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Will withdraw if concerns not addressed: Spice CorpOne of the bidders for Satyam, Spice Corp has sent the second letter which has raised issues of auction and disclosure of bidders for Satyam. Commenting on the same, Spice Corp said, We are still in the race for Satyam and will withdraw if concerns are not addressed.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 5:37 pm Honda Motor rides out of geared scooter segmentHonda Motorcycle and Scooter India (HMSI) is going the Bajaj way. The company is riding out of the geared scooter segment and will phase out the Eterno, its only product in the segment. The company will also roll out its new 110 cc Activa and plans to sell 5.5 lakh units of the new Activa this fiscal.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 5:13 pm Bidding process defined, wont reveal suitor names: SatyamThe Satyam board has responded to Spice Group Chairman BK Modi\'s letter, reports CNBCTV18, quoting sources. The board said it was not disclosing the names on account of competitive concerns. It said the bid process will follow Sebi, CLB guidelines. The government appointed board is keen on the corporate governance track record of bidders.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 4:27 pm IIMs to revise fees marginally for 200911 coursesThere is finally some respite for management students. The top three IIM\'s that had witnessed a steep hike in fees last year will see only a marginal alteration this year.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 4:15 pm High promoter stake in AstraZeneca fuels delisting rumorsAfter the open offer from Novartis and also from MatrixMylan the focus has now shifted on AstraZeneca for a potential delisting. Market has started speculating on delisting of this company because of high promoter holding.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 3:54 pm ONGC not to lower capex plans; LT, Punj Lloyd to benefitONGC Chairman, RS Sharma said they were very firm about their decision on not slowing down the companys capex of about 20,000 crore for the next fiscal.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 3:50 pm Crompton to invest surplus funds in power arm: Avantha GrpCrompton Greaves had announced plans to pick up a 41% stake in Avantha Power Infrastructure at Rs 11 per share aggregating to Rs 227crore. B Hariharan, Group Director Finance, Avantha Group, said the money invested in the group is surplus available with Crompton Greaves.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 3:19 pm RIL gas sale agreement to reduce cost of urea: NFLVK Sharma, CMD, National Fertilisers Limited said with RIL, we are entering into an agreement for about 0.6 mmcmd (million cubic metres per day) of gas. In the absence of natural gas we were using naphtha. With the usage of natural gases being cheaper, the cost of urea that we shall be producing is expected to reduce.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 2:12 pm ANALYSIS - Long, bumpy road ahead for Obama financial reformsWASHINGTON (Reuters) - The far-reaching reform of regulations governing U.S. financial markets, proposed by the Obama administration on Thursday, may mark a turning point for the economy, but a long political struggle lies ahead.Source: Reuters: Money News | 27 Mar 2009 | 12:09 pm Exports may grow 3-4% this fiscal - Hindu Business Line
Source: Google News India - Business | 27 Mar 2009 | 12:03 pm Ahluwalia for more stimulus measures to stir growth - domain-B
Source: Google News India - Business | 27 Mar 2009 | 12:00 pm NY AG subpoenas AIG on CDS contracts: Sources!AIG which received USD 180bn in US taxpayer money, was subpoenaed Thursday by NY`s top legal officer for info on its credit default swaps contracts.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm Sensex opens 38 pts up!After crossing the 10k-mark Thursday, Sensex Friday moved up, for the fifth straight session, by another 37.85 points in opening trade on sustained buying by foreign funds.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm Obama to meet bank CEOs to discuss economic crisis!Prez Obama will quiz top US bankers about developments in economy and their businesses as his admin seeks broader authority to regulate financial system.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm EU calls to expedite free trade deal with India!The European Parliament has expressed disappointment over the slow pace of negotiations on a Free Trade Agreement (FTA) with India, EuAsiaNews reported.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm IMF, WB failed to recognise need to regulate big economies: India!India today said the IMF and World Bank failed to recognise the real need to regulate big economies which led to the global financial meltdown.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm Return of outsourced jobs not good for US: Obama !In the midst of its worst recession in decades, President Barack Obama says it would be better to create new jobs that can`t be outsourced instead of bringing back such low paying jobs from other countries.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm Top US bank regulator placed on leave pending review!A top bank regulator has been placed on leave pending a Treasury Dept probe into regulators` approval of backdated cash infusions for troubled thrifts.Source: Zee News : Business | 27 Mar 2009 | 12:00 pm Sensex ends in green, up 45 ptsIndian equities markets closed in the green Friday, with a key index fluctuating through most part of the day and ending trade 0.45 per cent higher than its previous close.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 11:58 am India's FX reserves at $253.826 bln on March 20MUMBAI (Reuters) - India's foreign exchange reserves rose to $253.826 billion as on March 20, from $248.724 billion a week earlier, the central bank said in its weekly statistical supplement on Friday.Source: Reuters: Money News | 27 Mar 2009 | 11:57 am Matrix Labs surges 20% on delisting offer by parent - Business Standard
Source: Google News India - Business | 27 Mar 2009 | 11:48 am Satyam buy to propel IBM to big Indian IT league: ForrestorJohn C McCarthy, VP and Principal Analyst, Forrester Research, said If IBM is successful then it would push the company into top three in terms of size in India. It puts them between a 1,05,000150,000 resources, neckandneck with TCS and Infosys, for purely a scale point of view.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 11:45 am Heavy borrowing could pressure rates - officials - Reuters India
