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Rs 375 per head UDF insufficient to cover costs: GHIALAfter Bangalore airport last week, its now the Hyderabad airport that claims to not being allowed to charge Rs 675 as user development fees (UDF) to domestic passengers, which will make the airport project unviable in the long run. The civil aviation ministry has allowed the airport to charge Rs 375 as UDF.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 4:43 pm Infotech Ent enters OG space, inks 3yr deal with IHSInfotech Enterprises has signed a threeyear contract with IHS and will enter the oil and gas space. The contract focuses on solutions for improving accuracy of information pertaining to energy and engineering. IHS provides information and insight dedicated to data and expertise in oil and gas.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 4:35 pm Visa Steel plans to set up Chhattisgarh project in 35 yrsVishal Agarwal, MD, Visa Steel said that the company plans to set up a project in Chhatisgarh over the next three to five years. \"We are looking at a debt funding of 65% and balance 35% would be essentially from internal accruals of the company,\" he said.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 4:23 pm Orchid Chem to launch 10 new products in US EUOrchid Chemicals expects around USD 100 million from the launch of the new products next year.The company added that they see no pressure from Foreign Currency Convertible Bonds (FCCB) conversion, and that they will convert the outstanding warrants in the coming week which will take the promoters stake to 23%.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 3:20 pm Aksh Optifibre +ve on Cabinet norms for IPTV servicesThe Cabinet has approved guidelines for IPTV and downlinking. Thus broadcasters and large cable players will also obtain licenses. Kailash Chaudhari, MD of Aksh Optifibre said that the Cabinet move will open competition and help in expanding the market. His company has an advantage as it has already tiedup with MTNL and BSNL, Chaudhari said.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 3:20 pm RILRNRL case hearing delay may hit RILIt is going to be a longrun hearing for RIL and RNRL especially because we have already seen Harish Salve presenting his case in the HC. Now its the turn of Ram Jethmalani who has started his case last time on Aug12. Delay in the verdict is not good news for RIL because we were expecting Reliance to come on with gas production before Sep ends.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 2:53 pm Lupin may acquire minority stake in Australian generic coLupin will acquire minority stake in Australian Generic company, reports CNBCTV18 quoting sources. Lupin will be the largest shareholder despite minority stake in the target company.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 1:32 pm RNRL shifts stance, ready to trade gas for 3 yrsFollowing the RNRLRIL case, the former\'s Counsel has said that RIL misused its trustee position in dealing with beneficiary like RNRL. The Counsel said it will not accept RIL as liable if there is no gas due to unforeseen issues.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 1:11 pm China's ICBC becomes world's most profitable bankChina's biggest lender ICBC became the world's most profitable bank with its first-half net profit of 9.4 billion dollars, which is the highest for any bank in world for this period.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 1:11 pm Subir Raha resigns from Ashok Leyland boardHinduja Group company Ashok Leyland on Thursday said its Non-Executive Director Subir Raha has resigned from the company board.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 1:08 pm Airtel, Vodafone to launch iPhone Aug 21-22 midnightTelecom major Bharti Airtel said the Apple iPhone will be launched midnight of Aug 21-22 across six cities in the country. Vodafone will also launch the gadget at the same time.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:47 pm Indian rupee snaps six-day slide as dollar weakens - Reuters India
Source: Google News India - Business | 21 Aug 2008 | 12:45 pm Corus to sell Dutch, German aluminium smeltersCorus, owned by Tata group, said it is talking with a new potential buyer for its aluminium smelters in the Netherlands and Germany.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:45 pm LG joins hands with Reliance Retail to sell handsetsConsumer durables major LG on Thursday said the company has entered into an arrangement with Reliance Retail for retailing of its latest CDMA handset.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:44 pm Aptech ties up with Italian firm - Economic Times
Source: Google News India - Business | 21 Aug 2008 | 12:43 pm Adlabs to be merged with Big PicturesAdlabs, the movie processing unit of Reliance ADA Group, may soon be merged with Reliance Big Pictures following which the multiplex theatre chain would be brought under Big Cinemas.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:43 pm Yes Bank,CISCO launches Interactive Experience Centre - Moneycontrol.com
Source: Google News India - Business | 21 Aug 2008 | 12:41 pm Inflation at 12.63 pct on August 9NEW DELHI (Reuters) - India's wholesale price index rose 12.63 percent in the 12 months to Aug. 9, above the previous week's annual rise of 12.44 percent, government data showed on Thursday.Source: Reuters: Money News | 21 Aug 2008 | 12:39 pm Inflation rises to 12.63% - NDTV.com
Source: Google News India - Business | 21 Aug 2008 | 12:37 pm Biocon proposes R and D centre in PunjabBiocon has proposed to set up a research and development (R and D) centre in Punjab with an investment of nearly Rs.1 billion and having an employment potential for about 200 scientists.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:35 pm GOI, Unicef launch India Programme Action Plan 2008-12New Delhi: To ensure MDGs are met in at least 30 districts in the least served states, Unicef and the Government of India (GoI) have signed a new five-year action plan that has been formulated within the context of the 11th Five Year Plan and the United Nations Development Assistance Framework. Unicef has budgeted $700 million for India of which $200 million, will come from them, their largest contribution so far, and the rest from partners. The India programme will look at health, nutrition, water and sanitation, maternal health, immunization, child protection, education, children and AIDS. The plan shares India’s burden on ensuring special protection to disadvantaged children and on tackling undernourishment. India has 35% of the world’s undernourished children under the age of five (55 million). Renuka Choudhary, Minister of State for Women and Child Development said: “The focus would be on ‘inclusive growth’ and on expanding the scope and reach of the National Rural Mission as also strengthening programmes like Ujwala (to prevent trafficking) and Dhanlakshmi (to curb female foeticide). The minister was hopeful that the Integrated Child Protection Scheme which is on the anvil, bringing in ministries of labour, education, health and social justice under one umbrella will tackle the issue of social exclusion especially amongst tribal communities and minorities. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 12:35 pm Adlabs to be merged with Big Pictures - Business Standard
