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Kalpana Morparia quits ICICI Group; to join JPM IndiaKalpana Morparia has quit the ICICI Group as VC, Insurance AMC Business. Morparia will join JPMorgan India as the Country Head. ICICI Bank will issue a statement shortly.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 5:10 pm High RM costs may cause industry recession: Ratan TataRatan Tata, Chairman, Tata Group addressed the Tata Steel Annual General Meeting (AGM). Ratan Tata has said that a significant rise in raw material costs may result in industry recession. He is looking at Joint Ventures in Mozambique, Ivory Coas and Oman.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 4:54 pm RIL can assign 80% in D6 to its affiliates: DGHThe Directorate of Hydrocarbon has approved RIL\'s request of assigning 80% participatory interest in D6 of stake in D6 to its four affiliates. It is in accordance with the product sharing contract, the DGH said. The DGH also said that RIL would be held liable for the performance of the affiliates.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 4:21 pm FY09 topline, bottomline to grow by 15%: Radico KhaitanRadico Khaitan is India\'s second largest spirits player growing at 30% CAGR over last the five years. Its popular brands are 8 PM, Contessa, Old Admiral and Magic Moments. Lalit Khaitan, Chairman, Radico Khaitan expects the topline and the bottomline to grow by about 15%. He expects the volume to grow by about between 1215%.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 3:54 pm Tech Mahindra to buy 17.28% in ServistaTech Mahindra will buy a minority stake in European IT Services company, Servista, reports NewsWire18. An official at Tech Mahindra said the company would buy a 17.28% stake in Servista. Servista operates in telecom, financial services and the energy space. Tech Mahindra would be Servistas exclusive delivery arm for three years.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 2:00 pm Marksans Pharma buys UKbased Relonchem for Rs 100 crMarksans Pharma has acquired UKbased Relonchem for Rs 100 crore. Mark Saldanha, Marksans Pharma said that the Relonchem acquisition is debt free and value addition from Relonchem will happen over next two months.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 12:30 pm Indian shares fall 1.7 pct on inflation concernsMUMBAI (Reuters) - Indian shares fell 1.7 percent on Thursday to their lowest close in about a month, as investors braced for higher inflation and the risk of more increases in interest rates.Source: Reuters: Money News | 28 Aug 2008 | 11:53 am Nooyi world's most powerful among business womenLed by soft drink giant PepsiCo's India-born chief Indra Nooyi, business executives account for nearly two-third of the world's 100 most powerful women's listSource: Daily News & Analysis: Money News | 28 Aug 2008 | 11:50 am Aditya Birla Nuvo to acquire 56% in ASCILAditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore.Source: Daily News & Analysis: Money News | 28 Aug 2008 | 11:39 am AI to go frugal on food, water to cut fuel costTo cut down mounting fuel costs, Air India has adopted a slew of measures including shedding weight on its flights by carrying less food, newspapers and a half-filled water tank.Source: Daily News & Analysis: Money News | 28 Aug 2008 | 11:38 am Zenith launches 'EcoStyle' PCs at Rs 11,990Zenith Computers today launched desktops and laptops priced between Rs 11,990 to Rs 14,990 in collaboration with global software giant Microsoft.Source: Daily News & Analysis: Money News | 28 Aug 2008 | 11:38 am General Motors to invest $200 mn in MaharashtraGeneral Motors India, on Thursday said it plans to invest USD 200-million in Talegaon, Maharashtra, to set up a powertrain facility.Source: Daily News & Analysis: Money News | 28 Aug 2008 | 11:37 am Mkts plunge ahead of inflation nos; Oil, CG, bank stks dip - Moneycontrol.com
Source: Google News India - Business | 28 Aug 2008 | 11:33 am General Motors all set to invest in MaharashtraPTI Mumbai: General Motors India said that it is planning to invest $200 million in Talegaon, Maharashtra to set up a powertrain facility. The investment is in addition to $4300 million the company has already invested for making cars in the state. “We cannot remain a global industry leader without a strong presence in the high-growth market of India,” said Karl Slym, General Motors India President and Managing Director after signing an agreement for the powertrain facility with the state government. “This will enable us to capture more opportunities in one of the fastest-growing vehicle markets in the world. The company is also working on small-car project, which we will be launching in India next year,” Slym said. “Our engineers are working on it in our Bangalore centre. The small car will be for the global market. GM’s small-car would not compete with Tata’s Nano,” he said. The company has a production facility in Halol, Gujarat. The Halol facility can make up to 85,000 cars per annum where the company has invested Rs1,400 crore. The powertrain facility would have an annual production capacity of 1.6 lakh engines with the capability of being expanded to 3 lakh engines. “The expansion would require investments up to $800 million in the next seven years,” Slym said. The total car production of GM would touch 2.25 lakhs per annum when the Talegaon facility goes on stream in the first quarter of 2010. “The Talegaon facility would be used for domestic market consumption, but eventually exports would be done from this facility too,” he said. “The work on the Talegaon facility for powertrain would begin immediately,” Slym said. Both the powertrain and car manufacturing facilities in Talegaon would provide employment to 1,400 people. Besides India, GM has invested in China, Korea and Russia. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 11:32 am General Motors all set to invest in MaharashtraPTI Mumbai: General Motors India said that it is planning to invest $200 million in Talegaon, Maharashtra to set up a powertrain facility. The investment is in addition to $4300 million the company has already invested for making cars in the state. “We cannot remain a global industry leader without a strong presence in the high-growth market of India,” said Karl Slym, General Motors India President and Managing Director after signing an agreement for the powertrain facility with the state government. “This will enable us to capture more opportunities in one of the fastest-growing vehicle markets in the world. The company is also working on small-car project, which we will be launching in India next year,” Slym said. “Our engineers are working on it in our Bangalore centre. The small car will be for the global market. GM’s small-car would not compete with Tata’s Nano,” he said. The company has a production facility in Halol, Gujarat. The Halol facility can make up to 85,000 cars per annum where the company has invested Rs1,400 crore. The powertrain facility would have an annual production capacity of 1.6 lakh engines with the capability of being expanded to 3 lakh engines. “The expansion would require investments up to $800 million in the next seven years,” Slym said. The total car production of GM would touch 2.25 lakhs per annum when the Talegaon facility goes on stream in the first quarter of 2010. “The Talegaon facility would be used for domestic market consumption, but eventually exports would be done from this facility too,” he said. “The work on the Talegaon facility for powertrain would begin immediately,” Slym said. Both the powertrain and car manufacturing facilities in Talegaon would provide employment to 1,400 people. Besides India, GM has invested in China, Korea and Russia. Source: World Business - Livemint.com | 28 Aug 2008 | 11:32 am India copper falls, lead extends gains - Reuters India
