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Who will protect Satyam minority shareholders now?By resigning, all the directors have left the minority shareholder in the lurch. Since the existing management faces a crisis of confidence from the shareholders Satyams share price has dropped by almost 30% over the last two weeks there are two ways to remedy this.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 5:24 pm Are independent directors sleeping at the wheel?A share buyback or a recast of the board, which Satyam is planning, may end the current turmoil but will still leave the larger question unanswered: Just what did these eminent people who sit on Satyam\'s board as independent directors do when the promoters were trying to push through the deal?Source: Moneycontrol Top Headlines | 30 Dec 2008 | 4:34 pm Slowdown in CV sales hit auto JVsThe slowdown in the sales of commercial vehicles has had an impact on the joint ventures that companies like Ashok Leyland, Eicher had forged with global auto majors.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 4:19 pm Lupin Labs targets fivefold sales growth in FY10Kamal K Sharma, MD, Lupin Labs, said generics have a fantastic future in the US, and Lupin is very well positioned to take requisite portion of that advantage into its own fold. \"We expect a very good run in 2009. Our top line would be almost like grown fourfive times, profits eight times and the company will do well even in 2010.\"Source: Moneycontrol Top Headlines | 30 Dec 2008 | 4:09 pm We\'re committed to IT, BPO biz: Satyam writes to staffAfter the resignation of three independent directors, and the Maytas fiasco, Satyam has written a letter to all employees to boost morale. The letter starts by summarizing that the company continues to be committed to the IT and the BPO business.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 3:19 pm RComm to roll out nationwide GSM service by June\'09Anil Ambani of Reliance Communications said the company will now offer nationwide \'enhanced\' GSM service, reports CNBCTV18. \"This nationwide GSM rollout will include over 11,000 towns. It is expected six months ahead of schedule, and will be completed in less than 15 months.\"Source: Moneycontrol Top Headlines | 30 Dec 2008 | 3:12 pm Firstsource Solutions calls off stake sale: SourcesThe downturn in capital markets seems to have had another casualty. Several venture capitalists and promoters are probably willing or waiting to cash out of their investments. This time, sources say, outsourcing company Firstsource Solutions is a victim. Its stake sale has been called off on account of valuations.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 3:00 pm US Treasury commits $6 bn to GM\'s financing armThe US Treasury has committed USD 6 billion to bail out GMAC, the financing arm of troubled US auto giant General Motors. As part of the measure, the Treasury will purchase a USD 5billion stake in the company and lend an addition USD 1 billion to the parent automaker.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 2:23 pm Reliance Infratel to raise funds in 2009: Anil AmbaniMumbai: Reliance Infratel, the infrastructure arm of Reliance Communications, is likely to raise funds from the market in 2009, Anil Ambani, chairman of the company, said on Tuesday. Responding to queries on the possible IPO of Reliance Infra, he said it would depend on the state of the markets. But he also said, “We will be open-minded on capital raising for Reliance Infra in 2009.” However, he didn’t indicate the amount the company would raise, nor did he mention whether it would be only equity or a combination of debt and equity. He said the company has been swamped by requests from a number of new entrants in telecom wanting to make use of RComm’s infrastructure like telecom towers. It will increase the valuation of the company and the company will announce the infra sharing plans soon, he added. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:42 pm Iraq to offer 10 oil fields in year-end bidBy Baghdad: Iraq will put 10 oil fields up for tender in a new round of bidding for international contracts that opens on Wednesday, the oil minister said. In comments on state-owned Iraqiya TV late on Monday night, Oil Minister Hussain al-Shahristani said the fields would include “giant discovered but undeveloped oil fields”, such as Majnoon and West Qurna Phase II. Shahristani said earlier this month that bidding would be opened on 31December, but the TV interview was the first time he has announced how many fields will be on offer. “On 31 December, we will announce the second bidding round to develop another 10 fields and we are moving at high speed to develop these fields,” he told the station. In June this year, Iraq announced a first bidding round for long-term contracts for eight big oil and gas fields. The oil ministry expects to announce the results of that round by the middle of next year. Iraq has the world’s third largest oil reserves but its creaking oil infrastructure is in need of massive investment to boost production, which Shahristani said averages around 2.4 million barrels per day (bpd). Shahristani told the station he expected the first round of bidding would help raise production to 4.5 million barrels per day in the next four to five years. “In the coming (second) bidding round which will be implemented after the first by a year or two, we will reach 6.0 million bpd. Such figures are astronomical considering the state of Iraq’s production in the past years.” Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:33 pm Fuel price cut next month: Deora - Economic Times
Source: Google News India - Business | 30 Dec 2008 | 1:25 pm JetLite reduces fares by up to 40%By MR New Delhi: Low-cost carrier JetLite Airways, a wholly-owned subsidiary of Jet Airways, today slashed fares on all sectors by up to 40% with immediate effect. A JetLite statement here said the Mumbai-Delhi economy class basic fare will now be available for Rs750, while the Mumbai-Chennai basic fare will be Rs595 and a Delhi- Hyderabad Rs999. The taxes and surcharge are applicable on these fares as usual. Another low-cost airline SpiceJet announced fares starting Rs99 across its network. The scheme is applicable for tickets booked at least 21 days prior to the date of travel and is valid till 30 June 2009. “At SpiceJet we remain committed to stimulating the market by making flying more affordable. This advance purchase fare is another step in that direction,” SpiceJet CEO Sanjay Aggarwal said in a statement. National air-carrier Air India also slashed its basic fares in the domestic sectors ranging 35-82% today. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:25 pm India Inc raises Rs 29,699 cr via rights issue this yearAmid the dearth of traditional modes of fund raising from the equity as well as debt markets, India Inc resorted to rights issue offerings and raised a whopping Rs 29,699 crore.