Source: Google News India - Business | 21 Aug 2008 | 12:19 pm NTPC to become 30,000 MW company by year endCountry's largest power producer NTPC is all set to become a 30,000 MW company this year after the commissioning of its 500 MW plant at Kahalgaon in Bihar in November.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:19 pm Economic growth to moderate to 7.7 pc this fiscal: CitiCitigroup has projected that India's economic growth in this fiscal would moderate to 7.7 per cent from 9.1 per cent in 2007-08, a forecast pretty similar to the estimate given by PM's EAC.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 12:18 pm NTPC to become 30,000MW company by year-endBy PTI New Delhi: Country’s largest power producer NTPC is all set to become a 30,000 MW company this year after the commissioning of its 500 MW plant at Kahalgaon in Bihar in November. “We are hoping that the installed power generation capacity of the company would reach 30,000 MW mark by the end of this year once the 500 MW unit of Kahalgaon project is commissioned,” R S Sharma CMD NTPC told PTI. Asked about the plans during the 11th Five Year Plan (2007-2012), which has been pegged at adding 22,000 MW power generation capacity, Sharma said all the projects were on track and running as per schedule. The company, which plans to focus on hydro power generation, would produce its first unit of electricity next year, he said, adding the company has set a target to add 7,000 MW of electricity to its total capacity only through hydro by the end of 2012. On the thermal side, although the company has ambitious targets but the ongoing tussle with the domestic coal companies, especially Coal India Limited (CIL), over the shortage of coal may upset NTPC’s plans. The total coal requirement of the company in the current financial year (2008-09) is 125 million tons, out of which it plans to import eight million tons to bridge the shortfall. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 12:09 pm Protesters clash with police near India car plant - Reuters
Source: Google News India - Business | 21 Aug 2008 | 12:03 pm Cabinet nod to IPTV policy - Business Standard
Source: Google News India - Business | 21 Aug 2008 | 11:59 am Indian shares fall 3 pct on inflation worriesMUMBAI (Reuters) - Indian shares fell 2.96 percent on Thursday to their lowest close in more than three weeks, led by banks on fears inflation was rising quicker than expected and the central bank would need to tighten policy further.Source: Reuters: Money News | 21 Aug 2008 | 11:58 am US crude climbs above $116 on geopolitics!US crude futures rose to more than USD 116 a barrel on Thursday, a third straight day of gains, on supply concerns after Russia expressed its displeasure over a US-Poland defence pact.Source: Zee News : Business | 21 Aug 2008 | 11:52 am New York AG intensifies auction-rate debt probe!New York`s state Attorney General office on Wednesday intensified its probe into auction-rate debt focusing on Bank of America Corp, Goldman Sachs and Deutsche Bank AG, while issuing a warning to brokerages.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Use of recovery agents not allowed in civil society: Panel!No civil society can approve the use of recovery agents by service providers to collect dues from their customers, the Delhi Consumer Commission has said.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Ericsson, STMicro merge wireless chips!Ericsson and STMicroelectronics have agreed to join their wireless chip and software businesses to create a joint venture that will supply four of the world`s top five cell phone makers.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Sensex falls 0.8% early, Tata Motors up!Indian shares fell as much as 0.8 percent early on Thursday, led by Reliance Industries and Housing Development Finance Corp as higher oil prices kept the focus on inflation and tight policy.Source: Zee News : Business | 21 Aug 2008 | 11:52 am FinMin rules out interest subsidy extension to exporters!Finance Ministry has ruled out extension of four percent interest subsidy to exporters beyond September 30, on the ground that there is no case for such a facility after rupee has started depreciating.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Egypt`s crude oil and gas reserves hit record levels!The Head of the Egyptian General Petroleum Corporation (EPGC) Abdallah al-Alim Taha recently said that Egypt`s reserves of crude oil and natural gas have hit a record level.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Buffett, Gates tour Canadian oil sands operation!Warren Buffett and Bill Gates, two of the world`s richest men, toured Canadian Natural Resources Ltd`s Horizon oil sands project near Fort McMurray, Alberta, this week.Source: Zee News : Business | 21 Aug 2008 | 11:52 am Hero Electric to launch e-car in 5 yearsTwo-wheeler maker Hero Electric is planning to introduce an electric passenger car in the India by 2013, besides introducing battery driven three-wheeler.Source: Daily News & Analysis: Money News | 21 Aug 2008 | 11:47 am Nokia, Samsung, Motorola unperturbed by iPhone - Business Standard
Source: Google News India - Business | 21 Aug 2008 | 11:43 am Hero Honda may further hike bike pricesHero Honda said that the recent price hikes only partially offset the higher input costs and is keeping options open for further price hikes. It added that its volume growth is at 17% and said it would maintain its lead over industry. It see only a single digit growth if interest rates remain high.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 11:43 am Expect 3.5% fall in HDFC Bank, ICICI Bank: Irani - Moneycontrol.com
Source: Google News India - Business | 21 Aug 2008 | 11:42 am BSNL gives link to RCOM; COAI not to move TDSAT - Hindu Business Line
Source: Google News India - Business | 21 Aug 2008 | 11:41 am Oil rises to $117 on Russia-U.S. tensionLONDON (Reuters) - Oil rose to $117 a barrel on Thursday, climbing for a third straight session, as Washington's missile shield deal with Poland angered Russia, adding to international tension.Source: Reuters: Money News | 21 Aug 2008 | 11:38 am Equity markets crash ahead of weekly inflation dataIndian equity markets closed deep in the red Thursday, ahead of the weekly inflation figure. Weak global markets also dampened investor sentiments.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 11:32 am Shutdowns push up liquor, meat sales in KeralaMeat stalls and liquor outlets in Kerala recorded brisk sales a day ahead of the general strike the Left trade unions called in the state Wednesday.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 11:32 am Biocon proposes R and D centre in PunjabBio-technology major Biocon has proposed to set up a research and development (R and D) centre in Punjab with an investment of nearly Rs.1 billion and having an employment potential for about 200 scientists, an official said Thursday.