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NSG waiver may generate orders worth Rs 2K cr: LTA.M Naik, CMD of LT said that four 700 MW projects are likely to move ahead post NSG waiver. In the nearterm, he feels that waiver may generate potential orders of about Rs 2,000 cr. He is looking at bagging 25% of orders worth Rs 24,000 crore per year over 10 years. The forging unit with NPCIL will come up by 2011, he added.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 2:50 pm Hindujas planning Rs 300 crore healthcare facility in TN!A Rs 250-300 crore healthcare facility in Tamil Nadu with a capacity of 200-300 beds is being planned by the Hinduja Group of Companies.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Oil prices up sharply in Asia on hurricane threat!World oil prices rebounded sharply from five-month low in Asian trade on Monday on worries that Hurricane Ike will threaten production facilities in the US Gulf Coast, analysts said.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Rupee recovers sharply by 41 paise against dollar!The Indian rupee recovered sharply by 41 paise against the greenback in early trade on Monday due to fresh selling of dollars from exporters inspite of rise in crude oil prices and firm equity market.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Asian stocks soar after US firms bailout!Asian stock markets soared Monday after Washington announced a bailout of mortgage giants Fannie Mae and Freddie Mac — a move that could help bolster a shaky US housing market and renew global investor confidence.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm China to make anti-monopoly review of Coca-Cola deal: Report!China`s commerce ministry has said it will make an anti-monopoly review of Coca-Cola`s proposed multi-billion-dollar takeover of Chinese juice producer Huiyuan, state media reported.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm OPEC ministers tackle falling oil prices!Iranian Oil Minister Gholam Hossein Nozari said Monday that OPEC was oversupplying the market as he arrived for a meeting of the cartel in Vienna.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Gulf crude output to inrease by 10 mn bpd by 2015!Abu DhThe combined oil production capacity in the oil rich Gulf region is expected to increase by about 10 million barrels per day (bpd) by 2015 as a result of the huge investment pouring into the region`s oil industry, a newspaer reported on Monday.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Sensex up by 623 points in early trade!The Bombay Stock Exchange benchmark Sensex regained the 15K level and surged by 623 points in early trade on Monday on heavy buying by foreign funds and retail investors after the Nuclear Suppliers Group gave go-ahead for resumption of nuclear cooperation with India.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Boeing strike threatens global aero industry !Boeing Co`s (BA.N) 27,000 machinists prepared for a third day of strike action, halting production at the plane maker`s Seattle-area plants in protest at Boeing`s contract offer and what they see as plans to shift more jobs to non-union and foreign companies.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm US govt takes over Mortgage firms!The US government took over mortgage giants Fannie Mae and Freddie Mac on Sunday, placing them in a "conservatorship" to help avert a financial system meltdown from the housing crisis.Source: Zee News : Business | 8 Sep 2008 | 2:17 pm Engg portion to be 67% of total nuclear market: RoltaKK Singh, CMD of Rolta India has said that engineering portion will make 67% of total nuclear market ammounting to USD 5 billion. Moreover, Rolta said that another Rs 150200 crore is expected to be added from the engineering part of the nuclear deal.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 2:11 pm Infosys to invt add\'l Rs 500cr in Hinjewadi facilityInfosys plans to invest an additional Rs 500 crore in Punes Hinjewadi facility in Phase 2, reports CNBCTV18. This will be in addition to the Rs 1,050 crore of total investment planned in Phase 1 and 2.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 2:00 pm SC ruling on cane arrears +ve for sugar cos: ExpertsThe Supreme Court has fixed the price of cane at Rs 110 per quintal in the sugarcane arrears case. It has asked Uttar Pradesh sugar mills to pay FY08 arrears of Rs 578 crore in four weeks time. This payment represents 62% of total cane arrears.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 1:50 pm Indefinite dharna at Singur only suspended: Mamata - Economic Times
Source: Google News India - Business | 8 Sep 2008 | 12:38 pm UPDATE 1-US's Paulson: Fannie, Freddie costs difficult to know - Reuters
Source: Google News India - Business | 8 Sep 2008 | 12:36 pm Oil min wants market diesel price for industryNEW DELHI (Reuters) - India's oil ministry will soon seek cabinet approval to charge higher diesel prices for industrial users and power plants to curb surging demand and rising subsidies, a top government official said on Monday.Source: Reuters: Money News | 8 Sep 2008 | 12:34 pm Pay a voluntary carbon market, make green conscience! - Economic Times
Source: Google News India - Business | 8 Sep 2008 | 12:33 pm BSNL to launch 3G services in eastKolkata: State-run telecom major BSNL on Monday said it would launch 3G services by the end of December this year for which it would require an investment of Rs300 crore in the eastern region. “BSNL will rollout 3G services by December and in Kolkata circle, the additional investment would be Rs60 crore to install 575 3G nodes and for the entire eastern region it would be around Rs300 crore,” Calcutta Telephones Chief General Manager S K Chakravarty said here. BSNL will commence its 3G operations in the north and east by December-end and cover south and west by March next year. However, BSNL officials said though the rollout in Kolkata city would be by December-end, it would not be possible to cover the entire east before 2009. BSNL was in talks with content providers for developing suitable applications, like video conferencing, video telephony, video streaming. A trial was carried out in Pune recently. Speaking on other plans, Chakravarty said BSNL would invest Rs499 crore in 2008-09 to augment the network in different telecom areas. The investment includes another Rs110 crore for expansion of its 2G mobile network. BSNL will add 300 additional BTS from existing 900 BTS. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 12:32 pm SC ruling on cane arrears +ve for sugar cos: Experts - Moneycontrol.com
Source: Google News India - Business | 8 Sep 2008 | 12:28 pm Ketan Parekh granted bail in Canfina Mutual Fund scam case - Times of India
Source: Google News India - Business | 8 Sep 2008 | 12:18 pm Infotech Enterprises buys Time to Market - Hindu
