|
|
|
|
Satyam\'s board meet ends; new audit firm within 48 hoursThe first meeting of newlyconstituted members of beleaguered tech giant Satyam Computers Services ended on Monday. Deepak Parekh said, We will appoint a new accounting firm in the next 48 hours, which will restate financials and announce the thirdquarter results.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 5:51 pm Cos whose promoters have pledged their sharesSRF Polymers had pledged nearly 18% with Kotak Mahindra Prime and Cholamandalam DBS Finance. SRF Polymers has been pledging shares since the beginning of the year. The promoters of Sobha Developers have pledged nearly 24.5% with Bank Sarasin and Credit Suisse.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 5:23 pm HIRCO\'s proposed reverse merger put on holdShareholder protests have finally put a halt on the proposed reverse merger of HIRCO, the AIMlisted investment vehicle of the Hiranandani Group. The all important EGM that was to decide the fate of this merger on January 16 has also been called off.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 5:05 pm Bajaj Auto to launch XCD 135 on Jan 21Bajaj Auto has had a tough fiscal so far, with sales volume dropping by 8%. But it is hoping that 2009 will be a better year with a slew of new launches, which it hopes will script a turnaround for the company. The first one will roll out on January 21.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 4:12 pm RILRNRL case: Govt counsel files injunction on KG gas saleThe government counsel in the Reliance Industries (RIL)Reliance Natural Resources (RNRL) case, has sought the modification of injunction on the sale of KrishnaGodavari basin gas, reports CNBCTV18. The government counsel said it would file an affidavit if NTPC could be treated as a government nominee.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 2:00 pm World Bank names blacklisted Indian IT firmsThe World Bank said on Sunday it plans to publish the names of all companies it bars from receiving bank contracts, and named three Indian firms.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 1:59 pm Don\'t poach Satyam customers: Nasscom tells India IncWelcoming the reconstitution of the scamtainted Satyam board, NASSCOM Chairman Ganesh Natrajan on Monday said the apex body had advised its members to desist from making \"unsolicited offers\" to the customers of the beleagured company, which has earned the dubious reputation of being \'India\'s Enron\'.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 1:21 pm Raju confesses: Why and how of the Satyam conThe arrested Satyam top brass claim PricewaterhouseCoopers (PwC), the company auditors, never warned Satyam of discrepancies in accounts over the last seven years.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 1:14 pm Not aware of Kiran Karnik being on EMRI board: PC GuptaMinister of Corporate Affairs PC Gupta, said he was not aware that Kiran Karnik, newlyappointed Satyam board member, was also on the board of Emergency Management and Research Institute (EMRI). Commenting on the same, EMRI CEO, Venkat Changavalli said Karnik resigned from EMRI governing board on January 9.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 1:04 pm Sensex tumbles nearly 300 points on Wipro issueThe Bombay Stock Exchange benchmark Sensex on Monday, tumbled nearly 300 points, the third time in a row, on aggressive selling by funds.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 12:41 pm Sensex sheds 134 pts in early trade!Continuing its slide for the third straight session, Sensex fell by another 134 points.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm Infrastructure growth slows to 2.2% in Nov 2008!Growth in India`s six core infrastructure industries slowed to 2.2 per cent in November 2008 as petroleum refinery products, electricity production and finished steel showed poor performance.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm Manipulated Satyam accounts for 7 yrs, confesses Raju!In his first confession, ex-chief of Satyam Technologies B Ramalinga Raju has said that the turn of events following his admission of fraud have been unexpected. Raju had owned up the falsification in the IT major`s books.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm Russia gas deal collapses!Moscow, Jan 12: An EU-brokered accord on terms for Russia to resume gas supply to Europe collapsed.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm WB bars Wipro, another IT firm from doing biz!World Bank on Monday said it has decided to debar Indian software vendors Wipro as also Megasoft from directly doing business with the bank group under its corporate procurement programme.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm Car sales down 6.9 %, bikes 22.9%!Domestic car sales declined by 6.9 percent in December 2008 to 82,105 units.Source: Zee News : Business | 12 Jan 2009 | 12:29 pm Citigroup under pressure to rejig board : ReportCitigroup is under pressure from Federal Banking regulators for shuffling its board amid concerns whether chief executive Vikram Pandit will retain his job.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 12:14 pm Tata Power signs MoU with Gujarat govt to set up power plant - Economic Times
Source: Google News India - Business | 12 Jan 2009 | 12:13 pm Educomp inks pact with UP govt for training programme - Hindu Business Line
Source: Google News India - Business | 12 Jan 2009 | 12:12 pm Sensex down for third straight day; Satyam gains 44%The Sensex closed down by nearly 300 points on Monday with some of the blue-chip IT stocks tumbling on reports of the World Bank banning 5 more software developing companies.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 12:10 pm Satyam shadow clouds IT firms Q3 results - Reuters India
Source: Google News India - Business | 12 Jan 2009 | 12:09 pm Aditya Birla Nuvo says fertiliser unit resumes production - Reuters India
Source: Google News India - Business | 12 Jan 2009 | 12:08 pm Indian shares fall 3 pct; Satyam jumps, Wipro drops - Reuters
Source: Google News India - Business | 12 Jan 2009 | 12:07 pm Ashok Leyland bags export orders from Honduras, ThailandThough its domestic sales have witnessed a steep fall, there is good news for India's second largest commercial vehicle manufacturer Ashok Leyland Limited, as it has bagged a export order from Honduras and Thailand, a senior official of the company said Monday.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 12:02 pm No impact of World Bank ban on business, says MegasoftIndian technology firm Megasoft Ltd Monday said there would be no financial impact on its operations from the World Bank decision to debar it from outsourcing services.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 12:00 pm Bajaj Auto to launch XCD 135 on Jan 21 - Moneycontrol.com
