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Breakthrough in RCom interconnectivity spat likelyA breakthrough in the interconnectivity spat between Reliance Communications and GSM players seems likely. After Idea and Aircel the chances are, even Bharti and Vodafone may follow suit and interconnect with Reliance Communications GSM network.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 3:49 pm Geodesic Info Systems set to roll in India: Farhan AshharFarhan Ashhar, Chief Architect Net Telephony at Geodesic Info Systems said that the company is looking forward to developing low cost devices to provide IP phone services. We expect a whole new bunch of Internet users to come in, precisely, because they would like to use Internet telephony as opposed to email, etc., said Ashhar.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 3:44 pm Idea Cellular Press Conf: Celebrating power of an IdeaIdea Cellular has seen remarkable progress in the last two years. The Subscriber base has increased from 9 million to about 28 million subscribers, cell sites have increased to 29,000. In the last two years, Idea has outpaced the sector in both market share, profits and in revenue growth.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 3:40 pm Petronet project delay not to hit Punj LloydAtul Punj, Chairman CEO of Punj Lloyd said, there would be no financial impact to the company because of the delay in the Petronet project. He said, 70% of order backlog of the company is overseas. He told CNBCTV18 that the company is in a robust position in all markets.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 2:28 pm Ansal API announces IT SEZ plansRK Jain, Ansal API, said that the company is having four SEZs, which are IT and information technology enabled services, or ITES. He added that out of the four, two are notified and one is formally approved and the fourth one is up for formal approval with the Ministry of Commerce.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 2:27 pm To add 8 lakh customers in 1 yr in Mumbai: IdeaKumar Mangalam Birla, Chairman, Aditya Birla Group said that the total expense for Mumbai operations is seen at Rs 800 crore till March. Idea is looking at garnering 20% of the net additions in Mumbai circle in the next one year and atleast 8 lakh customers in the next 12 months, he added.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 2:11 pm MoF clears Rs 22K cr cash as subsidy for fert cosRam Vilas Paswan, Minister of Chemicals Fertilizers and Steel has said that Ministry of Finance has cleared Rs 22,000 crore in cash as subsidy for fertiliser companies. He said that the second tranche of Rs 32,000 crore subsidy would also be paid in cash.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 1:46 pm Idea Cellular dials into Mumbai circleIdea Cellular has dialed into the Mumbai circle today. Idea will launch with initial network of over 1,000 sites in Mumbai. It will offer 2G mobile technology with 2.75G capabilities and edge. Idea Cellular has added Mumbai to existing 11 circles.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 1:21 pm Experts see higher cement prices, demand in FY09DD Rathi, CFO, Grasim told CNBCTV18 that the cement industry is likely to add 35 million tonnes each of capacity in FY09 and FY10. He expects to see cement demand grow by 78% in FY09. Sanjay Ladiwala, President, Cement Association said, cement dealers are likely to maintain prices.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 12:57 pm 'Mom-n-pop stores bigger rival than BigFlix'Seventymm believes that neighbourhood stores are bigger rivals in its business than the new entrants like Anil Ambani group promoted BigFlix.Source: Daily News & Analysis: Money News | 20 Aug 2008 | 11:55 am Indian shares rise on Asia rebound, but worries remainNEW DELHI (Reuters) - Indian shares rose 0.9 percent on Wednesday, snapping a five-day losing streak, with sentiment helped by a rebound in world markets on optimism that China would introduce a stimulus package to boost growth.Source: Reuters: Money News | 20 Aug 2008 | 11:48 am India urged to sign CTBTBy PTI Vienna: As the Indo-US nuclear deal goes through the motions, India was today asked to sign the Comprehensive Test Ban Treaty(CTBT) by the UN organisation overseeing this non-proliferation measure. While announcing that Iraq had signed the CTBT in New York yesterday, the executive secretary of the CTBT preparator commission Tibor Toth said India, North Korea and Pakistan must also become signatories to the treaty. The three countries in the Asian region are also important for enforcing CTBT and therefore “we urge them to sign the treaty,” Toth told reporters here today. The 45-nation Nuclear Suppliers Group (NSG) will consider granting waiver to India tomorrow to enable India resume global nuclear commerce and take the nuclear deal with the US forward. India has ruled out signing CTBT under any circumstances rejecting constant appeals and has not succumbed to any pressure. Japan had early this month urged India to sign the CTBT and the Nuclear non-Proliferation Treaty(NPT) New Delhi has maintained that it is not a signatory to NPT or CTBT as it has fulfilled all major conditionalities required for non-proliferation and has an impeccable record in this record. Pakistan has said it will not sign the CTBT unless India does so. Toth said Iraq’s action was an important step in the area of prohibition of weapons of mass destruction taking into account the crisis over this issue in the past 15 years. With Iraq coming on board, 179 countries have signed the CTBT. Toth also urged those signatory countries who have not ratified the treaty yet to do so to enable its enforcement. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 11:42 am Mahindra likely to raise tractor prices soonNEW DELHI (Reuters) - Indian utility vehicle maker Mahindra & Mahindra Ltd expects to raise tractor prices in the next three months due to higher prices of steel, the alloy used in their manufacture, a senior official said on Wednesday.Source: Reuters: Money News | 20 Aug 2008 | 11:30 am Reliance delays gasoline export on FCCU outageSINGAPORE/NEW DELHI (Reuters) - Reliance Industries will delay shipping out at least one gasoline parcel by about seven days due to a glitch at its fluidised catalytic cracking unit (FCCU), traders said on Wednesday.Source: Reuters: Money News | 20 Aug 2008 | 11:28 am Malaysia Airlines, GHIAL to set up MRO facility in Hyderabad - Business Standard
Source: Google News India - Business | 20 Aug 2008 | 11:25 am Sushil Kumar wrestles into medal tally, wins bronzeBy PTI Beijing: Unheralded Sushil Kumar rose from obscurity to find his rightful place in the history of Indian sports when he won the bronze medal in men’s 66kg freestyle category at the Beijing Olympics here today. Sushil’s campaign seemed nearly over when he lost his first round battle against eventual silver medallist Andriy Stadnik but repechage provided him a ray of hope and the Indian proved simply irresistible as he beat three grapplers on the trot to win the bronze. Down in the dumps after his opening round defeat, Sushil came up with an incredible show, beating Doug Schwab (USA), Albert Batyrov (Belarus) and finally the losing semifinalist Leonid Spiridonov (Kazakhstan) in the repechage rounds to earn his slice of history. Sushil thus became the second Indian wrestler after K D Jadhav who won a bronze in the 1952 Helsinki Games to win an Olympic medal. Incidentally, in the 2006 Doha Asian Games also, Sushil had beaten Leonid to win the bronze. Against Leonid, Sushil grabbed early initiative by scoring two technical points that proved decisive in the end. Though the Kazakh grappler scored one in the second period and managed to thwart Sushil, the Indian proved his superiority again in the third period and eventually prevailed 3-2 to trigger frenzied celebration among the Indians present at the Chinese Agricultural University here. Source: Home - Livemint.com | 20 Aug 2008 | 11:25 am No downward pressure on pricing: InfosysInfosys Technologies Ltd is not seeing any trend towards downward pressure on pricing by clients, its CEO and Managing Director S Gopalakrishnan said on Wednesday.Source: Daily News & Analysis: Money News | 20 Aug 2008 | 11:22 am Woods, Nishita Shah among next-gen billionairesTiger