Source: Google News India - Business | 28 Aug 2008 | 11:23 am Sify launches its 4th data centre in Mumbai - Business Standard
Source: Google News India - Business | 28 Aug 2008 | 11:20 am Indra Nooyi among world’s most powerful business womenPTI New York: Led by soft drink giant PepsiCo’s chief Indra Nooyi, business executives account for nearly two-third of the world’s 100 most powerful women’s list compiled by US magazine Forbes. Chennai born Nooyi has moved up to the third rank in this year’s list, from the fifth last year, to become the top-ranked among all the corporate chiefs on the list. The list has been topped by Germany’s Chancellor Angela Merkel, followed by Sheila C. Bair, who chairs the US government agency Federal Deposit Insurance Corp. The Pepsico chief is followed by health insurance company WellPoint’s President and CEO Angela Braly, diversified mining group Anglo American CEO Cynthia Carroll and Kraft Foods CEO and chairperson Irene B Rosenfeld. Besides, Singapore Government’s investment arm Temasek Holdings’ CEO Ho Ching has dropped to the eighth place in the list this year from the third rank in the last year’s list. About Nooyi, Forbes said, “Nooyi continues to grow PepsiCo, $39-billion food and beverage giant, through new product offerings and acquisitions. She orchestrated a major expansion into international markets, most notably with a $1.4 billion acquisition of a 75% stake in Russian juice giant Lebedyansky.” While, there are only three Indians on the list and only one of them — Biocon’s Kiran Mazumdar-Shaw — heads a corporate entity. The other two, Sonia Gandhi and Mayawati, are political leaders. Source: World Business - Livemint.com | 28 Aug 2008 | 10:58 am Indra Nooyi among world’s most powerful business womenPTI New York: Led by soft drink giant PepsiCo’s chief Indra Nooyi, business executives account for nearly two-third of the world’s 100 most powerful women’s list compiled by US magazine Forbes. Chennai born Nooyi has moved up to the third rank in this year’s list, from the fifth last year, to become the top-ranked among all the corporate chiefs on the list. The list has been topped by Germany’s Chancellor Angela Merkel, followed by Sheila C. Bair, who chairs the US government agency Federal Deposit Insurance Corp. The Pepsico chief is followed by health insurance company WellPoint’s President and CEO Angela Braly, diversified mining group Anglo American CEO Cynthia Carroll and Kraft Foods CEO and chairperson Irene B Rosenfeld. Besides, Singapore Government’s investment arm Temasek Holdings’ CEO Ho Ching has dropped to the eighth place in the list this year from the third rank in the last year’s list. About Nooyi, Forbes said, “Nooyi continues to grow PepsiCo, $39-billion food and beverage giant, through new product offerings and acquisitions. She orchestrated a major expansion into international markets, most notably with a $1.4 billion acquisition of a 75% stake in Russian juice giant Lebedyansky.” While, there are only three Indians on the list and only one of them — Biocon’s Kiran Mazumdar-Shaw — heads a corporate entity. The other two, Sonia Gandhi and Mayawati, are political leaders. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 10:58 am Tata Steel June qtr consolidated net rises 60.5pctMUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus.Source: Reuters: Money News | 28 Aug 2008 | 10:53 am Jet Airways to ease off on global expansion from November - domain-B
Source: Google News India - Business | 28 Aug 2008 | 10:48 am Aston Martin planning world's most expensive carAston Martin has released scant details and sketches of its new super car codenamed One-77 that will sell for at least 1.3 million eurosSource: Daily News & Analysis: Money News | 28 Aug 2008 | 10:43 am After Olympic success, China lights Paralympics torchBy PTI Beijing: Buoyed by the success of the Beijing Olympics, China today kicked off two unique torch relays -- “Ancient China” and “Modern China” depicting diversity of the nation ahead of the 13th Paralympics opens here on September 6. Chinese premier Wen Jiabao lit the Beijing Paralympic flame at the ancient Temple of Heaven here, kicking off the torch relay. In front of the symbolic Hall of Prayer for Good Harvest, deaf-mute flame collector Jiang Xintian lit the flame out of a concave, burnished mirror. The flame was then handed to a girl in a wheelchair, before it lit a torch held by Liu Qi, president of the organising committee of the just concluded Beijing Olympic Games. Liu passed the torch to Wen, who lit a cauldron and announced the beginning of the 9-day torch relay. The sacred flame will be sent to Xi’an in Northwest China and Shenzhen in the south, where the relay will be launched tomorrow and Saturday respectively, Xinhua news agency reported. “The flame will symbolize over the next ten days the unique sporting spirit displayed by Paralympic athletes,” said Philip Craven, president of the International Paralympic Committee, at the flame lighting ceremony.“This spirit overcomes many obstacles in the search of sporting excellence,” Craven said. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 10:42 am Govt hopes to complete 3G spectrum auction by OctoberPTI New Delhi: Telecom Minister A Raja said that the auction process for 3G spectrum would be completed by October and wanted the operators to roll out the high-end services this year. In another major related development, the Minister said that the spectrum for CDMA operators for 3G services would now also be auctioned like the way it is being done for GSM operators. Earlier there was not much competition in the CDMA section. There were only two players. Now with another player joining, the competition has emerged there as well. “So, it will now be auctioned as per TRAI’s recommendations instead of allocation given on the subscriber base,” Raja said. Source: Home - Livemint.com | 28 Aug 2008 | 10:24 am Sensex slips 248 points by closeNew Delhi: The markets ended weak on the last day of expiry of August series derivative contracts with the BSE benchmark index slipping 248 points to 14,048 levels. The wider-based Nifty too ended lower by 78 points at 4,214 levels. Besides the rollover of positions, inflation data due later in the day and a rise in global crude oil prices also impacted sentiment in India, dealers said. Leading the pack of losers among the BSE 30 scrips was Hindalco. The counter lost 12.6% or Rs17 by close of session. BHEL, DLF Limited, Reliance Industries, State Bank of India, Reliance Infra, ICICI Bank and TCS Limited were some of the other key losers. Selling was also visible in capital goods counters with Alstom Projects and Lakshmi Machine Works skidding over 4% each. ABB Limited, BHEL, Gammon India, Reliance Industrial Infrastructure and Thermax also lost considerable ground. Source: Home - Livemint.com | 28 Aug 2008 | 10:19 am Oil rises towards $120 as Gustav threatens US GulfLONDON, Aug 28 (Reuters) - Oil rose towards $120 a barrel on Thursday, its fourth day of gains, boosted by the threat of damage to U.S. oil installations from Tropical Storm Gustav.Source: Reuters: Money News | 28 Aug 2008 | 10:18 am Tech Mahindra set to buy stake in a European firmReuters Mumbai: Tech Mahindra Ltd said that it would acquire a minority stake in European systems integrator, Servista for an undisclosed sum and would be the latter’s delivery arm for three years. According to the deal, Tech Mahindra would also assist Servista in securing more large scale technology offshoring business in Europe, the Indian firm said in a statement, adding that it will also nominate a member on Servista’s board. Servista’s local presence in Europe would be beneficial for an Indian firm such as Tech Mahindra, it added. “Servista’s expertise include services in customer relationship management and billing,” Tech Mahindra said. Shares in Tech Mahindra were trading 2.72% down at Rs755.95 in a weak Mumbai market. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 10:12 am MSN (I) brings Noddy alive in an online musical formatNew Delhi: Microsoft India announced that MSN India would be the exclusive online partner for the launch of “Noddy”, the English Musical based on the widely popular children’s character created by British author Enid Blyton. For those unfamilar with this lovable creation of Blyton, Noddy is a little wooden boy who lives in place called Toyland and loves driving his friends around and delivering parcels in his little red and yellow taxi. He got his name because his head is on a spring and when he gets excited, it just won’t stop nodding. www.msnindia.com will offer children across India an opportunity to experience Noddy through its exclusive videos of the live musical performance that would tour different Indian cities in August and September, including Mumbai, New Delhi, Kolkata and Bangalore. Stories of Noddy have been adapted over the years in several formats in print and television. The current musical is an adaptation of “Noddy and the Treasure Map”. Krishna Prasad, executive producer, MSN India said, “Across the world, Noddy is a character adored by young children. We are excited to bring Noddy to children in India by partnering with the musical, “Noddy and the Treasure Map.” ”Our strategic tie-up with MSN India will help us take the show across the internet audience in India and connect with young people.” said Kavita Bedi, director, managing director of ‘Just Because It’s Children’, the partnering firm for the Noddy Musical in India. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 10:12 am GM to invest $ 200 mn in Maharashtra - Hindu
Source: Google News India - Business | 28 Aug 2008 | 10:10 am Ispat sees input supplies from own mines in 2 yrsKOLKATA (Reuters) - Steel maker Ispat Industries expects supplies of iron ore and coal from its mines in India and abroad in the next 2 years, a top official said on Thursday.Source: Reuters: Money News | 28 Aug 2008 | 10:09 am India’s July oil sales up, diesel demand fuels growthNew Delhi: Indian domestic oil product sales in July rose an annual 7.8% as high diesel demand from power producers and a drop in gas supplies outweighed the impact of higher fuel prices and falling car sales. Fuel sales growth dropped in June, when the government raised petrol and diesel prices by about 10%, but the decline was primarily because dealers reduced inventories to normal levels after filling up ahead of the expected hike in prices. Total sales of refined products, a proxy for demand, jumped to 10.7 million tonnes as Asia’s third-largest economy continues to guzzle fuel, helping global oil prices remain well above $100 a barrel. Car sales in India fell an annual 1.7% in July, their first decline in about three years, as rising interest rates and higher prices crimped demand. In July, diesel sales, which account for about third of local sales of refined products, rose 10.3% to 4.08 million tonnes, boosted by its use as a substitute for more costly fuel oil, prices of which are not set by the government. June’s fuel price increase, the largest in 12 years, only partly offset the impact of crude oil’s record run and oil firms say they are still facing heavy losses. The International Energy Agency in its latest monthly report said the price hike had merely slowed the pace of oil demand growth, rather than fostering a contraction in absolute levels. It has kept its Indian oil demand outlook virtually unchanged at 3.1 million barrels a day in 2008, a growth of 4.6% over 2007, and 3.2 million bpd in 2009. Petrol sales rose 6.3% to 913,100 tonnes, while naphtha sales grew 20.8% as many gas users switched to the liquid fuel after problems with a pump at the Dahej gas terminal of Petronet LNG. Jet fuel sales recorded single-digit growth at 3.8% in July as high prices led to higher air fares, and the rationalisation of routes by struggling airlines. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 10:08 am Motorola launches new camera phone - TopNews
Source: Google News India - Business | 28 Aug 2008 | 10:05 am Tata Nano workers ferried under police protection - IBNLive.com
Source: Google News India - Business | 28 Aug 2008 | 10:03 am Aditya Birla Nuvo to buy Apollo SindhooriMUMBAI (Reuters) - Diversified firm Aditya Birla Nuvo Ltd said on Thursday it would acquire 56 percent in Apollo Sindhoori Capital, expanding its financial services portfolio in a fast-growing market.Source: Reuters: Money News | 28 Aug 2008 | 10:01 am Bharat Petroleum to buy stake in Mozambique oil asset - Economic Times
Source: Google News India - Business | 28 Aug 2008 | 9:59 am Sterlite bags orders worth Rs278 crPTI New Delhi: Global wire and cable solutions provider, Sterlite Technologies bagged orders worth Rs278 crore from four companies for supplying power transmission conductors. The comapny press release stated that the orders are from domestic and overseas companies including Power Grid Corporation of India, Jaypee Powergrid, Rajasthan Rajya Vidyut Prasaran Nigam and Ethiopian Electric Power Corporation. The power conductors would be supplied between September 2008 to December 2009, it said. “Our business strategy is to consolidate our market share in India and build a global customer base for our own company,” said Sterlite Technologies Director Pravin Agarwal. The company currently has a cumulative manufacturing capacity of 115,000 MT, making it the largest manufacturer in India and amongst the top five global power conductor manufacturer. Meanwhile, Sterlite announced plans to further enhance its manufacturing capacity to 160,000 MT keeping in line with the sustained demand from the global power industry. Shares of the company surged 4% from previous close and touched an intra-day high of Rs181 on the announcement. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 9:59 am Power Grid to spend Rs550 bn to hike capacityReuters Mumbai:State-run transmission utility Power Grid Corp Ltd will spend Rs550 billion in the next five years to increase capacity, Chairman and Managing Director, S.K. Chaturvedi told television channel NDTV Profit. “The investment will increase inter-regional transmission capacity from 17,000 mega watt to 37,000 mega watt,” Chaturvedi said. “The company is also looking at joint ventures to increase its presence in the Middle East and Africa,” he added. “The company will sign a $400 million loan from the World Bank by next week and then will go for a $200 million loan from the Asian Development Bank by the end of September,” he noted. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 9:57 am Ispat sees input supplies from own mines in 2 yrsKolkata: Steel maker Ispat Industries expects supplies of iron ore and coal from its mines in India and abroad in the next two years, a top official said on 28 August. The firm, prospecting iron ore at mines in Maharashtra, expects reserves there at 80-120 million tonnes, chairman Pramod Mittal told reporters after the annual shareholders meet. It also sees coking coal reserves at 70 million tonnes at its prospecting site in central Madhya Pradesh state, he said. Through its units, Ispat has also undertaken iron ore mining in Brazil, and coal mining in Columbia and Mozambique along with firms there, Mittal said. “We are taking up 20-30% stakes in these international mining ventures.” He did not give details of equity investment in these ventures. Ispat expects its iron ore mine in Brazil to have an estimated reserve of 300-500 million tonnes. The reserve in coking coal mine in Columbia is estimated at 60-70 million tonnes, Mittal said. “A part of iron ore and coal obtained internationally may be sold and part may be used for own units.” Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 9:57 am Indian power cos plan to buy Turkish firmsIt is now the turn of domestic power producers to pick up the baton from Infosys Tech after it wrapped up the purchase of Axon. Indian power companies are planning to extend their reach. The Turkish government is on a massive privatization drive and is putting up state owned power producers on sale.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 9:53 am Four firms express interest in Indiabulls comexReuters Mumbai: Four companies have expressed interest in buying stake in the proposed commodity exchange promoted by Indiabulls Financial Services Ltd, a senior official said. “The firms, all of them Indian, include banks, government bodies and private companies,” said Gagan Banga, director, Indiabulls. Divulging further on the details, he said that all the companies have applied to the Reserve Bank of India for the necessary approval, even though he declined to name the companies. “Indiabulls has also applied to the Forward Markets Commission (FMC), commodity futures market regulator, for permission to sell its stake. The companies want 45% but we will sell 34% as we want to retain 40%,” Banga said refering to the percentage of stake sale being negotiated. In July, FMC asked Indiabulls to reduce its stake in the proposed exchange to 40% from 74% within a month in adherence to rules that bar single entities from holding more than 40% stake in a commodity bourse. The federal government approved a multi commodity exchange to be jointly set up by Indiabulls and state-run MMTC Ltd, the two firms said in July. Source: Home - Livemint.com | 28 Aug 2008 | 9:50 am Birla Nuvo to buy 56% in ASCIL - Rediff
Source: Google News India - Business | 28 Aug 2008 | 9:49 am Power Grid to spend 550 bln rupees to hike capacityMUMBAI (Reuters) - State-run transmission utility Power Grid Corp Ltd will spend 550 billion rupees in the next five years to increase capacity, Chairman and Managing Director, S.K. Chaturvedi told television channel NDTV Profit.Source: Reuters: Money News | 28 Aug 2008 | 9:42 am RILNTPC case now with Bombay HCThere has been a development in the RILNTPC case. The Mukesh Ambani owned Reliance Industries has objected to the case being heard by Judge Roshan Dalvi. It has said that the Judge owns the NTPC shares and therefore the matter is now in the hands of Bombay High Court Chief Justice.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 9:20 am RBI phasing out old Rs 1000, Rs 500 notes - Press Trust of India
Source: Google News India - Business | 28 Aug 2008 | 9:15 am Aditya Birla Nuvo to buy Apollo SindhooriMumbai: Aditya Birla Nuvo Ltd, a part of the Aditya Birla Group entered into an agreement with Apollo Sindhoori (ASCIL) to acquire 56% stake in the retail broking company for Rs198.8 crore. The move will strategically further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products. Aditya Birla Nuvo Ltd will make an open offer, post receiving the necessary approvals. “The strategic intent of this agreement is to position Aditya Birla Financial Services Group as a broad based and integrated player in the financial services business. We already have a strong presence across financial services verticals like such as life insurance, fund management, distribution and wealth management,” said Ajay Srinivasan, Chief Executive, Financial Services, Aditya Birla Group. “Apollo Sindhoori Capital Investments offers us a well established platform with a capable team that will integrate well into our existing business and further strengthen our presence in the financial services space,” he added. “We have chosen to retain a 10% stake, as we believe the Aditya Birla Group will add substantial value to the company,” noted Suneeta Reddy, Director, Apollo Sindhoori. Source: Home - Livemint.com | 28 Aug 2008 | 9:13 am ONGC, SCI firming up equity structure for joint ventureONGC and the Shipping Corporation of India (SCI) are firming up the equity structure for the joint venture company that they plan to set up for providing offshore services.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 9:00 am GM to invest $200 mln in India engine plantMUMBAI (Reuters) - General Motors Corp said on Thursday it would invest more than $200 million in a powertrain plant in India, as the troubled U.S. carmaker aims to double its share of a fast-growing but increasingly competitive market.Source: Reuters: Money News | 28 Aug 2008 | 8:57 am Banks see liquidity staying tight for some more timeWith the Reserve Bank of India (RBI) maintaining its current monetary policy stance, tight liquidity conditions are expected to continue for some more time.Source: Moneycontrol Top Headlines | 28 Aug 2008 | 8:56 am Tech Mahindra to buy minority stake in European coMUMBAI (Reuters) - Tech Mahindra Ltd said on Thursday it would acquire a minority stake in European systems integrator, Servista for an undisclosed sum and would be the latter's delivery arm for three years.Source: Reuters: Money News | 28 Aug 2008 | 8:49 am Kotak keeps BUY on Power Finance CorporationRapid power sector capacity ramp up under the eleventh five year plan offers huge potential to domestic financial institutions like Power Finance Corporation (PFC). The total capex proposed for additional 78,577 MW of power generation capacity stood at Rs10,316 billion. PFC holds a sizeable 20% market share in the power sector financing segment. The experience and expertise in the space would continue to benefit the NBFC. PFC has awarded three UMPP out of the proposed nine 4000MW power projects. While the Tilaiya project to be awarded shortly. We continue to maintain our positive outlook for the company. Strong sanction book of 123% y-o-y growth is an indication of strong loan growth to follow. We expect 25% growth in the company’s loan book and a 21% growth in net profit. The key earnings drivers for the company would be rapid disbursement growth and firm net interest margin. We have marginally tweaked our earning estimated in our dividend discount model given the higher interest rate scenario, and higher dividend payout ratio. Factoring this we have marginal reduced our 12-month price target to Rs185 (Rs.193 previously). We reiterate our BUY on the stock. Source: LatestNews-Home - Livemint.com | 28 Aug 2008 | 8:37 am Software industry looking at Lucknow as next IT huThe software industry's apex lobby group is looking at Lucknow as a future information technology (IT) hub, an industry official said Thursday.Source: IndiaeNews.com: Business News | 28 Aug 2008 | 8:32 am Aditya Birla Nuvo to acquire 56 percent in Chennai firmAditya Birla Nuvo Ltd, a diversified company belonging to the Aditya Birla Group, Thursday said its board has approved the acquisition of 56 percent in capital investment firm Apollo Sindhoori for Rs.190 crore (Rs.1.99 billion or $46 million).Source: IndiaeNews.com: Business News | 28 Aug 2008 | 8:31 am GM to launch new small car in India in 2009 - execMUMBAI (Reuters) - General Motors Corp plans to launch a new small car in India in the second half of 2009, but has no plans to take on Tata Motor's low-cost Nano, its India head said on Thursday.Source: Reuters: Money News | 28 Aug 2008 | 8:20 am GM to invest $200 mn in engine facility in MaharashtraBy PTI Mumbai: General Motors will invest $200 million in a new engine facility to be set up in Talegaon in Maharashtra. The company already has a vehicle manufacturing facility there in which it has invested $300 million. The engine plant will have an annual capacity of 1.6 lakh engines which could be expanded to three lakh engines per annum, the company said. The engine and car manufacturing plant will employ 1,400 people. “We cannot remain a global industry leader without a strong presence in the high-growth market of India,” General Motors (India) president and managing director, Karl Slym, said in a statement. “This will enable us to capture more opportunities in one of the fastest-growing vehicle markets in the world,” he