|
|
|
|
CLB asks Maytas Infra to appoint 2 independent directorsThe final hearing of the Maytas Infrastructure case will take place tomorrow. In todays hearing, CLB recommended the appointment of two independent directors on the board of Maytas Infrastructure. The company been instructed to revert by tomorrow morning on the feasibility of arrangement suggested by CLB.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 4:30 pm Nano to burn roads before AprilendTata Motors said it will launch the muchawaited Tata Nano at a function in Mumbai on March 23, 2009. In select markets Nano can be expected to be seen on the road before the end of April but for the larger part of the country it will be towards midMay or the secondhalf of May.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 3:00 pm Pharma biz not impacted by eco downturn: LupinS Ramesh, PresidentFinance and Planning, Lupin, said the company\'s pharmaceutical business has not been impacted by the economic downturn. He sees improvement in Active Pharmaceutical Ingredients business going forward.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 2:59 pm Elder Pharma targets Rs 125cr rev from Shelcal this yrAlok Saxena, DirectorInternational, Elder Pharma, said it plans to take Shelcal to the rural market. He added that 5055% business comes from Shelcal.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 2:48 pm Govt sees FY10 exports at US$200bn - India Infoline.com
Source: Google News India - Business | 26 Feb 2009 | 2:14 pm BSNL launches wireless broadband in GujaratState-run telecom major Bharat Sanchar Nigam Ltd (BSNL), in association with US-based WiMax solutions provider SOMA networks, Thursday launched wireless broadband services in Gujarat.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 2:01 pm Rs.1 bn to be spent on infrastructure development in BastarChhattisgarh will invest about Rs.1 billion (Rs.100 crore) to set up infrastructure projects in the insurgency-hit Bastar region, Chief Minister Raman Singh said Thursday.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 2:00 pm Gleaming new departure terminal at Delhi airportA gleaming new domestic terminal awaits air passengers in India's capital when they fly out early April, with its developers giving a sneak preview of the upgraded infrastructure Thursday.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 2:00 pm RBS posts biggest annual loss at 24 bn pounds - Business Standard
Source: Google News India - Business | 26 Feb 2009 | 1:57 pm Nano launch on Mar 23, Maruti may compete: Expert - Moneycontrol.com
Source: Google News India - Business | 26 Feb 2009 | 1:53 pm Nano launch on Mar 23, Maruti may compete: ExpertSpeaking on Nano launch, Auto Expert Murad Ali Begh said the Nano may face competition from Maruti. \"We might even get a surprise from Maruti. They could come out with perhaps a cheaper model because most Japanese companies have what they used to call the Keicars or Kcars.\"Source: Moneycontrol Top Headlines | 26 Feb 2009 | 1:46 pm Satyam board meeting ends without statementBangalore: Distressed IT firm Satyam Computer Services said on Thursday it would not issue a statement after a board meeting that was expected to firm up a plan to bring a strategic investor into the fraud-hit outsourcing firm. Satyam, hit by country’s biggest corporate scandal, had been expected to outline terms and conditions for a preferential share issue, with the chairman saying on Tuesday the company hoped to invite expressions of interest from potential bidders by the end of the week. A Satyam spokesman said the company had decided not to issue a statement after the meeting, breaking with recent practice, and declined to comment on what the government-appointed board had discussed or decided. “Once we have something to report, we will revert,” the spokesman said. After the previous board meeting on Saturday, Satyam had said it would seek regulatory approval this week for its plan to bring in an investor, and would announce the details once it was approved. Statements had been issued after the previous seven meetings of the board, which was installed last month to rescue Satyam after its founder chairman Ramalinga Raju had quit on 7 January saying profits had been overstated for years and assets falsified. New chairman Kiran Karnik could not be contacted for comment. Analysts say potential bidders for Satyam are attracted by its marquee clients, business model and a trained workforce, but putting a price for the company could be difficult in the absence of audited accounts and clarity about its liabilities. “They could take a potential leap of faith here,” said Sachin Jain, Jefferies & Co’s equity research analyst. “Apart from their inability to do a due diligence regarding the financials, there are couple of other issues like lawsuits from investors.” The Economic Times newspaper said on Thursday the board was likely to insist on experience in the information technology sector and minimum net worth for potential bidders, quoting a person familiar with the situation. Potential suitors for Satyam include India’s top engineering and construction firm Larsen & Toubro, Hinduja Group and Spice Group. The board is being advised by Goldman Sachs and Indian investment bank Avendus Advisors in its search for a strategic investor. In a statement to the stock exchange, Satyam said fund manager Fidelity had raised its stake in the firm by 0.45% to 8.89%. FMR LLC and FIL Ltd, the parent companies of Fidelity, purchased 3 million shares on 9 February. Source: Home - Livemint.com | 26 Feb 2009 | 1:45 pm Satyam board meeting ends without statementBANGALORE (Reuters) - India's Satyam Computer Services said on Thursday it would not issue a statement after a board meeting that was expected to firm up a plan to bring a strategic investor into the fraud-hit outsourcing firm.Source: Reuters: Money News | 26 Feb 2009 | 1:42 pm No diesel price cut for now - Rediff
Source: Google News India - Business | 26 Feb 2009 | 1:40 pm TCS to freeze variable pay, increase staff working hours - Economic Times
Source: Google News India - Business | 26 Feb 2009 | 1:40 pm India's Satyam board meeting ends without statement - Reuters
Source: Google News India - Business | 26 Feb 2009 | 1:29 pm KEC Int\'l bags Rs 227cr PGCIL ordersKEC International Lt, a global leader in the power transmission EPC business, has bagged two orders worth Rs 124 crore and Rs 103 crore from Power Grid Corporation of India Limited.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 1:25 pm CLB asks Maytas Infra to appoint 2 independent directors - Moneycontrol.com
Source: Google News India - Business | 26 Feb 2009 | 1:25 pm Rupee hits all-time closing low of 50.46 - NDTV.com
Source: Google News India - Business | 26 Feb 2009 | 1:22 pm PE players losing taste for Indian firmsMumbai: Indian companies are queuing up to tap private equity capital (PE ), but a slump in appetite for such investments in the country may upset their plans. Real estate company DLF Ltd and Wockhardt Hospitals plan to raise private equity capital, while property firm Unitech Ltd, wind turbine maker Suzlon Energy Ltd and retailer Spencers are also eyeing that route, bankers involved in the negotiations told Reuters. But with credit hard to come by as the global downturn bites, private equity firms are likely to be very choosey about where they invest, given it may be a while before they can sell out. Their own portfolios have soured and they are facing sellers who are not willing to cut their asking prices. “The sustainable private equity deal volumes in this market would be about 50% of volumes done in the last couple of years,” Puneet Bhatia, managing director of the local operations of US private equity firm TPG, told a conference in Mumbai last week. India drew private equity investment of $10.7 billion last year, according to Asian Venture Capital Journal Research, when the stock market fell by more than half. The stock market is down 8.5% so far in 2009. Private equity firms had pumped $17.3 billion into India in 2007, AVCJ said, in the final year of a 5-year bull run that saw the country’s main stock index BSE Sensex rise six times in value. DLF, India’s top real estate developer, has said it wants to raise $510 million within the next two months. A Wockhardt Hospitals spokesman confirmed the firm was eyeing that route. A Suzlon spokesman said the company is looking to raise funds, but would not comment on how. Officials at Spencers and Unitech did not answer several calls seeking comment. “The markets are shut and will remain shut for some time,” said Atul Kapur, a managing partner at Future Capital Private Equity, adding it will take three to five years more to exit investments. With economic growth set to slow to about 7% in the year to end-March, and lose more steam in 2009-10 after growing 9% or more in the past three years, private equity players see fewer opportunities