Source: Google News India - Business | 8 Sep 2008 | 12:16 pm Rupee sheds gains as oil cos, banks buy dlrsMUMBAI (Reuters) - The rupee edged back from early gains on Monday to end marginally stronger as hefty dollar demand from oil firms and some foreign banks weighed.Source: Reuters: Money News | 8 Sep 2008 | 12:12 pm Equities rise on nuke deal, Freddie, Fannie bailout - Economic Times
Source: Google News India - Business | 8 Sep 2008 | 12:11 pm Georgia drags Russia to International CourtThe Hague: Georgian accusations that Russia committed human rights violations against ethnic Georgians in the breakaway provinces of South Ossetia and Abkhazia went before an international court on Monday. Georgia is seeking a provisional order or injunction from the International Court of Justice, which investigates disputes between nations, ordering Russia to halt the alleged violations, “including attacks against civilians ... murder, forced displacement, denial of humanitarian assistance”. Russia is expected to question the jurisdiction of the ICJ during three days of emergency hearings, and may also dispute Georgia’s claims that ethnic discrimination is occurring or argue the situation is beyond its control. In a lawsuit filed last month shortly after Russia invaded its neighbouring country after Georgia tried to recapture South Ossetia by force, Georgia alleges that Russia violated an anti-discrimination convention during three interventions in South Ossetia and Abkhazia from 1990 to August 2008. Georgia is also claiming that more than 400,000 of its citizens, almost 10 percent of its population, have been forcibly driven from their homes since its declaration of independence in 1991 by a Russian-backed campaign of violence and intimidation. Russia drew Western condemnation by sending its forces beyond the disputed area into Georgia proper and later recognising the breakaway regions as independent states. The court hearings began as French President Nicolas Sarkozy travels to Moscow for talks with Russian President Dmitry Medvedev to assess Russian compliance with a French-brokered peace plan. If the court decides it has jurisdiction to hear the case, a provisional order or injunction could be issued within two to three weeks. Cases heard by the court sometimes take years to resolve, but Georgia’s ambassador to the Netherlands said she was hoping for a swift decision. Georgia is also asking that Russia allow the safe return home of Georgian refugees displaced by violence. Georgia will use the court symbolically to try and cast a bad light on Russia, said Andre de Hoogh, senior lecturer in international law at Groningen University in the Netherlands. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 12:06 pm Construction, power stocks rise on India nuclear waiverMUMBAI (Reuters) - Indian power and construction firms' shares rose as much as 10 percent on Monday, on hopes of growing business opportunities, after the Nuclear Suppliers Group nations lifted a 34-year-old nuclear trade ban against India.Source: Reuters: Money News | 8 Sep 2008 | 12:04 pm Calcutta Telephones plans Rs.5 bn investmentCalcutta Telephones, the Kolkata circle of the state-owned telecom operator Bharat Sanchar Nigam Ltd, will invest Rs.4.99 billion in 2008-09 for technology upgrade of its network, said a top company official here Monday.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:02 pm Markets end with gainIndian equity markets closed with a gain on the back of the NSG approval of the civil nuclear deal and strong global markets. Realty, banking, capital goods stocks led the gaining rally.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:01 pm Saffronart online autumn art auction logs Rs.290 mnLeading Mumbai-based auction house Saffronart logged sales of Rs.290 million ($7.2 million), about 72 percent more than its lowest estimate, during its Autumn Online Auction of Contemporary Indian Art that ended Sunday night.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:01 pm Bilpower bags $30mn Ghana rural electrification contractElectrical laminations maker Bilpower Ltd Monday said it has secured a rural electrification contract from Ghana worth $30 million (Rs.666,000).Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:00 pm Uttar Pradesh to import buses from ChinaThe Uttar Pradesh government has decided to import buses from China to augment the state road transport corporation's fleet, it said here Monday.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:00 pm Coal shortage forces NALCO to cut alumina productionCoal shortage forced the state-owned National Aluminium Co Ltd (Nalco) to cut back alumina production at its refinery in Orissa for about three days last week, a company official said here Monday.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 12:00 pm 25% cess on big diesel cars likelyGovernment may impose a 25 per cent cess on big diesel cars and charge bulk users other than railways and state transport corporations Rs 22 a litre more for diesel.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:45 am TCS signs JV with NTPC, NHPC, PFCTata Consultancy Services on Monday said it will incorporate a joint venture firm for which it has entered into an agreement with state-run NTPC, NHPC and Power Finance Corp.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:45 am Adlabs awarded intl anti-piracy certificationAdlabs, has become the first motion picture services facility, both in India and Asia, to be awarded certification by the UK's industry body, Federation Against Copyright Theft.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:42 am GM forms new co to augment sales in India - Hindu Business Line
Source: Google News India - Business | 8 Sep 2008 | 11:41 am Philips to acquire Alpha X-Ray TechMumbai: Global provider of healthcare, lifestyle and lighting Royal Philips Electronics Monday announced that it has reached an agreement to acquire Mumbai-based Alpha X-Ray Techlonogies. The company hopes to close the deal in the fourth quarter of 2008 which is subject to certain contractual and other conditions such as regulatory approvals, a press release issued here said. Upon closing the transaction, Alpha would become part of the Cardiovascular X-Ray business within Philips’ healthcare sector. “The acquisition would provide us with significant presence in the high-growth economy segment for cardiovascular X-Ray systems,” Philips Healthcare CEO (emerging markets), Ronald de Jong, said. “The addition of Alpha represents another significant addition to our emerging markets healthcare product portfolio,” Philips Electronics India CEO, Murali Sivaraman, said. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 11:38 am NSG waiver buoys marketsThe markets gave a thumbs-up to India's joining the elite nuclear club with the benchmark Sensex notching up a gain of over 460 points but fell short of the 15,000 level by a whisker.