|
|
|
|
BHEL reports record turnover of Rs 2116 crore, up 17 per cent - Economic Times
Source: Google News India - Business | 4 Apr 2009 | 2:01 pm India to seek $5.2 billion World Bank loan for financial sector - domain-B
Source: Google News India - Business | 4 Apr 2009 | 1:51 pm ICICI Bank urges government to unveil borrowing plansIndia's largest private lender ICICI Bank Saturday urged the government to spell out 'how it plans to manage its borrowings'.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 1:30 pm suitors seek clarity on financial status - Economic Times
Source: Google News India - Business | 4 Apr 2009 | 1:25 pm Tata’s Nano car is giving hope to people across the nation - Khabrein.info
Source: Google News India - Business | 4 Apr 2009 | 1:01 pm Soon, you may have an 11-digit mobile numberWith phone operators expected to run out of 10-digit mobile numbers soon, the Department of Telecom is now considering an 11-digit numbering system.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 12:32 pm Soon, you may have an 11-digit mobile numberWith phone operators expected to run out of 10-digit mobile numbers soon, the Department of Telecom (DoT) is now considering an 11-digit numbering system.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 12:30 pm Don\'t use any tech like Bajaj Auto\'s invention: TVS MotorChennaibased TVS Motor may have saved itself another controversy. A day after rival Bajaj Auto announced its patent for its performance enhancing \'exhausTEC\' technology, TVS Motor said it currently doesn\'t use any technology resembling Bajaj Auto\'s invention.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 11:39 am Cargo being handled at Cochin Port falls 3.34 percentThe Cochin Port handled 15.23 million tonnes of cargo in 2008-09 as against 15.75 million tonnes the year ago - a fall of 3.34 percent, it was announced Saturday.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 11:30 am Air India hub at Frankfurt International AirportAir India has officially opened its European hub at the Frankfurt International Airport from where it will operate its west-bound flights.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 11:07 am Wockhardt admits to liquidity crisisPharma major Wockhardt has finally come out in the open to acknowledge that the company is facing a liquidity crunch. Its Director Huzaifa Khorakiwala accepted that the company is facing a crisis. However, he maintains that it can be overcome.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 11:04 am Next fullfledged Satyam board meet on April 13: SourcesThe final date for the Satyam bid has been pushed to April 13 from April 9 earlier in order to accommodate bidders request, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 10:53 am NATO tackles Afghan security, leadership wrangleStrasbourg: NATO leaders opened talks Saturday on a new strategy for Afghanistan, more than an hour late after attempting to resolve a dispute over the appointment of a new chief for their alliance. The session, delayed by an impromptu effort to overcome Turkish objections to Danish Prime Minister Anders Fogh Rasmussen as new secretary general, began with a minute’s silence. It was held in the presence of 28 military officers from NATO’s member nations, representing troops fighting or working in countries stretching from Afghanistan to the Balkans and seas off the Horn of Africa. “You are here to represent both your nations and your colleagues so that we can express to you, and through you to them, our most profound gratitude,” NATO Secretary General Jaap de Hoop said. After a symbolic meeting on a suspension footbridge over the Rhine River, the leaders had headed from Germany into Strasbourg, northern France for the second and final session of the 60th anniversary summit. The talks saw the leaders of Albania and Croatia take their places at NATO’s table, after sealing their membership in the world’s biggest military alliance this week. “You are very welcome in our midst,” Scheffer told them. “Welcome to NATO, we are excited about your participation,” US President Barack Obama said adding: “It is a measure of our vitality that we are still welcoming new members.” Saturday’s session was to be dominated by Afghanistan, where NATO is undertaking its biggest and most ambitious mission ever. But efforts are being undermined by a tenacious Taliban-led insurgency, with the protracted fight diminishing support at home and among ordinary Afghans, as civilian casualties mount. The leaders are expected to announce that four battalions — from 3,000 to 4,000 troops — have been found to help secure the elections, seen as a litmus test of NATO’s efforts to help spread democracy. They are also likely to agree on a new training mission for Afghan security forces, backed by commitments from some nations for a French plan to send gendarme-like paramilitary police. Source: LatestNews-Home - Livemint.com | 4 Apr 2009 | 10:51 am India to seek $5.2bn more from World BankAssured of a greater say in the affairs of multilateral lending institutions, India will seek additional assistance of $5.2 billion from the World Bank for its financial sector and infrastructure projects, officials said.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 10:50 am Gold continues to decline for the third dayGold prices continued to decline for the third consecutive day on the bullion market on Saturday on persistent stockists offerings in view of bearish trend in global markets.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 10:47 am Company secretaries not involved in Satyam fiasco: ICSIInstitute of Company Secretaries of India claimed that professionals under its umbrella were in no way involved in the Satyam Computer scam, which unnerved corporate India.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 10:44 am Threats to security, economy are worldwide: ObamaWashington: “From terrorism to the economic meltdown, problems menacing the US’ security and economy also threaten an increasingly interconnected world,” US President Barack Obama said. “In this new century, we live in a world that has grown smaller and more interconnected than at any time in history,” Obama said in his weekly radio and Internet address, taped during his first presidential trip to Europe. He said: “Threats to our nation’s security and economy can no longer be kept at bay by oceans or by borders drawn on maps.” “Because no one nation can handle such threats alone, it is valuable for a president to make such trips to strengthen and protect our nation,” he said. “Economic problems overseas mean people in those countries cannot buy the goods produced in the United States, which means more lost jobs,” he said. “The only way out of a recession that is global in scope is with a response that is global in coordination,” he said adding: “That is why I’m pleased that after two days of careful negotiation, the G-20 nations have agreed on a series of unprecedented steps that I believe will be a turning point in our pursuit of a global economic recovery.” “The countries are moving to get banks lending again and moving to tighten financial regulations. Common concerns extend well beyond the economy,” he said. Obama also spoke of discussions with Russian President Dmitry Medvdev and Chinese President Hu Jintao during his trip. “President Hu and I agreed that the link between China’s economy and ours is of great mutual benefit, and we established a new strategic and economic dialogue between the US and China,” he said. “President Medvedev and I discussed our shared commitment to a world without nuclear weapons, and we signed a declaration putting America and Russia on the path to a new treaty to further reduce our nuclear arsenals,” he said. Obama noted that he’s asking NATO allies for additional civilian support and assistance in Afghanistan. “That is where al-Qaida trains, plots and threatens to launch their next attack,” the president said adding: “And that attack could occur in any nation, which means that every nation has a stake in ensuring that our mission in Afghanistan succeeds.” Obama said that he’s been working with other nations to find common ground and strengthen our alliances, but cautioned there is more work to be done. “But we have made real and unprecedented progress and will continue to do so in the weeks and months ahead,” he said. He further added: “In the end, we recognize that no corner of the globe can wall itself off from the threats of the 21st century, or from the needs and concerns of fellow nations.” Source: LatestNews-Home - Livemint.com | 4 Apr 2009 | 10:40 am TTK LIG to launch youth-focussed condomsContraceptive products maker TTK LIG Ltd is returning to the youth condom segment with a new product, Durex Jeans, a few years after it withdrew its first youth-focussed brand Fiesta from the market.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 10:31 am Satyam extends deadline for submitting bidsMUMBAI (Reuters) - Satyam Computer Services Ltd has extended the deadline for submitting bids for the software services firm to April 13 as bidders sought more data, board member said on Saturday.Source: Reuters: Money News | 4 Apr 2009 | 10:18 am Vikram Chatwal Hotels to invest Rs5,000 cr in IndiaKochi: Looking aggressively at the Indian market for expansion, the Vikram Chatwal Hotels, a division of Hampshire Hotels and Resorts, plans to open “Dream brand hotels” in various cities in the country, including Bangalore, Mumbai and New Delhi with a Rs5,000 crore investment. About Rs1,000 crore has already been invested in the country, which will go up to Rs5,000 crore, Hampshire Hotels and Resorts Chairman and CEO Sant Singh Chatwal said. “The group expected to add 2,000 rooms in Bangalore, Delhi , Jaipur, Hyderabad and Mumbai by 2010, and was already exploring markets in Chennai, Kolkata and Goa,” he said. “Setting up a Rs200 crore hotel under its ‘Dream´ brand in Kochi was truly a dream come true,” he said. The hotel boasts of 15O guest rooms, three exclusive club floors, roof top pool and jacuzi, five world class restaurants and bars. “There were plans to open another at the nearby silver sand, which will have about 300 rooms,” he said. “The group is looking forward to opening its Dream Brand hotels in Hyderabad and Jaipur also. The chain has taken a site in Banjara hills in Hyderabad and in Jaipur and plans to start work in 6-7 months,” Chatwal said. “The group owns hotels in the US, Canada, the UK, Thailand with over 3,000 rooms in Manhattan alone. The Mumbai Palace chain of internationally renowned gourmet restaurants popularised Indian cuisine around the world’s major metropolitan cities including Montreal, Toronto, New York, Washington, Beverely Hills, Houston and Kuala Lumpur,” he said. Asked if he felt any impact of recession, Chatwal