Infy admits to price revision, IT disarray continues

As if the Satyam fraud wasn\'t enough, IT bellwether Infosys\' statement that it sees technology spends down this year has added to the gloom in the Indian IT and outsourcing sector.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 5:13 pm

SBI\'s new home loan plan a \'gimmick\', says Deepak Parekh

It looks like some fight is brewing between the two leading housing financers, State Bank of India and HDFC, and the biggest beneficiary would be the customers.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 5:07 pm

BHP agrees to SAIL\'s plea for 50% cut in contract price

SAIL, India’s largest coking coal importer renegotiated the longterm coking coal contract with Austrailian mining company BHP Billiton and BHP has agreed to a 50% cut in contract price to USD 150 per tonne for SAIL. When contacted, SAIL declined to comment on the lower contract price with BHP.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 4:50 pm

SREI Infra Finance adequately capitalised

Hemant Kanoria, MD, SREI Infrastructure Finance, said they are adequately capitalized and that last year they had raised about USD 200 million by getting into a joint venture with BNP Paribas. He said SREI and SREI Equipment Finance together would have a net worth of most probably about Rs 1,500–1,600 crore.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 4:30 pm

Mahindra Defence JV eyes Rs 2000cr rev by 2016

Khutub Hai, Chief Executive, Mahindra Defence Systems ironically rues at the increased demand in armour protected vehicles. The company has joint venture with BAE Systems and Hai estimates the venture to have a turnover of over Rs 2,000 crore by 2016.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 3:49 pm

SuratDahisar proj to break even in 8 years: IRB Infra

VD Mhaiskar, CMD, IRB Infrastructure, said the SuratDahisar project will start from February 20 and the company expects to collect Rs 1 crore per day from this particular project. The breakeven for SuratDahisar project expected after eight years, he added.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 3:38 pm

No dealings with Ritwik Projects, SEW Infra: Gammon Infra

Parvez Umrigar, MD, Gammon Infrastructure Projects said the company has no joint venture or any dealings with Ritwik Projects and SEW Infrastructure. Meanwhile, commenting on the ongoing projects, Umrigar said Phase I of MumbaiNasik expressway will commence by April 2009.
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 2:39 pm

BO Report: , yet another loss?

Despite a good pickup, the film failed to pull the crowd
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 2:16 pm

See revival in loan demand in 6 months: Chanda Kochhar

Chanda Kochhar, Joint MD, ICICI Bank, said it will take about six months for normalcy to return to loan markets. She stated that at current rates both corporate as well as individual customers are finding it a little unaffordable. “We have to wait for some of this correction to take place and that is when the momentum will start.”
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 1:49 pm

Dana Gas discovers second well in Egypt in 2009

A Sharjah-based natural gas company has discovered two gas wells in the first two months of 2009 in the West Manzala Concession in the Nile Delta region.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 1:20 pm

It's just fraud, not corporate governance failure: Mittal

"(Stray) cases like Satyam should not put a shadow on how the corporate sector is running in the country ... This is really an exception," Mittal said.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 1:18 pm

Chrysler woes hit Daimler, GM readies survival plan

STUTTGART/WASHINGTON (Reuters) - Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.

Source: Reuters: Money News | 17 Feb 2009 | 1:13 pm

Clients budget likely to be down by around 8%: Infosys

SD Shibulal, COO, Infosys, said the company is in conversation with all of its customers. He said budgets for many of its customers are yet to close. \"There is a common feeling that the budgets will be down this year, possibly in the range of about 8% plus or minus on an average.”
Source: Moneycontrol Top Headlines | 17 Feb 2009 | 1:13 pm

Satyam says looking to trim senior management

MUMBAI (Reuters) - Fraud-hit Satyam Computer Services is looking to trim the number of its senior managers, a company spokeswoman said on Tuesday, as the cash-starved outsourcer plans to find a suitor.

Source: Reuters: Money News | 17 Feb 2009 | 1:09 pm

Central Bank says Rs 49-crore exposure to Maytas

State-owned Central Bank of India said it has an exposure of Rs 49 crore to Raju family-owned Maytas and is 'willing' to lend to Satyam Computer
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 1:09 pm

Rs.1-bn tax concession in Tamil Nadu's deficit budget

Tamil Nadu Finance Minister K. Anbazhagan Tuesday offered Rs.1-billion value-added tax (VAT) concessions while presenting the state budget for 2009-10 with a total deficit of Rs.118.24 billion (Rs.11,823.64 crore).
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:03 pm

Brandhouse announces joint venture with Italy's Oviesse

Textile major Brandhouse Retails has signed a joint venture agreement with Italy's leading apparel brand Oviesse to open 190 stores in India at an investment of Rs.1.61 billion (Rs.161 crore) over a period of five years, it was announced Tuesday.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:02 pm

New land policy for industries in West Bengal

In a bid to help companies by ensuring their downstream units are set up on contiguous land, the West Bengal government has chalked out a new land acquisition strategy for allotting land to industrial parks rather than to individual units.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:02 pm

Government mulling stimulus for entertainment industry

The government will consider a stimulus package for the Indian media and entertainment industry as it, too, requires attention like any other sector in these difficult times, Minister of State for External Affairs Anand Sharma said Tuesday.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:01 pm

West Bengal chief minister flags off new steel plant

West Bengal's Left Front government Tuesday tried to give a push to its industrialisation drive with Chief Minister Buddhadeb Bhattacharjee laying the foundation stone of a Rs.34.25 billion steel plant in the Maoist-hit Purulia district, some 300 km from Kolkata.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:00 pm

Diamond workers from north Gujarat threaten to boycott polls

Workers of diamond polishing units from north Gujarat, who lost their jobs due to the global financial meltdown, have threatened to boycott the Lok Sabha elections to protest government apathy towards their plight.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 1:00 pm

India copper flat as weak rupee offsets lower LME - Reuters India


Gulf Times
India copper flat as weak rupee offsets lower LME
Reuters India - 54 minutes ago
MUMBAI, Feb 17 (Reuters) - India copper futures traded flat on Tuesday as pressure from a weak London market was offset by a weaker rupee at a two-month low, analysts said.
Indian Stocks, Bonds, Rupee Drop on Record Government Borrowing Bloomberg
Rupee tumbles another 25 paise against dollar Economic Times
Commodity Online - Reuters India - Reuters India - Bloomberg
all 84 news articles

Source: Google News India - Business | 17 Feb 2009 | 12:48 pm

Indian gold buyers face record prices

MUMBAI (Reuters) - Gold buyers in India ignored the wedding season and postponed purchases as they grappled with never-before prices, traders and dealers said.

Source: Reuters: Money News | 17 Feb 2009 | 12:43 pm

Apollo Hospitals promoters pledge 18.18% stake

Mumbai: Healthcare services provider Apollo Hospitals Enterprise on Tuesday said six of its promoters have pledged over one crore shares, representing 18.18% stake in the company, with lenders.
In a disclosure to the Bombay Stock Exchange (BSE), Apollo Hospitals said its promoter PCR Investments has pledged 12.57% stake amounting to 75.70 lakh shares in the company.
Another promoter Sucharitha Reddy has pledged 13.50 lakh shares forming 2.24% stake in the hospital chain firm.
Four other promoters — Preetha Reddy, Suneeta Reddy, Shobana Kaminei and Sindoori Reddy — have pledged the remaining 3.37% stake in the company, it said.
Promoters have pledged shares to borrow funds, which were “utilised for enhancing their equity stake in the firm,” it added.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:38 pm

‘Google phone’ builds momentum with boost by HTC: company

By AFP
Barcelona: Google’s bid to dominate the mobile phone operating software market got a boost on Tuesday when Taiwanese handset maker HTC unveiled the third phone based on the Internet giant’s technology.
The touch-screen HTC Magic is to be sold by British network operator Vodafone and its subsidiaries in Britain, France, Germany and Italy, the companies announced at industry event Mobile World Congress here.
Rival developers are battling to create the dominant operating system for mobile phones, with Google and its Android system competing with software giant Microsoft, handset maker Nokia, an open-source Linux-based project and Blackberry.
“We are very excited to be introducing our first Android-powered smartphone in the spring,” said Patrick Chomet, global director of terminals for Vodafone.
On Monday, Chinese manufacturer Huawei revealed its first mobile phone to integrate Android, meaning there are at least three “Google” phones now developed.
The first phone to use Android was launched by HTC in October last year in partnership with German network operator T-Mobile.
Google is hoping to establish its operating system as an industry standard, which would help drive users to use its various Internet services including search, maps and chat.
The HTC Magic will be entirely touch-screen and is in a tablet form.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:36 pm

‘Google phone’ builds momentum with boost by HTC: company

By AFP
Barcelona: Google’s bid to dominate the mobile phone operating software market got a boost on Tuesday when Taiwanese handset maker HTC unveiled the third phone based on the Internet giant’s technology.
The touch-screen HTC Magic is to be sold by British network operator Vodafone and its subsidiaries in Britain, France, Germany and Italy, the companies announced at industry event Mobile World Congress here.
Rival developers are battling to create the dominant operating system for mobile phones, with Google and its Android system competing with software giant Microsoft, handset maker Nokia, an open-source Linux-based project and Blackberry.
“We are very excited to be introducing our first Android-powered smartphone in the spring,” said Patrick Chomet, global director of terminals for Vodafone.
On Monday, Chinese manufacturer Huawei revealed its first mobile phone to integrate Android, meaning there are at least three “Google” phones now developed.
The first phone to use Android was launched by HTC in October last year in partnership with German network operator T-Mobile.
Google is hoping to establish its operating system as an industry standard, which would help drive users to use its various Internet services including search, maps and chat.
The HTC Magic will be entirely touch-screen and is in a tablet form.

