Diwali bonanza from IDBI Bank; rate cut on home, auto loans
PSU banking entity IDBI Bank has decided to reduce interest rates on home loans by 25 basis points and auto loans by 300 basis points for the ongoing festive season. The rate cut would be in effect for three months from October to December 2009. The move is seen as an attempt to ramp up its credit portfolio.
For home loans up to Rs 30 lakh, the interest rates would be reduced to 8.75% from the current level of 9%. It would be 9% for Rs 30-50 lakh under a new slab. Loans above Rs 50 lakh attract an interest rate of 9.25%. Read more
Anil Ambani seeks govt help to stop RIL’s marketing margin
The Anil Dhirubhai Ambani Group (ADAG) firm Reliance Infrastructure has asked the oil ministry to desist Reliance Industries (RIL) from charging marketing margin on gas and alleged that the Mukesh Ambani-led firm is not sharing the revenue with the government and diverting crores of rupees of the government’s share. RNRL has written to the petroleum secretary RS Pandey seeking to stop RIL from getting undue benefit. Read more
Allcargo Global stock split approved
Allcargo Global Logistics has informed that the board of the company has approved sub-division of the face value of equity shares of the company from Rs 10 per share to Rs 2 a share, subject to shareholders’ approval.
Allcargo Global Logistics, a leading logistic service provider has entered into a joint venture agreement with Hind Terminals for managing and operating the CFS at Pithampur, Indore.
Air India pilots call off strike
Executive pilots of state-owned Air India (AI) have called off their strike following assurance from Union civil aviation minister Praful Patel. The pilots were protesting against a 50% cut in their productivity-linked incentives (PLI) and payment of their due flying allowance of three months.
The four-day strike has forced the airline to cancel over 240 flights in the last four days. Read more
Wockhardt Hospitals to be re-branded as Fortis
Delhi-based Fortis Healthcare, which acquired ten hospitals including two under-construction projects from Wockhardt in August this year, has decided to re-brand them as ‘Fortis Healthcare Hospitals’ after completing all acquisition related formalities that is likely to take around nine months, according to Hospitals Group CEO Vishal Bali. Read more
Religare Technova launches RTGS Live
Religare Technova has launched its product portal — RTGS Live. This is in line with the company’s strategy of introducing domain specific solutions. The portal is the touch-point for organisations looking for such specialised solutions and will help them in gathering of information as well as quicken the decision making process by enabling faster purchase.
The site provides a high level view of each product, which is displayed for the customers’ benefit to allow better understanding and faster decision making. Read more
TATA DOCOMO Animation Contest is Live
The TATA DOCOMO Animation Contest is hotting up! The floodgates have opened and the entries have started to pour in gradually. The first animation entry was uploaded on the TATA DOCOMO Animation Contest website yesterday and its theme seemed to centre around football. It showcased DO CO and MO passing the ball to each other. This was followed shortly by another animation entry which Read more
Key Takeaways of Mobile Number Portability in India
Here are the key takeaways of the long awaited Mobile Number Portability in India.
- MNP allowed only within a circle – subs moving from one circle to another cannot port their number.
- Subscribers allowed to port their numbers, only once every 90 days
- Subscribers would have to pay porting fees, if any, to the Recipient Operator (RO)
Strides Arcolab announces retail launch of Oseltamivir for the treatment of H1N1
Strides Arcolab has launched its anti H1N1 drug ‘Starflu’ in the domestic retail market. Starflu is the generic version of Oseltamivir and is available in 75 mg capsules in strips of ten at Rs 460 per strip.
Strides’ move is subsequent to the Indian government’s approval of restricted retail sale of Oseltamivir (Tamiflu) for H1N1treatment. This will allow the purchase of Oseltamivir from designated chemists with Schedule X licenses, by those who have a doctor’s prescription. Read more
US Court rejects Wyeth’s plea to suspend USFDA approval for Zosyn generic to Orchid
Pharma major, Orchid Chemicals & Pharmaceuticals has got some relief from the US District Court in the legal tussle with the multinational pharma major, Wyeth Pharmaceutical
The US District Court for the District of Columbia has denied Wyeth Pharmaceutical’s motion for a Temporary Restraining Order (TRO) which was filed on Wednesday in connection with its lawsuit against the US Food and Drug Administration (US FDA) challenging the latter’s approval of Orchid’s Abbreviated New Drug Applications (ANDAs) for its Zosyn generic products Piperacillin and Tazobactam for injections. Read more
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