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UnitechTelenor deal faces political roadblockThere are reports that suggest that Norway\'s opposition party is against Telenor rights issue. The rights issues are to pay for acquisition in India. It is believed that the telecom deal is to finish off Rs 2000 crore debt from Unitech\'s balance sheet.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 3:39 pm Indian firms' profit, margin woes seen continuingNEW DELHI (Reuters) - Indian mid- and small-cap firms' July-Sept profit growth has fallen and margins have been squeezed, hurt by rising raw material and interest costs and analysts say the trend would continue as the economy slows.Source: Reuters: Money News | 4 Nov 2008 | 12:00 pm BMW dumps 2008 outlook amid global autos slowdownFRANKFURT/LONDON (Reuters) - BMW abandoned its 2008 earnings forecast and cut production on Tuesday after a 60-percent plunge in quarterly profit that underscored slowing sales in the troubled autos industry.Source: Reuters: Money News | 4 Nov 2008 | 11:55 am Nifty,Sensex end 3% up as rate sensitives soar - Economic Times
Source: Google News India - Business | 4 Nov 2008 | 11:52 am BSE Sensex rises for 5th day to 2-wk closing highMUMBAI (Reuters) – The BSE Sensex rose 2.84 percent on Tuesday, a fifth straight gain that took it to its highest close in two weeks, on hopes that cuts in bank lending rates would help credit flow more freely and ease a cash squeeze.Source: Reuters: Money News | 4 Nov 2008 | 11:47 am Tata Comm strengthens MPLS footprint in SE AsiaTata Communications, on Tuesday announced the expansion of its global MPLS (Multi-Protocol Label Switching) services into key south-east Asian destinations.Source: Daily News & Analysis: Money News | 4 Nov 2008 | 11:41 am Compact car for India our own: ToyotaToyota Motor Corporation made it clear that the compact car that it plans to roll out in India in 2010 would be its own and would not have any association with Daihatsu Motor Co.Source: Daily News & Analysis: Money News | 4 Nov 2008 | 11:40 am Sun Pharma subsidiary receives FDA warning letterMumbai: Caraco Pharmaceuticals, a subsidiary of Sun Pharma, Tuesday said it has received a warning letter from US Food and Drug Administration, or, FDA, over the company’s manufacturing facility in Detroit. The points noted in the 31 October warning letter include, among other things, the inadequate and untimely investigation by the quality control unit of certain incidents at the facility contrary to the company’s standard operating procedures. The FDA inspection was held in May 2008. Sun Pharma holds 76% in Caraco Pharmaceuticals and it is listed in New York Stock Exchange. The FDA may in near term withhold approval of pending new drug applications listing the facility as the manufacturer until Caraco’s responses to the observations have been clarified and explanations provided to the satisfaction of the regulator, it said. Caraco said it would respond to the FDA within 15 days. “The company is committed to working cooperatively and expeditously with the FDA to resolve the matters indicated in its letter,” Caraco said in its website. Detroit-based Caraco develops, manufactures, markets and distributes generic and private-label pharmaceuticals to wholesalers, distributors and drugstore chains. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 11:34 am Temasek Holdings to Sell Indian Funds Management Unit (Update2) - Bloomberg
Source: Google News India - Business | 4 Nov 2008 | 11:24 am Sun Pharma subsidiary receives FDA warning letter - Economic Times
Source: Google News India - Business | 4 Nov 2008 | 11:21 am SBI eyes 28 pct loan growth this FY - chiefNEW DELHI (Reuters) - India's top lender, State Bank of India, is aiming for 28 percent loan growth and 25 percent deposit expansion in the 2008/09 fiscal year, its chairman, O.P. Bhatt, said on Tuesday.Source: Reuters: Money News | 4 Nov 2008 | 10:58 am FM satisfied with RBI, banks' actions - Moneycontrol.com
Source: Google News India - Business | 4 Nov 2008 | 10:43 am Markets end firm; banks lead rallyLivemint.com New Delhi: The markets extended gains to a fifth straight session, with banking stocks leading the surge on hopes interest rate cuts would boost credit flow. The BSE benchmark index ended up 293 points or 2.8% at 10,631 levels after touching an intra-day low of 10,116 levels. Among sectoral indices, the BSE realty index firmed up over 12% with DLF Limited gaining 14.7% to end at Rs290 levels. Ansal Infrastructure, Omaxe Limited, Peninsula Land, Unitech Limited, HDIL, Sobha Developers and Parsvnath Developers were some of the other notable gainers. Banking stocks witnessed a smart rally after Finance Minister P Chidambaram assured that banks would consider the demand for lowering interest rates. Bank of Baroda, Kotak Mahindra Bank, Union Bank, Yes Bank, Indian Overseas Bank, State Bank of India, Bank of India and Axis Bank were some of the key gainers in this space. Strength was also visible in select power sector scrips. Lanco Infra and GVK Power surged over 24% each. Siemens, Suzlon Energy, Tata Power, Neyveli Lignite, Bhel and Torrent Power also ended in positive turf. Source: Home - Livemint.com | 4 Nov 2008 | 10:25 am No slowdown, Diwali bang for ad agenciesNew Delhi: Advertising agencies had a Diwali bang despite the global economic slowdown, said the Spatial Access Media Solutions latest update on advertising account movement for the period 21 October 2008 to 3 November 2008. Also See: Account Movement (Graphic) Mudra and Leo Burnett received a share each from the BIG TV Rs60 crore creative account. Star Union Dai-ichi Life Insurance, a new insurance venture, empanelled four agencies to handle the Rs15-16 crore creative business. Another major creative move came from Punjab National Bank increased its list of empanelled agencies form four to eight this year. The size of the business is around Rs30 crore. In media, Diageo India consolidated its Rs18-20 crore media account with Starcom Worldwide, which was earlier split between Mediaedge:cia and Lodestar Universal. Lodestar Universal also bagged the media duties of ING’s brand campaign, adding Rs35 crore to its kitty. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 10:24 am Brent crude oil falls below $60 - BBC News
