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\'Eli Lily deal suspension to hit Glenmark\'s pipeline\'Vikas Dandekar of Pharmasianews.com feels the suspension is definitely a blow to Glenmarks pipeline. With GRC6211 there were a couple of other followon molecules that were outlicensed to Lily. We dont know about that particular possibility. But GRC6211 was seen as a big breakthrough in the pain management category.\"Source: Moneycontrol Top Headlines | 24 Oct 2008 | 3:59 pm Microsoft posts over $4 bn profit in first-quarter!Microsoft Crop reported its first-quarter results that exceeded analysts` expectations, with profits up 2 percent to USD 4.37 billion.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm `Credit tsunami` means job losses unavoidable: Ex-Fed chief!Former US Federal Reserve chairman Alan Greenspan warned Thursday that a "significant rise" in unemployment is unavoidable as the United States works through a massive financial crisis.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm US stocks rise as oil price rise helps energy firms!Most US stock indices closed higher Thursday, led by an increase in oil prices that helped energy firms, and overshadowing more depressing news from the US housing market.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm !For the first time, the Indian rupee on Friday breached the 50-mark per dollar in early trade on the back of heavy capital outflows by foreign funds and increased demand for dollar denominated imports.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm 2,500 RIL employees to go on strike from today !About 2,500 employees of Reliance Industries working at its plants here will go on strike on Friday demanding a hike in Rs 33,000 bonus offered.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm !The 30-share Bombay Stock Exchange, which had been in a losing spree for last two sessions dipped below 9000 points shortly after the RBI`s credit policy was announced.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm OPEC set to announce cut in oil output!OPEC is set to announce a cut to its oil output at an emergency meeting here on Friday in a bid to support crude prices, which are plunging as recession fears hit demand for energy worldwide.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm RIL falls to 52-week low level on below expectation Q2 results!Shares of country`s largest private sector company, Reliance Industries, on Friday dipped to its 52-week low level in early morning trade on the bourses, a day after it posted below expectation second quarter results.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm US economy to remain down till 1st half of `09: IMF!Presenting a grim outlook of US, the International Monetary Fund (IMF) has said it expects the world`s largest economy to remain in downturn till the first half of 2009.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm GM cutting more jobs, employee benefits: Report!The beleaguered General Motors Thursday said it is cutting more management jobs and stopping some employee benefits, including contributions to so-called 401K private employee savings plans, according to the Detroit News.Source: Zee News : Business | 24 Oct 2008 | 12:41 pm Reserve Bank surprises bankers, analystsThe central Reserve Bank of India (RBI) surprised bankers and analysts on Friday by keeping its key lending rates unchangedSource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:58 am EGoM defers decision on Rel gas price to NTPCAn Empowered Group of Ministers has deferred a decision on the price at which Reliance Industries had offered to sell gas to power utility company NTPC in 2004 as the matter was sub-judice.Source: Daily News & Analysis: Money News | 24 Oct 2008 | 11:57 am 'Nano pullout has dented West Bengal's image'The long-drawn political stand-off between the state government and the opposition over Singur has dented its industry-friendly imageSource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:57 am Nano to be displayed in Jharkhand trade fairJharkhand will soon get an opportunity to have a glimpse of Tata Motors much awaited Rs.100,000 ($2,000) car Nano as it will be displayed in a trade fairSource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:55 am Meet on entrepreneurship developmentTiE-ISB Connect 2008, the annual networking event for entrepreneurs and investors, will be organised at the Indian School of Business (ISB) here Nov 5-7.Source: Daily News & Analysis: Money News | 24 Oct 2008 | 11:55 am Lupin Q2 net up 53% at Rs 116 crDrug maker Lupin has posted a net profit of Rs 115.62 crore for the second quarter ended September 30, a 52.85 per cent growthSource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:54 am Rupee breaches 50-mark against dollarThe Indian rupee breached the crucial 50-level on Friday against the greenback on sustained dollar purchases by foreign banks and stronger dollar overseas.Source: Daily News & Analysis: Money News | 24 Oct 2008 | 11:53 am Tata Steel net up 50% at Rs 1,788 crTata Steel on Friday said its net profit for the second quarter ended September 30 surged by 50.13 per cent at Rs 1,787.81 over the same period last year.Source: Daily News & Analysis: Money News | 24 Oct 2008 | 11:51 am RBI leaves rates untouched; markets tumbleThe Reserve Bank on Friday held steady its key rates, surprising bankers who said that customers would have to wait awhile for any cut in lending ratesSource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:51 am Maruti Q2 net slides 37% at Rs 296 crHit by rising material costs and currency fluctuations, country's largest carmaker Maruti Suzuki India reported a 36.52 per cent dip in net profit on FridaySource: Daily News & Analysis: Money News | 24 Oct 2008 | 11:49 am BSE Sensex provisionally ends down 11.6 pctBANGALORE (Reuters) - The BSE Sensex provisionally fell 11.58 percent on Friday to near three-year lows, amid a global equities rout as fears of a sharp downturn triggered a flight from risky assets.Source: Reuters: Money News | 24 Oct 2008 | 11:46 am Steel Prices to fall to Rs 3000-4000 in Q3: Tata Steel - Moneycontrol.com
Source: Google News India - Business | 24 Oct 2008 | 11:43 am 'Eli Lily deal suspension to hit Glenmark's pipeline' - Moneycontrol.com
Source: Google News India - Business | 24 Oct 2008 | 11:37 am Oil Falls on Concern OPEC Cut Won't Halt Slide as Demand Drops - Bloomberg
Source: Google News India - Business | 24 Oct 2008 | 11:33 am Varun Shipping Q2 net surges on firm charter ratesMUMBAI (Reuters) - Oil and gas carrier Varun Shipping Ltd's quarterly net profit nearly tripled on new market forays and firm charter hire rates, Managing Director Yudhishthir Khatau told a news conference on Friday.Source: Reuters: Money News | 24 Oct 2008 | 11:26 am Opec agrees output cut, oil slide goes onVienna: An emergency Opec meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) as a first step towards halting a deep oil price slide. International benchmark US crude has slumped by well over 50% from a record high of $147.27 hit in July. On Friday, it fell again to just over $63 a barrel. “The decision was straightforward,” Saudi Oil Minister Ali al-Naimi said after the meeting. “Opec will do whatever is necessary to balance oil markets.” Before the roughly two hours of talks, which ended just before noon, ministers had been in broad agreement about the need to reduce production, but had disagreed over the extent of any cut. They said they had to balance their own needs with those of a flailing world economy. “Any cut should not affect the global (financial) market,” said Kuwaiti Oil Minister Mohammed al-Olaim, adding the reduction would be “a wise cut”. Kuwait and other core Gulf producers, which have relatively low price requirements and are nervous about further destruction of demand in consumer countries, had favoured a relatively modest output reduction of around a million bpd, delegates said. Venezuela, Iran and Libya, which are more dependent on higher oil revenues, were among those who had pushed for a deeper cut, with some asking for around 2 million bpd. The two sides met in the middle. They also said they could take further action if necessary before the next scheduled meeting of the Organization of the Petroleum Exporting Countries in December in Oran, Algeria. “If a further decision has to be made, it will be made and we will not necessarily wait for the Oran meeting,” said OPEC President Chakib Khelil who will host the Algeria meeting. Saudi sets the pace Top exporter Saudi Arabia is the only exporter to be pumping significantly above its agreed target and it would be expected to lead the reduction in supplies. But it has repeatedly said other countries must play their part. Of the 1.5 million bpd being removed from the September output target of 28.8 million bpd, Saudi Arabia would pump 466,000 bpd less and Iran 199,000 bpd, Opec said in a communique. When prices were racing towards their July record, Saudi Arabia unilaterally increased its production to try to calm a rally, which was then perceived as out of control. It has already reduced supplies slightly as global economic recession has destroyed demand and the oil price has plummeted, reviving bad memories for Opec of the 1998 price crash when the market fell below $10. Venezuelan Minister of Energy and Petroleum Rafael Ramirez said there was a risk oil could fall back to that level. “We have to handle the situation in a very, very responsible manner as Opec...that way we can avoid a price collapse like 1998,” he said. In the near term, analysts have said whatever the group does it could struggle to influence the price. Source: Home - Livemint.com | 24 Oct 2008 | 11:26 am Market crash pulls 350 stocks to their all-time lowsMumbai: Signalling what could be a dark Diwali on Dalal Street, as many as 350 securities today hit their all-time lows as Sensex crashed by about 1,100 points and dipped below 9,000-mark for the first time in about three years. Making the things worse, those hitting their record low share prices included big names like Reliance Power, Cipla, Ranbaxy, Ambuja Cement, Hindalco, Indian Hotels, Jaiprakash Associates, Jet Airways, Suzlon Energy and Idea Cellular. Realty majors DLF Ltd, Unitech, Parsvnath, Sobha Developers, Omaxe and Puravankara also plunged to their all- time lows. There were also new listings such as REC, Gammon Infra, Titagarh Wagon, V-Guard, Anu’s Lab, KSK Energy, 20 Microns, Birla Cotsyn, OnMobile, IRB Infra, Aishwarya Telecom, Kiri Dyes and 20 Microns in this category. Other big names plunging to their record lows included Central Bank, Power Grid, PFC, Edelweiss Capital, Future Capital, Biocon and Patni Computer, GMR Infra, Tech Mahindra, Mahindra Forging and Lanco Infra. The Sensex today settled 1,070.63 points down at 8,771.70 points - registering its biggest single-day fall. There were as many as 2,322 stocks ending in the red, accounting for close to 90 per cent of all the actively traded stocks. Besides, as many as 640 stocks hit their lower circuit filters - signalling there were no buyers for these stocks. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 11:20 am Ninety three percent of bank deposits fully protected: GovtPTI New Delhi: Government today said that 92.6% bank deposits are fully protected under the Deposit and Insurance and Credit Guarantee scheme. “As at the end of March 2008, fully protected deposits accounts constituted 92.6% of total number of deposit accounts,” Minister of State for Finance Pawan Kumar Bansal said in a written reply in the Lok Sabha. He, however, ruled out the possibility of formulating any special law to protect the interests of depositors in the financial institutions. He added that the Deposit and Insurance and Credit Gurantee Corporation (DICGC) extends insurance cover to small investors in the banking system of the country. Deposit insurance is compulsory for all banks in the country and the Deposit Insurance Scheme covers all commercial banks including local area banks, regional rural banks, co-operative banks and private banks across the country, he said. He said that in the event of liquidation, reconstruction, amalgamation of an insured bank, every depositor is entitled to repayment of his deposit up to Rs1 lakh. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 11:20 am Markets nosedive as Britain sinks towards recessionLondon: Stock markets plummeted on Friday amid shock at mounting evidence that major economies are heading for recession, with London hit hard by shrinking British growth. “Everyone is staring at their screens in disbelief,” said Tom Hougaard, chief market strategist at City Index. London stocks plunged more than 9% to a five-year low, Frankfurt crashed by 10.13% and Paris tumbled by more than seven percent approaching the half-way stage. In Asia, Tokyo sank nearly ten percent, and Hong Kong tumbled as concern grew that the chronic financial crisis was taking a heavy toll on company earnings. Investors also took their lead from news that the British economy contracted 0.5 percent in the three months to September in the first quarterly contraction since 1992. In reaction, London’s FTSE 100 index of leading shares sank as low as 3,715.24 points - which was the lowest point since 2003. IG Index analyst David Jones added: “It was no real surprise to markets that the UK economy shrunk in the third quarter - but the concern now is that the slowdown could end up being much worse than expected.” Britain had already shown flat performance in the second quarter with zero growth. However, the economy is not officially in recession unless it reports two quarters running of negative economic growth, or contraction. In Asian trade, Tokyo lost 9.60%, ending below the key 8,000-point level for the first time in more than five years as the yen soared and after a profit warning from tech giant Sony. The Hong Kong market closed with a loss of 8.3%. In foreign exchange activity, the euro fell to a two-year low under $1.25 and the British pound slumped to a five-year trough against the US unit as dealers bet on interest rate cuts to boost the flagging economies. The yen surged to a 13-year high against the dollar and to a six-year peak against the euro as investors took shelter from the latest storm lashing global financial markets. “Traders looking for some kind of support have seen their hopes wiped away as the pound and euro plummet to depths not seen for many, many years,” said Capital Spreads managing director Simon Denham. In commodities, meanwhile, the price of crude oil fell sharply to 17-month lows on fears of lower demand, despite news that the Opec cartel will cut oil output by 1.5 million barrels per day, traders said. Brent North Sea crude for December delivery slumped to 61.08 dollars per barrel, which was the lowest point since March 2007. South Korean shares dived Friday by 10.6%, - a day after a 7.4% plunge - after the domestic economy grew at its slowest pace for four years and Samsung Electronics reported a sharp drop in quarterly profit. Sydney ended with a loss of 2.6%, while Indian shares fell almost 1% to a near three-year low. In Australia, three big