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Indian banks outperform US peers on quarterly scale!Going by the adage that figures do not lie, Indian banks indeed seem to have remained unaffected by the global financial crisis, at least to a large extent, compared to their peers in the US.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm Interest rates to drop: Economists !Concerns over slipping economic growth this fiscal combined with the danger of its possible aggravation in the next, seem to have prodded the Reserve Bank to signal a lower interest rate regime aimed at propping up growth, economists said.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm China, India feel global crisis !Two Asian powerhouse economies felt the sting of the global financial crisis on Saturday as India cut its main short-term lending rate and China said it was bracing for a slowdown.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm LG India aims to sell 1 mn monitors in 2008-09!Korean electronics major LG is looking at selling one million monitors during this fiscal, a senior company executive said.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm Global slowdown dents Hyundai`s exports from India!Country`s largest car exporter Hyundai Motor India is feeling the heat of global economic slowdown, which has forced the company to put up to 25 per cent of its export orders on hold.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm BSNL lowers ISD rates to select SAARC countries!After a lull, the telecom tariff war may resume once again, with BSNL reducing ISD call rates by up to a third of the existing rates.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm Turbulent Oct sees US-listed Indian stocks lose USD 15 bn!As it blew hot and cold on the bourses worldwide, the collective value of Indian stocks trading on the American markets tumbled by over USD 15 billion in the month of October, with private sector lender ICICI Bank witnessing an erosion of USD 3.45 billion.Source: Zee News : Business | 2 Nov 2008 | 12:24 pm OPEC president urges members to cut, says Saudi keyALGIERS (Reuters) - OPEC members have no choice but to implement agreed output cuts and inform customers of the reductions if they want a stable oil price between $70-$90 a barrel, OPEC President Chakib Khelil said on Sunday.Source: Reuters: Money News | 2 Nov 2008 | 11:27 am Brown seeks cash for IMF as China, India feel crisisRIYADH (Reuters) - British Prime Minister Gordon Brown on Sunday called for billions of dollars in extra funding for the International Monetary Fund to prop up struggling economies, while Chinese Premier Wen Jiabao said maintaining China's strong domestic growth was his priority.Source: Reuters: Money News | 2 Nov 2008 | 11:22 am Security, accuracy top on AAI agendaPTI New Delhi: It is a common feature with almost all aircraft nowadays to have onboard transponders, which connect to secondary ground-based radars spread along the flight paths to help track movement of airplanes, and also serve as a vital communication link between the crew and the ground stations. But imagine a situation when a hijacker switches off this transponder to take full control of the aircraft! Can it still be located? The answer is ‘yes´, with the help of primary radars that monitor the movement of planes continuously. There are alternative means of communication, too, through which a pilot can send an SOS meassage. In its efforts to enhance primary radar coverage across the country and to meet challenges like ever-growing air traffic, Airports Authority of India is putting in place a series of radars and other high-tech equipment not only to address the security concerns but also to beef up communication, navigation and collision avoidance network. Concerned over the growing density of air traffic over major metros like Delhi and Mumbai, AAI is also ‘sectorising´ airspaces over busy airports to enhance safety and reduce the workload of air traffic control officers (ATCOs), AAI sources said. “Work is also going on to connect the civil and military radar network, and the launch of Rs 774-crore GPS-aided Geo Augmented Navigation (GAGAN) system by 2010 is being eagerly awaited to enhance navigational accuracy to a great extent,” the sources said. Apart from providing seamless navigation over the Indian airspace and waters, it would facilitate more precise control of arrival or departure of an aircraft from anywhere in this part of the world, not just India, they added. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 11:14 am Essar cuts steel prices by Rs 4000-5000 a tonne - Business Standard
Source: Google News India - Business | 2 Nov 2008 | 11:09 am Mercedes-Benz sales on track - Economic Times
Source: Google News India - Business | 2 Nov 2008 | 10:46 am Corporate defaults possible if rates keep high: KamathNew Delhi: Concerned over the interest rates in ‘high teens´ that could make India a high-cost economy, the Confederation of Indian Industry (CII) President K V Kamath said that corporate defaults beginning with small and medium enterprises cannot be ruled out. Besides, infrastructure sector that needs a mammoth $750 billion of investment could be a casualty and affect India’s competitiveness, warned Kamath, saying these issues were high on his agenda for Prime Minister Manmohan Singh’s meeting with corporate leaders tomorrow. “As of now, we are not seeing big corporates defaulting. But I cannot rule that out, particularly starting with SME sector. (If) We continue to have high interest rates,” he said. “Clearly, bankers are worried about SMEs and I would worry about them too. You have a situation where they would be most fragile,” Kamath said when asked about apprehensions that major corporate players, including some in the reality sector, have started defaulting. “It is not just interest rate challenge that we have. There are more challenges such as availability of funding. I am entirely with the finance minister and the government when they say banks should lend,” said Kamath, who also heads India’s largest private sector lender ICICI Bank. He, however, quipped that the situation today is that call rates (short-term inter-bank lending rates) have surged to 22%. There is a real fear that we can become a high-cost economy,” he said and pointed out that the CRR cut of 2.5 percentage point in October had already dried up. While welcoming the RBI’s move yesterday to inject about additional Rs85,000 crore liquidity, he said: “Although the decision was concrete and welcome, more is needed in case corporate India has to get funds from banks at 3-4% lower rate of interest.” Kamath said: “We are actually lucky because corporate India is still in good shape except that there is a little more concern about SME sector. Interest rates are going to be a challenge for them.” Asked to comment on reports that term-lending bodies like IDFC are charging interest rates up to 24% and can this throw India back to a high-cost situation like the one witnessed in mid-1990s, he said: “The fear is ‘real´. India can become a high-cost economy.” “The simple reason is that one-year deposit and bulk deposits are still between 11-12%. Then you have additions like cost of carrying SLR, CRR and risks in operating costs on incremental basis, banks’ lending costs itself would be 15%,” he said. “Somebody (term-lending institutions) is borrowing from banks and lending on. While it is not 24%, we are seeing interest rate in high teens. Clearly, at this rate, we are not going to be competitive,” he said. Kamath said that drying up of liquidity is resulting in corporates not getting money, and if at all, it is at high costs. Stating that government and RBI have indeed succeeded in their battle to rein in inflation, he went on to add that now it is time to shift focus to growth, which requires releasing of more money into the system and creating an environment where interest rates come down. