Quippo buys 49 percent in Tata Teleservices subsidiary
New Delhi, Jan 5 (IANS) Quippo Telecom Infrastructure Ltd (QTIL) has picked up a 49 percent stake in Wireless Tata Telecom Infrastructure (WTTL), Tata Teleservices' tower arm, a company official said Monday.

Despite a minority stake, Kolkata-based QTIL will have management control in the firm, the official said on condition of anonymity.

This is to ensure that the company functions as an independent tower company with non-discriminatory infrastructure access to all mobile service providers, he ... Read More

Tata Teleservices to launch GSM services by year-end
New Delhi, Jan 5 (IANS) CDMA telecom service provider Tata Teleservices will roll out GSM services by the end of this year on an investment of $2 billion, the company said here Monday.

“We have already got spectrum (2G) for most of the circles and will roll out the services by the end of this year hopefully,” company managing director Anil Sardana told reporters.

Tata Teleservice is also planning a pan-India launch of its services. ... Read More

Reliance mobile launches GSM services in Punjab
Chandigarh, Jan 5 (IANS) Reliance Communications Monday announced the launch of its GSM mobile services in Punjab, becoming the first telecom operator in the circle to have both GSM and CDMA services for mobile users.

"The service will cover 460 towns, 11,741 villages and a number of national, state and other highways, tourist and religious places throughout the state," Reliance regional hub head Arvind Kumar told reporters at the launch.

The Punjab circle GSM market is dominated ... Read More

Markets close in green, Sensex gains 317 points
Mumbai, Jan 5 (IANS) Buoyed by the government's second stimulus package announced Friday, Indian equities markets closed in the green Monday. A key index ended trade 3.36 percent higher than its previous close.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,275.6 points (provisional), up 3.19 percent or 317.38 points from its previous close of 9,958.22 points.

The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.69 percent ... Read More

Markets extend lead in afternoon trade
Mumbai, Jan 5 (IANS) Indian equities markets gained in afternoon trade Monday with a key index trading 2.02 percent higher than its previous close, two hours before the closing bell.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 2.02 percent or 201.57 points and was at 10,159.79 points after opening higher than its previous close of 9,958.22 points.

At the same time, the broader S&P CNX Nifty index of the National Stock ... Read More

Daiichi says Ranbaxy acquisition will hit its bottomline
New Delhi, Jan 5 (IANS) Japanese drug maker Daiichi Sankyo will take a hit on its books owing to its acquisition of Indian pharmaceutical major Ranbaxy Laboratories, a Daiichi company statement said Monday.

In the statement, Daiichi Sankyo also said it planned to record a valuation loss and one-time write down of goodwill on its investment in the now group subsidiary Ranbaxy.

On a consolidated basis, Daiichi estimates a non-cash loss of 354 billion yen related ... Read More

Tata, Kolkata firm form new telecom infrastructure company
New Delhi, Jan 5 (IANS) Tata Teleservices, the country's leading CDMA telecom services provider, and Kolkata-based Quippo Telecom Infrastructure, Monday announced the merger of their infrastructure businesses to create an independent telecom infrastructure company.

Under the terms of the partnership, the Tata group firm and Quippo will swap 51 percent and 49 percent stake respectively in the infrastructure business held by them.

The management rights in Wireless Tata Telecom Infrastructure (WTTIL), the tower arm of Tata ... Read More

Counterfeit currency on the rise in Canada
Toronto, Jan 5 (IANS) Counterfeiting of currency notes is increasing in Canada and fake $20 and $100 notes worth $5 million were estimated to be in circulation by the third quarter of last year, says a Canadian Press report.

Quoting a Bank of Canada internal document, the report said counterfeit currency has almost doubled since 2007.

Fake $100 notes constituted about 55 percent of all counterfeit currency in circulation till September last year, the report said, adding ... Read More

Thai electronics maker delays $50 mn India investment
Bangkok, Jan 5 (DPA) Delta Electronics (Thailand) will suspend its $50 million investment in a new factory in Chennai, India, and downsize operations in Thailand, news reports said Monday.

"After finishing a feasibility study, we think that the project is not viable to invest in for the time being given the current market conditions," Delta's executive director Anusorn Muttaraid told the Bangkok Post newspaper.

The investment in a new India factory to produce telecommunications ... Read More

Markets open higher, Sensex crosses 10,000
Mumbai, Jan 5 (IANS) Indian equities markets opened higher Monday, with a key index moving past the psychologically important 10,000-mark after gaining 1.51 percent over its previous close.

About 15 minutes into trading, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 10,108.56 points, a rise of 150.34 points or 1.51 percent from its previous close of 9,958.22 points. It had opened at 10,109.67.

The broader S&P CNX Nifty index of the National Stock ... Read More

Nikkei closes above 9,000 as trading opens for 2009
Tokyo, Jan 5 (DPA) Tokyo's stock market ended the first trading of the New Year in a positive mood Monday.

The Nikkei index of 225 leading stocks rose over 9,000 for the first time in nearly two months after Wall Street gained Friday.

The index gained 183.56 points, or 2.02 percent, to 9,043.12.

Japan's benchmark index lost a record 42 percent last year as the financial crisis pummelled world markets.

The broader Topix ... Read More

Truckers go on indefinite strike from Sunday midnight
New Delhi, Jan 4 (IANS) Truckers across the country will go on an indefinite strike from Sunday midnight as talks between transporters and government officials failed to yield any results.

"Our talks with the government have failed. The government has only given a verbal assurance and no concrete decision has emerged so far," S. Venugopal, secretary general of the All India Motor Transport Congress (AIMTC), told IANS.

Earlier in the day, the AIMTC representatives held talks ... Read More

India, $1 trillion economic powerhouse
By Arjun Sen

When Jack Welch, former chief of General Electric, the world's second largest company, said a few years ago that "India is a developed country as far as intellectual capital is concerned", it was time to sit up and take notice.

Welch made his remarks at the beginning of the new millennium when he was still at the helm of General Electric. Seven years down the line, India has overshot expectations to clock several consecutive ... Read More