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Paris summit seeks European response to crisis !Plagued by fears for the stability of the banking system, European leaders meet on Saturday for a summit French President Nicolas Sarkozy hopes will limit the damage caused by the worst financial crisis since the 1930s.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm GE eyes big nuclear opportunity in India!General Electric Co sees a market for "tens of billions of dollars" of equipment for nuclear power in India following the US`s decision to reopen nuclear trade with the world`s second-most-populous country, a GE official said on Thursday.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Fortis` Dutch operations nationalised!The Dutch government has said it will buy the operations of Fortis NV in the Netherlands for USD 23.2 billion and nationalise them, after a previous bailout failed and the troubled bank teetered on the edge of insolvency.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Increase in commodity prices impacting profits of hoteliers!Hoteliers and restaurateurs are incurring huge losses owing to increase in prices of commodities and frequent power cuts, industry sources said here.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Ford selling $500 mn in stock to pay debt!Ford Motor Co said on Friday that it is selling USD 500 million in stock to retire short-term debt owed by Ford Motor Credit.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Google postpones Yahoo online ad deal!Google said it is postponing a planned online advertising tie-up with Yahoo to allow more time for US anti-trust regulators to consider the ramifications of the deal.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Microsoft reviews hiring plans, but no job freeze !Microsoft Corp said on Friday it is reviewing its hiring plans in light of tough economic conditions, but denied reports it had instituted a company-wide hiring freeze.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Bush signs rescue bill but markets slump!US President George W Bush signed a historic 700-billion-dollar Wall Street bailout but markets slumped as investors realized the Bill would not be an instant fix for the broad financial crisis.Source: Zee News : Business | 4 Oct 2008 | 12:31 pm Apollo to set up 50 special diabetic clinics in 6 monthsWith India emerging as the diabetes capital of the world, diabetic specialty centers are gaining ground. Apollo is taking this to the next step. It plans a diabetes clinic in every neighbourhood.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 12:15 pm UGC proposes pay hike for varsity teachers - IndiaEduNews.net
Source: Google News India - Business | 4 Oct 2008 | 11:40 am ALUS co JV to build construction equipmentsTrucks and buses are passé. The country\'s second largest commercial vehicle maker Ashok Leyland has now joined hands with US based John Deere to enter the construction equipment space.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 11:38 am Designers Parvesh, Jai use polythene as embellishmentsIn an effort to create awareness about global warming, young designer duo Parvesh and Jai have innovated with plastic and polythene bags as embellishments for their 'Ethical' collection to be showcased at the Wills Lifestyle India Fashion Week (WIFW) here Oct 15-19.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 11:31 am Tata plant move may affect India investments, growthMUMBAI (Reuters) - The decision by Tata Motors Ltd to move a factory out of West Bengal after violent protests may affect the broader investment climate in the country, deterring foreign investors and denting economic growth.Source: Reuters: Money News | 4 Oct 2008 | 11:23 am Xchanging buys India's Cambridge Solutions for 83 mln stgLONDON (Reuters) - Xchanging has agreed to buy India's outsourcing and IT group Cambridge Solutions Ltd for 83 million pounds in cash and shares, the British business services company said in a statement.Source: Reuters: Money News | 4 Oct 2008 | 11:08 am Kolkatans feel sense of 'colossal loss' at Nano pullout - Economic Times
Source: Google News India - Business | 4 Oct 2008 | 11:04 am Nano project vendors still hope against hopeThey had invested millions in their small units, all meant to serve the Nano. Now with Tata Motors announcing the pullout of its small car project from West Bengal, these vendors in Singur are just beginning to tot up their losses and trying to close their eyes to the writing on the wall.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 11:01 am Pipavav port investing Rs.142 bn to expand capacityPrivate sector port major Gujarat Pipavav Port Ltd (GPPL) is investing Rs.142 billion ($3 billion) to build new container yards to ramp up capacity, company officials said.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 11:00 am Oil markets oversupplied, price too low - IranTEHRAN (Reuters) - Oil producers are pumping too much oil to the market and a price under $100 is too low, Iran's oil minister said on Saturday.Source: Reuters: Money News | 4 Oct 2008 | 10:53 am 123 agreement not ready; Ndeal may not be signedUS Secretary of State Condoleezza Rice is in Delhi and is expected to sign the IndoUS Nuclear agreement at a ceremony. But a last minute dampener to the celebrations is that Rice and Pranab Mukherjee will meet but may not ink the agreement. The reason is that the 123 agreement is not ready.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 10:50 am RS Lodha, inheritor to Priyamvada Birla wealth, deadRajendra Lodha, the claimant to the will and wealth of Birla matriarch Priyamvada Birla, died in London on Friday. Lodha is reported to have suffered a heart attack.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 10:47 am GE sees big nuclear opportunity in India - execBOSTON (Reuters) - General Electric Co sees a market for "tens of billions of dollars" of equipment for nuclear power in India following the U.S.'s decision to reopen nuclear trade with the world's second-most-populous country, a GE official said on Thursday.Source: Reuters: Money News | 4 Oct 2008 | 10:43 am Karuna lauds decision to raise income ceiling for creamy layer - Press Trust of India
Source: Google News India - Business | 4 Oct 2008 | 10:40 am Delayed approval of Ranbaxy deal brings $445 million windfall for ... - domain-B
Source: Google News India - Business | 4 Oct 2008 | 10:35 am Rajendra Lodha Dies In London - TopNews
Source: Google News India - Business | 4 Oct 2008 | 10:04 am Netherlands buys Fortis operations for euro16.8bn: report - India Infoline.com
Source: Google News India - Business | 4 Oct 2008 | 10:03 am Amusement parks industry eyes 25% growthRiding on the demand of theme amusement parks in the country, the industry is expecting to grow at a robust rate of 25 percent every year, a senior official said.Source: Daily News & Analysis: Money News | 4 Oct 2008 | 9:43 am Emami ups open offer price for Zandu to Rs 16,500 a shareEmami, along with four PACs (persons acting in concert), has revised the open offer price further upwards by 10 per cent to Rs 16,500 for acquisition of a Zandu Pharmaceuticals Works share with a face value of Rs 100 each. The original open offer price of Rs 7,315 in June was revised last month to Rs 15,000 per equity share.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 9:04 am Nokia makes music downloads freeLike a tail wagging the dog, the worlds number one maker of mobile phones, overwhelmed the global unveiling of its first smart touch phone, with an announcement that came later.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 9:01 am Banks to get int for delayed return of farm debt waiverThe Centre has decided to pay interest of Rs 3,872 crore to banks and other lending institutions for staggered settlement of their reimbursement claims under the farm debt waiver and debt relief scheme. This was stated by the Information Broadcasting Minister, Mr Priyaranjan Dasmunshi, after a meeting of the Union Cabinet here on Friday.Source: Moneycontrol Top Headlines | 4 Oct 2008 | 8:55 am Markets end in red despite mid-week rallyAmid weak global cues and the news of signing of the $700 billion bailout plan coming only late on Friday night, Indian equities market ended the week with big losses despite a bit of a rally mid-week.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 8:32 am Kolkatans feel sense of 'colossal loss' at Nano pulloutThe dismay and shock are yet to get over. For the people of Kolkata, the finality of Tata Motors' decision to shift the Nano small car project out of West Bengal is like the end of a dream for a better future for the state.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 8:30 am Hindustan Motors to launch new commercial vehicle - Sify
Source: Google News India - Business | 4 Oct 2008 | 7:59 am Rice arrives in India, may not sign nuclear dealNew Delhi: US secretary of state Condoleezza Rice arrived in India on Saturday after Congress ratified a historical nuclear pact, but was unlikely to sign the deal during her visit because of a bureaucratic “glitch”. US state department spokesman Sean McCormack said an enabling legislation had not yet been formally “enrolled” in the US Congress — a required step before the pact is sent to President George W. Bush for signing into law. In Washington, a Senate Democratic aide said such a delay was not that unusual because legislation needed to be carefully reviewed before being sent to the White House. Indian officials too confirmed that a “signing ceremony” had not been planned during Rice’s visit during which she is expected to also nudge New Delhi to buy American technology. The deal, overturning a three-decade ban on US nuclear trade with India, is seen as bringing two of the world’s largest democracies closer while opening up the Indian nuclear energy market worth billions of dollars. Analysts said Rice, instrumental in rallying support for the pact in Congress which ratified it this week, would make a strong case for American companies such as General Electric and Westinghouse Electric, a unit of Japan’s Toshiba Corp. Rice was also likely to bring up the issue of terrorism in South Asia and the need for Pakistan and India to cooperate toward stability in Afghanistan. “There are several components in her visit — the business component is a logical aspect,” Robinder Sachdev, head of Imagindia Institute, an Indian think tank, told Reuters. “Terrorism is the other important issue and there could be tactical discussions. In business, too much is at stake for the Americans.” Speaking to reporters in Germany, Rice said there should be a “regional integration strategy” of