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Steel prices to be cut by Octend: JSW SteelSajjan Jindal, Vice Chairman and MD, JSW Steel, said the company will postpone the commissioning of 3 MT smelter to December. He said steel prices are likely to be cut by Octoberend.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 5:57 pm DLF reschedules opening date of share buybackReal estate major, DLF will reschedule the opening date of its share buyback. It is still in process of complying with the observations of market regulator Sebi. The DLF share buyback was to open on October 15.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 5:45 pm Land prices to grow 1520% even as property prices dropExperts say that at least over the next five years, land will continue to give 1520% returns. That\'s higher than the current 10% returns from investment in housing. The location of the land will also determine the rate of returns.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 4:41 pm TCS inks deal with MEA to expedite passport processingThe country\'s largest software exporter TCS has signed a deal with the External Affairs Ministry for a project worth little over Rs 1,000 crore to ensure citizens get their travel documents in three days. A sixyear contract, TCS will set up 72 centres to accept passport applications and issue them.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 4:33 pm Auto players queue up to invest in GujaratThe destination for Nano, could well be the state where many investors are heading. After the arrival of the world\'s cheapest car the Gujarat government has been swamped with queries from various players across industries, who are keen to set up shop here.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 4:29 pm Tata Motors\' UK arm buys stake in Norway\'s Miljo GrenlandThe UK arm of Tata Motors has acquired a 50.3% stake in Norwaybased Miljo Grenland, reports CNBCTV18. The acquisition is valued at Rs 9.4 crore. Miljo will launch an electric version of Indica in 2009.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 2:56 pm Merrill raises $2.65-bn to invest in Asian real estateMerrill Lynch has raised USD 2.65 billion for its Asian Real Estate Opportunity Fund in committed capital from investors in North America, Europe, the middle East and Asia.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 12:44 pm Tata Sky eyes 8-mn subscribers by FY 12Tata Sky, a joint venture between the Tata Group and Star is eyeing an 8-million subscribers by FY 2012, a top company official said.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 12:44 pm General Motors India launches 'Tavera NE0 2'General Motors India on Tuesday launched the new 'Chevrolet Tavera NEO 2' Multi-Utility Vehicle (MUV) here.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 12:43 pm Crisil retains ratings on the debt, fixed deposits of ICICI - Zee News
Source: Google News India - Business | 14 Oct 2008 | 12:29 pm Kotak Mahindra wary on IT firmsSINGAPORE (Reuters) - The fund arm of India's Kotak Mahindra is looking to cut cash and go overweight on battered bank and infrastructure stocks, which it sees coming back into favour as inflation moderates.Source: Reuters: Money News | 14 Oct 2008 | 12:25 pm Infosys, Bharti to hold Wednesday news conferenceBANGALORE (Reuters) - Infosys Technologies, India's second-largest software-services exporter, and top mobile firm Bharti Airtel said they will hold a news conference at noon (0630 GMT) on Wednesday, but gave no further details.Source: Reuters: Money News | 14 Oct 2008 | 12:22 pm Amar Singh apprises PM of Singur farmers' difficulties - Times of India
Source: Google News India - Business | 14 Oct 2008 | 12:17 pm Bush says U.S. to inject capital into banksWASHINGTON (Reuters) - U.S. President George W. Bush said on Tuesday the U.S. government will directly inject capital into financial institutions to help thaw frozen credit markets, create jobs and fuel economic growth.Source: Reuters: Money News | 14 Oct 2008 | 12:17 pm POLL - Mid-cap cos Q2 profit hurt by rising costsMUMBAI (Reuters) - Many mid-cap companies may report a drop in July-September profit, hurt by rising costs and analysts see losses worsening in the coming quarters despite efforts to control expenses and production.Source: Reuters: Money News | 14 Oct 2008 | 12:14 pm LG plans to invest $50 mn; to hike prices after DiwaliNew Delhi: Consumer durables major LG Electronics plans to invest $50 million to enhance its manpower and research and development (R&D) in India by 2009, even as it prepares for another round of price hike by 3-5% after the ongoing festival season. “We want to deploy more R&D people, open learning centres to train people and enhance our manpower. So for we are planning to invest around $50 million in 2009,” LG Electronics India Managing Director Moon B Shin said. At present, the company has around 700 people in its R&D division and 3,700 employees at its plants in Pune and Greater Noida. The two plants have a total capacity of producing 5 lakh units annually, of which 70% are LCD monitors. Shin, however, did not specify how many people the firm was planning to hire for its R&D and manufacturing operations. Under pressure from rising input costs, the company plans another price hike for its products, specially the imported ones. “After Diwali, we will be studying our sales and profit structure and other cost factors. There are chances that we might increase prices of some of our products by three to five per cent. But our effort is to keep it as minimum as possible,” Shin said. “Prices of some our imported products like our high-end LCD TV, refrigerator and washing machines may go up. Though we also have our manufacturing facilities in the country, we still import a lot of the material and component from other countries,” he said. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 12:09 pm MMTC, Tata Steel in pact for miningMMTC has said it is entering into an alliance with the country's largest private steel producer Tata Steel (formerly TISCO) for undertaking mining activities.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 12:07 pm M&A activity slows down in Asia-PacificThe Asia Pacific region has witnessed the weakest trend in terms of merger and acquisition deal volume as well as value in the third quarter of this year.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 12:06 pm Subhash Projects forms JV, bags Rs 95.80 cr contract - Economic Times
Source: Google News India - Business | 14 Oct 2008 | 12:03 pm No communication from JetKingfisher: DGCAThe Directorate General of Civil Aviation has said it has yet to receive any formal communication from either Kingfisher Airlines or Jet Airways on the code sharing alliance.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 11:59 am Tata Motors acquires majority stake in Norwegian firmTata Motors on Tuesday said its UK subsidiary Tata Motors European Technical Centre Plc has acquired majority stake in Norwegian electric vehicle firm Miljo Grenland Innovasjon.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 11:55 am Mumbai, Delhi most competitive for businessMumbai and Delhi top the list of top 10 cities for doing business in India, according to a competitiveness index report prepared by the real estate-focused publication Realty Plus.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 11:55 am Very less to cheer about Jet, Kingfisher pactThe strategic alliance between two major players in Indian aviation - Jet Airways and Kingfisher Airlines - may neither mean lower fares for passengers nor bring cheer to their 19,000 employees.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 11:54 am BSE Sensex pares sharp early rise, ends up 1.5 pct - Reuters India
Source: Google News India - Business | 14 Oct 2008 | 11:53 am DLF to reschedule share buyback openingMUMBAI (Reuters) - DLF Ltd, said on Tuesday it would reschedule the opening of its 100-billion-rupee ($2.1 billion) share buyback to comply with some regulatory requirements.Source: Reuters: Money News | 14 Oct 2008 | 11:53 am 'Kingfisher-Jet alliance inevitable for survival'The alliance between India's leading private carriers Kingfisher Airlines and Jet Airways was "inevitable" for their survival and mutual growth, said Captain GR Gopinath.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 11:53 am BSE Sensex pares sharp early rise, ends up 1.5 pctBANGALORE (Reuters) – The BSE Sensex held gains of 1.5 percent on Tuesday, led by Reliance Industries, but investors were circumspect and watchful after a sharp rebound this week on concerted action across the world to rescue the financial sector.Source: Reuters: Money News | 14 Oct 2008 | 11:50 am Volvo Launches Multi-Axel Coach Luxury Buses - Oneindia