added. The engine facility is expected to be completed by the first quarter of 2010. Source: Home - Livemint.com | 28 Aug 2008 | 8:07 am India, Asean conclude deal for FTA in goodsBy PTI Singapore: India and the 10-member Asean grouping today announced concluding a deal for a free trade agreement that will break duty barriers for goods in the 1.5 billion people strong market. “The countries of East Asia are important drivers of growth...with large consumption to drive global economies,” Commerce and Trade Minister Kamal Nath said. “It took six years for India to understand the sensitivities of Asean, and for the Asean to understand the sensitivities of India,” Nath said at a joint press conference of India-Asean economic ministers. The FTA in goods will be signed at the Asean-India summit in Bangkok in December. Economic ministers of Asean countries welcomed the conclusion of the Trade in Goods (TIG) agreement which took six years to conclude. Negotiations for trade in services and investment as a single undertaking will begin as soon as possible, a joint statement issued by the leaders after the consultations said. “India is ready. The onus is on Asean to gather its team and start negotiations on services and investment,” Singapore’s trade minister Lin Hng Kiang said. The talks on services and investment are scheduled to wind up by next year-end. Nath said Singapore will coordinate for the services aspect while Malaysia will take care of the investment part. Indonesian Trade Minister Marie Pangestu said Asean and India had come to “a level of understanding never been experienced before.” She said the FTA in goods paved the way for more economic cooperation between the two sides. “This will lead to a greater integration between Asean and its dialogue partner,” she added. Source: Home - Livemint.com | 28 Aug 2008 | 7:29 am Galileo launches Carbon Tracker for the travel and aviation industryNew Delhi: Galileo, the Global Distribution System (GDS) launched Travelport Carbon Tracker to monitor the amount of carbon emissions being made due to travel. “Air travel, approximately 2% of all CO2 emissions is one of the fastest growing contributors to the release of harmful greenhouse gas into the atmosphere. Galileo worldwide processes some 800,000 air transactions every day and is well-suited to help the industry measure its carbon footprint,” said Bruce Hanna, President & CEO, Galileo in India. The product will help discover the routes, travelers, departments and modes of travel that contribute most to total emission thus enabling corporates and individuals to set up personal and company reduction targets or off--set through a carbon trading scheme. Indian’s travel industry comprises of 8 million outbound passengers, 43 million domestic passengers and 365 million reserved train passengers. 33% of these travelers travel by air while 64% prefer the use of train. There are over 5000 travel agencies generating air travel revenue to the tune of $6.6 billion, out of which 28% is corporate travel, while travel and transportation today cost almost 8-10% of a corporate budget. “Carbon Tracker would be helpful for large travel agencies and corporates who acknowledge the global concern of CO2 and are ready to invest with us for a global cause,” said Hanna. Travelport Carbon Tracker will help capture, record and analyze the travel behaviour to give a clear understanding of impact on the environment. The sophisticated reporting package will provide information on total carbon emissions made across multiple travel types including air, road, and rail. Once measured, it will enable corporates to better understand how to manage their carbon footprint. “We aim at encouraging debate and collaboration in terms of emissions benchmarking and enabling corporations to make informed decisions for sustainable travel as part of their overall travel policies,” he commented. Travelport Carbon Tracker takes advantage of the latest developments in emissions calculation and combines industry-standard compliance reporting with an advanced calculator that uses operational data and a range of key variables to deliver more sophisticated emissions analysis besides calculating average emission values by weight, distance and energy use. Developed in conjunction with Agresso and The Carbon Consultancy, the Travelport Carbon Tracker has been designed to provide robust intelligence to inform and enable sustainable travel decision-making. The web-based tool is designed for use with multiple Global Distribution Systems (GDS). Source: Tech News - Livemint.com | 28 Aug 2008 | 7:21 am Danfoss bags HVAC drive contracts in 4 airportsBy PTI Chennai: Danfoss India, a leading solution provider in mechanical and electronic components and solutions, has announced that it has bagged heating, ventilating, and air conditioning (HVAC) drive contracts in four airports in India, including the New Delhi airport. Ravichandran Purushothaman, senior sales director, Asia Pacific, Danfoss Motion Controls Division, told reporters that the company had been awarded a $ 1 million contract for the Indira Gandhi Airport in New Delhi, where upgradation work is on for the 2010 Commonwealth Games. He declined to disclose details on the other airports but said that the company was looking at bagging similar business in 106 other airports in the country. Sven Ruder, president, Danfoss Motion Controls Division, said the company has since its inception in India in the late 1990s, invested $20 million. “We are looking at a long-term accelerated plan and are very much motivated to increse investment,” he said without disclosing the investment plans. Source: Home - Livemint.com | 28 Aug 2008 | 6:18 am Climate talks accelerating, says UNAFP Accra: “A six-day round of talks yielded good progress in important areas towards a global agreement for tackling climate change,” the UN said here on Wednesday. According to Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change (UNFCCC): “The meeting in the Ghanaian capital “has provided the basis for real negotiations” in December.” “The process has speeded up and governments are becoming very serious about negotiating a result,” de Boer said at a final press conference adding that he is seeing a growing sense of urgency towards the cause. “People are aware that time is running out, that we have just a little more than a year until an agreement has to be reached,” he said. The Accra meeting is the third in the “Bali Roadmap” — a two-year course of haggling among 192 nations over how to tackle the worsening threat of global warming. The goal is to complete a draft treaty in Copenhagen in December 2009 to curb the greenhouse gases that cause the problem, and to channel funds, technology and expertise to poor countries likely to bear the brunt of climate change. The accord will be the most complex and ambitious environmental deal ever attempted. Several rounds of talks this year have concentrated on whittling down the sprawling agenda and on identifying areas to focus on. Negotiations are expected to start in earnest this December, at a ministerial-level meeting in Poznan, Poland. De Boer said: “The Accra talks, which took place at the level of senior officials and experts, had fostered ‘encouraging debate’ on forest conservation.” Deforestation accounts for roughly a fifth of annual greenhouse—gas emissions. There had also been useful proposals for widening a key UNFCCC tool, the Clean Development Mechanism (CDM), to spur help for African countries, and countries had put forward ideas for financial aid for adapting to climate change. Source: Home - Livemint.com | 28 Aug 2008 | 6:11 am Rupee weakens on oil import paymentsReuters Mumbai: The rupee weakened as refiners scrambled to meet month-end import commitments, but cautiousness over central bank intervention prevented the Indian unit from falling sharply. The partially convertible