closer economic ties between Afghanistan and Central Asian states such as Kazakhstan — where Rice will also visit this weekend — as well as Pakistan and India. Rice, who said the relationship between India and the United States was at a “very, very different level” in the wake of the nuclear deal approval, said the two countries were already discussing military sales, and should also boost cooperation in economic, educational, and agricultural programmes and humanitarian aid to other countries. Rice will meet Indian Prime Minister Manmohan Singh, foreign minister Pranab Mukherjee and Lal Krishna Advani, leader of main opposition party Bharatiya Janata Party which opposed the deal for making India an unequal partner. The India-US deal could open up around $27 billion in investment in 18-20 nuclear plants in India over the next 15 years, according to the Confederation of Indian Industry. There is global competition for that business with France’s Areva, US’ General Electric, Japan’s Hitachi Ltd and Russia’s atomic energy agency Rosatom vying for contracts. Some analysts say India could buy nuclear technology from the French or even Cold War ally, Russia, which is already building two 1,000 megawatt reactors in southern India as part of a deal signed in 1988. Also, India could expect to get a hefty discount from Russia on major deals, as it competes with the United States for influence over New Delhi. Critics of the deal say it does grave damage to global efforts to contain the spread of nuclear weapons, by letting India import nuclear fuel and technology even though it has tested nuclear weapons and has never signed the Non-Proliferation Treaty (NPT). US officials, though, brush aside that criticism, emphasising instead the importance of establishing deeper ties with a country that is a counterbalance to China’s rise. Source: LatestNews-Home - Livemint.com | 4 Oct 2008 | 7:27 am Allahabad Bank shelves rights issue - Sify
Source: Google News India - Business | 4 Oct 2008 | 6:46 am Deshmukh invites Tata to start Nano plant in Maharashtra - Hindu Business Line
Source: Google News India - Business | 4 Oct 2008 | 6:34 am Amusement parks industry eyes 25 percent annual growthRiding on the demand of theme amusement parks in the country, the industry is expecting to grow at a robust rate of 25 percent every year, a senior official said.Source: IndiaeNews.com: Business News | 4 Oct 2008 | 6:30 am All Industrial And Commerce Bodies Greet Government Over N-deal - TopNews
Source: Google News India - Business | 4 Oct 2008 | 6:09 am Wall St Week Ahead - Stocks to struggle despite rescue planNEW YORK (Reuters) - Wall Street's mood will likely remain dark next week as fallout from the credit crisis continues to corrode the U.S. economy and questions linger about the likely effectiveness of the newly passed bailout plan in shoring up the financial system.Source: Reuters: Money News | 4 Oct 2008 | 1:30 am U.S. passes bailout, focus shifts to falloutNEW YORK/WASHINGTON (Reuters) - The U.S. government enacted a landmark $700 billion bank bailout on Friday, but investors questioned whether it could contain a panic that began on Wall Street and spread to become a global financial crisis.Source: Reuters: Money News | 4 Oct 2008 | 1:23 am Wells bids $15 bln for Wachovia; scuffles with CitiNEW YORK (Reuters) - Wells Fargo & Co agreed to buy Wachovia Corp for about $15 billion, upstaging a government-backed Citigroup Inc bid for Wachovia's banking assets with a deal that would catapult it into the top ranks of national consumer banking.Source: Reuters: Money News | 4 Oct 2008 | 1:20 am Microsoft reviews hiring plans, but no job freezeSEATTLE (Reuters) - Microsoft Corp said on Friday it is reviewing its hiring plans in light of tough economic conditions, but denied reports it had instituted a company-wide hiring freeze.Source: Reuters: Money News | 4 Oct 2008 | 1:13 am Markets this weekNews that the global financial turmoil, triggered by the ongoing US financial crisis, is now pushing the hallowed institutions in Europe and the UK against the wall sent the Sensex plunging to an 18-month low on Monday, to a sub-13,000 close. TheSource: Business Line - Home Page | 4 Oct 2008 | 12:00 am Tatas pull out of Singur; to look at Nano relocationKolkata, Oct. 3 Tata Motors on Friday took the “extremely painful” decision to pull its Nano project out of Singur in West Bengal. The company’s decision was prompted by the “heightened level of agitation and hostility bySource: Business Line - Home Page | 4 Oct 2008 | 12:00 am B-schools anticipate slump in offersNew Delhi, Oct. 3 Business schools anticipate a reduction in recruitment this coming placement season.Source: Business Line - Home Page | 4 Oct 2008 | 12:00 am McLeod Russel set to buy Vietnamese tea companyKolkata, Oct. 3 McLeod Russel India Ltd is set to clinch an acquisition overseas — a long cherished dream of the company. It has decided to acquire 100 per cent equity in Phu Ben Tea Co of Vietnam through its wholly-owned UK-basedSource: Business Line - Home Page | 4 Oct 2008 | 12:00 am Banks to get interest for delayed return of farm debt waiver sumsNew Delhi, Oct. 3 The Centre has decided to pay interest of Rs 3,872 crore to banks and other lending institutions for staggered settlement of their reimbursement claims under the farm debt waiver and debt relief scheme. This was stated by theSource: Business Line - Home Page | 4 Oct 2008 | 12:00 am Emami ups open offer price for Zandu to Rs 16,500 a shareKolkata, Oct. 3 Emami, along with four PACs (persons acting in concert), has revised the open offer price further upwards by 10 per cent to Rs 16,500 for acquisition of a Zandu Pharmaceuticals Works share with a face value of Rs 100 each. TheSource: Business Line - Home Page | 4 Oct 2008 | 12:00 am Linking farms and corporatesChennai, Oct 3 There have been some splendid examples of what happens when those living at the very beginning of the process of value addition meet collaborate with those living at the very end. The results are invariablySource: Business Line - Home Page | 4 Oct 2008 | 12:00 am Slowing Chinese demand spells bleak future for steelMumbai, Oct. 3 The deterioration in global macro-economic conditions suggests a weakening demand environment for metals through the remainder of 2008.Source: Business Line - Home Page | 4 Oct 2008 | 12:00 am Smoking ban spurs firms on to diet versions, candiesMumbai, Oct. 3 From diet cigarettes to mouth fresheners, cigarette manufacturers such as GTC Industries Ltd and Godfrey Philips are venturing into new products, anticipating a dip in sales after the ban on smoking in public places.Source: Business Line - Home Page | 4 Oct 2008 | 12:00 am FII selling drags Sensex down 530 pointsHeavy selling by foreign institutional investors (FIIs) drove the benchmark index down by four per cent on Friday.Source: Business Line - Home Page | 4 Oct 2008 | 12:00 am Have they missed the digital bus?If you are one of those internet savvy movie buffs, chances are that you catch the first glimpse of most of the upcoming movies through trailers on the YouTube.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:29 pm Air Liquide to pump Rs 300 crore into IndiaAir Liquide, manufacturer of industrial and medical gases, will invest around Rs 300 crore in India to set up an air separation unit (ASU), which is expected to commission by July 2009.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:28 pm On the web, wherever you go, ad networks will followWhen was the last time you logged on to a nondescript website or a blog and were surprised by the presence of advertisements on it?Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:27 pm FIRE Cap to invest in affordable housingAs affordable housing is becoming the new mantra for real estate developers, the concept is attracting a lot of attention from the real estate funds fraternity.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:26 pm 'Television is not dead, only great content on it is'From being a guitarist with one of the "worst bands" to pulling the strings for some of the world's best of brands, Robert Campbell has come a long way.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:25 pm Defence land for telco towersThe defence ministry may be taking long to vacate its unused spectrum, but it has decided to allot land to licenced telecom operators on lease-hold basis to lay optical fibre cables.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:25 pm Govt may widen service tax netThe government is likely to widen the service tax net to increase indirect tax collections.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:24 pm BSNL to be sole gainer of reduction in licence feeThe annual licence fee for telecom operators, both fixed and mobile, has been slashed by 20-33%, but only for firms that cover more than 95% of the service area.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:23 pm PIPE continues to leak big time for pvt equityPrivate investments worth $24.45 billion in listed firms - or the so-called PIPE deals - have ratcheted up $8.65 billion in mark to market losses.Source: Daily News & Analysis: Money News | 3 Oct 2008 | 10:21 pm Destination next for Nano: Will it be Gujarat?It is learnt that Gujarat could be the state where Nano could reach. A couple of locations that they could be looking at in Gujarat are Mundra and Kutch and Sanand, which is about 25 kms from Ahmedabad. Also there is 2,200 acres of land that belongs to the Gujarat Government under the Gujarat Agricultural University.Source: Moneycontrol Top Headlines | 3 Oct 2008 | 9:01 pm Tata ends Singur saga: India Inc reactsIt\'s finally official. Tata Motors\' Nano will not roll out of singur. After a onehour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.Source: Moneycontrol Top Headlines | 3 Oct 2008 | 8:15 pm Nano exits Singur: What happens to Tata\'s WB land?Commerce Secretary GK Pillai said in cases where the land is acquired for an industry, if the particular industry is unable to use that land it is left to the state government to then decide whether they would give it to any other industry or for any other public purpose.Source: Moneycontrol Top Headlines | 3 Oct 2008 | 7:39 pm Financial crisis weighs on executives' mindsNEW YORK (Reuters) - The most serious financial crisis in decades has caused business executives and government officials around the world to rein in expectations for short- and long-term economic growth and warn investors that business volatility will be around for some time to come.Source: Reuters: Money News | 3 Oct 2008 | 7:36 pm 80 mn people will suffer, says West Bengal after Nano pulloutLambasting the