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 1:24 pm Satyam independent director Prasad says to stayMUMBAI (Reuters) - One of two remaining independent directors of Satyam Computer Services said on Tuesday he would stay on the board at least until steps to strengthen the outsourcer's corporate governance had been taken.Source: Reuters: Money News | 30 Dec 2008 | 1:22 pm Rupee weakens by 5paise against dollarMumbai: The rupee on Tuesday eased by 5paise against the US dollar on month-end dollar demand by oil exporters amid a fresh surge in local stocks. At the Interbank Foreign Exchange market it moved in the range of Rs48.64 to Rs48.34 during the day after resuming slightly higher. It ended the day at Rs48.47/48. Forex dealers said oil refiners bought dollars at the month-end for their import payments amid tight supplies of the greenback. Rupee demand also remained weak due to capital outflows during the last week, they added. The global crude oil prices traded around $40 a barrel in Asian trade on Tuesday, while the BSE benchmark Sensex closed 183 points up. The Sensex closed at 9,716.16 points higher on hopes of announcement of another stimulus package by the government to boost economy. The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs48.50 and for the Single European currency at Rs67.95. The rupee premium on the forward dollar dropped sharply on heavy buying by exporters. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:21 pm Gold tumbles by Rs 200 per ten grams on weak global cues - Economic Times
Source: Google News India - Business | 30 Dec 2008 | 1:17 pm Indo-US team discovers therapy for pancreatic cancerWashington: A joint Indo-US team of scientists have discovered a new way of treating pancreatic cancer by identifying a receptor whose activation may be responsible for some types of the disease. The team of scientists from Johns Hopkins Kimmel Cancer Center in Baltimore, Maryland, and Institute of Bioinformatics in Bangalore identified a receptor called phosphorylated epidermal growth factor receptor (pEGFR), whose activation may be responsible for some pancreatic cancers. The new personalised therapy involves targeting the receptor, which is the activated form of a protein that binds to Epidermal Growth Factor (EGF), which promotes cell growth and differentiation. When EGF attaches to EGFR, it activates it as a tyrosine kinase enzyme, triggering reactions that cause cells to grow and multiply, a press release by the Johns Hopkins Kimmel Cancer Center stated. EGFR is found at abnormally high levels on the surface of many types of cancer cells, which may divide excessively in the presence of EGF, it said. In a new study, published online in the Journal of Proteome Research, the researchers suggest that physicians potentially could test patients for signs of pEGFR, then direct therapies such as EGFR inhibitors directly at the signal pathway its part of to shrink or prevent pancreatic tumors. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:15 pm Indo-US team discovers therapy for pancreatic cancerWashington: A joint Indo-US team of scientists have discovered a new way of treating pancreatic cancer by identifying a receptor whose activation may be responsible for some types of the disease. The team of scientists from Johns Hopkins Kimmel Cancer Center in Baltimore, Maryland, and Institute of Bioinformatics in Bangalore identified a receptor called phosphorylated epidermal growth factor receptor (pEGFR), whose activation may be responsible for some pancreatic cancers. The new personalised therapy involves targeting the receptor, which is the activated form of a protein that binds to Epidermal Growth Factor (EGF), which promotes cell growth and differentiation. When EGF attaches to EGFR, it activates it as a tyrosine kinase enzyme, triggering reactions that cause cells to grow and multiply, a press release by the Johns Hopkins Kimmel Cancer Center stated. EGFR is found at abnormally high levels on the surface of many types of cancer cells, which may divide excessively in the presence of EGF, it said. In a new study, published online in the Journal of Proteome Research, the researchers suggest that physicians potentially could test patients for signs of pEGFR, then direct therapies such as EGFR inhibitors directly at the signal pathway its part of to shrink or prevent pancreatic tumors. Source: Tech News - Livemint.com | 30 Dec 2008 | 1:15 pm Autonomy a way forward: OmarNew Delhi: After the decks were cleared for a NC-Congress government in Jammu and Kashmir on Tuesday, consensus chief ministerial candidate Omar Abdullah underlined the need for a “middle ground” and termed autonomy “a way forward in resolution” of the Kashmir problem. “NC believes autonomy is a way forward in resolution of this problem and I do not think why anybody should have serious reservations against it. It’s not unconstitutional to talk about it. It’s all within the framework of the Constitution,” Abdullah said. “We are not talking about inclusion of Pakistani currency into Kashmir. Autonomy was not a gift from Maharaja. It was something to which Pandit Nehru agreed,” he said while admitting “some middle ground could be worked out”. He also announced the party’s decision to have a deputy chief minister from Jammu region and promised representation to Kashmiri Pandits in the state cabinet. “I will be happy to have a dy cm, preferably from Congress in the cabinet from Jammu. If Congress does not name its candidate, we will have a Dy CM from Jammu from NC,” Abdullah said. The chief ministerial candidate also said that he would try to create an environment for the return of Kashmiri Pandits. “I have a huge responsibility towards Kashmiri Pandits and I would seek to create an atmosphere in which the displaced Pandits can come back to the valley,” he added. “NC will be nominating Kashmiri Pandits in the Upper House. We (NC and Congress) will get them in the cabinet. This is a large community and requires representation,” he said. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 1:10 pm Restoring member confidence top priority: Satyam directorTR Prasad, an independent director on the board of the beleaguered tech giant Satyam Computer Services, said restoring confidence of all shareholders is of utmost importance, reports CNBCTV18. He said the board meeting will take place soon.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 1:09 pm Suzlon raises stake in REpower to 73.7 per cent - Hindu
Source: Google News India - Business | 30 Dec 2008 | 12:59 pm Punjab Tractors enters into MOU with Sumitomo Corp - India Infoline.com
Source: Google News India - Business | 30 Dec 2008 | 12:57 pm IMG Broadcasting bags telecast rights of Chennai OpenBy RSM Chennai: IMG Broadcasting have bagged the television rights for $450,000 Chennai Open tournament to be held here from January 5-11 next year, giving opportunity to tennis lovers across 140 countries to watch the star-studded event. The prestigious tournament, to be held at the SDAT Nungambakkam Stadium here, will be telecast throughout the Indian sub-continent on Zee Sports as IMG’s television division TWI will be responsible for the production works, a release said here today. The 14th edition of the Chennai Open will be telecast through the TV broadcast network of 18 top international TV channels reaching more than one billion households across 140 countries worldwide, the release said. India’s number one player Somdev Devvarman and number two Prakash Amritraj will feature in singles draw, while Olympians Mahesh Bhupathi and Leander Paes will play with their respective partners in the doubles draw. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 12:46 pm R-Comm to roll out nationwide GSM service by June'09 - Moneycontrol.com