emerging in the near term. The operating environment for Indian firms is going to get tougher and margins are going to be damaged in the downturn, said Ashish Dhawan, senior managing director at India-focused private equity firm ChrysCapital, which manages $2.5 billion in assets. China, by comparison, would see continuing growth of private equity investments in 2009, after they rose 8.2% to about $13.4 billion last year, analysts said. In India, the best opportunities in 2009 would be in buying non-core assets or distressed units of large conglomerates, and picking up stakes in non-cyclical sectors focused on domestic consumption, such as consumer goods and infrastructure, some industry executives said. “This year could create turnaround opportunities in textiles, real estate, auto parts and airlines,” said Ranjeet Nabha, CEO at WL Ross India. The firm runs a $300 million India asset-recovery fund and has invested $120 million in two firms, including $82 million in low-cost airline SpiceJet. High valuation expectations from company owners were also a stumbling block to deals, private equity firms said. “The pressure points have not reached a point to force large conglomerates,” Heramb Hajarnavis, vice president of principal investment area at Goldman Sachs Group Inc. “They will have to take a decision probably towards the end of the year. Only then will some dialogue turn into action.” Source: Home - Livemint.com | 26 Feb 2009 | 1:22 pm Now, Amar Chitra Katha comics on VodafoneLeading cellular service provider, Vodafone Essar, in association with ACK Media, on Wednesday, announced the launch of Amar Chitra Katha on Vodafone.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 1:22 pm Oz` Telstra boss quits!Oz telecom giant Telstra has announced that CEO Sol Trujillo was leaving the company, as it posted a 0.5 percent slip in first half net profit.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm US announces start of `stress tests` for major banks!US launches new phase of bank rescue plan including a requirement for so-called stress tests on the "capital adequacy" of troubled major commercial banks.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Diesel price reduction not discussed in Cabinet meeting: Deora!A reduction in diesel rates did not come up for discussion at the Cabinet meeting on Thursday.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Inflation dips to 3.36%!Inflation has dipped to 3.36% for the week ended February 14, from 3.92% in previous week.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Sensex falls 89 points in early trade!Sensex fell by 89 pts in early trade on Thursday.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Satyam board meets on takeover pricing guides!Satyam board began a meeting on Thursday that`s expected to set pricing guidelines for a preferential share issue to a strategic investor.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm BBC Hindi service journalists on strike !Journalists from the Hindi, Urdu and Nepali sections of the BBC World Service will go on a one-day strike Thursday.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm US` largest newspaper chain Gannett slashes dividend to help pay down debt!Gannett announced on Wednesday that it was slashing its quarterly dividend from 40 cents per share to four cents per share to help pay down its debt.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Obama calls for new rules for finance sector!US Prez Obama has said his admin would lay down "clear rules of the road" for the crippled financial industry with a new 21st century regulatory framework.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm Tata Motors to launch `Nano` on March 23!Tata Motors has said it will launch `Nano`, touted as world`s cheapest family car, on March 23 in Mumbai and bookings will start from April this year.Source: Zee News : Business | 26 Feb 2009 | 1:14 pm GM expects "going concern" noticeDETROIT (Reuters) - General Motors Corp said on Thursday it expects auditors to cast doubt on the automaker's ability to remain viable as it endures the worst market in decades.Source: Reuters: Money News | 26 Feb 2009 | 1:07 pm I received calls to release casino vessel: Goa customs commissionerGoa's customs and central excise commissioner admitted Thursday he had received calls from Goa chief secretary and the chief minister's office to quickly release an offshore casino vessel being probed by his department.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 1:03 pm KNR Consturctions JV co bags Rs 5.76 bn order - Myiris.com
Source: Google News India - Business | 26 Feb 2009 | 1:03 pm India will emerge 'least affected' in global downturn: PMPrime Minister Manmohan Singh Thursday said India would emerge 'the least affected' country in the world from the current global economic meltdown.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 1:02 pm Mobile number portability licences to be granted in MarchThe list of companies that will be granted licences for mobile number portability (MNP) - a technology that enables cellphone users to retain their phone numbers when changing operators - will be announced next month, the government said Thursday.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 1:01 pm Markets pull back into green as blue chip scrips risePropelled by gains in blue chip companies like Tata Motors, Grasim and Maruti Suzuki, Indian equities markets pulled back into green territory after being in the red for most of the day Thursday. A key index pulled shutters 0.59 percent above its previous close.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 1:01 pm What downturn? 97 apply to run news channelsThe economic downturn doesn't seem to have dampened the enthusiasm of India's media entrepreneurs as applications of 97 private satellite TV news channels are being scrutinised by the information and broadcasting industry.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 1:00 pm Fidelity raises stake in Satyam to 8.89%Mumbai: Foreign institutional investor Fidelity on Thursday increased its stake in distressed IT firm Satyam Computer Services to 8.89% by purchasing additional 30 lakh shares through open market purchase. In a filing on the National Stock Exchange, Satyam Computer said Fidelity Management and Research LLC (FMR LLC) and its various arms have purchased 30 lakh shares representing 0.45% stake in the company. Post acquisition, FMR LLC now holds 5.99 crore shares representing 8.89% stake in Satyam. Meanwhile, Satyam’s government-appointed board met on Thursday to discuss various issues including the criteria for shortlisting strategic investors. In a break-up of the holding of various Fidelity subsidiaries in Satyam, Fid Funds Mauritius has 3.89 crore shares (5.78%), while a further two crore shares are held by Fidelity Diversified International and 1,641 crore are held by FID Asia Ex-Japan Tech Pilot. Last month, Fidelity had acquired 6.79% stake in the beleaguered IT firm representing over 4.57 crore shares of the company through open market transactions. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 1:00 pm Mumbai office rent slips, India overall up 3 pct - reportMUMBAI (Reuters) - India's financial hub Mumbai was the sixth-most expensive office location in the world in 2008, two places down from last year, said a report on world office spaces.Source: Reuters: Money News | 26 Feb 2009 | 12:58 pm India's April-Jan exports up 13 pct from yr ago - minNEW DELHI (Reuters) - India's exports in the April-January period rose 13.2 percent from a year earlier to $144.26 billion, Trade Minister Kamal Nath told a news conference on Thursday.Source: Reuters: Money News | 26 Feb 2009 | 12:53 pm Fidelity hikes stake in Satyam to 8.89 pcForeign institutional investor Fidelity on Thursday, increased its stake in distressed IT firm Satyam Computer to 8.89 per cent.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 12:53 pm Thomson Reuters to hire more than 400 tech staff in IndiaNEW DELHI (Reuters) - Thomson Reuters Corp will recruit more than 400 technology professionals in Bangalore to expand its legal business, the news and financial data provider said on Thursday.Source: Reuters: Money News | 26 Feb 2009 | 12:49 pm BSE Sensex rises; Tata Motors up, Ranbaxy slumpsMUMBAI (Reuters) - The BSE Sensex rose 0.6 percent on Thursday, climbing for a second day, as an early rise in Europe helped lift morale in late trade but volume was light and the outlook uncertain.Source: Reuters: Money News | 26 Feb 2009 | 12:43 pm Satyam employee makes it to top global trainers' listOne of Satyam Computers employees Hirdesh Singhal has been named one of the top young trainers under the age of 40 by "Training" magazine.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 12:40 pm Tata Nano to be launched on March 23Tata Motors has announced that the muchawaited Tata Nano will be launched at a function in Mumbai on March 23, 2009. The cars will be on display at Tata Motors dealerships from the first week of April 2009. Bookings will commence from the second week of April 2009.