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Royal Enfield clocks doubledigit growth; exports boomEven as the automobile industry is driving through a rough patch and the twowheeler segment barely managing to grow, Royal Enfield has managed to clock doubledigit growth. It has also bagged some plum orders from abroad. CNBCTV18s Sumantra Barooah reports.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 6:48 pm Auto component manufacturers want 300 bps CRR cutJayant Davar, VP, ACMA expects CRR and other ratios to be cut to add to the liquidity in the market. He feels that governments measures till now are miniscule and a big bang approach is needed. If the numbers are cut not by 50 bps but directly by 300 bps, I think that would do wonders to the entire economy.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 3:30 pm Ceat shuts 2 Maharashtra units on excess inventoryCeat has shut two Maharashtra units due to excess inventory. KJ Rao, VP at Ceat said the situation has arised on account of huge drop in the production by the OEM (Original Equipment Manufacturers). The export is a temporary phenomena and by the next week or so the company should be alright, he added.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 3:12 pm Tata Motors crosschecks Nano vendors\' compensation claimsTata Motors has sent auditors to Nano vendors to verify compensation claims, reports CNBCTV18, quoting sources. According to sources, auditors were sent in the first week of December to verify suppliers claims and vendors awaiting response from Tata Motors, which is likely in January.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 3:08 pm Man Ind to buy back its FCCB for discountsMan Industries plans to buy back its FCCB to take advantage of the discount and to cut liabilities. It had raised USD 50 million through FCCBs in May, 2007. RC Mansukhani, Group Chairman, Man Industries Limited said, \"We are getting some offers with good discount for buyback and the buy will be purchased at significant discount only.\"Source: Moneycontrol Top Headlines | 26 Dec 2008 | 2:43 pm Nikon India announces new appointments - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 2:17 pm Murugappa, DBS Bank as Promoters to pump 300 crore in Chola DBS - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 2:05 pm Govt announces interest subsidy scheme for the urban poor - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 1:56 pm Suzlon won\'t go on with rights share issue post Cabinet nodSuzlon has said that they do not have plans to proceed with rights share issue post Cabinet approval. The company had sought Cabinet approval before suspending its rights issue plan.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 1:50 pm FMCG sector to have its best yr ever in 200910: Adi GodrejAdi Godrej, Chairman and MD of GCPL and Chairman of Godrej Industries feels that the best policy would be to provide tremendous fiscal and monetary stimuli to the economy especially fiscal stimuli in the sectors which are not doing well.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 1:49 pm RPL surges over 6% on bourses to settle at Rs84.70 - Livemint
Source: Google News India - Business | 26 Dec 2008 | 1:47 pm Ceat to temporarily shut down Mumbai, Nashik plants - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 1:43 pm Investment in Asian real estate sector to benefit India - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 1:42 pm Syndicate Bank to raise Rs300 crore from bondsMumbai: State-run Syndicate Bank has said that it would raise Rs300 crore through bonds to meet capital requirement. The fund would be raised from Tier II capital through issue of unsecured, non-convertible subordinated debt, Syndicate Bank informed the Bombay Stock Exchange (BSE). The bond would carry a coupon rate of 8.6% payable annually, it said. Shares of the bank closed at Rs61.95 at the BSE, down by 0.80% compared to the previous close. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 1:34 pm Satyam director went by 'conscience' to quit boardMangalam Srinivasan, who resigned as an independent director on the board of the beleaguered Satyam Computer Services Ltd, Friday said she went by conscience to call it quits.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 1:31 pm See Dec revenue for KF Airlines at Rs 500cr: Vijay Mallya - Moneycontrol.com
Source: Google News India - Business | 26 Dec 2008 | 1:29 pm Hyundai to cut output by 25% - Business Standard
Source: Google News India - Business | 26 Dec 2008 | 1:22 pm RPL surges over 6% on bourses to settle at Rs84.70Mumbai: Shares of Mukesh Ambani-led Reliance Petroleum settled 6.34% higher on the bourses after the company commissioned the world’s largest refining hub at Jamnagar in Gujarat. Shares of the RPL opened on a firm note in the morning and continued its upward move and closed 6.34% up at Rs84.70, on the Bombay Stock Exchange (BSE). During the day the scrip touched its intra-day high of Rs89.45, over 1.72 crore shares changed hands on the bourse. Similar, trend was seen on the National Stock Exchange (NSE) where the scrip settled at Rs84.75, up 6.74%. The stock had touched its intra-day high of Rs89.90, more than 3.44 crore shares were traded on the bourse. RPL commissioned a 580,000 barrel a day refinery adjacent to its parent Reliance Industries’ existing 33 million tonne per annum refinery. The two units together will be the world’s largest refining complex with a total processing capacity of 1.24 million barrels of oil per day. The surge assumes significance as the Sensex settled in the negative territory at 9,328.92, a dip of 2.51% or 239.80 points from its last close. The wide-based National Stock Exchange Nifty closed 2.04% down at 2857.25. Meanwhile, Oil Ministry is believed to have turned down Reliance Petroleum Ltd’s request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally. RPL, had sought nod to export the entire liquefied petroleum gas (LPG) production till the 580,000-barrels per day refinery in the Jamnagar SEZ is fully commissioned. “Petroleum Ministry wrote to RPL saying its request cannot be entertained as the country continues to have LPG deficit,” a senior official said. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 1:21 pm E-Agri scheme in Palar basin in Tamil NaduCoimbatore: E-Velanmai (E-Agriculture) Scheme for technology transfer using Information and Communication Technologies to farmers has been introduced in Palar basin of Parambikulam Aliyar Project. The scheme is sponsored by the Tamil Nadu Irrigated Agriculture Modernisation and Water body Restoration Management (TN-IAMWARM) project and implemented by Tamil Nadu Agricultural University. Farmers volunteered to get enrolled in the scheme to get technical advice from scientists on agricultural problems by paying a membership fee ranging from Rs50 to Rs300 per year per farmer based on the size of the farm, a university release said today. Vibhu Nayar, project director, TN-IAMWARM, Chennai, along with senior officials attended the function, it said. Stating that the members would be offered technical advice on cultivation and marketing related problems in agriculture, the release said they would be trained in taking digital photos and sending them to University for receiving technical recommendations either through mobiles or e-mail. Source: Tech News - Livemint.com | 26 Dec 2008 | 1:14 pm E-Agri scheme in Palar basin in Tamil NaduCoimbatore: E-Velanmai (E-Agriculture) Scheme for technology transfer using Information and Communication Technologies to farmers has been introduced in Palar basin of Parambikulam Aliyar Project. The scheme is sponsored by the Tamil Nadu Irrigated Agriculture Modernisation and Water body Restoration Management (TN-IAMWARM) project and implemented by Tamil Nadu Agricultural University. Farmers volunteered to get enrolled in the scheme to get technical advice from scientists on agricultural problems by paying a membership fee ranging from Rs50 to Rs300 per year per farmer based on the size of the farm, a university release said today. Vibhu Nayar, project director, TN-IAMWARM, Chennai, along with senior officials attended the function, it said. Stating that the members would be offered technical advice on cultivation and marketing related problems in agriculture, the release said they would be trained in taking digital photos and sending them to University for receiving technical recommendations either through mobiles or e-mail. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 1:14 pm Satyam’s independent director resigns - NDTV.com
Source: Google News India - Business | 26 Dec 2008 | 1:11 pm Mumbai corporate advance tax collections fall - Economic Times
Source: Google News India - Business | 26 Dec 2008 | 1:11 pm Agitation over steel plant in Himachal PradeshThe Himachal Pradesh government's decision not to allot power and land to the public sector Steel Authority of India (SAIL) for setting up a plant in the state has run into trouble with residents of the area where the facility was to have come up launching an indefinite agitation Friday.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 1:02 pm India unveils new integrated policy for energy securityIndia Friday unveiled a new integrated policy that spells out a roadmap to ensure 5.8 percent annual growth in primary energy supplies, seen as crucial to sustain a healthy expansion of the country's economy.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 1:01 pm Take slowdown as opportunity: Modi to jewellery sectorIndia's $50-billion gems and jewellery industry should take the advantage of the global economic slowdown to build a strong overseas market by offering products at 'cost-effective' prices, said Gujarat Chief Minister Narendra Modi here Friday.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 1:01 pm Efforts to get coal blocks in US, two other countriesEfforts are going on to get coal blocks in three countries, including the US, said minister of state for coal Santosh Bagrodia here Friday.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 1:01 pm Kingfisher Airlines plan to raise $ 400 mn on track: MallyaBangalore: “Kingfisher Airlines’ plans to raise $400 million are on track and private equity players have showed keen interest in investing in the airline,” its Chairman Vijay Mallya said. “Plan (to raise $400 million from private equity investors) is on track,” Mallya said after the annual general meeting of Kingfisher Airlines. “I have confirmed that we are continuing to discuss with certain private equity investors who are showing increasing amount of interest in this investment opportunity,” he said. He did not talk about the time-frame for the initiative and the extent of equity stake that the airline would dilute by the measure, but added: “There is no reason why private equity investors who had expressed interest when oil (crude prices) was at $100 a barrel, shouldn’t be more interested when oil is $36 a barrel.” Asked if the airline is expected to break-even in the next fiscal (2009-10), Mallya said: “We are certainly optimistic.” If all goes well in the next five days (till December end), the airlines should break-even (operationally) in the current month itself when it’s revenue (passenger, cargo and ancillary revenues put together) is expected to be close to Rs500 crore (in December alone). Mallya said that Kingfisher and Jet Airways are not looking at picking up stake in each other’s company, saying there was no need to go that far. Asked if United Breweries would buy UK-based Cobra Beer which has announced its decision to exit beer business, he said: “We will study the information memorandum and then decide”. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 12:57 pm Rab ne bana di jodi, Ghajini pep up multiplexes\' bizMultiplexes have had it hard this year. However will they have a happy ending like all our Bollywood movies?Source: Moneycontrol Top Headlines | 26 Dec 2008 | 12:49 pm India's Nov oil product sales up 2 pct from year agoNEW DELHI (Reuters) - India's domestic oil product sales in November rose 2 percent from a year earlier, reflecting sluggish demand in a slowing economy, official data showed on Friday.Source: Reuters: Money News | 26 Dec 2008 | 12:29 pm Govt to inject $3.39 bn into Amex in lieu of shares: CEONew York: “Credit card firm American Express (Amex), a bank holding company, will receive $3.39 billion from the US government’s bailout package for the financial sector,” company CEO Ken Chenault informed the staff. American Express which has been hit by the financial turmoil, sought to change itself into a bank holding company to increase its access to capital. Further, with the government buying stakes, the company would pay a 5% dividend annually for the first five years and then 9% annually thereafter. “The Treasury Department is making an equity investment in American Express similar to the ones it has been making in some of the largest and best-capitalised US banks,” Chenault said adding: “The Treasury will purchase $3.39 billion in newly issued American Express preferred shares. The proceeds from the sale will further strengthen our capital position.” According to the company chief executive, in return for the stakes, the firm would pay an annual dividend of 5% for the first five years and subsequently 9% annually thereafter. Going by the purchase agreement, American Express can