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Tata Group picks Rs 2.3K cr shares in Tata Motors rightsTata Group has picked up Rs 2,272 crore worth of shares in Tata Motors rights issue, which stood at Rs 4,145 crore. Tata Sons, Tata Capital, and Tata Investment have picked up Rs 1,275 crore worth of ordinary shares. Tata Sons has also picked up Rs 997 crore worth of differential voting shares.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 6:44 pm Is DLF, Hilton Group JV in trouble?The joint venture between the country\'s leading developer, DLF and the Hilton Group of Hotels seems to be in trouble. So has the joint venture been called off? According to sources, the joint venture has run into troubled waters though DLF has denied that it has been terminated.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 5:57 pm Sales guru Holden enters India unfazed by fin crisisSome people find opportunities even in this environment like sales consultant Jim Holden, who is setting shop in India.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 5:17 pm Telecast for Balaji\'s \'Kyunki\' ceasedThe channel, Star had sent a termination notice to Balaji on October 10, saying that they have time till November 10 to change the storyline of the show and stop the show from being telecasted. However, there are three days more to come up with an appeal. Till then the doors seem to be closed for the serial as far as its telecast is concerned.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 3:37 pm See sales slowing down in Nov, Dec this yr: MMRajesh Jejurikar, COO Automotive sector, Mahindra and Mahindra, said he expects sales in November and December to slow down as the festive season would be over by then. To meet with the situation, the company would lower stocks at dealers, he said.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 3:10 pm Govt vows to take all steps to protect growthMUMBAI/NEW DELHI (Reuters) - India vowed to do all it could to protect economic growth in the face of a more severe global financial crisis than anticipated, and its markets rebounded after a sudden cut in policy rates at the weekend.Source: Reuters: Money News | 3 Nov 2008 | 1:27 pm BSE Sensex rises 5.6 pct; up a third from 2008 lowMUMBAI (Reuters) – The BSE Sensex climbed 5.62 percent on Monday, taking its gains from last week's three-year lows to more than a third, with sentiment boosted after the Reserve Bank of India (RBI) cut interest rates and reserve requirements to shore up growth.Source: Reuters: Money News | 3 Nov 2008 | 1:16 pm Chidambaram assures industry of cheaper bank loansNEW DELHI (Reuters) - The finance minister will ask state-run banks to lower lending rates to help revive sagging industrial growth, industry officials said on Monday.Source: Reuters: Money News | 3 Nov 2008 | 1:14 pm Jet fuel prices cut further by Rs 2100 per kl - Indian Express
Source: Google News India - Business | 3 Nov 2008 | 1:13 pm Raghuram Rajan appointed PM's honorary economic adviser - Hindu
Source: Google News India - Business | 3 Nov 2008 | 1:12 pm Prasad alleges 'casual approach' by Bengal police on security - Hindu
Source: Google News India - Business | 3 Nov 2008 | 1:12 pm Bharti eyes $10-bn revenue by 2010Enterprises, the holding company of Bharti Airtel and other businesses such as insurance and retail is aiming to achieve 10 billion dollars revenue by 2010.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 1:08 pm Bharti eyes $10 bn revenue by 2010 - Business Standard
Source: Google News India - Business | 3 Nov 2008 | 1:03 pm Oil drifts lower towards $67 on demand concernsLONDON (Reuters) - Oil drifted lower towards $67 a barrel on Monday as traders shifted their focus back to slowing global energy demand linked to the financial crisis.Source: Reuters: Money News | 3 Nov 2008 | 1:03 pm Oil firms cut jet fuel pricesNew Delhi: State-run oil firms on Monday cut jet fuel prices further by Rs2,100 per kilolitre on top of the 17% reduction announced last week, after government exempt the fuel from payment of customs duty. Government had on 31 October exempted jet fuel from 5% import duty. Indian Oil, Bharat Petroleum and Hindustan Petroleum had from 1 November cut jet fuel or aviation turbine fuel (ATF) price in Delhi by Rs9,429.87 per kl to Rs47,017.93 per kl, in line with fall in international oil prices. “On an average, ATF price for domestic airlines will be further reduced by Rs2,100 per kl with effect from midnight tonight. For international airlines (which do not pay local sales tax or VAT), the reduction would be $35 per kl,” an industry official said. Though there are no imports of jet fuel and it is a freely priced petroleum product, the price of domestically produced fuel is based on import parity price factoring in the basic customs duty. The price is calculated by taking the average international price of jet fuel during a fortnight and adding 5% customs duty to arrive at the landed price. On top of this, 8% excise duty is levied and over and above this local sales tax or VAT is charged. The exemption would result in lowering of the base price of ATF and, consequently, lowering the incidence of excise duty and VAT, giving substantial relief to the aviation sector. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 1:03 pm Martifer says sale of REPower to Suzlon on trackLISBON (Reuters) - Portugal's Martifer said on Monday it had no doubt that the planned sale would go ahead of its 22.48 percent stake in Germany's REPower to Indian wind turbine maker Suzlon Energy.Source: Reuters: Money News | 3 Nov 2008 | 12:47 pm Bharti says yet to find foreign telco targetNEW DELHI (Reuters) - Bharti Enterprises, which controls the country's top phone firm Bharti Airtel, is still open to acquiring foreign telecom assets but had no immediate target, its chairman said on Monday.Source: Reuters: Money News | 3 Nov 2008 | 12:26 pm European banks suffer, recession a realityLONDON (Reuters) - Profits evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to temper a recession that policymakers said had become reality for much of the globe.Source: Reuters: Money News | 3 Nov 2008 | 12:24 pm RBIs rate cut boosts mkts; bank, realty, CG, oil stks lead - Moneycontrol.com
Source: Google News India - Business | 3 Nov 2008 | 12:22 pm Mumbai, Delhi to gain from Emirates' India expansionNew Delhi and Mumbai will be the main beneficiaries as the United Arab Emirates (UAE)-based Emirates airline embarks on a major expansion spree in the subcontinent this winter.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 12:19 pm Exports slow to 18-month lowWeakening global economies have dampened India's exports to its slowest rate since April 2007, clocking growth of 10.4 per cent in September.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 12:11 pm ICICI Bank to review interest rates: KamathICICI Bank Managing Director K V Kamath on Monday promised to review interest rate in the next few days.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 12:11 pm PM’s message to India inc: No layoffs - NDTV.com
Source: Google News India - Business | 3 Nov 2008 | 12:10 pm Jet Airways leads in passenger shareJet Airways has taken the biggest share of the total 31.5 million air passengers this year, followed by National Aviation Company of India Ltd, the erstwhile Indian Airlines.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 12:10 pm Sensex regains 10k level; realty, banking stocks surgeContinuing its upsurge for the fourth day in a row, the Bombay Stock Exchange benchmark Sensex closed the day higher by nearly 550 pointsSource: Daily News & Analysis: Money News | 3 Nov 2008 | 12:08 pm Chidambaram assures industry of cheaper bank loans - Reuters India
Source: Google News India - Business | 3 Nov 2008 | 12:02 pm Microsoft launches live map search in IndiaMicrosoft India on Monday launched its map services to join the league of Google and Yahoo!.Source: Daily News & Analysis: Money News | 3 Nov 2008 | 12:02 pm KEC wins contracts worth Rs 235 cr - Business Standard
