Top Business India News Stories of 19th October 2008

Daily news summary

Arcelor Mittal steel project in Jharkhand faces land acquisition row
After Tata Motors withdrawal from Singur over land acquisition row for its Nano project, now it’s time for the global steel major Arcelor Mittal in Jharkhand to face the heat for the same reason, for its greenfield steel project. Arcelor Mittal had selected an area in Khuti district of Jharkhand for its plant. An organisation opposing the land acquisition, called Adivasi Malvasi Astitva Raksha Manch launched a campaign against Arcelor Mittal's steel project early this week. Representatives of Arcelor Mittal held parleys with some villagers Oct 15, but the agitation only gained momentum after that. The Mittal steel project site is in Torpa block of Khuti district. This is the same block where the 700-MW Koel Karo hydel project was mooted some 35 years ago. The project could not see the light of day due to opposition by the villagers, who were supported by some NGOs.

Kashmiri shawls get GI certification
Thanks to the Geographical Indication (GI) certification, now the world-famous Kashmiri Pashmina and Kani shawls would be protected against imitation. The certification will also give a boost to the handicraft industry in Jammu and Kashmir. Governor N.N. Vohra Sunday gave GI certificates to artisans and craftspersons at a function here in the presence of central Minister of State for Commerce Jairam Ramesh. Describing the GI certification as a significant milestone, Vohra also sought international registration of Kashmir's world-famous crafts to ensure value addition to these products.

36 Indian companies participating in Dubai tech show
Thirty-six Indian companies are participating at Gitex 2008, the Middle East's largest technology show, which started in Dubai today. Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum and Crown Prince of Dubai Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum inaugurated the five-day show at the Dubai International Convention and Exhibition Centre.Dubai World Trade Centre. Around 3,300 companies from 83 countries are participating in the show. Among other major international companies participating in Gitex Dubai includes Microsoft, Google, HP, Blackberry, Oracle, Panasonic, Samsung, Sun Microsystems and Symantec.

Nissan to make new car in Chennai
Japanese auto major Nissan Motor Co Nissan will make next generation March model at its Orgadam plant near Chennai, to be built in partnership with French carmaker Renault, a top official said. The joint venture company Renault Nissan Automotive India Ltd is investing around Rs.40 billion in the plant, which has a total capacity of 400,000 units. "We will roll out the small car from our Chennai plant while the plant in Thailand is the mother unit for that model," RNAI managing director Shouhei Kimura said.

Allahabad Bank's profit dips 83 percent
Allahabad Bank's net profit dipped 83 percent in the Q2 this fiscal to Rs.416.8 million as against Rs.2.39 billion in the same period last year. According to an official, decrease in profit is mainly attributable to increased depreciation on investment by Rs.4.49 billion due to general market scenario and interest and other charges reversal on agriculture debt relief and debt waiver by Rs.71.23 crore (Rs.712 million). However, the net interest margin (NIM) during the July-September quarter was 2.7 percent as against 2.6 percent during corresponding previous quarter. Cost of deposit of the bank also went up marginally to 6.73 percent from 6.67 percent.

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