Source: Google News India - Business | 12 Jan 2009 | 11:55 am Academicians celebrate birth centenary of Levi StraussNew Delhi: Hundreds of academicians, thinkers and students from India and abroad Monday celebrated the birth centenary of French anthropologist Claude Levi Strauss, who altered the way the West looked at other civilizations. At a conference organised to mark the 100th birthday of the living legend, speakers portrayed how their favourite Levi-Strauss has been a constant source of encouragement to them. “Levi Strauss came to my life as an author. It was simply marvellous reading his books,” French Ambassador to India Jerome Bonnafont said addressing the gathering. Describing him as one of the “most impressive intellectuals” of France, Bonnafont said he contributed immensely in creating respect among various cultures. The two-day conference titled “My favourite Levi-Strauss” is being participated by renowned anthropologists from the Chicago University, London School of Economics, Columbia University and College de France. Renowned social anthropologist Andre Beteille said Levi Strauss has been a “treasure” for France in a very special way who made the world change its perception towards the ‘primitive´ tribes. “This is a man who created anthropology in a different way. He has been so versatile and so incisive,” he said. For more than five decades, Levi-Strauss has influenced professional anthropologists and scholars in all the social sciences through his wide ranging researches. Levi-Strauss was born in Brussels in 1908. Levi-Strauss studied at the University of Paris and in 1950 he became Director of Studies at the Ecole Practique des Hautes Etudes. His books include The Raw and the Cooked, The Savage Mind, Structural Anthropology and Tristes Tropiques. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 11:47 am 'No conflict of interest in competitors being on Satyam board'The govt does not see any conflict of interest in HDFC chairman and a former Nasscom president, who are directors on the board of Satyam's competitors, being on the company's board.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:45 am New Satyam board gets cracking today - Business Standard
Source: Google News India - Business | 12 Jan 2009 | 11:44 am Sensex tumbles nearly 300 points on Wipro issue - Hindu
Source: Google News India - Business | 12 Jan 2009 | 11:43 am Convene all-party meeting to discuss Maytas projects: CPI(M) - Hindu
Source: Google News India - Business | 12 Jan 2009 | 11:43 am Govt may extend financial support to Satyam - Economic Times
Source: Google News India - Business | 12 Jan 2009 | 11:42 am Bond yields fall; auction details awaitedMumbai: Federal bond yields eased on Monday as the government did not announce the date for the Rs100 billion debt auction due between 13 January and 20 January. At 1:50pm, the 10-year benchmark bond yield was at 5.88%, below Friday’s close of 6.20%. However, bond yields rose as much as 10 basis points after the industrial data came in higher than market expectations. Industrial output ose 2.4% in November from a year earlier, rebounding from the previous month’s revised decline of 0.3%. Traders said they would now look for auction details from the RBI before taking fresh positions. If the auction is coupled with a buyback of intervention bonds, then yields could fall, whereas, if there is only fresh bond sale then yields are likely to rise. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 11:40 am Fresh reality investment plans take a hit: AssochamFresh investment plans in the real estate segment have taken a plunge of about 82 per cent between the first and the third quarter of the current fiscal.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:39 am Satyam news conference delayed to 05:30 pmHYDERABAD, India (Reuters) - Satyam Computer Services on Monday has delayed by half an hour a news conference to be held after the first meeting of its newly constituted board.Source: Reuters: Money News | 12 Jan 2009 | 11:36 am Vodafone launches BlackBerry StormPTI New Delhi: Mobile service operator Vodafone today launched in India the BlackBerry Storm - the first touch screen smart-phone from the Research In Motion (RIM) stable. BlackBerry Storm, priced at Rs27,990, will be exclusively available for Vodafone customers in India from January 15 this year, the cellular operator said in a statement. Vodafone will create more than 150 experience zones across the country in Vodafone Stores and Modern Trade Outlets to experience the smart-phone, it added. “The BlackBerry Storm offers our enterprise customers the most secure and reliable e-mail and messaging experience combined with all the desirable smart-phone features, thus enabling them to further balance work and personal lives,” Vodafone Essar Director (Enterprise Business, Corporates and Carriers) Ravinder Takkar said. The touchscreen handset has a 3.25-inch screen, 3.2 megapixel camera with variable zoom, and one GB of on board memory storage expandable up to 16GB. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 11:36 am Bajaj to launch new bike next weekThe company said in a statement an all new sports commuter motorcycle, the Bajaj XCD 135 DTS-Si, will be launched on January 21.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:34 am Govt looking at all aspects to help Satyam - Kamal NathNEW DELHI (Reuters) - The Indian government is looking at all aspects to help troubled outsourcer Satyam Computer Services Ltd, Commerce and Industry Minister Kamal Nath said on Monday.Source: Reuters: Money News | 12 Jan 2009 | 11:33 am SBI exposure in Maytas is about Rs 500 crore: BhattState Bank of India on Monday, said it has an exposure of nearly Rs 500 crore in two Maytas firms promoted by the family of Satyam's disgraced founder Ramalinga Raju.