said: “World over the impact has been felt and it would take time to recover. But this was the best period for expansion.” Chatwal is also the Trustee of the William J.Clinton Foundation, a charitable foundation led by former US President Bill Clinton to focus on global issues of health, security and economic empowerment. Source: LatestNews-Home - Livemint.com | 4 Apr 2009 | 10:18 am Satyam bid winner announcement by 13 April: Deepak ParekhMumbai: “The Satyam Board has extended the final date for submission of bids for acquiring up to 51% stake in the company to 13 April and expects to announce the name of the winner on the same evening, member of the government-appointed board Deepak Parekh said. “We met bidders yesterday and they requested for an extension of the date. They wanted more information about the company and hence the extension,” Parekh said. The Board will be supplying them with the information today or tomorrow,” Parekh said adding that the name of the winner will be announced by 13 April.” Satyam’s government-appointed Board had earlier fixed 9 April as the deadline for interested parties to submit their bids. Satyam’s Board members met with potential bidders yesterday at a meeting in the metropolis which was also attended by the company’s newly-appointed CEO A.S. Murty and investment bankers Goldman Sachs and Avendus. While the names of all the bidders have not been disclosed, engineering major Larsen & Toubro and Tech Mahindra are prime contenders for the Hyderabad-based IT major. Source: LatestNews-Home - Livemint.com | 4 Apr 2009 | 10:01 am Birla Sun Life posts highest growth of 31.17% amongst Top 5 MFs - India Infoline.com
Source: Google News India - Business | 4 Apr 2009 | 9:33 am Bankruptcy will be made fast if necessary: GM chief HendersonThe chief of the ailing car maker pointed out that he would prefer an out of court restructuring for GM.Source: Daily News & Analysis: Money News | 4 Apr 2009 | 9:33 am Satyam bid winner announcement by Apr 13: ParekhThe Satyam Board has extended the final date for submission of bids for acquiring up to 51 per cent stake in the company to April 13, member of the government-appointed board Deepak Parekh said.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 9:20 am Tata sought 10 months to exit Singur: WBIDC - Business Standard
Source: Google News India - Business | 4 Apr 2009 | 9:19 am Tata sought 10 months to remove equipment from SingurAfter deciding to withdraw the Nano project from Singur in West Bengal last year, Tata Motors has sought 10 months time from WBIDC to remove the equipment.Source: Daily News & Analysis: Money News | 4 Apr 2009 | 9:12 am BSNL launches discounted broadband plans for rural usersBharat Sanchar Nigam Ltd announced that it will offer broadband connections to rural population at a discount rate. BSNL has launched special broadband tariff packages at 512 kbps speed at Rs 99 a month with 400 MB free download and at Rs 150 a month with 1GB free download.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 9:01 am Cong, NCP alliance breaks in GujaratAhmedabad: In a major setback to Congress in Gujarat ahead of the Lok Sabha polls, NCP today announced candidates for eight seats, indicating that the tie-up between the two parties in the state has broken. Blaming the Congress for the break-up, state NCP president Jayant Patel said: “I have declared eight candidates for the Lok Sabha seats. Congress have behaved in an arbitrary way. It has declared candidates for 25 out of 26 seats in their own way and said that they have kept Surat for us.” “We had demanded two seats of Rajkot and Ahmedabad (West). Now we will fight almost on all the 26 seats,” Patel said. The Congress and the NCP had fought in an alliance to stop the division of secular votes in the state in 2004 Lok Sabha elections and 2007 state assembly polls. “In 2002 state assembly elections when Congress and NCP had fought separately, the results were affected with almost 15 seats going in favour of BJP due to split in secular votes,” the NCP leader said. Meanwhile, Congress spokesperson Arjun Modhvadia said: “This is an unfortunate development as we are alliance partner at national level. But, I don’t think that it will affect poll results in any way.” Source: LatestNews-Home - Livemint.com | 4 Apr 2009 | 8:59 am RIL shareholders vote on RIL-RPL merger, result on MondayShareholders of Reliance Industries met in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.Source: Daily News & Analysis: Money News | 4 Apr 2009 | 8:57 am LT bags orders worth Rs 2, 500 crLarsen and Toubro has been awarded two orders worth Rs 1,344 crore by the Mangalore Refinery and Petrochemicals Ltd (MRPL).Source: Moneycontrol Top Headlines | 4 Apr 2009 | 8:56 am Parle Agro finds more scope in institutional salesParle Agro sees good potential in highend institutional sales from the hospitality and entertainment industries.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 8:54 am Patent to Bajaj will not affect us: TVS MotorTVS Motor Company has stated that the grant of the ExhausTEC patent to Bajaj Auto does not, in any way, impact its products in the market.Source: Moneycontrol Top Headlines | 4 Apr 2009 | 8:51 am India may not ease white sugar imports before pollsNEW DELHI (Reuters) - India is unlikely to allow duty-free imports of white sugar before general elections are completed in May, Trade Secretary G.K. Pillai said on Saturday.Source: Reuters: Money News | 4 Apr 2009 | 8:49 am RIL shareholders vote on RIL-RPL merger, result on MondayShareholders of Mukesh Ambani-led Reliance Industries met in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 8:49 am Vikram Chatwal Hotels to invest Rs 5000 crore in IndiaThe Vikram Chatwal Hotels plans to open 'Dream brand hotels' in various cities in the country, including Bangalore, Mumbai and New Delhi.Source: Daily News & Analysis: Money News | 4 Apr 2009 | 7:44 am IIM Bangalore launches costliest PG programme - Economic Times
Source: Google News India - Business | 4 Apr 2009 | 7:31 am Afghanistan seeks first bids for oil and gas fieldsKABUL (Reuters) - Afghanistan plans to offer production sharing contracts on three blocks that it says contain an estimated 52 billion cubic metres (bcm) of recoverable gas reserves, and 64.4 million barrels of recoverable oil.Source: Reuters: Money News | 4 Apr 2009 | 7:26 am Pakistan lowers GDP growth forecast to 2.5-3.5 pctKARACHI (Reuters) - Pakistan's central bank lowered on Saturday its gross domestic product (GDP) growth forecast for the 2008/09 (July-June) fiscal year to 2.5-3.5 percent from an earlier target of 3.5 percent to 4.5 percent.Source: Reuters: Money News | 4 Apr 2009 | 7:20 am India hopes to increase share in quotas of development banksIndia hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank.Source: Daily News & Analysis: Money News | 4 Apr 2009 | 7:07 am Vikram Chatwal Hotels to invest Rs 5000 crore in IndiaThe Vikram Chatwal Hotels, a division of Hampshire Hotels and Resorts, plans to open 'Dream brand hotels' in various cities in the country, including Bangalore, Mumbai and New Delhi with a Rs 5000 crore investment.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 7:00 am Weekly wrap: Sensex extends gains - Sify
Source: Google News India - Business | 4 Apr 2009 | 6:46 am G20 package risks breathing life into dying economic model: ActionAidThe global recovery package agreed at the G20 summit must not be used as artificial life support for a dying economic model, warns international NGO ActionAid.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 4:30 am ACC Cement production in March was 1.99 million tones - SteelGuru
Source: Google News India - Business | 4 Apr 2009 | 4:09 am New York Times threatens to shut Boston GlobeBOSTON/NEW YORK (Reuters) - The New York Times Co has threatened to shut The Boston Globe unless the newspaper's unions quickly agree to $20 million in concessions, the Globe reported on Friday, quoting union leaders.Source: Reuters: Money News | 4 Apr 2009 | 2:08 am Wall St Week Ahead: Optimism may extend rally in short weekNEW YORK (Reuters) - U.S. stocks should rally further next week, if investors get more signs that the economic slump is abating and earnings season does not get off to a rocky start.Source: Reuters: Money News | 4 Apr 2009 | 2:05 am Chinese mobiles to be useless by month-endAround 30 million unbranded Chinese mobile phones without IMEI will become useless in India by the end of this month as they pose a serious security risk.Source: India Business News | Business News - Times of India | 4 Apr 2009 | 1:00 am Tax havens refusing to sign anti-secrecy pacts face sanctions!Tax havens Switzerland and 44 territories blacklisted last night by the OECD can face punitive financial retaliation for their banking secrecy, a media report said on Friday.Source: Zee News : Business | 4 Apr 2009 | 12:25 am Google in talks to buy Twitter!Google chief executive Eric Schmidt recently dismissed Twitter as a "poor man`s email" and shot down speculation the Web search giant was interested in buying the micro-blogging sensation.Source: Zee News : Business | 4 Apr 2009 | 12:25 am G-20 summit demonstrates capacity to revive trade: WTO chief!The WTO, which projected the global trade volume to contract by 9 per cent in 2009, today said the outcome of the G-20 summit demonstrates the capacity of the international community to leverage commerce to revive economic growth.Source: Zee News : Business | 4 Apr 2009 | 12:25 am Germany adopts emergency bank nationalisation law!Germany adopted a highly controversial emergency law on Friday allowing the government to nationalise stricken banks, by seizing investors` shares if necessary.Source: Zee News : Business | 4 Apr 2009 | 12:25 am US jobless rate bolts to 8.5%, 663K jobs lost!US unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs.Source: Zee News : Business | 4 Apr 2009 | 12:25 am Russia`s GDP shrinks 7% in first quarter!Russia`s economy contracted seven percent in the first quarter of 2009, Economic Development and Trade Minister Elvira Nabiullina announced on Friday.Source: Zee News : Business | 4 Apr 2009 | 12:25 am India can achieve 7.4% growth: Plan panel!India can achieve a growth rate of 7.4% in the current fiscal if measures in addition to stimulus packages are taken, the Planning Commission has said.Source: Zee News : Business | 4 Apr 2009 | 12:25 am Granting of patent to Bajaj not to impact business: TVS!TVS Motor Co on Friday said its business will not be impacted by Bajaj Auto having patented a technology over which the two firms were involved in dispute.Source: Zee News : Business | 4 Apr 2009 | 12:25 am GM `prepared` for possible bankruptcy!Ailing US auto giant General Motors has said it is "prepared" for bankruptcy proceedings if not able to restructure out of court, according to a regulatory filing it made to the Treasury Department.Source: Zee News : Business | 4 Apr 2009 | 12:25 am `India-born Sanjay Jha top paid CEO in US`!Mobile phone maker Motorola`s India-born chief Sanjay Jha has emerged America`s top paid CEO, while Citigroup`s Vikram Pandit tops the league among bailed out banks, a survey said on Friday.Source: Zee News : Business | 4 Apr 2009 | 12:25 am Patent to Bajaj will not affect us: TVS MotorMumbai, April 3 TVS Motor Company has stated that the grant of the ExhausTEC patent to Bajaj Auto does not, in any way, impact its products in theSource: Business Line - Home Page | 4 Apr 2009 | 12:00 am Never mind lower inflation, here’s why you’re still paying more for foodChennai, April 3 The inflation rate has dropped to almost zero, but the prices that you pay for food continue to remain high, especially for essentials such as rice, sugar and pulses.Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am Bidders urge Satyam to push submission deadlineMumbai/ New Delhi, April 3 Bidders eyeing a controlling stake in Satyam Computer Services have requested the Government-appointed board for an extension of the April 9 deadline for submission of financial bids, it is reliablySource: Business Line - Home Page | 4 Apr 2009 | 12:00 am Forex accounting relief only for corporatesNew Delhi, April 3 Corporates may have got a huge relief from the Government’s generosity in relaxation of application of an accounting standard on foreign exchange rate differences. But the benefits are not being showered onSource: Business Line - Home Page | 4 Apr 2009 | 12:00 am ICAI President to quiz Satyam auditorsNew Delhi, April 3 The two tainted partners of audit firm Price Waterhouse, who are in judicial custody at Hyderabad, will be quizzed on April 5 by the CA institute’s President, Mr Uttam Prakash Agarwal.Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am Markets this weekThe five-day-long rally in the stock markets last week witnessed a reversal on Monday, both on weak global cues as well as profit booking bySource: Business Line - Home Page | 4 Apr 2009 | 12:00 am Is WL Ross front-ending for Cognizant?Cognizant Technology Solutions is believed to be one of the parties interested in acquiring Satyam Computer Services in conjunction with private equity firm Wilbur Ross &Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am Bay storm may spare India, head to MyanmarThunder squalls will punctuate weather in the Northeast for at least five more days even as satellites scanning the Bay of Bengal yielded more information on evolving stormy weather in the basin.Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am States chant ‘power at any cost’ poll mantraNew Delhi, April 3 Elections could prove to be a lucrative proposition for captive power unit owners and merchant plant operators.Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am SEBI cases: Consent settlement preferredMumbai, April 3 SEBI cases settled through issue of consent orders in matters involving manipulations and irregularities relating to the securities market are gaining in number.Source: Business Line - Home Page | 4 Apr 2009 | 12:00 am GM CEO says bankruptcy will be fast if needed - FTLONDON (Reuters) - U.S. automaker General Motors Corp will move quickly into bankruptcy if necessary, chief executive Fritz Henderson said in an interview with the Financial Times newspaper published on Friday.Source: Reuters: Money News | 3 Apr 2009 | 11:19 pm U.S. talks to Chrysler lenders to cut debt - sourcesNEW YORK (Reuters) - Chrysler LLC's lenders are in talks with the U.S. government to reduce the automaker's debt by swapping some of it out for equity, new debt or a lesser amount in cash, sources familiar with the talks said on Friday.Source: Reuters: Money News | 3 Apr 2009 | 10:59 pm Bidders against changes to Satyam bid formatBoard had introduced a second-round open auction if required.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 10:22 pm Rich or poor - it's all in your mindBehaving like a poor middle class guy seems incongruous and can be a big put-off for others.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 9:52 pm Race for RBI Dy Governor narrows down to 2The race for the Reserve Bank of India (RBI) Deputy Governor is back in the news again. Sources say this time the competition is down to two KC Chakrabarty of Punjab National Bank (PNB) and TS Narayansami of Bank of India (BOI).Source: Moneycontrol Top Headlines | 3 Apr 2009 | 9:48 pm Passing on that fake note? Think againHere's what you should do when you come across a counterfeit bank not.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 9:48 pm G20 glow survives in U.S., Europe business activity offCHICAGO/LONDON (Reuters) - Disappointing data on the job market and service sector in the world's largest economy provided an early test on Friday of the optimism that followed this week's agreement by G20 leaders on a $1.1 trillion deal to combat the global economic crisis.Source: Reuters: Money News | 3 Apr 2009 | 9:23 pm Indian real estate mkt still promising: Jones Lange LaSalleColin Dyer, Global CEO, Jones Lange LaSalle, said, We find that very attractive if the Indian economy could introduce Real Estate Investment Trust (REITs) particularly if the level of leverage were to be allowed to be over 20%, and particularly if foreign investors were allowed to invest in Indian REIT paper.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 9:05 pm Marine pilotage still battling rough watersAs the tendering for the fourth container terminal progresses at the Jawaharlal Nehru Port (JNP), the port trust is debating yet again on dealing with the shortage of pilots.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 8:55 pm Titan, Rel Retail to ramp up eyewear bizTitan Eye+, the eyewear division of Titan Industries Ltd, is looking at revenues of Rs 500 crore from its retail stores in another 4 years.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 8:54 pm India to fork out $20bn for crisis kittyIndia is open to the idea of contributing a total of roughly Rs 100,000 crore towards increasing the capital base of the IMF, the World Bank and the Asian Development Bank (ADB).Source: India Business News | Business News - Times of India | 3 Apr 2009 | 8:40 pm Raju's US bank accounts under lens - Times of India
Source: Google News India - Business | 3 Apr 2009 | 8:33 pm With right to seize, financiers may loosen fists, push auto salesAuto financiers, which had tightened lending norms in the face of rising defaults last year, may loosen their fists in the wake of the Calcutta High Courts order of Wednesday, reaffirming the lenders right to seize vehicles if customers stop repaying loans. This could turbo charge sales of cars and other vehicles, nearly 80 per cent of which are through loans.Source: Business Standard | Front Page Headlines | 3 Apr 2009 | 7:38 pm BJP takes on Cong with tax cuts, cheap riceThe manifestos of political parties have increasingly begun to resemble economic stimulus packages, with the Bharatiya Janata Party today promising tax relief to the salaried and total exemption from income tax for the armed forces and central para-military personnel.Source: Business Standard | Front Page Headlines | 3 Apr 2009 | 7:34 pm CAs face peer pressureAs the Securities & Exchange Board of India, or Sebi, and the Institute of Chartered Accountants of India (ICAI) tighten the supervision of auditors, those that fail to obtain a peer review certificate may be barred from auditing listed companies, according to an ICAI functionary.Source: Business Standard | Front Page Headlines | 3 Apr 2009 | 7:25 pm Nation to get sops, Hindutva for BJP cadresNew Delhi: The Bharatiya Janata Party (BJP), the principal Opposition party, pinned its hopes to return to power on a raft of populist promises in its election manifesto, even as it sought to mobilize its foot soldiers by renewing its Hindutva rhetoric, by committing to build a Ram temple at Ayodhya and scrap off the controversial Ram Sethu project.  In a bid to outdo its main national rival, the Congress, and target rural voters, the BJP promised a waiver of existing farm loans and cap interest rates on new loans at 4%, subsidized foodgrain at Rs2 per kg for the poor and a farm income insurance scheme. Alongside, it appealed to populist sentiments of urban India, by promising to scrap the fringe benefit tax, rationalize employee stock option plans, offer income tax (I-T) concessions for women and senior citizens, waive taxes on incomes of the armed forces and not permit foreign direct investment in retail. Also See An Appeal To All (Graphic) To help revive the economy, the party has promised to lower taxes and interest rates, expedite implementation of road projects and step up public spending on infrastructure, but did not disclose how it would generate the resources to finance such spending. It has committed to implement the single Goods and Service Tax, scheduled to be launched on 1 April 2010, and cap it at between 12% and 14%.  However, some analysts have questioned the ability of the BJP, if elected to power, to be able to deliver on the promises, given that the Union government is strapped for resources, following an expenditure overrun together with a slump in tax revenues after the economy started slowing down abruptly in the aftermath of the global meltdown. “They will be able to finance it only through market borrowing. So far the government has not borrowed from the central bank. If they borrow from the market, they will push up the interest rate. If they do decide to borrow from the central bank, they will push up inflation. It will be very difficult to support such a large subsidy regime,” said D.K. Srivastava, director of Madras School of Economics. The Congress party alleged that part of the manifesto was lifted from what the Congress had put out on 24 March. “This manifesto is a reflection of the fact that they (BJP) have lost their way. They will never be in tune with India,” Congress leader and science and technology minister Kapil Sibal said. With the elections set to kick off on 16 April, the BJP, which sets its goals as “good governance, development and security”, also offered 35kg rice or wheat at Rs2 for poor families and a stringent anti-terror law, along the lines of the now-repealed Prevention of Terrorism Act, to secure the country. The BJP announced “food coupons” for below poverty line families, comprising nearly 25% of the total population—redeemable at public distribution systems and private outlets—to get 35kg rice or wheat every month at Rs2 per kg. To appease the armed forces, the party has assured an I-T exemption for all members of the armed forces and the paramilitary, a move it says would benefit two million people. The party