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Satyam board may name CEO in today\'s meetingThe government appointed Satyam board is meeting today and there are reports that they are considering candidates for the post of CEO of the beleaguered company.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 4:46 pm SC directs Vodafone to reply to IT show cause noticeThe Supreme Court has asked Vodafone to reply to the Income Tax Department show cause notice.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 12:45 pm Pfizer eyes Wyeth, deal seen at $60 bnDrug giant, Pfizer is looking to buy out Wyeth. Vikas Dandekar of PharmaAsiaNews.com said this deal is quite likely to happen, but the fact remains that merger of the two drug giants may not be a very solid success formula. \"However, I see Wyeth bringing to the table a lot of vaccines in pediatric and therapist categories.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 12:40 pm Satyam Board may decide on CEO, CFO today !The newly-formed board of the scam-tainted IT giant Satyam Computer Services is likely to choose new Chief Executive Officer (CEO) and Chief Financial Officer (CFO) to run the firm on Friday.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm Google profit falls for first time!Google posted the first-ever decline in its quarterly revenue on Thursday.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm Tata Investment to be completed by end of March: DoCoMo !NTT DoCoMo Inc. said it plans to complete by late March a 2.7 billion dollar investment in the mobile- phone business of India`s Tata Group as it seeks to expand into the worlds fastest-growing major wireless market.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm Samsung reports its first quarterly loss!Samsung Electronics Co, the leading South Korean electronics maker, posted its first quarterly loss, saying Friday that it was 20 billion won (USD 14.59 million) in the red in the final quarter of 2008.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm Huge amounts of money vanished from Satyam: Parekh!HDFC Chairman Deepak Parekh, who is also a member of the government-appointed Satyam board, has said large sums of money have either "disappeared" or were non-existent in the company.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm Zee News Q3 net up 18.40 pc at Rs 15 cr!Zee News on Thursday said its consolidated net profit rose by 18.40 per cent to Rs 15.12 crore for the third quarter ended December 31.Source: Zee News : Business | 23 Jan 2009 | 12:17 pm The Weekly Recap: 18th-23rd JanMore skeletons tumble out of the Satyam closet. The company has 13,000 fictitious employees on its payroll. According to the public prosecutor Rs20 crore were being diverted every month to fictitious employee accounts. Former chairman B. Ramalinga Raju has reportedly confessed to buying thousands of acres of land in 400 deals. Raju, his brother and former managing director Rama Raju and former CFO Sriniwas Vadlamani confessed to forging fixed deposit certificates to the tune of thousands of crores. A two-day meeting of the new Satyam board is underway in Hyderabad and they hope to appoint a new CEO and CFO for the company after the Rs7,000 crore scandal erupted.  Satyam chairman Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits. On Monday, Mint reported that nearly $15 billion or Rs73,650 crore worth of promoter shares have been pledged as collateral with lenders. Under its new rules, companies are required to make event-based announcements and periodically or at the end of every quarter. But this may not be enough as promoters have been found to skirt the regulations by pledging shares to holding companies. And on a good note, Danny Boyle’s Slumdog Millionaire is the front-runner for the Oscars. The movie with a prominent Indian star cast including Anil Kapoor and Irfaan Khan, was shot completely in India. It has swept many awards including the Golden Globe for best motion picture, best screenplay, best original score and 5 broadcast film critics association awards. The film has been nominated for 10 Oscars including best film and best director. The background music score by A.R. Rahman has been appreciated widely and may just get India its first ever Oscar for music. And the world almost stood still as Barack Obama was sworn in as the 44th American President on Tuesday. The ceremony took place on the steps of the Capitol Hill in Washington DC. Braving the cold, large crowds turned out to see the first African American US president’s swearing in ceremony. In his address Obama recalled the words of George Washington, America’s first president, enjoining Americans against faint-heartedness “in this winter of our hardship”. The new President, who takes office after 8 years of Bush’s administration, hopes to get America back in financial health soon. And make way for the German beauty. BMW unveiled its new version of the 7-series this week and hopes to make it available to the public in February this year. Priced at roughly Rs93 lakh, the company says it is has a fuel efficiency of 8.8 kmpl which is 10 % more than its predecessor. Peter Kronschnabl, president of BMW India said, “I think when we saw a growth from 2007 to 2008 about 4300 to 7500 in luxury segment; I don’t believe the trend will continue in 2009. I personally believe there will be a slight growth in this year.” BMW will be launching the S6 next month followed by the 3 series. But it has no plans to bring its premium hatch back car 1-series to India just yet . Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 12:01 pm HCL Tech Q2 net up 49% to Rs398 crMumbai: Software exporter HCL Technologies has said its net profit for the second quarter ended December 2008, grew 49% at Rs398.01 crore over the same period a year ago. The company had a net profit of Rs266.95 crore in the Q2 of last fiscal, HCL Technologies said in a filing to the Bombay Stock Exchange (BSE). Total income of the IT firm rose to Rs1,304.85 crore in the quarter under review from Rs1,129.20 crore a year ago. Besides, the board has declared an interim dividend of 100% at the rate of Rs2 per share. “The last quarter has been significant for us. First HCL has inked contracts worth $1 billion in the last quarter, the biggest in its history. We have successfully integrated Axon as part of HCL to dominate the SAP globally,” HCL Technologies CEO Vineet Nayar said. For the six-month period ended 31 December, 2008, HCL Technologies registered a net profit of Rs651.80 crore, a 22.72% growth over the same year-ago period. It had a net profit of Rs531.11 crore in the six-month period ended 31 December, 2007. Total income in the first half of the current financial year rose to Rs2,480.65 crore from Rs2,232.06 crore in the same period of the previous fiscal. HCL Technologies settled the day at Rs107, down 4.85% on the BSE. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:57 am SBI may need $2-4 bln capital next FY - chairmanSINGAPORE (Reuters) - State Bank of India (SBI), the country's biggest lender, said on Friday it might need up to $4 billion in capital in the next financial year, its chairman said on Friday.Source: Reuters: Money News | 23 Jan 2009 | 11:52 am Bharat Electronics Q3 net up 8%, declares dividend - Business Standard
