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Real trouble: DLF to lay off 200300 employeesRealty major DLF is on a restructuring drive to integrate its business verticals. This could mean that almost 200300 employees could be laid off.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 6:59 pm Stimulus package\'s IIFCL taxfree bonds oversubscribedTax free bonds issued by IIFCL have been oversubscribed. SS Kohli, CMD, IIFCL said the issue will be closed day after tomorrow. He further added that the minimum ticket size is Rs 1 crore only because the issue is for a private placement.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 6:02 pm Subhiksha staff awaits Oct \'08 salariesTroubled times do not seem to end for Subhiksha, a discount retailer. CNBCTV18 learns that employees have been waiting for their salaries for the past three months.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 4:14 pm Satyam approached by potential buyers: Tarun DasTarun Das, Chief Mentor, CII said Satyam board has been approached by potential buyers. He also said that the board has not discussed stake sale or outright sale as of now.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 3:17 pm CERC ups Return on Equity for power units to 15.5% vs 14%The Central Electricity Regulatory Commission (CERC) has upped the Return on Equity (RoE) for power units to 15.5% versus 14%, reports CNBCTV18 quoting NewsWire18. CERC added that the new RoE would be applicable for the period 2009 to 2014. The RoE for projects completed is on schedule at 16%, it said.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 2:52 pm Hero Honda Dec qtr net rises 7.1 pctMUMBAI (Reuters) - Hero Honda Motors Ltd on Tuesday reported a forecast-beating 7.1 percent rise in net profit for December quarter, helped by falling commodity prices, a cut in excise duties and sales in rural areas.Source: Reuters: Money News | 20 Jan 2009 | 2:51 pm Hopes high as Obama takes office, markets wobbleWASHINGTON (Reuters) - Barack Obama takes over as U.S. President on Tuesday with hopes riding high he can conjure up a rescue that will jolt the world's biggest economy back to life and contain the financial crisis ravaging global markets.Source: Reuters: Money News | 20 Jan 2009 | 2:48 pm Satyam board member: may take 6 wks for fair accountNEW DELHI (Reuters) - Satyam's newly appointed board may take six weeks to get a fair account of the fraud-hit firm, a board member said on Tuesday.Source: Reuters: Money News | 20 Jan 2009 | 2:47 pm Harvard Business Publishing sets up India armNew Delhi: Harvard Business School Publishing Corp., Massachusetts-based publisher of management content for academics, students, and professionals, has set up a wholly-owned subsidiary in India. Harvard Business Publishing India Pvt. Ltd (HBPI), based in Mumbai, will publish India editions of Harvard Business Press books, grow the reach of Harvard Business Review South Asia and focus on partnering with leading business schools and companies to deliver leadership and management development content and programmes, an HBPI executive said. Underlining the growing importance of India for the publishing group, David Wan, CEO, Harvard Business Publishing, said in a press release: “The particular needs of India’s developing managers and established leaders present a unique opportunity for us. Harvard Business Publishing is ideally positioned to work closely with Indian companies, managers and academia seeking knowledge and ideas to fuel their quest for growth.” HBPI will be directly responsible for sales, marketing, and publicity for books published by Harvard Business Press from July 2009, which are presently distributed through McGraw Hill Education. “We are likely to continue leveraging McGraw Hill’s warehousing and fulfillment (logistics) infrastructure given our successful partneship with them,” says Vinay Hebbar, managing director, HBPI. Its present arrangement with Living Media India Ltd that publishes the Harvard Business Review South Asia through a license deal will continue. “The India Today Group will continue to publish, market and distribute the South Asian edition. We will be supporting them in extending the reach of the edition in corporate and higher education markets,” says Hebbar. HBPI will initially localize marketing, sales and pricing for the Indian market. “We started a special India pricing programme about 12 to 18 months ago for a few books and we are going to extend this further,” says Hebbar. Rajeshwari Sharma Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 2:39 pm Crowds throng streets of US capitalWashington: The streets of the US capital pulsed with expectation Tuesday as crowds determined to witness the swearing-in of President-elect Barack Obama overwhelmed mass transit lines and clogged security checkpoints. Energized by the historic moment, tens of thousands of people turned this city’s orderly grid of streets into a festive party scene. Ready to endure below-freezing temperatures, they streamed up from subway stations and thronged past parked buses, emergency vehicles and street vendors, bound for Pennsylvania Avenue and the National Mall for the inauguration. “This is the culmination of two years of work,” said Obama activist Akin Salawu, 34, who helped the candidate as a community organizer and Web producer. “We got on board when Obama was the little engine who could. He’s like a child you’ve held onto. Now he’s going out into the world.” By 4am (2.30pm IST), lines of riders formed in suburban parking lots for the Metro transit system, which opened early and put on extra trains for the expected rush. Many parking lots filled up and had to be closed. Streets around the domed Capitol building quickly filled with people, and security checkpoints were mobbed. The cold registered at 21 degrees Fahrenheit (-6.Celsius) at 7.45am (06.15pm IST). Warming tents and other facilities on the Mall were late opening because traffic and crowds delayed staffers from reaching them. Ticket holders approaching the Inaugural site on Capitol Hill awaited security sweeps in a line estimated at thousands. Connie Gran said she got up very early after coming to Washington from Alabama with a group. Three hours later she was still on 7th street waiting for police to clear the way into the Mall. She said the wait did not matter. “I sacrificed and came here. To me, this is very historic. I just wanted to be here.” Christian Alderson went to Memphis, Tennessee, in 1968 to support the sanitation workers strike and said he was there when Martin Luther King Jr. was assassinated. “That day was sorrowful,” Alderson, 73, said as he stood near the mall. “This is a dream come true for me.” At the opposite end of town, Georgetown University students chanted “Obama!” and “Fired up Ready to Go!” as they walked down M Street toward the Mall. A flea-market atmosphere prevailed on downtown streets, with white tents set up to sell Obama T-shirts and mugs as well as food, bottled water, snacks, scarves and footwarmers. The scent of grilled coiled sausages and steaming Chinese food greeted those who walked toward the parade route, more than six hours before Obama would pass by. As the first waves of people began moving through security screenings, they scrambled for prime viewing spots along Pennsylvania Avenue sitting on the curb, staking out plots of grass, or clambering on to cold metal benches. Suburban subway riders also seemed to be in a jubilant mood, despite the early hour. In Fredericksburg, Virginia, an hour south of Washington, chants of “Obama! Obama!” rang out at a commuter rail station when the line started moving for the first trip into Washington. The joyous mood was tempered only by delays and by the dashed expectations of revelers eager to get an up-close look at history. Police have projected inaugural crowds between 1 million and 2 million. Planners say attendance could easily top the 1.2 million people who were at Lyndon B. Johnson’s 1965 inauguration, the largest crowd the National Park Service has on record. Source: Home - Livemint.com | 20 Jan 2009 | 2:38 pm Dr Reddy's swings to profit, misses f'cast on Europe - Reuters India