also offers 1.2 million information technology enabled jobs in rural India and education loans at 4% interest rate, additional I-T exemption of Rs50,000 for women and senior citizens, higher personal I-T ceiling for low-income categories and one million houses for the poor every year. Just weeks after its candidate from Pilibhit, Varun Gandhi, raised the ante against minorities, the BJP manifesto emphasized its Hindutva agenda. It had, under pressure from its allies in the National Democratic Alliance (NDA), downplayed this ahead of the 2004 general election. To be sure, the party may yet give up these core issues, if the remaining allies in the NDA again express their discomfort with such a hard line. The 48-page manifesto, which was released on the birthday of Hindu god Ram, promises to construct a Ram temple on the disputed land at Ayodhya, the site where the 16th century Babri Masjid was destroyed on 6 December 1992. The demolition led to Hindu-Muslim riots that killed nearly 3,000 people. However, riding on that wave, which polarized voters, the party rose to prominence in the early 1990s and came to power in 1998. The BJP also promised it would not carry forward the controversial multi-million- dollar Sethusamudram Shipping canal project off the Tamil Nadu coast, which was opposed by Hindu groups saying that it would break the mythological bridge constructed by god Ram. Protection of the cow, considered as a holy animal by the Hindus, and a project to clear the “holy river Ganga” have also found place in the manifesto. Graphics by Sandeep Bhatnagar / Mint liz.m@livemint.com Source: Home - Livemint.com | 3 Apr 2009 | 7:00 pm The Week in ReviewNew Delhi: It was an action packed week on both, the corporate and political fronts. As Satyam’s new board is in the process of selling a controlling stake in the company, IBM may be bidding for the company. The Big Blue may do this through a New York-based legal firm. IBM has refused comment and Satyam has not divulged the identity of all the entities in the race. Terrorism re-surfaced this week. In the second militant attack in Lahore in a month, terrorists stormed a police-training academy on Monday. They killed eight recruits, wounded many and held off troops and police for eight hours. Pakistani Taliban leader Baitullah Mehsud claimed responsibility for the attack, which came less than a month after Sri Lanka’s cricket team was targeted in the city. Click here to watch video Habil Khorakiwala has stepped down as managing director of Wockhardt. He has been replaced by his younger son Murtaza. Khorakiwala senior will continue as chairman. The change at the top comes at a time when the company is trying to restructure its debt. The company has also postponed its fourth quarter results to April-end, saying the statutory audit has not been completed. It has debt equity rate of 2.3 times. Varun Gandhi’s arrest under NSA has made the flip-flopping BJP stand up for him. On Thursday the Supreme Court issued notice to the UP Government and the Pilibhit District Magistrate for invoking National Security Act. The matter will come up for hearing on April 13. After the Supreme Court quashed Sanjay Dutt’s political dreams, the Samajwadi Party, found a way of keeping him within its fold by making him its national general secretary. Sanjay played the political novice at the press conference held to announce his appointment. Indian stock market indices rose to a new high for calendar year 2009 on Thursday, closing at 10,348. Investors continued buying stocks, encouraged by strong global markets, a positive flow of economic data, expectations of concrete action in the G-20 summit in London. Breaking a nine-week downward trend, the wholesale price inflation rose marginally to 0.31 percent for the week ended March 21, moving up from 0.26 percent in the week before. The annual rate of inflation was 7.85% in corresponding week last year. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 6:58 pm 6 shot, 41 taken hostages in New York StateBinghamton, New York: A gunman blocked the back door of an immigration services center with his car before walking through the front door firing, wounding at least six people and taking as many as 41 hostage, officials said. Mayor Matthew Ryan told the Binghamton Press & Sun Bulletin that there was a hostage situation involving a gunman with a high-powered rifle. The FBI was sending hostage negotiators and an evidence response team to the scene, said a law enforcement official who was not authorized to speak about details of an ongoing hostage response and spoke on condition of anonymity. The gunman barricaded the rear door of the American Civic Association with his car before entering through the front door, firing his weapon, the official said. The newspaper reported 41 hostages in the building of the American Civic Association and said apartments were being evacuated. Emergency dispatchers were in contact with some people inside by phone, WBNG-TV reported. The gunman might still be in the building, the newspaper reported. The Binghamton SWAT team responded. Indications were that the shooter was a young male, and it wasn’t immediately clear whether he was still in the building, the law enforcement official said. Five people with gunshot wounds were being treated at Wilson Medical Center in Johnson City, according to hospital spokeswoman Christina Boyd. The wounded ranged in age from 20 to their mid-50s, and their conditions ranged from stable to critical, she said. Linda Miller, a hospital spokeswoman, confirmed that a student from Binghamton University was being treated at the emergency room. A police dispatcher who spoke to The Associated Press wouldn’t confirm a number of people shot or injured. Around 1:00pm EST (1700 GMT), Pennie Kerber, 72, told the AP in a phone call from her home across the street that the scene appeared to be settling down. “The cops are all standing around in the front now. They’re still all over the roof for sure,” she said. “The SWAT shooters that were to the side of the building look like they’re not there any more. It looks like it’s clearing.” The area is in a stretch on the west side of the Chenango River in the city of about 45,000 near the Pennsylvania border. Emergency vehicles lined the streets in the neighborhood, a mix of homes and small businesses. College student Leslie Shrager told the AP that she and her five housemates were sleeping when police pounded on the front door of their house next door to the shooting scene. Officers escorted the six Binghamton University students outside, she said, and that’s when they learned of the shooting. “One of our housemates thought they heard banging of some kind. But when you’re living in downtown Binghamton, it’s always noisy,” said Shrager, of Slingerlands, an Albany suburb. “Literally two minutes later the cops came and got us out.” The American Civic Association describes itself as helping immigrants and refugees with counseling, resettlement, citizenship, family reunification and translators. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 6:35 pm Singapore Airlines threatens to withdraw ticketing rightsMumbai/Pune: The stand-off between India’s travel agents and Singapore Airlines Ltd has taken a new turn with the carrier threatening to withdraw ticketing rights. Responding to this, Ajay Prakash, national general secretary of the Travel Agents’ Federation of India (Tafi), said: “We have got nearly 1,000 of letters from agents who are willing to voluntarily surrender the authority before Singapore Airlines ask us to do so.” The three-month old impasse is over the commission paid to agents on each ticket. Singapore Airlines had earlier said it will not pay any commission on tickets sold and agents should charge a transaction fee from customers. The tough stance adopted by Tafi notwithstanding, at least 12 large travel houses told Mint on condition of anonymity that they are willing to stop agitating and start ticketing for the airline. These travel houses include consolidators—agents who buy tickets in bulk from airline firms and sell them through sub-agents. Also, some members of the Travel Agents’ Association of India (Taai) in Kolkata and Hyderabad have said they will not support the ongoing boycott of the airline. “Some 35 members of our chapter signed a memorandum on 1 April saying they want to go back to ticketing for Singapore Airlines,” said Mahesh Neralkar, chairman of Taai’s Andhra Pradesh chapter. “We have already given the memorandum to the national committee of Taai and hopefully the Andhra Pradesh chapter of Taai will be doing business again with the airlines soon.” In West Bengal, a person familiar with the development said agents there have decided to part ways with Taai and Tafi, which are leading the agitation against the airline. Devendra Pareikh, chairman of the West Bengal chapter, was not available for comment Taai is not taking the splintering well. “The decision taken by 33 members of Kolkata Taai was totally illegal,” Rajinder Rai, president of Taai, told Mint. “We have summoned the chief of eastern chapter of Taai for such a decision and the management committee is holding an urgent meeting to resolve this. I reiterate that we are continuing the battle against Singapore Airlines.” “We have already suspended the memberships of three members and will now issue show-cause notices asking for explanation why they are not supporting the association’s agitation,” said Pradeep Lulla, president of Tafi, adding that the associations have decided to take action against errant members. “The faction in the Kolkata’s Taai chapter and Hyderabad is the signal of criticality of the battle,” said a senior executive from a Mumbai-based travel house who declined being named. He cautioned that agents may lose the fight if they don’t intensify their stir in a united manner, given that more foreign carriers are adopting the zero-commission model. On Thursday, Rai said that Taai has sought intervention from political parties and the aviation regulator Directorate General of Civil Aviation (DGCA). “We are meeting the representatives of political parties,” he said without divulging a timeline or agenda. Late in 2008, Singapore Airlines decided to do away with the 5% commission on each ticket; in retaliation, at least half a dozen travel agents’ associations boycotted the carrier. The travel agents maintain that the zero-commission model will not work in India. Other carriers, both domestic and international, had earlier gone back on their zero commission policy and agreed to a 3% commission on the gross fare. “Airlines cannot impose many things in India just because that they are doing it in the US,” Prakash of Tafi said. Lee Lik Hsin, regional vice-president, west Asia and Africa, for Singapore Airlines, admitted that the airline does pay commissions in some countries, including in China. “We are talking to Indian travel agents and transaction fee model is the future,” Hsin said. Of the 72 international airlines operating in India currently, 16 are currently not paying commissions to agents. While a joint meeting of Taai and Tafi on 2 April was to decide on starting action against some of these airlines, that decision has now been deferred. “We want to achieve results first in the Singapore Airlines agitation and only then take up some other issue,” Lulla said. pr.sanjai@livemint.com Source: Home - Livemint.com | 3 Apr 2009 | 6:32 pm RBS sends financial data to three suitorsMumbai: Royal Bank of Scotland Plc. (RBS) has begun the sale process of ABN Amro Bank NV’s retail and commercial banking assets in Asia, including India, by sending an information memorandum to three prospective buyers—Australia and New Zealand Banking Group Ltd (ANZ) Standard Chartered Bank Plc. (StanChart) and Hongkong and Shanghai Banking Corp. Ltd (HSBC)—a person familiar with the development said.  