|
|
|
|
Dell unveils first ever brand campaignAggressively targeting the small and medium business (SMB) segment, Dell unveiled its first ever brand campaign for India directed towards their entrepreneurs.Source: Daily News & Analysis: Money News | 23 Oct 2008 | 12:17 pm Garware Offshore July-Sept net surges on new vesselsMUMBAI (Reuters) - Shipping services firm Garware Offshore Services Ltd's July-September net profit jumped almost 2.5 times on revenue from new vessels added in the quarter, a senior official said on Thursday.Source: Reuters: Money News | 23 Oct 2008 | 12:05 pm Sweden, New Zealand cut rates, Japanese exports weakLONDON (Reuters) - Sweden and New Zealand responded to the global financial crisis by cutting interest rates on Thursday and weak Japanese exports underlined the risk of a deep recession.Source: Reuters: Money News | 23 Oct 2008 | 11:58 am Exide Q2 net up 25 pc to Rs 78 cr - Economic Times
Source: Google News India - Business | 23 Oct 2008 | 11:57 am Aiyar breathes fire at Finance MinistryPanchayati Raj Minister Mani Shankar Aiyar pitched for giving greater share in finances and governance to local self government institutions in rural areas for inclusive growth.Source: Daily News & Analysis: Money News | 23 Oct 2008 | 11:56 am RBI: to react swiftly for financial stabilityMUMBAI (Reuters) – The Reserve Bank of India (RBI) said on Thursday it was closely monitoring financial market developments and would respond swiftly and pre-emptively to adverse external developments that could affect financial and price stability.Source: Reuters: Money News | 23 Oct 2008 | 11:50 am Reliance: no approach from Chevron on unit stake - Reuters India
Source: Google News India - Business | 23 Oct 2008 | 11:48 am Suzuki Motorcycle to invest Rs50 cr by 2010New Delhi: Seeking to make its presence felt in the Indian two-wheeler market, Japan’s Suzuki Motor Corp (SMC) will be investing an additional Rs150 crore by 2010 on capacity expansion and new product launches. Suzuki, which re-entered India in 2006 on its own with the launch of two bikes after breaking off from a join venture with TVS Motor Co in 2000, is looking to launch at least two models every year. “So far we have invested Rs400 crore. We will be making an additional investment of Rs150 crore by 2010 for expanding our production capacity and also for new models we plan to bring to the market,” Suzuki Motorcycle India Vice-President Marketing and Sales Atul Gupta said. “The company’s production capacity will go up to 2.5 lakh per annum by the middle of next year from the current 1.7 lakh units,” he said while launching a new 150 cc bike, GS150R priced at Rs59,000 (ex-showroom). The motorcycle will, however, be available in the market by January next year. Suzuki Motorcycle India Pvt Ltd (SMIPL) is also looking to leverage for future products on the research and development programme enhancement being taken up by SMC for its Indian car subsidiary Maruti Suzuki India. “We will not have our own R&D (for two-wheelers) but SMC is strengthening R&D in India for Maruti and maybe motorcycles will also be a part of it,” SMIPL Joint Managing director Katsumi Takata said. Gupta said that with its gear less scooter ‘Access 125´ getting favourable response from the market in the short-term, the company will be focusing on the scooter market. “It is clear that financing problems are a big issue with motorcycles. Moreover, our two models Zeus and Heat (both 125 cc) have not been competitive. So in the short-term we will be focusing on scooters but that will not mean that we will ignore the motorcycle market,” Gupta said. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:46 am Sensex down to two-year low, closes below 10KPTI Mumbai: The benchmark Sensex today tumbled to below 10,000-point level for the second time in five days as sustained selling continued on fears of credit crisis deepening and grim outlook for the domestic corporates. With foreign funds as the top net sellers, the Sensex, which has breached 10,000-point level twice in the past five days, tumbled by 398.20 points, or 3.92% to 9,771.70, a level last seen on 20 June, 2006. The key index hovered between the day’s low of 9,681.28 and the high of 10,260.55. The wide-based National Stock Exchange index Nifty also saw a drop of 122 points to close at 2,943.15 after touching an intra-day low of 2,917.15 as concerned over a slower growth for corporates, fence-sitters are on a fresh selling spree. Also adding to the bearish sentiment due to global trouble was Prime Minister Manmohan Singh’s statement yesterday that said the country could face a ‘temporary slowdown´ from ‘the ripple effects´ of the global financial crisis. The market major and trend-setter Reliance Industries, tumbled by Rs100.30, or 7.62% at Rs1,215.25, its lowest since December 2006. The second largest heavy-weight on the Sensex, Infosys Technologies dropped by Rs17.60, 1.35% to Rs1,282.75. The two carry nearly 23% weightage on the index. Metal Index suffered the most by losing 622.53 points, or 11.08% at 4,996.92, followed by Auto Index by 215.37 points, or 7.21% at 2769.79. Source: Home - Livemint.com | 23 Oct 2008 | 11:45 am Govt refuses to bail out domestic carriers - Livemint
Source: Google News India - Business | 23 Oct 2008 | 11:35 am Low-cost airports can be answer to aviation challenges: studyPTI New Delhi: The non operational airports and low cost airports could be the answer to the challenges faced by the aviation sector in the country as they not only enhance connectivity, but aid in rationalising costs incurred by the airlines and decongesting traffic at regular airports. “These airports shall also provide much-needed relief for low cost carriers whose financial position has been negatively impacted by rising aviation fuel prices and operational costs,” points out a study released by audit and advisory firm KPMG on Indian airports. The study has an optimistic outlook towards the future of airport retail as well. It suggests that the takers for airport retail are spread across industries and service providers. “The food and beverages players have showed the maximum interest in creating a presence in airports, and are closely followed by fashion houses and consumer durable players. Most international luxury brands consider setting up shop in Indian airports a definite part of their global strategy,” the study points out. The findings also say that despite the aviation sector witnessing one of the worst turmoil of recent times, the growth story of airport infrastructure development is still intact. However, the economic slowdown in the development process may change the mechanism of financing the growth. “In the absence of significant liquidity in the market, Airports Authority of India and private airport developers may have to rely more on internal accruals and equity for financing these projects and decrease dependency on external debt,” the study says. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:25 am Reliance Q2 net up 7.4 pct, beats f'castMUMBAI (Reuters) - India's biggest energy group, Reliance Industries Ltd, beat market forecasts with a 7.4 percent rise in quarterly profit on Thursday, helped by stronger than expected refining margins.Source: Reuters: Money News | 23 Oct 2008 | 11:21 am Future Brands plans 20 John Miller outlets by 2011New Delhi: Kishore Biyani-promoted Future Group subsidiary Future Brands is planning to set up 20 exclusive stores of its formal menswear clothing brand John Miller over the next three years. The company is also planning to retail the John Miller brand through over 1,000 multi-brand trade outlets across the country and the expansion would involve an investment of around Rs30crore. “We have just opened our first exclusive John Miller outlet at Mumbai and plan to set up 20 such stores by 2011 with an investment of Rs30 crore. Besides we are also planning to expand the retail presence of the brand by making it available in 1,000 odd multi-store outlets during the same period, up from the 85 where it is now available,” Future Brands Chief Operating Officer Atulit Saxena said. He said that the company is aiming for a turnover of Rs100 crore with the John Miller brand this fiscal. Asked about the target for next three years, Saxena said: “It is only the beginning of a long journey and we will set our turnover target as we grow.” “The company’s new exclusive stores would be set up in the metros and Tier I cities, while the expansion in multi-brand outlets would be a pan-Indian phenomenon,” Saxena added. The John Miller brand is targeted at the premium segment customer and the company had this month introduced a new range range of shirts, trousers, suits and blazers under the Autumn Winter Collection 2008. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:21 am Experts discontent over short-sale reversal stance - Moneycontrol.com
Source: Google News India - Business | 23 Oct 2008 | 11:17 am PE firms adopt alternatives for better returnsPTI New Delhi: Private equity firms that are going through troubled times across the world, have resorted to various alternatives including diversification of their portfolio to adjust to the present economic constraints. PE firms are mainly diversifying into infrastructure assets, debt funds and energy technology investments, as institutional investors believe there would be stable cash flows into these sectors. “I think what you are going to see is a natural evolution of firms taking their networks and their brand into other fields where they can get a return,” global PE and investment advisory firm CVC Capital Partners Partner Marc St John said. PricewaterhouseCoopers in its Global Private Equity Report 2008 has said “private equity firms are taking advantage of financial turmoil to diversify either by buying new investment businesses from within troubled banks or by hiring experienced investment banking executives who can spearhead expansion into new asset classes and geographies.” “Institutional investors have an appetite because they consider the stable cash flows of infrastructure assets such as toll roads and power stations resilient to fluctuating market conditions,” the PwC report added. Meanwhile, the report also highlighted that, “developing countries such as China and India recognise the critical role infrastructure plays in supporting economic growth.” Debt funds are a further example of diversification into an asset class where private equity-type investment skills are relevant. “In the current environment, where banks have struggled to syndicate leveraged debt, there are unique opportunities for traditional private equity managers who have developed deep expertise through decades of structuring leveraged financed buyouts,” the report said. Source: Home - Livemint.com | 23 Oct 2008 | 11:13 am Dell targetting SMB segment, unveils first ever brand campaign - Economic Times
Source: Google News India - Business | 23 Oct 2008 | 11:08 am ACC Q3 net dips 8% at Rs259.98 crMumbai: Cement manufacturer ACC Ltd said that its consolidated net profit for July-September quarter fell 7.7% to Rs259.98 crore, from the corresponding year-ago period. The total income for quarter under review rose to Rs1,979.51 crore, from Rs1,741.38 crore for the same quarter last fiscal, ACC said in a filing to the Bombay Stock Exchange (BSE). Meanwhile, the company said that cement consumption is likely to decline in the coming months, particularly in the housing sector. During the September quarter, the company sold 4.86 million tonnes of cement, against 4.68 MT in the year-ago period. “We foresee challenging times ahead of us, in respect of markets, investment and input costs,” it added. On the standalone basis, the company posted a net profit of Rs283.43 crore in Q3 of current fiscal, a marginal decline from the third quarter of FY’08. The standalone total income stood at Rs1,870.65 crore in the current fiscal. For the nine months ended 30 September, the cement maker reported a net profit of Rs839.37 crore, a 14.5% decline, while its sales turnover rose to Rs5,730.37 crore. ACC was trading at Rs440.55, down 2.57% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:08 am Panel for continuation of Kendriya Bhandar from govt coloniesPTI New Delhi: Recommending continuation of Kendriya Bhandar outlets from government residential colonies for “larger public interest,” a parliamentary committee said the cooperative shops were providing much-desired relief to government employees and the common man. The panel, which submitted its report on ‘Constraints being faced by Kendriya Bhandar´ to both Houses of Parliament today, said it was of the view that the cooperative society working for the benefit of the common people should not be asked to vacate its present units. Asking government to take a policy decision in the Cabinet, the panel said “rather, the government should provide all necessary assistance to Kendriya Bhandar since they are fulfilling the daily household needs of thousands of government employees and others.” The panel headed by Dr E M S Natchiappan has also recommended that Kendriya Bhandar be charged a monthly license fee at flat rate equivalent to that payable by a government employee occupying government accommodation. It also strongly recommended that the Ministry of Urban Development either return the 16 surrendered accommodations to Kendriya Bhandar or immediately provide alternative ones at nearby locations. The panel said the Urban Development Ministry should on the lines of Mother Dairy provide land to Kendriya Bhandar at economical cost to set up retail outlets. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:06 am Govt refuses to bail out domestic carriersAFP New Delhi: The government on Thursday refused to bail out ailing airlines facing mounting losses but said it would extend the credit period for the cash-starved carriers to pay their fuel bills. Indian airlines had sought a bailout package worth Rs47.50 billion ($1 billion) to survive in the face of shrinking traffic and high fuel costs. However Civil Aviation Minister Praful Patel said no bailout was on offer but airlines would get more time to pay their fuel bills. “No financial relief has been given to the private airlines,” he told parliament. But “the credit period for current purchases of fuel has been increased to 90 days from existing 60 days,” he said. Last week, Patel said the sector was going through its “worst-ever phase.” Domestic airlines jointly owe $630 million to state-held petroleum firms, according to the government. Fuel amounts to around 40% of an airline’s operational costs. The sector posted a combined loss of $938 million in the fiscal year to March 2008 and analysts expect losses to touch $2 billion this year. Left-wing members of parliament have strongly opposed state handouts to private- and government-owned airlines. Last week India’s largest domestic airline, Jet Airways, struck an alliance with arch-rival Kingfisher Airlines involving code-sharing, ground-handling and route rationalisation to avert collapse. Airlines hiked fares to cope with higher fuel costs but this prompted a fall in passenger traffic driving them deeper into the red. Passenger growth has slowed from 33% in 2007 to 7.5% in the first half of the year and turned negative in August when 17% fewer people flew compared with a year earlier. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:06 am Jyothy Labs July-Sept net down on higher input costsMumbai: “Personal care products maker Jyothy Laboratories Ltd posted a 38% fall in net profit during the quarter to September, hit by higher oil prices,” an official said. The maker of ‘Ujala´ branded fabric whitener posted a net profit of Rs50.95 million on net sales of Rs874.26 million during its first quarter. Net sales grew 16.6%. ‘Ujala´ brings in about 40% of the company’s revenues. The company, which also makes household insecticides, surface cleansers and personal care products, follows a July-June financial year. “The fall has been because gross margin has been hit by 10 percentage points due to raw material prices,” Neetu Kashiramka, assistant general manager-finance said. “In the next quarter it should settle,” she said refering to the October-December quarter. Crude oil, used for packaging and production of detergents, has seen a 45% drop in prices from record highs hit in July. Revenue from soaps and detergents grew 11% to Rs496.1 million but profit before tax and interest for the segment fell 48% to Rs77.5 million. Revenue from home care products grew 32% to Rs379 million while the segment posted a profit before tax and interest of Rs4.7 million from a loss of Rs11.8 million in the year-ago quarter. Shares in Jyothy Laboratories were 3.3% lower at Rs261.05 in a weak Mumbai market. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 11:02 am First rev from Rosa 1 to flow from Q4FY09: Rel Power - Moneycontrol.com
Source: Google News India - Business | 23 Oct 2008 | 10:57 am India rupee, shares punished; markets look to c.bank - Reuters India
Source: Google News India - Business | 23 Oct 2008 | 10:55 am Inflation still high: FMThe government said on Thursday that inflation was still high at 11.07 per cent, although it has been sliding for four weeks in a rowSource: Daily News & Analysis: Money News | 23 Oct 2008 | 10:55 am Dr Reddy’s Labs Q2 net dips 22% at Rs86 crMumbai: Drug maker Dr Reddy’s Laboratories said that its consolidated net profit for the second quarter ended 30 September declined by 21.62% at Rs86.6 crore, over the corresponding period year ago. Total income rose to Rs1,629.5 crore for the quarter under review, from Rs1,326.5 crore for the same quarter a year-ago, Dr Reddy’s Laboratories said in a filing to the Bombay Stock Exchange (BSE). On the standalone basis, the domestic drug major reported a net profit of Rs 91 crore for the second quarter ended 30 September, a 27.2% decline from last year’s figures. The company’s total income rose to Rs955.1 crore for the quarter under review, from Rs924.4 crore for the same period a year ago. Further, the board of directors of the company approved the amalgamation of Perlecan Pharma, a subsidiary of the company, with itself. This amalgamation would be effective from 1 January, 2006, it added. Shares of Dr Reddy’s Labs were trading at Rs464, down 3.24% on the BSE. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 10:51 am Dai-ichi Life to keep portfolio steady in H2Reuters Tokyo: Japan’s Dai-ichi Mutual Life Insurance Co said on Thursday it plans to make few changes to its portfolio in the second half of this fiscal year while reshuffling some individual assets. The nation’s second-largest life insurer by assets told Reuters that investments in unhedged foreign bonds were little changed in the first half and that the insurer plans to keep them unchanged in the October-March period. Despite of the ongoing global financial market turmoil, the insurer does not plan to alter its medium- to long-term strategy of diversifying its asset holdings, said Takashi Iida, manager of the investment planning department at Dai-ichi Life. “We plan to keep unchanged the outstanding amount of unhedged foreign bond investments, which we see as risk assets, while reshuffling individual names,” Iida said. The yen’s sharp gains against the dollar and euro may result in unrealised losses on its foreign asset holdings but the insurer is not making imminent changes, he said. “There is no change to our medium- to long-term strategy of diversifying our portfolio and risks by investing in risk assets to some extent,” Iida said. The insurer uses the Lehman Brothers global aggregate bond index in deciding its foreign bond investments. As of end-March, Dai-ichi Life managed 30.36 trillion yen ($311.7 billion) on behalf of its policyholders, of which 4.2 trillion yen was invested in foreign bonds. Global financial markets will remain volatile but are likely to gradually regain some stability as fears of a worsening of the credit crisis appear to be abating, after governments and central banks around the world took bold steps to unlock frozen credit markets, Iida said. He expects the yen to come under strengthening pressure as differences in interest rates with other countries shrink. He expects the dollar to be in a 95-110 yen range and the euro between 130-145 yen through March 2009. The dollar fell to a seven-month low below 97.23 yen and the euro sank to a six-year low below 124 yen on Thursday. Dai-ichi had said in April it may slightly increase holdings in overseas stocks and alternative investments such as funds of funds this fiscal year as it further seeks to diversify assets, but Iida said the insurer kept these investments unchanged given the market turmoil. “We would like to keep alternative investments steady in the second half. If market conditions deteriorate further and we are forced to cut losses, we hope to reallocate to better ones,” he said, adding the insurer doesn’t plan to close its positions. In the April-September half, Dai-ichi Life boosted its yen bond holdings when yields rose around June, and shifted a portion of yen bond allocations to hedged foreign bonds which it categorises as fixed-rate bonds together with yen bonds. “In terms of allocation weightings, we kept fixed-rate bonds steady in the first half, and plan to keep that weighting unchanged in the second half,” Iida said. The insurer may buy more long- and superlong-dated yen bonds when yields spike up. Global economies will likely continue to be weighed down by the financial sector problems, but if more signs emerge that the worst of the credit crisis has passed, there is also the risk of sharp reversals in market trends, he said. The insurer expects the 10-year JGB yield to trade between 1.2 percent and 1.8 percent through March. The 10-year JGB yield was at 1.505 percent on Thursday. Dai-ichi Life also plans to keep its domestic share holdings steady. At end-September, Dai-ichi Life had unrealised profits on its securities holdings of some 1 trillion yen, down from 1.649 trillion yen at end-March and down from 3.108 trillion yen at the end of September 2007. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 10:50 am Monnet Ispat surges 15% on Rs75 cr buyback nodPTI Mumbai: Shares of steel maker Monnet Ispat today surged over 15% after its board approved the Rs75 crore buyback offer. Monnet Ispat board today approved the proposal of buying back about five lakh shares from the market at a price not exceeding Rs300 per share, the company said in a filing to the Bombay Stock Exchange. The board approval is a statutory requirement after approval from market regulator SEBI. The shares would be repurchased from the BSE and NSE through open market deals. The buyback price represents a premium of 188.56% and 188.73% on the basis of closing prices on the BSE and NSE respectively on 22 October, the filing added. Following the approval, the shares of the company surged 15.02% to touch the day’s high of Rs183. It was later quoting at Rs176, up 10.62% in the late afternoon trade on the BSE. The buyback limit of Rs75 crore represents 7.02% of the paid-up capital and free reserves of the company. The company plans to utilise the buyback proceeds for setting up an iron ore plant pelletisation plant and increasing its power capacity. On the National Stock Exchange, the scrip surged 15.76% to a high of Rs184.00. It was later trading at Rs176.05, up 10.76%. Monnet Ispat today reported a second quarter net profit of Rs65.68 crore, a 60.47% growth over the same period a year ago. It had a net profit of Rs40.93 crore last fiscal. Total income rose by 52.52% to Rs401.66 crore in the September quarter, from Rs263.35 crore in the same period last fiscal. Source: LatestNews-Home - Livemint.com | 23 Oct 2008 | 10:49 am Are new channels threatening old players?After the scheduled end of long-running serial "Kyunkii Saas Bhi Kabhi Bahu Thhi" Nov 10, a phase of fatigue on the 'idiot box' might also concludeSource: Daily News & Analysis: Money News | 23 Oct 2008 | 10:46 am Rupee, shares punished; markets look to RBIMUMBAI/NEW DELHI (Reuters) - The rupee fell to a record low and shares dipped to their weakest levels in more than two years on Thursday as a global rout of equities washed through India's markets.Source: Reuters: Money News | 23 Oct 2008 | 10:44 am Major blue chips pull Indian markets downMumbai: Shares of major bluechips on Thursday opened on a negative note led by Tata Steel, which fell 10% in early morning trade on the bourses. With the meltdown in the domestic bourses, shares of Bharti Airtel, Hindalco, HDFC Ltd and ICICI Bank tumbled the most in the range of four to 10% on the BSE. Shares of Tata Steel on Thursday opened at Rs228.60 and dipped further to an intra-day low of Rs220.65, down 10%. It was later trading at Rs228.30, down 6.74 % on the BSE. On the National Stock Exchange, Tata Steel dipped 10.22% to its day’s low of Rs220. Telecom major Bharti Airtel slipped 7.10% to touch its intra-day low of Rs620. The scrip was later quoting at Rs623.80, down 6.53%. Over 1.97 lakh shares changed hands on the bourse. Marketmen said increased capital outflows by foreign funds following weak global equity markets and depreciating Indian rupee against US dollar were major factors behind the free-fall in stock prices. Aditya Birla flagship Hindalco Industries dipped 8.97% to touch its intra-day low of Rs55.25. Private sector lender ICICI Bank dipped 8.18% to touch a low of Rs364. It was later quoted at Rs372.80, down 5.97% on the BSE. On the NSE, the scrip touched the day’s low of Rs361, a 8.99% dip over previous close. Corporate behemoth Reliance Industries dipped 6.42% to a low of Rs1,231. It was trading at Rs1,264.15, down 3.91% on the BSE. On the NSE, RIL touched a low of Rs 1,226, down 6.89% over previous close. Besides, Housing Development Finance Corporation (HDFC) slipped 6.30% to touch its intra-day low of Rs1,785. Source: Home - Livemint.com | 23 Oct 2008 | 10:44 am Govt to reduce fuel prices within a week: DeoraThe government said in the Lok Sabha that an announcement on reduction of fuel prices will be made within a weekSource: Daily News & Analysis: Money News | 23 Oct 2008 | 10:43 am TCS to focus on reducing volatility in its India bizCountry's largest software exporter Tata Consultancy Services today on Thursday that it was focusing on reducing volatility in its Indian business.Source: Daily News & Analysis: Money News | 23 Oct 2008 | 10:41 am Inflation eases to 11.07%Inflation fell to 11.07 per cent on cheaper food and crude but the government said it was still highSource: Daily News & Analysis: Money News | 23 Oct 2008 | 10:39 am TDSAT directs Star, Sony to supply signals to HITS platform - Business Standard
Source: Google News India - Business | 23 Oct 2008 | 10:37 am ICICI, Tata Steel hot with MFsCountry's largest private sector lender ICICI Bank and steel major Tata Steel have emerged as favourite stocks for domestic mutual fundsSource: Daily News & Analysis: Money News | 23 Oct 2008 | 10:36 am Apple launches LED Cinema DisplayUS-based IT major, Apple launched its LED cinema display on Thursday and redesigned laptops that offers advanced features to customers.Source: Daily News & Analysis: Money News | 23 Oct 2008 | 10:34 am TCS eyes new business models to sustain growth momentum - Economic Times
Source: Google News India - Business | 23 Oct 2008 | 10:20 am Inflation eases to 11.07 pc; RBI may further cut repo rate - Hindu
Source: Google News India - Business | 23 Oct 2008 | 10:19 am BSE Sensex provisionally closes 3.7 pct downMUMBAI (Reuters) – The BSE Sensex provisionally ended 3.66 percent lower on Thursday as it was caught in fears a global recession would hit corporate earnings and investments in emerging markets.Source: Reuters: Money News | 23 Oct 2008 | 10:07 am Chidambaram: SEBI told FIIs don't lend stocks abroadNEW DELHI (Reuters) – India's stock market regulator has asked foreign institutional investors (FIIs) not to lend stocks to offshore entities and to reverse transactions in which they have, the finance minister said on Thursday.Source: Reuters: Money News | 23 Oct 2008 | 9:27 am Nestle nine-month sales soars, hikes full-year outlookAFP Geneva: Global food giant Nestle today said nine-month sales soared to $69.77 billion, leading it to hike its outlook for the full year. The growth was 8.9% in organic growth terms which excludes effects from acquisitions and currency fluctuations. In Swiss francs, the latest sales were up 3.4% compared to the 78.7 billion francs generated during the first nine months of 2007. Group sales would have been even stronger if not for the strong Swiss franc against most other currencies, which reduced sales by 8.0%. “These record sales in the first nine months reflect strong growth momentum in both the developing and the developed world,” Paul Bulcke, Nestle’s chief executive officer, said in a statement. Nestle added that in view of the third quarter, it was hiking its organic growth to about 8.0% for the full year, up from the at least 7.4% it forecasted in August. The group said all regions performed well, with developing markets in particular posting double-digit growth. By product category, only its water division showed a one-percent fall in organic growth. The sharpest climb was posted by the powdered and liquid beverages category, which indicated 13.1% organic growth. A few of Nestle’s products had been pulled in some places such as South Korea and Taiwan over the China milk scandal, but the group did not refer to the impact of these withdrawals in the trading statement. Source: World Business - Livemint.com | 23 Oct 2008 | 9:11 am Indian equities markets continue to shed valueWith Argentina joining the growing list of countries hit by the global financial tsunami and weak global cues, Indian equities markets continued to shed value Thursday and a key equities index dipped below the psychologically important 10,000 mark mid-afternoon.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 9:00 am IRDA focus on insurance cos to attract customersInsurance regulator IRDA is taking a closer look at guaranteed return products launced by life insurance companies, in an attempt to attract customers. IRDA is a bit skeptical about these products.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 9:00 am Airtel scores with DTH campaignHot on the heels of its digital TV launch, Airtel and its ad agency have started work on launching a campaign for Airtels proposed IPTV services. The company claims the DTH campaign, starring 10 celebrities in its launch TV commercial, has been a hit.