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 12:39 pm Singapore Airlines extends contract with TCSThe country's largest IT company, Tata Consultancy Services, said on Thursday that Singapore Airlines has extended its contract with the firm by three years.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 12:38 pm Tata's Nano to go on sale in April, 7 months lateMUMBAI (Reuters) - The Nano, slated to be the world's cheapest car at under $2,000, will finally go on sale in April after months of delay caused by problems at its main production plant.Source: Reuters: Money News | 26 Feb 2009 | 12:32 pm Harper's Bazaar fashion magazine to hit stands in IndiaAmerican fashion magazine Harper's Bazaar will hit the stands in India Friday. The magazine, currently available in 28 countries, will give readers an insight on international fashion trends, photo shoots and interviews of famous designers.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 12:31 pm Patel defends decision to levy airport surcharge on passengersDefending the government's decision to levy surcharge on passengers at the Delhi airport, Civil Aviation Minister Praful Patel Thursday said 'airports of certain scale' being developed by the Airports Authority of India could also do the same.Source: IndiaeNews.com: Business News | 26 Feb 2009 | 12:30 pm India to emerge least affected from global crisis: PMNew Delhi: Prime Minister Manmohan Singh on Thursday expressed confidence that India would emerge the least affected country of the world from the current global economic meltdown. “Today we are addressing the global downturn with the same resolve and imagination. Let me assure this House that India would emerge the least affected among the countries of the world from the current economic crisis,” he said. Your Say | Do you agree with PM Manmohan Singh? Prime Minister’s statement in the Lok Sabha on the last day of its term was read out by external affairs minister Pranab Mukherjee, who is the Leader of the House. Singh, who is recuperating after a cardiac bypass surgery, expressed his sincere apologies for not being able to participate in this last session. Noting that the country faced some of its best times during the last five years, he said it became the second fastest growing economy in the world. “It also witnessed some very challenging times when the global rise in oil prices led to a spiral of price rise in commodities, resulting in higher inflation which we brought under control through prudent economic policies,” he said. Besides, he said, the country’s foreign policy was steered in a manner that succeeded in ending its nuclear isolation and creating unprecedented global opportunities for it. Source: Home - Livemint.com | 26 Feb 2009 | 12:21 pm Short covering, Europe rebound lifts Nifty in last leg - Economic Times
Source: Google News India - Business | 26 Feb 2009 | 12:17 pm Calyon’s Dutta to head interest rate business in AsiaMumbai: Anindya Dutta, managing director and head of capital markets in India at Calyon, the corporate and investment banking as well as trade financing unit of French retail bank Credit Agricole SA, is moving to the firm’s Hong Kong office as the head of interest rate derivatives business for Asia, excluding Japan. He will be replaced in India by Akash Sen, currently an executive director in Mumbai. Calyon, which owns regional brokerage house CLSA Asia Pacific Markets, is among the biggest debt syndicators for Indian firms. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 12:03 pm Interim foreign trade policy offers sops to exportersNew Delhi: The government on Thursday unveiled an interim foreign trade policy, which offers sops to exports in leather, textile, gems and jewellery and food product sectors. The government scaled down the export target to $175 billion for this fiscal from the earlier target of $200 billion, in the backdrop of the global downturn, while $200-billion export target has been set for the fiscal 2009-10. The sops announced by commerce and industry minister Kamal Nath include a special package of Rs325 crore for the leather and textile sectors, removal of import curbs on gems and jewellery, relaxation in export obligations and a 5% duty credit for the export of handmade carpet under the Focus Product Scheme, against 3.5% given earlier. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:55 am Gail to buy LNG from Shell to start Dabhol terminalNew Delhi: State-run gas utility Gail India Ltd will buy one cargo of liquefied natural gas from Royal Dutch / Shell and possibly a second shipload also to start the LNG import terminal adjacent to the Dabhol power plant in Maharashtra. “We have got a commitment from Shell for supplying one cargo before March end,” said R K Goel, Chairman of Ratnagiri Gas & Power Pvt Ltd, the joint venture firm of Gail and power utility NTPC, which operates the plant. The cargo would be used to commission the 5-million-tonne-a-year LNG import and regassification terminal. “We will commission the LNG terminal by March-end and the LNG cargo arrival will be synchronised with the commissioning,” he said. The Shell cargo will arrive at the Dabhol terminal, he said, adding the company was also in talks with the Anglo-Dutch firm to buy one more cargo but has not received any commitments so far. Goel said Gail had also floated tender for sourcing long-term LNG for the Ratnagiri terminal. The 2,150 MW power plants would need 2.1 million tonnes of LNG a year to operate at full capacity and the remaining part of the import capacity would be for merchant sales. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:54 am Thomson Reuters to hire 400 tech staff in IndiaBangalore: Financial information provider Thomson Reuters will hire 400 people for its technology unit in Bangalore focused on building solutions for its international legal business. The new Bangalore hub will support the continued growth of the Thomson Reuters legal business providing workflow solutions to legal, intellectual property, compliance, business and government professionals throughout the world, the company said in a statement. Thomson Reuters employs more than 7,000 people in India. “These new jobs will play a pivotal role in our strategy to grow our legal business,” said Ken Ross, chief technology officer for Thomson Reuters Legal. “Specifically, some of the areas we will be looking for experience in are large scale and high availability content management, search and data retrieval including Boolean and natural language search, text processing and software infrastructure” said Rajiv Gupta, head of technology operations, Thomson Reuters Legal India. Source: Home - Livemint.com | 26 Feb 2009 | 11:54 am Gold ETFs outperform Gold mutual fundsGold ETFs have given better returns compared to gold mutual funds.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 11:51 am BMW India expects rise in sales this yearMumbai: German luxury car maker BMW Thursday said that it is optimistic of clocking more sales in India in 2009 over the previous year despite the economic slowdown. “This year, we will be selling more vehicles than in 2008. But, I can’t give any precise number without seeing the market response in the first quarter,” BMW India President Peter Kronschnabl told reporters here. BMW India had sold 2,908 vehicles in 2008, up from 1,387 units in 2007. In January this year, the company sold 270 vehicles, which is likely to come down by around 70 units in February, he said. Kronschnabl, who was here to launch sporty activity vehicle BMW X6, said that the year would be a challenging one for the Indian automotive industry, but the luxury car segment would be less impacted than other segments. “We grew by over 100 % in 2008 over the previous year. This year, we will be targeting lower growth pattern as the luxury car segment is also affected by the slowdown,” he said. “However, the segment will be less impacted. It is not possible for us to grow at that pace in the current year.” Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:51 am Nortel to cut 3,200 jobs, globallyToronto: Telecom equipment giant Nortel Networks Corp will cut its global workforce by 3,200 in the coming months. Nortel, headquartered in Dallas, Texas, said in a statement that a fresh round of job cuts will be made over the next several months. “Nortel intends to reduce its workforce by an additional net 3,200 positions worldwide. The company expects to carry out these reductions over the next several months...,” the statement said. It said the cuts were prompted by an “unprecedented economic environment”. This round of job cuts would be on top of 1,800 job cuts already announced. “These new reductions are incremental to the 1,800 remaining reductions from previously announced plans that require completion,” the statement said. Like many other companies, Nortel’s board has also decided not to pay bonuses under its annual incentive plan and is asking a Canadian court to quash its equity-based compensation plans. Nortel which has significant business presence in India, in January said that its American units, including Nortel Networks Inc and Nortel Networks Capital Corp, have filed voluntary petitions in the US under Chapter 11 for bankruptcy protection. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:44 am User fee on air travellers departing from IGI starting MarchNew Delhi: Passengers departing on international and domestic flights from the Indira Gandhi International Airport will have to pay a User Development Fee (UDF) of Rs1300 and Rs200 per head respectively from 1 March, the Lok Sabha was informed on Thursday. Passengers will have to pay the UDF for a period of 36 months to bridge the funding gap of Rs1827 crore, civil aviation minister Praful Patel said in a written reply. “Funds collected through the levy can be utilised only for the construction of such aeronautical assets which will be transferred by DIAL (Delhi International Airport Limited) to AAI upon completion of lease period,” Patel said. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:38 am Close: Markets rebound buoyed by low inflationNew Delhi: On the back of fag-end buying amid short-coverings mainly in auto, refinery and IT counters due to a fall in inflation as well as firm European cues, the benchmark Sensex reversed its initial weak trends and ended up by another 52 points, despite sustained capital outflows. Brokers attributed the recovery in share values mainly to the covering of short positions on the last day of the February derivatives contract today. The Bombay Stock Exchange 30-share Sensex initially touched a low of 8,788.32 but rebounded sharply to settle the day at 8,954.86, a rise of 52.30 points or 0.59 per cent over its previous close. Yesterday it was up by over 80 points. The 50-share Nifty of the National Stock Exchange too rose by 23.15 points or 0.84% to 2,785.65 from its last close. Asian indices, however, gave a mixed performance with a downward bias due to fall on Wall Street on Wednesday on warning given by the US government about the financial institutions. However, a smart rally in European markets at the opening also helped the late recovery in the index. Continuing its downward slide, inflation fell to about a 15-month low of 3.36% during the week ended February 14 against 3.92% in the preceding week, providing greater room to the apex bank to cut interest rates to perk up the slowing economy. S&P cut its outlook on India’s long-term sovereign credit rating to negative from stable on Tuesday, citing worsening government finances, which could raise Indian firms’ overseas borrowing costs and weaken the rupee. In the Sensex pack, Ranbaxy Lab fell more than 18% to Rs169.95 after the US regulators said one of its plants in India had falsified data and test results. The healthcare index rose by 0.20% to 2,607.13. The auto sector index gained the most, rising 2.74% to 2,694.30, on expectations that the excise and service rate cut might reduce cost and boost car sale. The oil and gas segment index was the second-best performer, rising 1.28% to 6,165.33, followed by the Teck index, which rose 1.21% to 1,761.05. The IT index rose 1.14% to 2,110.69, the FMCG index 1.02% to 2,036.39, the power index 0.89% to 1,756.01, the metal index 0.82 per cent to 4,680.63, the capital goods index 0.35% to 5,923.48 and the PSU index 0.32% at 4,989.70. However, the bank index fell 2.15% to 4,185.15, the consumer durables index 1.33 per cent to 1,555.12 and the realty index by 0.07% to 1,446.28. Source: Home - Livemint.com | 26 Feb 2009 | 11:37 am 200910 to be a difficult year for shipping: SCIS Hajra, CMD, Shipping Corporation of India expects 200910 to be a very difficult year for shipping.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 11:32 am RBI tries to calm jitters as govt borrowing risesMumbai: Reserve Bank of India (RBI) is expected to step up its purchases of federal bonds to prevent a potential spike in volatility in coming weeks as the government races to borrow $18 billion to plug a gaping deficit. Central bank purchases of government debt would also likely curb rising bond yields, which are threatening to undermine official attempts to cushion Asia’s third-largest economy from the worst of the global financial crisis. The central bank has slashed its lending rate by 350 basis points since October, but Indian banks have been reluctant to follow as higher bond yields are pushing up their funding costs. Since 10 February, the government has announced it needs an extra Rs910 billion ($18 billion) for this fiscal year ending 31 March, which could put massive pressure on yields. To mitigate the impact, the government has said Rs450 billion would be raised from non-market sources rather than bond auctions, leaving it to borrow the remaining 460 bilion rupees. Bond markets expect the RBI to agree in one to two weeks to transfer the Rs450 billion held as Market Stabilisation Scheme (MSS) bonds into government coffers, avoiding the need to tap the market for those funds. The special bonds were used to soak up rupees when the cental bank intervened in 2007 and 2008 to rein in a stronger rupee. The central bank has recently been buying back MSS bonds the day before government bond auctions to keep markets fluid. “Four hundred and sixty billion rupees is already a bad number, Rs910 billion would have been unthinkable to borrow in this market,” said Arvind Sampath, director of rates at Standard Chartered Bank. “The central bank will have to increasingly step forward to smoothen the borrowing process next year, too,” Sampath said. But first, the central bank needs to produce a clear roadmap for the market on how it can help plug the budget gap, he added. “Otherwise, yields will continue to grind higher, defeating the central bank’s monetary easing stance,” he said. Analysts said the MSS move was an easy solution to fill part of the government’s shortfall, but total funds in the scheme are only around 1 trillion rupees. The central bank is barred from buying bonds directly from the government in except extraordinary circumstances, and taking such a step would be seen as a huge lapse in fiscal discipline. As a result, it is largely limited to buying back government bonds from the market to reduce potential market disruptions. Goldman Sachs expects India’s total federal and state deficit to rise to 10.3% of GDP, among the highest in the world, by the end of 2008/09, from 6.3% last year. The government’s proposed gross borrowing plan for the current fiscal year has more than doubled to Rs3.1 trillion, and it says more stimulus will be needed to aid the deteriorating economy in 2009/10, echoing government spending trends in other parts of the world which have already fallen into recession. The RBI bought Rs60 billion of government bonds in a primary auction last week, its first such purchase since 2001. The funds were released on Tuesday, adding to liquidity the day the central bank auctioned Rs120 billion of federal bonds. Banks baulk Yields on the most-traded 2018 bond hit two-month highs on Tuesday and have risen more than 130 basis points this year, unwinding some of the impact of an aggressive burst of monetary policy easing since October. “The market has lost confidence on how much more the government is going to borrow and that is leading to a breakdown in the monetary transmission mechanism,” ICICI Securities economist A. Prasanna said, referring to why banks have not fully passed on central bank rate cuts to customers. Analysts believe bond yields will have to fall by at least 50-75 basis points to prod banks to reduce their lending rates. “The surge in borrowing will weigh heavily on the bond market, though it does not necessarily mean long-term rates have to rise significantly in the near term. Tactically, the RBI will ensure that the upside on bond yields is capped for now,” Macquarie Research analyst Rajeev Malik said in a recent note. Further monetary easing via rate cuts or reductions in bank cash reserve requirements, open market operations by the RBI, greater use of MSS bonds for funding the deficit and indications of slowing growth and falling inflation in the next few months are all likely to be bond-friendly, Malik noted. Prasanna also said the central bank could resort to buying more bonds in open market operations and longer-maturity bonds in the secondary market to curb yields, though activities in the secondary market would not provide as much liquidity. The central bank bought a net Rs240 billion of federal debt in 2008, compared to net sales of 5.6 billion in 2007. Its bond portfolio is Rs578.8 billion, and the total size of the government bond market is Rs14.67 trillion. “With this policy choice (the MSS transfer), it appears that authorities are collectively opting for more fiscal spending and easier money instead of much lower sustained inflation of 3-4% 12-18 months out,” UBS economist Philip Wyatt said. “The limitation to this exercise is a re-acceleration in broad money and higher average consumer inflation further ahead.” Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 11:16 am TCS says no salary hike next year, job cuts possibleKolkata: As part of cost cutting measures to tackle global economic downturn, IT major TCS today said job cuts are possible and also ruled out salary hikes next year. TCS managing director S Ramadorai said: “there would be no hike in salaries in the forthcoming year” and added that “job cuts are possible if the situation worsens”. Adding further that TCS has frozen “lateral intake” he said the company is reviewing variable pay component on employee salaries. The variable pay component of TCS employees differs between 22% and 35% of his/her gross salary, depending on employee rank, he said. Variable pay represents 8% of the total revenue of TCS, whose headcount is 1.3 lakh. Ramadorai said the company is also looking into all aspects of cost reduction, including capex and infrastructure. Source: Home - Livemint.com | 26 Feb 2009 | 11:06 am Hindustan Dorr eyes Rs 35cr profit in FY09In an interview with CNBCTV18, SC Sekaran, ED, Hindustan Dorr Oliver said the company estimates a revenue Rs 450 crore in FY09.Source: Moneycontrol Top Headlines | 26 Feb 2009 | 10:55 am Affluent Asians save nearly quarter of income: surveySingapore: Affluent Asians habitually stash away nearly a quarter of their monthly income, with South Koreans saving the most, a survey released Thursday showed. The survey, conducted by global payments firm Visa, showed that more than four in five top earners have maintained the region’s savings ethic, regularly putting aside an average of 23% of their monthly income. Koreans were the most thrifty, saving 31% of their earnings every month, followed by Chinese at 28% and Taiwanese at 26%. “What we’ve found is that higher-income earners surveyed across Asia Pacific save about a quarter of their income which can enable them to take advantage of investment opportunities,” said James Lim, regional head of consumer credit and debt for Visa. The survey, conducted over three weeks in September-October 2008, involved more than 4,100 adults from the top 20-40% of households in eight economies that also included Australia, Hong Kong, India, Japan and Singapore. Visa told AFP it believed its findings remain valid despite the financial and economic shocks that have taken place since the survey was conducted, with respondents prepared to reduce spending in tough times. “To support the common-sense notion that most people will cut back on spending during difficult times, the survey already found that two-thirds of respondents will consider reducing their spending on certain items/activities,” Lim said. “However, essential everyday spending and one-off big purchases may prove less susceptible to economic fluctuations,” he added. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 10:53 am Satyam employee makes it to top global trainers’ listHyderabad: At a time when besieged Satyam Computer has decided to cut down on external trainings, one of its employees Hirdesh Singhal has been named one of the top young trainers under the age of 40 by “Training” magazine. Singhal from Satyam Learning World would be featuring in the May 2009 issue of the magazine, Satyam said in a communication to its employees. He had conceived, designed and rolled out a 15-day Boot Camp for aspiring project managers. He also carried out a three-day workshop and a virtual programme held in association with Stanford University, called “Mastering Integrated Programs”, to train 75 programme managers in Satyam. Besides, he also contributed towards the development of certification questionnaires. Almost all programmes and certifications used for project and programme managers have been developed in-house under his leadership. The award comes at a time when an accounting fraud by its founder-chairman and his cohorts has caused immense damage both to the coffers as well as reputation of Satyam Computer as an IT company. New Satyam CEO A S Murty has already told the employees that the company has suspended external training and advertising and marketing co-lateral expenses for now. “We will maximise use of internal training facilities and instructors,” Murty had said. Source: LatestNews-Home - Livemint.com | 26 Feb 2009 | 10:52 am RBS posts record loss, unveils restructuring planLondon: The Royal Bank of Scotland posted an annual loss of £24.14 billion ($34.4 billion) - the biggest in British corporate history - and unveiled a massive restructuring plan on Thursday that will offload many of its international businesses. The already part-nationalized bank also said it will dump £325 billion of toxic assets into a government insurance program, a step that could result in the state increasing its stake to as high as 95%. RBS Chairman Philip Hampton blamed the massive 2008 loss, which compared with a £7.3 billion profit in 2007, on the “unprecedented turbulence” in financial markets and deteriorating conditions around the world. The bank’s revenue fell 15% to £25.87 billion. RBS Chief Executive Stephen Hester, who replaced Fred Goodwin after he resigned in the wake of the bank’s financial downfall, refused to make forecasts for the current “difficult” year but said he was confident the restructuring and the government assistance would return RBS to “standalone strength.” The bank said it planned to shift £240 billion, or 20%, of its funded assets to a noncore division. Those assets will then be disposed of or run down over the next three to five years. Hester said the designated “bad” assets would be culled from a range of regions and businesses, but the bulk would come from the bank’s underperforming Global Banking and Markets division. The restructuring, which includes plans to cut more than £2.5 billion pounds from the bank’s cost base, will leave the bank centered on Britain, with smaller, more focused global operations. Meanwhile, RBS’ participation with another £325 billion in the government’s asset protection program was widely anticipated, though analysts had expected it to seek guarantees for only about £200 billion in assets. RBS will pay £6.5 billion to the Treasury to take part in the program, aimed at encouraging a return to lending by increasing the capital strength of banks. The cost will be funded by issuing new shares. The government has agreed to take a new class of “B” shares worth £13 billion, with the option for another £6 billion worth. That raises the possibility of the government taking on as much as £25.5 billion in new capital in the bank, which Hester acknowledged could lift its stake from 68% to as much as 95%. However, he said the government had agreed to cap its voting rights to 75%. The overhaul received a positive response from investors, with the bank’s share price soaring 22% to 28 pence on the London Stock Exchange. Panmure Gordon analysts said the asset protection program, also expected to be taken up by Lloyds when it announces full-year earnings on Friday, came at a favorable price. “While we do have concerns about further losses and capital strains ... we expect these concerns will crystallize over the next six months; for now, the markets will probably focus on the favorable terms of this bailout,” the said in a note. Hester said that investing more in the government program would give the bank a greater degree of stability as well as allow it to fulfill an agreement with the government to increase its funding to its core British customer base. He declined to comment in detail on potential job losses as a result of the restructure, but acknowledged that reports of the bank shedding 20,000 positions, or 10% of its work force, were “not unreasonable.” RBS’ downfall in the wake of the global credit squeeze has been swift. As recently as July 2008, The Banker magazine rated it as one of the world’s top banks based on its tier 1 capital. Goodwin and former chairman Tom McKillop both issued a public apology for their roles in the bank’s downfall after resigning, but controversy over their huge salaries continued to rage on Thursday with revelations that Goodwin, 50, is receiving a £650,000 a year pension. “You cannot justify these excesses, especially when you have got such a failure of this magnitude,” Treasury chief Alistair Darling told BBC radio. Darling said the Treasury had urged Goodwin to give up his £16 million pension pot, but had not yet received a reply. Source: World Business - Livemint.com | 26 Feb 2009 | 10:38 am BASF posts 4Q net loss as crisis bitesFrankfurt: BASF AG, the world’s largest chemical company by sales, said Thursday it recorded a net loss for