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:37 am To tide over shortage, Uttar Pradesh to cut power to industriesThe Uttar Pradesh government has decided to impose an eight-hour power cut on heavy industries to tide over the shortage for domestic consumers plagued by the severe heat and humidity.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 11:33 am Karnataka offers help to Chhattisgarh in IT, BT sectorsThe Karnataka government Monday offered to help mineral rich Chhattisgarh in the information technology (IT) and biotechnology (BT) sectors.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 11:33 am Business community in Kolkata upbeat on Singur decisionThe city's business community is upbeat following the resolution of the dispute Sunday over land allotted for Tata Motors' Nano project at Singur in West Bengal.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 11:32 am Karnataka Power to set up thermal plant in ChhattisgarhThe state-owned Karnataka Power Corp Ltd (KPCL) Monday signed an agreement with the Chhattisgarh government to set up a 1,200 MW thermal plant on an investment of Rs.60-billion in Chhattisgarh.Source: IndiaeNews.com: Business News | 8 Sep 2008 | 11:32 am Parties divided on date of J&K pollsNew Delhi: Political parties that met the Election Commission (EC), on Monday were divided on when to hold Assembly elections in the trouble-torn state of Jammu and Kashmir (J&K). While main opposition Bharatiya Janata Party (BJP) and the Left demanded that elections be held on schedule, by November-end. A government ally, the Nationalist Congress Party(NCP) and the National Panthers Party (NPP), wanted the delimitation exercise to be conducted in the state before finalizing the date of polls. The Congress, which sent a large delegation to meet the EC, including Union minister of state Prithviraj Chavan, J&K Congress chief Saifuddin Soz and former state chief minister Ghulam Nabi Azad, left it to the poll panel to decide on the date. An EC statement later said: “During the consultations separately with the representatives of the political parties, the EC obtained their views on the issues concerning Assembly elections in the state.” The meeting was attended by the representatives of seven national political parties, including the Bahujan Samaj Party, BJP, Communist Party of India, Communist Party of India (Marxist), Congress, NCP and the Rashtriya Janata Dal. There were also three regional parties from J&K - the NC, NPP and the PDP. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 11:31 am Mudra Group launches Terra for integrated rural solutionsMumbai: The Mudra Group launches Terra, a specialized unit for integrated rural solutions. Terra will offer its clients a range of services for rural markets - research, strategic planning and consultancy, creative solutions, on-ground consumer activation, retail activation and rural mass media solutions. The unit begins its operations with offices in five metros and regional operations offices in all the key states of India. Terra has a footprint in 1,75,000 villages and 4,000 towns across 13 states in India. Madhukar Kamath, managing director and CEO, Mudra Group, says that Terra will help marketers engage the rural consumer meaningfully. Pratap Bose, COO, Mudra Group says, ”The launch is strategically significant for the Mudra Group and strengthens our integrated services play. Our ambition is for Terra to be the finest integrated rural communications expert in the country.” Anurag Gupta, president, strategic initiatives and integration explains: ”Rural consumers and markets have evolved considerably in the last decade - mobile phones, better road access, TV penetration, increased literacy and urban migration has completely changed the rural mindset, but sadly, rural agencies have not been able to keep up with their consumers. No one buys into a brand today just by staring at a wall painting. Terra is the new age rural agency catering to new age rural consumers.” Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 11:30 am Symantec to release disaster recovery survey findingsSecurity, storage and systems management solutions provider Symantec will release its latest findings on disaster recovery here on Tuesday.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:17 am Indian steel mills approach Rio Tinto for iron oreMelbourne: As Indian steel companies are looking at long-term contracts for iron ore, global mining behemoth Rio Tinto said it has been approached by several manufacturers for the raw material. “We’re getting interest from Indian steel mills who are saying they would like to try it (Rio’s iron ore) for their plants,” Rio Tinto’s Managing Director for sales and marketing division Ian Bauert said in an interview with ‘The Australian’ in Perth. Last month, the company saw its net earnings more than doubling to $6.9 billion in the first half of current year, propelled by spiralling commodity prices and increased demand for its products in the growing economies, including India and China. The Britain-based firm expects Indian steel sector to grow at a rapid pace on the same lines with its neighbour China, which is the world’s largest steel maker with over 400 million tons of annual production. India produces 55 million tons of steel annually and hopes to cross the 120 million tons mark by 2012. “Indian steel production could take off like China’s,’’ said Bauert. “While reforms are needed, many mills are already being planned near the coast which would give them easier access to sea-borne iron ore,” he said. Iron ore is an essential raw material needed in the process of manufacturing steel. Indian steel companies, in their efforts to cut costs, are looking towards backward integration and enter into long-term contracts with the miners. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 11:15 am Gold rebounds on soft dollar, gain in crude - Economic Times
Source: Google News India - Business | 8 Sep 2008 | 11:09 am TCS signs JV with NTPC, NHPC, PFC to set up power exchangeMumbai: Software services and consulting firm Tata Consultancy Services (TCS) on Monday said it will incorporate a joint venture firm for which it has entered into an agreement with state-run NTPC, NHPC and Power Finance Corp (PFC) to operate a national level power exchange. “A JV agreement has been signed amongst NTPC, NHPC, PFC and TCS for incorporation of a Joint Venture Company (JVC) to set up and operate a power exchange at national level,” it said in a filing to the Bombay Stock Exchange. The JV company would be registered as a Public Limited Company with an authorised capital of Rs50 crore for setting up the power exchange to provide neutral and transparent electronic platform for power trading. The exchange would also ensure clearing of all trades in an efficient manner with access to all the players in the power market. Shares of TCS were trading at Rs857.35, up 2.29% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 11:09 am SRF acquires Thai firm for Rs 100 crore - Economic Times