rupee was at 43.77/78 a dollar, 0.1% weaker than yesterday’s close of 43.71/72. On Tuesday, it hit a 17-month low of 44.26. The rupee is down 9.9% so far in 2008. “There is nothing specific happening in the market as yet, just month-end oil demand. However, the central bank is expected to step in, if the rupee falls towards 44,” a senior dealer with a private bank said. Higher demand for dollars from oil firms in the last two sessions pushed the rupee below 44 on Tuesday for the first time in nearly a year and half, forcing the Central Bank to step in and help it recover some of the losses. With oil rising to nearly $119 a barrel, import payments will rise, widening the trade deficit further in a country which buys more than two-third of its oil. Traders were also watching the stock market for cues on fund flows. Foreigners have been net sellers of $7.4 billion of stocks so far in 2008 after buying a record $17.4 billion last year. India’s main share index opened down 0.05% but soon turned positive, but trade is expected to be choppy due to higher oil prices and ahead of inflation data due later in the day. Source: Home - Livemint.com | 28 Aug 2008 | 5:04 am Oil rises towards $119 a barrelReuters Tokyo: Oil rose for the fourth consecutive day to stay above $118 a barrel, on fears Tropical Storm Gustav may hit the Gulf of Mexico after it morphs into a major hurricane, paralysing the heart of US offshore production. Crude for October delivery was trading up 79 cents at $118.94 a barrel, after settling up $1.88 yesterday. Oil has risen $3.56 in the past three sessions. London Brent crude was up 85 cents at $117.07 a barrel. Gustav is expected to hit the US Gulf Coast around Monday as the first major hurricane to threaten US energy installations there since Katrina and Rita in 2005, and about 85% of US offshore oil and gas production could be in its path. AccuWeather said Gustav could strengthen into a Category 4 or 5 storm over the Gulf — home to a quarter of US crude oil production and 15% of the nation’s natural gas output. Shell Oil Co, the US Gulf of Mexico’s largest producer, said its oil production would be affected as early as Thursday as it evacuated all workers from offshore operations. Gustav could shut down 85% of US production platforms in the Gulf, private forecaster Planalytics said. “This is the time of the year that (hurricane) premiums can be put into the market, $10 to $15 a barrel,” said Peter McGuire, managing director of Commodity Warrants Australia. “Monday, the markets will be shut on account of labour day. There’s a lot of nervousness in the market,” he added. McGuire said oil could hit around $130 over the next week and a half on hurricane worries. Oil was last at that level five weeks ago. Analysts say US companies could be forced to draw on oil inventories to compensate for disruptions. Oil inventories US government data showed an unexpected, 100,000 barrel drop in US crude inventories last week, against forecasts of a 1 million barrel rise. Traders were also eyeing an OPEC meeting scheduled for 9 September in Vienna as well as escalating tensions between Russia and the West after US President George W. Bush condemned Russia for recognising breakaway regions in Georgia. Venezuelan President Hugo Chavez yesterday said that oil prices were fair, and the nation’s energy minister said OPEC should keep output steady or make cuts at its next meeting in September. Source: Home - Livemint.com | 28 Aug 2008 | 4:47 am SEZs draw investors as hurdles filter policyMUMBAI (Reuters) - Special Economic Zones (SEZs), touted as engines of India's industrial growth, are poised to take off in a big way, despite the initial hurdles and after ironing out some regulatory creases.Source: Reuters: Money News | 28 Aug 2008 | 3:54 am Indian shrimp exports to US fall sharply in H1Kochi Aug 27 There has been a significant fall in the quantum and value of Indian shrimp exports to the US markets ever since the imposition of anti-dumping duty and customs bond on such shipments. During the first quarter of the current year, ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Punj Lloyd (Rs 284.10): BuyWe recommend a buy in Punj Lloyd from a short-term perspective. It is apparent from the charts of Punj Lloyd that the stock has been on a medium-term uptrend from its 52-week low of Rs 183, recorded in early July. While trending up, the ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Banks see liquidity staying tight for some more timeRBI focussed on reining in inflation; CRR hike likely. Bangalore, Aug. 27 With the Reserve Bank of India (RBI) maintaining its current monetary policy stance, tight liquidity conditions are expected to continue for some more ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Day Trading GuideFresh short-position can be initiated, if the stock declines below Rs 639, with tight ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am CP for classes and deposits for massesCommercial paper (CP) made its mark in India in 1989 in response to the clamour by corporates to break free of the stranglehold of the banking sector in the matter of working capital finance. While banks do offer better terms to blue-chip ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Apollo Hospitals working with TCS for patient ID numberPlans to pick up 30% stake in Nigerian hospital. Chennai, Aug. 27 Apollo Hospitals Enterprise Ltd is working on a project that would give each of its patients a Universal Hospital Identification Number (UHIN). The number is like a password ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Cement capacity expansion may be delayedThe cement industry’s plans to add 110 million tonnes (mt)of capacity with a total outlay of Rs 50,000 crore by financial year 2010 is likely to be delayed due to constraints in sourcing equipment and non-availability skilled ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Sun gets favourable ruling in battle for TaroNo need for special tender, rules Israeli court; Taro Pharma can appeal. Mumbai, Aug. 27 Sun Pharma’s $454-million proposal to acquire Israeli-drug company Taro Pharmaceutical received a shot in the arm, with the Tel-Aviv District Court ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Visual computing era is here: nVidia chief3-D poised to become mainstream in professional, consumer displays. San Jose (California), Aug. 27 It was in a sense the first big global gathering of the display and computer graphics business. So no one was very surprised when nVidia’s ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am CLB says it has no jurisdiction to decide on Zandu-Emami caseMumbai, Aug. 27 Ayurveda products-maker Zandu Pharmaceutical’s petition on the takeover moves by Emami Ltd has been dismissed by the Company Law Board (CLB), saying that the Board had no jurisdiction on the issue. ...Source: Business Line - Home Page | 28 Aug 2008 | 12:00 am Currency futures trading begins from Friday!Trading in currency futures is set to kick off on the National Stock Exchange on August 29 with over 300 members registering their names for participation.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Rlys invites 20 groups to bid for insurance scheme !Raising the level of competition among private insurance players for the railway insurance scheme, the Railways has invited as many as 20 parties to bid for providing insurance cover during the next one year.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm DoT to install 11,000 mobile towers to cover 2 lakh villages!Aiming to expand mobile services to about two lakh villages, the government on Wednesday said it would install around 11,000 more mobile phone towers in next one and a half years.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Centre has power to denotify SEZs: Goa CM Kamat!Justifying its stand on scrapping of SEZ projects in Goa, the state government has said the Centre has the power to denotify those which are not operational within the stipulated timeframe.