Source: Google News India - Business | 30 Dec 2008 | 12:45 pm Private equity, IT firms seen courting SatyamBANGALORE (Reuters) - A host of private equity firms and global information technology majors are likely to vie for a stake in Satyam Computer Services, as angry investors look for an exit or a change in the outsourcer's management team.Source: Reuters: Money News | 30 Dec 2008 | 12:39 pm BSE Sensex up 2 pct as rate cut hopes lift banksMUMBAI (Reuters) - The BSE Sensex rose nearly 2 percent on Tuesday as expectations of a further interest rate cut lifted financials, while troubled outsourcer Satyam Computer Services jumped on reports of private equity interest.Source: Reuters: Money News | 30 Dec 2008 | 12:30 pm I'll not quit a ship in trouble, says Satyam director"I am of the view that resigning from the Board now is like deserting a troubled ship," said Satyam's independent director TR Prasad.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 12:30 pm China's great migration wrenched back by crisisCHENGDU, China (Reuters) - The biggest migration in human history has gone into reverse.Source: Reuters: Money News | 30 Dec 2008 | 12:24 pm Corp lawyers, CAs hit out at Satyam I-directors for quittingResignation of four independent directors from the Board of Satyam Computers came in for criticism from corporate lawyers, company secretaries and chartered accountants.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 12:19 pm Rolta India acquires USbased Piocon TechRolta, one of India\'s leading engineering and IT companies announced the acquisition of Piocon Technologies, Inc. of Chicago, II, USA. K K Singh, Chairman and CEO, Rolta India said this acquisition brings the company in the right value chain in oil and gas and power and process industry.Source: Moneycontrol Top Headlines | 30 Dec 2008 | 12:15 pm RCom launches GSM services in 11,000 citiesRCom became the first telecom operator to offer mobile services on both CDMA and GSM platforms as it launched it GSM operations across the country.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 12:15 pm Who will protect Satyam minority shareholders now? - Moneycontrol.com
Source: Google News India - Business | 30 Dec 2008 | 12:10 pm Satyam gains on talk of PE stake, management changeMUMBAI (Reuters) - Shares in Satyam Computer Services jumped for the second day on Tuesday on speculation of private equity interest and a management change, while one of its largest investors said it could sell its stake in the outsourcer.Source: Reuters: Money News | 30 Dec 2008 | 12:10 pm DEALTALK-Private equity, IT firms seen courting India's Satyam - Reuters
Source: Google News India - Business | 30 Dec 2008 | 12:10 pm Indian rupee edges down on offshore dollar demand - Reuters India
Source: Google News India - Business | 30 Dec 2008 | 12:09 pm Indian cash rates end flat as funds comfortable - Reuters India
Source: Google News India - Business | 30 Dec 2008 | 12:09 pm Air India reduces basic fare upto 82% on domestic routesMumbai: National air-carrier, Air India on Tuesday slashed its basic air fares in the domestic sectors ranging 35-82%. The fare cut was effective from 1500 hours Tuesday, an Air India spokesperson said. The maximum reduction in fares was 82% on the Chennai-Bangalore route, while on Mumbai-Kolkata route, the reduction would be 35%, Air India said. The basic fare for travel between Mumbai and Delhi now stands reduced by 49%, the company said. The fare cut has come a day after Air India’s competitor and private air carrier, Jet Airways reduced its basic fares upto 40%. Another leading private air carrier, Kingfisher Airlines, had also announced reduction in its fares from 1 January. However, Kingfisher is yet to take a decision on the quantum of the cut. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 11:58 am Assocham revises GDP forecast to 7.1% for 2008-09New Delhi: Industry body Assocham has revised slightly downwards its forecast on the GDP to 7.1% for the current fiscal on account of slowdown in exports and industrial production. According to the Assocham Business Barometer (ABB) survey of 250 CEOs, about 80% projected GDP growth for 2008-09 at 7.1% from the earlier 7.6%, with strong waves of negative economic sentiment. A 2% decline in the growth rate for 2008-09 from the previous year can trigger a further slump in the economic activity that could pose serious threats of a slowdown in the forthcoming fiscal, it said. “The outlook for the fiscal 2009-10 is seen as even worse with the growth projections made at 6.5% as the effect of job cuts, negative production growth rate and stagnant US and EU economies would be felt on the Indian economy,” Assocham Secretary General D S Rawat said. The survey added that on account of a slowdown in agricultural growth in the first half of the fiscal at 2.9%, compared with 4.5% in the same period last year, the growth has been revised at 3.9%. Over 80% of CEOs said manufacturing sector, which has witnessed a negative growth of 1.2% in October, would take double hit from the rapid slackening of domestic demand and heavy shrinkage in new export orders. Services sector which recorded an average growth rate of 10.7% in last three years is expected to deteriorate to below 9% growth rate mark, it said. However, about 64% of the respondents said the interest rate cuts by the RBI will help in lifting the GDP growth. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 11:57 am AI reduces basic fares upto 82 per cent on domestic routesThe fare cut has come a day after Air India's competitor and private air carrier, Jet Airways reduced its basic fares upto 40 per cent.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 11:52 am Update: Oil falls below $40 on grim economic outlookLondon: Oil fell below $40 a barrel on Tuesday, pressured by gloom about prospects for world economic growth which outweighed heightened tensions in the Middle East due to the Israeli-Hamas conflict. Prices had jumped as much as 12% on Monday after Israel launched its fiercest air offensive in the Hamas-ruled Gaza strip in decades. US crude was down 77 cents at $39.25 a barrel by 4:45pm, having earlier touched a session high of $40.39. London Brent fell 60 cents to $39.95. “With most global economies struggling and credit markets still in an impaired state, it is hard to get too excited about the upside potential in energy markets attributable solely to geopolitical factors unless, of course, these are directed at the heart of the oil supply system,” said Edward Meir of futures broker MF Global. Oil is heading for a loss of nearly 60% this year, its biggest annual fall since futures began trading 25 years ago. It has dropped more than $100 from a record peak above $147 a barrel in July. “People are still wary of the global economic problems. There is still pessimistic news coming out of the States,” said Gerard Rigby, an analyst at Fuel First Consulting in Sydney. He said he would also be watching the dollar and stock markets moves. The dollar slipped against the euro and a basket of currencies, depressed partly by the Israeli offensive, which has helped to dampen dollar sentiment. The Organization of the Petroleum Exporting Countries has agreed its biggest-ever production cut of 2.2 million barrels per day (bpd) to fight the oil market slide. The group has cut output three times in an effort to remove about 5% of world supply. Opec oil supply, excluding Iraq and Indonesia, is expected to fall by 400,000 barrels per day in December as members boost compliance with their deal to reduce output, consultant Petrologistics said. The estimate indicates Opec has more than delivered on its pledge to lower supply from 11 members to 27.3 million barrels per day from 1 November to prop up prices. A poll of analysts forecast that US crude stocks will have fallen by 1.4 million barrels last week, while distillate inventories will have risen by 1 million barrels and gasoline stocks increased by 1.5 million barrels. Source: LatestNews-Home - Livemint.com | 30 Dec 2008 | 11:51 am Govt rejects demand for higher wages by oil PSU execsThe Government has rejected the demand for higher wages made by oil PSU executives stating that a strike threat cannot be held out to extract more.