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Star gazers can view Saturn closest tomorrowPTI Hyderabad: With planet Saturn coming in opposition to Sun tomorrow, star gazers can view Saturn to be the brightest, biggest and closest it can get to Earth this Year, according to Hyderabad-based Planetary Society of India. “A planet is at opposition when it is opposite the Sun from our viewpoint on Earth. On 9 March, Sun-Earth-Saturn would be in a straight line and opposite to each other. The result is that the object is fully illuminated by Sun and it appears disk-like,” said Planetary Society of India founder and secretary N Raghunandan Kumar here today. People can view this spectacular phenomena at 1.23 AM on 9 March, he said adding people can also spot the planet with naked eye after sunset up to last week of August this year. On 9 March, one can use Moon to spot Saturn. “It can be found far below moon, while on 11 March it can be found above moon towards left side,” Kumar said. Saturn would appear as star like object for the naked eye. However, if one can see through telescope they can view its finest features along with magnificent rings which would disappear from our view by September four, when the rings would tend to go edge as we see from Earth, he added. With a view to create awareness about Saturn, the Society will organise ‘Saturn Observation Campaign India-2009´ from 21 March to 15 August in different parts of the city, Kumar said. Source: Tech News - Livemint.com | 8 Mar 2009 | 1:00 pm Star gazers can view Saturn closest tomorrowPTI Hyderabad: With planet Saturn coming in opposition to Sun tomorrow, star gazers can view Saturn to be the brightest, biggest and closest it can get to Earth this Year, according to Hyderabad-based Planetary Society of India. “A planet is at opposition when it is opposite the Sun from our viewpoint on Earth. On 9 March, Sun-Earth-Saturn would be in a straight line and opposite to each other. The result is that the object is fully illuminated by Sun and it appears disk-like,” said Planetary Society of India founder and secretary N Raghunandan Kumar here today. People can view this spectacular phenomena at 1.23 AM on 9 March, he said adding people can also spot the planet with naked eye after sunset up to last week of August this year. On 9 March, one can use Moon to spot Saturn. “It can be found far below moon, while on 11 March it can be found above moon towards left side,” Kumar said. Saturn would appear as star like object for the naked eye. However, if one can see through telescope they can view its finest features along with magnificent rings which would disappear from our view by September four, when the rings would tend to go edge as we see from Earth, he added. With a view to create awareness about Saturn, the Society will organise ‘Saturn Observation Campaign India-2009´ from 21 March to 15 August in different parts of the city, Kumar said. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 1:00 pm Indo-Pak trade may fall by 60% to $900 mn in 2009-10: FICCI!Trade between India and Pakistan is likely to suffer a setback in the coming months and fall by 60 per cent to USD 900 million during 2009-10.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm US sees 17 bank failures in 2009!The number of US bank failures is mounting with each week passing by as 17 lenders went belly up so far this year amid the deepening recession in the world`s largest economy.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm Audi`s Q5 to hit Indian roads in June!German carmaker Audi will launch its latest SUV `Q5` in India in June.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm Indian shares trading on US bourses shed $2 bn last week!Indian shares trading on American bourses saw their total market capitalisation plunge by about USD two billion in just one week, with leading private sector lender ICICI Bank alone shedding USD 1.2 billion.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm India Inc lowers revenue forecasts, plans cost-cutting: Study!A majority of Indian corporates have lowered their revenue forecasts for this year and are aggressively looking at slashing their operational expenses through cost-cutting, including lower salary increases, a study said.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm Obama assures to boost economy!US Prez has assured that he will bring "all the pillars in place" for speedy economic recovery.Source: Zee News : Business | 8 Mar 2009 | 12:33 pm 21st century will be India's: Mukesh Ambani - Press Trust of India
Source: Google News India - Business | 8 Mar 2009 | 12:03 pm Ambuja shelves retail business expansion as slowdown bitesCity-based Ambuja Realty has shelved plans to expand its retail business due to the global economic slowdown, a top official said.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 12:01 pm ONGC refutes Goldman Sach's negative rating - Hindu
Source: Google News India - Business | 8 Mar 2009 | 11:56 am Iran says cooperation with non-OPEC necessary - IRNATEHRAN (Reuters) - Iran's oil minister called for cooperation between crude producers inside and outside OPEC, saying it was necessary in view of the global economic downturn, the official IRNA news agency reported.Source: Reuters: Money News | 8 Mar 2009 | 11:50 am Satyam to invite stake bids by 10 MarchMumbai: The government-appointed board of Satyam Computer plans to invite bids for a strategic investor early this week and hopes to complete the selection process within a month, a top source said. “The Board proposes to invite Expressions of Interest (EoIs) ... by Tuesday. Once this is done, the selection process could be completed within three-four weeks,” the source said. The Board is likely to meet in Hyderabad on Friday. A host of players including engineering major Larsen & Toubro, the B K Modi-led Spice Group and the Hindujas, have evinced interest in acquiring Satyam. L&T, which has more than a 12% stake in Satyam, is understood to have appointed investment bankers Citi and Nomura to advise it on a possible deal with Satyam. The Hyderabad-based IT major had recently received approval from market regulator Sebi to conduct a global competitive bidding process to enable it to sell a 51% stake in the company to a strategic investor. The strategic investor can acquire up to a 31% of Satyam’s share capital through a preferential allotment and the balance 20 per cent through an open offer. The Satyam Board, which is believed to have finalised the modalities in terms of pricing for the bidding process, is in consultation with its two investment bankers - Goldman Sachs and Avendus - to quicken the process, the source said. The Board in its meeting scheduled for Friday will assess the prevailing situation in Satyam including the collection of receivables, status of new orders and progress of the bidding process, the source said. Though