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Dabur on a global expansion spreeDabur is rapidly building up its presence outside India. It is opening a new packing plant in Pakistan, which will eventually become a manufacturing facility and another production unit is coming up in UAE later this year. Sources has said that company\'s target is 20% sales by 2010.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 5:01 pm CLB rejects Zandu petition in ZanduVaidya caseThe Company Law Board has dismissed the Zandu petition in the Zandu Vaidya case. The board said that it does not have jurisdiction to decide matter.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 4:42 pm What contention does Sebi have with Sasken?Earlier, Sasken had proposed the buyback at a price not exceeding Rs 260 per share. The initial contention SEBI had with the Sasken buyback was that the company had not met some of the rules of a buyback. However, Sasken now meets these requirements.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 3:52 pm SEBI orders MF distributors to reveal commission earnedThe Securities and Exchange Board of India or SEBI has said that MF distributors must reveal commissions earned on MF schemes. It said MF investors should know why a particular scheme is sold to them. SEBI viewed that the latest move would avoid undue advantage for distributors.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 2:18 pm Sun vs Taro: Court rules in favour of Sun PharmaThe Israeli District Court has ruled in favour of Sun Pharma. So no special tender offer is necessary for Sun Pharma to go ahead and buy out the Levitt family which is controlling management of Taros 12% stake.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 1:56 pm OVL in talks with ABN, Deutsche to finance Imperial dealONGC Videsh Limited, OVL has announced the terms of the conditional offer for their Imperial Energy bid. OVL\'s arm Bidco will acquire Imperial\'s convertible bond. Imperial Energy directors unanimously recommended OVL\'s offer. The directors have offered 6.3% equity stake held to OVL.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 12:49 pm LT confident of 30% growth in order bookY M Deosthalee, CFO of LT sees no sign of slowdown in upstream hydrocarbons and said investment will continue. He sees no concerns in minerals, metals, power and infrastructure and is seeing a slowdown in real estate investments. He said, \"For the year as a whole, we will have new order inflow of about 30%.\"Source: Moneycontrol Top Headlines | 27 Aug 2008 | 11:55 am Kingfisher-Deccan ties up funding, defers deliveriesMUMBAI (Reuters) - Deccan Aviation, Kingfisher Airline combine has lined up a total of about 10 billion rupees of funding from ICICI Bank Ltd, UB Group chief financial officer Ravi Nedungadi told Reuters on Wednesday.Source: Reuters: Money News | 27 Aug 2008 | 11:41 am Dell unveils new PCs targeting emerging marketsAP Beijing: Dell Inc unveiled four low-cost computer models on Wednesday designed for China, India and other emerging economies, in a new bid to tap the potential of high-growth markets outside the United States. “The two notebook and two desktop PCs are the first Dell models designed especially for emerging markets,” said Steve Felice, Dell president for the Asia-Pacific region. “They are meant for small business users and are to be sold in 20 countries across Asia, Africa and Latin America, he said. Strong sales in Asia helped Dell perform better-than-expected results in the first quarter despite a slowing US economy. Now with report of its latest quarterly results awaited on Friday analysts are watching whether it can maintain its growth pace. Dell and rivals Hewlett-Packard Co, Taiwan-based Acer Inc and China’s Lenovo Group are expanding aggressively in emerging economies as sales growth in the US and other developed markets slows. “Dell’s first-quarter sales in China, India, Russia and Brazil markets known collectively as BRIC, grew by 58%, about 10 times the US rate,” said Felice. He said that Dell expects further 20-30% annual growth in these markets in the coming years. Prices for the new Vestro notebooks will start at $475 and for the desktop PCs at $440, according to Felice. Dell, based in Round Rock, Texas, broke with its usual development and marketing strategy for its latest products, he said. The move reflects a growing focus by global computer, automobile, consumer goods and other companies on creating products for increasingly prosperous customers in China, India and other emerging economies. Beijing-based Lenovo, which acquired the IBM Corp PC unit in 2005, is targeting China’s vast but poor rural market with a basic PC released last year and priced as low as $220. According to Felice, industry forecasts say China’s computer sales should grow from 50 million units last year to 500 million by 2015, or double that year’s projected US sales. The new Dell models were created by a Shanghai design center set up to focus on emerging markets, Felice said. Dell built its US business with Internet and phone-based direct sales but has added retail distribution in China and elsewhere to reach more buyers. In China, its computers are sold in 2,700 outlets of the Gome and Suning electronics store chains, which Felice said accounts for about half of Dell’s Chinese sales. Dell has a total of about 13,000 retail outlets worldwide. “These economies are growing so fast that we don’t want to miss out on the opportunity,” Felice said. “But if we just use the direct model, it might take too long to get there.” Dell is trying to expand its presence in China outside Beijing, Shanghai and other big eastern cities and sees 50% of potential sales in small, inland cities, Felice said. Source: Tech News - Livemint.com | 27 Aug 2008 | 11:40 am Dell unveils new PCs targeting emerging marketsAP Beijing: Dell Inc unveiled four low-cost computer models on Wednesday designed for China, India and other emerging economies, in a new bid to tap the potential of high-growth markets outside the United States. “The two notebook and two desktop PCs are the first Dell models designed especially for emerging markets,” said Steve Felice, Dell president for the Asia-Pacific region. “They are meant for small business users and are to be sold in 20 countries across Asia, Africa and Latin America, he said. Strong sales in Asia helped Dell perform better-than-expected results in the first quarter despite a slowing US economy. Now with report of its latest quarterly results awaited on Friday analysts are watching whether it can maintain its growth pace. Dell and rivals Hewlett-Packard Co, Taiwan-based Acer Inc and China’s Lenovo Group are expanding aggressively in emerging economies as sales growth in the US and other developed markets slows. “Dell’s first-quarter sales in China, India, Russia and Brazil markets known collectively as BRIC, grew by 58%, about 10 times the US rate,” said Felice. He said that Dell expects further 