Source: Google News India - Business | 14 Oct 2008 | 11:49 am TDSAT adjourns hearing on COAI petition - Hindu Business Line
Source: Google News India - Business | 14 Oct 2008 | 11:48 am Ahluwalia pitches for lowering key rateThe Planning Commission suggested that the key rate at which RBI provides short-term liquidity to banks should be lowered.Source: Daily News & Analysis: Money News | 14 Oct 2008 | 11:43 am US to pump $250 bln into banks, economies struggleLONDON/TOKYO (Reuters) - The United States will pump $250 billion into its banks on Tuesday, following similar measures in Europe, but data showed the threat of recession has not been banished even if a financial sector meltdown has.Source: Reuters: Money News | 14 Oct 2008 | 11:36 am EC announces poll dates for 5 states, defers decision on J&KNew Delhi: The Election Commission of India, or EC, on Tuesday announced one-day polls in Rajasthan, Madhya Pradesh, Delhi and Mizoram and a two-phased election in Chhattisgarh, thus setting the stage for the general elections due next year. It, however, deferred a decision on holding assembly elections in Jammu and Kashmir, or J&K, which is under President’s rule. The polls will be held on 14 and 20 November in Chhattisgarh, on 25 November in Madhya Pradesh and Mizoram and on 29 November in Delhi. Rajasthan will go to polls on 4 December. Counting of votes in all these states will take place on 8 December. With the next Lok Sabha elections due sometime early next year, these assembly elections are expected to determine which way the wind blows. The EC, which announced the poll dates, however, didn’t indicate whether elections in J&K would be held before the expiry of President’s rule on 10 January. “We are yet to take a decision on Jammu and Kashmir. We are still assessing the situation there,” chief election commissioner N Gopalaswami said. Speculations are rife about differences among the election commissioners regarding polls in J&K. The Bharatiya Janata Party, or BJP, meanwhile, has demanded that elections in J&K be held at the earliest. “It is very intriguing since the Congress had earlier said it would go with whatever the EC decides and now one does not know whether elections here are not being held because of inadequate security or divisions within the EC. As for the other states, BJP welcomes the poll dates and is fully prepared for elections,” said BJP general secretary Arun Jaitely. The Congress also welcomed the announcement of poll dates and said it, too, was geared up for polls. “We welcome the announcement. We are fully prepared and would go the electorate with our achievements,” Congress spokesman Manish Tewari said. He also said it was up to the EC to decide whether or not the situation in J&K was conducive for holding elections. Elections in states like Rajasthan, Madhya Pradesh and Delhi are believed to be crucial since they have traditionally been two-party states with either the Congress or the BJP holding the reins. Mayawati’s Bahujan Samaj Party, or BSP, however, is expected to play the role of a significant third force for the first time--this time around. Incidentally, the BSP is the only party which has already named its candidates for the elections, unlike the Congress and BJP which are yet to come out with their list of candidates. The BSP has said it will contest from all assembly seats in these five states and has declared its candidates for 190 of a total 200 assembly constituencies in Rajasthan, 66 of Delhi’s 70 assembly seats and 62 of Madhya Pradesh’s 230. “The BSP is going to be a crucial factor in these elections and it will split the Congress’ votes. According to my calculations, in Delhi alone it will deprive the Congress of almost 17 seats. However, I do not believe that these elections will impact or determine the general elections since the issues at state and national elections are very different. Further, Lok Sabha elections are only in March and several things might change by then,” said Bidyut Chakrabarty, professor at the department of political science at Delhi University. These elections are particularly crucial for the Congress which saw the tide turn against it when it lost 12 state elections since it assumed power at the Centre in 2004, including key states such as Karnataka, Gujarat, Uttar Pradesh, Bihar, Jharkhand, Uttarakhand and Himachal Pradesh. Currently, while BJP rules Rajasthan, Madhya Pradesh and Chhattisgarh, Congress has been in power in Delhi for two terms and the Mizo National Front government is in power Mizoram. The model code of conduct for these elections, conveyed to all political parties, comes into force immediately. The EC has sent a revised list of instructions regarding elections to the ministry of home affairs, state chief secretaries and the chief electoral officers of states. Krishnamurthy Ramasubbu contributed to this story Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:33 am Digjam to retail Holland & Sherry in IndiaPTI New Delhi: Scotland-based premium fabric maker Holland & Sherry has entered into an agreement with the country’s leading suiting and casual wear player Digjam for retailing of its exclusive range in the Indian market. “Our fabric in India would be specifically tailored to the India market and customers and would consist of exclusive offerings of seasonal limited editions,” Holland & Sherry Director (Marketing and Sales) Malcolm Campbell told reporters here. The $72 million company is planning to introduce exclusive super-premium segment fabrics in the country including Escorial (of Merino wool), Monadh (Scottish Merino), Snowy River (from Australian wool) in the formal wear, casual wear and evening wear ranges. “We are beginning with the launch of our ‘Vicuna Aymara´ cloth which is made of ultra-free fleece from the Golden Vicuna species of the Andean mountains in Peru,” Campbell said. The collection will be retailed in the Indian market at Rs30 lakh per suit length. “Our offerings in India would be seasonally exclusive ones of limited editions and we will increase them with passage of time,” he said. Digjam would be Holland & Sherry’s exclusive retailer in India. “All Holland & Sherry ranges would be distributed through our premium end channel partners including our exclusive stores and independent retailers,” Digjam Vice Chairman Sidharth Birla said. He, however, refused to disclose the target volume and sales of the company. The new range would first be distributed in metros and other tier I cities, he added. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:26 am Oil rises more than $3 on banks rescueLONDON (Reuters) - Oil rose more than $3 on Tuesday, extending the previous session's 4 percent gain, as investors' confidence over government moves to shore up banks offset expectations of a global recession.Source: Reuters: Money News | 14 Oct 2008 | 11:23 am TCS inks deal with MEA to expedite passport processing - Moneycontrol.com
Source: Google News India - Business | 14 Oct 2008 | 11:22 am Special 14 Day Repo would help MF Industry: CII - Moneycontrol.com