investment firms said they had frozen at least $3.66 billion worth of investors’ funds to stem an exodus sparked by a government deposit guarantee. The rout supported the yen, particularly against higher-yielding currencies such as the euro, the Australian dollar and the British pound. The stronger Japanese currency is bad news for exporters such as Sony, which warned it now expects its annual profits to drop by more than half. Governments around the world have pumped cash into the banking system in recent weeks to try to contain what former Federal Reserve chairman Alan Greenspan described Thursday as a “once-in-a-century credit tsunami.” While there have been some tentative signs of an easing of the credit crunch, concerns are growing about the worsening outlook for economic growth and corporate earnings. Source: Home - Livemint.com | 24 Oct 2008 | 11:13 am India gold demand rises as price fall sharplyMUMBAI (Reuters) - India's gold demand rose on Friday as retail buyers rushed into the market to cash in on a sharp fall in prices, dealers said.Source: Reuters: Money News | 24 Oct 2008 | 11:03 am Key Indian equities index sees biggest fall everIndian equities markets Friday were in the midst of complete mayhem with ruthless selling by foreign institutional investors sending a key equities index into its biggest fall ever in percentage terms.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 11:02 am Market crash: How people are planning to cope - IBNLive.com
Source: Google News India - Business | 24 Oct 2008 | 11:02 am Key Indian equities indices see steepest ever fallsIndian equities markets finished deep in the red Friday with key equity indices suffering arguably their steepest falls in recent times in percentage terms, analysts said.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 11:00 am Key comments by central bank governor on policy reviewFollowing are some key comments by Reserve Bank of India (RBI) Governor D. Subbarao, who conducted the mid-term review of the country's monetary policy with chief executives of commercial banks here Friday:Source: IndiaeNews.com: Business News | 24 Oct 2008 | 11:00 am Markets bleeds ahead of Diwali, sheds 1,071 ptsMumbai: The stock market bled heavily as investors on Friday hammered banking, realty and oil and gas stocks, pushing the benchmark Sensex down by about 1,100 points to 8,701.07 points. The markets which opened weak had a free fall soon after the Reserve Bank unveiled its mid-term review of the annual credit policy, without any changes in key policy rates. The 1,071-points plunge in Sensex on Friday has been the steepest ever in any single trading session and has pushed the index to its lowest in about three years despite the continuing pep talk from Finance Minister P Chidambaram and host of measures by RBI to prop up the markets. Realty sector stocks suffered the worst, with the group as a whole shaving off nearly a quarter of its wealth, followed by oil and gas, banks and metal stocks. With all the blue chips ending in red, realty giant Unitech suffered erosion of more than half of its market capitalisation with its shares plunging by Rs31.75 to settle at Rs61.80. According to BSE data, there was only one gainer in A-group shares and that too a public sector entity - Container Corporation that recorded a meagre 45 paise increase to close at Rs706.55. The downhill journey caused by investor skepticism was rushed further by the global meltdown and more so by the plunge witnessed in east Asian bourses this morning. Over 350 companies plunged to their lowest levels. The key index touched the day’s low of 8,556.82 as funds remained aggressive sellers influenced by a weakening global trend. Similarly, the wide-based National Stock Exchange index Nifty also broke the crucial 2600 points level by ending at 2584.00, showing a hefty loss of 359.15. It touched the day’s low of 2525.05 points. The lowering of economic growth projection by RBI to 7.5-8 per cent also eroded investors confidence. Finance Minister P Chidambaram, who has been advising stock market investors to take informed decision and not to resort to panic sales, said that RBI’s decision not to disturb rates was in line with expectations. RBI would add more liquidity as and when needed, he said. Source: Home - Livemint.com | 24 Oct 2008 | 10:58 am Oil off $3 to $64 as OPEC cut fails to stop slideLONDON (Reuters) - Oil slid another $3 a barrel on Friday as gloom about a global economic downturn that is sapping fuel demand took the steam out of an OPEC agreement to cut output.Source: Reuters: Money News | 24 Oct 2008 | 10:57 am Maruti Profit Declines as Rates Hurt India Car Sales (Update2) - Bloomberg
Source: Google News India - Business | 24 Oct 2008 | 10:53 am Ambuja Cements Q3 net dips 7% at Rs250 crMumbai: Ambuja Cements said that net profit for the third quarter ended 30 September dipped by 7.4% at Rs250.10 crore, from the corresponding year-ago period. Total income rose to Rs1,401.93 crore for the quarter under review, from Rs1,292.44 crore in the same period last fiscal, Ambuja Cements said in a filing to the Bombay Stock Exchange (BSE). For the nine-month ended 30 September, the company has posted a net profit of Rs1,153.32 crore, against Rs1,691.36 crore for the corresponding period last year. Shares of Ambuja Cement were trading at Rs44.80, down 6.86% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:51 am RBI to closely monitor overseas operations of Indian banksPTI Mumbai: Taking cue from the ongoing financial turmoil, the RBI has decided to strengthen the regulatory framework and monitor the overseas operations of Indian banks to ensure their safety and solvency. The mid-term policy review announced today said an appropriate supervisory framework, including a revised off- site surveillance system, for overseas operations of Indian banks would be finalised by end-November 2008. In addition, the apex bank would also constitute an internal Working Group to lay down the roadmap for adoption of a suitable framework for cross-border supervision and supervisory cooperation with overseas regulators. The committee would submit report by the end of November. According to Punjab National Bank Executive Director J M Garg, these are welcome initiatives as it would help in ensuring safety of the banks. Although Indian banks are largely insulated from the global financial turmoil, further strengthening of safety valve would mitigate the risk down to zero, he said. The regulator has also asked banks to give detailed information on the sources and deployment of their funds based on the overseas returns. Concerns were conveyed to banks for taking appropriate action, the statement added. RBI noted banks with overseas presence and branches of foreign banks functioning in India have migrated to Basel II Framework with effect from March 31, 2008. Remaining banks are required to migrate to the Basel II framework with effect from March 31, 2009, it said. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:51 am RBI leaves rates steady, stocks slump over 10 pctMUMBAI (Reuters) – The Reserve Bank of India (RBI) kept interest rates unchanged as expected on Friday so see if a hefty, surprise cut earlier this week shores up the economy in the face of a global slowdown.Source: Reuters: Money News | 24 Oct 2008 | 10:50 am Hopes shattered; Nifty ends 13% down - Economic Times