20-30% annual growth in these markets in the coming years. Prices for the new Vestro notebooks will start at $475 and for the desktop PCs at $440, according to Felice. Dell, based in Round Rock, Texas, broke with its usual development and marketing strategy for its latest products, he said. The move reflects a growing focus by global computer, automobile, consumer goods and other companies on creating products for increasingly prosperous customers in China, India and other emerging economies. Beijing-based Lenovo, which acquired the IBM Corp PC unit in 2005, is targeting China’s vast but poor rural market with a basic PC released last year and priced as low as $220. According to Felice, industry forecasts say China’s computer sales should grow from 50 million units last year to 500 million by 2015, or double that year’s projected US sales. The new Dell models were created by a Shanghai design center set up to focus on emerging markets, Felice said. Dell built its US business with Internet and phone-based direct sales but has added retail distribution in China and elsewhere to reach more buyers. In China, its computers are sold in 2,700 outlets of the Gome and Suning electronics store chains, which Felice said accounts for about half of Dell’s Chinese sales. Dell has a total of about 13,000 retail outlets worldwide. “These economies are growing so fast that we don’t want to miss out on the opportunity,” Felice said. “But if we just use the direct model, it might take too long to get there.” Dell is trying to expand its presence in China outside Beijing, Shanghai and other big eastern cities and sees 50% of potential sales in small, inland cities, Felice said. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 11:40 am McCann Erickson wins Rs120 crore Sun Direct accountThe soon-to-be-launched Sun Direct, the DTH service from Sun TV, has appointed McCann Erickson to handle its creative duties. Another win for the agency came from Nalli Silks, which moved its Rs12-15 crore creative business from O&M. MaCann, however, lost the Hanes creative account worth Rs8-10 core to Lowe. Another big move came from Religare which shifted its Rs100 crore creative business from VGC to the recently launched agency, Brand Planet Elephant. In Media, Stovekraft, appointed Litas Media Group to handle its media duties worth Rs20 crore. OMD won the Rs15 crore media business of Bunge, makers of Dalda from Mindshare, while Alliance advertising became the custodian for Swarowski’s media duties of Rs4-5 crore Click here to get a complete account movement update for this fortnight. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 11:40 am OVL in talks with ABN, Deutsche to finance Imperial deal - Moneycontrol.com
Source: Google News India - Business | 27 Aug 2008 | 11:39 am UPDATE 1-India asks secondary steel firms to hold prices - Reuters
Source: Google News India - Business | 27 Aug 2008 | 11:39 am India copper reverses gains, lead surges on stocks - Reuters India
Source: Google News India - Business | 27 Aug 2008 | 11:36 am RIL objects judge's appointment in NTPC case - Economic Times
Source: Google News India - Business | 27 Aug 2008 | 11:33 am India sees record rice buys, export hopes brightenReuters New Delhi: “India will buy a record 28 million tonnes of rice from local farmers in the year to September, beating its target and raising hopes of an early resumption of non-basmati exports,” a top government official said. Alok Sinha, chief of the Food Corporation of India said: “The state-run firm had already bought more than the targeted 27 million tonnes, easing concerns of some trade and government officials that procurement would fall short of the mark.” “After procuring record quantities of wheat, we are going to repeat the feat in rice by procuring 28 million tonnes, surpassing 27.5 million tonnes procured two years ago,” Sinha added. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 11:32 am GEI Industrial Systems bags Rs 40cr order - Moneycontrol.com
Source: Google News India - Business | 27 Aug 2008 | 11:28 am IMT to set up biz school in HyderabadBangalore: Ghaziabad-based Institute of Management Technology (IMT) has bought 30 acres of land in Shamshabad, near the new Hyderabad International Airport, to set up a new business school. The project, which will cost about Rs38 crore, will be funded from internal accruals, said Dr Anwar Ali, director of IMT, Nagpur. ”We were interested in a presence in the South (India) and the Andhra Pradesh government invited us along with Jamshedpur-based, Xavier Labour Relations Institute and Mumbai-based, Narsee Monjee Institute of Management Studies,” Ali said. The new IMT campus should be ready to start with a batch strength of 120 students in June 2010. Started in 1980, IMT currently has business school campuses in Ghaziabad, Nagpur and Dubai catering to some 970 MBA students. Apart from this, it has 10,000 students enrolled on its distance learning programmes. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 11:27 am EMC expands in India, to increase market share by 2009 - Business Standard
Source: Google News India - Business | 27 Aug 2008 | 11:25 am Banks seek interest on farm debt reimbursment delayPTI New Delhi: Public sector banks have asked the government to pay interest for delay in reimbursing the Rs70,000 crore worth farm loans written off by them, even as the administration is expected to pay back about Rs25,000 crore by October-end. “Banks have suggested that they be compensated on payment of farm debt waiver,” Financial Sector Secretary Arun Ramanathan said after Finance Minister P Chidambaram met the chairpersons of Regional Rural Banks. RRBs catering to the rural sector sponsored by major public sector banks alongwith Centre and State governments also hold stake in them. Earlier, the bankers told Chidambaram that they were facing liquidity crunch due to delay in the relief package, and were unable to provide credit to farmers. Chidambaram said, “Due to delay in Parliament session, supplementary demand of grants could not be passed. The RBI and NABARD have been asked to look into the matter so that banks do not face fund shortage for advancing loans to the farmers,” he said. They asked the government to compensate banks by providing interest on the loans waived off, as they had to pay interest to their lenders for that period. The bankers were concerned that though the farms loans have been written-off as on 31 March, they have still to get funds from the government. Since the Parliament session has been deferred to 17 October, the government would not be able to release funds before October-end. Source: Home - Livemint.com | 27 Aug 2008 | 11:08 am Nifty ends below 4300 ahead of F&O expiry - Moneycontrol.com