Source: Google News India - Business | 14 Oct 2008 | 11:22 am Funds dry up to hurt mall developers: expertPTI New Delhi: The global financial crisis seems to have taken its toll on the country’s mall developers, many of whom are likely to shelve various projects. According to global real estate consultant Jones Lang LaSalle Meghraj, the mall developers are bearing the brunt of the global meltdown in terms of lack of funding for their projects. “The mall developer community has been impacted by the economic scenario and the lack of funding in the market. A fair number of projects will not see the light of the day, as funding has dried up,” global real estate consultant Jones Lang LaSalle Meghraj Managing Director (Retail) Shubhranshu Pani said. Nevertheless, this was an opportunity for long-term retail players to continue investing in retail projects, he said, adding retailers were not directly affected by the crisis as most of them were local players. “There has been very low-level impact of the global economic scenario on retailers. Retailers, who are currently operational in the country, are largely local players, and their operations continue to expand and grow,” Pani said. In the last three quarters, these players had been choosing to work with landlords, and apart from a few oversupplied market pockets in the country, there would not be any issue in leasing retail properties, he added. The market is worried about timely delivery of projects by developers to retailers as the delay would mean loss of seasonal inventory. “I see high growth in value-retail across markets. Supermarkets and hypermarkets will grow exponentially,” Pani said. With correction in real estate and growth on track, retailers’ expectations were becoming more realistic and their expansion plans more concrete, he added. Pani said developer community had gradually become more sympathetic to the compulsions and needs of retailers. “I see many developers beginning to show empathy and understanding of retailers’ concerns and issues with many opting for minimum guarantee and revenue share arrangement with retailers and sharing a bit of their risk,” he added. With delivery of projects remaining an issue, going forward, only serious developers interested in retail real estate were expected to be in the fray, he said. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:20 am N-power likely to go up by 200% by 2020: officialBy PTI Kochi: The country’s nuclear power generation capacity is likely to go up by 200% by 2020, owing largely to the civil nuclear cooperation that is being entered to with various countries, according to a top official of the Department of Atomic Energy. The Department had set a target of 20,000 MW power generation by 2020. But it was expected to touch 30,000-40,000 MW -- a 200% increase following the nuclear cooperation deals that India is signing with various countries which would help in international civil nuclear commerce, S K Malhotra, head, public awareness division, department of Atomic Energy, said. Speaking at the ‘Swasraya Bharath-08´, National self-reliance week celebration which began here today, Malhotra said, “the nuclear deal is not for receiving technological help but for international civil nuclear commerce.” Of the 17 nuclear power reactors in the country, 15 have been built by India. Though India is a world leader in thorium-based technology, the country unfortunately had a “meagre” source of uranium and there is need to “indulge” in commerce, he said. The self-reliant programme of the Atomic Energy Commission will continue, he said adding “we will buy nuclear power after ensuring that it is the cheapest, safest and the best option.” Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:20 am M&A activity slows down in Asia-Pacific regionBy PTI New Delhi: The Asia Pacific region has witnessed the weakest trend in terms of merger and acquisition deal volume as well as value in the third quarter of this year, with the M&A volume dipping to $111.65 million, half of the amount achieved this time last year, says a report. “The third quarter brought sharp declines for Asia- Pacific, both in deal numbers and values... the September quarters $111,65 million worth of deals was half the amount achieved this time last year, and by far the weakest result since the onset of the crisis,” global deal tracking firm Zephyr said. Japan was the most sought after nation with six of the top 20 deals targeted towards firms based in that country. Australia followed suit with five deals and China was in the third position with four deals. Of the top 20 deals, only one was from India. “India was not a popular target for high-value deals, and the $900 million minority stake taken in Swan Telecom by the UAE’s Emirates Telecommunications was the only transaction to feature in the top 20,” the report added. The oil and gas sector topped the table this quarter with ConocoPhillips $7,910 million purchase of 50% of Origin Energys coal and liquefied natural gas assets. The pending acquisition of GE Consumer Finance by Shinsei Bank came to a close second at $5,431 million. While, the $2,765-million purchase of another energy sector target, Senoko Power of Singapore was in third place. The September quarter was a bad quarter in monetary terms as the total PE deal value amounted to $2,155 million, down by two-thirds from the same quarter last year and 74% lower than in Q2 2008. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:19 am Ford (I) appoints Timothy Tucker as VP salesBy PTI New Delhi: Automaker Ford India announced the appointment of Timothy Tucker as its vice president, sales, to be based out of New Delhi. Prior to his India appointment, he served as managing director of Ford in Vietnam. He has held several senior management positions in North America, Asia, Europe, and the Middle East in the areas of sales, operations and marketing. In his new role, Tucker will report directly to Ford India executive director, marketing and sales, Nigel Wark. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 11:06 am India copper up on hopes of financial recovery, dlr - Reuters India
Source: Google News India - Business | 14 Oct 2008 | 10:59 am Former Fed chief says U.S. now in recessionSINGAPORE (Reuters) - Former U.S. Federal Reserve Chairman Paul Volcker said on Tuesday the U.S. housing sector faced more losses and the economy was in recession even as authorities moved to stabilise the financial system.Source: Reuters: Money News | 14 Oct 2008 | 10:58 am Govt to amend MMDR Act for competitive bidding coal blocksPTI New Delhi: Government is all set to introduce competitive bidding for allocation of coal blocks, a move that would benefit consuming industries like power and steel. “A bill will be introduced (in the coming session of Parliament) for amending the existing act so that coal blocks can be allocated through the process of competitive bidding,” Coal Secretary H C Gupta told PTI. The Minerals and Metals (Development and Regulation) Act 1957 governs the process of exploration, mining and allotment of coal and lignite blocks. The proposed bill seeks to amend this act. “The move would ensure more revenues to the state government, in addition to the royalty they get from the coal extracted from the blocks,” he said. At present, a screening committee under the coal ministry approves allotment of coal blocks for captive use to public and private companies, he said. However, state-run companies will have an edge over their private counterparts as they could also be given coal blocks outside the bidding process. “Though the government companies can participate in the process of competitive bidding, coal blocks can be given to them without being party to any such process,” he added. At present, around 190 coal blocks with an estimated reserves of 41 billion have been allocated to various private and state-run companies. Government will be allocating around 90-95 captive mining blocks this year, out of which 70-75 would be of coal. The total coal reserves in the country stands at about 257.3 billion tonnes, out of which proven reserves are estimated at around 94-95 billion tonnes. Domestic power and steel companies have been voicing for speedy allocation of coal blocks to meet their production targets in time. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 10:51 am Sensex ends day with 1.5% gainMumbai: India’s benchmark stock index rose 1.54% Tuesday, as optimism that government bailout plans in the US and Europe will heal the global financial system lifted markets across the region. After rallying more than 4% in the morning, the benchmark Sensex shed early gains to close up 174.31 points, or 1.54%, at 11,483. Information technology companies, which have been hard hit in recent weeks as investors fretted about their large exposure to U.S. financial services firms, led the rise. Infosys Technologies Ltd. rose 5.87%, while Satyam Computer Services Ltd. ended up 7.38%. ICICI Bank Ltd., the nation’s largest private bank, which has also been battered in recent weeks, rose 5.18%. Metals companies fell on concerns about softening global commodities prices and slack demand from China. Rajesh Jain, CEO of Pranav Securities, a Mumbai brokerage, said it’s too early to predict a bottom. Any bad news, he said, can send stocks reeling 5 to 10 percent. But, he said, once institutional buying kicks up again —which he believes may happen early next year — he believes India is well-positioned for a rebound. “The fundamentals of India are strong compared to the rest of the world,” he said. Source: Home - Livemint.com | 14 Oct 2008 | 10:48 am Govt to import 20 MT of coal in FY09PTI New Delhi: Government today said that it will import 20 million tonnes of coal in this financial year to meet the demand of the fuel. “Whenever there is coal shortage, we expedite the fuel imports,” Power Secretary Anil Razdan told reporters here adding “we would import 20 million tonnes of coal in FY’09”. “Punjab has reported coal shortage, we are looking into the matter,” he added. State-run power generator NTPC, which is the largest consumer of coal, is importing 8.2 million tonnes (MT) of fuel to overcome the coal shortage. The total annual coal requirement of the company for this year has been assessed at 125 MT. NTPC lost Rs94 crore in the current fiscal due to lower generation at various plants including Rihand, Vindhyachal, Farakka, Kahalgaon and Talher, as it faced a shortfall of 10-12 MT of coal a year. Company’s Chairman and Managing Director R S Sharma had written to the Power Ministry in July this year urging fast track measures to deal with the crisis. Power generation loss at various units due to coal shortage include 130 Million Units (MU) at Rihand, 49 MUs at Vindhyachal, 332 MUs at Farakka, 54 MUs at Kahagaon and 155 MUs at Talher plants of the company, Sharma wrote in the letter. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 10:42 am Centre expects Rs3 lakh crore investment in NE by 2020New Delhi: The Centre today said private sector investment proposal for the North-Eastern region has touched about Rs7,000 crore last fiscal and it expects the corporate investment to reach Rs3 lakh crore by 2020. Minister for Development of North Eastern Region Mani Shankar Aiyar said that the Centre invested Rs80,942 crore in the region in the 10th Five Year Plan and it plans to invest around Rs2 lakh crore in the 11th Plan period. Making a fervent appeal to the private sector to come forward in a big way to invest in the region, Aiyar said that the region’s GDP should grow over 10% to catch up with the rest of the country. “The North-East region’s GDP need to grow at an average of 10%, 13.67% and 16.37% in the 11th, 12th and 13th Five Year Plan periods respectively to catch up with the rest of the country,” he said, addressing a conference on investment in the North East. He said that massive investments both from the public and private sector to the tune of Rs14 lakh crore was required to bring the economy of the region in par with the national level. “Investment proposals received by all the eight states in the last four years amounts to Rs14,352 crore and going by this trend we could expect corporate investments of at least Rs2-3 lakh lakh crore by 2020,” the Minister said. However he identified as the single biggest lacuna the absence of adequate private sector investment in the region. “While public investments will create enabling environment for corporate investments, private investments will play a crucial role for development of the region,” he said. Source: LatestNews-Home - Livemint.com | 14 Oct 2008 | 10:40 am Rajvi Mohan brings alive 1950s' Rat Pack on Indian rampInspired by the golden boys and entertainers of the 1940s and 1950s a la American actor Dean Martin, debutante fashion designer Rajvi Mohan's men-centric collection - Rat Pack Nirvana - in desi style - set the stage for the inaugural spring-summer edition of the Delhi Fashion Week (DFW) here Tuesday.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 10:31 am Oracle India banks on small, medium firms for growthEnterprise information technology solution major Oracle India is banking on small enterprises to drive growth in the country, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 10:30 am Stage set for India's first civil aviation expoThe stage is set for India's first international exhibition and conference on civil aviation, India Aviation 2008, which is beginning here Wednesday.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 10:30 am Web18 Holdings exits JV with Ambit CorporateWeb18 Holdings (Cayman Islands) has exited a joint venture with Ambit Corporate Finance and erstwhile Centurion Bank of Punjab, in relation to securitiesbroking business.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 10:19 am RBI allows MFs to raise funds via pledge, buyback of CDsMumbai: The Reserve Bank of India (RBI) allowed the mutual funds to raise funds against the Certificate of Deposits (CDs), a move that will help the MFs tide over liquidity problems. “It has been decided to relax these (guidelines for issuance of CDs) restrictions on lending and buyback, for a period of 15 days, only in respect of CDs held by mutual funds,” RBI said in a notification. The decision follows the announcement of the RBI to enable banks and primary dealers raise Rs20,000 crore through repo route to help the mutual funds industry tide over the liquidity crisis and withstand the redemption pressure. RBI allows banks and financial institutions raise funds by issuing CDs to various entities including MFs for a period ranging from seven days to three years. Banks and financial institutions, however, are not allowed to grant loans against CDs or buyback CDs before maturity. In the backdrop of the redemption pressure being faced by the MF industry, RBI relaxed the CD guidelines allowing the MFs to seek loans against CDs or surrender them to be banks before maturity. The relaxation, RBI said, would be subject to the Sebi (Mutual Funds) Regulations according to which ‘a mutual fund shall not borrow except to meet temporary liquidity needs of the mutual funds for the purpose of repurchase, redemption of units or payment of interest or dividend to the unit holders.’ Source: Home - Livemint.com | 14 Oct 2008 | 10:14 am Tata Motors acquires majority stake in Norwegian co - Hindu Business Line
Source: Google News India - Business | 14 Oct 2008 | 9:57 am 18% financial products sold online in India: Google studyNew Delhi: Indian consumers are using the Internet for not just researching financial products but also purchasing them. A recent study indicates that while 18% of all financial products are sold online in India, 68% use the Internet to research for the same. The study was conducted by Google and implemented by the strategic market research firm, Media Screen, to gain a deeper understanding of the Indian consumer’s behaviour in the online space. Key findings * Online sources, personal sources and traditional media are used equally to research financial service products * 68% users go online to research products that interest them * Search engines (60%) and financial company websites (57%) are the online sources used most frequently for financial research * Among offline sources, 57% turn to friends or family and 52% use financial agents/ representatives for advice * Brochures/catalogues/ prospectuses are a consistent source of financial information, outperforming magazines, TV and direct mail * Google ranks number one in helpfulness when it comes to undertaking research for financial service products * 67% say search engines are very important for financial product research * 96% financial researchers use Google * Comparing costs and product details emerge as the two most common financial research activities. Indian consumers researching financial products online use search engines to help compare costs and compare product details and specifications * 30% use search engines to become aware of special rates/ promotions and access expert advice * Indian consumers exhibit specific behaviour before making a purchase decision for financial products * Overall, 18% financial products, 32% investments and credit 26% card applications are purchased online * Banking services researchers use TV more (41%) and are heavier users of search engines (69%) and portal sites (47%) * Credit card shoppers are more likely to use comparison shopping sites and to check their account balance when gathering information According to Sridhar Seshadri, business head, financial services, Google India, “The dependency of financial services on online marketing will grow dramatically over the next few years, with initiatives such as simple customer acquisitions, up-selling, cross-selling and major cost cutting initiatives from advertisers”. The study found that advertisers work in a tripartite arrangement with online advertising agencies and Google. Travel websites and jobsites dominate internet ad spends followed by financial services, media, entertainment and FMCG sector advertisers. Source: Tech News - Livemint.com | 14 Oct 2008 | 9:44 am Larsen and Toubro to foray into Brazil by 2009Larsen and Toubro Ltd (L and amp;T), India's largest engineering and construction conglomerate, will enter Brazil and South Africa by early next year.