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Govt of India to be third party to RILRNRL caseThe Ambani gas tussle resumed at the Bombay High Court today and it might soon include a new party to the legal proceedings. Both RIL and RNRL have agreed on including government as the third party.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 4:54 pm Murli Deora to meet oil cos, airlines on WednesdayThe Oil Minister, Murli Deora said that he is meeting oil companies and airlines on Wednesday to discuss jet fuel dues. Airlines owe over Rs 1,000 crore to PSU oil retailers.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 2:57 pm SpiceJet cuts fares againLow-cost carrier SpiceJet announced a fresh round of fare cut on Tuesday even as airlines continue to make losses in an adverse economic environment.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 1:53 pm SpiceJet cuts fares again - Economic Times
Source: Google News India - Business | 21 Oct 2008 | 1:25 pm Hero Honda net profit rise 49.90% in Q2 - Economic Times
Source: Google News India - Business | 21 Oct 2008 | 1:18 pm Neighbouring country pumping fake currency: GovtNew Delhi: Government on Tuesday said intelligence agency of a neighbouring country is pumping in fake rupee notes into India. “There are credible reports that intelligence agency of a neighbouring country continues to pump in fake Indian currency notes (FICN) in all parts of India,” Minister of State for Finance P K Bansal told the Rajya Sabha in a written reply. He further said that inputs available with intelligence agencies point to FICN originating from Pakistan with staging posts at Dubai, Sri lanka, Bangladesh, Malaysia, Thailand and Nepal. As per the information provided by the National Crimes Record Bureau, number of notes seized in India in 2005 was 3,61,700, amounting to Rs6,92,70,876. The number of notes seized in 2006 and 2007 stood at 3,58,007 and 3,34,566 amounting to Rs8,39,49,269 and Rs8,85,88,385 respectively, he said. During the current year up to 30 June, 1,84,101 notes worth Rs6,04,38,340 had been seized, the Ministry of State for Finance said. He said, “a few instances of counterfeit currency being dispensed through ATM have been brought to the notice of RBI.” Disbursement of counterfeit notes, through ATMs, would be treated as an attempt to circulate counterfeit notes by the bank concerned, he added. The RBI has also advised banks to equip all the currency chests maintaining branches with note-sorting machines to detect the counterfeit notes and may also consider setting up such machines at their branches and for public use at the counter, Bansal said. He added various steps are taken by the Indian government to curb circulation of FICN in the country. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 1:16 pm 'Indian banks better poised to cope with crisis'Due to stricter prudential regulations put in place in the country, the Indian banking industry is better poised to cope with the current global financial crisisSource: Daily News & Analysis: Money News | 21 Oct 2008 | 1:16 pm Banks hoping for more rate cuts from RBI, says Deepak Parekh - Hindu Business Line
Source: Google News India - Business | 21 Oct 2008 | 1:13 pm Maruti to raise 1000-strong R&D team by 2010 - Economic Times
Source: Google News India - Business | 21 Oct 2008 | 1:11 pm Little known corp house tops wealthiest Indian cos listTatas, Birlas and Ambanis are names that are synonymous in India for wealthy industrial groups, but they have been beaten by little known names in a list of top 10 corporate houses.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 1:11 pm Equities gain momentum; Nifty ends above 3200 - Economic Times
Source: Google News India - Business | 21 Oct 2008 | 1:10 pm 'ICICI JV 'highly productive', mkt share jumps'Prudential Plc on Tuesday said the firm's insurance joint venture with India's leading private sector lender ICICI Bank is "highly productive" and "value enhancing."Source: Daily News & Analysis: Money News | 21 Oct 2008 | 1:07 pm Oil prices slip - Straits Times
Source: Google News India - Business | 21 Oct 2008 | 1:04 pm Spanish capital Madrid seeks to deepen ties with Indian metrosEyeing business opportunities and increased tourism, the Spanish capital of Madrid is seeking to deepen its engagement with Indian metros, particularly New Delhi, by showcasing its expertise in the area of efficient and sustainable development of cities.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:03 pm Technology helped stock markets function despite violence in MumbaiSatellite-based communications technology helped Indian stock markets to remain functional Tuesday despite large-scale violence across the country's commercial capital, following the arrest of a state-level politician.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:02 pm SpiceJet cuts fares againLow-cost carrier SpiceJet announced a fresh round of fare cut Tuesday even as airlines continue to make losses in an adverse economic environment.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:01 pm Markets show all round gains, end in greenIndian equities markets Tuesday finished in the green for the second consecutive day following several positive signals both domestic and global that may have restored investor confidence somewhat, analysts said.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:01 pm Haryana lowers tax on Maruti-Suzuki vehiclesThe Haryana cabinet Tuesday reduced the rate of central sales tax on inter-state sales of Maruti-Suzuki vehicles from two percent to one percent to provide the auto major a level-playing field in the market.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:00 pm Trai issues fresh regulations for unsolicited callsThe Telecom Regulatory Authority of India (Trai), the telecom watchdog of the country, Tuesday said it has issued fresh regulations for unsolicited commercial calls.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 1:00 pm Maruti to raise 1,000-strong R&D team by 2010Maruti Suzuki India on Tuesday said it will be increasing its Research and Development strength to 1,000 by 2010 as it seeks to develop R&D capability equivalent.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 12:59 pm Govt of India to be third party to RIL-RNRL case - Moneycontrol.com
