DLF hopes to reduce debt to Rs 10,000 cr in two years

NEW DELHI: The country's largest realty firm DLF expects to pare its debt burden of over Rs 22,500 crore to less than half in the next two years. As part of the strategy to bring down its total debt to about Rs 10,000 crore by 2013, the firm is closing in on a few deals of to sell non-core assets, including Amanresorts. "The plans are in place to reduce the debt by Rs 6,000 crore-Rs 7,000 crore in the next 18 months by selling noncore assets," a source said.

India's forex reserves slump by $5.71 billion

Mumbai: India's foreign exchange reserves slumped by USD 5.71 billion to USD 308.62 billion for the week ended Nov 18 due to depreciation in the value of non-dollar currency holdings and RBI's planned intervention to control rupee slump, official data showed.

The companies that will benefit from FDI in retail

The sentiment about stocks of retailers received a boost after India last week decided to allow 100% foreign direct investment (FDI) in single-brand retailfrom a limit of 51% and allow 51% FDI in multi-brand retail, although with some riders. The doors are now open for global multi-brand retail firms such as Wal-Mart Stores Inc., Carrefour SA and Tesco Plc and new global brands such as GAP, IKEA.

Priced at Rs 36,000, Dell launches Windows 7 based tablet

Priced at Rs 36,000, Dell on Tuesday launched a Windows 7 based Tablet PC under its Latitude series of laptops. The Latitude ST tablet has 10.1 inch capacitive multi-touch display and pen for writing. It comes with 2GB RAM, 32 GB storage, which is upgradeable to 128GB, and 1.5GHz Intel Atom Z670 processor, Dell said in a statement.

Anil Ambani, others bid for HUL property

MUMBAI: The property market in the city may have slowed down tremendously, but there is no let-up in developers' interest in prime property. On Friday, Reliance ADAG chairman Anil Ambani, industrialists Gautam Adani and Ajay Piramal, film actress Shilpa Shetty's husband Raj Kundra, Gautam Adani, Oberoi Realty and Peninsula Land were among the eight to ten big bidders who submitted bids for Hindustan Unilever Ltd's seafacing property, Gulita, at Worli

Insurance can draw more capital than retail

MUMBAI: Liberalization of foreign investment in insurance, which has been hanging fire for several years, has the potential to draw in more capital immediately than relaxation of foreign direct investment in retail. On Thursday, the government approved FDI of up to 51% in multi-brand retail and 100% in single-brand retail. The move is seen as a big positive for the sector and also for improving overall investor sentiment in favor of India. There are estimates that the opening up of retail would draw in up to $10 billion in foreign direct investment.

SBI removes pre-payment penalty on home loans

NEW DELHI: State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. "We have decided to do away with the prepayment charges on all kinds of housing loans with immediate effect," a senior official of the bank said.

UK employees strike: Air India cancels four flights

Air India has cancelled four flights to and from London scheduled for next week when a majority of public sector employees in the UK are going on a strike.

"In anticipation of strike by the public sector employees at London on November 30 (Wednesday), Amritsar-Delhi-London (AI-115), London-Delhi (AI-116), Delhi-London (AI-111) and London-Delhi (AI-112) flights have been cancelled," an Air India spokesperson said on Saturday

Cipla Q2 net up 17.5% to Rs 309 cr

Drug major Cipla reported a 17.47 per cent increase in its net profit to Rs 308.97 crore for the quarter ended September 30, 2011 due to improved sales within the country and overseas. The company had posted a net profit of Rs 263.01 crore for the quarter ended September 30, 2010 Cipla said in a filing to BSE.