Source: Google News India - Business | 23 Jan 2009 | 11:52 am Reliance Communications Q3 net up 2.7 pctNEW DELHI (Reuters) - Reliance Communications, India's No. 2 mobile operator, on Friday reported a 2.7 percent rise in quarterly profit, slightly missing expectations, as its network expansion costs weighed.Source: Reuters: Money News | 23 Jan 2009 | 11:51 am BSE Sensex drops 1.6 pct on grim earnings outlookMUMBAI (Reuters) - The BSE Sensex fell to its lowest close in two months on Friday, driven down by grim prospects for corporate earnings and fading hopes for a rate cut at next week's Reserve Bank policy review.Source: Reuters: Money News | 23 Jan 2009 | 11:48 am Canara Bank has no direct exposure in Maytas Infra - Moneycontrol.com
Source: Google News India - Business | 23 Jan 2009 | 11:48 am Recession hits Commonwealth Games - Sify
Source: Google News India - Business | 23 Jan 2009 | 11:39 am Tech Mahindra Q3 net up 12% to Rs222.90 cr - Livemint
Source: Google News India - Business | 23 Jan 2009 | 11:31 am Satyam may name new head; iGate an interested buyerHYDERABAD, India (Reuters) - Satyam Computer Services Ltd may name a new management team later on Friday, local media reported, as potential bidders emerged for the fraud-stricken outsourcer.Source: Reuters: Money News | 23 Jan 2009 | 11:31 am Update: Rupee recovers from early dip, appreciates to 49.12Mumbai: The Indian rupee moved in line with the stocks, which recovered after opening slightly down, and appreciated to 49.12/13 against the greenback on Friday amid hopes of emergence of month-end dollar demand. Opening weaker at $49.19/20 from its previous close of $49.14/16, the domestic currency later recovered smartly to $49.12/13 as Asian equity markets remained weak prompting hopes that foreign funds may divert their investments to Indian shares. Dealers at the Interbank foreign exchange (forex) market said the rupee is expected to remain under pressure as demand from oil refiners is likely to pick up during last week of month. They said the rupee, however, bounced from its early low of $49.27 on the back of the central bank’s suspected intervention in favour of the Indian unit. Consistent capital outflows from equity markets also was a major cause of concern. Rupee opens weaker on weak Asia The Indian rupee opened weaker on Friday tracking losses in Asian stocks, which could promt more foreign fund outflows, while the dollar’s rise against major currencies overseas also weighed. At 9:06am, the partially convertible rupee was at Rs49.23/25 per dollar, lower than its Thursday’s close of Rs49.13/16. Asian stocks fell to a 1-1/2-month low on Friday, following poor corporate results in the technology sector, while the US dollar climbed as investors sought refuge from the deteriorating global economy. The US dollar index, which measures the unit’s strength against other major currencies, was 0.2% higher. Foreign capital is a key driver of the rupee. Foreigners have sold about $920 million worth of local shares this month, after having dumped more than $13 billion in 2008. Source: Home - Livemint.com | 23 Jan 2009 | 11:31 am Asia stocks at 1-1/2-month low with poor earningsHong Kong: Asian stocks fell to a 1-1/2-month low on Friday, weighed by poor corporate results in the technology sector, while the US dollar drifted higher as investors sought refuge from the deteriorating global economy. Government bond markets were caught in a tug-of-war, with mid-maturities in demand on expectations for more economic pain, while long-dated US Treasuries were sold in anticipation of a flood of new issuance. The five-year Japanese government bond yield plumbed three-year lows. Oil prices slipped to $43 a barrel as a buildup in US inventories reflected a lack of energy demand from strugging consumers and businesses. Samsung Electronics chalked up its first ever quarterly loss on Friday, following stark warnings from tech giants like Microsoft, Nokia and Sony, as consumers pull back severely on their spending on gadgets in the face of recessions in Britain, Europe, Japan and the United States. The MSCI index of Asia-Pacific stocks outside Japan fell 1.4% to the lowest since 8 December. Japan’s Nikkei share average was down 2.6% after earlier in the session hitting a two-month low. Shares of Sony Corp dropped 6% after saying on Thursday it would post a record $2.9 billion loss. “With Sony the way it is, it’s easy to imagine how other electronics makers are faring. On top of that, many companies haven’t yet priced in the recent strength in the yen into their earnings forecasts,” said Fumiyuki Nakanishi, manager at SMBC Friend Securities in Tokyo. Hong Kong’s Hang Seng index was one of the relative outperformers in the region, slipping only 0.9% in early trade. Shares in HSBC stayed just in positive territory, though oil-related shares were a drag. By and large, fund managers globally remain defensively positioned, with heavy allocations for cash, according to a January survey of money managers conducted by Merrill Lynch. The poll showed a slight trimming in underweight positions in equities, to 28% from 34%, and in overweight bond positions to 11% from 22%. However, cash is still king. Cash positions in Europe climbed to the highest since 2001, with 42% of respondents there saying they are overweight cash compared with 29% in December. Investors are talking a more positive story, especially with regards to the US, but the fear factor remains, said Gary Baker, Banc of America Securities-Merrill Lynch Head of EMEA Equity Strategy. Fear also was driving demand for US dollars. The euro edged up 0.1% to $1.2991 and the dollar was at 89.14 yen, up 0.3% on the day though close to Wednesday’s 13-year low of ¥87.10. US Treasury Secretary nominee Timothy Geithner said a strong US currency was in the national interest, repeating a mantra held since the Clinton administration in the 1990s and giving investors a sense of stability. In the bond market, the five-year Japanese government bond yield slipped 1 basis point to 0.665%, its lowest since September 2005 after the central bank said the economy would likely shrink in the next two fiscal years and anticipated a period of falling prices. Longer-dated US Treasuries have been sliding on growing fears that a rising tide of government debt issuance could swamp the market. The yield on the benchmark 10-year note, which moves in the opposite direction of the price, was currently stable at 2.605%. Source: Home - Livemint.com | 23 Jan 2009 | 11:29 am Noon: Markets trade choppy on grim corporate resultsMumbai: The Bombay Stock Exchange Sensex is trading flat inclined to the negative zone as pressure mounts from weary investors. Markets opened negative but showed some immediate recovery only to slip to red again reflecting grim quarterly results posted by Ranbaxy and Reliance on Thursday. Indices that are mainly under selling pressure are realty, metal, capital goods, IT and power. At 12pm the 30-share BSE Sensex lost 15.50 points and was at 8,798.34 mark and 50-share NSE Nifty was lower by 11.05 points at 2,702.75 around the same time. Despite the first ever drop in Reliance’s quarterly sales in six years and first profit decline in three years, their stocks opened positive and is trading higher by 1.26 % at Rs1,147.25. Jaiprakash Associates is leading the decline on the BSE index by 7.33% at Rs61.30 along with Mahindra and Mahindra by 6.57% at Rs268.60, Tata Power by 4.24% at Rs684, Larsen and Toubro by 3.30% at Rs642 and Wipro by 2.92% at Rs211.25. Asian markets also continue to trade low after poor corporate results from big tech companies like Samsung and Microsoft. Japan’s Nikkei lost 3.8% to mark its lowest close in two months after Sony posted loss and Hong Kong’s stocks eased by 0.2%. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:27 am Pfizer in talks to buy Wyeth for $60 bn: reportNew York/London: Pfizer Inc, the world’s largest drugmaker by revenue, is in talks to acquire rival Wyeth in a deal that could be valued at more than $60 billion, according to the Wall Street Journal. The report sent shares in Wyeth 13.5% higher in Frankfurt trade on Friday — their highest since August 2007 — while Pfizer fell 2.6%. The newspaper, citing people familiar with the matter, said on its website that the two sides had been in discussions for months and a deal was not imminent. The talks are fragile given recent market volatility and weak global economic conditions and could collapse, it added. Industry experts said a big acquisition by Pfizer would not be a surprise, given the huge loss of earnings it faces with the expected arrival of generic versions of its flagship cholesterol drug Lipitor in 2011. “Pfizer, more than anyone else in the pharmaceutical industry, is under pressure because of Lipitor coming off patent,” said Chris Sterling, European head of chemicals and pharmaceuticals at KPMG in London. Recent stock market turmoil has made assets attractively priced for cash-rich drugmakers, prompting a number of recent deals. GlaxoSmithKline agreed on Friday to buy Belgian group UCB’s emerging markets operations for €515 million ($667 million). Wyeth itself has also been in talks to buy Dutch vaccine firm Crucell — a deal that might now be in doubt, sending Crucell shares tumbling 17% on Friday. But arguably nobody needs to move as much as Pfizer. “They’ve got a massive patent hole to plug and they need to start working on it right now, so there is pressure on them to do something big,” one banker in London said. “The question has been whether it would be Wyeth or Amgen or Bristol-Myers.” Pfizer spokesman Raymond Kerins said the company does not comment on “market rumors or speculation,” while Wyeth could not be immediately reached for comment. A Wyeth spokesman was quoted in the Journal as saying the company did not comment on “marketplace rumour.” The Journal said Pfizer would likely use a combination of cash and stock to acquire Wyeth. Details on pricing have not been worked out, it said. The paper said with Wyeth’s market capitalization at about $52 billion and takeover premiums in the sector averaging at more than 20%, the deal would be over $60 billion. Based on Thursday’s closing share price of $17.21, Pfizer was valued at nearly $118 billion. Pfizer became the world’s largest drugmaker with its purchase in 2000 of Warner-Lambert Corp and the $60 billion acquisition three years later of Pharmacia Corp. COST SAVINGS Huge cost savings from the two deals, and outright ownership of cholesterol drug Lipitor from the Warner-Lambert deal, initially made Pfizer one of the best-performing of the world’s large drugmakers. More recently its performance has flagged and its shares dropped to more than 10-year lows in late 2008, after merger-related savings dried up and its $7 billion-a-year research budget failed to bear much fruit. Pfizer, which reports fourth-quarter earnings next week, has said it expects full-year 2008 revenue to be roughly similar to its 2007 revenue of $48 billion. But it expects 2008 earnings to show respectable growth thanks to continuing layoffs globally which are expected to help produce $2 billion in cost savings by year-end, compared with the end of 2006. Pfizer’s biggest challenge is looming loss of patent protection on Lipitor, a $12 billion-a-year blockbuster. The company’s third-quarter pharmaceutical revenue fell 1% to $11 billion and would have fallen 6% if not for favourable foreign exchange factors. Sales of Lipitor are already on the wane, slipping 1% in the quarter, due to stiff competition from the likes of AstraZeneca Plc’s Crestor. And Pfizer’s new drug to help smokers quit, a blockbuster hope called Chantix, has lost a fourth of its sales in recent months due to safety concerns. Source: Home - Livemint.com | 23 Jan 2009 | 11:19 am Crompton Greaves Q3 net at Rs 84.77 cr - Sify
Source: Google News India - Business | 23 Jan 2009 | 11:16 am Satyam board meeting resumesHyderabad: The board of beleaguered Satyam Computer Services met for the second successive day today to discuss arranging funds for the firm and hiring a chief executive officer and chief financial officer to run the company. The meeting started on Friday with all the six members of the board - Deepak Parekh, C Achuthan, Kiran Karnik, Tarun Das, T N Manoharan and S Balkrishna Mainak. The board has received 40 applications for the post of CEO. Parekh had earlier said that the company could consider mortgaging assets like real estate to raise cash from banks. Another crucial agenda would be to discuss legal matters in the wake of the class action suits filed against the company and whether it needs to ask the government to stand as guarantor for raising loans. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:16 am Reliance Natural Resources Q3 net up marginally at Rs24.21 crMumbai: Anil Dhirubhai Ambani group firm Reliance Natural Resources on Friday said its net profit for the third quarter (Q3) ended 31 December, rose by 1.76% to Rs24.21 crore. The company had a net profit of Rs23.79 crore for the same quarter in the last financial year, Reliance Natural Resources said in a filing to the Bombay Stock Exchange. Total operating income of the company rose to Rs137.71 crore for the quarter under review, against Rs40.73 crore for the same period last year. For the nine month ended 31 December, the company has posted a net profit of Rs60.38 crore, against Rs58 crore for the corresponding period last year. As on 31 December, the net worth of the company has increased to Rs1,791 crore, it added. Reliance natural Resources Limited, is engaged primarily in sourcing, supply and transportation of gas, coal and liquid fuels. It is also engaged in exploration, production and distribution of gas and the mining of coal, the company said. Shares of the company settled at Rs48.15, down 1.93% on the BSE. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:15 am UK in recession after fastest GDP fall since 1980LONDON (Reuters) - Britain went into recession at the end of last year for the first time since 1991, with the economy contracting at its fastest pace in nearly 30 years.Source: Reuters: Money News | 23 Jan 2009 | 11:12 am Britain officially sinks into recessionLondon: Britain went into recession at the end of last year for the first time since 1991, official data showed on Friday, with the economy shrinking at its fastest pace since 1980, official data showed on Friday. The Office for National Statistics said the economy shrank by 1.5% in the fourth quarter of last year, the biggest drop since the deep recession of 1980. Analysts had forecast the economy would contract by 1.2% in the quarter and by 1.4% compared with a year ago. The decline was driven by a sharp contraction in both services and production activity. The services sector, which accounts for three-quarters of economic output shrank by 1.0% in the fourth quarter, the fastest pace since 1979. Production fell by 3.9% in the quarter, the biggest fall since 1980. Separately the ONS published retail sales data for December. However, it did not publish much of the usual seasonally-adjusted data for the month. It said exceptional circumstances, such as the VAT cut, heavy discounting by retailers and a 5-week statistical period had skewed the data. Still, it said that on a rough estimate, seasonally adjusted sales volumes rose by 1.6 percent in December, taking the annual increase to 4.0%. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:11 am RCom Q3 net up 3.51% to Rs1,444.17 crMumbai: Anil Ambani group firm Reliance Communication has reported a 3.51% growth rate in net profit at Rs1,444.17 crore for the third quarter ended 31 December, 2008. The telecom services provider had a net profit of Rs1,395.14 crore in the third quarter of FY’08, the company said in a filing to the Bombay Stock Exchange (BSE). RCom’s total income rose by 18.75% to Rs5,671.82 crore for the quarter under review from Rs4,776.26 crore in the corresponding period last fiscal. During the nine-month period ended December 2008, RCom posted a net profit of Rs4,630.62 crore against Rs5,165.41 crore in the same period last fiscal. The total income during the period rose by 21.06 % to Rs16,436.85 crore. Shares of RCom closed at Rs160.15, down 4.50% on the BSE. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:10 am PM’s economic panel trims growth forecast to 7.1%New Delhi: A top economic advisory body to the Indian Prime Minister on Friday cut its growth forecast for the economy to 7.1% for the current fiscal year to end March, from a previous estimate of 7.7%. “An estimated growth of GDP at 7.1% during the year, lower than the projection of 7.7% made in our July 2008 outlook,” Manmohan Singh’s Economic Advisory Council said in its economic update. It said the slowdown was “caused by painful adjustment to abrupt changes in the international economy.” The report said the economy was likely to see some recovery in 2009/10 and post growth of 7-7.5%, but cautioned the combined fiscal deficit of states and the federal government could touch 10% in this fiscal. Source: Home - Livemint.com | 23 Jan 2009 | 11:07 am PM econ panel trims growth f'cast to 7.1 pctNEW DELHI (Reuters) - A top economic advisory body to the Prime Minister on Friday cut its growth forecast for the economy to 7.1 percent for the current fiscal year to end March, from a previous estimate of 7.7 percent.Source: Reuters: Money News | 23 Jan 2009 | 11:06 am Sensex ends down 139pts; M&M, Tata Steel slump - Business Standard
Source: Google News India - Business | 23 Jan 2009 | 11:06 am OPEC cuts Jan oil output sharply-Petrologistics - Reuters India
Source: Google News India - Business | 23 Jan 2009 | 11:04 am Tech Mahindra Q3 net up 12% to Rs222.90 crMumbai: Software firm Tech Mahindra today has reported a 12% growth in its net profit at Rs222.90 crore for the third quarter ended 31 December, 2008. The Mahindra group firm had a net profit of Rs199.60 crore in the third quarter of FY’08, the company said in a filing to the Bombay Stock Exchange (BSE). The total income rose 17% to Rs1,132.20 crore for the quarter under review, from Rs970.40 crore in the corresponding period last fiscal. “Despite the tough macro-economic environment, Tech Mahindra has demonstrated resilience in its performance,” company Chairman Anand Mahindra said. For the nine-month ended December 2008, the software firm reported a 42% growth in net profit at Rs784.10 crore and the revenue grew 24% at Rs3413.40 crore in the year-ago period. “Our backlog of long term deals has added value in these conditions and will provide enhanced visibility to our performance going forward,” Tech Mahindra Vice Chairman and MD Vineet Nayyar said. Shares of Tech Mahindra closed at Rs210.15, down 8.19% on the BSE. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 11:00 am Syndicate Bank Q3 net up 29% to Rs352.38 crMumbai: Syndicate Bank on Friday said its net profit for the third quarter ended 31 December, rose 29% at Rs352.38 crore over the same period a year ago. The lender had a net profit of Rs273.19 crore in the Q3 last financial year, Syndicate Bank said in a filing to the Bombay Stock Exchange. Total income of the bank rose to Rs2,758.52 crore in the latest quarter from Rs2,265.53 crore in the Q3 of FY 2008. While, for the nine-month period ended 31 December, 2008, Syndicate Bank registered a net profit of Rs706.18 crore, a nearly 2% decline over the year-ago period. It had a net profit of Rs721.80 crore in the same period last year. Total income in the nine-month period rose to Rs7,564.34 crore from 6,419.97 crore a year ago. Shares of Syndicate Bank were trading at Rs60.35, down 1.55% from its previous close in the afternoon trade on the BSE. Source: Home - Livemint.com | 23 Jan 2009 | 11:00 am Open to buying Satyam, but awaiting board nod: iGATEPhaneesh Murthy of iGATE said his company is open to buying Satyam. \"We would value Satyam on the basis of its assets and customer base. However, we will be on a wait and watch mode till the board comes out with a decision.\"Source: Moneycontrol Top Headlines | 23 Jan 2009 | 10:54 am 2009 will separate men from boys: Anuj PuriGlobal uncertainties arising out of the sub-prime meltdown, a slowdown in US and weakening of the dollar, the ripple effect has also been felt in India. With inflation no longer a worry and with the threat of a slowdown looming large, the Indian government is going all out to give the necessary boost to the economy, including the real estate sector.Amir Hashmi, Correspondent, HT Estates speaks to Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj on what can be expected in 2009. Since India is not isolated from the global meltdown, what more can be expected in the real estate space in 2009? The recent measures taken by the RBI will need to couple with lowered property prices and further injections of liquidity to effect any significant changes. Until then, domestic demand is likely to sink even further, and international interest will remain at cautious levels before the situation gets better. There has already been an overall drop of demand to the tune of between 45-50%. We expect these figures to reflect a more positive scenario in 2009, at least with respect to residential real estate. The fallout of the ongoing financial crunch and a justified watch-and wait stance by homebuyers will set some badly needed market adjustments in motion between January and March, 2009. We also expect that, in 2009, the circumspection currently evident on both the domestic and international investor fronts will give way to cautious forays. A decisive turnaround phase will come only in another 18 months to two years, but 2009 will see the groundwork for revival being put in place. In terms of liquidity, we will definitely continue to have a challenge situation on our hands. However, in 2009, we expect more innovative financial structures and liquidity mechanisms to ensure that delivery of the development pipeline is not affected. Is 2009 actually the ”Year of Turnaround?” Or is the worst yet to come? If so, what can we expect? The structural adjustment programme of the early 1990s initiated the liberalization of the Indian economy. High appreciation rates on India’s property market began with the reduction of interest rates that the NDA Government instituted after 2001. In early 2004, home loan rates sank to a record low of 7.5% and this paved the way for the alarming spiking that previously typified the country’s property rates in many Indian cities. The very amenable borrowing rates encouraged individuals to avail of home loans to buy residences, where actual property purchase had only been an option for the considerably rich before that. This resulted in a huge demand for quality real estate all over the country post 2003. After March 2005, Indian real estate rates displayed an unstoppable upward curve - until the meltdown that began in late 2008. No matter what it took to rationalize the market, we are still talking about a badly