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IRDA to create new transparent format for invt disclosuresThe Insurance Regulatory and Development Authority, IRDA is not happy with the investment disclosures of the insurance companies that they are making currently. Therefore, it is in talks with Actuarial Board, Institute of Chartered Accountants of India (ICAI) and Life Insurance Council to prepare a new transparent format in the public view.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 3:49 pm RIL to respond to RNRL queries via rejoindersThe RIL Counsel said that the company would respond to all of RNRL queries via rejoinders and would file the rejoinders once the RNRL arguments end. The case has been adjourned to Tuesday. Meanwhile the RNRL counsel feels Mukesh Ambani is in no mood to settle the case.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 2:32 pm DLF Dankuni project faces land acquisition hurdleThe DLF Dankuni project is facing a land acquisition hurdle. West Bengal government has said that the land acquisition is not possible without the consensus of land owners. The governmentt has sought more time for the land acquisition and has so far acquired only 20 acres of 4,840 acres.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 1:54 pm GS Case: SC stays cost recovery imposed by SAT on SebiThe SC has stayed the recovery of cost imposed by the SAT on the Sebi in the Goldman Sachs case. The SC has issued a notice on the power of the SAT to impose cost on the Sebi. The SC has questioned that why should not the observation against the adjudicating officer be expunged.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 11:35 am Domestic steel prices may fall: Paswan - India Infoline.com
Source: Google News India - Business | 1 Sep 2008 | 11:02 am India's July trade deficit at $10.8 billionNEW DELHI (Reuters) - India's exports grew 31.2 percent in July from a year earlier to $16.35 billion but the trade deficit widened from June to $10.80 billion as higher oil imports weighed, data showed on Monday.Source: Reuters: Money News | 1 Sep 2008 | 11:02 am Oil falls as Gustav shows no sign of strengthening - Forbes
Source: Google News India - Business | 1 Sep 2008 | 11:01 am Closing Bell - Economic Times
Source: Google News India - Business | 1 Sep 2008 | 11:00 am Bajaj Auto motorcycle sales rise 5 per cent in August - Economic Times
Source: Google News India - Business | 1 Sep 2008 | 10:57 am Amara Raja to boost industrial battery salesMUMBAI (Reuters) - Auto and industrial battery maker Amara Raja Batteries Ltd expects sales from its industrial batteries division to touch 10 billion rupees in FY10, a senior official said.Source: Reuters: Money News | 1 Sep 2008 | 10:54 am Reliance not to transfer stake in gas block to subsidiary - NDTV.com
Source: Google News India - Business | 1 Sep 2008 | 10:53 am Pay $19 m to Rel Comm: ICC tells Tata CommThe Tribunal has directed Tata Communications to pay USD 19 million plus interest as damages. Reliance Communications (Flag Telecom) had claimed damages of USD 385 million from Tata Communications.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 10:53 am India’s July trade deficit at $10.8 billionReuters New Delhi: India’s exports grew 31.2% in July from a year earlier to $16.35 billion but the trade deficit widened from June to $10.80 billion as higher oil imports weighed, data showed on Monday. Imports were up 48.1% to $27.14 billion in July, while oil imports rose 69.3% during the month to $9.48 billion. Exports during April to July were up 24.6% at $59.19 billion from a year earlier, while the trade deficit during the period widened to $41.23 billion from $27.35 billion in the same period the previous year. Source: Home - Livemint.com | 1 Sep 2008 | 10:51 am Resurgere Mines ends with 97.61% premium on the NSE - Moneycontrol.com
Source: Google News India - Business | 1 Sep 2008 | 10:40 am Commerzbank Plays A Risky Game - Forbes
Source: Google News India - Business | 1 Sep 2008 | 10:38 am Turkey slaps curbs on Russian imports in trade rowIstanbul: Turkey began curbing Russian imports as tensions over Georgia strained NATO’S relations with Moscow. “The goods entering Turkey from Russia are going to be subjected to additional physical searches starting Monday. Russian goods will be forced to wait at the border,” said a Turkish trade official, who spoke on condition of anonymity. Turkish exporters have been hit by delays at Russian border crossings since NATO-member Turkey allowed two US ships to transit the Bosphorus Strait to provide aid to Georgia after Moscow’s military action there. “Russia started these measures and we have been forced to respond in turn,” the Turkish official said. Russia, which is Turkey’s largest trade partner and supplies two thirds of its natural gas needs, has been angered by what it calls a NATO build-up in the Black Sea. Entrance to the sea is via the Turkish—controlled Bosphorus Strait. It says long inspections on trucks from Turkey are due to a new customs law, but analysts say Moscow could be flexing its economic muscle to put pressure on Ankara. Turkish business groups said exporters would lose $3 billion in the short term if the delays on goods were kept in place. Turkey, a close US ally which aspires to join the European Union, has been forced to walk a fine line between its loyalties to NATO and its large financial and energy interests in Russia. Russian Foreign Minister Sergei Lavrov is due in Istanbul Tomorrow in a visit expected to be dominated by talks over Turkey’s management of shipping through the Bosphorus strait. The international community has condemned Russia’s campaign in Georgia and its subsequent recognition of Georgian breakaway regions South Ossetia and Abkhazia as independent states. Turkey has refrained from strong condemnations of Russia. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 10:35 am Govt may raise export duty on iron orePTI New Delhi: Steel Minister Ram Vilas Paswan has said that the government is mulling over increasing export duty on iron ore to ensure its supply security to domestic steel producers. “Government is considering to enhance export duty on iron ore,” he said. The government imposed a 15% ad-valorem export duty on iron ore in June. Last month, industry body Assocham asked the government to hike export duty on iron ore to 35% to ensure its availability to the domestic steel manufacturers and bring in price stability. Earlier, the steel ministry had proposed a hike in export duty to 20%. When asked if government would impose export duty on finished steel products to increase its domestic availability, Paswan said: “When prices in the market are stable, we will not do something which is against the industry.” Expenses on iron ore alone contribute around 25% to the total cost of steel-making. Source: Home - Livemint.com | 1 Sep 2008 | 10:31 am Suzlon to buy Martifer’s stake in REpowerPTI Mumbai: Wind turbine maker Suzlon Energy has signed an agreement with Portugal-based Martifer for acquisition of the latter’s entire stake in REpower Systems for 270 million euros. “Martifer has a 22.48% stake in REpower. With this acquisition, Suzlon’s total holding in REpower would go up to 90%,” it said in a statement. “The completion of the agreement will take Suzlon’s stake in REpower to about 90% and put both companies in a stronger position to derive synergy benefits from the collaboration,” Suzlon CMD Tulsi Tanti said. In June, Suzlon acquired 30% stake of REpower from France-based Areva, taking its total holding to 66%. REpower is Germany’s biggest wind turbine maker. Source: Home - Livemint.com | 1 Sep 2008 | 10:22 am Indian shares provisionally end 0.2 pct lowerBANGALORE (Reuters) - Indian shares provisionally closed 0.2 percent lower on Monday, after losses of as much as 1.95 percent during trade, with financial issues recovering on expectations interest rates would hold for the time being.Source: Reuters: Money News | 1 Sep 2008 | 10:15 am Markets end flat after choppy sessionLivemint.com New Delhi: The markets recovered most of its intra-day losses on weak global cues and ended flat with the BSE benchmark index ending down 66 points at 14,499 levels. The Sensex slipped to a low of 14,281 levels in intra-day deals. Similarly, the wider-based Nifty shed 11 points to end at 4,349 levels. In other Asian markets, Japan’s Nikkei stock average shed 1.8% in its biggest one-day percentage loss in nearly two weeks to end at 12,834 levels. The broader Topix lost 1.9% to 1,230 levels. Back home, Maruti Suzuki lost 2.2% or Rs14 after the company posted a drop of over 9% in its August 2008 sales. Bharti Airtel, Ranbaxy Laboratories, Tata Steel, Infosys Technologies, Reliance Infra, Hindustan Unilever, Hindalco, Mahindra and Mahindra, Jaiprakash Associates and NTPC also ended weak. Most banking scrips recovered lost ground by close with Canara Bank firming up 2.5% by close. HDFC Bank, Bank of Baroda, Punjab National Bank, Yes Bank, Union Bank of India and Bank of India also closed in positive turf. Essar Oil, ONGC, Indian Oil Corporation, Aban Offshore, GAIL India, Reliance Industries and Hindustan Petroleum Corporation were the key gainers in the oil and gas pack. Source: Home - Livemint.com | 1 Sep 2008 | 10:07 am Govt may not relax Euro-IV deadlineNew Delhi: The government is unlikely to relax the 2010 deadline for introduction of Euro IV grade fuel in the country and may ask state refiners to expedite upgradation of their units to meet the schedule. State-run Indian Oil Corporation (IOC), Bharat Petroleum (BPC) and Hindustan Petroleum (HPC) had requested the Petroleum Ministry for postponing the deadline for beginning supply of Euro IV fuel in major Indian cities from 2010 to 2015. “The ministry has committed supply of the high-quality fuel to major cities from 1 April, 2010. We cannot change the schedule now,” said a senior official. The three firms facing cash crunch because of losses on sale of petrol, diesel, domestic LPG and kerosene wanted more time to make investments in upgrading their refineries to produce Euro-IV grade petrol and diesel. Production of Euro-IV grade fuel requires setting up of hydro-treater plants and refineries in crowded cities like Mumbai, which is faced with problems relating to acquiring of land for the facility. The official said: “The ministry was not inclined to accept the oil companies’ request as most of the refineries were on schedule to meet the deadline. Only refineries of HPCL were lagging but with some tightening, it could also meet the deadline.” In a recent meeting held to review the fuel quality upgradation projects, the ministry found that most refinery upgradation projects may be completed by December 2009 or by January-February of 2010. “In view of the progress made by oil PSUs on fuel quality upgradation projects, the suggestion of IOC, BPC, HPC to approach the Supreme Court through the Ministry for relaxation of the effective dates of implementation of Euro-III/IV diesel fuel does not appear convincing,” the official said. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 10:04 am Gold ekes out gains, strong dollar weighsLONDON (Reuters) - Gold eked out gains on Monday, supported by rising oil prices ahead of hurricane Gustav, but a strong dollar capped bullion's rise.Source: Reuters: Money News | 1 Sep 2008 | 10:03 am Tata Com directed to pay damages to RCom subsidiaryThe International Chamber of Commerce (ICC), the global arbitration tribunal, has directed Tata Communications to pay a Reliance Communication subsidiary approximately $19 million plus interest from May 2006 as damages over a cable dispute.Source: IndiaeNews.com: Business News | 1 Sep 2008 | 10:00 am Base metals down as inventory climbs, lacklustre demand - Economic Times
Source: Google News India - Business | 1 Sep 2008 | 9:57 am India cash rates above 9 pct as CRR hike takes effect - Reuters India
Source: Google News India - Business | 1 Sep 2008 | 9:53 am Runaway credit growth may trigger tough RBI steps - Sify
Source: Google News India - Business | 1 Sep 2008 | 9:52 am India's gold firm, festive season buoys demandMUMBAI (Reuters) - India's gold prices edged up on Monday, but demand remained strong due to the festival season, dealers said.Source: Reuters: Money News | 1 Sep 2008 | 9:49 am Rising income and awareness will drive pharma growth: CIINew Delhi: The Rs 36,000 crore Indian pharmaceutical market is likely to grow at 19.4% on the back of rising health consciousness and increasing affordability of the expanding middle class coupled with health insurance facilities in the country by 2015, according to a study conducted by Confederation of Indian Industry (CII). The study, ‘CII-Interlink paper on growth agenda of pharmaceutical industry in India´ has been conducted by Interlink, a business and management consulting firm. Middle class population, health insurance facilities, unpenetrated markets, marketing efficiencies, generics and brand development are the six key drivers which would push the growth in the domestic pharmaceutical segment. These drivers together will contribute an estimated 6.64% to the growth of Indian pharmaceutical market which is poised to grow at 19.64% by 2015. Also, the developments may trigger the pharmaceutical industry to be more focussed to meet the challenges of innovations and pricing pressures, the paper pointed out. Besides this, a large number of patients who are either untreated or under-treated in the country would lead increased demand for newer and better medicines, the paper said. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 9:45 am BNP Paribas Securities keeps BUY on Hero HondaWe understand that year-to-date (YTD) retail sales for Hero Honda were up 18% y-o-y versus industry growth of 9.8% and our FY09 growth estimate of 7.3%. The company is able to buck the slow growth trend in the industry on the back of its strong product portfolio, relatively lower reliance on consumer finance and weak competition. The fact that retail sales growth was higher than the wholesale sales growth of 17% negates our earlier fear of channel stuffing. Our interaction with dealers also confirmed that they had not commenced inventory build-up (in anticipation of the festive season in September-October 2008) until July 2008. We do not see any threat to Hero Honda’s net margins because we expect the aggregate 3.0-3.5% price increase (taken in two parts) coupled with lower tax rate due to fiscal benefits from the Haridwar plant to offset input cost pressure on the EBITDA line. We upgrade Hero Honda to BUY from Reduce after our extensive across-the-chain checks with suppliers, transporters, dealers and financers revealed that there is a potential upside to our FY09 volume estimates. We are increasing our FY09 and FY10 EPS estimates by 6.9% and 9.1% respectively – almost entirely on higher volume expectations. Strong retail-level sales, a significant up-tick in cash purchases, entry of new consumer finance players and confirmation of a lack of channel-stuffing up to July give us confidence that the worst is behind us and volumes should be strong going forward. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 9:43 am Maruti Suzuki August sales falls by 9.19%Country's biggest car maker Maruti Suzuki on Monday reported 9.19 per cent decline in sales during August at 59,908 units as against 65,968 unitsSource: Daily News & Analysis: Money News | 1 Sep 2008 | 9:31 am Procter and Gamble net jumps 83.72 percentPersonal care and healthcare major Procter and Gamble has recorded a 83.72 percent profit in the second quarter of the ongoing January-December accounting year, as compared to that posted in the corresponding period last year, the company said Monday.Source: IndiaeNews.com: Business News | 1 Sep 2008 | 9:30 am TVS Motor's two-wheeler sales jump 11.28%TVS Motor Company today reported a jump of 11.28 per cent in its total two-wheeler sales, during August at 1,14,321 units compared to 1,02,734 unitsSource: Daily News & Analysis: Money News | 1 Sep 2008 | 9:30 am Result Review: Tata SteelFor Q1FY09, Tata Steel posted a y-o-y topline growth of 39.6% to Rs43,508 crore (Rs31,162 crore) mainly on account of the delivery growth of 11.5% and strong steel prices in the European markets. Blended realizations grew 25.2% y-o-y to Rs50,887 per tonne (Rs40,629 per tonne). Corus, which contributed the most to the consolidated revenues of the group, announced price hikes several times during the year to pass on the incremental cost burden to customers on account of the high iron ore and coking coal prices. Also, an improved product mix of the group helped the company achieve better realizations and boost its topline. The domestic steel players have been struggling to maintain their Margins, due to intervention by the government to control prices. Tata Steel has, however, been an exception on account of being the most efficient player and being the most integrated player in both iron ore and coking coal compared to its peers. However, correction in the global steel prices remains as a major risk for Corus’s profitability. Outlook and valuation We upgrade our earnings estimates for FY09 by around 20% on account of the better-than-expected Q1FY09 results, better realization from Corus and lower Tax rate of 20-22% guided by the management. We have marginally upgraded the earnings estimates for FY2010 by 1.4%. At the current price of Rs600, Tata Steel is trading at a P/E of 5.2x and EV/EBIDTA of 4.2x FY2010E consolidated earnings. We believe that the stock is quoting at attractive valuations considering the better-than-expected performance by Corus, higher synergistic benefits ($600 million, earlier $450 million), strong prices in the European markets, diversified markets and scale of operations. However, the biggest risks to our assumptions are correction in the global prices and consequently Corus’ ability to pass on additional costs to consumers in the medium term and no change in the government’s restrictive attitude towards steel prices. We maintain a BUY on the stock, with a target price of Rs875. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 9:29 am Company Update: Ranbaxy LaboratoriesRanbaxy Laboratories has lost a patent challenge in Denmark, against Pfizer on Atorvastatin the active ingredient of the world’s largest selling cholesterol drug-Lipitor. The Eastern Division of the High Court in Copenhagen (Denmark) upheld the basic and salt patents on Lipitor. The basic patent on Lipitor expires in November 2011 in Denmark and the salt patent in July 2010. The decision, which is subject to an appeal, prevents the launch of Ranbaxy’s generic version before November 2011. Ranbaxy, which has been taken over by Japanese drug maker Daiichi-Sankyo for $4.6bn, had settled the Lipitor litigation out-of-court with Pfizer for most geographies except for Finland, Spain, Portugal, Denmark and Romania. Ranbaxy had challenged the Lipitor patent in about 18 geographies in the largest-ever patent litigation. However, the settlements cover more than 90-95% of the Lipitor market, thus making the existing litigations insignificant. On the back of the open offer, we maintain a BUY on the stock, with a target price of Rs535. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 9:18 am Any counterbid on Imperial to come in next 45 days: ONGCONGC Chairman RS Sharma has said that any counterbid is likely to come in the next 45 days. RS Sharma, Chairman, ONGC said, \"If this transaction materialises then it will be an important step in ONGC Videsh Limited\'s, OVL\'s mandate to acquire assets abroad. \"Source: Moneycontrol Top Headlines | 1 Sep 2008 | 9:16 am Suzlon to buy Martifer's REpower stake earlyMUMBAI (Reuters) - Suzlon Energy Ltd has struck a deal with Martifer for an early acquisition of the Portuguese conglomerate's stake in REpower Systems for 270 million euros ($396 million).Source: Reuters: Money News | 1 Sep 2008 | 9:11 am Petrol, diesel prices will not be cut for now, says DeoraNew Delhi: Government today ruled out an immediate reduction in petrol and diesel prices as state-run firms are still running into daily loss of over Rs400 crore despite softening in international oil prices. “Where is the scope for reducing prices? Oil companies are still making losses,” said Petroleum Minister Murli Deora. The drop in international oil prices has resulted in revenue loss of Indian Oil, Bharat Petroleum and Hindustan Petroleum dip to Rs400 crore per day from Rs450 crore a fortnight back. “Oil companies continue to lose money on sale of petrol, diesel, LPG (Domestic) and kerosene. There has not been so much reduction in global prices to warrant a price cut,” Petroleum Secretary R.S. Pandey said. The basket of crude oil India buys averaged $111.09 a barrel in the second fortnight of August as compared with $117.37 per barrel in the first fortnight of the month. Based on an average price of the second fortnight of August, retailers are losing Rs6.31 per litre on petrol, Rs13.69 on diesel, Rs31.39 on kerosene and Rs312.58 per 14.2 per kg on LPG cylinder. Till last week, they were losing Rs7.07 per litre on petrol, Rs16.22 on diesel, Rs39.55 on kerosene and Rs348.89 per LPG cylinder. The three firms are now projected to lose Rs165,300 crore in full 2008-09 fiscal, down from Rs184,801 crore projections of last week. A month back the losses were projected at Rs205,740 crore. Pandey said the revenue loss of retailers will be fully compensated, through a combination of oil bonds and assistance from upstream firms like ONGC. Source: Home - Livemint.com | 1 Sep 2008 | 9:07 am Resurgere Mines share double its issue priceMUMBAI (Reuters) - Shares in Resurgere Mines & Minerals Ltd doubled on their debut on Monday on sustained institutional buying, dealers said.Source: Reuters: Money News | 1 Sep 2008 | 9:01 am ATF prices slashed by 16%Jet fuel prices have seen the steepest ever cut. From midnight, aviation turbine fuel, ATF prices are reduced by 16%. Thats after two straight hikes in the month of July and August.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 8:50 am Indian banks unlikely to raise rates, saysPNB chiefMumbai: “Indian banks are unlikely to raise lending rates for the next 5-6 months even if Reserve Bank of India(RBI) raised its key lending rate,” a top banker told a television channel today. “Most banks have factored in another policy rate increase this year when they raised interest rates in June and July,” K.C. Chakravorthy, chairman and managing director of Punjab National Bank (PNB) told CNBC-TV18. RBI raised its key lending rate three times in June and July to a seven-year high of 9%. India’s annual inflation stood at 12.40% on 16 August, above the central bank’s target of 7% by March-end. “There may be some hike in the deposit rate, because still I feel that with inflation is 12%, we need to compensate savers to encourage their savings in this difficult market,” he said. The state-run bank chief said that an increase of 50 basis points in the cash reserve ratio or an increase of 25 basis points in the repo rate would not affect the bank’s margin by more than 10-15 basis points. “If we feel that with little bit squeeze in the margin, still we are able to achieve our targetted net income growth, I don’t think banks will tamper with the interest rates, at least at this juncture,” he added. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 8:50 am IT majors see red at the bottomIndian IT services companies, whose clients see slowing IT spends, are targeting the biggest part of their expenses manpower to keep costs in check. The bottom few, ranging from 0.5 per cent to 10 per cent of most IT companies workforce, are now finding it hard to retain their jobs.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 8:49 am Dena Bank looks to tie up with SBI for credit card bizDena Bank will jointly launch a credit card with State Bank of India next month, for which negotiations are in an advanced stage.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 8:45 am Sterlite expects higher profits from copper bizSterlite Industries expects its profits from copper business to surge from three key value drivers a pickup in smelting and refining margins, lower cost of power and exceptional focus on byproducts.Source: Moneycontrol Top Headlines | 1 Sep 2008 | 8:42 am Govt says no cut in fuel prices despite lower crudeNEW DELHI (Reuters) – The government has no plans to cut retail fuel prices, Oil Minister Murli Deora told repoters on Monday, despite a sharp fall in crude oil prices in recent weeks.Source: Reuters: Money News | 1 Sep 2008 | 8:27 am Govt will move to tame Indian steel prices if neededNEW DELHI (Reuters) - The government will step in to lower steel prices if needed, as the alloy and raw materials used to make it must be reasonably priced to ensure growth in the sector, the steel minister said on Monday.Source: Reuters: Money News | 1 Sep 2008 | 8:03 am Inflation, input cost may increase SAIL’s capital expenditureNew Delhi: The inflationary trend and rise in input costs are likely to escalate capital expenditure of Steel Authority of India Ltd (SAIL )in achieving the ambitious 26.18 million tons of hot metal production target by 2011-12. “Due to increase in facilities required to achieve the enhanced production, rise in input costs and general inflationary trend, the capital expenditure is likely to be higher than what was estimated earlier,” SAIL said in a filing to Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In June 2006, the steel major had informed the bourses that it would invest about Rs35,000 crore under its corporate plan to augment steel production to 26.22 million tons (MT) from the present level of 14.6 MT. However, currently, the indicative cost to be incurred by SAIL under its corporate has risen to Rs54,000 crore. Industry experts said the rise in input costs besides spiralling inflation, which is ruling at 12.40%, may further inflate SAIL’s capital expenditure in achieving the desired capacity augmentation. Based on the latest review of its corporate plan, the steel major has revised its hot metal production target to 26.18 MT from the previous level of 22.55 MT. Its target for crude steel production has also been revised to 24.59 MT from 21.59 MT and saleable steel to 23.13 MT from 20.25 MT earlier. The expansion of SAIL’s IISCO and Salem steel plants are already underway at a cumulative cost of Rs16,350 crore while that of Bhilai, Durgapur, Rourkela