Trinamool Congress-led opposition for causing Tata Motors to pull out from West Bengal, the state government Friday said 80 million people in the state would suffer for the 'irresponsible' and 'destructive acts' of a few.Source: IndiaeNews.com: Business News | 3 Oct 2008 | 7:30 pm Photo Essay: Where size mattersELISH DIME BHAPA Ingredients: 2 roe of elish 3 tsp mustard paste 1 tsp green chilli paste 15ml mustard oil 1 pinch onion seeds 1 pinch turmeric powder 1 tsp ginger paste 1 tsp garlic paste 1 banana leaf 4 tsp curd Salt to taste Method: Mix the mustard paste, green chilli paste, mustard oil, onion seeds, turmeric powder, ginger paste, garlic paste, lemon juice and salt in a bowl. Marinate the roe of elish with the above mixture, and wrap in a banana leaf. Heat the steamer, then steam the wrapped roe for 8-10 minutes. Remove from steamer and serve hot with mustard paste. DOODHE ELISH Ingredients: 400g elish 1 lemon 150g onion paste 1 tsp ginger paste 1 tsp green chilli paste 75g ghee 2 green cardamoms 2 cloves 1 small piece cinnamon 200ml fresh coconut milk Salt to taste Method: Cut the fish. Marinate with lemon juice. Heat ghee in a pan. Add the onion paste and stir properly till the paste starts to turn pink. Then add ginger paste, garlic paste and chilli paste, and cook. Add coconut milk and a little water. Add the fish. When cooked, remove from heat. Serve hot with steamed rice. Text and photographs by Indranil Bhoumik/Mint Recipes by Rupam Banik, executive chef, The Peerless Inn, Kolkata Also read Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:29 pm Tax filings point to lack of transparencyNew Delhi: Many national political parties in India did not utilize even half their declared total receipts between 2001-02 and 2005-06 despite one general election and 35 state elections being held in this period, according to an analysis of the income-tax (I-T) filings of seven political parties. Politicians who do not wish to be named say that the average election expenditure by the candidate of a mainstream party in a Lok Sabha constituency could go up to Rs2 crore. Also See Political donations and the law (Graphic) The tax filings by the political parties show they spent, on an average, Rs75 lakh on every seat they won (the average also includes the amount spent on seats they lost; the number was arrived at by dividing total expenditure by the number of seats won). The Election Commission, or EC, the constitutional body that conducts elections, caps the expenditure on each Lok Sabha seat at Rs25 lakh and that on each assembly seat at Rs10 lakh. A psephologist and media expert said political parties are clearly under-reporting the amount they spend on elections, but added that the limit set by EC is low. “Strictly going by the current inflationary trends, one can say that this limit is low. It does not quite allow the candidate to reach out to every voter in his constituency. For instance, for a Lok Sabha constituency with a population of 10 lakh, given the EC limit, each candidate ends up spending only a little above Rs2 on every voter. Today, almost 80% of the candidates end up exceeding the EC ceiling. However, the problem is that none of the political parties regularly file expense statements. If they had done so, the EC could have increased the limit further,” said N. Bhaskar Rao, chairman, Centre for Media Studies, or CMS. To be sure, candidates pick up part of their electoral expenses, but the numbers culled from the tax filings clearly demonstrate the need for more transparency in the way political parties raise and spend money. Mint reported on 22 September that one-fifth of the country’s electorate was paid cash for votes and that in the recent assembly elections in Karnataka, one in every two voters was similarly induced. ...above-the-table donations are still much less than under-the-table funding. While the first six are recognized as national parties by EC, the SP has been included in the analysis because of its increasing influence and importance in national politics. Need for transparency Yashwant Sinha, a former Union finance minister and a Rajya Sabha member of the BJP, said there is an “urgent” need to make funding of political parties more transparent. “While corporate houses can donate funds to political parties, most of them don’t do so because of fear of persecution in case a rival party or group comes to power. That is why, above-the-table donations are still much less than under-the-table funding.” Sinha’s reference to under-the-table funding deals with contributions disclosed neither by the donor nor the recipient. Political parties have been exempt from I-T, subject to certain criteria, since 1979. Interestingly, till 1996, political parties were not filing I-T returns. They started doing so only after a Supreme Court order on 20 February 1996. The numbers themselves hide more than they reveal. For instance, the Congress, India’s largest and richest party (with a balance sheet size of Rs228 crore on 31 March 2006, according to I-T filings), derives most of its revenue from the sale of coupons. In 2005-06, the filings show, revenues from sale of coupons were Rs95 crore, almost 800% more than the year’s contributions. In 2004-05, the party received Rs162 crore from the sale of coupons. Congress party’s treasurer, Motilal Vora, said the coupons were “general coupons... We sell them generally to different persons.” “All our returns have been filed properly in accordance with I-T laws,” Vora added. In 2005-06, the Congress party spent only 55% of its total receipts of Rs124 crore. The trend of not using all receipts, however, is common to most parties. Inflow higher Indian laws make it mandatory for public trusts to spend 85% of their surplus for charitable purposes every year to benefit from I-T exemption. There is no such restriction on political parties. Most political parties do not utilize even half of their total receipts and the unutilized part is ploughed back as reserves into their balance sheets. In 2005-06, the SP spent less than one-fifth of its total income. The amount of profit held back by the party can comfortably meet its expenses for the next four years, even if it does not receive any contribution for the next four years. Similarly, the Congress party, the NCP and the CPI spent only 55%, 66% and 44% of their revenues, respectively. The BJP, however, spent more than it received, partly because of expenses on subsidized publications. The party is also known for its extensive organization machinery. “When political parties are holding so much surplus, the same should be utilized for the welfare of society, too. What good is sitting on so much cash when they don’t have to give any dividend income. They can return the money to the public through some welfare activities or can also donate to the Prime Minister’s Relief Fund,” said a tax expert at a multinational audit and consulting firm who did not want to be named. One political analyst, however, said Indian parties and politicians end up spending a lot more than indicated on their books. “One has to spend a day with them on the field to know how much money they spend on social activities. In some ways, they fill in for the role that schemes for social welfare play in countries like the US. However, all these expenses political representatives incur are often not reflected as party expenditure and hence, accounts of parties might not show a high level of expenses, even though money is being spent,” said political analyst Mahesh Rangarajan. Other experts do not have any problems with the money being spent or not being spent by parties. They just want them to be more transparent. “I don’t think there is any problem with exempting political parties. However, the real challenge is to make their assets more transparent. An effective enforcement mechanism is needed to see if political parties are keeping a list of donors and whether this list is matching with the receipts, besides occasional verification of this information by I-T officers,” said Pratap Bhanu Mehta, president, Centre for Policy Research, a New Delhi-based think tank. And, more than looking at the fairness of tax exemptions, it is important to ensure that India moves to a system of election funding where all parties are treated equal, saidD. Raja, national secretary, CPI. “The concept of state funding for political parties has to be accepted and implemented to ensure all parties are on an equal footing.” ruhi.t@livemint.com Source: Home - Livemint.com | 3 Oct 2008 | 7:24 pm Betting on bankingWhen Ravi Subramanian, senior vice-president and head of consumer finance at HSBC India, began writing his debut novel two years ago, little did he know that it would become more than a means of whiling away time while his wife was out of town. Two years, and three books later, Subramanian, author of If God was a Banker and I Bought the Monk’s Ferrari, talks about writing fiction, why he’ll never give up his day job and how his daughter is wielding his pen. Edited excerpts: What is your forthcoming book ‘Devil in Pinstripes’ all about?  