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Mukesh backs Tata Nano project!Plunging the controversy surrounding the Nano project in Singur, business tycoon Mukesh Ambani on Wednesday backed Tatas saying the industry and politicians need to work together for industrial growth of India.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Sandy Baruah is the new US SBA!Santanu `Sandy` K Baruah, an Indian American, has taken over as Acting Administrator of the Small Business Administration (SBA), an independent agency of the federal government, to help small business concerns.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Banks seek interest for delay in debt waiver reimbursement !Public sector banks have asked the government to pay interest for delay in reimbursing the Rs 70,000 crore worth farm loans written off by them, even as the administration is expected to pay back about Rs 25,000 crore by October-end.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Allow MFs to offer insurance covers: AMFI!Mutual fund industry has proposed that the market regulator SEBI allow mutual funds to offer insurance cover to investors along with their regular schemes.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Axon buyout will protect Infy from slowdown: Infy CEO!The acquisition of the Britain-based SAP consulting firm Axon Group plc is part of IT major Infosys` strategy to protect its business from a slowdown in the US and expand its global footprint.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Govt asks secondary steel firms to hold prices!Indian government wants secondary steel makers to refrain from raising prices, the junior steel minister, Jitin Prasada, told reporters on the sidelines of a steel conference in Kolkata.Source: Zee News : Business | 27 Aug 2008 | 11:51 pm Corp Bank angles for Casa countryCorporation Bank sees common sense in charting uncommon territory.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 11:14 pm Get a loan against fixed depositThese days, the interest rate of most personal loans is between 18% and 25%. The interest charged on floating rate home loans, on the other hand, is around 12%.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 11:13 pm Insure yourself against critical illnessesPeople commonly buy insurance to replace their income after death. Few buy a cover for replacement of their income when they are still alive.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 11:12 pm DoT to install 11,000 towersAiming to expand mobile services to about two lakh villages, the government on Wednesday said it would install around 11,000 more mobile phone towers in next one and a half years.Source: Daily News & Analysis: Money News | 27 Aug 2008 | 11:11 pm Wikimapia now has competition from Google’s MapmakerNew Delhi: Where do you play volleyball in Chennai? It’s a simple enough query, but one surprisingly hard to answer without local knowledge, a lucky hit on a search engine, or friends in the volleyball fraternity. (To watch the video story click below) Google Inc., however, has hit upon a solution—what Prasad Ram, head of research and development at Google India Pvt. Ltd, calls “a dynamic, user generated geo-repository”. It’s also called Google Mapmaker. Launched on Wednesday in India, it allows users to add, or edit features (roads, schools and businesses, among others), which then become immediately visible to all other users. Once logged into a Google account, any user will be allowed to moderate and review data. Each new entry also allows a number of attributes to be assigned to it—a road could be good, bad, or under construction; a school could follow the CBSE, or ICSE syllabus; a park could allow cricket, football, or volleyball—information that then can be searched through Google. We are looking at creating a balance between accuracy and depth of data. The product is currently browser-based and will be accessible soon on mobile devices, though editing and adding places can only be done through a computer. A similar site, called Wikimapia was launched by two Russians, Alexandre Koriakine and Evgeniy Saveliev, in May 2006 and combined Google Earth with a so-called wiki system, a framework allowing collaborated editing used most famously in the freely editable Wikipedia. Wikimapia has since gone on to describe more than seven million worldwide locations as of February. Google’s intentions are similar, but it argues that their behind-the-scenes algorithms are much more robust, and ensure greater accuracy and moderation. The mapmaker system logs and calculates user input, automatically placing them in a gradated scale of trust. “Everyone can be a moderator, because the machine learning statistical system works out who to trust and who not to trust, and what kind of features a person is authorized to edit, depending on your contributions to the maps,” says Katragadda. “Nothing is locked, and everything is editable, but depending on your trust level, it’ll go to moderation. So, you could mark your own house on the system, but we don’t allow the name itself to have personal annotations (a problem common with Wikimapia).” “Vague and non-factual, personal data, such as “my house” or “my friend’s school”, would be moderated out, he adds. Temporary events can also be mapped. The local Sunday market, the road blocked for a week, or the week-long exhibition could find (temporary) homes in Mapmaker. “We have an event indexing technology, which pushes the importance of events the closer they are to when and where you search, and then diminishes them over time,” says Katragadda. Businesses, from local restaurants putting up their menus to shops indicating discounts, could also find new ways to build up interest and attention, he adds. Starting out, Google’s main focus will be to get detailed map data in, but once that basic data is available, says Ram, interesting possibilities start to emerge. “This is the first step, and then, it unleashes a whole community to go do whatever—coordinating disaster relief, mapping transit systems, researching water bodies in India—supplementary activities, which are often highly value-adding, become possible.” The need for dynamic map data, argues Google, is critical for India. “For the software industry as a whole, I think this is a good example of a truly global product (Mapmaker has currently been launched in 58 countries, including India) where the inspiration has come from the local market,” says Ram. “A significant amount of engineering for Mapmaker has been done in India, and we’ve leveraged all of Google’s infrastructure, including our map rendering, visualization technology, and combined these to offer our unique contribution.” Source: Tech News - Livemint.com | 27 Aug 2008 | 8:44 pm ‘Imagine a desktop computer with a battery’New Delhi: Taiwan-based ASUSTeK Computer Inc. (which used the ASUS brand), manufacturer of computer motherboards (or the innards of the computer, in which ASUSTeK is the global market leader), graphics cards, notebooks, personal digital assistants and computer components, is looking at emerging markets such as India to push its Eee PC, an inexpensive, low power-consuming laptop with a small form factor often dubbed a “Netbook.” Since its launch in 2007, the Eee PC is estimated to have shipped nearly three million units, and other laptop manufacturers, including HP, Lenovo, Acer, HCL have jumped onto the netbook bandwagon.  