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Jindal Steel bags 3 exploration orders in PeruJindal Steel has bagged three exploration orders in Peru. It has to execute those orders within the next 56 months. Sushil Maroo, DirectorFinance, Jindal Steel Power, said the company got these orders in the bidding process and lot of work is still required to be done.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 4:42 pm PNotes transfer from Morgan Stanley continuesClients of Morgan Stanley continue to transfer their holding for the pnote account as the troubled firm is looking for a possible merger to overcome the credit crisis.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 2:42 pm Kohinoor Foods investment purely financial: TemptationVinit Kumar, Head and Strategic Investor, Temptation Foods, said the company is looking at investment in various listed companies. He added that the company\'s investment in Kohinoor Foods is purely financial at this stage.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 2:41 pm WL Ross talks to Jet, Kingfisher!Private equity WL Ross and Co, which recently put $80 million in Indian discount airline SpiceJet, is in talks with Jet Airways and Kingfisher Airlines for a possible merger of the carrier, the Mint newspaper said on Friday.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm Videocon Ind says JV pays $283 mln for Brazilian co !Videocon Industries Ltd said on Friday its joint venture with Bharat PetroResources Ltd has completed the acquisition of Brazilian oil assets of Encana Corp for $165 million.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm AIG Singapore general manager resigns amid turmoil !The head of the Singapore unit of troubled insurance giant American International Group Inc has resigned effective immediately, the country`s central bank said on Friday.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm US announces debt plan to ease financial crisis!The United States said it was putting together a rescue plan to clear away the mountains of bad debt that have weighed down banks and caused the worst financial crisis in decades.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm ONGC to pump in Rs 19,338 cr in FY`09 for oil, gas hunt!Oil and Natural Gas Corp (ONGC) on Friday said it would invest Rs 19,338 crore in oil and gas hunt during the current fiscal, about 10 per cent more than Rs 17,651 crore in the previous year.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm Freddie Mac says Lehman owed it over $1.2 billion !Freddie Mac said on Thursday it has yet to receive payments of more than USD 1.2 billion due from Lehman Brothers Holdings, which went bankrupt after the US government refused to bail out the investment bank.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm Sensex up 491 points in early trade!The Bombay Stock Exchange benchmark Sensex gained 491 points in early trade on Friday on emergence of buying by funds, triggered by firming global trend.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm Oil steady in Asia at $98 a barrel !Oil prices were steady on Friday in Asia as investors waited for details of a possible US government plan that could help ease a credit crisis that has roiled global markets.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm IMF predicts slow recovery!The International Monetary Fund has sought to put a positive spin on the current financial turmoil in the US, predicting the world`s advanced economies will stage a slow recovery by 2009 even as financial firms face potential bankruptcy.Source: Zee News : Business | 19 Sep 2008 | 1:41 pm India invites investments from SpainIndia on Friday invited investments from Spain in food processing, telecommunications and chemicals.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 1:10 pm Wachovia downgrades IT offshore outsourcing; Infosys, Congnizant in listSept 19 (Reuters) - Wachovia Capital Markets downgraded IT offshore outsourcing sector to "market weight" from "overweight," citing the recent chaos among major financial service providers.Source: Reuters: Money News | 19 Sep 2008 | 1:06 pm Reliance flows first oil, Ambani to make announcementIn a significant development, Reliance Industries has begun crude oil production from the nation's first deep-sea oilfield in Krishna Godavari basin.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 12:57 pm Tata NEN campaign addresses early hiccupsNew Delhi: The Tata NEN Hottest Startups Awards campaign, an ambitious attempt at the largest start-up competition in India covering some 1,000 ventures that are less than five years old, is only three weeks old but has been dogged by questions in the blog world. The organizers of the competition, for which Mint is the official print partner, have come under fire in at least three blogs which allege that the National Entrepreneurship Network, or NEN, a non-profit organization aimed at encouraging start-ups, has acted unprofessionally. One such instance involved NEN writing to a start-up that it had been nominated by Pluggd.in, a blog that profiles and reviews Indian start-ups. This was incorrect, said Pluggd.in on its blog.  Laura Parkin, executive director, National Entrepreneurship Network. There has been some talk in blogosphere that some processes followed by NEN in the start-up competition have not been professional. Questions have been raised on forcible nominations following a blog post by TringMe founder Yusuf Motiwala. What is the issue? The issue with TringMe was the nomination was online and he emailed the contact person (to withdraw it). Unfortunately, there was an internal miscommunication so we did not close the loop in bringing the nomination down. The minute we found out that, we immediately apologized, took the nomination down. We’ve now created three email IDs so that requests from participants don’t get lost in any way. If you want to change your nomination, email changes@hotteststartups.in; to withdraw, withdraw@hotteststartups.in; and the third is to reconfirm you want your nomination to go online at confirm@hotteststartups.in Now, with every single step, when we email the entrepreneur, we include a reminder that if you want to change or withdraw, here are the email addresses to do so. Is it possible for someone other than the entrepreneur to nominate the company? No, it is actually not possible to force a nomination. If we’ve heard about you or somebody else has and told us about you, our first step is to assign an internal contact person who will send you an email saying so and so has nominated you and do you want to participate. If you say no, it ends there. If you say yes, we email you the nomination form. The nomination form is only filled out by the entrepreneur (or someone he nominates); we do not fill it out. It takes at least an hour so it can’t be done by others accidentally. TringMe had already filled out the nomination form and wanted to withdraw later. Even if a company self-nominates online, we still review it and check with the entrepreneur. How many start-ups have withdrawn after filling out the nomination forms? So far, there are 297 companies