Ahmedabad Breaking News, Latest Business News, Finance and Forex market, News of Economy - Ahmedabad Community
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Mahindra Aerospace, Eurocopter ink MoU |
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Written by priyank
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Thursday, 28 July 2011 05:40 |
Mahindra Aerospace, Eurocopter ink MoU
New Delhi: The Mahindra Group's aerospace division, on Tuesday, decided to join hands with premier chopper firm Eurocopter to manufacture sub-assemblies and other engineering products for the growing helicopter market in India.
A memorandum of understanding (MoU) to this effect was signed by Mahindra Aerospace and Mahindra Satyam in Mumbai for a trade partnership with the Eurocopter Group and its subsidiary Eurocopter India.
The partnership would focus on manufacturing of sub-assemblies, engineering and customisation of civil helicopters and the joint development of specific market segments, said a company statement said, adding that details of the scope and structure of the partnership would be decided in the coming months.
Noting that Mahindra group was known for "great engineering and manufacturing competencies", Eurocopter President and CEO Lutz Bertling said, "The synergies between our two companies will enhance our contributions to the Indian civil helicopter market."
Mahindra Aerospace Chairman Hemant Luthra was quoted as saying that the partnership with Eurocopter "has a solid, long term strategy for the growth of the India market, while we are already creating a niche for ourselves in the fixed-wing aircraft and aerostructures manufacturing space."
Mahindra Satyam CEO C P Gurnani said his company was providing IT and engineering services to the aerospace sector, particularly to plane manufacturer Airbus for several years.
Significantly, Anand Mahindra, the group's Vice Chairman and Managing Director, had quit Air India Board in March citing 'conflict of interest' saying his company would be associating itself with the aviation industry.
Soruce: Ahmedabad Mirror |
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Loans set to head north as RBI hikes interest rates |
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Written by priyank
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Thursday, 28 July 2011 05:38 |
Loans set to head north as RBI hikes interest rates
Mumbai: India's central bank on Tuesday (July 26) sharply hiked key rates by 50 basis points in the 11th such exercise since January 2010 to tame stubborn inflation, setting the stage for auto, housing and commercial loans to become dearer once again.
The repurchase rate, the interest the central bank levies on short-term borrowing by commercial banks, has been hiked to 8 per cent from 7.5 per cent and reverse repurchase rate, or interest paid on short-term lending, raised to 7 per cent from 6.5 per cent.
The rate hikes were effected by Reserve Bank of India (RBI) Governor Duvvuri Subbarao during the first quarterly review of the RBI's monetary policy for this fiscal conducted at his headquarters in Mumbai.
While the rate hike was expected, the quantum of increase took the financial world by surprise. Yes Bank was first to react, hiking its base lending rate by 50 basis points to 10.25 per cent.
Agreeing with RBI's action, Finance Minister Pranab Mukherjee said the central bank had sought to give a "strong signal to further moderate inflation and check inflationary expectations"
"With this policy adjustment, we will be able to get back to a more comfortable inflation situation that takes us to the year-end inflation level of six to seven per cent," Mukherjee said in a statement. The RBI governor himself pegged the year-end inflation projection at 7 per cent.
"Consumer loans will become terribly expensive," said Deepak Parekh, chairman of Housing Development Finance Corporation. He said, "Credit demand will moderate and competitiveness of companies will go down.” The markets, too, did not take kindly to the policy update.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed 353.07 points or 1.87 per cent lower, while at National Stock Exchange, the broader S&P CNX Nifty ended 105.45 points or 1.85 per cent down. All sector-specific indices also closed lower.
"Notwithstanding signs of moderation, inflationary pressures are clearly very strong," Subbarao told the chief executives of commercial banks after the policy update, while defending the policy action.
"Keeping in view the domestic demand-supply balance, the global trends in commodity prices and the likely demand scenario, the baseline projection for wholesale inflation for March 2012 is revised upward from 6 per cent with an upside bias," he added. The new projection on inflation is 100 basis points above, at 7 per cent by year-end.
On growth, Subbarao said amid a slowdown in the factory output growth, the robust export performance should augur well, but the performance of monsoon so far could exert pressures on the yields of coarse grains, pulses, oilseeds and cotton.
"Against this backdrop, the baseline projection of real gross domestic product growth is retained at 8 per cent, as set out in the May 3 policy statement," said Subbarao, adding that the stance of the RBI will be to tame inflation and maintain growth.
Soruce: Ahmedabad Mirror |
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Written by Chinar
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Monday, 16 November 2009 04:13 |
Mudra Institute of Communications, Ahmedabad, (MICA) has been honoured with Dewang Mehta Business Schools Awards 2009 for Business
school with best academic input (Syllabus) in Advertising and Mass Communications'.
Director of MICA, prof Ashok Ranchhod received the award on November 5 at Taj Lands End, Mumbai. Ranchhod said, "Getting a national award is a proud moment for MICA. The award highlights MICA's innovative approach to developing knowledge, stretching syllabi within the communications management domain".
The award was given away at the 17th Business School Affair. These awards are in recognition of leadership, development, innovation and industry interface of business school. |
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Business groups want BRTS cycle tracks out |
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Written by Chinar
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Thursday, 12 November 2009 04:18 |
The bicycle track, an integral part of the Bus Rapid Transit System (BRTS), almost got ripped off. But, better sense prevailed at the
nick of time. You might wonder how could an innocuous cyclist become a pain for Ahmedabad's most cherished project the BRTS.
Influential business interest groups like building contractors, owners of restaurants, party plots and commercial complexes, are trying hard to get the cycle track taken out from busy stretches of the existing 12.5-km inaugural corridor running between RTO and Chandranagar.
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Gujarat Information Technology |
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Written by Hiral Vyas
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Monday, 28 September 2009 07:09 |
આઈટીના વિકાસમાં ગુજરાત પ્રથમ બસ ચૂકી ગયું : સામ પિત્રોડાગુજરાતના વિકાસની ક્રેડિટ લેવાના મુદ્દે દિનશા પટેલ અને સૌરભ પટેલ વચ્ચે ચકમક ઝરી
દેશમાં ઈન્ફોર્મેશન ટેકનોલોજી (આઈટી)ના વિકાસમાં ગુજરાત પ્રથમ બસ ચુકી ગયું છે. દેશમાં આઈટીનું નામ લેતાં બેન્ગલોર, હૈદ્રાબાદ, મુંબઈ, દિલ્હી અને કોલકોતાનો નંબર આવે છે. જો કે આવતાં દસકામાં ગુજરાતમાં આઈટી ઉધોગની તકો ઉજવળ છે તેવું નેશનલ નોલેજ કમિશનના ચેરમેન સામ પિત્રોડાએ કાલીકા કન્સ્ટ્રકશન એન્ડ ઈમ્પેકસ પ્રાઈવેટ લિમિટેડના આઈ ટી સેઝના ભૂમિપુજન સમારંભમાં શિકાગોથી વિડિયો કોન્ફરન્સીંગમાં કહ્યું છે. |
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