repay the Treasury its original principal amount and retire the shares after three years. “The amount of the Treasury Departments investment in American Express was determined by a formula based on the asset size of companies participating in the program,” he noted. The Federal government had come up with the $700 billion bailout plan, known as Troubled Asset Relief Program (TARP) in October this year to boost the nation’s battered financial sector. Source: World Business - Livemint.com | 26 Dec 2008 | 12:29 pm Govt to inject $3.39 bn into Amex in lieu of shares: CEONew York: “Credit card firm American Express (Amex), a bank holding company, will receive $3.39 billion from the US government’s bailout package for the financial sector,” company CEO Ken Chenault informed the staff. American Express which has been hit by the financial turmoil, sought to change itself into a bank holding company to increase its access to capital. Further, with the government buying stakes, the company would pay a 5% dividend annually for the first five years and then 9% annually thereafter. “The Treasury Department is making an equity investment in American Express similar to the ones it has been making in some of the largest and best-capitalised US banks,” Chenault said adding: “The Treasury will purchase $3.39 billion in newly issued American Express preferred shares. The proceeds from the sale will further strengthen our capital position.” According to the company chief executive, in return for the stakes, the firm would pay an annual dividend of 5% for the first five years and subsequently 9% annually thereafter. Going by the purchase agreement, American Express can repay the Treasury its original principal amount and retire the shares after three years. “The amount of the Treasury Departments investment in American Express was determined by a formula based on the asset size of companies participating in the program,” he noted. The Federal government had come up with the $700 billion bailout plan, known as Troubled Asset Relief Program (TARP) in October this year to boost the nation’s battered financial sector. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 12:29 pm Weekly Recap: 22nd-26th DecThe government prepares the country for a slowdown. Says its outlook for the economy is that of cautious optimism.  And retailers revel in the Christmas spirit as shoppers throng to malls and stores Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 12:26 pm BSE Sensex falls 2.5 pct on earnings worryMUMBAI (Reuters) - The BSE Sensex gave up strong early gains and fell 2.5 percent on Friday, after sharply lower advance tax payments by companies pointed toward dismal quarterly earnings next month.Source: Reuters: Money News | 26 Dec 2008 | 12:24 pm Government approves NPCC revival packageNew Delhi: The government today approved a revival package for loss-making public sector unit National Projects Construction Corporation, envisaging a conversion of Rs219 crore loan with interest into equity. “This (NPCC) is a public sector company not making profit. Nevertheless, we have agreed to convert a loan amount of Rs219 crore with cumulative interest into equity and write down the value by 10%,” Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs. He said the CCEA decided to approve the package despite a question mark over economical viability as NPCC played an important role in the development of the North East region. “In terms of economics, there is a big question mark. The key point is that this corporation that has worked mainly in the North Eastern region, where very few private sector or joint sector companies venture, we need organisations to carry out works in that region,” he said. “NPCC is also involved in building some border roads and hopefully with this conversion to equity, their interest cost will come down and maybe their balance sheet will become stronger,” he added. The need to have an organisation of this kind to carry out projects in the North East has persuaded CCEA to approve the proposal that requires a conversion and a writedown, he said. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 12:12 pm Japan auto prod marks worst drop since 1967!Japan`s production of cars, trucks and buses marked its steepest drop in at least four decades in November, an industry group said on Thursday, as the fallout from the US slowdown crimped auto demand.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm DoCoMo defers open offer for TTML!DoCoMo`s open offer for a 20% stake in Tata Teleservices (Maharashtra) has been deferred.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm Satyam surges 6% in morning trade on bourses!Software services firm Satyam Computers on Friday surged as much as six percent in morning trade on the bourses.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm Toyota recalls 120,000 cars in China!Toyota Motor Corp has issued a recall for over 120,000 cars in China.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm Rupee appreciates 35 paise against dollar!The Indian rupee on Friday appreciated by another 35 paise against the US dollar in early trade following increased dollar selling by exporters.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm Sensex rises 135 points in opening trade!Snapping a three-session losing streak, the benchmark Sensex rose by over 135 points in the opening trade on Friday.Source: Zee News : Business | 26 Dec 2008 | 12:11 pm Trust to implement NRI-funded social projects registeredThe government has registered a non-profit trust, India Development Foundation (IDF), to enable non-resident Indians (NRIs) to fund socially relevant programmes in villages in the country.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 12:01 pm Inflation rate drops, now to 6.61 percentIndia's annual rate of inflation continued its downward trend, dipping to 6.61 percent for the week ended Dec 13 from 6.84 percent the week before, official data released here Friday said.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 12:01 pm Fall in inflation fails to cheer up marketsDespite a further ease in inflation, Indian equities markets continued their downward trend Friday, with a key index shedding about 240 points over its previous close.