Source: Tech News - Livemint.com | 17 Feb 2009 | 12:36 pm

Infosys to award 5 top Indian scientists - Sify


Fresh News
Infosys to award 5 top Indian scientists
Sify - 1 hour ago
Bangalore: Infosys Technologies on Tuesday said it has instituted a Rs 50 lakh award each for five top Indian scientists in recognition of their outstanding research contributions and achievements.
Infosys India Prize to promote research in sciences Economic Times
Infosys institutes awards for research in sciences Hindu Business Line
Livemint - Myiris.com - CIOL
all 17 news articles

Source: Google News India - Business | 17 Feb 2009 | 12:35 pm

No cheer for India's children in interim budget

The interim budget for 2009-10, presented in the Lok Sabha Monday, has brought down allocation of various child welfare programmes as compared to previous years, says a budget analysis done by a city-based children's rights organisation.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 12:33 pm

SC asks customs dept not to initiate action against ITC

New Delhi: The Supreme Court has restrained the customs department from taking any action against ITC Ltd, which has been held responsible for importing around 1,000 tonnes of “hazardous municipal waste”.
Holding ITC responsible for dumping the waste, the Madras High Court had asked the company to send the material back to the US, the country of origin.
The Madurai Bench of the High Court had also directed the customs authorities to initiate action against the officers of ITC (paperboard and specialty paper division) responsible for the garbage coming from the US, rotting in 35 cargo containers at Tuticorin port for more than three years.
A bench headed by Justice S H Kapadia, however, restrained the customs authorities from taking action against ITC as the latter’s review petition is pending before the High Court.
“Since a review petition is pending before the High Court, stand over for six weeks,” the court said, adding the department should not initiate any action against ITC till the review plea is heard.
Stating that the company cannot be treated as the owner or the importer of the cargo, ITC senior counsel Harish Salve said that the 35 containers were part of a consignment of 2,000 metric tonnes of ‘paper waste’ imported by it in September 2005 from Evergreen Specialties Inc, a private company in New Jersey, for making paperboard.
Even Evergreen had accepted the rejection of import and that a consignment meant for some other country had been wrongly shipped to India, ITC stated.
The raw material was imported as an alternative to cutting trees for making paperboard.
According to the petitioner (ITC), it regularly imports waste paper from reputed exporters all over the world and in its 2005 order it had stipulated that the waste paper consignment should not have more than 10 per cent non-fibre material like plastic and metal.
The consignment reached Tuticorin in September 2005 and it was not in accordance with the specifications of the order, the petition filed through Rajan Narain said.
On arrival, the customs department had permitted ITC to clear 960 containers with a capacity of approximately 25 tonnes each, but had refused clearance for the rest (40) as they contained contaminated municipal waste.
According to ITC, customs officials, on inspection, found that the consignment contained contaminated infectious waste.
The authorities had directed the consignment to be sent back as it could not be unloaded because it was in violation of the Hazardous Waste (Management and Handling) Rules, 1989.
Malta-based company Norasia Container Lines Ltd was engaged in November 2005 to transport the consignment to JDH International LLC, a buyer in the United Arab Emirates.
But Ajman port officials in the UAE permitted unloading only five containers and ordered that the remaining 35 be taken back to Tuticorin without informing Evergreen.
Norasia had moved the High Court seeking a direction to the customs to dispose of the cargo as abandoned and return the empty containers. Besides, it had also filed a case against ITC, Evergreen, Customs, Port authorities, etc for losses incurred by it in shipping the cargo between Tuticorin and the UAE and sought damages of Rs2,28,88,852.
On the single judge’s order, the Central Pollution Control Board (CPCB) had recommended re-export of the cargo back to New Jersey “in view of the threat it may pose to the environment and the people of India, if such illegal consignments are handled or disposed of in the country”.
Aggrieved by the CPCB’s order, ITC had appealed before the division bench stating that the consignment was diverted to the UAE as instructed by the New Jersey-based firm.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:33 pm

India notifies what constitutes foreign investment

India Tuesday notified the detailed norms on what constitutes foreign equity in companies that operate in sectors with a cap on overseas investment, after the cabinet rationalised the procedures last week to attract more foreign capital.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 12:32 pm

Bangalore: Gang of Thieves Steals 7000 Cars without Arousing Suspicion - Daijiworld.com


Bangalore: Gang of Thieves Steals 7000 Cars without Arousing Suspicion
Daijiworld.com - 1 hour ago
Bangalore, Feb 17: The city policemen accidentally came across a major gang of car thieves which was able to steal over 7000 cars, without giving an inkling of their covertive operations to either the banks which hired them, owners of the vehicles from ...
Loan recovery mafia busted Express Buzz
Car-lifting racket busted in City Deccan Herald
Hindustan Times ePaper - Express Buzz
all 5 news articles

Source: Google News India - Business | 17 Feb 2009 | 12:32 pm

Delhi-Mumbai Industrial Corridor work to start soon

The construction work on the 1,483-km dedicated freight corridor, Delhi-Mumbai Industrial Corridor (DMIC), will start soon, a union minister said here Tuesday.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 12:32 pm

Markets remain southbound, Sensex loses almost 3 percent

Indian equities closed in the red Tuesday on weak global cues, leading to a key index ending 2.91 percent below its previous close.
Source: IndiaeNews.com: Business News | 17 Feb 2009 | 12:30 pm

No confirmation for non-existing 13,000 staff of Satyam: Govt

New Delhi:The government on Tuesday said it does not have any confirmation on alleged non-existence of 13,000 employees in the fraud-hit Satyam Computer or on diversion of their salaries to family accounts of its disgraced B Ramalinga Raju, founder of the IT company.
“There is no confirmation available with this ministry, as on date, as to the non-existence of 13,000 staff in Satyam Computer Services and the diversion of salaries of such numbers of staff to the family accounts of the promoters of Satyam,” Corporate Affairs Minister Prem Chand Gupta said in a reply to a question “whether it is a fact that promoters of Satyam Computer diverted salaries of 13,000 non-existent Satyam staff to his (Raju’s) family accounts”.
In his written reply, Gupta said the ministry has ordered SFIO investigation in the IT company and subsidiaries held and promoted by Raju or his family.
In reply to another question, Gupta ruled out the possibility of probing the working of other IT companies in wake of Satyam scam, saying the case was an aberration and it “does not represent a breakdown of regulatory oversight”.
He added that the country’s growth story has not been put at risk due to the incidents in Satyam.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:26 pm

Tata Housing assures timely completion of its projects

New Delhi: Tata Housing Development Company has assured that its customers of timely completion of projects despite slowdown in the property market.
At present, Tata Housing is developing two residential projects at Bangalore and Gurgaon, which will be ready for possession by December 2010 and June 2011 respectively.
“We, at Tata Housing, are committed to make landmark projects in terms of quality with timely construction, execution and delivery schedules, be it in these difficult times as well,” Tata Housing Managing Director Brotin Banerjee said in a statement.
“As a long-term vision, our entire team is dedicated to safeguard the trust of our customers and we will be delivering the product as per the earlier schedule,” he added.
The company also said that it enjoys complete support from all its banking and financial institutions.
Banerjee said that the realty sector is going through a bad phase with nervous buyers are avoiding high-value purchases.
“The biggest concern for any buyers is the transparency in dealings, credibility and reliability of the developer and of the delivery timeliness being met with,” he added.
In today’s scenario when the realty sector is witnessing delay in construction and even annulment of certain projects, Tata Housing gives the necessary comfort and confidence to an anxious consumer market by being committed to its planned schedules, the statement said.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:25 pm