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 11:30 am Early monsoon, cyclical demand hit Holcim\'s growthHolcim has released its H1 results. Holcim informed CNBCTV18 that it would take some time to up margins via efficiency gains and price adjustments. The early monsoon and cyclical demand led to tapering of growth, it said.Source: Moneycontrol Top Headlines | 21 Aug 2008 | 11:27 am U.S. wants push to revive Doha trade talks - reportGENEVA (Reuters) - The United States wants officials to resume international trade talks in September after a meeting of ministers collapsed without a breakthrough last month, U.S. trade chief Susan Schwab was quoted as saying.Source: Reuters: Money News | 21 Aug 2008 | 11:20 am RCom, Meridian Mobile ink pack for dual-SIM phonesNew Delhi: Meridian Mobile, a player in the telecom industry has tied up with Reliance Communications Ltd to market its FLY brand dual-SIM card handset models at Reliance outlets. A FLY handset bought from a Reliance outlet will be cheaper than those available at other establishments . The association will be at two levels. Initially, it will be a national tie up with 2,000 Reliance Web stores selling CDMA and CDMA/GSM dual range handsets. The process of placing the first lot of V 80-I handset models in Reliance web stores across India is already on. At the next level, there would be a local tie-up within the Delhi circle, under which the V 80-I will be supplied along with a free Reliance lifetime SIM card. Currently, FLY phones are available at Subhiksha and Mobile Store. Source: Tech News - Livemint.com | 21 Aug 2008 | 11:09 am RCom, Meridian Mobile ink pack for dual-SIM phonesNew Delhi: Meridian Mobile, a player in the telecom industry has tied up with Reliance Communications Ltd to market its FLY brand dual-SIM card handset models at Reliance outlets. A FLY handset bought from a Reliance outlet will be cheaper than those available at other establishments . The association will be at two levels. Initially, it will be a national tie up with 2,000 Reliance Web stores selling CDMA and CDMA/GSM dual range handsets. The process of placing the first lot of V 80-I handset models in Reliance web stores across India is already on. At the next level, there would be a local tie-up within the Delhi circle, under which the V 80-I will be supplied along with a free Reliance lifetime SIM card. Currently, FLY phones are available at Subhiksha and Mobile Store. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 11:09 am ANALYSIS - Steel prices set to bounce but not too highLONDON (Reuters) - Prices of long steel will bounce back from a recent 30 percent fall once construction work in the Middle East picks up after the summer lull, but weaker global economic growth rules out a return to record highs soon.Source: Reuters: Money News | 21 Aug 2008 | 11:01 am Videocon to go ahead with Rs8,000 cr LCD, chip plant in MaharashtraBy PTI New Delhi: Diversified business group Videocon today said it would go ahead with its proposed Rs 8,000 crore LCD and semi-conductor production facility in Maharashtra after the state government gave its approval. “We have been informed that the state cabinet has approved our proposal to set up the plant. We will have the foundation stone laying ceremony on 9 October,” Videocon Group chairman Venugopal Dhoot told PTI from London. He said the plant, which will get a central government grant of Rs2,000 crore, would go onstream in three years. “It will have the capacity to produce 20 crore units annually of LCDs, mirco circuits and semi conductors,” Dhoot said, adding that despite the controversy surrounding the land deal the group decided to stick in Maharashtra. “I have had calls from the Italian government to set up the LCD plant. Also, states like Tamil Nadu, Andhra Pradesh and West Bengal showed immense interest but we (the group) decided to stay in Maharashtra,” he said. Dhoot said that Videocon Group would pump in Rs6,000 crore to the project. “The funds would be raised through debt, equity and public issue and details are being sorted out,” he said. The plant to be set up on 275 acre of land in Navi Mumbai will generate employment for 10,000 people, he said. It had become a controversial issue with state revenue minister Narayan Rane objecting to the land deal and resigning from his post. The state cabinet, however, decided to stick with the project despite the objection. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 10:54 am Real estate firms delay plans, shares face the heatMUMBAI (Reuters) - Most Indian developers have hit the brakes on fresh land acquisitions as a slide in the stock market, rise in interest rates and aggressive demands of the private equity investors have limited funding options.Source: Reuters: Money News | 21 Aug 2008 | 10:48 am Govt clears IPTV policyBy PTI New Delhi: The government today cleared changes to the current channel down-linking guidelines to allow broadcasters to provide content to telecom service providers for Internet Protocol TV. This will ensure an institutional policy framework for IPTV players and pave the way for commercial roll out of this service. The decision was taken at a meeting of the Cabinet here. State-run MTNL and BSNL and private players Bharti Airtel and RCom have IPTV service in their pipeline. MTNL and BSNL have already rolled out the service. IPTV is a cable TV delivery platform that uses high speed internet connection to reach the customer. Earlier, broadcasters were allowed to share feed only with cable and DTH platforms. Source: Home - Livemint.com | 21 Aug 2008 | 10:43 am No-claim bonus on a motor policy is transferableCan the no-claim benefits on my old vehicle be transferred to a new car I plan to buy? Will my insurer consider my track record? I have been driving my current vehicle for five years now and it is still in good condition.  Scenario I: If you’ve bought a new vehicle and wish to transfer the no-claim benefits to the new car after having sold the old one, then you can avail the no-claim bonus discount. Scenario II: If you retain the existing vehicle and purchase a new vehicle, then you should state your intention to transfer the no-claim bonus from the old vehicle to the new one, and the bonus allowed on the unexpired period of insurance of the old vehicle will be collected back from you in cash or cheque, as per the ‘Indian Motor Tariff’. Simultaneously, the same no-claim benefits percentage will be allowed on the new vehicle. The track record of the owner of the vehicle will certainly be considered and it will be in the form of reduction in premium for that vehicle. How do insurance companies assess the value of damage to a vehicle while settling an accident claim? It is the insurer’s surveyor who assesses the damage to the vehicle. He would check for the extent of damage, relevance of the damage to the accident, whether insured or not, whether the parts damaged can be repaired or need replacement (if they are beyond repair). If the repairs can be undertaken, the surveyor would arrive at a reasonable estimate for carrying out the repairs and paintwork wherever necessary. If the parts need replacement, he would allow for the same. For replacement of parts, depreciation will apply depending on the age of the vehicle and the materials that go into the manufacture of the parts. For example a glass item would not attract any depreciation whereas a plastic item would attract 50% depreciation straight away. For metal parts, a slab of depreciation depending on the age of the component will apply. The depreciation part will be borne by the customer. Similarly all vehicles are subject to compulsory excess, which is borne by the customer. Compulsory excess is a mandatory amount that will be deducted from the claim amount each time the claim is made. The rates are Rs500 for vehicles less than 1500cc and Rs1,000 for those exceeding 1500cc. The insurance company makes final settlement of the claim as per the terms and conditions of the policy. Readers are welcome to write in with their life and general insurance queries to insurancequeries@livemint.com. The questions will be answered by senior executives from leading insurance firms. Ajay Bimbhet is managing director, Royal Sundaram Alliance Insurance Company Ltd Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 10:34 am Aptech ties up with Italian firm for skills trainingLearning solutions provider Aptech Ltd said Thursday it had entered into a strategic tie-up with Italian training firm Seven Rings International to impart soft skills and corporate computing skill development among graduates.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 10:33 am Sensex closes 434 points downIndian equity markets closed deep in the red Thursday.