Source: Google News India - Business | 21 Oct 2008 | 12:57 pm 'Banks hoping for more rate cuts from RBI'The banking industry is hoping for more rate cuts by the Reserve Bank, which in turn, will help soften both deposit and lending rates, a top financial industry expert said.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 12:41 pm 3G auction by January 2009: Raja - Economic Times
Source: Google News India - Business | 21 Oct 2008 | 12:40 pm Rupee weakens, RBI strike thins mktMUMBAI (Reuters) - The rupee weakened on Tuesday on dollar demand from importers, with market volume thinned as state banks stayed out of the market on account of a strike by Reserve Bank of India (RBI) staff.Source: Reuters: Money News | 21 Oct 2008 | 12:38 pm Pak traders welcome cross-LoC trade restorationIslamabad: Hailing as a “significant event” the restoration of the cross-LoC trade after a gap of over 60 years, Pakistani traders on Tuesday said it would boost business with India and increase people-to-people contacts. “Prime Minister Manmohan Singh and former President Pervez Musharraf had a vision of making borders irrelevant. One of the ways of making borders irrelevant is to soften them and this move has to be viewed in that context,” Amin Hashwani, President of the Pakistan-India CEOs Business Forum, said. Two trucks packed with goods from Pakistan-occupied Kashmir (PoK) crossed the Aman Setu (Peace Bridge) from Chakoti town to launch the trade from the Pakistani side. PoK Prime Minister Sardar Attique Ahmed Khan, who flagged off the trucks, called for an increase in the frequency of cross-LoC bus services and the inclusion of more items in the list for trade between the two parts of Kashmir. Hashwani said the launch of trans-LoC trade was a “very significant event in symbolical terms” though the actual business being conducted would not be worth very much. “It is a good beginning and should be seen positively but more steps are needed to take the process forward. The trade will increase people-to-people contacts and give a sense of hope to Kashmiris on both sides,” he said. However, there are other challenges, like the restrictive visa regime and trade restrictions on both sides, that need to be overcome, he added. If India and Pakistan allowed investments, it would create a “vested interest to maintain peace between the two countries”, he said. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 12:28 pm Singur’s loss - Frontline
Source: Google News India - Business | 21 Oct 2008 | 12:18 pm 3G auction by January 2009: RajaThe auction of spectrum for third generation or 3G is likely to be completed by January 15, 2009, Communications and IT Minister A Raja said here on Tuesday.Source: Daily News & Analysis: Money News | 21 Oct 2008 | 12:17 pm Market consolidates above 10K markStock markets consolidated above the psychologically important 10,000 level with benchmark Sensex on Tuesday posting a smart gain of 460 pointsSource: Daily News & Analysis: Money News | 21 Oct 2008 | 12:16 pm 'Only two percent of Indians invest in stocks'Minister of State of Finance Pawan Kumar Bansal said on Tuesday barely two percent of Indians invest in stocksSource: Daily News & Analysis: Money News | 21 Oct 2008 | 12:15 pm Maruti Suzuki commissions KB Series plantCountry's largest car maker Maruti Suzuki India on Tuesday commissioned its next generation KB Series engine plantSource: Daily News & Analysis: Money News | 21 Oct 2008 | 12:14 pm Govt rules out immediate cut in petroleum pricesNew Delhi: Government on Tuesday ruled out immediate cut in petroleum prices but promised to review if global crude prices fall below $67 a barrel. “Our administered prices of petrol, diesel, LPG and kerosene are based on Indian basket calculated at $67 a barrel. Reduction in crude oil prices has helped but not helped to the point where we can roll back the prices,” Finance Minister P Chidambaram said in reply to a discussion on the Supplementary Demands for Grants. Chidambaram said when price comes down to $67 a barrel, then oil companies are breaking even. “Even at 71 or 72 dollars a barrel, there is an element of subsidy. There is under-recovery. Under-recovery has come down, but we are not making any profit,” he said. “We sincerely feel that the prices will come down. When that comes down, the Government at appropriate time will take appropriate decision,” he said. Chidambaram said at the moment the need is to stimulate economy. The RBI’s move to cut short-term lending rate, repo, and mandatory deposit requirements of banks (CRR) is intended to stimulate the economy. At the same time, inflation also needs to be paid attention, he said while noting that inflation is still high. “I can see inflation is still high, but the benefits of decline in crude oil prices, decline in commodity prices will bear fruit in weeks and months to come,” Chidambaram said. Source: Home - Livemint.com | 21 Oct 2008 | 12:10 pm Deora to meet Patel, oil cos, airlines over fuel billsNew Delhi: Concerned over the default in payment of fuel bills by the airlines, Petroleum Minister Murli Deora has called a meeting on Wednesday with Civil Aviation Minister Praful Patel, airlines and oil companies to sort out the issue. “We are trying to help them...We don’t want airlines to shut down operation,” Deora told reporters here. He said the airlines as well as the oil companies were facing credit crunch and a way needs to be found out to ease their liquidity problems. Jet Airways, Kingfisher and Nacil, which operates Air India, owe over Rs2,000 crore to the oil PSUs in unpaid fuel bills, Deora said. “There have been instances where airlines have defaulted in payment of bills even after expiry of 60 days credit period,” he said. Reeling under the pressure of surging fuel prices, the Indian civil aviation sector is seeking tax concessions on aviation turbine fuel. On Monday, Jet Airways chief Naresh Goyal met Finance Minister P Chidambaram to draw his attention to the problems that airlines in the country were facing. Goyal is understood to have asked Chidambaram to consider the demand of airlines to rationalise taxation and levies on ATF. Source: Home - Livemint.com | 21 Oct 2008 | 12:04 pm Realty loans not under stress: Indiabulls - Moneycontrol.com