JSW Steel set to pip Tata; become India’s largest steelmaker

New Delhi: Sajjan Jindal-led JSW Steel is set to pip Tata Steel and become the country’s largest private sector steel producer with the commissioning of a 3 MTPA extended production line at its Vijaynagar facility on Wednesday.
“We are commissioning the three million tonnes per annum additional production line at Vijaynagar plant on 18 February, taking its total capacity to 6.8 MTPA,” JSW Steel Vice- Chairman and Managing Director Sajjan Jindal said.
With the start of commercial production from the expanded facility, JSW Steel’s overall production capacity would reach 7.8 million tonnes from the present 4.8 million tonnes (including 1-MTPA from Salem unit).
As of now, SAIL is India’s largest public sector steel maker with annual production close to 15 million tonnes, while Tata Steel tops the list among private players with installed production capacity of 6.8 million tonnes at Jamshedpur.
Hit by the global economic crisis, JSW Steel had put on hold the commissioning of the new blast furnace, which is claimed to the country’s largest furnace, for six months.
However, marching ahead with its expansion plans, JSW Steel said it has achieved financial closure to further augment the capacity of the Vijaynagar unit to 10-MTPA.
“We have tied-up the finances to further increase the capacity of our Vijaynagar plant to 10-MTPA,” Jindal said.
The steel major has already commissioned a sinter plant and two blocks of coke-oven batteries as part of the company’s Rs5,300 crore expansion project at Vijaynagar.
It intends to reach 32 million tonnes of steel capacity by 2020 for which the firm is estimated to invest about Rs1 lakh crore.
“Our vision to have 32 MTPA production capacity by 2020 is very much on track,” Jindal said.
Besides embarking on brownfield projects, JSW Steel has taken up greenfield ventures in West Bengal and Jharkhand. The company plans to set up 10 million tonne plant each in the two states at a cumulative investment of about Rs70,000 crore. The company is, however, facing problem to attain financial closure for the West Bengal Project.
“We are talking to bankers. Yes, there are some difficulties in achieving financial closure for the West Bengal plant,” he said.
JSW Steel has already cut the investment in the phase-I of Bengal project by about 60% to Rs4,000 crore.
The firm reported net loss at Rs127.50 crore for the third quarter of the present fiscal and announced a freeze on their greenfield projects, including the proposed Jharkhand plant, amid the liquidity crunch.
Last year, to tame falling steel demand and prices, the firm had cut its output by about 20% and undertook several rate cuts. But on improved offtakes, seen in the second half of December and January, the company decided to run its steel mills at their full capacities.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 12:19 pm

World needs coordinated response to crisis

LONDON (Reuters) - Countries must keep their promises to coordinate measures to revive the global economy rather than pleasing voters with protectionist policies, the International Monetary Fund said on Tuesday.

Source: Reuters: Money News | 17 Feb 2009 | 12:14 pm

Govt. sidesteps demand for JPC on Satyam scam - Hindu


Govt. sidesteps demand for JPC on Satyam scam
Hindu - 1 hour ago
New Delhi (IANS): The government on Tuesday sidestepped a demand to appoint a Joint Parliamentary Committee (JPC) to probe the Satyam Computers scam, even as the issue rocked the Rajya Sabha and dominated the entire question hour.
No JPC on Satyam, says Gupta Economic Times
Satyam rules Question Hour in Rajya Sabha SamayLive
CIOL - Business Standard - Hindu Business Line - Times of India
all 124 news articles  हिन्दी में

Source: Google News India - Business | 17 Feb 2009 | 12:08 pm

Downsizing begins? Satyam to trim senior mgt - Business Standard


SamayLive
Downsizing begins? Satyam to trim senior mgt
Business Standard - 1 hour ago
The government constituted board of scam-tainted Satyam Computer Services is looking at reducing the number of senior managers so as to ensure that the IT company is "as viable as possible" for a strategic investor.
Satyam says looking to trim senior management Reuters
Satyam sacks senior VP; says it is part of mgmt optimisation Economic Times
Sify - Hindu - Economic Times - Business Standard
all 34 news articles  हिन्दी में

Source: Google News India - Business | 17 Feb 2009 | 12:07 pm

Mahindra Group enters boat making business - Business Standard


Mahindra Group enters boat making business
Business Standard - 1 hour ago
The $6.7 billion Mahindra Group, one of the top 10 leading business houses in India, has announced its initial entry into boat manufacturing.
India's Mahindra & Mahindra to make powerboats Reuters
India's Mahindra & Mahindra to make powerboats Reuters India
Myiris.com - SINDH TODAY
all 10 news articles

Source: Google News India - Business | 17 Feb 2009 | 12:03 pm

Satyam buyer may emerge by Feb end - Parekh

NEW DELHI (Reuters) - Buyers for fraud-hit Satyam Computer Services are likely to emerge by the end of February, a senior board member said on Tuesday.

Source: Reuters: Money News | 17 Feb 2009 | 12:03 pm

Gold glitters, touches Rs 15000/10 gm - Moneycontrol.com


Nhatky.in
Gold glitters, touches Rs 15000/10 gm
Moneycontrol.com - 1 hour ago
Gold is trading at a seven-month high above USD 950 per ounce. The yellow metal has hit record high above Rs 15000 per 10 gram in India.
Gold sets record; glitters at Rs 15420 per 10 gram Indopia
Gold sizzles amid ruins in stocks Press Trust of India
Daily News & Analysis - Commodity Online - Myiris.com - Moneycontrol.com
all 60 news articles

Source: Google News India - Business | 17 Feb 2009 | 11:53 am

Jet, Kingfisher, Nacil owe oil firms over Rs2,241 cr

New Delhi: Jet Airways, Kingfisher Airlines and state-owned Nacil owe public sector oil companies over Rs2,241 crore as payment for jet fuel, minister of state for petroleum and natural gas Dinsha Patel said on Tuesday.
As on 31 December, 2008, the nation’s largest domestic carrier Jet Airways, Vijay Mallaya-owned Kingfisher Airlines and National Aviation Co, which operates Air India and Indian Airlines, together owed Rs3,607.85 crore as fuel payment.
Of this, Rs1,366.39 crore was paid and the remaining Rs2,241.46 crore was outstanding, he said in a written reply to a question in the Rajya Sabha here.
Kingfisher has not paid Rs744.92 crore to fuel retailers IndianOil, Bharat Petroleum and Hindustan Petroleum while Jet owed the three oil firms Rs731.31 crore. Nacil ran a total outstanding of Rs765.23 crore as on 31 December, 2008.
“The airlines have been informed that repeated defaults/delays in clearing their dues will constrain the oil marketing companies (IOC, BPCL and HPCL) to supply them the aviation turbine fuel (ATF) only on a cash and carry basis,” he said.
Kingfisher Airlines owed HPCL Rs523.45 crore and had paid only Rs100.85 crore while it had paid only Rs165.42 crore out of the Rs333.96 crore outstanding it ran with BPCL. Of the Rs172.78 crore outstanding with IOC, it had cleared only Rs19 crore by 31 December.
Patel said Jet Airways had paid only Rs444.71 crore out of the Rs1,053.08 crore outstanding it had with IOC and Rs87.52 crore out of the Rs210.46 crore dues pending with BPCL. It had, however, cleared all of the Rs2.82 crore outstanding with HPCL.
Nacil had paid only Rs362.70 crore out of the Rs877.13 crore it owed IOC, Rs106.52 crore out of the outstanding of Rs362.70 crore with BPCL and Rs76.85 crore from a total of Rs183.74 crore dues with HPCL.
The government had in October given the three cash-strapped airlines more time to clear their fuel bills. The outstanding on 21 October was to be cleared in six monthly installments and future jet fuel or ATF purchases could be made on a enhanced 90-day credit period.
Despite the leniency, Kingfisher had delayed payment of its dues and IOC this month stopped selling jet fuel to it on credit. Fuel sold to Kingfisher is on a cash-and-carry basis, IOC had stated last week.