Source: Google News India - Business | 27 Aug 2008 | 10:58 am Indian shares fall 1.3 pct, Infosys risesMUMBAI, Aug 27 (Reuters) - Indian shares fell 1.3 percent percent on Wednesday to their lowest close in almost a week, as investor confidence was rattled after oil rose for a third day, fanning higher inflation and borrowing cost worries.Source: Reuters: Money News | 27 Aug 2008 | 10:55 am UK watchdog disconnects iPhone adThe iconic touchscreen handset iPhone, it seems, is not as smart as it claims, with the UK advertising watchdog banning a TV ad for over-hyping and misleading the consumers.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 10:54 am Pizza Hut in on expansion spreeThe company plans to invest around Rs 45 crore to set up 30 more stores in metros and Tier I cities in the next three years, up from the existing 135 stores.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 10:53 am Indian oil refiners output in July jumps on EssarNEW DELHI (Reuters) - Indian refiners processed 11.8 percent more crude in July from a year ago following a jump in output at a privately run refinery in western India, official data showed on Wednesday.Source: Reuters: Money News | 27 Aug 2008 | 10:44 am India to seek parliament nod for farm waiver fundsNew Delhi: “The Indian government will seek parliament’s approval to release Rs250 billion to state-run banks to fund its farm debt write-off scheme in the current fiscal year,” said a finance ministry official. Arun Ramanathan, secretary for the financial sector, told reporters that the state-run banks have requested the government to pay interest incurred due to a delay in freeing funds for the plan adding that the government is yet to decide on the issue. In May the government expanded the scope and scale of its ambitious scheme to write off the debts of small farmers, saying it would now cost an additional $1.4 billion and cover three million more poor cultivators. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 10:41 am BT stake sale not on cards: Tech MahindraThere is talk that maybe British Telecom (BT) could be selling its 31% stake in Tech Mahindra. CP Gurnani of Tech Mahindra said that he is not aware of any move from British Telecom\'s (BT) side. Tech Mahindra has not seen longterm business commitments from BT in the last two years.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 10:38 am Oil rises for 3rd day, eyes Tropical Storm GustavLONDON (Reuters) - Oil rose for a third day on Wednesday, boosted by the possibility that Tropical Storm Gustav could become the first major storm since 2005 to threaten Gulf of Mexico oil and gas installations.Source: Reuters: Money News | 27 Aug 2008 | 10:33 am Markets end weak; banking, realty slipLivemint.com Mumbai: The markets ended weak a day ahead of expiry of futures and options August series with the BSE benchmark slipping 1.3% or 185 points. The session marked by volatility, saw the Sensex move in a broad range of 14,261 – 14,563 levels in intra-day deals. Similarly, the wider based Nifty ended down 45 points at 4,292 levels. Marketmen indicate that investors were rolling over positions to September series and also squared off their holdings in the August contract. Leading the pack of losers at the bourses were realty counters with Indiabulls Real Estate cracking over 8.6% or Rs25. DLF Limited, Akruti City, Ansal Infrastructure, Unitech Limited and Parsvnath Developers also ended in the red. Selling was also visible in banking counters. Kotak Mahindra Bank and IndusInd Bank slipped over 3% each. State Bank of India, Oriental Bank of Commerce, ICICI Bank, Bank of India and HDFC Bank were the key losers in this pack. Source: Home - Livemint.com | 27 Aug 2008 | 10:33 am India to grow 7.75 to 8.75 pct in 2008/09-adviserNEW DELHI (Reuters) - India's economy is likely to grow in the range of 7.75 to 8.75 percent in the fiscal year which ends in March 2009, the finance ministry's chief economic adviser said on Wednesday.Source: Reuters: Money News | 27 Aug 2008 | 10:24 am ICICI Bk may sell its 24.83% stake in FirstsourceICICI Bank has said that it will bring down its stake in Firstsource to less than 5%, reports CNBCTV18. The bank feels that the investment in Firstsource is not strategic for them and therefore it will divest over a period of time, it said.Source: Moneycontrol Top Headlines | 27 Aug 2008 | 10:17 am Indian 91-day T-bill yield at 9.0646 pct - cbank - Reuters India
Source: Google News India - Business | 27 Aug 2008 | 9:49 am Govt requests steel makers to check pricesPTI Kolkatta: The government has asked the steel producers to keep steel price under check saying that steel ministry was aware of the producers’ problems too. “I request all the steel makers present here and those who are not here to keep prices under check,” Minister of State for Steel Jitin Prasada said during an interactive session with the members of the Merchant Chamber of Commerce stressing on enhancing the production to moderate the steel prices in the long run. Prasada said: “The government was aware that the prices have shot up in the international market but at the same time it was the duty of the government to keep inflation under check as for the ‘aam aadmi´.” Hinting that the government was also trying to solve problems of steel makers, Prasada said, “The government in a recent meeting in Bangalore has decided to control the presence of middle-men in iron-ore trade.” Iron-ore is a key raw material for the steel producers and the spiralling prices have put them under tremendous pressure to hike steel prices. The minister also hinted that government might play as a mediator between the iron-ore sellers and steel companies. Speaking on export of iron-ore, he commented: “We want slowing down of iron-ore exports and imposition of duty. The government would allow export of iron-ore fines as those are not much utilised in the country to allay fears of foreign investors.” Prasada said that the government would help in adopting new technologies so that steel companies could be able to bring down their input cost adding that the ministry was keen in having a stake in coking coal blocks in Australia to reduce the coke crisis faced by steel companies. “The government was trying to ensure speedy supply of iron-ore to small and medium steel sector companies,” he said. Commenting on the Singur controversy, he said that to overcome the problem of allocation of land, the government has cleared the Resettlement & Rehabilitation Policy and it would be cleared by Parliament. Source: Home - Livemint.com | 27 Aug 2008 | 9:47 am Nu Tek shares list 4.7% higherReuters Mumbai: Shares of telecoms infrastructure services provider Nu Tek India Ltd listed at Rs201.10 on the BSE on Wednesday, a 4.7% premium over its issue price of Rs192 each. The companies shares were trading at Rs208 today morning, after hitting a high of Rs225 on the BSE. Nu Tek raised Rs864 million through its offer of 4.5 million shares via a book-built issue, which opened on 29 July closed on 1 August. The issue was subscribed 1.63 times. The firm will use the funds for overseas acquisitions and capital expenditure, it had said in its offer document. The company offers all services