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 8:52 am Govt introduces new Companies Bill in Lok SabhaNew Delhi: Government on Thursday introduced a new Companies Bill, 2008, in the Lok Sabha that makes it easy for a company from the stage of incorporation to winding up by doing away with host of obsolete provisions. Companies Bill, 2008, once approved by Parliament, will replace the existing Companies Act, which was enacted in 1956. The bill was introduced by Minister of Corporate Affairs Prem Chand Gupta in the Lower House amid objections raised by CPI (M) member Varkala Radhakrishnan. Objecting to the introduction of bill by the minister, Radhakrishnan said that a 250-odd page bill is almost like an encyclopedia and should have been given to MPs at least two days in advance. “It (bill) was given to us only this morning...Is this the way legislative business should be conducted by the government?,” he questioned. The bill, according to the statement of objects and reasons, will provide for “basic principles for all aspects of internal governance of corporate entities and a framework for their regulations.” Source: Home - Livemint.com | 23 Oct 2008 | 8:52 am Ponni Sugars takes distillery route to expansionPonni Sugars Erode Ltd has decided to set up a Rs 72crore distillery to expand its sugar mill operations. Mr N. Ramanathan, Managing Director, Ponni Sugars, said that the companys board on Saturday approved the investment to expand the business with a 60kilolitreaday distillery.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 8:51 am Chidambaram: banks should lend aggressivelyNEW DELHI (Reuters) - Finance Minister Palaniappan Chidambaram said on Thursday there was adequate liquidity in the banking system and he has advised banks to lend agressively.Source: Reuters: Money News | 23 Oct 2008 | 8:50 am Royal Orchid ties up with RamadaIn a strategic tieup with Ramada Worldwide, Royal Orchid Hotels Ltd (ROHL) has obtained the exclusive development rights for Ramada brand, under which the Indian hospitality company will manage 10 hotels.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 8:49 am Honda India, Hero Honda to jointly source auto partsAuto giant Honda, which has three companies in India, and a joint venture with Hero Honda, plans to jointly source auto parts from India vendors to reduce costs.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 8:46 am TCS to focus on reducing volatility in its India bizPTI Mumbai: Country’s largest software exporter Tata Consultancy Services today said it was focusing on reducing volatility in its Indian business. The IT firm has grown in all markets across the globe in the second quarter of the current fiscal, but has reported a drop in growth in India. “We are trying to reduce the volatility in India,” TCS Chief Operating Officer N Chandrasekaran told reporters here. Many contracts in India which TCS handles are project-based unlike others that are annuity-based. Revenues in project-based contracts are cyclical, he added. The company yesterday declared its results for September quarter of the current fiscal. Its India business forms 7.8% of revenue whereas last year for the same period it accounted for 8.2% of the revenue. The company is looking at its India business on a year-to-year basis rather than on a quarter-to-quarter basis, Chandrasekaran said. The company is positive on its India business. “Huge amount of work needs to be done in India,” he added. Ten days ago, TCS had announced its foray into a Rs1,000-crore contract with External Affairs Ministry for an e-governance project. Source: Home - Livemint.com | 23 Oct 2008 | 8:45 am TVS Motor trims investment plansReuters Mumbai: TVS Motor Co Ltd, India’s third largest two-wheeler maker, has trimmed investment plans due to slowing demand and tighter retail financing, its top official said on Thursday. TVS, which was earlier planning to invest more than Rs1 billion annually on expansion, will now invest about Rs750 million per year for the next two years, Chairman and Managing Director Venu Srinivasan told Reuters. “We have seen low growth and will only invest for new models and R&D projects now,” Srinivasan said. The Chennai-based firm has plans to launch three variants of existing models and two brand new models in the next one year, he said. “There is no significant investment in capacity, given the turbuluent conditions, we would trim our investments,” he added. TVS Motor had recorded a 19% rise in total two-wheeler sales in September, but Srinivasan said he was expecting growth in two-wheeler industry to slow down to single digits in view of difficult financing conditions. “We don’t expect improvements till the end of 2009, as the global economy is slowing down. The crisis in the west is affecting us here, nobody is really willing to lend,” he said. Shares of TVS Motor were down 3.12% at Rs32.60 in the Mumbai market. Source: Home - Livemint.com | 23 Oct 2008 | 8:39 am BHEL bags Rs1,474 cr order from NTPCPTI New Delhi: State-run Bharat Heavy Electricals today said it has bagged a Rs1,474 crore order from NTPC to set up 1,320 MW supercritical steam turbine generator package at Barh thermal power project in Patna. “BHEL has bagged a Rs1,474 crore contract from NTPC for setting up 2x660 MW supercritical Steam Turbine Generator (STG) package at Barh thermal power project in Patna,” a company statement said. This is BHEL’s first commercial order with supercritical parameters through the International Competitive Bidding (ICB) route. Power equipment made with supercritical technology are environment friendly and result in economies of scale for the company. BHEL’s scope of work includes design, engineering, manufacture, supply, erection and commissioning of two STG sets of 660 MW with associated auxiliaries. The turbines and generators would be manufactured at the company’s Haridwar works, pumps and heaters at Hyderabad plant. The company has recently won its first order for 800 MW supercritical boilers from Andhra Pradesh Generation Company (APGenco). BHEL has also formed a joint venture with Tamil Nadu Electricity Board (TNEB) for setting up 2x800 MW supercritical thermal power project at Ugangudi in the state. Source: Home - Livemint.com | 23 Oct 2008 | 8:39 am No bailout to any airline, only pay deferment: PatelNew Delhi: Under attack from MPs for offering relief to private airlines at the “cost of common man”, the government on Thursday denied that any financial bailout package has been given to any airline. “No financial cheque or relief has been given to the private airlines. Only thing is that credit period for current purchases of fuel has been increased to 90 days from existing 60 days,” Civil Aviation Minister Praful Patel told Lok Sabha. In a significant relief to cash-strapped airlines, the government on Wednesday had allowed them to clear their Rs2,962 crore outstanding in fuel bills in six monthly installments besides increasing the credit period. “No cheque has been given to any airline...bailout is wrong...and no loss to any oil company,” he said. After Wednesday’s meeting between Petroleum Minister Murli Deora and Patel to provide relief to defaulting airlines like Jet Airways, Kingfisher and state-owned carrier National Aviation Company of India Ltd (NACIL), the industry has got time till March, 2009 to clear their fuel bill outstandings. Naresh Goyal’s Jet Airways won a reprieve to pay its Rs1,057 crore due to oil companies by 31 March, 2009 while Vijay Mallya-run Kingfisher will pay its Rs983 crore dues spread over six months. NACIL, which runs Air India and Indian, will also