Source: Home - Livemint.com | 17 Feb 2009 | 11:49 am

Central Bank says Rs 49-crore exposure to Maytas - Economic Times


Fresh News
Central Bank says Rs 49-crore exposure to Maytas
Economic Times - 1 hour ago
17 Feb 2009, 1658 hrs IST, PTI MUMBAI: State-owned Central Bank of India on Tuesday said it has an exposure of Rs 49 crore to Raju family- owned Maytas and is "willing" to lend to Satyam Computer, if the company approaches it with a viable proposal.
Satyam buyer may emerge by Feb end - Parekh Reuters India
No confirmation for non-existing 13000 staff of Satyam: Govt Livemint
Press Trust of India - Business Standard - Indopia - Sify
all 141 news articles

Source: Google News India - Business | 17 Feb 2009 | 11:43 am

Mixed trend in select metal prices - SamayLive


Mixed trend in select metal prices
SamayLive - 2 hours ago
Mumbai, Feb 17 : A mixed trend was noticed on the non-ferrous metal market here today. Nickel, copper cable scrap, copper scrap heavy, copper armiture and copper wire bar declined in the absence of industrial demand.
Copper, nickel extend weakness on subdued global cues Indopia
Copper hits two-week low Globe and Mail
Economic Times - Reuters - Hindu Business Line - Forbes
all 53 news articles

Source: Google News India - Business | 17 Feb 2009 | 11:40 am

Govt mulling 10% increase in ad rates for media industry

Mumbai: A proposal favouring 10% hike in advertisement rates for the media industry is under consideration of the Government, ,minister of state for information and broadcasting Anand Sharma said on Tuesday.
“We have recommended a 10% hike in the Government advertisement rates,” Sharma told reporters on the sidelines of FICCI meet.
The advertisement rates had gone up substantially in recent months with a 24% increase effected in October last year, the minister said.
Along with the increase in rates, the Government had also abolished the 15% mandatory deduction, he said, adding that, “there is a close to 50% increase in the advertisement rates for the industry”.
The Government has also withdrawn customs duty on import of newsprint as well as glazed print magazines, Sharma said.
“We have abolished import duty for the newsprint as well as light weighted coated papers for magazines,” he said.
Sharma said FM Phase-III policy was in the final stages and would be rolled out shortly.
“The Government is also seriously considering the recommendations of including entertainment tax in the service tax ambit,” said Sharma, who is also the minister of state for external affairs.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 11:35 am

ICICI Bank tops list of credit card frauds, loses Rs 11.47 cr

One of the largest private sector lending institutions ICICI Bank lost more than Rs 11 crore due to over 8,000 cases of credit card frauds last year.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 11:31 am

Govt to constitute GoM this week for resolving 3G issues

New Delhi: The government today said the Group of Ministers, to sort out the issues such as the number of slots and reserve price for the 3G services, will be constituted this week.
“GoM is likely to be constituted this week. We are still hopeful that the 3G spectrum auction has a possibility of happening before the end of the current fiscal. There is still some time,” telecom minister A Raja said here.
Defence forces would shortly release 15 mhz of spectrum for the mobile services, soon after a Memorandum of Understanding between the Department of Telecom and the Ministry of Defence gets signed in a week.
He said BSNL would launch 3G services in Chennai on 23 February.

Source: Tech News - Livemint.com | 17 Feb 2009 | 11:29 am

Govt to constitute GoM this week for resolving 3G issues

New Delhi: The government today said the Group of Ministers, to sort out the issues such as the number of slots and reserve price for the 3G services, will be constituted this week.
“GoM is likely to be constituted this week. We are still hopeful that the 3G spectrum auction has a possibility of happening before the end of the current fiscal. There is still some time,” telecom minister A Raja said here.
Defence forces would shortly release 15 mhz of spectrum for the mobile services, soon after a Memorandum of Understanding between the Department of Telecom and the Ministry of Defence gets signed in a week.
He said BSNL would launch 3G services in Chennai on 23 February.

Source: Home - Livemint.com | 17 Feb 2009 | 11:29 am

HDFC may cut lending rates if funds cheaper - chairman

NEW DELHI (Reuters) - India's leading mortgage firm Housing Development and Finance Corp. may cut lending rates if the cost of funds falls, its chairman Deepak Parekh said on Tuesday.

Source: Reuters: Money News | 17 Feb 2009 | 11:28 am

HDFC chief says enough liquidity in banking system

NEW DELHI (Reuters) - The chairman of Housing Development Finance Corp said on Tuesday there was enough liquidity in the banking system.

Source: Reuters: Money News | 17 Feb 2009 | 11:26 am

Investors continue pull out from India; Asia sees inflows

Net cash taken in by offshore Asian funds tripled week on week to 219 million dollar in the second week of this month.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 11:26 am

Central Bank of India says Rs49 crore exposure to Maytas

Mumbai: State-owned Central Bank of India on Tuesday said it has an exposure of Rs49 crore to Raju family- owned Maytas and is “willing” to lend to Satyam Computer, if the company approaches it with a viable proposal.
“We have an exposure of Rs49 crore to Maytas group companies. This was given to an SPV co-promoted by Maytas to execute some infrastructure projects,” Central Bank of India’s executive director Ramnath Pradeep said.
The bank is also ready to consider loan proposals from the beleaguered IT-major, Satyam Computer, if the latter approaches the bank with a viable business proposal, Pradeep said.
However, Satyam has not approached the bank so far, he said.
Central Bank of India has a total loan book of Rs81,000 crore, out of which nearly 27% was contributed by its corporate portfolio.
The bank has witnessed an 18% of overall credit growth so far in this fiscal, Pradeep said.
“We are keen to grow our corporate loan portfolio, which currently contributes 27% to the total advances. If Satyam approaches us (for loans), we are willing to lend,” Pradeep said.
The government-appointed board of Satyam Computer recently said that it received Rs600 crore worth loans from two banks — IDBI Bank and Bank of Baroda.
The IT major was still in discussions with more financial institutions for additional loans to meet its immediate fund requirements, it said.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 11:21 am

ADB impose sanctions on 79 entities for corruption in 2008

By PTI
New Delhi: The Asian Development Bank has imposed sanctions on 79 entities, including 41 companies, for “corruption” in 2008.
The multilateral lending agency has also put sanctions on 38 individuals.
ADB in a statement on Monday said it has sanctioned 41 firms and 38 individuals last year as a result of its corruption investigations.
The firms “that were sanctioned” following investigations are prohibited from doing business with ADB for up to seven years. In the case of individuals, the sanctions range from “one year to an indefinite period”, the statement said.
According to the bank’s website, as on 28 January, 2009, a total of 286 firms and 266 individuals have been declared ineligible to participate in activities financed by the ADB.
Among them, there are two companies -- Target Engineering Corporation and BRC Constructions -- and one individual -- TKP Menon -- from India.
They have been described as parties which ADB found impossible to notify after it “declared (them) ineligible to participate in ADB-financed activity”.
The sanctions on Target Engineering Corporation would be valid “until at least 28 October 2010” and BRC Constructions to remain “until at least 23 June 2011”.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 11:21 am

Banks loses nearly Rs 6.6 cr to internet frauds

Banks across the country have lost Rs 6.57 crore to internet frauds in 233 incidents of cyber crime with Tamil Nadu topping the list in last fiscal year
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 11:21 am

BSE Sensex falls 2.9 pct; outlook seen grim

MUMBAI (Reuters) - The BSE Sensex dropped for a second day on Tuesday, falling 2.9 percent to its lowest close in three weeks, as weak world markets added to the gloom caused by the absence of a stimulus for the industry in Monday's budget.

Source: Reuters: Money News | 17 Feb 2009 | 11:18 am

Gold sizzles amid ruin in stocks

New Delhi: Amid continuing decline in stock markets, all-weather investment option gold zoomed past all previous records on Tuesday to set a record price of Rs15,420 per 10 gram in the national capital.
The metal surged by Rs560, the biggest single-day rise in over one-year on Tuesday in tune with rates in the global markets where gold rallied above $960 an ounce.
Dealers said melting stocks and forex markets left no other option for investors other than gold and they rushed park their funds in bullion.
There was frantic buying by stockists and speculators on firming trend on the global front amid a plunge in equity markets, they added. Analysts had forecast that gold may touch Rs16,000 per ten gram in short-term.
The steep rise in prices, however, brought gloom to retail buyers particularly in the ongoing wedding season. A retail jeweller in Delhi said many prospective customers were postponing their buying decision as they are unable to grapple with with never-before like prices.
“Retail buyers postponed their decisions to buy for the current marriage season in view of the sky-rocketing gold prices,” said All India Sarafa ( bullion) president Sheel Chand Jain, adding the surge was solely of speculative nature.
Meanwhile, the benchmark Sensex sliding for the second day in a row lost 270 points on Tuesday. In two days of sustained selling, the Sensex has lost a massive 600 points which indicate investors’ lack of preference for equities during this times of global economic downturn.
The market is facing fresh inflows of scrap gold as many are selling of old jewellery to create liquidity in this trouble times, said Suresh Verma of Omsons Jewellers.
In the overseas markets, the bullion added 2.23% to 963.60 an ounce.
“Foreign funds are pouring fresh money into gold and buying the metal at every support level,” said bullion merchant Ravi Jalan.
He further added that the global uncertainty raised hopes among investors that the metal would continue its upward march.
While bullion merchants expect the gold to touch Rs16,000 per 10 grams in next two weeks, international players, including banks, have forecast a price of $1,000 an ounce.
“Gold prices are extremely volatile. Within a week or so, prices would hover in the horizon of Rs16,000 level,” Gitanjali Group chairman Mehul Choksi said.
Goldman Sachs and UBS had raised their forecast for gold citing increased risk in financial markets and mounting concern that government spending on bank bailouts and economic stimulus will spur inflation.