related to design, installation, construction, operation and maintenance of telecom networks. Source: Home - Livemint.com | 27 Aug 2008 | 9:40 am Stir at Singur enters fourth dayPTI Singur: Tata Motors’ factory to manufacture the world’s cheapest car here continued to remain under siege for the fourth day today, as the opposition Trinamool Congress announced stepping up protests seeking return of farm land from the industrial house. Hundreds of trucks remained stranded on the Durgapur Expressway, as demonstrators blocked movement of vehicles. Trinamool Congress chief Mamata Banerjee, whose partymen have laid a siege to the plant obstructing work on the Rs1-lakh car ‘Nano´, has called for a two-hour statewide road blockade on Friday after the West Bengal government rejected her demand for return of 400 acres land to farmers. At an industry meet on 26 August, Chief Minister Buddhadeb Bhattacharjee said he cannot afford to do that. “If that land has to be returned, (then) Tata Motors project has to be dropped. I cannot allow this to happen,” he had said, while also denouncing shutdowns as a means of protest. “I will not support any bandh. We will not allow gherao-type agitation to take place in West Bengal,” he had said. Last week, Tata Group Chairman Ratan Tata had threatened to shut the Rs1,500 crore project, citing continued protests and violence at the project site. The work at project site is reportedly suffering as casual workers have not been able to report for duty. Source: Home - Livemint.com | 27 Aug 2008 | 9:36 am Sun vs Taro: Court rules in favour of Sun Pharma - Moneycontrol.com
Source: Google News India - Business | 27 Aug 2008 | 9:35 am Singur siege continues, another car maker suspends production - Economic Times
Source: Google News India - Business | 27 Aug 2008 | 9:29 am Rupee futures launched, steady start seenMUMBAI (Reuters) - India hits the button on its first exchange-traded rupee futures on Friday as part of its push to develop more sophisticated markets and hedging tools, and to beat back a fading challenge from an offshore competitor in Dubai.Source: Reuters: Money News | 27 Aug 2008 | 9:24 am US economy: Between zero growth and recession?It is the most often heard question these days. When will the crisis afflicting First World financial institutions end?Source: Moneycontrol Top Headlines | 27 Aug 2008 | 9:17 am India gold higher, demand slows downMUMBAI (Reuters) - India's gold prices were slightly higher on Wednesday on the back of higher crude oil and a weaker dollar overseas, slowing the pace of demand after nearly two weeks of hectic buying, dealers said.Source: Reuters: Money News | 27 Aug 2008 | 9:15 am Videocon, BPCL buy stake in Mozambique oil blockPTI New Delhi: Videocon Industries and Bharat Petroleum Corporation Limited (BPCL) have taken a 10% stake each in an offshore oil exploration block in Mozambique. “Videocon Energy Ventures Ltd, the overseas arm of Videocon Industries, and Bharat PetroResources Ltd, a unit of BPCL, have signed separate agreements with Anadarko Mozambique Ltd for taking 10 per cent stake participating interest in Offshore Area-1,” Videocon said in a statement. Anadarko has 36.8% stake in the exploration block, while Emperessa Nacional de Hidrocarbonetos (ENH), a state-owned of Mozambique has 15% stake. Artumas of Mozambique has 8.5% and the remaining 20% is with UK-based Mitsui E&P. Videocon said its capital outlay for the transaction was estimated at $75 million. The two companies signed agreements for taking the stake on 26 August. Source: Home - Livemint.com | 27 Aug 2008 | 9:11 am Infosys: Axon backing of bid gives it edgeCHENNAI (Reuters) - Infosys Technologies Ltd, India's second-largest software services exporter, said it was better positioned than other possible bidders for Axon Group because its offer had management backing.Source: Reuters: Money News | 27 Aug 2008 | 9:09 am Govt to seek parliament nod for farm waiver fundsNEW DELHI (Reuters) - Indian government will seek parliament's approval to release 250 billion rupees to state-run banks to fund its farm debt write-off scheme in the current fiscal year, a finance ministry official said on Wednesday.Source: Reuters: Money News | 27 Aug 2008 | 9:04 am India launches rupee futuresMumbai: India hits the button on its first exchange-traded rupee futures on Friday as part of its push to develop more sophisticated markets and hedging tools, and to beat back a fading challenge from an offshore competitor in Dubai. Market players expect a steady rather the spectacular start when the National Stock Exchange (NSE) launches rupee futures, as investors overcome tight rules and lack of experience. The contract size is $1,000, compared with 12.5 million Japanese yen ($115,000) or 100,000 Australian dollars ($86,000), for a single contract on the Chicago Mercantile Exchange. The trading limit for individuals is $5 million and for trading members $25 million — not much even for a small bank trading $200-$300 million daily on the forwards market — and foreign institutional investors are excluded from the market. “This will keep serious forex users like importers and exporters of reasonable size out of the markets for now,” said Jayant Manglik, head of commodity business at Religare Commodities. “But a beginning has been made and as the limits increase, larger players too will start taking positions,” he added. Furthermore, trading hours are 9am to 5pm, the same as the spot market, which dealers say makes futures of limited use as a lead indicator and no use for after-hours hedging. Three other exchanges, including the Bombay Stock Exchange and the Multi Commodity Exchange of India, also plan to launch futures to complement an active over-the-counter forwards market. Indian currency trading is dominated by the spot market. Forwards contracts are offered for up to 12 months, and cash plus forward market daily volume is estimated at $34 billion. Senior dealers at Citibank, Standard Chartered and HSBC say banks will wait for volumes to swell before dealing heavily. Traders at Indian banks ICICI Bank and HDFC Bank and State Bank of India said they are also keen. Price transparency Last year, the Dubai Gold and Commodities Exchange launched a non-deliverable futures contract with a lot size of Rs20 million. But analysts say take-up there has been tepid as offshore rupee forwards in Singapore and New York are more liquid. India is keen to have its own version to offer investors price transparency and provide a hedging tool against volatility in the rupee, which after gaining more than 12% on the dollar in 2007 has since turned tail to shed 10%. Still, traders say futures are unlikely to steal much business from forwards, which are traded directly so that price and size are known just to the counterparties. Exchange trading will also mean re-education for some. “Operational differences from OTC markets like mark-to-market requirements will have to be fully understood by commercial