online; nine have withdrawn. One was sold off so (it) had to withdraw; the eight include Tringme and Muziboo. What was the issue with source attribution to Pluggd.in while nominating a start-up? That was a very early glitch because we were so scared of not giving people credit. I’m sure we’ve looked at companies all over India, we’ve also been in touch with CII, contacted management and trade associations. Pluggd.in was not a partner. The company was indeed sourced from Pluggd.in and we accidentally sent (an) email out saying Pluggd.in had nominated them. We falsely attributed something to (Ashish Sinha, chief editor of Pluggd.in) that he did not do. The minute we realized this was a mistake, we wrote back to the entrepreneur and to Ashish. Now what we’re doing is unless people say you must attribute it to me, we’re just taking it as general nomination. Some start-ups have criticized the process of rolling out nominations in batches on the website, which gives a heads up to the early nominations. We expected more rolling nominations because people needed time to get the word out. It’s not as simple as two extra days or even an extra week. We have a complicated problem in making sure that all 300 and more get attention. If you’re up there for two months instead of two weeks, it’s easier. But we’re trying to find other ways to put groups of people together by slicing start-ups in different ways, such as how to get non-consumer companies out there or showcase companies from smaller cities because less people know about it. We do think there is a disadvantage to coming in late, but we’re not going to shut the nominations for those who do and we’re thinking how to improve it for next year. We’ll have a lot of pre-nomination activities, and batching people for more time on the site for next time. It will be easier if more people know about it so we can market it much earlier, get a lot of that work done in advance. There is concern that companies might spam for votes through email and SMS. How do you ensure the top start-ups are chosen because they are promising companies and not the best spammers? This is why we have structured (the) first round where half comes from expert reviews. We try to anticipate that it shouldn’t be all public voting in the first round. You need a 50-50 weightage of public votes and expert rating to get into the shortlist. Any other learnings so far? It’s much harder than we thought. For example, self-nominations are wonderfully expressive, but sometimes it is harder for lay people to understand, and working with the entrepreneur to get language done is very time-consuming. We were also concerned about the turnaround time on expert reviews. It was supposed to be one week, but we were really struggling with that. Luckily, our partners are coming in to help us, we have volunteers as well as three people internally to help with follow-ups just on the expert reviews. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 12:55 pm Sensex rallies 5.5 pct, notch gain on weekMUMBAI (Reuters) – The Sensex rebounded 5.5 percent on Friday, their biggest one-day rise in two months, after hopes soared the U.S. government would come out with a comprehensive plan to end the financial sector turmoil.Source: Reuters: Money News | 19 Sep 2008 | 12:52 pm Sensex, Nifty join global rally, up over 5% - Economic Times
Source: Google News India - Business | 19 Sep 2008 | 12:48 pm GLOBAL MARKETS - Stocks, dollar, soar on U.S. crisis plan hopesLONDON (Reuters) - The dollar jumped and U.S. stocks looked set for a bumper opening on Friday as a U.S. plan for money market funds and a global ban on short selling calmed nerves ahead of an expected Washington package to mop up toxic assets.Source: Reuters: Money News | 19 Sep 2008 | 12:39 pm Paid Rs 1400cr for EBPL buy: VideoconVideocon and Bharat Petroleum Corporation Limited (BPCL) have acquired Brazil\'s EnCana Brasil Petroleo (EBPL) for USD 283 million. Venugopal Dhoot, CMD of Videocon said that the company has paid around Rs 1,400 crore for the acquisition.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 12:33 pm India needs Rs.2.5 trillion for urban restructuringIndia is at the cusp of making the transition from a developing to a developed country, thanks to its burgeoning economy and younger demographic profile.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 12:30 pm Reliance begins D-6 oil output - co sourcesNEW DELHI (Reuters) - Reliance Industries has begun pumping oil from its D-6 block in the Krishna Godavari basin off the country's east coast, two company sources said on Friday.Source: Reuters: Money News | 19 Sep 2008 | 12:23 pm In pics: BlackBerry Bold - Times of India
Source: Google News India - Business | 19 Sep 2008 | 12:20 pm Nirani plans to meet Ratan Tata - Times of India
Source: Google News India - Business | 19 Sep 2008 | 12:14 pm Short-selling bans help fuel bank stocks rallyLONDON (Reuters) - Regulators brought in rules on Friday to prevent investors profiting from falling financial stocks, helping fuel a furious rally in banks and other stocks battered by the deepening global credit crisis.Source: Reuters: Money News | 19 Sep 2008 | 12:06 pm Hindustan Motors to launch SUV in IndiaAutomobile manufacturer Hindustan Motors on Friday said it will soon launch a high-premium sports utility vehicle in the Indian market.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 12:06 pm Shri Lakshmi Cotsyn to increase stake in JV - Reuters India
Source: Google News India - Business | 19 Sep 2008 | 12:05 pm Left supporters forcing Singur farmers to accept sop: TrinamoolWest Bengal's principal opposition party, the Trinamool Congress, Friday accused supporters of the ruling Left Front government of forcing farmers to accept the compensation package for land acquired for Tata's Nano small car project in Singur.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 12:03 pm India invites investments from SpainIndia Friday invited investments from Spain in food processing, telecommunications and chemicals.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 12:02 pm Indian equities register sharp gains on global cuesIndian equities staged a smart rally Friday and ended with some handsome gains on cues from other markets as also on hopes that the crisis in the global financial system will be softened by central bank interventions with little impact on the country's economy.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 12:02 pm Reliance flows first oil, Ambani likely to make announcement - Business Standard