the Board prefers an Indian player as a strategic partner, the final decision will be taken after evaluating all factors including the capability of the investor to mobilise working capital for the crisis-ridden company, the source said. “The acquirer may not enjoy the assistance of this Board (the Government-appointed Board) as the present Board may not continue for long post the buy-out,” the source said, adding “investors will have to factor this in while taking their call”. The Hyderabad-based IT-major has now achieved a measure of financial stability, the source said, adding that since the new Board took over, the company has gained more business than what it lost in the January-February period. The company, which had secured Rs600-crore worth credit from IDBI Bank and Bank of Baroda by pledging a portion of its land-bank in Hyderabad, might not seek more loans in the immediate future, the source said. “Currently, liquidity is sufficient. The Board may get bank loans sanctioned ... in the case of an emergency but may not use it (the loan sanctions) until the need arises,” the source said. On the restatement of Satyam’s financial statements, the source said that it might take some more time but the Board is pressing its auditors - KPMG and Deloitte - to finish the work “as early as possible”, the source said. The Hyderabad-based IT-major plunged into a crisis after its former Chairman, B Ramalinga Raju, admitted that he manipulated the accounts of the company for several years by overstating its profits and understating liabilities. Source: Home - Livemint.com | 8 Mar 2009 | 11:06 am Slimming prospects in US results in reverse ‘brain drain’Washington: Burgeoning new economies abroad and flagging prospects in the United States are pushing “talented” immigrants, including those from India, to move back to their homes, according to a new study. For more than 40 years, India and China suffered a major “brain drain” as tens of thousands of talented people made their way to US, a news report here said quoting Vivek Wadhwa author of the study. But, burgeoning new economies abroad along with flagging prospects in the US and the lumbering US immigration rules have forced talent from these nations, 80% of whom held master’s degrees or doctorates in management, technology or science - precisely the kind of people who could make the greatest contribution to the US economy, to move back. Pointing out that “America’s loss will be the world’s gain”, Wadhwa, in study published in Washington Post today, said, “Immigrants who leave the US will launch companies, file patents and fill the intellectual coffers of other countries. “Their talents will benefit nations such as India, China and Canada, not the US,” the study said. Noting that almost 25% of all international patent applications filed from the US in 2006 named foreign nationals as inventors, Wadhwa said, “when smart young foreigners leave these shores, they take with them the seeds of tomorrow’s innovation.” In 2005 alone, immigrants’ businesses generated $52 billion in sales and employed 450,000 workers, the post said. The study further reveals that a sizable number of those whose left the US said that they had advanced significantly in their careers since leaving America. “They were more optimistic about opportunities for entrepreneurship, and more than half planned to start their own businesses, if they had not done so already. Only a quarter said that they were likely to return to the US.” The facts hold importance because the US has heavily relied on smart immigrants to staff its labs, engineering design studios and tech firms. An analysis of the 2000 Census showed that immigrants made up 47% of all scientists and engineers with doctorates. What’s more, 67 per cent of all those who entered the fields of science and engineering between 1995 and 2006 were immigrants. What will happen to America’s competitive edge when these people go home? Wadhwa asks. Yet rather than welcoming these entrepreneurs, the US government is confining many of them to a painful purgatory, he comments. Wadhwa made the conclusions after recently surveying 1,200 Indians and Chinese, most in their 30s who worked or studied in the US and then returned home, for the Kaufmann Foundation. Source: Home - Livemint.com | 8 Mar 2009 | 10:45 am ONGC refutes Goldman Sach's negative ratingState-run upstream major Oil and Natural Gas Corp (ONGC) Sunday refuted concerns raised by investment banker Goldman Sachs over corporate governance issues, saying the bank's analysis was 'devoid of basic facts' and based on 'non-comparable benchmarks'.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 10:30 am 'Low-income states struggle with gender empowerment'Gender development and empowerment indices have not improved in India particularly in low-income states, said a report by the women and child development ministry released Sunday.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 10:30 am Let's resolve disputes for an Asian century: MusharrafSteering clear of contentious issues, former Pakistan president Pervez Musharraf Sunday underlined the need for Pakistan and India to resolve all disputes so that they can expand their economic ties and claim their place in an Asian century.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 10:30 am Satyam to invite bids early this week; Board to meet on FridayA host of players including engineering major Larsen & Toubro, the BK Modi-led Spice Group and the Hindujas, have evinced interest in acquiring Satyam.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:18 am Foodgrain production to increase by 2.2% in FY 09: CMIEMumbai: Foodgrain production is expected to increase by 2.2% in FY 09, the Centre for Monitoring Indian Economy (CMIE) has said in its monthly review here. CMIE expects foodgrain production to reach 234 million tonnes as compared to 230 million tonnes during FY 08, an increase of 2.2%. Kharif acreage was down by 2.4% in 2008 due to the absence of rain in the crucial sowing month of July. But increased acreage and favourable weather conditions are expected to boost rabi production, the CMIE report said. Despite expectations of higher foodgrain output, “Our projection for growth in total crop production during FY 09 stands revised downwards to 1.2% from our earlier estimate of 2.5%,” it said. The scaling down of the growth rate was due to an upward revision in the Government’s final crop production figures for FY 08 and also on account of “our downward revision in production estimates of some non-food crops in FY 09,” it added. The final estimate for FY 08 soyabean production was 10.97 million tonnes against 9.4 million tonnes as per the fourth advance estimate. Sugarcane production was raised to 348.2 million tonnes from 340.6 million tonnes. “We have also revised downward our FY 09 estimates for the production of some Kharif crops like soyabean and groundnut as yield was expected to be lower in these crops due to unfavourable climatic conditions,” CMIE said. CMIE expects soyabean production to be 10.4 million tonnes against its earlier estimate of 10.8 million tonnes. Groundnut production has been also revised downwards to 7.4 million tonnes. Sugarcane crop was expected to be around 304 million tonnes against the earlier projection of 313 million tonnes, it said. As per the second advance estimate of crop production by the Union Ministry of Agriculture, except rice, gram and rapeseed and mustard, the production of all other crops like wheat, coarse cereals, arhar, oilseeds, cotton is estimated to have declined. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 10:13 am Manufacturing sector growth to pick up in April-June: FICCIGrowth in the manufacturing sector is expected to pick up in the first quarter of 2009-10 on the back of increasing demand in some segments, said an industry lobby survey.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 10:00 am Pamela Anderson suffers wardrobe malfunctionLondon: American actress Pamela Anderson suffered a wardrobe malfunction as she joined English designer Vivienne Westwood on the ramp to take the final bow at Paris Fashion Week. Anderson did not seem to realise the gaffe, but quickly pulled her top back on when she discovered the accidental exposure, reported the Dailymail.co.uk. Anderson, who is a friend and muse of Westwood known for her outlandish design choices, had earlier walked the ramp wearing some of her creations, including a pink tulle tutu, and a coat made out of safety blankets. She had also featured in the advertising campaign for the designer’s Spring Summer 2009 collection. The blonde actress and the orange haired designer together created a stir at the Paris Fashion Week, one of the most important events in the International Fashion industry’s calendar. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 9:15 am SBI reorganizes wholesale banking divisionMumbai: Betting big on the country’s fast developing corporate sector, banking giant State Bank of India (SBI) has re-organised its wholesale banking division under a single platform. SBI has formed a core team of senior officials to drive its wholesale banking business and has been providing them expert guidance to cash in on the market opportunities, a highly-placed SBI official said. “The bank has prepared an internal platform to cash in on the business opportunities in the wholesale banking market. With this, SBI now offers its corporate clients an array of services on a single platform,” the official said. The wholesale banking team is headed by a Deputy Managing Director and has around 35 senior officials at the senior management level, the official said. Earlier, SBI’s wholesale banking business was restricted to financing projects of small and medium enterprises (SMEs) and large corporates. “With the new operational model in place, we would now offer a set of specialised services such as advisory, collection, capital market related services, treasury products, factoring, custodial services and investment advisory to our clients,” the official said. The country’s largest lender decided to restructure its business model to keep pace with rivals from the private and foreign sectors, particularly when the sector is being opened up for competition from abroad, the official said. SBI has seen its wholesale banking portfolio growing by nearly 35% annually and currently has a market-share of above 50% in the business, the official said. The banking major has more than 5,000 clients in wholesale banking including companies from the small, mid-corporate and large corporate segments. With a view to quickening the migration to an advanced business platform, SBI has appointed global consultancy firm McKinsey, which has conducted various forums for SBI staff over the past one year, the official said. Despite the crisis in financial markets, SBI has not slowed down lending to its corporate clients and would continue to provide adequate finance for viable projects in the future also, the official said. Source: Home - Livemint.com | 8 Mar 2009 | 9:14 am Do not expect property rates to fall further: Hiranandani Mumbai: Real estate magnate Niranajan Hiranandani does not expect property prices, which have corrected by about 25% over the past year, to decline any further. “(Property) rates have fallen by about 10-25% over the past year-and-a-half. I do not expect rates to fall any further. So, I think people should start buying homes now,” Hiranandani Constructions managing director Niranjan Hiranandani said on the sidelines of a conference here. Describing ICICI Bank’s step to cut interest rates on new home loans by 0.50% as a “good move”, Hiranandani said demand for property had begun to pick up now. “People do want homes. I think the SBI’s 8% interest rate and the ICICI Bank reducing home-loan rates is a good move. Demand for property has begun to pick up now,” he said. The next three to six months would witness a further rise in demand by around 25%, he said. However, it would take a “full year” for the residential segment to see a complete revival, he said, adding the sector should begin to perk-up after June. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 9:02 am Meet the woman who groomed Freida PintoIndian actress Freida Pinto is making waves internationally for her walk down the Oscar red carpet, her designer gowns and gracing the covers of popular magazines, thanks to 'Slumdog Millionaire'. But not many know the woman who helped groom her and introduced her to British director Danny Boyle.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 9:01 am Mumbai attacks: Pak asks India to reply to 30 queries soonIslamabad: Pakistan on Sunday asked India to reply as soon as possible to its 30 questions seeking further information on the Mumbai attacks, saying it had only 13 days left in the remand of the suspects taken into custody by it in connection with the terror strikes. Referring to the 30 queries that were handed over to New Delhi on 12 February along with Pakistan’s response to the Indian dossier on the Mumbai attacks, interior ministry chief Rehman Malik said that “unfortunately till today (the replies have) not been received.” “I request (Indian authorities) to send that reply as quick as possible so that my prosecutors can collect the evidence and prosecution is done really and in a successful manner to bring the culprits to justice,” Malik told a news conference at the interior ministry. “I will again urge my counterpart to please pay some more attention to it. We have only 13 days left in the remand (of suspects),” Malik said and identified the four suspects currently in police custody as Lashker-e-Taiba operatives Zakiur Rehman Lakhvi, Zarar Shah, Abu al Qama and Hamad Amin Sadiq. On 12 February, Malik had said Pakistan had detained six suspects and identified two more who are still at large. However, today he said that only four suspects were in custody. Malik said a case had been registered by the Federal Investigation Agency (FIA) in connection with the Mumbai attacks and eight persons were booked. However, he did not identify all these persons. The evidence provided by India “will make the prosecution’s case more tenable,” Malik said. He also pointed out that while suspects could be held in police custody for 90 days in India, Pakistani laws allowed police remand for only 30 days. Giving further details of Pakistan’s probe into the 26 November Mumbai attacks, Malik said information on the incident was received from India on 5 January. This information was passed on to the FIA on 16 January. The FIA then conducted an investigation and submitted its report to the Interior Ministry on 3 February. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 8:47 am PSU jobs become attractive to IIT, IIM pass outsNew Delhi: Global financial meltdown has restored the glamour of the public sector undertakings which have emerged as preferred job destination for students passing out from country’s elite institutes like the IITs and IIMs. “Now, there is a glamour for PSUs which has led to better response from institutes (like IITs and IIMs) who will otherwise not look at us,” Standing Conference of Public Enterprises (SCOPE) Chairman Sarthak Behuria said. Another blue chip company Bharat Heavy Electricals Ltd (Bhel), after a gap of almost a decade, has been invited for campus placement by the Indian Institutes of Management (IIMs), said B Shankar, General Manager (Human Resource) of the state-owned company. The company has already picked up 400 engineers from different IITs through campus placement, he said. The revised pay structure has made PSU jobs more attractive at a time when the private sector, reeling under the heat of the global financial meltdown, is cutting salaries and reducing jobs. The new pay structure, which has proposed 50 to 60% increase in salaries of PSU employees, has made the PSUs jobs attractive, he said. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 8:40 am India finalising claims on continental shelf to extend economic sovereigntyIndia is in the last stages of finalising its claims internationally on extending its claim into the continental shelf that will extend its economic sovereignty - the right to use and exploit natural resources - by one to 2.5 million sq km of ocean.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 8:30 am Even if Dawood is given, Indo-Pak relations won’t improve: MusharrafNew Delhi: “Even if he (Dawood Ibrahim) is handed over, relations (between India and Pakistan) will not improve. I challenge.” Former Pakistan President Pervez Musharraf stated this at the India Today Conclave here on Saturday night when asked whether Pakistan could hand over Dawood as a confidence building measure. When suggested that it may be given a try, the retired General said “if we fail, you will hand him over back to us.” Musharraf, while interacting at the conclave, earlier claimed that he did not “know at all if he (Dawood) is in Pakistan”. He made the claim, which was received with disbelief by the audience, even while underlining that India and Pakistan must not harbour each other’s terrorists. Asked if he planned to join politics and help Pakistan which is in bad state, he said he had no such intention although he was not happy about the state of affairs and would like to contribute in whatever way he can to help. At the same time, he expressed confidence that the political government in Pakistan would be able to steer the country to a better future. Queried whether Pakistan could see his return to power with the help of army in view of the bad situation in the country, he said he was happy living a retired life. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 8:25 am More Kargils if Kashmir remains unresolved: MusharrafNew Delhi: Former Pakistan President Pervez Musharraf, considered the architect of the 1999 Kargil war, has warned that there could be more such conflicts if the “key dispute” and “sore point” Kashmir remains unresolved for long. The retired Army general, who ruled Pakistan for nine years till last August after seizing power in a bloodless coup, acknowledged that there are a “lots of ‘mujahideen’ in Pakistani society” and “freelance jehadis” who have “emotional involvement” with the cause of Kashmiris. Playing a peacenik as he faced a barrage of uncomfortable questions from a combative audience at the India Today conclave on Saturday night, he said the leaderships of the two countries need to take “bold” and “affirmative” decisions to address the core dispute of Kashmir. He said India and Pakistan have caused “immense” damage to each other over the past six decades and they needed to “overcome the burden of history” and move towards peaceful relations by adopting realistic approach to addressing disputes. During the marathon three-hour long interaction, he appeared agitated at times by the questions which touched issues like why terrorism continues to emanate from Pakistan, why Kargil happened, why Dawood Ibrahim is not being handed over and whether India can trust Pakistani army and ISI. Noting that he was expecting “hostile” questions at the event considering the new chill in Indo-Pak relations, he deflected and ducked the tough ones, including the one about reason behind the Kargil aggression if he had wanted peace. “It is a sensitive issue, I will not comment on it,” said the then Army Chief, who was behind the Kargil aggression, when Samajwadi Party leader Amar Singh asked as to why Pakistan indulged in such an act if he was for peace. Singh was reminding Musharraf that the Kargil aggression by Pakistan occurred soon after the then Prime Minister Atal Bihari Vajpayee undertook a peace bus ride to Lahore. “Yeh usi cheez (Kashmir issue) ki kadi hai aur chalti jayegi (It is part of the same chain and will continue). If the problem (of Kashmir) continues, there will be more Kargils,” Musharraf said. He said he had already explained his position on Kargil issue in his book — In the Line of Fire. “Kashmir remains a key dispute and sore point,” he maintained. He recalled that when he was at the helm of affairs in Pakistan he had proposed four-point formula to resolve the issue and it had helped. Suggesting that Kashmir problem was the main reason for terrorism in India, he said Lashkar-e-Taiba and Jaish-e-Mohammad came into being “because of sympathies” in Pakistan for the people of Kashmir. “There is emotional involvement of people of Pakistan for Kashmir. There is public sympathy. This has given rise to dozens of freelance jihadi outfits,” he said. “We have to realistically understand the root causes and address issues accordingly, otherwise