Moving forward: A file photo of the RBS headquarters in London. Chris Ratcliffe / Bloomberg The information memorandum has classified financial details on ABN Amro’s Asian business that are not available in the public domain. This information will help the three suitors understand the health of the British bank before they submit bids. These three banks are willing to buy the entire Asian operation of the Dutch bank, which is now a part of RBS. ABN Amro has operations in India, Pakistan, Hong Kong, China, Taiwan, Malaysia, Indonesia, Singapore, Vietnam, Japan and Australia. Responding to Mint’s queries, an RBS spokesperson refereed to the bank chairman Philip Hampton’s comment made during his recent visit to Mumbai, “the simplest way is everything goes to a single buyer paying the maximum price”. “As with all transactions, we will not be commenting on any specific details until such times as we have an announcement to make to the market.” Investment bank Morgan Stanley has got the RBS mandate to look for a buyer for its retail and commercial banking assets across Asia. Paul Edwards, group general manager (corporate communications) at ANZ, in an email response said, “ANZ has a strategy to create a ‘super regional’ bank focused on the Asia-Pacific region, including priority markets in China and India. As part of this, we explore strategic opportunities from time to time. We do not comment on market speculation.” StanChart spokesperson declined to comment on “market speculation” and HSBC officials were not available for comment. According to an investment banker, RBS has classified the prospective buyers into three categories. In the first category are those banks who have shown interest in buying the entire Asian operations; then there are others who are willing to buy the entire assets of ABN Amro Bank, including the global banking and markets business that RBS considers as core business and is not for sale; and finally, there are banks keen to buy the assets in specific countries. The global banking and markets business is RBS’ wholesale and investment banking businesses, which include corporate banking, treasury operations, cash management, and export and trade finance, accounting for 70% of its business in Asia-Pacific. Hampton had earlier said RBS’ long-term growth prospects are in these segments and “India is very critical here”. “RBS has given preference to those banks who are interested in buying its entire Asian operations. If these banks are not able to meet the expectations of RBS in terms of valuation, then the bank may consider selling the business in bits and pieces,’’ said the investment banker, who did not want to be identified. India is the most attractive market in RBS’s Asian business and the Indian central bank will have a say on the profile of the buyer. RBS Group chairman Hampton met the Reserve Bank of India (RBI) brass in March to formally start the exercise. In India, RBS is present through ABN Amro’s 31 branches and has 10,000 employees. Hampton had said that RBS would not need so many branches for its wholesale, investment banking and wealth management operations—the three businesses the bank will not sell—but he did not say whether it will sell branch licences or surrender them. These branches are critical for the valuation of India assets of RBS as foreign banks do not find it easy to secure branch licences here even though RBI is quite liberal in granting such licences. Under the World Trade Organization norms, RBI is expected to issue 12 such licences a year. It issues about 14 licences every year, but foreign banks want many more as they want to expand their business in Asia’s third largest economy, which was growing at about 9% till last year. “RBS could transfer all the 31 branch licences to the buyer of ABN Amro’s Asia business and then apply for a restricted banking licence to continue with the global banking and markets business,’’ said a senior foreign banker in Mumbai. In the recent past, RBI had issued a restricted banking licence to American Express Banking Corp. (AEBC), to conduct business relating to credit cards, travel related services and institutional deposits of American Express Bank Ltd (AEBL), which was acquired by StanChart. RBS, 70% owned by the UK government, announced a record £24.1 billion (Rs1.77 trillion today) loss for fiscal 2008 in February, the biggest in British corporate history. The Asia business reported an operating loss of £113 million in 2008, against an operating loss of £20 million in the previous fiscal year. The bank’s loan assets in India grew 28% to Rs36,617 crore in fiscal 2008, from Rs28,518 crore in 2007, but the India operations reported a 27% decline in net profit for 2007-08 to Rs280.60 crore, from Rs385.30 crore in the previous fiscal year. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 6:21 pm Booster for trade, but barriers intactGeneva: Leaders from the Group of Twenty (G-20) have kickstarted stalling world trade with a substantial infusion of funds to finance export credits, but promises to agree to a new Doha trade deal and battle protectionism remain vague. A $1.1 trillion (around Rs55 trillion) deal to combat the economic downturn agreed at Thursday’s G-20 summit in London includes a trade finance package to fund $250 billion of trade over the next two years. Rising world trade since World War II has lifted millions out of poverty and supply chains in the globalized world economy mean exporters rely on imports from maybe dozens of countries. But trade has slumped in recent months. The World Trade Organization (WTO) predicts a 9% drop globally this year, the first contraction in 25 years, reflecting both dwindling demand and the lack of credit to finance shipments. “The new resources made available for trade finance are clearly going to have an effect. It’s an important step. This is something quite significant,” said Fredrik Erixon, director of the European Centre for International Political Economy, a Brussels think tank. But the promise to agree to a deal in WTO’s long-running Doha deal—a fixed feature in the communiques of all international gatherings—was short on details. The communique said a deal in the Doha talks, launched in late 2001 to help developing countries prosper through trade, could add at least $150 billion a year to the world economy. But it did not set a deadline for the urgently needed agreement. Ministers from trading powers came close to a deal last July, but the talks eventually foundered on differences between the US and major emerging countries. The US wanted countries such as China, India and Brazil to open their markets up more to American businesses, while India wanted to protect its poor farmers from a surge in imports and China was suspicious of calls to create duty-free zones in specific industrial sectors like chemicals. Despite a G-20 call last November to reach an outline Doha deal by the end of 2008, WTO director-general Pascal Lamy felt the gaps were still too wide to call in ministers in December. On Friday, Lamy told Reuters an outline deal on the core areas of agriculture and industrial goods could be done by the end of this year, and he could call in ministers for talks before or after the European summer break. Such talks could take place at a summit of the Group of Eight rich countries, to which emerging powers like Brazil, China and India have been invited, to be held in Italy in July, an EU diplomat said on Thursday. Chinese commerce minister Chen Deming said on Friday the Doha talks would resume in July. Many developing countries fear the original purpose of the Doha Round—to remove distortions from the international trade system that hurt poor nations—are being forgotten in the push to secure the greater market access for American businesses that will be needed to get a deal through the US Congress. “What is important, however, is not the conclusion of just any Doha Round, but rather a round that...explicitly prioritizes the needs of developing countries and addresses the imbalances already present in the rules of the global trading regime,” Carolyn Deere, director of the trade project at Oxford University’s global economic governance programme, wrote in a blog. The lack of high-profile action on the Doha talks may belie the reality, however. Negotiators are meeting quietly to ascertain each other’s limits on areas such as the sector proposals, which could prepare the way for a final push. The G-20 communique repeated a call from last November to its members not to raise trade barriers, extended this to the end of 2010 and called on WTO, among others, to monitor compliance. Source: Home - Livemint.com | 3 Apr 2009 | 6:21 pm Red tape: appeals piling up against Sebi ordersNew Delhi: An inordinate delay in filling up two vacancies on the three-member panel that hears appeals against decisions passed by market regulator Securities and Exchange Board of India (Sebi) has led to a logjam of cases since January. The Securities Appellate Tribunal (SAT) now has only one member—and hence cannot rustle up the minimum number of members needed to deliver final verdicts against Sebi orders on subjects raging from takeovers to initial public offerings (IPOs). According to V. Maniyan, registrar at SAT, since mid-January, pending appeals have increased by almost one-third, to 128 on 1 April. The SAT panel currently has only one member, presiding officer N.K. Sodhi According to a senior finance ministry official, who did not want to be identified, the ministry had shortlisted people to fill up the vacancies at SAT by the third week of November. Since then, the progress on the shortlist has been slow on account of hair-splitting over the selection process by bureaucrats in the Union government’s