Overseas investments by Indian companies stood at $ 2.77 billion in March, up 37.6 percent over the previous month, with Binani Industries, Mercator Lines, HCL Technologies, Varun Shipping, Hexaware Technologies, Tata Steel emerging as major investors. As many as 489 overseas investment transactions were carried out by various companies in March, as per the Reserve Bank data released today. Binani Industries invested a total of $ 323.34 million in its two wholly-owned subsidiaries based in Luxembourg and the US that are involved in financial, real estate and manufacturing services. HCL Technologies, India’s fourth largest software exporter, invested $ 60 million in Bermuda through its wholly owned subsidiary for providing financial, insurance and real estate solutions. Hexaware Technologies invested $ 38.7 million through its wholly-owned subsidiary in Germany to provide financial, insurance, real estate solutions, it said.
Rupee falls back by 16 paise vs dollar at 51.58/59
The rupee today fell back by 16 paise to close at 51.58/59 against the US currency on fresh dollar demand from importers and some banks despite firm local equity markets.
At the Inerbank Foreign Exchange ( Forex) market, the domestic unit opened higher at 51.39/40 a dollar from overnight close of 51.42/43 and immediately touched a high of 51.25 on renewed selling of dollars by banks and exporters.
Read more: The Times of India
New Gurgaon private metro to be IL&FS baby
The rapid metro rail service for Gurgaon, conceived as a joint venture project of DLF and IL&FS, is set to become functional from mid-2013.
IL&FS is interested in establishing a privately-run metro model in cities through the country, besides extending the 6.1-km stretch being built in Gurgaon by 14-15 km. The project was launched in mid-2009 and was expected to be completed in 30 months, but got delayed due to state government interventions. The cost has risen from the initial projection of Rs 900 crore to Rs 1,088 crore.
Read more: Business Standard
Government to fund 30 percent highway projects
The government has decided to rework its highway construction strategy that will see lower private sector participation. This fiscal, the government has decided to directly fund at least one-third of the highway projects, a sharp contrast to last year when subsidy was provided to a handful of projects. As part of the plan to award contracts for 7,300 km, at least 2,500 km of national highways (NH) would be built with 100 percent government funding, a plan submitted to the highways minister C P Joshi on Wednesday said. While these contracts would be awarded directly by the National Highways Authority of India (NHAI), the Centre and state governments will award another 1,500 km, with most of it to be awarded directly through cash contracts.
Read more: The Times of India
Hiring of NRI professionals up 5 percent in Jan-March
Hiring of non-resident Indian (NRI) professionals rose 5 percent in January-March 2012 with the IT and ITeS sectors lapping up the maximum numbers at 23 percent. According to a recent online survey by job portal, MyHiringClub.com and NriJobPortal.com, apart from IT and ITeS, prospects for NRI hiring this year were also promising in pharmaceuticals and healthcare, automobiles and infrastructure sectors. The survey, which covered 946 employers from 11 industry segments in six cities, saw the maximum hiring in Bangalore. “Overall hiring activity was not good in the final quarter of last financial year, but hiring activity of NRIs had increased. Sectors like IT, pharma and healthcare these days prefer to hire candidates with international exposure,” Rajesh Kumar, CEO, MyHiringClub.com & NriJobPortal.com said.
Read more: The Hindu Business Line