Pulp fiction: Subramanian’s first book is still in best-seller lists. Ramesh Pathania / Mint Surely a lot of the book is inspired by things you have seen and experienced? Well, like any author, all my books are inspired by what I have seen in real life. And many incidents are exaggerations of real life incidents. But did you ever work with your wife in the same company? Like the characters in your book? Yes, we worked together in a bank for three years. But please don’t tell her you are going to draw inferences on our relationship from what you see in the book! Our relationship is perfectly normal. Only 20% of what you see in the book did I really witness. In other people’s lives, of course. The remaining 80% is exaggeration. Is there a continuous thread that binds your books? The context remains the same. And the name of the bank remains the same—New York International Bank. But I don’t believe in sequels or trilogies. I initially contemplated a sequel to my first book, but that didn’t make market sense. I would have alienated people who didn’t read the first one. Interestingly, my first book sells better today than it did when it first came out in 2007. Going back to your origins as a writer…were you a writer trapped inside a banker? Or did you discover a passion for writing late in life? No, there wasn’t really a writer hidden inside. Like many people, I too wrote poems and stories when I was young. I never thought of publishing any. But then it started becoming a stress buster for me during my job, which is all about worrying about assets, credits, collections and so on. I am a banker and always will be. See, even if I write a best-seller, I won’t make one-tenth the amount of money I make today. How motivating for anyone who writes for a living! (Laughs) Has the success of your books changed your life? Is it easier to convince clients to part with their cash? (Laughs) No! I haven’t changed at all. It did give me a lot more visibility within the bank, both in India and abroad. But I haven’t changed as a person. My daughter is much more proud of me as an author. If people get on her wrong side, she threatens them by telling them I’ll write about them in my books. So what’s next? Are you going to keep writing on banking or will you branch out into other topics and contexts as well? (Thinks) Do you want the honest answer or the politically correct one? Both...but the honest one first. Thousands of people in this country want jobs in banking. So the market is really lucrative. I want to make my stand in this domain of banking. I don’t think I will be successful if I experiment. Remember John Grisham who wrote some nonsense about Christmas or something? And what was your politically correct answer? I need to do different things and evolve. Only then will I become a well-rounded author. (Laughs). Devil in Pinstripes will be out in January 2009 Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:24 pm Need to know | Mitsubishi to sell its Outlander in IndiaTokyo: Japan’s sixth largest auto maker, Mitsubishi Motors Corp., introduced the Outlander sport-utility vehicle (SUV) in India, where economic growth is lifting demand for cars and SUVs. Mitsubishi’s Indian partner Hindustan Motors Ltd will build the model, the auto maker said in a statement on Friday. Mitsubishi aims to sell 600 Outlanders in the year ending 31 March. The vehicle went on sale on Friday. Mitsubishi now sells the Montero and Pajero SUVS and the Lancer sedan in the country. —Bloomberg ********* Bengal airport project set to get delayed New Delhi: The development of a new passenger airport in the Durgapur-Asansol region of Bardhaman district in West Bengal is likely to get delayed further with the civil aviation ministry forming a new committee to look into the project feasibility after objections were raised by the Indian Air Force and other government agencies concerned. A civil aviation ministry official, who did not wished to be quoted, said Indian Air Force has opposed the idea of having the Durgapur airport at the site it is being proposed to be constructed because of its proximity to a defence airfield close by which clashes with the new runway alignment of the proposed civilian airport. To be developed by Bengal Aerotropolis Projects Ltd (BAPL), a company promoted by Pragati Social Infrastructure and Development Ltd, Lend Lease Company (India) Ltd, Citystar Infrastructures Ltd and Pragati 47 Development Ltd, the airport is part of a large aertorpolis or a city around an airport. Another airport project, at Dabra near Gwalior in Madhya Pradesh, that was proposed for similar clearances on Friday will also be studied further before any approvals are granted. —Tarun Shukla ********* OIL’s import bill to reach $40 bn, chairman says Mumbai: The nation’s biggest refiner, Indian Oil Corp. Ltd, on Friday said it will spend $40 billion (Rs1.87 trillion) this year to import crude oil, up from $34 billion in the previous year. The refiner will buy as much as 47 million tonnes (mt) this year, up from 40mt last year, chairman Sarthak Behuria said in New Delhi. V. Narasimhan, firm’s director of finance said the company may incur a loss in the second quarter after selling fuels below cost while crude oil rose. —Bloomberg Work on nuclear energy projects to start in 2009 Mumbai: The government aims to start final negotiations next week with General Electric Co., Areva SA and Westinghouse Electric Co. on building reactors as early as next year, after the US approval of a nuclear accord with the South Asian nation. “The dream is to start work next year,” said S.K. Jain, chairman of state-owned Nuclear Power Corp. of India Ltd, the nation’s monopoly atomic energy utility, in a telephone interview on Friday. “But there’s a full set of procedures to be followed after the companies agree.” —Bloomberg ********* MCX to launch rupee futures on 6 October Mumbai: The country’s Multi Commodity Exchange of India Ltd (MCX) will launch exchange-traded rupee futures on 6 October, according to an invitation from the exchange. The Bombay Stock Exchange launched its own platform of futures trading on 1 October after the National Stock Exchange kicked off trading in end-August. The rupee fell 1% to 47.085 per dollar, the lowest since June 2003, at close in Mumbai trading. The currency lost 1.15% this week. —Reuters/Bloomberg ********* Jubilant, Eli Lilly form drug development JV New Delhi: Jubilant Organosys Ltd and Eli Lilly and Co. are setting up a drug development joint venture (JV) that will start operations later this year. The two companies, which will hold equal stakes in the venture, are setting up the venture in Bangalore, they said in a press release issued in New Delhi on Friday. The promoters of HT Media Ltd, which publishes Mint, and promoters of Jubilant Organosys are closely related. The companies have no promoter cross-holdings. —Bloomberg ********* Sun Pharma extends Taro open offer again Mumbai: The country’s largest drug maker by market value, Sun Pharmaceutical Industries Ltd, said on Friday it has extended its open offer for Israel’s Taro Pharmaceuticals Ltd to 7 Novermber. The decision came after the Supreme Court of Israel prohibited the closing of the offer until it decided on an appeal by Taro “regarding the applicability of the special tender offer rules … ,” Sun Pharma said in a statement. The court will hear the case on 8 December, which could warrant another extension, it added. The offer, which was initially scheduled to close on 28 July, had already been extended twice and was to expire on 3 October. Sun Pharma, which currently holds around 36% in Taro, had on 30 June started the open offer for Taro shares in the US after the Israeli company decided to terminate a merger agreement that it had signed with Sun Pharma. —Staff Writer Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:21 pm US Congress passes historic bailout billWashington: With the economy on the brink and elections looming, the US Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday, and President George W. Bush almost immediately signed the bill into law. “We have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said shortly after the vote, although he conceded, “our economy continues to face serious challenges.” The final vote, 263-171 in the House of Representatives, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the stock market crash of 1929 if lawmakers failed to act. There were 58 more votes for the measure than in an earlier version that failed on Monday. “We all know that we are in the midst of a financial crisis,” House Republican Leader John Boehner said shortly before casting his vote for government intervention in private capital markets that was unthinkable only a month ago. “And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen.” The leader of the House, Speaker Nancy Pelosi, a Democrat, said the bill was needed to “begin to shape the financial stability of our country and the economic security of our people.” Treasury Secretary Henry Paulson pledged to begin using his new authority quickly, Federal Reserve Chairman Ben Bernanke said the central bank would work closely with the administration. Stocks rose on Wall Street in anticipation of the bill’s passage, on a day on which investors absorbed a bad unemployment report. The Labour Department said employers slashed 1,59,000 jobs in September, the largest cut in five years and further evidence of a sinking economy. The US action was certain to relieve pressure in international financial markets, which feared that a deep slump in the US economy could drag the rest of the world into recession. At its core, the bill gives the Treasury Department $700 billion to purchase bad mortage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand, and adversely affecting consumers seeking financing for mortgages, cars and student loans. Some state government have also experienced difficulty borrowing money. The House vote marked a sharp change from Monday, when an earlier measure was sent down to defeat, largely at the hands of angry conservative Republicans. A total of 33 Democrats and 25 Republicans switched from opposition to support. Several of the Democrats were members of the Congressional Black Caucus who said presidential candidate Barack Obama had pledged to support legislation easing the burden on consumers if he wins the White House. Republican presidential candidate John McCain also lobbied for the measure, according to aides who declined to release a list of lawmakers he called. After Monday’s vote, Senate leaders quickly took custody of the measure, adding on $110 billion in tax and spending provisions designed to attract additional support, then grafting on legislation mandating broader mental health coverage in the insurance industry. The revised measure won Senate approval Wednesday night, 74-25, setting up a furious round of lobbying in the House as the administration, congressional leaders, the major party presidential candidates and outside groups joined forces behind the measure. In addition, the measure was changed to broaden the federal government’s deposit insurance programme, and the Securites and Exchange Commission loosened a regulation to ease the impact of the distressed assets on the balance sheet of financial institutions. Despite ocassionally strong criticism of the added spending and tax measures, the maneuvers worked — augmented by a sudden switch in public opinion that occurred after the stock market took its largest-ever one-day dive on Monday. Critics were unrelenting. “How can we have capitalism on the way up and socialism on the way down,” said Rep. Jeb Hensarling, a leader among conservative Republicans who oppose the central thrust of the legislation — an unprecedented federal intervention into the private capital markets. It was little more than two weeks ago that Paulson and Bernanke concluded that the economy was in such danger that a massive government intervention in the private markets was essential. In the moments before the vote, Rep. Barney Frank, a Democrat and chairman of the House Financial Services Committee, pledged “serious surgery” next year to address the underlying causes of the crisis. If anything, the economic news added to the sense of urgency. The Labour Department said initial claims for jobless benefits had increased last week to the highest level since the gloomy days after the 2001 terror attacks. The news of the payroll cuts came on top of Thursday’s Commerce Department report that factory orders in August plunged by 4%. Typifying arguments the problem no longer is just a Wall Street issue but also one for Main Street, lawmakers from California and Florida said their state governments were beginning to experience trouble borrowing funds for their own operations. Pelosi said, “We must win it for Mr. and Mrs. Jones on Main Street.” Source: Home - Livemint.com | 3 Oct 2008 | 7:18 pm Moving out, but still trust Bengal, says TataMumbai: Ratan Tata, chairman of Tata Motors Ltd announced at a press briefing that the company is abandoning its Singur plant that was to produce the world’s cheapest car after weeks of violent demonstrations triggered by a land dispute. The move will hamper the company’s plans to start selling the car, branded Nano, and Tata said he could not comment exactly when the car would now be launched. Tata would not say from where the vehicle would rollout first, although the company has previously said that its factory in Pantnagar in Uttarakhand would also produce the car. The governments of Gujarat, Karnataka, and Maharashtra have invited Tata Motors to house the factory to make the Tata Nano in their state.  