Source: Google News India - Business | 27 Mar 2009 | 11:45 am Heavy borrowing could pressure rates - officialsNEW DELHI (Reuters) - India could overshoot its annual borrowing target in the 2009/10 fiscal year if more fiscal stimulus is rolled out to revive a slowing economy, and this will put pressure on interest rates, senior officials said on Friday.Source: Reuters: Money News | 27 Mar 2009 | 11:33 am India's growth to be around 6 percent this fiscal: Moody'sThe tough economic condition will prevail, restricting India's economic growth to 6.3 percent this fiscal and 5 percent in the next financial year, and forcing the central bank to cut repo rate by 4 percent, the economic arm of Moody's predicted in a statement Friday.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 11:31 am BSE Sensex up 12.1 pct on week, but losing steamMUMBAI (Reuters) – The BSE Sensex rose for a fifth day on Friday, taking gains for the week to 12.1 percent, its best performance since the last week of October, but there were signs of investor fatigue.Source: Reuters: Money News | 27 Mar 2009 | 11:22 am Ranbaxy: auditors ask not to be reappointedNEW DELHI (Reuters) - Ranbaxy Laboratories said on Friday it would appoint new auditors as its current audit firm, Walker, Chandiok & Co, had expressed an "unwillingness" to be reappointed to the role.Source: Reuters: Money News | 27 Mar 2009 | 11:15 am India's Feb infrastructure output up 2.2 pct y/yNEW DELHI (Reuters) - India's infrastructure sector output grew 2.2 percent in February from a year earlier, above an upwardly revised 1.5 percent in January , government data showed on Friday.Source: Reuters: Money News | 27 Mar 2009 | 11:12 am Sensex up 45 points, ends above the 10,000 markNew Delhi: The Bombay Stock Exchange benchmark Sensex gained 45 points to end above the 10,000 level on funds buying metal and banking stocks amid the government pledging to boost economic growth and increasing optimism about the global economy. The Sensex, rising for the fifth day, moved between 10,127.09 and 9,913.40 before ending with a gain of 45.39 points at 10,048.49. Over these five days, the benchmark gained 1,081.81 points. Similarly, the 50-share National Stock Exchange index Nifty also rose by 26.40 points to 3,108.65. During the day the Nifty moved between 3,123.35 and 3,055.90 points. Trading sentiment turned bullish after Planning Commission Deputy Chairman Montek Singh Ahluwalia said the country would need to introduce further measures to stimulate growth. Production in six key industries, which account for a quarter of India’s industrial output, rose 2.2% in February from a year earlier, the government said. The measure rose 1.4% in January. The market received maximum support from front-runners like Reliance Communications, which rose 8.95%, Tata Steel 9.13% and Tata Motors 9.32%. Reliance Industries, with the highest weight in the Sensex, and Infosys Technologies recorded hefty losses. Reliance Industries fell for the first time in the current five-day rally after its rating was downgraded by Kotak Securities. The stock has climbed 23% this month, looking set for its biggest monthly advance in almost three years. Software exporters’ scrips, led by Infosys, also dropped on concerns that shares had gained more than warranted by their profit outlook. Infosys Technologies, the second-largest software maker, fell 2.46% from a five-month high. Reliance Industries and Infosys together have nearly a 24% weight in the Sensex. Metal sector stocks did well, lifting the segment index 4.85% to 6,110.09 on expectations that the rebound in economic growth might increase demand for industrial and base metals. The healthcare index shot up by 2.81% to 2,748.03 after Dr Reddy’s Laboratories, the second-biggest drugmaker, had its stock rating upgraded to ‘overweight’ from ‘equal-weight´ by Morgan Stanley. The stock rose by 6.63% to Rs474.30. Matrix Laboratories, another healthcare index participant, shot up by 19.98% to Rs141.40. Mylan Inc., the largest US maker of generic drugs, plans to buy the remaining shares of Matrix Laboratories. Source: Home - Livemint.com | 27 Mar 2009 | 11:10 am Bidding process defined, won’t reveal suitor names: Satyam - Moneycontrol.com
Source: Google News India - Business | 27 Mar 2009 | 11:07 am See FY10 EPS at Rs 4.10: Brandhouse RetailTarun Joshi, Managing Director and Chief Executive Officer of Brandhouse Retail Ltd said, that the company is targeting at opening 683 stores in FY09 and another 903 stores in FY10. Optimistic about the companys growth, Joshi said that the earnings per share (EPS) for FY10 is seen at Rs 4.10 from the present Rs 3.82.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 10:55 am 7,500 employees to leave General MotorsNew York: Auto maker General Motors has said that around 7,500 employees have decided to leave the company as part of the attrition programme. “... approximately 7,500 of its UAW (United Auto Workers) union-represented employees have decided to take advantage of the company’s attrition programme,” GM said in a statement on Thursday. The car maker, which has been severely hit by the global financial meltdown, has already received billions of dollars from the US Federal government. Most of the employees participating in the programme would leave the firm by 1 April. GM noted that last year, about 19,000 hourly employees left the company through a special attrition programme. The number stood at around 34,000 hourly employees in 2006. The latest announcement brings the total hourly reduction to over 60,500, the company noted. “These employees have many years of dedicated service to General Motors and I’d like to personally thank them for all they have done for the company,” said Gary Cowger, group vice president global manufacturing and labor relations. GM noted that it would fill job openings with current employees whenever possible. In facilities, where new employees are needed, the company would hire individuals at the entry-level wage and benefit structure, it added. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 10:45 am 7,500 employees to leave General MotorsNew York: Auto maker General Motors has said that around 7,500 employees have decided to leave the company as part of the attrition programme. “... approximately 7,500 of its UAW (United Auto Workers) union-represented employees have decided to take advantage of the company’s attrition programme,” GM said in a statement on Thursday. The car maker, which has been severely hit by the global financial meltdown, has already received billions of dollars from the US Federal government. Most of the employees participating in the programme would leave the firm by 1 April. GM noted that last year, about 19,000 hourly employees left the company through a special attrition programme. The number stood at around 34,000 hourly employees in 2006. The latest announcement brings the total hourly reduction to over 60,500, the company noted. “These employees have many years of dedicated service to General Motors and I’d like to personally thank them for all they have done for the company,” said Gary Cowger, group vice president global manufacturing and labor relations. GM noted that it would fill job openings with current employees whenever possible. In facilities, where new employees are needed, the company would hire individuals at the entry-level wage and benefit structure, it added. Source: World Business - Livemint.com | 27 Mar 2009 | 10:45 am Nifty ends above 3100; metals outperform - Economic Times
Source: Google News India - Business | 27 Mar 2009 | 10:31 am Southeast Asia planning to increase trade with northeast IndiaMembers of the Association of South East Asian Nations (ASEAN) will intensify business with the eight northeastern states of India, diplomats said here Friday.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 10:30 am Markets end in green after fluctuating tradeIndian equities markets closed in the green Friday, with a key index fluctuating through most part of the day and ending trade 0.45 percent higher than its previous close.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 10:30 am Brandhouse Retail sees FY09 rev at 5.52 bln rupees - Reuters India