Source: Home - Livemint.com | 17 Feb 2009 | 11:16 am

HRAH welcomes new Excise Policy - HospitalityBizIndia


All India Radio
HRAH welcomes new Excise Policy
HospitalityBizIndia - 2 hours ago
By P Krishna Kumar | New Delhi Hotel and Restaurant Association of Haryana (HRAH) welcomed the new Excise Policy announced by the Haryana Government.
Haryana plans liquor vends quota for SC, OBC All India Radio
Haryana's excise policy released, vends reserved for SC's, BC's PunjabNewsline.com
India Today - Merinews - Indopia - Thaindian.com
all 9 news articles

Source: Google News India - Business | 17 Feb 2009 | 11:14 am

‘Green’ investment to boost anti-recession efforts: UNEP

New York: Investing one-third of the roughly $2.5 trillion planned stimulus funds globally in “greening” the world economy will boost efforts to lift the world out of recession, a new United Nations report has said.
The estimated $750 million — or some 1% of current global GDP — could spur significant returns, including stimulating innovation and job growth, slashing greenhouse gas emissions and making strides towards curbing poverty, it said.
The “Global Green New Deal” report — written in consultation with experts from over two dozen UN and external organisations, including the IMF and the World Bank — was released as over 100 Environment Ministers converged in Nairobi for the UN Environment Programme’s four-day Governing Council/Global Ministerial Environment Forum.
“Spent wisely and creatively (the stimulus funds) offer the chance to deal with today’s immediate crises and begin focusing and framing a response to those on the horizon from future food shortages, natural resource scarcity, energy security and climate change,” said UNEP’s Executive Director Achim Steiner.
The new publication “represents an opportunity to accelerate towards innovation-led, low carbon, low waste Green Economy societies with decent employment prospects for many more millions of people,” he added.
South Korea is putting nearly $40 billion — or 3% of its GDP — towards its Green New Deal, which could generate almost one million new jobs, the report said.
China is expected to spend close to $600 billion on a fiscal stimulus package, of which it will dedicate $140 billion — just under 2% of its GDP — for green investments, adding to its $17 billion renewable energy sector which already employs some one million people, it said.
Besides, the US will direct almost 1% of its stimulus funds towards environmental restoration, making federal office buildings more energy-efficient, creating a smart power grid and other green measures.
Also issued at the Nairobi gathering was the UNEP Year Book 2009, which stresses the critical need for switching to a low-carbon green economy, spotlighting worrying trends, such as over 2 billion tonnes being generated worldwide annually and the number of cars on the road forecast to double to 1.3 billion by 2050.
But the Year Book also pointed out green progress being made, including the projected 30 to 40% drop in emissions in the construction industry.

Source: LatestNews-Home - Livemint.com | 17 Feb 2009 | 11:13 am

Close: Grim economic outlook drags Sensex by 2.9%

New Delhi: Indian shares dropped for a second day on Tuesday, falling 2.9% to their lowest close in three weeks, as weak world markets added to the gloom caused by the absence of a stimulus for the industry in Monday’s budget.
Banks were among the major losers after their near-term outlook was seen dented by higher-than-expected government borrowing plan, which could keep bond yields high and erode the value of bonds held by banks.
Sliding stocks send the rupee to its lowest in more than two months against the dollar, but this failed to lift sagging outsourcers that get more than have their revenue from exports, mainly to the United States, because of global economic woes.
The main BSE stock index shed 2.91%, or 270.45 points, to 9,035, its lowest close since 27 January. All but one of its components fell. The 50-share NSE Nifty index closed down 2.74% at 2,770.50 points.
World stocks fell to a two-week low on Tuesday as concerns about the economy and corporate profit intensified, while worries about a deterioration in eastern Europe hit the euro.
Gupta said only a cut in interest rates by Reserve Bank of India to help the slowing economy could halt the slide in domestic shares.
On Monday, acting finance minister Pranab Mukherjee said spending may have to jump later this year to shield the economy from a global slump and stem job losses, fuelling fears of a spiralling fiscal deficit that is headed for a seven-year high.
Energy group Reliance Industries contributed the most to the BSE index’s losses, falling 3.9% Rsto 1,267.60, its lowest close in three weeks.
Top lender State Bank of India fell 3.1% to Rs1,100.35 and rival ICICI Bank dropped 5.7% to Rs385.90 on worries additional government borrowing could hurt their outlook.
India is looking to raise an extra Rs450 crore ($9.2 billion) in the 2008/09 financial year in addition to already announced market borrowing to bridge the fiscal deficit, economic affairs secretary Ashok Chawla said on Monday.
Mukherjee said on Monday India’s fiscal deficit would rise to 6% of gross domestic product in 2008/09 from a planned 2.5%, a rise that could shake investors increasingly wary of emerging markets.
Shares in auto makers, which have been battling sluggish sales, extended losses into a second day after the budget failed to deliver on expectations for lower taxes and other incentives to boost demand.
Top utility vehicle and tractor maker Mahindra & Mahindra shed 5% to Rs298.70 while leading vehicle maker Tata Motors slipped 3.4% to Rs131.50.

Source: Home - Livemint.com | 17 Feb 2009 | 11:11 am

Indian 3G auction panel to be formed this week - min

NEW DELHI (Reuters) - A panel of ministers to consider key issues relating to a delayed global auction of third-generation wireless spectrum is likely to be formed this week, the telecoms minister said on Tuesday.

Source: Reuters: Money News | 17 Feb 2009 | 10:59 am

Reliance to restart crude oil production next month

New Delhi: Reliance Industries may restart crude oil production from its predominantly gas-rich KG-D6 fields next month but is likely to shut the fields again by early April to hook up more oil wells to raise output.
The MA field in KG-D6 off the Andhra coast, began pumping oil in September 2008 and had produced 790,000 barrels of oil till 9 December when output ceased due to equipment failure.
“Production is expected to recommence in March after completion of necessary repairs and modification,” a source said. Gas from the block is also expected to start flowing from the first week of March.
Reliance was producing about 10,000 barrels of oil per day from two wells before the shutdown and it would add another well to raise the output in March.
The source said three more wells are likely to be brought into production when the field takes the planned shutdown in March-end or early April. “Output is expected to rise to 40,000 bpd before the end of April-June quarter.”
Reliance had sold the first cargo of over 430,000 barrels of oil to Hindustan Petroleum Corp Ltd’s Vizag refinery and the second cargo is slated to go to Chennai refinery (CPCL).
CPCL has contracted 450,000 barrels of oil from Reliance at a discount of $5.34 a barrel to the internationally traded price of Nigerian Bonny Light crude oil. The price is the same that was offered by HPCL.
The source said Reliance has almost 360,000 barrels of oil in its inventory and would deliver the second consignment to Chennai refinery before March-end.
Reliance had initially said that MA field would be out of operation for 3-4 weeks but the outage had to be extended as some design changes had to be made on the floating, production, storage and off-loading vessel (FPSO) to which oil is pumped from the wells.
After the shutdown, Reliance had offered to sell 300,000 to 320,000 barrels of oil to CPCL and informed the company that if it wanted the full contracted quantity it would have to wait till restart of the field.
CPCL opted to wait, the source said.
Crude oil from the MA-1 field is stored on a floating, production, storage and off-loading vessel (FPSO) at the well-head and once critical volumes are reached it is transferred to a ship for transportation to a refinery.
The source said output from the MA field before the shutdown was erratic with more than expected natural gas flowing out of well along with crude oil. Production from the field varied on daily basis, sometimes falling to as low as 8,000 barrels per day and then suddenly rising to 12,000 bpd.
On 9 December, a rupture in a short pipe spool connected to the flare header in the FPSO led to the emergency shutdown of the production system.
Reliance had in November sold the first consignment of 59,000 tons of oil from the field to Vizag refinery in Andhra Pradesh at $5.34 a barrel discount to Nigerian crude grade Bonny Light.
Oil and Natural Gas Corp, India’s largest crude oil producer, also benchmarks its prime Mumbai High crude at this grade.
Both Vizag and Chennai refineries have evinced interest in taking the entire peak output of 40,000 bpd (2 million tonnes a year) of sweet crude on a long-term basis. The peak output was envisaged in second calendar quarter of 2009 and in all likelihood, Reliance may split the volumes equally between the two, the source said.
Reliance is the operator with a 90% stake in the 7,645 square km D6 block, off the Andhra coast. Niko Resources of Canada holds the remaining 10% interest.
The company, which had budgeted $1.5 billion for developing the oil field, has till now spent $1.09 billion and would invest the remainder in drilling and tying in three additional wells.