needed correction here. Yes, 2009 will indeed be a turnaround year that will decisively separate the men from the boys, finally introduce new transparency parameters and keep the focus squarely on the end user. Are government sops / stimulus packages enough to revive demand in realty - across residential, commercial and retail properties? No. Players need to rationalize their asking rates, and end users must have the maturity to abandon their chronic watch-and-wait stance and make their move when the rates fall into their purview of affordability. Only when Government initiatives dovetail with the positive actions of developers and end users will the market see renewed demand again. What more policy initiatives can be undertaken in such a grim / dampened scenario for real estate sector to ensure more transparency in land / real estate dealings? The introduction of a proper system for accreditation for those engaged in land valuations and a uniform stamp duty structure for all states in India would be a decisive step forward. However, we are on the whole convinced that the Government is doing all it can under the present circumstances. Is it a good time to invest in Tier-II cities? Why / why not? Developers are currently focusing on market catchments that they are familiar with, and where there is established rather than projected demand. This, in the current context, means the metros rather than Tier II cities. Certain Tier II cities such as Pune and Hyderabad continue to offer good investment potential, but investments must be done judiciously and in context with local market expertise. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 10:54 am IDBI Bank Q3 net up 27% to Rs223 crMumbai: State-run IDBI Bank on Friday reported a 26.61% growth in net profit at Rs222.63 crore for the third quarter ended 31 December, 2008. The PSU lender had a net profit of Rs175.84 crore in the same quarter of FY’08, IDBI Bank said in a filing to the Bombay Stock Exchange. The bank’s total income rose 43.36% to Rs3,513.33 crore for the quarter under review, from Rs2,450.67 crore in the corresponding period last fiscal. During the quarter, IDBI’s interest income rose 56% to Rs3,247.30 crore and interest expenditure increased 46.49% to Rs2,731.01 crore. For the nine-month ended December 2008, IDBI Bank posted a net profit of Rs544.87 crore, a 12.47% growth over the year-ago period. The total income rose 33.13% to Rs9,286.82 crore during the nine-month period, from Rs6,975.68 crore in the same period a year-ago. Shares of IDBI Bank were trading at Rs53.80, down 2.89% on the BSE. Source: Home - Livemint.com | 23 Jan 2009 | 10:53 am Stay away from United Spirits: D Mehta - Moneycontrol.com
Source: Google News India - Business | 23 Jan 2009 | 10:49 am Govt likely to miss power generation capacity of 78,700 MWNew Delhi: The government is likely to miss the target for generating 78,700 MW as envisaged in the 11th plan period (2007-12), according to a senior official. “The power generation target of 78,700 MW is not achievable by 2012. If everything goes well then electricity generation capacity of around 40,000 MW would be added,” Planning Commission Principal Advisor Surya P. Sethi said. Sethi said that the capacity addition of 78,700 MW would require an investment of $50-60 billion every year. But currently, investment of $25 billion was possible. “During one year and nine month of present plan period, there is a capacity addition of 13,700 MW, which includes 2,500 MW of 11th plan,” he added. Under the 11th plan period, 59,693 MW would come from thermal projects, whereas hydro and nuclear projects would generate 15,267 MW and 3,380 MW of power, respectively. At present, the country has the installed capacity of 1,47,402.81 MW, including 93,392 MW from thermal, 36,647.76 MW from hydro, 4,120 MW from nuclear and 13,242.41 from renewable energy sources. Source: LatestNews-Home - Livemint.com | 23 Jan 2009 | 10:49 am General Motors gears up for more LPG, CNG cars in IndiaNew Delhi: General Motors India is gearing up to launch more products powered by alternative fuels like CNG and LPG as it looks to enhance its share in the Indian automart. The company, which is also looking to strengthen its position in the sports utility segment, on Friday launched the automatic transmission four-wheel drive version of its popular sports utility vehicle Captiva, priced at Rs20.3 lakh. “Our strategy is to have high fuel efficiency in all our vehicles in the first place. Then we will be introducing vehicles powered by (alternative) fuels like CNG and LPG, besides having different power-trains and different displacements,” General Motors India President (GMI) and Managing Director Karl Slym said. He said the company will be launching an LPG-driven car in the first half of this year, without specifying details, adding it would be followed by other LPG vehicles. GMI already has the sedan Optra in the CNG variant, and according to company officials, it is looking at introducing a similar option for its entry level, sedan Aveo. Asked about the sales prospects, Slym said: “As far as (the) Captiva is concerned, we exceeded our target by almost three times last year. Overall sales for the company this year should be better than last year but it is difficult to project a figure now considering the market conditions.” Last year GMI sold around 2,500 Captivas out of its total overall vehicle sales of 65,000 units in India. Source: Home - Livemint.com | 23 Jan 2009 | 10:47 am RBI has scope to cut interest rates, says PM’s adviserNew Delhi: There is scope to reduce key interest rates but the Reserve Bank of India (RBI) may not announce a cut at its policy review next week, a top policy adviser to Prime Minister Manmohan Singh said on Friday. The central bank reviews monetary policy on Tuesday and a Reuters poll showed it might hold rates steady after recent aggressive reductions but a sizeable minority of analysts bet on yet another cut. “There might be a scope for reducing both the repo and the reverse repo. Unless they reduce the reverse repo it will be difficult. The reverse repo acts as a problem as banks park funds with the RBI,” Suresh Tendulkar, chairman of the Prime Minister’s Economic Advisory Council told Reuters on phone. “So I think they will have to reduce both.” Asked whether the RBI will cut rates in its policy on 27 January, Tendulkar said: “Well, I think given their previous behaviour RBI has always been cautious. Consequently, I will not be surprised if they don’t cut.” “But certainly they will give some indicative perceptions on Tuesday.” The repo rate, the key short-term lending of the RBI, stands at 5.5% after being slashed by 350 basis points since mid-October. The reverse repo rate is at which the central borrows short-term funds from banks. It stands at 4%. Tendulkar, who will release an update of the economy later in the day, said bank lending has to speed up and lending rates must come down. “The banks are not lending and that is the bigger problem,” he said. “Rates are not coming down as fast as one would have expected. Lending rates have to come down to boost both consumption and investment.” Source: Home - Livemint.com | 23 Jan 2009 | 10:45 am Close: Sensex falls by 1.58% on weak global marketsNew Delhi: The BSE index ended 1.58% down as markets continued to trade weak after investor hopes of further rate cuts ended when the Prime Minister’s economic panel announced that Reserve Bank of India is to hold interest rates steady. Markets sentiment also remained negative under the influence of weak European