and Bokaro steel plants are at different stages of tendering. The company has already finalised Rs20,000 crore worth orders for the proposed expansion projects. Source: Home - Livemint.com | 1 Sep 2008 | 7:47 am Indian rate-hike cycle in last lap, say economistsMUMBAI (Reuters) – The Reserve Bank of India is expected to raise interest rates by another 25-50 basis points for the remainder of 2008 as it grapples with inflationary pressures, before softening rates early next year, economists said.Source: Reuters: Money News | 1 Sep 2008 | 7:46 am Placements at SPJIMR in full swingMumbai: Internship placements for corporate projects at Mumbai based SP Jain Institute of Management & Research (SPJIMR) concluded successfully as the institute placed its largest batch yet in the face of a not-so-favourable economic situation. The entire batch of 164 was placed on the first day of placements. Signing off with exciting, never-offered-before profiles, the PGDM class of 2009 accentuated the trend that has been seen at the institute. The placement process spread over two days, ended with participants being offered projects in companies across sectors like consultancy, banking, IT, investment banking, FMCG, private equity, manufacturing, healthcare and pharmaceuticals, telecom and media. Companies participating in the process included HT Media, Tata Administrative Services (TAS), Microsoft, Nestle, Intel, Motorola, IBM to name a few. A number of participants from various international firms like Landor Associates, e-Bay, Cisco, etc. also came to SPJIMR. PGDM participants at the Institute carry out social projects. Corporate India has to come out with specially designed projects under the ‘Autumn’s Internship’ in the months of September and October every year. Source: LatestNews-Home - Livemint.com | 1 Sep 2008 | 7:26 am Indian rate-hike cycle in last lap, say economistsMumbai: India’s central bank is expected to raise interest rates by another 25-50 basis points for the remainder of 2008 as it grapples with inflationary pressures, before softening rates early next year, economists said. It has raised its lending rate by 125 basis points in the first eight months of 2008. But slowing growth, easing commodity prices and an unfavourable global environment, which has made it difficult for Indian companies to raise funds overseas, may force the Reserve Bank of India (RBI) to start cutting rates early next year. The economy expanded at an annual pace of 7.9% in the June quarter, its slowest in 3 years, data on Friday showed. But the central bank warned there seemed to be no let-up in demand pressures and said its policy would remain tight. Robert Prior-Wandesforde, economist at HSBC, expects the central bank to raise its lending rate by 50 basis points and banks’ cash reserve requirements by 75 basis points to counter an inflation-busting 21% salary increase for federal workers. “It remains focussed on inflation and its anxiety will not have been helped by the sizeable rise in public sector pay announced by the government a couple of weeks ago,” he said. Last month, the government recommended salary increases for central government workers costing Rs125.6 billion ($2.8 billion) for 2008-09, and back pay increases of up to Rs180.6 billion to January 2006. Annual rate of wholesale price inflation, the most widely watched barometer of prices in India, eased in mid-August but held above 12%, much above the central bank’s target of close to 7% by end-March 2009. HSBC expects average inflation in 2008-09 at 11.9% and 10.3% in 2008. Citigroup’s Rohini Malkani and Anuskha Shah expect inflation to remain in double-digits in the coming months due to base effects and higher oil prices, as falling food prices will only start showing up in headline numbers in 2009. “Given the broad-based nature of inflation, we expect the RBI to raise policy rates using a combination of repo/CRR at least once more this year,” Citigroup analysts wrote in a recent note. The central bank has raised banks’ reserve requirements by 200 basis points in 2007 and a further 150 basis points in 2008. Fresh capital investments Citigroup says tight monetary conditions indicate fresh capital investments will drop below 10% in 2008-09 — a five-year low — and full-year growth to clock in 7.5%. “With slower growth and easing inflation, we expect the RBI to embark on a rate-cutting cycle from April 2009 onwards and do not rule out an earlier move, if growth decelerates more sharply than we expect,” said Sonal Varma, economist at Lehman Brothers. Apart from slowing growth having a calming impact on inflation, easing global oil prices will push prices lower. Oil has fallen from record peaks of $147 per barrel in mid-July and was trading around $116 a barrel on Monday. Lehman expects oil to fall to $90 per barrel by early 2009. Source: Home - Livemint.com | 1 Sep 2008 | 7:17 am Nikkei ends down 1.8%Source: Home - Livemint.com | 1 Sep 2008 | 6:59 am Ministry tells IPPs to tie up equipment by Nov 30The Union power ministry has issued a directive to independent power projects (IPPs) included under the 11th Plan to place orders for equipmentSource: Daily News & Analysis: Money News | 1 Sep 2008 | 6:57 am Airline woes ground pilot dreamsTumbling air traffic and aircraft utilisation have reduced demand for pilots, especially those holding commercial pilot licences (CPL), grounding many a dream.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:56 am Bharti asked to fix DTH foreign pie in 3 monthsThe government has asked the Bharti Group to comply with foreign direct investment (FDI) norms for its direct-to-home (DTH) broadcasting service within three months.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:55 am JSW Jharkhand plant is still 'land-locked'JSW Steel's Jharkhand project has run into a roadblock with land acquisition facing further delays.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:55 am Steel cos, govt talk price on MondayThe ministry of steel has summoned private steel producers to New Delhi on Monday to review prices.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:53 am ICICI Bank going slow on education loansICICI Bank, the country's largest private sector lender, has been going slow in increasing the portfolio under the segment.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:52 am Re may stay firm on dollar weaknessThe dollar strengthened further last week as it continued its domination over other currencies. The European majors, euro and pound, took the most beating.