Source: Google News India - Business | 19 Sep 2008 | 11:49 am RBI directs banks to unwind transactions with LehmanMumbai: India’s central bank has directed banks to unwind their interest rate swap (IRS) transactions with Lehman Brothers, three bankers familiar with the development told Reuters on Friday. The Reserve Bank of India (RBI) had talks with banks this week to ascertain Lehman’s exposure in the local IRS market, they said. “Yes. It’s true. They have told us to do so,” said one banker, when asked about the central bank’s directive. Lehman, once the fourth-largest US investment bank, filed for bankruptcy protection this week, having collapsed under the weight of its exposure to the subprime mortgage-related securities. A spokeswoman for the Reserve Bank of India said: “Primarily, it is a bilateral issue. As a market regulator, we are interested in the market functioning in a smooth and orderly manner. And, therefore, we are facilitating it.” The banker said the unwinding should conclude by next Monday or Tuesday. “Settlement will be within a day or two. The value curve used will be Tuesday (Sept. 16),” he said, referring to the rates at which the transactions would be unwound. Banks would unwind the IRS transaction by cancelling the position with Lehman and covering the transaction with a fresh counterparty, another banker said. On Tuesday, the central bank directed Lehman’s Indian primary dealership not to undertake transactions in government securities as a primary dealer in the primary market. It had also said Lehman Brothers Capital, a non-banking financial company, would need prior approval from the central bank before contracting any direct or indirect liability from any institution in India or abroad or making any foreign currency remittance. Source: Home - Livemint.com | 19 Sep 2008 | 11:38 am Hindustan Motors to launch SUV in Indian marketPTI Chennai: Automobile manufacturer Hindustan Motors today said it will soon launch a high-premium sports utility vehicle in the Indian market. “We are expecting to launch the high-premium SUV ‘Outlander´ by this year itself in the Indian market and it would be placed between Mitsubishi’s Pajero and Montero,” company’s Executive Vice-President Y V S Vijay Kumar told reporters here on the sidelines of HM’s tie-up with Pune-based Opulent Auto Care. The vehicle may be priced around Rs30 lakh, he said. Kumar said the sales performance of ‘Montero´ was good. “So far we have sold 600 units. We sell around 250 units of Pajero every month and cities like Delhi, Bangalore, Mumbai have reported good sales performance.” Referring to the tie-up with Opulent Auto Care, which mainly caters to value added services for automobiles, Kumar said that the concept is gradually gaining importance from vehicle owners. Opulent’s Managing Director S Sathyaprakash said through the contract, the company expects a turnover of Rs70 crore this year. Opulent will increase its market presence from the present 65 cities to 90 cities by the year-end, he said. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 11:33 am Wall St job losses may be Asia’s gainMumbai: Within hours of Bank of America agreeing to buy Merrill Lynch this week, Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from massive Wall Street layoffs. For China and India, whose economies are still expanding at well over 7%, the global financial industry crisis makes it easier to recruit bankers who are brushing off their resumes. New York’s governor reckons 40,000 Wall Street jobs could go in a worst-case scenario, with talk swirling of more bank deals and mergers. Lehman Brothers, which has filed for bankruptcy protection, has around 2,000 staff in India, including its back-office operation, while Merrill has about 500. Ambit Holdings said on Monday it hired the five Merrill executives from a majority-owned local venture for its institutional equities and equity proprietary trading unit, including a 10-year Merrill veteran as head. BNP Paribas and Nomura Securities in India are looking to hire Lehman executives, according to investment banking sources who asked not to be named because of the sensitivity of the matter. In Hong Kong, bankers said they were considering hiring from Lehman. Executives at Lehman’s real estate and capital market divisions in China said there was still huge demand for talent in specific areas such as deal making and investment banking. Lehman, like other foreign investment banks trying to build a business in India’s fast-growing market, had poached rivals’ teams in a mass hiring spree spiced with big salaries and bonuses. Now, while some foreign banks may be wary about swelling their ranks, their local rivals will likely snap up people, and bankers may also opt for the relative safety of local firms. Secure Bet Bankers and headhunters are split over whether senior level or more junior executives will be hired more easily. “Junior and mid-level guys are more flexible and are cheaper to hire,” said one investment banker, who recently moved to a local firm in Mumbai from a multinational. “More senior guys, unless they were really superb, may actually have a harder time,” he said. Infrastructure Development Finance Corp has discussed hiring Lehman executives, according to media reports, and other expanding local firms likely to follow suit include Tata Capital, Reliance Capital and HDFC Securities. In China, too, some Lehman bankers have begun to look for jobs, not with other foreign banks, but with state banks that are seen as a more secure bet for the next few years. Everyone, though, faces tougher times. Indian investment banking fee income fell 44% in January-August, Thomson Reuters data showed, as tighter credit and higher borrowing costs dried up deals and put the brakes on fund raising. In China, fee income is down nearly 6% this year. Merrill was second in the Indian league table, which is headed by State Bank of India Lehman ranked 36th, down from 17th a year ago. Source: Home - Livemint.com | 19 Sep 2008 | 11:32 am Tatas setting up two hotels in South AfricaThe $62.5 billion Tata group is setting up two hotels in South Africa and will start assembling an array of automobiles in Johannesburg as part of the plans to invest 10 million rands.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 11:32 am US SEC Takes Action On Short Selling: Eases Buyback RuleWASHINGTON (Reuters) - The U.S. Securities and Exchange Commission announced an emergency action early Friday to prohibit short selling in 799 financialSource: Reuters: Money News | 19 Sep 2008 | 11:23 am EXCLUSIVE - Suzuki CEO says India, forex making business toughHAMAMATSU (Reuters) - Suzuki Motor Corp will record its first monthly fall in worldwide car production in 40 months for August as demand weakens in India and other markets, making it increasingly difficult for the company to meet various targets, its chief executive said on Friday.Source: Reuters: Money News | 19 Sep 2008 | 11:16 am OIL to raise debt if IPO plans failKolkata: State-owned PSU Oil India Limited (OIL), which recently received SEBI approval to float an IPO, would raise debt instead if market conditions are not conducive for the offer, a company official said. OIL Chairman and managing director M S Pasrija told reporters here that the company had got SEBI approval on 11 September for the proposed IPO. He said that the company was required to float the offer within a period of 90 days from 11 September. To a query Pasrija replied “we are going ahead with the IPO activity, we hope to come out with the offer soon.” Asked whether the prevailing market conditions were suitable for floating the issue, Pasrija said “we are watching the market conditions very closely.” Commenting on the failure to float the IPO and its effect on the company’s capital expenditure plans, he said “in that case, OIL would raise debt. We are a debt-free company.” For the current financial year and the next, the company has earmarked an expenditure of Rs4,575 crore for exploration and production (E&P), both domestic and overseas. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 11:14 am Hoteliers rush to save energy to cut operating costsReuters Mumbai: Indian hotels are seeking to cut energy consumption through electricity, gas and water saving initiatives as costs rise in the energy hungry country. Shortages, tariffs and the dependence on imported fuels plague the country whose energy demand is likely to nearly treble to 315-335 gigawatts by 2017, according to a McKinsey report. A global slowdown and costlier aviation fuel combine to c ut travel spends and will slow tourist arrivals, more reason for hoteliers to protect margins. “Energy costs were going up every quarter by a huge sum. The units were not going up so much but the rate was,” Achintya Chakraborty, Chief Engineer at Hyatt Regency, Mumbai, which belongs to Asian Hotels Ltd. Rising employee and energy costs increased Hotel Leelaventure’s operating expenses 43% to Rs2.8 billion last year. Power, fuel and water costs rose 54% to Rs414 million in the year. Hotel Leelaventure put up 11 windmills in Tamil Nadu in FY08. They will provide a tax break and open up a potential revenue stream with carbon credits, which can be traded globally. Last year Asian Hotels installed two windmills. It expects to save about Rs15.5 million a year through energy saving planned for 2008/09. The Hyatt Regency, Mumbai, which brings over a third of the company’s revenue, now saves 8-9% of its energy costs through more efficient airconditioning, lighting and gas use, Chakraborty said. The hotel expects to save 20% overall on energy use by next year through further measures, he added. “They need to cut down on these costs because power costs are going up,” Sreesankar R, head, research of IL&FS Investsmart said. Mumbai, the financial hub of India, has seen power costs rise an average 15-20 percent a year, and this is a trend likely to continue for the next 2-3 years, said an analyst who declined to be named. Furnace oil doubled to Rs42 a litre to 2008 from 2006, while electricity rose to Rs8.83 a unit from Rs4.75, said Sanju Soni, general manager, Trident, Mumbai, owned by EIH Ltd. Trident is changing its windows to more insulating double glaze at an estimated cost of Rs17.5 million, he said. Maharashtra is India’s second most visited destination by foreign tourists, representing 2 million or 15% of arrivals and brought in 19.8 million domestic visitors in 2007, according to the ministry of tourism estimates. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 11:13 am ONGC may opt for loan of $1 billion to acquire Imperial - Livemint
Source: Google News India - Business | 19 Sep 2008 | 11:09 am Govt considering demand for ECB norms relaxationPTI New Delhi: Finance Minister P Chidambaram is considering a demand for relaxing the curbs on external commercial borrowings in the wake of high domestic interest rates borne by India Inc. “I have heard a number of people make out a case. Only when the case is decided we will know what the decision is,” Chidambaram had said yesterday, after briefing on decisions taken by the CCEA. The Finance Minister was replying to a query on whether there was a case for relaxing the ECB norms so as to provide at least the productive sectors access to capital. According to sources, the government may consider relaxing external commercial borrowing (ECB) norms by this month-end to help India Inc access funds overseas. However, the ECB policy should not be linked to the rupee value, sources in the finance ministry had said. “The ECB policy is independent of status of rupee. ECB relaxation will be based on credit requirements of productive sectors. We believe there is a strong case for easing ECB norms,” sources had said. The Reserve Bank of India and finance ministry officials are expected to meet by this month-end to take a view on easing the ECB norms. Government had last year imposed curbs on ECB, limiting remittance of such funds only up to $20 million for rupee expenditure and that too with RBI approval. However, earlier this year, this limit was relaxed to $100 million for infrastructure companies and $50 million for other firms. Source: Home - Livemint.com | 19 Sep 2008 | 11:07 am Update: Investors sigh relief as Sensex closes 764 pts upMumbai, Sep 19 (PTI) Stock markets today brushed aside concerns over havoc in international financial markets with the benchmark Sensex notching up over 727 points to close above 14k level after Prime Minister Manmohan Singh asked cabinet ministers to stay alert on unfolding global situation. The 30-share index, which commenced the day notably higher on firming global trend, spurted by another 500 points, minutes after reports of PM’s remarks of caution. The BSE barometer finally closed the day 726.72 points, or 5.46% higher at 14,042.32 on heavy buying by funds and general investors. The key index touched the day’s high of 14,097.44 and a low of 13,674.96 points. The wide-based National Stock Exchange index Nifty surged 207.10 points to 4,245.25 as heavy-weights led by software, telecom and realty stocks rose smartly. The Nifty surged to a high of 4,262.65 and witnessed a low of 4,040.80 points. Refinery stocks gained the most as oil and gas index spurted 495.53 points at 9,468.42, as Reliance Industries stocks gained Rs 119 at Rs 2,051.85, ONGC by Rs72.95 at Rs1,072.10 and Aban Offshore by Rs65.95 at Rs2,460.45. Capital goods index gained 491.57 points at 11,740.07 as index heaviest and market majors Larsen and Toubro rose by Rs106.25 at Rs2,645.30 and BHEL by Rs101.50 at Rs1,710.70. Source: Home - Livemint.com | 19 Sep 2008 | 11:04 am India will achieve export target this fiscal: PillaiMumbai: India will be able to achieve the $200-billion export target in the current fiscal, a senior Commerce Ministry official said. “We are well on target to achieve a 25% growth in exports,” Union Commerce Secretary, G K Pillai, told PTI on the sidelines of a packaging summit here. However, the sharp fluctuation in the rupee was not good for the industry, Pillai said, adding that some sectors such as gems and jewellery and handicrafts would be marginally hampered in the current scenario. “Sharp fluctuation is not good for the industry, but we can’t help it given the problem in the global financial market. Our industry is mature enough to live with it. There would be some marginal impact on sectors such as gems and jewellery,” Pillai said. India’s export target for the current fiscal is $200-billion. Last year, the country’s total exports were $159-billion, up from $65-billion in 2004. During April-July, India’s exports were $59.19 billion, up 24.6% over the year-ago period. Pillai said Indian exports have got a huge spread since only 18% of the total exports go to the US market. “Our risk is also widely spread,” he said. The rupee has depreciated sharply in the recent past. It fell almost 5% within two weeks from end of April at Rs40 to the dollar to the middle of May at Rs42. It started depreciating further from the middle of last month to Rs46.32 per dollar as on date. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 11:03 am PM alerts ministers on global financial crisisNew Delhi: With the US financial turmoil sending shock waves to various parts of the world, Prime Minister Manmohan Singh on Friday asked cabinet ministers to stay alert on the unfolding situation. Singh’s caution came during the meeting of the Cabinet Committee on Economic Affairs after Finance Minister P Chidambaram briefed about the financial crisis in the US while stating the Indian economy was not affected by the developments. Finance Minister P Chidambaram briefed about the financial crisis in the US while stating the Indian economy was not affected by the developments.Taking the cue, stock markets showed a buoyancy in minutes with the BSE benchmark equity index surging by over 500 points by the mid-day. “The Prime Minister asked the ministers to stay alert on the global financial situation,” Rural Development Minister Raghuvansh Prasad Singh told reporters after the CCEA meeting. Chidambaram briefed the meeting and said that there is no impact of the US financial turmoil on the Indian economy, Singh said. Stock markets zoomed up with frantic buying activity after these remarks, which boosted investors’ confidence. Prime Minister’s Economic Advisory Council Chairman Suresh Tendulkar also said today that Indian economy is largely domestic demand-driven and would not be impacted much by the US financial crisis unless there is mess-up in the domestic markets. Indian economy is largely domestic demand-driven, though not completely insulated from the US financial crisis, he said at a seminar. Allaying fears, Chidambaram had on Thursdau said there was no cause for any alarm as Indian banks are largely insulated from the US financial crisis, which consumed that country’s fourth largest investment bank. In his first reaction to the collapse of Lehman Brothers and bailout of insurer American Insurance Group (AIG) by the US Fed, he had said the government would continue to pursue reforms to retain near 8% economic growth momentum. He had also said the Tatas, majority stakeholders in Tata-AIG joint venture, have assured the government that they would meet all the obligations to their policy-holders. As far as PSU banks are concerned, Chidambaram said they didn’t have any undue exposure and whatever exposure they have are in accordance with RBI’s guidelines. Although ICICI Bank had some exposure, it has made disclosures for the same. Putting a brave face, he said the Indian economy will grow close to 8%, “I still maintain my view that growth in 2008-09 will be close to 8%.” Chidambaram saw no reasons to halt financial reforms. “Having regard to the context, having regard to international situation and having regard to our ability to keep regulations one step ahead of innovation.” The Finance Minister’s remarks had also reversed the direction of activity in the stock exchanges with players starting frentic buying. The Sensex which was down 700 points in the early trade on Thursday closed up over 50 points. It ended up over 700 points at over 14,000 points on Friday. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 10:51 am RBI directs banks to unwind Lehman swaps - bankersMUMBAI (Reuters) – The Reserve Bank of India (RBI) has directed banks to unwind their interest rate swap (IRS) transactions with Lehman Brothers, three bankers familiar with the development told Reuters on Friday.Source: Reuters: Money News | 19 Sep 2008 | 10:46 am Global turmoil to trim India growth, prices to cool - Reuters India
Source: Google News India - Business | 19 Sep 2008 | 10:45 am ONGC may opt for loan of $1 billion to acquire ImperialPTI New Delhi: Oil and Natural Gas Corp (ONGC) may take a bridge loan of $1 billion to partly fund the acquisition of UK-listed Imperial Energy, chairman R S Sharma said today. ONGC Videsh Ltd, the overseas arm of ONGC, hopes to win an approval from Kremlin to go ahead with the purchase of Imperial for $2.59 billion. ONGC will loan the remaining $1.59 billion to OVL at 6% interest rate. “We would like to take a loan to bring more credibility to the transaction,” he told reporters here. “Loan could be a mix of local and overseas borrowings.” Sharma said ONGC may sell its stake in Indian Oil Corp, the nation’s biggest oil refiner, and gas utility GAIL India to fund the purchase. “We have all options before us. Funding is not an issue,” he said. ONGC has 8.83% stake in IOC and 4.83% in GAIL. The deal is contingent upon Kremlin’s approval as Imperial has assets in Tomsk region of the western Siberia. A committee headed by Prime Minister Vladmir Putin, which screens foreign investments in strategic sectors, is to decide on OVL’s acquisition of Imperial. Petroleum Minister Murli Deora had last spoken to Russian President Dmitry Medvedev who had promised to support the deal. “We have received verbal assurance that Russian government has no objection to our deal but we are still awaiting a written communication,” an OVL director said. “We expect to hear something from them next week.” Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 10:44 am AIG Singapore head resigns amid turmoilSingapore: The head of the Singapore unit of troubled insurance giant American International Group Inc. resigned on after 14 years with the company. Mark O’Dell, general manager of AIA Singapore, has left and executive vice-president Kenneth Juneau will take over immediately, the company said today. “His decision to leave the company is in no way related to the recent developments at AIG,” Mark Wilson, regional president of AIG Life Companies in Asia Pacific, said in a statement. AIA Singapore headquarters has been flooded this week with thousands of nervous policyholders seeking to find out the status of their policies or cash them out, even after the US Federal Reserve pledged an $85 billion loan to prop up AIG. The company also said today that any policyholder who terminated their policy this week would be allowed to reinstate it during the next two weeks without penalty. “We have received feedback that many of our customers are now more reassured of AIA Singapore’s financial position,” Wilson said. “So we have offered this policy conservation program to those policyholders who reacted to the uncertainty of recent developments at AIG.” Less than 0.1%, or about 2,000, of the company’s 2 million in force policies in Singapore a nation of 4.6 million people have been terminated this week, the company said. Both AIA Singapore and the central bank reiterated that the company’s policies are safe. “AIA maintains separate insurance funds for all policies,” the company said. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 10:40 am India, China should play role in global financial system: ExpertWith the collapse of two major US financial institutions sending global markets into a tailspin, it is time the Indian and Chinese central bankers demand a greater say in global financial systems, an economic expert says.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 10:31 am Stay alert on global financial crisis: PM to cabinetPrime Minister Manmohan Singh Friday asked his cabinet colleagues to remain vigilant on the global financial crisis and ensure that it does not impact the country's fast-growing economy.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 10:30 am SebiSasken case up for disposal at SAT todaySebi had filed an affidavit in response to Saskens appeal this Tuesday; whether Sasken should exhaust this buyback limit of Rs 40 crore will come up for discussions today.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 10:23 am Toxic debt plan, short-selling curbs lift spiritsHONG KONG/LONDON (Reuters) - A radical U.S. plan to mop up toxic mortgage debt and a UK ban on short-selling drove bank stocks up by as much as 40 percent on Friday as urgent talks over rescue takeovers in the sector continued.Source: Reuters: Money News | 19 Sep 2008 | 10:22 am PSB employees to go on 2-day strike from Sept 24 - Sify