Source: Google News India - Business | 3 Nov 2008 | 11:53 am Equities end green on rate cuts, Manmohan's assuranceIndian equities finished in the green Monday following weekend measures by the central bank to reduce interest rates and boost liquidity and Prime Minister Manmohan Singh's assurance to industry leaders that the government will take all necessary steps to protect the economy from the global financial turmoil.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 11:32 am Bill Gates to launch major polio initiative in India WednesdayMicrosoft founder Bill Gates will launch a major initiative for India's public healthcare here Wednesday with a special focus on polio eradication, said officials at his philanthropic foundation.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 11:32 am Chhattisgarh sponge iron units facing closureDozens of sponge iron units in Chhattisgarh are facing closure due to recession and high raw material costs, industry officials said Monday.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 11:31 am Buddhadeb welcomes private investment in low-cost housingWelcoming more private investment in low-cost housing, West Bengal chief Minister Buddhadeb Bhattcharjee here Monday exhorted everyone involved in the real estate business to ensure housing for the poor and middle-income groups.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 11:31 am Professor Rajan named prime minister's economic advisorRaghuram Rajan, professor of economics at the University of Chicago, was Monday named honorary economic advisor to Prime Minister Manmohan Singh.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 11:31 am ‘We want to consolidate as one group, one brand, single identity’Mumbai: In 1994, when the steel-to-shipping Essar group launched its group brand “the plus sign” with a caption positive attitude, it was to show the group’s confidence to save the ship from sinking by the burden of loans availed to build steel plants, buy ships and oil rigs and construct power plants. The shareholders were concerned about their investments in the company. Lenders were forcing Essar group promoters Ruias to hawk some of the assets to repay them and even advised not to build their refinery at Jamnagar in Gujarat. Last week, after 14 years, Essar group re-branded its positive sign with a tinge of orange and maroon and with arrows pointing to the sky. The caption, now, is a bit longer with action and achievement with attitude intact. In 14 years, the group has more than trebled its steel capacity, bought steel plants abroad, it ships are fully booked, oil rigs pump out oil in overseas seas, refinery have started selling petrol and diesel. The group has diversified from a predominantly commodity player to consumer facing mobile phones retail and back end business process outsourcing. It became cash rich with revenues risen to $20b from $1 b in a decade from operations in 19 countries. The group had added 39,000 employees primarily in Aegis. But they also lost in the race to buy Esmark of the US, a steel company, as it lacked international image of a diversified group. Aparup Sengupta, managing director and chief executive of the group’s Aegis BPO Services Ltd., and Sandip Sen its global chief marketing officer who logged in 200 man-hours to unveil its new brand says the new brand reflects a new beginning for the group. At the top, the younger Ruias are in the drivers seat now. Why has Essar undertaken a re-branding exercise? Sengupta: It’s not just a difference in size. If you look at the nature of the business, we’ve moved beyond just core to new age businesses. Today we want to create an entire value chain from mines to metals, from rigs to retail. The point is that the group has grown very large and so, we want to consolidate as one group, one brand, single identity. We upgraded our brand to make it new, international and to reflect the new consumer facing business and to communicate that the group is getting younger. We also want the new identity to communicate our size, scale and reliability to the financial community and attract new talent. Sen: Brand refresh or brand change is a necessity of time… if the company has changed, it is even more necessary. So purely from the marketing aspect I would always recommend a brand refresh at intervals. Particularly when the company has morphed into something else. In this case it has morphed in many things, not just in terms of size, but if you look at the nature of the business, from mobile stores, you’re selling steel through hypermarkets, and to BPOs. The whole group has morphed. It doesn’t have to be linked to something as drastic as the Great Depression. There is a genuine reason - it is about refreshing the brand in the mind of internal employees, customers and its stakeholders. As Aegis, when I’m going to a Fortune 500 company for a $5 million contract, it is important for him to know we are a part of Essar, which is a good company with governance and financial soundness. That gives him the confidence to give us the business. A global brand helps when you go to new markets, new countries and new economies. Did your survey with customers give you a feeling that your brand did not reflect the transformation to a diversified conglomerate with operations in 19 countries? Any such trigger that led to re-branding? Sengupta: There was no one trigger or impetus or single event or data point that has led to this. We’ve gone ahead and done something interesting from the way we have structured the group. In the last two years everything has been consolidated under the umbrella group. When that exercise started, we decided that beyond the overall and financial structuring we would also look at all aspects, from the way the group operates to the way our brand is perceived by the customers, by the people, by the community. Re-structuring can be done quickly, but revamping a brand takes time because you really have to study the heritage, the key ingredients that brought it to this stature and how we want the group to be represented. There are very few companies in the world that have been able to grow 20 times in 11 years, without diluting equity. Who helped you in this exercise and do you have a target audience? We appointed Start Creative Ltd. a UK based firm to work on the identity of this group. We have not frozen any budget as yet and neither do we want to take that classical route. The philosophy has been to identify the target audience and based on that, arrive at the key message that has to be given at various points in time. The idea is to make the brand more relevant today and fulfill our vision. We have appointed Start to do the brand book and in India we are looking at Ogilvy & Mather to take this forward. Like any company our target audience are our employees, customers, and shareholders. We are extending this group to include the communities that we touch directly or indirectly In the past, you have been labeled as investor-unfriendly company. Will this new branding help overcome this impression? Sengupta: I don’t know what it will do. It is all a matter of time. We have taken all the consumer data into consideration. Now the journey is on to communicate this to every target group. Sen: A new brand identity reinforces all the positives to fulfill our vision of a global entrepreneur. So, while we are reinforcing the positives, we think we need to do better. The Tata group charges a fee to license the brand to its group companies. Do you have any plans in future? Sengupta: Honestly, we haven’t thought about this licensing and all yet. We have worked out the brand architecture and have brands and sub-brands and affiliate brands. We haven’t lent names. It’s important for us to reinforce and focus on this new beginning.. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 11:26 am Microsoft launches live map search in IndiaPTI New Delhi: Microsoft India today launched its map services to join the league of Google and Yahoo!. “Live Search Maps for India will allow users to search for geographical information, places of general interest and business listings both on the PC and mobile phones,” Microsoft India Consumer and Online Marketing Operations Head Rishi Srivastava told reporters here. Similar services are already being offered by its rivals Google, Yahoo and domestic firms like MapMyIndia. The first version of the local mapping service for India has been developed by the company’s India Development Centre (IDC) in Hyderabad. Microsoft’s map services will offer detailed listings and street maps for nine cities, business listings across 29 cities and access to highway networks to 20,000 cities and towns. The nine cities include the four metros along with Bangalore, Hyderabad, Pune, Ahmedabad and Jaipur. Talking about the revenue model, Srivastava said, “The service is free for consumers. We will generate revenues through advertisements but that will be later. Currently, we are focusing on generating unique consumer experience to have people using the service.” The service will allow the user see business listings across 29 major cities like Pune, Agra, Allahabad, Amritsar, Bhubaneshwar, Chandigarh, Cochin, Coimbatore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Mangalore, Nagpur, Nasik, Patiala, Patna, Rajkot, Surat, Vadodara and Vishakapatnam. “In the near future, we plan to add new features such as landmark-based driving directions, satellite imagery and related features for India,” IDC General Manager (Live Search and MSN Technologies) Gurpreet Pall said. Source: Tech News - Livemint.com | 3 Nov 2008 | 11:24 am Microsoft launches live map search in IndiaPTI New Delhi: Microsoft India today launched its map services to join the league of Google and Yahoo!. “Live Search Maps for India will allow users to search for geographical information, places of general interest and business listings both on the PC and mobile phones,” Microsoft India Consumer and Online Marketing Operations Head Rishi Srivastava told reporters here. Similar services are already being offered by its rivals Google, Yahoo and domestic firms like MapMyIndia. The first version of the local mapping service for India has been developed by the company’s India Development Centre (IDC) in Hyderabad. Microsoft’s map services will offer detailed listings and street maps for nine cities, business listings across 29 cities and access to highway networks to 20,000 cities and towns. The nine cities include the four metros along with Bangalore, Hyderabad, Pune, Ahmedabad and Jaipur. Talking about the revenue model, Srivastava said, “The service is free for consumers. We will generate revenues through advertisements but that will be later. Currently, we are focusing on generating unique consumer experience to have people using the service.” The service will allow the user see business listings across 29 major cities like Pune, Agra, Allahabad, Amritsar, Bhubaneshwar, Chandigarh, Cochin, Coimbatore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Mangalore, Nagpur, Nasik, Patiala, Patna, Rajkot, Surat, Vadodara and Vishakapatnam. “In the near future, we plan to add new features such as landmark-based driving directions, satellite imagery and related features for India,” IDC General Manager (Live Search and MSN Technologies) Gurpreet Pall said. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 11:24 am Jet Airways leads in passenger sharePTI New Delhi: Jet Airways has taken the biggest share of the total 31.5 million air passengers this year, followed by National Aviation Company of India Ltd, the erstwhile Indian Airlines. According to the latest Civil Aviation Ministry figures, Jet Airways has carried 22.4% of the total 31.5 million air passengers till September. On the other hand, Kingfisher Airlines carried 14.6% of the air passengers, which incidentally is behind NACIL, which had a share of 15.9%. Among the low-cost airlines, Air Deccan now Kingfisher Red tops the list with a 13.3% market share, followed by Spicejet with 9.8% and JetLite with 8%. As per the ministry figures, there has been a decline of 0.71% in the number of passengers this year. In 2005, there were 22.3 million air passengers, which grew to 32.7 million in 2006 and to 43.3 million in 2007. Ministry officials said the number of passengers carried by each airline depended on the routes which it serviced, the availability of aircraft, and pricing, among other reasons, and did not necessarily reflect passenger preferences. Meanwhile, the government has given no-objection certificate to Jagson Airlines, Star Aviation and ZAV Air under the category of “Scheduled Regional Airline” to start operations, other than MDLR, which has already commenced operations. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 11:12 am Investors pull out $480 mn from India-focused funds in OctoberPTI New Delhi: Global investors have pulled out over $480 million from India-focused funds last month, with as much as $120 million flowing out in the last week, amid the meltdown in the equity markets. India-focused funds have witnessed the highest outflows among all the Asian funds in the last four weeks, followed by China funds, which saw redemptions of over $286 million, as per data compiled by global fund tracking firm EPFR. India-focused country funds saw an outflow of $119.7 million in the last week of October, while for the past four weeks the toll has been as much as $482.2 million, according to the data. However, so far this year, the total redemptions from India-dedicated funds have been the second highest, of over $2 billion, while China-focused funds have witnessed the highest outflows of $2.8 billion in 2008 so far. The Indian benchmark index Sensex dropped over 3,000 points from over 13,000 to below 10,000 in October, while China’s Shanghai SE Composite Index had fallen from over 2,100 to below 1,700 in the last month. Asian equity funds excluding Japan extended their losing streak to the eighth week in a row and recorded net outflows of $1 billion in October. In the last week of October they suffered an outflow of over $386 million. “Risk aversion and fears of softer US demand dominated hopes of developed market rate cuts during late October, with trade-dependent Asian markets being hit particularly hard,” the EPFR report stated. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 11:09 am Govt to take steps to boost housing, constructionNEW DELHI (Reuters) - India will take steps to boost industrial production with a specific focus on reviving the housing and construction sectors, a top government official said on Monday.Source: Reuters: Money News | 3 Nov 2008 | 11:08 am Obama leads McCain in six of eight key US statesReuters Washington: Democrat Barack Obama leads Republican John McCain in six of eight key battleground states one day before the U.S. election, including the big prizes of Florida and Ohio, according to a series of Reuters/Zogby polls released on Monday. Obama holds a 7-point edge over McCain among likely U.S. voters in a separate Reuters/C-SPAN/Zogby national tracking poll, up 1% point from Sunday. The telephone poll has a margin of error of 2.9% points. Obama heads into Tuesday’s voting in a comfortable position, with McCain struggling to overtake Obama’s lead in every national opinion poll and to hold off his challenge in about a dozen states won by President George W. Bush in 2004. The new state polls showed Obama with a 1-point lead in Missouri and 2-point lead in Florida, within the margin of error of 4.1% points. But Obama also holds leads in Ohio, Virginia and Nevada - all states won by Bush in 2004. The five states where Obama is ahead have a combined 76 electoral votes. Along with states won by Democrat John Kerry in 2004, they would give Obama 328 electoral votes - far more than the 270 needed to win the White House. Obama also leads by 11% points in Pennsylvania, which McCain has targeted as his best chance to steal a state won by Kerry in 2004. McCain leads Obama by 5 points in Indiana and by 1 point in North Carolina - both states won by Bush in 2004. “Obama’s lead is very steady. He could be looking at a