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 9:33 am Execution of Nano car project to begin next monthThe foundation stone for the Tata's Nano car project at Sanand near Ahmedabad will be laid Nov 3.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 9:30 am Reliance Money buys 15 percent stake in Hong Kong ExchangeThe Anil Dhirubhai Ambani Group-promoted Reliance Money has acquired 15 percent stake in Hong Kong Mercantile Exchange (HKMEx), a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 9:30 am Bailed-out Fortis to relist sharesBrussels (Belgium): Fortis, which was forced to sell its main business to the Belgian, Dutch and Luxembourg governments, said it will start trading its shares again on 14 October as a stripped-down insurer. Shares of Fortis, once the biggest Belgian and Dutch bank, have been suspended for a week after dropping about 90% since the start of the year. That happened on fears that it could not get credit on frozen markets to cover the debt it built up buying part of Dutch bank ABN Amro. It sought state rescue, with the three governments agreeing first to partly nationalize the bank and then to split it, with the Dutch government taking control of its Dutch operations, and Belgium and Luxembourg selling most of the bank’s activities to France’s BNP Paribas, the largest euro-zone bank by assets. Some 7,000 Fortis shareholders have signed up to a campaign to sue the company’s management for allegedly misleading them and agreeing to the sale without consulting them. They will take a case to the Amsterdam commercial courts that could block or delay the bailout plan. Fortis said in a statement Tuesday that it had “undergone a complete metamorphosis” after it was stripped of its Dutch and Belgian banking and insurance businesses as part of the state bailout. It said it would seek to delay publishing third quarter results—originally due on 3 November—warning that unraveling its new situation “cannot be done in a few days.” “Fortis, like many financial institutions, has been confronted with a systemic financial crisis of ever-growing, unparalleled proportions,” the company said, defending the sale of its core business as the only way to ensure they could continue to function. Source: World Business - Livemint.com | 14 Oct 2008 | 9:07 am Hyderabad ready for take-off of air showOnce busy and now-abandoned Begumpet International Airport here is once again aflutter with activity as it gets ready to secure cabin doors and takeoff with a major civil aviation expo - India Aviation 08 - from Wednesday.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 9:00 am RBI eases bank lending rules for fundsMUMBAI (Reuters) – The Reserve Bank of India (RBI) on Tuesday said it would allow Indian commercial banks to accept as collateral certificate of deposits (CDs) held by mutual funds for the next 15 days.Source: Reuters: Money News | 14 Oct 2008 | 8:54 am Ranbaxy seeks nod for human clinical trials for new drugRanbaxy Laboratories Ltd announced on Monday that it has submitted an Investigational New Drug (IND) application to the Drug Controller General of India seeking permission to initiate PhaseI human clinical trials for a respiratory inflammation drug.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 8:50 am Andhra Pradesh Paper on expansion modeThe Andhra Pradesh Paper Mills Ltd, part of the Kolkatabased LN Bangur Group, is in the process of implementing its Rs 291crore expansion plan at the Rajahmundry unit in the State.Source: Moneycontrol Top Headlines | 14 Oct 2008 | 8:46 am Indian equities rule strong on positive signalsAfter opening strong, Indian shares continued to trade in the green Monday, as the central bank decided to release Rs.200 billion ($4.18 billion) to help the mutual fund industry and Finance Minister P. Chidambaram hoped optimism will continue to prevail among investors.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 8:32 am Digital library to help preserve SAARC’s intellectual wealthPTI Allahabad: Even as recession in the developed world casts a shadow on India’s IT exports, the country is making a mark with it being entrusted with setting up a digital library to preserve the intellectual wealth of neighbouring SAARC countries. As a significant step in this direction, India has agreed to a project for developing a digital library of literary, scientific and other important works of SAARC member countries. “We have been given the responsibility of developing the digital library following a consensus among SAARC member states for promotion of educational and cultural exchange,” Director of the Indian Institute of Information Technology-Allahabad, (IIIT-A), M D Tiwari told PTI. “The IIIT-A was chosen as the resource institution for the project at a high-level meeting held in New Delhi in which the ministries of External Affairs, Information Technology and Human Resource Development discussed the modalities for making the SAARC digital library a reality,” Tiwari said. He said the project was likely to cost a modest Rs four crore, “much is less than the expenditure incurred in ASEAN digital library, on which we had begun work much earlier”. “Our earlier project targeting the Association of South East Asian Nations has equipped us with enough know-how which we expect to put to use in making the latest venture more cost-effective”, the III-A Director said. Source: Tech News - Livemint.com | 14 Oct 2008 | 8:18 am UAE pumps $19 bln emergency funds into banksDubai: The United Arab Emirates will pump 70 billion dirhams ($19 billion) of emergency funding into the banking sector, the state news agency said on Tuesday, but it left bankers guessing about how the new facility would operate. The new funds would bring to 120 billion dirhams ($32.67 billion) the amount the UAE has devoted to its banking sector to fend off the credit crisis after the UAE central bank created a 50 billion dirham lending facility last month. The UAE prime minister ordered the transfer of funds to the finance ministry to pump into the banking sector to protect against global volatility, state news agency WAM said. But details of the new facility had not yet reached commercial banks, one treasurer at a major UAE bank said. The UAE central bank declined to comment and a spokesman for the finance ministry was not immediately available. If the government places new funds as deposits with banks, it will ease funding tensions and help relax borrowing conditions that threaten to choke off a five-year economic boom in the Arab peninsula, he said. But if the funds are merely meant to augment the existing 50-billion-dirham borrowing window, it is unlikely to have any impact, he said. “If there is actual cash coming into the market, we’ll see the interbank market settling down,” he said. “If it doesn’t come in ... in that case, actual lending and borrowing in the interbank market will not improve.” The ruler of Dubai and UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum ordered the central bank and the finance ministry to devise a system by which to pump the new liquidity into the financial sector, WAM said. It gave no more details about how the new facility would work. Source: Home - Livemint.com | 14 Oct 2008 | 8:17 am India's central bank moves to free another $200 bnA day after asking commercial banks not to withhold credit to the corporate sector, especially small firms, the Reserve Bank of India (RBI) Tuesday said another Rs.200 billion ($4.18 billion) would be released for the needs of mutual funds.