Source: Google News India - Business | 8 Sep 2008 | 11:07 am India Inc sets eyes on $40-bn nuclear energy marketEyeing the $50 billion potential seen in India's nuclear energy sector, apex industry chambers have begun to lobby with the government to permit private sector entry in the industry.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 11:07 am Sensex rallies as U.S. nuclear deal brightensNEW DELHI (Reuters) – The BSE Sensex rose 3.2 percent on Monday to their highest close in nearly a week, boosted by a nuclear trade ban waiver that raised hopes for large investment in the energy-hungry nation.Source: Reuters: Money News | 8 Sep 2008 | 11:01 am Virgin Mobile goes onlineVirgin Mobile made all its services including handsets, plans and recharge coupons available online so that customers can get the services without visiting company's sales stores.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 10:56 am ICSA India secures orders worth Rs236.14 crMumbai: ICSA India Limited, on 8 September said that it has secured work orders for a total contract value of Rs236.14-crore from the Maharashtra State Electricity Distribution Company (Mahavitaran) and MP Paschim Kshetra Vidyut Vitaran Company Limited. The Rs202.22-crore order from Mahavitaran was for the construction and commissioning of sub-transmission lines, power transformers, new sub-stations, augmenting of existing sub-stations, distribution transformers of varying capacities and allied works, a press release issued here stated. The second order worth Rs31.92-crore from MP Paschim Kshetra Vidyut Vitaran Company was for the supply of material, survey, erection and installation and commissionig of 11 KV line and bays with VCB and metering, the release said. ICSA India Limited’s Chairman and Managing Director, C Bala Reddy, said that “a swelling order-book position reinforces the company’s capabilities in the transmission and distribution sector. We hope to complete schedules in good time, and be one of the sought-after companies in the power distribution sector.” ICSA is in the business of construction of pwoer transmission lines and sub-stations. It is a leading player in the embedded technology segment of the power sector with products like sub-station controllers, distribution transformer controllers and automatic meter reading systems. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 10:48 am Dataquest says Indian IT domestic market growing faster than exportsNew Delhi: India’s domestic IT market grew by 29% in the financial year 2007-08, its growth rate overtaking the IT export market growth for the first time in a decade, according to a recent survey by information technology magazine Dataquest, published by CyberMedia Digital Limited. An accelerated 34% growth in 2007-08 FY 08 (as compared to 27% in FY 07) took the total domestic IT market, the survey says, to Rs 99,018 crore in FY 08 - reversing the decade-old trend of export industry growing faster than the domestic market. ”Despite the downturn and the challenging economic climate, the top IT services companies managed to keep growth up and their margins intact,” said Pradeep Gupta, the chairman of CyberMedia Digital Limited. The overall Indian IT industry grew 29% in FY 08 to report revenues of Rs 288,810 crore. Exports, contributed largely by software and services, which accounted for nearly two-thirds of the industry at Rs 189,792 crore, grew at 27% (compared to a 35% growth recorded during 2006-07). Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 10:47 am Dataquest says Indian IT domestic market growing faster than exportsNew Delhi: India’s domestic IT market grew by 29% in the financial year 2007-08, its growth rate overtaking the IT export market growth for the first time in a decade, according to a recent survey by information technology magazine Dataquest, published by CyberMedia Digital Limited. An accelerated 34% growth in 2007-08 FY 08 (as compared to 27% in FY 07) took the total domestic IT market, the survey says, to Rs 99,018 crore in FY 08 - reversing the decade-old trend of export industry growing faster than the domestic market. ”Despite the downturn and the challenging economic climate, the top IT services companies managed to keep growth up and their margins intact,” said Pradeep Gupta, the chairman of CyberMedia Digital Limited. The overall Indian IT industry grew 29% in FY 08 to report revenues of Rs 288,810 crore. Exports, contributed largely by software and services, which accounted for nearly two-thirds of the industry at Rs 189,792 crore, grew at 27% (compared to a 35% growth recorded during 2006-07). Source: Tech News - Livemint.com | 8 Sep 2008 | 10:47 am Tata Motors stands ground, Nano plant stays shutMUMBAI (Reuters) - Tata Motors said on Monday it would not start work at the low-cost Nano car site, where work was suspended last week, until it was confident of smooth operations and the continued viability of the project.Source: Reuters: Money News | 8 Sep 2008 | 10:31 am Higher rates, shaky stocks push up bank depositsMUMBAI (Reuters) - Investors in India are turning increasingly to bank deposits, attracted by stability and higher yields amid choppy stock markets and double-digit inflation.Source: Reuters: Money News | 8 Sep 2008 | 10:30 am Virgin Mobile introduces services onlineNew Delhi: Richard Branson promoted Virgin Mobile on 8 September made all its services including handsets, plans and recharge coupons available online so that customers can get the services without visiting company’s sales stores. The company which has a franchisee tie-up with Tata Teleservices mainly targets Indian youth. The new initiative aims at reaching them who spend a significant chunk of their time online, a company statement said. “With 44% of the total internet population in India within the age group of 19 to 24 years, it is logical for us to extend our presence to the online space and offer our customers the convenience and comfort of buying Virgin Mobile connection at the click of a button,” said Virgin Mobile India’s CEO M A Madhusudan. The company has tied up with Blue Dart to home deliver the phones at the customer’s door step. It has also tied up with BillDesk for payment authorisation. The company also plans to come out with product bundled offers, facility of gifting a phone to friend/family and an option to recharge/top-up online. Source: LatestNews-Home - Livemint.com | 8 Sep 2008 | 10:21 am Bharti AXA sees assets at $12 bln by 2012MUMBAI (Reuters) - An Indian fund venture of French