India’s forex reserves decrease? $1 bln as on Oct. 22
India’s foreign exchange reserves decreased $1.03 billion to $295.39 billion as on October 22, 2010, from $296.43 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India on Friday.
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Qualcomm in talks to exit India broadband: Report
US-based mobile chip supplier Qualcomm is looking to sell its wireless broadband business in India for a minimum of 50 billion rupees, the Economic Times reported today.
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Pranab pegs India economic growth at 8.75%
The auction of 3G and broadband spectrum and disinvestment proceed would help meet the fiscal deficit target, Mukherjee said at the annual Economic Editors Conference in New Delhi.
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Indian Family Businesses
India’s storied business families are becoming more professional as they gear up for generational change.
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Dussehra Celebrated To Mark Victory Of Good Over Evil
New Delhi, India (AHN) – Hindus in India, Bangladesh and Nepal are celebrating Dussehra, a festival that celebrates the victory of good over evil. Usually celebrated in September or October, Dussehra is observed on the tenth day of the waxing moon during the Hindu month of Ashvin.
Dussehra marks the victory of the diety Lord Ram over the demon Ravan, often called Dashanan because of his 10 heads. Ram killed Ravan in the world’s biggest battle to punish the demon for kidnapping his beautiful wife Sita and taking her to Lanka to make her his wife. Ram and his brother Lakshman crossed the sea with devotee Hanuman and a huge army of monkeys to rescue Sita.
Dussehra also marks the end of hot summers and the beginning of cold weather as well as infections, especially in North India. Hence effigies made of phosphorus-based firecrackers are burnt to purify the environment. Temples also perform rituals to keep the household environment clean and healthy and with the aim to eliminate bad emotions such as lust, anger, delusion, greed, pride, jealousy, will, ego, desire and selfishness, all of which are represented by Ravan’s 10 heads. Hindus also burn effigies of Ravan’s brother Kumbhakarn and son Meghanaad on Dussehra evening. This day is also called Vijaydashmi – the victory on the 10th day.
People also worship Shakti, the “God of Power,” during the festival period with the hope of gaining physical, mental and spiritual powers.
During these celebrations, Hindus observe a fast to honor the mother Goddess and pray to her to start the new harvest season by reactivating the fertility of the soil. Hindus believe in rejuvenating soil by invoking cosmic forces. They make huge clay statues of the Goddess Durga, honor her with turmeric and other worship items and submerge her into the river on the tenth day with the hope that this will help the water yield better crops.
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Power Grid profit jumps 41.61 percent in Q2
State-owned Power Grid Corporation of India Wednesday announced a 41.61 percent increase in its net profit to Rs.651.40 crore for the second quarter of fiscal 2010-11.
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India biggest contributor to N Sumatra`s forex earnings
India has been the biggest contributor to North Sumatra`s foreign exchange earnings which in August this year totaled US$5.553 billion.
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Infosys: India outsourcer’s quarterly profit up 18 percent to $374M
MUMBAI, India — Infosys Technologies, India’s bellwether information technology outsourcing company, beat expectations Friday with an 18 percent rise in quarterly profit in dollar terms on strong global demand for low cost outsourcing services.
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Infosys Q2 profit tops estimates, yet shares down on forex concerns
Infosys Technologies Ltd., one of India’s leading IT services company, reported 18 percent growth in its second-quarter profit, in dollar terms, and raised its outlook for the full-year, on strong demand for its low cost outsourcing services.
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India Becomes Destination of Choice for World’s Investors
The problems in Western economies may actually benefit emerging nations like India as investors look for growth opportunities.
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