Source: Google News India - Business | 4 Nov 2008 | 10:17 am India to ease FDI rules - Kamal NathNEW DELHI (Reuters) - India will further ease foreign investment rules, including those relating to defence production, Commerce and Industry Minister Kamal Nath said on Tuesday.Source: Reuters: Money News | 4 Nov 2008 | 10:16 am Stainless steel importers up in arms against local producersNew Delhi: India’s stainless steel importers, including utensil manufacturers, have snubbed the domestic industry’s demand for imposition of import duty on the alloy, saying the move is aimed at benefiting a ‘single producer’. “Import duty on stainless steel which had remained untouched till date will benefit a single monopoly industry,” said Process Plant & Machinery Association of India Secretary, V.P. Ramachandran. The Association, which is an umbrella organisation of stainless steel importers and utensil producers, has shot a letter to Steel Secretary P K Rastogi requesting him not to persuade the finance ministry for the imposition of up to 20% import duty on the alloy as demanded by domestic producers. “The body representing the country’s stainless steel producers—Indian Stainless Steel Development Association—has said yesterday that they have approached the steel and the finance ministries for levying up to 20% import duty on the alloy to check cheaper shipments from China, Korea and Taiwan amid slackening demand and volatilwants the industry to survive,” Indian Stainless Steel Development Association President, N.C. Mathur said. Giving the rationale behind the rebuff, Ramachandran said that the Indian stainless steel industry has a poor range of products with near monopoly of ‘one producer’, and so small scale firms need to import value-added alloy to compete globally. “Moreover, the import in stainless steel flat products take place in those grades and sizes, which the domestic industry does not manufacture,” he added. Echoing similar sentiments, stainless steel pipes and tubes producer Patnamani Commercial Head J H Bhatt said that putting roadblocks on the import of the alloy will create monopoly of low quality domestic producers in the market. “It will also deprive the small stainless steel users in gaining competitive edge in the domestic and global market,” he said. “The industry consuming imported stainless steel is already reeling under the impact of depreciation in the value of the Indian currency, which has gone down as much as by 20% since the beginning of this fiscal,” Ramachandran added. Any increase in import tariffs will add to inflationary pressure. The government, in fact, waived import duties from steel merely to bring down inflation and a reversal to a high duty will be counter-productive, the lobby observed. However, Mathur—also a director at India’s largest stainless steel producing firm JSL Ltd has said that if the demand is not met there could be cut in production and layoffs. Prices of essentially imported raw materials such as nickel and ferrous melting scrap has come down to $11,000 a tonne and $300 per tonne from their peek, earlier in the year. Nickel was priced at $25,735 a tonne in April and ferrous melting scrap at about $650 per tonne in June, 2008. “The time cycle for the delivery of imported raw materials is 8-10 weeks, input prices of late have further gone down in that time span, propelling buyers to cancel their orders based on higher priced input,” he has said, justifying the demand. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 10:15 am Banks, NBFCs go slow on CV finance: SourcesBanks and nonbanking financial companies, or NBFCs, are going slow on commercial vehicle finance, sources said.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 10:13 am FM meets PSU bank heads to review liquidity, interest ratesFinance Minister P Chidambaram held a meeting with top executives of PSU banks on Tuesday to review liquidity situation and performance of the lenders.Source: Daily News & Analysis: Money News | 4 Nov 2008 | 10:10 am Retirement planning: Is life cycle funds safe?The pension regulator is considering a life cycle fund as a default option to insure against the financial meltdown. Vivian Fernandes, CNBCTV18 finds out how to ensure that contributions that were prudently invested in stocks over the working life of contributors, do not shrink in value just because they happened to retire during a bear phase.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 10:09 am Fungus that can convert plant waste into diesel ‘discovered’PTI Washington: Scientists have discovered a fungus which they claim can convert plant waste directly into diesel -- a finding that could revolutionise fuel production. According to a report in the ‘New Scientist´, the fungus makes diesel as a vapour, much easier than liquid fuel to extract, purify and store -- a method which can generate biofuel without sacrificing food production. Gary Strobel of the Montana State University, Gliocladium roseum, Hydrocarbons “There’s no other known organism on the planet that does this. The gas mixture itself would be adequate to run an engine,” said lead scientist Gary Strobel of the Montana State University in the US. In fact, the scientists identified the diesel vapours in Gliocladium roseum, an endophyte -- a fungus that lives in between plant cells. They have found that the fungus produces the vapours to kill off other fungi. Analysis of the vapour showed it to be rich in hydrocarbons found in diesel, such as octane. Moreover, they identified low-molecular-weight alcohols and esters that burn much more cleanly and efficiently than diesel. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:54 am Fungus that can convert plant waste into diesel ‘discovered’PTI Washington: Scientists have discovered a fungus which they claim can convert plant waste directly into diesel -- a finding that could revolutionise fuel production. According to a report in the ‘New Scientist´, the fungus makes diesel as a vapour, much easier than liquid fuel to extract, purify and store -- a method which can generate biofuel without sacrificing food production. Gary Strobel of the Montana State University, Gliocladium roseum, Hydrocarbons “There’s no other known organism on the planet that does this. The gas mixture itself would be adequate to run an engine,” said lead scientist Gary Strobel of the Montana State University in the US. In fact, the scientists identified the diesel vapours in Gliocladium roseum, an endophyte -- a fungus that lives in between plant cells. They have found that the fungus produces the vapours to kill off other fungi. Analysis of the vapour showed it to be rich in hydrocarbons found in diesel, such as octane. Moreover, they identified low-molecular-weight alcohols and esters that burn much more cleanly and efficiently than diesel. Source: Tech News - Livemint.com | 4 Nov 2008 | 9:54 am SBI to revise rates soon; car, home loans to become cheaperLoans for cars, homes and other commercial items are set to get cheaper with several banks lowering the benchmark lending rate by 50 basis pointsSource: Daily News & Analysis: Money News | 4 Nov 2008 | 9:51 am Pavers England to invest $10 mn in Indian marketNew Delhi: Footwear retail player Pavers England Footprint Ltd is planning to invest $10 million in the Indian market as part of its retail expansion, which would see the company come up with 