big day on Tuesday,” said pollster John Zogby. “These are all Republican states except Pennsylvania, and that does not look like it’s going to turn for him.” In Florida, the biggest prize being fought over on Tuesday with 27 electoral votes, Obama leads McCain by 48% to 46%. The two were running dead even at 47% one week ago. Obama leads in Ohio In Ohio, the state that decided the 2004 election with a narrow win for Bush, Obama has opened a 6-point edge. He also has a 6-point lead on McCain in Virginia and an 8-point advantage in fast-growing Nevada. Obama leads McCain by a statistically insignificant 1 point, 47% to 46%, in Missouri. McCain has the same 1-point edge in traditionally Republican North Carolina. McCain has a solid 5-point lead in Indiana, which has not supported a Democrat for president since 1964. Obama has worked to put Indiana in the Democratic column, and plans a visit there on Election Day to try to help turn out the vote. In the national poll, Obama leads by 15 points among independents and by 13 points among women, two crucial voting blocs in Tuesday’s election. He leads by 1 point among men and among all age groups except those between the ages of 55 and 69, who favor McCain by 1 point. McCain leads among whites by 13% points but is only attracting about 25% of Hispanics. In 2004, Bush won more than 40% of Hispanics. Both independent Ralph Nader and Libertarian Bob Barr were at 1% in the survey, with about 2% of voters still undecided. The rolling tracking poll, taken Thursday through Saturday, surveyed 1,205 likely voters in the presidential election. In a tracking poll, the most recent day’s results are added, while the oldest day’s results are dropped to monitor changing momentum. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 10:53 am Bajaj Auto shares decline 9% as Oct sales hit - Economic Times
Source: Google News India - Business | 3 Nov 2008 | 10:42 am Satyam to implement SAP for Kuwait firm - Business Standard
Source: Google News India - Business | 3 Nov 2008 | 10:37 am Posco to go ahead with its Orissa projectBhubaneswar: Encouraged by clearance of the stage-1 of forest land diversion proposal for its plant, South Korean steel major Posco has said that the company would go ahead with its project in Orissa despite the global financial crisis. “The international finanaicl crisis will not hit Posco’s project in Orissa,” Posco-India Director G.W. Sung said after attending a review meeting of the company’s proposed project near the port town of Paradip. Stating that the international crisis would in no way affect the Rs51,000 crore project in Orissa, Sung said that rather they would get adequate time to go ahead with the project which was delayed by a few years. “The company had been accorded with stage-1 of the forest land diversion plan. The proposed project would get the stage-II clerance after fulfilling conditions fixed in the stage-1,” a senior official said here adding that the company could go ahead with the initial clearance. Earlier, the Supreme Court had cleared the first diversion proposal. Of the total 4004 acre of land for the Posco project near Paradip, 2958 acre were demarcated as forest land which required clerance from the Union ministry of Forest and Environment. As per conditions set by the ministry, the company has to undertake compensatory forestry programme. A four-member committee would oversee the company’s activities in fulfilling the conditions set by the centre. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 10:34 am Airtel to launch Sri Lanka operations next monthLeading telecom operator Bharti Airtel will launch operations in Sri Lanka in December, a top official announced Monday.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 10:31 am 'Industry for more government measures to improve liquidity'Though the government has taken some steps to infuse liquidity into the country's cash-starved financial system, India Inc is looking for more such measures that will keep the economy going, Bharti Airtel chairman and managing director Sunil Bharati Mittal said here Monday.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 10:30 am Sensex ends 550 points up; realty, banks surgeLivemint.com New Delhi: The markets ended firm, with sentiment buoyed by the central bank’s cuts in an interest rate and reserve requirements over the weekend. The 30-share BSE Sensex gained 550 points or 5.6% to end at 10,338 levels. It had touched a high of 10,373 levels in intra-day deals. Leading the pack of gainers among the Sensex scrips was Reliance Infrastructure that vaulted over 17% to Rs535 levels. DLF Limited, State Bank of India, Ranbaxy Laboratories, Jaiprakash Associates, Larsen and Toubro, Hindustan Unilever, ICICI Bank and Tata Motors also registered strong gains. Strength was also visible in capital goods scrips with Reliance Industrial Infrastructure moving up over 25%. Areva T&D, Lakshmi Machine Works, Punj Lloyd, Everest Kanto, Crompton Greaves, Siemens Limited, Elecon Engineering were some of the other notable gainers besides Larsen and Toubro. Most banking scrips logged gains after the Reserve Bank of India (RBI) cut key rates over the weekend. Yes Bank (up 14.4%), State Bank of India (11.8%), Kotak Mahindra Bank (9.8%), Federal Bank (9.2%) and ICICI Bank (7.9%) ended in the green. Source: Home - Livemint.com | 3 Nov 2008 | 10:22 am Cairn may hike price for natural gas from Ravva fieldNew Delhi: Cairn India-operated Ravva oil and gas field, off the Andhra coast, is likely to see an upward revision in price of natural gas produced from it after the current rates expire next month. “The price of natural gas produced from Ravva and Ravva Satellite field are to be market-linked. Current rates expire on 30 November and new rates would be applicable from 1 December,” a source familar with the development said. At present, state-run gas utility GAIL India buys gas from Ravva field at $3.5 per million British thermal unit and at $4.3 per mmBtu from Ravva Satellite field. “Recently, the rates for gas from Panna/Mukta and Tapti field were fixed at $5.65 per mmBtu. This is an excellent benchmark and the market-related price for Ravva may also be fixed around the same levels,” the source said. GAIL for the past three years has been getting 1 million standard cubic meters per day of gas from Ravva field at $3.5 per mmBtu and another 0.7 mmscmd from the adjoining Ravva Satellite field at $4.33 per mmBtu. The price being paid to Cairn and its partners Oil and Natural Gas Corp (ONGC) and Videocon Industries, for Ravva and Ravva Satellite gas, is valid till 30 November, 2008, as per the Production Sharing Contract for the joint venture fields. According to the source, GAIL was of the view that gas from the Ravva Satellite field was already priced at market rates given the fact that gas from Reliance Industries’ eastern offshore KG-D6 fields has been fixed at $4.2 per mmBtu. “The company wanted price of gas from both Ravva and Ravva Satellite field be fixed at $4.33 per mmBtu but the joint venture partners want PMT price,” the source said. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 10:17 am ICICI Bank to review rates in a few days - CEONEW DELHI (Reuters) - ICICI Bank will review its interest rates in the next few days, after seeing the impact on liquidity of recent Reserve Bank steps, its chief executive said on Monday.Source: Reuters: Money News | 3 Nov 2008 | 10:15 am RSP maintains high production despite market sluggishnessRourkela: Despite sluggishness in the market in steel sector, Rourkela Steel Plant (RSP) continued to maintain high levels of production during April-October of this fiscal. “The steel plant during October 2008 registered output of 2,01,619 tonnes of hot metal from its four blast furnaces, which is all time high, compared to any month since inception of the steel plant and also achieved phenomenal capacity utilisation of nearby 119%,” RSP sources said today. “This led to crude steel production of 1,90,000 tonnes with capacity utilisation of 118 per cent,” the sources said. During April-October 2008, the steel plant’s hot metal reached 1.32 million tonnes, crude steel production touched 1.24 million tonnes and saleable steel output stood 1. 