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154 new SBI branches on Sunday

State Bank of India will simultaneously open 154 branches—the most ever on a single day—and 1,540 ATMs across the country on Sunday. The new branches include one in finance Minister Pranab Mukherjee’s Jangipur parliamentary constituency in West Bengal.

Reserviors low, but rising

Rainfall is improving, but three-fourths of the country still received only scanty or deficient rains up to July 8. According to the latest report of the Central Water Commission, storage levels in 81 major reservoirs across the country are estimated to be around 11% of live capacity at full reservoir level.

Google plans OS to take on MS Windows

Google Inc, owner of the most-visited Internet search engine, plans to release a computer operating system to challenge the dominance of Microsoft Corp’s Windows. The software will be based on the Chrome Web browser, Mountain View, California-based Google said.

Small savings schemes lose rate lure

Though finance minister Pranab Mukherjee refused the bankers’ plea to cut the interest rate on savings schemes like the public provident fund in Budget 2009-10, the fact is, rural and small town investors are no longer keen to park their money in these schemes.

Spectrum is frozen for lack of policy

Mobile operators won’t get any spectrum beyond the start-up 4.4 MHz unless the government finalises a spectrum pricing policy, which basically means de-linking licence from spectrum and auctioning even the 2G spectrum.

PSU public offers will kick off next month

A day after finance minister Pranab Mukherjee promised a blueprint for disinvestment after “discussions with stakeholders”, the power, oil and steel ministries have begun walking the talk. The PSU sell-off programme will be launched with an initial public offering by National Hydroelectric Power Corporation in August, followed by Oil India Ltd in September. The steel ministry, meanwhile, has begun identifying potential candidates for stake sales from among a dozen or so PSUs in the next few months.

Taxman’s arm may reach HK, Cayman Isles

Budget 2009-10 has written in an innocuous clause authorising the government to enter into double-taxation avoidance agreements with non-sovereign territories such as Hong Kong, Taiwan and the Cayman Islands.

Bharti-MTN deal doesn’t need open offer

Stock market regulator Securities & Exchange Board of India has clarified that the proposed share-swap deal between Bharti Airtel and South Africa’s MTN for $23 billion will not require an open offer.

AP terminates metro contract with Maytas

The Andhra Pradesh government has terminated the Rs 12,000-crore-plus contract awarded to Maytas Infra for the Hyderabad Metro Rail project for reneging on contractual commitments.

FM promises road map for disinvestment soon

Beefing up his Budget proposals, finance minister Pranab Mukherjee on Tuesday promised to unveil a road map for disinvestment after consultations with stakeholders. And though his speech committed to a launch date of April 1, 2010 for the new goods & services tax, Mukherjee has now admitted that it may have to be launched without all states on board. To remove bottlenecks in infrastructure investment, the he has also suggested that the Prime Minister head the committee on infrastructure to monitor project implementation.

‘A turnaround in the Indian economy can be expected by end of Q3’

One Budget speech won’t address all the problems the economy faces. In the last one month, there has been a lot of hype. I have provided necessary relief to each sector. We have also provided support wherever needed.

Sensex loses 6% as Street gives speech its thumbs down

Despite the abolition of the FBT, markets slipped as the Budget lacked any substantial direction finders

A Budget of missed opportunity

Budget 2009-10 was long on promises, but as the UPA government’s response to the most difficult year for the Indian economy in a decade, it fell short on action. The finance minister eschewed politically sensitive topics like setting a disinvestment target, but held out the promise that all public sector companies would have to tap the stock markets more. Similarly, he set up an expert committee to advise the government on a sustainable system of pricing petroleum products without acting on the suggestions in the Economic Survey.

RIL makes govt party in RNRL case

Mukesh Ambani-led RIL has made the government a party in its petition before the apex court challenging the Bombay High Court verdict on the gas supply dispute with Anil Ambani group company RNRL.

Now, India questions dollar dominance

India has joined Russia and China in questioning the supremacy of the dollar while calling for a rethink of how global currency reserves are composed and managed.

Shriram Transport Fin to raise Rs 1k cr via NCDs

Shriram Transport Finance Company, a part of the Chennai-based Shriram conglomerate, is planning to raise Rs 1,000 crore through secured non-convertible debentures for expansion of business acitivities.

SBI’s Chicago unit gets a rap in US body report

A US government body created to restore confidence of the public in the country’s banking system feels that Indian lender State Bank of India’s Chicago unit has to improve to meet the local credit needs.

Low deficit, 11 priorities put Pranab on tight rope

Finance minister Pranab Mukherjee has set himself a basket of 11 priorities to address in the first Budget of the new government. This includes an at least 4% growth rate for agriculture, increasing investment in infrastructure to more than 9% within the next five years, and an integrated energy policy, besides a direct assistance to the poor to create a social safety net. Latest estimates of government revenue and expenditure show all this will have to be done within the constraint of keeping the Centre’s fiscal deficit at less than 6.5% of the GDP as anything higher could impact sovereign ratings.

Govt awaits CLB nod on nominated directors

The ministry of corporate affairs has moved an application in the Company Law Board to recall its nominated directors from the board of Mahindra Satyam. The CLB is expected to pass an order on Monday.

Banks slash rates as net interest income rise 26%

Even as Reserve Bank of India has restrained from tinkering with benchmark rates off late some of the leading banks have announced rate cuts. For, there has been a significant growth in net interest income during 2008-09 which is putting the banks in a comfortable position.

Novartis’ cancer drug denied patent in India

Chennai-based Intellectual Property Appellate Board, constituted by the central government to hear appeals against decisions relating to patents and trade marks...

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