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 8:03 am RBI governor meets prime minister later TuesdayPrime Minister Manmohan Singh will hold deliberations with Reserve Bank of India (RBI) Governor D. Subbarao later Tuesday on steps to cushion India from the ongoing global financial crisis and to ease liquidity in the system.Source: IndiaeNews.com: Business News | 14 Oct 2008 | 8:02 am Petrol, diesel prices to be cut if crude falls to $61 a barrelPTI New Delhi: India’s crude oil import price has dropped to the year’s lowest but a cut in petrol and diesel price may happen only if crude falls to $61 per barrel as rupee depreciation has partly offset the gains. Oil firms were supposed to break-even on sale of petrol, diesel, LPG and kerosene if the price of the basket of crude India buys were to come down to $67 per barrel. However, with 20% depreciation in value of rupee against the US dollar, the break-even point is now at $61 a barrel. “The benefit of softening of the international oil prices has been partly offset by the recent depreciation of the rupee,” a Petroleum Ministry official said. Indian Oil, Hindustan Petroleum and Bharat Petroleum are losing about Rs350 crore per day on fuel sales. “The domestic retail prices at the time of revision in prices in June were equivalent to Indian basket of crude oil of $66 per barrel. With the recent depreciation of rupee against US dollar, the current retail prices now correspond to $61 per barrel of Indian basket of crude oil,” he said. The Indian basket of crude oil yesterday fell to $72.20 per barrel, the lowest level this year. It has averaged $79.70 a barrel in October. The three firms are losing Rs4.68 per litre on sales of petrol, Rs11.48 on diesel, Rs28.07 on kerosene and Rs322.14 per LPG cylinder and are projected to lose Rs1,62,158 crore on fuel sales this fiscal. “International prices of crude oil and petroleum products are still higher than the prices at which current retail prices are fixed and so there is no valid reason for downward revision in retail prices,” he said. Source: Home - Livemint.com | 14 Oct 2008 | 7:21 am Reliance Money buys stake in HK commodity exchangeReuters Mumbai: A unit of Reliance Capital said on Tuesday it had bought a 15% stake in Hong Kong Mercantile Exchange for an undisclosed sum to become the second largest shareholder in the commodity exchange. Hong Mercantile Exchange plans to start trading in the first quarter of 2009 by offering dollar-denominated oil contracts, Reliance Money, the broking arm of Reliance Capital, said in a statement. “We believe that our deal will help us capitalise on the growing demand for commodities in this region,” said Sudip Bandyopadhyay, chief executive of Reliance Money. The Indian firm owns 10% of the smallest Indian commodity derivatives exchange and has sought government approval to buy another 16%. Source: Home - Livemint.com | 14 Oct 2008 | 7:01 am MMTC may import 23% more gold in 08-09New Delhi: India’s state-run trading firm MMTC Ltd aims to import 23% more gold in 2008-09, with global financial turmoil expected to spur demand for investment. India is the world’s largest gold consumer, and saw investment demand jump 10% to 215.4 tonnes in calendar 2007, according to the World Gold Council. “Our imports this year will be more than 150 tonnes, and it could even touch 180 tonnes,” chairman and managing director Sanjiv Batra told Reuters late on Monday. “The price of gold is bound to go up in the long term, therefore people will hedge by investing in it,” said Batra, who in May expected imports to reach 140 tonnes in the year to March from 122 tonnes last year. Indian shares rose around 4% on Tuesday to track gains in overseas markets after government across the world unveiled measures to restore confidence in the troubled financial system, but doubts remained about the strength of the rise. Volatile shares boost gold’s appeal as an alternative investment to bonds, stocks and currencies. India’s central bank has battled hard over the past week to shore up the rupee in the face of sustained dollar buying by foreign funds. “If your stock market and currency are volatile, people will go in for gold,” Batra said. Despite volatile gold prices, MMTC was confident about securing enough bullion to meet demand from customers as suppliers avoided dealing with private dealers, who may be facing cash flow problems due to the global liquidity crunch, he said. Sales during the first six months of the fiscal year, until September, were roughly equal to last year’s imports of 122 tonnes and could pick up in coming months, he said. By 0513 GMT, gold was at $843.85 an ounce, up $13.05 from the New York notional close, having hit an intraday high of $850 an ounce. It had dropped to $821 on Monday, its weakest since 3 October. Gold, which struck a record at $1,030.80 in March, traded hit a two-month high of $931 on Friday on a weak dollar before tumbling to $823.50 as investors sought cash to cover margin calls from losses in equities. Gold can be bought as investment in the form of coins and small bars, gold certificates, gold-backed securities or gold-oriented funds, in which investors can buy shares of mining companies. Source: Home - Livemint.com | 14 Oct 2008 | 6:59 am RBI to pump in Rs20,000 cr to help MFs meet redemption needsPTI Mumbai: The Reserve Bank today decided to inject Rs20,000 crore through short-term lending route to help the mutual funds meet their liquidity needs and overcome redemption pressure. “RBI has decided to conduct a special 14-day repo at 9% per annum for Rs20,000 crore today with a view to enabling banks to meet the liquidity requirement of mutual funds,” the central bank said in a release. The decision will help the mutual fund industry to meet redemption pressure following the credit crisis in the financial sector. Meanwhile, Finance Minister P Chidambaram while welcoming the decision by RBI said it was taken in view of the liquidity stress being faced by some mutual funds. The mutual fund industry informed Chidambaram that they would provide certificates of deposits as collateral for borrowings from banks. Some mutual funds faced stress on liquidity due to redemption in debt instruments and money market instruments, the minister said that this was brought to the government’s notice only last night and welcomed RBI’s swift action to address it. The decision was taken after SEBI Chairman C B Bhave and RBI Deputy Governors met this morning that was followed by a meeting involving key players in the asset management industry. The mutual fund industry witnessed nearly 3% drop in its assets under management in September. The combined average assets under management (AUM) of the 35 fund houses in the country dropped to Rs5,29,121.76 crore at the end of September from Rs5,44,173.96 crore in August. As part of liquidity infusion exercise, RBI last week, slashed the mandatory cash deposits requirement of banks by 150 basis points to 7.5% to infuse liquidity to the tune of Rs60,000 crore in the cash-strapped banking system. To encourage inflow the government widened the External Commercial Borrowing window by including mining and petroleum in the infrastructure sector, thereby enabling them to borrow $500 million from the overseas market. Besides, the government has set up a high powered committee headed by the Finance Secretary to assess the liquidity situation and suggest means to improve cash flow. The liquidity panel is required to submit its interim report within this week. Source: Home - Livemint.com | 14 Oct 2008 | 6:44 am LG Display Q3 profit drops 44% on weaker demandReuters Seoul: Flat screen maker LG Display Co Ltd reported a 44% fall in its quarterly net profit on Tuesday as a global financial crisis hits consumer demand and falling panel prices force makers to cut output. LG Display, the world’s No. 2 LCD maker, posted a 295 billion won ($244.1 million) net profit in the third quarter to 30 September, compared with 524 billion won earned in the year-earlier period and a 759 billion won profit in the April-June quarter. The result came well above a forecast for 191.5 billion won from eight analysts surveyed by Reuters. The outlook for liquid crystal display (LCD) makers is seen bleak as the global downturn spreads, hitting demand for screens for large flat TVs and new personal computers. South Korea-based LG Display, which trails local rival Samsung Electronics Co Ltd but ranks ahead of Taiwan’s AU Optronics Corp, is likely to post losses in the coming quarters as output cuts in the past months did little to spur demand, analysts said. Source: World Business - Livemint.com | 14 Oct 2008 | 6:37 am Jet, Kingfisher surges 17% in morning tradePTI Mumbai: Shares of Jet Airways and Kingfisher Airlines today surged as much as 17% on the Bombay Stock Exchange, a