Source: Google News India - Business | 21 Oct 2008 | 11:54 am US stocks surge on talk of stimulus!Wall Street stocks rose sharply Monday amid indications that a second fiscal stimulus package could be on the way to boost the faltering US economy.Source: Zee News : Business | 21 Oct 2008 | 11:53 am UN creates task force on global economic crisis!Just days after US and European leaders agreed to an emergency economic summit on US soil, the UN has announced the creation of a task force to review the role of the World Bank and International Monetary Fund (IMF) in the worst global finance meltdown since the Great Depression of the 1930s.Source: Zee News : Business | 21 Oct 2008 | 11:53 am Sensex up 215 points in early trade!The Bombay Stock Exchange benchmark Sensex gained 215 points in early trade on Tuesday on massive buying by funds as well as retail investors, triggered by RBI`s move to cut short-term lending rate, Repo, by 100 basis points with immediate effect amid strong global cues.Source: Zee News : Business | 21 Oct 2008 | 11:53 am Economic panic easing in US: Bush!Despite a fresh warning in Washington about a prolonged economic slump, US President George W Bush said on Monday that he thinks Americans` attitudes about the financial turmoil are shifting away from "near panic".Source: Zee News : Business | 21 Oct 2008 | 11:53 am Qatar Petroleum awards 800 million dollars contract to Punj Lloyd!Qatar Petroleum has awarded Punj Lloyd the engineering, procurement, installation, and commissioning of the Strategic Gas Transmission Project, worth 800 million dollars.Source: Zee News : Business | 21 Oct 2008 | 11:53 am GM, Chrysler merger could cut 40,000 jobs: Report!Amidst merger talks between struggling US auto leader General Motors and the third-largest US automaker Chrysler, the Wall Street Journal reported on Monday that up to 40,000 jobs could be sacrificed in the deal.Source: Zee News : Business | 21 Oct 2008 | 11:53 am Oil rises to $75 as OPEC eyes production cut!Oil prices rose to above USD75 a barrel Tuesday in Asia as investors expected OPEC to try to halt a three-month slide in prices by cutting production quotas at least 1 million barrels a day.Source: Zee News : Business | 21 Oct 2008 | 11:53 am Iceland crises: IMF to the rescue with USD 6 bn!Iceland will soon announce a six-billion dollar economic rescue plan sponsored by the IMF and several central banks, the Financial Times (FT) reported on its website today.Source: Zee News : Business | 21 Oct 2008 | 11:53 am Govt policy focus includes financial stability - ChidambaramNEW DELHI (Reuters) - Indian authorities will focus on financial stability along with growth and inflation as the country faces the indirect impact of the global financial crisis, the finance minister said on Tuesday.Source: Reuters: Money News | 21 Oct 2008 | 11:40 am BSE Sensex rises 4.5 pct as market jitters easeBANGALORE (Reuters) – The BSE Sensex rose 4.5 percent on Tuesday, taking gains this week to 7.1 percent, as battered stocks were snapped up by investors boosted by a Reserve Bank of India (RBI) rate cut and emerging hopes of an easing in the credit crisis.Source: Reuters: Money News | 21 Oct 2008 | 11:35 am Markets end in green on confidence boosting cuesDespite the arrest of a state-level politician and the resultant violence here, Indian equities finished in the green Tuesday buoyed by the cut in a key lending rate by the central bank, Prime Minister Manmohan Singh's statement that the Indian economy continued to be resilient and strong global cues.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 11:32 am 'Only two percent of Indians invest in stocks'Even as investors in India worry over the markets crash and depleted value of their portfolio, Minister of State of Finance Pawan Kumar Bansal Tuesday said barely two percent of Indians invest in stocks and that losses or gains from the markets were purely notional.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 11:32 am Hero Honda net profit up 49.9 percentMotorcycle major Hero Honda Motors Ltd has posted a net profit of $68.06 million for the second quarter this fiscal, compared to $45.4 million in the corresponding period last year, clocking a growth of 49.9 percent.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 11:31 am India searching for better spectrum technologyIndian telecom authorities are searching for better spectrum technology as the country looks to achieve its target of having a 500-million strong mobile subscriber base by 2010.Source: IndiaeNews.com: Business News | 21 Oct 2008 | 11:31 am MDLR Airlines COO quits, grounds two aircrafts: SourcesMDLR Airlines COO UK Bose has quit, following the resignation of former CEO, AK Goyal, reports CNCBTV18, quoting sources. Meanwhile, Koustav M Dhar has taken over as MDLRs new CEO. MDLR Airlines has grounded two of its three aircrafts on account of no payments, sources said.