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 11:49 am Sensex extends gains; realty, auto shares surgeThe Bombay Stock Exchange benchmark Sensex advanced further by over 180 points on good buying support in realty, auto, IT and banking stocks.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 11:46 am Sensex ends up 183pts; Satyam surges 8% - Business Standard
Source: Google News India - Business | 30 Dec 2008 | 11:32 am Corp lawyers, CAs hit out at Satyam Independent directors for quittingNew Delhi: Resignation of four independent directors from the Board of Satyam Computers came in for criticism on Tuesday from corporate lawyers, company secretaries and chartered accountants, who raised the issue of ‘fiduciary duties’ of such nominees. “By resigning, they (independent directors) failed in their fiduciary duty to protect the interest of shareholders and other stakeholders, whose interest they represent on the Board,” said senior partner of the law firm Titus and Co Diljeet Titus while commenting on the decision of the four independent directors to quit the company. “In the present scenario, the board meeting would not be able to take crucial decision on buyback of shares,” President of Institute of Chartered Accountants of India Ved Jain said. Resignation of the directors on the fiasco over acquisition of two companies promoted by Satyam Chairman B Ramalinga Raju’s sons would make the board meeting of the company on 10 January a farce, said a company secretary. However, an official in the ministry of corporate affairs said that the meeting can, of course, take place but not before appointment of new independent directors, approved by the shareholders. Without wanting to be named, he said there was nothing wrong with the resignation of the independent directors, as “they might not be feeling comfortable”. But company law practitioner Naseer Ahmed said, “Prima facie, they are accepting the wrong which had happened at the Satyam’s Board meeting... They should not run away from their collective decision and responsibility...it also appears that they are influenced by some vested groups in the company.” Advocate Vibhu Bakhru, who practices with the Company Law Board, said the law makers had not made any distinction between promoter directors and independent directors. “It’s not a case of joint liability but that of several liability of each director,” he added. Four independent directors, including M R Rao (Dean of Indian School of Business), V K Dham (regarded as father of Pentium processing), K G Palepu (Professor, Harvard Business School) and M Srinivasan had quit the company following the controversy. The only two independent directors on the Board of the Satyam Computer Services are former Cabinet Secretary T R Prasad and former Dean of IIT-Delhi V S Raju. They left the SCS Board after the company abandoned the controversial deal to acquire two Maytas firms, promoted by the family of IT company Chairman Raju, in the face of stiff protests from investors who charged violation of corporate governance. Commenting on the role of independent directors in the Satyam case, senior Supreme Court Advocate C A Sundaram said though the directors could resign any time, “if a fraud is committed in their tenure, they can be held liable and cannot escape responsibility”. The liability of independent directors, he said, could not be brushed aside if they were aware of the information on the basis of which the controversial decision was made. They, he added, would also be held liable if they did not know something which they ought to have known. “It’s not a good thing”, Titus said, adding the independent directors should have taken more care in safeguarding the interest of stakeholders, which includes debtors, creditors and society at large. Adding further, Ahmed said that resignation was not the solution as the independent directors were appointed by the shareholders under Clause 49 of the Listing Agreement and had important functions to discharge. “Their loyalty should be towards the shareholders and stakeholders, not towards Raju. In a case like Satyam, the independent directors should be more duty-bound towards the stakeholders and face the situation,” he added. Source: Home - Livemint.com | 30 Dec 2008 | 11:31 am Healthy buying pushes markets upHealthy buying across the sectors pushed up Indian equities markets Tuesday for the second day in a row, with a key index gaining 1.92 percent over its previous close.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 11:30 am Close: Sensex rally on stimulus hopes, ends 182 pts upNew Delhi: The Bombay Stock Exchange benchmark Sensex made recovery from day’s intial low to end 1.92% up on Tuesday, 30 December buoyed by expectations of a second economic stimulus package by the government and possible interest rate cut by RBI. Markets started the day choppy but bounced back in the afternoon session as sectors like capital goods, bank and realty led the rally, with some bullish sentiment among metal, power and auto stocks. The 30-share BSE Sensex ended at 9,716.16 mark or 182.64 points higher and the broad based 50-share NSE Nifty ended at 2979.50, up by 57.30 points, a gain of 1.96%. Banking sector rose the most on hopes of interest rate cut by Reserve Bank of India. Despite controversy surrounding Satyam Computer Services and its independent board members resigning, their shares remained top gainer on the BSE Sensex, trading higher by 8.33% at Rs160.60. Other top gainers on the index were Reliance Communications 7.16% to Rs228.10, Jaiprakash Associates 6.01% to Rs83.75, Mahindra and Mahindra 5.75% to Rs270.45 and Tata Motors 4.91% to Rs156.10. Meanwhile, Asian markets benefited from a rebound in oil prices as Israel continued to clash with Hamas. Japan’s Nikkei ended 1.28% but Hong Kong’s Hang Seng index ended 0.9% lower, its biggest yearly drop according to Reuters records that date back to 1983. Source: Home - Livemint.com | 30 Dec 2008 | 11:15 am Suzlon raises stake in REpower to 73.7 percentSuzlon Energy, India's largest wind turbine manufacturer, has acquired the first tranche of Martifer group's stake in REpower Systems AG of Germany for approximately euro 65 million ($89 million or Rs.4.23 billion), the company announced Tuesday.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 11:01 am Markets move north, Sensex gains 180 pointsIndian equities continued their rally Tuesday for the second day in a row amid healthy buys across the sectors. A key index ended the day 1.92 percent higher than its previous close.