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 12:01 pm Adlabs shareholders to discuss radio biz demergerMumbai: Anil Ambani-promoted Adlabs Films today said its shareholders will meet on 22 January to consider the scheme of arrangement envisaging the demerger of its radio business into Reliance Unicom. “A meeting of the equity shareholders of Adlabs Films will be held on January 22, 2009, for the purpose of considering and approving the arrangement embodied in the scheme of arrangement between Adlabs Films, the demerged company and Reliance Unicom, the resulting company and their respective shareholders and creditors,” the ADA Group firm said in a filing to the Bombay Stock Exchange. The demerger would be effective from April 1, 2008, the filing added. Earlier in October, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for every share held in Adlabs Films. The shares held by Adlabs Films in Reliance Unicom shall stand cancelled, it had said. Shares of Adlabs Films closed at Rs165.80, down 2.76% on the BSE. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 12:00 pm Advance tax in Q3 down 22% to Rs 12,600 crThe economic slowdown has cast its shadow on the government's revenue realisation, with advance tax collections declining by over 22 per cent.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 11:56 am Hyundai to cut production from next weekHyundai India said it is cutting production from three-shift to two from next week following a slump in demand.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 11:55 am DoCoMo, Tata open offer for Tata Tele postponedBANGALORE (Reuters) - Japan's NTT DoCoMo Inc and India's Tata Sons have postponed their joint open offer for up to 20 percent of Tata Teleservices (Maharashtra) Ltd as it is yet to be cleared by the market regulator, their offer manager said on Friday.Source: Reuters: Money News | 26 Dec 2008 | 11:34 am Sensex ends 2.5% down on earning worryMumbai:The BSE Sensex gave up strong early gains and fell 2.5% on Friday, after sharply lower advance tax payments by companies pointed toward dismal quarterly earnings in January Outsourcers and financials led the losses as investors saw them as more vulnerable to an economic slowdown, traders said. Reliance Petroleum Ltd a unit of top listed firm Reliance Industries, bucked the trend and rallied 6.3% to Rs84.70 as its $6 billion, 580,000 barrels per day refinery started processing crude on Thursday. The government said on Friday advance taxes paid by companies for the December quarter had fallen 22% from the same period a year ago, indicating a big drop in expected earnings. “On such a day, any bad news can ruin the way the market progresses. There was just no participation at all,” said K.K. Mital, head of portfolio managed services at Globe Capital. The broader 50-share index fell 2.04% to 2,857.25. The 30-share BSE index fell 2.51%, or 239.80 points, to 9,328.92, its lowest close since 8 December. The index, which had climbed 1.4% early, lost 7.6% on the week, its first drop in three and the worst weekly fall in two months. All but five of the index components fell. In the broader market, losers outran gainers in the ratio of almost 2 to 1 on moderate volume of 263.6 million shares. Annual inflation fell to a nine-month low of 6.61% in mid-December and analysts saw it diving to 2% by March freeing the central bank to cut interest rates deeply. Foreign funds that have sold a net of $13.3 billion of shares so far in 2008 were largely absent due to the holiday season overseas, while there was sporadic selling by some, traders said. Outsourcers fell on concerns a weak global economy will crimp orders. IT bellwether Infosys Technologies dropped 5.3% to 1, Rs109.55, its sharpest daily fall in more than a month and top outsourcer Tata Consultancy Services eased 1.2% to Rs472.10. ICICI Bank, the No.2 lender, led banks down, falling 5.2% to Rs417.95, its lowest close in nearly two weeks. Top lender State Bank of India shed 3.3 % to Rs1,244.25. Satyam Computer Services rose 0.4% to Rs135.50 as investors speculated the board of the no. 4 outsourcer would set a higher price at a share buyback it is scheduled to consider on Monday. Source: Home - Livemint.com | 26 Dec 2008 | 11:33 am Satyam says independent director resignsBANGALORE (Reuters) - An independent director at Satyam Computer Services Ltd has resigned, the No.4 Indian outsourcer said on Friday, just over a week after the company's botched attempt to enter into construction.Source: Reuters: Money News | 26 Dec 2008 | 11:30 am Reliance starts world’s biggest refinery hubNew Delhi: India’s Reliance Petroleum has started processing crude oil at its new refinery in western India, creating the world’s biggest refining complex. The company opened its 580,000 barrel a day refinery in Jamnagar in the western state of Gujarat on Friday, Reliance Petroleum Limited (RPL) said in a statement. Combined with an adjacent 660,000 barrel a day refinery, the new unit will make the Jamnagar complex the world’s largest, with a capacity of 1.24 million barrels a day. “We will leverage our competitive advantages of scale, complexity and capability to process a wide range of crude oils and flexibility to produce high quality transportation fuels,” company chairman Mukesh Ambani said. “The commissioning of the RPL refinery catapults Reliance into the league of the largest refiners globally, both in terms of complex refining capacity and earnings potential,” the company said. The new facility on India’s west coast has been completed in 36 months. Reliance is a corporate behemoth that has straddled India’s economy for decades with activities in petrochemicals, oil and gas, refining, power, insurance and telecommunications. Source: LatestNews-Home - Livemint.com | 26 Dec 2008 | 11:28 am Tata Steel says land delays Vietnam plansMUMBAI Reuters) - Tata Steel, the world's No. 6 steelmaker, said on Friday a $5 billion integrated steel plant it plans to build in Vietnam would be delayed as the location for the project was still being finalised.Source: Reuters: Money News | 26 Dec 2008 | 11:19 am Sensex ends 2.5% on earnings worrySource: LatestNews-Home - Livemint.com | 26 Dec 2008 | 11:02 am Over 100,000 people laid off in India's gems, jewellery sectorMore than 100,000 people have been laid off in recent months by the gems and jewellery industry in India because of the global slowdown in demand and lack of adequate credit, an industry leader said in this hub for the sector in Gujarat.