Source: Home - Livemint.com | 17 Feb 2009 | 10:43 am

After moon mission, ISRO to launch a breakthrough satellite

Bangalore: After its successful unmanned moon mission Chandrayaan-I, Indian Space Research Organisation is poised to launch a “breakthrough” remote sensing satellite RISAT that can take pictures of earth during night and even see through clouds and fog.
Bangalore-headquartered ISRO is targeting a March last week date for launching the 1,780-kg Radar Imaging Satellite (RISAT) along with ANUSAT, a 35-kg micro-satellite designed by Chennai-based Anna University, on board the indigenously built Polar Satellite Launch Vehicle (PSLV) from Sriharikota.
The remote sensing satellites launched previously by ISRO cannot carry out the operations of the type which can be undertaken by RISAT.
Indian space scientists see RISAT as a major milestone for the country as far as remote sensing satellites are concerned. RISAT mission would have a C-band Synthetic Aperture Radar (SAR) payload, operating in a multi-polarisation and multi-resolution mode.
“So far, all satellites launched by ISRO are optical remote sensing satellites. But RISAT will have all other capabilities,” ISRO spokesperson S. Satish said.
“This will be a major breakthrough as far as remote sensing projects are concerned, especially during cloudy season or during flood season...this will be of great advantage”, Satish said.
Satish said ANUSAT will give a first-hand exposure to students in the university towards building a satellite.
SAR, being an active sensor, operating in the microwave range of electromagnetic spectrum, provides the target parameters such as dielectric constant, roughness, and geometry, and has the unique capability for day-night imaging, and imaging in all weather conditions including fog and haze, and also provide information on soil moisture.
SAR payload is based on an active phased array technology using transmit/receive modules, which would provide necessary electronic agility for achieving the multi-mode capability, providing spatial resolutions of three metres to 50 metres, and ten kms to 240 kms swath modes to cater to different applications.
ANUSAT mission’s main objective is to involve universities in building micro satellites as a means to promote and encourage intra-disciplinary technologies with ISRO’s help.
ANUSAT carries a digital store and forward payload for amateur communication. In addition, a number of technological payloads such as digital receiver and turbo coder, MEMS-based gyro and magnetic field sensor are planned to be flown on board. Structure, solar panels, chemical battery, sensors and actuators had been supplied by ISRO while payloads and other satellite subsystems were designed and fabricated at Anna University.

Source: Tech News - Livemint.com | 17 Feb 2009 | 10:39 am

Reliance to restart crude oil production next month

Reliance Industries may restart crude oil production from its predominantly gas-rich KG-D6 fields next month but is likely to shut the fields again by early April.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 10:35 am

Changes make FDI policy clear for foreigners: Mittal

Barcelona: Welcoming India’s new FDI guidelines, corporate leader Sunil Mittal on Tuesday said it is now clearly understood by the foreigners and gives them a holistic understanding of the entire economy.
Commenting on the changes in the foreign direct investment guidelines on the sidelines of World Mobile Congress here, Mittal said, “It’s good to have a policy that is clearly understood by the foreigners.”
“Now it is very uniform across the sectors. For the foreigners, it gives a clear understanding of the entire economy, rather than a sector-by-sector view,” said the chief of India’s leading telecom player Bharti Airtel.
“In the new policy, issues about Indian control and management are very clearly defined,” he added.
Telecom sector figures among the top recipients of FDI in India over the recent past and Bharti Airtel itself has about 44-45% of foreign direct investment.
Asked if new guidelines would help Bharti raise fresh FDI, Mittal, however, said there were no plans to raise funds and therefore, the new policy was neutral for the company.
“We are not looking at any market right now. There is no target currently being looked at,” said the billionaire businessman to a query whether Bharti was looking at acquisitions.
“Market valuations are so low that no one is willing to sell,” Mittal said.
Earlier this month, the government paved the way for foreign firms to raise their equity in Indian joint ventures with changes in FDI policy that excludes indirect investment through domestic companies from overall sectoral ceilings.
“The foreign investment through (an) investing Indian company would not be considered for (calculating) the indirect foreign investment in (the) case of Indian companies ‘owned and controlled’ by resident Indian citizens and Indian companies owned and controlled ultimately by resident Indian citizens,” the new guideline says.
The government has said that the changes in the FDI policy were aimed at making it simple and transparent.
As per current rules, in a telecom joint venture ‘A’, the present guidelines would not allow a foreign partner to exceed, say, 60% (despite the FDI cap of 74%) in case the domestic partner’s own equity structure has FDI that indirectly works out 14% in ‘A’.
With changes in the rules, the foreign partner in venture ‘A’ can increase its stake (within the 74%) since the indirect FDI holding would not be taken into account while calculating the overall ceiling.

Source: Home - Livemint.com | 17 Feb 2009 | 10:31 am

Europe shares hit 2-week low, banks under pressure

London: European shares hit a two-week low in morning trade on Tuesday, as banks slid on persistent concerns about their balance sheets and fears they might need more state help, while weaker crude prices pressured oil stocks.
At 0936 GMT, the FTSEurofirst 300 index of top European shares was down 1.4% at 773.98 points after touching a low of 770.89. It closed 1.4% lower on Monday.
The index has fallen five times in the previous six sessions and is down 6.9% so far this year after plunging 45% in 2008.
Banks were the biggest sectoral decliner on the index, with Societe Generale down 9%, KBC Groep falling 8.8%, Deutsche Bank shedding 5.4% and UniCredit CRDI.MI down 5.8%.
Concerns over a recession in eastern Europe and the knock-on effect on European banks helped the dollar to rise broadly, while the euro hit a more than two-month low.
Shares in Daimler, which makes Mercedes Benz cars, fell more than 7% after it stopped short of giving a profit forecast for this year after delivering a fourth-quarter loss, weighed down by significant losses and charges at Chrysler.
The stock later pared losses and was down 0.6 percent.
“The beginning of a new year brought with it understandable optimism, but as we move further in to 2009, it is becoming clear that the green shoots of recovery are becoming harder and harder to find,” said Chris Hossain, senior sales manager at ODL Securities Ltd.
“The damning numbers form Japan have sent shockwaves through Europe and the US, with concerns still at the forefront of investors minds on just how bad things are,” he added.
Data showed on Monday that Japan’s economy shrank by 3.3% in the fourth quarter, its worst since the 1974 oil crisis, while a Reuters poll showed on Tuesday that confidence among Japanese manufacturers stayed near record lows.
Investor sentiment remained downbeat in spite of governments around the world pledging hundreds of billions of dollars to shore up bank capital, cut taxes and fund projects that will create jobs, while central banks have pumped funds into the money markets and slashed interest rates.
US Secretary of State Hillary Clinton said the global crisis demanded a coordinated response, while US President Barack Obama was to sign a $787 billion stimulus package.
Energy stocks were under pressure as crude oil prices fell 1.4%, BP, Royal Dutch Shell, Repsol, Total and StatoilHydro shed between 0.8 and 1.2%.
However, InterContinental Hotels, the world’s largest hotelier, rose 1.5% after it met forecasts with a 13% rise in 2008 profit. But the company said a marked fourth-quarter slowdown had continued into 2009 and demand was still easing.

Source: Home - Livemint.com | 17 Feb 2009 | 10:04 am

Maruti expects 5-7% sales growth in February

New Delhi: Buoyed by the highest-ever monthly sales that it achieved in January, car market leader Maruti Suzuki India (MSI) on Tuesday said it expects its sales growth for the ongoing month to be around 5-7%.
“In January, we closed the month with the highest-ever monthly sales and in the current month also we are expecting about 5-7% growth in sales,” Maruti Suzuki India Chief General Manager (Marketing) Shashank Srivastava said.
He said in order to meet increasing demand, the company had increased production in January and also in this month.
“We are currently producing in excess of our capacities in both Manesar and Gurgaon plants. The cars produced from Manesar — DZiRE, SX4, A-Star — are having a long waiting period amongst the customers and we are still trying to increase the production in the Manesar plant,” Srivastava added.
As the company looks to tighten its grip in the Indian market, he said MSI would be increasing its sales network.
“In the next 2-3 years, we are planning to increase the dealership network to 1,000 across the country from the current 600 dealers,” he said.
On the export front, he said for the January-March period, MSI has received export order for about 23,000 units of its latest model A-Star.
“Since the launch of the car (A-Star), we have already exported over 9,000 units,” Srivastava said.
Asked about how the company expects to close the current fiscal in terms of sales, he said: “For the current fiscal probably growth will be tough, but we hope to reach last year’s level.”
The company achieved total sales of 7,64,842 units for the 2007-2008 fiscal. It sold 71,779 vehicles in January 2009.