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 11:00 am Fog fallout: huge delays in flights, train servicesFlights and train services in the capital stayed awry Tuesday, a result of the thick fog that enveloped the region in the morning. Over 100 flights to and from Delhi were delayed and nine cancelled since midnight, an airport official said late in the afternoon.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 11:00 am Reliance Comm spends Rs10,000 cr on GSMMumbai: India’s no. 2 mobile operator, Reliance Communications has spent Rs10,000 crore on expanding GSM services across India, and expects to spend a further Rs2,000-4,000 crore on building 3G networks, chairman Anil Ambani said on Tuesday. Reliance’s GSM services will be available in 11,000 towns from Wednesday and the network will reach a total of 24,000 in a few months, Ambani said. “This massive GSM rollout marks the completion of our over Rs10,000 crore worth of investment programme,” he said. Source: Tech News - Livemint.com | 30 Dec 2008 | 10:51 am Beleaguered Satyam chairman seeks employees’ supportHyderabad: Under attack from investors and many of the Board members over the Maytas acquisition fiasco, Satyam Computer Chairman Ramalinga Raju on Tuesday solicited support of employees, saying everything possible was being done to get the company back on track. At the same time, he hit out at the detractors, including four directors who quit the Board over corporate governance issues, saying: “The Board arrived at its decision to bid for Maytas by following all required processes and procedures and while there was a spirited discussion among members, their vote to approve the motion was unanimous.” Click to read Ramalinga Raju’s letter to employees Breaking his silence on the embarrassing developments over the last two weeks, Raju said in an open letter to employees that “please be assured that the Board and the leadership team are doing everything that’s possible to get Satyam back on track. “We cannot do this without your help... I ask for your continued faith in Satyam and for your steadfast focus on your customers, specially in the face of wild speculation and unchecked rumours.” The letter comes amid reports of uneasiness among the over 50,000 employees of the company, even as speculation was rife that a chunk of its talented employees was already looking for other options. Source: Home - Livemint.com | 30 Dec 2008 | 10:49 am Troubled Ramalinga Raju turns to employees for supportSatyam Computer chairman Ramalinga Raju solicited the support of his employees, saying everything possible was being done to get the company back on track.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 10:37 am COLUMN - Eat, drink - and be miserly: Mark JohnMark John is standing in for Reuters columnist Paul Taylor. The opinions expressed are his own.Source: Reuters: Money News | 30 Dec 2008 | 10:33 am ONGC 'close to finish line' on Imperial bid - sourceLONDON (Reuters) - ONGC is near 90 percent acceptance of its 1.3 billion pounds ($1.88 billion) bid for Imperial Energy, the threshold at which it will be forced to complete the deal, a source familiar with the matter said on Tuesday.Source: Reuters: Money News | 30 Dec 2008 | 10:05 am Housing bank expects finance firms to reduce ratesIndia's apex housing finance institution, the National Housing Bank (NHB), expects housing finance companies to reduce lending rates, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 10:03 am Air India announces fare cut up to 82 percentA day after Jet Airways reduced fares on domestic routes, state-owned operator Air India Tuesday announced fare cut up to 82 percent in at least 20 sectors, mostly on metro routes, a senior airline official said.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 10:02 am International air traffic slumps in Nov: IATAGeneva: Struggling airlines faced more trouble in November, with passenger numbers down and freight hit by a “shocking” 13.5% fall, industry group IATA said Tuesday, warning of heavy losses. “The industry is now shrinking by all measures ... We can expect deep losses in the fourth quarter,” IATA chief Giovanni Bisignani said. International air passenger traffic in November was down 4.6% from a year earlier, marking the steepest fall in the past three months. In October, passenger traffic was down 1.3% after a fall of 2.9% in September, the International Air Transport Association noted. Meanwhile, international cargo traffic in November saw its largest drop since the 11 September, 2001 terrorist attacks. “The 13.5% drop in international cargo is shocking. As air cargo (accounts for) 35% of the value of goods traded internationally, it clearly shows the rapid fall in global trade and the broadening impact of the economic slowdown,” said Bisignani. IATA said earlier this month that it expects the industry to lose $2.5 billion (€1.9 billion) in 2009 due to the economic crisis after losses of some $5.0 billion this year. Source: World Business - Livemint.com | 30 Dec 2008 | 10:02 am International air traffic slumps in Nov: IATAGeneva: Struggling airlines faced more trouble in November, with passenger numbers down and freight hit by a “shocking” 13.5% fall, industry group IATA said Tuesday, warning of heavy losses. “The industry is now shrinking by all measures ... We can expect deep losses in the fourth quarter,” IATA chief Giovanni Bisignani said. International air passenger traffic in November was down 4.6% from a year earlier, marking the steepest fall in the past three months. In October, passenger traffic was down 1.3% after a fall of 2.9% in September, the International Air Transport Association noted. Meanwhile, international cargo traffic in November saw its largest drop since the 11 September, 2001 terrorist attacks. “The 13.5% drop in international cargo is shocking. As air cargo (accounts for) 35% of the value of goods traded internationally, it clearly shows the rapid fall in global trade and the broadening impact of the economic slowdown,” said Bisignani. IATA said earlier this month that it expects the industry to lose $2.5 billion (€1.9 billion) in 2009 due to the economic crisis after losses of some $5.0 billion this year. Source: Home - Livemint.com | 30 Dec 2008 | 10:02 am Reliance Communications launches GSM telephonyThe Reliance Anil Dhirubhai Ambani Group Wednesday launched its much-awaited GSM mobile telephone services spread over 11,000 towns and 340,000 villages with a capital infusion of Rs.10,000 crore (Rs.100 billion/$2 billion).Source: IndiaeNews.com: Business News | 30 Dec 2008 | 10:01 am Global meltdown, 26/11 hit gift shops businessMumbai: The global financial crisis and the recent terror attacks have hit the business of gift shops across the city particularly those in the malls. “The overall business is down by 15-20% but the business at malls has suffered more because the footfalls have come down as people are fearing to come. At stand alone stores, the business is normal as the locals are coming in,” said Archies Gallery Area Sales Manager (Maharashtra and Goa) Ram Prasad. At malls, the owners are facing problems to attract customers but at the same time the shopkeepers are expecting to generate good business in the coming days. “The business is not that good as compared with the last year as sales have dropped by nearly 20-25%. We hope that the coming year will bring some kind of relief to us,” said