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 11:00 am Recession hits Indian sports goods marketThe global meltdown has impacted the Indian sports goods market with export orders going down by more than 30 percent in the last two months.Source: IndiaeNews.com: Business News | 26 Dec 2008 | 11:00 am Maruti Suzuki to train 5 lakh drivers in 3 yearsNew Delhi: The country’s largest carmaker Maruti Suzuki India plans to impart driving lessons to atleast 5 lakh people, including one lakh from the weaker sections of society, in the next three years. “We will be training five lakh drivers in the next three years, of which one lakh will be from the economically challenged sections,” MSI Chairman R C Bhargava had said yesterday while inaugurating the ‘National Road Safety Mission´ by the company. He said modernisation of the automobile industry was incomplete unless people learnt to drive safely for themselves and for others on the road. “The country does not have infrastructure to teach people how to drive correctly and we have taken upon ourself to play a part in training drivers,” Bhargava said. He said the focus on economically weaker section was a part of the MSI’s corporate-social-responsibility programme and it would play a role in making those people employable. MSI currently operates two Institute of Driving Training and Research and 47 driving schools in the country. This training initiative of the company has benefited about five lakh people so far, out of which over 50% are women. “Over the next one year, we plan to add 4-5 IDTRs and are targeting 130 new driving schools by March 2010,” he said. MSI would unveil one IDTR in Haryana next week, while one more would be added in Gujarat by the end of this fiscal. It has also signed up with Uttarakhand government for the same last week. Blaming the system of issuing driving licences without proper training in India, Bhargava asked the state governments to tighten the process. “It is a big blot on our administration, when people are being given licences without proper training and tests,” he added. Source: Home - Livemint.com | 26 Dec 2008 | 10:45 am Essar Oil strengthens marketing side of petrol pump bizEssar Oil which has started reopening its petrol pumps in August; is now aggressively pursuing this business, thanks to falling crude oil prices. Katya Naidu reports how Essar is strengthening the marketing side of petrol pump business.Source: Moneycontrol Top Headlines | 26 Dec 2008 | 10:10 am Unitech-Telenor deal to be over by Jan ’09Mumbai: Realty major Unitech on Friday said completion of its deal with the world’s seventh largest mobile operator, Telenor, will be delayed by about a month to January 2009. “Unitech Group and its partner, Telenor, anticipate that not all conditions for closing will be fulfilled before December 2008. Both the parties thus expect to close the transaction during January 2009,” Unitech said in a filing to the Bombay Stock Exchange. Earlier in October, Unitech had announced the selling of 60% stake in its telecom venture Unitech Wireless for Rs6,120 crore ($1.23 billion) to Telenor. “The company signed a binding agreement with Telenor on 28 October and are now completing all the formalities. Both the parties have made significant progress on the transaction,” the company said. Unitech Wireless has pan-India telecom licences in all 22 circles and plan to launch its services in first half of 2009. The company was awarded pan-India mobile telecom licence for Rs1,651 crore early this year and has got GSM spectrum in 13 circles. The Oslo-headquartered company, Telenor, is a global provider of high quality telecommunications, data and media communication services. Fifty-four per cent of it is owned by Ministry of Industry and Trade, Norway. It has operations in Europe and Asian countries. Shares of Unitech were trading at Rs37.75, up 1.75% on the BSE. Source: Tech News - Livemint.com | 26 Dec 2008 | 9:57 am Inventories pile up for car cos ranging from 60120 daysThe inventories keep piling up for car companies. CNBCTV18 has learnt from sources that the inventories could be as high as 60 days for passenger vehicles and 120 days for commercial vehicles (CVs).Source: Moneycontrol Top Headlines | 26 Dec 2008 | 9:47 am Maruti begins exporting new small car to EuropeMaruti Suzuki, on Friday announced it has started exporting A-star, its newly launched small car, to Europe.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 9:38 am BSNL to account for Rs10,000 crore deficit on its booksNew Delhi: State-run BSNL, which was corporatised in 2000, had to “conceal” Rs10,000 crore on its books as it had stated its assets at Rs75,000 crore at the time of its formation against the transferred assets of Rs65,000 crore. “The biggest challenge was to create an asset register of the company. A F Ferguson & Company, the appointed consultant for the corporatisation process at BSNL, estimated the total assets transferred to BSNL amounted to about Rs65,000 crore. “However, the assets were at Rs75,000 crore leaving a gap of Rs10,000 crore that had to be concealed over a period of time,” BSNL Director (Finance) S D Saxena said in his book ‘Connecting India´ while describing the transformation of the entity from being a Government department to a corporation. He said experts declared that BSNL would not be able to close its accounts for at least three years with such a gaping hole in its assets register. BSNL was directed by the DoT to close accounts for the remaining six-month period ending March 31, 2001, by December 2000. BSNL officials, along with auditor PricewaterhouseCoopers, finalised the accounts in March 2002. The amount of Rs65,000 crore was broken up into an equity of Rs5,000 crore and the rest was shown as reserves and surplus. Later, this was re-jigged to equity of Rs5,000 crore and preferential shares of Rs7,500 crore and a long-term loan of Rs5,000 crore with the rest shown as reserves as a balancing entry, he has stated. Saxena, who retires this month-end, has played a key role in the transition of BSNL from a 145-year old government department to a corporate body. The Physics post-graduate, who later became the CFO, narrates in his book the pain of a new corporate entity and said the hardships of moving into a new culture was clearly not mapped well. Source: Home - Livemint.com | 26 Dec 2008 | 9:29 am Govt approves Suzlon’s Rs1,800 cr Rights IssueNew Delhi: The government on Friday said that it has approved Suzlon Energy’s plan to raise Rs1,800 crore via allotment of shares to the existing shareholders including non-resident Indians through a rights issue, which the wind power major has apparently suspended. The Cabinet Committee on Economic Affairs (CCEA) on Friday gave its approval to Rs1,800 crore Rights Issue of equity of Suzlon Energy to its existing shareholders, on recommendations by Foreign Investment Promotion Board. However, when contacted, a company official said, “We have suspended the Rights Issue and the approval from CCEA would not change our decision.” In September, Suzlon received board approval for raising up to Rs1,800 crore through allotment of shares to the existing shareholders on rights basis. But it later suspended the plans due to choppy market conditions. Any company coming up with a Rights Issue of more than Rs600 crores has to seek Cabinet approval for the same. The shares