we will fail. It (terrorism) will carry on and on,” Musharraf said, adding “If we behave like ostriches, it will not help.” Asked if terrorist camps existed in Pakistan, he deflected the question by alleging that India was fomenting terrorism in his country through its embassy in Kabul. “We should not indulge in blame-game... Don’t make it a one-side affair... We should accept realities. If you try to do damage to us, we will retaliate,” he added. He claimed that Pakistan army and ISI had no role in fomenting terrorism in India as they wanted peace and that these agencies were not correctly understood in this country. “RAW does exactly what ISI does. ISI does exactly what RAW does. Let us tell RAW and ISI to stop confrontation,” he said. Talking about creation of Bangladesh from Pakistan, he asked “do you know how Bangladesh was separated? Who armed Mukti Bahini? Pakistan was divided. Who did it, you know.” Insisting that Pakistan has accepted it as its “destiny”, he said “let us bury the past. Let bygones be bygones... The past has been dirty, past has been bad, let’s forget it.” Musharraf sought to blame India for the “hostile” relations between the two countries by suggesting that it was trying to “coerce” his country. “When we say don’t coerce us, are we asking something utopian? We are a small country. You are a large country. You should be humble,” the former Pakistani army ruler said. He said India and Pakistan were both victims of terrorism and extremism and should join hands in defeating these scourges jointly as well as individually. At the same time, he claimed that Muslims in India were being alienated leading to terrorism from home-grown terrorists and asked India to put its “house in order”. However, Jamaat-e-Ulema-i-Hind leader Maulana Mehmood Madani shot back saying Muslims in India had no problems and he need not bother about them as they know how to take care of themselves. Miffed at the retort by the Muslim leader, Musharraf said sarcastically that if their condition was really well, he wished them well. The former Army general, while insisting repeatedly that he was speaking frankly, admitted that he had failed to convince the audience that Pakistan, particularly its army and ISI, favoured peace with India. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 8:19 am Four firms interested in buying USL’s stake: MallyaNew Delhi: Liquor baron Vijay Mallya has said four global spirits makers including Diageo, the world’s largest, have shown interest in acquiring stake in United Spirits Ltd promoted by him. “United Spirits Ltd (USL) has received expressions of interest from four parties,” UB Group chairman Vijay Mallya said. All of them are serious about it, he said but declined to give the names of the three other interested parties. “It would be inappropriate to disclose further details at this stage,” Mallya said. According to company officials, the group is open to selling up to 14.9% of a total of 17% of treasury stocks in USL to strategic partners. Treasury stocks are those shares which are traded by the company in open market and these shares don’t receive bonus and don’t have voting rights. They said Mallya and his senior team comprising UB Group CFO Ravi Nedungadi, USL president and managing director Vijay Rekhi, and USL CFO P A Murali have already held one round of meeting with their Diageo counterparts in New York in the last week of January for the stake sale. Mallya also indicated that UB Group is ready to sell more than 15% stake in USL. “I am very comfortable with any level of shareholding that a strategic investor such as Diageo may wish to have in United Spirits, as long as their total equity does not exceed the promoter’s holding,” he said. According to the industry sources, Mallya is interested in selling the stake in USL to raise funds to retire debt. UB Group holds around 38% in United Spirits, the country’s largest liquor manufacturer. United Spirits has over 150 products in its portfolio, including the brands Black Dog, Signature, Royal Challenge and Romanov. Source: Home - Livemint.com | 8 Mar 2009 | 7:41 am Indian shares on US bourses shed $2 bn last weekNew York: Indian shares trading on American bourses saw their total market capitalisation plunge by about two billion dollars in just one week, with leading private sector lender ICICI Bank alone shedding $1.2 billion. Among the 16 Indian stocks listed as American Depository Receipts (ADRs), five companies, including copper producer Sterlite Industries and crisis-ridden Satyam Computer Services, managed to add to their respective valuations. The Indian entities listed on the New York Stock Exchange and Nasdaq collectively lost $1.97 billion in the week ended 6 March. ICICI Bank witnessed its market capitalisation tumble by $1.2 billion while that of another private sector lender HDFC Bank dropped by $466 million during the week. The market capitalisation of two IT majors - Wipro and Infosys - collectively declined by $309 million. Wipro lost $189 million in valuation, while Infosys market cap came down by $120 million last week. American bourses were highly volatile in the first week of March amid heightened fears about the health of the nation’s financial sector and the spectre of bankruptcy for General Motors. Source: Home - Livemint.com | 8 Mar 2009 | 7:22 am Gold to quote above Rs15,000 till SeptNew Delhi: There seems to be no respite for consumers in the near-term as gold prices are expected to rule above Rs15,000 per 10 gram till September as analysts pare bets for further weakness in the rupee. “Gold prices were ruling higher over the past few weeks due to a weak rupee that makes the dollar-quoted yellow metal expensive. However, the weakness in the rupee is expected to continue in the near-term, keeping gold prices at above Rs 15,000 per 10 gram till September,” Religare Commodities Metals and Energy Incharge Somnath Dey said. Rupee value may depreciate further to Rs55 against the US dollar in the next two months from the current level of Rs51.72, keeping gold not below Rs15,000 per 10 gram, he said. Presently, gold is quoting at Rs15,450 per 10 gram. It made an high of Rs15,750 per 10 gram on 19 February. Noting that rupee is behaving more like Korean currency, another analyst said revaluation of global currencies like euro and Pound sterling against the US dollar is building pressure on the Indian rupee. Citing reasons for rupee weakness, D K Joshi, Principal Economist at domestic ratings agency Crisil, said, “Rupee value is getting depreciated these days due to a stronger dollar, which is strengthening following a rise in demand for the US currency globally. Besides, lower Indian exports and sluggish capital inflow have extended pressure on the rupee”. Source: Home - Livemint.com | 8 Mar 2009 | 7:09 am India finalising claims to continental shelfIndia is in the last stages of finalising its claims on extending its claim into the continental shelf before an international convention, which will increase its economic sovereignty - the right to use natural resources - by one to 2.5 million sq km of ocean.