Amit Shah, Cashier, Archies Gallery at Raghuleela Mall in suburban Kandivali. “The incident has created fear among the citizens and they hardly come to the mall. “We thought since Diwali we would be able to generate good amount of business but things did not work at that time and now the situation is bad. We have also seen a drop in sales now at least by January-February we expect the sales to pick up,” said Irfan Shaikh, Manager, Blue Marine, Raghuleela Mall at Vashi in Navi Mumbai. Kishore Biyani-led Future Group that owns Big Bazaar, has seen good business because of its on-going festival - ‘The Great Indian Shopping Festival´ at the mall. “After we introduced the festival we have seen an increase in business of gift items and also an increase in terms of footfalls. We are expecting better sales... (even though) the recent terror attacks in Mumbai kept the citizens away from malls,“ said Mandar Naik, Store Manager, Big Bazaar at Vashi’s Raghueela Mall. Earlier the business was a bit down since September because of recession and last month’s terror attacks added more problems, he said. The Future Group is eyeing a revenue of Rs700 crore from the three-week long shopping festival that began on 13 December. The retail major has a pan-India presence of 1,000 outlets under its various brands, including Pantaloons, Big Bazaar, Food Bazaar, eZone, Hometown among others. But there is a different story at stand-by stores, which are doing good business but on slow pace. “Like every year sales are also some what similar but the pace is a bit slow. We have not felt the effect of the recent terror attacks and global meltdown much as compared to others,” said Jignesh Shah, Manager, Archies Gallery at Churchgate in south Mumbai. “We have seen a small amount of drop of nearly 10% in our business as compared to the Christmas season last year. “We purchase our goods from locals and we also import goods so in that case our business is bit affected. Most of our business is coming from college students. We hope things to be normal in some time,” said Dhiraj Shah, Manager, Satyam Collection at Churchgate. Source: Home - Livemint.com | 30 Dec 2008 | 9:58 am Reliance Comm says spends $2.1 bln on GSMMUMBAI (Reuters) - India's No. 2 mobile operator, Reliance Communications has spent 100 billion rupees ($2.1 billion) on expanding GSM services across India, and expects to spend a further 20-40 billion rupees on building 3G networks, Chairman Anil Ambani said on Tuesday.Source: Reuters: Money News | 30 Dec 2008 | 9:51 am 'Value of private equity investments dipped 60-70 percent in 2008'The value of investments made by private equity (PE) firms in 2007 were eroded by a whopping 60-70 percent or nearly $2.25 billion over the past few months amid turbulent economic conditions and falling stock markets, a study says.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 9:31 am Markets rally in afternoon tradeIndian equities shot up Tuesday afternoon after staying sluggish in the earlier sessions with a key index ruling 2.12 percent higher than its previous close about 70 minutes before the closing bell.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 9:30 am I’ll not quit a ship in trouble, says Satyam directorHyderabad: Voicing his resolve to continue on the Board of Satyam Computer Services despite the odds and making an ostensible reference to the resignations by four of the directors, an Independent Directors on Tuesday said quitting the firm at this stage is like jumping off a ship in trouble. “I am of the view that resigning from the Board now is like deserting a troubled ship. We should remember Satyam is a major player in global IT space, employing well over 50,000 of the best and the brightest of professionals, with vendor commitments to several global corporates and entities,” said Satyam’s Independent Director T R Prasad. He said that restoring the confidence of all the stake holders was the issue of utmost importance awaiting consideration of the Board, for which “we are also availing the services of DSP Merrill Lynch”. Restoration of the investor confidence became still more important as the company was “almost entirely” owned by the public at large, either directly or through FIIs, he added. Prasad further said the proposed measures to restore the confidence of investors include strengthening Satyam’s governance, inter alia, by increasing the size and altering the composition of the Board. “Completing this ongoing task, in my view, is a public duty and responsibility and I intend continuing on the Board at least till this commitment is fulfilled,” the Independent Director on the Satyam Board said. Source: Home - Livemint.com | 30 Dec 2008 | 9:13 am Omar Abdullah set to be next J&K CMNew Delhi: National Conference chief Omar Abdullah will be the next Chief Minister of Jammu and Kashmir heading a coalition government with Congress party. This was decided after Omar met Congress president Sonia Gandhi in Delhi on Tuesday afternoon. Emerging from the meeting, 38-year-old Omar said, “It has been decided that I will lead the coalition government in the state of which Congress will be a part of.” Omar, who will be the state’s youngest chief minister, said, “Other nitty gritty of the alliance will be worked out in due course of time.” Congress and NC were part of an alliance in J&K in 1987. Source: Home - Livemint.com | 30 Dec 2008 | 8:54 am CEOs see Indian economy growing at 7.1% in FY09 - surveyNew Delhi: The Indian economy is likely to grow by 7.1% in 2008/09, slower than 9% the previous year, as the global downturn and high borrowing costs trim demand, a survey of chief executives showed on Tuesday. The survey on 250 CEOs conducted by the industry body Associated Chambers of Commerce and Industry (ASSOCHAM) also said growth could further slide to 6.5 % in FY10 as the global economic situation worsens. The government needs to provide another “strong fiscal stimulus” to lift growth even if it widens the fiscal deficit gap, the survey said, while revising downwards the forecast to 7.1% from 7.6% estimated in July. Earlier this month, the federal government announced a Rs200 billion extra spending plan, cut factory gate duty rates by 4% on a wide range of manufactured goods and reduced state-set fuel prices to revive sagging growth. Source: Home - Livemint.com | 30 Dec 2008 | 8:50 am India CEOs see FYO9 GDP growth at 7.1 pct - surveyNEW DELHI (Reuters) - The Indian economy is likely to grow by 7.1 percent in 2008/09, slower than 9 percent the previous year, as the global downturn and high borrowing costs trim demand, a survey of chief executives showed on Tuesday.Source: Reuters: Money News | 30 Dec 2008 | 8:41 am New Year tourists avoid Chhattisgarh's Maoist zoneRising violence in Chhattisgarh's southern picturesque and hilly terrain of Bastar has led to tourists avoiding the Maoist zone during the New Year holidays, officials said Tuesday.Source: IndiaeNews.com: Business News | 30 Dec 2008 | 8:31 am Punj Lloyd gets order worth Rs150 crMumbai: Engineering and construction firm Punj Lloyd today said its Singapore-based subsidiary has bagged an order worth 44.7 million Singapore dollars (about Rs150 crore) from ExxonMobil for engineering-related projects. In a filing to the Bombay Stock Exchange, Punj Lloyd said that ExxonMobil Asia Pacific Pte Ltd has awarded this order for the execution of an