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Legal Outsourcing stands tall despite financial crisisThere\'s a silver lining to every dark cloud. The global recession may be taking its toll on most industries, but the Indian legal processes outsourcing is standing tall.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 4:22 pm RBI offers 3month forex swaps to banks with foreign opsThe RBI, or Reserve Bank of India, will give foreign exchange liquidity to banks with foreign operations via forex swaps up to three months, reports CNBCTV18. The forex swaps will help banks manage overseas operations funding needs, the RBI said.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 4:11 pm Tele cos to pay onetime fee for spectrum over 6.2 mhzTelecom companies have to pay a one time fee as said by the Telecom Minister, where the government will mop up Rs 4,000 to Rs 5,000 crore for the spectrum beyond 6.2 Mhz. Within the listed, the companies that are affected are Bharti Airtel as well as Idea post the acquisition of Spice.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 3:22 pm Concerned about telecom margins ahead: India InfolineThe telecom sector has been in focus after the relentless drubbing that some of the big boys have taken on the bourses after their quarterly results. Commenting on the road ahead for these telecom companies, Bhavesh Gandhi, Telecom Analyst at India Infoline, said margins are going to be a concern for all companies going forward.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 2:15 pm Steel slowdown: Chronology of production cutsWith the US under recession, China cutting back on demand, and cost of commodities going up, the global steel industry is staring at a slowdown. Rising cost of production have already forced a number of large steel makers like Arcelor Mittal and Baosteel Group to announce production cuts.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 1:58 pm Hindalco borrows $1-bn to refinance buyout loanHindalco on Friday said it has borrowed about 1 billion dollar from 11 foreign banks to help refinance a previous loan taken for the acquisition of Novelis in Canada last year.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 1:58 pm U.S. October job losses worse than fearedWASHINGTON (Reuters) - U.S. employers cut payrolls by 240,000 in October, much more severely than expected, while September registered the biggest monthly loss in jobs in nearly seven years, according to a government report on Friday that showed U.S. labor markets were sharply deteriorating.Source: Reuters: Money News | 7 Nov 2008 | 1:43 pm Tata Motors to shut 2 comm vehicle plants for 6 daysMUMBAI (Reuters) - Tata Motors Ltd, India's largest vehicle maker, is closing two of its commercial vehicle plants for six days later this month to avoid inventory build-up, a spokesman for the company said on Friday.Source: Reuters: Money News | 7 Nov 2008 | 1:36 pm Blue Dart to invest Rs 100 crore - Hindu Business Line
Source: Google News India - Business | 7 Nov 2008 | 1:19 pm India to grow at 7.2 pct in 2008/09 - NomuraMUMBAI (Reuters) - India's growth rate will slow to 7.2 percent in 2008/09 from 9 percent a year ago as investment spending slows due to restricted access to finance, weaker demand and rising economic uncertainty, Nomura said on Friday.Source: Reuters: Money News | 7 Nov 2008 | 1:10 pm RBI to provide forex swap facility to banksMumbai: In the wake of the current liquidity crunch being faced by banks for their overseas operations, the Reserve Bank on Friday said it would provide forex liquidity to banks with foreign branches or subsidiaries to meet their short-term fund requirements. “RBI will provide forex liquidity to public and private sector banks having foreign branches or subsidiaries through forex swaps of tenor up to three months,” the RBI said in a release. The move comes after the meeting of Finance Minister P. Chidambaram and Finance Secretary Arun Ramanathan with banks earlier this week. In the meeting, the banks took up various issues concerning credit to industry and financial intermediaries and specific problems relating to private and foreign banks. The forex swaps would help banks in getting dollar funds from the central bank, against which rupee funds in equal amounts need to be deposited with the RBI. This helps banks in meeting their overseas requirements in dollar terms. The pricing would be based on the interest rates in the domestic as well as the overseas markets using the RBI reference rate for the dollar-rupee exchange rate. The RBI said that for funding the swaps, banks will also be allowed to borrow under the liquidity adjustment facility for the same period at the existing repo rate, which is 7.5%. Hinting at further relaxation for banks regarding this, the RBI said it might relax the Statutory Liquidity Ratio (SLR), the amount of deposits which banks have to mandatorily invest in government securities. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 1:03 pm TDSAT asks TRAI not to force for ESPN’s disconnectionNew Delhi: Broadcast tribunal TDSAT on Friday directed sectoral regulator Trai not to take any action against sports broadcaster ESPN in a case related to alleged violation of guidelines on pricing plan for Direct-to-Home (DTH) operators. During the proceedings, Telecom Disputes Settlement and Appellate Tribunal (TDSAT) bench directed the Trai not to take any further step over suspension of ESPN’s downlinking licence as it was going for a final hearing of the matter. “Matter is now listed for final hearing on 13 January, 2009... Meanwhile, no steps would be taken by respondent (Trai) for cancellation of licence,” the TDSAT bench headed by Justice Arun Kumar said. ESPN has approached TDSAT challenging the TRAI’s direction saying that the sectoral regulator should have come out with a tariff order rather than issuing directions to modify its reference interconnect offers (RIOs). Counsels appearing for ESPN argue that the sports broadcaster would have to suffer loss by giving their channels to DTH operators at 50% of cable rates as per Trai’s direction as their viewership was less. “They should not go for cancellation of my licence,” senior advocate N K Kaul appearing for ESPN said. Earlier, the Trai recommended Ministry of Information and Broadcasting to suspend the sport broadcaster’s downlinking licence for its three channels — ESPN, Star Sports and Star Cricket — alleging the company had violated pricing regulations by asking DTH operators to pay more than what it charged from non-CAS cable operators. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 1:03 pm Is it the end for mortgagebacked securities mkt in India?Securities backed by mortgages that have been taken by below creditworthy homeloan borrowers has triggered the current financial turmoil. But in India, the market for mortgagebacked securities is shallow and almost dead.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 12:57 pm Imperial Energy Jumps After Russia Approves Takeover by ONGC - Bloomberg
Source: Google News India - Business | 7 Nov 2008 | 12:55 pm Tata Motors to shut down its Lucknow, Pune plants for six days - Business Standard