of the company were trading at Rs59.30, up 1.63% in the afternoon trade on the BSE. Source: Home - Livemint.com | 26 Dec 2008 | 9:26 am Inflation falls to 6.61%, deep interest rate cuts seenNew Delhi: Indian inflation fell to a nine-month low in mid-December, helped by cheaper fuel and lower factory taxes, and analysts saw it diving to around 2% by March, freeing the central bank to cut rates deeply. India’s wholesale price index, the most widely watched inflation measure, rose 6.61% in the 12 months to 13 December, slower than 6.84% in the previous week but a shade above a Reuters poll of 6.57%. In early December, the government lowered state-set prices of diesel and petrol and announced a 4-percentage point cut to value-added tax on a range of manufactured products. The government said this week the central bank had considerable scope for monetary easing next year and aggressive monetary action may be needed if the global downturn continued to hurt manufacturing and slow growth. This was India’s lowest reading since 1 March, and inflation has now nearly halved from early August’s peak of 12.91%. It is well within the central bank’s forecast of around 7% for 2008/09 and some economists saw it falling below 2% by March-end. Most analysts now expect the central bank to cut interest rates by another 100 basis points, a sentiment echoed by a top economic adviser to the government this week. After slashing rates since mid-October, the central bank’s key lending or repo rate now stands at 6.5% and the reverse repo rate, at which it absorbs cash from the market, stands at 5.0%. Financial markets were relatively unruffled with the 10-year benchmark bond yield briefly easing one basis point to 6.56% and the rupee hovering closed to Rs48.00 per dollar. India’s $1 trillion economy, Asia’s third-biggest, has shown palpable signs of slowing after growing at 9% or above for the past three years. Factory output growth has fallen sharply, companies have shelved expansion plans and laid off staff, and export growth has dropped as global demand weakened. Economists and government advisers and officials expect growth to slow to around 7% this fiscal year and the central bank’s chief said earlier this month that 2009/10 looked like being an even more challenging year. Source: Home - Livemint.com | 26 Dec 2008 | 9:24 am Hyundai Motor India to cut production from MondayMUMBAI (Reuters) - South Korean car maker Hyundai Motor Co's India unit will cut production by a quarter from Monday as a spreading global downturn bites its sales, a senior executive said on Friday.Source: Reuters: Money News | 26 Dec 2008 | 9:23 am Inflation falls to nine-month low of 6.61%Inflation almost halved to a nine-month low of 6.61 per cent from this year's peak of 12.91 per cent.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 8:57 am Gems and jewellery industry lays off 100,000The gems and jewellery industry reeling under the global recession has laid off about 100,000 workers, an industry leader said on Friday.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 8:54 am Satyam's independent director resignsAn independent director on Satyam Computer's Board is understood to have resigned days ahead of a scheduled meeting next week of the directors.Source: Daily News & Analysis: Money News | 26 Dec 2008 | 8:31 am Satyam’s independent director resignsNew Delhi: An independent director on Satyam Computer’s Board is understood to have resigned days ahead of a scheduled meeting next week of the directors. When contacted, a Satyam spokesperson declined to comment, while the independent member, Mangalam Srinivasan, could not be reached. Earlier this month, Satyam announced the acquisition of two companies promoted by the family of its chief B Ramalinga Raju, but called of the deal within hours following investors’ dissent over corporate governance issues. Satyam had two independent directors on its board. Srinivasan is believed to have resigned for being a party to the controversial buyout of the two firms - Maytas Properties and Maytas Infrastructure - owned by Ramalinga Raju’s sons. The decision raised the issue of corporate governance and later led to shareholder activism, which forced the proposed deal to be aborted. Although market sources said the other independent director may resign before or on the day of the board meeting, the same could not be confirmed either from the member or from the company. Shares of Satyam were trading at Rs141.15, up 4.59% in afternoon trade on the Bombay Stock Exchange. Source: Home - Livemint.com | 26 Dec 2008 | 8:15 am Cabinet nod for FI in Suzlon rights issueNEW DELHI (Reuters) - India's cabinet has approved foreign investment in wind-turbine maker Suzlon Energy Ltd's now-suspended rights share issue.Source: Reuters: Money News | 26 Dec 2008 | 8:04 am Inflation falls, deep interest rate cuts seenNEW DELHI (Reuters) - Indian inflation fell to a nine-month low in mid-December, helped by cheaper fuel and lower factory taxes, and analysts saw it diving to around 2 percent by March, freeing the Reserve Bank to cut rates deeply.Source: Reuters: Money News | 26 Dec 2008 | 7:43 am Nikkei hits 6-week high as risk appetite improvesHong Kong: Asia stocks edged up on Friday and Japan’s Nikkei average posted its highest close in six weeks as investors bet a raft of government measures will help the global economy recover next year. The dollar and yen slipped as portfolio managers shifted some funds into riskier assets while preparing to close their books for the year. Japan’s Nikkei average pushed up 1.6% as some battered shares such as Toyota Motor Corp got a lift from such portfolio window-dressing despite data showing a record plunge in industrial production in November. Japanese governments bonds climbed, driving the 20-year yield to a five-year low, on regular month-end buying from pension funds and other data pointing to a return of deflation next year. Investors have largely shrugged off the array of bleak reports showing the financial crisis dealt a severe blow to the global economy at the end of 2008, instead looking ahead to see how government efforts to revive growth will work next year. “Past experience shows that stock prices tend to gain around the year-end and the start of the year on hopes for the coming year. But it’s not as if investors can keep buying this time around as the outlook for the economy is murky,” said Yutaka Miura, a senior technical analyst at Shinko Securities. Japanese Economics Minister Kaoru Yosano told Reuters in an interview that Tokyo may take more fiscal spending measures if economic conditions worsen further, on top of a stimulus package totalling $829 billion. Trading activity was light with