department of personnel and training (DoPT), which is overseen by Prime Minister Manmohan Singh. Officials at DoPT, which falls under the ministry of personnel, public grievances and pensions, weren’t immediately available for comment. Arun Bhargava stepped down from the SAT panel in mid-October on retirement, followed by Utpal Bhattacharya in mid-January. Currently, the panel has only one member— presiding officer N.K. Sodhi. The age of retirement for SAT officers is 62. The SAT selection committee comprises the Reserve Bank of India governor and the Union finance secretary, with the SAT presiding officer as its chairman. “The vacancies have led to a gross delay in justice and adversely affected the capital markets, as the entire appellate machinery in the Indian capital markets has come to a grinding halt,” said the PIL filed by Mumbai-based lawyer Somasekhar Sundaresan. “The interests of various investors and shareholders associated with the securities market, including the practitioners before SAT, are affected by the denial of the appellate remedy,” the plea added. The pending cases include some significant matters involving offences under the Sebi takeover code, scams relating to IPOs and some involving price manipulation. They include HB Stockholding Ltd’s appeal related to its takeover of DCM Shriram Industries Ltd, Padmini Polymers Ltd’s appeal against price manipulation allegations and an appeal by broker Shankar Sharma, who was banned by Sebi from trading in the stock markets for at least one year for violating norms during the 2001 stock market swindle using fictitious trading accounts. Maniyan explained that SAT cases occur in two stages. The first stage is admission of cases and grant of interim orders and the second involves the final hearing where arguments are heard and appeals are disposed of with final orders. “Since only the presiding officer is available now, presently orders in the first stage alone are being passed. For final disposals, the quorum must be at least two. So, naturally now no final disposals are going on,” Maniyan said. Akil Hirani, managing partner at law firm Majmudar and Co., said the vacancies have caused delays in the system. “But the impact of the incomplete panel has not been so badly felt like how it would have been been a year-and-a-half ago when the markets were buoyant. We expect this will be resolved soon and things will be back to normal.” The plea asks the high court to direct the finance ministry and the registrar of SAT to fill up the vacancies so the body can start functioning at the earliest. Moreover, it asks the court to review administrative records on the filing up of vacancies and formulate a succession policy and a plan so that SAT can “work in a manner that minimizes such periods of inaction” due to vacancies in its panel. Karan Singh, partner at law firm Trilegal who heads the firm’s securities and banking law practice, said: “PIL is a good move, but the appointments to SAT have to be approved by the cabinet. It is a fair expectation that this will not happen until the elections are over.” Appointments to SAT are cleared by the appointments committee of the cabinet (ACC). In this case, the ministers who make up ACC have not yet had a chance to consider the shortlist as it has not been put up to them, the finance ministry official said. Source: Home - Livemint.com | 3 Apr 2009 | 6:21 pm Booster for trade, but barriers intactGeneva: Leaders from the Group of Twenty (G-20) have kickstarted stalling world trade with a substantial infusion of funds to finance export credits, but promises to agree to a new Doha trade deal and battle protectionism remain vague. A $1.1 trillion (around Rs55 trillion) deal to combat the economic downturn agreed at Thursday’s G-20 summit in London includes a trade finance package to fund $250 billion of trade over the next two years. Rising world trade since World War II has lifted millions out of poverty and supply chains in the globalized world economy mean exporters rely on imports from maybe dozens of countries. But trade has slumped in recent months. The World Trade Organization (WTO) predicts a 9% drop globally this year, the first contraction in 25 years, reflecting both dwindling demand and the lack of credit to finance shipments. “The new resources made available for trade finance are clearly going to have an effect. It’s an important step. This is something quite significant,” said Fredrik Erixon, director of the European Centre for International Political Economy, a Brussels think tank. But the promise to agree to a deal in WTO’s long-running Doha deal—a fixed feature in the communiques of all international gatherings—was short on details. The communique said a deal in the Doha talks, launched in late 2001 to help developing countries prosper through trade, could add at least $150 billion a year to the world economy. But it did not set a deadline for the urgently needed agreement. Ministers from trading powers came close to a deal last July, but the talks eventually foundered on differences between the US and major emerging countries. The US wanted countries such as China, India and Brazil to open their markets up more to American businesses, while India wanted to protect its poor farmers from a surge in imports and China was suspicious of calls to create duty-free zones in specific industrial sectors like chemicals. Despite a G-20 call last November to reach an outline Doha deal by the end of 2008, WTO director-general Pascal Lamy felt the gaps were still too wide to call in ministers in December. On Friday, Lamy told Reuters an outline deal on the core areas of agriculture and industrial goods could be done by the end of this year, and he could call in ministers for talks before or after the European summer break. Such talks could take place at a summit of the Group of Eight rich countries, to which emerging powers like Brazil, China and India have been invited, to be held in Italy in July, an EU diplomat said on Thursday. Chinese commerce minister Chen Deming said on Friday the Doha talks would resume in July. Many developing countries fear the original purpose of the Doha Round—to remove distortions from the international trade system that hurt poor nations—are being forgotten in the push to secure the greater market access for American businesses that will be needed to get a deal through the US Congress. “What is important, however, is not the conclusion of just any Doha Round, but rather a round that...explicitly prioritizes the needs of developing countries and addresses the imbalances already present in the rules of the global trading regime,” Carolyn Deere, director of the trade project at Oxford University’s global economic governance programme, wrote in a blog. The lack of high-profile action on the Doha talks may belie the reality, however. Negotiators are meeting quietly to ascertain each other’s limits on areas such as the sector proposals, which could prepare the way for a final push. The G-20 communique repeated a call from last November to its members not to raise trade barriers, extended this to the end of 2010 and called on WTO, among others, to monitor compliance. Source: World Business - Livemint.com | 3 Apr 2009 | 6:21 pm Stage plays go to the multiplexMumbai: Cinemagoers queuing up at multiplexes across India later this month might be forgiven for thinking they have wandered into the wrong venue, when instead of the latest masala flick, they are treated to a variety of stage plays.  In sync: A file photo of (L-R) Geetika Tyagi, Mahabanoo Mody-Kotwal, Varshaa Agnihotri, Dolly Thakore and Rasika Dugal rehearsing for the Hindi version of The Vagina Monologues, titled Kissa Yoni Ka. Kunal Patil / Hindustan Times Fame India, the multiplex group, has signed a deal with Poor Box Productions to stage up to 10 performances of The Vagina Monologues in its cinema halls in April, amid a deepening stand-off over revenue-sharing terms between production houses and multiplexes that will see the halt of all cinematic releases scheduled for April and May, from Saturday. Meanwhile, Fun Cinemas, which is also in talks with various theatrical groups over producing plays in its cinema halls, has negotiated a deal with NDTV Lumiere to screen world cinema at its multiplexes in India’s major cities in a bid to secure alternative revenue streams while the planned releases are put on ice. The deal kicked off in Delhi on Friday with a screening of Persepolis, directed by Vincent Paronnaud and Marjane Satrapi, and will also cover other arthouse and international films, including The Orphanage, Caramel and Turtles Can Fly. “There is nothing moving right now,” said Shravan Shroff, managing director of Fame India, referring to the ongoing talks between producers and multiplexes, in an eleventh hour attempt to break the deadlock. “In case nothing works out, we will effectively shut our screens down. We are also looking at options to screen independent cinema but that is not going to fill up the theatres. We are in talks over plays too, and have agreed to host between eight and 10 performances of The Vagina Monologues with Poor Box Productions for Mumbai and Bangalore, but this is just a drop in the ocean. There are not too many theatrical performances in this,” he said. Reiterating that he was “confident” there would be a satisfactory resolution to the dispute, Shroff added that Friday’s release of Percept Picture Co.’s 8x10 Tasveer as well as Fast & Furious, starring Vin Diesel and Paul Walker, would help plug the gap for a few days until alternative entertainment options were in place. He added that he was also hopeful that the cinema halls would be able to screen cricket matches from Indian Premier League (IPL), due to start in South Africa on 18 April. Multiplex owners are also pinning hopes on the possibility of screening IPL matches in cinemas, which will bring in additional revenue. The in-theatre telecast rights for the cricket tournament are currently going through a tender process, with Group M, the media buying agency, and UFO Moviez reportedly in pole position, according to the Business Standard. However, multiplexes face a series of obstacles before screening the matches in cinemas, including getting special censor clearance for all IPL matches as well as permission to show “live” matches in cinemas. It comes as the current stand-off between multiplexes and producers marks the culmination a series of wrangles over the terms of revenue sharing from new releases, with producers lobbying to take a larger share of the pie and multiplexes seeking to secure insurance against the prospect of a flop. In the absence of a deal, producers have asserted they will hold back all planned releases over the next two months, putting the total cost for multiplexes, which are not insured against