Source: Google News India - Business | 27 Mar 2009 | 10:29 am ICICI broking unit overseas expansion on holdMumbai: ICICI Securities, the broking and advisory unit of India’s ICICI Bank has put its international expansion on hold due to the downturn in global markets, but has no plans for job cuts, a top official said. The company deferred an initial public offer (IPO) last year and is not in a hurry to list, chief executive Madhabi Puri Buch said in an interview. Instead, it will wait for a sustained market recovery before relaunching the offer. “If the market had been buoyant and the cross-border capital flow had been greater, we would have perhaps grown in overseas centres. Today we believe they are OK the way they are,” she said. Buch said the firm will maintain its offices in US, Singapore, UK and Oman, which offer institutional broking, wealth management and advisory services. “Would we have expected to grow our presence internationally had the markets continued to be buoyant? Yes. Today we are a little more careful about those plans,” Buch said. India’s main stock index, Bombay Stock Exchange, fell 52.5% in 2008, its biggest annual fall ever. Total M&A volumes fell 24% and share sales tumbled 80% to their lowest level since 2003, Thomson Reuters data showed. Commissions on share trading and advisory fees for share sales and M&A constitute a large part of a brokerage and advisory firm’s revenue. Filings by parent ICICI Bank show ICICI Securities’ net profit for the nine months ended December fell three-quarters to Rs250 million ($5 million). The firm, which pioneered an online share trading platform in India, has about 2,500 employees and was not planning any job cuts, Buch said. “We are an India-focused firm and are very optimistic of a turnaround. We need the good team to tap the return of markets,” she said. Foreign financial firms including Goldman Sachs, Merrill Lynch, now a unit of Bank of America, and Credit Suisse have trimmed their Indian workforce as business slowed. ICICI Bank said in January 2008 it planned to sell up to 15% of its broking within six months, and bankers said it had expected a valuation of $4 billion. Buch said the slide in markets has curbed ICICI Securities’ capital requirements, so there was no pressing need to list the company on the stock market. “The listing would be dependent upon our need. But are we waiting for the markets to return to press the button? No,” Buch said. “As and when the markets recover we will reassess, but we will wait for a sustained recovery.” Source: Home - Livemint.com | 27 Mar 2009 | 10:28 am Murthy’s book speaks to troubled times - Spicezee
Source: Google News India - Business | 27 Mar 2009 | 10:25 am India’s Feb crude processing up 4.1%: govtNew Delhi: Indian refiners processed 4.1% more crude in February than a year earlier, data showed on Friday, but top private player Reliance Industries’ saw a 10.1% drop as weak global demand hurt its export-focused plant. Reliance’s crude processing declined despite the firm commissioning its new 580,000 barrels per day (bpd) plant in December. The new plant is adjacent to Reliance’s established 660,000 bpd refinery at Jamnagar in western Gujarat state, making it the world’s largest refining complex with capacity of 1.24 million bpd. The private firm’s two refineries together processed 663,300 bpd in February compared to 738,300 bpd year ago, when only one plant was in use. The government data showed refiners’ throughput rose to 3.363 million barrels of crude per day (bpd) in February. February crude oil output was down 2.8% from a year earlier to 669,900 bpd, the data showed. FACTS Global energy has forecast Indian refinery utilisation rates would decline from 105% in 2008 to 99% in 2009 and 99.2% in 2010. It said in its February report that Reliance’s new refinery was expected to run below 100% capacity in the first half of 2009 due to the regional and global economic downturn. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 10:15 am Fund managers not in hurry to cut cash levelsMumbai: Most Indian fund managers are not enthused by the recent spurt in shares and are in no hurry to cut cash levels ahead of a general election in April-May, but see bargains in metal stocks, a Reuters poll showed. India’s benchmark stock index raced above 10,000 levels for the first time since 7 January on Thursday and a majority of those polled between 24 March and 27 March said stocks were fairly valued and set to rise further in the next three months. But five of the eight fund houses said they were looking to maintain or raise cash levels, at a multi-year high in February. “This is a liquidity-driven rally. It has nothing to do with fundamentals,” Jayesh Shroff, who manages about $1 billion in equities at SBI Funds Management, said. “I am participating. I am being opportunistic but fundamentally I am not convinced,” he added. After slumping more than 50% in 2008 and losing during most part of this year, Indian shares have moved up of late, helped by a net investment of almost $620 million by foreign portfolio managers since mid-March. But the caution remains, with only three of the eight respondents willing to start betting on stocks, and restricting investments to mainly liquid large-cap stocks, the poll showed. Favourite sectors such as financial services and engineering, that controlled about 28% of the assets of diversified equity funds at the end of February, are unlikely to see any major buying but interest is picking up in metal stocks. Five of the eight fund houses polled said they would raise metal exposure, while only one said it would cut holdings. “It looks like the worst expectation is more or less over and things should slowly start picking up and valuations are extremely attractive,” I.V. Subramaniam, chief investment officer of Quantum Advisors Pvt Ltd, said. Indian metal shares lost almost three quarters of their value last year as investors dumped their holdings on a slowing global economy. Shares are up about a tenth this year on revival of interest. Domestic diversified equity funds held 4.1% of their assets in metal stocks at end-February, up from a 2008 low of 3.5% hit in November, data from fund tracker ICRA showed. Shares in energy firms, which constituted 14.5% of the assets of equity funds, should also attract buying interest in the next three months with half of the poll respondents looking to raise exposure, given strong cash flows and expected volume and earnings growth for energy firms in 2009. “If you need to play certainty into the next couple of years, if you need to play predictability, this is the only place we have volumes stepping up,” Kenneth Andrade, head of investments at IDFC Asset Management, told Reuters earlier this month. Some balance fund managers are also looking to cut equity exposure and boost cash and bond holdings in next the next three months, while bond fund managers remain divided on concerns of higher-than-expected borrowing plans of the government. Government borrowing for the financial year that begins on 1 April is set to hit a record Rs3.62 trillion, after it doubled to 3.06 trillion in 2008-09. Source: Home - Livemint.com | 27 Mar 2009 | 10:13 am Infosys eyes acquisitions in USNew York: Indian software major Infosys Technologies Ltd expects to find acquisition opportunities in the US during the downturn, co-chairman Nandan Nilekani was quoted as saying. “Acquisitions will definitely be very accessible in this market from a price point of view,” Nilekani told the Wall Street Journal in an interview. “If it makes sense, we’ll do it.” Companies that operate in the healthcare and pharmaceuticals sectors might make particularly interesting targets, he said, adding that Infosys has $2 billion in cash and no debt. In the interview, Nilekani reiterated Infosys’s earlier guidance of about 12% revenue growth for the fiscal year ending 31 March. That would be a sharp deceleration from growth of 35%, as measured by the US accounting rules, in the year ended 31 March 2008. Nilekani told the Journal that potential customers are holding back both because of the economic crisis and a rise in protectionist sentiment. On the economic crisis, Nilekani said “I’ve never seen this level of lack of clarity.” He said executives are “more focused on short-term tactical issues” than making bigger decisions about outsourcing. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 10:04 am Aviation sector saves $800 mn in 2008 on lower baggage damageThe aviation industry saved over $800 million globally last year on reduced compensation and other related costs with the number of passengers' bags mishandled.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 10:04 am Varun withdraws bail plea from Delhi high courtNew Delhi: BJP leader Varun Gandhi against whom FIR was lodged for making inflammatory communal speeches during election campaign in Uttar Pradesh, on Friday withdrew his bail plea from the Delhi high court. The counsel appearing for 29-year-old politician submitted before the court that Varun seeks to withdraw the petition in view of Allahabad high court’s order dismissing his plea for quashing criminal proceedings for making speech. Justice Reva Khetrapal accepted his plea and allowed him to withdraw the petition. “Without going into maintainability issue and in the merit of the case, the petition is dismissed as withdrawn,” the court said. With this, the stay on his arrest granted by the court on 20 March stands vacated. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:57 am Singapore to introduce e-visa for Indian travellersNew Delhi: Indian travellers to Singapore would soon be able to secure visa to the South East Asian country in a single working day. The Singapore government tourism nodal agency Singapore Tourism Board on Friday announced that the city state would be introducing e-visas for Indian travellers from 1 April. The new facility would be launched by the Singapore government’s Ministry of Foreign Affairs and is aimed at introducing “hassle-free” visa facilities, Singapore Tourism Board said in a statement. “The new facility will reduce the time for Indian travellers to obtain a Singapore visa, giving a general boost to both leisure and business travel alike... With this initiative the time required to obtain a Singapore visa in India will now be just one working day,” it said. “Singapore has always been the top outbound destination from India and we are optimistic of maintaining this position through the launch of measures like e-visa,” Singapore Tourism Board Regional Director for South Asia, Middle East and Africa Randall Tall said. Under the e-visa process, visa service providers would be able to submit application forms and documents on behalf of the applicants and customers, besides collect visa approvals, online without visiting the consular office. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:56 am Indian economy will turn significantly worse in 2009: AhluwaliaThe Indian economy will log a growth of less than 7% this fiscal with 2009 turning "significantly worse" as the current economic crisis was unlikely to end soon, Planning Commission deputy chairman Montek Singh Ahluwalia said.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 9:54 am MTNL gets tax refund of Rs516 cr from I-T deptNew Delhi: State-owned MTNL on Friday said it has received Rs516.18 crore as tax refund for the years 2001-02 and 2003-04 from the Income-Tax Department. The company has received refunds worth Rs516 crore from the I-T department, including Rs131.47 crore interest, a company statement said. It further added the interest amount would increase the profits of the company for the financial year 2008-09. Of the total refund amount, Rs125.71 crore has already taken into account in the third quarter of 2008-09. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:51 am Honda to exit geared scooter segment in IndiaHonda on Friday said it will exit the geared scooter market in India and phase out its 150 cc model - Eterno - as the company plans to focus on the gearless segment.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:48 am Google to slash 200 jobs worldwideInternet search giant Google Inc is planning to cut nearly 200 jobs in sales and marketing operations worldwide, as the entity grapples with the economic slowdown.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:46 am Indian designers try to stay relevant in recessionNew Delhi: From shrinking their collections to slashing prices, Indian fashion designers are trying to cope with the global financial crisis, which has dimmed the appetite for haute couture internationally and at home. The economic meltdown was a recurring theme at this month’s Wills Lifestyle India Fashion Week, one of two premier fashion events that ran concurrently in New Delhi. A third major event, the Lakme Fashion Week, kicks off in Mumbai on Friday. “The whole world is going on sale right now,” said designer Nitin Bal Chauhan, who has lowered his prices and cut up to 40% of his profit margin. “As a designer, I think I should be more considerate and cut down on my profit margin and still make sure people can enjoy fashion,” Chauhan said. Other designers have cut back on production volumes, hit by growing evidence of restrained spending for clothes and accessories among well-heeled clients. Business is certainly not booming and though numbers are yet to be collated, the president of the Fashion Design Council of India said sales at its five-day fashion event in New Delhi had been affected by the tough economic climate. “It will be less...definitely not more than last year due to the recessionary trend in the market,” Sunil Sethi told Reuters. Crippling recession, cautious buyers The Indian fashion design industry’s overall production was expected to grow to Rs7.5 billion ($148 million) by 2012 from Rs2.7 billion in 2007, according to The Associated Chambers of Commerce and Industry of India, helped by an affluent class which is increasingly focusing on fashion wear. The estimate has not yet been revised. But international buyers, drawn by the handicraft and detailed embroidery in Indian fashion, have lowered their budgets due to a crippling recession and adjusted their purchases. “Our decision (on budget) has been affected,” said David Schneider from Portuguese retailer Texnorte-Porto. “The way we pick and choose and take risk and select is going to be much more demanding in terms of quality and price,” said Schneider, who attended the India Fashion Week for the fourth year in a row. The message was loud and clear for couturiers at the fashion week, where 103 designers vied for the attention of 175 domestic and international buyers. Some designers experimented with designs and fabric in response to customers’ waning disposable income. “I’ve combined high-street cheap leggings with very luxe jackets. I’ve combined very basic things like T-shirts with luxury shawls,” said Kiran Uttam Ghosh, whose ”Frugality is the new Black” collection is inspired by the global downturn. Designer Leena Singh said she used embroidered prints instead of real embroidery on her designs to save on costs while Ranna Gill is catering to wider client tastes by also designing pant suits and jumpers. But Indian designers are trying not to compromise too much on quality. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:46 am Aviation sector saves $800 mn in 2008 on lower baggage damageNew Delhi: The aviation industry saved over $800 million globally last year on reduced compensation and other related costs with the number of passengers’ bags mishandled during travel falling from 42.4 million in 2007 to 32.8 million in 2008. The fifth annual edition of travel firm Society International Telecommunications Aeronautics’ (SITA) baggage report shows that the number of bags lost or stolen also came down from 1.28 million in 2007 to 736,000 in 2008. SITA delivers and manages business solutions for airline, airport, government and other customers. SITA CEO Francesco Violante said: “The good news is that for the first time since we started publishing this report there has been a significant drop in both mishandling and lost baggage rates. With almost 10 million fewer bags being mishandled last year, the industry saved some $800 million”. The number of passengers traveling in 2008 was 2.3 billion, up by 1.4% over 2007. The drop in mishandled baggage numbers can be due to several reasons, among them is the increasing number of airlines charging for baggage resulting in fewer bags being checked-in, the report said. The International Air Transport Association (IATA) has presented its Baggage Improvement Programme to over 180 airlines around the world and aims to reduce baggage mishandling to half by 2012. This would result in annual savings of the industry between $1 billion and $1.9 billion depending on the range of issues addressed. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:41 am Punjab National Bank rules out further cut in interest ratesThe state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 9:31 am Output of core industries up 2.2 percent in FebruaryDespite an 8.3 percent growth in cement production and 6 percent in coal output, the composite index for six core industries logged a mere 2 percent expansion in February, against 7 percent in the like month of last fiscal.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 9:30 am Sadbhav Engg to raise Rs 125 cr via rights issue - Business Standard
Source: Google News India - Business | 27 Mar 2009 | 9:26 am Lupin buys stake in Philippines firmMumbai: Drug maker Lupin Ltd said it has acquired a 51% stake in Multicare Pharmaceuticals Philippines Inc, marking the Indian firm’s foray into the $2.5 billion Philippines pharmaceuticals market. Financial details were not disclosed but Lupin said the purchase was funded through internal cash accruals. Multicare Pharmaceuticals, which sells branded generics drugs, reported revenue of about $6 million for the year ended December 2008, Lupin said in a statement late Thursday. Earlier this month, Lupin’s president-finance and planning, S Ramesh, had said the company continues to scout for acquisitions in Asia, eastern Europe, the Gulf region and Latin America. Last year, Lupin’s acquisitions included stakes in South Africa’s Pharma Dynamics, Germany’s Hormosan Pharma and Australia’s Generic Health. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:23 am Not all outsourced jobs to come back to the US: ObamaObama has hinted that he is not going to bring back the low-wage jobs outsourced to countries like India and China.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:21 am Lupin buys stake in Philippines firm - Reuters India
Source: Google News India - Business | 27 Mar 2009 | 9:19 am DLF Brands to bring DKNY & Donna Karan New York to IndiaNew Delhi: Realty player DLF Ltd subsidiary DLF Brands today announced that it has entered into an agreement with US-based fashion design house Donna Karan Studio (DKS) and plans to open 28 stores including DKNY and Donna Karan New York within five years. The first three stores, including one DKNY ready-to-wear and two DKNY accessories outlets, would be opened in Delhi next month, DLF Brands said in a statement. “We have signed an agreement with Donna Karan Studio. Our plan is to have 28 stores of DKS’s two brands, DKNY and Donna Karan New York across the country within next five years,” DLF Brands managing director Kelvin Coyle said. He, however, did not disclose the investment plans for the project. The company would be opening five DKNY stores in Delhi and NCR within next five months before foraying into the rest of the country. DLF Brands would also introduce DSK’s luxury brand Donna Karan New York. “In keeping with our commitment to the Indian market we strive to bring the best in luxury to India. In India the brand will cater to globetrotters and individuals who have a penchant for style,” Coyle said. “We are very pleased to enter the Indian market and look forward to our association with DLF Retail Brands. Following recent forays into South Korea and Mainland China, this latest international expansion fits with our strategy of selecting the most competent and capable local partners,” Donna Karan International chairman and CEO Mark Weber said. Donna Karan International is a part of global luxury goods player LVMH Moet Hennessy Louis Vuitton. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 9:14 am Honda to exit gear scooter segment in IndiaJapanese two-wheeler major Honda on Friday said it will exit the geared scooter market in India and phase out its 150 cc model - Eterno -- as the company plans to focus on the gearless segment.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 9:13 am Another first by Nano: online bookingTata Motors is offering what insiders say is another first in the Indian automobile industry - online booking.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 9:01 am Economy to be much worse in 2009: AhluwaliaNew Delhi: India is likely to grow at 6.5% or above in the current fiscal and in 2009-10, Planning Commission deputy chairman Montek Singh Ahluwalia said on Thursday. “We are likely to get a growth rate less than 7% ... between 6.5 and 6.7% in 2008-09,” Ahluwalia today said at the CII convention here. He further said that the growth performance is likely to be repeated in the next fiscal 2009-10. The stimulus packages announced earlier will show their impact from the first quarter of the next financial year, he added. He added that the situation is not bad and it’s the negative view that is leading to a heightened perception of risk. Thus, the government allowed the fiscal deficit to go up very sharply, he said. On a calendar year basis, 2009 is going to be significantly bad than 2008, Ahluwalia said. “Both fiscal and monetary policy require tackling the risk perception ... (the) rural economy is not weaker in any sense. That part of economy is not going to be adversely affected,” he added. Giving a clearer picture on the fiscal deficit, Ahluwalia said it is expected to widen by 3.5-4 percentage points this fiscal as compared to the previous year. “This government allowed the fiscal deficit to go up very sharply against (the projected) 3% of GDP. This (the deficit) would be well in excess of 6%,” he said, adding the higher deficit is a deliberate step by the government in order to carry out more spending to revive the economy. “India has had some fat years in the last three years, now a couple of years are going to be lean,” Ahluwalia said. In the global economic context, he said, “If policy is wrongly calibrated you can get (L-shaped) recession, it will turn (U-shaped) if calibrated well.” He said the current global crisis is probably the worst in 60 years. However, going forward, people will feel uncertainty has reduced and recovery is expected to begin sometime around the second quarter of 2009-10, he said. Source: Home - Livemint.com | 27 Mar 2009 | 8:59 am India to beat IMF projection of 5.1% growth: Cabinet secretaryBolstered by "hopeful signs" in certain sectors, the government on Friday said India will beat the International Monetary Fund projection of 5.1% growth in 2009.