many financial markets closed following Christmas Day. Markets in Hong Kong and Australia were closed. Many markets in Europe will remain closed, even as US markets will reopen. The MSCI index of Asia-Pacific shares outside Japan gained 0.1% but was down 2% this week and 55% this year, on track for the biggest yearly loss in its 20-year history. Taiwan’s TAIEX index inched up 0.3% after the government pledged to help flat-screen television makers in the latest effort to prop up the country’s tech industry. AU Optronics, the world’s No. 3 LCD maker, jumped 2.5%. South Korea’s KOSPI fell 0.9% on worries that companies would issue slim year-end dividends. The dollar and yen dipped against most major currencies. The euro edged up 0.3% to $1.4050, while single currency rose 0.3% to 127.10 yen. As the dollar slipped, gold edged up $4 an ounce to $848. Source: Home - Livemint.com | 26 Dec 2008 | 7:30 am RBI monetary policy review on Jan 27MUMBAI (Reuters) - The Reserve Bank of India will release its scheduled quarterly review of monetary policy on Jan. 27, a date which was announced in October, it said on Friday.Source: Reuters: Money News | 26 Dec 2008 | 7:12 am DoCoMo defers 20% open offer stake in Tata TeleservicesMumbai: Tata Teleservices (Maharashtra) Ltd (TTML) on Friday said Japanese telecom major NTT DoCoMo’s open offer for a 20% stake in the company has been deferred following a delay in approval from market regulator Sebi. In an announcement to the shareholders of TTML, DoCoMo said the Rs949 crore open offer for a 20% stake in the firm has been postponed, “till further notice in this regard is published by the manager to the Offer”. The open offer, by DoCoMo along with Tata Sons, was scheduled to begin on 8 January and close on 27 January, 2009. “The revised schedule” on the offer will be announced on after SEBI gives its “observations in terms of the Regulations”, TTML said in a filing to the National Stock Exchange. The offer was for acquiring 38,42,41,919 shares or up to 20% at Rs24.70 a piece. In November NTT DoCoMo Inc had acquired a 26% stake for $2.7 billion (Rs 13,070 crore) in Tata Teleservices Ltd. Shares of TTML were trading at Rs20.35, down 1.45%, on the NSE. Source: Home - Livemint.com | 26 Dec 2008 | 6:17 am Toyota recalls 122,000 cars in China over defectsBeijing: Japanese carmaker Toyota on Friday began a recall of nearly 122,000 cars in China due to defects that could lead to steering failure, the Chinese government and the automaker said. The recall covers Crown, Reiz and Lexus models, said a statement posted on the website of the General Administration of Quality Supervision, Inspection and Quarantine. The company would contact car owners to have their vehicles examined at Toyota dealerships or garages, the statement said. In Tokyo, a spokesman for Toyota said the company was carrying out the recall in China in accordance with local regulations. The company declined to disclose the cost associated with the recall. The recall comes after Toyota said on Monday it expected an operating loss of $1.69 billion for the financial year to March 2009, its first loss since it started reporting annual earnings in March 1941. Source: World Business - Livemint.com | 26 Dec 2008 | 6:11 am Toyota recalls 122,000 cars in China over defectsBeijing: Japanese carmaker Toyota on Friday began a recall of nearly 122,000 cars in China due to defects that could lead to steering failure, the Chinese government and the automaker said. The recall covers Crown, Reiz and Lexus models, said a statement posted on the website of the General Administration of Quality Supervision, Inspection and Quarantine. The company would contact car owners to have their vehicles examined at Toyota dealerships or garages, the statement said. In Tokyo, a spokesman for Toyota said the company was carrying out the recall in China in accordance with local regulations. The company declined to disclose the cost associated with the recall. The recall comes after Toyota said on Monday it expected an operating loss of $1.69 billion for the financial year to March 2009, its first loss since it started reporting annual earnings in March 1941. Source: Home - Livemint.com | 26 Dec 2008 | 6:11 am Satyam stocks surges 6%Mumbai: Software services firm Satyam Computer on Friday surged as much as 6%in morning trade on the Bombay Stock Exchange index after the company asked the World Bank to apologise and withdraw its statement regarding the eight-year ban on the IT major for its “improper business practices”. The country’s fourth largest IT services company is likely to take legal action against the World Bank in the face of the lender’s refusal to withdraw its statement that made public the decision to ban Satyam Computer for eight years from doing business with it. The stocks of the company opened on a firm note on the BSE at Rs135, then rallied ahead to touch an intra-day high of Rs143.55, up 6.37% from its previous closing price. Satyam, which has courted controversy for its decision to buy Maytas Properties and Maytas Infra and then giving up the idea, said the World Bank’s statement on 23 December had caused it enough “harm”, and sought an apology for it. The World Bank had said “Satyam was declared ineligible for contracts for providing improper benefits to the Bank staff and for failing to maintain documentation to support fees charges for its sub-contractors.” Similar movement was witnessed on the National Stock Exchange, where the company opened at Rs135.50, touched an intra-day high of Rs143.20, up 6.34% from its last close. On the volume front, good movement was witnessed as over 8.57 lakh shares exchanged hands on the BSE and nearly 27.14 lakh shares have traded on the NSE. However, the India spokesperson of the World Bank, Sudip Mozumder, has said that “the Bank stands by its statement issued on its Indian website on 23 December”. Source: Home - Livemint.com | 26 Dec 2008 | 5:31 am Satyam asks World Bank to withdraw statementBANGALORE (Reuters) - Satyam Computer Services said on Thursday it had asked the World Bank to withdraw "inappropriate" statements about the Indian outsourcer and to issue an apology for harm done to the company.Source: Reuters: Money News | 26 Dec 2008 | 4:56 am Govt to push for easier credit, more duty reliefsNew Delhi, Dec. 25 The UPA government’s second and final stimulus package for the current fiscal, would focus on credit availability to industry and trade at affordable rates with some policy rate adjustments by the Reserve Bank of India,Source: Business Line - Home Page | 26 Dec 2008 | 12:00 am Net woes: RCom asked to detail back-up plansNew Delhi, Dec. 25 The Telecom Regulatory Authority of India has asked Reliance