business risk of this kind, at anything up to Rs500 crore. The stand-off will affect a series of releases, including Mukesh Bhatt’s Jashn, as well as New York, which is produced by Yash Raj Films and was due for release on 1 May. “We are looking at some experimental stuff,” said Shirish Handa, senior vice-president of marketing at Fun Cinemas. “We have signed a deal with NDTV Lumiere to screen world cinema in Bangalore and Delhi. We have entered into an annual arrangement with them. Also, we are planning to run a day-long film festival for short films in Mumbai at the end of the month. In addition, we are in talks with theatre production houses about hosting plays. Though we will remain a cinema house, we see this as an opportunity to give our audiences more of the sort of content they want.” INOX Leisure and Cinemax India are among the multiplex chains also exploring a range of alternatives to fill the void during this period, including recruiting theatrical groups to their cinema halls. “The issue is still not resolved,” said Alok Tandon, chief executive of INOX Leisure, which runs 91 screens across 26 multiplexes. “We hope it will be soon but until then, we have 8x10 Tasveer, Fast & Furious, as well as some good regional content which we are planning to show. The Hindi content during this time was very lean anyway. We are also talking to performing groups but this will be for the audiences in the metros, such as Mumbai, Chennai and Bangalore,” Tandon said. Meanwhile, Cinemax India is examining the logistics and possibility of running a play festival at its cinemas. “We are going to run whatever content is out there for the next two weeks and hope that a solution will be reached by then,” said Devang Sampat, senior vice-president of Cinemax India. “We are talking to the producers every day but alternative content cannot replace movies: It just gives extra benefit to the viewer. We are planning a play festival where we will have a series of plays in our multiplexes in the evenings and we are in talks with two or three producers of plays, but we still have not finalized this.” Source: Home - Livemint.com | 3 Apr 2009 | 6:20 pm Tax havens & transparencyOne of the unintended consequences of gathering the world’s leaders together is that they’ll inevitably redress issues others hadn’t even thought of. While statesmen converged on London to discuss the economic crisis at this week’s Group of Twenty meeting, they also, oddly enough, came down hard on tax havens. To be fair, this was a good move. But at first thought, what do tax havens have to do with this financial crisis? While tax havens seem tangential from the larger recession, they do raise a pressing issue: Financial transparency, especially in the thicket of this crisis, is crucial. Indeed, when we think about what got us into this mess, opaque financial practices fall squarely in the bull’s eye. Inscrutable derivative models and repackaged mortgage-backed securities surely fuelled severe overvaluation, excessive leveraging and an eventual bust. Tax havens, too, skirt financial transparency. So, is it any wonder the world leaders would discuss them in a conference about the crisis? Source: Home - Livemint.com | 3 Apr 2009 | 6:20 pm UPA intact, Singh to be our PM candidate: Lalu PrasadNew Delhi: Despite their decision to field candidates against the Congress party in Bihar, Uttar Pradesh and other states, United Progressive Alliance (UPA) partners Rashtriya Janata Dal (RJD), Samajwadi Party (SP) and Lok Janashakti Party (LJP) on Friday claimed they were still a part of the UPA and would come together to form a government under the leadership of Manmohan Singh after the Lok Sabha election.  Joint forces: (L-R) LJP chief Ram Vilas Paswan, SP chief Mulayam Singh Yadav and RJD chief Lalu Prasad with SP national general secretary Sanjay Dutt at the SP office in Lucknow on Friday. Ajay Kumar Singh / AP Meanwhile, Sharad Pawar, chief of the Nationalist Congress Party (NCP), which has announced a seat-sharing arrangement with the Congress in Maharashtra, Gujarat and Goa, also reaffirmed his commitment to the UPA while releasing his party manifesto in Mumbai. Pawar, who was expected to attend a joint Third Front rally in Bhubaneswar, was conspicuous by his absence, which the party claimed was because of a technical snag in his aircraft, fuelling speculation over his future plans. “There is no front. I am not part of the Third Front in Orissa. I have an alliance with Naveen Patnaik’s party, the BJD (Orissa’s ruling Biju Janata Dal),” he said. Third Front leaders, however, appeared optimistic. Stating that nobody had claimed that Pawar was in the Third Front, Communist Party of India general secretary A.B. Bardhan said: “But fact remains that he is distancing himself from the Congress-led UPA.” Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 6:11 pm JCB doubles capacity at Haryana factoryBallabgarh, Haryana: Betting on rising demand from the second fastest growing major global economy, JCB India Ltd has expanded capacity at a backhoe manufacturing facility near New Delhi, making it the world’s largest. Backhoe is an excavator with a bucket on the end of an arm, generally used in housing and highway projects.  Betting big: JCB India chief executive officer Vipin Sondhi. Rajkumar / Mint Last year, JCB India sold 12,000, or 75%, of the backhoes sold in the country. Present here since 1979, JCB makes up as much as one-fourth of the its parent’s revenue in 2008. Matthew Taylor, chief executive, JC Bamford expects that to double in five to 10 years. The Indian unit is already the biggest construction equipment firm in the country. JC Bamford is the world’s third largest maker of construction equipment behind US-based Caterpillar Inc. and Japan’s Komatsu Ltd, and had global revenues in 2007 of at least £2.25 billion (Rs16,492 crore now). Sales for 2008 were not immediately available. Like all construction equipment makers, JCB India, too, has been hit by slowing construction growth. Sales shrunk by 20% in 2008 here and Vipin Sondhi, its India chief executive, expects it to fall by 15% in 2009. East and central India are the only areas that have bucked the trend and seen a 20% increase in sales, he added. JCB believes construction spending will rise significantly once the elections are over, as all political parties list infrastructure as a priority. In the last three years, it has invested Rs550 crore at two facilities in Pune that make products such as excavators, soil compactors and loaders. JCB is also looking to develop India as an export base for components and finished products. Exports to Africa, eastern Europe and Russia now account for a little under 10% of revenues of its unit here. Source: Home - Livemint.com | 3 Apr 2009 | 5:56 pm Daewoo International buys Myanmar gas fieldSeoul: Daewoo International Corp., a South Korean trading company, bought the rest of the AD-7 gas field in Myanmar from ONGC Videsh Ltd, Gail (India) Ltd and Korea Gas Corp. Daewoo International disclosed the purchase in a regulatory filing on Friday. The Seoul-based company had previously owned 60% of the field. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 5:42 pm Daewoo International buys Myanmar gas fieldSeoul: Daewoo International Corp., a South Korean trading company, bought the rest of the AD-7 gas field in Myanmar from ONGC Videsh Ltd, Gail (India) Ltd and Korea Gas Corp. Daewoo International disclosed the purchase in a regulatory filing on Friday. The Seoul-based company had previously owned 60% of the field. Source: World Business - Livemint.com | 3 Apr 2009 | 5:42 pm Airbus may fail to meet A380 deliveries targetFrance/Bangkok:Airbus SAS may fail to meet a target of delivering 18 A380 superjumbos this year, according to a survey of the plane’s customers. Airbus, a unit of European Aeronautic, Defence & Space Co., may hand over only 15 of the double-decker passenger planes this year, Bloomberg News found by polling the 15 carriers and one leasing firm that have committed to the aircraft. Missing three A380 deliveries would mean almost $1 billion in lost revenue this year, at list prices. Source: World Business - Livemint.com | 3 Apr 2009 | 5:20 pm G-20 stimulus reduces emerging market risk The increase in IMF’s resources and the creation of an extra $250 billion worth of special drawing rights (SDR), which can be used by cash-strapped countries facing a shortage of hard currencies, will help countries in eastern Europe and others such as Pakistan pay for their imports. The SDR issue is thus a lifeline for weak economies, while the extra funds for IMF will also serve the same purpose. The additional comfort available to eastern Europe will also help European banks that had lent to these countries and European governments that may otherwise have had to bail out their banks. The $250 bn finance package could help cash-strapped countries pay for their imports But the failure to convince Europe about the need for another fiscal push should also be negative for the dollar. Aside from this currency effect, however, the SDR increase does little for the stronger emerging markets with high currency reserves such as China and India. But the trade finance package could help exporters in all emerging markets. Short-term trade finance had dried up during the last quarter, as a result of which exporters could not roll over their borrowings and had to repay them. The Indian balance of payments data for the December quarter, for example, showed a capital outflow of $3.1 billion on account of trade credits being repaid. While the situation has improved since then, the idea is to help exporters get access to trade finance on easy terms through export credit and investment agencies and through multilateral financial institutions such as the World Bank. Banks in emerging markets can get lines of credit from the World Bank. Also See The Falling Dollar (Graphic) While this will help exporters, the real reason for the decline in trade is lower demand and there was no agreement at the G-20 meeting on a coordinated fiscal stimulus. Nevertheless, markets in Asia held on to Thursday’s gains, interpreting the G-20 announcements as favourable to emerging markets. Of course, much depends on how soon these promises are translated into reality. But other things remaining equal, the support to IMF and to trade finance lowers emerging market risk, as is evident from the gains in emerging market stocks and currencies. The trouble is, other things may not remain equal, and these measures do little to address either falling demand in the developed nations or the toxic assets in the books of their banks. Graphics by Sandeep Bhatnagar / Mint Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 3 Apr 2009 | 5:20 pm Twitter has Dell and many big firms tweeting for revenueSan Francisco: Online messaging service Twitter Inc., derided by comedian Jon Stewart as inane chatter, is being taken seriously by big business. Dell Inc. is using Twitter to sell personal computers and solve customer problems. International Business Machines Corp. uses it to get research scientists talking. Intel Corp. is there looking for engineers and Microsoft Corp. is sponsoring a Twitter site that carries tweets from executives.  