clear its Rs886 crore dues in the period. Patel admitted that air traffic has slowed down for the first time in last four years. He, however, assured the members that the government’s plan to add a number of airports and modernising the existing facilities would not be affected by the slowdown. Source: Home - Livemint.com | 23 Oct 2008 | 7:39 am Patni Computer Q3 net up 81% at Rs180 crPTI Mumbai: IT services provider Patni Computer Systems today said its consolidated net profit for the third quarter ended 30 September, stood at Rs180.23 crore, a 81.39% growth over the corresponding period a year-ago. The firm had a net profit of Rs99.36 crore in the third quarter of FY’08, Patni Computer said in a filing to the Bombay Stock Exchange. The consolidated total income rose to Rs852.80 crore in the quarter under review, from Rs709.05 crore in the same quarter last fiscal. On a standalone basis, the company reported a profit after tax of Rs152.90 crore for the quarter ended September, a 80.03% growth over the same period year ago. The company had a PAT of Rs84.93 crore in the September quarter of financial year FY’08. The company’s standalone income rose to Rs444.94 crore in the September quarter, from Rs341.80 in the same period previous year. The IT firm outlook for the Q4 are expected to be at $176-177 million and net income (excluding foreign exchange gain or loss) is expected to be in the range of $22-22.5 million. Shares of the company were quoting at Rs151.50, down 4.08% in the morning trade on the BSE. Source: Home - Livemint.com | 23 Oct 2008 | 7:33 am India's inflation falls further to 11.07 percentIndia's annual rate of inflation, based on official wholesale price index, fell further to 11.07 percent for the week ended Oct 11, due to a 0.8 percent decline over the previous week in prices of primary articles.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 7:31 am Ex-colleague confesses to killing Reliance executiveA former employee of Dhirubhai Ambani Knowledge City (DAKC) was arrested Thursday, eight days after the alleged killing of the company's employee, Anandita Goswami-Mishra, said a high-ranking police official.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 7:31 am Inflation eases to 11.07% from previous 11.44%New Delhi: Lower prices of food and non-food items pushed down inflation to 11.07% for the week ended 11 October, from 11.44% a week ago. Inflation measured by movement in the Wholesale Price Index was 3.07% a year ago. Among food articles, the prices of fruits and vegetables and eggs declined during the week. In the non-food category, sunflower and raw cotton became cheaper. The index of fuel group too declined marginally by 0.1% on account of lower prices of furnace oil. The prices of other goods that declined during the week were - imported edible oil, oil cakes, polyester, staple fibre and ingots of lead and zinc. Items which became expensive during the week were tea, ghee, maize, rice, masoor, raw tobacco, mustard seed, lubricants, cotton yarn. Inflation for the week ended 16 August was revised upwards to 12.82% as against the provisional figure of 12.40%. Source: Home - Livemint.com | 23 Oct 2008 | 7:07 am Rupee expected to be less volatile: ChawlaThe government said the value of rupee, which depreciated to Rs 49.68 per dollar, is expected to be less volatile with pressure on capital inflows easing.Source: Daily News & Analysis: Money News | 23 Oct 2008 | 6:48 am Inflation at 11.07 pct on Oct 11NEW DELHI (Reuters) - India's wholesale price index rose 11.07 percent in the 12 months to Oct. 11, below the previous week's annual rise of 11.44 percent, government data showed on Thursday.Source: Reuters: Money News | 23 Oct 2008 | 6:29 am Hyundai Q3 profit beats forecast but outlook dimReuters Seoul: Hyundai Motor Co, South Korea’s top auto maker, on Thursday posted a 38% fall in quarterly net profit, beating market expectations and sending its shares higher, despite strikes and higher costs overseas. Shares in Hyundai swung right around to be 4.59% up at 52,400 won as of 0520 GMT after falling as much as 7.5%, widely beating the wider market’s 5.5% drop. However, global automakers such as Hyundai, the world’s No.5 auto maker along with affiliate Kia Motors Corp, are facing shrinking demand as consumers put off major purchases on fears of a recession. Sales of higher-end models are also slowing in Hyundai’s domestic market, analysts said. “The stock is rebounding on heavy foreign buying but it is hard to say the outlook for auto makers is improving,” said Kim Joong-Hyun, an analyst at Goodmorning Shinhan Securities. “There could be some pick-up in sales in the fourth quarter as Hyundai makes up lost output during strikes, but that alone doesn’t support optimism amid the sinking world economy.” Reflecting investor worries about slowing profit growth, shares in Hyundai have fallen 35% so far in the fourth quarter, compared with a 28% drop in the KOSPI. The maker of the Sonata sedan posted a net profit of 264.8 billion won ($187.5 million) in the third quarter ended on 30 September against a 174.9 billion won forecast by 10 analysts in a Reuters poll. That compared with a 425.5 billion won profit a year ago and a 546.9 billion won profit in the second quarter of 2008. The better-than-expected quarterly performance was partly due to the fact that Hyundai did not post any loss from Kia-related derivatives, after posting a 45.3 billion won loss in the year-ago period. Hyundai reported 104.5 billion won in operating profit during July-September, slightly above a 99.6 billion won profit forecast. The figure was a steep drop from a 356.2 billion won profit a year earlier and a 662.5 won profit in the second quarter of 2008. Union workers at Hyundai staged 12 partial strikes during wage negotiations in the third quarter, costing the company 44,645 vehicles in lost output, according to company data. The labour unrest, along with the global financial crisis, slashed sales by 14.5% to 6.05 trillion won. A weaker won which usually boosts Hyundai’s sales and profits from exports, failed to lift profits in the third quarter and actually weighed on earnings as it magnified the costs of providing warrants on cars sold abroad. The won lost 13% against the dollar in the third quarter, the biggest quarterly percentage loss since the fourth quarter of 1997. Hyundai has a market value of about $8 billion. Its shares rose 3.5% in the third quarter, vastly outperforming a 13.5% fall in the benchmark KOSPI. Source: World Business - Livemint.com | 23 Oct 2008 | 6:13 am Cathay denies British Airways takeover rumoursAFP Hong Kong: Hong Kong carrier Cathay Pacific on Thursday denied market rumours that it was planning a takeover of British Airways. “These rumours are unfounded. We have no plans to buy British Airways,” a Cathay spokeswoman said in a brief statement. London-listed shares of BA rose on Wednesday on speculation that the firm was a takeover target. BA is in merger talks with Spanish national carrier Iberia, but company president Willie Walsh said in an interview in early October the move would take longer than expected due to the downturn in the aviation sector. Cathay said last week its passenger numbers had dropped in September due to the global financial crisis, its first fall since 1993. The airline said in its company newsletter earlier this month it had been “hit hard” by the economic downturn, with a significant drop in the number of Source: World Business - Livemint.com | 23 Oct 2008 | 6:13 am POLL - RBI seen holding rates at reviewMUMBAI (Reuters) - The Reserve Bank of India (RBI) is expected to hold key rates unchanged at its policy review on Friday, although it may offer further explanation for the drastic easings of the past two weeks, a Reuters poll of analysts found.Source: Reuters: Money News | 23 Oct 2008 | 6:09 am Delhi named best state for e-governance by DataquestIndia's national capital has been declared the best e-governed state in the country by leading technology magazine Dataquest. Chief Minister Sheila Dikshit received the award from Chief Information Commissioner Wajahat Habibullah at a gala event here late Wednesday.