the fourth quarter as its business was hit significantly by the worldwide economic crisis. Ludwigshafen-based BASF reported a net loss for the October-December period of €313 million ($400 million), compared with a profit of €793 million a year earlier. Sales for the quarter were 2.7% lower, declining to €14.3 billion from €14.7 billion. For all of 2008, BASF, whose products includes paints, glues, plastics and fertilizers, said it recorded a 28% decline in net profit to €2.9 billion. In 2007, it earned €4 billion. “Following a strong start, BASF Group’s business worsened steadily in the further course of 2008,” the company said in a statement. “Toward the end of the year ... the business environment was significantly impacted by the worldwide economic crisis. In 2009, “the continuing global recession will cause the chemical market to shrink,” it added. “Any forecast is currently subject to great uncertainty.” BASF said its chemicals division saw a 10% increase in 2008 full-year sales, which rose to €10.3 billion from €9.4 billion. But operating profit for the division fell nearly 28% to €1.4 billion from €2 billion. The plastics division saw a 3% decline in sales, which dropped to €9.7 billion. Its operating profit fell nearly 55%, to €530 million from €1.2 billion. BASF’s agricultural segment, which makes crop protection products, saw its sales increase 9% to €3.4 billion and operating profit in agriculture rose 37% to €705 million from €516 million. BASF also explores and drills for oil and natural gas and the company said that segment saw sales increase 37% in 2008, to €14.4 billion from €11 billion.Operating profit for oil and gas also rose 27%, to €3.8 billion from €3 billion in 2007. Source: World Business - Livemint.com | 26 Feb 2009 | 10:34 am CLB refuses to supersede Maytas Infra boardNew Delhi: The Company Law Board on Thursday refused to supersede the board of Maytas Infra at this point in time, but favoured giving board representation to lenders IDBI Bank and ICICI Bank. However, it was against allowing a board seat to IL&FS citing conflict of interest. The CLB has sought reply from Maytas Infra by Friday afternoon. The government had approached the Company Law Board seeking to supersede the board of Maytas Infra, a concern promoted by the family of Satyam founder Ramalinga Raju. The government is probing over 300 companies affiliated to the family in connection with the accounting fraud at Satyam. Source: Home - Livemint.com | 26 Feb 2009 | 10:34 am JSW Steel sees local demand firm, cheaper coal contractMumbai: JSW Steel Ltd, India’s No.3 producer of the alloy, is witnessing higher demand locally, and will focus on Africa, West Asia, Sri Lanka and Nepal for exports, a senior official told Reuters on Thursday. The worldwide recession had led to lower buying in US and Europe, traditionally the key export markets for Indian steel makers. “In India, demand definitely is far better. Worldwide, there is no major improvement,” MVS Seshagiri Rao, director-finance, said. “Instead of exporting to Europe and US, we will sell to Africa, Sri Lanka, Nepal and other countries.” Indian steel firms took a big hit on their profits in the October-December quarter with margins shrinking as sales plunged and raw material prices soared despite falling demand. JSW posted a loss in the quarter-ending December due to foreign exchange losses, lower sales and higher prices of raw material - coking coal and iron ore - which dented margins. The company is negotiating for fresh coking coal contracts which are due to be signed in April and the prices may fall by two-third to $100-$120 a tonne from $305 last year, he said. JSW Steel imports all of its coking coal requirements while it buys iron ore locally. Source: Home - Livemint.com | 26 Feb 2009 | 10:28 am Meltdown effect: 20,000 Indians returned losing jobs abroadNew Delhi: About 20,000 Indians have returned home after losing their jobs overseas due to the global economic crisis, the government said today. Though the exact number of people who have returned is not available, there are reports which indicate that between 16,000 to 20,000 Indians have come back here after the economic slowdown, overseas Indian affairs minister Vyalar Ravi told the Rajya Sabha during question hour. To a supplementary, the minister said that the number of incidents of overseas employers keeping passport of Indian employees have come down by 50%. But he did not provide the period when this reduction has been witnessed. He said the government is aware that some employers keep the employees’ visas with themselves and do not renew these in time, rendering them illegal immigrants. The government is holding talks with foreign countries on the issue. The UAE has issued direction to employers not to keep the visa of their employees, he added. The minister also said there is a need to make changes in the Immigration Act, which was last amended in 1983. On the issue of migrant workers, he said the government has taken a number of initiatives, including signing of bilateral agreements to protect their interests. Asked how many Indians are in jails abroad, he said the government does not have the figure, but it is very vigilant and would collect the information. Source: Home - Livemint.com | 26 Feb 2009 | 10:00 am India's fiscal gap at 7.8 pct of GDP with oil bondsNEW DELHI (Reuters) - Including bonds issued to oil and fertiliser companies, the Indian government's fiscal deficit for the year to March is estimated at 4.22 trillion rupees ($84 billion), the junior finance minister said on Thursday.Source: Reuters: Money News | 26 Feb 2009 | 9:25 am Yahoo! open to sale, partnership for search businessSan Francisco: Internet pioneer Yahoo! is open to selling its Web search business or entering into a partnership with another company, but doing a deal would be hard, a top executive said on Wednesday. “We are not opposed to doing a deal that would maximize the value of the business in one way or another, be it a partnership or be it a long term sale,” Yahoo! chief financial officer Blake Jorgensen said. “We’re very focused though on building our business and doing that in a way which we can benefit all from the search side,” he added during a Goldman Sachs technology conference here. Microsoft has expressed interest in Yahoo!’s search business and made a bid for the Sunnyvale, California-based firm last year but Jorgensen did not mention the US sofware giant as a potential partner. He stressed the difficulties of doing a deal. “What people don’t quite appreciate is the complexity of the business, and how these businesses are intertwined,” he said. “For example at a data center, we don’t parse between search or non-search. “It’s extremely difficult to draw a line down the middle of the organisation and split it in two pieces,” Jorgensen said. “It doesn’t say we couldn’t do it, we certainly could, but we want to do it for the right reasons and the right economics.” Yahoo! rejected a takeover bid by Microsoft last year but Microsoft chief executive Steve Ballmer has said the software giant remains interested in a search partnership with Yahoo! Speculation of such a deal has been revived with the departure of Yahoo! chief executive Jerry Yang, who opposed the Microsoft bid, and his replacement by new CEO Carol Bartz. Hilary Schneider, another Yahoo! executive, said that with Bartz’ arrival “it’s really clear there’s a new sheriff in town, and it’s a sheriff with a consumer outlook.” Google is the overwhelming market leader for Internet search with a market share of more than 63% in January according to research firm comScore, followed by Yahoo! with 21% and Microsoft with 8.5%. Source: Tech News - Livemint.com | 26 Feb 2009 | 9:21 am Oil hovers under $43 after 6% surge overnightSingapore: Oil was steady under $43 a barrel on Thursday, after surging more than 6% overnight on US government data that showed a larger-than-expected drop in gasoline stocks as demand rose on cheaper prices. To see how demand is likely to look going forward in the world’s top oil consumer, the market will eye US January durable goods orders and weekly jobless claims, due later on Thursday and likely to reflect slumping business investment and rising unemployment. US crude for April delivery was up 16 cents to $42.66 a barrel by 12:45am, after rising $2.54 on Wednesday. London Brent crude gained 23 cents to $44.52. Oil’s gains were spurred by US Energy Information Administration data showing gasoline stocks fell 3.4 million barrels in the week to 20 February, against a forecast for just a 100,000-barrel draw. “Inventories in the US have gone down for two weeks in a row - it looks like the worst is probably over as far as the US is concerned, but it’s really the economy, the economy, the economy,” said Anthony Nunan, risk management executive at Tokyo-based Mitsubishi Corp. The data also showed a 1.7% rise in US gasoline demand over the four weeks