Source: Google News India - Business | 24 Oct 2008 | 10:49 am Power Trading Co Q2 PAT up 185% to Rs33 crNew Delhi: State-run Power Trading Co (PTC) said that its profit after tax (PAT) for the quarter ended 30 September jumped 185% to Rs33 crore, from last year. The income from operations stood at Rs2,031 crore against Rs1,467 crore in the same quarter of the previous financial year, a company statement said. The company has signed a 50:50 joint venture agreement with state-run BHEL for setting up Barak Power Private Ltd to develop 2x125 MW coal-based thermal power station in Assam. PTC has also signed an agreement with ONGC-Tripura Power Company for purchase of 600 MW capacity from Tripura Gas Power Project. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:40 am Rates unchanged: Experts see rate cuts by March - Moneycontrol.com
Source: Google News India - Business | 24 Oct 2008 | 10:39 am Tata Steel Q2 net up 50.1%, beats forecastMumbai: Tata Steel Ltd, the world’s No.6 steel maker, reported a forecast beating 50.1% rise in quarterly profit from its Indian operation on higher volume and better product mix. Tata Steel, which bought Anglo-Dutch firm Corus Group for nearly $13 billion last year, said that its standalone net profit rose to Rs17.88 billion ($358 million) for the fiscal second quarter ended September from Rs11.91 billion a year earlier. Net sales rose to Rs67.44 billion from Rs47.85 billion. A Reuters poll of 12 analysts had forecast a standalone net profit of Rs16.53 billion on sales of Rs66.01 billion. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:39 am GRC6211 suspension not to affect future guidance: GlenmarkGlenmark and Eli Lily have suspended osteoarthritis molecule development. Glenmark has already received USD45 million for Molecule GRC6211. The Glenmark deal with Eli Lily on GRC6211 was potentially worth USD350 million.Source: Moneycontrol Top Headlines | 24 Oct 2008 | 10:38 am AIG already used 75% of Fed bailout loan: ReportWashington: The struggling insurance giant American International Group has already used up three-quarters of a $123 billion government rescue loan, the Washington Post reported on Friday. Just over a month after the US government stepped in to save AIG from collapse, the newspaper cited sources close to the arrangement as saying it had drawn down significant amounts of two separate interventions. “AIG has borrowed $90.3 billion from the Federal Reserve’s credit line as of Thursday, the bulk of it to pay off bad bets the company made in guaranteeing other firms’ risky mortgage investments,” the newspaper said. “AIG has tapped $72 billion from the original $85 billion bailout,” the report said. “It has drawn down $18 billion of the additional $38 billion, the Fed offered in credit liquidity for losses the company was suffering in securities lending.” Far more than other insurers, AIG has been a big player in a complex market called credit default swaps (CDS), financial instruments in which Wall Street companies take out a form of insurance against the risks of bond defaults. These products, often linked to the US real estate market, are at the heart of the current banking crisis and have exposed AIG to massive losses. The US Federal Reserve agreed in mid-September to the loan of $85 billion to stave off the collapse of AIG. The deal gave the US government a 79.9% stake in the insurance behemoth, which it considered too big too fail. On October 8, the Federal Reserve said it had authorized a new $37.8 billion cash infusion, as AIG came under fire for a lavish spa retreat paid for by the company after its rescue by the government. The newly nationalized company has been accused of treating executives to a lavish spa retreat costing hundreds of thousands of dollars, just days after the US government rescued the firm. AIG has said no executives from headquarters had attended the event which was for independent agents that bring business to the company. Source: Home - Livemint.com | 24 Oct 2008 | 10:36 am India Inc disappointed as central bank leaves key rates untouchedAsserting that India's financial system was stable despite challenges from overseas, the Reserve Bank of India (RBI) Friday left interest rates unchanged and projected a lower economic growth of 7.5-8 percent for the current fiscal in its mid-term review of the monetary policy.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 10:33 am Intel to promote computer literacy in Uttar PradeshUttar Pradesh has teamed up with Intel, the chip manufacturing giant, for spreading computer literacy in the country's most populous state, an official said Friday.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 10:32 am 34 trafficked child labourers rescued in DelhiIn yet another raid, 34 trafficked bonded child labourers, all of seven or eight years old, were rescued from zari (embroidery) units in Delhi.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 10:30 am India sees bigger fiscal deficit, aims to cool pricesNEW DELHI (Reuters) - Indian authorities will continue to take steps to moderate inflation and cut wasteful expenditure as it expects its fiscal deficit to swell beyond the 2008/09 target, the finance ministry said in a report.Source: Reuters: Money News | 24 Oct 2008 | 10:28 am Monetary loosening paused in India: Moody's Economy.com - Economic Times
Source: Google News India - Business | 24 Oct 2008 | 10:26 am Credit policy on expected lines; more steps if needed: FMPTI New Delhi: Finance Minister P Chidambaram today said the mid-term review of Reserve Bank’s credit Policy was on expected lines and the central bank would take radical steps to deal with the emerging situation. “RBI will continue to deploy both conventional and unconventional tools. We cannot rely only on conventional measures but we will have to adopt unconventional or unorthodox measures,” he said while welcoming the steps taken by the RBI. He further said that the RBI has not touched the repo rate, reverse repo rate or the bank rate or the cash reserve ratio and “this is along the expected lines.” The central bank will infuse more liquidity if necessary, he said, adding that RBI will continue to use the Liquidity Adjustment Facility window with flexibility. RBI, he said, had taken a number of steps between 6 October and 20 October to inject liquidity into the system to deal with the credit crunch. The central bank had reduced the mandatory deposits that banks keep with RBI by 250 basis points unlocking a whopping Rs1,00,000 crore into the cash-starved banking system. Besides, it has also slashed the short term lending (repo) rate by one per cent signaling softening of interest rates. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:16 am Parsvnath to sack non-performing staff after DiwaliNew Delhi: Hurt by a slowdown in real estate market, Parsvnath Developers said it would sack under-performing employees as part of its cost-cutting measures that would begin in the next 15-20 days. Pointing out that sales in the current festival season have declined by about 40-50%, the company’s Chairman Pradeep Jain said: “Non-performer has to go away, cost-cutting measures will start in 15-20 days”. “He, however, did not specify the number of people who will be retrenched. The company currently employs 1,400 people and about 30,000 people are indirectly employed,” Jain said. “No percentage in mind,” he said, when asked to put a number on non-performer employees. The company has not yet begun the process of identifying the non-performers. He, however, clarified that non-performer would be replaced by good professionals, which are currently available in the market in good number. Asked about the property sales in the ongoing festival season, Jain said: It has dropped ‘significantly’ compared with last Diwali and infact have fallen by 40-50%. He further added that despite a slowdown in the demand, the company has raised its property price by an average 15% from January onward. Speaking on behalf of the industry, he said that the sector do not want any bailout package and government needs to increase liquidity in the market. He pointed out that the banks have not cut the interest rates even though RBI has brought down the cash reserve ratio. “Government is not able to infuse proper liquidity in the hands of people and entrepreneurs,” Jain said and demanded a further cut of 200 basis points in CRR and repo rates. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:15 am Bill for flexibility in running partnerships passed in RSPTI New Delhi: Professionals like chartered accountants, consultants and lawyers will be able to run their businesses in India in sync with global practices through a new and flexible form of ownership when a bill in this regard gets Parliamentary approval. The Limited Liability Partnership Bill 2008 was today passed by the Rajya Sabha after a brief discussion. “It is not true that the new form of ownership will help only the foreign professionals. Our professionals will be able to have their businesses globally,” Corporate Affairs Minister Prem Chand Gupta said replying to the debate. Once the new ownership structure for partnership comes into force, CAs, company secretaries and cost accountants will all be able to provide their services from a combined umbrella organisation. However, to become fully operational, certain consequential laws like those relating to income tax would also have to be changed, Gupta conceded. He said while the Naresh Chandra Committee had suggested the limited liability partnerships for professionals alone, the government has gone much beyond and included even small-scale firms in the ambit of the new ownership structure. The promoters will be able to register LLPs electronically, he said. “No partner would be liable on account of the independent or unauthorised actions of other partners or their misconduct,” the statement of objects of the Bill said. It said a firm, private company or an unlisted public company would also be allowed to be converted into an LLP. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 10:01 am Oil falls more than $4 after Opec cuts outputPerth/London: US crude oil futures slid by more than $4 to $63.05 a barrel, a fresh 16-month low, as Saudi Arabia’s oil minister confirmed Opec had agreed a 1.5 million barrels per day cut and said it would examine the effect on the market before considering any further cut. US crude was trading $3.34 lower at $64.50. London Brent also fell more than $4 to as low as $61.08. Opec ministers, anxious to arrest a deep price slide and yet cushion a bruised economy, said on Thursday they had agreed they must cut output, but had not decided by how much. Analysts polled by Reuters anticipate the cartel will reduce output by between 1 million and 1.5 million barrels per day. US light crude for December delivery was trading up 66 cents or 1% at $68.50 a barrel in Globex electronic trading, after rising as much as $1.66 earlier, adding to Thursday’s gains of $1.09. “The oil markets are now focused on the outcome of the upcoming Opec meeting. Statements from Opec officials indicate that OPEC is likely to cut oil production targets, but the size of the cut is uncertain,” David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a note to clients. Oil has plunged more than 50% from its record high above $147 in July and touched a 16-month low of $65.90 on Thursday as the financial crisis eats into energy demand in the United States and other industrial countries. Opec President Chakib Khelil of Algeria said on Thursday the producer group could consider cutting back its oil output in several steps and added that he favours Opec’s reference crude oil basket price at $90 to ensure energy projects go ahead. Iran suggested on Thursday that a 2 million bpd cut would be needed to stabilise oil prices, while Qatar said at least a 1 million bpd reduction was required. But analysts said the slowing global economy could limit the impact of any oil supply cuts Opec might agree on to prop up prices and that oil markets would remain influenced by deleveraging and risk aversion. “Extreme risk aversion remains at the top of the market agenda in the current cyclical downturn,” Harry Tchilinguirian, a senior oil market analyst at BNP Paribas Commodity Derivatives in London, said in a research note. Bleak outlooks from world car makers and a barrage of job cuts by major US companies, including Chrysler and Xerox, have deepened fears of an extended global recession and kept the market on edge. Asian stocks fell on Friday, led by a 4% drop in Japan’s Nikkei average, as the global economic slowdown slashed earnings prospects for an array of companies, forcing investors to look to safer government bonds. The grip of the financial crisis has reached far beyond the banking sector, with electronics maker Sony Corp and US online retailer Amazon.com Inc cutting their outlooks in the face of weakening consumer demand. The number of US workers filing new claims for jobless benefits also rose by a larger-than-expected 15,000 last week, government data on Thursday showed. Source: Home - Livemint.com | 24 Oct 2008 | 9:48 am Russia halts Google’s purchase of ad serviceNew York: Russian authorities have blocked Google Inc. from buying an online ad service. Google said in July that it would spend $140 million to buy the ad service, ZAO Begun, from Rambler Media Ltd., which runs one of the most popular Web portals in Russia. Google had expected the deal to be finalized during the third quarter. At the time, Google said that the deal was part of its moves to improve service for users, partners and advertisers in Russia, which has a fast-growing digital advertising market. In a statement, the Internet search leader said that it was ‘very disappointed’ that Russia’s Federal Anti-Monopoly Service, or FAS, decided to block the deal. Rambler also said in a notice on its website that the deal was rejected. “At this time we are reviewing FAS’s decision. Once this process is complete, we will decide on our next steps,” Google said. A brief statement by the Federal Anti-Monopoly Service did not elaborate on the reason for the rejection. Source: LatestNews-Home - Livemint.com | 24 Oct 2008 | 9:47 am Russia halts Google’s purchase of ad serviceNew York: Russian authorities have blocked Google Inc. from buying an online ad service. Google said in July that it would spend $140 million to buy the ad service, ZAO Begun, from Rambler Media Ltd., which runs one of the most popular Web portals in Russia. Google had expected the deal to be finalized during the third quarter. At the time, Google said that the deal was part of its moves to improve service for users, partners and advertisers in Russia, which has a fast-growing digital advertising market. In a statement, the Internet search leader said that it was ‘very disappointed’ that Russia’s Federal Anti-Monopoly Service, or FAS, decided to block the deal. Rambler also said in a notice on its website that the deal was rejected. “At this time we are reviewing FAS’s decision. Once this process is complete, we will decide on our next steps,” Google said. A brief statement by the Federal Anti-Monopoly Service did not elaborate on the reason for the rejection. Source: Tech News - Livemint.com | 24 Oct 2008 | 9:47 am RBI keeps all interest rates, CRR steadyReuters Mumbai: RBI kept its key lending rate steady at 8.0% as expected