insurer AXA that started operations in July expects to manage $12 billion of assets by 2012 by targeting investors in the country's far flung regions, its chief executive said.Source: Reuters: Money News | 8 Sep 2008 | 10:20 am Sensex ends 461 points higherNew Delhi: The markets ended firm with the BSE benchmark index moving up 3.2% or 461 points at 14,945 levels. The Sensex touched a high of 15,107 levels in intra-day deals. The surge came after a global atomic cartel lifted a 34-year-old nuclear trade ban on India, paving the way for new sources of power. After two weeks of meetings and long-distance consultations, the 45-member Nuclear Suppliers Group (NSG) nations on Saturday adopted a one-off waiver allowing them to do business with India. Similarly, the wider-based Nifty ended 130 points up at 4,482 levels. Tata Motors gained 3.9% to Rs436 after farmers called off a protest, raising hopes the company would resume work at the company’s Singur plant. However, the company has said that it would not start work until it was confident of smooth operations and project viability. Power sector scrips logged smart gains in with Power Grid firming up over 5% by close. NTPC, Power Grid, Reliance Power and Torrent Power, Reliance Infra, Suzlon Energy, Siemens India, Neyveli Lignite and ABB Limited also ended in positive turf. Strength was also visible in banking counters with ICICI Bank, State Bank of India and HDFC Bank logging gains of over 5% each. Bank of India, Indian Overseas Bank, Yes Bank and Axis Bank were some of the other notable gainers in this space. Source: Home - Livemint.com | 8 Sep 2008 | 10:17 am 3i Infotech sees 50 pct revenues from U.S. in FY09MUMBAI (Reuters) - Software services firm 3i Infotech sees revenue from the United States double to 50 percent in this fiscal with the acquisition of Regulus Group LLC, a top official said on Monday.Source: Reuters: Money News | 8 Sep 2008 | 9:58 am Infotech Enterprises unit to buy US firmInfotech Enterprises Ltd said on Monday it will acquire California-based Time To Market Inc, through its unit Infotech Enterprises America Inc. Time To Market is focused on the niche area of backend physical design for several semi conductor manufacturers. The acquisition will enable Infotech to foray into the lucrative hitech markets, the firm said in a statement, adding that it will also pursue other acquisitions in the hitech domain. Hitech design services cater to various segments including semi-conductor, computing, telecom and industrial automation. In a related move, Infotech Enterprises will also buy Time To Market’s India unit, TTM India Pvt Ltd. Shares of Infotech were up 2.11% at Rs229.50 rupees in the Mumbai market. Source: Home - Livemint.com | 8 Sep 2008 | 9:47 am Private companies begin race to set up N-power plantsNew Delhi: Within days of Nuclear Suppliers Group giving a go-ahead to nuclear trade with India, industry body Assocham on 8 September said about 40 companies, including Videocon and Sajjan Jindal Group, are in talks with companies abroad to set up power plants, envisaging an investment of about Rs2 lakh crore. “We have already asked the Prime Minister Manmohan Singh to amend the legislations regarding nuclear power to facilitate the entry of private sector in generation of nuclear power,” Venugopal Dhoot, past president of industry chamber Assocham, told reporters here. Welcoming the clearance given by NSG to India at Vienna, he said 40 companies are in the fray to set up nuclear power plants, which is likely to add 40,000 MW of power in the next 15 years. “As many as 40 companies have already started negotiating ,including Videocon and Sajjan Jindal Group and we are hoping in 15 years time maximum of Rs2 lakh crore investment will be coming into the sector,” Assocham Secretary General D S Rawat said. The power produced from the nuclear plant will be cheap and will reduce the overall tariffs, Dhoot said. Source: Home - Livemint.com | 8 Sep 2008 | 9:44 am Industry bodies see 1.2 trln investment in nuclear powerNEW DELHI (Reuters) - India's industry bodies expect 18-20 new nuclear power plants to be set up in next 15 years costing 1.2 trillion rupees after a ban on nuclear trade with India was lifted by the Nuclear Supplier's Group.Source: Reuters: Money News | 8 Sep 2008 | 9:43 am Birla Sun Life Distribution appoints Kanwar Vivek as CEOBirla Sun Life Distribution Company Limited (BSDL) Monday announced the appointment of Kanwar Vivek as its Chief Executive Officer.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 9:27 am Denying stake sale, Subhiksha to foray into durablesNew Delhi: Supermarket chain Subhiksha Retail is foraying into consumer durables retail segment, with plans to invest Rs600 crore for opening 150 stores by June 2009. The company, however, denied reports of any plan by its promoters to exit the business or go for dilution of stake. “We are planning to diversify our business and enter the consumer durables retail market. Our plan is to set up 150 specialised consumer durables stores across the country with an investment of Rs600 crore by June 2009,” Subhiksha Trading Services Managing Director R Subramanian said. He said the consumer durables stores would have a total space of 20 lakh square feet and would be located across 65 cities, including metros and Tier I and II cities. The company has presently 1,580 supermarket stores under the Subhiksha Retail brand, in more than 100 cities. “We are also increasing the number of our general supermarkets to 2,200 by end of the current fiscal. The company would be investing around Rs 400 crore on the additional 620 odd supermarkets,” Subramanian said. He said the new consumer durables stores would source products from top global brands in various segments including televisions, air-conditioners, computers, fridges and so on. He, however, refused to disclose the targeted turnover from the consumer durables segment. The company has also refuted reports of the promoters purported plans to exit from the business. “We hold a 59% stake in the business and have no plans for dilution of any stake. At a time when we are planning a major expansion and diversifying into the consumer durables retail, where does the question of exiting the business comes,” Subramanian said. He said the 10% stake (worth Rs 230 crore) sale in the company to Wipro Chairman Azim Premji last week was done by the private equity firm ICICI Ventures, and not the promoters. Source: Home - Livemint.com | 8 Sep 2008 | 9:24 am Strife over, now knife looms over Tata Motors Singur plantMumbai: Tata Motors said on Monday it would only review its position in the plant for the low-cost Nano car, where work was suspended last week, if it was confident that the viability of the project was not impinged. The company said it was “distressed” at the limited clarity on the outcome of talks between the government of West Bengal, where the Nano plant is located, and protestors who had caused disruptions. “Tata Motors is obliged to continue the suspension of construction and commissioning work at the Nano plant,” it said in a statement. “We will review our position only if we are satisfied that the viability of the project is not being impinged, the integral nature of the plant and ancillary units are being maintained and all stakeholders are committed to developing a long-term congenial environment for smooth operations of the plant.” Farmers in Singur, who had forced Tata Motors to suspend work last week, said on Sunday they were ending their protest after the state promised to return some land. Source: Home - Livemint.com | 8 Sep 2008 | 9:09 am LN Mittal gets Forbes lifetime achievement awardLakshmi Mittal is being conferred the third Forbes Lifetime Achievement Award, which honours heroes of entrepreneurial capitalism and free enterprise.