The government of Andhra Pradesh announced on Monday that it will review Rs 1,590 crore Machilipatnam port project, which is being implemented by Maytas Infra, one of the leading infrastructure development, construction and project company, which is promoted by Mr. B Ramalinga Raju and his family.

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The Society of Indian Automobile Manufacturers (SIAM) issued the automobile sales for the month of July that indicates a rise of 20.8% over the corresponding period of the last year.

The total number of vehicles sold last month was 941,118. This growth comes from record sales of cars and utility vehicles, which rose 29.2%, and two-wheelers, whose sales zoomed by 20.1% last month as compared to the sales in the similar period last fiscal.

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Moser Baer India Limited, the world's second largest maker of Optical Storage media, contested reports that it confronts a tax case totaling to Rs 2,978 crore in the Supreme Court.

According to the company, these reports are totally incorrect and highly damaging for the company's reputation. The Income Tax Department had demanded a total of Rs 2.97 crore as tax.

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Tata Steel is scouting for coking coal and iron ore mines overseas, including in Brazil and Australia, to assure raw material security for its European procedures.

The company announced that they are actively pursuing raw material interests in coking coal and iron ore either in terms of virgin sites with important resource potential or in terms of smaller existing ventures which can be rapidly adjusted to the demands in Europe.

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Coal Minister Mr. Sriprakash Jaiswal announced that India plans to initiate auctioning of coal blocks to industries for their own use in the fiscal 2010, a first step towards reforms in the sector to spur local output and attract investment.

India has 10% of the world's coal reserves, the largest after the US, Russia and China, but its coal imports have increased quickly from almost nothing 5 years ago to a proposed 70 million tonnes in the present financial year.

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The Indian government will hold a road show in Zurich on Tuesday to attract foreign investment for road projects in India.

The show to be organized in association with Confederation of Indian Industry (CII), ICICI Bank, JM Financial Consultants and Swiss-Indian Chamber of Commerce will be inaugurated by Mr. Kamal Nath, Road Transport and Highway Minister.

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The country's net direct tax collection grew 3.27% to Rs 73,990 crore in the first quarter of the current fiscal, as against Rs 71,648 crore in the corresponding quarter of the previous financial year.

According to the finance ministry, corporate taxes rose 2.61% almost to Rs 42,685 crore in the quarter ending June 30, as compared to Rs 41,598 crore in the same period last fiscal.

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According to the figures issued on Monday, auto sales in India grew 24.7% in July 2009 from 185,266 vehicles in the same period last fiscal as stimulus measures, rural demand and lower interest rates gave sales a surprise hike,.

According to the Society of Indian Automobile Manufacturers, sales of cars grew 30.9% to 115,067 units, while commercial vehicle sales reversed their long slide, growing 9.61% to 37,624 vehicles.

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Goldman Sachs, a full-service global investment banking firm, on Monday announced that India's economy will likely to rise to 7.8% in the fiscal 2011, from 6.6% based on an improved investment outlook, improved external environment and recovery in demand.

But the firm kept its growth estimate for the current year at 5.8%, referring a poor monsoon and the follow-on negative affect on rural demand in the near-term.

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In what would likely be a high-tech bank deposit mechanism, the San Antonio, Texas-based United Services Automobile Association (USAA) will this week debut a new application that will allow Apple iPhone users to make a deposit by merely clicking pictures of both sides of their check, and forwarding the images via their iPhone!

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The benchmark indices ended lower today for the third consecutive day despite strong gains in other Asian markets. The Sensex fell 150 points to close at 15,009 after hitting an intra‐day low of 14,902. The Nifty shed 43 points to finish at 4,437 after hitting a low of 4,399. The broader indices underperformed the benchmark indices, slipped 1.7‐2%. The markets plunged due to monsoon worries; auto and FMCG stocks were badly hit.

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U.S. stocks fell, led by commodity producers and retailers, after four straight weeks of gains left the Standard & Poor’s 500 Index trading at the highest level relative to earnings since 2004. The S&P 500 was valued at 18.6 times the profits of its companies as of the start of trading, the highest ratio since December 2004. The Standard & Poor’s 500 Index will keep rallying this year as exports to expanding Asian economies help U.S.

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The Facebook attempts to more forcefully assert its presence via wider web integration would likely be fueled after its latest announcement of a notable acquisition - FriendFeed! Though there has been no intimation about the supposed deal between Facebook and the innovative social networking aggregator FriendFeed, reports have it that the deal has been finalized for $US50 million.

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China's banking regulator recently announced that the country's 7.72 trillion yuan (S$1.62 trillion) of new loans in the first half have usually gone to areas backed by the government's macroeconomic policies while lending risks are under control.

Via a statement, the China Banking Regulatory Commission (CBRC) said on its website on Sunday that a fast growth in loans was seen in less wealthy western provinces, agriculture-related industries and for small- and medium-sized enterprises.

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An analysis conducted by Strait Times has revealed that a huge portion of Singapore's state fund Temasek Holdings' portfolio losses has been recovered by it since March-09 as its value saw a major rebound on a strong global equity markets performance.

The report specified that an estimated $37bn gain had been registered by Temasek from March 31 to July 31, or a 40% upswing. It won't be wrong to say that Temasek's exposure to financial firms has led to majority of its gains since the end of March.

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Sunday night was party time for Singapore, as the city state with a population of 4.84 million was marking its 44th birthday at the Marina Bay floating platform.

On this occasion, 12 Red Lions parachuters made a flawless landing on the floating platform, and three F-16s fighters of the Singapore Air Force swooped across the bay in what is known as the salute to the nation in the early part of the National Day Parade (NDP). 

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