on Friday, to gauge the impact of a hefty, surprise cut earlier this week to cushion the economy from the global financial crisis. The central bank also left the cash reserve ratio, the amount of funds that banks have to keep on deposit with it, unchanged at 6.5%, but lowered its 2008-09 growth forecast to 7.5 to 8.0% from a previous forecast of around 8.0%. Read highlights of RBI decision It said the current challenge was to strike an “optimal balance” between preserving financial stability, price stability, anchoring inflation expectations and sustaining growth. “To manage this challenge the central bank has deployed and will continue to deploy both conventional and unconventional tools,” it said. The central bank already cut the repo rate, at which it infuses cash into the banking system, for the first time in more than four years on Monday, as part of a slew of steps by the authorities to shore up confidence as global recession fears grip investors worldwide. On Friday it left the reverse repo rate, the rate at which it absorbs excess cash from banks, steady at 6%. The bank rate remained at 6%. A Reuters poll of analysts this week suggested the central bank was expected to hold key rates unchanged at its policy review. Eleven out of 12 economists polled expected no change in the repo rate after Monday’s cut. Other key rates were also forecast to be left unchanged. Click to read the statement Source: Home - Livemint.com | 24 Oct 2008 | 9:29 am Tata Steel Q2 India ops net up 50.1 pct, beats f'castMUMBAI (Reuters) - Tata Steel Ltd, the world's No. 6 steel maker, on Friday reported a forecast beating 50.1 percent rise in quarterly profit from its Indian operation on higher volume and better product mix.Source: Reuters: Money News | 24 Oct 2008 | 9:26 am Interest rates to remain stable: SBI chairmanMUMBAI (Reuters) - Short-term interest rates in India will remain stable for some time, the chairman of State Bank of India, the country's largest bank, said on Friday.Source: Reuters: Money News | 24 Oct 2008 | 9:05 am Suzlon says accident breaks turbine blade in US - Reuters India
Source: Google News India - Business | 24 Oct 2008 | 9:04 am Asian nations commit to $80 billion crisis fundBeijing: Asian nations on Friday recommitted themselves to establishing an $80 billion emergency fund, as leaders from across Asia and Europe gathered in Beijing to discuss the global financial meltdown. The pledge by South Korea, China, Japan and the 10-country Association of Southeast Asian Nations was reached at a breakfast meeting, according to the office of South Korean President Lee Myung-bak, who attended the meeting. Few details were given, although a preliminary agreement reached in May stated that Japan, South Korea and China would contribute 80% of the fund, to be set up by next June, with ASEAN countries covering the remainder. ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The deal would enable countries to borrow from the fund when facing a liquidity crunch. It builds on the so-called Chiang Mai Initiative, in which the 13 nations set up bilateral contracts to supply funds through currency swap lines. The summit later Friday of 43 Asian and European nations hopes to establish a consensus on a common approach to the global crisis. The meltdown has injected a new sense of urgency into the normally plodding biennial Asia-Europe Meeting, known as ASEM, with EU Commission President Jose Barroso saying “unprecedented levels of global coordination” are needed to deal with the crisis. “It’s very simple: We swim together, or we sink together,” Barroso said at a news conference Thursday in Beijing ahead of meetings with top Chinese leaders. Chinese President Hu Jintao issued a similarly grim assessment in remarks Thursday to Indonesian President Susilo Bambang Yudhoyono, whose government has revised its economic growth forecasts to between 5.5 and 6.1% next year from 6.3 percent, while predicting higher inflation and a weaker rupiah. “The current world economic situation is grim and complicated,” Hu said. “The emerging markets and developing countries are confronted with financial risks, weak foreign demand and mounting inflation.” ASEM has no mandate to issue decisions, but participants hope it will build momentum toward a common stance ahead of a 15 November meeting of the world’s top economies in Washington to discuss the worst financial crisis since the 1930s. However, ASEM’s members differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos. French President Nicolas Sarkozy has pledged to use the ASEM meeting to persuade Asian nations to back a plan to redraw the rule book for international capitalism, calling for a global system of regulation. Chinese Foreign Ministry spokesman Liu Jianchao echoed the need for changes to the current system. “We need to explore the possibilities of reforming the international economic structure ... (to) stabilize the international financial markets, and ensure the stable operation of the international economy,” he said. Europe has already approved a plan under which the 15 euro countries and Britain put up a total of $2.3 trillion in guarantees and emergency aid to help banks. China’s financial system had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on US and European markets, although it and other Asian economies are expected to take a major hit from a drop in exports and foreign investment. Even before the crisis hit last month, China’s juggernaut economy was beginning to slow. Growth in the third quarter of this year was 9.9%, which, although the fastest among the largest economies, was down from 11.9% for all of 2007. The World Bank says a further retreat is expected next year. Source: Home - Livemint.com | 24 Oct 2008 | 9:02 am Highlights of monetary policy review by central bankFollowing are the highlights of the mid-term review of India's monetary policy conducted by Reserve Bank of India (RBI) Governor D. Subbarao Friday:Source: IndiaeNews.com: Business News | 24 Oct 2008 | 9:01 am Indian equities markets crash on failed expectationsIndian equities markets opened weak Friday and then crashed around noon with a key equities index dipping even below the 9,000 mark immediately after India's central bank, the Reserve Bank of India, announced that it had left all key rates unchanged in its mid-term review of the annual policy for 2008-09.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 9:01 am Plunging crude prices hit Canada's big oil dreamsPlunging oil prices and credit crunch have hit two of Canada's largest-ever projects to recover crude from oil sands.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 9:01 am India open to unconventional steps to maintain financial stabilityReiterating India's strong economic fundamentals, Finance Minister P. Chidambaram Friday said the government was open to adopting unconventional measures to maintain financial stability.Source: IndiaeNews.com: Business News | 24 Oct 2008 | 9:00 am TRAI asked to review termination chargesIn a move that could result in lower mobile tariffs, the Department of Telecom has asked the telecom regulator to review termination rates paid by one operator to another.Source: Moneycontrol Top Headlines | 24 Oct 2008 | 8:54 am Suzuki Motorcycles plans RD facilities in IndiaSuzuki Motorcycles India Ltd (SMIL), the twowheeler unit of Suzuki Motor Corporation (Japan), is exploring the option of integrating its research and development with Maruti Suzuki India Ltd.Source: Moneycontrol Top Headlines | 24 Oct 2008 | 8:51 am Home loan growth slowingLoan growth to the housing sector decelerated slightly in the second quarter. Home loans grew at about 14 per cent or by about Rs 32,792 crore during the year up to August 31, 2008. Comparatively, in the previous year for the same period (September 2006 August 2007), housing loans grew by Rs 34,333 crores or at 17 per cent.Source: Moneycontrol Top Headlines | 24 Oct 2008 | 8:49 am 3 PSUs to form jv for export of nuclear reactorsThree public sector companies have decided to set up a joint venture for the export of nuclear power reactors.Source: Moneycontrol Top Headlines | 24 Oct 2008 | 8:45 am GLOBAL MARKETS - World stocks tumble to 5-year low, dollar jumpsBy Jeremy Gaunt, European Investment CorrespondentSource: Reuters: Money News | 24 Oct 2008 | 8:21 am Chidambaram: Important to manage financial stability - Reuters India