engineering, procurement and construction contract for Jurong Strategic Study project in Singapore. The order has been received by Simon Carves Singapore Pte Ltd, which is a subsidiary of Punj Lloyd in Singapore, it added. Shares of the company were traded at Rs142.80, down 1.21% in the afternoon trade on the BSE. Source: Home - Livemint.com | 30 Dec 2008 | 7:52 am US expands auto bailout, Japan mulls fresh aidSingapore: The US government expanded its bailout of the auto industry, while Japan reportedly considered a $110 billion scheme to buy bad loans from banks, the latest in a string of government moves aimed at reducing the damage from the worst downturn since the 1930s. Japanese stocks finished modestly higher on their last trading day of 2008, capping a grim year which saw the Nikkei index plunge 42 percent, the biggest loss in its 58-year history, as recession fears battered global markets. Analysts forecast more pain for consumers and investors in 2009 as bleak economic news continued to flood in from around the world, but said hopes of more government rescue packages were helping to shore up financial markets for now. “Everyone’s pinning their hopes on economic stimulus policies by the United States and possibly China,” said Tomomi Yamashita, a fund manager at Shinkin Asset Management. “But people aren’t watching things like company results as closely as they should be. We can’t say for sure that the market’s bottomed out until we see these next spring.” The US government said late on Monday it was pumping $5 billion into General Motors’ auto and mortgage financing arm GMAC and lending an additional $1 billion to GM to help it buy shares in GMAC, which is considered crucial to GM’s survival. The loan to GM would come on top of assistance extended to the No. 1 US automaker earlier this month. The government agreed on 19 December to rescue GM and Chrysler LLC with up to $17.4 billion in loans to stave off a collapse that would have cost hundreds of thousands of jobs and dealt a severe blow to an economy already in recession. GMAC has lost $7.9 billion over the last five quarters as the global credit crunch lifted its borrowing costs sharply and the value of many of its assets plunged. Japan to rescue Japan’s government may also be weighing fresh moves to keep the country from sliding deeper into recession. The Sankei Shimbun reported on Tuesday that the government and central bank are hoping to launch a $110 billion scheme by the end of March to buy bad loans and other financial assets from banks using public money to ease the corporate credit crunch. The move would theoretically free up banks to lend more money to companies which are struggling to raise funds through more traditional means such as selling bonds or new shares. But banks worldwide are growing more reluctant to lend as they brace for a slew of bad loans as economies sour. Analysts also doubted whether any such plan would be as effective today as in the late 1990s, when Japanese banks were saddled with a much bigger pile of bad loans. The global crisis has shut many firms out of credit markets and slashed their earnings, forcing companies to postpone expansions, reduce production and cut staff, further undermining economic growth and impeding recovery. South Korea pledged on Tuesday to ramp up support for its banks next year as more grim economic news flooded in. South Korea’s industrial output fell 10.7% in November the biggest monthly decline since 1987, as domestic and export demand slumped. Some analysts say Asia’s fourth-largest economy will shrink next year for the first time in 11 years, putting pressure on its central bank to cut interest rates further. In New Zealand, data showed household borrowing fell for the first time in 17 years in November as consumers cut spending in the face of recession. Without a solid revival in consumer spending, there is little hope for a strong global recovery. Reports on Monday showed Europe was also slipping into a deeper funk. The French economy stalled, morale at Italian businesses sank to its lowest level since at least 1991 and the Chartered Institute of Personnel Development forecast as many as 600,000 people could lose their jobs in Britain next year. Many forecasters believe the downturn will continue well into mid-2009, with more layoffs and bankruptcies to come, but investors are hoping battered stock markets will rebound sooner in anticipation of a recovery. Source: Home - Livemint.com | 30 Dec 2008 | 7:15 am M&M to exit Swaraj Mazda by selling stake to SumitomoAuto major Mahindra & Mahindra is understood to have decided to exit from commercial vehicle maker Swaraj Mazda by selling its stake to Japan's Sumitomo Corporation.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 7:04 am Crude futures up 4%, hit upper circuit on global cuesCrude oil futures on Tuesday surged by four per cent and hit the upper circuit on firming trend in overseas market.Source: Daily News & Analysis: Money News | 30 Dec 2008 | 7:02 am Ford announces new self-parking technologyNew York: Sit back, relax and let your car parallel park itself without a single scratch or ding to your bumper. That’s what Ford Motor Co. said Tuesday about its new self-parking technology, which it announced will debut as an option on the 2010 Lincoln MKS sedan and the new seven-passenger Lincoln MKT luxury crossover vehicle. The technology uses ultrasonic sensors on the front and rear of the vehicle, combined with electric power steering to angle and guide it into a snug parking space all with the push of a button. Ford is not the first to introduce cars that practically park themselves. Toyota Motor Corp.’s Lexus luxury line has a video camera-based parking system that can calculate whether the vehicle has enough clearance for a particular spot. But Ford’s technology is easier to use and works in downhill parking situations, unlike competing systems, according to Ford’s president of the Americas, Mark Fields. “This one-touch function will be much safer to use and less intimidating,” Fields said. “It’s all part of our strategy to introduce smart technology to a vehicle that will make our lives easier.” The driver will still need to shift the transmission and operate the gas and brake pedals, as a visual or audible driver interface advises about the proximity of other cars, objects and people. Still, the driver never has to touch the steering wheel. The sensor system also monitors blind spots, and can notify the driver with a warning indicator light in the side view mirror if something is detected or if traffic is approaching. Meanwhile, the electric power steering can improve fuel economy and reduce carbon emissions because it is powered by the vehicle’s battery rather than hydraulic pump systems, Ford said. The company plans to fit nearly 90% of its Ford, Lincoln and Mercury vehicles with electric power steering by 2012. The parking assistance technology will be featured at the North American International Auto Show in Detroit in January, and will be available in its new models in mid-2009. Among Detroit’s automakers, Ford is considered the best positioned to weather the industry slump and has said it does not need federal loans to survive, but its sales have withered and its stock has plunged. Fields said pricing on the new models was not available, but added he believes it is an affordable way to eliminate unease about parking. “I don’t know about you, but when I was taking my driving test, parallel parking was the most stressful part,” he said. Source: Tech News - Livemint.com | 30 Dec 2008 | 5:21 am U.S. puts up $6 bln to support auto lender GMACWASHINGTON (Reuters) - The Bush administration on Monday expanded its bailout of the U.S. auto industry, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion.Source: Reuters: Money News | 30 Dec 2008 | 4:57 am Land Rover sales fell by 18% this year: Report!Land Rover, a unit of the Indian group Tata, saw sales fall by 18 percent worldwide this year and by 12 percent in Germany, the head of its German operations said in a press report to appear on Tuesday.