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 7:00 am India-Pakistan trade to decline by 60 percentIndia-Pakistan trade is likely to see a 60 percent decline in 2009-10, with the overall trade falling from $2 billion to $900 million in the coming months on account of the current turmoil in the neighbouring country, says an industry lobby.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 7:00 am India Inc on reverse gear; merger, share buyback trend kicks inNew Delhi: Corporate India seems to be heavily into reverse gear with promoters locking up value for themselves by merging group firms and buying back shares from the public at attractive low prices amid the meltdown at the bourses. Analysts believe companies hit by the slowdown are trying to shore up their resources by merging group firms and promoters are increasing their holdings in the companies by buying shares at the lower valuation in current times. Last week, Reliance Industries announced merging of Reliance Petroleum with itself which would create one of the world’s largest refineries. RIL Chairman Mukesh Ambani had said that the merger of RIL and RPL would enhance value for shareholders of both the companies. Further, diversified conglomerate Jaiprakash Associates is also in the process of getting consent for merger of group firms Jaypee Hotels, Jaypee Cement, Jaiprakash Enterprises and Gujarat Anjan Cement with itself. Besides, according to information available on the Bombay Stock Exchange, over 31 companies have made buyback offers to purchase back the shares worth a whopping over Rs3,535 crore. “Buyback offers are on the rise as promoters are seeing this as an attractive time to shore up holdings in companies at cheap prices,” a leading market analyst said. Reliance Infrastructure has already completed its first tranche of buyback and is now in the process of purchasing next batch of shares worth Rs700 crore. The second buyback offer has started from 25 February and will continue till 16 April. In February, Reliance Infra closed the first phase of its buyback programme and bought back 87.60 lakh equity shares of Rs796 crore. After which, the promoter holding has risen to 39.04%, from 37.33% in the December quarter. The company which are buying back shares from the public include TV Today, India Infoline, IPCA Labs, Monnet Ispat, DLF, Bosch Ltd, Godrej Consumer and EID Parry. Meanwhile, initial public offers, which had been the stars during the bull run, have lost their charm and in the first two months of 2009 only one firm Edserv Softsystems has dared to enter the stock market. Likewise, when the bull run was at its peak a host of companies had demerged their subsidiaries and listed them as separate firms on exchanges to mop up funds from investors. Marketmen said several other firms are considering merging group companies as their earnings in the third quarter were disappointing and amalgamation may reduce their losses. In 2006, RPL which was established to set up a new mega refinery complex, was listed on the bourses as a separate entity after an initial public offering that raised over Rs8,100 crore. Source: Home - Livemint.com | 8 Mar 2009 | 6:54 am Audi’s Q5 to hit Indian roads in JuneIngolstadt, Germany: Notwithstanding the slowdown in the auto industry, German luxury carmaker Audi will launch its latest sports utility vehicle ‘Q5’ in India in June, besides giving a facelift to its existing sedan ‘A6’. “The only SUV in India from our stable is Q7, which is doing extremely good even in the present situation. But still some people prefer a smaller SUV and because of this, we have decided to offer Q5 in the Indian market,” Audi spokesperson said. Q5 was launched in Europe in November 2008, with four versions in both petrol and diesel engines. It is priced between €38,000 and €50,000 in Germany. “In June this year, we will launch only two variants of Q5 in India, homologation of which are currently on. These vehicles will be sold there as a completely-built-unit (CBU) and will be exported from the company’s Ingolstadt facility,” the official said. The company, which has committed an investment of €30 million till 2015 in India, would introduce the car with 3.0 litre TDI (diesel) and 2.0 litre TFSI (petrol) engines for Indian consumers. Audi sold 350 units of Q7 in 2008 in India, the spokesperson said, “which is the highest selling figure in its class in the market”. It sold a total of 1,050 units in India last year. Besides, the company would also give a facelift to its existing sedan A6 for the Indian market. “It will be launched even before Q5 will be introduced,” the spokesperson said. Source: Home - Livemint.com | 8 Mar 2009 | 6:53 am Sterlite-Asarco deal India’s 10th biggest M&A everNew Delhi: Clinched after months of long discussions, NRI billionaire Anil Agarwal-led Sterlite’s $1.7 billion Asarco buyout has joined the league of ten biggest ever Merger and Acquisitions (M&A) deal involving an Indian firm and the largest so far in 2009. This is despite the deal size falling by almost $1 billion, from a projected estimate of $2.6 billion in May last year, due to devaluation of mining assets and a sharp fall in copper prices. This weekend, the Indian arm of the London-based Vedanta Resources striked the deal to acquire America’s third largest copper producer Asarco LLC for $1.7 billion which will take its annual production capacity to 1.2 million tonnes in an year from the present six lakh tonnes. It has pushed last week’s all-share merger deal between two Mukesh Ambani group firms, RIL and RPL, valued at about Rs8,500 crore ($1.68 billion), out of the ten largest ever M&A deals involving an Indian firm. After RIL-RPL merger, Seterlite’s Asarco buyout is the only second billion-dollar M&A deal striked by any Indian entity so far this year. “This acquisition is in line with our strategy of leveraging our existing skills to become a diversified global copper producer and creating long-term value for shareholders,” Sterlite chairman Anil Agarwal said. Prior to the two deals, the biggest M&A deal for the year was Quippo Telecom’s 49% purchase in Tata Tele’s telecom tower arm for $533 million. Besides, in 2008 also, there were only five deals valued more than the Sterlite-Asarco deal, while in 2007 there were just four M&A deals worth over $1.7 billion, involving Indian entities. The biggest-ever deal involving an Indian company so far has been Tata Steel’s mega takeover of European steel major Corus for $12.2 billion, followed by British telecom giant Vodafone’s purchase of controlling stake in Indian mobile service provider Hutch Essar for about $10 billion. Other M&A deals, bigger than RIL-RPL merger so far in the country, include Aditya Birla group company Hindalco’s Novellis acquisition ($6 billion), Ranbaxy’s sale to Japan’s Daiichi ($4.5 billion), ONGC-Imperial Energy ($2.8 billion), NTT DoCoMo-Tata Tele ($2.7 billion), HDFC Bank-Centurion Bank of Punjab ($2.4 billion), Tata Motors-Jaguar Land Rover ($2.3 billion) and Suzlon-RePower ($1.7 billion ). So far, M&A deals worth about four billion dollars are estimated to have been announced in 2009, while in 2008 there were deals worth over $30 billion. There has been a sharp plunge in the number as well as value of M&A deals in the recent past, reflecting the downturn in the overall economic scenario. Source: Home - Livemint.com | 8 Mar 2009 | 6:30 am Sterlite-Asarco deal India's 10th biggest M&A ever - Hindu