1,000 stores across the country by 2013. The company, which started operations in India this January as a joint venture (JV) between UK-based diversified group Pavers Foresight Smart Ventures and the $50 million Indian company Forward Group, has presently 25 stores in the southern states, Delhi and the NCR. “We are planning to take the total number of our stores to 1,000 across the country by 2013, up from the existing 25. As part of this strategy we will be investing $10 million during the first two years,” Pavers England Chairman Stuart Pavers said. He added that the company would restrict itself to concession stores, shop-in-shops, franchise and department stores for the time being and think of venturing into flagship retail if and when the government relaxes the FDI norm of allowing maximum 51% foreign participation in single-brand retailing. The company has also started work on a $3 million research and development (R&D) facility at Chennai for designing footwear, especially suited to Indian conditions. The entire $10 million investment for the first phase of expansion would come from the company’s promoters. “We will think about going for an IPO once the first phase is over and the company ventures into the second phase of growth, which would involve activating modern retailing practices including internet and mail order retailing on lines of western countries,” Pavers said. “We are looking for a turnover of at least $300 million from the Indian market by 2013,” Pavers England Managing Director Yavar Dhala said. Dhala said the multi-billion dollar Indian footwear market is organised to only 20-30%. “There is a high potential for growth with the market reporting a year-on-year expansion of around 20%,” he added. The company has already entered into partnership with big retail players including Reliance Footwear, Central, Loft, Fair Deal and others for sale of Pavers England brand. Pavers England offers footwear in the price range of Rs900 to Rs 5,000 in the ladies category and Rs1,900 to Rs8,000 in men’s category. “We are in the race for the medium segment market and we are offering the customers an alternative between the premium segment expensive European brands and the cheap Chinese-made ones,” Dhala added. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:47 am Moody's cuts ICICI Bank UK's long-term debt, deposit ratingsThe British subsidiary of top Indian private sector lender, have been revised to a notch lower to bring it in line with the baseline credit assessment of the parent company.Source: Daily News & Analysis: Money News | 4 Nov 2008 | 9:46 am October worst for world bourses; Indian mkts lose $62 bnOctober has proved to be the worst-ever month for world equity markets with investors losing an estimated 5.8 trillion dollars in the monthSource: Daily News & Analysis: Money News | 4 Nov 2008 | 9:45 am Two Brazil banks merge to be among world's top 20Two of Brazil's top three banks have announced their merger to create Latin America's biggest financial institution - and one of the world's top 20Source: Daily News & Analysis: Money News | 4 Nov 2008 | 9:42 am Tata Tele launches service in Assam, invests Rs100 crNew Delhi: Tata Teleservices Ltd (TTSL) Tuesday said it has launched CDMA operations in the Assam circle and has invested Rs100 crore in it. “To expand its national footprint TTSL has invested over Rs100 crore in the Assam circle, establishing a pan-Indian network with 20 circles. During the current stage of launch, TTSL will provide seamless coverage in 31 towns of Assam and will shortly be launching services in the North East region,” it said. The company has introduced a range of products, which include prepaid and postpaid mobile services, photon-high speed internet access, fixed wireless telephony under the brand name Walky Talky and a host of value-added services. The service, under the brand name Tata Indicom, introduced “North East Corridor Starter Pack” for Rs199. Subscribers in the region can now make STD calls for just 50 paise per minute. Anil Sardana, Managing Director, Tata Teleservices Ltd, said, “The launch of the Assam Circle is a key milestone in our pursuit of realising the Tata dream of having a nationwide presence.” Tata Indicom has also announced the launch of photon-high speed internet access, which it claims is 10 times faster than any existing mobile wireless technology. Source: Home - Livemint.com | 4 Nov 2008 | 9:40 am Govt formulates provisions under ‘Right to Education Bill’New Delhi: The government has formulated provisions under Right To Education Bill doing away with capitation fee and screening procedure for admission of children. The financial burden to implement the Right of Children to Free and Compulsory Education Bill, 2008, which would be introduced in the ongoing session of Parliament, will be shared between states and Centre. The Bill stipulates duties and responsibilities by parents, private schools and local communities to ensure that the children in the age group of 6-14 years get free and compulsory education. “The bill will be introduced in the current session. Whatever be the financial requirement it will be provided by the state government and the Centre for purpose,” Elementary Education and Literacy, Secretary, A K Rath said. As per the Act, no school should charge capitation fee on students. A school can be penalised ten times of the capitation fee charged by it for admission. “Similarly, screening during admission is prohibited. A school will pay penalty of Rs25,000 for first contravention and Rs50,000 for each subsequent contraventions,” Rath said. A school can be fined up to Rs1 lakh if it does not have recognition from the body concerned. “The Act provides for 25% reservation of seats in private schools for poor children in neighbourhood. The government would reimburse the money at government rate towards these seats,” Rath said. “As per an estimation, the financial requirement to implement the act will be Rs2.28 lakh crore for a period of 7 years. Apart from the existing schemes, the government will have to spend an additional Rs12,000 crore per annum for implementation of the act,” Rath said. “It is decided that the state and the centre will jointly take the financial burden. But the ratio between the states and the centre for the purpose will be finalised later. The states have said they will cooperate with the Centre for implementation of the Act,” he said. Asked if any state develops cold feet to bear the burden on the ground of financial problem at its end, Rath said that such a matter may be referred to Finance Commission. “In such cases, the Centre can pay more funds to the specific states. But the matter would be first taken to the Finance Commission before taking any decision,” he said. For grievance redressal and monitoring of the Act, there will be