13 million tonnes representing capacity utilisation of nearly 113%, 112% and 115% respectively. “In the areas of hot metal and crude steel, the figures were not only the best ever for any April to October since inception of the plant but indicates growth of 4.6% and 6.2% over the corresponding period of last financial year,” the sources said. “In the finishing mills, the plate mill achieved all time best April-October production achieving nearly 0.28 million tonnes while the unit achieved best ever October production of 43541 tonnes corresponding to a phenomenal 169% of rated capacity,” the sources said. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 10:07 am Volkswagen to source 1 bn euro auto components from IndiaPTI Wolfsburg: German auto major Volkswagen AG is embarking on an auto component sourcing drive from India, which will see the company ordering materials worth one billion euro for its global operations, within the next two years. The company is also aiming at about 70% localisation of its cars produced in India within two years of starting operations at its manufacturing unit at Pune in Maharashtra. “Our target is to give priority to local suppliers for our soon-to-be-launched Polo once the Pune plant starts operations by the end of 2009, Volkswagen AG global Head of Purchase (New Product Start-Ups) Bernd Martin told PTI here. “We are planning to source at least 55% of the components for the plant and its production at the start of our operations and take the figure to 70% within two years of that,” he added. The company currently makes annual purchases of auto components worth €70 billion from suppliers across the globe and now plans to secure at least one billion euro worth component supplies from Indian supplier firms. He said the company had a chance to see component parts from various Indian suppliers at the just concluded fifth International Suppliers Fair organised here at Wolfsburg. “We are looking at exporting components worth at least one billion euro from the Indian supplier firm within next two-three years,” Martin said. Wolfsburg, located in the German state of Lower Saxony, is the global headquarters of the Volkswagen Group. The company is also planning to use India as an export market for components to Europe. “We have already come up with a regional sourcing office in India. Our priority is to use local competency, technology and materials,” Martin added. Source: Home - Livemint.com | 3 Nov 2008 | 10:01 am Volkswagen to source 1 bn euro auto components from IndiaPTI Wolfsburg: German auto major Volkswagen AG is embarking on an auto component sourcing drive from India, which will see the company ordering materials worth one billion euro for its global operations, within the next two years. The company is also aiming at about 70% localisation of its cars produced in India within two years of starting operations at its manufacturing unit at Pune in Maharashtra. “Our target is to give priority to local suppliers for our soon-to-be-launched Polo once the Pune plant starts operations by the end of 2009, Volkswagen AG global Head of Purchase (New Product Start-Ups) Bernd Martin told PTI here. “We are planning to source at least 55% of the components for the plant and its production at the start of our operations and take the figure to 70% within two years of that,” he added. The company currently makes annual purchases of auto components worth €70 billion from suppliers across the globe and now plans to secure at least one billion euro worth component supplies from Indian supplier firms. He said the company had a chance to see component parts from various Indian suppliers at the just concluded fifth International Suppliers Fair organised here at Wolfsburg. “We are looking at exporting components worth at least one billion euro from the Indian supplier firm within next two-three years,” Martin said. Wolfsburg, located in the German state of Lower Saxony, is the global headquarters of the Volkswagen Group. The company is also planning to use India as an export market for components to Europe. “We have already come up with a regional sourcing office in India. Our priority is to use local competency, technology and materials,” Martin added. Source: World Business - Livemint.com | 3 Nov 2008 | 10:01 am ICICI Bank to review rates in a few days - CEONew Delhi: “ICICI Bank will review its interest rates in the next few days, after seeing the impact on liquidity of recent central bank steps,” its chief executive, K.V Kamath said. The Reserve Bank on India (RBI) on Saturday unexpectedly cut its key lending rate by 50 basis points to 7.5% and banks’ cash reserve requirements by 100 basis points to 5.5%, to infuse liquidity into the system. “We will review interest rates after watching the impact of RBI decision on liquidity,” he said. “It is premature to consider interest rates right now, but we will review it in the next few days,” he added. Source: LatestNews-Home - Livemint.com | 3 Nov 2008 | 9:55 am PepsiCo to invest $1 bn in China over next 4 yearsReuters Bejing: PepsiCo Inc said on Monday it plans to invest $1 billion in China over the next four years, as part of the company’s strategy to expand in emerging markets. The US based food and beverage company’s investment in China will fund a variety of major capital programmes to expand manufacturing capacity, particularly in interior and western areas, said PepsiCo’s chairman and chief executive officer, Indra Nooyi, who is in China this week. “This is our largest investment in China in the nearly 30 years we have been doing business here, and it is consistent with our broader global strategy of investing in high-growth developing markets,” Nooyi said in a statement. Beverage sales in the United States, especially sales of bottled water, have been hit hard as a housing slump, credit crunch, job losses and high gas prices have forced cash-strapped consumers to make fewer trips to gas stations and convenience stores, eat out less often and drink tap water to save money. PepsiCo cut its full-year outlook last month as an economic slowdown sapped soft drink demand. The investments are expected to create thousands of new jobs in China, where PepsiCo and its bottling partners already directly employ more than 22,000 people, it said in the statement. The announcement was made during a four-day visit by Nooyi, who has been holding meetings with government officials and local business executives and visiting the company’s local operations. The money will also be used to expand local research and development facilities and build the company’s sales force to boost product distribution, the company said in the statement. The statement did not say whether PepsiCo is expanding manufacturing capacity by building up more plants. Source: World Business - Livemint.com | 3 Nov 2008 | 9:31 am PepsiCo to invest $1 bn in China over next 4 yearsReuters Bejing: PepsiCo Inc said on Monday it plans to invest $1 billion in China over the next four years, as part of the company’s strategy to expand in emerging markets. The US based food and beverage company’s investment in China will fund a variety of major capital programmes to expand manufacturing capacity, particularly in interior and western areas, said PepsiCo’s chairman and chief executive officer, Indra Nooyi, who is in China this week. “This is our largest investment in China in the nearly 30 years we have been doing business here, and it is consistent with our broader global strategy of investing in high-growth developing markets,” Nooyi said in a statement. Beverage sales in the United States, especially sales of bottled water, have been hit hard as a housing slump, credit crunch, job losses and high gas prices have forced cash-strapped consumers to make fewer trips to gas stations and convenience stores, eat out less often and drink tap water to save money. PepsiCo cut its full-year outlook last month as an economic slowdown sapped soft drink demand. The investments are expected to create thousands of new jobs in China, where PepsiCo and its bottling partners already directly employ more than 22,000 people, it said in the statement. The announcement was made during a four-day visit by Nooyi, who has been holding meetings with government officials and local business executives and visiting the company’s local operations. The money will also be used to expand local research and development facilities and build the company’s sales force to boost product distribution, the company said in the statement. The statement did not say whether PepsiCo is expanding manufacturing capacity by building up more plants. Source: Home - Livemint.com | 3 Nov 2008 | 9:31 am Equities open strong, stay green on Manmohan's assuranceIndian equities opened strong Monday and were in positive territory mid-afternoon with Prime Minister Manmohan Singh assuring industry leaders that Indian banks were safe and the government will take all necessary steps to keep the economy protected from the global financial turmoil.