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 8:50 am Infosys eyes acquisitions in US"Acquisitions will definitely be very accessible in this market from a price point of view," Nilekani told the Wall Street Journal in an interview.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 8:36 am New York Times Co imposes 5% temporary pay cutFacing financial difficulties, the New York Times Company has imposed five per cent temporary pay cut for most employees and laid off 100 workers.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 8:33 am ICICI Securities overseas expansion on holdMUMBAI (Reuters) - ICICI Securities, the broking and advisory unit of ICICI Bank has put its international expansion on hold due to the downturn in global markets, but has no plans for job cuts, a top official said.Source: Reuters: Money News | 27 Mar 2009 | 8:31 am BSNL launches broadband value added servicesHyderabad: Bharat Sanchar Nigam Limited (BSNL), India’s largest telecom operator, on Friday launched two innovative broadband value added services ‘Live Video Tutoring’ and ‘BSNL Hungama portal’ here. “BSNL is committed to provide services to broadband users at affordable rates,” BSNL (planning and new services) director R K Aggarwal after inaugurating the services said. BSNL Live Tutoring service (with Smartlinx as franchisee) is aimed at giving a personalised Tutor service to students within India and outside through Indian tutors located anywhere in the country and will be available at any time, he said. The charges for one session will vary from Rs50 to Rs240 per session, depending on the class and type of teachers to be used, he said. BSNL Hungama portal — a digital entertainment portal available on bsnl.hungama.com will be offering audio music, video music and gaming facilities to BSNL broadband customers at monthly charges. As part of Ugadi festival, BSNL customers can utilise the BSNL Hungama services free of cost for next one month, BSNL official T N Sudhindra Kumar said. Hungama Digital Media Entertainment, MD and CEO Neeraj Roy said, “On demand entertainment storefront will shortly include films and television programmes.” Source: Home - Livemint.com | 27 Mar 2009 | 8:20 am Bhel to manufacture steam generators for NPCILNew Delhi: State-run power equipment maker Bhel on Friday said it has bagged a Rs345 crore contract from Nuclear Power Corp (NPCIL) to manufacture steam generators for its Kakrapara Atomic Power Project in Gujarat. “Bhel has bagged the first-ever order for steam generators for nuclear sets for NPCIL’s Kakrapara Atomic Power Project in Gujarat,” a company statement said on Friday. Valued at Rs345 crore, the order includes manufacture and supply of four steam generators of 700 MWe (megawatt electric), for use in the primary cycle of the nuclear power plant, it said. These steam generators will be manufactured at the Trichy plant of Bhel. Bhel, which currently manufactures equipments that can generate 10,000 MW power capacity, is further augmenting this capacity to 15,000 MW per annum by December 2009. Source: Home - Livemint.com | 27 Mar 2009 | 8:15 am Indian designers try to stay relevant in recessionNEW DELHI (Reuters Life!) - From shrinking their collections to slashing prices, Indian fashion designers are trying to cope with the global financial crisis, which has dimmed the appetite for haute couture internationally and at home.Source: Reuters: Money News | 27 Mar 2009 | 8:14 am Infosys eyes acquisitions in USIndian software major Infosys Technologies Ltd expects to find acquisition opportunities in the US during the downturn, co-chairman Nandan Nilekani was on Friday quoted as saying.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:49 am Senate seeks credit card bill to safeguard consumersWashington: Key congressional panels are set to meet next week to discuss credit card legislation aimed at cleaning up unfair and deceptive practices that have slapped consumers with unexpected fees and rate hikes. The US Senate Banking Committee will meet on 31 March to consider pro-consumer credit card legislation, sources with direct knowledge of the plan told Reuters on Thursday. In the US House of Representatives, a Financial Services subcommittee is planning to consider credit card legislation on 1 April, a committee aide said earlier this week. Credit card reform has broad support in the House, which is firmly controlled by Democrats, but support for reforms is less clear in the closely divided Senate. The sources spoke on condition of anonymity because they were not authorized to speak publicly. The Senate Banking Committee session will consider a bill introduced earlier this year by Senate banking committee chairman Christopher Dodd, a Connecticut Democrat. Next week’s sessions will represent big victories for consumer groups who for years have been urging lawmakers to rein in card companies. Reforms also are likely to result in lower revenues for credit card issuers who already are suffering from the financial crisis and indicate a weakened state of the powerful banking lobbying efforts. “The credit card companies have brought this on themselves,” said Ed Mierzwinski, consumer advocate with the US Public Interest Research Group. Stronger than Fed rules The Federal Reserve in December adopted rules to clean up what chairman Ben Bernanke called unfair and deceptive practices by the industry. The rules prohibit certain billing practices using balances in previous monthly statements, give card holders more notice when their interest rates will increase and provide clearer disclosures. Dodd’s bill would prohibit the same practices, but consumer groups considered it stronger and more comprehensive than the Fed rules and other legislative proposals. For example, his bill would prohibit solicitations to individuals under the age of 21 without parental or guardian consent and prevent a card company from unilaterally changing the terms, a provision called “any-time, any reason.” It also calls on the Government Accountability Office, a congressional audit group, to study the effects of so-called interchange fees on consumers and merchants. Interchange fees are the cost for transacting purchases using an electronic payment system operated by Visa Inc and MasterCard Inc. In the House, the Judiciary Committee has been examining the issue. The Fed also gave the industry until 1 July, 2010, to implement the new practices, drawing complaints from irate consumer groups and some lawmakers. The House bill, introduced by Rep Carolyn Maloney, a New York Democrat, would force credit card issuers to clean up their practices 90 days after a bill is signed into law. During a speech to the Women in Housing and Finance group of financial professionals, Maloney said on Thursday that her bill could allow for some practices to be implemented on the Fed’s timetable, but not all. She did not specify which practices could be implemented later, but the industry has complained time is needed to train staff, develop new risk models and software, and work with vendors on printing new disclosures. Source: Home - Livemint.com | 27 Mar 2009 | 7:27 am Another first by Nano: Online bookingTata Motors is offering what insiders say is another first in the Indian automobile industry - online booking.