Source: Google News India - Business | 19 Sep 2008 | 10:20 am Jindal plant's ash destroys crops in five Chhattisgarh villagesA major breach in the ash dyke of Jindal Steel and Power Limited's (JSPL) Raigarh plant has destroyed crops in about 100 acres of land in five Chhattisgarh villages, official sources said Friday.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 10:00 am Videocon-Bharat Petroleum venture acquires Brazilian firmVideocon Industries and its joint venture partner Bharat PetroResources have acquired the Brazilian oil assets of Canadian natural gas producer EnCana Corp for $165 million, Videocon said Friday.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 10:00 am Indian equities move up higher on global cuesIndian equities opened higher Friday and surged ahead on cues from other markets and on hopes that the crisis surrounding the global financial markets may be softened by central bank interventions.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 10:00 am First ‘Google phone’ to debut on 23 SeptemberAFP San Francisco: A mobile telephone tailored to run on Google’s Android software is to debut next week in New York City. US telecom carrier T-Mobile is slated to unveil on 23 September a “Google phone” built by Taiwanese firm HTC and to have the device for sale in stores as early as October. Google is hoping Android will become the dominant operating system for mobile phones. It is designed to improve the speed and quality of using the Internet on handsets. Android is being developed as an “open source” platform, meaning anyone is free to use the technology to make mobile telephones compatible with the networks of multiple carriers. Google announced Android plans late last year and analysts reacted by saying it could potentially transform the mobile telephone market by providing service supported by advertising instead of subscription fees. “We are seeing a number of technology companies demonstrating how Android will operate on their technology,” Google spokesman Barry Schnitt told AFP at a Mobile World Congress gathering in Spain early this year. “Clearly momentum is building.” Google announced a 34-member group called the “Open Handset Alliance” in November of 2007 to develop Android, including China Mobile, HTC, Intel, Motorola, Qualcomm, T-Mobile, Telefonica, LG and eBay. ARM, Marvell, Texas Instruments, Qualcomm, NEC, ST Microelectronics were reportedly among companies that demonstrated Android phone prototypes at Mobile World Congress. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 9:59 am Bank chief plays down job fears - BBC News
Source: Google News India - Business | 19 Sep 2008 | 9:58 am Update: Oil prices bounce higher nearing $100/barrelLondon: Oil prices rose for a third day running on Friday, nearing $100 dollars a barrel, at the end of an extremely volatile week for financial markets. New York’s main contract, light sweet crude for delivery in October, won $1.66 to $99.54 dollars a barrel. London’s Brent North Sea crude for November gained $1.49 dollars to $96.68 dollars a barrel. Oil prices had on Thursday briefly surged above $102 dollars, as the US currency fell after major central banks offered short-term loans worth billions of dollars to financial institutions struggling to obtain funds amid a global squeeze on credit. A weak dollar makes oil cheaper for buyers holding stronger foreign currencies. Oil, like gold, is also seen as a haven investment in times of economic turmoil. Central banks around the world have pumped billions of dollars to credit markets and US authorities are working on a plan to mop up bad debt after previous actions including bailouts failed to restore market confidence, aiding commodities that have been hammered by a flight from risk. Source: Home - Livemint.com | 19 Sep 2008 | 9:54 am Opto Circuits to acquire European firm for $100 mn - Economic Times
Source: Google News India - Business | 19 Sep 2008 | 9:53 am Kraft Foods to replace AIG in the DJ indexKraft Foods will replace troubled insurance major American International Group Inc (AIG) in the barometer index Dow Jones Industrial Average from September 22.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 9:31 am 'Malicious rumours, short-selling hit ICICI Bank'ICICI Bank, which has lost its position as the country's most valued bank to state-run SBI, on Friday said that "malicious rumours" are being spread to hammer down its share price.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 9:30 am Singur stalemate: Mamata may meet WB Governor todayThe Singur stalemate continues. While the Joint Committee failed to reach any consensus, Governor Gopal Krishna Gandhi will be back in Kolkata today.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 9:26 am Opto Circuits to acquire European firm for $100 mnPTI Mumbai: Healthcare equipment manufacturer Opto Circuits today said it will acquire Europe-based medical devices maker for over $100 million (about Rs 463 crore). The company has signed a non-binding Letter of Intent (LoI) for the proposed purchase of the entire of the capital stock of the European firm, Opto Circuits said in a filing to the Bombay Stock Exchange. Earlier this year the company had acquired US-based Criticare Systems Inc as part of its overseas expansion strategy, following which the latter became its wholly-owned subsidiary. Shares of Opto Circuits were trading at Rs 297.65, up 2.74% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 19 Sep 2008 | 9:23 am Gold drops sharply in early tradeMumbai: Gold prices resumed sharply lower by Rs315 per 10 grams to Rs12,705 in the bullion market here on 19 September on fresh stockists offerings on the back of lower global advices. Silver also opened lower by Rs555 per kg on lack of demand at higher levels. In Tokyo, gold prices edged down from high as the dollar and equities rallied after US officials scrambled to help to mop up more of the toxic debt that has sunk markets and triggered a flight from risk. Spot gold was trading at $842.10 per ounce down from a nominal New York close of $847.25 yesterday (18 