Communications to give details of measures it had taken to deal with cable cuts. TRAI said the company was told in February to make available adequate bandwidth onSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Satyam asks World Bank to apologiseHyderabad, Dec. 25 Satyam Computer Services, which has been receiving lot of flak following the aborted bid to acquire Maytas Properties and Maytas Infrastructure, has asked the World Bank to apologise to it for harming itsSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Carmakers gear up for a bleak 2009Mumbai, Dec. 25 When Mr Ratan Tata unveiled the Nano at the Delhi Auto Expo in January, nobody would have dreamt that 2008 would end on such a disastrous note for the automobile industry.Source: Business Line - Home Page | 26 Dec 2008 | 12:00 am HCL Infosystems (Rs 83.25): BuyWe recommend a buy in HCL Infosystems from a short-term trading perspective. It is evident from the charts of HCL Infosystems that it was on a long-term downtrend from its January high of Rs 299 till it found support at Rs 64 – its 52-week lowSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Want a personal loan? Go to an ATMHyderabad, Dec. 25 “You are eligible for a pre-approved personal loan of Rs 5 lakh. Press yes if you are interested.” This is the message you might see during any transaction at ATMs of leading private banks as they are now leveragingSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Reliance Petro’s export refinery goes on streamMumbai, Dec. 25 Reliance Petroleum (RPL) on Thursday kicked off crude processing at its new 29 million-tonne (580,000 barrels per day) refinery in Jamnagar, Gujarat. This export-oriented $ 6-billion project is expected to target markets inSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Tax benefits for ‘charitable’ trade bodies under scannerNew Delhi, Dec. 25 Trade and industry associations enjoying income tax exemptions on the ground that their activities are meant for “charitable purposes” run the risk of losing such tax benefits.Source: Business Line - Home Page | 26 Dec 2008 | 12:00 am He Made off with their moneyFrom Spanish bank, Santander, to film-maker, Steven Spielberg, institutions and individuals are shamefacedly acknowledging being part of Bernard Madoff’s Ponzi scheme in which hedge funds worldwide have lost another $50 billion. The MadoffSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 26 Dec 2008 | 12:00 am IIM-A seeks alumni help for jobsThe Indian Institute of Management at Ahmedabad is relying on a tried-and-tested mantra to counter the global recession - networking.Source: Daily News & Analysis: Money News | 25 Dec 2008 | 10:29 pm Big Retail's sourcing shift lifts AlokA recent survey by the Ficci shows the textile sector in India will face a production cut of around 40% between November 2008 and March 2009.Source: Daily News & Analysis: Money News | 25 Dec 2008 | 10:13 pm FDI hike in insurance sector won't up inflowsThe Congress-led UPA government is all set to go ahead with its unfinished task on the economic reforms front.Source: Daily News & Analysis: Money News | 25 Dec 2008 | 10:13 pm Elephant poo makes biz sense tooDelhi-based entrepreneur Mahima Mehra and her brainchild have made many an Indian shudder, smirk and express puzzlement over her creations.Source: Daily News & Analysis: Money News | 25 Dec 2008 | 10:12 pm Tata Steel feels land acquisition pangs in Vietnam tooTata Steels $5 billion steel project in Vietnam has hit a roadblock, thanks to a delay in land allocation.Source: Business Standard | Front Page Headlines | 25 Dec 2008 | 6:44 pm Will my job be safe?Insurance, telecom, infrastructure, FMCG and energy are unlikely to downsize; Elsewhere, only top performers are safe.Source: Business Standard | Front Page Headlines | 25 Dec 2008 | 6:42 pm Banks turn the heat on DIALThe lukewarm response to the proposed real estate development around the Delhi airport has put its Rs 8,940-crore modernisation in a financial bind.Source: Business Standard | Front Page Headlines | 25 Dec 2008 | 6:41 pm Isro’s Antrix commercial arm eyes major growthBangalore: The commercial arm of India’s space agency Antrix Corp. Ltd is in talks to build three satellites for foreign firms and has at least four launch orders. It is also expecting domestic demand for communication transponders and satellite imagery to drive growth over the next few years.  Launching pad: A 20 Dec photo of the Ariane rocket, carrying the W2M satellite, taking off. Martin / AFP Astrium, the satellite-making unit of European Aeronautic, Defence Space Co., or EADS, which subcontracted these satellites to Antrix, signed a pact in September to promote the polar satellite launch vehicle, or PSLV, its workhorse rocket for global customers. “There is a huge unmet local demand for DTH and communication transponders,” said Madhavan Nair, chairman of Isro, in a phone interview. Isro plans to increase communication transponder capacity to 500 from the existing 224 by 2012, on growing demand from direct-to-home satellite operators and very small aperture terminals or VSAT for business communication. It has 11 remote sensing satellites in orbit and plans nine more, including a few scientific satellites. The demand for urban mapping in India and high-resolution images at nearly $7 per km, nearly half of that foreign satellite firms charge, is also adding revenue. “Nearly 60% of our revenue comes from domestic customers,” Nair said. India is still a fledgling player in the satellite manufacturing and launch industry, which is expected to grow to $145 billion to 2016, according to Paris-based research firm Euroconsult. U. Sankar, professor at the Madras School of Economics, who did a cost-benefit analysis of the space agency in 2006, said the cost of launching a satellite on PSLV was one-third lower than foreign launchers. It is due to the high degree of indigenisation and lower cost of labour, he said. An analyst says the global satellite and launcher market has entry barriers for India, despite lower costs and capability, due to the limited number of players and launches of satellites a year. “However, to covert all of them into market opportunities is tough. Europe, America, Russia and China, every one will protect their interests,” said Y.S. Rajan, principal adviser on the space industry for the Confederation of Indian Industry. According to Rajan, Indian space industry will benefit from down stream activities of space such as receivers, ground support services, satellite imagery and processing, which is expected to double to Rs12,000 crore in five years. Source: Tech News - Livemint.com | 25 Dec 2008 | 4:45 pm
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