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Kuwait cancels USD 17 bn deal with Dow Chemical!Kuwait on Sunday decided to scrap a deal to form a USD 17.4 billion petrochemical joint venture with US company Dow Chemical (DOW.N).Source: Zee News : Business | 30 Dec 2008 | 12:41 am Satyam surges as promoter stake sold!Satyam Computer Services` stock today surged over 10% on the bourses after the company said that institutional lenders were possibly selling promoters` equity that is entirely pledged with them.Source: Zee News : Business | 30 Dec 2008 | 12:41 am SEBI to hire more legal hands!Market watchdog SEBI has called for applications from legal professionals to strengthen its legal team, according to information available on the regulator`s website.Source: Zee News : Business | 30 Dec 2008 | 12:41 am India Inc hiring slows down 22% in Oct: Report!Reeling under the impact of the global economic crisis, India Inc has scaled down its hiring plans with recruitment falling by nearly 22 percent in October, a latest report by a job portal says.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Bombay HC paves way for family settlement between Bajaj brothers!The six-year long corporate dispute between the Bajaj brothers could end by tomorrow, with the Bombay High Court on Monday allowing elder sibling Rahul to transfer control of sugar company Bajaj Hindusthan to Shishir.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Gold gains to 11-week high !Gold advanced for a second day to an 11-week high as mounting geopolitical tensions in the Middle East boosted the appeal of the precious metal as a haven.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Madoff impact: Suisse clients may have lost 640 mn pounds!The clients of Credit Suisse could have lost nearly one billion Swiss Franc (about 640 million pounds) which they had invested with Wall Street trader Bernard Madoff alleged of committing 50-billion dollar fraud.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Govt to refer Satyam deal to SFIO!The govt on Monday said it would refer the 1.6 billion-dollar Satyam-Maytas failed deal to SFIO.Source: Zee News : Business | 30 Dec 2008 | 12:41 am Unitech shareholders meet on January 19 to consider fund raising!India`s second largest realty firm Unitech, which is reeling under liquidity crunch, on Monday said the company`s shareholders will meet on January 19 to consider raising of Rs 5,000 crore through issue of securities.Source: Zee News : Business | 30 Dec 2008 | 12:41 am 3 more Satyam directors quitHyderabad, Dec. 29 A beleaguered Satyam Computer Services today suffered another major blow with three top independent directors quitting.Source: Business Line - Home Page | 30 Dec 2008 | 12:00 am Large-cap funds offer cushionIf 2008 had one positive stock market event, it was the Sensex hitting its all-time high in January; only to witness one of its steepest falls in recent times.Source: Business Line - Home Page | 30 Dec 2008 | 12:00 am Sensex gains 200 points on stimulus package hopesMumbai, Dec. 29 Expectations of another stimulus package — including a rate cut by the Reserve Bank of India – and positive cues from overseas market boosted sentiment in the equity market onSource: Business Line - Home Page | 30 Dec 2008 | 12:00 am PNB slashes prime lending rate to 12%Mumbai, Dec. 29 Anticipating a further reduction in interest rates by the central bank, Punjab National Bank on Monday announced a 50 basis points cut in its benchmark prime lending rate from 12.5 per cent to 12 per cent with effect from JanuarySource: Business Line - Home Page | 30 Dec 2008 | 12:00 am Day Trading GuideWe notice formation of bullish doji candlesticks in DLF, Infosys and L&T, signalling bullishness. We recommend a buy in these stocks.Source: Business Line - Home Page | 30 Dec 2008 | 12:00 am Telecom maintains ‘ringing’ growthNew Delhi, Dec.29 Despite the controversy over spectrum allocation and a slowing economy, the telecom sector continued to grow at a scorching pace this year. The number of telephone users in the country grew from 272 million in December 2007 toSource: Business Line - Home Page | 30 Dec 2008 | 12:00 am Global crisis and commodity pricesAs an extraordinary year draws to a close, all that is clear for the future is that very little is clear. In the global economy, many processes that were unleashed during this period are yet to unfold fully, and their future direction is dependentSource: Business Line - Home Page | 30 Dec 2008 | 12:00 am Cummins India (Rs 211.70): BuyWe recommend a buy in Cummins India from a short-term trading horizon. It is evident from the charts of Cummins that it was on an intermediate-term downtrend from its September peak of Rs 330. It found support at Rs 185 on December 11, which is alsoSource: Business Line - Home Page | 30 Dec 2008 | 12:00 am Ad industry thrives on spends from telecom, FMCG sectorsMumbai, Dec. 29 The telecom and fast moving consumer goods industry have been the two categories which have sustained ad industry growth rates (estimated at below 11 per cent) for 2008. While the first half of the year saw robust growth rates,Source: Business Line - Home Page | 30 Dec 2008 | 12:00 am IL&FS Trust sells 44.1 lakh Satyam sharesMumbai, Dec. 29 IL&FS Trust Company Ltd — believed to be one of the institutions with whom the shares of the promoters of Satyam Computer Services were pledged — on Monday sold 44.1 lakh shares of the beleaguered IT firms in theSource: Business Line - Home Page | 30 Dec 2008 | 12:00 am Reliance Money, FTIL plan stock exchangesThe National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are set to have some serious competition.Source: Business Standard | Front Page Headlines | 29 Dec 2008 | 7:20 pm Court asks Rahul Bajaj to compensate minority shareholderA day before the settlement of the six-year-old Bajaj family dispute, the Mumbai High Court has asked Rahul Bajaj, the family patriarch and chairman of Bajaj Auto, to compensate the Pittie family, aSource: Business Standard | Front Page Headlines | 29 Dec 2008 | 7:19 pm Raju family's stake in Satyam halvesThe stake of B Ramalinga Rajus family in Satyam Computer Services may have come down to just around 4 per cent from 8.61 per cent of the equity of Rs 134.10 crore as at the end of MarchSource: Business Standard | Front Page Headlines | 29 Dec 2008 | 7:17 pm Satyam loses 3 more directorsSatyams cup of woes is brimming over, with three more independent directors resigning today, which has brought down the board strength to 6 from 10.??Their resignations follow widespreadSource: Business Standard | Front Page Headlines | 29 Dec 2008 | 7:16 pm
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