Source: Google News India - Business | 20 Jan 2009 | 2:37 pm US bank shares fall amid growing fears of losses - Reuters
Source: Google News India - Business | 20 Jan 2009 | 2:36 pm Rupee slid to end at 49.23 a dollar - Economic Times
Source: Google News India - Business | 20 Jan 2009 | 2:34 pm Unitech to reclassify itself as operating cum holding companyNew Delhi: Unitech Ltd, India’s second largest developer by market value has made an application to the Foreign Investment Promotion Board on 14 January to reclassify itself as a “operating cum holding company”. “Unitech is right now an operating company,” a company spokesperson said. “Since the company is not only involved in the operational business of construction development but it also holds investments in several entities, the company wants to reclassify itself.” Unitech like other real estate developers has several subsidiaries through which it operates. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 2:30 pm Don\'t compare our wage bill to those of IT cos: EducompShantanu Prakash, Managing Director of Educomp Solutions, said the rumours about the companys salary bills, debtor days, auditors and debt position have been floated by people, who do not understand our business model.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 2:27 pm NIIT net profit dips 60% at Rs 5.5 cr - Economic Times
Source: Google News India - Business | 20 Jan 2009 | 2:25 pm Tarun Tejpal launches second bookNew Delhi: A conversation between Tarun Tejpal and Hari Kunzru of the Impressionist and My Revolutions fame, marked the launch of Tejpal’s second book, The Story of My Assassins, at the British Council on Monday evening. Kunzru, an Indian author based in London conducted a discerning discussion with Tejpal that provided a seductive glimpse into the mind of the pony-tailed author. Using a cynical and deeply unpleasant character who discovers a plot that was made to assassinate him, Tejpal dives into the social complexities of India. As Kunzru puts it, “There are no mustachioed villains that come to light, but biographies of the assassins who are very real people.” Tejpal reinforces the underlying idea of the book, “The lives of the assassins are no less worthy than the one who is to be assassinated.” What began as a light-hearted conversation about the book, about Tejpal’s literary style and his love of fiction, gradually turns to a telling observation about everyday life in India. “I live in New Delhi, and my day and night are consumed by Tehelka. I live in the belly of the beast,” said Tejpal. “We give this Gandhi googly of being a non-violent people. Look around; our country is ridden with caste, race, gender, and religious violence. And then we make the assumption that we are a non violent people,” was Tejpal’s sharp comment. When asked about Tehelka’s rub off on the book, Tejpal was quick to respond, “The past 8-9 years have been like a journey into the heart of power. Political power is the true engine of this country, and understanding the nature of that power is vital to understanding modern India. The book, in very literary ways brings out just that.” Tejpal went on to comment on India’s new image as the flourishing economy and if India is shining at all. “They are not the entire truth about India. We need to fix the politics, which in turn will fix the economy. We need political and corporate leadership. Somewhere down the line we are letting down the nationalist, community-based or social agenda we started out with. There’s a difference between elite India and the masses’ India. Behind this boomtown is a vast hinterland of deprivation.” Published by HarperCollins, The Story of my Assassins promises an intuitive read into precisely that thought. Tejpal’s second book, after the much acclaimed The Alchemy of Desire, was launched as part of the British Council’s new literature programme, India ’09: Through Fresh Eyes, that aims to highlight the India Market Focus at London Book Fair 2009. The British Council is taking 40 Indian writers to London in April 2009 to be part of seminars at the world’s premier publishing trade and rights events and other venues in the UK. As part of the cultural exchange, a number of writers from UK will also be presented in India in the coming months. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 2:22 pm India scraps basmati export tax, cuts floor price - Reuters India
Source: Google News India - Business | 20 Jan 2009 | 2:19 pm Obama’s day starts with church, coffee with BushWashington: As massive crowds swarmed the National Mall on Tuesday to witness Barack Obama’s inauguration as US president, the man at the centre of the maelstrom began the day quietly and reverently, at a church service across the street from the White House. Obama and his family attended a private service at St. John’s Episcopal Church, a tradition for those about to become president. The family of Vice President-elect Joe Biden also attended. Barack and Michelle Obama waved to bystanders, then entered the church to applause from about 200 people. The choir and congregation began singing the hymn, “O God Our Help in Ages Past.” The Rev. Luis Leon welcomed the Obamas and said every president since James Madison has worshipped at the church at least once, “some of them kicking and screaming”. Bishop Charles E. Blake Sr., of Los Angeles, drew murmurs and chuckles when he blessed the Obamas and asked that “they may finish these two terms in office” stronger than they are now. Obama, of course, would have to win re-election in 2012 to serve a second term. Another clergyman, Joel Hunter, offered a blessing to “Barack Hussein Obama”. The Obamas and Joe and Jill Biden were scheduled to have coffee at the White House with President George W. Bush, Vice President Richard Cheney and their wives. Then they would travel the short distance to the Capitol building for Obama’s history-making moment. Just beyond the White House fence, huge crowds braved freezing temperatures and jostled for positions to see with the naked eye or on Jumbotron television screens Obama take the oath of office as the 44th president and the first black to hold the title. On Monday, a relaxed and upbeat Obama prepared for his big day by invoking the spirit of Martin Luther King Jr. and lavishing praise on two prominent Republicans in calling for a new spirit of bipartisanship. After visiting wounded veterans and helping volunteers paint a dormitory for homeless teens in Washington, Obama dashed to three black-tie dinners Monday night. One honoured Sen. John McCain, the Republican he defeated in November, and another honoured Colin Powell, who was secretary of state under Bush. The third dinner was for Biden, the former senator who twice sought the presidency himself. Obama called McCain and Powell American heroes who set standards of patriotism and bipartisanship for all to follow. He hugged McCain onstage and called for Americans’ help “in making this bipartisan dinner not just an inaugural tradition, but a new way of doing the people’s business in this city”. Source: Home - Livemint.com | 20 Jan 2009 | 2:17 pm Fraud-hit Satyam approached by potential buyers - Reuters India