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 10:30 am Banks, realty scrips drag marketsNew Delhi: The markets ended weak ahead of inflation data due later in the day with the benchmark index settling nearly 3% or 434 points lower at 14,244 levels with 29 of the 30 components falling. Similarly, the wider-based NSE index ended down 132 points at 4,283 levels. Leading the pack of losers among Sensex scrips was State Bank of India. The counter slipped 7.1% by close. DLF Limited, ICICI Bank, NTPC, Reliance Infra, Reliance Industries and Infosys Technologies were some of the other key losers. However, Ranbaxy Laboratories was the only counter that managed to stay afloat. It firmed by 1.5% to Rs513 levels. Among sectoral indices, the banking index was the worst hit with State Bank of India, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Canara Bank, HDFC Bank and Karnataka Bank losing considerable ground. Realty scrips also witnessed heavy sell-off. Sobha Developers, DLF Limited, Unitech Limited, Parsvnath Developers, Peninsula Land, Phoinix Mills and Omaxe were some of the top losers in this space. Source: Home - Livemint.com | 21 Aug 2008 | 10:26 am Air India sees $460 mln loss as higher fares weighNEW DELHI (Reuters) - State-run carrier Air India expects to report a loss of 20 billion rupees ($459 million) for the financial year to end-March, its chairman said on Thursday, as rising fares and competition hurt.Source: Reuters: Money News | 21 Aug 2008 | 9:57 am Hero Electric to launch e-car in five yearsPTI New Delhi: Two-wheeler maker Hero Electric is planning to introduce an electric passenger car in the India by 2013, besides introducing battery driven three- wheeler. The company has also firmed up plans to expand its product portfolio in e-bikes by launching two more products in the high-speed category during the current financial year and also venturing into solar energy sector. “Hero is becoming green everyday. We want to be a major player in the electric transportation, in which we are investing heavily in carrying out research. In the next five years, we will be launching electric three and four wheelers here,” Hero Electric Chief Executive Officer Sohinder Gill told PTI. The company is currently carrying out the research and working on the prototypes of the models, he added. Hero Electric is investing Rs 80 crore in this financial year for expansion of its storage capacities, R&D and indigenisation of technologies. “The passenger car will not be on the conventional battery mode as running cost is very high. We are developing it on capacitors, which can be charged instantly and can go on for longer distance,” Gill said, adding the company is checking out the viability of the model in Indian condition. The three wheeler would be offered in limited editions with carrying capacity of fixed load, he added. Both the vehicles would be produced from its existing Ludhiana plant, he said. Hero Electric is looking to acquire companies abroad to gain technology for the electric four-wheeler. “... but quickly we will indigenise that,” Gill said. The company, which has gone solo after breaking its joint venture with UK’s Ultra Motors, now plans to launch two more models of its e-bikes this financial year. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 9:48 am Govt to sell wheat, rice in open marketBy PTI New Delhi: The government today decided to sell wheat and rice in the open market to calm prices of these food grains that have been feeding inflation. The decision to sell surplus stocks in the open market was taken by the Cabinet Committee on Economic Affairs (CCEA) that was presided by Prime Minister Manmohan Singh. While state governments will distribute the food grain to retail consumers, Food Corporation of India would sell directly to the bulk buyers through an open tender system. The quantity and timing for open market operation will be decided by the Ministry of Consumer Affairs and Food and Public Distribution on the recommendations of the Committee of Secretaries. However, the open market sale of food grains will be taken only after meeting the requirement for buffer stock and strategic reserves. Inflation at 12.44% remains one of the main concerns of the government. The record food grains production estimated at 230.7 million tonnes for 2007-08 has enabled the government to not only procure adequate stock for PDS but also for open market operation. Source: Home - Livemint.com | 21 Aug 2008 | 9:16 am India gold firmer, but buyers still shoppingMUMBAI (Reuters) - India's gold prices were higher on Thursday as foreign markets firmed up tracking crude oil, but dealers said demand continued to be strong as the metal's recent falls below psychological levels had already attracted consumers.Source: Reuters: Money News | 21 Aug 2008 | 8:53 am Cabinet OKs more wheat for India's open marketsNEW DELHI (Reuters) - India's cabinet on Thursday approved freeing some wheat from government buffer stocks to raise supplies in local markets, the government said in a statement.Source: Reuters: Money News | 21 Aug 2008 | 8:33 am Equity markets suffer huge loss by early afternoonIndian equity markets fell steeply by early Thursday afternoon after opening in the red. There was heavy selling pressure on realty, banking and PSU stocks.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 8:32 am Cabinet approves new rules for India IPTV servicesNEW DELHI (Reuters) - The Indian cabinet on Thursday approved new rules for IPTV (internet protocol television) services.Source: Reuters: Money News | 21 Aug 2008 | 8:30 am Exide to expand capacity, tap overseas marketsBy YAS Chandigarh: Battery maker Exide Industries Ltd would invest Rs300 crore on expansion of its production capacity, besides entering new overseas markets with an aim to double its exports this fiscal. “We will be investing Rs300 crore this year to augment production capacity in our plants located at several locations in the country,” Exide Industries Vice President S Kalla said. The company would invest Rs150 crore in two of its plants in West Bengal, while the rest would be injected in Maharashtra and Tamil Nadu. “The entire investment will be funded through internal accruals,” he added. With an aim to consolidate its exports, the company has identified new overseas markets, including Europe, South Africa and the Middle East for its tubular batteries, which are used in UPS system. “There is a tremendous potential for our tubular batteries in these countries ... we will double our exports to Rs500 crore in 2008-09,” he said. The company, which is aiming at sales of Rs4,500 crore in 2008-09, gets 55% of revenue from automotive batteries and 45% from industrial batteries. On being asked about the impact of rising input prices, Kalla said the company has inserted a price evaluation clause in the agreement signed with its institutional buyers. “With this clause the buyers will have to pay the increased price if there is an escalation in lead rates and if prices falls, then they will pay the reduced prices,” he said. The lead prices have tripled from $1,200 per tonne in 2004 to $3,800 per tonne in 2007. Exide manufactures storage batteries from 2.5 AH to 20,400 AH capacities from the company has nine production facilities. Source: Home - Livemint.com | 21 Aug 2008 | 8:22 am Indiabulls Securities downgrades SBI to HOLDState Bank of India’s operating profit surged 67.8% y-o-y, presenting an impressive platform for growth. However, the decision of not increasing lending rates following the hardening of policy rates in Q109, led to contraction of NIM from 3.27% to 3.03% y-o-y. Although, it has increased its PLR to 13.75% in August 2008, this will impact a smaller proportion of the loan book as against increase in deposit rates (also announced in August) which will continue to burden the bank with increased cost of funds. Thus the pressure on NIM is unlikely to abate in the short term. The non-interest income recorded a 111% increase y-o-y, out of which core fee income grew by 45%. This was on account of an aggressive increase in the number of branches as well as their technological up gradation. However, with an imminent slow down in industrial production and trade, combined with a softening investing environment, the bank’s non interest income is likely to moderate. We have arrived at a fair value estimate for the consolidated entity of Rs1,528 using the SOTP methodology. This indicates a potential upside of 6% over the current market price. We therefore downgrade our rating from Buy to HOLD. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 8:07 am Aurobindo gets USFDA nod for hypertension drugPTI Mumbai: Pharmaceutical firm Aurobindo Pharma today said it has received tentative approval from US Food and Drug Administration to manufacture and market hypertension drug Losartan Potassium. The company has received the tentative approval to manufacture and market Losartan Potassium tablets in the strength of 25 mg, 50 mg and 100 mg from USFDA, Aurobindo Phrama said in a filing to the Bombay Stock Exchange. Losartan Potassium tablets are generic equivalent of Merck Research Laboratories Cozaar tablets of the equal strengths, the company said adding that it is the 75th Abbreviated New Drug Application (ANDA) approval from the US regulator. The branded sales of Losartan range of products was 1,235 million dollar, for the year ended December 2007, according to Merck Financial disclosures. Shares of the company were trading at Rs 306, down 1.18% on BSE in afternoon trade. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 7:59 am Nuclear exporters to discuss India trade banBy AP Vienna: A consortium of nations meets in Vienna on Thursday to discuss giving India access to legal imports of nuclear fuel and technology, a decision crucial to finalizing a landmark U.S.-India deal. The deal would reverse more than three decades of U.S. policy that has barred the sale of nuclear fuel and technology to India, a country that has not signed international nonproliferation accords and has tested nuclear weapons. To implement it, India must strike separate agreements with the Nuclear Suppliers Group and the International Atomic Energy Agency. It then goes to Congress in Washington for approval. Earlier this month, India got the green light from the IAEA. It appears unlikely the 45-nation group, which operates by consensus, will agree to relax its rules and approve an India-specific waiver during the secretive, two-day meeting. The exemption would apply only to India and give it access to technology and fuel normally reserved for countries that unlike New Delhi have signed the Nuclear Nonproliferation Treaty and allow the full inspection of their nuclear facilities. One diplomat, whose country is part of the group, said there could be up to three meetings before an agreement is reached. “At the end of the day there is going to be an agreement,” said the diplomat, who spoke on condition of anonymity because he was not authorized to talk to the media. “It’s just a question of how long it’s going to take and how much cajoling will be necessary.” Some countries are enticed by the prospect of doing more business with India and appear to back a U.S. argument that it would bring the country into the nuclear nonproliferation mainstream. But others are concerned that exporting nuclear fuel and technology to a country that has not made a legally binding nuclear disarmament pledge could set a dangerous precedent and weaken efforts to stop the spread of nuclear weapons and materials. “The issue is not nuclear energy, the issue is nonproliferation,” said another diplomat. “These rules have served us well-- is this a good time to make exceptions?” Both diplomats spoke to The Associated Press on condition of anonymity because they were not authorized to discuss what could happen at the closed NSG meeting on the record. Beyond NSG countries with concerns, Iran, which is under U.N. sanctions for refusing to freeze its nuclear activities is sure to complain, arguing that India, which developed nuclear arms in secret is now being rewarded with access to atomic technology. Tehran argues that its activities are peaceful but there are international concerns its nuclear program is a cover for developing weapons. There also appears to be some resistance to a “clean” and “unconditional” exemption for India wanted by both New Delhi and Washington. Daryl Kimball of the Arms Control Association said more than a dozen countries have “concerns of one kind or another.” In a statement made on 1 August, the Austrian foreign ministry said IAEA approval did not in any way set a precedent for an NSG decision. The Norwegian foreign ministry, stressing its reservations were not India-specific, said Oslo was “concerned about the implications to the international nonproliferation regime,” and in particular the NPT. A Swiss foreign ministry spokesman said his country’s stance would depend on whether agreement is reached on an exemption that contains the “necessary nonproliferation guarantees.” Some of the critical countries are pushing for a clause that would revoke NSG privileges for India if it resumed nuclear weapons testing. India first conducted a nuclear test explosion 34 years ago after it broke out of its foreign-supplied civilian program to develop atomic arms. The NSG, currently headed by Germany, was created in response. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 7:51 am Toyota to cut 2009 sales forecast: reportBy AFP Tokyo: Toyota Motor Corp. will cut its global sales target for 2009, pushing back its goal of becoming the world’s first company to sell more than 10 million vehicles in one year, a report said Thursday. Toyota, vying with General Motors to be the world’s top automaker, will trim its sales goal for next year to about 9.8 million vehicles, from 10.4 million previously, the Nikkei business daily reported without citing sources. Company officials have already acknowledged that it would be hard to achieve the existing target due to weak demand in major markets. Toyota recently cut its global sales target for 2008 to 9.5 million vehicles from 9.85 million. The company is now stepping up its focus on emerging markets such as China, India, Russia and Brazil to offset weakness in developed markets, while shifting production in the United States to smaller cars and hybrid vehicles. Toyota has enjoyed fast-growing sales and profits in recent years, helped by strong interest in its fuel-sipping hybrids. But the US economic slump, weak domestic demand and soaring commodity costs have put the brakes on its expansion. Toyota sold 4.82 million vehicles worldwide in the six months to June, ahead of GM’s 4.54 million. Source: Home - Livemint.com | 21 Aug 2008 | 7:47 am New Delhi airport aims to open Asia’s longest runway soonAFP New Delhi: The New Delhi airport said Thursday it planned to soon open Asia’s longest runway after conducting a successful test take-off and landing. Officials hope the runway will ease huge congestion at India’s second busiest airline hub, an official said. The 4.43-kilometre (2.7-mile) strip is “the longest in Asia,” said the spokesman for the Delhi International Airport Ltd., beating Kuala Lumpur International Airport’s 4.12-kilometre runway. Officials carried out “a trial