Lack of proper regulatory framework, among other hurdles, the biotechnology (BT) industry is having to surmount, is affecting the sector and its growth. The government will have to move fast and speed up growth of the Indian BT sector as it has the potential to emerge as a leading sector, said Biocon Chairperson Kiran Mazumdar Shaw on Monday.

'Lack of regulation hurting biotech sector'

Business Standard

Trades between FIIs generated a volume of Rs 25 crore on the BSE Monday-an decrease of 62.67% from Rs 67 crore clocked on Friday. As many as five stocks witnessed trades of 4.63 lakh shares on Monday.

FII-TO-FII: IndusInd Bk traded at 5% premium

It is another Greater Noida project gone wrong, as the Uttar Pradesh government is in the middle of a new land deal controversy, and coming just ahead of the assembly polls in the state. The latest controversy is about the Union environment ministry asking the state government and private builder Ansal API to stop work at the 2,400-acre &lsquo;wetland&rsquo; area at Dadri in Greater Noida. This land was sold by the UP government to Ansals for a housing project. The ministry had earlier slammed the UP government for polluting the Ami river.

Dadri 'wetland' puts Ansals, UP govt in hot spot

Breaking its silence after the Supreme Court cancelled three of the company&rsquo;s CDMA licences, Tata Teleservices Limited (TTL) on Monday said it would go for a review petition against the judicial verdict. The service provider, however, distanced itself from the other Indian real estate players who got in foreign investors, like Telenor and Etisalat, within a few months of getting their licence before the court eventually nullified their licence.

Tatas to file review petition, takes different argument

Adani Power Ltd, subsidiary of Adani Enterprises Ltd, on Monday reported a loss of Rs 358 crore in the quater ending December 31, 2011, against a profit of Rs 109 crore in the corresponding period a year ago. The loss in the quater was on account of increase in coal prices and forex losses, the company said.

Adani Power Q3 loss at Rs 358 cr

Hindustan Unilever (HUL) reported an 18 per cent growth in net profit to Rs 753.81 crore for the quarter ended December 31, 2011, as the country&rsquo;s largest FMCG (fast-moving consumer goods) company rode on the back of prices hikes as well as volume-led growth that saw its net sales increase by 16.5 per cent during the quarter. It stood at Rs 5,852.73 crore versus Rs 5,027.01 crore a year ago.

HUL Q3 net up shares fall on volume growth concerns

Norway-based telecom company Telenor &mdash; the majority partner in Unitech Wireless, which operates under the brand name Uninor &mdash; said on Monday it would participate in the likely 2G spectrum auction. However, it did not rule out the possibility of exiting India.

'Not going to roll down and die'

Burdened by the highest fuel subsidy this year, the government has increased subsidy contribution of upstream oil companies, Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL) and GAIL India to 38 per cent for the nine months ended December 31, 2011, at Rs 36,894 crore. This is higher than the 33 per cent paid during the first six months. In the FY11, upstream companies shared 39 per cent of total subsidy.

Subsidy share of ONGC, OIL, GAIL to rise in Q3

High cost of operations has forced India&rsquo;s airline companies into deep financial trouble. After Kingfisher Airlines, SpiceJet seems to be in trouble, as the auditors have raised concerns over the airline&rsquo;s ability to continue as a company.

Losses have eroded SpiceJet's net worth, say auditors

The Central Vigilance Commission (CVC), which has been going through in detail regarding various alleged irregularities in how the recent Commonwealth Games was conducted in Delhi, is expected to submit a consolidated report on its finding shortly. In addition to various aspects, one of the key highlights of the report will be that the CVC has found evasion of as much as Rs 400 crore in taxes.

CVC set to release report on CWG

Bahrain-based private equity (PE) investor, Investcorp (IVC), has brought down its stake in Redington (India)&rsquo;s step down subsidiary from 25.94 per cent to 14.50 per cent. This would be the first tranche as part of the PE firm&rsquo;s exit from the company.

PE firm brings down stake in Redington arm

Jajpur-based civil society Sukinda Vikash Parishad, has written to the illegal mining enquirer Justice M B Shah Commission about illegal mining activities carried out by state-run Industrial Development Corporation Orissa Ltd (Idcol).

Sukinda forum complains to Shah panel against Idcol

Bhavnagar-based steel castings maker, Steelcast Limited has registered a net profit of Rs 4.96 crore for the third quarter ended December 31, 2011 against Rs 0.82 crore in the same period last year, showing a jump of 504.88 per cent.

Steelcast Q3 net profit jumps by 500%

Lower aluminium prices on the London Metal Exchange (LME) together with spurt in raw material and fuel costs led to a sharp fall of 80 per cent in the net profit of National Aluminium Company (Nalco).

Nalco net shrinks 80% in Q3

Recording a net profit of Rs 2.63 crore for the third quarter ended December 31, 2011 for the financial year 2011-12 as against Rs 1.77 crore for the previous corresponding period, Ahmedabad-based Hester Biosciences Limited posted a 48 per cent growth in its bottomline.

Hester Biosciences Q3 net up by 48%

Chief minister N Kiran Kumar Reddy on Monday inducted three more ministers into his Cabinet barely a fortnight after taking two members on board from the Praja Rajyam Party which had announced its merger with the ruling Congress party last year.

Three more ministers join Kiran Cabinet

The state finance department has started the process to select officers for the post of Orissa Taxation and Accounts Service (OTAS) for the year 2012, according to a recent notification.

State starts OTAS selection process

Contributing over 25 per cent at Rs 20,000 crore, Gujarat is quickly emerging hub for the technical textiles sector, says the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The industry body on Monday released a study on the textile sector titled 'Textile Industry in India &ndash; Current Status and the Way Forward'.

Gujarat is emerging as technical textiles hub: ASSOCHAM study

Nandan Nilekan, chairman of the Unique Identification Authority of India (UIDAI) i is expected to make a presentation to state food ministers on the benefits of a modernised public distribution system (PDS) and how Aadhar numbers can help in this modernisation, during a two-day conference starting on Wednesday.

Nilekani to address PDS reform concerns

As part of its efforts to bring in greater transparency and accountability in mineral raising and transport business, the steel &amp; mines department of Orissa has urged the Union mines ministry to integrate the state's online monitoring system with that of Indian Bureau of Mines (IBM).

BS Reporter