It’s over: Ratan Tata announces the pull out of the small car factory from Singur, at a press conference in Kolkata on Friday. Ashok Bhaumik /PTI Shifting to a new site may hinder Tata’s challenge to Maruti Suzuki Ltd, maker of more than half the cars sold in India. “It’s a big setback for Tata Motors,” said Gaurav Lohia, an analyst at KR Choksey Shares and Securities Pvt. Ltd in Mumbai who has a “buy” rating on the stock. “I expect the production and rollout of the Nano to be slowing down.” “Taking all things into account, mainly the wellbeing of our employees, the safety of our contractors and, in fact, our vendors also, we’ve taken the very regretful decision to move the Tata Nano project out of West Bengal,” Tata said at the briefing. Apart from the Tata Nano plant, the facility at Singur near Kolkata also had a so-called “vendor’s park” for the company’s parts suppliers. Tata Motors had planned to make 250,000 cars at the Singur plant initially. It decided to set up the facility in West Bengal almost two years ago. The state government provided land for the project by acquiring it from farmers some of who allege that this was done forcibly. Matters came to a head recently, when work at the plant was nearly complete with Mamata Banerjee, leader of the Trinamool Congress, a rival of the ruling Left Front government in West Bengal and a long-time opponent of the plant, launching a protest just outside the factory. Several subsequent efforts to resolve the issue failed. “If someone had put the gun to my head I would not move away but I think Banerjee has pulled the trigger,” Tata said at the briefing. The West Bengal government had given around 1,000 acres for the Tata Motors plant and the vendors park. Banerjee wanted 400 acres to be returned. “We could never imagine that the main opposition party along with a few people would indulge in such narrow and destructive politics, which was responsible for the project moving out. Chief minister repeatedly told Tata that majority of people in West Bengal do not support this destructive politics and were in support of this project,” said Nirupam Sen, West Bengal’s commerce and industries minister. Shares of Tata Motors fell 2.7% to 330.5 before the announcement. They have declined 54% this year, compared with the 38% drop in the benchmark Sensex index of the Bombay Stock Exchange. Mint’s Aveek Datta and Romita Datta and AFP contributed to this story. Source: Home - Livemint.com | 3 Oct 2008 | 7:16 pm Into the darkLast week, I thought being let loose in Willy Wonka’s Chocolate Room would be bliss. Now, I’m not so sure. I’ve just spent an afternoon in European brand Barry Callebaut’s two-month-old Chocolate Academy in Mumbai, surrounded by chocolate. Inhaling its aroma and working with it left me pretty chocolate-satiated.  Temper the liquid chocolate for shine and shelf life. Abhijit Bhatlekar / Mint My first insight brought home the difference between a chocolate maker and a chocolatier. Barry Callebaut is a high-end chocolate maker—one who converts cacao beans into gourmet couverture, the raw, solid form of chocolate that goes into making chocolates and chocolate-based confectionery. And chocolatiers use this couverture to make the chocolates we love eating. The academy trains professional, semi-professional and aspiring chocolate confectioners to make premium confectionery, of course using and promoting Callebaut’s products. These include couverture, fillings, toppings, glazes and more. Insight two: Chocolate compound blocks (cooking chocolate), available at local grocers for as low as Rs80 per kg, are very different from couverture, which contains real cocoa butter. Next came the hands-on lesson in making filled chocolates— pouring 2kg of dark chocolate callets (pellets) into the melter to temper it (Callebaut’s basic couverture sells for Rs 600 per kg). Tempering crystallizes the fat into edible form. It requires temperature control, vigorous stirring, cooling, and reheating. Technical Adviser Abhiru Biswas, who conducted the lesson, explained that tempering gives chocolate a shiny look, decent shelf life and snap when you break it. Two hours later, the tempered chocolate was ready to be poured into moulds to create delicate chocolate shells. The shells were set to cool in special refrigerators at 11-12 degrees Celsius with 40% humidity. Biswas said good chocolate could be made even without fancy equipment. After that, my lesson turned theoretical, as the shells require 24 hours to cool before being filled. Heat and humidity spoil chocolate and we’re told never to refrigerate chocolates. So, what does one do in a country like India, where chocolate melts at room temperature? Biswas suggested putting chocolates in an airtight container in a cool, dark place— even an air-conditioned room— and never varying the temperature by more than 10 degrees Celsius at a time. No sticking that melted bar in the freezer! And, while chocolate experts don’t recommend this, you can place your chocolates in an airtight box and move it gradually from an air-conditioned room to a refrigerator. Take out only what you will eat, bring it to room temperature in an airtight container, and then consume. Through the afternoon, I tasted chocolates and desserts made at the academy, and sampled their single-origin couverture, made from cacao beans from Ecuador, Ghana and elsewhere. As I came away, I realized it’s a complicated chocolate world out there, with its own band of chocolate connoisseurs and snobs. The academy offers three courses: Basic: 1.5-2 days (Rs5,000); intermediate: 2-3 days (about Rs10,000); advanced: 2-3 days (about Rs10,000) Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:16 pm Metro set to face stringent conditions in West BengalKolkata: West Bengal is likely to set stringent conditions for Metro Cash and Carry India Pvt. Ltd—the India arm of German retailer Metro AG—to trade in farm produce in the state. Though the state government is yet to decide on all the conditions it will set, agriculture minister Naren De said the minimum purchase value for each item sold at Metro’s Kolkata outlet would be Rs5,000. This, he said, is aimed at preventing Metro competing with retailers. The German retailer, which runs four outlets in India, will not be allowed to buy farm produce directly from farmers in West Bengal. It would have to buy fruits and vegetables from markets regulated by the state’s agricultural marketing board. Retailers who would like to buy from Metro would also have to obtain licence from the board, De said. Metro has spent around Rs140 crore on setting up a 100,000 sq. ft outlet in Kolkata, but hasn’t opened the store for want of a licence from the government to trade in farm products. Chief minister Buddhadeb Bhattacharjee intervened to grant the licence, but the venture now seems to have run into another hurdle. Vishal Sehgal, Metro’s head for corporate relations, said no other state has imposed any restriction on its business. “There’s only one restriction—minimum billing amount has to be Rs1,000—but that’s self-imposed,” he said. Metro, which hasn’t been told about the conditions, wouldn’t comment till it received a formal communication from the government. “Once we know what they want, we will have to consider several things—business viability, legitimacy of the conditions, and so on,” Sehgal said. Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:15 pm Lights, camera, action: Bollywood strike is offMumbai: A strike that hit production in Bollywood was called off on Friday after unions and producers announced they had thrashed out a deal for better pay and working conditions at the world’s second biggest filmindustry. “The strike is over,” said Dinesh Chaturvedi, the head of the Federation of Western India Cine Employees, after four hours of talks with three bodies representing producers.  Back to business: The move will bring relief to TV production houses and broadcasters, including Jeetendra Kapoor of Balaji Telefilms. Abhijit Bhatlekar / Mint The dramatic finale to the tumultuous three days will see television and film production employees return to sets, including director Milap Milan Zaveri’s Jaane Kahan Se Aayi Hai!, starring Ritesh Deshmukh, which was one of the several to stall this week. It will also bring relief to television production houses and broadcasters, including Balaji Telefilms Ltd, and TV channels such as 9X, which had exhausted their banks of unaired episodes, and were preparing to broadcast repeats if the strike continued. More than 100,000 workers from actors and lighting technicians to camera operators and dancers in Bollywood’s Mumbai base had begun an indefinite “non-cooperation” strike on Wednesday against low wages, late pay and long hours. They had also complained of the use of non-union staff. Dheeraj Kumar, vice-president of the Film and Television Producers Guild of India, who has been negotiating with the strikers, described the agreement with the unions as “mutually settled arrangement”. “...And in this arrangement, there are certain points, which we have agreed,” he said, adding that the points agreed on by all parties include that only unionized workers would be hired, salary stipulations would be upheld, and the new agreement would take effect from now and not from an earlier date.” Kumar said a committee would also be formed to ensure grievances were dealt with immediately and make sure that all sides stick to the arrangement. The strike, the biggest of its kind in 50 years in Bollywood, is reminiscent of the recent Hollywood writers’ strike. Revenues for the Hindi film industry, which produces about 1,000 films a year, are tipped to increase to $3.9 billion (Rs18,291 crore) by 2012, from $1.9 billion last year, according to consultancy firm PricewaterhouseCoopers. AFP contributed to this story. Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:11 pm Now, Samsung hits bullseye with BindraNew Delhi: Abhinav Bindra, who got India its first individual Olympic gold medal this August, will now be brand ambassador for consumer goods firm Samsung India Electronics Pvt. Ltd, the company said on Friday. Advertisers are scrambling to cash in on Bindra’s success after he won gold in the men’s 10m air rifle event at the Beijing Olympics. State-run Steel Authority of India Ltd, India’s biggest steel maker, had earlier declared Bindra as its brand ambassador on 25 September. And that’s not all that Bindra, 26, will have on his plate. At least three new deals are likely to be made public in the next 10-15 days, his media manager said. “We do not want him to endorse a lot of brands at the same time, as he should be able to do justice to each one of them,” Sarabjit Duggal, president of B Formula Entertainment Corp., said, declining to name the other companies. “We are looking at banks, insurance companies and watch makers for endorsements,” he said. According to a person close to the deals, Bindra’s endorsement value could be anywhere between Rs2 crore and Rs4 crore. Bindra plans to open at least 500 schools across India to impart quality education and sports training. “A part of his endorsement fee will go into developing and nurturing young talent in this country by opening schools and supporting kids who cannot afford training,” Duggal said. Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:11 pm New Karnataka rule to affect MaharashtraBangalore: In a move that would impact wine makers in Maharashtra—India’s largest producer—and help local wine makers, Karnataka has notified a new excise rule that raises the price of wines from its larger neighbour. The new duty—Rs300 a bulk litre from Rs10 earlier—applies to all wines made outside of Karnataka and is seen by wine companies as a response to Maharashtra’s seven-year-old wine policy that exempts locally made wines from a 150% duty that all other wines have to pay. The two states and Goa are the only wine producers in the country. Maharashtra has more than 51 wineries located mostly in the Nashik and Sangli regions while Karnataka currently has two wineries. “The question is, do two wrongs make a right?” asked Abhay Kewadkar, business head (wines) at United Spirits Ltd, which sells Zinzi wine of its subsidiary Four Seasons Wines Ltd, based in Baramati in Maharashtra. “It could bring our sales plunging down and also hurt the consumer in Karnataka,” Rajeev Samant, chief executive officer of Nashik Vintners Pvt. Ltd, which produces Sula, had said in a phone interview in September. “But we do totally agree that Maharashtra also has very high duties on out-of-state wines.” On 22 September, the European Commission had raised a fresh dispute at the Geneva-based World Trade Organization (WTO) over trade barriers for wines and spirits in Indian states such as Maharashtra, Goa and Tamil Nadu that were inconsistent with WTO rules. India’s current per capita consumption of wine and beer is far below the global average, and foreign companies see an opportunity in the increasing market for these goods, primarily driven by higher incomes in an economy growing at nearly 8% annually. “We knew (imported) wine and spirits sales are going to dip immensely. Now, we have Karnataka to tackle,” said Arun Kumar, director of Aspri Spirits Pvt. Ltd, an importer and distributor of foreign liquor. According to Kumar, sales of wine, spirits and beer imported in bottles have just resumed in Maharashtra after coming to a standstill for more than two months because of confusion over duty. Sales of imported wines were estimated at 275,000 cases in 2007-08, he added. Around 1.3 million cases of wine are sold every year in India, compared with more than 150 million cases of spirits. Each case holds 12 bottles, each with 750ml. However, Karnataka hopes that the new rule, which pegs the licence fee for setting up a winery at Rs5,000 and that for starting a wine tavern at Rs1,000, will give a fillip to wine production in the state. “Eight new wineries are coming up (in Karnataka),” said L. Shanthakumari Sunder, Karnataka’s development commissioner, adding that the new rules would benefit the state’s farmers. Source: Home - Livemint.com | 3 Oct 2008 | 7:10 pm Cabinet hands out pre-poll bonanzasA higher income ceiling for the creamy layer among OBC reservations approved.Source: Business Standard | Front Page Headlines | 3 Oct 2008 | 7:07 pm Fat in the creamy layerIn an election season, are populist measures by government a surprise? They are not, but their brazenness certainly is. Among a slew of decisions taken by the Union cabinet on Friday, the decision to raise the income ceiling of the creamy layer for other backward classes (OBCs) from Rs2.5 lakh per year to Rs4.5 lakh stands out. What is its impact? It widens the net of OBCs who can avail benefits of reservation in Central educational institutions. But it does so in an iniquitous way. After this cabinet decision, chances are very high that richer and better-off OBCs will now capture the benefits meant for those who are poorly endowed. Clearly, social justice has little to do with this. It is also subversive, in a subtle way, of various judicial decisions that limit the scope of reservations. The trick is not to increase the percentage of reservation, but to redefine the criteria of reservation. The electoral arithmetic is clear, but its welfare impact is not. Source: Home - Livemint.com | 3 Oct 2008 | 7:07 pm Assets under management of MFs at 12-month lowMumbai: Assets under management, or AUM, of Indian mutual funds dipped to the lowest in a year in September, pulled down by the meltdown in stock market and a sudden liquidity crunch that saw firms and banks rushing to asset management companies and redeeming part of their investments to generate funds. The Sensex, India’s most tracked equity index, fell more than 11% in September to close at 12,860.43 on 30 September. The liquidity crunch was partly on account of advance tax outflow in September. Indian firms pay corporate tax before the end of every quarter in advance, in accordance with their profit estimates. According to data released by industry body Association of Mutual Funds of India, assets under management at the end of September stood at Rs5.29 trillion, a fall of 2.7% from a month ago. Also See Value Erosion (Graphic) AUM has seen erosion in value in six of the past 12 months but the outstanding assets under management have never dropped to this level since September 2007. During this time, Rs23,031 crore was mobilized through new equity funds, according to New Delhi-based mutual fund tracker Value Research. According to Jaideep Bhattacharya, chief marketing officer at UTI Asset Management Co. Ltd, India’s fourth largest fund house that manages Rs49,772 crore, there has been a “huge liquidity issue” and call money rates have shot up because of that. This forced banks to redeem their investments in funds. “Lots of corporates have also moved their money” to pay advance tax, said Bhattacharya. The interest rates on overnight interbank call money market touched 16% on 29 September, the highest since April 2007, as banks rushed to borrow from each other to tide over their temporary asset-liability mismatches. The overnight lending rate continued to spike throughout the month to reach 17.5% on 1 October as an estimated Rs40,000 crore that went into advance tax payments exited the system. The Reserve Bank of India has continuously extended liquidity support to the banks to help them tide over the liquidity crunch. Banks normally park their funds with short-term liquid funds. As the overnight call money rates rose, they redeemed those funds and lend money at higher rates. Certain liquid funds allow investors entry and exit on a daily basis. The liquidity crunch and the ensuing financial crisis worldwide has also impacted stock prices, which fell throughout the month, thus affecting AUMs, whose values are marked to market, an accounting practice of valuing a financial asset in accordance with its market price and not at the acquisition cost. In other words, if there is a substantial erosion in market value, AUM can go down even though there is no redemption pressure. The Sensex fell 36.6% from January through September as foreign institutional investors, or FIIs, pulled out their money from emerging markets to invest in safe havens such as gold and US treasury bills. After having been net buyers for the past several years, FIIs have pulled out more than $9 billion (Rs42,210 crore) from Indian stocks this year. In September alone, tracking the fall of US investment bank Lehman Brothers Holding Inc. and the bailout of institutions such as Freddie Mac, Fannie Mae and American Investment Group Inc., foreign investors withdrew Rs8,450 crore from the Indian market Although domestic institutional investors such as life insurers and mutual funds did buy stocks worth Rs9,212 crore in the month, it was not enough to support the Sensex. “Valuations are attractive...outlook remains uncertain at this time,” said Sandip Sabharwal, chief investment officer (equity) at JM Financial Asset Management Pvt. Ltd, which manages Rs10,446 crore. “Due to lack of clarity on foreign fund flows, it’s difficult to take a call (on market outlook).” According to fund trackers, people are not investing in mutual funds, especially in equity new fund offers. Investors pumped in about Rs300 crore during June-August through new fund offers in equity schemes compared with more than Rs15,000 crore in December and January at the height of the bull run, according to Value Research. “Sentiments are not good,” said Bhattacharya of UTI AMC. “I don’t see retail investors putting in lump sums. All equity money is through SIPs.” SIPs stand for systematic investment plans where investors normally invest a fixed sum on a monthly or quarterly basis. But anecdotal numbers provided by fund houses prove that these SIPs account for only a small portion of net inflows. For instance, Reliance Capital