take-off and landing by an Air India aircraft without any passengers,” airport official Arun Arora told AFP. “The tests were successful. The date for starting commercial operations will be announced soon,” Arora said. The new runway will nearly double the airport’s peak-hour capacity from 35-40 aircraft landings and take-offs to about 75. The two currently operational parallel runways handle nearly 700 flights a day. “The hovering time -- which has come down with measures like rapid exit taxi-ways that allow planes to move away from the runway faster, and reducing time between two flight take-offs -- is still about 20 minutes,” said another Delhi airport official who did not wished to be named. “We hope the new runway will cut it down further,” he said. Other problems -- including cancellations or delays due to poor visibility in winter and waterlogging in the monsoon -- will also be solved thanks to the new runway, officials said. “The runway is equipped with a state-of-the art instrument landing system at both ends that will allow landing even when visibility is as low as 50 metres (yards),” Arora said. New Delhi, host of the 2010 Commonwealth Games, is also sprucing up infrastructure to allow carriers like Emirates, British Airways and Air France to operate Airbus’s flagship A380 on routes to the Indian capital. Source: LatestNews-Home - Livemint.com | 21 Aug 2008 | 7:46 am Lafarge faces opposition in MeghalayaPTI Shillong: Cement company Lafarge has come under pressure to wind up operations in Meghalaya, with over a dozen NGOs alleging that its operations are ‘illegal and destructive´. Vowing to struggle against the foray of the company, the NGOs have asked Chief Minister Donkupar Roy to stop all operations of Lafarge. “Lafarge operations are illegal and destructive and can have long term implications for the people of Meghalaya and the region in having control over their land and using the natural resources sustainably,” a statement issued by the NGOs today said. Over 10 NGOs, including student organisations and environmental bodies, held a meeting here yesterday and formed a Joint Action Committee against alienation of tribal lands. “Lafarge has resulted in massive violation of customary, state, national and international policies of development banks and given rise to conflict related to land rights,” the statement said. Alleging that the cement company has negotiated low royalties for limestone mining and that too with false land owners, the NGOs, led by social activist Rev PB Basiawmoit, said the activities of the company has also had a serious impact on the environment. Charging the company with recruiting labourers from outside at low wages, the NGOs urged the Chief Minister to stop single window clearances and illegal permissions for sale of indigenous land. They also threatened to launch a vigorous agitation if their demands were not fulfilled. Source: Home - Livemint.com | 21 Aug 2008 | 7:23 am Gold futures firm on strong global cuesPTI New Delhi: Gold prices maintained their rising trend for the second day in futures market on the back of rising crude oil prices. The gold, which was in positive zone in previous day’s trading, went up further after the metal rose in overseas markets as crude oil climbed to near $117 a barrel. The near-month October contract of the precious metal gained 0.85% at Rs11,667 per 10 grams on the Multi Commodity Exchange with a trading volume of 2451 lots. Similarly, the far-month December contract inched up by 0.81% at Rs11,771 per 10 grams. The contract recorded business volume of 207 lots. Traders enlarging their holding ahead of ahead of marriage season and reports of better trend in global markets mainly pushed up gold prices in the futures market. Source: Home - Livemint.com | 21 Aug 2008 | 6:52 am Nagarjuna Construction gets orders worth Rs4.74 bnReuters Mumbai: Nagarjuna Construction Co Ltd has secured three orders worth Rs4.74 billion . The first order, worth Rs2.52 billlion to be completed over 18 months, was from Engineers India Ltd while the second one for Rs1.14 billion was from the Bangalore Metropolitan Transport Corp to be completed over 24 months, it said in a statement. The company also got a third order worth Rs1.08 billion from a Mysore state utility and would be completed over 18 months, it added. Source: Home - Livemint.com | 21 Aug 2008 | 6:42 am High Court convicts senior advocates Anand, Khan in BMW expose caseBy PTI New Delhi: The Delhi High Court today convicted senior advocates -- R K Anand and I U Khan -- in the BMW expose case for obstructing administration of justice. “They are senior advocates and they did not tender either conditional or unconditional apology for their conduct in the BMW case,” a Division Bench of Justices Manmohan Sarin and Madan B Lokur said, in their 112-page verdict in the contempt case relating to the expose. Recommending that they be stripped of their designation of senior advocate, the court asked them not to appear in the Delhi High Court and its subordinate courts for the next four months as punishment. The Bench also imposed a fine of Rs2,000 on each of them and rapped them for their “irresponsible” behaviour, saying “we are not dealing with young lawyers. Both are seasoned lawyers and such conduct was not expected of them.” Source: Home - Livemint.com | 21 Aug 2008 | 6:11 am FinMin rules out interest subsidy extension to exportersPTI New Delhi: Finance Ministry has ruled out extension of 4% interest subsidy to exporters beyond 30 September, on the ground that there is no case for such a facility after rupee has started depreciating. “Finance Minister P Chidambaram informed an exporters’ delegation that the interest subsidy was announced last year in the wake of appreciation of rupee. Since currency depreciation has again improved exporters’ margins, there is no case for such a sop,” an industry official said. A delegation comprising Confederation of Indian Textile Industry and Apparel Export Promotion Council met Finance Minister on Tuesday with a plea to continue the export incentives. The delegation also wanted the Centre to refund the state-level levies like market fee and octroi, paid by the exporters. Industry sources, however, said the Finance Minister rejected the demand citing constitutional constraints. The textile industry was also disappointed with a negative response from the Finance Ministry on their demand to raise duty refunds under different drawback schemes. Textile industry has claimed that it is facing tough competition from Vietnam, Bangladesh in the global market due to rise in input costs, especially spurt in prices of cotton and plant machinery. Seeking extension of financial package to the exporters, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said: “Share of manufactured items in country’s exports has declined to 64% in 2007-08, compared to 67% in previous year.” He appealed to the government to extend the package till the end of financial year failing which employment would be impacted in exports sector. Source: Home - Livemint.com | 21 Aug 2008 | 6:01 am With 13 ministers, Tamil Nadu tops with central projectsWith 13 ministers in Prime Minister Manmohan Singh's government, Tamil Nadu has been allocated 62 major central projects valued at almost Rs.409 billion (Rs.40,900 crore) in the past four and a half years.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 4:31 am Firm with novel brain clot buster seeks venture fundsAn Indian-American engineer is gearing up to make a mark in the lucrative medical equipment market with his blood clot busting device that can be used inside the human brain.