Union minister for corporate affairs M Veerappa Moily on Friday said there were grounds to cancel the Isro-Devas Multimedia deal, and the government has moved in a way preventing them from going for an international arbitration.

Moily: There were reasons to cancel Isro-Devas deal

Business Standard

It may have been expected that the high base effect would limit industrial growth in December to less than six per cent. But, it was not anticipated that the continued contraction in mining output and a subdued manufacturing production would pull the numbers down to as low as 1.8 per cent. This has led Finance Minister Pranab Mukherjee to express his disappointment.

High base spoils December IIP show

Tata Motors is upbeat over the launch of new Tata Sumo Gold. The Mumbai-based multinational auto major further expects that the new model would boost sales &mdash; and is expecting to sell 18,000 units of it by the end of the current financial year. The company is targeting rural, semi-urban market and taxi segment in the urban market with this new SUV.

Sumo Gold keys up Tata

IT-major Cognizant on Friday said in 2012 it lined up capital expenditure to the tune of $370 million. It may be noted in 2011 the company had incurred capital expenditures of $288 million, slightly above its original expectations for $285 million.

Cognizant lines up $370 mn capex

The resignation of Advocate General B V Acharya is part of a bigger plot by the constituents of the NDA and Jayalalithaa, said Corporate Affairs Minister Veerappa Moily. He also said that with this game, the BJP high command had intended to secure the support of Tamil Nadu Chief Minister Jayalalithaa.

AG resignation part of a bigger plot: Moily

Diesel engines manufacturer Cummins India saw its net profit for the current third quarter ended December 31, 2011 rise by nine per cent to Rs 140.94 crore from Rs 128.58 crore in the corresponding period last year.

Cummins Q3 net up by 9%

Elecon Engineering Company Ltd has bagged an order worth Rs 12.95 crore from The Indure Pvt. Ltd., New Delhi.

Elecon Engg bags order worth Rs 12 cr

The company reported a net profit of Rs 12.14 crore in Q3 of FY 2011-12, representing a jump of 7.91 per cent over Rs 11.25 crore in the corresponding period last year.

Anil Ltd Q3 net up 7.9%

India&rsquo;s largest real estate developer by market capitalisation, DLF Ltd, saw its net profit plunge by 44.5 per cent for the third quarter ended December 2011 on a year-on-year basis.

DLF profit down 44.5%, gets tax notice

Apollo Hospitals Enterprise has posted an increase of 42.12 per cent in net profit at Rs 64.65 crore for the quarter ended December as compared to Rs 45.8 crore for the same period of last year. The total income increased 19 per cent to Rs 715 crore from Rs 601 crore reported during the corresponding period of last year.

Apollo Hospitals, RCap & BPCL Q3 results

In a major blow to the Forward Markets Commission (FMC), the Gujarat High Court has set aside the commodity markets regulator's order against Kailash Gupta, the promoter of Ahmedabad&ndash;based National Multi Commodity Exchange (NMCE).

FMC gets jolt in Kailash Gupta case as Gujarat HC sets aside order

Canali Holding of Italy, a men's clothing chain of Italy, will set up a joint venture company with 51 per cent foreign equity participation in single-brand retailing with an investment of Rs 7.65 crore.

Govt. clears FDI worth Rs 1,034 cr

The government as well as the army chief, Gen V K Singh, on Friday retreated from confrontation in the Supreme Court, after last fortnight&rsquo;s unprecedented eyeball-to-eyeball stance.

SC upholds govt decision on army chief's age

India&rsquo;s foreign exchange reserves fell by $177 million to $294 billion for the week ended February 3, 2012, after rising marginally for the previous two consecutive weeks.

Forex reserves down

The Insurance Regulatory and Development Authority (Irda) on Friday said it was time to have a relook at the country&rsquo;s insurance sector, particularly in the light of a significant downturn and 15 per cent &ldquo;degrowth&rdquo; the industry registered in December last year.

Time to relook at insurance sector: Irda chairman

With the construction of Changi's proposed airport at Andal near Durgapur in West Bengal going on in full swing, to meet the 2012-end deadline, promoter Bengal Aerotropolis Projects (BAPL) has initiated talks with major airlines for participation.

Bengal Aerotropolis woos airlines for Durgapur airport

Reliance Industries (RIL) has raised $1 billion (nearly Rs 5,000 crore) by selling foreign currency bonds to investors abroad through its arm, Reliance Holding USA. The bonds carry a coupon of 5.4 per cent, payable semi-annually and unconditionally guaranteed by RIL.

RIL raises $1 billion

India has conveyed its displeasure on Europe&rsquo;s decision to levy a carbon tax on airlines. The issue was taken up by civil aviation minister Ajit Singh, who told the European delegates this unilateral measure violated international norms.

Tussle over carbon tax on airlines

India and the 27-nation European Union (EU) on Friday vowed to &ldquo;expedite&rdquo; talks to conclude a trade deal, even as both sides missed yet another deadline to sign the ambitious broad-based trade and investment agreement.

India, EU to expedite trade talks

At least four personnel of the Border Security Force (BSF), including a commandant were killed in an IED (improvised explosive device) blast triggered by suspected left-wing ultras in Malkanagiri district on Friday.

BS Reporter