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 8:54 am CIL looking at jt ventures to revive abandoned minesCoal India Ltd (CIL), which had floated a global expression of interest (EoI) for reopening some of its abandoned mines through joint ventures with private companies, will give preference to companies offering reciprocal opportunities for development and operation of abandoned coal mines abroad.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 8:45 am Adani Group keen on more Indonesian coal blocksKeeping in tune with its ambitious plans to set up a 10,000MW, coalbased thermal power capacity by 201112, the Adani Group is in an advanced stage of negotiation to acquire more captive thermal coal blocks in Indonesia.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 8:34 am Airtel introduces EMI option for iPhoneWith Indian consumers finding it expensive to buy the iPhone 3G at Rs 31,000, Bharti Airtel has partnered three banks to offer the muchhyped phone on a monthly instalment basis.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 8:29 am Government hopeful on reforms - Kamal NathBERLIN (Reuters) - The Indian government hopes its coalition allies will support much of its planned economic reform legislation, Trade Minister Kamal Nath said in an interview with a German newspaper published on Monday.Source: Reuters: Money News | 8 Sep 2008 | 8:27 am ONGC renews drilling in Cauvery deepwater blockONGC has renewed its oil and gas exploratory activity in Cauvery offshore. The public sector exploration and production company has started drilling in its Cauvery deepwater block, which is close to Reliance Industries Ltds successful block in the region.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 8:23 am Anil Ambani denies Newcastle buy-out bidThe Anil Ambani group has sought to set at rest rumours within British football that the world's sixth richest man is keen to buy the Newcastle football club.Source: Daily News & Analysis: Money News | 8 Sep 2008 | 8:18 am Tata Motors to continue suspension of work at Singur plantAs per latest updates from Singur, Tata Motors has said that the company is distressed at the limited clarity on Singur row outcome and will continue with the suspension of operations at the Singur plant. Further, Tata Motors said that it will review its position only if they are satisfied about the viability of the project.Source: Moneycontrol Top Headlines | 8 Sep 2008 | 8:00 am Ketan Parekh gets bail in stock scam casePTI New Delhi: The Supreme Court has granted bail to stock broker Ketan Parekh and others in the Canfina Mutual Fund scam case. Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs47 crore. On 1 April, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank. Justice V M Kanade, heading the special court for trial of offences relating to transactions under the Securities Act, held them guilty of criminal conspiracy, misappropriation of funds and cheating. The court, however, had extended their bail and suspended sentence until 31 July to enable them to file appeals in the Supreme Court. Source: Home - Livemint.com | 8 Sep 2008 | 7:16 am Govt launches medical scheme for BPL familiesKaraikudi, (TN): Finance Minister P Chidambaram inaugurated the Universal Arogya Medical Insurance Scheme, saying the scheme would reach all citizens below poverty line (BPL) in the country in a phased manner. The insurance scheme of the United India Insurance was launched for the first time in the country at Sankarapuram panchayat in Sivaganga district on 7 September. Under the scheme, an individual would be charged Rs300 a year as premium and Rs545 for a family not exceeding five members, and Rs600 for a family not exceeding seven members. All kinds of ailments could be treated under the scheme for which the Government would also provide its share. The age limit for the scheme had been fixed at 70 years (five years more than the present limit). The uniqueness of the scheme was that those with previous ailments also would be covered. The loss of daily wages due to sickness would also be reimbursed for both husband and wife under the scheme. Describing the scheme as a revised one, the Finance Minister said it would play a major role in bringing almost all people in the country in the insurance net. United India Insurance Company Chairman and Managing Director G Srinivasan said the scheme would help get reimbursement for hospital rooms and boarding expenses. Source: Home - Livemint.com | 8 Sep 2008 | 6:58 am NMCE to relaunch coffee futuresNew Delhi: Country’s third largest commodity bourse National Multi-Commodity Exchange (NMCE) is all set to relaunch futures trading in coffee, especially robusta variety, Tuesday. “We are relaunching futures trading in coffee on 9 September,” NMCE Managing Director Kailash Gupta told PTI. The exchange had started futures trading in coffee earlier in 2005. However, it was discontinued after five months due to speculative trading. “We decided to re-position coffee on our exchange after seeing the potential in the global commodity market. In fact, coffee is the second largest traded commodity after crude oil in the world,” he said. Initially, the exchange is launching November and December contracts, we hope to create good volumes in these contracts, he added. According to Coffee Board, India produces only 4% of the world’s coffee, but exports 70-80% of its output. For the year 2008-09, the Board has estimated coffee production at 2.93 lakh tons post blossom, up by 11.83% in a year-ago post monsoon period. Sacking, isabgul seed, rape and mustard seed are largely traded commodities on NMCE counter. During first fortnight of August, it registered a turnover of Rs883 crore. Source: Home - Livemint.com | 8 Sep 2008 | 6:23 am Nikkei ends 3.4% higherReuters Tokyo: The Nikkei average jumped 3.4% on Monday, posting