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 9:30 am ArcelorMittal approaches WB govt for landWorld's largest steel producer ArcelorMittal has approached West Bengal government for land at Rajarhat in the stateSource: Daily News & Analysis: Money News | 3 Nov 2008 | 9:23 am ICICI Bank opens on bullish noteCountry's top private sector lender ICICI Bank surged as much as 10 per cent in opening trade on the bourses on MondaySource: Daily News & Analysis: Money News | 3 Nov 2008 | 9:21 am IPod in Australia is the cheapest : StudyAustralia has emerged as the world's cheapest place to shop an iPod following steep decline in the Australian dollarSource: Daily News & Analysis: Money News | 3 Nov 2008 | 9:15 am Manmohan Singh says money in Indian banks safeYour money in Indian banks is safe. This was the categorical message Prime Minister Manmohan Singh sought to convey to the average citizen Monday as he met leading industrialists on the current global meltdown and its impact on the Indian economy.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 9:01 am Key comments of Manmohan Singh at meeting with industrialistsFollowing are some key comments by Prime Minister Manmohan Singh during a meeting with leading industrialists here Monday on the global financial crisis and its impact on the Indian economy:Source: IndiaeNews.com: Business News | 3 Nov 2008 | 9:00 am Zylog Systems sets aside Rs 85 cr for overseas buysZylog Systems Ltd, the Chennaibased software company, will spend $17.5 million (around Rs 85 crore) in acquiring three overseas companies. It has acquired Ducont FZ LLC in Dubai, and will acquire two USbased companies Teq Consulting and Fairfax Consulting according to the companys finance controller, Mr S.P. Srihari.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 8:47 am JSW Steel cuts HR coil pricesJSW Steel has announced a price cut of Rs 5,500 a tonne in HR coils. This reduction along with an 812 per cent reduction in October totals to an overall reduction of 2530 per cent compared to peak prices in the domestic market, the company said.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 8:45 am Iran approves OVL gas commerciality report of Farsi blockThe gas commerciality report of ONGC Videsh Ltd (OVL) and its consortium partners on the discovery made in Irans Farsi offshore block has got the nod of the National Iranian Oil Corporation (NIOC). Official sources told Business Line that NIOC has formally accepted the commerciality report of the gas discovery.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 8:43 am It is \'recession\' for one in seven of NSElisted cosThe economy as a whole may still be growing, although at a reduced pace; but for many listed corporate entities, recession is here and now.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 8:40 am Nagarjuna Construction bags orders worth Rs527 crPTI Mumbai: Infrastructure company Nagarjuna Construction Company has bagged two orders of Rs527 crore from Hyderabad and Assam governments. In a filing to the Bombay Stock Exchange, the firm said it has received one contract of Rs401 crore from Hyderabad Metropolitan Water Supply and Sewerage Board for transmission of Godavari water from Yellampally barrage. The project would meet the drinking water needs of the state and it is scheduled to be complete in two years. Another order the company received is from Assam State Electricity Board for different works for Rs126 crore. The project is to be completed in 18 months. Earlier in August, the Hyderabad-based firm had bagged three orders worth Rs474 crore for developing sports facility and transit management centre, among others, in Delhi and Karnataka. Nagarjuna Construction was trading at Rs63.35, up 3.98% on the BSE. Source: Home - Livemint.com | 3 Nov 2008 | 8:17 am Autovolantor: a car that may flyLondon: Flying cars may soon leap from the world of science fiction into reality, if automobile engineers are to be believed. A team at Moller International is designing a flying car, called Autovolantor, based on a £200,000 Ferrari 599 GTB model, which it claims would be in the market in just two years’ time. According to them, the vehicle will have the ability to take off vertically and hover, thanks to its eight powerful thrusters which direct air down for take off. Vents then tilt so the car can fly forward. The flying car is expected to be able to do 100 mph on the ground and 150 mph in the air. The calculated airborne range is 75 miles and ground range is 150 miles. Chief Designer Bruce Calkins said that the flying car “features a specially designed hybrid fuel and electric system to power the thrusters, creating as much as 800 horse power”, and it would be able to fly at altitudes of up to 5,000 ft. “The Autovolantor is powered by eight fans mounted in the fuselage of the vehicle. On the ground these fans push the vehicle around with a firm but not-too-powerful thrust of deflected air. Small vanes in the exit area of the ducts can direct the air forward or back, or remain in the neutral position for vertical take off and landing. “Once in the air the vehicle manoeuvres like a helicopter, tilting nose down to move forward, rolling right or left for changes in direction. While maximum altitude could be much higher, the energy to obtain altitudes above 5,000 ft would be significant and so we expect it to stay below that height,” The Daily Telegraph quoted Calkins as saying. The company, Moller International, chose the Ferrari to be the model for the ground-breaking machine because of its distinctive shape. “The Ferrari 599 GTB has the general shape and layout we were looking for. Using it allowed us to quickly modify a readily available scale model and run some wind tunnel tests to establish the technical feasibility of the project. “At first we were very sceptical that we could adapt a ground-vehicle with our technologies and make it work. But the model allowed us to quickly verify that it could in fact be done,” Calkins, also Moller’s General Manager, said. The car is estimated to cost £500,000. Source: Tech News - Livemint.com | 3 Nov 2008 | 7:40 am Union Bank of India cuts prime lending rate by 50 bpsMumbai: “State-run Union Bank of India has cut its prime lending rate by 50 basis points to 13.5% with effect from Monday,” a senior official said. “We expect interest rates to soften after the measures taken by the Reserve Bank of India and taking into account the liquidity conditions,” Executive Director T.Y. Prabhu said. On Saturday, RBI cut banks’ cash reserve requirements by 100 basis points to 5.5%, thereby releasing Rs400 billion into the banking system. Source: Home - Livemint.com | 3 Nov 2008 | 7:39 am Steel cos cut prices by up to Rs6,000 per ton to keep afloatNew Delhi: India’s leading steel producers have slashed prices of their products by up to Rs6,000 a tonne to ward off the threat of cheaper imports from countries like China and Ukraine amid a dip in