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:30 am ONGC to spend $600 mln in Imperial assets - co sourceNEW DELHI (Reuters) - Oil and Natural Gas Corp will invest $600 million to develop assets of Imperial Energy in the next two to three years, an ONGC official told reporters on Monday.Source: Reuters: Money News | 12 Jan 2009 | 11:24 am Closing: Sensex ends 3.1% down, Satyam gains, Wipro fallsNew Delhi: The BSE benchmark, Sensex, continued to fall for the third straight session, on the heels of the Satyam debacle and the offloading by foreign funds. The Sensex ended 296 points or 3.1% down at 9,110 and NSE Nifty ended 100 points or 3.4% down at 2,773 on Monday, as the low Asian markets weighed on the benchmark sentiments. Sensex opened more than 122 points down in early trade and the 50-share NSE by 53 points down following the Satyam fraud and the weakening trends in the Asian markets and concerns around quarterly earnings. Satyam shares climbed after the government appointed a three-member-board comprising Deepak Parekh, Kiran Karnik and C Achuthan. The company’s share price closed at Rs34.40, up 44.23% on the BSE. Wipro shares fell more than 12% following news that the World Bank has barred it from direct contracts until 2011. It closed at Rs227.50 down by Rs23.55. Shares of ONGC at Rs653, Reliance at Rs1,097, NTPC at Rs 170, TCS at Rs512, Infosys at RS1,159, ACC at Rs496, CBI at Rs 1,158 closed down on the BSE index. Source: Home - Livemint.com | 12 Jan 2009 | 11:24 am Anil Ambani welcomes Sebi move for counter audit of top cosBy PTI New Delhi: ADAG group chairman Anil Ambani has asked market regulator SEBI to ensure confidentiality of commercial and other information while carrying out counter audit of top corporate houses in the wake of a mega financial fraud in Satyam leaving a blot on India Inc’s image. Welcoming Sebi’s initiative on establishing and certifying quality of audit, Ambani said: “We are confident that as part of its supervision, SebiEBI will ensure compliance with the highest standards applicable to the process and will also ensure that the selection of reviewers takes into account their merit, as also issues relating to confidentiality of commercial information. Sebi, last week, had decided to review the earnings statement of all the companies that figure in the elite stock trackers Nifty-50 and Sensex-30 to avoid Satyam-like situation. Such a review would be in relation to the last quarterly results and last audited annual financial results, the regulator had said in a statement. Sebi will also prepare a panel of auditors to conduct the exercise, which would be taken following the publication of third quarterly results and is likely to be completed by end-February. According sources in Sebi, Ambani said in his letter to regulator C B Bhave that such an exercise would go a long way in giving confidence to the quality of audit and adherence to auditing standards in India. When contacted, ADA Group spokesperson confirmed the development. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 11:21 am IT stocks nosedive on World Bank banStocks of IT companies, including Wipro and Megasoft, took a beating at the bourses after it was revealed on Monday that the two firms were barred from doing businesses with the World Bank.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:18 am ICRA suspends ratings of Maytas InfraRating agency ICRA has suspended the ratings assigned to Raju-family owned company, Maytas Infra follwing the "recent developments at Satyam Computers".Source: Daily News & Analysis: Money News | 12 Jan 2009 | 11:16 am BSE Sensex falls 3 pct; Satyam jumps, Wipro dropsMUMBAI (Reuters) – The BSE Sensex fell 3.15 percent to its lowest close in more than five weeks on Monday as investors braced for tough quarterly earnings, but scandal-scarred Satyam jumped 44 percent on hopes a government-appointed board will rescue the company.Source: Reuters: Money News | 12 Jan 2009 | 11:00 am Court to hear Raju's bail plea; SEBI plea on Jan 16A city court on Monday deferred till January 16 hearing on bail applications filed by Satyam's three disgraced executives including Ramalinga Raju.Source: Daily News & Analysis: Money News | 12 Jan 2009 | 10:59 am Won\'t pick further stake in Satyam: LTYM Deosthalee, CFO, LT said the governments initial action of forming a new board is definitely a very good and welcome move and the persons elected on the board are all good names. He clarified that LT wont pick up anymore stake in Satyam.Source: Moneycontrol Top Headlines | 12 Jan 2009 | 10:47 am SBI exposure in Maytas is about Rs500 crore: BhattAhmedabad: State Bank of India Monday said it has an exposure of nearly Rs500 crore in two Maytas firms promoted by the family of Satyam’s disgraced founder Ramalinga Raju, although there was no direct exposure to the beleaguered IT company itself. “Our exposure in Maytas Properties and Maytas Infra both fund and non-fund is less than Rs500 crore,” SBI Chairman O.P. Bhatt told reporters on the sidelines of Vibrant Gujarat Global Investors’ Summit. Maytas Properties and Maytas Infra are promoted by Raju’s family and have interests in realty and construction. There is no exposure of the bank in Satyam Computer Services, Bhatt said, adding “there are no personal loans given to Raju and their sons”. Noting there is no problem with the Maytas accounts, Bhatt said all the exposure are collateralised and accounts are regular. The bank is reviewing all these accounts and at the same time sharing information with both the central government and the Reserve Bank of India to see if there is need to take proactive action from its side, the State Bank chairman said. Asked about the risk, Bhatt said, there could be some risk if the projects for which loans were given do not take off. Funds are generally given after due diligence. Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy said Sunday that he had asked the chief secretary to review the ability of the Maytas firms to execute projects awarded to them in light of the problems the promoter family is facing. Bhatt, however, said Satyam does provide services to IT-Department of the bank along with other reputed vendors like Infosys, Tata Cnnsultancy Services and Wipro. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 10:45 am Tata Motors to raise up to Rs2,700 cr via public borrowingPTI New Delhi: Leading car maker Tata Motors is looking at raising up to Rs2,704.07 crore through public borrowing, offering up to 13.5% returns, as it struggles to finance its $2.3 billion purchase of British marquees Jaguar and Land Rover. In a public announcement, the company said regulations allowed it to raise up to Rs772.59 crore from its shareholders and Rs1,931.48 crore from general public totaling Rs2,704.07 crore. The company, which in December last year offered 10% interest on a minimum public deposit of Rs20,000 for a year, 10.5% for two years and 11% for three years, is offering an additional 0.5% for investments by senior citizens, its shareholders and and employees. When contacted by PTI, a company spokesperson said: “This is an open ended scheme with no time limit. Investors can invest till the time company communicates the closure of the scheme.” Tata Motors is offering two fixed deposit schemes -- a quarterly income plan with interest ranging from 10-11% on minimum deposits of Rs20,000 and another cumulative deposit plan at similar rates but compounded quarterly, which offers yield up to 12.83% for normal investors and 13.5% for senior citizens, Tata Motors shareholders and employees. The last time Tata Motors made public borrowings was in 1995. The company has been struggling to raise funds to replace the $3 billion bridge loan it had taken to acquire JLR, the transaction for which was completed last June. Last year, it had got board approval to raise up to Rs7,200 crore separate rights issues to part-finance buyout of JLR. Its right issue, however, closed in October with a weak response, forcing the promoters to subscribe a major chunk thereby taking their holding to 42% from 33%. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 10:34 am Markets end day at a lossIndian equities shut shop in the red Monday with a key index shedding 3.18 percent over the previous closing figure.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 10:30 am Commercial vehicle sales worst hit in DecemberThe struggling auto industry continued to tumble for the fourth consecutive month with the commercial vehicle (CV) sales for December dipping 58.2 percent and overall sales declining 18.2 percent year-on-year, data released Monday showedSource: IndiaeNews.com: Business News | 12 Jan 2009 | 10:30 am 25 lawyers to defend former Satyam officialsA battalion of 25 lawyers will defend disgraced former chairman of Satyam Computer Services B. Ramalinga Raju and two other accused in the Rs.70 billion ($1.43 billion) fraud case.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 10:30 am World markets fall after US unemployment risesHong Kong: Asian stock markets retreated Monday, with Hong Kong’s benchmark off nearly 3%, as a jump in U.S. unemployment heightened concerns the global economy is facing a prolonged slump. European markets were slightly lower in early trade. Investors were rattled by a much-anticipated report released Friday that showed the unemployment rate in the world’s largest economy increased to a worse-than-expected 7.2% in December from 6.8% in November. Meanwhile, employers cut 524,000 jobs, bringing job losses for all of 2008 to 2.6 million the most since 1945. While hardly surprising, the figures were still more evidence that the magnitude and duration of the global recession could be worse than many anticipated. For Asia, the news was especially unsettling as rising unemployment hurts consumer spending and erodes demand for the region’s exports. “After the grim reminder of the U.S. labor market, I think there’s the realization that it’s not going to be an easy ride,” said Song Seng Wun, head of research at CIMB-GK in Singapore. “Investors fear the global economy might be tanking worse than even pessimists expect.” As trading opened in Europe, Britain’s FTSE 100 was down 0.1%, Germany’s DAX declined 0.3% and France’s CAC-40 was off 0.2%. In Asia, Hong Kong’s Hang Seng Index fell for a fifth straight session, closing down 406.44 points, or 2.8%, at 13,971. Japan’s market was closed for a national holiday. South Korea’s Kospi dropped 24.21 points, or 2.1%, to 1,156.75, dragged down by Hyundai Motor Co. after the country’s largest carmaker said it would cut production between 25% and 30% at its domestic plants. The company’s shares sank 3%. In India, Mumbai’s Sensex benchmark lost 3% but shares of embattled outsourcing giant Satyam Computer Services Ltd. rebounded 40% after Indian authorities Sunday named three business leaders to its board to help turn around the firm. Australia’s key stock measure shed 1.4%, with heavy selling in Rio Tinto PLC, the world’s second-largest iron ore producer, after it postponed a $2.15 billion expansion of its iron ore mine in Brazil, citing the financial crisis. Rio’s stock finished down 6%. Shanghai’s main index pared losses to be down just 0.2% as Premier Wen Jiabao offered reassurances that efforts to break out of an economic slump were starting to show results, with the economy performing better than expected in December. China’s December trade figures are due to be released Tuesday, and analysts expect more weakness amid lackluster global demand. China’s exports fell in November for the first time in seven years and manufacturing activity shrank in December for a third straight month. Elsewhere, Singapore and Taiwan markets followed the region’s downward trend. U.S. investors, also unnerved by the jobs report, sent stocks veering lower Friday. The Dow Jones industrial average fell 143.28, or 1.6%, to 8,599.18, logging a 4.8% decline for the week, its biggest point and percentage loss since the week ended Nov. 21. Broader stock indicators also declined, with the Standard & Poor’s 500 index falling 19.38, or 2.1%, to 890.35. U.S. futures were lower, signaling a weak open on Wall Street. Dow futures fell 8 points, or 0.1%, to 8,515 and S&P500 futures slipped 1.1 points, or 0.1%, to 884.40. Oil prices edged lower, with light, sweet crude for February delivery down $1.49 cents at $39.34 a barrel in Asian trade. In currencies, the dollar slipped to 90.07 yen, down from 90.39, and the euro weakened to $1.3367 from $1.3470. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 10:28 am 5.8% growth of primary energy supply needed: DeoraNew Delhi: Petroleum and Natural Gas Minister Murli Deora Monday stressed the need for maintaining a 5.8% annual growth rate of primary energy supply to sustain about 9% economic growth for the next 25 years, to eradicate poverty and meet human development goals. “India needs to sustain economic growth of at least 9% over the next 25 years if it is to eradicate poverty and meet its larger human development goals. The primary energy supply must increase at the rate of 5.8% annually for fuelling the growth,” Deora said while addressing a session at Petrotech-2009. The minister said, “The more we can do to understand and remove the factors which constrain the global energy supply system and lead to increased market volatility, the better positioned we well be to meet the future energy requirements of a dynamic and growing global economy. “We all have stake in ensuring the availability of energy at a reasonable price for future generations.” Concerned at the volatility in crude oil prices in the international market, he pointed out, “Experience has taught us that very low prices and very high prices are not sustainable. During periods of low oil prices, capital tends to move out of energy to sectors offering higher returns. Low-priced energy encourages greater consumption. By reducing investment and increasing demand, periods of low prices have set the stage for an inevitable corrective rise in prices.” Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 10:10 am The Mozart Of Madras makes India proud yet againPTI Beverly Hills: From making ad jingles to getting India its first Golden Globe, A R Rahman continues to make the nation proud with his symphonies earning accolades from all corners of the world. Rahman, nicknamed the ‘Mozart of Madras´ by Time magazine, was born in Chennai on 6 January, 1966 as S Dileep Kumar but his family converted to Islam from Christianity in 1970s. The Indian Mozart started his career by composing ad jingles. He was particularly noted for the music he gave for a Bombay Dyeing ad which became very popular. Shortly after that in 1992, he was approached by film director Mani Ratnam to compose the score and soundtrack for Ratnam’s Tamil film ‘Roja´. The music of the film was a refreshing change from the run-of-the-mill renditions and gave Rahman his maiden Best Music Director trophy at the National Film Awards, the first time ever by a debutante film composer. Rahman entered the Hindi film industry with ‘Rangeela´, directed by Ram Gopal Varma. The music of the film became a rage and the genius continued to give some brilliant compositions for films like Bombay, Dil Se, Taal, Lagaan and Rang De Basanti among others. What made Rahman’s music click with the listeners was its use of refreshing use of percussions, sound and melody, most of which was inspired from Indian folk music. His 1998 superhit composition ‘Chaiyya Chaiyya´ was deeply rooted in Sufi mysticism. As his fame spread Rahman, gradually became a known face in the international arena and in 1999 he performed with king of pop Michael Jackson in Munich, Germany, for his ‘Michael Jackson and Friends Concert´. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 10:04 am Lalu Prasad begins tour to woo Japanese investmentRailways Minister Lalu Prasad left on a seven-day visit to Japan and Singapore late Sunday during which he will seek investment for his nationwide dedicated freight corridor project and ride the bullet train to see if it can be introduced in India, officials said.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 10:01 am Fossil fuels will supply a third of energy till 2030: PachauriPainting a gloomy picture of adverse climate change affecting countries across the globe, a leading energy expert has said that more than one-third of world energy demand would continue to be met by fossil fuels like coal till 2030.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 10:01 am Fraud-hit Satyam shares jump as rescue hopes growHYDERABAD, India (Reuters) - Shares in Satyam Computer Services Ltd jumped as much as two-thirds on Monday on expectations a government-appointed board will rescue the company in the wake of India's biggest corporate scandal.Source: Reuters: Money News | 12 Jan 2009 | 9:56 am Air India offers free stay for customers’ spouse at TajBy PTI New Delhi: National carrier Air India, which has recently announced free travel for customer’s spouse on domestic flights, has sweetened the offer allowing the companion to stay for free at Taj Hotels. The offer is available to customers staying at select Taj Hotels and is valid for travel until end of next month. “If you are staying at select Taj Hotels, your spouse can stay free too,” the airline said. Earlier this month, the carrier had announced ‘Spouse Plus Offer’, wherein the spouse of a customer travelling on certain domestic routes in executive class could do so for free. The offer, which became effective on January 7, would be valid till February 28. The spouse has to travel in the same class together with the customer for the entire journey to avail the offer. While there will be no fare or fuel surcharge for the spouse, passenger service fee and user development fee, as charged by the airports, would be levied. Source: LatestNews-Home - Livemint.com | 12 Jan 2009 | 9:53 am SBI: no Satyam exposure, $103 mln to MaytasMUMBAI (Reuters) - State Bank of India's, India's top bank, has no exposure to outsourcer Satyam Computer Services but has an exposure of about 5 billion ($103 million) to Maytas firms, the banks' chairman said on Monday.Source: Reuters: Money News | 12 Jan 2009 | 9:51 am Truckers' strike in eighth day in most statesMUMBAI (Reuters) - A strike by tens of thousands of truckers entered its eighth day on Monday after some key union officers were arrested, but deliveries of essential goods and commodities resumed in several states.Source: Reuters: Money News | 12 Jan 2009 | 9:44 am India, Canada to collaborate in agricultureIndia is set to sign a memorandum of understanding (MoU) with Canada for increased cooperation in the field of agriculture, the Canadian High Commission here said in a statement Monday.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 9:30 am India's industrial output up 2.4 percent in NovemberAfter registering a fall in October for the first time in 15 years on account of the global economic slowdown, India's industrial production rose by 2.4 percent the next month, latest official data showed Monday.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 9:30 am India plans to cut fuel prices in 10 days - govtNEW DELHI (Reuters) - India plans to cut the price of fuel in 10 days, a move analysts say is aimed at pleasing voters and lifting business sentiment ahead of general elections due by May.Source: Reuters: Money News | 12 Jan 2009 | 9:17 am Revenue safe: Megasoft on World Bank banNew Delhi: Software firm Megasoft, debarred by the World Bank from doing business with the international lender for four years, Monday said that there will be no financial impact on the company due to the punitive measure. “Megasoft has had no business from (the) World Bank since 2004 and hence there is no financial impact on the company due to this announcement,“said G.V. Kumar, managing director and CEO, Megasoft. Kumar further said, “The World Bank approached us in 2007 seeking details about Megasoft China Operations and we gave them all details.We had by then even shut down our China operations. They objected to (our) having a joint venture with an ex-employee