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 6:00 am Indian equities open lower again on weak global cuesIndian equities opened sharply lower once again Thursday on weak global cues, notwithstanding some measures announced by the central bank a day earlier to help the corporate sector raise more funds from overseas.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 5:31 am IIM students launch portal to help new consultantsInterested in a career in business consultancy, but don't know where to begin? Well, for starters, you could log on to www.learn2consult.com, a portal launched by three students of the Indian Institute of Management (IIM).Source: IndiaeNews.com: Business News | 23 Oct 2008 | 5:00 am Indian aviation students now bank on international carriersCost-cutting steps of leading Indian domestic airlines are forcing students in private aviation institutes that impart training for airhostesses and flight attendants to rely on international carriers and the hospitality industry for placements.Source: IndiaeNews.com: Business News | 23 Oct 2008 | 4:32 am DoT faces 3G spectrum crunch in Delhi and 8 other circles!The much-awaited auction of 3G spectrum may hit yet another roadblock with the Department of Telecom is having no or very less radio frequency in nine circles-- including Delhi-- as the Defence Ministry is yet to vacate this scarce natural resource.Source: Zee News : Business | 23 Oct 2008 | 12:16 am FM calls states to lower tax on transfer of property!Finance Minister P Chidambaram on Wednesday called upon states to reduce tax rates on transfer of property to enhance their tax revenue from this sector.Source: Zee News : Business | 23 Oct 2008 | 12:16 am Oil falls below $69 on US recession fears!Oil prices fell below USD 69 a barrel on Wednesday as investors shrugged off a looming OPEC production cut after company forecasts suggested the US may be headed for a severe economic slowdown that would crimp demand for crude.Source: Zee News : Business | 23 Oct 2008 | 12:16 am Reliance Power Q2 net profit at Rs 37 cr!Anil Ambani group firm Reliance Power on Wednesday said its net profit for the quarter ended September 30 stood at Rs 37.22 crore.Source: Zee News : Business | 23 Oct 2008 | 12:16 am Wipro Q2 net up 19%, projects cautious outlook!Country`s third largest IT services company Wipro on day posted a 19 per cent rise in consolidated profit for the second quarter but projected a cautious outlook in near-term in the wake of global economic turbulence.Source: Zee News : Business | 23 Oct 2008 | 12:16 am SEBI asks brokers to get auditing from independent CAs, others!Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants.Source: Zee News : Business | 23 Oct 2008 | 12:16 am Air India CMD censured by govt for leave-without-pay plan!State-owned carrier Air India Head Raghu Menon was on Wednesday censured by the government for his proposal to offer leave without pay to 15,000 employees.Source: Zee News : Business | 23 Oct 2008 | 12:16 am No job cuts in India`s IT industry: Infosys co-chair!There will be no pink slips in the Indian information technology industry as it has countered the impact of the current global financial tsunami well, according to Nandan Nilekani, co-chairman of Infosys Technologies.Source: Zee News : Business | 23 Oct 2008 | 12:16 am RBI further liberalises ECB norms!Faced with outflow of foreign capital, Reserve Bank on Wednesday further relaxed the external commercial borrowing guidelines and allowed companies to bring in funds up to USD 500 million for rupee expenditure under the automatic route.Source: Zee News : Business | 23 Oct 2008 | 12:16 am NTPC to raise 20 bn rupees by March 09: Sources!State-run power generator NTPC Ltd plans to raise 20 billion rupees ($404 million) in debt by March 2009 domestically and use the funds for expansion, a company official said on Wednesday.Source: Zee News : Business | 23 Oct 2008 | 12:16 am Airlines get relief package to stay in the airNew Delhi, Oct. 22 The cash-strapped domestic airlines that have defaulted in payment of jet fuel bought from the PSU oil marketing companies (OMCs) can continue to fly without any fears of their wings being clipped for want of oil.Source: Business Line - Home Page | 23 Oct 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Rupee to test 50The rupee recorded a new all-time low at 49.49 on Wednesday as equity markets tumbled across the globe, making funds flee out of emerging markets. Foreign Institutional Investors have pulled out over $2.8 billion from Indian stock markets inSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Bank of India Q2 net rises 80% on robust credit growthMumbai, Oct 22 Bank of India reported an 80 per cent growth in second quarter net profit, beating analysts’ predictions.Source: Business Line - Home Page | 23 Oct 2008 | 12:00 am SEBI expresses displeasure once againMumbai, Oct. 22 Twelve foreign institutional investors met with SEBI on Wednesday, to be told again of the regulator’s disapproval of overseas lending and borrowing of Indian stocks bySource: Business Line - Home Page | 23 Oct 2008 | 12:00 am ‘Centre may overshoot fiscal deficit target’New Delhi, Oct. 22 For the first time, the Finance Minister, Mr P. Chidambaram, has conceded that the Government may overshoot the fiscal deficit target for the current fiscal, thereby, implying that there would be some slippage in adhering toSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Rural Electrification Corporation (Rs 70.25): SellWe recommend a sell in Rural Electrification Corporation from a short-term perspective. It is apparent from the chart of Rural Electrification that it has been on an intermediate-term downtrend since the day of its listing in March. The stockSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Moon mission launchedSriharikota, Oct. 22 Chandrayaan-1, the Indian satellite that would take a peek at the moon from close quarters, was carried into space this morning by the PSLV-C11 rocket, amid threats to the launch from a particularly badSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Pressure to lift export tax on basmati intensifiesThe pressure on lifting of the current Rs 8,000-a-tonne duty on export of basmati rice is intensifying, with paddy realisations for farmers ruling 10-12 per cent lower compared to lastSource: Business Line - Home Page | 23 Oct 2008 | 12:00 am Subdued profit growth amid healthy salesCompanies’ sales continue to grow at a healthy pace, but higher input prices and interest costs have curtailed profit growth to the single digits.Source: Business Line - Home Page | 23 Oct 2008 | 12:00 am 'A perfect textbook launch'India today joined an elite league of nations by successfully launching its first moon mission Chandrayaan-1. A visibly confident set of Indian space scientists, headed by Indian SpaceSource: Business Standard | Front Page Headlines | 22 Oct 2008 | 6:50 pm Yahoo to cut 10% jobsYahoo! Inc, the Internet company that rejected a takeover offer from Microsoft Corp., reported a 64 per cent drop in profit after advertisers curbed spending.Source: Business Standard | Front Page Headlines | 22 Oct 2008 | 6:50 pm ECB norms eased furtherThe Reserve Bank of India today threw open overseas borrowing norms by allowing companies to borrow up to $500 million for rupee expenditure under the automatic route for permissible end uses.Source: Business Standard | Front Page Headlines | 22 Oct 2008 | 6:48 pm Airlines get oil dues breatherJet Airways, Kingfisher Airlines and Air India will have till March to settle the Rs 2,900 crore fuel bill they owe the state-owned refiners even as the oil companies today agreed to increase theSource: Business Standard | Front Page Headlines | 22 Oct 2008 | 6:47 pm A successful launch for India’s first moon probeSriharikota: India successfully launched its first lunar mission on Wednesday, marking a major boost for the country’s space programme and a new step in the fast-developing Asian space race. Also See Chronology: The Race To The Moon (Graphic) Cheers rang out at mission control as the unmanned lunar orbiting spacecraft Chandrayaan-1 was launched with an Indian-built rocket from the Satish Dhawan Space Centre in Sriharikota on the southeastern coast. Officials said the lift-off, which took place in cloudy skies at 6:22am, was a “great success,” with the rocket placing the craft into a transfer orbit around the globe within 19 minutes. “Our scientific community has once again done the country proud and the entire nation salutes them,” Prime Minister Manmohan Singh said in a message from Japan, where he is on an official visit. The head of the Indian Space Research Organisation, or ISRO, Madhavan Nair, said it was a “historic moment” for the country. “It has been a remarkable performance by the launch vehicle,” he said of the lift-off from the national space centre in Andhra Pradesh, 80km north of Chennai. ISRO is sending the Chandrayaan-1 on a two-year orbital mission to provide a detailed map of the mineral, chemical and topographical characteristics of the moon’s surface. It is expected to reach lunar orbit in 15 days. The mission, which will also include the sending of a probe onto the lunar surface, will cost India $80 million (Rs394.4 crore today). India is hoping the mission will boost its space programme into the same league as regional powerhouses Japan and China. Nair said ISRO was aiming at a manned space flight by 2015, with work on a two-person capsule already under way. As well as looking to carve out a larger slice of the lucrative commercial satellite launch market, India, Japan and China also see their space programmes as an important symbol of their international stature and economic development. India started its space programme in 1963, developing its own satellites and launch vehicles to reduce dependence on overseas agencies. It first staked its case for a share of the commercial launch market by sending an Italian satellite into orbit in April last year. Graphics by Ashish Asthana, Sandeep Bhatnagar / Mint Source: Tech News - Livemint.com | 22 Oct 2008 | 5:48 pm Yahoo to cut 1,400 jobs after lossesNew York: Yahoo announced plans on Tuesday to lay off at least 10% of its workforce, some 1,400 employees, as the weak economy cut deeply into third-quarter profits at the struggling Web company. Yahoo said net profit for the third-quarter of the year was $54 million or four cents per share, down from $151 million and 11 cents per share during the same period of 2007. It said revenues were $1.78 billion in the third-quarter, an increase of only one percent over the $1.76 billion in the same period last year. Yahoo has been losing ground on the Internet to companies such as Google, MySpace and Facebook and the economic slowdown has hurt the firm particularly hard as advertisers cut back on spending. “An increasingly challenging economic climate and softening advertising demand contributed to revenues this quarter coming in at the low end of our outlook range,” said Yahoo chief financial officer Blake Jorgensen. “While we are disappointed with our results, we’re pleased that we continue to benefit from the aggressive cost management efforts we have pursued during the year,” he said in a statement. “We have the balance sheet strength, liquidity, and free cash flow we need to continue to make progress on our core strategies as we address this slowdown,” Jorgensen added. The Sunnyvale, California-based Internet company said it would carry out its second round of layoffs this year in a bid to cut costs. “Yahoo expects to reduce its global workforce by at least 10% during the fourth quarter of 2008,” the company said, reducing its annual expenses by some $400 million. Yahoo, which had 14,300 employees at the end of June, already announced in January that it would be cutting more than 1,000 jobs this year. The announcement Tuesday is for a second round of cuts. In a bid to reverse its fortunes, Yahoo has rolled out several new products and entered into an advertising tie-up with Google but the deal has yet to receive a green light from US Justice Department anti-trust regulators. Google chief executive Eric Schmidt said on Tuesday that Google and Yahoo had extended their talks with the Department of Justice regulators examining their proposed search advertising deal. The Department of Justice had been expected to announce on Wednesday whether they would give the green light to the tie-up between Google and Yahoo, respectively number one and number two in the Internet ad market. Yahoo is hoping to earn hundreds of millions of dollars from the deal with Google in the first year alone. Yahoo’s share price has shed more than 40% over the past three months but it gained more than seven percent to $12.58 dollars in after-hours trading on Monday after the cost-cutting moves were announced. Yahoo’s management earlier this year rejected a $33-a-share takeover bid for the company from US software giant Microsoft, earning the ire of some shareholders. Source: Tech News - Livemint.com | 22 Oct 2008 | 5:46 pm Commercial rentals slide: Office mkt to see more troubleWith almost 200 million square feet of grade \'A\' office space, expected to hit the market by the end of the year, the office market in India is set to see more trouble.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 5:36 pm Tata Consultancy profit up 1.5 percentLeading software services provider Tata Consultancy Services Ltd (TCS) has posted Rs.12.71 billion net profit for the second quarter this fiscal as against Rs.12.47 billion in the corresponding period last year, a growth of 1.5 percent.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 4:33 pm Firm fined for controversial job adThe Delhi High Court Wednesday fined a company Rs.100,000 for lowering the dignity and honour of judicial officers in an employment advertisement.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 4:31 pm Moody\'s downgrades Tata Steel from stable to negativeRating agency Moody\'s has downgraded Tata Steel. Ivan Palacios, Assistant Vice President and Analyst from Moody\'s said rating remains the same and only outlook has changed to negative.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 4:31 pm West Bengal to continue Singur industrialisationThe West Bengal government Wednesday said it will stick to its task of industrialisation and employment generation in Singur, where auto major Tata Motors abandoned its Nano small car project earlier this month.Source: IndiaeNews.com: Business News | 22 Oct 2008 | 4:31 pm NTPC to raise $500m via overseas loansNTPC plans to raise Rs 2,000 crore from domestic market and USD 500 million via overseas loans in FY09, reports CNBCTV18, quoting NewsWire18.Source: Moneycontrol Top Headlines | 22 Oct 2008 | 11:26 am
|