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 11:29 am EU to urge China, India to join finance summitSTRASBOURG, France (Reuters) - The European Union vowed on Tuesday to work to enlist emerging Asian economic giants China and India in a summit to reform the global financial system.Source: Reuters: Money News | 21 Oct 2008 | 11:28 am UTI launches fund to invest in stocks, goldMUMBAI (Reuters) - UTI Asset Management on Tuesday launched a mutual fund that will invest in a portfolio of stocks and gold exchange-traded funds.Source: Reuters: Money News | 21 Oct 2008 | 11:25 am Lok Sabha approves govt's extra spendingNEW DELHI (Reuters) - The Lok Sabha on Tuesday approved the government's proposal to spend an extra 1.06 trillion rupees during the 2008/09 fiscal year.Source: Reuters: Money News | 21 Oct 2008 | 11:20 am Sensex up 460 points, IT, realty stocks post smart gainsMumbai: Stock markets on Tuesday rose for the second day in a row with the benchmark Sensex registering a gain of 460 points on heavy buying in consumer durables, realty and IT counters. The BSE barometer closed the day at 10,683.39, higher by 460.30 points, or 4.5%, from its last close. The wide-based National Stock Exchange index Nifty also spurted by 112.10 points at 3234.90, Marketmen said the sentiment was boosted by market regulator SEBI’s remarks that it “disapproved” of overseas investors short-selling equities using offshore derivatives. They said major players and general investors resorted to buying on expectations that the government might take more market friendly measures. Many also anticipate investor friendly measures by RBI in its monetary policy later this week. A firming global trend in the backdrop of US officials moving towards a second fiscal stimulus package also played a part, they said. Consumer durable stocks surged on expectations of sales of household items picking up during the ongoing festival and marriage season. Its index rose by 8.95% at 2271.82, the maximum among all indices. Realty sector index was a close second at 8.32% at 2632.93 points. Source: Home - Livemint.com | 21 Oct 2008 | 11:19 am M&M launches ‘micro-hybrid’ Scorpio, BoleroBy PTI New Delhi: Automobile manufacturer Mahindra & Mahindra today launched its ‘micro-hybrid´ technology- equipped variant of sports utility vehicles -- Scorpio and Bolero, priced between Rs6.5 lakh and Rs6.97 lakh. “This is the technological innovation which we have developed with the support from Bosch. This will give an average fuel saving of about five per cent from the normal vehicles,” Mahindra & Mahindra president, automotive sector, Pawan Goenka told reporters here. The micro-hybrid technology enables vehicle engine to turn off automatically when idle or in neutral gear. The engine restarts once the clutch is pressed. Goenka said the company is planning to bring this technology would be available in all of the company’s high-volume products, including Mahindra Pick-up and other engine series such as the M-Hawk. The company is also considering to use the technology in its yet-to-be launched Ingenio SUVs, he said. On possibilities of exporting this vehicle, he said “We may look at similar markets like South-East Asia and Nepal in future but our present focus will be on the domestic market.” M&M has applied for a patent for a specific sensor, which it has developed as part of this technology. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 11:13 am Polaris Software Q2 PAT up by Rs34.42 crMumbai: Polaris Software Lab on Tuesday said it has reported profit after tax of Rs34.42 crore for the second quarter ended 30 September, an 88.91% growth over the corresponding period a year ago. The company had a profit after tax of Rs18.22 crore for the same quarter last financial year, Polaris Software Lab Ltd said in a filing to the Bombay Stock Exchange. Total income of the company rose to Rs344.41 crore for the quarter under review, from Rs277.66 crore for the year-ago period. For the six months ending 30 September, it posted a profit after tax of Rs61.43 crore, an 88.20% growth, against Rs32.64 crore for the same period in FY’08. Total income in the same period rose to Rs662.66 crore for the six-month period of the current fiscal, from Rs543.70 crore for the year-ago period. Shares of the company surged 12.35% after the announcement of results on Tuesday and were trading at Rs50.95 in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 11:01 am UN allots $40 mn for poverty alleviation projectBy PTI New Delhi: The United Nations will pump in around $40 million for a poverty alleviation project focusing on income generating activities in livestock, handicraft and tourism sectors in western Rajasthan. The UN International Fund for Agricultural Development will help finance the “Mitigating Poverty in Western Rajasthan Project” in six districts of Jokhpur, Jaisalmer, Barmer, Pali, Sirohi and Jalor. The project will focus on boosting income-generating activities in livestock, handicraft, tourism sectors for landless labourers, small and marginal farmers, owners of marginal land, traditional artisans, women and young people. “This project has been designed in convergence with existing government-funded schemes so as to maximize the effectiveness of public expenditure and ensure sustainability beyond project completion,” Mattia Prayer Galletti, IFAD’s country programme manager for India, said today. A loan of $30.3 million and grant of $6 lakh will be given to help finance the project. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 11:00 am Maruti Suzuki launches petrol engine plantNEW DELHI (Reuters) - Maruti Suzuki on Tuesday launched a new plant that will have annual installed capacity to produce 240,000 fuel-efficient petrol engines.Source: Reuters: Money News | 21 Oct 2008 | 10:51 am Manpower Inc acquires 100% stake in Manpower IndiaNew Delhi: Human resource services firm Manpower Inc. on Tuesday said it has acquired 26% stake in its Indian subsidiary Manpower Services India for an undisclosed amount, taking its total shareholding to 100%. Manpower Inc. bought the 26% stake from ABC Consultants and with this the global HR giant now owns the Indian arm completely, thereby making Manpower India its fully-owned subsidiary, a company statement said. “This acquisition will allow us to expand, manage and control our operations better. In coming times, we will be expanding our resources and infrastructure in India to meet the growing demand for Indian talent, Manpower Services India managing director Naresh Malhan said. The acquisition would boost Manpower’s growth plan and help them reinforce their existing capabilities in permanent hiring, managed business solutions, cross border, contract staffing and complex workforce management solutions. “... this move is a proof of our serious intent to continue doing business in India. We can see the strong internal growth dynamics and the demographic advantage which India carries,“ Manpower President (Asia Pacific) Darryl Green said. Presently, Manpower India has 25 offices in 16 cities across the country, employing over 500 consultants and is the recruitment partner for over 400 top names. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 10:42 am Cash rates in comfortable range - finance secretaryNEW DELHI (Reuters) - Indian overnight cash rates are in a comfortable range, finance secretary Arun Ramanathan said on Tuesday.Source: Reuters: Money News | 21 Oct 2008 | 10:34 am Thousands to lose job after Merrill takeover by BoALondon: Thousands of employees of battered financial services firm Merrill Lynch will lose their jobs after the firm is taken over by Bank of America (BoA), media report says. The Financial Times quoted Merrill Lynch Chief Executive John Thain as saying that thousands of employees would lose their jobs when the company is taken over by Bank of America and the jobs would be lost in the corporate and services sectors, such as information technology. Thain, speaking in Dubai while on a regional tour, added that BoA acquisition of Merrill’s investment and wealth management businesses would be completed by the end of the year, the report added. According to estimates from New York City comptroller, William Thompson, New York is bracing itself for the loss of up to 35, 000 jobs in the banking sector. The majority of the job losses are the result of the collapse this year of Bear Stearns and Lehman Brothers. Furthermore, when the Merrill Lynch-BoA deal was announced last month, the merger was expected to result in $7 billion of savings, including redundancies. Given the economic slowdown, Thain further said he expected consolidation in the financial sector. “There will be smaller institutions that need to be recapitalised or acquired,” the report quoted him as saying. Thain also said that the Middle East would not escape the global slowdown, however, the regions large accumulated capital reserves could also be mobilised to invest outside the region. Earlier this month, John Thain was named as president of global banking, securities and wealth management at BoA following completion of Merrill Lynch’s merger with the bank. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 10:33 am NIIT net up 41% at Rs30 croreMumbai: IT learning solutions provider NIIT Ltd today posted a profit after tax of Rs29.70 crore for the second quarter ended 30 September, a 41% growth over the corresponding period a year ago. The firm had a net profit of Rs21.10 crore in the second quarter of FY08, NIIT Ltd said in a filing to the Bombay Stock Exchange. The net revenue rose by 15% to Rs309.50 crore in the quarter under review, from Rs270.20 crore in the same period last fiscal. “New initiatives and products contributed to a robust growth of 17% in global system-wide revenue,” NIIT Ltd CEO Vijay K Thadani said. On a standalone basis NIIT Ltd reported a net profit of Rs21.25 crore for the September quarter, while its net sales stood at Rs152.78 crore. Shares of NIIT were trading at Rs33.60, up 10.89% late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 10:30 am World Bank appoints Pulock Chatterji as executive directorNew Delhi: Pulock Chatterji, Secretary in Prime Minister Manmohan Singh’s Office, has been appointed as the new executive director of World Bank for a term of three years beginning 1 February, 2009. Chatterji, an IAS officer of Uttar Pradesh cadre, would take over from Dhanendra Kumar, an official spokesperson said. Kumar, a 1968 batch IAS officer of Haryana cadre, was to retire on 31 October. However, he has been granted an extension till 31 January, next year. The name of Chatterji and extension of Kumar’s services was cleared by the Appointments Committee of the Cabinet chaired by the Prime Minister. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 10:26 am India Inc MA deals hit road block due to liquidity crunchIndian companies like Hindalco, Suzlon and Tata Motors may find the going tough, especially with regards to their acquisition plans. That\'s because while plunging stock markets have eroded asset value, the global cash crunch is making fundraising difficult.