Asset Management Ltd, India’s top fund house that manages Rs86,494 crore, says only 1% of its inflows over the past three years came through SIPs. “Maybe, this is the beginning for bad times for the mutual funds business,” said Dhirendra Kumar, CEO of Value Research. “When markets don’t do well, people don’t get excited about mutual funds.” With equity markets losing its sheen, risk averse investors seem to be parking their money in banks. Interest rates on one-year term deposits of banks have gone up to around 10%. Even though it is less than the prevailing inflation rate and the interest earnings are subject to income tax, banks’ deposit portfolio has been swelling. The industry has seen 22.5% growth in deposit mobilization year-on-year. In absolute term, it works out to Rs6.25 trillion, more than the total AUM of the Indian mutual fund industry. Source: Home - Livemint.com | 3 Oct 2008 | 7:05 pm Bank-bailout plan wins US House nodThe US Congress passed a $700-billion financial-market bailout plan designed to unlock credit markets, reversing a rejection that sent global stock markets plunging and threatened to worsen anSource: Business Standard | Front Page Headlines | 3 Oct 2008 | 7:04 pm Centre plans special cabinet meet on Orissa flare-upNew Delhi: Reacting to global pressure and demands within the United Progressive Alliance (UPA) over the unabated violence against the Christian community in Orissa, the Union government is convening a special cabinet meeting to discuss the stepping up of its engagement in the state even as some Congress ministers wanted the region to be declared as a “disturbed area”. In a disturbed area the army would be vested with sweeping powers to enforce law and order. Pointing out that the Union government has already used provisions of Article 355 of the Constitution by sending strong advisories to the Naveen Patnaik-led government in Orissa, the Congress party warned that the Centre would not hesitate to act. “The government will not hesitate to use every constitutional and legal power available. When and how these powers will be used, will be decided by the cabinet,” Congress spokesman Abhishek Singhvi said. The meet will discuss a plan of action to end the violence in Kandhamal According to a person in the Union government, who is familiar with the developments but did not wish to be identified, Prime Minister Manmohan Singh, who returned from his trip to the US and France on Wednesday, broached the issue of violence against the minority community in Orissa in the cabinet. “He said India’s image has been badly tarnished because of the continuing violence against the community. He said it could not go on like this,” a minister, who did not want to be identified, said adding that some ministers, including railway minister Lalu Prasad, reiterated that Bajrang Dal should be banned. Congress ministers were conscious about the political fallout of the imposition of the President’s rule under Article 356. “The opposition will use it against us. We are considering other methods to put things under control. There is a view that the region, where the violence is continuing, can be declared as disturbed area,” the minister said. However, constitutional experts say that the Union government could declare a particular region as disturbed area only under emergency powers. “It is unlikely the Union government uses the emergency powers,” said an expert, who did not want to be quoted. Kamal Mitra Chenoy, a professor at the School of International Studies at the Jawaharlal Nehru University and who visited Kandhamal recently, said the Congress-led UPA had shown no “seriousness” in containing the violence. After issuing directives, the government should mobilize public opinion and political force to use Article 356, he added. Krishnamurthy Ramasubbu contributed to this story. Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:03 pm Tata drives Nano out of BengalThe decision has been prompted today because we do not see any change on the horizon: Ratan Tata.Source: Business Standard | Front Page Headlines | 3 Oct 2008 | 7:03 pm Travelling exhibit No 1Minty said: “We’re reaching Bangkok on Panchami (the fifth day of the Navratri). We’ll have the weekend to see the royal palace and the reclining Buddha, do the rounds of the Chatuchak market and catch a session of Muay Thai boxing, before moving on to Pattaya for some adult sport.” Chikoo screeched: “Eeeks, Pattaya is so year-before-last. Take it from me, that over-hyped Alcazar show is such a let-down. Even my grandmum wears less during her morning ablutions.” Chikoo paused for effect. Minty sneezed noisily into her handkerchief. “I’ll be spending this Pujo (Durga Puja) hols in the Swiss Alps,” said Bubbles. “I’m doing a travel story for our channel. I’ll take the train, cutting through the Eiger North Wall, past the Sea of Ice to Jungfraujoch, which, in case you didn’t know, is the highest railway station in Europe. I might even paraglide to Interlaken.”  Photo: Jayachandran / Mint I gave up. Looks like I am stuck in good old Kolkata this Durga Puja and the subsequent ones, till I get lucky enough to have an uncle parked next to the giant dunes of the Gobi desert or the boss decides to atone for years of repression by giving me a substantial raise. But then, why go to Lake Lucerne or Angkor Wat for the Puja vacation when half the world’s population of Bengalis is already there! Want to go shopping on Orchard Road in Singapore on Saptami (the seventh day)? You might as well take a stroll down Rashbehari Avenue. Planning a relaxed Navami (the ninth day) afternoon admiring Giacometti at the Guggenheim? There’s no way you could escape the drumbeats reverberating along the museum’s spiral ramp. You don’t really need to travel to New Jersey or Canberra to watch the non-resident Bengali, togged up in his translucent pinstripe-border dhoti and shot silk, kantha-embroidered angarkha, chucking flower petals at fibreglass idols and congratulating himself for not losing touch with his roots. In fact, even if you desperately wished to abjure the dhak (a percussion instrument similar to the dhol), choosing instead to be drowned by the deafening din of the Niagara, you would probably be brought back on planet earth with a shrill “Babu, ato kacche jeo na, thanda lege jaabe (Don’t go so close, dear, you will catch a cold)”. It’s difficult to hold the Bengali back in his hometown, during the extended Puja leave. Floods, communal clashes, explosives stashed away in lunch boxes on luggage racks in train compartments, 12.4% inflation—nothing dissuades the Bengali bitten by the travel bug. As soon as the sky peeps out between unpredictable but brief spells of rain—the colour of blue curaçao and vodka topped with crushed ice—and the slightly dirty-looking white plumes of kash phul(Kans grass) start appearing in clusters next to the chrome-and-glass buildings of the techno hub in Salt Lake’s Sector V, the Bengali’s peripatetic urge takes over. It’s in his genes; nurtured with sensitivity by travellers who came before him— travel writers Sanjeev Chandra Chattopadhyay, Prabodh Sanyal and Samaresh Basu, among hundreds of others, driven by an informed desire to seek out and connect with other cultures. There’s not much left to discover any more. Who has the time? Instead, the Bengali tourist himself, trying to touch down on as many attractions as he can at one go and at a bargain price, has turned into a walking-talking exhibit, wherever he goes. On a freezing January evening in sleepy Pelling, in West Sikkim, he would nearly throw the hotel manager out of the window if the TV set in his room did not show his favourite channel. In sizzling Pipli, Orissa, in July, he would threaten to go on hunger strike if he wasn’t served his plate of gorom bhaat (steaming rice). Shopping in Dubai, he would check out the entire range of Louis Vuitton bags before walking out of the store without buying. He would chatter loudly on his cellphone in the middle of an opera at East End, carve his girlfriend’s name on the pillars of Agra Fort and pose, typically, in front of the Leaning Tower of Pisa, pretending to push it into an upright position, gleefully oblivious of the aberrations closer home. That’s why I don’t like the idea of travelling during the Pujas. Besides, what’s the point, when you can see the world’s most visited tourist spots right here in Kolkata? From Aztec pyramids to crocodile-infested tropical rainforests to the Big Ben—you name it and the Puja designers recreate anything, cutting across cultures, continents and time, even a multispiked scaled-down stegosaurus from the Jurassic age, if you like. Care for a photo with the old girl? Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 3 Oct 2008 | 7:03 pm Tatas' decision to shift out Nano unfortunate: Left FrontWest Bengal's ruling Left Front (LF) Friday described the Tata Motors' decision to 'hurriedly' move its Nano car project out of West Bengal as 'unfortunate'.Source: IndiaeNews.com: Business News | 3 Oct 2008 | 7:01 pm Daiichi gets nod for Ranbaxy buyNew Delhi: Daiichi Sankyo Co. Ltd, Japan’s third largest drug maker, has obtained the Indian government’s approval to buy Ranbaxy Laboratories Ltd for as much as Rs19,700 crore ($4.2 billion), finance minister P. Chidambaram said. The Tokyo-based company’s plan to buy a controlling stake in India’s largest drug manufacturer was referred to the Union cabinet for review, as required by law, Chidambaram told reporters in New Delhi after a cabinet meeting on Friday. The Japanese firm had bid for control of Ranbaxy in June to enter the market for generic drugs, sales of which are growing almost twice as fast as that of branded medicines. Daiichi Sankyo, which aims to complete the transaction by March, still needs approval of the Reserve Bank of India, Shigemichi Kondo, a company spokesman, said on Friday. Ranbaxy rose as much as 9.2% to Rs274.70 before Chidambaram’s comments, the biggest intra-day gain since 16 July. The shares shed some of the gains to close at Rs263.85, up 4.83% from the previous close. The shares gained after the US government offered to withdraw a motion seeking to force the company to turn over audit reports. Daiichi Sankyo fell 2% to 2,665 yen (Rs1,199.25) at close in Tokyo, valuing the company at 1.89 trillion yen. The Japanese company agreed to buy the 34.8% holding owned by Ranbaxy’s chief executive officer, Malvinder Singh, and his family, and a portion of about $1 billion of preferential stock. Daiichi Sankyo also offered to buy 20% from other shareholders. feedback@livemint.com Kanoko Matsuyama in Tokyo contributed to this story. Source: Home - Livemint.com | 3 Oct 2008 | 7:01 pm Lodha dies in London; cases not important says BK BirlaKolkata: Rajendra Singh Lodha, 66, chairman of Birla Corp. Ltd who is fighting a court battle with some members of the extended Birla family over the estate of Priyamvada Birla, died in London following a heart attack. He was visiting B.K. Birla, head of the eponymous BK Birla group, in his flat in London. “It is a very big shock for us,” said Birla. “He (Lodha), and my son (the late) Aditya (Vikram Birla) were good friends. Our relationship goes back some 50 years.” Lodha, who was one the executors of Aditya Vikram Birla’s will, had named his first son after his friend. Second son Harsh Vardhan was with him at the time of his death. The relationship hit a rough patch in recent years after the death of Priyamvada Birla, widow of M.P. Birla.  