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:51 am Negatives known, mkts look aheadBond markets are now looking beyond current macro-economic factors, given that most of the negatives are known and there aren't too many surprises left to react to.Source: Daily News & Analysis: Money News | 1 Sep 2008 | 6:50 am TVS Motor’s August two-wheeler sales up 11.28%PTI New Delhi: TVS Motor Company has reported a jump of 11.28% in its total two-wheeler sales, during August at 1,14,321 units compared to 1,02,734 units for the same month last year. “During the month, motorcycle sales stood at 52,304 units as against 46,235 units last year, registering a growth of 13.13%,” TVS Motor said in a statement. The sales in the scooter segment jumped by 3.03% to 25,392 units, compared to 24,645 units in August 2007, it added. Exports of the company rose by 50.62% to 18,083 units in August as against 12,006 units in the corresponding period a year-ago. “Sales witnessed a quantum increase with notable contributions across models including the fuel injected Apache RTR FI, which the company launched in July,” the statement said. Source: Home - Livemint.com | 1 Sep 2008 | 6:45 am RIL abandons KG D6 stake transferReuters Mumbai: Reliance Industries Ltd has abandoned a plan to transfer an 80% stake in a deepwater block to its subsidiaries as it has raised the money it needs for the block, the company said in a statement on Monday. Reliance, which owns 90% in the gas-rich D-6 block in the Krishna Godavari basin off India’s east coast, said last week it had sent a proposal for the transfer of the stake to four fully-owned subsidiaries and was awaiting government approval. “Our projects are nearing completion and we have successfully raised the finance, and so do not wish to pursue the application seeking approval to assign our participating interest to our 100% owned subsidiaries and have since withdrawn it,” a Reliance spokeswoman said in the statement. There were no details of the amount of funding it had raised. Canada’s Niko Resources owns the remainder in the D-6 block where huge gas discoveries have been made. Reliance aims to pump gas from D-6 from October and oil from September, company sources have said. Shares in Reliance Industries, India’s most valuable firm, were up 0.25% at Rs2,142 in a weaker Mumbai market. Source: Home - Livemint.com | 1 Sep 2008 | 6:37 am No work in Nano factory Monday: Tata MotorsTata Motors' Nano factory in West Bengal's Singur area stayed closed Monday, its third back-to-back manday lost, with the company stating that the situation was not conducive to resuming work.Source: IndiaeNews.com: Business News | 1 Sep 2008 | 6:00 am Coal Ministry to increase coal production to 12 percent!To boost the growth of the Indian economy, the Coal ministry has decided to increase coal production by 12 percent, deliver quality coal to consumers and have zero tolerance on safety provisions and corruption, Union Minister Santosh Bagrodia on Sunday.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Cut in call tariffs may be delayed: TRAI !There could be a delay in further fall in call tariffs as telecom regulator TRAI is unlikely to come out with revised mobile termination charges soon.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Ranbaxy emerges as top pharma company in July!Gurgaon-based Ranbaxy Laboratories has emerged as the top pharmaceutical company, ahead of Cipla, in terms of market share in the Rs 36,000 crore domestic drug market for July.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Lets not compete in oil projs: Deora to Bejing!With Indo-China rivalry pushing up price of oil properties overseas, Petroleum Minister Murli Deora has proposed to Beijing a `no-compete` agreement, while suggesting a collaborative and possibly joint acquisition, approach.Source: Zee News : Business | 1 Sep 2008 | 12:04 am ONGC to begin CBM prod from Dec, to pump Rs 12,000 cr in WB!State-run ONGC said it would begin commercial production of Coal Bed Methane (CBM) from its Jharia block from December-January.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Jet fuel prices cut by over 16% effective from midnight!State-run oil firms on Sunday cut aviation turbine fuel (ATF) or jet fuel prices by over 16 percent with effect from midnight tonight.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Real inflation in India still at 8.4 percent!The real inflation is hovering at around 8 percent as against the existing over 12 percent, if the prices of all goods and services such as construction, hotels and financial services are taken into account.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Singur crisis: WB Gov writes to Mamata !Governor Gopal Krishna Gandhi on Sunday wrote a letter to Mamata Bannerjee urging her to engage in a dialogue with the state government on the Singur issue.Source: Zee News : Business | 1 Sep 2008 | 12:04 am `G8 should temporarily exclude Russia` !Russia should be temporarily excluded from G8 meetings because of its actions in Georgia, a conservative Member of Parliament and ally of Chancellor Angela Merkel said on Sunday.Source: Zee News : Business | 1 Sep 2008 | 12:04 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Crucial news flows to set the market directionForthcoming festive season may add to the cheer. Is the Indian equity market nearing the end of its downward corrective phase? The jury is out. Yet there are indications of short-term swing possibilities either ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am IT majors see red at the bottomChennai, New Delhi Aug. 31 Indian IT services companies, whose clients see slowing IT spends, are targeting the biggest part of their expenses – manpower – to keep costs in check. The bottom few, ranging from 0.5 per cent to 10 per ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Sterlite expects higher profits from copper bizIdentifies three key value drivers for growth. Tuticorin, Aug. 31 Sterlite Industries expects its profits from copper business to surge from three key value drivers – a pick-up in smelting and refining margins, lower cost of power and ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Gold may remain range-bound in the near termGustav’s impact on crude oil watched closely. Chennai, Aug. 31 Gold has been zig-zagging in the $800-850 range in the last couple of weeks, after having recovered from a low of $777 an ounce. ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Govt steps up efforts to boost uranium miningUranium Corpn asked to deepen existing mines, roll out new ones. New Delhi, Aug. 31 Even with the prospect of uranium imports on the horizon, the Centre is simultaneously working to step up its domestic uranium mining effort as a hedge ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Geojit seeks SEBI nod to extend validity of warrants to BNP Paribas2.2 crore convertible warrants’ validity expires on September 12. Mumbai, Aug. 31 Broking firm Geojit Financial Services Ltd has sought SEBI’s permission to extend beyond 18 months the validity of the 2.2 crore convertible warrants ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Aries Agro (Rs 118.35): BUYWe recommend a buy in Aries Agro from a short-term perspective. It is clearly evident from the charts of Aries Agro that it has been on a medium-term uptrend from its 52-week low of Rs 84, recorded in early July. The stock has been forming higher ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Govt sets fresh deadline for telecom officers‘Get absorbed in BSNL, MTNL or move to DoT by Oct 16’. New Delhi, Aug. 31 After keeping the issue on the back burner for three years, the Government has issued fresh ultimatum to the Indian Telecom Service officers of BSNL and ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am Severe penalties on cards for violation of IPO normsNew Companies Bill proposes more effective inspection. New Delhi, Aug. 31 Companies planning to tap the capital market may have to tread cautiously if the provisions of the proposed Companies Bill, 2008 find their way. ...Source: Business Line - Home Page | 1 Sep 2008 | 12:00 am For women in villages, prenatal care will be just an SMS awayGurgaon: First, mobile phones took a stab at replacing radios, television sets and computers. Now, they’ll get a shot at playing doctor, too. In a program to be launched later this year by the Gurgaon-based mobile gaming company ZMQ Software Systems, women in the rural areas will be able to get prenatal advice via text message. The new offering builds on both efforts to tap into the nearly 300 million mobile phone users in the country—growing by almost 10 million per month—and parallel attempts to use technology to get basic health care into areas that don’t have it.  Innovation: Hilmi Quraishi and Subhi Quraishi of ZMQ envision one-rupee knowledge for the last-mile customer through cellphones. Photograph: Harikrishna Katragadda / Mint “We can’t always reach communities through formal means,” says Hilmi Quraishi, who founded ZMQ along with his twin brother Subhi. “We need to have some fun.” The software firm’s main businesses include both commercial games for mobile phones, and training programmes for corporate clients. But the brothers’ communist roots—they spent many of their formative years in the former Soviet Union, and still speak to each other in Russian—inspired them to plough around 12% of ZMQ’s profits back into social development programmes related to the company’s core business. Over the past few years, the Quraishis have developed mobile games such as the AIDS Penalty Shoot-Out, which teaches players about the dangers of HIV and the precautions to take, and Mission Lighting, a game about climate change where the player replaces incandescent light bulbs with the more energy-efficient compact fluorescent lamps. They have also created computer-based programmes that teach, among other things, midwives to become nurses, and rural women to build their own businesses. But they realized that any software that required a computer would have limited reach. “Every person carries it,” says Quraishi, referring to a mobile phone and the company’s entry into mobile learning, “and it’s not based on economic criteria.” The use of mobile phones may also be a step away from the problems that plagued previous strategies to use technology in rural health care. The so-called telemedicine projects, which used a centrally located doctor to provide advice through telephone and video conferencing with remote contacts, ran into difficulties of cost and confidence. “The acceptance level has not been very high, since the concept of touch and heal is very strong,” says Prashant Chauhan, a senior manager for health at the rural development organization Drishtee Development and Communication Ltd. “And you have the recurring cost of bandwidth and broadband lines and the cost equipment for imaging,” he says, “to scale it up requires a lot of funding”. ZMQ’s new programme also complements other initiatives around the country to pay women to have their children delivered by professionals, rather than by the untrained midwives more popular in rural areas. “There could be a programmed SMS before the day of the next check-up,” says Chauhan, “and reminders for the first tetanus, the first ultrasound, this would be a real great benefit if it is done.” The mobile-based education industry is still in its infancy, but the potential is large. One two-year-old mobile-learning company EnableM, which offers programmes ranging from basic English to test preparation and career counselling all through a mobile phone, already has almost 250,000 subscribers, and expects to grow threefold by the end of next year. Each of its courses only costs Rs25-30 per month. “The primary idea was to address the large need for education, and combine it with the quick growing numbers in mobile,” says EnableM founder and chief executive officer Amit Zaveri. Biju Mohandas, India business manager for the venture capital firm Acumen Fund, which focuses on socially relevant investments, says he is considering several similar business plans that use SMS technology in rural health care. All currently in the conception state, the plans range from services to inform doctors about new drugs to reminders for patients about appointments or medicines they need to take. “There is huge potential,” he says, “if it can be done at scale”—a threshold he cites at five million subscribers. ZMQ, meanwhile, is still tinkering with the formula for its new venture, but has a vision in place. “One-rupee knowledge,” Quraishi says, “for the last-mile customer.” Source: LatestNews-Home - Livemint.com | 31 Aug 2008 | 7:51 pm No clear trend yet for the markets; gains for August look impressiveEquities recovered most of their losses and ended a volatile week with gains on Friday. And the month of August finished on a positive note for the markets despite concerns over inflation and oil prices.  