September). Yesterday, gold prices shot up by Rs1,265 per ten grams in a single day while silver also registered its second biggest gain of Rs1,795 per kilo on the back of steep rise in global metals amid melting stock markets. In the domestic market, standard gold (99.5 purity) opened lower by Rs315 per 10 grams to Rs12,705 from the yesterday’s closing level of Rs 13,020 and pure gold (99.9 purity) also resumed lower at Rs12,770 as compared to Rs13,090 yesterday. Silver ready (.999 fineness) fell by Rs555 per kg to Rs20,105 from Rs20,660 previously. Source: Home - Livemint.com | 19 Sep 2008 | 9:19 am ICICI Bank extremely healthy, CEO saysMUMBAI (Reuters) - ICICI Bank, is extremely healthy and has ample capital, it chief executive said on Friday to try to allay fears about the bank's exposure to the global credit turmoil.Source: Reuters: Money News | 19 Sep 2008 | 9:15 am HSBC terminates proposed acquisition of 51 pc in KEBHSBC has terminated the proposed acquisition of 51 per cent stake in Korea Exchange Bank, considering the ongoing turmoil in the global financial markets.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 9:00 am Videocon-BPCL JV acquires Brazilian firmVideocon Industries, in consortium with state-run refiner Bharat Petroleum Corp Ltd, has acquired a Brazilian oil exploration firm for USD 283 million (over Rs 1,309 crore).Source: Daily News & Analysis: Money News | 19 Sep 2008 | 9:00 am HCL Tech keen on acquisition of up to $12 bEven amidst the ongoing global financial turmoil, Indias fifth largest IT services exporter HCL Technologies said on Thursday it would be keen on large transformational acquisition of up to $12 billion within the next three years, as part of its strategy for dominant positioning in the global IT market.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 8:52 am Dr Reddys launches subsidiary in USPharma major Dr Reddys Laboratories Ltd has launched Promius Pharma LLC, a whollyowned subsidiary, for specialty business in Bridgewater, US.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 8:50 am BHEL targets Rs 45,000 cr turnover by 201112Stateowned equipment major Bharat Heavy Electricals Ltd (BHEL) is targeting a turnover of Rs 45,000 crore by 201112, its Chairman and Managing Director, Mr K. Ravi Kumar, said here.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 8:49 am Apollo Hospitals to build medical health records repositoryApollo Hospitals Enterprise Ltd is keen to be pioneers in establishing a National Electronic Medical Records repository. The repository will store all medical details of a person from his birth to death, according to Ms Sangitha Reddy, Executive Director, Apollo Hospitals.Source: Moneycontrol Top Headlines | 19 Sep 2008 | 8:47 am Concession agreement signed for Hyderabad MetroThe concession agreement for the Hyderabad Metro rail project was Friday signed by the Andhra Pradesh government and Maytas Metro Rail Ltd, the concessionaire company to implement the project.Source: IndiaeNews.com: Business News | 19 Sep 2008 | 8:32 am Sugar prices may skyrocketSugar prices in India are expected to rise during the festive season due to an estimated sharp dip in production to 215 lakh tonnes next year, according to a leading sugar producer.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 8:23 am US stocks rebound on mechanism to buy bad debtsStocks rallied handsomely at the Wall Street as the Bush administration started pushing for a proposal that would create a mechanism to buy bad debts from financial institutions.Source: Daily News & Analysis: Money News | 19 Sep 2008 | 8:22 am Videocon-BPCL acquire Brazilian firm for $283 mnMumbai: Videocon Industries, in consortium with state-run refiner Bharat Petroleum Corp Ltd, has acquired a Brazilian oil exploration firm for $283 million (over Rs1,309 crore). A 50:50 joint venture of Bharat PetroResources Ltd (a BPCL subsidiary) and Videocon Industries has completed the acquisition of the entire stake of EnCana Brasil Petroleo Limitada (EBPL) from Canadian gas producers - EnCana Corp and Alberta Ltd, Videocon on Thursday said in a filing to the Bombay Stock Exchange. The acquisition has been made for a consideration of $165 million, while the consortium would also pay $118 million as reimbursement the Canadian firms’ expenses. Last year, the domestic entities had entered into an agreement with the companies to acquire their exploration arm saying that the deal was for interests in 10 deep-water offshore exploration blocks in four concessions in Brazil. While Brazil’s national oil company Petrobras operates in three concessions, US-based Anadarko Corporation’s Brazilian subsidiary operates in one concession, the filing said. Shares of Videocon were trading at Rs229.40, up 5.54% in the afternoon trade on the BSE. Source: Home - Livemint.com | 19 Sep 2008 | 8:06 am US lobbying hard in Senate to endorse 123 agreementWashington: The Bush Administration is pushing hard in the Senate to get the Indo-US nuclear accord endorsed before 26 September and has clearly spelt out that it has made a “political commitment” to India to ensure a “reasonable steady supply” of nuclear fuel under the 123 agreement. “Should disruptions arise, for example trade disputes, a commercial firm fails to meet its requirement, then, we are firmly determined to do everything we can to help in that instance”, Under Secretary of State for Political Affairs, William Burns told the Senate Powerful Foreign Relations Committee, which held an extended hearing on the deal. The push by the administration also got the backing of some key lawmakers who favoured a fast track process for the initiative, which is being termed as a cornerstone of a new relationship with an emerging Asian power. “It would be well advised to approve it this month... rather than wait till next year,” Democratic Senator Chris Dodd who chaired a meeting last night of the Senate Foreign relations committee on the nuclear deal said. The administration came in for close line of questioning particularly on the issue of supply of nuclear fuel to India, which has raised hackles in New Delhi, with Dodd quizzing Burns on whether the supply will have legal sanction. “The commitments that the President made that are recorded in the 123 agreement are firm, solemn commitments on the part of President..... they are political commitments,” Burns said. On another contentious issue of India’s right to test, US official said, “Just as how India had the sovereign right to test, the United States enjoyed the same right to respond”. “We believe the Indian government intends to uphold the continuation of the test moratorium it committed to in 2005 and reiterated in its Sept 5 statement,” Burns said. Source: Home - Livemint.com | 19 Sep 2008 | 7:32 am Morgan Stanley in stake sale talks to China: ReportBeijing: Troubled US investment bank Morgan Stanley is in talks to sell a stake of up to 49% to China’s sovereign wealth fund, the Financial Times reported on Friday, citing people close to the discussions. The talks with China Investment Corp., or CIC, which bought a 9.9% stake in Morgan Stanley in December, were “advanced but no deal had