Source: Google News India - Business | 20 Jan 2009 | 2:11 pm Bond yields at 1-week high on hazy rate viewMumbai: Federal bond yields rose to their highest in a week on Tuesday with traders and investors searching for clues as to whether the RBI will cut interest rates at its policy review next week. The 10-year benchmark bond yield ended at 5.68%, off an early low of 5.52% and above Monday’s close of 5.60%. Volumes were Rs100.50 billion on the RBI’s trading platform, with the 10-year bond being the most heavily traded. The benchmark yield is up 43 basis points so far this month and fell 254 basis points last year. Dealers said market participants were staying on the sidelines, looking for cues before taking fresh positions. The RBI will review its policy on 27 January. Dealers said they would study results from the government’s auction of Rs95 billion ($1.9 billion) of treasury bills on Wednesday and cut-offs at the auction of state development loans worth Rs65.51 billion on Thursday. A dealer with a foreign bank said worries over more federal bond auctions ahead dampened sentiment. The RBI’s auction calendar shows the government is scheduled to auction Rs100 billion of bonds between 23-30 January, but it reserves the right to change the terms of an auction, including canceling or postponing it. The RBI has aggressively eased its monetary policy since the middle of October to kindle demand and shore up the slowing economy. It has cut the repo rate, at which it lend to banks, by 350 basis points to 5.50%, with the latest cut effected at the start of 2008. The 10-year yield touched an all-time low of 4.86% earlier this month following the aggressive rate action. The RBI has also slashed banks’ cash reserve requirements by 400 basis points to 5% during the period. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 2:10 pm Navy to buy five Israeli balloon radars for coastal watchIn the wake of the Mumbai terror attacks, the Indian Navy, for the first time, is buying five radars mounted on tethered balloons as part of its efforts to make the country's 7,516-km long coastline impregnable, an official said.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 2:03 pm Polaris Software Q3 net jumps 94%, shares soarMumbai: Polaris Software Lab Ltd on Tuesday nearly doubled quarterly net profit despite forex-related losses, boosting shares nearly 30%. For the quarter ended December, profit surged 94% to Rs371.7 million over last year, with revenue rising 32% to Rs3.73 billion for banking, financial services and insurance software maker. “Despite the tough macro economic situation, we are confident of growing over 20% in FY10, with our composite portfolio of products and services,” said Arup Gupta, exceutive director and chief operating officer, in a note. In October, Polaris raised its 2008/09 earnings per share forecast to Rs13.50 from Rs12.50 based on its order visibility. The company’s profits rose despite a foreign exchange loss of Rs285.4 million for the quarter compared with last year’s gain of Rs12.7 million. Polaris added 13 new customers and completed the acquisition of US-based technology firm SEEC Inc in the quarter. The global financial crisis is multiplying the complexity in “the financial ecosystem” and Polaris is poised to expand market opportunities and is going beyond Americas and Western Europe with its product range, Chairman Arun Jain said in a statement. The shares, which rose 28.5% to an intra-day high of Rs44.20, at 2:52 pm were up 25% at Rs43 in a weak Mumbai market. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 2:03 pm Shipping Corp not to place any new order till MarchDespite the global economic slowdown, the cost of making ships has not come down which has made Shipping Corp of India (SCI) decide not to place orders for new vessels till March, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 2:02 pm Satyam has buyout offers from Indian, foreign firmsThe IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 2:01 pm Satyam recovers from day's low; gains 5 pc on boursesSatyam shares closed with gain over five per cent on the bourses after the company said that it is receiving offers from domestic and foreign companies for a possible takeover.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 2:01 pm Third day of questioning for Satyam's RajuInvestigators quizzed disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and two other former top executives of the company for the third day Tuesday in connection with the Rs.70 billion (Rs.7,000 crores/$1.43 billion) fraud.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 2:00 pm LIC Housing Q3 net up 27% to Rs134 cr - Livemint
Source: Google News India - Business | 20 Jan 2009 | 1:49 pm European Aviation Holding acquires IndamerMumbai: European Aviation Holding Co Pvt Ltd on Tuesday acquired Indamer Co Pvt Ltd, a leading Mumbai-based maintenance, repair and overhaul, or MRO, firm for an undisclosed amount. However, the move is a major consolidation in the domestic MRO industry, since it only leaves two leading firms in the business: Max Aerospace and Air Works Engineering Pvt Ltd, in which publicly-traded engineering company Punj Lloyd Ltd and US-based private equity firm Global Technology Investment Group each hold a 33% stake. Bharat Malkani, one of the directors of the European Aviation Holding, is also the chairman of Max Aerospace and Aviation Ltd, which was in direct competition with Indamer. Malkani told Mint that the Indamer acquisition has helped him to offer integrated solutions to the aviation industry. “Indamer will focus on offering maintenance solutions to the general aviation business while Max Aerospace will continue to focus on military and civil aviation business,” he said. A Bangalore-based aviation consultant said further consolidation is expected in the MRO industry, since it is fragmented, adding that it could also witness participation of foreign players once the aviation industry stabilizes. He declined to be identified. Founded in 1947, Indamer has been maintaining both fixed and rotary wing aircraft for private owners, charter operators, state governments and training institutes. Brazilian aircraft maker Embraer has named the firm as an authorised service centre for its private jets; operations are scheduled to begin in the first half of 2009. “Indamer is also looking to develop huge service centre in the country. We have identified two locations. We should be able to finalise the location by end of this quarter,” Malkani added. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 1:49 pm DLF to restructure companyNew Delhi: DLF Ltd, India’s largest developer by market value is looking to integrate its various verticals such as hotels, retail, office and Special Economic Zone business into the parent company. “We are planning to restructure the company to enhance the efficiency and productivity of the company,” a DLF spokesperson said. As a result of this process, some employees who would become redundant would be redeployed within the parent company, the spokesperson said. DLF’s share price today closed at Rs189.40, 2.95% down on the Bombay Stock Exchange on a day when India’s benchmark index, the Sensex fell by 2.45% to 9,100 points. The BSE realty index that includes 14 firms, declined 3.35% on Tuesday. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 1:41 pm India's Hero Honda Dec qtr net rises 7.1 pct - Reuters India