Source: Google News India - Business | 7 Nov 2008 | 12:51 pm Ford posts $3 bln loss, Toyota shares diveTOKYO/FRANKFURT (Reuters) - Ford Motor Co posted a $2.98 billion quarterly operating loss and shares in world No. 1 automaker Toyota Motor Corp plunged on Friday after it warned this year's profits would hit a 13-year low.Source: Reuters: Money News | 7 Nov 2008 | 12:43 pm British Airways to suspend Kolkata-London flightsBritish Airways will suspend flights from here to the Heathrow airport in London from March 28, 2009, for want of sufficient business.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 12:42 pm UPDATE 1-Central Bank cuts PLR, home loan rates - Reuters India
Source: Google News India - Business | 7 Nov 2008 | 12:41 pm AAU identifying alternate land to in lieu of Nano siteAhmedabad: State’s premier agri-varsity Anand Agriculture University (AAU) has begun identification of alternate land to shift after the state government alloted varsity’s land here for the Tata’s Nano car project. “State government has suggested eight locations in Nadiad and Vadodara district to shift our under implementation projects on the land at Sanand,” senior AAU official said. AAU authorities had demanded from the state government to give around 2200 acres of land in lieu of their Northcot Cattle Farm land given to Tata group for the Nano car project in Sanand, to continue with its on-going research projects. “Till the time any alternative site is finalised the university has decided to shift the entire batch of 50 students pursuing diploma course at the agri-school in Sanand to the varsity campus in Anand district,” AAU Registrar VP Macwan said. “We are looking for alternative sites to shift our projects, but no location has been finalised yet,” he added. “The sites shown to us so far could not be finalised yet since the location suggested are not feasible keeping in view the on-going project,” senior AAU official said. “Few locations shown to us do not have proper approach roads and at some sites the soil is not fertile to continue with the on-going research projects,” he added. Around seven projects were underway at the varsity’s land in Sanand, including the National Oilseeds and Vegetable Oil Development Boards(NOVOD) aided Jatropa project of Rs9.76 lakh, for the enhancement of crop yield through breeding. The other projects underway here were an agri-school, shed for 200 odd Kankrej breed cows, Gujarat Livestock Development Board (GLDB) aided frozen semen bank development project on 250 acres of land. “AAU is expected to shift all its on-going projects from the Nano car project site at the earliest,” sources said. “The shifting of projects from Sanand will result in heavy monetary losses to the university,” senior AAU official said. “The varsity was growing fodder for cattle feed on 1100 acres of land here, and use to sell the entire produce for Rs35 lakh per annum,” he added. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 12:32 pm West Bengal eyes Italian technology, investmentWest Bengal is eyeing Italian technology and investment in leather, engineering and textiles, state industries secretary Sabyasachi Sen said here Friday.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 12:30 pm Tata Motors to shut down its Lucknow, Pune plants for 6 daysNew Delhi: The country’s largest automobile maker Tata Motors has said that it will shut down its commercial vehicle plants in Pune and Lucknow for six days during this month due to slump in demand. “There will be a block closure of our commercial vehicle plant in Lucknow on 10-15 November and that of Pune from 21-26 November,” a company spokesperson said. The announcement comes after the company had announced shutting down of its heavy commercial vehicles hub at Jamshedpur for three days on 6-8 November. The spokesperson said that the employees at the Lucknow and the Pune plants will be on paid leave during the period of plant shut down. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 12:30 pm PM meets corporate veterans on financial crisisNew Delhi: Prime Minister Manmohan Singh met corporate veterans, including Keshub Mahindra, N Vaghul and Ashok S Ganguly, amidst fears of global financial meltdown hurting India. The meeting which lasted for about half an hour was held at the official residence of the Prime Minister. None of the participants spoke to the reporters but it is believed that the meeting deliberated on the current crisis and also the steps to be taken to neutralise the impact of the global meltdown on the country. The deliberation comes on the heels of the Prime Minister meeting captains of the Indian industry earlier this week wherein he assured them that the government will take steps to improve liquidity and promote growth. Keshub Mahindra, who attended the meeting, is Chairman of automobile major Mahindra and Mahindra and had served on various government committees, including the Sachar Commission on Company Law and MRTP and Central Advisory Council of Industries. Veteran banker N Vaghul, who has been associated with the financial sector for long years, is the Chairman of ICICI Bank. ICI India Chairman Ashok Ganguly was Chairman of the erstwhile Hindustan Lever and is at present a member of the Investment Commission. Singh, while addressing the industry leaders said: “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.” Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 12:25 pm Blue Dart to invest Rs 100 crore in 2009Blue Dart Express on Friday said it has planned a capital expenditure of Rs 100 crore in 2009 to upgrade its infrastructure.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 12:21 pm BSE Sensex ends up 2.4 pct; rises for 2nd weekMUMBAI (Reuters) – The BSE Sensex rose 2.36 percent on Friday, recovering from opening losses on gains in offshore bourses, with the market posting a second consecutive weekly gain for the first time in three months.Source: Reuters: Money News | 7 Nov 2008 | 12:12 pm Sensex up 116 pts in early trade!The benchmark Sensex moved up by 116 points in early trade on Friday largely on the back of short- covering by speculators and selective buying by domestic funds.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm `Passenger car plant at Pune functioning normally`!Country`s largest automobile maker Tata Motors on Friday said its passenger car plant at Pune is functioning normally amid speculations that the company may go for a similar shut down, after it closed its heavy commercial vehicles unit at Jamshedpur for three days.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Chrysler cash drains away as crisis deepens: Sources!Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can`t clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Tata-owned Corus to axe 400 jobs!Corus, owned by the Tata Steel Group, has announced plans to cut 400 jobs at its distribution arm, saying it had been operating in a "volatile and fluctuating" market.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Global stocks down on grim outlook!Asian stocks fell for a third straight day and oil prices slipped to a 1-1/2-year low below USD 60 a barrel on Friday in the face of a rapidly slowing global economy, though aggressive policy changes brought markets back from freefall.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm S Korea cuts rates again as Obama to talk about crisis!South Korea`s central bank, anxious to soothe markets and shore up its economy, cut interest rates for the third time in a month on Friday after a flurry of deep rate cuts across Europe failed to calm panicky investors.