FreePress India - Breaking News and Editorial in Indian Business

Everonn Systems bags order worth Rs 91.87 cr

August 13, 2009August 13, 2009 by Editor's Desk

Everonn Systems India has bagged an Rs 91.87 crores order from Government of Uttar Pradesh for implementation of Computer Education in 1099 Middle Schools in Uttar Pradesh for a period of 6 years. The project will be developed on BOOT model, covering over 6,60,000 students of classes 6th to 12th. The company has received letter … Read more Everonn Systems bags order worth Rs 91.87 cr

FIIs net sellers of Rs 177.47 cr (prov) in the cash segment on Tuesday

August 12, 2009 by Editor's Desk

Foreign institutional investors (FIIs) were net sellers of Rs 177.47 crore (provisional) in the cash segment on Tuesday, according to information available on the BSE website. While FIIs made gross purchases of Rs 2,191.36 crore, their gross sales stood at Rs 2,368.83 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 628.87 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,451.61 crore, their gross sales aggregated Rs 822.74 crore.

FICCI asks government loose money policy – Don’t you want Free Money ?

August 12, 2009 by Editor's Desk

Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the government to take steps to bring down the rate of interest in the country. A delegation of industry representatives in this regard met Prime Minister Manmohan Singh on Tuesday and suggested that lower interest rates were necessary for a quick revival of the economy.

FICCI contends that although public sector banks have reduced interest rates, their private counterparts were still to follow suit. The Federation believes that keeping the rates low was necessary in the current circumstances to push induced investment in the economy.

Government draws mega housing plan – Quality + Corruption Unanswered

August 12, 2009 by Editor's Desk

The government is looking to rollout a mega housing plan to fulfil its dream of a slum-free India. The programme aims at building 50 lakh houses to host some 6 crore slum dwellers across the length and breadth of country. While the programme will help eradicate an ages old social problem, it will also free up thousands of acres of government land and generate business worth billions for the battered real estate industry.

The ministry of housing and urban development has asked for an allocation of Rs 225,000 crore for the scheme, which will be implemented over next five years. The proposal has been sent to the Planning Commission for comments after which it would be considered by the Union Cabinet.

ISD calls to Russia at just Rs.4.99 per minute

August 10, 2009August 10, 2009 by Editor's Desk

MTS-India has introduced for its customers an opportunity to get upto 50% lesser call charges as compared to some of the other operators, for calls being made from their network in India to mobile phones of “MTS Russia”, when subscribing to the special service. At the same time, MTS Russia subscribers can now make calls to India with up to 85% discount from the regular price.

Removal of incentive in EU to hurt Indian automobile industry

August 10, 2009August 10, 2009 by Editor's Desk

The withdrawal of scrappage incentive scheme in several European countries is expected to bring in a cause of concern for the Indian automobile industry. Indian players Maruti Suzuki and Hyundai Motors, two of country’s biggest car exporters, are expected to bear the burnt in overseas sales.

The scrappage scheme provides car owners a subsidy to replace their older, polluting vehicles with low-emission and fuel-efficient ones.

Eleven countries including Germany, France, Italy, Romania, Spain and Portugal have withdrawn the scheme from the last week of July or the first week of August, barring the UK which has decided to continue with the scrappage scheme.