Woods and Nishita Shah, the MD of Thailand's diversified GP Group, have made their way into the list of next generation billionaires compiled by American US business magazine Forbes.Source: Daily News & Analysis: Money News | 20 Aug 2008 | 11:21 am Bank unions strike, India markets not disruptedMUMBAI (Reuters) - Three Indian bank unions representing some 600,000 workers went on strike on Wednesday to protest consolidation of state-run banks, but the action did not disrupt trading in financial markets.Source: Reuters: Money News | 20 Aug 2008 | 11:19 am Nokia touch screen phone by year endSetting at rest speculations, cell phone major Nokia has confirmed it will launch a full touch screen handset by the end of this year.Source: Daily News & Analysis: Money News | 20 Aug 2008 | 11:16 am Foreign cos must cut India commodity bourses stakes by June '09NEW DELHI (Reuters) - Foreign firms with stakes in Indian commodity exchanges in excess of a 5 percent cap set by the government will have to trim their holdings by June 30, 2009, the commerce ministry said in a statement.Source: Reuters: Money News | 20 Aug 2008 | 11:13 am Govt announces Rs22,000 cr additional subsidy to fertiliser industryBy PTI New Delhi: The government has decided to release Rs22,000 crore subsidy in cash to the fertiliser industry this fiscal, apart from the budgetary allocation of Rs32,000 crore, chemicals and fertiliser minister Ram Vilas Paswan said today. “Total fertiliser subsidy is estimated to be Rs1.19 lakh crore in 2008-09 while we have made available Rs54,000 crore cash payment to the industry,” Paswan told reporters after receiving a dividend of about Rs1.51 crore from public sector FCI Aravali Gypsum & Minerals India (FAGMIL). He disclosed that Finance Ministry was not prepared for the Rs22,000-crore-subsidy in cash. Finance Ministry was of the view that subsidy be paid to banks through bonds. But banks were not willing as they would have to sell the bonds at a discount since companies would have got the payment in cash. “Finance Ministry was putting ifs and buts. But Prime Minister said there should be timely payment of subsidy as it is a matter related to farmers. I thank Prime Minister for his personal intervention,” Paswan said. He also said that the step has been taken as an interim measure for three months till the first supplementary is passed in Parliament. Paswan said, “When I joined, the subsidy was Rs13,000 crore, which has now increased to Rs1,19,000 crore. But in last four years, not a single penny burden has been imposed on farmers as there was no increase in prices of fertilisers. “We have reduced the prices of complex fertilisers by up to 19%.” Asked whether the entire subsidy would be paid in cash, Paswan said there would be no financial problems to the companies and the government has ensured that they would receive the money even if there is a delay. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 11:06 am Idea mobile services launched in MumbaiThe Aditya Birla group-promoted Idea Cellular Wednesday launched its mobile service operation here.Source: Daily News & Analysis: Money News | 20 Aug 2008 | 11:06 am Sensex snaps losing streak, ends 135 pts up - Sify
Source: Google News India - Business | 20 Aug 2008 | 11:05 am Geodesic Info Systems set to roll in India: Farhan Ashhar - Moneycontrol.com
Source: Google News India - Business | 20 Aug 2008 | 10:48 am Breakthrough in RCom interconnectivity spat likely - Moneycontrol.com
Source: Google News India - Business | 20 Aug 2008 | 10:47 am Nokia launches N96 model: Apple iPhone under threat?With the launch of Nokia iPhone killer the N96 globally, Apple is sure to face a tough competition. Industry insiders say that Nokia preponed the India launch of N96, which was originally planned for October in order to attack the iPhone. Nokia admits the iPhone will give Apple a run for their money in India.Source: Moneycontrol Top Headlines | 20 Aug 2008 | 10:46 am Fertiliser industry gets Rs 22000 cr additional subsidy - Hindu Business Line
Source: Google News India - Business | 20 Aug 2008 | 10:36 am Public sector bank employees on strike across IndiaWork has come to a complete standstill at all state-owned banks here except State Bank of India (SBI) following a one-day token strike Wednesday called by Left trade unions.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 10:32 am Equity markets maintain upswing early afternoonIndian equity markets stayed in the green early Wednesday afternoon, with buying interest in realty, metal and capital goods stocks.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 10:31 am Ansal Properties to invest Rs.36 bn in SEZ, IT parksReal Estate major Ansal Properties and Infrastructure will invest Rs.36 billion in four special economic zones (SEZs) and two parks in the information technology (IT) sector, the company said Wednesday.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 10:31 am Power, realty counters prop up marketsNew Delhi: The markets ended firm with the benchmark index settling 0.9% or 134 points higher at 14,678 levels. Similarly, the wider-based Nifty moved up 47 points to close at 4,416 levels. Leading the pack of gainers among the BSE-30 scrips were Grasim Industries, Reliance Communications and BHEL. They moved up over 3% by close of trading. Hindalco, Maruti Suzuki, State Bank of India, Sterlite Industries and Tata Steel were some of the other key gainers. Realty counters witnessed fresh buying interest with Orbit Company firming up 5%. Akruti City, DLF Limited, Mahindra Life, Omaxe Limited, Parsvnath Developers and Phoinix Mills also ended firm. Strength was also visible in power sector scrips with Torrent Power surging 4.8%. ABB (up 3.4%), BHEL (3.4%), Neyveli Lignite (3%), Reliance Power (2.2%), Reliance Infra (1.6%) and Siemens (1.5%) also logged smart gains. Source: Home - Livemint.com | 20 Aug 2008 | 10:29 am Honda considers exporting home-use solar panelsBy Reuters Tokyo: Honda Motor Co Japan’s second-biggest auto maker, said on Wednesday it is considering exporting solar cells as it plans to expand the annual capacity of a solar cell factory to 27.5 mega watts by the year-end. Production of solar panels is part of the company’s drive towards a home-use energy business. Honda has not yet decided export details, spokesman Hideto Maehara said. Unlike conventional solar cells made from silicon, Honda uses copper, indium, gallium and selenium, and the production process requires less energy and emits less carbon dioxide, he said. While testing fuel cell-powered vehicles, Honda is also aiming to use solar cells as an energy source in a test project in the United States for next-generation gas stations for hydrogen made from water to power such vehicles, he said. Honda Soltec Co, a wholly owned subsidiary based in Kumamoto prefecture, southern Japan, started producing solar panels in October 2007 and has so far sold panels for some 100 domestic households for slightly less than 2 million yen ($18,200), each with capacity of about 3 kilo watts. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 10:28 am Rupee may touch 44/$ in short-term: StanChart - Moneycontrol.com
Source: Google News India - Business | 20 Aug 2008 | 10:07 am Govt directs commodity bourses to divest extra foreign equity - Economic Times
Source: Google News India - Business | 20 Aug 2008 | 10:05 am Commodity exchanges told to follow foreign investment normsCommodity exchanges have to bring their foreign investment component to the prescribed level by June 30, 2009, the commerce ministry said Wednesday.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 10:00 am Govt clears 220 bln-rupee fertiliser subsidy - TVMUMBAI (Reuters) - The Indian government has decided to pay 540 billion rupees in cash subsidies to fertiliser companies and has cleared the first tranche amounting to 220 billion rupees, a news channel said on Wednesday.Source: Reuters: Money News | 20 Aug 2008 | 9:59 am Strike cripples life in West Bengal, Tripura - Business Standard
Source: Google News India - Business | 20 Aug 2008 | 9:53 am Ansal Properties to invest Rs.36 bn in SEZ, IT parks - Economic Times
Source: Google News India - Business | 20 Aug 2008 | 9:49 am WB govt, Trinamool Cong talks on Singur impasse today - Hindu Business Line