Source: Google News India - Business | 8 Mar 2009 | 6:25 am Top 10 BSE firms lose Rs55,000 cr in a weekMumbai: The top 10 Indian companies witnessed a loss of over Rs55,000 crore from their market valuations last week, with Reliance Industries alone accounting for over one-third of the value erosion from the premier club. Mukesh Ambani-led Reliance Industries lost Rs14,872 crore in the previous week from its market capitalisation with the scrip losing over 7% to settle at Rs1,170.55 at the end of Friday’s trade on the Bombay Stock Exchange. RIL’s market cap stood at Rs1,84,221 crore last week as against Rs1,99,093 crore in the previous week. The coveted club of top 10 firms, which comprises four private entities and six public sector companies, lost Rs55,932 crore during the week with market cap of Rs96,72,202 crore. Last week, the valuation of the club stood at Rs10,23,135 crore. With the market meltdown due to heavy selling by Foreign Institutional Investors in the past week, all the top 10 companies witnessed an erosion in their market valuations. Market analysts said that FIIs have now turned to selling big chunks of their investment in blue chips which led to the tumbling at the bourses. State-run NTPC lost Rs6,060 crore in its market cap, while ONGC witnessed an erosion of Rs3,786 crore in its valuation last week. Private telecom service provider Bharti Airtel and IT behemoth Infosys Technologies lost Rs 6,549 crore and Rs 693 crore, respectively, from their market caps in the past week. State-run trading firm MMTC saw its valuation come down by Rs4,458 crore last week. Meanwhile, power equipment maker Bhel jumped up one position to notch the seventh place, even after its market cap came down by Rs4,097 crore, while diversified conglomerate ITC slipped to the eighth position, losing Rs6,848 crore from its market valuation. Country’s largest public sector lender SBI saw an erosion of Rs5,476 crore and mining giant NMDC witnessed a loss of Rs3,092 crore from its market valuation. Besides the list of top 10 most valued firms of BSE, two private sector lenders ICICI Bank and HDFC Bank witnessed a combined erosion of over Rs10,108 crore from its valuation last week. While, ICICI Bank saw its valuation plummeting by Rs6,546 crore to Rs29,980 crore, HDFC Bank lost only Rs3,562 crore to Rs34,075 crore at the end of trade on Friday. RIL, the numero-uno in the list, is followed by NTPC (Rs1,45,821 crore), ONGC (Rs1,44,042 crore), Bharti Airtel (Rs1,143,02 crore), Infosys (Rs69,816 crore), MMTC (Rs65,840 crore), Bhel (Rs64,245 crore), ITC (Rs62,181 crore), SBI (Rs59,733 crore), NMDC (Rs56,993 crore). Source: Home - Livemint.com | 8 Mar 2009 | 6:15 am US sees 17 bank failures in 2009The number of US bank failures is mounting with each week passing by as 17 lenders went belly up so far this year amid deepening recession.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 5:56 am Obama assures to bring 'all pillars' in place to boost economyPresident Obama has assured Americans that he will bring "all the pillars in place" this year for speedy economic recovery of the nation.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 5:53 am Indo-Pak trade may fall by 60 pc to $900 mn in 2009-10: FicciTrade between India and Pakistan is likely to suffer a setback in the coming months and fall by 60 per cent to USD 900 million during 2009-10.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 5:50 am Bernanke: Fed will use all tools at its disposalWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Saturday the U.S. central bank would use all of its tools to stabilize financial markets and pull the economy out of recession.Source: Reuters: Money News | 8 Mar 2009 | 5:48 am China won't adopt national voucher plan -vice ministerBEIJING (Reuters) - China has no plan to issue national vouchers as part of its economic stimulus plan, but Vice Finance Minister Liao Xiaojun encouraged local governments to use them to help spur consumption, the Beijing News reported on Sunday.Source: Reuters: Money News | 8 Mar 2009 | 5:39 am China seeks increased two-way investment with India - Hindu
Source: Google News India - Business | 8 Mar 2009 | 5:33 am Pressure may mount to know who got AIG bailout blnsNEW YORK (Reuters) - Where, oh where, did AIG's bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.Source: Reuters: Money News | 8 Mar 2009 | 5:26 am US sees 17 bank failures in 2009New York: The number of US bank failures is mounting with each week passing by as 17 lenders went belly up so far this year amid the deepening recession in the world’s largest economy. With the collapse of Freedom Bank of Georgia this month, a staggering 69 banks have collapsed since 2000. In the first two months of this year, a stunning 16 banks went belly up — which is more than half the total number of such failures in 2008. Last year, 25 banks were closed down by the American authorities. The Federal Deposit Insurance Corporation, which is often appointed as the receiver for failed banks, said the Freedom Bank of Georgia was shut down on 6 March. Freedom Bank of Georgia had assets to the tune of $173 million and deposits worth $161 million as on 4 March, 2009. In February, 10 banks were closed down, making it the highest for any month since 2000. A total of six banks had failed in January. Majority of the bank failures happened last year after the financial turmoil turned worse with the bankruptcy of investment banking entity Lehman Brothers in September. Security Savings Bank, Heritage Community Bank, Silver Falls Bank, Beaverton and Alliance Bank, National Bank of Commerce, and Ocala National Bank are among the entities which collapsed this year. Four banks were closed down on 13 February alone. The failed entities on that day were Pinnacle Bank of Oregon, Corn Belt Bank and Trust Company, Riverside Bank of the Gulf Coast and Sherman County Bank. Last month, official data showed that commercial banks and savings institutions insured by FDIC reported a net loss of $26.2 billion in the fourth quarter of 2008. It is also the first ever quarterly loss since 1990. Starting January 2008, a whopping 42 banks have failed — which is more than half the total collapses since 2000. However, there were no bank failures in 2005 and 2006. The American economy, which shrank 6.2% in the fourth quarter of 2008, continues to reel under the ravaging financial crisis. In recent months, the Federal government has been forced to bailout many banking majors like Citigroup and Bank of America. Even though, President Barack Obama has come up with various measures including the massive $787 billion stimulus package, the financial sector is yet to show any signs of revival. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 5:08 am Cosmetic dentistry assures you that perfect smile, confidenceNot happy with your smile? Conscious that your teeth aren't milky white? Or embarrassed with that crooked incisor? Fret no longer. A fat wallet and cosmetic dentistry can help you get back that million-dollar smile, and confidence.Source: IndiaeNews.com: Business News | 8 Mar 2009 | 5:00 am Govt sanctions Rs80 crore for Commonwealth Games securityNew Delhi: To ensure foolproof security and prevent any Lahore-like attack on sportsmen during the Commonwealth Games, the Centre has sanctioned nearly Rs80 crore to Delhi Police to upgrade its inventory and equipment. “A total of Rs78.26 crore has been sanctioned to Delhi Police to procure additional security equipment like X-ray scanners, Door Frame Metal Detectors, Hand Held Metal Detectors, vehicles, communication equipment, specifically for Commonwealth Games 2010,” a Home Ministry official said. An empowered security committee headed by union home secretary and a Commonwealth Games security review committee headed by additional secretary (centre-state) have been constituted in the home ministry to review the security arrangements for the games. “The two committees will hold meetings from time to time to review security arrangements at construction sites as part of security vetting of construction plans,” the official said. The steps become significant considering the attack by terrorists on the Sri Lankan cricket team in Lahore on 3 March, which killed six policemen and injured seven players and officials. In a similar incident, during the 1972 Munich Olympics, terrorists had killed eleven Israeli athletes and coaches and one police officer. Source: LatestNews-Home - Livemint.com | 8 Mar 2009 | 4:56 am United Bank of India likely to get Rs 250 cr by month-endThe government is proposing to inject Rs 250 crore into the United Bank of India nd simultaneously restructure capital.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 4:54 am Macroeconomic indicators - Indian core sector growth dips - SteelGuru
Source: Google News India - Business | 8 Mar 2009 | 3:27 am World's biggest banks to meet in London - NikkeiTOKYO (Reuters) - Chief executives of leading Japanese, European and U.S. banks will meet in London to discuss the future of the financial system, the Nikkei newspaper reported, as the global financial crisis prompts a barrage of new regulatory proposals for the sector.Source: Reuters: Money News | 8 Mar 2009 | 2:43 am Tata pig iron arm cancels state expansion plans - Times of India
Source: Google News India - Business | 8 Mar 2009 | 12:24 am Sensex picture better on consolidated resultsBL Research Bureau Leading Indian companies reported better growth based on their consolidated operations for the December quarter than they did on a standalone basis.Source: Business Line - Home Page | 8 Mar 2009 | 12:00 am Satyam gets time till March 31 to restate Q3 numbersHyderabad, March 7 Satyam Computer Services, which has got the SEBI clearance to go ahead with global bidding to induct a strategic investor, has sought time till March 31 to announce the results of third quarter ended December 31,Source: Business Line - Home Page | 8 Mar 2009 | 12:00 am For the economy’s second coming, policymakers whistle in the windMr Chidambaram may be at Home but he cannot help think Finance. As the chief cheerleader of the organised economy’s dream run all these five years, he remains robustly optimistic that this downturn the world over and particularly in IndiaSource: Business Line - Home Page | 8 Mar 2009 | 12:00 am Infosys eyeing acquisitions in Germany, France, JapanHyderabad, March 7 Infosys Technologies is looking for acquisitions in France, Germany and Japan in the consulting, business process outsourcing (BPO) and few otherSource: Business Line - Home Page | 8 Mar 2009 | 12:00 am Sterlite to buy out Asarco at lower cost in a new dealMumbai, March 7 Vedanta Resources group company Sterlite Industries has signed a new agreement with copper mining company Asarco of the US to buy its operating assets for $1.7Source: Business Line - Home Page | 8 Mar 2009 | 12:00 am Hedging offsets gain on rupee for exportersMumbai, March 7 The depreciating rupee has brought some cheer to exporters. But the slowdown in international demand is forcing exporters to give discounts to buyers denting their profits.Source: Business Line - Home Page | 8 Mar 2009 | 12:00 am Weekly News Round-upSending a strong signal to banks to lower lending rates, the Reserve Bank of India on Wednesday cut repo and reverse repo rates by half a percentage point each with immediate effect. With the latest cut, the repo, the rate at which the RBI lendsSource: Business Line - Home Page | 8 Mar 2009 | 12:00 am Corporate India looks at pruning executive salariesChennai/Mumbai, March 7 Corporate India is now looking at cutting executive salaries as it continues to grapple with the economic slowdown and come up with ways to pruneSource: Business Line - Home Page | 8 Mar 2009 | 12:00 am Suryanarayana Raju gives himself up in court - Hindu
Source: Google News India - Business | 7 Mar 2009 | 10:17 pm War of the wheels: MS pushes the Alto, GM the Spark; TM lands the Nano - Economic Times
Source: Google News India - Business | 7 Mar 2009 | 10:15 pm M&M cuts Scorpio price - Calcutta Telegraph
Source: Google News India - Business | 7 Mar 2009 | 9:13 pm Helicopters to get separate corridors for landing - Economic Times
Source: Google News India - Business | 7 Mar 2009 | 7:27 pm ICICI Bank moves against foul-mouthed customersICICI Bank customers beware. You can no longer get away by using foul or unparliamentary language during your interaction with the banks call centre.Source: Business Standard | Front Page Headlines | 7 Mar 2009 | 6:53 pm Tata Metaliks scraps West Bengal projectLikely to shift billet plant to Karnataka.Source: Business Standard | Front Page Headlines | 7 Mar 2009 | 6:50 pm Vedanta to buy Asarco for $1.7 billionMetals and mining major Vedanta Resources will buy bankrupt US copper miner Asarco for $1.1 billion in cash and a note worth $600 million, the latter to be paid over a period of nine years.Source: Business Standard | Front Page Headlines | 7 Mar 2009 | 6:48 pm
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