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm IMF lowers India growth projection for 2009 to 6.3%!India`s growth is likely to slow down to 6.3 percent in 2009 with the International Monetary Fund (IMF) forecasting growth contraction in advanced economies and an appreciably slower growth in emerging economies.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Japan Airlines operating profit down 47%!Japan Airlines, Asia`s largest carrier, said on Friday its operating profit fell by 47 percent in the fiscal first half, hit by high fuel costs and a tough economic climate.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Toy maker Mattel to cut 1,000 jobs worldwide!Toy maker Mattel Inc has said it is cutting about 1,000 positions worldwide in response to the economic downturn.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Dow goes through worst ever two-day losses since 1987 !As fear of prolonged recession gripped traders, US stocks continued to tumble for the second consecutive day Thursday, with the benchmark Dow Jones Industrial Average dropping by 443.48 points.Source: Zee News : Business | 7 Nov 2008 | 12:10 pm Sensex gains but falls short of 10k levelSensex gained 230 points in a choppy trade, ending a 2-day falling streak, though closed the week short of 10k-point mark.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 12:10 pm BSNL plans to bid for telecom licences abroadKOLKATA, India (Reuters) - State-run telecoms firm Bharat Sanchar Nigam Ltd plans to bid for licences in African and Middle Eastern countries as it looks to expand to overseas markets, its chairman said on Friday.Source: Reuters: Money News | 7 Nov 2008 | 12:01 pm Equities end green, key index still below 10,000After two successive days of losses, Indian equities markets Friday posted thin gains on short covering and a key index closed with a rise of about 230 points but still remained below the psychologically important 10,000 mark.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 12:00 pm Which is the correct way of taxing properties?Property tax has become the single largest source of revenue for municipal corporations following the ablation of octroi. Municipal corporation across the country complain short of funds, which is why they cannot provide civic services adequately but they do not tap property tax fully and nowhere is this gap as glaring as in Delhi.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 12:00 pm British Airways suspends Kolkata-London serviceBritish Airways will suspend its flights between Kolkata and London from March 28 next year as it finds the route unprofitable, an airline officer said here Friday.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 12:00 pm India's Sept infrastructure output up 5.1 pct y/yNEW DELHI (Reuters) - India's infrastructure sector output grew 5.1 percent in September from a year earlier, well above 2.3 percent annual growth in August, government data showed on Friday.Source: Reuters: Money News | 7 Nov 2008 | 11:47 am Amar Singh owns assets worth Rs 33 crore - Hindu Business Line
Source: Google News India - Business | 7 Nov 2008 | 11:41 am Mkts end strong led by power, oil, metal, telecom stocks - Moneycontrol.com
Source: Google News India - Business | 7 Nov 2008 | 11:40 am Crude oil seen sliding towards $50/barrel - Economic Times
Source: Google News India - Business | 7 Nov 2008 | 11:38 am Equities recover to end in the greenAfter opening weak Friday and being in the red most of the morning, Indian equities markets recovered in the afternoon to end with thin gains as a key index closed with a rise of about up 230 points.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 11:30 am Cellphone makers face toughest year since 2001HELSINKI (Reuters) - A wave of economic gloom is set to hit mobile phone buyers next year, with a growing number of analysts expecting the once-buoyant market to shrink for the first time since the 2001 crash, a Reuters poll showed.Source: Reuters: Money News | 7 Nov 2008 | 11:30 am Tele cos to pay one-time fee for spectrum over 6.2 mhz - Moneycontrol.com
Source: Google News India - Business | 7 Nov 2008 | 11:16 am 'More defaults in personal loans likely'Indian banks may see higher NPA levels from their consumer durable and personal loan portfolios moving ahead and needs to take prudent measures to maintain their credit quality.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 11:15 am Sensex ends 230 points up, shies away 10k levelMumbai: Amid volatile trading, the Bombay Stock Exchange benchmark Sensex today closed higher by over 230 points - still below 10,000 points level - on emergence of buying by funds in heavyweight stocks led by Reliance Industries and select power segment stocks. The Sensex, which commenced the day lower at 9,631.59, shot up in volatile trade to regain 10,065.37 in the mid-session, but ended at 9,964.29 with a gain of 230.07 points. A firm opening for the European stock markets also helped the upsurge to some extent. The National Stock Exchange’s 50-share benchmark index Nifty rose by 90.35 points at 2,973.00, after touching the day’s high of 3,010.00, as most of the heavyweight stocks recorded handsome gains. Reliance Industries, the Sensex-heaviest, surged by Rs46.30 at Rs1,217.85. The scrip rose to Rs1,239 and a low of Rs1,152 during the day. Oil and gas sector index gained the most by 196.63 at 6,013.57 followed by metal sector index by 158.89 points at 5,152.33. Source: Home - Livemint.com | 7 Nov 2008 | 11:15 am Reliance to setup 55 stores on home appliancesReliance Industries Ltd on Friday said it would set up 55 stores on home appliances and electronic goods across the country over the next two years.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 11:14 am BSNL eyes global market, plans acquisitionsState-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) is looking at international markets to expand its services, and is even considering acquisitions, a top company official said here Friday.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 11:00 am Karunanidhi defends Raja on spectrum issue - Hindu
Source: Google News India - Business | 7 Nov 2008 | 11:00 am Honda shows wearable device that helps you walkTokyo: Imagine a bicycle seat connected by mechanical frames to a pair of shoes for an idea of how the new wearable assisted-walking gadget from Honda works. The experimental device, unveiled Friday, is designed to support bodyweight, reduce stress on the knees and help people get up steps and stay in crouching positions. Honda envisions the device being used by workers at auto or other factories. It showed a video of Honda employees wearing the device and bending to peer underneath vehicles on an assembly line. Engineer Jun Ashihara also said the machine is useful for people standing in long lines and for people who run around to make deliveries. “This should be as easy to use as a bicycle,” Ashihara said at Honda’s Tokyo headquarters. “It reduces stress, and you should feel less tired.” To wear it, you put the seat between your legs, put on the shoes and push the on button. Then just start walking around. In a test-run for media, this reporter found it does take some getting used to. But I could sense how it supported my moves, pushing up on my bottom when I squatted and pushing at my soles to help lift my legs when I walked. The system has a computer, motor, gears, battery and sensors embedded in it so it responds to a person’s movements, according to Honda Motor Co. Pricing and commercial product plans are still undecided. Japan’s No. 2 automaker will begin