Source: Google News India - Business | 20 Aug 2008 | 9:33 am Indiabulls Securities downgrades Kotak Mahindra Bank to HOLDDuring the recently concluded quarter, the Bank’s NII grew 72.6% y-o-y to Rs3.5 billion. The high NIM (5.9% at the end of Q1’09) ensured the momentum in the NII. This was further aided by a 41% y-o-y increase in advances. However, moving forward, we believe that such a momentum will be difficult to maintain on account of a likely slowdown in lending and the high interest rates. This is visible in the sequential pattern of the NII, which declined 10%. Non-interest income fell 15% y-o-y to Rs. 831.2 mn on account of the reduced fee income earned from the distribution of third-party products. However, on a sequential basis, other income improved by 111% as Q4’08 witnessed increased losses on the sale of investments and MTM. A lack of momentum in the equity markets and a virtual absence of IPOs led to a decline in profitability for the investment banking division. Net profit for the quarter was recorded at Rs96 million, a 50% decline on a yearly basis. Outlook and valuation The prevailing economic slowdown and the high interest rate scenario is affecting the short-to-medium-term growth prospects of the company. We expect investment banking and brokerage to be the most affected businesses on account of a weak momentum in the equity markets. In addition, high interest rates may affect the demand for funds and increase delinquencies, which may adversely affect the bottomline through less interest income and higher provisioning requirements. We believe maintenance of asset quality and garnering of additional low-cost deposits will play an important role in facing the present macro-environment. Our FY09 target price of Rs647 for Kotak Mahindra Bank is based on the sum-of-the-parts valuation methodology. The standalone banking business has been valued by using the three-stage Discounted Equity Cash Flow model. Assuming a sustainable RoE of 16%, we have arrived at a terminal growth rate of 9.9%. Cost of equity has been assumed at 15%. This gives the standalone bank a valuation of Rs119. Our target price of Rs647 does not offer a significant upside from the current levels, we downgrade our rating on the stock from Buy to HOLD. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 8:43 am Idea mobile services launched in MumbaiThe Aditya Birla group-promoted Idea Cellular Wednesday launched its mobile service operation here.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 8:31 am Govt says not considering Air India stake saleNEW DELHI (Reuters) - The Indian government is not currently considering selling stakes in state-run carrier Air India and helicopter services provider Pawan Hans Helicopters, the civil aviation secretary said on Wednesday.Source: Reuters: Money News | 20 Aug 2008 | 8:29 am Corporate salaries unaffected by economic slow downBy PTI Bangalore: Leading corporates in India have registered an increase in average salary despite this year’s economic slowdown, a study said. The year 2008 has seen a strong average salary increase of 14.8%, according to Hewitt Associates study conducted to understand the impact of economic slowdown on compensation and salary trends. “Contrary to expectations, there hasn’t been any dramatic move to downbeat macro-economic factors on compensation,” leader of Hewitt’s rewards consulting practise in India Sandeep Choudhuary said. “Instead, companies are looking at innovative ways to cut other cost like travel and recreation without compromising on employee salaries or learning and development,” he added. However, the global economic slowdown, US sub-prime crisis and rising inflation have prompted the companies to revise budget for 2009, during which the average salary is expected to dip at 13.9%, the study said. Of the organisations surveyed, 60% said inflation and rising input costs had been discussed and considered in the context of salary increase budget for 2009. Companies are looking at balancing the pressures of inflation and lower HR budgets by increasing productivity (57%) and re-deployment of manpower (31%). Meanwhile, 30% of them stated that they have increased performance linkages to counter fixed pay increases. Only 20% of the organisation surveyed mentioned a hiring freeze or slowdown. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 8:18 am Ansal Properties to invest Rs3,600 cr in IT SEZPTI New Delhi: Real estate firm Ansal Properties and Infrastructure will invest Rs3,600 crore for developing a 270-acre IT Special Economic Zone and parks in the country. “The proposed 270 acre SEZ would consist of an IT zone, commercial zone, residential zone and a recreational area,” a statement issued by Ansal Properties said. “These SEZ are aimed at growing IT and ITES companies who are choosing to set up centres in adjoining area of Tier I cities in view of global economic pressure to reduce costs and maximise returns,” Ansal API Vice-Chairman and Managing Director Pranav Ansal said. The company developed IT SEZ and IT Park would be branded as ‘The Campus´ and ‘Net City´ respectively, it added. Ansal Properties currently has approval for setting up IT or ITES SEZs in Greater Noida, Gurgaon and Mumbai. “Construction for some of the projects has already commenced and they are expected to be completed in the next 5-7 years,” the statement added. Last month the company had announced an investment of Rs900 crore for developing an engineering-based SEZ at Sonepat in Haryana. On the Bombay Stock Exchange afternoon trade shares of Ansal Properties were trading at Rs107, up 1.57%. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 8:17 am Allahabad Bank revises term deposit ratesKolkata-based Allahabad Bank has revised its interest rates on domestic term deposits up to Rs.10 million from 9.75 percent to 10 percent per annum for a period of over one year and less than two years, it said Wednesday.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 8:00 am Govt may step up action against tax evaders to reduce deficitBy PTI New Delhi: Committed to reduce fiscal deficit and check inflation, the government may step up deterrent action against direct tax evaders and eliminate tax incentives to raise revenue collection. “The share of direct taxes in the overall tax-GDP ratio has to be necessarily increased. The only option left on this front is to eliminate incentive and step up deterrence” Revenue Secretary P V Bhide said while speaking at a Ficci seminar. Reducing fiscal deficit has become all the more important to control rising inflation, he said adding, the price rise has been on account of domestic as well as global factors. “The need for reducing high fiscal deficit, which initially arose to prevent crowding out investment, has become all the more important to control present inflation, which is not only due to factors within the country but also on account of global environment,” Bhide. Inflation has soared to a 13-year high of 12.44% despite host of fiscal and monetary steps taken by the Central government and the Reserve Bank of India. Pointing out that it was difficult to reduce fiscal deficit in the short-run by cutting expenditure, Bhide said, the only option left with the government is to raise additional resources through direct taxes, as indirect tax like customs are being reduced to check inflation and also honour international commitments. India’s total tax-GDP ratio, which was at 17.5%, needs to be stepped up to mobilise additional resources for reducing fiscal deficit and funding social sector programmes of the government. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 7:53 am SAIL to enhance loading facilities at Bolani; invests Rs120crBy PTI New Delhi: Country’s largest steel maker Steel Authority of India Ltd has undertaken the work for enhancement of loading facilities at Bolani iron ore mines in Orissa with an investment of Rs120 crore. With expansion of the project, the iron ore loading capacity of the mine would go up to 10 million tonnes per annum from the present level of 3.9 million tonnes, a spokesperson of SAIL’s Raw Material Division (RMD) told PTI. The enhancement of facilities is in tandem with the proposed increase in production capacity of the mine to 10 million tonnes, he added. As part of the first phase of the scheme, RMD has begun installation of reclaimer, stacker, conveyors and stacking yard at Bolani. In the second phase it would take up railway track modification and work related to signalling and telecommunication. State-run SAIL targets over 26 million tonnes of steel production by 2010-11, for which RMD aims at churning out over 30 million tonnes of iron ore. To meet the enhanced iron ore requirement, RMD has taken up a slew of projects to develop the existing iron ore mines besides improving mining operations and infrastructure. The long-term projects include expansion of Chiria iron ore mines in Jharkhand and Taldih in Orissa. While Chiria’s capacity would go up to 50 million tonnes in phases, that of Taldih to 4.25 million tonnes along with an additional two- million tonne pellet plant. The steel major also envisages developing the south block of Kiriburu and central block of Meghataburu iron ore mines in Jharkhand. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 7:52 am Company Update: Usha MartinUsha Martin Ltd (UML) is globally one of the leading producers of specialty steel value added long products. It is also one of the most integrated players with ownership of captive iron ore and coal mines and commands a very diverse product portfolio. The company is in the midst of a capacity expansion plan across its entire operational chain. As per the undergoing Rs21 billion capex plan, the steel making capacity would increase 2.5x to 1mtpa with a commensurate increase in iron making (pig iron and sponge iron) and finishing facility by March 2010. However, sharp rise in input costs, especially coke (the critical input for the company) restricted margin expansion over FY08 despite increasing usage of captive iron ore. We believe Q4 FY08 was the worst quarter in terms of profitability with 18.2% OPM. Since the start of Q1 FY09, UML has implemented significant price hike across all products. The blended realizations are likely to be higher by 20-25% on q-o-q basis. We expect OPM to improve by 200-250 bps q-o-q in Q1 FY09 to 20.5-21%. Further improvement in OPM will result from company’s backward integration initiatives especially from consumption of captive coal November 2008 hence. On a full-year basis, we expect OPM to improve from 18.5% in FY08 to 21% in FY09 and 23.5% in FY10. A strong topline CAGR of 28% with a material OPM expansion of 500 bps over FY08-10E would lead to a net profit CAGR of 51%. At the current market price, the stock trades at attractive valuations of 5.8x P/E and 4.6x EV/EBITDA on FY10 estimates. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 7:41 am Indian rupee rises from 17-month low, cbank suspectedBy Reuters Mumbai: State-run Indian banks were seen selling dollars to help the rupee recover from a 17-month low hit in early trade on Wednesday in action traders said was likely to be intervention on behalf of the central bank. India’s central bank uses state-run banks to intervene if it wants to slow a rupee decline or prevent it from rising too quickly, and private bank dealers said Wednesday’s dollar selling looked like intervention. The chief dealer with a private bank said there had been heavy dollar buying by companies in the morning. “But later there was correction after some state-run banks sold dollars around 43.80 levels,” the chief dealer said. The partially convertible rupee fell to 43.87 per dollar in early trade, its lowest since 20 March 2007. By 12:30 p.m., it was at 43.7350/7550 per dollar, 0.3% weaker than Monday’s close of 43.59/60. Tuesday was a central bank holiday. The chief dealer at another private bank said state banks sold dollars between 43.85 and 43.75 in what he also suspected was intervention on behalf of the central bank. Two state-run bank traders said there had been dollar selling by state banks, although they said it was not heavy, and some of the rupee’s recovery was down to dollar sales by exporters. The rupee has fallen 9.9% against the dollar since the start of the year as foreign investors have pulled funds out of the stock market. Dealers said the prospect of state bank action meant the rupee was unlikely to weaken back past 43.80 this session, and further gains in the stock market could help it towards 43.60 per dollar. The main share index was up 0.5% on Wednesday, on track to snap a five-day slide. Unions representing some bank employees were on strike on Wednesday, but traders said this was not affecting volumes. Source: LatestNews-Home - Livemint.com | 20 Aug 2008 | 7:30 am Nikkei falls 0.1% as global economy jitters weighTokyo: The Nikkei average dipped 0.1% on Wednesday, with Toyota Motor and other exporters sliding on a bleak outlook for the global economy, while bank shares fell on worries about the US financial system. But a surge in Chinese stocks on hopes for a government stimulus package sparked buying of stocks linked to demand from emerging economies such as trading house Mitsubishi Corp briefly helping the Nikkei into positive territory. “The short covering that we saw earlier doesn’t mean we will be seeing a large rebound in the market,” said Zenshiro Mizuno, senior managing director of the equity trading division at Marusan Securities. “Financial worries haven’t been solved and they continue to exist,” Mizuno added. The benchmark Nikkei shed 13.36 points to end at 12,851.69, the lowest close since 18 July. The broader Topix edged down 0.2% to 1,233.37. “Worries about the overall global economy weighed on exporters and especially automakers, which are suffering from falling demand in the European and US markets,” said Soichiro Monji, strategist at Daiwa SB Investments. Toyota shed 1.8% to 4,830 yen and Canon Inc lost 2% to 5,040 yen, the top drag on the Nikkei 225. Most banks shares were weak after US stocks fell for a second straight session on Tuesday on fears that US home finance firms Fannie Mae and Freddie Mac may need a government bailout. Top lender Mitsubishi UFJ Financial Group fell 1.5% to 817 yen, while Sumitomo Mitsui Financial Group the third-biggest bank, slid 1% to 675,000 yen. However, No.2 Mizuho Financial Group added 0.2% to 468,000 yen. Mitsui O.S.K. Lines and other shippers also weighed on the market after the Baltic Exchange’s chief sea freight index fell 1% on Tuesday, its first decline in five days. Mitsui declined 2.5% to 1,262 yen, while Nippon Yusen KK shed 2.7% to 852 yen. Kawasaki Kisen Kaisha slipped 1.5% to 774 yen. Source: Home - Livemint.com | 20 Aug 2008 | 7:15 am Vodafone firm to sell iPhone 3G in India from Rs 31,000NEW DELHI (Reuters) - Vodafone Essar, India's third-largest mobile operator, will sell Apple's iPhone 3G at 31,000 rupees ($708) for the 8GB model, a senior company official, who could not be named, said on Wednesday,Source: Reuters: Money News | 20 Aug 2008 | 7:09 am Gold futures recover on better global trendPTI New Delhi: Gold prices recovered by 2.26% in futures market on fresh buying by traders in line with firming trend in global markets. The gold, which fell in previous day’s trading, gained substantial ground after the metal prices rose in overseas markets as crude oil rebounded to $115 a barrel. The far-month February contract of the precious metal shot up by 2.26% at Rs11,945 per 10 grams on the Multi Commodity Exchange with a trading volume of four lots. A likewise trend was also extended to the December contract which gained 0.59% at Rs11,841 per 10 grams. The contract recorded business volume of 91 lots. Near-month October contract was up by 0.66% at Rs11,740 with trading volume of, 2700 lots. Traders said market sentiments turned better after reports that gold prices have advanced to near one week high in Asian market on the back of recovery trend in crude oil prices, which spurred buying interest for the precious metal as better investment. Source: Home - Livemint.com | 20 Aug 2008 | 7:09 am No effect of trade union shutdown in MumbaiLife was normal in Mumbai and the rest of Maharashtra Wednesday as people ignored the all-India shutdown called by Left-backed trade unions.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 7:00 am Delhi takes the cratered road to traffic snarls and stressAnger, angst and absolute helplessness... those are the everyday negatives for millions of people who spend hours traversing the moonscape that are the potholed roads in the Indian capital and its suburbs post-rains.