Consumer friendly: ASUSTeK Global chief executive officer Jerry Shen (left) and vice-chairman Jonathan Tsang with the Eee PC in New Delhi. Shen and Tsang say the combination of low price point and features could make the Eee PC a primary computer in an emerging market such as India. Photograph: Harikrishna Katragadda / Mint What is your product strategy for India? What will be your key focus areas? Tsang: We have a significant lead in motherboards worldwide. In notebooks, we are No. 5 by volume sales in Asia-Pacific, our notebooks division, including the Eee PC, contributes 65-70% of our total, global revenues. But in India, we’re still very small. In Asia, people know ASUS—but here, people think ASUS is nobody. We need to work harder to improve our image in this market. Shen: Our primary focus areas... one is, of course, is motherboards, but we’re really bullish on the Eee PC. And at the same time, we’re introducing new products into our lineup, like the Eee Box, which is this compact little desktop CPU (central processing unit)—it can even fit in your pocket. Tsang: We’ll be introducing it in September, and since it’s a CPU box, without a monitor and keyboard, it’ll be approximately priced between Rs14,000-17,000—but that’s a very rough estimate. That’ll be a 160GB hard drive with Intel’s Atom processor (a line of Intel processors designed for low power consumption and portability), Wi-Fi-enabled. Shen: In the second generation, which will be introduced a little later in October-November, it will also have a battery inbuilt. So, imagine a desktop computer with a battery inside, especially in a place where power is a little unreliable. Tsang: The Box...when we demonstrated this to customers, and we said, it consumes around 10W of power, and a desktop, a desktop system and it consumes only 10W—that sounds almost impossible, right? But we managed to achieve that. Shen: We’re also releasing an all-in-one PC (towards the end of the year), the E-Monitor, which is only one monitor, large size—with variants in 16, 19 and 22 inches, and everything is built in. It is also a touch screen—so if you wanted to, say, find out your address on Google Earth, all you’d have to do was use your fingers. It’ll be priced under $500 (Rs21,850) (making it nearly half the price of Apple’s $1299 iMac, which it resembles). How are you positioning the Eee PC in India? And how do you see the market for ‘netbooks’ evolving? Shen: The Eee PC has sold nearly three million units so far in 2008—and we’re on track for our target of five million units this year. There was a slight hiccup in deliveries because of issues with stocks of battery units, but those problems will be resolved. We have nearly 25 variants of the Eee PC in the US—which we’ll reduce and consolidate to at least below 20…right now, I think we have too many variants with very slight differentiation. In other markets, like India, we will probably introduce around four-five models overall. The netbook market...we’re expecting to see it stretching both ways, becoming more powerful with greater mobility at higher price points, and downwards—cheaper but with good functionality—and we’re focusing on both. The first Eee PC was $299, and we’re working on introducing a $200-250 model sometime in the second half of 2009, something that’s very exciting for us. We also have options working upwards, towards $400-600, approaching the price point of the traditional laptop. For an emerging market like India, we want to introduce the Eee PC as a first PC—in the US and Europe, in contrast, we are positioning it as someone’s second or third PC—not their primary computer. But here, we feel that the combination of low price point and features could make the Eee PC a primary computer—hence we’ve expanded hard disc capability to 80GB or 160GB, higher battery life with six cell batteries. We’re also pushing Windows XP bundled (The first generation Eee PC came with a distribution of Linux, called Xandros, bundled). Our major focus will be on the 9-inch and 10-inch model, not the 7-inch first-gen variant. In India, it’s just the beginning for us, and we have very optimistic internal targets for the market. We’re working on improving our service backbone, with the opening of service centres in the metros. The firm swears by products such as the Eee Box, a desktop CPU that, it says, can even fit in a pocket Tsang: It will be predominantly Windows XP, unless there is a special requirement for Linux, we will be providing only the XP option. Shen: Narrowing the digital gap is what we’re looking at. We’ll be pushing the Eee PC through retail channels, both directly through ASUS and other vendors, and we’re also looking at distribution through government programmes, or for educational purposes. With most major laptop manufacturers entering the netbook segment, how do you plan to differentiate the Eee Pc? Tsang: Have you compared the products? How many hours does the battery work? Nearly six-seven hours, with six-cell batteries. That’s the flight from here to…London! How is the inbuilt camera? 1.3 megapixels. The competitors? 0.3 megapixels. Also, the Eee PC uses the 802.11n wireless standard—which is much faster, more efficient than the 0.11g standard, which most other laptops use. Also, the build— very sturdy, rugged. It may look delicate, but look at this... (Tsang drops the laptop from a few inches above the table) Nothing happens…just don’t do that when the computer is running, though. Shen: We use a number of different metrics to ensure that our products are relevant and customer-friendly. It’s three-fold—we first ensure that everything designed at ASUS is easy, in the sense, easy to use and pick up. Second, “excitement” is a key element for ASUS. Exciting like…something unexpected, something that works behind the scenes to provide an experience. We ensure, for example, that the noise level does not exceed 25Db, or that the temperature at the place where you keep your palms does not cross 26 degrees. We optimize boot up time—we’ve managed to cut it to nearly 20 seconds. The camera, 1.3 megapixels. We call this “exciting”—a combination of features and elements inside a small machine, while at the same time, we keep it affordable—which is our third mission. We use these to review how our customers respond to our products—not just specifications and processor speeds. We look at our machines from this viewpoint. We’re also perfecting what we call super hybrid engine, which balances battery-life and power saving with performance. So, you have battery life on one end, and performance improvements on the other. So, for example, you’re working on powerpoint—and the system automatically adjusts, giving you greater battery life. But if you’re gaming, then it amps up—giving you a performance boost. Its almost like power-on-demand. Source: Tech News - Livemint.com | 27 Aug 2008 | 7:03 pm 'Swiss challenge' ruled out in airport PPP projectsPrivate airport developers under the public-private partnership (PPP) model will not be able to get additional contracts in and around the airport that are part of the original project (like realSource: Business Standard | Front Page Headlines | 27 Aug 2008 | 7:01 pm Judge seeks to recuse herself in Reliance-NTPC caseJustice Roshan Dalvi sought to recuse herself from the case involving Reliance Industries Ltd (RIL) and state-owned National Thermal Power Corporation (NTPC) over the supply of gas from theSource: Business Standard | Front Page Headlines | 27 Aug 2008 | 6:58 pm Indian markets outperform the world as US $ index risesThe domestic equity markets have outperformed the world markets as a direct consequence of a swift rise in the bellwether US Dollar Index (USDX) since July 15 this year.Source: Business Standard | Front Page Headlines | 27 Aug 2008 | 6:58 pm CLB refers Zandu issue back to SebiThe western region bench of the Company Law Board (CLB) has rejected a petition filed by the co-promoters of Zandu Pharmaceuticals Works opposing an alleged take-over bid by rival Emami, saying it hasSource: Business Standard | Front Page Headlines | 27 Aug 2008 | 6:57 pm 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
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