Source: Google News India - Business | 24 Oct 2008 | 8:15 am Hindustan Unilever Q3 net up 34%, beats forecastReuters Mumbai: India’s biggest consumer goods maker, Hindustan Unilever Ltd, on Friday posted a 34% rise in quarterly profit, beating forecasts, as strong sales and price hikes offset high raw material costs. The unit of Anglo-Dutch Unilever Plc said net profit rose to Rs5.47 billion ($109 million) in its third quarter ended 30 September from Rs4.08 billion reported a year earlier Total income rose to Rs41.11 billion from Rs33.95 billion. Reuters Estimates had forecast net profit of Rs4.81 billion on revenue of Rs40.31 billion. The company said it made a profit on sale of property of Rs1.31 billion. Shares in Hindustan Unilever, which has a market value of nearly $10.8 billion, rose 22% in the September quarter, compared to a 4.5% fall on the main share index. Source: Home - Livemint.com | 24 Oct 2008 | 8:04 am Maruti Suzuki Q2 net falls 37%, lags forecastReuters Mumbai: Maruti Suzuki India Ltd, the country’s top car maker, posted a worse-than-expected 37% fall in quarterly net profit on Friday, as high raw material prices and higher depreciation outweighed higher sales. New Delhi-based Maruti said net profit fell to Rs2.96 billion ($59.2 million) in its fiscal second quarter to September from Rs4.67 billion in the same period a year earlier. Net sales rose to Rs48.06 billion from Rs45.47 billion, it said in a statement. That compared with a forecast of a net profit of Rs3.69 billion on net sales of Rs47.38 billion in a Reuters poll. Maruti, 54.2% owned by Japan’s Suzuki Motor Corp, holds almost half the Indian car market, with models such as the best-selling Alto and Swift hatchbacks, and has been shifting consumers to premium models such as the DZire sedan. High cost of raw materials such as steel have hit its margins, while firm interest rates, rising inflation and a fuel price hike have dented demand in Asia’s third-largest economy. Source: Home - Livemint.com | 24 Oct 2008 | 7:46 am Chidambaram: Important to manage financial stabilityNEW DELHI (Reuters) - The finance minister said on Friday the most important thing was to manage India's financial stability and that the RBI's policy review was on expected lines.Source: Reuters: Money News | 24 Oct 2008 | 7:42 am ITC Q2 net up 4% at Rs802 crPTI Mumbai: Diversified conglomerate ITC Ltd today said its net profit for the second quarter ended 30 September stood at Rs802.72 crore, a 4.13% growth over the corresponding period last year. The company had a net profit of Rs770.87 crore in the same quarter of FY’08, ITC said in a filing to the Bombay Stock Exchange. Net income of the company rose to Rs3,862.67 crore for the quarter under review, from Rs3,318.36 crore in the same period a year ago. For the half year ended 30 September, it has posted a net profit of Rs1,551.39 crore, against Rs1,553.74 crore for the corresponding period a year ago. Net income rose to Rs7,796.67 crore for the half year quarter under review, from Rs6,633.05 crore in the same quarter last fiscal. During the quarter, the company made a further investment of Rs60 crore in the equity capital of ITC Infotech India, a wholly-owned subsidiary of the company. Shares of the company were trading at Rs152, down 9.93% in the afternoon trade on the BSE. Source: Home - Livemint.com | 24 Oct 2008 | 7:37 am Wave of job cuts sweeps across corporate AmericaNew York: Corporate America is bleeding jobs and wielding the ax well beyond the financial sector. As companies look at their prospects for the final quarter of the year and begin to see increasingly grim outlooks for 2009, they are cutting jobs from many different parts of their businesses. They are also slashing capital spending and, in some cases, dividends and even wages. Government figures released on Thursday showed the number of US workers filing new claims for jobless benefits rose by 15,000 to a seasonally adjusted 478,000 in the week ended 18 October. Whether it is a hotel company fearing declining bookings or room rates, a funds management company facing redemptions from clients who have seen the value of their investments plunge, or an office equipment firm facing slowing demand, many entities are urgently seeking to cut costs. And the payroll is often the critical focus. “I suppose what we’re really seeing is the movement that the government’s been worried about,” said John Challenger, chief executive officer of outplacement firm Challenger, Gray & Christmas. “How will the credit crisis move off of Wall Street and onto Main Street? Now we’re able to see that. These companies needed credit to keep their business going.” Here are a sample of announcements and reports from the past 36 hours: * Chrysler LLC said on Thursday it is slashing 1,825 jobs after losing $1 billion in the first half of the year. * Goldman Sachs Group Inc plans to cut 10% of its staff, or almost 3,300 jobs after laying off hundreds of support staff and junior bankers in June. * Money manager Janus Capital Group Inc said it would cut 9% of its staff a day after rival AllianceBernstein Holding Holding LP said it would make unprecedented job cuts. * Xerox Corp announced job cuts of 5% or 3,000 positions, due to a “tough business environment.” * Mining equipment maker Terex Corp said it would lay off hundreds of workers and suspend its share buyback program to preserve cash. * Starwood Hotels & Resorts Worldwide Inc said it plans to cut an unspecified number of jobs to offset slowing travel demand. * United Parcel Service Inc sees layoffs in 2009 as customers need less shipping due to cutbacks on holiday gift purchases. * Computer systems vendor Agilysys Inc cut three senior management positions and is consolidating headquarters in Ohio. * Merck & Co Inc announced plans on Wednesday to cut 12% of its workforce, citing a need to change its business model in order to survive. * Fidelity National Financial Inc, which controls one of the largest US title insurers, announced 1,000 job cuts, office closings, a 10 percent pay cut and a 50% dividend cut * Biotechnology company Maxygen Inc plans to cut nearly 30% of its workforce and explore strategic options due to the current financial environment * Popular Inc, parent of Banco Popular, is cutting 600 positions and more than a quarter of its branches in the United States. Source: World Business - Livemint.com | 24 Oct 2008 | 7:36 am 3 PSUs to form joint venture for export of nuclear reactorsChennai, Oct. 23 Three public sector companies have decided to set up a joint venture for the export of nuclear powerSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Cummins India (Rs 227.70): SellWe recommend a sell in Cummins India from a short-term trading perspective. It is clearly evident from the charts of Cummins India that