Business News

Bhubaneswar, Nov 22 (PTI) A Congress MLA today alleged that a private company, having lease of the largest iron ore mine in Orissa, has been engaged in illegal mining in a vast area for a long period depriving the state exchequer of about Rs 6,000 crore.

Mumbai, Nov 22 (PTI) The life insurance industry in India is expected to grow by 15 per cent this fiscal and may cross the Rs 2.5-lakh crore mark in total premium income by March-end, industry body Life Insurance Council said today.

Kolkata, Nov 22 (PTI) Life Insurance Corporation of India (LIC) was planning to raise minimum premium from Rs 25,000 to Rs 40,000 and increase the lock in period from five years to 10 years for ULIP products.

Beijing, Nov 22 (PTI) China's anti-virus authorities today warned computer users to guard against new mutation of worm virus, which could infect various documents in their system.

Kathmandu, Nov 22 (PTI) After the Maoists decided to end its blockade of the parliament, Nepal's annual budget for the current fiscal year is likely to be passed on Wednesday.

Vadodara, Nov 22 (PTI) Gujarat Chief Minister Narendra Modi today invited Japanese car maker Maruti Suzuki to set up a plant in the state.

New Delhi, Nov 22 (PTI) Mobile player Tata Docomo today launched per second billing for roaming across the country to take on rival Airtel, which announced a major cut in roaming charges last week. The company introduced 1 paisa per second for all incoming and outgoing local and STD calls, to any network, to mobile or landline phones, it said in a statement.

Tiruchirappalli, Nov 22 (PTI) Consolidation of banks is good in a way as it envisages healthier banks in the global scenario and banking market, believes Canara Bank Chairman and Managing Director A C Mahajan.

Berlin, Nov 22 (PTI) Europe's auto major Volkswagen is set to become the world's number one, pushing Japan's Toyota to the second place, by taking over sports car manufacturer Porsche.

New Delhi, Nov 22 (PTI) The world's leading software firm Microsoft is now focussing on the fast growing smartphones market in India after the netbooks segment-- a new category created to brigde the gap between mobiles and laptops-- received lukewarm response from buyers.

New Delhi, Nov 22 (PTI) The government should clarify taxation rules regarding payments made for acquiring spectrum while working to resolve the issue of 3G spectrum allocation, according to financial consultancy firm PwC.

New Delhi, Nov 22 (PTI) The political differences between India and China notwithstanding, the two countries are working in unison at the World Trade Organisation.

New Delhi, Nov 22 (PTI) Vistaar Religare, a subsidiary of Religare Enterprises, is planning to finance four films by January 2010, entailing an investment of about Rs 90 crore.

Kolkata, Nov 22 (PTI) The steel ministry is keeping a tab on steel imports into India after allegations by domestic steel majors of large scale dumping by China and East European countries.

New Delhi, Nov 22 (PTI) Lack of connectivity among eight countries of South Asia is a major impediment for intra- regional trade, which has the potential to grow over eight times, SAARC secretariat chief said here.

New Delhi, Nov 22 (PTI) As many as five Indian firms, including ICICI Bank and Infosys Technologies, have made it to the list of top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation.

Mumbai, Nov 22 (PTI) Apparel maker Kazo Fashions plans to set up 63 stores globally in the next fiscal, with a total investment of Rs 70 crore, a top company official said.

Mumbai, Nov 22 (PTI) Metal container manufacturer Hindustan Tin Works plans to acquire smaller companies in South India and is in talks with a host of potential targets, a top company official said.

New Delhi, Nov 22 (PTI) In a bid to increase its presence in overseas market, Union Bank of India, is seeking regulatory approval for setting up a branch in Belgium and offices in the UK and Canada.