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 10:24 am LIC Housing Finance Q2 net up 16% at Rs135 croreMumbai: LIC Housing Finance Ltd on 21 October announced a net profit of Rs135.06 crore for the second quarter ended 30 September, a 16% growth over the same period a year-ago. The company had a net profit of Rs116.37 crore for the same quarter last financial year, LIC Housing Finance Ltd said in a filing to the Bombay Stock Exchange. The total income of the company rose to Rs704.23 crore for the September quarter of the current financial year from Rs523.22 crore for the year-ago period. For the six months ended 30 September, the housing finance firm posted a net profit of Rs239.73 crore, against Rs163.07 crore for the same period of FY08, up 47%. Total income rose to Rs1,323.92 crore in the same period from Rs989.53 crore a year-ago. Shares of the company were trading at Rs241, up 6.9% in the afternoon on the BSE. Source: LatestNews-Home - Livemint.com | 21 Oct 2008 | 10:24 am Govt focus back on growth with surprise rate cutNEW DELHI (Reuters) - Shoring up India against a global recession has overtaken taming double-digit inflation as the government's prime economic objective ahead of state polls in coming months and national elections next year, analysts say.Source: Reuters: Money News | 21 Oct 2008 | 9:57 am High interest rates hinder growth of MSMEsAccording to CII\'s MSME snap poll, micro, small and medium enterprises or MSMEs are reeling under the impact of high interest rates and non availability of bank finance.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 9:08 am FICCI urges Japan to cut tariffsJapan must immediately eliminate tariff on products of export interests to India to move up the trade between the two countries, proposed the Federation of Indian Chambers of Commerce and Industry.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 8:44 am UCO Bank, PSB get nod for capital rejigThe Government has sought Parliament nod for equity capital restructuring of Punjab Sind bank (PSB) and UCO Bank. While PSB is wholly owned by the Government, the Centre has a 74.98per cent stake in UCO bank.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 8:40 am UTStarcom bags BSNL contractUTStarcom has received a Rs 300crore contract from Bharat Sanchar Nigam Ltd to roll out the broadband network that will support 1.1 million subscribers.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 8:38 am LT to retain medical equipment businessEngineering and construction major Larsen Toubro Ltd has decided to continue with the operations of its Mysorebased Medical Equipment Systems (MED) business.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 8:34 am $108b opportunities in Japan: NasscomSoftware association Nasscom on Monday asked the Indian IT industry to look at opportunities in the $108billion Japanese IT services market, where Indias current share at a mere $11.5 billion lags behind that of archrival China.Source: Moneycontrol Top Headlines | 21 Oct 2008 | 8:32 am Tata Motors rights issue short of target - papersBANGALORE (Reuters) - Tata Motors was unable to cover its 41.5 billion rupees ($850 million) rights issues after its share price fell well below the offer prices, and founders and underwriters would pick up the balance, Indian media reported on Tuesday.Source: Reuters: Money News | 21 Oct 2008 | 7:46 am Indiabulls Financial Services Q2 net up by 21%Mumbai: Indiabulls Financial Services on Tuesday announced a consolidated net profit of Rs135.7 crore for the second quarter ended September, a 21.4% growth over the corresponding period year ago. The company had a consolidated net profit of Rs111.8 crore in the same period of FY’08, Indiabulls Financial Services said in a filing to the Bombay Stock Exchange. The total revenues rose to Rs641.5 crore for the quarter under review, from Rs350.5 crore in the same period last year. “Indiabulls Financial Services Ltd results for FY 2008 period are presented excluding the results of Indiabulls Securities Ltd to provide for effective comparison with current period numbers. As a part of the de-merger scheme, one shares of Indiabulls Securities Ltd was given for every share of Indiabulls Services Ltd held on the record date of January 8,” the company said. For the six-month ended 30 September, the financial services provider reported a net profit of Rs284.7 crore, against Rs227.4 crore last year. The total revenues rose to Rs1,206.1 crore in the current quarter, from Rs674.2 crore in the same period year-ago. Shares of the company were trading at Rs104.95, up 6.60% in the morning trade on the BSE. Source: Home - Livemint.com | 21 Oct 2008 | 7:27 am Jaiprakash Associates Q2 net up 96% at Rs203 crMumbai: Infrastructure firm Jaiprakash Associates on Tuesday announced a net profit of Rs203.13 crore for the second quarter ended 30 September, a 96.03% growth over the corresponding period a year-ago. The company had a net profit of Rs103.62 crore in the second quarter of FY’08, Jaiprakash Associates said in a filing to the Bombay Stock Exchange. Jaiprakash Associates also declared the first interim dividend of 30 paise. The company would also raise about Rs1,800 crore through right issue to meets its fund requirements. The total income rose to Rs1,286.63 crore in the quarter under review, from Rs922.20 crore in the same period last year. For six months ending 30 September, the company reported a net profit of Rs330.39 crore, a 35.70% rise over the year ago-period. The company had a net profit of Rs243.46 crore in the corresponding period last fiscal. The total income of the company increased to Rs2,472.76 crore in the six-month period, from Rs1,926.79 crore. Shares of Jaiprakash Associates were trading at Rs77.05, up 13.81% in the morning trade on the BSE. Source: Home - Livemint.com | 21 Oct 2008 | 6:34 am Idea slips to 52-week low level on dismal Q2 earningsMumbai: A day after Idea Cellular posted dismal second quarter results, shares of the Aditya Birla Group firm on Tuesday got battered and witnessed its 52-week low level in early morning trade on the bourses. Idea Cellular on Tuesday opened on a weak note at Rs59.05, despite the uptrend on the Bombay Stock Exchange and then lost further ground and touched an intra-day low of Rs53.30, a dip of 13.75% from its previous closing price. Similar trend was witnessed on the National Stock Exchange, where the scrip opened at Rs61.10, touched an intra-day low of Rs52.10, a fall of 15.83% from its last close. Brokers said the decline in the stock was largely due to the disappointing second quarter earnings of the company. The company on