after a medium-term uptrend from Rs 225, the stock encountered significant resistance at around Rs 330 in earlySource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Reverse overseas stock lending deals, FIIs toldNew Delhi/Mumbai, Oct. 23 The Union Finance Minister, Mr P. Chidambaram, on Thursday said SEBI has asked foreign institutional investors to reverse transactions that involved overseas lending of Indian stocks to offshore entities.Source: Business Line - Home Page | 24 Oct 2008 | 12:00 am Nifty goes below 3000 level as FII selling continuedMumbai, Oct. 23 The S&P CNX Nifty ended below 3,000-level for the first time in more than two years on Thursday, as continued selling on the foreign institutional investors counters sent the markets into a jitterySource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Inflation declines further to 11.07%Continuing with its declining trend, the annual Wholesale Price Index-based inflation rose 11.07 per cent during the week ended October 11, below the previous week's annual rise of 11.44 per cent, on account of an across-the-board dip in inflationSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Day Trading GuideThe stock was volatile in the last trading session. We recommend a buy with stiff stop-loss at Rs 1,250.Source: Business Line - Home Page | 24 Oct 2008 | 12:00 am Higher input costs drive down ACC’s net profitMumbai, Oct. 23 Saddled by the rise in input cost and taxes, ACC Ltd has reported a 3 per cent drop in standalone net profit at Rs 284 crore in the quarter ended September 30, against Rs 292 crore registered in the same period lastSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Fuel for large aircraft may be ‘deemed export’New Delhi, Oct. 23 The Government may provide ‘deemed export’ status to aviation turbine fuel (ATF) being sold to Boeing and Airbus aircraft being operated by domestic carriers, thereby ensuring that it attracts a uniform sales tax ofSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Reliance Q2 net rises 7%; refining margins thinMumbai, Oct. 23 Reliance Industries said its second quarter net profit rose 7 per cent, the lowest for any quarter in two and a half years as narrowing refining margins muted profitSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Home loan growth slowingChennai, Oct. 23 Loan growth to the housing sector decelerated slightly in the second quarter. Home loans grew at about 14 per cent or by about Rs 32,792 crore during the year up to August 31, 2008. Comparatively, in the previous year for theSource: Business Line - Home Page | 24 Oct 2008 | 12:00 am Unitech land deal with GNDA may be cancelled: SourcesUnitech has defaulted on two instalments of Rs 150 crore to the Greater Noida Development Authority, reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 8:00 pm Dismal second-quarter profits signal worse to comeThe bad numbers came in a torrent right through the day. First, Dr Reddys Laboratories said its second-quarter net profit was down 52 per cent year-on-year, though turnover was up 29 per cent.Source: Business Standard | Front Page Headlines | 23 Oct 2008 | 7:00 pm RIL slashes polypropylene capacity 50%Reliance Industries Ltd (RIL), the countrys largest company by market capitalisation, has closed half its polypropylene plant at Jamnagar, Gujarat, because demand for the raw material used forSource: Business Standard | Front Page Headlines | 23 Oct 2008 | 6:59 pm HDFC Bank overtakes ICICI in m-cap raceHDFC Bank, Indias second-largest private bank, has overtaken ICICI Bank, the largest private player, in terms of market capitalisation to top the rankings among private banks.Source: Business Standard | Front Page Headlines | 23 Oct 2008 | 6:59 pm Central bank survey predicts 7.7% growthAmid the gloom and doom there may be some good news with a survey conducted by the Reserve Bank of India indicating that corporate profit growth in the current financial year may be better thanSource: Business Standard | Front Page Headlines | 23 Oct 2008 | 6:58 pm RBI may ease NBFC funding normsThe Reserve Bank of India (RBI) is considering options to make cheaper finance available to the non-banking finance companies (NBFCs) including a separate line of credit for bank finance backed bySource: Business Standard | Front Page Headlines | 23 Oct 2008 | 6:57 pm Moody\'s ups Tata Power corporate family rating to stableMoody\'s has rated Tata Power\'s corporate family rating to stable versus negative. The rating is up on the successful execution of the expansion plan.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 6:42 pm Globally microfinance invested $5 bn in last 5 yrsOver the past five years, microfinance has become one of the fastestgrowing sectors in the global economy, as an estimated US$5 billion of crossborder investment has flowed from the developed world into microfinance institutions worldwide.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 6:24 pm Is the commercial vehicle segment facing a major slowdown?The commercial vehicles segmentoften referred to as the barometer of the economy is going through a major slowdown. Market leader, Tata Motors has apparently cut production by 50%.Source: Moneycontrol Top Headlines | 23 Oct 2008 | 6:23 pm Radioactive buttons in lifts in France traced to India New Delhi: The Atomic Energy Regulatory Board of India, or AERB, on Thursday confirmed that the radioactive scrap metal that found its way into buttons installed in Otis Elevator Co. lifts in France had been traced to a foundry in Maharashtra. At least four Indian firms were involved in the manufacture of the components, an official said, but it was still unclear where the contaminated scrap originated. “We are tracking back the whole chain,” said Satya Pal Agarwal, head of the radiological safety division at AERB, the country’s atomic safety body. “We have a cooperation agreement with France’s Nuclear Safety Authority, which informed us about the incident. There is a foundry near Khopoli on the way to Pune from Mumbai called Vipras, which melted this scrap,” said S.K Sharma, chairman, AERB. French firm Mafelec delivered thousands of lift buttons to Otis, which installed them in at least 500 lifts in the country over the summer. Otis has said it is now in the process of removing the buttons, after the Nuclear Safety Authority announced on Tuesday that 20 workers who handled the lift buttons had been exposed to excessive levels of radiation. The French nuclear safety agency said the buttons contained traces of radioactive Cobalt 60. The components used by Mafelec were supplied by two Indian firms—Bunts and Laxmi Electronics—which purchase inputs from SKM Steels Ltd. SKM Steels, in turn, worked with foundry Vipras Casting, Agarwal said. Vipras said that in this particular case, SKM Steels had provided it the scrap to convert into bars. But SKM Steels vice-president Girish Chaudhary, who deals with exports, denied it. “We are not the source of the scrap. We have purchased it from Vipras,” he said. While it is not mandatory for Indian foundries to install radiation detectors to check scrap, the government is putting in place radiation monitors at ports to check cargo. AERB insists that port checks are only the first step of precaution and foundries need to put in place radiation detectors for which the training can be provided by AERB. “We are just about 200 people and it is difficult to check each and every foundry in the country,” Sharma added. feedback@livemint.com Source: Tech News - Livemint.com | 23 Oct 2008 | 4:55 pm
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