and Asian markets. Day’s trade opened in red as investors worried about decline in quarterly profits of big companies like Ranbaxy Laboratories and Reliance Industries Ltd. Banking, metal, capital goods and realty stocks witnessed significant selling pressure with banking segment losing the most by 3.82%. The 30-share Bombay Stock Exchange Sensex ended lower by 139.49 points or 1.58% at 8,674.35 and the 50-share NSE Nifty closed 35.25 points down at 2,678.55. Despite the first ever drop in Reliance’s quarterly sales in six years and first profit decline in three years, their stocks gained by 1.78% to Rs1,153.15. On the other Ranbaxy shares had opened weak after they reported a net loss of Rs680 crore but later picked up to make a slight gain of 0.75% to Rs187.50. Mahindra and Mahindra was on top of the losers list of the BSE index, falling by 7.93% to Rs 264.70, followed by Tata Steel by 7.17% to Rs166.35, Jaiprakash Associates by 6.95% to Rs61.55, Reliance Communications Ltd by 4.50% to Rs160.15 and State Bank of India by 4.34% to Rs1,041.75. Asian markets also traded in red as big tech companies like Samsung and Microsoft posted loss. Japan’s Nikkei lost 3.8% to mark its lowest close in two months after Sony reported loss of record $2.8 billion and Hong Kong’s stocks closed down by 0.6%. Source: Home - Livemint.com | 23 Jan 2009 | 10:43 am HCC-Halcrow consortium bags Rs 2726-cr order - Economic Times
Source: Google News India - Business | 23 Jan 2009 | 10:41 am AS-11 drags Bharti Q3 net while Schedule VI lifts RIL's profit - Economic Times
Source: Google News India - Business | 23 Jan 2009 | 10:33 am Govt to unveil interim budget on 16 FebruaryNew Delhi: The ruling coalition will unveil an interim budget on 16 February ahead of a yet-to-be announced general election in April-May, a statement from Parliament said. The Congress party-led government is expected to give an overview of the economy and highlight its economic achievements, and may announce fresh populist measures to woo voters ahead of the elections. But analysts say a tight fiscal situation would likely restrict such moves. The interim budget may include some indirect tax changes for Asia’s third-largest economy, but is unlikely to contain direct tax proposals. The new government will announce a fresh budget for the 2009-10 fiscal year once it takes over. The statement said the next session of Parliament would start on 12 February with the President’s address and will end on 26 February. The interim railway budget would be unveiled on 13 February. Faced with a faltering economy, Indian authorities have slashed rates, cut duties and rolled out extra spending over the last four months to limit the negative impact of the global slowdown. Source: Home - Livemint.com | 23 Jan 2009 | 10:33 am iGate keen on acquiring Satyam business: MurthySoftware company iGate said on Friday that it was interested in acquiring parts of troubled IT major Satyam Computer.Source: Daily News & Analysis: Money News | 23 Jan 2009 | 10:30 am Scope for cutting key rates - PM adviserNEW DELHI (Reuters) - There is scope to reduce India's key interest rates but the central bank may not announce a cut at its policy review next week, a top policy adviser said on Friday, sending bond yields higher.Source: Reuters: Money News | 23 Jan 2009 | 10:26 am LIC lends support to Satyam, says co can be revivedThe beleaguered tech giant Satyam Computer Services got a vote of confidence from one of its largest stakeholdersLife Insurance Corporation of India (LIC). Country\'s top life insurer, LIC, believes that the tech giant was still valuable and could be revived with the right leadership.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 9:25 am Satyam customers approach InfotechInfotech Enterprises Ltd, a leading engineering design services and GIS player in India, has admitted that a few customers of Satyam Computer Services had approached it. According to Mr B.V.R. Mohan Reddy, Chairman and Managing Director, all these enquiries are related to the services areas where Infotech is strong.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 8:39 am Ramalinga Raju\'s salary is lowest among peers!Mr Ramalinga Rajus total remuneration as the Chairman of Satyam Computer Services Ltd was lower than that of the chief executives and chairmen of the other top four Indian IT services companies, a comparative study revealed.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 8:36 am Wipro has Rs 5,831cr liquid investmentsWipro Ltd has liquid investments to the tune of Rs 5,830.6 crore at the end of the December quarter, parked in various instruments such as cash deposits, money market mutual funds and certificate of deposits.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 8:34 am Hindustan Construction bags Rs.27-bn hydel project contractInfrastructure major Hindustan Construction Co. (HCC) has bagged a Rs.27.26-billion (Rs.2,726-crore) contract to build a 330-MW hydel power plant in Jammu and Kashmir, a top official said Friday.Source: IndiaeNews.com: Business News | 23 Jan 2009 | 8:32 am iGate eyes taking over parts of SatyamiGATE Inc is in the fray to take over parts of the beleaguered Satyam Computer Services. Speaking to Business Line, Mr Phaneesh Murthy, CEO, iGATE, said, Employees and customers of Satyam are thinking in terms of hours and days. The new Board there is thinking in terms of weeks.Source: Moneycontrol Top Headlines | 23 Jan 2009 | 8:32 am Larsen and Toubro bags orders worth $245 mn in OmanEngineering and construction major Larsen and Toubro (L and amp;T) Friday said its joint venture in Oman has bagged orders worth $245 million (Rs.11.98 billion).Source: IndiaeNews.com: Business News | 23 Jan 2009 | 8:31 am Canara Bank net up 53 percent in third quarterState-run Canara Bank posted net profit of Rs.7.02 billion (Rs.702 crore/$142.6 million) for the third quarter this fiscal, registering a whopping 53 percent year-on-year (YoY) growth.Source: IndiaeNews.com: Business News | 23 Jan 2009 | 8:30 am Vijaya Bank net up 24 percent in third quarterState-run Vijaya Bank Friday reported a net profit of Rs.1.57 billion (Rs.157 crore/$32 million) for the third quarter this fiscal, compared to Rs.1.27 billion a year ago, a growth of 24 percent.Source: IndiaeNews.com: Business News | 23 Jan 2009 | 8:30 am Satyam Board meeting resumesThe board of beleaguered Satyam Computer Services met for the second successive day on Friday.Source: Daily News & Analysis: Money News | 23 Jan 2009 | 7:54 am Govt to trim growth forecast as global crisis bitesNEW DELHI (Reuters) - India is likely to grow close to 7 percent in 2008/09 and may expand at a slightly faster pace next fiscal, but that would depend on an improvement in the global economy, a member of a top government advisory body said.Source: Reuters: Money News | 23 Jan 2009 | 7:49 am Tata Consultancy to slow hiring in 2009SINGAPORE (Reuters) - Tata Consultancy Services (TCS), India's largest IT outsourcing firm, said it expects to slow its rate of hiring new staff this year as a broad economic downturn affects its global clientele.Source: Reuters: Money News | 23 Jan 2009 | 7:39 am Markets remain flat, thanks to mixed global cuesIndian equities markets, which opened weak Friday due to inconsistent global cues, stayed flat till just before noon, with a key index trading 0.41 percent below its previous close.Source: IndiaeNews.com: Business News | 23 Jan 2009 | 7:03 am Apex court asks Vodafone to respond to IT authoritiesIn a major setback to Vodafone, the Supreme Court on Friday refused to intervene in