Online buzz: Screen shots of Twitter pages of Dell, IBM and Intel. It’s the ability to tap into somebody’s interest at the moment it’s expressed, said Li, founder of Altimeter Group, a San Mateo, California-based research firm that specializes in social technology. Twitter users in the US increased 15-fold to seven million in February from a year ago, according to Nielsen Online. Facebook Inc. and News Corp.’s MySpace each had more than 50 million. Still, companies can use tweets to get an instantaneous snapshot of what people are saying about their products, or reach consumers who are just about to buy, say, a Dell computer. Twitter may also be a solution for reaching users that are increasingly immune to traditional advertising. About 24% of 123 businesses surveyed by Forrester Research Inc. are planning to cut traditional ad budgets to boost social-media spending this year. “More and more, people are becoming aware of the different ways companies can use Twitter,” chief executive officer Evan Williams, 37, said in an email. “And as the user base has grown, the value to doing so has grown.” In October, Williams said in an interview that Twitter expected to start making revenue in 2009, probably through advertising. Last month, Microsoft started sponsoring a site that publishes tweets from executives at companies such as Procter and Gamble Co. and Amazon.com Inc. Twitter doesn’t disclose its sales. Twitter has also spawned a cottage industry of third-party companies that plumb the Twittersphere. Companies such as Boulder, Colorado-based Collective Intellect Inc. and San Francisco-based Salesforce.com Inc. have applications that let clients track customer comments on Twitter. In July, Twitter bought a search engine to help users navigate the site. Twitter users post messages about music, brands of coffee, the sex lives of their pets, anything and everything. Twitterers direct their musings at groups of users that decide to follow them on the site. Much of the content takes the form of life streams, or short descriptions throughout the day of what a particular user is doing or thinking. It’s those random, often frivolous postings that have attracted ridicule from comedians such as Stewart, host of Comedy Central’s The Daily Show. “Twitter is more than a forum for random thoughts,” said Todd Chaffee, a partner at Institutional Venture Partners, which invested $14 million (Rs70.42 crore) in Twitter in February. In total, Twitter has received more than $50 million in venture funding since it was started in 2006 by Williams and co-founder Biz Stone. Facebook, by contrast, has raised about $500 million from debt and equity, including a $240 million investment from Microsoft that valued the company at $15 billion. feedback@livemint.com Source: World Business - Livemint.com | 3 Apr 2009 | 5:14 pm Twitter has Dell and many big firms tweeting for revenueSan Francisco: Online messaging service Twitter Inc., derided by comedian Jon Stewart as inane chatter, is being taken seriously by big business. Dell Inc. is using Twitter to sell personal computers and solve customer problems. International Business Machines Corp. uses it to get research scientists talking. Intel Corp. is there looking for engineers and Microsoft Corp. is sponsoring a Twitter site that carries tweets from executives. Online buzz: Screen shots of Twitter pages of Dell, IBM and Intel. It’s the ability to tap into somebody’s interest at the moment it’s expressed, said Li, founder of Altimeter Group, a San Mateo, California-based research firm that specializes in social technology. Twitter users in the US increased 15-fold to seven million in February from a year ago, according to Nielsen Online. Facebook Inc. and News Corp.’s MySpace each had more than 50 million. Still, companies can use tweets to get an instantaneous snapshot of what people are saying about their products, or reach consumers who are just about to buy, say, a Dell computer. Twitter may also be a solution for reaching users that are increasingly immune to traditional advertising. About 24% of 123 businesses surveyed by Forrester Research Inc. are planning to cut traditional ad budgets to boost social-media spending this year. “More and more, people are becoming aware of the different ways companies can use Twitter,” chief executive officer Evan Williams, 37, said in an email. “And as the user base has grown, the value to doing so has grown.” In October, Williams said in an interview that Twitter expected to start making revenue in 2009, probably through advertising. Last month, Microsoft started sponsoring a site that publishes tweets from executives at companies such as Procter and Gamble Co. and Amazon.com Inc. Twitter doesn’t disclose its sales. Twitter has also spawned a cottage industry of third-party companies that plumb the Twittersphere. Companies such as Boulder, Colorado-based Collective Intellect Inc. and San Francisco-based Salesforce.com Inc. have applications that let clients track customer comments on Twitter. In July, Twitter bought a search engine to help users navigate the site. Twitter users post messages about music, brands of coffee, the sex lives of their pets, anything and everything. Twitterers direct their musings at groups of users that decide to follow them on the site. Much of the content takes the form of life streams, or short descriptions throughout the day of what a particular user is doing or thinking. It’s those random, often frivolous postings that have attracted ridicule from comedians such as Stewart, host of Comedy Central’s The Daily Show. “Twitter is more than a forum for random thoughts,” said Todd Chaffee, a partner at Institutional Venture Partners, which invested $14 million (Rs70.42 crore) in Twitter in February. In total, Twitter has received more than $50 million in venture funding since it was started in 2006 by Williams and co-founder Biz Stone. Facebook, by contrast, has raised about $500 million from debt and equity, including a $240 million investment from Microsoft that valued the company at $15 billion. feedback@livemint.com Source: Home - Livemint.com | 3 Apr 2009 | 5:14 pm Garden Reach to set up ship design facility with French firmThe government-owned Garden Reach Shipbuilders and Engineers Ltd (GRSE), will soon set up a three-way joint venture (JV) with French naval shipbuilder Direction des Constructions Navales Services (DCNS) and an Indian information technology (IT) company for a ship designing facility, its chief said here Friday.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 5:00 pm Coastal trade: Caravel gets licence to ply shipsBangalore: Chennai-based Caravel Logistics Pvt. Ltd on Thursday received a licence to operate a foreign-registered ship for coastal trade, overcoming objections of domestic shipping firms that delayed the decision by 10 months.  No objection: A cargo terminal at JN Port near Mumbai. Caravel will hire a China-registered vessel with a 500-standard container capacity. Ashesh Shah / Mint “We have received a licence,” managing director Saju Chacko said by phone from Chennai. “During this period, we hope to learn the tricks of operating a ship so that we can buy our own ships later. That’s the idea.” The firm will hire a China-registered vessel with a 500-standard container capacity to move cargo along India’s coastline. It will pay $3,700 (Rs1.9 lakh) a day for six months for operating the ship. Before applying to the Directorate General of Shipping, India’s maritime regulator, for a licence, Caravel was granted a mandatory no-objection certificate (NOC) in March by the Indian National Shipowners Association (Insa). Foreign ships can be hired only when Indian ships are not available and only after the regulator approves it. Caravel is finalizing a Rs25 crore private equity funding to be used for purchasing ships as well as setting up container freight stations to load and unload cargo into steel containers. Caravel currently handles some 9,000 standard containers and uses container ships of state-owned Shipping Corp. of India Ltd to haul the cargo from northern India to Cochin via Mundra in Gujarat. Initially, the local industry tried to block Caravel’s move to hire a foreign-registered vessel by invoking a rule that protects them from foreign competition in Indian waters. Caravel had approached Insa for an NOC in June last year, which was granted but withdrawn a few days later, after an Insa member, Shreyas Shipping and Logistics Ltd, said it had a vessel similar to what Caravel wanted. Insa had argued that Caravel could use Indian ships to help domestic shipowners, but Shreyas was asking for a day rate that was up to 25% more than Caravel would pay. “We told Shreyas very clearly that we will hire their ship only at the prevailing market rates,” Chacko said. Caravel had approached the Bombay high court to settle the issue. “We will withdraw the writ petition as the regulator has now granted us the licence to hire the foreign ship,” Chacko said. Source: Home - Livemint.com | 3 Apr 2009 | 4:51 pm NCP promises jobs for jobless, homes for slumdwellersThe Nationalist Congress Party (NCP), in its manifesto released here Friday, has promised to protect the interests of millions of people rendered jobless in the global economic crisis and provide housing to all the poor in the next five years.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 3:30 pm Satyam board meeting underwayThe Satyam meet underway today has been conveyed as an informal meeting and not a fullfledged board meet. Interestingly, all Satyam board members including, Deepak Parekh, Kiran Karnik and TN Manoharan, except Tarun Das, are part of this meet, which started at around 10 am.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 3:01 pm Air India to phase out 47 Airbus planes by March 2010India's flagship carrier Air India will phase out 47 Airbus A320 planes, largely used for domestic operations, by the end of the current fiscal, a top official said Friday.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 2:31 pm BHEL Bhopal beats meltdown, posts profit before taxBeating the global meltdown, the Bhopal unit of the state-owned Bharat Heavy Electricals (BHEL) achieved a 2008-09 turnover of Rs.3,306 crore - up 21 percent as compared to the previous year, executive director M.K. Dube said Friday.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 2:01 pm
|