been clinched yet”, the paper said, quoting unidentified sources. Morgan Stanley’s top management prefer a stake sale to CIC to a merger with US lender Wachovia, according to the paper. The paper said CIC president Gao Xiqing had been scheduled to meet Morgan Stanley executives in San Francisco. When asked by China’s state-run Xinhua news agency, an unnamed CIC official did not rule out the prospect of buying a stake in Morgan Stanley but pointed to political hurdles in the United States over such a deal. “Even if the CIC intended to buy a stake, it could be very hard now as the purchase of a stake, even one smaller than 10%, could be subject to the US government foreign investment review,” the official said. The Financial Times also said the sale of a significant stake of a blue-chip Wall Street firm to a state-owned Chinese institution could cause a political backlash in Washington. Nick Footitt, Morgan Stanley spokesman in Hong Kong, declined to comment on the report. CIC was established last year charged with managing $200 billion dollars of China’s bulging forex reserves, and has become an iconic symbol of the country’s growing financial muscle as it scours the world for acquisition targets. The Government of Singapore Investment Corp (GIC), one of the world’s largest sovereign wealth funds, said Thursday it would explore a possible stake in Morgan Stanley if the US investment bank made an approach. The reports came in the same week that US investment bank Lehman Brothers filed for bankruptcy while another Wall Street firm, Merrill Lynch, was forced to sell itself to Bank of America for $50 billion. Source: Home - Livemint.com | 19 Sep 2008 | 6:28 am ONGC to pump in Rs19,338 cr for oil, gas huntNew Delhi: Oil and Natural Gas Corp (ONGC) on Friday said it would invest Rs19,338 crore in oil and gas hunt during the current fiscal, about 10% more than Rs17,651 crore in the previous year. “Improving the reserve replacement ratio by intensifying exploratory efforts is company’s first priority,” Chairman R S Sharma told company shareholders. “Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities,” he said. ONGC declared Rs14 per share final dividend for 2007-08, which is over and above Rs18 per share interim dividend in December. Sharma said ONGC will invest over $5 billion in developing gas finds in eastern offshore Krishna Godavari basin blocks. The company’s overseas arm ONGC Videsh Ltd is targeting 39.47 million tons of oil and oil equivalent gas from overseas properties in XIth Plan as against 23.25 million tons during Xth Plan. ONGC’s refinery subsidiary Mangalore Refinery is on track for expanding its capacity to 15 million tons by 2010. Source: Home - Livemint.com | 19 Sep 2008 | 6:15 am Day Trading GuideThe stock was volatile in the last trading session and it formed spinning to candlestick pattern indicting indecisiveness. Desist trading in this counter for the day.Source: Business Line - Home Page | 19 Sep 2008 | 12:00 am No immediate material impact, Tata AIG assures policyholdersMumbai, Sept. 18 Tata AIG Life, an insurance venture between Tata Sons and American International Group (AIG), on Thursday sought to re-assure its policyholders that the Wall Street turmoil would not have any “immediate materialSource: Business Line - Home Page | 19 Sep 2008 | 12:00 am Indian editions of foreign news magazines allowedNew Delhi, Sept. 18 In a departure from the existing norms, the Government on Thursday allowed Indian editions of foreign news and current affairs magazines stipulating a 26-per cent foreign direct investment ceiling.Source: Business Line - Home Page | 19 Sep 2008 | 12:00 am Karnataka offers 1,000 acres for Nano plantBangalore, Sept. 18 Tata Motors said on Thursday the Karnataka Government was willing to offer 1,000 acres of land and other incentives to the company if it had plans to relocate the Nano small car project to the State.Source: Business Line - Home Page | 19 Sep 2008 | 12:00 am Fall in cement output helps companies hold pricesMumbai, Sept. 18 The sharp fall in cement production in August seems to have helped companies hold the prices despite the slump in demand in selectSource: Business Line - Home Page | 19 Sep 2008 | 12:00 am Indian Overseas Bank (Rs 110.45): BUYWe recommend a buy in Indian Overseas Bank from a short-term trading perspective. From the charts of the bank it is clearly visible that it has been medium-term uptrend from its 52-week low of Rs 69, recorded in July. We notice an ascendingSource: Business Line - Home Page | 19 Sep 2008 | 12:00 am Overseas exposure by most Indian banks insignificantMumbai, Sept. 18 When ICICI Bank said it had an exposure of €57 million (approximately $80 million) in the senior bonds of Lehman Brothers, analysts were wondering what its total exposure in overseas instruments could be.Source: Business Line - Home Page | 19 Sep 2008 | 12:00 am Domestic buying lifts Sensex 788 points intra-dayMumbai, Sept. 18 Heavy buying by domestic institutional investors and short covering pulled the Sensex up by a staggering 788 points from its intra-day low of 12,558 points onSource: Business Line - Home Page | 19 Sep 2008 | 12:00 am Ventilator to escalator: The intriguing dollar storyHere is a fascinating story. It was the US, in the early 1970s, that had redefined the rules of currency pricing and made it rest on economic fundamentals and free market mechanism. But today its currency is defying the very rules the rest of theSource: Business Line - Home Page | 19 Sep 2008 | 12:00 am FIIs continue selling spreeMumbai, Sept. 18 The panicking FIIs seem to be desperate to exit their positions as it is quiet evident from the increasing list of bulk deals on both the NSE and BSE where they have been selling the past few days.Source: Business Line - Home Page | 19 Sep 2008 | 12:00 am Ranbaxy appoints Giuliani firm to counter FDA rulingA day after the United States Federal Drugs Administration (USFDA) said Ranbaxy Laboratories cannot sell 30 drugs manufactured from two of its Indian facilities, the company sought the services ofSource: Business Standard | Front Page Headlines | 18 Sep 2008 | 6:52 pm Government opens a new page for foreign news magazinesInternational news magazines like Forbes, Fortune, BusinessWeek, Time and Newsweek will soon be able to offer cheaper versions of their publications in India after the government today allowed foreignSource: Business Standard | Front Page Headlines | 18 Sep 2008 | 6:50 pm Tata Motors holds talks with Karnataka for alternative Nano siteTata Motors has held preliminary talks with the Karnataka government for a possible relocation of its main Nano plant from Singur in West Bengal, where work has been suspended since early this monthSource: Business Standard | Front Page Headlines | 18 Sep 2008 | 6:49 pm Sensex rallies on FM-speak, global cuesThe Bombay Stock Exchange Sensitive Index rebounded from sharp early losses on Thursday, as domestic insurance companies stepped in to counter heavy selling by hedge funds and participatory noteSource: Business Standard | Front Page Headlines | 18 Sep 2008 | 6:48 pm
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