demand. State-run SAIL, along with private producers Essar Steel and JSW Steel, announced lowering of prices while the biggest private sector producer Tata Steel is still weighing its options. The price cut comes even as Industry awaits a government decision on its demand for imposition of 15% duty on steel imports among other fiscal measures. The steel ministry is, however, believed to have asked the finance ministry for imposing a 10% import tariff. Leading the price cut, that comes within two days of finance ministry withdrawing a 15% export duty on long steel products, SAIL slashed its product prices by Rs4,000 to Rs6,000 per tonne. Sajjan Jindal led JSW steel lowered prices of its HR Coil by Rs5,500 a tonne, a third consecutive cut in as many months and Ruia’s Essar Steel revised prices downward by up to Rs5,000 per tonne. “We are cutting prices of steel by Rs4,000-6,000 a tonne across all our products,” a SAIL spokesperson said. The international prices have corrected in the past two months by around 50% and the domestic prices have been reduced to counter the increasing imports, JSW Steel added. The prices of hot rolled products, which is the mother input for all flat steel products, is expected to come down to Rs33,000-35,000 a tonne. Source: Home - Livemint.com | 3 Nov 2008 | 7:36 am Markets cheer rate cut, growth worries remainReuters Mumbai: Rupee bounced to a two-week high and shares jumped on Monday after the RBI cut its policy rates over the weekend to relieve a growing cash squeeze and fend off damage from the global financial crisis. Making the second cut in its key lending rate in as many weeks, the RBI also took several steps to boost cash in the banking system to help bring the overnight rate banks charge each other down from 21% on Friday. In response, state-run Union Bank of India cut its prime lending rate by 50 basis points to 13.5% and senior bankers said lending and deposit rates would fall. But in a sign that India’s once-stellar economic growth rate is slowing, a survey showed factory activity fell to its lowest level in 3 years in October as turbulence abroad and tight credit conditions at home took their toll. Morgan Stanley economist Chetan Ahya said the central bank’s latest measures were potent enough to bring down inter-bank call rates quickly. Call rates dropped to 7% on Monday. “However... the cost of borrowing for consumers and companies is unlikely to decline in a meaningful manner until underlying credit demand decelerates sharply and/or capital inflows revive,” Ahya wrote in a client note. The benchmark stock index was up 4.5%, led by banks and index heavyweight Reliance Industries, and marked its highest level in nearly two weeks. The partially convertible rupee, which hit a record low a week ago at Rs50.29 per dollar, strengthened past Rs49.00 for the first time in two weeks. It was at Rs48.96/98 by mid-morning. Foreign funds have sold a net $13.1 billion worth of Indian stocks in 2008 after buying a record $17.4 billion last year and the rupee’s fortunes have been closely tied to that outflow. Saturday’s cut in rates and the jump in stocks boosted currency traders’ hopes that foreign investors would return to India’s market. Tushar Poddar, an economist at Goldman Sachs, expected bank lending rates to ease by 50-100 basis points in the near term but not substantially more from there as credit risks remained elevated. He saw the central bank cutting reserve requirements and interest rates again in coming months. The 100 basis point cut in the cash reserve ratio for banks, the amount of funds they have to deposit with the central bank, is expected to release Rs400 billion ($8.2 billion) into the banking system. “Given that lower interest rates will not be felt for some time, we believe the postponement of capex plans and consumer spending will continue despite the aggressive policy moves,” Poddar wrote in a client note. “We think the downturn is spreading rapidly from the financial sector to real activity, and there are serious downside risks to our growth forecast of 7.0% in fiscal year 2009/10.” India’s economy grew 9% in the fiscal year that ended in March and RBI expects 7.5% to 8.0% growth this year, although many economists forecast it will be closer to 7%. Source: Home - Livemint.com | 3 Nov 2008 | 7:30 am India will take all steps to protect growth: PMBy Surojit Gupta / Reuters New Delhi: India will take all necessary monetary and fiscal steps to protect economic growth with the global financial crisis now likely to be more severe and prolonged, the prime minister said on Monday. The central bank 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 financial crisis. Analysts said the surprise central bank move, coming just a week after it left rates unchanged at a policy review, showed its concern that strains on Asia’s third-largest economy were quickly becoming more severe. “I would like to assure each one of you that the government will take all necessary monetary and fiscal policy measures on the domestic front to protect our growth rates,” Singh told top business leaders. “On the international front, we are working closely with other countries to ensure coordinated policy action and increased development cooperation for the containment of this crisis,” he said. India’s economy has grown at or above 9% for the past three fiscal years, but is expected to expand less than 8% this year as the global slowdown reduces exports. Industrial output grew at an annual rate of just 1.3% in August. “Overall, the government is closely monitoring the evolving macro-economic situation and is fully alive to its responsibilities to sustain the growth momentum of the economy at a reasonable level,” Singh said. Credit crisis The ripple effects of the global credit crisis have impacted several sectors and have hurt the currency and the share market as foreign investors have exited riskier assets. Indian policymakers have taken several measures including rate cuts, cuts in bank reserve requirements and duties to cushion the economy from the global turmoil. “We recognise that the situation is abnormal and we need to be constantly on the alert. The situation is being watched on a day to day basis and more steps will be taken if required,” he said. The prime minister urged industry to convert the global crisis into an opportunity and not take hasty steps, such as large scale job losses. Source: Home - Livemint.com | 3 Nov 2008 | 7:05 am PM discusses economy with industry leadersNew Delhi: Prime Minister Manmohan Singh met company heads to discuss the state of economy in the backdrop of global financial crisis. Mukesh Ambani, Anand Mahindra, K.V Kamath, Sunil Bharti Mittal, Deepak Parikh, Shashi Ruia, K.P. Singh and Rajkumar Dhoot were among those who attended the meeting. Besides, Kamath, FICCI president Rajeev Chandrasekhar and Assocham chief Sajjan Jindal represented their chambers and urged the PM to give direction for enhancing liquidity in the system and restore confidence by lowering the interest rates. Finance minister P Chidambaram, Deputy Chairman of Planning Commission Montek Singh Ahluwalia and RBI Governor D Subbarao were on the sides of the PM for the interaction with the industry to explore options for pushing the economic growth in difficult times. Senior government officials, including chairman of PM’s Economic Advisory Council Suresh Tendulkar and Economic Affairs Secretary Ashok Chawla were among those who attended the meeting. Source: Home - Livemint.com | 3 Nov 2008 | 6:27 am Rupee up 1% as shares riseReuters Mumbai: Rupee strengthened 1% to a two-week high on Monday helped by gains in shares after a weekend interest rate cut, which raised expectations of fresh foreign portfolio inflows. At 10 a.m. (0430 GMT), the partially convertible rupee was at Rs48.91/92 per dollar, its strongest since 20 October and 1.1% firmer than Rs49.44/46 at close on Friday. However the rupee has still shed about 19% so far in 2008 and hit a record low of Rs50.29 last week. “Asian stocks are stronger and our stock markets will