testing a prototype with its assembly line workers later this month for feedback. The need for such mechanical help is expected to grow in Japan, which has one of the most rapidly aging societies in the world. Other companies are also eyeing the potentially lucrative market of helping the weak and old get around. Japan is among the world’s leading nations in robotics technology, not only for industrial use but also for entertainment and companionship. Earlier this year, Japanese rival Toyota Motor Corp. showed a Segway-like ride it said was meant for old people. Japanese robot company Cyberdyne has begun renting out in Japan a belted device called HAL, for “hybrid assistive limb,” that reads brain signals to help people move about with mechanical leg braces that strap to the legs. Honda has shown a similar but simpler belted device. It has motors on the left and right, which hook up to frames that strap at the thighs, helping the walker maintain a proper stride. That device, being tested at one Japanese facility, helps rehabilitation programs for the disabled, encouraging them to take steps, said Honda official Kiyoshi Aikawa. Honda has been carrying out research into mobility for more than a decade, introducing the Asimo humanoid in 2000. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 10:57 am Honda shows wearable device that helps you walkTokyo: Imagine a bicycle seat connected by mechanical frames to a pair of shoes for an idea of how the new wearable assisted-walking gadget from Honda works. The experimental device, unveiled Friday, is designed to support bodyweight, reduce stress on the knees and help people get up steps and stay in crouching positions. Honda envisions the device being used by workers at auto or other factories. It showed a video of Honda employees wearing the device and bending to peer underneath vehicles on an assembly line. Engineer Jun Ashihara also said the machine is useful for people standing in long lines and for people who run around to make deliveries. “This should be as easy to use as a bicycle,” Ashihara said at Honda’s Tokyo headquarters. “It reduces stress, and you should feel less tired.” To wear it, you put the seat between your legs, put on the shoes and push the on button. Then just start walking around. In a test-run for media, this reporter found it does take some getting used to. But I could sense how it supported my moves, pushing up on my bottom when I squatted and pushing at my soles to help lift my legs when I walked. The system has a computer, motor, gears, battery and sensors embedded in it so it responds to a person’s movements, according to Honda Motor Co. Pricing and commercial product plans are still undecided. Japan’s No. 2 automaker will begin testing a prototype with its assembly line workers later this month for feedback. The need for such mechanical help is expected to grow in Japan, which has one of the most rapidly aging societies in the world. Other companies are also eyeing the potentially lucrative market of helping the weak and old get around. Japan is among the world’s leading nations in robotics technology, not only for industrial use but also for entertainment and companionship. Earlier this year, Japanese rival Toyota Motor Corp. showed a Segway-like ride it said was meant for old people. Japanese robot company Cyberdyne has begun renting out in Japan a belted device called HAL, for “hybrid assistive limb,” that reads brain signals to help people move about with mechanical leg braces that strap to the legs. Honda has shown a similar but simpler belted device. It has motors on the left and right, which hook up to frames that strap at the thighs, helping the walker maintain a proper stride. That device, being tested at one Japanese facility, helps rehabilitation programs for the disabled, encouraging them to take steps, said Honda official Kiyoshi Aikawa. Honda has been carrying out research into mobility for more than a decade, introducing the Asimo humanoid in 2000. Source: Tech News - Livemint.com | 7 Nov 2008 | 10:57 am IMF, Fitch lower India's 2008, 2009 growth outlook - Moneycontrol.com
Source: Google News India - Business | 7 Nov 2008 | 10:47 am Ranbaxy concludes deal with DaiichiRanbaxy Laboratories has completed its deal with the Japanese pharma company Daiichi Sankyo, the two companies said on Friday.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 10:46 am No change in sugar prices in next 68 months: Bajaj HindAllahabad High Court has adjourned sugar case hearing to November 18. Kushagra Nayan Bajaj, CEO, Bajaj Hindusthan, said FY09 sugar production will suffer unless the Uttar Pradesh cane price issue is resolved. \"I dont see sugar prices going up dramatically in the next sixeight months.\"Source: Moneycontrol Top Headlines | 7 Nov 2008 | 10:42 am Ranbaxy concludes deal with DaiichiIndian pharma major Ranbaxy Laboratories has completed its deal with the Japanese pharma company Daiichi Sankyo, the two companies said Friday.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 10:31 am Infrastructure sectors stage recovery in SeptemberSix core infrastructure industries staged a minor recovery in September with a growth of 5.1 percent, against 2.7 percent in the month before and 6.9 percent in September last year.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 10:30 am Russia clears ONGC's purchase of Imperial EnergyMOSCOW (Reuters) - Russia cleared on Friday energy firm ONGC's $2.6 billion takeover of Russia-focused Imperial Energy, in a move further strengthening Russian ties with major Asian energy consumers.Source: Reuters: Money News | 7 Nov 2008 | 10:30 am Lenovo Q2 net dips 78% to $23 mnLeading technology firm Lenovo Group reported a 78 per cent decline in net profit at 23 million dollars on Friday for the second quarter ended September 30Source: Daily News & Analysis: Money News | 7 Nov 2008 | 10:18 am Russia clears ONGC’s purchase of Imperial EnergyMoscow: Russia’s anti-trust office has allowed Indian energy firm ONGC to buy London-listed, Russia-focused oil firm Imperial Energy, a spokesman for the office said on Friday. Imperial’s stock jumped by 15% and ONGC rose by 5%. India’s biggest oil producer agreed the takeover of Imperial for $2.6 billion in late August. The deal marks ONGC’s second investment in Russia, where the company already has a 20% stake in the Sakhalin-1 oil and gas consortium headed by U.S. major Exxon. Source: Home - Livemint.com | 7 Nov 2008 | 10:14 am Russia clears ONGC’s purchase of Imperial EnergyMoscow: Russia’s anti-trust office has allowed Indian energy firm ONGC to buy London-listed, Russia-focused oil firm Imperial Energy, a spokesman for the office said on Friday. Imperial’s stock jumped by 15% and ONGC rose by 5%. India’s biggest oil producer agreed the takeover of Imperial for $2.6 billion in late August. The deal marks ONGC’s second investment in Russia, where the company already has a 20% stake in the Sakhalin-1 oil and gas consortium headed by U.S. major Exxon. Source: World Business - Livemint.com | 7 Nov 2008 | 10:14 am BSNL plans overseas foray, open to overseas acquisitionsState-run telecom giant Bharat Sanchar Nigam Ltd said on Friday that it is looking at acquiring companies in Africa and Middle East.Source: Daily News & Analysis: Money News | 7 Nov 2008 | 10:00 am CV manufacturers cut production post ALL, Tata Motors stepAshok Leyland will shut its Hosur and Ennore plants for 12 working days each in November and