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 7:00 am Operators agree to provide link to RCom GSMNew Delhi: Ahead of the deadline of Trai’s direction to give interconnection to RCom GSM network, five operators, including Idea Cellular, MTNL and Tata Communication have agreed to provide link of their network to the Anil Ambani group company. According to sources, Idea Cellular has agreed to provide interconnection to RCom thereby not becoming a part of COAI’s likely petition against Trai’s directive on the same. Besides, other operators to provide interconnectivity to RCom GSM network are Aircel and Spice Communication. The other PSU BSNL, which has also been directed by Trai, is in negotiation with RCom. “We are in a dialogue with them (RCom). There has been no conclusion yet on the outcome of our talks on a agreeable interconnection arrangement,” BSNL CMD Kuldeep Goyal had said yesterday. So now, it is Bharti and Vodafone, who are yet to consider giving interconnectivity to RCom. However, the latest position could influence COAI’s decision to challenge the TRAI’s order although it could not be confirmed whether COAI would change its position or not. On 14 August, telecom regulator Trai had directed GSM players Idea Cellular, BPL, Vodafone Essar and Bharti Airtel to interconnect with RCom by 21 August. Aircel, Spice, Idea are members of COAI. Source: Home - Livemint.com | 20 Aug 2008 | 6:57 am India may up investment cap in stock exchangesBy Reuters Mumbai: India’s capital markets regulator is examining a proposal to raise the limit for single investors in stock exchanges to 15% from 5%, the Economic Times said on Wednesday, citing an unnamed official. “The decision to revisit the existing norms on investment in stock exchanges has been prompted by the fact that the current cap on equity holdings could act as a deterrent to potential promoters of new exchanges,” it cited the official as saying. The proposal was discussed at the regulator’s last board meeting, and it was decided that a final view will be taken “after seeking wider comments”, the official was cited as saying. A spokesman for the Securities & Exchange Board of India (SEBI) said he could not immediately comment on the report. The new cap would be applicable for local and foreign investors, the paper said, and would enable existing investors to raise their stakes further. India now caps total foreign investment in stock exchanges at 49%. The Economic Times said within that limit, total foreign direct investment in exchanges be up to 26% and total foreign institutional investment could be up to 23%. Deutsche Boerse and Singapore Exchange acquired 5% each in the BSE last year. Goldman Sachs owns 5% in the National Stock Exchange, as does NYSE Euronext, which also has 5% in Multi Commodity Exchange, India’s largest commodity bourse. In commodity bourses, too, single holdings of foreign companies, funds and exchanges are capped at 5%. Citigroup and Merrill Lynch also have 5% each in MCX. Interest in India’s exchanges has been high, and had tracked a recent wave of consolidation attempts among bourses around the world as the volume of trade soared and operators sought global reach and greater economies of scale. Source: Home - Livemint.com | 20 Aug 2008 | 6:43 am Rail, road traffic disrupted as shutdown affects OrissaRail and road traffic were disrupted in several parts of Orissa as Left backed trade unions observed a shutdown Wednesday against the central government.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 6:33 am Strike hits image of West Bengal: industry leadersIndustry leaders here are bitter over the loss of a working day and all it entails as Left-supported trade unions went on a countrywide strike Wednesday, crippling normal life in West Bengal.Source: IndiaeNews.com: Business News | 20 Aug 2008 | 6:32 am SBI likely to finalise JV structure with IAG by next monthBy PTI Mumbai: Stage is set for the entry of State Bank of India into general insurance as the country’s largest lender is expected to finalise the terms for joint venture with Insurance Australia Group (IAG) by next month. “We are currently working on the structure of the joint venture agreement. We expect to finalise the operating structure by September. Once a mutual agreement is reached, the new company is expected to get operational in the next three to six months,” a senior SBI official told PTI here. Both parties signed an agreement in May this year to form a new company for the proposed insurance business. Under the pact, State Bank will hold a 74% stake in the entity and the Australian partner the rest 26%. State Bank officials, however, declined to divulge the financial terms and management structure of the proposed joint venture company. SBI’s entry into general insurance is expected to pose challenges to existing players. Public sector United India Insurance, New India Assurance, Oriental Insurance and National Insurance hold a major share of the business. In private sector leading players include Bajaj Allianz, ICICI Lombard, IFFCO-Tokio General Insurance and Reliance General Insurance. Government-run State Bank has aggressive plans to expand business on various fronts, including custodial business. Though the bank wants to form a JV with French financial-services major Societe Generale, a Finance Ministry official recently said the Government was not in favour of the deal. Source: Home - Livemint.com | 20 Aug 2008 | 4:23 am Oil trades near $115 ahead of inventory dataSingapore: Oil prices rose slightly in Asia on Wednesday to near $115 a barrel as investors awaited a weekly crude inventory report for evidence an economic slowdown in the US is cutting consumer demand for oil products such as gasoline. Light, sweet crude for September delivery was up 55 cents at $115.08 barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose $1.66 overnight to settle at $114.53 a barrel. Investors are waiting for a report by the US Energy Department’s Energy Information Administration on US oil stocks for the week ended 15 August later in the day. The petroleum supply report was expected to show that gasoline inventories fell by 3 million barrels, according to the average of analysts’ estimates in a survey by energy information provider Platts. “People are going to be looking at the gas numbers,” said Jonathan Kornafel, Asia director for brokerage Hudson Capital Energy in Singapore. The Platts survey also showed that analysts projected oil stocks rose 1.7 million barrels and distillates went up 1.2 million barrels during last week. Oil prices have rebounded after falling about $35, or nearly a quarter, from their all-time trading record $147.27 on 11 July expectations that high gasoline prices and slowing economic growth in the US, Europe and Japan will undermine global energy demand. “Just as the market overshot to the upside, it overshot the other way,” Kornafel said. “It looks like we’re consolidating between $112 and $118.” Stronger dollar Weighing on prices was a slightly stronger dollar compared to the euro. The 15-nation euro traded was down to $1.4762, while the dollar rose to 109.88 yen. A rising greenback encourages investors who had been seeking commodities like oil as a hedge against inflation to sell their positions. “I think credit markets need to improve in the U.S. before we see a sustained rally in the dollar,” Kornafel said. “We may have hit a top for the dollar. I don’t think this rally can last.” In other Nymex trading, heating oil futures rose 2.33 cents to $3.147 a gallon, while gasoline prices gained 1.81 cents to $2.882 a gallon. Natural gas futures increased 9.1 cents to $8.067 per 1,000 cubic feet. In London, October Brent crude rose 49 cents to $113.74 a barrel. Source: Home - Livemint.com | 20 Aug 2008 | 4:05 am RBI to review roadmap for liberalisation of foreign banks !RBI would undertake a "wholesome review regarding the road map" to liberalise norms for foreign banks in the country, its Deputy Governor V Leeladhar said on Tuesday.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Reliance BIG TV rolls out DTH service!Reliance BIG TV, the Direct to Home venture of Anil Ambani group, announced the launch of DTH services in the country on Tuesday.