Source: Google News India - Business | 20 Jan 2009 | 1:40 pm Fraud-hit Satyam approached by potential buyersBANGALORE (Reuters) - Satyam Computer Services Ltd has been approached by potential buyers, a member of its new board said on Tuesday, while concerns grew about the business prospects for the fraud-hit outsourcer.Source: Reuters: Money News | 20 Jan 2009 | 1:35 pm Coca Cola to go ahead with investment plans for IndiaGlobal beverages major Coca Cola is going ahead with its 250 million dollar investment plans for India notwithstanding the ongoing slowdown.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 1:29 pm Govt seeks CLB nod to appoint new boards for Maytas firmsThe government is believed to have moved the Company Law Board seeking to supercede the boards of Maytas Properties and Maytas Infrastructure.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 1:29 pm LIC Housing Q3 net up 27% to Rs134 crMumbai: The state-owned LIC Housing Finance on Tuesday reported a 26.70% growth in its net profit at Rs134.33 crore. The housing finance company had a net profit of Rs106.02 crore, LIC Housing said in a filing to the Bombay Stock Exchange. The company’s total income increased by 39.41% to Rs765.09 crore during the quarter under review, from Rs548.80 crore. For the nine month ended 31 December, the company has a net profit of Rs374.06 crore, against Rs269.08 crore for the same period a year ago. Shares of the LIC Housing Finance were trading at Rs240.35, down 0.25% on the BSE. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 1:26 pm MRPL to complete capacity expansion by March 2012: Sharma - Economic Times
Source: Google News India - Business | 20 Jan 2009 | 1:22 pm Palepu resigns from board of Dr Reddy’sHyderabad: Harvard Business School professor G Krishna Palepu has resigned from the board of India’s second largest drug maker Dr Reddy’s Laboratories Ltd. Palepu was an independent director on the government-superseded board of embattled Indian software exports company Satyam Computer Services Ltd and had resigned from that company’s board on December 31. Dr Reddys informed the stock exchanges, on Tuesday, that Palepu’s resignation was accepted by the board with immediate effect. According to Dr Reddy’s chief executive, G V Prasad the Harvard professor did not want to put the drug-maker in the spotlight because of him being an ex-board member of Satyam and decided to resign from DRL’s board in the best interests of the company. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 1:22 pm Govt has room for more monetary, fiscal steps - Reuters India
Source: Google News India - Business | 20 Jan 2009 | 1:11 pm India needs to review FDI rules: VodafoneVittorio Colao, Global CEO, Vodafone said the company is ready to take on Bharti. Speaking at the CII Partnership Summit, he also said that India should attract more investment but its complex FDI policy was a major hurdle.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 1:08 pm Rural sales drive Hero Honda Q3 net up 9%New Delhi: Riding on the back of benefits of declining commodity prices, cost rationalization and growth in rural market, the country’s largest two-wheeler maker Hero Honda on Tuesday posted a 9.24% growth in net profit to Rs300.42 crore for the third quarter (Q3) ended 31 December, 2008. “Our third quarter results show the benefits of the strategic initiatives we have undertaken over the past couple of years,” Hero Honda Motors MD and CEO Pawan Munjal told reporters. He said the company has been able to post growth in profitability despite the current deteriorating business environment. Softening of commodity prices, cost rationalization, strengthening of the premium for the portfolio and a growing rural market have played key role in the company’s performance, Munjal said. “There has been a growth in the rural sales and currently rural market constitutes about 40% of the overall sales of the company with the rest coming from urban areas.” In Q3 the net operating income rose nearly 5% to Rs2,881.27 crore, from Rs2,750.20 crore in the corresponding period last fiscal year. The company has also benefited from increasing production at its Haridwar plant where it enjoys a 10-year tax holiday. “Currently we are producing about 3,000 units per day, which will be increased to 4,000 units per day,” Munjal said. During the quarter the company sold a total of 8,57,806 units of two-wheeler, compared with 8,93,581 units in the same quarter a year ago. Source: Home - Livemint.com | 20 Jan 2009 | 1:01 pm Bourse chief sees govt ending grain bansMUMBAI (Reuters) - The government is likely to scrap a two-year-old ban on trading wheat and rice futures as large crops and lower prices are forecast this year, a top official at the country's second largest commodities bourse said on Tuesday.Source: Reuters: Money News | 20 Jan 2009 | 12:45 pm Sensex falls 253 pts in early trade!Bombay Stock Exchange benchmark Sensex, on Tuesday, tanked over 253 pts in early trade.Source: Zee News : Business | 20 Jan 2009 | 12:39 pm Oil prices mixed in Asian trade!World oil prices were mixed in Asian trade on Tuesday in a market plagued by weak global demand, analysts said.Source: Zee News : Business | 20 Jan 2009 | 12:39 pm AIG chief to step down: Report!AIG Inc Chief Investment Officer Win Neuger will step down from his post, a media report said.Source: Zee News : Business | 20 Jan 2009 | 12:39 pm Russia, Ukraine ink gas supply deal!Russia and Ukraine have signed a gas deal to pump natural gas to the EU states.Source: Zee News : Business | 20 Jan 2009 | 12:39 pm Govt has room for more monetary, fiscal stepsNEW DELHI (Reuters) - The government has room for more fiscal and monetary policy measures to revive its slowing economy and it will act to protect growth in the next fiscal year, a senior policy adviser said on Tuesday.Source: Reuters: Money News | 20 Jan 2009 | 12:34 pm BSE Sensex drops 2.45 pct on global economic woesMUMBAI (Reuters) - The BSE Sensex fell 2.45 percent on Tuesday on concerns fresh worries about the world economy could hasten foreign portfolio withdrawals, while a grim outlook for quarterly earnings added to the gloom.Source: Reuters: Money News | 20 Jan 2009 | 12:23 pm L&T looking to buy SatyamNew Delhi: Engineering giant Larsen and Toubro, which acquired little over 4% stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company. L&T chief AM Naik on Tuesday met corporate affairs minister Prem Chand Gupta, secretary Anurag Goel and other officials here, and is believed to have discussed options related to its “strategic” investment in Satyam Computer Services. After his meeting, Naik told reporters that he was worried over his stake in Satyam, but did not disclose any further details about the meeting. Asked if the company had informed the government about its intention to acquire Satyam, whose founder Ramalinga Raju recently disclosed a Rs7,800 crore fraud, an L&T spokesperson from Mumbai said: “No comments.” On the company’s 4% stake in Satyam and if L&T was looking for a strategic fit in the IT firm, the spokesperson said: “We have