ending 20 February, as low gasoline prices lured US motorists back on the roads. This helped oil shrug off a drop in equities markets, with European shares hitting a new six-year low. US stocks also fell, after US President Barack Obama’s first address to Congress shed little new light on how he plans to stabilise the economy and shore up banks. Data showing that sales of previously owned US homes plunged in January and prices hit a six-year low also weighed on shares. Oil has received support from reports earlier this week of high compliance by members of the Organization of the Petroleum Exporting Countries with deep production cuts agreed last year to stem the slide in oil. Venezuelan Finance Minister Ali Rodriguez, a former president of Opec, said the Opec nation expected to propose new output cuts when the group next meets in March. Global energy consumption has collapsed as the financial crisis has thrown most major economies into a recession, prompting oil prices to tumble nearly $110 since peaking in July. Source: Home - Livemint.com | 26 Feb 2009 | 9:11 am VW outlines fresh goals for China marketShanghai: German automaker Volkswagen AG said Thursday that it is launching a new strategy for the China market, aiming to double its sales by upgrading its brand image and improving customer service. “We plan to add or renew at least four models per year and double the number of dealerships to achieve our sales target,” Winfried Vahland, the Wolfsburg, Germany-based company’s president for China, said in a statement issued Thursday. While most world automakers have reported sales falling amid the global economic slump, Volkswagen reported a new record of 6.23 million vehicles sold in 2008, up 0.6% from the year before. Sales in China rose 12.5% to 1.02 million in 2008, compared with 1.06 million in Germany, Volkswagen’s biggest market. Last year, the company said held a market share of 18% in China, including Hong Kong. Volkswagen entered China in the mid-1980s, before its biggest competitors, and long dominated the market with its Santana and Audi models. It once claimed a market share of over 50%, but in recent years has ceded ground to an onslaught of competition from international and domestic rivals. The company has two joint ventures in China - one with the state-owned China FAW Group, or FAW-Volkswagen Automobile Co., and one with SAIC Motor Corp., Shanghai Volkswagen Automotive Co. Volkswagen intends to double its sales and retain a leading position in China despite the current difficult business climate, Vahland said in introducing the company’s “Strategy 2018.” “We have defined a plan to face these challenges and take all opportunities,” Vahland said, without giving any details on plans for new investments. Despite the upbeat plan, Volkswagen’s China sales fell 11% to 83,900 vehicles, the company recently reported. Source: World Business - Livemint.com | 26 Feb 2009 | 8:49 am Inflation at 14-month low, rates may easeNEW DELHI (Reuters) - Indian inflation fell to a 14-month low in mid-February as cheaper fuels fed into a slowing economy, and analysts said they expect the Reserve Bank to cut interest rates soon.Source: Reuters: Money News | 26 Feb 2009 | 8:17 am Tata Motors to launch Nano on March 23Tata Motors on Thursday, said it will launch Nano, touted as the world's cheapest family car, on March 23 in Mumbai and bookings will start from April this year.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 8:03 am Ranbaxy gets letter from US FDA, says will take timely actionStating that it has received a letter from the US health regulator on falsification of data and test results, Ranbaxy on said it would take appropriate action.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 7:05 am Cabinet ups cost of living allowance for govt workersNEW DELHI (Reuters) - The cabinet on Thursday raised the cost of living allowance paid to government employees to 22 percent of basic salary, from an earlier 16 percent, Home Minister Palaniappan Chidambaram said.Source: Reuters: Money News | 26 Feb 2009 | 6:05 am Fag-end buying lifts Sensex by over 52 pointsLate buying pushed up the Sensex by over 52 points on expectations that the excise duty cuts might lead to reduction in prices of auto and consumer goods.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 5:40 am Kutch units rue excise cutIt will further erode the cost advantage of post-quake units in the district.Source: Daily News & Analysis: Money News | 26 Feb 2009 | 5:13 am TV broadcasters can’t run cable, DTH: RegulatorNew Delhi, Feb. 25 The Telecom Regulatory Authority of India (TRAI) has recommended that broadcasters should not be allowed to own more than 20 per cent in TV distribution platforms such as cable and DTH.Source: Business Line - Home Page | 26 Feb 2009 | 12:00 am Tata Motors launches Xenon pick-upMumbai, Feb. 25 Tata Motors launched the lifestyle four-door five-seater pick up Xenon XT on Wednesday in Mumbai.Source: Business Line - Home Page | 26 Feb 2009 | 12:00 am Public sector banks on recruitment spreeHyderabad, Feb. 25 If you are looking for a job, this is a good time to think of public sector banks.Source: Business Line - Home Page | 26 Feb 2009 | 12:00 am Day Trading GuideDLF is likely to trade sideways in the range of Rs 147 and Rs 163. Desist trading in this counter. The near-term outlook is bearish for ICICI Bank and SBI. We recommend a sell. The outlookSource: Business Line - Home Page | 26 Feb 2009 | 12:00 am Tata Chemicals (Rs 130.70): SellWe recommend a sell in Tata Chemicals stock from a short-term horizon. It is apparent from the charts of Tata Chemicals that it has been on a long-term downtrend since its life-time high of Rs 440 touched in May 2008.Source: Business Line - Home Page | 26 Feb 2009 | 12:00 am Banks facing pressure on capital requirementsBangalore, Feb. 25 With their loan assets facing sharp rating downgrades, particularly in sectors worst hit by the slowdown, banks are beginning to confront capitalSource: Business Line - Home Page | 26 Feb 2009 | 12:00 am ELSS turn unattractive in Dec, JanMumbai, Feb. 25 Inflows into Equity Linked Saving Schemes (ELSS) for December and January have been the lowest in fourSource: Business Line - Home Page | 26 Feb 2009 | 12:00 am Won’t sell Satyam stake: L&TMumbai Feb. 25 Larsen & Toubro will not be selling its 12 per cent stake in the troubled Satyam Computers, even if the engineering giant is not able to take over the IT firm. This was made clear by MrA.M. Naik, L&T’s Chairman andSource: Business Line - Home Page | 26 Feb 2009 | 12:00 am Commercial vehicle makers cut pricesMumbai, Feb. 25 Commercial vehicle manufacturers are cutting prices following the excise duty reduction announced in the Government’s third economic stimulus package.Source: Business Line - Home Page | 26 Feb 2009 | 12:00 am Spices export may surpass Rs 4,350-cr targetKochi, Feb. 25 If the current upward swing in the value realisation of spices shipments is any indication, the total export earnings during the current fiscal may surpass the set target of Rs 4,350 crore, partially due to the increase in unitSource: Business Line - Home Page | 26 Feb 2009 | 12:00 am 'Next oil shock will be far worse than $147 a barrel'The world is breathing easy, now that oil prices are below $40 a barrel, down sharply from $147 a barrel in June.Source: Daily News & Analysis: Money News | 25 Feb 2009 | 10:24 pm IT budgets within India hasten, but slowlyIndia Inc's IT budgets will grow at just 5.52% in 2009, compared with 13.2% in 2008, Gartner Inc recently forecast.Source: Daily News & Analysis: Money News | 25 Feb 2009 | 10:19 pm Ranbaxy forged data, test results, says US drug regulatorInvestigations reveal a systematic pattern of questionable data, declares FDA.Source: Business Standard | Front Page Headlines | 25 Feb 2009 | 7:19 pm ED seeks to probe RPL role in Iraq oil-for-food programmeThe Enforcement Directorate (ED), which is responsible for enforcement of the countrys exchange control laws, has sought finance ministry approval to approach authorities in Iraq, Lebanon and Jordan for details on whether the Mukesh Ambani group's Reliance Petroleum Ltd (RPL) paid anything extra to Saddam Hussein's regime to secure oil contracts under a UN-administered oil-for-food programme that ran from 1995 to 2003.??In its letter to the finance ministry, the ED said a paymentSource: Business Standard | Front Page Headlines | 25 Feb 2009 | 7:16 pm Sukhram sentenced to three-year jail termFormer Union Communications Minister Sukhram was sentenced to three years of imprisonment in a 13-year-old disproportionate assets case by a Delhi court that observed that a corrupt public servant is a menace to society.Source: Business Standard | Front Page Headlines | 25 Feb 2009 | 7:14 pm Bollywood could be the launch pad for gamingMumbai: The Bollywood hero dispatches one opponent before casually vanquishing another with a left hook and a series of karate kicks in an action sequence typical of Hindi cinema. The scene is not from a film, however, but is part of a new-generation video game aimed at transforming India’s gaming landscape through the reach of cinema. The recent release of Ghajini: The Game, India’s first 3D commercial video game, which is modelled on the film starring Aamir Khan, by Eros International Plc. and Hyderabad-based FXLabs Studios Pvt. Ltd marks an escalation in an offensive by game developers and film studios to produce homegrown video games for an emerging generation of gamers.  