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 10:42 am FM to ask banks to consider slashing interest ratesPTI Karaikudi: Terming the Reserve Bank’s latest policy package to inject more liquidity into the system as the “right signal”, Finance Minister P Chidambaram today said he will ask PSU banks to consider lowering lending rates. In an exclusive interview to PTI, the Minister said he would take the issue of interest rate cut “forward” during a meeting with chairpersons of public sector banks in Delhi on 4 November. “I am happy with the policy package announced by the RBI. When it announced its (peak season) policy on 24 October, the RBI had promised swift action in case it is necessary to infuse more liquidity. “I am happy that the the RBI has responded swiftly,” he said in his reaction to yesterday’s policy package announced by the central bank. In a slew of announcements, the RBI had yesterday cut the repo rate (the rate at which it lends to banks and is a signal to banks to reduce their rates) by 50 basis points to 7.5%, cash reserve ratio by 100 basis points to 5.5% and the statutory liquidity ratio by 100 basis points to infuse an additional Rs85,000 crore into the system. The central bank had already injected in October additional liquidity of Rs1,85,000 crore in the wake of global financial crisis and depression in the US that had spread fears in India of a recession and brought in volatility in the stock markets. Chidambaram said the RBI’s policy was also a signal to the banks that they should now now consider lowering their interest rates. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 10:39 am ICICI retires Rs24000 cr high-cost depositsNew Delhi: Contrary to belief that it was under withdrawal pressure, private sector lender ICICI Bank has said that it has retired about Rs24,000 crore expensive deposits to reduce cost and improve its bottomline. Pooh-poohing suggestions that it was under withdrawal pressures, ICICI Bank’s Joint Managing Director Chanda Kochhar said: “We have retired wholesale deposits of Rs24,000 crore in the last six months. At the same time, we have increased the Current and Savings Account (CASA) by Rs3,000 crore in this period.” “It is our conscious decision since last year to reduce our reliance on bulk deposits and shift our focus on retail deposits to reduce our costs of carrying money,” she added. “CASA as percentage of total deposits had increased from 25% in last September to 30% this September and it was something that one should go by in terms of customer confidence and low-cost deposits,” she added. On reports that the bank, which fell prey to a spate of rumors casting doubts about its financial health, Kochhar said: “On the contrary, the financial health of the bank is only improving”. “We have shifted our focus on retail deposits and they are on the rise. During the one year ending September, retail deposits have surged to over 52% of the total deposits from less than 50% and bulk deposits have come down to 48% from over 50%,” Kochhar, who is also Chief Financial Officer of the Bank, said. As a result of slew of measures, ICICI Bank has increased its Capital Adequacy Ratio (CAR) to 14.2% from 13.2%, she said claiming that: “We have probably the highest CAR among banks in the country”. Elaborating, Kochhar said: “ICICI Bank’s networth is now about Rs50,000 crore precisely Rs49,000 crore (up from Rs43,000 crore in the first quarter of the current fiscal). When we talked a month back, our CAR was 13.2% and now it is 14.2% because we have raised hybrid capital.” Asked as to how much of such resources were raised during the last one month, she said, “We have not raised any thing during the last one month. Three quarters of a billion ($750 million or about Rs3,750 crore) I think we raised a few months back and which we have now permission to call as recommended Tier I or Tier II hybrid to compute as capital adequacy.” Stating that the Bank had raised Rs20,000 crore last year, she said: “Our strategy was not to go over high-cost deposits. Clear intent was to the lower cost of funds, as we understood that there was slowdown happening. We wanted to slow down the whole process and as a result of which the bank has cut down exposure on high-cost funds.” Asked about the appropriateness of the timing of cutting down the bulk deposits in the face of liquidity pressures being faced by the banks including ICICI, she said: “Wholesale deposits are relevant but a matter of choice. This has nothing to do with rising interest rates in September or October. This is a strategy we have been pursuing for the last one year. We will pursue as we go forward.” “Our intention is to increase CASA,” she added and pointed that the bank’s operational profits had gone up by 42% during the July-September quarter. Source: Home - Livemint.com | 2 Nov 2008 | 10:36 am Tata Motors rights issue 100% subscribedPTI New Delhi: Auto major Tata Motors today said its Rs4,147 crore rights issue to part-finance the purchase of British marquee Jaguar and Land Rover was fully subscribed with promoters picking up significant amount of stake. “The rights issue is 100% subscribed. The promoters have also bought shares... it is significant,” Tata Motors spokesperson told PTI. While the spokesperson did not give further details, a British media report said that promoters and underwriters were “forced to intervene heavily to prop up” the issue after “investors shunned the offering.” A report in Financial Times quoted Tata Motors’ Chief Financial Officer C Ramakrishnan as saying, “Given the unprecedented situation... between the promoters and the underwriters, the issue had to be supported.” The company came out with two unlinked rights offerings on 29 September and it closed on 20 October. Under the offer, it alloted shares in the ratio of one fresh share for every six equity shares of Rs10 each held in the company. Earlier the company’s board had approved Rs4,147 crore rights issue for part funding its $2.3 billion JLR deal, which was completed in June this year. Under the rights issue, the company offered ordinary shares at a price of Rs340 per share, aggregating Rs2,186 crore. Further, it alloted ‘A´ ordinary shares (shares with lower voting rights) at a price of Rs305 a piece, amounting Rs1,961 crore. In September, the home-grown auto major had re-worked its plans to raise Rs7,200 crore long-term capital funds due to volatile stock market conditions. Since the issue opened on 29 September, Tata Motors’ scrip plunged 31.46% from Rs335.85. It had touched the 52-week low of Rs232.65 on 20 October 20 on the BSE. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 10:27 am RCom girds loins for a share in Rs6,000 cr roaming marketNew Delhi: In a bid to make money in the crowded GSM market, Reliance Communications (RCom) is putting up a strategy to aggressively target the Rs6,000 crore incoming international roaming market. The company plans to complete commercial roll-out of its GSM services by mid-2009 and the revenue strategy will be to focus on building market share in the incoming international roaming segment. “Targeting the in-roaming international travellers, RCom’s GSM services will eye a sizable revenue of the Rs6,000 crore (annual) international roaming market segment,” sources said. RCom spokesperson, however, declined any comment on the GSM strategy. Industry observers said that RCom has to be innovative to start making money. After Government allowed unlimited players in the circles, there are at least 12 players now in a given area. The top 10 Indian cities account for almost 80% of the incoming international roaming revenue, which is approximately $1 billion (Rs4,800 crore) annually. The Anil Ambani company plans to roll out GSM services in 14 circles by the end of calendar 2008 in addition to the few circles, in which it is already offering GSM services. The company currently has 40,000 towers and it plans to add another 8,000 by the end of the current fiscal, thus bringing the total tower capacity to 48,000. This is part of RCom’s capex strategy in line with its GSM service launch. Each tower has a tenancy ratio of 3.5 (per tower) scalable to 4. At the end of Q2, RCom has posted a 17.3% growth in net profit in the July-September quarter. Its consolidated net profit grew to Rs1,531 crore in the second quarter of the current year as over 5.2 million users signed up for services during the period. The company saw 23.3% rise in revenue to Rs5,645 crore. Of this, Rs4,119 crore (65%) came from wireless business. Its global business, comprising national and international long distance voice, video and data services, contributed Rs1,526 crore or 24% to total revenue. Source: Tech News - Livemint.com | 2 Nov 2008 | 10:22 am RCom girds loins for a share in Rs6,000 cr roaming marketNew Delhi: In a bid to make money in the crowded GSM market, Reliance Communications (RCom) is putting up a strategy to aggressively target the Rs6,000 crore incoming international roaming market. The company plans to complete commercial roll-out of its GSM services by mid-2009 and the revenue strategy will be to focus on building market share in the incoming international roaming segment. “Targeting the in-roaming international travellers, RCom’s GSM services will eye a sizable revenue of the Rs6,000 crore (annual) international roaming market segment,” sources said. RCom spokesperson, however, declined any comment on the GSM strategy. Industry observers said that RCom has to be innovative to start making money. After Government allowed unlimited players in the circles, there are at least 12 players now in a given area. The top 10 Indian cities account for almost 80% of the incoming international roaming revenue, which is approximately $1 billion (Rs4,800 crore) annually. The Anil Ambani company plans to roll out GSM services in 14 circles by the end of calendar 2008 in addition to the few circles, in which it is already offering GSM services. The company currently has 40,000 towers and it plans to add another 8,000 by the end of the current fiscal, thus bringing the total tower capacity to 48,000. This is part of RCom’s capex strategy in line with its GSM service launch. Each tower has a tenancy ratio of 3.5 (per tower) scalable to 4. At the end of Q2, RCom has posted a 17.3% growth in net profit in the July-September quarter. Its consolidated net profit grew to Rs1,531 crore in the second quarter of the current year as over 5.2 million users signed up for services during the period. The company saw 23.3% rise in revenue to Rs5,645 crore. Of this, Rs4,119 crore (65%) came from wireless business. Its global business, comprising national and international long distance voice, video and data services, contributed Rs1,526 crore or 24% to total revenue. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 10:22 am M&M's Xylo to take on Toyota Innova - Economic Times
Source: Google News India - Business | 2 Nov 2008 | 10:17 am Govt approves insurance Bill; to hike FDI cap to 49%New Delhi: The government Friday approved the much-awaited comprehensive insurance bill, which seeks to raise foreign direct investment cap in private sector to 49% from 26%, and said it would be tabled in the Parliament in December. “The Union Cabinet gave its approval for introduction of the Insurance (Amendment) Bill, 2008 for amendment to Insurance Act 1938, General Insurance Business Act, 1972, and Insurance Regulatory and Development Act, 1999, in the Rajya Sabha on the basis of recommendations made by GoM,” Finance Minister P Chidambaram told reporters. However, the Bill is unlikely to be passed in this Parliament mainly due to lack of time, Chidambaram said while briefing on decision taken in the Cabinet Thursday night. The amendments, he said, will remove archaic and redundant provisions in the legislations and would incorporate certain provisions to provide IRDA with flexibility to discharge its functions effectively and efficiently. The Cabinet also decided to introduce the Life Insurance Corporation (Amendment) Bill, 2008 in the Lok Sabha, he said. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 10:02 am LG India aims to sell 1mn monitors in 2008-09New Delhi: “LG Electronics is looking at selling one million monitors during this fiscal,” a senior company executive said. “We are targeting to sell one million monitors (both CRT and LCD) in 2008-09, of which 6.5 lakh are in the LCD space and 3.5 lakh will be CRT monitors,” LG Electronics India Pvt Ltd, Digital Display & Storage Division, Business Group Head R Manikandan said. LG Electronics has recently entered into the B2B space for corporate and enterprise customers to augment sales. “Volumes have gone up since we entered into the B2B space. At the moment, up to 15% of the total monitor revenue is coming from the B2B segment,” he said. “We are aiming to have 40% of the monitor revenue from this space during the current fiscal,” Manikandan said. The company is also planning to manufacture monitors in its Pune factory from this month. “At present all our monitors are made at the Greater Noida factory. But this month onwards we will start manufacturing them in the Pune plant as well due to capacity expansion and to meet growing demand from Indian customers in south and west,” he said. He said that though the company’s focus would be more on the LCD monitors it would not exit manufacturing CRT monitors immediately as CRT monitors still have use in entry level computers and educational segments. “Eventually, the CRT monitors will be completely replaced with LCD monitors,” he said. The company recently launched energy efficient monitors besides multi-link monitors (L206WU) and the designer series monitors (W84 series) to expand its portfolio. It claims the new W52TE series monitor reduces energy consumption by up to 50%, compared with other monitors of the same size. Besides, a widescreen LCD monitor FLATRON L206WU that can be connected to a computer using a USB cable, is aimed at people who want to add a second screen. In fact, it can accommodate up to six additional screens without having to open up the computer to install a second graphics card. The W84 designer series is not about technology alone. It is targeted at consumers who want to enhance the ambience of their rooms with stylish looking high performing gadgets. LGEIL has achieved a turnover of Rs9,500 crore in 2007. Its manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The second greenfield facility is at Ranjangaon, Pune, which manufactures GSM Phones, Colour Televisions, Air Conditioners, LCD TVs, washing machine, refrigerators and Optical Disc Drives. This is India’s first mobile phone manufacturing unit and also Asia’s largest Optical Disc Drive manufacturing plant. Source: Tech News - Livemint.com | 2 Nov 2008 | 9:58 am LG India aims to sell 1mn monitors in 2008-09New Delhi: “LG Electronics is looking at selling one million monitors during this fiscal,” a senior company executive said. “We are targeting to sell one million monitors (both CRT and LCD) in 2008-09, of which 6.5 lakh are in the LCD space and 3.5 lakh will be CRT monitors,” LG Electronics India Pvt Ltd, Digital Display & Storage Division, Business Group Head R Manikandan said. LG Electronics has recently entered into the B2B space for corporate and enterprise customers to augment sales. “Volumes have gone up since we entered into