of the World Bank and chose to debar us on (those grounds).” The World Bank said it barred Megasoft from bidding for contracts for four years in December 2007 for “participating in a joint venture with Bank staff while also conducting business with the Bank”. The World Bank said it had decided to debar Indian software firms Wipro and Megasoft from directly doing business with the bank group under its corporate procurement programme, taking the number of such vendors to three. The Bank had earlier announced debarring Satyam Computer. “This (was done) in the interest of fairness and transparency,” the Bank said in a statement. Now disclosure practices for companies that provide goods and services directly to the Bank are being aligned with the current policy governing procurement on Bank-financed projects in developing countries. Shares of Megasoft were trading at Rs14.60, down 7.89%, at the Bombay Stock Exchange after the announcement made by the World Bank. Source: Home - Livemint.com | 12 Jan 2009 | 9:07 am Market slump continuesIndian equities markets were still caught in a slump early Monday afternoon, with a key index shedding 2.5 percent over its close Friday.Source: IndiaeNews.com: Business News | 12 Jan 2009 | 9:00 am Business confidence sinks to 7-yr low - surveyNEW DELHI (Reuters) - India's business confidence sank to a seven-year low, with the bulk of corporates fearing a further weakening in the overall economic condition in the next six months, an industry survey showed on Saturday.Source: Reuters: Money News | 12 Jan 2009 | 8:54 am India’s manned moon mission by 2020: IsroSalem: The Isro proposed to undertake the country’s first manned moon mission by 2020 following the success of Chandrayaan-I, project director of Chandrayaan-I M Annadurai has said. The successful launch of Chandrayaan-I in October last year has given space scientists the confidence to undertake manned mission to moon, Annadurai told reporters here yesterday. The Chandrayaan-II mission is expected to be undertaken within a couple of years followed by Chandrayaan-III, he said. The Chandrayaan-I mission has been sending considerable amount of data and scientists are busy analysing it, he said. Several countries have approached India to set up a common lunar research centre for conducting various studies, the director added. Source: Tech News - Livemint.com | 12 Jan 2009 | 8:33 am Mid Session: Shares fall by 2.9%; Satyam up, Wipro downMumbai: The Sensex fell 2.9% on Monday, weighed down by weak Asian markets and concerns about quarterly earnings, but Satyam jumped two-thirds after the government stepped in to help restore confidence in the scandal-rocked outsourcer. Wipro shares dropped more than 12% after the no. 3 outsourcer said the World Bank had barred the company from direct contracts until 2011, citing a conflict of interest. The market briefly pared losses after industrial output IIP unexpectedly rose in November, but there was little support forthcoming with many uncertainties clouding the outlook. By 12:45pm, the 30-share BSE index was down 2.94% at 9,132.80 points, with 27 components lower. “Much of the negative sentiment in the market is due to weak global markets and also concerns about the quarterly earnings,” said Sandeep Neema, fund manager with JM financial Mutual Fund. Satyam shares were up 51.15% at Rs36.05, off a high of Rs40, after the company’s market value slumped to $330 million last week from more than $7 billion just six months ago following revelations of an accounting fraud. A newly constituted three-member board, appointed by the government, began a meeting on Monday in the southern city of Hyderabad to lay out a roadmap for clients and staff. The company is expected to hold a news conference at 5 pm. Wipro was down 9.3% at Rs227.45. Traders said investors were also concerned that the scandal at Satyam, which last week said it had falsely inflated profits for many years, would trigger tighter regulations. The Sebi said on Friday the certification of corporate results from the December quarter by auditors would be subject to peer review in a bid to assure investors the fraud at Satyam was unique. “There are apprehensions that such a review will lead to more qualifications in companies’ books,” said VK Sharma, head of research at Anagram. “There will be a fear element in the market about hyperactivism of auditors.” Industrial output grew 2.4% in November against market expectations for a 1% drop. Bellwether Infosys Technologies Ltd was trading down 1.7% at Rs1,175, ahead of its quarterly earnings on Tuesday. In the broader market, losers overwhelmed gainers by about 1.8:1 on below average volume of 150 million shares. Source: Home - Livemint.com | 12 Jan 2009 | 8:11 am Satyam shares climbs, new board meetsHyderabad: Shares in Satyam Computer Services Ltd jumped by two-thirds in early on Monday trading after the government stepped in to appoint a three-member board in a bid to restore confidence in the outsourcing firm rocked by India’s biggest corporate scandal. The board is meeting at Satyam headquarters in the southern city of Hyderabad to lay out a roadmap for clients and staff in the wake of a billion dollar fraud that cast a cloud over foreign investment in Asia’s third-largest economy and over its once-booming outsourcing sector. By 11.00am, shares in Satyam, which specialises in business software and offers back-office outsourcing services, were up 60% at Rs38.15 rupees, while the main Mumbai market was down more than 2%. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” said K.K. Mital, head of portfolio management services at Globe Capital in New Delhi. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he said. Deepak Parekh, a senior banker and one of the appointees, said late on Sunday the priority was to restore confidence and then look at financial issues such as restating accounts that the former chairman, since arrested, admitted had been falsified for years. Parekh was due to hold a news conference at 5:00 pm. The other board members are Kiran Karnik, who used to head a technology lobbying group, and C. Achutan, a former official at India’s market regulator. “I think they will look at providing stability to employees and clients first. What they have to see in the next three months is that Satyam is still not bleeding,” said Avinash Vashistha, chief executive at consultancy Tholons. “Also, we have to see if the government will extend some monetary support to Satyam to take care of salaries and all.” VK Sharma, head of research at Anagram Stock Broking in Ahmedabad, said: “It will obviously give some confidence, but we have to see what kind of steps the new board takes.” The accounting fraud, revealed by chairman and founder Ramalinga Raju last Wednesday in a stunning resignation letter, battered Satyam shares, with its market value plunging to $330 million at Friday’s close, against more than $7 billion just six months ago. The fraud has hit Satyam’s business prospects amid growing fears that some clients may cancel contracts after Raju admitted Satyam had overstated profits for years and that 94% of the cash and bank balances at end-September did not exist. Satyam, which employs 53,000 staff worldwide, faces a crisis of “unimaginable proportions”, stand-in CEO Ram Mynampati said last week, adding that liquidity was not very encouraging. “The board members will look into whether Satyam can still operate as a separate entity or needs to be merged. But, for a merger, all legal and financial issues have to be settled first,” Tholons’ Vashistha said. Satyam, also listed in New York, has welcomed the reconstitution of its board, saying it would ensure the company’s continued operations, help maintain customer confidence and staff morale and restore investor trust. Raju and his brother, Rama Raju, have been charged with criminal conspiracy and forgery and are being held in a Hyderabad jail, along with chief financial officer Vadlamani Srinivas. Several securities fraud class-action lawsuits have been filed in the US on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004. Source: Home - Livemint.com | 12 Jan 2009 | 8:07 am World Bank names blacklisted Indian IT firmsWASHINGTON (Reuters) - The World Bank on Sunday said it plans to publish in the future the names of all companies it bans from doing work with the poverty-fighting institution, and immediately listed three Indian companies.Source: Reuters: Money News | 12 Jan 2009 | 6:36 am State transport ministers to meet; strike enters 8th dayBy PTI New Delhi: The Centre has called a meeting of state transport ministers today to deal with the situation arising out of the truckers’ strike that entered the eighth day, hitting supplies of essential commodities in some regions. “The strike is on, the solution lies completely in the hands of the government,” All India Motor Transport Congress (AIMTC) vice-president Amolak Singh Bhatia told PTI today. The meeting will discuss the prevailing situation and steps required to ensure uninterrupted movement of essential commodities across the country, Union Transport secretary Brahm Dutt said, adding that truckers in many states had already called off their strike. AIMTC, however, disputed the claim stating that they would carry on with their stir till their demands are met. Seeking Prime Minister’s intervention to end the deadlock, AIMTC said truckers are ready to hold talks with the government provided they invite them in a “constitutional manner” and released their arrested leaders, including president Charan Singh Lohara. The Delhi Police had arrested AIMTC president Charan Singh Lohara and secretary S Venugopal on 9 January after the state government invoked Essential Services Maintenance Act (ESMA). Meanwhile, Haryana joined the group of states invoking ESMA. Besides, the other states which have imposed ESMA so far are Uttar Pradesh, Andhra Pradesh, Gujarat, Rajasthan, Goa and Madhya Pradesh. The strike has led to a rise in the prices of essential commodities up to 10-15 % in various parts of the country since the truckers’ agitation began. Dutt had said yesterday that truckers in many parts of the country, including Mumbai, Pune, Jaipur and Hasan (in Karnataka) had withdrawn their strike, restoring normal supplies although inter-state movement of goods as well as transportation of industrial products were affected. Source: Home - Livemint.com | 12 Jan 2009 | 6:26 am Wipro shares falls nearly 12%Mumbai: India’s third largest IT services exporter Wipro dipped as much as 12% in early trade on Monday on the bourses, after the company said it is not eligible to bid for contracts with the World Bank till 2011. Shares of Wipro Technologies skid over 12% to touch its intra-day low of Rs220 on the Bombay Stock Exchange. Later, the scrip was trading at Rs240.50 down 4.05% on the bourse. According to the revised disclosure policies, the company disclosed its vendor status with World Bank as per which the company said it is not eligible to contest direct contracts with the World Bank till 2011. On the National Stock Exchange, the company’s shares slipped 11.25% to touch an intra-day low of Rs222.70, from its previous days close. Later it was quoting at Rs240.60, down 4.12% on the NSE and nearly 5 lakh shares changed on the bourses. In June 2007, the World Bank had determined the IT firm to be ineligible to contest direct contracts from the global lender for the period 2007-2011, citing conflict of interests, a Wipro spokesperson said. Marketmen said investor sentiment was affected because of the disclosure. Though Wipro said its revenues from World Bank were insignificant and the said decision of the World Bank would not adversely affect its business and results of operations, the move was a negative trigger for the company. The company further said, “Our inability to get future business from World Bank will not adversely affect our business and results of operations.” “To date, Wipro’s revenue from the World Bank is insignificant,” a statement from the company said. Source: Home - Livemint.com | 12 Jan 2009 | 5:40 am Centre should come out with new scheme to draw NRI investmentsBy PTI Chennai: Centre should come out with an attractive scheme for non-resident Indians, to invest their savings in the country, a leading NRI banker has said. NRIs have a lot of money at their disposal to invest in bonds and mutual funds in the country, Doha bank Group(Qatar) Chief Executive Officer R Seetharaman, who was in India in connection with the Seventh Pravasi Bharatiya Divas told PTI. The current interest rate in the country was insufficient to attract these investments and the Centre should come out with a new scheme for them, he said. The scheme could be on the lines of resurgent bonds issued by the State Bank of India in the early nineties, which carried more interest, he added. On the effect of global meltdown on Indian economy, he said the country’s economy was ‘insulated´ from global economy but not ‘isolated´. Though there would be some impact of the meltdown, it could not seriously affect the economy, he said. Indian economy was