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:01 am James Otis apologises for auctioning Gandhi itemsUS collector James Otis, who sparked a row by putting up for auction Mahatma Gandhi's belongings earlier this month, Friday apologised here for unintentionally hurting Indian sentiments. He said the money generated from the auction would go to organisations promoting Gandhian values.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 7:00 am Indian economy will turn 'significantly worse' in 2009: AhluwaliaThe Indian economy will log a growth of less than 7 percent this fiscal with 2009 turning 'significantly worse' as the current economic crisis was unlikely to end soon, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Friday.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 7:00 am Google dumps 200 jobs in their largest layoffSan Francisco: Google Inc. is jettisoning nearly 200 workers in its largest round of layoffs yet, demonstrating that even highly profitable companies are feeling the recession’s pinch. The job cuts announced Thursday affected less than 1% of the 20,200 workers employed by the Internet’s search leader. That’s modest compared with the massive shake-ups in the newspaper, retailing, automobile and financial services industries during the past year. Google’s housecleaning nevertheless is a sobering sign of the hard times around the globe. Coming off a year in which earned $4.2 billion on revenue of $22 billion, Google still is trimming its expenses in attempt to protect its profit margins and prevent its slumping stock price from falling even further. Google’s fortunes are tied to ad spending that’s dwindling as both marketers and consumers squirrel away more cash. Although Google’s revenue has continued to rise during 15-month-old recession, some analysts say they believe the Mountain View-based company may finally be suffering its first quarter-to-quarter decline since it went public in 2004. It’s a guessing game because Google steadfastly refuses to offer financial guidance. But Google’s recent actions have left little doubt that management is bracing for a possible downturn. Once renowned for its free-spending ways, Google already has curtailed some employee perquisites, dumped outside contractors and closed services that aren’t paying off. Pulling the plug on a radio advertising division in February eliminated as many as 40 jobs. Management also has clamped down on hiring after adding more than 17,000 workers in Google’s first 4 years as public company. That decision prompted Google to dump 100 employee recruiters in January. The latest layoffs are concentrated in the division that sells Google’s advertising. In a blog posting, Google said it had hired too many employees doing the same jobs during its rapid expansion. “Making changes of this kind is never easy and we recognize that the recession makes the timing even more difficult for the Googlers concerned,” wrote Omid Kordestani, the company’s senior vice president of global sales and business development. Google shares gained $9.22, or 2.7%, Thursday to close at $353.29. Source: Home - Livemint.com | 27 Mar 2009 | 6:43 am Google dumps 200 jobs in their largest layoffSan Francisco: Google Inc. is jettisoning nearly 200 workers in its largest round of layoffs yet, demonstrating that even highly profitable companies are feeling the recession’s pinch. The job cuts announced Thursday affected less than 1% of the 20,200 workers employed by the Internet’s search leader. That’s modest compared with the massive shake-ups in the newspaper, retailing, automobile and financial services industries during the past year. Google’s housecleaning nevertheless is a sobering sign of the hard times around the globe. Coming off a year in which earned $4.2 billion on revenue of $22 billion, Google still is trimming its expenses in attempt to protect its profit margins and prevent its slumping stock price from falling even further. Google’s fortunes are tied to ad spending that’s dwindling as both marketers and consumers squirrel away more cash. Although Google’s revenue has continued to rise during 15-month-old recession, some analysts say they believe the Mountain View-based company may finally be suffering its first quarter-to-quarter decline since it went public in 2004. It’s a guessing game because Google steadfastly refuses to offer financial guidance. But Google’s recent actions have left little doubt that management is bracing for a possible downturn. Once renowned for its free-spending ways, Google already has curtailed some employee perquisites, dumped outside contractors and closed services that aren’t paying off. Pulling the plug on a radio advertising division in February eliminated as many as 40 jobs. Management also has clamped down on hiring after adding more than 17,000 workers in Google’s first 4 years as public company. That decision prompted Google to dump 100 employee recruiters in January. The latest layoffs are concentrated in the division that sells Google’s advertising. In a blog posting, Google said it had hired too many employees doing the same jobs during its rapid expansion. “Making changes of this kind is never easy and we recognize that the recession makes the timing even more difficult for the Googlers concerned,” wrote Omid Kordestani, the company’s senior vice president of global sales and business development. Google shares gained $9.22, or 2.7%, Thursday to close at $353.29. Source: World Business - Livemint.com | 27 Mar 2009 | 6:43 am Sensex opens 38 pts upThe Sensex moved up, for the fifth straight session, by another 37.85 points in opening trade on sustained buying by foreign funds.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 6:22 am India gold slightly lower tailing overseas marketsMumbai: India’s gold futures traded a tad lower on Friday in line with international markets, weighed down by growing investor risk appetite, analysts said. The benchmark April contract was 0.37% lower at Rs15,182 per 10 grams at 11:24am, falling from an intra-day high of Rs15,225. Comex gold for April delivery was 0.69% lower at $933.5 an ounce. Analysts said gold may consolidate from now on, following a similar trend in euro against the dollar. Gold is often viewed as an alternative to holding the dollar. “It is still in a range and may consolidate in the range of 15,073-15,247 for the day,” added Thiagarajan. “Its a sideways play, but the bias is still positive on lingering economic uncertainties,” said Vikas Vaid, an associate vice president with Asit C Mehta Commodity Services. Gold’s range is between Rs15,000-15,500 added Vaid. Source: Home - Livemint.com | 27 Mar 2009 | 6:15 am U.S. government seeks to tighten grip on Wall StreetWASHINGTON (Reuters) - Wall Street faces curbs on risk taking and the prospect of lower profits under sweeping U.S. proposals to prevent a repeat of the credit crisis.Source: Reuters: Money News | 27 Mar 2009 | 6:02 am Markets in the red after positive startIndian equities markets slipped back into the red Friday after starting in the green. About an hour into trade, a key index was ruling 0.48 percent below its last closing figure.