3D action: A screen grab of the recently released video game Ghajini: The Game. The push by Eros comes as UTV Software Communications Ltd spearheads a move into gaming with a tie-up with Indiagames Ltd, India’s biggest mobile-gaming developer. Meanwhile, Reliance BIG Entertainment Pvt. Ltd has established a foothold in the industry through Zapak Digital Entertainment Ltd, an online gaming developer, and Jump Games Pvt. Ltd, which develops mobile games, amid forecasts from industry body Nasscom for gaming revenues in India to increase to $600 million (Rs2,988 crore) in 2012 from $150 million last year. Among the most popular India-made games are Bhagat Singh by Mitashi Edutainment Pvt. Ltd, as well as a mobile game based on Dhoom 2 and Orampo, an auto-racing game based on a Tamil film of the same name. “Games like Ghajiniwill extend the reach of Bollywood to the young audiences that love games,” said Sashi Reddi, founder and chairman of FXLabs, the developer of the game, which has sold 20,000 units. The company, which has also developed a 3D game based on Dhoom 2, says it is in talks with up to six film studios about making 3D games for all the major releases in the coming years, but refuses to disclose further details. Although Dhoom 2 released in cinemas in 2006, the video game based on the film, which was subsequently developed by FXLabs, still hasn’t been released into the market by Yash Raj Films Pvt. Ltd, the studio behind the action thriller, for unspecified “strategic reasons”. “We are evaluating these opportunities from studios which are keen to have us build a game based on one of their upcoming films,” said Reddi. “It is a turning point for the industry in terms of how seriously production houses are now taking gaming. There has been a dramatic shift over the past six months. I would say that the revenues from games will remain insignificant to Bollywood for the next two years. However, five years out, games will be an important segment in any large entertainment company. Also, games on their own will be even bigger, since I see the Bollywood connection only as a launching pad for games in India.” Industry analysts note that although gaming in India is still nascent, with the bulk of the industry focused on outsourcing, film production houses are gradually beginning to appreciate the opportunities offered. “Gaming in India is at a very nascent stage,” said Achyuta Ghosh, research manager at Nasscom. “The domestic market right now is very small for Indian gaming companies and the main problem it faces is the long development time of a game. Also, though gaming has still not caught the fancy of Indians, the market can grow provided the games meet international standards.” Adds Ghosh: “There have been games based on movies over the past year, but very few people have really realized the potential that this market holds. Some people have seen this as an untapped segment so far in India, but the developers need to put more thought and effort into developing games instead of copying Western movie tactics.” K. Rajesh Rao, a veteran of the industry in India and chief executive of Dhruva Interactive, the country’s longest-established gaming company, agrees that mediocre quality games and long lead times pose significant obstacles to the industry’s development. “At a conceptual level, gaming is still trying to establish itself as a mainstream form of entertainment,” said Rao, “but film is a good way to attract audiences as the familiarity of fans can be leveraged to another medium. The film guys need to understand that games take a lot longer to make than movies and to do justice to a game, you need anything from six months to a year for the development period. We are slowly starting to see more and more meaningful collaborations as developers and studios get involved far earlier.” The spectre of piracy also acts as a deterrent to players in the industry, according to Vishal Gondal, chief executive of Indiagames, which recently released a game based on the film Dev D. “The largest business within gaming is mobile, (that) is where the bulk of the revenues come from,” says Gondal. “Cricket, action and racing are the most popular games, but a lot of gamers now come from smaller cities and so, for a lot of them, Bollywood has a lot of appeal and this is the reason we are moving into Bollywood games.” Adds Gondal: “The bulk of the games in India today are Western content... To make games from Bollywood films is a good beginning, but original intellectual property is important, like Indian themes and mythology. The future is there.” Source: Tech News - Livemint.com | 25 Feb 2009 | 6:53 pm Software cos hope US won’t end tax breaksBangalore: India’s software industry is hoping US President Barack Obama would not implement the proposed move to end tax breaks for US firms moving jobs overseas. On Tuesday, Obama said his government would restore a sense of fairness and balance to the tax code by finally ending the tax breaks for US corporations that ship jobs. Responding to this, Infosys Technologies Ltd, India’s second largest software exporter, said in a statement: “The US is a very open economy and a strong proponent of free trade globally. We are confident that the US will not take any measures which might hurt its global competitiveness. We need to wait for more details to understand President Obama’s statement” . Industry lobby National Association of Sofware and Services Companies, or Nasscom, said in a statement that ”Global sourcing has helped companies gain the vital competitive edge—time to market, transformation of businesses, integration of processes, reduce costs and enhance efficiency—all of which are key drivers for revival of economic activity.” Source: Tech News - Livemint.com | 25 Feb 2009 | 5:39 pm Google and Yahoo develop India focusBangalore: The Indian engineering and research arms of multinational tech firms Google Inc. and Yahoo Inc. are increasingly building more products for local and global markets in a trend that marks another step in the growth and evolution of these firms in the country, as well as the local market itself. Google, for instance, is launching in India a so-called search-based keyword tool that gives e-commerce firms insights into customer behaviour, and helps them place their ads more effectively. The tool was launched in some markets ahead of the Christmas season last year, and it was actually developed in India by Google engineer Ramanathan Guha as part of what is called 20% time—the search firm’s popular work practice that allows employees to use a fifth of their work time for projects of their interest. “The brains, the innovation (of the tool) came from here (India),” said Mario Queiroz vice-president for product management at Google. “It has shown enormous revenue impact on the company,” added Amit Somani, product manager for Google, but declined to share numbers, citing company policy. Google, which has its research and development (R&D) centre in Bangalore and engineering centre and Adwords—its text-based advertising support unit—in Hyderabad and Gurgaon, is also building products for the local market. It does not share employee numbers or investments in the country. Meanwhile, its smaller rival Yahoo, which employs about 1,500 engineers in Bangalore, is moving away from being a mere engineering centre to building new products for the global market. The Bangalore centre manages the multimedia search for Yahoo, besides helping build products such as the Panama platform. The India operation is working to launch image search products with a focus on three markets: Japan, Taiwan and the US. “In (the) US, we are the underdogs, so we are trying (different) set of things on our entertainment products,” said Sharad Sharma, chief executive of the India unit of Yahoo R&D. Some of the experiments would become products shortly, he said, without elaborating. An analyst said these efforts by Google and Yahoo marked another stage in their development which began with an emphasis on cost and access to talent. “Existence of large user groups in India and low cost of early user adoption analysis in India has ensured India could be a source of ideas and a workshop to build global products,” said T.R. Madan Mohan, managing partner at Browne and Mohan, a technology consulting firm. Source: Tech News - Livemint.com | 25 Feb 2009 | 4:00 pm
|