the B2B space. At the moment, up to 15% of the total monitor revenue is coming from the B2B segment,” he said. “We are aiming to have 40% of the monitor revenue from this space during the current fiscal,” Manikandan said. The company is also planning to manufacture monitors in its Pune factory from this month. “At present all our monitors are made at the Greater Noida factory. But this month onwards we will start manufacturing them in the Pune plant as well due to capacity expansion and to meet growing demand from Indian customers in south and west,” he said. He said that though the company’s focus would be more on the LCD monitors it would not exit manufacturing CRT monitors immediately as CRT monitors still have use in entry level computers and educational segments. “Eventually, the CRT monitors will be completely replaced with LCD monitors,” he said. The company recently launched energy efficient monitors besides multi-link monitors (L206WU) and the designer series monitors (W84 series) to expand its portfolio. It claims the new W52TE series monitor reduces energy consumption by up to 50%, compared with other monitors of the same size. Besides, a widescreen LCD monitor FLATRON L206WU that can be connected to a computer using a USB cable, is aimed at people who want to add a second screen. In fact, it can accommodate up to six additional screens without having to open up the computer to install a second graphics card. The W84 designer series is not about technology alone. It is targeted at consumers who want to enhance the ambience of their rooms with stylish looking high performing gadgets. LGEIL has achieved a turnover of Rs9,500 crore in 2007. Its manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The second greenfield facility is at Ranjangaon, Pune, which manufactures GSM Phones, Colour Televisions, Air Conditioners, LCD TVs, washing machine, refrigerators and Optical Disc Drives. This is India’s first mobile phone manufacturing unit and also Asia’s largest Optical Disc Drive manufacturing plant. Source: Home - Livemint.com | 2 Nov 2008 | 9:58 am India to buy 1,000MW electricity from BangladeshIndia has offered to buy 1,000MW of power from Bangladesh as part of its mega-plan to produce and procure 30,000MW in next 10 years from its South Asian neighboursSource: Daily News & Analysis: Money News | 2 Nov 2008 | 9:49 am Mitsubishi looks at ASEAN trade pact for hub in IndiaMitsubishi Motors of Japan is looking forward to a free trade pact between India and the 10-nation ASEAN to start production in the country and make it an export hubSource: Daily News & Analysis: Money News | 2 Nov 2008 | 9:49 am Industry to sound alarm bells at meeting with PMLeading industrialists and presidents of apex chambers are expected to ring the alarm bells before Prime Minister Manmohan Singh when they meet himSource: Daily News & Analysis: Money News | 2 Nov 2008 | 9:48 am Bangladesh says India offers power to meet shortfallsDHAKA (Reuters) - India has offered to link Bangladesh to its electricity grid and sell it power to help it overcome persistent shortages in peak demand periods, a senior Bangladesh official said on Sunday.Source: Reuters: Money News | 2 Nov 2008 | 9:41 am Air India pulls out all stops to woo back fliersPTI Mumbai: Mounting losses, coupled with a rapidly-falling load factor, has prompted national air carrier Air India to pull out all stops to lure back passengers into its fold and retain their loyalty. Air India expects to post losses to the tune of Rs3,000 crore in the current fiscal. Its load factor (on domestic routes) declined by 2.9% in September. In a bid to counter this decline, Air India recently revamped its Frequent Flier Programme (FFP), offering a host of benefits to its customers. Enhanced benefits to existing members include increased accrual of mileage points, usage of mileage points for upgrading and lower threshold for redemption/renewal, besides free enrolment for new members. “Keeping in view the current market situation, we have completely revamped our frequent flier programme,” Air India Executive Director (Corporate Communications) Jitendra Bhargava told PTI here. The minimum threshold limit for redemption/renewal has now been lowered to 10,000 mileage points (inclusive of add-on mileage points and bonus points) from 20,000 mileage points, Bhargava said. Members can now redeem mileage points for upgrades to the next higher class on select flights of the two state-run carriers (Air India and Indian). The programme currently has 5.52 lakh members, with the majority of them being domestic travellers. Air India expects this number to increase significantly following the relaxation in membership norms. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 9:36 am Air Deccan tops passenger complaint listPTI New Delhi: Country’s first low-cost airline Air Deccan, now Kingfisher Red, has the rather uncomplimentary distinction of having the highest number of passenger complaints registered against it for deficiency in services. As per the latest Civil Aviation Ministry figures, 36 passenger complaints have been received against Air Deccan this year, followed by Jet Airways with 14 such complaints. “Passenger complaints are received on various issues like missing or lost baggage, refund of tickets in case of delays or cancellation or even denial of facilities like wheel chair, meals in case of delayed flights among others,” a Ministry official said. Interestingly in 2007, 105 passenger complaints were received against Air Deccan whereas the next highest number of 27 was against Jet Lite. From 2005 till September this year, a total of 215 complaints have been received against the first low-cost airline, followed by 64 against Jet Lite and 49 against SpiceJet. Among the three major airline operators (Kingfisher, Jet Airways and NACIL), Jet tops the list with 41 complaints against it during the same period, followed by NACIL with 27 and finally Kingfisher Airlines with just 13. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 9:29 am IDBI Bank on the look out for potential buyers for IHFLMumbai: “IDBI Bank has decided to sell its housing loan subsidiary, IDBI Homefinance (IHFL), unlike its earlier plan to merge the unit with itself and may invite bids from potential buyers soon,” a top bank official said. The move will be aimed at consolidating its home loan finance business which is currently being rolled out through the bank’s own housing finance division and its wholly-owned subsidiary (IHFL) based in Pune. “After mulling both possibilities (merger and sale), we have now decided to sell the subsidiary as we find it as a more viable option. We have started the process to identify the potential buyer,” a top IDBI bank official said. “However, given the present market downturn, the unit is unlikely to get an expected market valuation, which may delay the selling process for another few months,” the official said. “The biggest question is about the valuation. Given the current issues in market, we may not get a good valuation. We may even postpone the sale in that case,” he said. IDBI Bank took over the erstwhile Tata Home Finance in September, 2003, and renamed it as IHFL, solely meant for selling home loan products. IHFL presently has a home loan portfolio of above Rs2,700 crore with a presence in 18 centres across the country and 150 employees. The bank decided not to proceed with the merger move owing to the challenges while integrating the two entities in the event of a merger, primarily, issues in the human resources side. “The biggest challenge of IDBI Bank (in the event of a merger) would be on the human resources side as the pay-scales of IHFL employees and the bank are different,” the official said. IDBI Bank has a home loan portfolio of around Rs12,000 crore. If a merger is effected, the bank’s home loan portfolio would increase to around Rs14,000-15,000 crore, catapulting it to a top player in the housing finance business. On the other hand, if the bank proceeds with the sale proposal, it would lose the customer base and a healthy growing business of IHFL. IHFL had posted a net profit of Rs30 crore in FY’08. “Though the lender is yet to identify any player for the sell out, it may give preference to a local buyer than going for a foreign party,” the official said. “There will be a preference for Indian bidders,” he said. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 9:28 am Many NRIs want to return, but prospects no brighterThere is no place like home - this is a cliché that is appealing to a host of non-resident Indians in the US and Europe these days as they look for prospects back homeSource: Daily News & Analysis: Money News | 2 Nov 2008 | 9:26 am New slogan to woo foreigners - Your search ends here!New Delhi: In a bid to attract more foreigners, tourism ministry is launching an aggressive campaign with a new slogan, “Your search ends here!” across the globe. “We have decided to add a new dimension to the Incredible India campaign using a new tagline - “Your search ends here!”. This will be used extensively alongwith our Incredible India logo abroad,” Leena Nandan, Joint Secretary, Tourism Ministry said. “This will enhance and reinforce the perception about India as a multifaceted destination,” she said. The new global campaign will also feature several examples of foreign tourists who decided to stay back here. “The campaign aims to go beyond the tourist sites and destinations in the country. Whether one is looking for beauty of the nature or spiritual fulfillment or for that matter luxurious holiday, the search ends here and this is the message we want to convey through our new campaign,” she said. There are many foreigners who come as tourists but decided to settle here. Some were attracted towards Indian dance forms and became reputed dancers. Some were enchanted by India’s heritage properties and settled here as heritage conservationists. There are many more such examples and they would feature in the renewed campaign abroad. “Our aim is to convey the message that India is not just a tourist destination rather beyond it as a journey of lifetime,” Nandan said. Besides the slogan, the Tourism Ministry has also launched a massive branding exercise in several countries. Many taxis and buses painted with ‘Incredible India´ logo also plied for several days in many countries. “We have undertaken this exercise in Japan, China, Russia, Korea, the UK and the US” she said. As far as domestic campaign is concerned, Ministry has roped in popular film star Aamir Khan as its brand ambassador for its ‘Atithi Devo Bhava‘ campaign. “Some new slogans and visuals are being worked out featuring Khan to sensitise people, spread awareness about the rich cultural heritage and bring about attitudinal change towards tourists,” she said. The foreign tourist arrivals have touched 3.87 millions by September this year, which is an increase of 10.4% over corresponding period of previous year. The foreign exchange earnings in tourism sector has touched Rs36,464 crores by September, which is a 17.8% increase over previous year for the corresponding period while the increase in 2007 over 2006 for the same period was 13.7%. The ministry is targetting to touch 10 million arrival figure by 2010. Source: LatestNews-Home - Livemint.com | 2 Nov 2008 | 9:19 am WTO rules against India on wine duties: USThe US says the World Trade Organization (WTO) Appellate Body has ruled in its favour in its challenge against India's additional and extra-additional duties on wineSource: Daily News & Analysis: Money News | 2 Nov 2008 | 9:00 am JSW Steel project rekindles Bengal's industrialisationWest Bengal is rekindling its fading industrialisation dream with the laying of the foundation stone for the Sajjan Jindal promoted JSW Steel projectSource: Daily News & Analysis: Money News | 2 Nov 2008 | 8:58 am With Rs630k cr debt, MFs and NBFCs need bailout: KamathNew Delhi: Warning that mutual funds and non-banking financial institutions with an exposure of Rs630,000 crore could crumble under high interest costs, CII President K V Kamath asked the government to save the crucial financial sector to save the economy. “I think there is an immediate and urgent need to look at how these institutions are funded and address this critical point. We also need to see how we provide them soft lending. I am saying, let us recognise there is a problem here,” Kamath, who is also CEO and Managing Director of ICICI Bank, said in an interview. Asked if the mutual funds and NBFCs needed a bailout rather than the banks, he said : “Exactly”, while terming them as ‘vulnerable´ going by the size of the debt that the two sectors collectively have. “There is no need for a bailout package for the Indian banking system but the bailout package could be required for mutual funds and NBFCs,” he said. “We have a situation where the two have a corpus of debt or money lent out at around Rs630,000 crore. The number I have roughly on mutual funds’ debt side is around Rs250,000 crore and NBFCs non-deposit taking is Rs380,000 crore,” he said. Kamath said that he would raise this, along with the issues of liquidity and corporate India’s concern over the weakening of Rupee, during Prime Minister Manmohan Singh’s meeting with industrialists on Monday. “Some of these issues Confederation of Indian Industry (CII) has already flagged. But I think I have articulated to you my broad thinking which is what I will table. One more thought I would like to share is that of Rupee weakening. This is a concern in the minds of Corporate India,” he said. Source: Home - Livemint.com | 2 Nov 2008 | 8:38 am Major oil theft busted in Uttar PradeshA major theft from the pipeline of the state-owned Indian Oil Corp. has been detected in the Mirzapur district of Uttar Pradesh, police said Sunday.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 8:32 am TVS Motor's Oct sales down 9.65 pct on yearMUMBAI (Reuters) - TVS Motor Co's two wheeler sales in October were at 117,101 units, down 9.65 percent from a year ago, the company said on Saturday. Restricted retail finance and high inflation were some of the reasons for the fall in sales, the company said.Source: Reuters: Money News | 2 Nov 2008 | 8:12 am Indian Oil Suffers Rs 7047 cr loss in Q2 - TopNews
Source: Google News India - Business | 2 Nov 2008 | 8:05 am Obama establishes lead over McCain in opinion pollsBy PTI Washington: With three days left for the US presidential elections, Democratic nominee Senator Barack Obama has taken a significant lead over his Republican challenger Senator John McCain in various opinion polls. In the Gallup Poll Tracking, Obama has taken a 10 percentage point lead against McCain -- 52% to 42% -- in the category of traditional likely voters and expanded likely voters. While, yesterday’s Rasmussen tracking poll showed that the race was remarkably stable at the national level and in Senator Obama’s favour with 51% to 46%. And but for Senator McCain’s campaign contention the race has tightened up in the battleground states. Where there are indications that Senator Obama is expected to do better than the expected in some of the critical states in the West and the Mid-West including the battleground areas to post a comfortable victory. Meanwhile in coffee cup poll, which started eight years ago by the convenience stores chain 7-Eleven, has given Senator Obama a huge 20 percentage point lead over his rival Senator John McCain. The month-long poll starts with customers selecting the cup blue for Democrats and red for Republicans