the tax claim case of about $2 bn.Source: Daily News & Analysis: Money News | 23 Jan 2009 | 6:23 am Sensex down 139 points; Bankex worst hitThe Sensex on Friday lost nearly 140 points amid investors awaiting fresh cues from RBI's quarterly credit policy review scheduled for Tuesday.Source: Daily News & Analysis: Money News | 23 Jan 2009 | 6:20 am Samsung reports its first quarterly lossSamsung Electronics Co, the leading South Korean electronics maker, posted its first quarterly loss, saying Friday that it was 20 billion won ($14.59 million) in the red in the final quarter of 2008.Source: IndiaeNews.com: Business News | 23 Jan 2009 | 5:31 am We want credit, not state aid: Jaguar chiefTata Motors-owned Jaguar Land Rover has said it does not want a bailout from the British government, but seeks its help in the form of credit.Source: Daily News & Analysis: Money News | 23 Jan 2009 | 5:21 am Yahoo! freezes employees’ salariesSan Francisco: Yahoo! said on Thursday it is freezing employee pay as it works to curtail costs and improve the pioneering Internet firm’s fortunes. The news comes five days before Yahoo! announces its earnings for the final quarter of 2008. “The executive team decided that providing annual salary increases would not be in the best interests of the company or shareholders,” said Yahoo! spokeswoman Kim Rubey. Some analysts are predicting that newly-appointed chief executive Carol Bartz will shake-up Yahoo!. Veteran Silicon Valley executive Bartz took over the helm of Yahoo! last week, vowing to revive the ailing Internet giant and calling on critics to give it room to breathe. Bartz, 60, replaces Yahoo! founder Jerry Yang, who stepped down on 18 November after a rocky tenure as chief executive of the Sunnyvale, California, firm that lasted a little over a year. Yang, who founded Yahoo! in 1994 with Stanford University classmate David Filo, will remain at Yahoo! and the board said his “iconic stature in the industry makes him an invaluable resource.” Yahoo! has been outshined by Internet-search star Google and stumbling in the wake of a failed courtship with Microsoft, which offered last year to buy Yahoo! for nearly $47 billion. Yang’s rejection of Microsoft’s $33 a share takeover bid was met with disapproval by many share-holders including billionaire investor Carl Icahn, who led a revolt against Yang and was eventually named to Yahoo!’s board. Microsoft chief executive Steve Ballmer said on Thursday that the US software giant remains interested in a search business partnership with Yahoo! and welcomed the appointment of Bartz. “I’ve been quite public about the fact that there are advantages for advertisers and consumers, for Microsoft and for Yahoo! through a search partnership, and we’d like to do one,” Ballmer said. “I know Carol Bartz well from Autodesk days, and I like to see her at the helm of Yahoo!. If it’s appropriate I’m sure we’ll have the right discussions.” Google dominates online search with more than 60% of the market. Yahoo! has around 20% while Microsoft is a distant third with under 10%. Source: World Business - Livemint.com | 23 Jan 2009 | 3:41 am Little known agri firms ‘lent’ Satyam Rs 1,230 crHyderabad, Jan. 22 The Registrar of Companies (RoC) team, investigating the Rs 7,136-crore Satyam Computer Services fraud, has stumbled upon vital documents that show flow of Rs 1,230 crore funds from little known agricultural companies intoSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Reliance’s net profit down first time in 12 quartersMumbai, Jan. 22 Reliance Industries Ltd said its third quarter net profit fell 9.8 per cent as it processed less crude, and at lower refining margins.Source: Business Line - Home Page | 23 Jan 2009 | 12:00 am Ranbaxy reports net loss of Rs 806 crNew Delhi, Jan. 22 Ranbaxy Laboratories Ltd on Thursday reported a net loss of Rs 806.54 crore (on a standalone basis) for the quarter ended December 31, 2008 compared to net profit of Rs 48.4 crore in the corresponding quarter last year.Source: Business Line - Home Page | 23 Jan 2009 | 12:00 am Satyam overstated headcount numbers, says CID counselHyderabad, Jan 22 As the saga of ‘fudging and manipulations’ of finances by Mr B. Ramalinga Raju, the ex-Chairman of the Rs 7,136- crore scam hit Satyam Computer Services, unfolds, huge overstating of staff numbers, diversion of fundsSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am L&T stock hits 52-week lowMumbai, Jan. 22 Even as Larsen and Toubro appear keen on being a suitor for the beleaguered Satyam Computer Services, the L&T stock on Thursday touched its 52-week low of Rs 652 on the BSE, before closing 3.3 per cent lower over the previousSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Inflation rate rises to 5.6% as food items turn costlierNew Delhi, Jan. 22 Reversing eight weeks of consecutive decline, the annual wholesale rate of inflation increased from 5.24 per cent to 5.60 per cent for the week ended JanuarySource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Day Trading GuideOn Thursday, DLF conclusively broke through its key support level Rs 175 by tumbling 9 per cent and L&T breached its key support level at Rs 670.We recommend sell in DLF and L&T. Utilise rallies toSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Bharti Q3 net rises 25% on record subscriber additionsNew Delhi, Jan. 22 Riding on a record number of subscriber additions Bharti Airtel Ltd on Thursday announced a 25 per cent increase in its net profit to Rs 2,159 crore for the third quarter ended December 31, 2008 compared with Rs 1,722 croreSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Ramalinga Raju’s salary is lowest among peers!Bangalore, Jan. 22 Mr Ramalinga Raju’s total remuneration as the Chairman of Satyam Computer Services Ltd was lower than that of the chief executives and chairmen of the other top four Indian IT services companies, a comparative studySource: Business Line - Home Page | 23 Jan 2009 | 12:00 am Tata Steel (Rs 179.20): SellWe recommend a sell in Tata Steel from a short-term trading perspective. It is apparent from the charts of Tata Steel that after bottoming in late November 2008 at Rs 146, it rallied up to Rs 260. The stock price has appreciated almost 78 perSource: Business Line - Home Page | 23 Jan 2009 | 12:00 am It's official now: Rajus stole fundsThe public prosecutor's disclosures came as a shocker as he also claimed that Raju had confessed to large-scale diversion of funds.Source: Daily News & Analysis: Money News | 22 Jan 2009 | 10:32 pm Machine-tool makers in auto crashThe capital goods sector is the first to feel the pinch of falling orders during an economic downturn and the machine tool industry.Source: Daily News & Analysis: Money News | 22 Jan 2009 | 9:55 pm Say you know better than wildebeestSeeing is believing, they say, of the amazing wildebeest migration from Serengeti to Masai Mara. An estimated 1.3 million wildebeest participate in this migration.Source: Daily News & Analysis: Money News | 22 Jan 2009 | 9:51 pm Nalco may cut prices further as stocks pileIn what shows that domestic firms are not insulated from the alarming levels of global inventory of the metal, Nalco dropped its prices by Rs 3,500 per tonne.Source: Daily News & Analysis: Money News | 22 Jan 2009 | 9:50 pm L&T, Canada co in nuke power pactTaking its nuclear power dream ahead, L&T joined hands with Atomic Energy of Canada Ltd to manufacture and market ACR 1,000-mw pressurised heavy water reactors.Source: Daily News & Analysis: Money News | 22 Jan 2009 | 9:49 pm Infinite India to take Maytas Properties