Inflation rate down on higher base effect : The annual Wholesale Price Index-based inflation rose 0.48 per cent during the week ended May 2, below the previous week’s annual rise of 0.70 per cent, government data showed on Thursday.
The dip in the year-on-year inflation reading was primarily on account of the high base last year. The annual inflation rate was recorded at 8.73 per cent during the corresponding week of the previous year. ( Hindu Business Line)
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Hazy finances may derail Subhiksha's revival : The revival of beleaguered retailer Subhiksha seems improbable with its 13 creditors unable to agree on providing additional funds to put the chain back on its feet.A corporate debt restructuring (CDR) plan for Subhiksha, which was expected to be in place by April, has made little progress mainly due to lack of clarity on the retailer’s financial position, banking officials working on the revival package said. ( Economic Times)
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Doordarshan plans to offer Mobile TV services : State broadcaster Doordarshan has decided to offer mobile television services on a private-public partnership (PPP) basis. It has invited expressions of interest from prospective consultants to draw up a roadmap for implementation. Mobile TV services make it possible for subscribers to view TV programmes on handheld or portable devices. Doordarshan had earlier launched Mobile TV services on a pilot basis in parts of Delhi using the DVB-H technology from Nokia. ( Hindu Business Line)
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Hotel Leela Venture to enter Jaipur, Agra : Hotel Leela Venture Ltd, which operates The Leela Kempinski chain of hotels and resorts across India, plans to start hotels in Jaipur and Agra in the next couple of years. The company has acquired properties in both cities, said Mr Biswajit Chakraborty, General Manager, The Leela Kempinski Kovalam Beach, at a press meet here.. In addition to these cities, the company is also setting up new hotels in New Delhi, Chennai, Pune and Hyderabad. The hotels in New Delhi and Chennai are scheduled to open next year, he added. ( Hindu Business Line)
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Alcatel bags Unitech Wireless deal : Alcatel-Lucent has been selected by Unitech Wireless to support the initial launch of the company’s GSM mobile services. Alcatel-Lucent will deploy turn-key networks in Kerala and Orissa circles for Unitech. As part of the contract, Alcatel-Lucent will offer a range of services including project management, network design, integration, testing, installation, multi-vendor radio network planning and optimisation and network management. Unitech has also given a contract to Huawei in other circles. ( Hindu Business Line)
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Firstsource closes down delivery centre in US: Back office firm Firstsource Solutions has closed down a delivery centre in the US as part of its strategy to increase capacity utilisation in the current economic downturn. From the Reno centre in the state of Nevada, Firstsource used to provide third party collection services for its customers, Mr Aashu Calapa, Executive Vice-President, Human Resources, told Business Line. ( Hindu Business Line)
RBI to withdraw special market operations : The Reserve Bank of India has indicated that the special market operations (SMO) for supporting the petroleum refining sector would be discontinued, though no timeline was revealed. Addressing a press conference here on Thursday, the RBI Governor, Dr D. Subbarao, said, “The SMO was the first unconventional measure of the RBI. Like all unconventional measures, this will also be withdrawn. But we will play it by ear." (Hindu Business Line)
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SIS in talks to buy SDB Cisco for Rs 300 cr : Delhi-based private security services provider Security and Intelligence Services (SIS) is in advanced talks to buy SDB Cisco for around Rs 300 crore, said a person with direct knowledge of the development. SDB Cisco, which is a 60:40 joint venture of AC Muthiah-led MAC Group and Singapore-based Certis Cisco, provides security and cash-in-transit management services to firms across sectors. Certis Cisco, a $322-million entity, offers various security and consulting services worldwide. ( Economic Times)
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Toyota group co to launch trucks : Japanese truck maker Hino Motors, part of the Toyota group, is launching its premium range of trucks in the country, joining a growing list of firms, including Volvo, Tata Motors and MAN, who have recently launched their truck range in the fast growing Indian market. ( Economic Times)
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Low spectrum fee to come with a rider: Leading GSM operators such as Bharti Airtel, Vodafone Essar and Idea Cellular are confronted with a catch-22 situation. The Department of Telecom (DoT) will soon announce a reduction in spectrum usage charges to a uniform 3% of the telcos’ annual revenues. But, only those GSM operators who agree to pay a one-time fee for all excess radio frequencies they hold beyond the 6.2 MHz mark will be eligible for this reduction. ( Economic Times)
TRAI Appoints JS Sarma As New Chairman : J.S. Sarma has joined TRAI as Chairman on 14th May 2009. Before joining TRAI, Dr. Sarma was holding the post of Member in Telecom Disputes Settlement and Appellate Tribunal. ( TRAI)