December, reports CNBCTV18, quoting sources. But this is not a oneoff incident. The commercial vehicle sector has slammed the breaks after Tata Motors also announced production cuts. Auto component makers have also slashed production.Source: Moneycontrol Top Headlines | 7 Nov 2008 | 9:58 am Genpact Q3 net up by 106%New Delhi: BPO major Genpact today said its net profit more than doubled to $33.6 million for the third quarter ended 30 September, 2008, compared with $16.3 million for the same period in the last fiscal. The company’s net profit grew more than double by 106 per cent for the corresponding period, a company statement said. For the nine month period ended 30 September, 2008, the company posted a net profit of $78.1 million compared with $25.3 million for the corresponding period in the last fiscal, registering a growth of 209%. Company’s revenue for the third quarter ended 30 September, 2008, touched $270.8 million, whereas it was $214.8 million in the same period a year ago, registering a growth of 26%. For the nine month period, the company’s revenue grew by 28% to register $759 million at the end of September 2008 from $591.6 million at 30 September, 2007. “We completed a good third quarter, despite the dramatic changes in the global economy that began several months ago,” Genpact President and CEO Pramod Bhasin said. He also said based on the company’s performance to date, he expects the company’s revenue for the full year to grow by 26-28% from $823 million in 2007. Source: Home - Livemint.com | 7 Nov 2008 | 9:53 am Satyam eyes 30% revenue from Europe by FY'10India's fourth largest software exporter Satyam Computer Services is targeting a 30 per cent revenue from Europe by financial year 2010Source: Daily News & Analysis: Money News | 7 Nov 2008 | 9:50 am Obama to focus on outsourcing now: New Silk Route PartnersParag Saxena, CEO, New Silk Route Partners feels that Presidentelect Barack Obama will focus on outsourcing post the election rhetoric. \"Now partly there is election rhetoric but he is going to focus on it to make sure that companies dont have both a combination of reducing jobs and getting tax incentives.\"Source: Moneycontrol Top Headlines | 7 Nov 2008 | 9:35 am Govt expects up to $1 bn from telecom feeNew Delhi: The government expects to earn Rs40-50 billion ($840 million to $1 billion) in revenues annually from a higher spectrum fee to be levied on mobile telecoms firms, Telecom Minister A. Raja said on Friday. On Thursday, a telecoms ministry spokesman had said India planned to charge a fee of 1-2% of mobile operators’ revenue for using additional airwaves and would also levy a one-time charge for spectrum beyond 6.2 MHz. The decision is likely to affect all leading telecoms operators, including No. 1 player Bharti Airtel and rivals Reliance Communications and Idea Cellular. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 9:33 am Amway looks at Rs.10 bn turnover in India this yearUS direct marketing consumer and home products giant Amway Corp hopes to do business worth Rs.10 billion in India this year, even as it plans to add to its product portfolio in the fast growing market, a senior company official has said.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 9:32 am Government refutes impropriety charges in spectrum allocationReacting to the charge by the Communist Party of India-Marxist (CPI-M) that the allocation of radio frequency to mobile telecom operators had resulted in a $13-billion loss to the country, the government Friday said promoters of the contract winners, Swan Telecom and Unitech, had not sold out but had merely issued new shares and brought foreign investment into the country.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 9:30 am Railway scrap trading to go onlineNew Delhi: Scrap is no crap for the Railways. In fact, it is a lucrative trade earning from which is going up year every year for the public sector behemoth. Currently, the scrap is sold through open bidding. As per the Railway Ministry’s plan, the scrap trading will soon be done online to keep mafia out of the scrap selling business. The e-auction move aims at bringing about transparency in the lucrative scrap trade, said a senior Railway Ministry official. “Last year, we had earned Rs2,736 crores by selling scrap and our target is to fetch Rs3,005 in the current fiscal,” said the official. “A pilot project was commissioned by the Southern Railway to sell scrap through e-auction. Some lacunae found in the pilot project are being addressed before opting for full-fledged e-auction,” said the official. The software for the e-auction is being manufactured by Centre for Railway Information Systems (CRIS). Indian Railways is expected to generate 11 lakh tons of scrap in the fiscal 2008-09. The scrap involves about thousands of condemned wagons, coaches and locomotives. Currently, the scrap is sold in open auction in the presence of officials concerned but the role of the mafia cannot be ruled out. “Once the e-auction gets operational, then not only mafia role will be eliminated but there will also be complete transparency in the entire scrap trade,” said the official. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 9:10 am PTC India witnesses slowdown due to lack of fundsMumbai: “State-owned PTC India Ltd is witnessing a slowdown due to delay in getting financial closure for projects,” a top official said. “The company, which trades in energy, mineral sources and electricity, has forayed into equity and debt financing to meet fund needs,” Chairman Tantra Narayan Thakur told television channel NDTV Profit. “The company may raise funds after 2010 to fund capex requirements,” he added. Shares of the company traded up 1.78% at Rs57.3 per share in a firm Mumbai market. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 9:00 am 'Roadside Romeo' merchandise now available onlineBedsheets, water bottles, tiffin boxes and a many items inspired by India's first ever three-dimensional (3D) mainstream animation film "Roadside Romeo" are now available online.Source: IndiaeNews.com: Business News | 7 Nov 2008 | 8:03 am Electronics giant Panasonic to swallow up SanyoTokyo: Panasonic Corp said it aims to make Sanyo Electric Co Ltd a subsidiary in a move that will create Japan’s largest electronics maker. The announcement was widely expected after sources told Reuters that Sanyo and Panasonic, sitting on $10 billion in cash and cash equivalent, had agreed in principle to such a deal, which one brokerage analyst has estimated could be worth up to $8.8 billion. The two Osaka-based companies will hold a joint news conference at 7 p.m. (1000 GMT) on Friday attended by Panasonic President Fumio Ohtsubo and Sanyo President Seiichiro Sano. The move, a rare outright acquisition in the overcrowded Japanese electronics sector, comes as makers of flat TVs and digital cameras worldwide scramble to boost profitability amid the global economic slowdown. Panasonic did not say how much it plans to offer for each Sanyo share but Credit Suisse analyst Koya Tabata earlier this week reckoned Panasonic could offer up to 140 yen per Sanyo share, a premium of 40 percent to Sanyo’s enterprise value. That would value a deal for the whole of Sanyo at up to 862 billion yen ($8.8 billion). Panasonic, the world’s top plasma TV maker and formerly known as Matsushita Electric, is keen to acquire Sanyo because of its leading position in rechargeable batteries, which are widely used