also definitely stay positive, so the rupee is likely to remain higher today,” the chief dealer with a state-run bank said. “It will stay in a band of Rs48.80/49.10 today.” Indian shares jumped nearly 6% in opening trade after the surprise rate cut by the central bank over the weekend, although a stock market surge on Friday and uncertainty about the global economy may act as a brake on sharp gains. RBI on Saturday 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. It cut the repo or the main short-term lending rate by 50 basis points to 7.5% and also banks’ cash and bond reserve requirements by 100 basis points each. Dealers said the cut in banks’ cash reserve requirement, or CRR, to 5.5% will give the central bank more room to intervene in the currency market and protect the rupee from falling sharply. Asian stocks edged up for the fifth straight day on Monday on hopes policy efforts so far to dampen the impact of the financial crisis would ultimately take hold, though data still painted an ugly picture of the global economy. Source: Home - Livemint.com | 3 Nov 2008 | 6:05 am India Oct manufacturing PMI at 3-½ year lowsMUMBAI (Reuters) - Activity at Indian factories fell to its lowest level in 3-½ years in October as the global financial crisis and slowing export demand hit the country's manufacturing sector, a survey showed on Monday.Source: Reuters: Money News | 3 Nov 2008 | 5:15 am It is ‘recession’ for one in seven of NSE-listed cosChennai, Nov. 2 The economy as a whole may still be growing, although at a reduced pace; but for many listed corporate entities, ‘recession’ is here and now.Source: Business Line - Home Page | 3 Nov 2008 | 12:00 am Equities may remain positive, thanks to RBIEquity market is likely to respond positively this week to RBI’s moves on the weekend. The sentimental value of these moves may leave short-term impression on Dalal Street.Source: Business Line - Home Page | 3 Nov 2008 | 12:00 am IBA facilitates bank credit flow to mutual fundsMumbai, Nov. 2 Banks have worked out a system to provide “hassle-free” credit to mutual funds facing redemption pressure.Source: Business Line - Home Page | 3 Nov 2008 | 12:00 am India Cements (Rs 87.05): BuyWe recommend a buy in India Cements from a short-term perspective. It is clearly visible from the charts of India Cements that it has been on a long-term downtrend from its December peak of Rs 333 (52-week high), forming lower troughs and lowerSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Fiscal spurs may be in orderWhile the mayhem continues in the US’ financial sector, with its ripple effect on the economies of the world as a whole, statesmen of different countries are trying to formulate an agenda for reforms. In one of his impressive statements, DrSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Lending rates to come down, says IBA chiefChennai, Nov. 2 The “conducive factors”obtaining today in the banking industry are likely to cause an immediate fall in lending rates by 50 basis points (half per cent), says Mr T.S. Narayanasami, Chairman, Indian BanksSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Crew shortage — a distress signal for shippingReports have it that Gateway Terminals India Pvt Ltd (GTI), the APM Terminals-Concor joint venture that owns and operates a modern container terminal at Jawaharlal Nehru port, recently announced the launching of its Talent Development Centre onSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Risk-averse IT clients may find ‘familiar’ comforts in IndiaBangalore, Nov. 2 Contrary to expectations, the economic downturn could actually help the Indian IT industry in the short term. The industry is not only under pressure from a slowing business environment but also due to rising competition fromSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am Iran approves ONGC Videsh gas commerciality report of Farsi blockNew Delhi, Nov. 2 The gas commerciality report of ONGC Videsh Ltd (OVL) and its consortium partners on the discovery made in Iran’s Farsi offshore block has got the nod of the National Iranian Oil Corporation (NIOC). Official sources toldSource: Business Line - Home Page | 3 Nov 2008 | 12:00 am RCom eyes Rs 6,000-cr in-roaming mkt!In a bid to make money in the crowded GSM market, Reliance Communications is putting up a strategy to aggressively target the Rs 6,000-crore incoming international roaming market.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Top ten firms lose Rs 3.17 tn in Oct!Country`s top 10 companies, including Reliance Industries and ONGC, witnessed an erosion of over Rs 3.17 trillion from their combined market capitalisations in October, as the bourses bore the brunt of the global financial crisis.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Tata Motors rights issue 100 pc subscribed!Auto major Tata Motors on Sunday said its Rs 4,147-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.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Govt refuses to ask NMDC to withdraw iron ore price hike!Government has turned down the request of steel producers to persuade state-run miner NMDC Ltd to roll back last month`s price hike on iron ore, saying it cannot intervene in the commercial decision of the PSU.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Pvt telecos not liable to pay I-T on transit charges: Court!Private cellular operators would not be liable to pay income tax on the fees paid by them to state-owned telecom companies for routing the calls of their subscribers, as was the practice before the direct connectivity regime, the Delhi High Court has ruled.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm IMF needs hundreds of billions of dollars more: Brown!Prime Minister Gordon Brown said the International Monetary Fund (IMF) needs "hundreds of billions of dollars" to help countries at risk of collapsing amid the world financial crisis.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm PM to discuss CBMs with industry captains!As part efforts to shore up confidence eroded by the global financial rout, Prime Minister Manmohan Singh will on Monday meet leaders of India Inc in New Delhi, which may seek more measures to tide over the liquidity crunch. Ratan Tata, Anand Mahindra, Mukesh Ambani, Anil Ambani, KP Singh, Sunil Bharti Mittal and Deepak Parikh are among those expected to attend the meeting.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Bourses likely to track 10k-mark with Govt, RBI aid!Bulls expect Diwali fireworks to continue on Dalal Street next week enthused by steps taken by RBI this weekend to infuse fresh liquidity into the system and expectations of further steps from the government after Prime Minister`s meeting with industry captains on Monday.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Emami gets board`s approval to hive off realty biz!FMCG major Emami Group has got its Board`s approval to hive off its real estate arm into an independent entity.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm ICICI retires Rs 24K cr costly deposits!Contrary to belief that it was under withdrawal pressure, India`s top private sector lender ICICI Bank on Sunday said that it has retired about Rs 24,000 crore expensive deposits to reduce cost and improve its bottomline.Source: Zee News : Business | 2 Nov 2008 | 11:45 pm Foreign airlines gain at domestic carriers' cost on overseas routesBy cutting international flights, Indian firms forefeit market share.Source: Business Standard | Front Page Headlines | 2 Nov 2008 | 6:44 pm SBI to decide rate cut later this weekState Bank of India Chairman O P Bhatt today said the countrys largest lender will take a call on revising interest rates in the second half of the week.Source: Business Standard | Front Page Headlines | 2 Nov 2008 | 6:42 pm Maruti sales dip 7% in OctoberAs the global economic crisis muffles demand, the countrys automobile sector continued its downward journey in October.Source: Business Standard | Front Page Headlines | 2 Nov 2008 | 5:24 pm
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