Monday announced a profit after tax of Rs144.10 crore for the second quarter ended 30 September, a 45.22% decline over the corresponding period a year ago. Idea Cellular had a PAT of Rs263.10 crore in the second quarter of FY’08. Total revenue rose to Rs2,303.70 crore for the quarter under review, from Rs2,178.10 crore in the same period last year. For six months ending 30 September, the company reported a PAT of Rs407.20 crore, a 23.01% dip over the year-ago period. The company had a PAT of Rs528.90 crore in the corresponding period last fiscal. On the volume front good movement was witnessed as over 15.80 lakh shares exchanged hands on the BSE and 45.62 lakh shares got traded on the NSE. The scrip, however, gained some momentum and was trading at Rs 55 on the bourses at 11.17 am. Source: Home - Livemint.com | 21 Oct 2008 | 6:25 am RBI employees strike affects banking operationsMumbai: Normal payment and settlement operations of the Reserve bank were affected on Tuesday as the employee union went on a “mass casual leave” to press their demands on pension related issues. “Many employees have not come today,” an RBI official said. In the wake of the strike call, the apex bank had asked commercial banks to complete old transactions on Monday and had conducted two days’ liquidity adjustment facility (LAF) auctions on Tuesday. Employees are striking work to protest against the withdrawal of pension updation and issues relating to superannuation. The United Forum of Reserve Bank Officers and Employees alleged that there was a move to drastically reduce pension to retired RBI employees. Besides, the union demanded increase in the interest rate on Provident Fund and grant of family pension at the rate of 30%. RBI had said that the “mass casual leave” is the cessation of work and concerted refusal to work. It had also noted that such an action amounted to an illegal strike. Source: Home - Livemint.com | 21 Oct 2008 | 5:55 am Rupee remains steady in early tradeMumbai: The rupee was steady at its overnight closing levels against the greenback in early trade on Tuesday amid consolidating equity markets and absence of any market moving factors. In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed at Rs49.00/49.01 a dollar from its previous close of Rs48.99/49.00 a dollar and later ruled steady at Rs48.98/99 a dollar in late morning deals. Forex dealers said the activity was at a low ebb during early trade as investors remained sidelined after the 100 basis points cut in repo rate by the Reserve Bank of India on Monday. The Indian benchmark Sensex on Monday morning surged further by 106 points at 10:30am, while Asian indices were trading narrowly mixed. Source: Home - Livemint.com | 21 Oct 2008 | 5:46 am Raj Thackeray arrested for MNS attack on north IndiansMumbai: MNS chief Raj Thackeray was on Tuesday arrested for his alleged involvement in the attack on north Indian candidates appearing for a railway recruitment examination. He will be produced before a suburban magistrate’s court in Bandra in the afternoon and his police custody will be sought, a senior police officer said. Raj was arrested in the wee hours of Tuesday from Ratnagiri district by a team of officers from Mumbai police while he was on a tour in Konkan region. A case was registered against Raj and MNS activists for their alleged involvement in the attack on north Indian candidates appearing for a recruitment exam conducted by the Railways in suburb Kherwadi, city Police Commissioner Hasan Gaffoor said. “We did not know whether he would come back to the city or not. Therefore the arrest in Ratnagiri,” he said. MNS activists involved in the attempted assault on candidates have also been arrested and police custody would be sought for all of them, the Commissioner said. Thackeray has been charged under sections 153, 353, 336, 425 and 427 of IPC, police sources said. “Some of the charges are bailable and others are non-bailable and it is up to the court to give the police custody that we will be seeking,” Gaffoor said. Preventive arrests of MNS activists have also been made in large number in order to maintain peace across the city, he said. While security has been tightened in Mumbai, incidents of violence were reported from various parts of the city. Source: Home - Livemint.com | 21 Oct 2008 | 5:31 am New ad cuts raise worries for YahooSan Francisco: Things went from bad to worse for Yahoo Inc a long time before the financial crisis spurred a new wave of advertising cutbacks by customers that will cast a pall over its quarterly results on Tuesday. After rebuffing a takeover bid from Microsoft Corp earlier this year and having recently seen a promising advertising sales deal with Google Inc delayed by regulatory challenges, the company’s options have shrivelled. Wall Street expects Yahoo’s third-quarter revenue to grow, on average, by a tepid 7% from the year-earlier quarter, although profit is expected to rise 26%. “For Yahoo, there is not going to be any silver lining in the operating sense,” Sanford C Bernstein analyst Jefferies Lindsay said. Canaccord Adams analyst Colin Gillis agreed. “There are no easy solutions,” he said. Yahoo is poised to reveal cost-cutting moves that will include a new round of layoffs that go beyond the roughly 1,000 jobs, or 7% of the workforce it laid off in February, according to a source familiar with the plan. Besides job cuts, analysts say investors should brace for Yahoo to once again cut its outlook for 2008 and perhaps 2009. “We expect Yahoo to guide to the low end of its guidance for fiscal year 2008 and take a cautious stance toward fiscal year 2009,” Jefferies & Co analyst Youssef Squali said. In July, Yahoo forecast 2008 revenue of $7.35 billion to $7.85 billion and operating income of $1.83 billion to $1.98 billion before depreciation, amortization and other items. One of Yahoo’s strengths - its leading market share in online display advertising - has become its biggest weakness, analysts say. It is especially vulnerable to the finance and auto industry slump. “Fundamentals began to crack up (late in the second quarter) in display (advertising) and we believe may have worsened in recent weeks,” RBC Capital analyst Ross Sandler said in a research note on Monday. Half of the Sunnyvale, California-based company’s revenue is from display ad sales. Source: Tech News - Livemint.com | 21 Oct 2008 | 5:25 am Parmalat ordered to pay Citigroup $364 mn damagesNew York: Parmalat has been ordered to pay Citigroup $364 million in damages, after a New Jersey state court jury found that the bank did not aid executives in looting the Italian dairy company prior to its collapse in 2003. Parmalat had been seeking $1.92 billion in damages in the case filed in Superior Court of Bergen County, New Jersey, claiming that Citigroup Inc. aided and abetted a breach of fiduciary duty. “Citi is pleased with today’s verdict,” said spokeswoman Andrea Hurst. “We have said from the beginning of this case that we have done nothing wrong.” The decision is subject to Parmalat’s applications to set aside the verdict in trial court, the company said in a statement. If the applications are denied, Parmalat plans to appeal the decision. Parmalat said it continues to believe that Citigroup played an important role in contributing to its collapse, and that it will pursue all legal remedies to hold the bank accountable, including through ongoing criminal proceedings in Italy. Parmalat, which makes milk and other dairy products and fruit-based drinks, filed for bankruptcy in 2003. Several of its former top executives have faced criminal charges from a probe into its collapse. Shareholders had accused several banks of helping Parmalat mislead investors. Citigroup shares rose 21 cents to close at $15.09. Source: Home - Livemint.com | 21 Oct 2008 | 4:30 am Ranbaxy promoters sell stake off-market to Daiichi SankyoNew Delhi, Oct. 20 Putting to rest all speculation on the status of its deal with Daiichi Sankyo, Ranbaxy Laboratories Ltd on Monday announced that the Japanese pharma company has acquired 52.5 per cent of the company.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am ‘No regulator can control greed and fear’Our Bureau Mumbai , Oct. 20 The lesson that has emerged from the current market crisis worldwide is that two factors define people’s irrationality, and those are fear and greed, said Mr C.B. Bhave, Chairman, SEBI.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am NTPC (Rs 151.50): BuyWe recommend a buy in NTPC from a short-term trading perspective. It is clearly visible from the charts of NTPC that the stock has been on a medium-term down trend from its July high of Rs 197, forming lower bottoms and lower tops. Recently, theSource: Business Line - Home Page | 21 Oct 2008 | 12:00 am Reserve Bank cuts repo rate to ease credit squeezeMumbai, Oct. 20 Ahead of its monetary policy review scheduled later this week, the Reserve Bank of India on Monday slashed its key short-term interest rate – Repo rate – by one percentage point to 8 per cent, as part of its ongoingSource: Business Line - Home Page | 21 Oct 2008 | 12:00 am Day Trading GuideThe stock is consolidating sideways. Avoid trading in this counter for the session.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am SEBI warns of stern action against lending shares overseasMumbai, Oct. 20 SEBI has warned FIIs that overseas lending and borrowing of Indian securities could result in stern measures.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am Another step to improve liquidity: ChidambaramNew Delhi, Oct. 20 The Finance Minister, Mr P. Chidambaram, on Monday said that the 100 basis point cut in repo rate was another measure in the series of steps announced since October 6 to improve liquidity in the bankingSource: Business Line - Home Page | 21 Oct 2008 | 12:00 am Sensex gains 247 points in a volatile marketMumbai, Oct. 20 The Sensex ended a volatile session on Monday with a gain of 247 points, after three days of continuous decline. The benchmark index closed at 10223.09, up 2.48 per cent from Friday’s close.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am 19% dip in passengers for domestic airlines in SeptNew Delhi, Oct. 20 The slowdown in the domestic aviation industry continues to affect almost all the airlines.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am Sugar bucks declining trend in commodity pricesNew Delhi, Oct 20 If there has been any one commodity close to being an oddball in recent times, it would perhaps be sugar.Source: Business Line - Home Page | 21 Oct 2008 | 12:00 am Airlines need to cut fleet, more jobs to stay airborneJet Airways aborted plan to cut 1,900 staff partially reflected the crisis in the aviation industry.Source: Business Standard | Front Page Headlines | 20 Oct 2008 | 7:05 pm Deccan Chargers on the blockDeccan Chronicle Group has put Deccan Chargers, the Hyderabad-based Indian Premier League (IPL) cricket team, on the block within 10 months of acquiring it.Source: Business Standard | Front Page Headlines | 20 Oct 2008 | 7:01 pm IFCI makes Rs 120 cr loss on Hindalco, Tata rights issuesWith aluminium major Hindalcos rights issue devolving last week and domestic automobile major Tata Motors expected to do so, IFCI, Indias oldest financial institution, will take a blowSource: Business Standard | Front Page Headlines | 20 Oct 2008 | 7:00 pm Now, RBI cuts repo rate to ease liquidityMost bankers indicated that they may lower deposit and lending rates after the Reserve Bank of India (RBI) today signalled an end to the tight monetary policy regime by cutting the repo rate, or theSource: Business Standard | Front Page Headlines | 20 Oct 2008 | 6:58 pm
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