Source: Home - Livemint.com | 17 Feb 2009 | 10:01 am

Indian media seen cross Rs1 trillion by 2013: report

Mumbai: India’s media and entertainment industry is expected to touch Rs1,05,000 crore by 2013 driven by increasing media penetration reaching out to more among the country’s huge population, an industry report said.
But advertising-driven sectors like television, print, radio and outdoor, have been largely affected by the economic slowdown and this is expected to continue in the current year too, the KPMG-Ficci report said.
In the last three years advertising spends grew 17.1% annually, but it could slow to 12.4% over the next five years, it said.
“In the immediate future, media corporates are likely to focus more on operating margins and assess opportunities for consolidation, while building on core strengths,” Rajesh Jain, head information, communication & entertainment, KPMG India said.
The media and entertainment industry, which grew 12.4% to Rs58,400 crore in 2008, is expected to grow 12.5% a year over the next five, closely mirroring the outlook for ad spend.
Sports media is seen to grow quickly as broadcasters, encouraged by cricket’s Indian Premier League example, start aggressively selling sports as entertainment packages.

Source: Home - Livemint.com | 17 Feb 2009 | 9:35 am

Mobile devices market to shrink 10% this year: Nokia

Barcelona: The world’s largest cellphone maker Nokia has embarked on a cost-saving programme worth €700 million as it expects the global mobile devices market to contract 10% this year in the wake of the economic slowdown.
“There is certainly an impact of global economic slowdown. The mobile device market is not insulated to the global economic changes,” Nokia’s Executive Vice-President (Marketing) Anssi Van Joki told PTI on the sidelines of the World Mobile Congress here.
Noting that Nokia anticipates the global market for mobile devices to shrink 10 % in 2009, Joki said that accordingly, the company has decided to optimise its capacity in manufacturing facilities worldwide.
“In the last 20 years, this is only the third time when contraction is expected to take place, the last being in 2001,” he added.
Joki pointed out that the company has started a global operational cost-saving programme, targeted to save 700 million euros this year.
Last week, the company announced that a Finland-based manufacturing plant would run at reduced capacity.
“Our aim is to maintain our market share, which is hovering around 40% with a plus and minus margin of two per cent,” Joki said.
In 2008, Nokia had shipped 468 million mobile devices with a market share of 38% in the total market size of about 1.2 billion units.
At the World Mobile Congress, the Finnish company has launched two new email-enabled handsets.
The handsets E65 and E75 are priced at €265 and €365, respectively. They would hit the market next month.
Commenting on the new launches, Nokia’s President and CEO Olli-Pekka Kallasvuo said that in the current economic climate, every one is taking a closer look at the cost and benefits of technology.
“The devices and services announced today reflect Nokia’s approach to delivering solutions that have a big impact at an affordable price, without the need to compromise and cut corners,” he noted.
Kallasvuo added that these solutions would make it easier “for people to find and prioritise the things that really matter to them in their personal and professional lives through new applications, improved mobile navigation and one-the-move email access”.

Source: Tech News - Livemint.com | 17 Feb 2009 | 9:12 am

Mobile phone makers agree to create standard charger

Barcelona: Leading mobile phone manufacturers announced on Tuesday they had agreed to produce a standardised charger for the industry in a move set to save money for consumers and reduce waste.
Currently, each mobile phone maker has its own charger design, sometimes using several across different models, which increases replacement costs for users and leads to unwanted cables when a consumer swaps brands.
In a small move set to make this aspect of modern life easier, industry body the GSM Association said on Tuesday that leading manufacturers had agreed to link up to resolve the problem.
“This is a broad agreement that will move the industry to a single, energy-efficient charger for all mobile phones,” said Michael O’Hara, marketing director for the GSMA.
The standard shape to be adopted by more than 20 manufacturers including Nokia, Motorola and Samsung is to be mini USB. The new charger will also be more energy efficient than current offerings, the GSMA said.
“The target is that the majority of mobile phones shipped by 2012 will support this new interface,” added O’Hara.
Manufacturers had been under pressure from the European Commission to produce a standardised charger.
EU Industry Commissioner Guenter Verheugen told German radio station Deutsche Welle last week that with over 30 different kinds of charger in use across the 27-nation European Union, his “patience is now at an end,” according to local reports.
Introducing a one-size-fits-all charger might help the firms to cut costs since new handsets would no longer necessarily need to be sold with a charger in the future.
But the manufacturers will lose the revenues they currently make from replacements of lost or broken chargers.

Source: Tech News - Livemint.com | 17 Feb 2009 | 9:08 am

SBI associate banks' staff strike affects operations

Clearing operations and other transactions were partially affected in 5,000 branches of State Bank of India's six associate banks on Tuesday after a nationwide strike.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 8:36 am

Victorinox plans Rs 50-cr India expansion

Luxury brand Victorinox AG Switzerland, known for its famous Swiss Army Knife, is planning to invest Rs 50 crore in India by 2011-12 to expand its retail presence.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 8:34 am

Rupee drops to 3-week lows as stocks tumble

Mumbai: The Indian rupee extended losses in afternoon trade on Tuesday dropping to three-week lows as banks bought the US unit to arbitrage in the offshore non-deliverable forwards, while lower stocks also weighed.
At 12:55pm, the partially convertible rupee was at Rs49.29/30 per dollar, its lowest since 23 January and weaker than Monday’s close of 48.84/85.
One-month non-deliverable forward contracts were quoting at Rs49.52/62 per dollar, weaker than the onshore spot rate, providing a good arbitrage opportunity to banks.
Indian shares fell more than 2.5% on Tuesday, with banks among major losers after a higher-than-expected government borrowing plan was seen as denting their outlook in the near term.
A stronger dollar overseas also dampened sentiment for the rupee.
The dollar rose across the board on Tuesday and the euro hit its lowest in more than two months, pressured by concerns about a recession in eastern Europe and the knock-on effect on European banks.

Source: Home - Livemint.com | 17 Feb 2009 | 7:40 am

BSNL to start 3G services by Feb end - min

NEW DELHI (Reuters) - Bharat Sanchar Nigam Ltd will start 3G telecoms services by end-February, Telecoms Minister A. Raja said on Tuesday.

Source: Reuters: Money News | 17 Feb 2009 | 7:33 am

BSNL to start 3G services by Feb end: Raja

New Delhi: India’s state-run telecommunications company Bharat Sanchar Nigam Ltd will start 3G telecoms services by end-February, Telecom Minister A. Raja said on Tuesday.
BSNL is India’s second-largest telecoms firm after Bharti Airtel in total subscriber base, but in the fast-growing mobile telephony segment it is ranked fourth.

Source: Tech News - Livemint.com | 17 Feb 2009 | 7:14 am

GM, Chrysler race to meet restructuring deadline

Detroit: General Motors and Chrysler struggled on Monday to win key concessions from their main union a day ahead of a deadline to present restructuring plans to the federal government.
GM spokeswoman Sherryl Childers-Arb said GM remains hopeful of reaching a deal with the United Auto Workers by the time GM turns the viability plan in to the US Treasury Department at the end of the business day Tuesday.
“We’re negotiating and we’re hopeful,” she said. “I am not going to speculate on whether we’ll have an agreement.”
Officials at Chrysler and the UAW declined to comment on the status of negotiations.
It was also unclear whether the automakers had managed to reach a deal with their creditors as required under the terms of a $13.4 billion bailout package provided by the federal government.
Union sources familiar the talks, however, said the automakers were making substantial demands and that something had to give before an agreement could be reached.
The package would eliminate previously negotiated productivity bonuses and cost-of living adjustments to wages, halve the amount of time the company would supplement unemployment pay following a layoff and require workers to use their vacation time during temporary plant closures.
GM spokesman Tom Wilkinson said he could not comment on the discussions with unsecured creditors.
Standard & Poor’s analyst Efraim Levy said he did not think GM will have completed negotiation with either the union or creditors by the time it submits the viability plan to the US Treasury.
The administration will analyze the restructuring plans over the next few weeks and work through them with the car giants.
The final plan will serve as a basis for the Treasury’s decision due by 31 March to call in or extend the loans.
The two companies were brought to the brink of bankruptcy last year as auto sales collapsed amid a credit crunch and widening recession.
Analysts forecast total auto sales will come in at between 10 million and 11 million units this year, which would be the industry’s worst performance since World War II after adjusting for population growth.
Ford insists it has sufficient cash reserves to survive the downturn without federal aid despite a $5.9 billion loss in the fourth quarter.
Chrysler says it needs an additional three billion dollars in loans beyond the four billion dollars approved in December, as well as concessions from creditors and the UAW.