As far as sentiments are concerned, a state of confusion and uncertainty dominated the market last week and may continue this week as well. This, to some extent, is because of mixed economic signals and largely due to the over reaction of analysts and investors. Be it the latest inflation numbers, which fell for the first time in several weeks to 12.40% after reaching a high of 12.63% in early August, or oil prices, the reaction of investors has always been out of proportion. Given the fact that hurricane Gustav could disrupt oil production and refining operations in the US Gulf Coast, a temporary rise in oil prices can be expected despite the recent strength of dollar. But all of this is already well discounted in stock prices, and the threat posed by the hurricane is likely to pass in coming days. So, why should any of this heighten inflation fears in India?  Confusing signal: A file photo of a man looking at a screen displaying stock prices on the Bombay Stock Exchange building in Mumbai. The market is likely to witness confusion and uncertainty this week. Photograph: Arko Datta/Reuters Also, a week’s data of inflation showing a drop should be taken only as an indication and not a conclusion. It would need data over a much longer period to predict a trend. Investors should watch out for inflation numbers in coming weeks and hold their nerve rather than getting into a frenzy based on a week’s figure. More than inflation, the slowing of the economy is a bigger concern, and if this continues, it will likely be reflected in the coming quarters in the form of lower valuations. The growth rate of India’s gross domestic product at 7.9% in the first quarter of this fiscal year is the slowest since the third quarter of 2004-05. Though, I am not perturbed much about the rate of economic expansion, if the slowdown continues for some more months, it will be a cause of concern. Still, that’s about the medium-term to long-term outlook. In the short run, the market is likely to trade in a volatile fashion. Technically, the market is in a consolidation phase and Friday’s rally has given it a positive momentum. However, unless the main indices cross their key resistance levels with significantly higher rising volumes, this rally will not be translated into a trend. This clearly means that despite Friday’s big rally, there is still no clear trend on the bourses. On its way up, the Bombay Stock Exchange’s benchmark Sensex Index is likely to come across its first resistance level at around 14,763 points . This is going to be a key level for the Sensex. If the index closes above this, then there will be a short rally of around 300 points, following which there will be very crucial resistance level at 15,063 points. If the Sensex manages to close above this level, then the short-term trend will turn positive and the next resistance level will be 15,603 points. On its way down, the Sensex might test its first support level at 14,296 points, which is a moderate support. A drop below this level with significantly higher falling volumes would mean weakness in the market, which might take the index down to its second support level of 13,988 points. This is an important support level and needs to be watched very carefully as a close below this would be bearish in nature and would mean further fall for the markets with the next support level coming up at 13,689 and 13,449 points. For the S&P CNX Nifty, the main index of the National Stock Exchange, the first resistance on its way up is likely to come up at 4,390 points and the next one at 4,476 points. If the Nifty crosses this hurdle, the sentiments would turn bullish and the next resistance, a strong and crucial one, will be at 4,648 points. On its way down, the Nifty will test its first support at 4,315, which is a moderate level. Following this level, there will be another moderate support at 4,269 points and a very crucial one at 4,195 points. If the Nifty goes below 4,195 points, bears will take control and the sentiments would turn negative. Among sectoral indices, the BSE Mid-Cap index is showing signs of recovery with a key resistance placed at 5,843 points. A close above this level would signal more gains with the crucial resistance level placed at 6,007 point. A close above this level would mean a positive trend in the short term. The index will have supports at 5,594, 5,479 and 5,303 points. The BSE Small-Cap index, which has closely followed the Mid-Cap Index last week, is still showing divergent trends and is likely to be range bound with an upward trigger at 7,091 points and a downward trigger at 6,560 points. This week, among sectoral indices, the BSE Bankex and the BSE Metal are looking good technically, with chances of more gains. Among individual stocks this week, Yes Bank Ltd, ACC Ltd and Sterlite Industries (India) Ltd look good on our charts. Yes Bank, at its last close of Rs134.20, has a target of Rs142 with a stop loss at Rs123. For ACC, which closed last at 562.35, the target is Rs580 and stop loss Rs539. Sterlite Industries, at its last close of Rs627.70, has a target of Rs645 and stop loss of Rs597. From our last week’s recommendations, Reliance Industries Ltd met its target of Rs2,287 on Monday itself. However, ABB Ltd, which touched a high of Rs920, missed the target of 929 but is still a valid recommendation. Tata Steel Ltd triggered its stop loss. Vipul Verma is a New Delhi-based independent investment adviser. Your comments, questions and reactions to this column are welcome at ticker@livemint.com Source: LatestNews-Home - Livemint.com | 31 Aug 2008 | 7:50 pm 15 of world's top 20 pension funds head for IndiaForeign pension funds are making a beeline for India despite the turmoil in global markets.Source: Business Standard | Front Page Headlines | 31 Aug 2008 | 6:59 pm Crorepati CEO club gets 219 new membersIndia Incs creamy layer executive directors and above rewarded themselves handsomely with a 36 per cent pay rise in 2007-08.??As a result, the crorepati club (those earning moreSource: Business Standard | Front Page Headlines | 31 Aug 2008 | 6:58 pm Let's talk via mediator, Mamata tells Left FrontThe impasse at Singur caused by the indefinite protest in front of Tata Motors Nano-manufacturing plant by the Trinamool Congress and its allies under Mamata Banerjee seemed to have moved closer to aSource: Business Standard | Front Page Headlines | 31 Aug 2008 | 6:57 pm States woo firms to run hospitalsSeveral Indian states including Himachal Pradesh, Delhi, Goa, Madhya Pradesh and Bihar are offering their hospitals to the private sector to manage.Source: Business Standard | Front Page Headlines | 31 Aug 2008 | 5:09 pm Trinamool-led delegation meets governor over SingurA Trinamool Congress-led delegation met West Bengal Governor Gopal Krishna Gandhi Sunday at Raj Bhavan here in an effort to resolve the stand-off outside the Tata Motors' Nano plant in Singur.Source: IndiaeNews.com: Business News | 31 Aug 2008 | 11:00 am
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