in which they want to drink their coffee. The customers have three rows of cups to choose from Obama cup, McCain cup and independent cup for those who are yet to decide. Customer pays for the coffee and the chain tallies the cups selected for each candidate. It had correctly predicted results for both the presidential elections held since then. Source: Home - Livemint.com | 2 Nov 2008 | 7:45 am PM to meet industry chambers to seek ways to tide over liquidity crunchBy PTI New Delhi: As part efforts to shore up confidence eroded by the global financial rout, Prime Minister Manmohan Singh will on Monday meet here captains of Indian industry in an attempt to seek measures to tide over the liquidity crunch. Ratan Tata, Anand Mahindra, Mukesh Ambani, Anil Ambani, K P Singh, Sunil Bharti Mittal and Deepak Parikh are among those expected to attend the meeting -- two days after RBI decided to inject another Rs85,000 crore into the financial system by revising downward short-term lending rate and key deposit requirements for banks. Presidents of the three apex chambers -- Assocham, CII and FICCI -- Sajjan Jindal, K V Kamath and Rajeev Chandrasekhar will also participate in the deliberations. With the RBI providing Rs2,65,000 crore in the last one month, one of the industry’s main demands has largely been met. However, industry sources feel more was required since the overnight inter-bank lending rates are still quite high. The RBI move to pump in money into the economy is in line with several central banks across the world providing more money to their cash-starved financial institutions. While the government has given assurances on the safety of Indian banks, high interest rates ranging between 14-17% have particularly impacted sectors like real estate and automobile. The aviation industry, which was provided a much needed help in the form of cut in jet fuel prices, is reeling under high cost of operations. Source: Home - Livemint.com | 2 Nov 2008 | 7:13 am Reserve Bank cuts rates to ease cash squeeze, support growthMUMBAI (Reuters) - The Reserve Bank of India (RBI) India on Saturday unexpectedly cut its main short-term lending rate for the second time in as many weeks to ease a growing cash squeeze, spur faltering economic growth and fend off damage from the global financial crisis.Source: Reuters: Money News | 2 Nov 2008 | 7:06 am Mitsubishi looks at ASEAN trade pact for hub in IndiaMitsubishi Motors of Japan is looking forward to a free trade pact between India and the 10-nation Association of South-East Asian Nations (ASEAN) to start production in the country and make it an export hub, a top official has said.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 7:03 am Industry to sound alarm bells at meeting with prime ministerLeading industrialists and presidents of apex chambers are expected to ring the alarm bells before Prime Minister Manmohan Singh when they meet him here Monday to present their viewpoint on the global financial crisis and its impact on the country's corporate sector.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 7:02 am Two wheeler sales may dip 10 percent next yearThe Indian two-wheeler industry is likely to witness a 10 percent reduction in sales volume next year, given the tight market conditions and the slowdown in the economy.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 7:01 am In overcrowded airport, Haj terminal remains unused for 10 monthsIndia's aviation regulator and the private developer in charge of modernising the international airport here seem to have washed their hands off a plan to make better use of the upgraded Haj terminal for the 10 months it lies unused every year.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 7:01 am BSNL lowers ISD rates to select SAARC countriesNew Delhi: After a lull, the telecom tariff war may resume once again, with BSNL reducing ISD call rates by up to a third of the existing rates. BSNL has reduced ISD tariff to some of the SAARC nations like Bangladesh, Bhutan, Maldives and Pakistan from mobile as well as fixed line phones. A BSNL official said that the decision for selective ISD rate cut is based on traffic elasticity. “The next round of cuts could be for calls to the Middle East and West Asian countries,” he said. From BSNL cell, under the Postpaid Plan 725, calls to Bangladesh, Bhutan, Maldives and Pakistan would cost Rs9 per minute instead of the existing Rs10, and from other post-paid plans and prepaid ones, call charges would be Rs9 per minute instead of Rs12. The drop in charges are in the range of 11-33%. For BSNL fixed line users, call charges to these four countries would now be Rs9.60 paise per minute for a Rs7.5 second pulse. Earlier, the charges were Rs12 a minute for a six-second pulse. At present, private players charge Rs6.40 a minute to countries like the US and Canada. The new rates are effective from 1November. Source: Home - Livemint.com | 2 Nov 2008 | 6:54 am BSNL lowers ISD rates to select SAARC countriesNew Delhi: After a lull, the telecom tariff war may resume once again, with BSNL reducing ISD call rates by up to a third of the existing rates. BSNL has reduced ISD tariff to some of the SAARC nations like Bangladesh, Bhutan, Maldives and Pakistan from mobile as well as fixed line phones. A BSNL official said that the decision for selective ISD rate cut is based on traffic elasticity. “The next round of cuts could be for calls to the Middle East and West Asian countries,” he said. From BSNL cell, under the Postpaid Plan 725, calls to Bangladesh, Bhutan, Maldives and Pakistan would cost Rs9 per minute instead of the existing Rs10, and from other post-paid plans and prepaid ones, call charges would be Rs9 per minute instead of Rs12. The drop in charges are in the range of 11-33%. For BSNL fixed line users, call charges to these four countries would now be Rs9.60 paise per minute for a Rs7.5 second pulse. Earlier, the charges were Rs12 a minute for a six-second pulse. At present, private players charge Rs6.40 a minute to countries like the US and Canada. The new rates are effective from 1November. Source: Tech News - Livemint.com | 2 Nov 2008 | 6:54 am Apollo Tyres to tap EU market with Greenfield unit in E EuropeBy PTI Hanover: Apollo Tyres will kickstart its plan to begin its operations in Europe by opening its first sales, marketing and technical office here in Germany in January, besides giving final touches to its seven-million-tyre greenfield unit project in East Europe. The company, which has at present one plant each in India and South Africa, exports around 1.5 million tyres for four-wheeler and passenger car segments to around 70 countries, specially in the Middle East, South and Central America and Africa. “We would be opening our first branch office here in Germany by January to cater to our European operations. We are also seeking greenfield projects in either Hungary or Slovakia, where operations to produce seven million tyres annually would start within two years,” Apollo Tyres European operations head, marketing, Hemant Kaul told PTI here. The company’s only presence in Europe so far has been limited to the Britain-governed territory of Northern Ireland where Apollo last year sold around 7,000-odd tyres in partnership with local player Philip White Tyres. The company is now planning to gain a major footprint in the multi-billion-dollar European market with partnership of local auto majors including Volkswagen AG. Its branch office in Germany would be its second international one after the existing office at South Africa. “As part of our new effort to emerge as a strong player in the European project, we are focusing on our relationship with local auto majors like Volkswagen AG. We have got tremendous response from the European client during our interactions with them in the ongoing 5th International Suppliers Fair,” Kaul said. Source: Home - Livemint.com | 2 Nov 2008 | 6:44 am CORRECTED - RBI cuts repo rate by 50 bps - Reuters India