Sudden demise: A file picture of R.S. Lodha, who died on Friday. Describing Lodha as “a good, nice, intelligent and hardworking man”, Birla said, “The (pending) court cases are not important any more.” He was referring to his family’s opposition to Priyamvada Birla’s will naming Lodha and his younger son Harsh Vardhan as her successor. In 2004, the Birla family had moved the Calcutta high court challenging the will. The will gave Lodha complete control of the MP Birla group, which has diverse business interests ranging from cement to cables. In 2004, it was valued at around Rs5,000 crore. Lodha, who was a chartered accountant by profession, had always been close to the Birla family. His firm Lodha and Co. was auditor of a large number of Birla companies, but he fell out with the Birlas after Priyamvada Birla bequeathed her estate to him. A bitter legal battle started between Lodha and the Birla family, which is pending in several courts in Kolkata and elsewhere. In the will, Priyamvada Birla had said Harsh Vardhan Lodha would inherit her estate after his father. Though the will, written and registered in 1999, has not been granted “probate” —or the stamp of authenticity by courts—the Lodha family is firmly in control of the M.P Birla group. After Priyamvada Birla died, Lodha had become chairman of the group. Lodha family’s lawyer Debanjan Mandal of Fox and Mandal could not be contacted because he was travelling. Lodha’s sons, too, could not be contacted. Lodha, who lived in Kolkata with his sons, has been an independent director on the board of State Bank of India, the country’s biggest bank. He was also a good friend of Lakshmi Niwas Mittal, and was on the board of the steel baron’s privately held companies. Source: Home - Livemint.com | 3 Oct 2008 | 6:58 pm Mukesh, other promoters in RIL exercise warrantsMumbai: Mukesh Ambani and other promoters of Reliance Industries Ltd (RIL), India’s most valuable company by market capitalization, have infused Rs16,824 crore in the oil refining and petrochemical manufacturer by converting their preferential warrants into shares. Chairman Ambani’s investment in his own company coincides with a global sell-off in the equity market, and its announcement came on Friday, a day when the stock fell to a 52-week low. The RIL stock has lost 38.88% since January. Also See Accounting Jugglery (Graphic) The announcement came couple of days after RIL’s filing to the Bombay Stock Exchange showed that promoter holding in the company had been pruned to 44.8% in the July-September quarter, because of a reclassification of its shareholders. “The amount (for the warrant conversion) has been raised by the promoter by diluting his stake in other privately held companies,” said a company spokesperson. Details of these transactions were not immediately available. Eight promoter companies were restructured as subsidiaries of Reliance Industries in the June-September quarter, said the RIL spokesperson. Subsidiary companies cannot have voting rights in the parent company and hence the shareholding had to be reclassified.  Raising stake: Mukesh Ambani’s investment in his own company coincides with a global sell-off in the equity market, and its announcement came on Friday, a day when the stock fell to a 52-week low. Abhijit Bhatlekar /Mint The shareholding, however, will climb back to 49.01% with the warrant conversions. For the quarter ended 30 June, the promoter group held 51.37%. An RIL posting on the latest shareholding pattern on the Bombay Stock Exchange website referred to the transferred equity as “shares held by ‘Subsidiary Companies’ on which no voting rights are exercisable.” “This is mere reclassification of some of the treasury stock that was till now included under promoter holding. That has now been shifted to (the category of) public holding,” said Sanjeev Prasad, sector analyst with Mumbai-based brokerage Kotak Securities Ltd. The shares held by eight subsidiary companies, with a total of 94,191,710 shares and 6.48% stake, are no longer shown under promoter’s holding. These are Reliance Chemicals Pvt. Ltd, Reliance Polyolefins Pvt. Ltd, Reliance Petroinvestments, Reliance Universal Enterprises Pvt. Ltd, Reliance Aromatics and Petrochemicals Pvt. Ltd, Reliance Energy and Project Development Pvt. Ltd, Reliance Nutraceuticals Pvt. Ltd and Reliance Pharmaceuticals (India) Pvt. Ltd. Another sector analyst with a Mumbai-based arm of a global brokerage called it a “mere accounting jugglery” that would “change nothing for practical purposes” but couldn’t think of a rationale behind such a move by RIL. This analyst didn’t wish to be named. On Friday, RIL shares plunged 7.67% to close at Rs1,760.95 each on BSE, recovering from a 52-week low of Rs1,745.10 in intra-day trading. The bellwether index Sensex, in which RIL has 14.52% weight, fell 4.05%. After conversion, the warrants will constitute 7.62% of the company’s equity. And after conversion, RIL’s promoters will exercise voting rights on 51.87% of the total equity, as they still control the treasury stock which is classified under public shareholding. The conversion of the 120 million warrants into equity shares of Rs10 face value was finalised in February 2007 at Rs1,402 per share—at a 12% premium to the then average weekly price of RIL stock. The conversion had an October deadline. At the time of the allotment of preferential warrants, Ambani had paid 10% of the entire amount and had to pay the remaining 90% to convert the warrants into shares. Equity warrants are used by promoters to raise their stake in the company at a future date. A warrant is a security that entitles the holder to buy stock of the company up to a specified time of 18 months at a specified price, which is usually higher than the stock price at the time of issue. Companies issue warrants to enhance the future value of their stock. According to RIL’s shareholding chart, foreign institutional investors reduced their stake in the company to 16.97% in the July-September period from 17.11% in the preceding quarter. Mutual funds slashed their exposure to 2.69% from 2.83% earlier. Insurance companies, on the contrary, increased their holding to 6.26% in the September quarter, up from 5.94% previously. Ashwin Ramarathinam contributed to this story. Source: Home - Livemint.com | 3 Oct 2008 | 6:57 pm Emami sweetens open offer for Zandu sharesKolkata: Personal care products maker Emami Ltd said on Friday it would pay Rs16,500 per share for 20% in Mumbai-based herbal health care firm Zandu Pharmaceutical Works Ltd—raising its offer for the second time in less than three weeks. On 15 September, Emami, which already owns 27.5% in Zandu, had raised its offer from Rs7,315 to Rs15,000 a share. Emami’s open offer for 20% of Zandu was triggered by its acquisition of a 24% stake from the Vaidya family, founders of the firm. If fully subscribed, the open offer would cost Emami Rs266.11 crore. The offer opened on 26 September and would close on 15 October. The decision to raise the offer price indicates that Emami has struck a deal with large shareholders of Zandu. Some 56 individuals own 21.5% of Zandu, according to the company’s filings with the stock exchanges. In addition, 274 companies—mostly privately held—own 34% of Zandu’s shares. “We expect shareholders to start making commitments now,” Emami chairman R.S. Agarwal told Mint, admitting that the offer price was raised based on feedback from Zandu’s shareholders. “Emami has always rewarded its shareholders handsomely, and we wanted to demonstrate that to shareholders of Zandu as well,” Agarwal said. Zandu’s shares jumped 4.63% on Friday to close at Rs15,960 on the Bombay Stock Exchange, or BSE, while the bellwether Sensex index fell 4%. Emami’s shares fell 4.7% to close at Rs273 on BSE. The management of Zandu, led by the Parikh family—co-founders of the company—are fighting to stave off Emami’s takeover bid. They ramped up their holding in Zandu to 20.19% by buying shares from the market and moved the Securities and Exchanges Board of India, or Sebi, and the Company Law Board, or CLB, challenging the acquisition. While Sebi cleared the open offer, CLB asked the two managements to resolve the dispute between themselves. Agarwal said discussions with the Parikh family had started. “The fight between us is over. Now we are now in a recovery period,” he said. Calls made to Girish Parikh, managing director of Zandu, weren’t answered or returned. Emami, according to its chairman, had offered to acquire the 20% stake owned by the Parikh family. Because they did not agree to sell out, Emami wanted representation on Zandu’s board. Emami opposed Zandu’s move to induct new directors on its board, but the latter couldn’t eventually hold its annual general meeting as a group of shareholders moved two courts and obtained an injunction. Source: Home - Livemint.com | 3 Oct 2008 | 6:32 pm Dutch govt buys Fortis Dutch activitiesBRUSSELS/AMSTERDAM (Reuters) - The Dutch government nationalised the banking and insurance activities of Fortis in the Netherlands on Friday after the troubled financial services company hit an acute cash crunch.Source: Reuters: Money News | 3 Oct 2008 | 5:52 pm Gujarat Industries to contribute Rs.500 mn to rural welfareShareholders of the state-owned Gujarat Industries and Power Co Ltd have empowered the company board to allocate up to Rs.500 million (Rs.50 crore or about $12.5 million) for social welfare or rural development projects this fiscal.Source: IndiaeNews.com: Business News | 3 Oct 2008 | 5:00 pm Emami revises offer price for Zandu shares once againEmami Ltd, the fast moving consumer goods major, Friday said it has revised the open offer price for purchasing 20 percent stake in Zandu Pharmaceutical to Rs.16,500 per share.Source: IndiaeNews.com: Business News | 3 Oct 2008 | 5:00 pm
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