back of shares of Rs 7 billion as approved by shareholde.
The buy-back will be made up to Rs 700 per share- a premium of about 27% to current market price.
The company recently completed first phase of buy-back of 8.76 million shares of Rs 7.96 billion, largest ever by any Indian corporate.
1.Indian Railways cash surplus at Rs 900 billion in the last 5 years. To use Rs 700 billion surplus to upgrade rail productivity
2. Railways raised USD 100 million debt at 4% p.a.
3. Average freight growth upto 8% in last 5 years
4. Financial turnaround without burden on public
5. Significant declined in number of rail accidents in last 5 years
6. Made rail ticket booking facility easier
7. Railways to invest Rs 2,300 billion in the 11th 5 year plan
8. Railways have invested Rs 367.73 billion during fiscal 2008-09
9. Railways mishaps stood at 194 in the year 2007-08 as against 325 in the fiscal 2004
10. It has plans to introduce new wagons with 22% higher load capacity. Wagon Output to be raised by 15,000 a year as against 6,600 a year now
11. Freight earnings climbed 19% till September 2008
12. Laid 1,100 kms of new railway lines in last 5 years
13. It has set up 4 call centers for enquiries
14. Fiscal 2010 freight revenue seen at Rs 590.60 billion
15. Work on Delhi-Mumbai corridor has been started
16. Fiscal 2008 fright traffic rose 9% at 794 MT
17. Fares on AC coach and mail express train reduced by 2%
18. Kolkata metro train expansion plan has been cleared
19. It plans to start 43 new trains in fiscal 2010
20. Operating ratio seen at 89% in FY10
21. To spend Rs 359 billion in FY10
22. Expects FY10 cash surplus at Rs 193.20 billion
23. Freight rate kept untouched
24. Coach volumes in 16 trains will be increased
25. Railways has plans to takeover Burn Standard Company
26. Railways expected to show a surplus of Rs 188.47 billion in the next fiscal
27. Due to implementation of the Sixth Pay Commission recommendations Railways are expected to incur an additional burden of Rs 90 billion on salaries and Rs 45 billion on pensions
VRS Natrajan, chairman & managing director, BEML announced establishment of its aerospace manufacturing division at Aero India 2009 held at Air Force Station, Yelahanka, near Bangalore.
BEML is a mini ratna category-1 public sector undertaking under ministry of defence, Government of India.
Lower house of the German parliament has cleared 50 billion euro economic stimulus package.
The budgetary move, the biggest of its kind since World War Two, seeks to help Germany tackle recession.
The package makes modest cuts to income tax to encourage consumer spending, increases in family benefits and incentives for industry, including carmakers.
Envair Electrodyne has bagged a order worth Rs 8,495,000 from Air India for design, assembly and installation of avionics workshop facilities of electronic overhauling division (EOD) at Mumbai.
The order has been bagged against competition from multinational companies as well as companies like Godrej, the company disclosed
In a move that could disturb a few feathers in the Barack Obama administration, American entertainment giant Warner Bros has said it will be outsourcing jobs to India.
It is believed that about 200 positions are to be outsourced to India and Poland by Warner Bros, which will slash as many as 10% of its 8,000-strong workforce in the coming days.
In a bid to acquire a majority stake in Orissa Sponge Iron & Steel, Bhushan Power & Steel on February 7, made an open offer to buy an additional 26% stake in Orissa Sponge Iron & Steel for Rs 300 a share.
The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders.
The price of the share would be Rs 300 per share and the open offer would begin on April 3 and close on April 23.
Subex announced that it has partnered with Swisscom, Switzerland`s leading telecommunications provider, to co-operate in the field of fraud management.
The goal of the partnership is to improve the next generation fraud management.
Bharat Heavy Electricals (BHEL) has bagged four major contracts from various customers for the supply and installation of main plant equipment for thermal power projects. The projects, with a cumulative capacity of 3,250 MW, are located in Madhya Pradesh, Uttar Pradesh, Tamil Nadu and Maharashtra.