Source: Google News India - Business | 2 Nov 2008 | 6:26 am Ranbaxy may not meet growth guidelines: Malvinder Singh - Economic Times
Source: Google News India - Business | 2 Nov 2008 | 6:16 am Cabinet gives nod to 49% FDI in insurance - TopNews
Source: Google News India - Business | 2 Nov 2008 | 6:01 am Many NRIs think of return, but prospects here no brighterAjit Singh, an investment adviser in Boston working for one of Europe's largest commercial banks, had it all good a year ago. Engaged to be married later this year, he now finds that his big fat Indian wedding has been called off, while his great American dream has come crashing down.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 5:33 am Wear ruby red or bright saphhire this winterThere's a nip in the air and you would think it's time to bring the greys and blacks back into your wardrobe. But no. Designers predict a colourful winter in India this time, with hues of sapphire, emerald and ruby topping the trends list.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 5:30 am China's Wen says maintaining growth top priorityBEIJING (Reuters) - Maintaining strong and stable economic growth amid the current global turmoil is China's main priority, Premier Wen Jiabao has written, warning of growing domestic social risks from a worldwide economic downturn.Source: Reuters: Money News | 2 Nov 2008 | 5:08 am Saviour Builders to invest Rs200 cr in luxury housing projectNew Delhi: Real estate developer Saviour Builders plans to invest up to Rs200 crore to construct a luxury housing complex in Ghaziabad, spread over an area of six acres. “We will invest about Rs200 crore in developing this luxury housing complex in NCR and this will be built keeping in mind the global standards,” Saviour Group Director Sanjay Rastogi said. “The company would fund the project through a mix of debt and equity,” he said, adding: “The source of funds for the project is banks and other financial institutions”. The project, Greenisle, would comprise about 1,000 housing units and the sizes would vary between 1,250 sq ft and 1,800 sq ft. The complex would be developed over an area of 12 lakh sq ft and would be completed within one year. ‘Greenisle´ would consist of features like swimming pool, health club, golf course, fountain parks, jogging track and spa. Asked whether the ongoing slowdown in the real estate sector would dampen the company’s future investments, Group Chairman Iqbal Singh Sodhi said: “Everyone wants a piece of land. It is the only sure investment. It can never depreciate like a car or a washing machine. Land will double its value in a fraction of time. Land prices are going up every day.” The group has so far executed over 10 commercial and residential projects at various locations in the country. Source: Home - Livemint.com | 2 Nov 2008 | 5:04 am Govt to protect IT employees - Express Buzz
Source: Google News India - Business | 2 Nov 2008 | 4:52 am Hyundai domestic sales up 10% in OctoberBy PTI New Delhi: Car maker Hyundai Motor India (HMIL) today reported a 9.90 % rise in domestic passenger car sales during October 2008, at 20,009 units, against 18,207 units in the corresponding month of 2007. The company’s cumulative sales (including exports) during October were up 65.84% at 46,660 units, compared with 28,136 units in the same month a year ago, HMIL said in a statement. Its exports for the month accounted for 26,651 units, compared with 9,929 units during the same month previous year, a rise of over two-fold. HMIL sold 40,937 units of hatchbacks Santro, Getz Prime and i10, 5,703 units of Accent and Verna, 12 units of Sonata Embera and eight units of its SUV Tucson during October. “At a time when we are faced with one of the most challenging economic scenarios not only in India but globally we are happy to see Hyundai retaining its market leadership position in compact cars and growing steadily,” HMIL senior vice president, marketing and sales, Arvind Saxena said. The growth would have been even stronger had the country not faced such an economic situation and in the coming months too if the situation does not ease off, the automotive industry will be in for very tough times, he added. Source: Home - Livemint.com | 2 Nov 2008 | 4:52 am Emami gets board’s approval to hive off realty businessNew Delhi: FMCG major Emami Group has got its board’s approval to hive off its real estate arm into an independent entity. The Kolkata-based company, which recently acquired a controlling stake in Zandu Pharmaceuticals, is planning to focus more on its core FMCG business while letting Emami Realty chart is course as a completely separate firm. “The board has approved de-subsidisation of the realty business. It would work independently. Emami can focus more on its FMCG business,” Emami Director Aditya Agarwal said. Asked if Emami was planning to exit from the realty business after spinning off the arms, Agarwal replied in the negative and said that Emami Realty would continue working on the various projects that it has started. “We have almost 10 projects (commercial and residential) at present. We will continue working on them,” he said, however, declining to share the value of the projects. On the source of funding of the projects, he said: “It is too early to talk (about it) at the moment.” Emami Realty’s 10 projects comprise four IT parks, three shopping malls and three residential complexes in Kolkata, Coimbatore and Hyderabad, involving a construction area of over 50,00,000 sq ft. The projects are likely to be completed by 2010-11. It is also a part of a consortium of real estate firms that recently completed South City Project, a Rs2,500-crore project developed in Kolkata. Source: Home - Livemint.com | 2 Nov 2008 | 4:51 am Meltdown blues reduce techies' marriage market valueFarmer O.P. Kurien, whose income has for ages depended on the fluctuating prices of farm produce, had just begun to look for a well-settled techie groom for his techie daughter when the current global financial meltdown washed away his dreams for a more stable future.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 4:30 am Destroying virtual evil to be more exciting in Diablo IIIIt's hacking and slashing like never before. Computer gaming freaks are eagerly awaiting the release of 'Diablo III', being developed by leading US video game company Blizzard Entertainment, and from rave reviews the game demo has received it promises to pack quite a punch.Source: IndiaeNews.com: Business News | 2 Nov 2008 | 3:00 am Mkts see strong pullback; Metal, Oil, Bank indices up 7-10% - Moneycontrol.com