Commissions for Protection of Child Rights at state levels under the National Commissions for Protection of Child Rights. These commissions will have the power of a civil court and pass enforcible orders in case of any violation of the Act by any school or any agency involved in the programme. Besides, each school will have a committee comprising parents of the kids and eminent persons from the local areas who will monitor and ensure the act is implemented properly. “The focus will be more on quality, facilities and learning material,” Rath said. Each school need to maintain a pupil teacher ratio of 40:01, he said. The urban-rural divide with respect to facilities and teaching staff will be mitigated. The Act, which is a major achievement of the UPA government, also specifies among other things school working days and teacher working hours. It prohibits physical punishment to children and private tuition by teachers. The Union Cabinet last week cleared the Bill after a group of ministers scrutinised and cleared the draft legislation early this month without diluting the content. The Right to Education Bill is the enabling legislation to notify the 86th Constitutional amendment, which gives every child between the age of 6-14 years the right to free and compulsory education. It was passed by Parliament in December 2002. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:37 am Slowdown to last 15 months: Nasscom chiefThe economic slowdown resulting from the global financial crisis is expected to last not more than 15 months. However, additional jobs will get created in India during the period, a senior official said.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 9:32 am Andhra drops plans to develop Knowledge City on Wakf landAndhra Pradesh government has dropped plans to develop a Knowledge City on land owned by the Muslim Wakf Board at Aloor near here after the clerics refused to transfer the title of the land to state-owned corporation.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 9:31 am Goa launches survey to spot incipient industrial sicknessThe Goa government has initiated a survey to study incipient sickness in the state's industrial units, in coordination with the Goa Chamber of Commerce and Industry (GCCI) and the Goa Small Industries Association (GSIA).Source: IndiaeNews.com: Business News | 4 Nov 2008 | 9:31 am Kotak Securities puts SELL on Era Infra EngineeringThe company posted a revenue growth of 63% for Q2FY09 on y-o-y basis, inline with our expectations. Operating margins for Q2FY09 stood at 21.4%, slightly better than our estimates. The company is adequately hedged in terms of raw material price hikes due to diverse project mix as well as raw material supply from clients in certain projects. Net profits registered a growth of 44% for Q2FY09. However it was impacted by higher interest outgo as compared to Q2FY08. In Q2FY09 also, Era Infra has not made any mark to market provisioning for translation losses on its outstanding FCCB loans. Due to increase in the working capital as well as capex requirements, borrowings witnessed a steep increase resulting in higher interest outgo. We modify our estimates to factor in higher borrowings. With an order book of close to Rs57 billion, we expect the company to grow its revenues at a CAGR of 32% and with diverse mix of projects. Net profit is expected to grow at a CAGR of 15% between FY08-FY10. Valuation At current price of Rs75, stock is trading at 10.7x and 8.1x FY09 and FY10 estimated earnings. We modify our estimates for higher borrowings and due to the de rating witnessed by the entire sector and also reduce our target valuations for the company inline with the current macro economic scenario. We now value the stock at 7.5x FY10 estimated earnings and revise our price target to Rs74 as against Rs127 earlier. We believe that in the near term stock can be impacted by higher borrowings. Along with this, we are also not very comfortable with the accounting treatment for exchange rate fluctuations on the outstanding FCCB’s where company has not made any provisioning for a loss of Rs 343mn since last two quarters. At current market price, the stock seems to be fairly valued. We thus recommend SELL on the counter. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:31 am Bankers to look into demand for interest rate cut: FMPTI New Delhi: Finance Minister P Chidambaram has said that banks have assured him that they would consider the demand for lowering interest rates. “IBA (Indian Banks Association) has assured that it will reflect on the matter (demand for rate cuts),” Chidambaram told reporters after his meeting with heads of the public sector banks. He said Finance Secretary Arun Ramanathan has called a meeting of the private and foreign banks to discuss the issue. Chidambaram also assured the housing and SME sectors of adequate liquidity. RBI would soon take a decision on extending a line of credit of Rs10,000 crore to the National Housing Bank to ensure that adequate funds are available for the housing sector. The Finance Minister said demand for credit is higher and bankers are feeling the pressure. He has sought from them a fortnightly report on the credit growth. “We are monitoring the situation on a 24 by 7 basis,” he said. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:30 am Indian student killed in USHyderabad: An Indian woman student from Andhra Pradesh was killed in the US by unidentified miscreants, the student’s family said Tuesday. Arpana Jinaga (24), student of MS at Seattle, was killed in the early hours (IST) Saturday, the family told PTI. The incident came to light after three days and an investigation has begun, they said adding the cause and circumstances of the murder were not immediately known. Jinaga completed her engineering from a Hyderabad-based private engineering college in 2005.She was working as a software engineer and simultaneously pursuing MS. The murder of Jinaga in US came close on the heels of a string of murders of two NRIs from Andhra Pradesh. While Chandrasekhar Reddy Komma and Kiran Kumar Allam, both PhD students, and another PG medical student A Srinivas, were killed last year, T. Soumya Reddy and her cousin Vikram Reddy were killed in September this year. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:28 am Chidambaram meets PSU bank headsPTI New Delhi: Finance Minister P Chidambaram today held a meeting with top executives of PSU banks to review liquidity situation and performance of the lenders. Chidambaram, who had said on Sunday that he would ask the state-owned banks to consider lowering interest rates, held wide-ranging consultations with the bank executives relating to impact of the global meltdown on the Indian banking sector and consider various steps to overcome the challenge. The meeting comes a day after the captains of Indian industry met Prime Minister Manmohan Singh and demanded steps for enhancing the liquidity and steps to create environment conducive for lowering of interest rates. SBI Chairman O P Bhatt, PNB chief K C Chakrabarty, Bank of Baroda Chairman M D Mallya, Canara Bank head A C Mahajan, UCO Bank CMD S K Goel were among those who attended the meeting, where top officials of the Finance Ministry and RBI were also present. Prime Minister had said that government was behind the banking system and that no one should fear about the safety of bank deposits in the wake of global financial crisis and its resultant impact on India. Source: Home - Livemint.com | 4 Nov 2008 | 9:18 am Religare board approves proposal to acquire Lotus AMCPTI New Delhi: Integrated financial services group Religare Enterprises today said it will acquire Lotus India Asset Management Company for an undisclosed amount. The board of director at their meeting held today approved the proposal to discuss, negotiate and finalise the terms of acquiring 100% or majority equity shareholding of Lotus India AMC, Religare said in a statement. “We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree and looking forward to taking it to the next level of growth. Like all other businesses that Religare operates globally we are committed to building it further as a business of excellence with a leadership position,” Religare Enterprises CEO and Managing Director Sunil Godhwani said. The company has agreed to acquire Lotus India AMC from its majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital. However, the company has not given any financial details about the acquisition, which is subject to regulatory approvals. Existing investors in Lotus mutual funds would continue to be supported and served in a seamless fashion, the statement added. Religare plans to immediately strengthen the position of Lotus India by infusion of further funds into its schemes. Source: Home - Livemint.com | 4 Nov 2008 | 9:17 am India soybean futures lower on Malaysia palm - Reuters India
Source: Google News India - Business | 4 Nov 2008 | 9:15 am RBI to watch liquidity closely - ChidambaramNEW DELHI (Reuters) - The Reserve Bank of India will keep a close watch on liquidity and state-run banks are ready to provide credit to the small and medium business sectors, Finance Minister Palaniappan Chidambaram said on Tuesday.Source: Reuters: Money News | 4 Nov 2008 | 9:11 am IDF mulls to buy Mahindra’s ScorpioJerusalem: Israel Defence Forces (IDF) is mulling to buy Indian automobile major Mahindra and Mahindra’s utility vehicle — Scorpio, media reports said Tuesday. The IDF is testing Scorpio, the first off-road vehicle produced by the leading Indian automobile manufacturer, which is a fairly modern vehicle with a turbo diesel engine that was developed in Europe and complies to updated EU standards, business daily Globes reported. Scorpio has a manual gearbox but the model to be sold in Israel will have an automatic gearbox manufactured by General Motors Company, which is still under development, the daily said. Mahindra and Mahindra’s flagship utility vehicle, which already had made its mark in some European countries, had main advantage of its price. “The model that will be sold in Israel will cost only $7,000,” the report said. The Elul Group Ltd, Mahindra’s defence division in Israel — which does not import vehicles, will reportedly arrange regular imports and will seek a franchisee from local vehicle market to sell the car. If Mahindra decides to market the Scorpio in Israel, it will be the cheapest diesel automatic off-road vehicle in the Israeli market, the report said. Source: LatestNews-Home - Livemint.com | 4 Nov 2008 | 9:09 am Obama wins in earliest voteNew Hampshire: Democrat Barack Obama came up a big winner in the presidential race in Dixville Notch, New Hampshire, where the nation’s first Election Day votes were cast and counted early Tuesday. Obama defeated Republican John McCain 15-6. Independent Ralph Nader was also on the ballot, but received no votes. The first voter, following a tradition established in 1948, was picked ahead of the midnight voting and the rest of the town’s registered voters followed suit in Tuesday’s first minutes. Town Clerk Rick Erwin says the northern New Hampshire town is proud of its tradition, but says the most important thing is that the turnout represents 100 percent vote. President George W. Bush won the vote in Dixville Notch in 2004 on the way to his re-election. Source: Home - Livemint.com | 4 Nov 2008 | 9:03 am SBI may cut interest rates by up to 50 bpsNEW DELHI (Reuters) - State Bank of India, India's top lender, may cut its lending rates by up to 50 basis points, its chairman said on Tuesday.Source: Reuters: Money News | 4 Nov 2008 | 9:02 am IOC, HPCL, BPCL to lose Rs1,28,135 cr on fuel sales in FY 09New Delhi: Indian Oil, Hindustan Petroleum and Bharat Petroleum are projected to lose Rs1,28,135 crore on fuel sales this fiscal, 13% lower than previously anticipated revenue loss as a fall in international oil prices has brought some relief. The fall in global crude prices has seen the projections for revenue loss on sale of petrol, diesel, domestic LPG and kerosene being lowered from Rs1,47,592 crore, anticipated last month, to Rs1,28,135 crore now, an industry official said. IOC, BPCL and HPCL lost Rs92,853 crore on fuel sales (audited figures) in April-September and they are projected to lose Rs35,282 crore in the second half of 2008-09 fiscal. For the first time in more than 12 months, oil companies have started making profit on sale of petrol, but they continue to lose Rs155 crore per day on diesel, LPG and kerosene sales. The three firms, based on the average price of second fortnight of October, are making Rs4.12 a litre profit on petrol sale. But they are losing Rs0.96 a litre on diesel, Rs22.40 per litre on kerosene and Rs343.49 per LPG cylinder. But the companies say retail fuel prices should not be cut till losses on diesel are wiped out and those on LPG and kerosene reduced substantially. “We continue to lose Rs13 crore per day on diesel sales, Rs87 crore on kerosene and Rs59 crore per day on LPG sale. The losses will widen if prices are reduced now,” he said. IOC posted its largest ever net loss of Rs7,047.13 crore in July-September quarter. BPCL posted a net loss of Rs2,625.17 crore in second quarter on top of Rs1,066.70 crore in April-June, while HPCL reported Rs888.12 crore loss in Q1 and another Rs3,218.92 crore in Q2. Source: Home - Livemint.com | 4 Nov 2008 | 9:02 am US FDA issues warning letter to Sun Pharma arm CaracoUS FDA has issued a warning letter to Detroitbased Caraco Pharma, a subsidiary of Sun Pharma, reported PharmAsiaNews. US FDA had issued 483 notices to Caraco in June 2008 as it had noted some inefficiencies in Caracos Quality Control Unit.