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Nokia unveils N96 to take on iPhones !Ahead of the launch of Apple`s inconic brand iPhone here, world`s largest mobile phone maker Nokia today unveiled its new converged device N96 under its `N Series` stable.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Adhunik Metaliks plans Rs 3 bn IPO for mining unit !Speciality steel maker Adhunik Metaliks Ltd will raise 2.5 to 3 billion rupees through an initial public offering of shares in its mining subsidiary, the company said in a statement on Tuesday.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Large US bank collapse seen ahead !The worst of the global financial crisis is yet to come and a large US bank will fail in the next few months as the world`s biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Govt may let RIL`s export unit to supply diesel at home !Faced with unprecedented growth in demand for diesel, the government is mulling easing norms to allow Reliance Industries` export-oriented refinery to the feed domestic market and charging more from power and industrial consumers of the fuel.Source: Zee News : Business | 20 Aug 2008 | 12:01 am BlackBerry Bold`s home launch soon!Canadian telecom giant Research in Motion (RIM), which skipped its own backyard earlier this month to unveil its much-hyped BlackBerry Bold in Austria, Russia and Turkey, will reportedly launch the wonder smartphone here this week.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Oil drops to near USD 112 !Oil prices fell to near USD 112 a barrel in Asia on Tuesday extending an overnight decline as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico.Source: Zee News : Business | 20 Aug 2008 | 12:01 am BHEL targets 6-fold jump in export earnings by 2012 !Power equipment supplier Bharat Heavy Electricals Ltd has set an ambitious target to increase earnings from exports six-fold to Rs 8,000 crore in the next four years.Source: Zee News : Business | 20 Aug 2008 | 12:01 am Technical Analysis: Rupee nears the 44 markThe $5.5 billion decline in the foreign exchange reserves for the week ended August 8 appears to have jolted the Reserve Bank of India in to inaction. To put this figure in perspective, the decrease in forex reserves since April 1 this year is ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Storage level in major reservoirs improvesMonsoon revival helps; situation seen improving further. Chennai, Aug. 19 The revival of monsoon since the last week of July has helped improved the water storage level in 81 major reservoirs in the country but it is still lower compared with ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Reliance Big TV targets 40% share of DTH pieADA Group also set to launch its IPTV services. Mumbai, Aug. 19 Reliance Big TV, a wholly-owned subsidiary of Reliance Communications is targeting a 40 per cent share of the DTH market in the next 12 months. ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am RIL may be allowed to sell diesel in domestic marketChanges in tax norms under study; differential pricing for industrial users likely. New Delhi, Aug. 19 With the diesel demand showing an 18-per cent growth and oil companies depending on imports to bridge the gap, the Government is considering ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Arcil forays into retail NPA businessMumbai, Aug. 19 Asset Reconstruction Company (India) Ltd (Arcil), the leading collector of distressed assets in the country, has started buying non-performing retail loans,including home ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Skill development body takes shapeGovt-private sector initiative may take off on Sept 1. New Delhi, Aug. 19 The private sector has lent its unequivocal support for the establishment of the National Skill Development Corporation (NSDC). They have agreed to take 51 per cent ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Car buyers will have more to choose fromSlew of models in the pipeline; existing ones being upgraded. Hyderabad, Aug. 19 Buying your first car or the next one, you are in for one of the most exciting phases in the Indian automotive sector. Practically all manufacturers are lining ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Day Trading GuideThe stock was choppy in the last trading session and it formed a spinning top candlestick pattern, which indicates indecisiveness. Avoid trading in this counter for the session. ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Star to exit Balaji TeleAgrees to buy-out of 26% stake by Ekta Kapoor, family. New Delhi, Aug. 19 The Star Group and Balaji Telefims, makers of some of biggest television soaps, have decided to terminate their agreement under which Star held a 25.99 per cent stake in ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Balrampur Chini Mills (Rs 96): BuyWe recommend a buy in Balrampur Chini Mills from a short-term horizon. It is evident from the charts that the stock has been on a medium-term up trend from its early July trough at Rs 68, forming higher peaks and higher troughs. While trending ...Source: Business Line - Home Page | 20 Aug 2008 | 12:00 am Aban sees $1.65 bn revenues in 3 yrsAban Offshore, India's largest offshore drilling contractor, expects its committed contracts to bring in revenues of $1.65 billion between August 2008 and July 2011.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:09 pm Maruti set to design cars from scratchMaruti Suzuki India appears to be serious about designing cars from scratch in India by the turn of the decade.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:08 pm Citizen to exit low-end segmentJapanese watchmaker Citizen has said it will stop selling low-end timepieces in India and instead concentrate on the premium segment.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 10:56 pm Trai seeks control of TV contentWill the telecom regulator finally get to control content as well?Source: Daily News & Analysis: Money News | 19 Aug 2008 | 10:55 pm ST liability is on transporters rules apex courtIndustries hiring goods carriages for transporting their finished or raw products aren't liable to pay service tax, as the levy should be imposed on the transporters.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 10:54 pm In aircraft engine development, you cannot set a timelineBangalore: Nearly 20 years after it promised an indigenous engine to power India’s light combat aircraft Tejas, the Gas Turbine Research Establishment, or GTRE, the country’s sole aero engine design house, is now seeking outside help. It has chosen French aircraft engine maker Snecma SA to jointly build an engine to replace Kaveri, a project named after the river in southern India. T. Mohana Rao, director of GTRE, a unit of the Defence Research and Development Organisation, explains why it had to choose a partner and talks about the future of the Kaveri programme. Edited Excerpts: What is the status of the Kaveri engine development project?  Seeking external aid: T. Mohana Rao, director of GTRE. Photograph: Hemant Mishra / Mint Does this mean the engine for the light combat aircraft would be further delayed? In aircraft engine development, particularly when you are doing it for the first time, you cannot set a timeline. We could take five or six years. The Indian Air Force (IAF) cannot wait for an engine for that long, and the government said if there is any engine house that we can partner, we could go ahead and do a joint venture on risk-sharing basis. Only NPO Saturn and Snecma responded of the five. General Electric Co., Rolls-Royce Plc. and Pratt and Whitney declined. Nearly two-and-a-half years after we started the process, we have identified Snecma. The government told us to consult IAF and decide on the air staff requirements before we sign a contract. Has Snecma given a timeline for the new engine? Snecma will bring its (engine) core that is named Eco. A core, which comprise a compressor, combustor and high-pressure turbine, is the heart of any jet engine. The engine will have less weight and more reheat thrust along with certain other changes to meet the original design intent. They will have a workshare of 45%, and ours would be 55%. Nearly 85% of the manufacturing would be within the country. The engine would be certified for fitting in the aircraft in around four years. Hindustan Aeronautics Ltd will produce the engine and all future aircraft