to court soonThe Board of Maytas Properties did not even inform its investors about their intended sale to Satyam in December of 2008 and investors say that this is a violation of the Article of Association of Maytas Properties and therefore it is likely to sue Maytas Properties. Infinite India has confirmed that they will take Maytas Properties to court soonSource: Moneycontrol Top Headlines | 22 Jan 2009 | 8:11 pm Orissa objects to Andhra's new irrigation projectThe Orissa government Thursday said it would formally object to a mega irrigation project in neighouring Andhra Pradesh, which has been approved by the Central Water Commission.Source: IndiaeNews.com: Business News | 22 Jan 2009 | 7:01 pm Lalu, Sonia to visit Rae Bareli coach factory next weekWith hurdles in setting up a rail coach factory in Rae Bareli finally removed, Railway Minister Lalu Prasad, Congress president Sonia Gandhi and her son Rahul will visit the Uttar Pradesh town next Tuesday to launch the Rs.20 billion ($408 million) project in the party chief's constituency.Source: IndiaeNews.com: Business News | 22 Jan 2009 | 7:00 pm Educomp turns to Google ads to clear nameIn an attempt to clear its name following allegations of account manipulation by a "bear cartel", education solutions provider Educomp Solutions has also selected an innovative way of advertising, besides filing a police complaint.Source: Business Standard | Front Page Headlines | 22 Jan 2009 | 6:47 pm Pledged shares news pulls down United Spirits stock 23%Shares of United Spirits Limited (USL), the spirits arm of the Vijay Mallya-owned UB Group, plunged 23 per cent on the Bombay Stock Exchange after analysts put out reports saying the company had pledged 18.6 million shares amounting to little over 18 per cent of the company's shareholding to various financial institutions to raise around Rs 2,800 crore to fund the acquisition of UK liquor major Whyte & Mackay.Source: Business Standard | Front Page Headlines | 22 Jan 2009 | 6:45 pm Four bankers meet board at SatyamRepresentatives of four multinational banks met the newly-installed six-member board at Satyam Computer Services today to discuss the feasibility of extending loans to keep the troubled companys business afloat, according to sources privy to the development.Source: Business Standard | Front Page Headlines | 22 Jan 2009 | 6:43 pm 'Satyam has 13,000 ghost employees'FDs also fake, prosecutors tell court.Source: Business Standard | Front Page Headlines | 22 Jan 2009 | 6:41 pm Burning biomass contributes 70% of brown cloud soot, says researchBangalore: The heavy brown cloud of soot that hangs over Indian Ocean and South Asia in winter, the source of which has been a matter of much debate, comes largely from the burning of organic matter rather than fossil fuel, a latest research has found. In Friday’s issue of Science magazine, researchers from India, Sweden and the Maldives report that biomass combustion contributes 70% of the soot in the brown cloud as against some previous studies that claimed fossil fuels accounted for 50-90% of it.  Rising concern: Aerosol sampling equipment (circled) at the Sinhagad sampling site near Pune with visible haze in the valley. Image: Science The research reinforces the need to mitigate biomass burning from sources such as firewood, cow dung and agricultural waste, says P.S.P. Rao, a scientist at IITM and co-author of the study. “Our efforts shouldn’t be limited to curbing car traffic and coal-fired power plant,” he notes. “This (finding) is consistent with our earlier work…which also attributed black carbon predominantly to biomass burning,” says Chandra Venkataraman, chemical engineering professor at the Indian Institute of Technology, Bombay. She published her work in Science in 2005, where she used a different method based on measurements of chemical composition of particles and total emission in India from different biomass fuels. It was in 1999 that a group of more than 200 Indian, American and European researchers first conducted the Indian Ocean experiment to reveal the so-called Asian brown cloud, or ABC, phenomenon, which has now been linked to climate change and monsoon patterns. Since then, brown clouds have also been found in Europe, Africa, North and South America and the alphabet A now stands for atmospheric rather than Asian. A global ABC project is underway. But the Asian brown cloud remains conspicuous due to the black carbon particles. While this should not distract from the need to mitigate greenhouse gases in the long-term, Venkataraman says its mitigation could yield important climate benefits. Since the study has been conducted only at two places, experts say it should be tested at more sites. “If the results are confirmed, then policymakers must look for ways to reduce biomass burning,” says J. Srinivasan, atmospheric science professor at the Indian Institute of Science at Bangalore. But the question is: How can millions of households switch to a cleaner cooking fuel? The answer needs to consider not just fuels but also advanced cooking technologies, says Venkataraman. “The development, manufacture and marketing of millions of solid biomass-fuel stoves is a challenge and an opportunity, which needs technology innovation, public-private partnership, business entrepreneurship and creative policymaking to come together.” Source: Tech News - Livemint.com | 22 Jan 2009 | 6:19 pm Too many agencies probing Satyam scam: BSE chairmanToo many agencies simultaneously probing the Satyam Computer Services scam might not be the best way to bring out the truth, Bombay Stock Exchange (BSE) chairman Jagdish Capoor said here Thursday.Source: IndiaeNews.com: Business News | 22 Jan 2009 | 4:31 pm Delhi airport wins praise for Haj operationsThe Haj terminal, an exclusive terminal for Haj pilgrims at the Indira Gandhi International (IGI) Airport here, has come in for praise from the Delhi government Thursday.Source: IndiaeNews.com: Business News | 22 Jan 2009 | 4:30 pm Fortune lists 100 best companies to work forNew York: NetApp tops the list of the 100 best companies to work for, most of which have open positions and are hiring, Fortune magazine has said. Coming in second on Fortune’s 12th annual list was Edward Jones, followed by Boston Consulting Group. The list was published online on fortune.com/bestcompanies and contained in an issue set to hit newsstands on 26 January. NetApp, based in Sunnyvale, California, provides storage and data management services to business. It employs 5,000 people and topped the list due to its employee enthusiasm for the legendary egalitarian culture, Fortune said. Of the 100 companies, 73 are hiring, and the open positions are identified in Fortune’s list, the magazine said. California had the most number of companies on the list, at 15, followed by 14 in Texas and nine in New York. Fifteen companies made the list for the first time, including Zappos.com, DreamWorks Animation SKG, salesforce.com, T-Mobile and Accenture. Google, which topped the list for the past two years, dropped to No. 4. Rounding out the top 10 were Wegmans Food Markets, Cisco Systems, Genentech, Methodist Hospital System, Goldman Sachs and Nugget Market. Fortune polled more than 81,000 randomly selected employees at 353 companies, using a 57-question survey. Two-thirds of a company’s score was based on survey results and the balance was based on studies about demographics, pay, benefits, communication and other factors, it said. Source: World Business - Livemint.com | 22 Jan 2009 | 11:59 am
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