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 8:59 am Nokia unveils phones, services for emerging marketsHELSINKI (Reuters) - The world's top cellphone maker Nokia said on Tuesday:Source: Reuters: Money News | 4 Nov 2008 | 8:57 am Sasken buys back shares worth Rs15.48 crPTI Mumbai: Telecom software services provider Sasken Communication today said its promoters have bought back about 14.49 lakh shares worth Rs15.48 crore from the open market under its buyback offer. The promoters purchased 14.49 lakh shares, of a face value of Rs10 each, at an average buyback price of Rs106.80, a company filing to the Bombay Stock Exchange said. Sasken Communication, whose buyback opened on 15 September and closed on 24 October, said it had completed the payout formalities of the offer today. In April, Sasken had announced a re-purchase of shares from the open market for a price up to Rs260 a share for an aggregate amount not exceeding Rs40 crore. As of 30 September, the promoters held a 26.44% stake in Sasken Communication Technologies Ltd. In September, the Bangalore-based telecom firm received a go-ahead from the Securities Appellate Tribunal (SAT ) to proceed with its proposed Rs40 crore share buyback offer, on which market regulator SEBI’s approval was pending. While the company wanted to go ahead with the buyback based on conditions that it had notified, SEBI had imposed certain terms in the implementation of the buyback of shares. For the September quarter, Sasken Communication reported a 28% dip in its net profit at Rs14.33 crore. The firm’s revenue rose 23% to Rs176.30 crore. Shares of Sasken were trading at Rs79.80, up 1.40% on the BSE. Source: Home - Livemint.com | 4 Nov 2008 | 8:55 am More banks cut lending ratesRetail borrowers and India Inc may now be able to breathe a little easier. Public sector banks (PSBs), taking cue from last Saturdays liquidity easing measures by the Reserve Bank of India (RBI), have started cutting their benchmark prime lending rates (BPLR). Union Bank of India today announced a 50 basis points cut in its BPLR to 13.5 per cent.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 8:53 am Marutis compact cars pushed to a cornerThe festival season has brought no relief to Maruti Suzuki from the slump in its sales volumes witnessed over the past few months. The company has seen an 8 per cent fall in domestic sales volumes during October.Source: Moneycontrol Top Headlines | 4 Nov 2008 | 8:50 am HUL sees no slowdown in consumer goods offtakeMr Nitin Paranjpe says hes always asked this question these days: is there a slowdown in consumer spending given the gloomy economic scenario?Source: Moneycontrol Top Headlines | 4 Nov 2008 | 8:49 am Oil prices to blame for global slowdownThe 500 percent hike in oil prices since 2002 is much more to blame for the looming global recession than the US sub-prime mortgage crisisSource: Daily News & Analysis: Money News | 4 Nov 2008 | 8:48 am Indian gold futures open weak on falling crudeReuters Mumbai: Indian gold futures opened weak on Tuesday tracking lower crude oil prices, but a weak rupee may support the market later in the day, analysts said. “A sharp fall in oil prices pulled down the market,” said Gnanasekar Thiagarajan, director, Commtrendz Research. Oil fell 1% on Tuesday after shedding nearly $4 the previous session on renewed fears of economic recession, with investors unwilling to place big bets before the US presidential election. Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it. “However, a weak rupee may provide some support,” said Devarsh Vakil, head of research, Anagram Capital Ltd. The Indian rupee fell on Tuesday as losses in stocks raised expectations that foreign funds may sell some of their holdings after sharp rallies in the previous four sessions, but traders expected the central bank to step in to curb steep falls. “The December contract may trade in a range of Rs11,500-11,700 during the day,” Thiagarajan said. In other macroeconomic indicators, traders would be watching US factory orders for September, analysts said. Open interest for December gold on MCX was at 8,509 lots, up from 8,401 a day earlier. Volume on Monday was 38.8 kg. Source: Home - Livemint.com | 4 Nov 2008 | 8:48 am UCO Bank to slash PLR by 50 basis pointsPTI New Delhi: Public sector lender UCO Bank has said that it would cut prime lending rate (PLR) by 50 basis points by next week. “We have decided to cut PLR by 0.5%,” UCO Bank Chairman and Managing Director S K Goel told reporters. “ALCO (Assets and Liability Committee) of the bank would meet on 10 November to review the interest rate scenario,” Goel said. Meanwhile, country’s largest public sector lender State Bank of India (SBI) stated that said it would review interest rates during the week. Heads of PSU banks are meeting Finance Minister P Chidambaram today to take stock of interest rate scenario. Banks, including PNB, have already lowered their benchmark prime lending rate (BPLR) following a series of monetary measures taken by Reserve Bank. Besides, the meeting with Finance Minister will also review half-yearly performance of banks and implementation of debt waiver scheme. Source: Home - Livemint.com | 4 Nov 2008 | 8:47 am Airline stocks gain on duty exemption on jet fuel - Economic Times
Source: Google News India - Business | 4 Nov 2008 | 8:45 am Chandrayaan-1 enters lunar transfer trajectoryBangalore: India’s first unmanned moon spacecraft, Chandrayaan-1 has entered the lunar transfer trajectory and is heading to an apogee of 3,80,000km as Indian Space Research Organization, or, Isro, scientists Tuesday carried the fifth and final orbit-raising manoeuvre. “Chandrayaan-1 has entered the lunar transfer trajectory and is heading to an apogee of 3,80,000km, expected to happen on Saturday evening, the time at which the lunar orbit insertion manoeuvres are planned to be carried out,” Isro spokesperson S. Satish told PTI. During the crucial manoeuvre Tuesday at 4.56am, the spacecraft’s 440 Newton liquid engine was fired for 145 seconds. “Today’s manoeuvre is one of the crucial and important milestones in the Chandrayaan-1 mission,” Satish said. Source: Tech News - Livemint.com | 4 Nov 2008 | 8:43 am Suzlon to acquire Martifer’s stake in REpowerPTI New Delhi: Wind turbine maker Suzlon Energy today said it would acquire Martifer’s stake in REpower SystemsAG by next month, which was earlier scheduled to take place in May, 2009. “Suzlon and Martifer, a unit of Portugal’s largest builder, are currently in talks for a mutually acceptable payment schedule for early purchase of latter’s stake in REpower SystemsAG,” the company said in a filling to the Bombay Stock Exchange. The two companies entered into an agreement in August this year to complete an early purchase of Martifer stake of 22.4% in REpower SystemsAG, which was