engines in India would be from the joint venture. But why so late? Couldn’t you have gone for a global partner much earlier and avoided delays? It was a decision by the government. When Kaveri was conceived, India did not have a design base for aero engines, except for some work we had done earlier. Globally, they first pick an engine and then build the aircraft. Here, we decided that by the time the light combat aircraft was ready, we should have our own engine. The engine (supplied by General Electric) currently powering the aircraft is inferior to Kaveri’s specifications. IAF wanted us to build a highly stable engine with a digital computer to control it, and a two-lane manual reversion (a backup for the first time in the world). Rolls-Royce and GE validated our design. Now we have a design base, huge infrastructure and talent pool in engines. We could not have built this if we had not taken up this project. What will happen to Kaveri and the work you have done? The core of Kaveri is performing well. Because of the lower thrust, it cannot be used on combat aircraft. It can be used to power unmanned combat aerial vehicles. We have already demonstrated a marine version of Kaveri using diesel as fuel for the Indian navy. It can also be used as a large 12MW industrial genset for power generation. Source: Home - Livemint.com | 19 Aug 2008 | 7:09 pm In aircraft engine development, you cannot set a timelineBangalore: Nearly 20 years after it promised an indigenous engine to power India’s light combat aircraft Tejas, the Gas Turbine Research Establishment, or GTRE, the country’s sole aero engine design house, is now seeking outside help. It has chosen French aircraft engine maker Snecma SA to jointly build an engine to replace Kaveri, a project named after the river in southern India. T. Mohana Rao, director of GTRE, a unit of the Defence Research and Development Organisation, explains why it had to choose a partner and talks about the future of the Kaveri programme. Edited Excerpts: What is the status of the Kaveri engine development project? Seeking external aid: T. Mohana Rao, director of GTRE. Photograph: Hemant Mishra / Mint Does this mean the engine for the light combat aircraft would be further delayed? In aircraft engine development, particularly when you are doing it for the first time, you cannot set a timeline. We could take five or six years. The Indian Air Force (IAF) cannot wait for an engine for that long, and the government said if there is any engine house that we can partner, we could go ahead and do a joint venture on risk-sharing basis. Only NPO Saturn and Snecma responded of the five. General Electric Co., Rolls-Royce Plc. and Pratt and Whitney declined. Nearly two-and-a-half years after we started the process, we have identified Snecma. The government told us to consult IAF and decide on the air staff requirements before we sign a contract. Has Snecma given a timeline for the new engine? Snecma will bring its (engine) core that is named Eco. A core, which comprise a compressor, combustor and high-pressure turbine, is the heart of any jet engine. The engine will have less weight and more reheat thrust along with certain other changes to meet the original design intent. They will have a workshare of 45%, and ours would be 55%. Nearly 85% of the manufacturing would be within the country. The engine would be certified for fitting in the aircraft in around four years. Hindustan Aeronautics Ltd will produce the engine and all future aircraft engines in India would be from the joint venture. But why so late? Couldn’t you have gone for a global partner much earlier and avoided delays? It was a decision by the government. When Kaveri was conceived, India did not have a design base for aero engines, except for some work we had done earlier. Globally, they first pick an engine and then build the aircraft. Here, we decided that by the time the light combat aircraft was ready, we should have our own engine. The engine (supplied by General Electric) currently powering the aircraft is inferior to Kaveri’s specifications. IAF wanted us to build a highly stable engine with a digital computer to control it, and a two-lane manual reversion (a backup for the first time in the world). Rolls-Royce and GE validated our design. Now we have a design base, huge infrastructure and talent pool in engines. We could not have built this if we had not taken up this project. What will happen to Kaveri and the work you have done? The core of Kaveri is performing well. Because of the lower thrust, it cannot be used on combat aircraft. It can be used to power unmanned combat aerial vehicles. We have already demonstrated a marine version of Kaveri using diesel as fuel for the Indian navy. It can also be used as a large 12MW industrial genset for power generation. Source: Tech News - Livemint.com | 19 Aug 2008 | 7:09 pm Nokia challenge for Apple’s iPhoneNew Delhi: Nokia on Tuesday unveiled ‘N96’, its most advanced converged mobile phone in India. Although the N96 will be officially available in September and offers unique features, the launch comes just three days before its competitor Apple launches the much anticipated iPhone in India. Converged devices like N96 saw a 50% growth worldwide last year, with Nokia commanding 53% of the market share. “Research shows that only 12% of people’s time is used making phone calls with their mobile phones”, says Devendra Kishore, head of Marketing for Nokia India. “They spend 88% of their time on other activities. People are using these devices for many other purposes.” New features of N96 include a 16 GB memory expandable to 24GB through an external micro SD card and a security system that allows consumers to track their handsets when lost or stolen. It also comes with 5-megapixel camera. Source: Tech News - Livemint.com | 19 Aug 2008 | 7:04 pm Balaji promoters to buy back Star`s stakePromoters of leading television production company Balaji Telefilms, producer of such long-running popular soaps as Kyunki Saas Bhi Kabhi Bahu Thi and Kahanii Ghar Ghar Kii, have decided to buy backSource: Business Standard | Front Page Headlines | 19 Aug 2008 | 6:57 pm Govt mulls dual price for dieselThe Union oil ministry is considering a proposal to adopt differential pricing for diesel, under which industrial users like power utilities, will be charged market prices and retail consumersSource: Business Standard | Front Page Headlines | 19 Aug 2008 | 6:56 pm India critical for Citi, says Ajay BangaMumbai: Citigroup Inc., the largest US bank by assets that has posted $55 billion (Rs2.38 trillion) in losses and write-downs in 2008 and cut some 14,000 jobs worldwide, announced a reorganization of its Asia-Pacific business on Monday led by Ajay Banga, CEO of Citigroup in Asia-Pacific region. In a telephone interview with Mint from Hong Kong, Banga says he is working on a strategic vision for the bank’s Asian business for the next four-five years with India playing a vital role there. He is being helped in this by Sanjay Nayar, who heads the bank’s South-East Asia business, including Bangladesh, Sri Lanka and India. Banga’s real mission seems to be to create one Citi. “In front of a client, the entire Citigroup should be presented with full force,” he says. In India, Banga says he sees a lot more “collaborative partnerships among various businesses” of Citi such as between private banking and SMEs (small and medium enterprises); SMEs and consumer banking; corporate and wealth management. The reorganization comes as Citi again appears close to selling its business process outsourcing arm Citigroup Global Services, with Tata Consultancy Services Ltd emerging as the front-runner. If all goes well, a deal is likely to be inked in the next two weeks. While neither Nayar nor Banga would discuss this impending transaction, both of them ruled out the possibility of selling Citi’s 11.81% stake in Indian mortgage major, Housing Development Finance Corp. Ltd or HDFC. In his interview, Banga explained the rationale behind the Asian restructuring and discussed India’s growing importance for the bank. Edited excerpts: What does this reorganization mean? Our previous structure was based on three businesses: corporate and institutional clients group, consumer business and wealth management. India was one of the first countries where we introduced a CEO-driven business model in 2007. Sanjay (Nayar), who was earlier heading corporate and investment banking of the bank in India, was made the CEO and that has worked well. To that extent, India was a precursor of this new business model. Does this signify a migration from matrix system to a CEO-driven model?  