a portfolio investment through L&T Capital” but declined to elaborate further. Sources close to the development said the company was willing to explore all available options to safeguard its interest, but it was a bit too early to reach any final decision as Satyam’s accounts are being scrutinised for authenticity. Satyam director Tarun Das said on Tuesday that the company has been approached for buyout by both international and Indian IT firms. There have been unconfirmed reports that the company might soon appoint investment bankers to advise on a merger or sale. Earlier, another board member Deepak Parekh had said that option of merger was always open for the company. Source: Home - Livemint.com | 20 Jan 2009 | 12:22 pm Govt seeks CLB nod to appoint new boards for Maytas firmsNew Delhi: The government is believed to have moved the Company Law Board (CLB) seeking to supercede the boards of Maytas Properties and Maytas Infrastructure— two companies promoted by Satyam’s tainted founder Ramalinga Raju. The Corporate Affairs Ministry had yesterday ordered a ‘Serious Fraud´ probe into the affairs of the two companies, saying there appeared a ‘nexus’ between the two firms and scam-hit Satyam. The government has already dismantled the board of Satyam and nominated six directors to run the company. The new Satyam board has already met twice and is looking into liquidity and legal issues, besides commencing search for a new CEO and a CFO. “We are in touch with the banks to help out and we have got a good response there. We are in touch with the employees to understand the business, organisation better. We met some of them on Saturday and we will meet more this week,” Satyam’s newly appointed director Tarun Das said adding: “We have looked at the legal issues which the company faces because of the class actions suits filed in America and have appointed legal advisors to deal with that.” The move to get CLB nod for appointing its nominees on the boards of Maytas firms comes on the heels of the government ordering a ‘Serious Fraud´ probe into the affairs of Maytas Properties and Maytas Infrastructure. It was Satyam’s abortive move to acquire the two Maytas firms that betrayed problems within the IT company. The Satyam board had on 16 December announced its intent to buy the two companies — promoted by Raju’s family. It, however, called off the deal within hours after strong investors’ dissent. On 7 January, Raju disclosed that he had been inflating profits of the company for years and created fictitious assets. He had then described the move to acquire the Maytas firms as an attempt to fill fictitious assets with real ones. Maytas Infrastructure, among others, is executing the Hyderabad Metro project. Source: LatestNews-Home - Livemint.com | 20 Jan 2009 | 12:21 pm Canada says plans India trade pact, nuclear dealsNEW DELHI (Reuters) - Canada plans to sign a free trade agreement with India and help New Delhi expand its civil nuclear energy sector, its trade minister said on Tuesday.Source: Reuters: Money News | 20 Jan 2009 | 11:58 am Close: Markets end 2% lower on weak global cuesNew Delhi: Markets continued to trade in red and showed no signs of recovery on Tuesday as the Bombay Stock Exchange benchmark Sensex ended 2.45% lower dragged by fresh economic worries after Royal Bank of Scotland revealed their $41 billion loss. RBS announcement of UK’s largest corporate loss caused the Asian markets to get jittery and Sensex picking these weak cues opened 2% down. The 30-share BSE index ended 229.02 points down at 9,100.55 and broad based 50-share NSE Nifty declined by 49.60 points at 2,796.60. Metal sector suffered the maximum selling pressure losing almost 4%, other segments under pressure were realty, banking, auto and oil and gas and. Across broad trading was relatively negative. Stocks of Tata Consultancy Services surged after the company announced a multi-million dollar deal with Italian company Ducati Motor to manage their resource planning. Leading the decline on the BSE index was Tata Steel losing by 6.34% to Rs195, along with Bharati Airtel 4.88% to Rs615.35, Sterlite Industries by 4.75% by Reliance Communication Ltd by 4.65% to Rs 176.35 and 4.65% to 176.35 and Jaiprakash Associates by Bharti Airtel by 4.12% at Rs618.50 and ICICI Bank by 3.93% at Rs 396.80 to 66.35. Negative Asian markets also dragged Sensex as global banking crisis deepens. HSBC slides 7.7% after RBS’s losses causing to drop Hang Seng by 2.9% and Japan’s Nikkei fell by 2.3%. Source: Home - Livemint.com | 20 Jan 2009 | 11:52 am Dr Reddy’s posts Q3 profit of Rs192 crBangalore: Indian drug maker Dr Reddy’s Laboratories Ltd reported a quarterly net profit on Tuesday, but missed forecasts due to a drop in earnings from Europe. The company posted a net profit of Rs192 crore ($39 million) for its fiscal third quarter ended 31 December, compared with a net loss of Rs121 crore billion in the year-ago period. A Reuters survey of eight brokerages had forecast net profit at Rs201 crore. Estimates ranged from Rs110 crore to Rs319 crore. Shares in Dr Reddy’s, which has a market value of $1.6 billion, fell 7.7% during the December quarter, less than a 19% drop in the healthcare index and 25% drop in the benchmark index. Source: Home - Livemint.com | 20 Jan 2009 | 11:32 am Vedanta plans to acquire entire shares of Madras AluminiumContrary to its earlier restructuring plans for Madras Aluminium Co (Malco), the Vedanta group has decided to acquire the entire shareholding of the Salem-based firm and perhaps delist the scrip.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 11:30 am Markets end lower on weak global cuesSentiments at Indian equities markets remained depressed Tuesday with a key index closing 2.45 percent lower than its previous close. Global markets too continued to be in a slump.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 11:30 am Reliance Capital Q3 net up 11% at Rs131.5 crMumbai: Helped by its mutual fund, life insurance, brokerage and financial products distribution businesses, Reliance Capital posted a 11% rise in its net profit to Rs131.5 crore, for the third quarter of this fiscal. The total operating income of the Anil Ambani group’s financial services arm jumped 36% to Rs1,572.9 crore in the quarter ended 31 December, 2008, from Rs1,155.6 crore in the year-ago period. The company had a net profit of Rs118.1 crore in the year-ago quarter, it said in a statement. Among its various group companies, Reliance Mutual Fund recorded a net profit growth of 36% to Rs26 crore for the quarter under review as against Rs19 crore in the year ago period. However, the assets under management of Reliance Mutual Fund recorded a decrease of 11% at Rs70,2300 crore as on 31 December, from Rs78,906 crore a year ago. In the life insurance segment, Reliance Life Insurance registered robust growth of nearly 57% as the policyholders funds under management increased to Rs4,495 crore as against Rs2,286 crore last year. Meanwhile, Reliance Money has generated revenue of Rs102 crore for the quarter ended 31 December, as against Rs64 crore for the corresponding previous period, an increase of 60%. As on 31 December, the net worth of the company stood at Rs7,249.6 crore making the company one of the top three private sector financial services groups in terms of net worth. The total assets of the company, as on 31 December stood at Rs22,339.6 crore and the investment portfolio of listed entities stood at Rs1,802.6 crore. The