day after the private carriers announced an alliance to meet the challenges of downturn in the aero-space. Jet Airways opened at Rs315, touched an intra-day high of Rs340, up 17.24% over previous close. Over 48,000 shares changed hands on the BSE. The scrip, which touched a 52-week low of Rs255 yesterday, gained momentum today after both the airlines joined hands for sharing of their network and resources. Yesterday, both Naresh Goyal of Jet and Vijay Mallya of Kingfisher said that the alliance was in tune with the global practice of reducing killing costs and clarified that there was no equity involvement. “Both the parties recognise economic realities and benefits of the alliance... it is a meeting of both mind and heart,” Mallya said. Further, Kingfisher Airlines surged 16.85% to touch an intra-day high of Rs60. The scrip had opened firm at Rs54 and over 2.16 lakh shares changed hands on the BSE. The alliance would bring the two airlines, which account for nearly 60% of market share, to work together on seven fronts, including route and code sharing as also sharing of crew, a move that would help them cut exorbitant cost that had been putting enormous pressures for the last 4-6 years. Similar movements were witnessed on the National Stock Exchange where Jet Airways opened at Rs300, touched a high of Rs344.40 and over 97,000 shares got traded. Meanwhile Kingfisher opened at Rs54.50, and touched a high of Rs60 and over 6.78 lakh shares changed hands on NSE. Shares of Jet Airways were later trading at Rs318, up 9.66%, while Kingfisher was up 9.06% at Rs56 in the early morning trade on the BSE. Source: Home - Livemint.com | 14 Oct 2008 | 5:54 am Update: Oil rises to above US$83 as financial panic eases at 1115 hrsAP Singapore: Oil prices rose above US$83 a barrel on Tuesday in Asia as panic selling over a global financial crisis eased after the U.S. and Europe pledged to pump capital into ailing banks. Light, sweet crude for November delivery was up US$2.38 to US$83.57 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose overnight $3.49 to settle at $81.19. Investors have cheered signs that the U.S. and European governments plan to inject capital into major banks. Tokyo’s benchmark Nikkei 225 index jumped 13 percent Tuesday after the Dow Jones industrial average on Monday gained more than 11 percent, its biggest one-day rally since 1933. “There’s some confidence from Western governments buying stakes in banks, and the financial panic seems to have subsided a little,” said Jonathan Kornafel, Asia director for market maker Hudson Capital Energy in Singapore. “Crude oil certainly overshot on the downside.” Oil fell to a 13-month low on Friday, settling at US$77.70. Crude is down 44% since reaching a peak in mid-July. The U.S. plans to spend an initial $250 billion of a $700 billion bailout buying stock in private banks, industry and government officials said Monday night. President George W. Bush planned to announce the details later Tuesday. That followed signals that European governments were putting up about $2 trillion to safeguard their own banks. Although the massive rescue plans boosted short-term sentiment, the scale of the bailout underscores the current weakness of the global financial system and the likelihood of a prolonged economic downturn, Kornafel said. “I think we’re only seeing the beginning of demand destruction,” Kornafel said. “Once the problems in the banking sector are straightened out, we’re going to have to deal with the longer term problem of how this is going to trickle down to the world economy and demand for oil.” Oil prices will likely fluctuate between US$70 and US$90 until the world economy begins to grow again in 2009 or 2010, Kornafel said. Other analysts are revising down forecasts. Goldman Sachs on Monday cut its year-end crude price forecast from US$115 a barrel to US$70. In other Nymex trading, heating oil futures rose 3.84 cents to US$2.38 a gallon, while gasoline prices gained 5.29 cents to US$1.97 a gallon. Natural gas for November delivery rose 10.1 cents to US$6.79 per 1,000 cubic feet (28 cubic meters). In London, November Brent crude rose US$1.92 to US$79.38 a barrel on the ICE Futures exchange. Source: Home - Livemint.com | 14 Oct 2008 | 5:47 am Russian President signs decree to insure bank depositsMoscow: As part of the government’s efforts to boost confidence in the country’s banking system, Russian President Dmitry Medvedev has signed a bill on insurance of bank deposits, earlier approved by the parliament. Under the law, which will be retroactive from 1 October the maximum guaranteed amount has been increased to 700,000 roubles ($26,800) from the current 200,000 roubles, according to the Kremlin. Earlier, Prime Minister Vladimir Putin had said that over 80% bank deposits in the country are below 700,000 and the government is ready to fully repay the losses within days to depositors if their bank collapses. Speaking in Kyrgyz capital Bishkek last week Medvedev underscored that Russia had taken sufficient measures to shore up the domestic financial market on the backdrop of the ongoing global credit crunch. Under the anti-crisis package signed into law by Medvedev last night Central Bank and the government are to pump $150 billion in to the financial system, while the finance ministry has already made available about $180 billion worth of liquidity from the budget surplus. In a major departure from the stated policy, country’s antitrust watchdog said the government’s foreign investment commission had permitted domestic banks to conduct mergers and acquisitions with foreign investors and banks without seeking the commission’s approval. Source: Home - Livemint.com | 14 Oct 2008 | 5:40 am TCS bags Rs 1,000-cr Passport Seva ProjectNew Delhi, Oct.13 In a move aimed at ending the serpentine queues and the long wait in issue of passport, the Government, on Monday, awarded the Rs 1,000-crore ‘Passport Seva Project’ contract, entailing digitisation of the entireSource: Business Line - Home Page | 14 Oct 2008 | 12:00 am Call rates drop below 10% as CRR cut brings cheer to money marketMumbai, Oct. 13 The inter-bank call rates came down below 10 per cent on Monday from the high of 22 per cent on Friday, as the liquidity condition eased with Rs 60,000 crore of funds coming into the system, post the 150 basis points cut in CRR.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Kingfisher, Jet hold talks, may forge operational allianceMumbai, Oct. 13 Aviation majors Kingfisher Airlines and Jet Airways seem poised to forge an operational alliance to fly through turbulent times, caused by rising crude prices, input costs and declining passenger numbers.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Day Trading GuideInitiate fresh long-position if the stock exceeds Rs 455, with tight stop-loss.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Not all defensive stocks were safeIt a well-known fact that defensive stocks from sectors such as fast-moving consumer goods and pharma tend to register lower declines in times of market turmoil. But do you know that only those defensives that did not run up in 2007 have held upSource: Business Line - Home Page | 14 Oct 2008 | 12:00 am All-round growth drives Axis Bank Q2 net up 77%Hyderabad, Oct. 13 At a time when every bank is looking at the others with suspicion, in the backdrop of the liquidity crunch and global financial crises, Axis Bank flagged off this results season with an impressive performance on all parameters.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Sensex surges 781 points even as FIIs remain net sellersMumbai Oct. 13 Domestic stocks bounced back on Monday aided by heavy short covering as governments worldwide stepped up measures to increase liquidity in the world economy.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Continue lending to SMEs, RBI tells banksMumbai, Oct. 13 The Reserve Bank of India on Monday asked banks not to defer disbursement of working capital to small and medium enterprises.