With profit margins of companies being hit, the firms are taking a host of measures including closing down the unprofitable stores. The stores promoted by REI Agro recently closed 30-odd discount stores that were running into losses.
Group Vice-President (Sales and Marketing) Sudhir Gulati said Canton Greens, which is spread over an area of 100 acres near Amritsar, would offer a comprehensive modern city infrastructure. The group is investing Rs 300 crore (Rs 3 billion) on this project, which is likely to be completed in three years.
The whole country broke into an impromptu celebration and by the evening, four state governments had announced cash rewards that added up to Rs 1.4 crore. Cash-rich BCCI also announced a reward of Rs 50 lakh for Bindra and Railway Minister Lalu Prasad issued him a lifetime AC first-class travel pass. Not to be left behind, budget carrier SpiceJet gave him free unlimited travel for life.
Sabeer Bhatia, founder of hotmail, may give some concrete shape to his proposed Nano City project, to be set up near Panchkula in Haryana, on June 9, when he visits India to finalise equity structure with real-estate player Parsvnath Developers.
Big retail is fine tuning its strategy to win over critics and corporate social responsibility drives are providing it with the means.ITC and Reliance have already launched projects to recruit street hawkers, the main adversaries of big retail. And now Bharti Mittal has opened a retail innings of its chain, Easy Day, in Ludhiana with something similar.
Bharti Retail, owned by Sunil Mittal's Bharti Enterprises, on Wednesday started retail operations in the country with neighbourhood store format, Easy Day, from Ludhiana in Punjab. Bharti has set up three stores in Ludhiana.Bharti has announced plans to invest Rs 10,000 crore (Rs 100 billion) to set up stores across the country by 2012. The company said that it is looking at a retail space of 10 million square feet and employ 60,000 people.
Real estate market in the national capital region is likely to be hit by the steep rise in steel & cement prices. Caught between oversupply of sales of residential properties and rising steel & cement prices, property developers may be forced to review property prices. But realty developers will not pass on the burden to buyers and will try to absorb the shock of the rise in steel & cement prices. Pushing up real estate prices may hinder potent buyer from buying properties.
Haryana Urban Development Authority had to defer the auction of an eight-acre plot earmarked for a five-star hotel in the city centre as only one bidder turned up on the day of auction. The authorities told that a quorum of three bidders was a must for the auction to take place.
According to its promoter, Hirji Kanji Patel, this would be equivalent to the Pentium 4 technology but will be ultra low on voltage. The company also plans to start 20 level 3 multi-brand chip-level laptop service centres across India by April 2008.
IndiaTotal Infoline, an online business information dissemination service that offers information in three languages (Hindi, English and Punjabi), will soon add seven more languages (Bengali, Oriya, Tamil, Telgu, Kannada, Gujarati and Marathi).
Microsoft Corporation (India) Pvt Ltd has entered Chandigarh with the opening of its service hub here,its first to the north of Delhi.
The prices started escalating three years back and went through the roof.
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