Cumulatively valued at around Rs 70,000 million
Maytas Infra`s three promoters, including Ramalinga Raju and Rama Raju today have pledged their entire holding of 15.14% in the company, to lenders.
Ramalinga Raju has pledged his entire holding, representing 8.25% of the paid up capital of the company.
B Rama Raju has pledged his 2.52% stake in the Hyderabad-based firm.
Further, B Nandini Raju, another promoter of the company, has pledged his 4.37% holding in the troubled infrastructure firm.
Tagged as the world`s cheapest, the small car`s first recipients may be celebrities, including political leaders, social workers, sports stars and film stars.
It is believed that the company had chosen March 3 as the launch date because it is the birth anniversary of Tata Group founder, Jamsetji Tata.
The dealer has been suspected to have received a kickback from the four unlisted corporates for these favors. The bank began investigating the matter after it sensed the fraud in December. The trader was fired last week.
Infosys Technologies; an information technology (IT) major has signed a memorandum of understanding (MoU) with the University of Cambridge
The MoU is inked for collaborative research ventures in the fields of engineering, management and business, architecture and pharma to develop opportunities in these areas over the next three years.
U.S. Jan. nonfarm payrolls fall 598,000, most in 34 years
U.S. Jan. unemployment rate rises to 7.6% from 7.2%
U.S. payrolls drop 3.6 million since start of recession
U.S. Jan. average hourly earnings up 5 cents, or 0.3%
U.S. Jan. total hours worked fall 0.7%
U.S. Jan. nonfarm payrolls worse than 525,000 loss expected
U.S. Jan. unemployment rate higher than 7.5% expected
U.S. benchmark revision lowers Dec. payroll count by 311,000
U.S. Jan employment rate highest since Sept. 1992
U.S. Jan. factory payrolls fall 207,000, most in 26 years
The offer would be open for a limited period till March 26, 2009.
The company proposes to buy-back up to 1.41 million fully paid-up equity shares of the face value Rs.10 each at a price of Rs. 691.68 an equity share in cash, for an amount aggregating up to Rs. 974.60 million.
Production from the Organization of Petroleum Exporting Countries averaged 28.565 million barrels a day last month, down 3.5 percent from December, according to a Bloomberg News survey of oil companies, producers and analysts. A government report yesterday showed U.S. consumer spending fell in December for a record sixth consecutive month, raising concern that fuel consumption has dropped.
State-owned Indian Overseas Bank has finally secured RBI's approval to go ahead with the acquisition of Pune-based Shree Suvarna Sahakari Bank.
IOB has taken more than ten months to secure RBI's approval, after receiving nod from the board of directors to take over the troubled bank in March, last fiscal.
US aerospace giant Boeing has inked the much-delayed lease pact with Maharashta Airport Development Company (MADC) for setting up a $100 million maintenance, repair and overhaul MRO facility in Nagpur.
The facility is a joint venture between the aerospace major and national carrier Air India and expected.
According to sources, the jobs cuts were announced two weeks ago and the layoff exercise cut across various levels including mid-level managers.
It may be noted that around nine months ago, the company had cut around 200 jobs at its Chennai development centre.
Delhi-based Bhushan Steel has acquired 9.5% stake in Bhubaneswar-headquartered Orissa Sponge Iron & Steel for about Rs 23 crore.
In a bulk deal on Thursday, Bhushan Steel purchased 9.5% stake from Ramesh Chandra family's investment firm Prakasauli investments at Rs 118 per share.
Hospital chain Fortis Healthcare through one of its wholly-owned subsidiaries has picked up 56% stake in the Bangalore-based Apollo RM Hospital for an undisclosed amount. Apollo RM, which started in 2007 as a franchisee of Apollo Hospital, the country's largest hospital chain is a 100-bed multi-specialty hospital.
Sources revealed that Fortis acquired the majority stake for a little less than Rs 10 crore.