initially due in May 2009. The payment of the purchase price in May 2009 is secured by an International Bank Guarantee. Suzlon Energy has posted a 95.22% decline in its net profit at Rs16.98 crore for the second quarter ended 30 September, over the corresponding period a year ago. The company had a net profit of Rs355.56 crore in the second quarter last fiscal. Shares of the company were trading at Rs52.50, up 14.25% in the morning trade on the BSE. Source: Home - Livemint.com | 4 Nov 2008 | 8:42 am Religare board approves buying Lotus fundMUMBAI (Reuters) - Religare Enterprises Ltd said on Tuesday its board has approved a proposal to buy 100 percent or a majority stake in Lotus India Asset Management Company Pvt Ltd. Lotus India is a joint venture between a unit of Singapore's Temasek Holdings and London-based Sabre Capital Worldwide.Source: Reuters: Money News | 4 Nov 2008 | 8:38 am Toyota, Mercedes-Benz post record sales in CanadaAt a time when auto sales are slipping around the world, sales of Toyota and Mercedes-Benz vehicles in Canada are registering a huge jump this year.Source: Daily News & Analysis: Money News | 4 Nov 2008 | 8:16 am Israel Defence Forces mull buying Mahindra's ScorpioIsrael Defence Forces (IDF) are mulling buying Indian automobile major Mahindra & Mahindra's utility vehicle -- ScorpioSource: Daily News & Analysis: Money News | 4 Nov 2008 | 8:04 am Suzlon, Martifer talking on REpower stake sale date - Reuters India
Source: Google News India - Business | 4 Nov 2008 | 7:45 am Mentha oil futures drop 2.04% - Hindu Business Line
Source: Google News India - Business | 4 Nov 2008 | 7:39 am India to allocate 3G spectrum by end-Jan - govtNEW DELHI (Reuters) - India will allocate spectrum for next generation wireless networks to successful bidders by the end of January after holding an auction as planned earlier in the month, government officials said on Monday.Source: Reuters: Money News | 4 Nov 2008 | 7:16 am Posco to grow two million trees at Orissa plant site - Times of India
Source: Google News India - Business | 4 Nov 2008 | 6:43 am Posco to grow two million trees at Orissa plant siteSouth Korean steel major Posco has offered to grow two million trees at the site of its proposed steel plant in Orissa to compensate for the loss of green cover, officials said Tuesday.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 6:32 am Entire town in south India praying for Obama winIf politics makes strange bedfellows, economics can make even stranger. Even as Barack Obama and John McCain slug it out in the US presidential election, the people of an entire town in southern India are desperately praying for an Obama win.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 6:32 am Economy not so bleak, but needs balancing actThe economy seems to be looking up since last week with some positive gains for stock markets and moderation in inflation, giving the Reserve Bank of India (RBI) sufficient confidence to take more steps to infuse liquidity into the system.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 6:31 am Indian equities open lower on profit takingAmid mixed global cues, Indian equities opened lower Tuesday after the gains made during two successive trading sessions, as investors resorted to profit taking.Source: IndiaeNews.com: Business News | 4 Nov 2008 | 5:30 am Cut costs, raise productivity: PMNew Delhi, Nov. 3 Public sector banks have been instructed to “act counter cyclically in the current situation to counter the general erosion of confidence” and minimise the negative impact of the current global crisis on the realSource: Business Line - Home Page | 4 Nov 2008 | 12:00 am Coffee exporters bet on more orders as stocks dipBangalore, Nov. 3 Coffee exporters are hopeful of order pick-up in coming months as stocks decline even as the recessionary trends cast a shadow on global consumption. Current order books for Indian exporters are thin compared with last year asSource: Business Line - Home Page | 4 Nov 2008 | 12:00 am HUL sees no slowdown in consumer goods offtakeChennai, Nov. 3 Mr Nitin Paranjpe says he’s always asked this question these days: is there a slowdown in consumer spending given the gloomy economic scenario?Source: Business Line - Home Page | 4 Nov 2008 | 12:00 am Tata Motors, Mahindra Oct sales hit by lack of financeMumbai, Nov. 3 Auto majors Tata Motors and Mahindra & Mahindra have shown decline in sales in October.Source: Business Line - Home Page | 4 Nov 2008 | 12:00 am Sept export growth slows to 10.4%; imports rise 43.3%The country’s foreign trade front appears to present a gloomy picture at the mid-point of the fiscal year with export growth having slowed down to 10.4 per cent in September 2008, while import growth is still keeping up the tractionSource: Business Line - Home Page | 4 Nov 2008 | 12:00 am Day Trading GuideThe stock is facing key resistance at Rs 450. Initiate fresh short-position only if the stock reverses from the resistance level of Rs 450, with tight stop-loss.Source: Business Line - Home Page | 4 Nov 2008 | 12:00 am Markets recover on RBI measuresMumbai, Nov. 3 Equity and currency markets rose on Monday, buoyed by the massive liquidity support announced by the Reserve Bank of India on Saturday.Source: Business Line - Home Page | 4 Nov 2008 | 12:00 am Mutual funds see sharp shrinkage in asset baseMumbai, Nov.3 October has really been a bad month for Indian mutual funds with their assets under management (AUM) seeing the sharpest fall in recentSource: Business Line - Home Page | 4 Nov 2008 | 12:00 am Nifty stocks stun with 15 to 60% gains in five daysBL Research Bureau Were you intrepid enough to buy stocks when the markets plunged to a panic low last Monday? If you were, you’d already have hefty gains to show for yourSource: Business Line - Home Page | 4 Nov 2008 | 12:00 am IDFC (Rs 65.10): BuyWe recommend a buy in Infrastructure Development Finance Company (IDFC) from a short-term trading perspective. It is clearly visible from the charts of IDFC that it has been on a long-term downtrend from its January high of Rs 235 (52-week high)Source: Business Line - Home Page | 4 Nov 2008 | 12:00 am UBI reduces lending rate by 25 basis points!United Bank of India (UBI)announced reduction in lending rates by 25 basis points to all advances linked with Prime Lending Rates (PLR) with effect from Monday.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm China`s growth to take hit: Wen!China`s economic growth will take a hit from the global financial crisis, even as inflation remains a serious challenge, Prime Minister Wen Jiabao said in a signed article.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Sensex up 550 pts, closes at 10,338!Continuing its upsurge for the fourth day in a row, the Bombay Stock Exchange benchmark Sensex on Monday closed the day higher by nearly 550 points after regaining the 10,000 level in the opening trade itself.