basically local-based than export oriented and hence there would not be much effect, Seetharaman said. NRIs had a lot of scope in invest in infrastructure like roads, telecommunication and agriculture besides education. This would help in increasing the per capita income of rural masses, he said. Source: Home - Livemint.com | 12 Jan 2009 | 5:34 am Car sales down 6.9%, bikes 22.9% in DecemberBy PTI New Delhi: Domestic passenger car sales declined by 6.9% in December 2008 to 82,105 units, from 88,272 units in the same month previous year. According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), motorcycle sales in the country, during the month, was down by 22.9% at 335,820 units, against 435,925 units in the year-ago period. Total two-wheeler sales in December also declined by 15.4% at 461,302 units, compared with 545,485 units in the same month previous year. Commercial vehicle sales during the month increased by 58.2% to 17,920 units, from 42,961 units during the year-ago period, SIAM said. Source: Home - Livemint.com | 12 Jan 2009 | 4:46 am Rupee weakens as Asian stocks dipMumbai: The rupee weakened on Monday as foreign funds are expected to trim their holdings in local shares following a dip in Asian stocks. At 9:07am, the partially convertible rupee was at Rs48.4550/4750 per dollar, lower than Friday’s close of 48.27/29. Asian stocks slipped for a fourth consecutive session and the yen climbed against the euro on Monday, as a relentless global economic slowdown renewed investor caution about taking on risk. Oil fell towards $40 a barrel on Monday, extending the previous session’s 2% decline as a big increase in US unemployment renewed worries about energy demand in the world’s largest consumer. Source: Home - Livemint.com | 12 Jan 2009 | 3:56 am Oil prices mixed on bleak economic outlookBy AFP Singapore: Oil prices were mixed in Asian trade this morning on continuing worries about the weak global economy, analysts said. New York’s main futures contract, light sweet crude for February delivery, was down 27 cents to $40.56 a barrel on the New York Mercantile Exchange. Brent North Sea crude for February delivery was 14 cents higher at $44.56 a barrel. “Prices are under pressure due to concerns about the bleak macroeconomic outlook,” said Victor Shum, senior principal of international energy consultants Purvin and Gertz in Singapore. Sentiment took a hit after a US jobs data report released on 8 January showed unemployment levels surged to a 16-year high of 7.2%, with 524,000 jobs lost in December, capping a loss of 2.6 million for the year 2008. The acceleration of job losses suggested a vicious downward cycle for the world’s biggest economy, analysts said. The US is the world’s leading energy user and analysts fear oil demand would be affected badly if the American economy remains stuck in a recession. However, Shum added that oil prices were “unlikely to have a downward spiral” due to the Israel-Hamas conflict in Gaza, the ongoing Russia-Ukraine gas spat and OPEC members’ compliance with output cuts. Source: Home - Livemint.com | 12 Jan 2009 | 3:42 am Zee Entertainment Enterprises (Rs 129.45): SellWe recommend a sell in Zee Entertainment Enterprises from a short-term trading perspective. It is clearly evident from the charts of the stock that after taking support from its significant long-term support level at Rs 100 during mid November 2008,Source: Business Line - Home Page | 12 Jan 2009 | 12:00 am Parekh, Karnik, Achutan appointed to Satyam boardNew Delhi/Mumbai, Jan. 11 Mr Deepak Parekh, Mr Kiran Karnik, and Mr C. Achutan have been mandated by the Government to shoulder the uphill task of crisis management at the beleaguered Satyam Computer Services. The three-member Board is to meet onSource: Business Line - Home Page | 12 Jan 2009 | 12:00 am Gold, oil and Sensex: Has the relationship gone awry?After moving on predictable lines for several years, gold, oil and stocks have seen their three-way relationship go awry in the recent months.Source: Business Line - Home Page | 12 Jan 2009 | 12:00 am Satyam CFO remanded to judicial custodyHyderabad, Jan. 11 The Chief Financial Officer of Satyam Computer, Mr Vadlamani Srinivas, was on Wednesday remanded to judicial custody till January 23 and sent to the Chanchalguda jail.Source: Business Line - Home Page | 12 Jan 2009 | 12:00 am Yellow metal likely to witness volatile trendMumbai, Jan. 11The big question facing every commodity trader and investor around the world is whether the surprise rallies that greeted the New Year would sustain. But the flow of economic data strongly suggests it may be too early to expect anySource: Business Line - Home Page | 12 Jan 2009 | 12:00 am AP Govt studying Maytas’ capability to execute projectsHyderabad, Jan. 11 The Andhra Pradesh Government has initiated a process to assess Maytas Infra capability to execute nearly Rs 30,000-crore worth projects in theSource: Business Line - Home Page | 12 Jan 2009 | 12:00 am Seeds of failure usually sown in good timesOn the eventful 7/1 evening I went to the only English bookshop in Cologne and browsed the books it had on corporate governance to see if they gave me any ideas for my column theme. There was just one book specifically on corporateSource: Business Line - Home Page | 12 Jan 2009 | 12:00 am Six cities account for 46% of bank depositsNew Delhi, Jan. 11 Banking operations are getting more and more concentrated within fewer and fewer branches.Source: Business Line - Home Page | 12 Jan 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 12 Jan 2009 | 12:00 am Comex gold futures may rise higherGold futures, ended higher Friday on expectations that the dollar will slide as the recession deepens, boosting the appeal of the precious metal as an alternative investment. US job losses last year were the most since 1945, Labour Department dataSource: Business Line - Home Page | 12 Jan 2009 | 12:00 am New Satyam board gets cracking todayA three-member board, appointed by the government this morning to lead Satyam Computer Services will get down to business tomorrow when it meets in Hyderabad, even as some key institutional shareholders demanded they be kept informed of all decisions the new board takes.Source: Business Standard | Front Page Headlines | 11 Jan 2009 | 7:29 pm Sebi to probe buyback, M&AsAcquisitions by a former group company Satyam Infoway in 2000-01 and the promoters announcement of a buyback in December last year are key issues that have caught the attention of theSource: Business Standard | Front Page Headlines | 11 Jan 2009 | 6:30 pm
|