Source: World Business - Livemint.com | 17 Feb 2009 | 6:47 am

Markets remain bearish, Sensex down 270 points

Sliding for the second day in arow, the benchmark Sensex on the Bombay Stock Exchange on Tuesday tumbled by over 270 points.
Source: Daily News & Analysis: Money News | 17 Feb 2009 | 6:03 am

Govt hands over Satyam scam probe to CBI!

Government has decided to handover the investigation of Satyam scandal to the CBI.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

Need more cash for plan expenditure: Montek!

The government may have to raise plan expenditure by Rs 60,000 crore for 2009-10 to fight the economic downturn, when full budget is presented, the Plan panel today said.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

Availability of liquidity in system critical: Kochhar!

ICICI Bank`s CEO-designate Chanda Kochhar on Monday suggested that there is need for the Reserve Bank of India to cut its policy rates to support sagging economic growth.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

UK economy to see zero pc growth in 2010!

As the recession-hit UK economy continues to reel under the global financial turmoil, a report suggests that the country is projected to record zero per cent growth in 2010.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

FM`s budget speech captures Indian growth story: PC!

Pranab Mukherjee on Monday received accolades from his predecessor P Chidambaram for exhibiting confidence and upbeat spirit to beat the economic downturn, even as he presented the interim budget in a difficult year.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

India needs more stimulus: Jeffrey Sachs!

Emerging economies such as India and China are set to bounce back in the second half of 2009, but they will have to take up right policies and stimulus packages, noted economist Jeffrey Sachs said today.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

One in three Asian companies may freeze base pays: Report!

Reeling under deteriorating global economic conditions, every one in three Asian companies is likely to freeze base salaries for execs this year, while 38% Indian firms may reduce payment of short-term incentives, a report says.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

Obama parks `car czar` plan!

President Obama has given up on landing a “car czar” to oversee the auto industry`s restructuring.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

Ericsson on cost-cutting drive: CEO!

Ericsson AB, today said the economic slowdown has not fully reached the telecom industry, but it is gearing up for tougher times through workforce rationalisation and technology upgradation.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

SC gives conditional nod to debt transactions by banks!

The Supreme Court temporarily allowed the banks to go ahead with transactions related to assigning of debts subject to final disposal of their petitions.
Source: Zee News : Business | 17 Feb 2009 | 12:13 am

Hand it to them

If nothing else, the Prime Minister, Dr Manmohan Singh, appears to have influenced at least the last paragraph of Mr Pranab Mukherjee's Interim Budget speech.
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

An account for votes

New Delhi, Feb. 16 With an eye on the elections, the Interim Budget for 2009-10 has put the ‘aam aadmi’ (common man) at the centre stage. The Government has increased the spending on various social sector schemes and programmes by
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

‘No impact of economic slowdown on rural consumers’

Chennai, Feb. 16 There has been no impact of the economic slowdown on the rural economy.
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

Day Trading Guide

We notice formation of bearish engulfing candlestick pattern indicating bearishness in DLF and L&T. We recommend a sell in these counters. ICICI Bank tumbled by 5.8 per cent and
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

India Inc sees positives and gaps too in Interim Budget

New Delhi, Feb. 16 Industry captains reacted in a mixed manner to the interim Budget.
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

Centre’s tax revenues take a Rs 60,000-cr hit

New Delhi, Feb.16 The economic slowdown has severely dented the Centre’s tax collections, with gross revenues falling short of budgeted targets by almost Rs 60,000 crore.
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

Sensex drops 3%

Mumbai, Feb. 16 Little was expected from the pre-election Vote-on-Account on Monday; but with no relief at all in it for corporates or the equity markets, investors offloaded their built up positions, leading to fall of over 3 per cent in the
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

‘It’s not proper for us now to make tax policy changes’

New Delhi, Feb. 16 The Government chose to respect Constitutional propriety over expediency while presenting the Interim Budget for 2009-10. As a result, it resisted the temptation either to go for a hugely populist pre-election spending
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

Sectors that rose the most topped list of losers

BL Research Bureau No tax breaks, no direct or in-direct tax cuts and virtually no sector-specific boosters. Dashing all hopes, the Interim Budget passed without meeting any of the expectations built up (or lobbied for) by India Inc over the past
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

Akruti City (Rs 1,012.55): Sell

We recommend a sell in Akruti City stock from a short-term trading perspective. It is evident from the charts of Akruti City that after taking support at Rs 550 in mid-January, which is also a 52-week low, it bounced back. From this trough to the
Source: Business Line - Home Page | 17 Feb 2009 | 12:00 am

UPA on spending spree despite tax slowdown

Higher interest rates could be the price of the fiscal stimulus.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 9:41 pm

Markets vote against Budget

The market gave the Interim Budget a big thumbs-down, the general consensus being that Finance Minister Pranab Mukherjee had delivered a damp squib.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 9:40 pm

Expenditure may increase 20% on subsidy bill, loan waiver

The government on Monday estimated its total expenditure to increase by 20 per cent in the current fiscal due to higher subsidy bill and farm loan debt waiver scheme.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 9:29 pm

Revenue target takes slowdown hit, melts 6.7%

REVENUE:Target revised to Rs 5,62,173 crore from Rs 6,02,935 crore.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 9:28 pm

Markets will move on global cues: Anil Chawla

As expected, there have been no major announcements in the Interim Budget. The election ball has been set rolling and all eyes will be now on how India votes; it will be interesting to see who forms the next government and how..
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 8:09 pm

Telecom | Asia-Pacific to form 33% of mobile data traffic

Bangalore: Asia-Pacific will account for one-third of all mobile data traffic by 2013, according to Cisco’s Visual Networking Index (VNI).
As per the VNI forecast, the global mobile traffic was projected to increase 66-fold between 2008 and 2013 with a compounded annual growth rate (CAGR) of 131%.
The global mobile traffic will exceed two exabytes per month by 2013. Nearly 64% of the world’s mobile traffic would be video by 2013. Mobile video will grow at a CAGR of 150% between 2008 and 2013. Latin America is projected to have the strongest mobile growth at 166% CAGR, followed by the Asia-Pacific region at 146%.
Mobile broadband handsets with higher than 3G speed and laptop air or data cards will constitute at least 80% of global mobile traffic by 2013, it said.

Source: Tech News - Livemint.com | 16 Feb 2009 | 7:34 pm

AP allows CBI probe into Satyam

The Andhra Pradesh government has issued a government order, handing over the investigations into the Satyam case to the CBI.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 7:18 pm

Alan Rosling to leave Tata Sons

Alan Rosling, executive director of Tata Sons one of the key players who spearheaded the group's global acquisitions, is leaving the company on March 31, when his contract with the group ends. According to a Tata Sons spokesperson: "It was decided by mutual agreement that Alan's contract would not extend beyond 31st March 2009".
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 7:15 pm

Hindalco to write off debt taken for Novelis buy

Firm to use Rs 8,600 crore share premium account.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 7:00 pm

PE firms turn to FCCBs as stocks crash

As stock markets around the world continue to tumble, private equity (PE) players are sensing an opportunity in the foreign currency convertible bonds (FCCBs) issued by Indian companies.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 6:46 pm

Pledged shares no sweat for firms

Promoters of 467 companies have pledged with lenders an average 23 per cent of their holdings so far, but India Inc isn't losing any sleep over it. For, a majority of Indian companies have been pledging shares for more than two decades, if not longer. Also, the pledged shares are just over 2 per cent of Indian stock markets market-cap of Rs 30.71 lakh crore.
Source: Business Standard | Front Page Headlines | 16 Feb 2009 | 6:44 pm

Information Technology | Merrill may move work from Satyam to TCS

Mumbai: Merrill Lynch and Co., Inc. is shifting a majority of its contracts from troubled Indian software firm Satyam Computer Services Ltd to rival Tata Consultancy Services Ltd (TCS), ‘The Economic Times’ reported on Monday.
The Merrill account contributed about $40 million (Rs194.8 crore) to Satyam’s yearly revenues, the newspaper said, citing unnamed software industry sources.
“We do not comment on individual clients,” a Satyam spokeswoman said.
Satyam has been struggling for survival since founder B. Ramalinga Raju resigned in January, disclosing that accounts had been fudged to the tune of Rs7,136 crore in India’s biggest corporate scandal.
The paper said US-based Merrill, part of Bank of America Corp., had sent a team in early February to assess the situation at Satyam’s headquarters, and had told the fraud-tainted outsourcer of its intention to hand over most of the IT services to another vendor.
The bulk of Merrill’s contract will now be handled by TCS and Satyam will continue to service parts of the contract, but there are no plans to terminate the contract completely, the paper said.
“IT companies win and lose contracts all the time,” Satyam chairman Kiran Karnik told the paper, without confirming or denying that Merrill was moving most of its work.
—Reuters

Source: Tech News - Livemint.com | 16 Feb 2009 | 6:27 pm