users,” Religare’s Manglik said. Nonetheless, an NSE official told a briefing last week 70 - 80% of the exchange’s 1,000 or so members and a sizeable number of banks were interested in futures trading. The interbank market is optimistic the instrument will bring benefits, such as “netting”, where a bank’s trades are offset against each other to give one net position on the exchange, and will free up credit lines as counterparty risk is minimised. Contract size Some analysts say the small contract size will make futures attractive for retail investors, while small- and medium-sized firms should get finer pricing than they are offered at present. “It also seems tailor-made for the retail segment as the contract size is also pretty small, so you will see new players, new participants entering the market,” said Agam Gupta, head of trading at Standard Chartered Bank. With three and possibly four exchanges gearing up to offer rupee futures, the key to success will be capturing liquidity. How that pans out will depend on what exchanges offer on margin requirements, membership fees and technology. “NSE will have a first-mover advantage, but whether it will continue to have that advantage later as well, we don’t know,” said R.V.S. Sridhar, senior vice president of Axis Bank. Source: Home - Livemint.com | 27 Aug 2008 | 9:02 am Smart Broadband launches IPTV services for MTNLNew Delhi: Smart Broadband Service Pvt Ltd has launched Internet Protocol Television (IPTV) services for residential broadband subscribers of state-run Mahanagar Telephone Nigam Ltd (MTNL) in Delhi. According to a press statement issued by Smart Broadband: “All residential customers in Delhi could experience the next generation of TV Entertainment Services. Using a high-speed Internet connection from MTNL and a Smart Broadband Set-Top-Box, customers can connect to a set of personalized interactive features via their home television simply, easily and seamlessly.” According to Kapil Dev Kumar, chief operating officer, Smart Broadband Services Ltd: “The firm has plans to add many more features over the next few months.” Source: Tech News - Livemint.com | 27 Aug 2008 | 8:57 am Smart Broadband launches IPTV services for MTNLNew Delhi: Smart Broadband Service Pvt Ltd has launched Internet Protocol Television (IPTV) services for residential broadband subscribers of state-run Mahanagar Telephone Nigam Ltd (MTNL) in Delhi. According to a press statement issued by Smart Broadband: “All residential customers in Delhi could experience the next generation of TV Entertainment Services. Using a high-speed Internet connection from MTNL and a Smart Broadband Set-Top-Box, customers can connect to a set of personalized interactive features via their home television simply, easily and seamlessly.” According to Kapil Dev Kumar, chief operating officer, Smart Broadband Services Ltd: “The firm has plans to add many more features over the next few months.” Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 8:57 am BSNL to switch over to new billing systemMumbai: “State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) plans to switch over to the Call-Detail-Record (CDR) billing system for its 3.5-crore landline subscribers,” a top company executive has said. “Our landline billing system as of now works on the conventional technology, and we are unable to give a customised offer to subscribers. Soon, this will be a thing of the past,” BSNL Deputy Director General, (Enterprise Business), Sunil Kumar said. “Telephone exchanges spread over 20 major cities across the country will switch over to the CDR system for billing in the next 2-3 months. The entire project is being carried out in a phased manner and over the next 6-8 months, all the exchanges will be connected to this technology,” he added. According to a BSNL official: “One of the advantages of the new billing system is that one single bill could be generated for an entire corporate house, and the payments also, accordingly be made from any where in the country.” “In addition, we will be able to offer various tariff plans to landline customers on the lines of mobile tariff plans,” he said. The introduction of the CDR billing system is part of the public sector company’s plans to become an information and communication technology (ICT) services provider. “BSNL is also looking at providing managed network services (MNS),” Kumar said. Source: Tech News - Livemint.com | 27 Aug 2008 | 8:35 am BSNL to switch over to new billing systemMumbai: “State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) plans to switch over to the Call-Detail-Record (CDR) billing system for its 3.5-crore landline subscribers,” a top company executive has said. “Our landline billing system as of now works on the conventional technology, and we are unable to give a customised offer to subscribers. Soon, this will be a thing of the past,” BSNL Deputy Director General, (Enterprise Business), Sunil Kumar said. “Telephone exchanges spread over 20 major cities across the country will switch over to the CDR system for billing in the next 2-3 months. The entire project is being carried out in a phased manner and over the next 6-8 months, all the exchanges will be connected to this technology,” he added. According to a BSNL official: “One of the advantages of the new billing system is that one single bill could be generated for an entire corporate house, and the payments also, accordingly be made from any where in the country.” “In addition, we will be able to offer various tariff plans to landline customers on the lines of mobile tariff plans,” he said. The introduction of the CDR billing system is part of the public sector company’s plans to become an information and communication technology (ICT) services provider. “BSNL is also looking at providing managed network services (MNS),” Kumar said. Source: Home - Livemint.com | 27 Aug 2008 | 8:35 am Israel Court rules in favour of Sun PharmaPTI Mumbai: Sun Pharmaceutical has said that it has won a case in Israel filed against it by Taro regarding an open offer for the latter. Sun Pharma, in a filing to the Bombay Stock Exchange, said: “Tel-Aviv Court yesterday has rejected Taro’s contention that Sun Pharma should have conducted a special tender offer under Israeli Law.” Last month, the Mumbai-based firm had launched an open offer at a price of USD 7.75% to acquire all outstanding shares of Israel-based Taro, including all of the founders’ shares. However, the directors claimed that a special tender offer is necessary and filed a lawsuit with the Israeli court. “Sun Pharma would be in a position to complete the previously announced tender offer by its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd (Alkaloida),” it added. “The open offer which opened on 30 June, would now expire on 3 September, instead of 2 September,” it added. “The court stated that the directors should have studied the agreements prior to their being signed, and should have confirmed then that they