in mobile phones and laptop PCs. The new entity would in particular be well-positioned to benefit from a shift in the auto industry to hybrid and electric vehicles. Panasonic runs a car battery venture with Toyota Motor Corp, while Sanyo offers nickel metal hydride batteries to Ford Motor Co and Honda Motor Co Ltd and develops lithium-ion batteries for cars with Volkswagen AG. “As a result of this merger Panasonic will become a huge firm, the Toyota of the electrical appliance world, and that’s good,” said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities. Referring to U.S. President-elect Barack Obama he added: “Under an Obama administration there’s likely to be quite a push towards clean energy, and that means that Panasonic is now in a very strong position given Sanyo’s battery production. They have this market wrapped up now.” The deal would also enable it to enter the promising solar market as Sanyo is the world’s seventh-largest solar cell maker behind such rivals as Germany’s Q-Cells, Japan’s Sharp Corp and Suntech Power Holdings Co Ltd of China. Reuters and other media reported on Saturday that Panasonic was in talks with Sanyo’s top three shareholders Daiwa Securities SMBC, Sumitomo Mitsui Banking Co and Goldman Sachs to take control of Sanyo. Daiwa Securities SMBC is a joint venture between Daiwa Securities Group and Sumitomo Mitsui Financial Group (SMFG), while Sumitomo Mitsui Banking Corp is Sanyo’s main bank and an SMFG unit. Mizuho Asset Management fund manager Yoshihisa Okamoto sees the deal as positive for Panasonic, but said sluggish auto demand and falling oil prices could dim the prospects for solar panels and auto-use batteries. “Given the poor performance of car makers and tumbling crude oil prices, it could be a while before the development of ecologically friendly cars and growing use of solar panels will drive its earnings,” he said. Toyota, the world’s largest auto maker, shocked investors on Thursday with a warning that profits this year would hit a 13-year low. Source: LatestNews-Home - Livemint.com | 7 Nov 2008 | 8:01 am Electronics giant Panasonic to swallow up SanyoTokyo: Panasonic Corp said it aims to make Sanyo Electric Co Ltd a subsidiary in a move that will create Japan’s largest electronics maker. The announcement was widely expected after sources told Reuters that Sanyo and Panasonic, sitting on $10 billion in cash and cash equivalent, had agreed in principle to such a deal, which one brokerage analyst has estimated could be worth up to $8.8 billion. The two Osaka-based companies will hold a joint news conference at 7 p.m. (1000 GMT) on Friday attended by Panasonic President Fumio Ohtsubo and Sanyo President Seiichiro Sano. The move, a rare outright acquisition in the overcrowded Japanese electronics sector, comes as makers of flat TVs and digital cameras worldwide scramble to boost profitability amid the global economic slowdown. Panasonic did not say how much it plans to offer for each Sanyo share but Credit Suisse analyst Koya Tabata earlier this week reckoned Panasonic could offer up to 140 yen per Sanyo share, a premium of 40 percent to Sanyo’s enterprise value. That would value a deal for the whole of Sanyo at up to 862 billion yen ($8.8 billion). Panasonic, the world’s top plasma TV maker and formerly known as Matsushita Electric, is keen to acquire Sanyo because of its leading position in rechargeable batteries, which are widely used in mobile phones and laptop PCs. The new entity would in particular be well-positioned to benefit from a shift in the auto industry to hybrid and electric vehicles. Panasonic runs a car battery venture with Toyota Motor Corp, while Sanyo offers nickel metal hydride batteries to Ford Motor Co and Honda Motor Co Ltd and develops lithium-ion batteries for cars with Volkswagen AG. “As a result of this merger Panasonic will become a huge firm, the Toyota of the electrical appliance world, and that’s good,” said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities. Referring to U.S. President-elect Barack Obama he added: “Under an Obama administration there’s likely to be quite a push towards clean energy, and that means that Panasonic is now in a very strong position given Sanyo’s battery production. They have this market wrapped up now.” The deal would also enable it to enter the promising solar market as Sanyo is the world’s seventh-largest solar cell maker behind such rivals as Germany’s Q-Cells, Japan’s Sharp Corp and Suntech Power Holdings Co Ltd of China. Reuters and other media reported on Saturday that Panasonic was in talks with Sanyo’s top three shareholders Daiwa Securities SMBC, Sumitomo Mitsui Banking Co and Goldman Sachs to take control of Sanyo. Daiwa Securities SMBC is a joint venture between Daiwa Securities Group and Sumitomo Mitsui Financial Group (SMFG), while Sumitomo Mitsui Banking Corp is Sanyo’s main bank and an SMFG unit. Mizuho Asset Management fund manager Yoshihisa Okamoto sees the deal as positive for Panasonic, but said sluggish auto demand and falling oil prices could dim the prospects for solar panels and auto-use batteries. “Given the poor performance of car makers and tumbling crude oil prices, it could be a while before the development of ecologically friendly cars and growing use of solar panels will drive its earnings,” he said. Toyota, the world’s largest auto maker, shocked investors on Thursday with a warning that profits this year would hit a 13-year low. Source: World Business - Livemint.com | 7 Nov 2008 | 8:01 am Daiichi completes takeover of Ranbaxy LabsMumbai: Japan’s Daiichi Sankyo Co. has completed its acquisition of Ranbaxy Laboratories Ltd., India’s largest pharmaceutical company, the companies said Friday. Daiichi Sankyo Co. agreed to pay more than $4 billion for a controlling stake in Ranbaxy in June, and the transfer of 63.92% of Ranbaxy’s equity shares to Daiichi was completed Friday, the companies said. “We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realize sustainable growth,” Takashi Shoda, president and chief executive of Daiichi Sankyo, said in a statement. Daiichi paid Rs737 ($15.42) per share, according to a Ranbaxy spokesman. “This puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders,” said Malvinder Mohan Singh, Ranbaxy’s CEO. In June, the purchase price represented a premium of 53.5% to Ranbaxy’s average daily closing price for the prior three months, but the stock has since tanked and was trading at Rs215 a share midday Friday on the Bombay Stock Exchange. In September, the FDA banned the import of more than 30 of Ranbaxy’s generic drugs - including generic versions of the popular antibiotic Cipro and the cholesterol pill Zocor - over concerns about manufacturing standards at two of its India plants. Regulators in other countries were quick to follow with probes of their own. Source: Home - Livemint.com | 7 Nov 2008 | 7:52 am Govt expects up to $1 bln from telecoms feeNEW DELHI (Reuters) - India expects to earn 40-50 billion rupees ($840 million to $1 billion) in revenues annually from a higher spectrum fee to be levied on mobile telecoms firms, Telecom Minister A. Raja said on Friday.Source: Reuters: Money News | 7 Nov 2008 | 7:47 am Lenovo says profit down 78% on weaker salesBejing: Lenovo Group, the world’s fourth-biggest maker of personal computers, said Friday its quarterly profit dived 78% as the global economic slowdown battered sales. Profit for the three months ending 30 September was $23 million, or 0.27 U.S. cents per share, compared with $105 million, or 1.22 U.S. cents per share, in the same period last year, the Beijing-based company said. Lenovo said it eked out a 0.4% rise in total global sales to $4.33 billion. “Due to the impact of the global economic downturn, and a shortfall in the execution of our strategic plan, Lenovo’s performance in the second quarter did not meet our expectations,” said chairman Yang Yuanqing in a statement. Yang said Lenovo would take steps to improve efficiency, cut costs and speed up growth in emerging and consumer markets. He gave no details of the planned cost-cutting. Lenovo’s profit growth had stayed strong through the previous quarter despite slowing global economic growth. The company said it expected to avoid a big hit from the U.S. slowdown because the bulk of its sales were in faster-growing emerging markets. This quarter, Lenovo said sales in Greater China _ which includes Hong Kong and Taiwan - rose 11% to $1.9 billion. But elsewhere, shipments in the Americas were off 4% and in the Asia-Pacific outside China down 10%. The results were a sharp turnabout for Lenovo, which had racked up double-digit annual increases in sales and profits following its acquisition of IBM Corp.’s personal-computer unit in 2005. President and CEO William J. Amelio said Lenovo will “stay the course” and tried to reassure investors that its strategy is “solid and fundamentally strong.” “Under these adverse market conditions, balancing growth and profitability are equally critical,” Amelio said in the statement. “We must respond by aggressively pursuing growth opportunities while continuing to manage our operating structure even more efficiently.” Source: World Business - Livemint.com | 7 Nov 2008 | 7:25 am Lenovo says profit down 78% on weaker salesBejing: Lenovo Group, the world’s fourth-biggest maker of personal computers, said Friday its quarterly profit dived 78% as the global economic slowdown battered sales. Profit for the three months ending 30 September was $23 million, or 0.27 U.S. cents per share, compared with $105 million, or 1.22 U.S. cents per share, in the same period last year, the Beijing-based company said. Lenovo said it eked out a 0.4% rise in total global sales to $4.33 billion. “Due to the impact of the global economic downturn, and a shortfall in the execution of our strategic plan, Lenovo’s performance in the second quarter did not meet our expectations,” said chairman Yang Yuanqing in a statement. Yang said Lenovo would take steps to improve efficiency, cut costs and speed up growth in emerging and consumer markets. He gave no details of the planned cost-cutting. Lenovo’s profit growth had stayed strong through the previous quarter despite slowing global economic growth. The company said it expected to avoid a big hit from the U.S. slowdown because the bulk of its sales were in faster-growing emerging markets. This quarter, Lenovo said sales in Greater China _ which includes Hong Kong and Taiwan - rose 11% to $1.9 billion. But elsewhere, shipments in the Americas were off 4% and in the Asia-Pacific outside China down 10%. The results were a sharp turnabout for Lenovo, which had racked up double-digit annual increases in sales and profits following its acquisition of IBM Corp.’s personal-computer unit in 2005. President and CEO William J. Amelio said Lenovo will “stay the course” and tried to reassure investors that its strategy is “solid and fundamentally strong.” “Under these adverse market conditions, balancing growth and profitability are equally critical,” Amelio said in the statement. “We must respond by aggressively pursuing growth opportunities while continuing to manage our operating structure even more efficiently.” Source: Home - Livemint.com | 7 Nov 2008 | 7:25 am Infrastructure growth falls in September, improves on AugustNew Delhi: Growth in India’s infrastructure industries slowed down to 5.1% in September from 5.8% a year ago, but bounced back from a dismal 2.3% in August this year. The growth in six core industries - crude oil, petroleum refinery products, coal, electricity, cement and finished carbon steel - contracted also for the April-September period to 3.9% from 6.9% in the first half of the previous year. The infrastructure industries have a weight of 26.7% in the overall index of industrial production. The IIP figures for September will be released in the next few days. Growth in core industries dipped in August, tracking the overall IIP, which dipped to 1.3%. Although crude oil production declined by 0.4%, the performance in September is slightly better than the same month last year. Refinery products too showed a downward trend of 2.8% from 6.9% in September 2007. Finished carbon steel also registered a lower growth of 5.8%, compared with 9.5%. However, coal output showed better performance at 10.7% in September 2008 from 6.3%, while cement production rose by 7.9% from 5.4%. Electricity generation rose by merely 4.4% in the period, against 4.3% in September 2007. Source: Home - Livemint.com | 7 Nov 2008 | 6:38 am Rupee stable at Rs47.71/dollarMumbai: After resuming lower, the rupee was quoted stable at Rs47.71 against the US currency in late morning deals on expectations of fresh capital inflows after a cut in lending rates by major world central banks. In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at Rs47.95 a dollar against overnight close of Rs47.72. Dealers attributed initial fall in the rupee to weakness in global equity markets amid expectations of capital outflows. But, some stability in local bourses and recovery in most of the Asian indices helped the rupee to recover to quote at Rs47.71 in late morning deals. It moved in a range of Rs47.65 and Rs47.95 a dollar. Source: Home - Livemint.com | 7 Nov 2008 | 6:05 am Oil rebounds above $61Perth: Oil reversed course and rose above $61 a barrel on Monday, buoyed by a weakening U.S. dollar, but gains were curbed as an increasingly gloomy economic outlook continued to weigh on near-term energy demand. Comments by Opec member Libya that the oil-producing cartel was not considering cutting production again also kept the commodity at a 1-“ year low. U.S. light crude for December delivery rose 28 cents to $61.05 a barrel by 0337 GMT, having earlier fallen to $59.97, its lowest since 22 March 2007. London Brent Crude gained 42 cents to $57.85. “The pullback in the U.S. dollar is a key driver for oil’s gains,” said Toby Hassall, chief analyst at Commodities Warrants Australia in Sydney. “But a weak global demand outlook will continue to be the primary driver in oil market. With the U.S. non-farm payroll expected to be abysmal, there is nothing much on the demand side that can lift prices.” The dollar extended losses against the yen on Friday, falling more than 1 yen from the day’s highs on risk aversion. Oil prices have tumbled more than 9% this week as a raft of dismal economic data from the United States heightened worries about a protracted global recession and growing U.S. fuel stockpiles underscored slackening energy demand. The International Monetary Fund said on Thursday it expected 2009 global economic growth of 2.2%, down 0.8% points from its October forecast. It also cut its 2009 baseline oil price projection to $68 a barrel from $100. Asian stocks fell on Friday on fears of a global recession, as layoffs and corporate profit warnings piled up in the face of a rapidly slowing global economy. Traders