Citigroup Asia-Pacific region CEO Ajay Banga. What is the basic philosophy behind this? We are working on four principles. It is not products versus geographies. The objective is to present the complete capabilities of Citi to our customers. Very few companies across the world have our range of products. We will see now a lot more collaborative partnership among various businesses—private banking, SME, consumer and corporate banking, cards, and wealth management. The objective is to create one Citi. Secondly, we are cutting unnecessary layers. The four region heads and seven product heads will directly report to me. Earlier, the country heads, such as Sanjay, were reporting to me through either the consumer banking head, based in Singapore, or institutional banking head, based in Hong Kong. Thirdly, it will provide more opportunities for our people to grow. Sanjay, Piyush (Gupta, in charge of Southeast Asia Pacific,) Stephen Bird (in charge of North Asia) and Doug Peterson (in Japan) are prime examples. Once you oversee all businesses, you become a more complete manager, and prepare yourself for bigger responsibilities in a universal bank like Citi. Finally, we want to take advantage of our global franchise and products are delivered locally. So it’s localizing a global bank? We are already a very local bank in most markets we operate in. This structure allows us to deliver global products in local markets by empowering people in Asia, where our clients are. We are using local expertise but not losing our global heritage. That is our great strength. Where does India stand in your Asian business model? India is a very critical growth market for Citi. We have been retaining profits locally and investing in India. We have also moved capital to India when necessary, which symbolizes our desire to grow. It is a destination for both investment and a source of talented managers. About 350 of our global managers who work around the world, started their careers in India, which underlines how important the market has been as a source of talent. There are many reasons why India is an attractive market. The growth of the middle class, increasing wealth of people, healthy and growing corporations and the government’s increasing focus on infrastructure are some of them and they all fit our product and franchise capability. We have faith in India’s growth. You are working on a larger Asia plan? Yes and we are also working on refining our strategic vision for India. What about selling your stake in HDFC? We have no intention to do that. HDFC is an outstanding institution and we have no plan whatsoever to divest our stake. It has been a great investment for our shareholders. (The Economic Times reported Tata Consultancy’s front-runner status for buying Citigroup Global Services on 19 August.) Source: Home - Livemint.com | 19 Aug 2008 | 6:30 pm Classroom innovation looks to edge out ubiquitous blackboardNew Delhi: A flick of a finger and the diagram of a brain appears on screen. “On an ordinary board, this would take nearly 15 minutes to draw,” says the presenter, hands dancing in practised precision over a flat white glass-like surface. “But with an interactive whiteboard, you can shift the focus to quality teaching time.” Across the exhibition hall at eIndia 2008, an information and communication technology, or ICT, event held recently in New Delhi’s Pragati Maidan, there were at least 10 such demonstrations of interactive whiteboards—a technology billed to grow at nearly 50% for the next five years. And, this year it will take off in India, distributors and vendors say. An interactive whiteboard is a so-called “smart” whiteboard. Powered off, it functions like an ordinary board, but when plugged in to a computer, which in turn uses a projector to throw the display on the board, it becomes a touch-screen interface which, companies say, greatly improves classroom teaching experience. The demos cover all the salient features. Some rap the surface of the board, demonstrating its durability. Others scribble and tap, drag and drop, indicating ease of use.  ‘Smart’ boards: A company image shows a user demonstrating how easy it is to operate an interactive whiteboard. “With the current thrust on ICT-based education, it is the right time to enter the market,” says Tarun Jain, country head of Hitachi Home Electronics Asia (S) Pte Ltd, a Tokyo-based electronics company. Hitachi is introducing a range of interactive whiteboards in India. “We expect the market to nearly double over the next few years, and we hope to capture 25% of that market by the end of 2008.” A report on global interactive whiteboard volumes by Digital Tech Consulting, an international technology market research firm, estimates global sales of 616,226 whiteboards in financial year 2008, a growth of nearly 50% over the 2007 figure of 411,555. “Six out of 10 classrooms in the UK have access to an interactive whiteboard,” says Jaemes Shanley, director of sales and marketing for Mimio. “Nearly 4 million children around the world learn directly through an interactive whiteboard,” says Rekun Verma of ALMOE Digital Solutions Pvt. Ltd, which has partnered with UK-based Promethean Ltd to introduce their line of whiteboards in India. Promethean is a learning technologies company. Teachers, too, note its effect. “Students’ percentage performance rates have shot up, and they’re far more receptive. It really helps break the monotony in a subject like history, where visuals and animation are of huge help in getting student’s attention,” said Sohini Chakravarty, a history teacher at Delhi Public School (DPS), R.K. Puram in New Delhi. One of her colleagues agreed, citing the ability to show students concepts instead of just telling them. “In geography, it’s very difficult to get across certain concepts without visuals,” said geography teacher Vinita Gupta. “There was hardly any inertia even when it was first initiated, since the system is really user-friendly and students really look forward to the whiteboard classes.” Students also attest to its usefulness. “You remember something much better this way than if you had to mug it up from a textbook,” say Varnika Chawla, a class IX student at DPS R.K. Puram. The optimism for whiteboard technology, however, could be part of a continuing trend towards modernizing university and school campuses, says Diptarup Chakraborti, principal research analyst for technology research firm Gartner Inc. “Within the last five years, we’ve seen campus and international schools became WiFi-enabled, we’ve seen increasing laptop and mobile phone penetration, and projectors and presentations have become ubiquitous.” “The cost of technology has come to the point where rich institutes, flush with funds, will try pilot tests, and interactive technology in education improves the productivity and throughput of the institute.” Training teachers could be a bottleneck, Chakraborti says. “Students love to explore new technology and love the whiteboards, but teachers are slightly uncomfortable in the beginning,” says Nav Jyoti, head of teacher training at the Vibgyor High chain of private schools. “Even with basic training, it takes a while to make use of the full capabilities of the board.” The reach of this technology, however, could be limited. “Most interactive whiteboards are still focused across corporates and international schools. We’re hoping the government will be part of this initiative,” says Ajay Raina, director of business development at iMark Distribution, which has partnered with Canada-based Smart Technologies Ulc. to introduce the SMARTboard line of interactive whiteboards. While most whiteboard packages cost upwards of Rs100,000 a unit, cheaper alternatives are beginning to make an appearance. Mimeo’s portable unit does not require a specialized board, and costs under a third of a standard interactive whiteboard. Source: Tech News - Livemint.com | 19 Aug 2008 | 6:23 pm
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