its biggest percentage gain in five months, with financial shares soaring on the US government’s bailout of mortgage finance companies Fannie Mae and Freddie Mac. Top lender Mitsubishi UFJ Financial Group and No.2 Mizuho Financial Group rose by their daily limit, and a host of other financial shares topped the list of gainers. The benchmark Nikkei average ended up 412.23 points at 12,624.46, the biggest percentage gain since a 4.2% advance logged on 2 April. The broader Topix rose 3.9% to 1,216.41. Source: Home - Livemint.com | 8 Sep 2008 | 6:18 am Indian industry see Rs1.2 trillion investment in nuclear powerNew Delhi: Indian industry bodies expect 18-20 new nuclear power plants to be set up in next 15 years costing Rs1.2 trillion after a ban on nuclear trade with India was lifted by the Nuclear Suppliers Group. On Saturday, the 45-nation approved a US proposal to lift a global ban on nuclear trade with India in a breakthrough towards sealing a controversial US-Indian atomic energy deal. “The NSG clearance has now instilled confidence of business opportunities worth Rs1.2 trillion in the next 15 years, which would add about 18-20 nuclear reactors at the cost of Rs5,000 to 6,000 crores each,” the Confederation of Indian Industry said in a statement. “The nuclear deal will also enable addition of new capacity and help fulfill the target of adding 63,000 MW by 2030,” it said. The Federation of Indian Chambers of Commerce and Industry said the lifting of the ban would enable India to get nuclear fuel for all its nuclear reactors, which have been running at almost half the capacity. “It will open the doors for foreign investments in the nuclear power generation and usher India into the world’s top Nuclear Club,” it said. Source: Home - Livemint.com | 8 Sep 2008 | 6:12 am Boeing strike threatens global aero industryWashington: Boeing Co’s 27,000 machinists prepared for a third day of strike action, halting production at the plane maker’s Seattle-area plants in protest at Boeing’s contract offer and what they see as plans to shift more jobs to non-union and foreign companies. The fourth strike in 20 years by Boeing’s biggest union threatens to cost the company $100 million a day in revenue and is likely to cause problems for a long list of suppliers across the world in an increasingly global aerospace business. On Sunday, about 15 picketers milled about the main entrance to Boeing’s Everett, Washington plant, which usually employs 13,000 members of the International Association of Machinists and Aerospace Workers (IAM). “It’s not about the money, it’s all about the subcontracting wordage,” said picketer Butch Blount, a 53-year-old motor equipment operator, handing out cookies to fellow strikers. “My job is one they could possibly offload to a subcontractor.” The IAM, whose members call themselves the “Fighting Machinists”, is looking for higher pay and better benefits from Boeing, but is particularly worried about language put in the contract in 2002, when times were lean in the aerospace industry, which gave Boeing the power to use outside companies for work usually done by IAM members. Boeing took advantage of that to widen its base of suppliers for its newest plane, the 787 Dreamliner, which is being made by companies around the world and only assembled in Everett. The union says Boeing has got rid of 16,000 IAM members since 1990 with the progressive increase in outsourcing. Union members in the nearby IAM hall said there would be more action early on Monday, 8 September Seattle time, when greater numbers of picketers are expected at the plant’s gates to see if workers attempt to cross the picket line. Strike felt around the world The result of outsourcing, especially on the 787, means the effect of the stoppage will be felt around the world, piling up inventories and putting pressure on Asian and European suppliers responsible for much of the main body of Boeing’s newest aircraft. Japan’s heavy engineering firms Mitsubishi, Kawasaki and Fuji are taking part of the project risk in developing new carbon-fiber fuselage and wing structures for the 787, and stand to lose if the project is further derailed. Italy’s Alenia, a unit of aerospace and defense giant Finmeccanica, is Europe’s biggest player on the 787, building parts of the fuselage and tail. In the United States, Spirit Aerosystems Holdings Inc, a former Boeing unit making the front fuselage, looks to be the most vulnerable. Aerospace component firms Rockwell Collins Inc and Goodrich Corp may also face inventory problems if Boeing stops taking delivery of parts. Airlines have been quiet so far on the effects of the strike. Singapore Airlines, which has 20 of the 787s on order for delivery starting in 2011, said it was in talks with Boeing over how the walkout might affect deliveries. Lines stopped Production at the world’s biggest-selling jetmaker halted early on Saturday, 6 September, after Boeing failed to improve its contract during two days of emergency talks with the IAM, which rejected the company’s “best and final” offer on Wednesday. No further talks are planned. That means there will be no further production of Boeing’s 737, 747, 767 and 777 planes - one of the main US export currency earners and its already delayed 787 Dreamliner could fall even further behind schedule. The new freighter version of its popular long-range 777, which has 75 orders and is set for first delivery in the fourth quarter, also faces delays, along with early production work on Boeing’s new jumbo, the 747-8. Boeing, which made a $4.1 billion profit last year and has a record $275 billion worth of commercial plane orders in its books, could financially survive a short work stoppage. The strike will knock about 1 cent per day off earnings per share, according to Wall Street analysts. Economists have warned a prolonged strike could badly hit the economy around the Seattle area, where Boeing’s commercial assembly plants are located, and dent the overall US economy. Source: World Business - Livemint.com | 8 Sep 2008 | 4:45 am Indo Tech Trans (Rs 390.55): BUYWe recommend a buy in Indo Tech Transformers from a short-term perspective. It is evident from the charts of Indo Tech Transformers that it has been on a medium-term uptrend from its 52-week low of Rs 264, recorded in early July. Since then, the ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 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 | 8 Sep 2008 | 12:00 am Hectic parleys to break Singur impasseKolkata, Sept. 7 The stalemate over land acquisition in Singur for the Tata small car project was far from over till the time of going to press today even as hectic parleys continued till late tonight between the West Bengal Government and ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am Spinoffs from nuclear deal: Who could benefitNo