New Delhi: Taking cue from the fee hike implemented by the Indian Institutes of Management (IIMs) in April this year, three more private business schools have followed suit.
Delhi-based International Management Institute (IMI), Management Development Institute (MDI) in Gurgaon and Amity Business School in Noida have hiked the fees for their post-graduate programmes in management.
For a two-year post-graduate diploma in management (PGDM) at IMI (for the 2009-2011 batch), students have to pay Rs8.96 lakh against Rs5.2 lakh now. At MDI, the course fee has been increased from approximately Rs6 lakh to around Rs7.92 lakh for its two-year programme for the batch of 2010. Amity increased its fees for PGDM from Rs5 lakh to Rs8 lakh.
— Pallavi Singh
Bharti Airtel in top 10 stock picks for 2009
Hong Kong/Mumbai: Bharti Airtel Ltd, India’s largest mobile-phone operator, and Hong Kong’s Cathay Pacific Airways Ltd are among UBS AG’s top 10 stock picks in Asia for 2009.
The list, favouring telecom and financial companies, includes China Mobile Ltd and Singapore’s United Overseas Bank Ltd. Bharti Airtel and Cathay Pacific Airways, Hong Kong’s largest airline, are among the top picks partly because of their balance sheet strength. In addition, Bharti Airtel, which has plunged 32% this year, is the best positioned mobile operator.
Separately, UBS said it expects India’s economy to slowdown to 6.5% in FY08-09 due to the downturn in capital expenditure and manufacturing.
— Bloomberg & Reuters
Sun TV climbs on report of reconciliation bid
Mumbai: India’s biggest broadcaster by market value Sun TV Network Ltd rose more than 32% in two trading days on reports of reconciliation between the founding Maran brothers—Kalanidhi and Dayanidhi Maran, and and M. Karunanidhi, chief minister of Tamil Nadu.
The company climbed 20.54% to close at Rs173.70 on Wednesday. Sun TV has fallen 59% this year.
Karunanidhi and his grand nephews, the Maran brothers, met on Monday to resolve their differences, ‘The Hindu Business Line’ reported. The rift between the two sides had led to the setting up of a new network called Kalaignar TV in Sun’s key market of Tamil Nadu.
Tata Steel plans to cut costs, trim workforce
Mumbai:Tata Steel Ltd will pare staff and energy costs as it reduces output to combat a plunge in prices.
The company plans to save at least £350 million (Rs2,600 crore) at its UK-based Corus Group unit and Rs300 crore at its Indian operations by March, managing director B. Muthuraman had said in Mumbai on Tuesday.
The credit crisis has stifled economic growth worldwide, damping demand for metals. Corus, which generates more than two- thirds of Tata’s output, said European steel makers are facing a tremendous challenge after a collapse in global demand. Corus, joins ArcelorMittal in planning cuts.
Separately, Tata Steel has come out with an early separation scheme for its employees to downsize its “less skilled” workforce across India operations.
Confirming the move, a Tata Steel spokesperson said: “ESS scheme is a voluntary scheme and has got nothing to do with the global economic recession. We cannot ascertain the number of people who will be opting for this option.” The scheme is being offered in agreement with the union, he said.
— Bloomberg & PTI
SAIL may cut production as demand slides
London:Steel Authority of India Ltd (SAIL) said it may cut production should demand lag behind supply even as television channel NDTV Profit reported the company has cut prices of some products by Rs1,200-1,600 a tonne.
We have not announced any production cuts as we are producing what the market wants, Shoeb Ahmed, a director at the New Delhi-based company, said early on Wednesday at the steel Success Strategies conference in Paris. We may cut production if we feel we need to, he said.
Company officials were unavailable for comment.
— Bloomberg & Reuters
‘Terrorists’ open fire at police in Hyderabad
Hyderabad: A police head constable attached to the Counter Intelligence Wing was seriously injured when a group of suspected terrorists opened fire against three policemen in Hyderabad on Wednesday.
The shooting occurred when the policemen went to arrest Vikaruddin, an accused in the 18 May 2007 Mecca Masjid blast case.
— C.R. Sukumar
Futures trade to resume
Mumbai: The Forward Markets Commission, or FMC, the commodity market regulator, has given the go-ahead for futures trade in four commodities — rubber, potato, chana and soya oil from 4 December, 2008.
Trade in the items had been suspended for four months in the first week of May and later the ban was extended to 30 November on grounds that futures trade in these items was cause for price rise and inflation.
FMC chairman B.C. Khatua said that there has been no change in terms of contract speficiations and the national exchanges have been given the necessary orders for resuming trade.
— Staff Writer