Reliance Consumer Finance (RCF) business posted a revenue of Rs322 crore for the December quarter this fiscal as against Rs139 crore a year ago. RCF declared a profit of Rs14.6 crore for the quarter ended 31 December as against Rs26.4 crore in the corresponding period a year ago, due to high cost of borrowing and higher risk perception. During the quarter, Reliance Capital received approvals from RBI and National Housing Bank to set up separate subsidiaries for consumer finance and home finance, respectively. Besides, the company was also included in the S&P CNX Nifty on the National Stock Exchange. For the nine months ended 31 December, the consolidated net profit of the company stood at Rs704 crore as against Rs643.5 crore, a rise of 9% from the year-ago period. The total operating income of the company stood at Rs4429.2 crore as compared to Rs3283.3 crore, an increase of 35%. Source: Home - Livemint.com | 20 Jan 2009 | 11:28 am Satyam shareholders to decide endgame: Raman RoyRaman Roy, Chairman and MD, Quatrro BPO Solutions, said he has not been approached to take up the post of Satyam\'s CEO. He further clarified that he has not discussed Satyam developments with Vivek Paul.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 11:24 am AP Govt cancels land allotted to SatyamThe Andhra Pradesh government is believed to have cancelled the allotment of 50 acres land given to Satyam Computer for setting up an information technology SEZ.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 11:24 am ITC looks to spice up condiments biz, eyes Rs300 cr in 2 yrsNew Delhi: Diversified business conglomerate ITC plans to introduce organic spices in the overseas market, in a move to expand the segment in order to garner Rs300 crore in the next two years from the division. ITC, sells its spices under the brand name ‘Ashirwad’ in the domestic market through its ILT Division. It will also double the manufacturing capacity besides increasing its offerings by introducing more varieties by 2011. At present, Ashirwad is available in three varieties, including chilli, turmeric and coriander. The company will also invest around Rs50 crore in the next 3 years to upgrade its facilities and also enhance back-end operations. “Our spice business is growing rapidly. In the next one-two years we will be introducing more varieties like pepper, cummin, nutmeg, mustard, fenugreek and other minor spices,” ILTD chief executive of the Agri Business Division Janarthan Reddy said. The group is also planning to introduce organic and pesticide residue free, and sterilised spices to consolidate its presence in the existing overseas market. It currently exports its product in bulk form in the US, Japan, UK, Italy, Germany and Australia. “We export unbranded spices in bulk form in countries like the US, eastern European countries and Japan. We would be soon introducing our premium value added spices, which includes organic spices, steam sterilised as well as pesticides residue free spices. We want to consolidate our presence there,” he said. Reddy said that about 30% of the overall spice business revenue comes from its international market and hopes that in another two-three years period the group will be able to enhance it to around 50%. Source: Home - Livemint.com | 20 Jan 2009 | 11:20 am Independent auditors have let us down: SibalUnion minister for Science and Technology Kapil Sibal suggested setting up a body on the lines of the Election Commission to oversee their (auditors') functioning.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 11:14 am TCS signs management deal with DucatiMumbai: India’s largest software exporter Tata Consultancy Services on Tuesday signed a multi-million dollar contract to assist Italy’s Ducati Motor Holding in better asset management and vastly improve business efficiency. “We have entered into a strategic partnership with Ducati to offer our technology services to the bike maker,” TCS CEO and MD S Ramadorai told reporters. As a first step of the strategic partnership, TCS would implement Enterprise Resource Planning for Ducati and its subsidiaries in Europe, he said. The objective of this project is to drive quantum improvements in supply chain management, especially in the areas of forecasts, inventory levels and optimised production plans and overall reduced logistics costs, he said. The execution of the multi-million dollar contract is spread over many years, but the company did not assign any size to the deal or the number of years. This partnership would help Ducati in improving the customer responsiveness and business efficiency, Ducati CEO and president Gabriele Del Torchio said. This partnership is not only about cutting cost, but better asset utilisation, he said. “With TCS as its tech partner, Ducati’s ability to respond to customers and react to the evolving business environment will increase and help them to effectively use TCS’ talent and expertise to boost their presence globally,” Ramadorai said. Before TCS, Ducati had American companies as its IT partner. ”We believe that TCS is the right partner to help us set up a strong company platform that will help us reach the next level in terms of company competitiveness and results in today’s global market,“ Torchio said. TCS also serves other Italian auto major Ferrari. Seeing TCS’ work with Ferrari, Ducati decided to go ahead with this partnership, Torchio said. Late last year, Ferrari announced that it would carry the Tata logo on its F1 cars in 2009 season. As of now, both the TCS and Ducati are concentrating on the ERP implementation. “We have to demonstrate our capability. Associating with a global player enhances the reputation of TCS,” Ramadorai said. Besides Ferrari and Ducati, TCS is working ‘Big Three’ automakers in the US. They are General Motors, Ford and Chrysler. Automakers in the US have asked the government for a $25 billion bailout package for the ailing auto industry. Source: Home - Livemint.com | 20 Jan 2009 | 11:10 am Satyam gets takeover offers; board meeting on Jan 22-23Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company's board member Tarun Das said.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 11:05 am No more tax concessions during 2008-09, says MontekNew Delhi: Setting at rest speculation about the possibility of tax cuts to boost growth, Planning Commission deputy chairman Montek Singh Ahluwalia on Tuesday said the government will not change the tax structure during the current fiscal, ending 31March. “Taxes will not be altered between now and the next budget,” he told reporters on the sidelines of a partnership summit being organised by the Confederation of Indian Industry in the capital. The next regular budget is likely to be presented sometime in July, while the government will come out with an interim budget and a vote-on-account in February to complete the essential business in view of the forthcoming Lok Sabha elections. The government, Ahluwalia said, would have to actively use both monetary and fiscal policies in the coming fiscal to boost growth, which is expected to come down to around 7% from 9% in the previous fiscal. “If we utilise whatever we have announced in the budget, there will be a lot of expenditure,” he added. The government, as part of the stimulus packages to neutralise the impact of the global financial meltdown on the Indian economy, had reduced excise duty by 4 percentage points and raised public investment, especially on infrastructure