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 4:31 am Young Indian artists close in on masters at Christie's saleThe gap in prices and stature of works between leading Indian contemporary artists and modern masters is narrowing.Source: IndiaeNews.com: Business News | 21 Aug 2008 | 4:30 am Tata Motors to prune Rs 7,200-cr rights issueDrops convertible pref issue plan. Mumbai, Aug. 20 Tata Motors on Wednesday decided to prune its proposed Rs 7,200-crore Rights Issue in light of adverse conditions in the capital markets. This issue was planned to part-finance the acquisition ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am iPhone to be launched today at Rs 31,000Rivals ride on hype over Apple product. New Delhi, Aug. 20 The much-talked about iPhone 3G will be launched in the country on Thursday, starting at Rs 31,000. ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am Day Trading GuideInitiate fresh short-position if the stock declines below Rs 665 with tight ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am CLB reserves order on Zandu-Emami rowCounsel for both parties complete arguments. Mumbai, Aug. 20 The corporate battle for control over ayurvedic-products maker Zandu Pharmaceuticals inched closer to a directive from the Company Law Board (CLB), with all parties involved ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am Currency futures on NSE from Aug 29Mumbai, Aug. 20 It is not just corporations, banks and traders, but also individuals who can hedge their foreign exchange risks when trading in foreign currency futures commences this month end on National Stock ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am Nuclear Power eyes alternative energy sectorsPlanning ahead for liberalised market; seeks carbon credits. New Delhi, Aug. 20 The action may well be hotting up in the nuclear space, but with the liberalisation of nuclear power sector on the cards, Nuclear Power Corporation (NPCIL) — ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am Torrent Power (Rs 120.15): BuyWe recommend a buy in Torrent Power from a short-term perspective. From the charts of Torrent Power we observe that the stock has been on a medium-term uptrend since its early July low of Rs 83 level. On August 4, the stock surged 8 per cent ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am Maruti Suzuki has a strategy for the future, says BhargavaNew Delhi, Aug. 20 Maruti Suzuki which controls slightly over half of the domestic car market in the country has said that it would design small cars suitable for the Indian conditions as a strategy to beat the stiff competition with the entry ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am NSG support yes, but no uranium: AustraliaNew Delhi, Aug. 20 Ahead of the Nuclear Supplier Group’s crucial meeting to decide on N-commerce with India, Australia has reiterated that it is unlikely to supply uranium to non-Nuclear Non-Proliferation Treaty (NPT) signatories such as ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am RCom-GSM players’ row over links close to resolutionPaves way for Reliance Comm to launch GSM services. New Delhi, Aug. 20 The interconnection row between Reliance Communications and existing GSM players seems to be heading towards a resolution with the latter side backing off from its ...Source: Business Line - Home Page | 21 Aug 2008 | 12:00 am It’s iPhone midnight in India today!New Delhi: Apple Inc.’s iPhone, which ranks among the most successful products worldwide in recent years, will retail in India at the stroke of midnight on 22 August, with phone firms Vodafone Essar Ltd and Bharti Airtel Ltd planning to keep some stores open into dawn in a first-of-its-kind launch in the country. Vodafone Essar, in a text message to its customers, said the 8GB iPhone model will be available for Rs31,000 each and the 16GB one for Rs36,100. Bharti Airtel, in sales calls made to its customers, said the phone will retail at the same rates. Between a previous model and the current one, the iPhone has sold 11 million worldwide. A Vodafone Essar spokesman said the iPhone 3G, which can be used on so-called third generation networks, will sell at a few Vodafone stores in up to 50 cities from Thursday-Friday midnight. A Bharti Airtel salesman said it would be available at Gurgaon’s Sahara Mall and a few other company outlets elsewhere. Source: Tech News - Livemint.com | 20 Aug 2008 | 7:28 pm Opening the gates to private insurance in health schemesA new alphabet soup of schemes that is spicing up the governments menu signals a sharp shift in the way health care will be dispensed to the mass of Indias 1.15 billionSource: Business Standard | Front Page Headlines | 20 Aug 2008 | 7:11 pm Kingfisher may phase out Simplifly DeccanTo offer dual services under umbrella brand.??Simplifly Deccan, the low-cost carrier (LCC) brand formed after the merger of full service airline Kingfisher and the LCC Air Deccan, may soon cease toSource: Business Standard | Front Page Headlines | 20 Aug 2008 | 7:09 pm ONGC Videsh gets ok for Imperial Energy bid1,290 pence a share offer may rise to 1,500 pence if Sinopec bids.??An empowered committee of secretaries has approved a plan by ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of government-ownedSource: Business Standard | Front Page Headlines | 20 Aug 2008 | 7:08 pm Gadget makers brace for an imminent shake-outTaipei / Singapore: A shake-out is brewing among the world’s top manufacturers that toil anonymously to make the latest cellphones, iPods and other gadgets for big names such as Nokia Corp. and Apple Inc. The endgame could see some of the unsung contract manufacturing industry’s biggest names, such as Singapore’s Flextronics International Ltd and Taiwan’s Hon Hai Precision Industry Co. Ltd, driving a wave of consolidation that will boost their big customers while squeezing some of the smaller ones. Contract manufacturers produce much of the world’s electronics, with collective revenue of $306 billion (Rs13.37 trillion today) last year, making everything from PlayStations for Sony to notebook PCs forDell Inc., according to research firm iSuppli Corp. But companies such as Celestica Inc., Sanmina-SCI Corp. and Elcoteq SE saw revenues contract last year as margins erode all around. Growth is expected to dip into single-digits this year. “The competition is becoming more intense,” said Calvin Huang of the Daiwa Institute of Research Ltd. “We will see another round of consolidation among these (contract) providers.” SHRINKING CONTRACTS (Graphic) The looming consolidation could prove a boon to major brands such asMotorola Inc., Nokia and Sony Corp., whose big spending outlays are attractive to mega-manufacturers, analysts said. While the bigger contract manufacturers will struggle to sustain double-digit growth, the mid- to lower-tier players will face buyout pressures, find new niche areas, or be forced out of business. Also, gadget sellers that rely on the big contract manufacturers to churn out their wares are starting to worry they could get squeezed in the upcoming consolidation, said Adam Pick, an analyst at iSuppli. Taiwan’s Hon Hai exemplifies the sector’s slowdown. The company’s revenue is forecast to grow 20% this year to $65 billion, according to Reuters estimates, down from 75% growth three years ago. Margins have dropped to 9.7% last year, from 25.2% in 1999. While Hon Hai has been quiet on the merger and acquisitions front, Flextronics has been more active, making a number of purchases, including its landmark $3.6 billion buyout of Solectron last year. That deal helped Flextronics notch 46% growth last year. Shares of Hon Hai and Flextronics are both down more than 20% this year as their growth slows, though