near term revenue flows for Indian Inc. Whether India’s victory at the NSG will keep the markets in a buoyant mood for any length of time still remains to be seen. But the deal will spell clear business opportunity for several ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am Firm trend in dollar hits gold; base metals slipMumbai, Sept 7 Commodity markets overall have become vulnerable in recent weeks in the wake of none-too-encouraging global macro-economic conditions. The latest OECD composite leading indicators have clearly signalled a serious slowdown in ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am RBI Annual Report for 2007-08: Focussed on price stabilityThe Annual Report of the RBI comes very soon after the Annual Monetary Policy Statement. The report accompanying the monetary policy on macroeconomic development for the previous year more or less covers the same ground as the Annual Report does, ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am Tech transfer: NSG statement asks members to ‘exercise restraint’New Delhi, Sept. 7 The fine print of the Nuclear Suppliers Group’s landmark decision to lift its embargo on nuclear commerce with India reveals the pact to be more of a halfway house between the comprehensive international safeguards ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am Insurers get innovative on renewal paymentsKolkata, Sept. 7 In a bid to provide better customer service in a competitive environment, life insurance companies are focusing on innovative methods of renewal ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am Adani Group keen on more Indonesian coal blocks‘In advanced stage of negotiations with a few parties’. Keeping in tune with its ambitious plans to set up a 10,000-MW, coal-based thermal power capacity by 2011-12, the Adani Group is in an advanced stage of negotiation to acquire ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am ONGC renews drilling in Cauvery offshoreHopeful of achieving a breakthrough soon. New Delhi, Sept. 7 ONGC has renewed its oil and gas exploratory activity in Cauvery offshore. ...Source: Business Line - Home Page | 8 Sep 2008 | 12:00 am US FDA unveils list of drugs under probeWashington, DC: The US food and drug administration, or FDA, on Friday unveiled a report listing 20 drugs that the agency is investigating for potential side effects, as part of a new policy to warn patients and health care professionals as early as possible. The list includes a wide array of drugs, from Eli Lilly and Co.’s antidepressant Cymbalta to Purdue Pharma Lp.’s painkiller Oxycontin. It also addresses a range of adverse reactions, including cardiac arrest, cancer and Purple Glove Syndrome, which can result in patients having their arms amputated. Also see:Facing scrutiny FDA has already sent out warnings about a handful of the drugs on the list. The report lists TNF blockers—such as Johnson and Johnson’s Remicade—as being potentially associated with cancer in children. In June, FDA said it was investigating the possible link. TNF blockers target a compound known as tumour necrosis factor, which is overproduced in many patients with inflammatory diseases such as arthritis and Crohn’s. But there appear to be new ones, too. The report lists Biogen Idec Inc. and Elan Corp.’s multiple-sclerosis treatment Tysabri as potentially being associated with skin cancer. Medical journals have reported cases of melanoma in patients taking Tysabri, but FDA hasn’t previously said it was investigating the drug for this side effect. The list, which FDA will start issuing quarterly, is aimed at giving consumers and health care professionals early indications of what FDA is investigating, but it might end up creating more confusion. Indeed, the agency is concerned “that people will stop taking a drug inappropriately” because it is on the list, said Paul Seligman, associate director of safety policy at the agency. FDA said it alerted companies whose drugs appeared on the list prior to it being made public—several companies said they received word late Thursday—and intends to give drug makers a heads-up in the future as well. Drug makers said they support FDA’s additional efforts to be transparent about drug safety, but some expressed concern that the information was being communicated to patients without context and wondered about what patients might do with the information. “It is very, very important that patients and their physicians understand the benefits and the risks of the drug. To speak about one without the other could have an impact on patient perception of their medications,” said Tony Jewell, a spokesman for AstraZeneca Plc. AstraZeneca’s psychiatric medication Seroquel made the list for the possible safety concern of overdose due to confusing sample-pack labelling. Companies also cautioned that just because a drug is posted on the site doesn’t mean a causal relationship has been identified, and it is also risky if patients go off their medications without consulting a physician. FDA’s intention is for patients and doctors to use the list to be aware of potential adverse events and to encourage them to report any problems. The list doesn’t represent a comprehensive list of drugs FDA is investigating, FDA’s Seligman said. The report is generated from the agency’s adverse-event-reporting database. That compilation consists of voluntary reports frompatients and health care professionals, and is widely considered to capture only a fraction of the actual adverse events associated with any given drug. Seligman said FDA is hopeful the quarterly reports will encourage people to report adverse events. wsj@livemint.com Source: World Business - Livemint.com | 7 Sep 2008 | 7:00 pm RBI may agree on release of inflation data on monthly basisThe Reserve Bank may give up its opposition to the proposal of a monthly compilation and release of inflation data, with D Subbarao moving to the central bank from the finance ministry, which was openSource: Business Standard | Front Page Headlines | 7 Sep 2008 | 6:53 pm Capex spends may drop by 30% in FY09After four years of growth at 40 per cent or more, capital expenditure (capex) by India Inc in the current financial year (2008-09) may drop almost 30 per cent.Source: Business Standard | Front Page Headlines | 7 Sep 2008 | 6:52 pm Lobbying begins for the last lap of nuclear dealMoves to waive 30-day cut-off for Congress vote.Source: Business Standard | Front Page Headlines | 7 Sep 2008 | 6:50 pm Mamata ends stir, farmers to get landTrinamool Congress (TC) leader Mamata Banerjee agreed to end her two-week-long protest in front of the Tata Motors Nano factory complex at Singur after the West Bengal government agreed to giveSource: Business Standard | Front Page Headlines | 7 Sep 2008 | 6:49 pm
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