sector projects. Public expenditure, as per the two supplementary demands for grants approved by Parliament earlier, will go up by 20% during the fiscal, over and above the Rs7,50,000 crore given in the budget. The Reserve Bank too reduced key policy rates and ratios releasing Rs3,20,000 crore into the system and signalling a soft interest rate regime. Ahluwalia further said that the world economy was expected to decline further during 2009. Both the International Monetary Fund and the World Bank too have projected further slowdown in global GDP during the year, a forecast that will have adverse implications for the country’s exports, which declined by 12% and 10% during October and November, respectively. Answering questions on inflation, Ahluwalia said price rise has ceased to be an area of concern. Having touched a peak of 12.91% in August, inflation has come to less than 6% in January and according to finance ministry projections the rate of price rise may further decline to 3-4% by end March. On streamlining the regulatory structure, Ahluwalia opined that regulators in different sectors need a common framework. “Each ministry has introduced its own regulatory structure, of which the principles are not common. We need common structures,” he said. Streamlining the regulatory framework is important to promote infrastructure investment, which the government has been trying to encourage as part of the strategy to battle economic slowdown. Source: Home - Livemint.com | 20 Jan 2009 | 10:39 am 'Satyam fiasco will not mar India Inc's image'The Rs.70-billion accounting fraud at Satyam Computer will not mar the image of corporate India abroad, Minister for Science and Technology Kapil Sibal said here Tuesday.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 10:33 am Sensex down 2.46 percentIndian equities markets continued to be dull, with a key index ending Tuesday 2.46 percent lower than its previous close.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 10:33 am No more tax breaks before budget: AhluwaliaThere will be no tax breaks before the budget, the government said here Tuesday.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 10:33 am Hindustan Construction-led consortium bags Rs.14-bn projectA consortium led by infrastructure major Hindustan Construction Co. (HCC) has bagged a Rs.1,415-crore (Rs.14.15-billion) six-lane highway project connecting Maharashtra and Madhya Pradesh, the company said Tuesday.Source: IndiaeNews.com: Business News | 20 Jan 2009 | 10:32 am World economic growth to slow down to 0.5 pc this yearThe world economic growth is projected to come down to 0.5 per cent this year whereas the European economy is anticipated to witness much worse trends.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 10:32 am Finance panel appreciates communitisation concept in NagalandChairman of 13th Finance Commission Dr Vijay L Kelkar has described the concept as a unique programme in the country.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 10:21 am Satyam\'s bank deposits at Rs 150cr: FinMin SourcesPublic sector banks have an exposure of Rs 2000 crore to all Satyam subsidiaries, associates and joint ventures. However, PSBs say this exposure is secure and the security is worth Rs 2,800 crore against this exposure.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 10:12 am Toyota to do away with temporary workers: reportTokyo: Toyota Motor Corp. is slashing its temporary workers in Japan to zero later this year to cut costs and production amid a global slump, the Yomiuri newspaper reported on Tuesday. Toyota said nothing has been decided. The maker of the Lexus luxury car and Prius hybrid said last month that its temporary work force in Japan will be reduced from 6,000 to about 3,000 by March. Japanese rivals Honda Motor Co. and Nissan Motor Co. have already said their Japanese temporary workers will be gone over the next few months. Terminating contracts for temporary workers is the easiest way in Japan to lay off workers because regular workers called “seishain,” or “proper company employees,” are protected at major companies with lifetime employment. Honda’s decision, announced last week, to cut 3,100 jobs will slash to zero the number of temporary workers at its Japan plants by the end of April. Nissan is also reducing its temporary work force to zero by the end of March from some 2,000 people last year. The use of temporary workers was illegal in Japan until 2004, but regulations have been gradually relaxed. In recent years, Japan’s manufacturers increasingly relied on temporary workers and staff from referral agencies to adjust quickly to demand fluctuations, while cutting costs amid intensifying global competition. The company, which is projecting its first operating loss in 70 years for the fiscal year ending 31 March, has said it will idle production at all 12 of its Japan plants for 11 days over February and March as global sales sink. Source: World Business - Livemint.com | 20 Jan 2009 | 10:12 am TCS to help Italy's Ducati manage business betterIndia's largest software exporter Tata Consultancy Services signed a multi-million dollar contract to assist Italy's Ducati Motor Holding.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 9:54 am Big clients stay on with Satyam ComputersBig clients of the Satyam Computers such as GE have said they are continuing their existing contracts with the firm.Source: Daily News & Analysis: Money News | 20 Jan 2009 | 9:39 am Corporate governance hard to legislate: NSERavi Narain, Managing DirectorNSE said post Satyam scam everyone has recognized that corporate governance is hard to legislate and beyond a point one cannot shove it down anybodys throat. According to him, there is a need to revisit how badly the market has punished those who are perceived to be practicing poor governance.Source: Moneycontrol Top Headlines | 20 Jan 2009 | 9:16 am Nath says export job losses a concernNEW DELHI (Reuters) - Job losses at export-orientated firms are a concern and the government is considering steps to minimise the pain, Trade Minister Kamal Nath said on Tuesday.Source: Reuters: Money News | 20 Jan 2009 | 8:36 am Burberry to slash 540 jobs in Britain, SpainLondon: British luxury clothing brand Burberry said on Tuesday that it planned to eliminate up to 540 jobs in Britain and Spain as the global economic slowdown takes its toll. The company famed for its iconic trenchcoat said it would shut a sewing factory in Rotherham, northern England, and close its “underperforming” Thomas Burberry business in Spain. “Burberry will shortly be entering a consultation process in Spain, which could lead to around 250 redundancies,” the group said in a statement. In addition, up to 290 staff will lose their jobs in England. Burberry said in a statement that the measures would help the group to reduce annual costs by up to £35 million (€38 million, $50 million). “As we continue to evolve our business model, we have today announced further cost efficiencies,” said Burberry chief executive Angela Ahrendts. “These savings, coupled with our proven strategies, strong brand perception and conservative balance sheet position us to trade through the current difficult environment and emerge even stronger when the global economy recovers,” she added in the group statement. Burberry also announced that its underlying revenue rose by 9%. Source: World Business - Livemint.com | 20 Jan 2009 | 7:44 am TCS signs deal with