will be looking towards U.S. economic indicators due later on Friday, including government reports on October unemployment data and September wholesale inventories, to gauge how the world’s largest economy is faring. Opec not mulling cuts Opec is not actively considering cutting production again as oil markets are still volatile, but the cartel could opt to meet before its next scheduled meeting in December, Libya’s top oil official said on Friday. Shokri Ghanem also warned that continued low oil prices could force companies to cancel new projects, risking a shortage of oil in two years. In about three months, oil prices have plummeted nearly $90 from record highs above $147 a barrel, as the growing global economic crisis erodes energy demand in the United States, the world’s largest energy consumer, and other industrialised nations. Slowing demand and the sharp price declines drove producer cartel the Organization of the Petroleum Exporting Countries to agree to cut output by 1.5 million barrels per day (bpd) at an emergency meeting last month. Opec’s seaborne oil exports, excluding Angola and Ecuador, will drop 310,000 bpd in the four weeks to 22 November and will have fallen 700,000 bpd from an August supply peak, an oil analyst who tracks future flows said. Source: Home - Livemint.com | 7 Nov 2008 | 5:42 am JSW Steel cuts output by 20%; shares slump 9%Mumbai: JSW Steel shares plunged 9% to Rs273.50 on the bourses Monday after the firm announced it will cut output by about 20% to cope with the current market conditions. On the National Stock Exchange, the scrip touched a low of Rs273.45, down 9.06%. “The company is planning from November 2008 to rationalise the product mix as per the current market conditions and appropriately modify the production programme to effectively reduce the total production by around 20%,” JSW Steel said in a regulatory filing to the Bombay Stock Exchange. Meanwhile, the metal and mining firm’s October crude steel production grew 5% over the year-ago period at 3.38 lakh tonnes, the filing added. Source: Home - Livemint.com | 7 Nov 2008 | 5:26 am Passenger car plant at Pune functioning normally: Tata MotorsNew Delhi: Country’s largest automobile maker Tata Motors Friday said its passenger car plant at Pune is functioning normally amid speculations that the company may go for a similar shut down, after it closed its heavy commercial vehicles unit at Jamshedpur for three days. “Tata Motors passenger car plant at Pune is working in its normal manner. We are keeping a close watch on the commercial vehicle market scenario, and our objective will be that production should match demand such that there is no build-up of inventory either in the company or with our dealers,” a company spokesperson said while reacting to reports that it might shut down its Pune plant. The company manufactures passenger cars and commercial vehicles at its Pune facility. On Wednesday, Tata Motors had announced shutting down its Jamshedpur unit, the mother plant for its heavy commercial vehicles, for three days due to slump in demand. The Jamshedpur plant is the hub for manufacturing tippers, tractor trailers and multi-axle vehicles. “Tata Motors is taking a block closure at Jamshedpur from 6 November to 8 November 2008, to match production with demand of vehicles produced at the Jamshedpur plant to avoid build-up of inventory either in the company or with our dealers,” the company spokesperson said. The company said about 95% of commercial vehicles are purchased through financing. As has been seen in the month of October across the industry, unavailability of finance, coupled with high interest rates, is forcing customers to postpone purchases. Source: Home - Livemint.com | 7 Nov 2008 | 5:09 am No need to get panicky on slowdown: NasscomHyderabad, Nov. 6 Don’t talk of gloom and doom, Mr Som Mittal, President of Nasscom, asks all those who refers to the slowdown and its impact on the Indian IT, ITES, animation and gamingSource: Business Line - Home Page | 7 Nov 2008 | 12:00 am Day Trading GuideIn the last trading session, the stock plummeted by 5 per cent, penetrating the 21-day moving average. We recommend a sell.Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am ‘Inventory build-up hurting auto industry’Chennai, Nov 6 The auto industry has been caught unawares with high levels of inventory , said Mr R. Seshasayee, Managing Director of Ashok Leyland and past President of CII.Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am ‘High insurance premium, liquidity crunch hit exporters’Hit by the slowing demand in several overseas markets such as the US, Europe and Japan, Indian exporters are facing a double whammy of sorts with problems including higher premium for insurance cover and liquiditySource: Business Line - Home Page | 7 Nov 2008 | 12:00 am Capital markets may rebound faster than anticipated: DeloitteHyderabad, Nov. 6 The Indian economy and capital markets are likely to rebound much faster than most people anticipate, according to global consultancy firm, Deloitte Haskins &Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am Chambal Fert (Rs 43.75): SellWe recommend a sell in Chambal Fertilisers and Chemicals from a short-term perspective. It is evident from the charts that this stock has been trending downwards since June high of Rs 96 (52-week high), forming lower peaks and lower bottoms.Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am ‘Banks may see rise in bad loans’Mumbai, Nov. 6 Mr O.P. Bhatt, Chairman, State Bank of India, has said that he expects no slowdown in credit growth in the current fiscal, but banks may see a rise in their bad loans due to moderation in the economic growth.Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am Tata Motors, Ashok Leyland witness sharp slideMumbai, Nov. 6 The stock price of auto companies Tata Motors and Ashok Leyland dipped sharply on Thursday as the companies said they would cut production to adjust to the fall in demand and pilingSource: Business Line - Home Page | 7 Nov 2008 | 12:00 am Promoters take advantage of rights issuesChennai, Nov. 6 Investors have accorded a lukewarm response to rights offers from companies seeking to fund their expansion plans. But promoters appear to hold a more optimistic view.Source: Business Line - Home Page | 7 Nov 2008 | 12:00 am More banks cut lending ratesMumbai, Nov. 6 More banks cut their benchmark prime lending rates following infusion of liquidity and easing of rates by the Reserve Bank ofSource: Business Line - Home Page | 7 Nov 2008 | 12:00 am 'This is worse than the dotcom crisis'Nobel Laureate Joseph E Stiglitz had predicted the global financial crisis and talked about its impact on emerging economies like India and China three years ago.Source: Business Standard | Front Page Headlines | 6 Nov 2008 | 6:56 pm SBI cuts rates 75 bpsMay reduce interest on deposits, home loans.Source: Business Standard | Front Page Headlines | 6 Nov 2008 | 6:55 pm Hindalco raises $1 bn for Novelis bridge loanDespite the liquidity crunch and devolvement of its rights issue, Hindalco Industries, Indias largest aluminium maker, managed to raise a five-year loan of $1 billion at 315 basis points aboveSource: Business Standard | Front Page Headlines | 6 Nov 2008 | 6:55 pm FDI rules in for major overhaulTo delink FII investment in certain cases.Source: Business Standard | Front Page Headlines | 6 Nov 2008 | 6:53 pm
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