were in the company’s best interest,” it said. “The court stated that the directors cannot claim now that they suddenly decided a special tender offer is necessary,” it added. Sun Pharma Chairman and Managing Director Dilip Shanghvi said: “It is clear based on yesterday’s ruling that the lawsuit by Taro’s independent directors was part of a calculated effort by Barry Levitt to avoid living up to his obligations under the Option Agreement.” With respect to those directors who are also shareholders, the court stated: “These shareholders benefited from Sun’s investment, which basically saved Taro from collapse.” Further, Sun Pharma will file an amendment to the previously announced tender offer which provides for the waiver of certain conditions in the offer. The condition would include that the controlling shareholders of Taro have performed their obligations under their option agreement with Sun Pharma. Litigation cost According to the filing, the court also ordered Taro and other plaintiffs to pay Sun Pharma’s costs related to the litigation. Earlier, Sun had reiterated that Alkaloida excercised its option under the agreement, to acquire all the shares held by the controlling shareholders of Taro under the option agreement signed with Taro when the merger deal was struck last year. Taro’s controlling shareholders led by Barry Levitt had then granted Sun Pharma an option to acquire all the shares including the founders’ shares. Sun Pharma’s open offer followed Taro’s ‘unilateral´ termination of the $454 million merger agreement signed between the two firms. Shares of Sun Pharma were trading at Rs1,514.35, up 1.66% trade on the BSE. Source: Home - Livemint.com | 27 Aug 2008 | 8:16 am POLL - India's annual inflation seen at 12.82 pct on Aug. 16MUMBAI (Reuters) - India's annual inflation rate is expected to have risen closer to 13 percent in mid-August, driven by higher prices of some foods and other commodities and resilient demand, a Reuters poll showed on Wednesday.Source: Reuters: Money News | 27 Aug 2008 | 8:03 am Growth of India-based multinationals raises issues, Mercer study showsNew Delhi: The rapid global expansion of India-based multinationals and the resulting increase in employee mobility are forcing companies to address policy issues on international assignments, according to a study by Mercer. Mercer’s report, ”Expatriate Management Survey – India”, is based upon contributions from 40 of the largest corporations in India and addresses India-specific nuances and practices as these companies send employees on international assignments. The report, believed to be one of the first to survey companies of Indian origin that are experiencing significant global expansion, identifies the latest international assignment policies for managing a globally mobile group of employees. The report describes expatriate compensation approaches, trends in expatriate allowances and support, and the use of varying assignments which includes short term, long term and commuter assignments. ”Organisations are cognisant that international assignments – and, in particular, those which include family relocation – call for significant investments,” says Gangapriya Chakraverti, Business Leader, Information Product Solutions for Mercer India. ”They would like to ensure that their investments deliver an acceptable return by carefully choosing only the best people for the assignments and making efforts to retain them during and after the assignments overseas,” Chakraverti added. ”Interestingly, companies are also looking for ways to reduce costs where possible by hiring local staff instead of making an expatriate assignment, by reducing or eliminating benefits and allowances associated with international transfer, or by looking for alternative ways to address pressing business needs,” Gangapriya noted. Many employers have been co-sourcing or outsourcing some elements of international assignment administration, to allow them to focus on other strategic imperatives. ”In order to address ever-evolving business and employee needs, companies are now structuring their international assignment policies based on the nature of the assignment and the importance of the role within the organizational framework,” said Rupam Mishra, who leads Mercer’s global mobility practice in India. Common challenges Some of the most common challenges faced by employers of international assignees are those regarding the competitiveness of expatriate packages, issues with different tax structures and of overall cost containment. This is especially true of companies of Indian origin who find themselves challenged by significant costs, borne to offset international compensation inequity. While international assignment policies typically contain localization terms and conditions, companies often deal with localization on a case by case basis so as not to de-motivate employees. Although acknowledged universally and addressed increasingly, ‘softer’ issues such as spouse support measures and repatriation planning still often take second place to daily operational aspects of international assignment management,” Mishra added. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 7:48 am Punj Lloyd to bid for Singapore’s LNG terminalPTI Mumbai: Punj Lloyd is all set to bid for Singapore’s Liquefied Natural Gas (LNG) terminal. “We have tied-up with Italy’s Saipem to bid for Singapore’s LNG terminal,” Punj Lloyd’s Managing Director Vimal Kaushik said. The terminal in Singapore is a maiden one for the country and the cost of the project is estimated at $1 billion and is to be commissioned by 2011. Besides, Punj Lloyd and Saipem, three other global players are reported to be in the race for the terminal project. If Punj Lloyd bags the project, it would be executed through its Singapore subsidiary. “The bidding process for Singapore’s maiden LNG import terminal is in the preliminary stage. It is too early to share any details on this,” he said. In India, Punj Lloyd is associated with the Dabhol LNG project and is a sub-contractor for developing two LNG terminals for Petronet in Dahej. Source: Home - Livemint.com | 27 Aug 2008 | 7:46 am Event Update: Infosys TechnologiesInfosys Technologies has acquired UK-based SAP consulting outfit, Axon Group Plc for a consideration of £407.1mn (Rs3,310 crore). The transaction is expected to close by November 2008. Axon has around 2,000 employees and for the year ended December 2007, reported revenues of £204.5mn (Rs1,660 crore) and a net profits of £20.2mn (Rs160 crore). Infosys’ management has stated that it expects the acquisition to accelerate the achievement of its key strategic objectives, most notably building scale in its consulting business, and enable it to bid for and win a greater number of ’transformational deals’. This is by far the largest-ever acquisition made by the company and reflects its strategic intent to grow and develop stronger competencies in its Consulting business. While the deal is margin-dilutive in the short-term, it is likely to become EPS-accretive by FY10. Deal valuation On the valuation front, the acquisition works out to around 2x sales and around 20x earnings. In comparison, the Infocrossing acquisition by Wipro was made at 2.6x sales. We believe the acquisition has been made with a clear strategic objective to ramp up the consulting business significantly. It also amounts to good use of the substantial cash pile that Infosys had of over Rs6,000 crore at the end of Q1FY09. We believe that from a strategic perspective, the deal is a positive for Infosys, even though in the short-term its profitability and margins might take a slight hit. At the CMP, the stock is trading at a P/E of 14.4x FY2010E EPS. We maintain a BUY on the stock with a target price of Rs2,124. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 7:06 am Barbie company to get $100 mn in Bratz caseBarbie doll maker Mattel has been awarded $100 million in damages by a jury after it concluded that the designer of the rival Bratz dolls created the popular figures while employed at Mattel.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 7:05 am Indiabulls Securities keeps BUY on ABB LimitedABB Limited’s (India) net sales for Q2’08 increased by 15.4% y-o-y to Rs16.2 billion. The revenue growth was slow consecutively for the second quarter in FY08 in comparison to the consistent revenue growth rate in excess of 28% y-o-y over the last eight quarters. However, effective cost management mitigated the effects of the slow growth in sales and also the impact of higher commodity prices on the net profit. As a result, adjusted earnings grew by 19.7% y-o-y to Rs6.13 per share. ABB has secured three new orders worth Rs10.6 billion in the months of July and August 2008, translating the order book to Rs78.4 billion, 1.3x of its FY07 revenues, which is the highest during the last seven quarters. Despite the expected slowdown in the Indian economy caused by high inflation rates, rising energy costs, higher commodity prices, and interest rates, we do not expect steep deceleration in ABB’s business on the back of Power Grid Corporation of India Limited (PGCIL)’s expected orders of around Rs160 billion, new planned capacities, and the company’s arrangement of new revenue streams. ABB’s stock is currently trading at 50% of its 52-week high. Our DCF-based fair value estimate of Rs1,001 provides an upside of 15.3% to the current market price of Rs868. ABB’s stock has corrected significantly in the past few months and is expected to provide good returns from current levels. We reiterate BUY rating. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 6:39 am Sensex up 81 points in early tradeThe Bombay Stock Exchange benchmark Sensex gained 81 points in early trade on Wednesday on the back of funds buying in heavy-weight stocks, taking cues from firm Asian stock markets.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 6:15 am BSNL to switch over to new billing systemState-run telecom major Bharat Sanchar Nigam Ltd (BSNL) plans to switch over to the Call-Detail-Record (CDR) billing system for its 3.5-crore landline subscribersSource: Daily News & Analysis: Money News | 27 Aug 2008 | 6:13 am Rupee appreciates by 11 paise against US dollarPTI Mumbai: The Indian rupee showed signs of breaking a two-day sliding string as it appreciated by 11 paise against the US currency during morning trade as demand for dollar petered out amid rising global oil prices. In quiet trade at the Interbank Foreign Exchange (Forex), the domestic currency resumed stronger at Rs43.72/73 a dollar from its last close of Rs43.85/86 a dollar and later was quoted at Rs43.74/75 a dollar in late morning deals. The rupee yesterday breached the crucial 44-level to hit over a 17-month intra-day low of Rs43.16 and had fallen by nearly 1% in the last two days. Forex dealers said there was not much activity in the foreign exchange market as dollar demand from oil refiners was almost nil during morning trading. They expected traders to cover rupee positions aiding to the rupee sentiment during the day. Meanwhile, global crude oil prices rose to near $117 a barrel in Asian trade this morning. Source: LatestNews-Home - Livemint.com | 27 Aug 2008 | 5:57 am Buddha rules out return of Singur land !West Bengal government on Tuesday ruled out returning 400 acres of the Tata Motors` Nano factory site to farmers, saying such a step would mean dropping all plans to manufacture the world`s cheapest car in the state.Source: Zee News : Business | 27 Aug 2008 | 12:16 am DoT delays pre-bid meet for selection of agency for 3G auction !Department of Telecom on Tuesday revised the time schedule for the process to appoint an agency for the e-auction for 3G and Broadband Wireless Spectrum in the 22 circles in the country.Source: Zee News : Business | 27 Aug 2008 | 12:16 am Vendors to back Tata in case of Nano pull-out!Vendors for Tata Motors` Nano car would back Tata in the eventuality of a pull-out from Singur in West Bengal, but said they were not aware of a deadline for a relocation of the plant.Source: Zee News : Business | 27 Aug 2008 | 12:16 am A fourth of global workforce will be from India by 2020: PM!India is expected to account for a fourth of the world`s total skilled workforce by 2020 and the central government is according top priority to higher education, allocating Rs.275,000 crore (Rs.2.75 trillion) to the sector, Prime Minister Manmohan Singh said here Tuesday.Source: Zee News : Business | 27 Aug 2008 | 12:16 am Pakistan looks to India for green energy know-how!While bilateral relations between Pakistan and India may not be very cordial at the moment, businessmen across the border have found a new area for collaboration - alternate energy.Source: Zee News : Business | 27 Aug 2008 | 12:16 am OVL to acquire UK`s Imperial Energy !In its biggest buy, India`s ONGC Videsh Ltd on Tuesday announced a deal to acquire UK-listed Imperial Energy at 1.4 billion pounds (nearly Rs 11,200 crore), beating arch rival China.Source: Zee News : Business | 27 Aug 2008 | 12:16 am `Can`t afford to lose Nano project`!Undeterred by the controversy surrounding the Tata`s Nano project in Singur, West Bengal Chief Minister Buddhadeb Bhattacharjee on Tuesday reiterated that the state government can`t afford to lose such an important project.Source: Zee News : Business | 27 Aug 2008 | 12:16 am RIL-RNRL issue: Oil Min, Govt counsel speak in diff voice!Petroleum Ministry today said government lawyer had not been authorised to comment on conclusion of NTPC`s gas deal with RIL, but the counsel said he only stuck to official instructions while arguing in the RIL-RNRL dispute in the Bombay High Court.Source: Zee News : Business | 27 Aug 2008 | 12:16 am 8-9% growth possible: Chidambaram!Finance Minister P. Chidambaram Tuesday told industry leaders he believed the economy would log an eight to nine percent growth in the current fiscal.Source: Zee News : Business | 27 Aug 2008 | 12:16 am Rising interest rates could hurt new investment: Kamath!Apex industry chamber CII on Tuesday warned that rising interest rates may hurt new investments even though resources to the tune of USD 700 billion are in the pipeline over the next three years.Source: Zee News : Business | 27 Aug 2008 | 12:16 am Infosys to get inducement fee if Axon bid failsNot aware of any competing bid, says CFO. Chennai/Bangalore Aug. 26 Infosys has agreed to buy out Axon Global Plc of the UK before calendar 2008 is over. But, as in all international acquisition attempts, what if another company is willing to ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Govt allays industry’s fears on slowdownNew Delhi, Aug. 26 India Inc has demanded proactive solutions from the Government on its concerns of increase in interest rates and signs of slowdown in consumer demand, with exorbitant interest cost impinging on its future investments. ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Adani Enterprises (Rs 585.25): SellWe recommend a sell in Adani Enterprises from a short-term perspective. It is evident from the charts of Adani Enterprises that the stock has been on a medium-term downtrend from its May high of Rs 897. The stock has been recording lower peaks ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Mobile banking guidelines likely in a fortnightBanks see growth opportunity even as security concerns weigh. Mumbai, Aug. 26 As Indian banks gear up to offer mobile banking as the next step in payment systems, they also need to address customer concerns with regard to security. ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Day Trading GuideThe stock is in sideways consolidation. Desist trading in this counter for the session. ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am EcoMobil of US plans to launch hydrogen generator kitEco-friendly Hfactor kit may bring down fuel costs by 30%. Bangalore, Aug. 26 A US-based company is all set to bring to India a hydrogen generator kit which can reduce fuel costs for passenger and other vehicles by as much as 30 per ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am ONGC Videsh to acquire Imperial Energy for £1.4 bImperial shareholders will get 1,250 pence for each share held. New Delhi, Aug. 26 ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, on Tuesday shed the tag of being a non-aggressive player in the international M&A scene, with ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Festive flavour, falling rates trigger coin demandGOING FOR GOLD. Coimbatore, Aug. 26 On at least one parameter of retail consumption — gold — there is no sign of a slowdown! On the contrary, there is a sign of a pick up in demand. Bankers selling gold coins confirm that there has ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Commodity prices in unwind modeFrom all available indications, it looks as though the extended global bull-run in commodities is over. Since March-April, there has been a falling trend in prices of base metals such as copper, lead, nickel and zinc, alongside an easing of ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Imperial bid: OVL gets a fair deal in valuationAt $2.77 a barrel, valuation compares favourably with other cos. After the loss of PetroKazakhstan to China’s CNPC in 2005 and the subsequent false starts in Ecuador and Angola where it was outsmarted by its Chinese competitors, the ...Source: Business Line - Home Page | 27 Aug 2008 | 12:00 am Leverage imperative for home buyersLast week's analysis comparing the benefits of opting for a housing loan vis-à-vis using one's own funds attracted several queries from readers, asking me to elaborate on the concept.Source: Daily News & Analysis: Money News | 26 Aug 2008 | 11:16 pm Kamath sees future investment flaggingFuture investment plans of Indian firms could be delayed as high interest rates, flagging consumer demand and rising raw material costs weigh on profitability.Source: Daily News & Analysis: Money News | 26 Aug 2008 | 11:12 pm Regulator may usher in free market era in coalThe proposed coal regulator will likely develop coal trading in India into a free market concept with greater transparency in award of coal blocks to help the consumers.Source: Daily News & Analysis: Money News | 26 Aug 2008 | 11:10 pm Maharashtra bans cane sales out of stateThe Maharashtra government on Tuesday banned sugarcane sales to mills in other states and reduced the crushing season to 160 days from 180 days to tide over the low availability of cane.Source: Daily News & Analysis: Money News | 26 Aug 2008 | 11:09 pm Who owns the fat pipe to m-transfer money?Conflict of interest between the players involved in mobile banking could prove a sticky issue, feel bankers and technology providers.Source: Daily News & Analysis: Money News | 26 Aug 2008 | 11:06 pm India has fewer poor people: World BankIndia has brought down the number of people living below $1 a day by 2 percentage points to 24.3 per cent in three years up to 2005, as Asias third-largest economy accelerated to 7 per centSource: Business Standard | Front Page Headlines | 26 Aug 2008 | 7:06 pm Double the land compensation for farmers at Singur: JindalSajjan Jindal, vice-chairman and managing director of JSW Steel and one of West Bengals most valued investors, said that he would have compensated unwilling farmers with double the landSource: Business Standard | Front Page Headlines | 26 Aug 2008 | 7:05 pm OVL submits bid for Imperial EnergyThe company has acquired 15 per cent control.Source: Business Standard | Front Page Headlines | 26 Aug 2008 | 7:04 pm NASSCOM set to train 15,000 IT teachersNew Delhi: In its blueprint on National Faculty Development Programme, the National Association of Software and Service Companies (NASSCOM) has said that IT and Computer Science teachers, all from tier-II and tier III institutes need special training to update their knowledge in emerging areas. The association has prepared a three-pronged strategy which emphasises on first-time education, off-line material and mentoring and refreshers’ programme. “15,000 teachers in Information Technology and Computer Sciences are not up to date with their knowledge. As teachers are poor in their own field, quality of teaching is affected in majority of the technical institutes of the country,” NASSCOM has said. “In the tier-II and tier-III institutes, the faculty members are not in touch with industry. They are not updated on the emerging areas. These teachers need special training,” NASSCOM vice president Rajdeep Sahrawat said. As per the AICTE data, there were 1,668 engineering institutes in the country in 2006. About 15% to 20% of these institutes come under tier-I category which have all advanced facilities and good teachers. “NASSCOM will submit the blueprint on National Faculty Development Programme to the government soon,” he said. Source: Tech News - Livemint.com | 26 Aug 2008 | 11:11 am
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