many mid-tier players are up on hopes they could become acquisition targets. Top firms with good growth prospects such as Hon Hai’s Foxconn International Holdings Ltd and Chinese telecom giants Huawei Technologies Co. Ltd and ZTE Corp. should drive the consolidation, said Neil Mawston, an analyst at Strategy Analytics. But even the best prospects aren’t immune to global economic cycles, as Foxconn showed earlier this week when it forecast a profit shortfall that sent its stock plunging 20%. Potential targets would be niche players such as Taiwan smartphone maker HTC Corp.’s contract manufacturing business, or smaller firms with potential, he added. Singapore’s Venture Corp. Ltd makes no secret of its ambitions. “We have a couple of targets on our radar, including medical, aerospace and other niche areas,” chief executive Wong Ngit Liong said last week after the firm posted a 17% drop in second quarter profit. As consolidation occurs among the largest and second-tier players, smaller ones may be able to find refuge in high-margin niche areas such as medical and automotive devices. One area likely to avoid the crunch is the notebook PC-making sector, led by Taiwan’s Quanta Computer Inc., Compal Electronics Inc., Asustek Computer Inc. and Wistron Corp. While other sectors mature, notebook PCs are still expanding rapidly. Unit growth this year is expected to reach about 25%, according to various estimates. “Maybe in some mature industries we’ll begin to see this consolidation happening,” said Daiwa Institute’s Huang. “But for the notebook PC industry, it’s not likely just yet as it’s still growing fast.” REUTERS feedback@livemint.com Source: Tech News - Livemint.com | 20 Aug 2008 | 6:47 pm AirMe eyes mobile ads before banking on free applicationBangalore: Apoorva Ruparel is 15 minutes late for his meeting at the Mint office, but he has a good excuse and photographic evidence to back it up: a photo on image hosting site Flickr showing a choked road in south Bangalore, and tagged with time, location, temperature, even the weather. The excuse and the photograph were made possible by AirMe, a photography application from the eponymous start up (AirMe Inc.) co-founded by Ruparel, which will debut in India when the iPhone launches in the country on Friday. Currently available on the Apple App Store for iPhone users, it is a free, 60kb downloadable application that allows users to take photos, instantly tag them and send to their Flickr, or Facebook accounts. The upload is speedy and works with mobile data service GPRS (a widely available mobile data service platform here) on 2G (second generation) and 3G (third generation) telecom networks as the average picture size, in all standard dimensions, is about 40kb. Lest one assumes it’s an iPhone application, Ruparel is quick to add, “Within the next few months, AirMe will be available on all mobile platforms, including Nokia, Sony Ericsson and BlackBerry.”  Way to go: AirMe Inc. co-founder Apoorva Ruparel. In fact, AirMe is now integrating its application programming interface with the Dutch social networking site Hyves. For an 11-month-old Colorado-Bangalore start up, founded by Ruparel, Keshav Murthy and Philip Easter, cracking the iPhone platform has given a good start—AirMe has had more than 42,000 downloads in 56 countries since its soft launch on 12 July. But the company needs many more consumers before it starts making money on a free application. And that, says Ruparel, an ex-Juniper Networks executive, will come from non-intrusive ads, which will show up only when the application is in use—while taking photos, or videos. “We have developed an advertising platform, which will integrate commercial ads with the application,” he says, clarifying that, unlike the trend today, it won’t be short message service (SMS)-based. Revenue growth in the mobile phone value-added service (VAS) segment is dominated by SMS today, which contributes at least 55% of the total revenue, but this share has declined over the past three years as other services have gained, says Girish Trivedi, deputy director of ICT (information, communications and technology) practice at Frost and Sullivan (South Asia and Middle East). According to him, the size of the mobile VAS industry was estimated to be $1 billion (Rs4,370 crore today) in 2007 (by revenues) and will grow to $4 billion by 2012. But the mobile phone advertising market is nascent in India, with merely 3-4% of the existing users being the potential audience, says Lalit Bhise,co-founder and chief executive of a Bangalore-based mobile application start up, Mobisy Technologies Pvt. Ltd. As he positions Mobisy into non-intrusive, user-requested advertising space, Bhise thinks photography is a promising area to be in. “Camera phones are used everywhere.” Indeed, photography and video are among the Top 5 applications, according to a 2007 Deloitte study, which showed camera use as the number one application for 63% users, followed by text messaging. Currently looking for series A funding, AirMe intends to ultimately integrate applications for the utility, insurance and entertainment industries, which, it claims, have already shown interest. “But for now, we want to make it a great utility for the consumer,” says Ruparel. Source: Tech News - Livemint.com | 20 Aug 2008 | 6:46 pm Palm, once industry leader, seeks new path to surviveMountain View, California: If anyone knows how best to survive a corporate near-death experience, it is Jon Rubinstein. In 1997, the former Hewlett-Packard engineer was asked by Apple Inc.’s founder, Steve Jobs, to lead the then-struggling hardware engineering division at the company. Over the next nine years, Rubinstein and his team of engineers breathed new life into the company by helping develop the iMac and the iPod. Those experiences should serve him well as he seeks to resuscitate Palm Inc., whose roots in Silicon Valley go back to the PalmPilot, the revolutionary handheld computer, and the Treo, which turned heads as one of the first smartphones. In recent years, Palm lost its way. Its share of the smartphone market has been halved to about 16.9% over the last two years. First, Research in Motion Ltd (RIM) found the sweet spot of business users with its BlackBerry. Apple grabbed consumers’ fancy with the iPhone. While cellphone makers such as Samsung Electronics Co. Ltd, LG Electronics Inc. and RIM brought out products to compete with the iPhone, Palm has told Treo loyalists and investors to be patient. They will need to be. Palm’s stock price is down 90% since its high in March 2000. Roger McNamee, a partner in the venture capital firm Elevation Partners, brought Rubinstein into the company in June 2007 as part of Elevation’s deal to invest $325 million (Rs1,420 crore today) in Palm. McNamee gave him a mission: shore up product design and software. Rubinstein scra-pped existing product plans. He has been recruiting top executives from Apple and Microsoft Corp. And he is focused on redesigning Palm’s out-of-fashion operating system. On Wednesday, Palm was scheduled to announce the debut of a new smartphone, the Treo Pro. Slimmer and more elegant than current models, the new Treo will not solve Palm’s troubles, but its larger keyboard and screen that is flush with the phone’s chassis is more user-friendly than Palm’s old design. The real test will come in the first half of 2009, when Palm plans to announce a next generation of software—and a new device—which it hopes will make it easier for consumers to surf the Web and network with friends. ©2008/The New York Times Source: Tech News - Livemint.com | 20 Aug 2008 | 5:34 pm
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