Source: Google News India - Business | 2 Nov 2008 | 1:52 am SAIL cuts prices by Rs 4,000-6,000/tNew Delhi, Nov. 1 Steel Authority of India Ltd (SAIL), the largest steel manufacturer in the country, today reduced steel prices in the range of Rs 4,000-6,000 across all productSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am New export duty on iron ore fines leaves Goa mining industry shakenPanaji, Nov. 1 Already reeling under the pressure of worldwide recession, coupled with an unstable rupee-value, the Goan mining industry in the private sector feels further jolted by the latest review of the export duty on ironSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am Waning retail interest: FIIs now biggest gross buyers in stocksBL Research Bureau FII selling has been the main trigger for the recent stock market rout. But did you know that retail investor apathy too may have contributed to the fall?Source: Business Line - Home Page | 2 Nov 2008 | 12:00 am You can lead a horse to water...New Delhi, Nov. 1 Can a business confidence issue be tackled by flooding the system with money? The Government and the Reserve Bank seem to think so. So in the last month or so, the two have decided to pump in upwards of something like RsSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am Weekly News Round-upThe RBI announced on Saturday a further 50 basis points cut in repo rate to 7.5 per cent with effect from November 3.Source: Business Line - Home Page | 2 Nov 2008 | 12:00 am RBI opens liquidity tap again; signal for rate cutsMumbai, Nov. 1 The Reserve Bank of India on Saturday cut the Repo rate, Cash Reserve Ratio and Statutory Liquidity Ratio, besides announcing a host of other measures, unlocking more than Rs 1,80,000 crore in additional funds forSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am RBI plans buyback of market stabilisation scheme securitiesBangalore, Nov. 1 In a bid to improve bank liquidity during the peak credit season, the Reserve Bank of India (RBI) is preparing a buy back scheme of market stabilisation schemeSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am Festive month a mixed bag for auto companiesMumbai, Nov. 1 The sales figures of festive month have been a mixed bag for car makers in the country. The largest carmaker Maruti Suzuki reported an eight per cent drop in volumes while the second largest, Hyundai’s sales are 10 per centSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am Markets may see easing of selling pressureMumbai, Nov. 1 The key rate cuts by the Reserve Bank of India did not come as a surprise to stockbrokers and equity analysts, as this possibility was already discounted in Friday’s trade. However, now that the rate cuts are indeed aSource: Business Line - Home Page | 2 Nov 2008 | 12:00 am Reduce fuel prices: CITU - Hindu
Source: Google News India - Business | 1 Nov 2008 | 9:26 pm NBFCs get liquidity breatherCash-strapped non-banking finance companies, or NBFCs, may finally see their liquidity situation ease with the Reserve Bank of India today allowing banks to raise money through a special window forSource: Business Standard | Front Page Headlines | 1 Nov 2008 | 7:25 pm Sebi extends stock lending, borrowing tenure to 30 daysCapital markets regulator Securities & Exchange Board of India, or Sebi, has increased the tenure for lending and borrowing of stocks from seven days to 30.??The move comes at a time of heavySource: Business Standard | Front Page Headlines | 1 Nov 2008 | 7:23 pm RBI pulls out more stops to enhance credit flowThe Reserve Bank of India today announced a fresh set of measures to infuse more liquidity into the financial system to encourage banks to resume normal lending.Source: Business Standard | Front Page Headlines | 1 Nov 2008 | 7:22 pm Crisis-hit US fears dumping by India, China: NYTIn the midst of the global financial crisis, an influential US daily has raised the spectre of major producers like China and India dumping products in world marketsSource: Daily News & Analysis: Money News | 1 Nov 2008 | 4:12 pm Belgian king's discovery of India begins MondayIndia and Belgium, a founding member of the EU and a hub of the global diamond trade, are set to intensify their political and economic ties during King Albert II's 10-day state visit that begins Monday.Source: IndiaeNews.com: Business News | 1 Nov 2008 | 4:00 pm Downturn, what downturn? Fair shows lap of luxuryBRUSSELS (Reuters) - As they follow the red carpet into Expo Grand Luxe and an evening's shopping for flights into space or handmade sports cars, visitors do not have global recession uppermost in their minds.Source: Reuters: Money News | 1 Nov 2008 | 3:16 pm China,India wary of taint of global economic crisisLONDON (Reuters) - Two powerhouse emerging market countries in Asia felt the sting of the global financial crisis on Saturday as India cut its main short-term lending rate and China said it was bracing for a slowdown.Source: Reuters: Money News | 1 Nov 2008 | 3:08 pm No job cuts in IT industry: Narayana MurthyThe global economic meltdown and the financial crisis looming large over the Indian economy will not result in any downsizing or job cuts in the IT industrySource: Daily News & Analysis: Money News | 1 Nov 2008 | 2:42 pm Hyundai domestic sales up 10% in OctoberCar maker Hyundai Motor India (HMIL) reported a 9.90 per cent rise on Saturday in domestic passenger car sales during October 2008Source: Daily News & Analysis: Money News | 1 Nov 2008 | 2:12 pm Iran urges India to commit to gas pipe plan - reportTEHRAN (Reuters) - Iran wants India to commit to a project to export Iranian gas via Pakistan to the south Asian giant and measures have already been discussed to ensure supply security, the Iranian oil minister said on Saturday.Source: Reuters: Money News | 1 Nov 2008 | 2:03 pm BSNL's offer for customersBharat Sanchar Nigam Limited (BSNL) has come out with an offer on occasion of diwali - full waiver of rent and a discount of 10 to 25 per cent on arrear billsSource: Daily News & Analysis: Money News | 1 Nov 2008 | 1:44 pm Cavin Cares Chik plans to rekindle shampoo mkt\'Products are made in the factory, but brands are created in the mind.\' that\'s the mantra Chik shampoo has been chanting over the last 25 years. It entered the market at a time when shampoo was only for the elite. It lost no time in turning that premise on its head, by introducing shampoo in a sachet.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 12:43 pm Mkt meltdown hits Hyderabad infra cosHyderabad infrastructure companies are facing the heat of the market meltdown. Many of them are now worried about their future growth prospects. The valuations of companies have touched historic lows and thereby substantially eroding their ability to raise capital.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 12:28 pm Glivec war: SC asks panel to hear Novartis appeal on Nov 3This is a battle between Swiss drug major Novartis and Indian Pharmaceutical company Natco, and others, over Novartis\' 3.1 billion dollar cancer drug Glivec. The drug has been granted a patent in 40 countries including China, Russia and Taiwan, but in 2006, the Indian Patent Office refused to entertain Novartis\'s patent application.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 12:10 pm Remove liquor ads at airports: RamadossThe Union Health Minister, Dr Anbumani Ramadoss, has expressed disappointment over the display of alcohol advertisements at airports across the country and has written to the Civil Aviation Minister, Mr Praful Patel, for their removal.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 10:25 am \'Toyota, Kirloskar in equity talks for small car project\'Toyota Motor Corporation (TMC) is learnt to be in talks with its joint venture partner in India, the Kirloskar Group, for equity infusion into the Rs 2,600crore compact car project which is being developed in its plant near Bangalore.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 10:24 am GAIL, IOC ink deal for exploring petrochem projectGAIL (India) Ltd and Indian Oil Corporation Ltd (IOCL) on Friday signed an agreement for exploring the possibility of setting up a cracker complex (including downstream derivatives) at Barauni, Bihar. The two public sector undertakings are looking at setting up a Rs 10,000crore petrochemical plant at Barauni.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 10:21 am Promoters stake in Tata Motors rises to 42%Post the rights issue the promoters stake in Tata Motors rose to 42 per cent from 33 per cent. The promoters Tata Sons and group companies invested more than Rs 3,000 crore to pick up the unsubscribed portion of the rights issue.Source: Moneycontrol Top Headlines | 1 Nov 2008 | 10:18 am
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