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 5:31 am Wall Street extends rally as optimism buildsNew York: Wall Street shares powered higher on Thursday to extend their rally amid growing optimism on prospects for economic recovery as the market shook off the latest grim reminders of the depth of the slump. The Dow Jones Industrial Average of 30 blue chips vaulted 174.75 points (2.25%) to 7,924.56 at the closing bell, extending the rally that has pushed the blue-chip index up more than 20% from 9 March lows. The Nasdaq composite lifted 58.05 points (3.80%) to 1,587.00, as the tech-heavy index turned positive for 2009. The broad-market Standard & Poor’s 500 index climbed 18.94 points (2.33%) to a preliminary close of 832.82. Market action came after data showing a revised 6.3% pace of decline in the US economy in the fourth quarter, a modest revision from the prior estimate of a 6.2 % shrinkage. A separate report showed the number of new jobless claims in the United States rose by 1.2% to 652,000 during the week ending 21 March as the country reeled from recession. But analysts at Charles Schwab & Co. said that following other data and the growing government rescue plans being put into place, “optimism is preserved that the worst of the recession may be behind us.” Source: Home - Livemint.com | 27 Mar 2009 | 5:13 am World Bank approves USD 500 million loan for PakistanThe World Bank has approved USD 500 million interest-free loan to Pakistan, which is reeling under severe financial crisis.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 4:59 am Markets climb into green after weak startIndian equities markets were ruling in the green after slipping marginally on opening Friday. A key index was ruling 0.35 percent higher than its last closing figure.Source: IndiaeNews.com: Business News | 27 Mar 2009 | 4:31 am SBI goes ‘green’ with its home loansMumbai, March 26 State Bank of India has introduced a new home loan product that will make other banks go green with envy.Source: Business Line - Home Page | 27 Mar 2009 | 12:00 am Sensex back in 5 digitsMumbai, March 26 A pre-poll rally coupled with short-covering by traders drove the Sensex past the 10,000-mark on Thursday, a first time since earlySource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Pvt banks trimming credit card limitsHyderabad, March 26 If you are a frequent user of plastic money, it is time you call up your bank to find out your credit limits before using theSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Behind the wheels of the NanoPune, March 26 When one walks up to the Tata Nano for a first drive, it is difficult not to approach it with a mixed sense of excitement and scepticism.Source: Business Line - Home Page | 27 Mar 2009 | 12:00 am Can Chiranjeevi do an NTR?Hyderabad: The stage is set in Andhra Pradesh for a battle between the strategy and experience of politicians and the glamour and histrionics of film-stars. The simultaneous elections to the 294-member Legislative Assembly andSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am India Cements (Rs 107.2): BuyWe recommend a buy in India Cements stock from a short-term horizon. This stock has been on an intermediate-term uptrend since October 2008 low of Rs 70, a significant long-term support level. However, the stock was on a corrective medium-termSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Inflation drops further to 0.27%New Delhi, March 26 Inflation continued its declining trend, inching closer to the zero mark. The annual Wholesale Price Index-based inflation rose 0.27 per cent for the week ended March 14, below the previous week’s annual rise of 0.44 perSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Monetary Policy: Not the time for adventurismWith the government constrained by the Election Code of Conduct, all eyes are on the Reserve Bank of India (RBI). Ostensibly, the RBI is exempt from any constraints by the Election Commission as the monetary authority is expected to operateSource: Business Line - Home Page | 27 Mar 2009 | 12:00 am Get a Nano loan for Rs 6,250 monthly salary incomeMumbai/New Delhi, March 26 State Bank of India has relaxed the income eligibility criterion for customers interested in applying for car loans to buy a Tata Nano.Source: Business Line - Home Page | 27 Mar 2009 | 12:00 am EPF panel rejects plan to invest funds in stocksAn Employees Provident Fund Organisation committee has rejected the finance ministry's proposal to invest 15% of the EPF corpus in stocks.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 9:38 pm MD denies Trikona shutting shopTrikona Group managing director Aashish Kalra on Thursday rubbished all speculations about the company shutting down business.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 8:30 pm Pipemakers see better times on KG gas flowsDriven by major investments in oil and gas pipeline infrastructure, the domestic pipe manufacturing industry is once again looking upbeat.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 8:29 pm Air France-KLM expects 200 mn euro lossParis: Air France-KLM, Europe’s biggest airline, said on Thursday it expected a €200 million ($270 million) operating loss for its financial year, which runs to the end of the month. It would be the first time the group has posted a loss since its creation by a merger of Air France and Dutch group KLM in 2003. “The evolution of the net result will depend on the valuation of hedging instruments based on market values at 31 March 2009,” the airline said in a statement. It said that like other airlines, it has suffered from a sustained decline in activity since the beginning of 2009 due to the deepening financial crisis. “Financial year 2009-10 will begin in a context of unprecedented difficulty, with little visibility on how the economy will evolve and on the volatility of factors such as currencies and the oil price,” chief executive Pierre-Henri Gourgeon said in the statement. Source: World Business - Livemint.com | 26 Mar 2009 | 7:22 pm Investors lap up large-cap stocksWhile sensex has gained 22.6% in the past 11 trading days, stocks of midcaps and smallcap companies, represented by BSE midcap and BSE smallcap index, have underperformed the bellwether index and clocked between 11% to 13% gains only.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 7:09 pm Interest rates unlikely to come down furtherThe stimulus packages offered by government to fight the impact of global recession on Indian economy seem to be backfiring.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 7:08 pm 'Economy to revive in 3-6 months'Despite the turmoil worldwide, Indian economy will commence on its upward recovery curve by the middle of this year, Suresh D Tendulkar, chairman of the Prime Minister's Economic Advisory Council indicated.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 7:07 pm Advanced warship programme: Navy says build abroadThe Indian Navys Project 17 is nearing completion; three Indian-designed-and-built stealth frigates of the Shivalik class are on track to enter service. Now, attention has switched to Project 17-A, the countrys biggest-ever naval purchase, a Rs 17,000 crore plan to build seven stealth frigates that are even more advanced than the Shivalik class.Source: Business Standard | Front Page Headlines | 26 Mar 2009 | 6:39 pm Tata Tea buys majority stake in Russian firmAcquisition expected to fast-track its beverage foray.Source: Business Standard | Front Page Headlines | 26 Mar 2009 | 6:37 pm Sensex back above 10kMarket players feel rally may extend on positive global cues.Source: Business Standard | Front Page Headlines | 26 Mar 2009 | 6:30 pm
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