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Crisis plunges EU into recession!The global financial crisis is pushing the whole European Union into recession, official forecasts said on Monday as South Korea unveiled its own 8.5 billion dollar stimulus package against the turmoil.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Breather to Airlines; ATF prices cut again!Cash-strapped airlines on Monday got another breather when state-run oil firms further cut jet fuel prices but they remained non-committal on slashing fares.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm ICICI Bank hints at slashing interest rates!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: Zee News : Business | 3 Nov 2008 | 11:53 pm AmEx India asks 200 employees to quit!Leading US credit card company American Express has started downsizing its Indian workforce and is presumed to have handed over pink slips to about 200 employees and senior executives as part of its global strategy.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Pay hikes in IT companies to moderate: NASSCOM!Painting a bleak picture for the Indian IT industry, NASSCOM, the apex body of software and services companies, on Monday revised target for job addition in the sector downwards and it said pay hikes are expected to moderate for next two years, as a fallout of global meltdown.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Australia able to compete with India and China: Murdoch!Media Mogul and News Corporation chief Rupert Murdoch has dismissed the claims as `rubbish` which said Australia is ill-prepared for the 21st century and its 21 million strong population could not compete with the burgeoning middle classes of India and China.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm RBI move positive, further cut needed: Citi, Goldman!Global financial entities Goldman Sachs and Citi on Monday said RBI`s steps to cut key policy rates would have positive impact on the system but said more needs to be done.Source: Zee News : Business | 3 Nov 2008 | 11:53 pm Shrinking finance is the order of the dayJob cuts are the order of the day in finance. The shrinkage may mark a welcome reversal of a long-running trend. Finance has been a growth industry for six decades. In 1947, the sector accounted for 2.3% of US gross domestic product, or GDP. In 2007 it was 8.1%, and the increase has been remarkably steady.  To listen to some politicians, finance may sound like a bad thing. That’s wrong. Banks, brokers and their ilk collect money from those who have and distribute to those who need. But finance helps the economy in much the same way a police force or an army helps keep the peace. Finance is a cost—not a benefit—of maintaining a complicated economy. Some policemen and soldiers think the glamour and danger that come with their jobs make them worthwhile. Some financial types, especially those at the top of the heap, are similarly enthusiastic. But how many of them really earn that generous keep by increasing economic efficiency? The answer probably can’t be calculated precisely, but any gains have to be set against three sorts of harm. First, a distressingly large portion of activity in the financial world is little more than gambling. As in organized gambling, the losses in financial trading are actually a bit greater than the gains, because the house takes its share. In recent years, the financial house—brokers, exchanges, fund managers—has augmented its gains by playing from the inside. The second problem is that finance works primarily with credit, and credit has been expanding dramatically. The ratio of debt outstanding to GDP in the US has risen from 161% in 1974 to 354% in mid-2008. Finally, there is a psychological, even a moral, problem with finance. A country gets rich by making stuff, not by seeming to make money from money. But when people see huge financial profits, they tend to want more of them. So will the US, and the world, decide that it has had too much of this not particularly good thing? Not necessarily, since a four-decade trend has the momentum of a speeding train. But the current hurricane of financial destruction might just be strong enough to derail it. There’s more than money involved. For at least a generation, finance has been taken up as a career by a large proportion of the world’s most talented people. If more of the best and the brightest were to take up careers in industry, education or the arts, everyone would be better off. Source: World Business - Livemint.com | 3 Nov 2008 | 9:46 pm See further govt action to tackle crisis: MittalSunil Mittal, CMD, Bharti Airtel, sees further rate cuts. The government doesnt want the industrial growth to slow down in this country and there will be more action in the days to come, Mittal said.Source: Moneycontrol Top Headlines | 3 Nov 2008 | 9:02 pm Religare AEGON in talks to buy Lotus MFReligare AEGON Asset Management Company (AMC) is likely to buy out Lotus India Mutual Fund.Source: Business Standard | Front Page Headlines | 3 Nov 2008 | 7:16 pm No job cuts for now, India Inc assures PMGovt to set up another crisis committee.Source: Business Standard | Front Page Headlines | 3 Nov 2008 | 7:15 pm Foreign funds sell FCCBs at hefty discountsRedemption pressures and a sharp fall in share prices have turned overseas institutional investors and hedge funds into distress sellers of foreign currency convertible bonds (FCCBs) issued by IndianSource: Business Standard | Front Page Headlines | 3 Nov 2008 | 7:15 pm 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 Mamata comes out in support of Jindal steel projectSeeking to shake off charges of obstructing industry in West Bengal in the wake of the Nano's exit, Trinamool Congress chief Mamata Banerjee Monday said her party was supportive of the JSW Bengal Steel project in Salboni as the promoters had bought land directly from the farmers.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 6:30 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 Oil firms further cut aviation fuel pricesState-run oil firms Monday cut aviation fuel prices further by Rs.2,100 per kilolitre, after the government exempted customs duty on fuel last week.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 5:30 pm 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 | 5:04 pm Crossings Infra announces two projects in GhaziabadReal estate major Crossings Infrastructure, engaged in developing the Rs.60-billion township project Crossings Republik in Ghaziabad, Monday announced its two major commercial projects - the Crossings City Centre and Crossings Galleria.Source: IndiaeNews.com: Business News | 3 Nov 2008 | 4:31 pm 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
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