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am Banish fear: ChidambaramThe Finance Minister, Mr P. Chidambaram's promise of more measures to infuse liquidity coupled with his advice that there was no reason at all for investors to act in haste or to give room for panic helped lift the benchmark Sensex by 781 points onSource: Business Line - Home Page | 14 Oct 2008 | 12:00 am Indian Hotels Company (Rs 59.95): BuyWe recommend a buy in Indian Hotels Company from a short-term horizon. It is clearly evident from the charts of the company that it has been on long-term downtrend from it January peak of Rs 163, forming lower peaks and lower troughs.Source: Business Line - Home Page | 14 Oct 2008 | 12:00 am ONGC, GSPC to get higher price of gas!State-run Oil and Natural Gas Corp and Gujarat State Petroleum Corp are likely to fetch a minimum of 20 percent premium over the USD 4.2 per million unit price fixed for Reliance Industries` gas field.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Markets soar, Sensex regains 11k level!Stock markets on Monday surged with benchmark Sensex posting 780 points to regain 11,000 points after Finance Minister P Chimabaram`s promising remarks just before the opening of bourses.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Financial crisis may hit FDI inflows: Nath!Downplaying the impact of the global meltdown, Commerce and Industry Minister Kamal Nath on Monday exuded confidence that exports would continue to grow by 30 percent even this month, though the financial crisis may slow down FDI inflows.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Special team to be formed to investigate ICICI complaint!A special team will be formed by the city police to investigate the complaint filed by ICICI bank against a bear cartel of brokers who allegedly influenced the stock price of the bank through rumours.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Oct could be a vital month: World Bank!World Bank on Monday cautioned that October could be a "tipping point" to many developing economies which could face the pressure of a decelerating exports, capital exports and investments.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Emerging nations did not cause crisis but will suffer consequences: India!India has demanded concerted global effort to deal with the great financial turmoil across the world and a greater say for the developing and emerging economies in international financial institutions.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Axis Bank Q2 net goes up by 77% !A robust growth in low-cost deposits and fee-based income has helped leading private- sector lender Axis Bank to clock a 76.8 percent growth in its net profits for the quarter ended September 30.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm Gold falls by Rs 50 to Rs 13,410 per 10 gram on reduced offtake!Gold prices fell by Rs 50 to Rs 13,410 per 10 gram on the bullion market on Monday on reduced offtake amid fresh selling by investors who rushed to the equity markets after stocks surged on Finance Minister P Chidambaram`s promising remarks.Source: Zee News : Business | 13 Oct 2008 | 11:54 pm NComputing lands large PC deal in IndiaSeattle: A Silicon Valley company is claiming a major victory in its efforts to sell computers to schools that might otherwise be enticed by low-cost laptops such as the green-and-white XO from One Laptop Per Child or ’s Classmate PC.Intel Corp. NComputing Inc. said on Monday it would be providing computers in 5,000 schools in Andhra Pradesh. Because of the particulars of NComputing’s system, the company says 1.8 million students will have access to the machines to learn computing skills and productivity software. Redwood City, California-based NComputing Inc. uses a technology more common to server farms than rural schools to slash the cost of operating personal computers (PCs). It’s called virtualization—a layer of software that lets many “virtual” computers run simultaneously on the power of a single souped-up desktop. In Andhra Pradesh, the government will install 10,000 computers and turn each into five virtual PCs. Education-technology consulting companies will set up and run the computer labs in schools for five years. AP Source: World Business - Livemint.com | 13 Oct 2008 | 7:22 pm Paul Krugman wins Nobel Prize for economicsPrinceton University professor and New York Times columnist Paul Krugman won the Nobel Prize in economics for his work on trade theory.Source: Business Standard | Front Page Headlines | 13 Oct 2008 | 7:10 pm Kingfisher, Jet in cost-saving allianceRival private airlines Jet Airways and Kingfisher Airlines, with a collective market share of over 58 per cent, announced a strategic alliance to help them reduce cost and enhance efficiency.Source: Business Standard | Front Page Headlines | 13 Oct 2008 | 7:09 pm Govt, RBI set to ease liquidityIn a move to boost liquidity, the government and the Reserve Bank of India are considering a special window to enable banks with farm loan relief scheme arrears, a major factor impacting liquidity, toSource: Business Standard | Front Page Headlines | 13 Oct 2008 | 7:08 pm Sensex joins global rallyThe Bombay Stock Exchange Sensitive index registered its biggest gain in more than four years, as Finance Minister P Chidambaram joined governments around the world to step up efforts to improveSource: Business Standard | Front Page Headlines | 13 Oct 2008 | 7:07 pm Dish TV, TataSky plan to roll out DVR technologyNew Delhi: With competition hotting up in the direct-to-home television segment after the entry of Reliance Big TV and Bharti Airtel DTH, market leader Dish TV and TataSky are planning to introduce Digital Video Recorder (DVR) technology around Diwali time to stay a step ahead. The DVR, which allows viewers to record programmes in one channel while watching another and play according to convenience, is being billed as the next big thing in the evolving Indian DTH market. “This, of course, will be a premium product and we plan to announce the launch of DVR technology platform for our DTH service very soon. It will be a Diwali gift to our customers,” TataSky Chief Marketing Officer Vikram Mehra said. Similarly, market leader Dish TV is also readying to roll out its DVR platform. “Our launch of DVR is expected around Diwali and our offer will have 140 hours of recording time,” Dish TV Chief Operating Officer Salil Kapoor said, adding that the set top boxes for the DVR were expected to cost around Rs10,000 each. Their new rivals Bharti and Reliance Big entertainment are also readying DVR platform. While an RCom official said soon the company would unveil DVR, industry sources said Bharti DTH may also launch the same thing. Asked if they were compelled to bring the new technology due to increased competition, both TataSky and Dish TV denied. “We have been planning for it over the last eight months doing pilot studies. Now we are ready to roll-out,” Mehra said. Source: Tech News - Livemint.com | 13 Oct 2008 | 1:45 pm COAI bats for 2G, 3G revenues segregation theoryNew Delhi: GSM operators’ group COAI strongly supported DoT proposal to have separate revenues for 2G and 3G services, adding that this model will also speed up 3G roll-out in the country. COAI Director General TV Ramachandran said that segregation of 2G revenues was not only possible but also desirable, as it would push operators to expeditiously enhance their 3G footprint (on account of lower usage charges for 3G services), thus benefiting the consumers and the country in terms of broadband availability. “This was also an excellent way for the Government to incentivise faster roll-out and availability of 3G services to deliver benefits of broadband to the Indian consumers,” he added. Ramachandran further said that since 3G spectrum was being acquired through an open bidding process, the current market value of the 3G spectrum would be correctly reflected in the final bid price. “Therefore, it is only the administrative charges for spectrum usage that are required to be recovered through the annual revenue share levy,” he clarified. COAI draws attention to the fact that the dual technology clause allowed operators to segregate revenues for CDMA and GSM revenues. Ramachandran said that revenues for 3G services, which were also run on WCDMA, can similarly be differentiated. He also gave the example of the UK where segregation of 2G and 3G services is practised. While Hong Kong too followed segregation model, it is not preferable due to the complexity involved, said COAI. COAI said the revenue break-up can be implemented in two simple ways as reference either by traffic-based approach or call data record (CDR) approach. Source: Tech News - Livemint.com | 13 Oct 2008 | 11:42 am
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