DucatiMUMBAI (Reuters) - Tata Consultancy Services Ltd, India's top software exporter, said on Tuesday it had signed a multi-million dollar, multi-year deal with Ducati Motor Holding to deliver technology-based services to the Italian bikemaker and its subsidiaries in Europe.Source: Reuters: Money News | 20 Jan 2009 | 6:37 am Logitech Q3 profit drops 70%, sees further fallPhiladelphia: Logitech, the world’s largest computer mouse maker, on Monday posted a worse-than-expected 70% drop in third-quarter net income due to weak demand from customers amid the global financial crisis. Net income was $40 million, or 22 cents per share, compared with net income of $134 million, or 71 cents per share, a year ago. Analysts had expected the company to earn $76 million, based on a Reuters poll of 12 analysts. Sales for the third quarter totaled $627 million, a 16% decline from the year-ago quarter. Retail sales in the Americas fell 21%, while sales in Europe, the Middle East and Africa (EMEA) dropped 19%. Sales in Asia rose by 8%. “The deepening global recession had a significant impact on our operating performance as our customers continued to reduce inventory levels in the face of weaker consumer demand,” said Logitech chief executive Gerald Quindlen. The company said it expects the retail market to be even weaker in the coming months. In the fourth-quarter, it expects the year-over-year declines in sales, operating income before restructuring charges and gross margins will be similar to or worse than the declines seen in the third quarter. Still, the company expects to continue to generate positive cash flow from operations. The company also said it started a restructuring plan that will reduce its workforce by about 550 to 600 jobs. The plan is expected to generate annual cost savings beginning in fiscal year 2010 of about $50 million. The company said it expects to incur a restructuring charge of about $20 million to 24 million over the next twelve months. Source: Tech News - Livemint.com | 20 Jan 2009 | 4:46 am Apple sells used products for less in ChinaBeijing: Apple Inc said on Tuesday it had launched an online shop selling second-hand Apple products in China, offering discounts of up to 22%, as it looks to beef up its business in the country. These are products that were previously sold and returned to Apple and have undergone quality tests, the company’s website said. The refurbished products available on Apple’s Chinese website ranged from a 308 yuan ($44) iPod shuffle to an iMac computer costing more than 14,000 yuan ($2,047). “We kicked off the campaign at the end of last year,” said Huang Yuna, Apple’s spokeswoman in China. She declined to give a figure of total used products available. Apple has introduced similar deals in other countries, including the Unites States, the United Kingdom and Japan, for years, but second-hand purchase only makes up a small portion of its total sales. U.S. retailer Best Buy Co earlier this month started selling refurbished versions of Apple iPhone 3G that were priced about $50 less than new ones in an effort to seek new ways to appeal to cost-conscious shoppers. Source: Tech News - Livemint.com | 20 Jan 2009 | 4:45 am Vodafone’s global CEO seeks more transparency in FDI rulesNew Delhi, Jan. 19 Vodafone Plc’s Chief Executive Officer, Mr Vittorio Colao, on Monday said that Indian policy makers need to put in place foreign direct investment rules that are less complex.Source: Business Line - Home Page | 20 Jan 2009 | 12:00 am FIIs now turn to bondsMumbai, Jan. 19 If the investment pattern of the first 11 trading sessions in the new calendar year is anything to go by, Foreign Institutional Investors (FIIs) appear to be laying much store by investments in debt as compared to investment inSource: Business Line - Home Page | 20 Jan 2009 | 12:00 am Day Trading GuideDesist trading in DLF and Reliance Communications, as the outlook is cautious for the session. Initiate fresh short-position if ICICI Bank declines below Rs 400 and if SBISource: Business Line - Home Page | 20 Jan 2009 | 12:00 am Entertainment Network (Rs 172.25): BuyWe recommend a buy in Entertainment Network India (ENIL) from a short-term trading perspective. It is apparent from the charts of ENIL that it has been on a medium-term uptrend since its lifetime low of Rs 93, recorded in late November 2008. TheSource: Business Line - Home Page | 20 Jan 2009 | 12:00 am SFIO looking into Satyam, Maytas ‘nexus’New Delhi, Jan. 19 Finding an apparent “nexus” between events taking place in Satyam Computer Services and Maytas Properties Ltd and Maytas Infra Ltd, the Government on Monday expanded the scope of investigations being undertaken bySource: Business Line - Home Page | 20 Jan 2009 | 12:00 am Fog returns as IMD tracks fresh westerly systemThiruvananthapuram, Jan. 19 India Meteorological Department (IMD) too has joined the watch for a fresh and moderately strong western disturbance expected to arrive by the weekend.Source: Business Line - Home Page | 20 Jan 2009 | 12:00 am Tatas likely to produce 80,000 Nanos in 2009-10Mumbai, Jan. 19 Production of the Nano will be confined to 80,000 units during 2009-10, according to top ancillary suppliers associated with theSource: Business Line - Home Page | 20 Jan 2009 | 12:00 am No off-campus hiring this year, says TCSMumbai, Jan. 19 Tata Consultancy Services has discontinued ‘off-campus’ hiring for the current year, largely due to the slowdown in demand for ITSource: Business Line - Home Page | 20 Jan 2009 | 12:00 am UltraTech Q3 net down 15% on high power, fuel costsMumbai, Jan. 19 Weighed down by high input costs, UltraTech Cement has reported a 15 per cent drop in net profit at Rs 238 crore (Rs 279 crore) for the third quarter of the current fiscal.Source: Business Line - Home Page | 20 Jan 2009 | 12:00 am Don’t blame accounting for financial mess: IASB chiefThe International Accounting Standards Board (IASB) does not want ‘accounting’ to be blamed for the global financial crisis. Accounting is somewhere at the bottom of the list of reasons behind the financial mess, says the IASBSource: Business Line - Home Page | 20 Jan 2009 | 12:00 am Satyam used Maytas valuation improperly: E&YSatyam Computer Services improperly used a valuation of Maytas Properties done by Ernst & Young for its merger with the disgraced information technology company, the professional services firm has alleged.Source: Business Standard | Front Page Headlines | 19 Jan 2009 | 7:10 pm Balaji promoters not to buy out StarThe principal promoters of Balaji Telefilms, actor Jeetendra (Kapoor), his wife Shobha, daughter Ekta and son Tushar, have decided not to buy Star Indias 26 per cent stake in the television software company because of the sharp erosion in its share price.Source: Business Standard | Front Page Headlines | 19 Jan 2009 | 7:09 pm Zenotech stakeholders oppose Daiichi takeover offerMinority shareholders of Hyderabad-based Zenotech Laboratories, a biotech company in which Ranbaxy owns 46.8 per cent, are up in arms against Ranbaxys new owner Daiichi Sankyo for allegedly failing to buy additional shares at the price offered by the former promoters of Ranbaxy.Source: Business Standard | Front Page Headlines | 19 Jan 2009 | 7:08 pm Promoters face a rough pitchSebi panel wants mandatory disclosure of pledged shares, higher margin on warrants conversion.Source: Business Standard | Front Page Headlines | 19 Jan 2009 | 7:07 pm
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