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Stayam\'s exCFO reveals Raju bros modus operandiIn an exclusive interaction, ICAI President Uttam Agarwal told CNBCTV18 that prior to the fallout of the Satyam scam, exSatyam CFO Srinivas Vadlamani had twice offered his resignation but was coaxed to stay back by the Raju brothers.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 5:15 pm Videocon awaits board nod for pref issue to Bennett ColemanVenugopal Dhoot, Chairman and Managing Director of Videocon, said the board is seeking shareholder approval for preferential share issue to Bennett Coleman. The company plans to issue 1.17 crore warrants at Rs 170 per share, he added.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 4:11 pm GVK Power to raise $200mn from stake saleIsaac George, CFO, GVK Power, speaking on the company\'s business plans, said that now that the possibility of gas supply is in sight, we will start negotiating for a stake sale. He further added, \"As far as the percentage of stake sale in GVK Energy is concerned, we will look at raising about USD 200 million.\"Source: Moneycontrol Top Headlines | 6 Apr 2009 | 3:19 pm Tata Motors postpones overseas equity issueTata Motors has postponed its plans for an overseas equity issue and sale of investments to repay their USD 3 billion that they had taken on a bridge loan for JaguarLand Rover (JLR). They had taken this loan in the last year and they have repayed about USD 1 billion of this loan.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 2:00 pm Wockhardt files for corporate debt restructuring planWockhardt has filed for a corporate debt restructuring plan and there are reports that Habil Khorakiwala has conveyed a letter to his employees explaining the happenings in the company.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 1:15 pm Agilent Tech to focus on India biz - Hindu Business Line
Source: Google News India - Business | 6 Apr 2009 | 12:59 pm SBI, Macquarie tie up for infrastructure fund - domain-B
Source: Google News India - Business | 6 Apr 2009 | 12:59 pm Sun shares tumble after IBM talks collapseNEW YORK (Reuters) - Shares of Sun Microsystems Inc tumbled 24 percent on Monday after the company rejected rival computer and software maker International Business Machines Corp's $7 billion offer.Source: Reuters: Money News | 6 Apr 2009 | 12:58 pm Danone to sell its 25.48% in Britannia to WadiasWadias have reached for a settlement with Danone on Britannia. Danone will sell its 25.48% stake in Britannia to Wadias on April 14. Wadia Group will buy 60.86 lakh shares of Britannia via Leila Lands.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 12:48 pm Hotel Leelaventure buy backs FCCBs close to $50 mn - Economic Times
Source: Google News India - Business | 6 Apr 2009 | 12:48 pm Employment reforms may speed up poverty eradication - Economic Times
Source: Google News India - Business | 6 Apr 2009 | 12:47 pm Sonia files nomination from Rae BareliRae Bareli: Congress President Sonia Gandhi today filed her nomination papers for Rae Bareli parliamentary constituency here in presence of her son and party leader Rahul Gandhi. Click here to watch video Sonia was given a rousing reception by enthusiastic party workers on her way to the office of the returning officer where she filed nomination papers.  Carrying placards with pictures of Sonia and Rahul Gandhi, party workers shouted slogans praising their leaders and showered them with rose petals and waved Congress flags. Sonia is seeking re-election from Rae Bareli for the third time. She had won from here in 2004 polls and in 2006 by-elections. Uttar Pradesh Congress chief Rita Bahuguna Joshi, CLP leader Pramod Tiwari and Capt. Satish Sharma and Sultanpur were also present during the filing of the nomination papers. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 12:45 pm World economy hopes lift equities, knock yenLONDON (Reuters) - World stocks rose for a fifth straight session on Monday as investors sought bargains against a background of increasing optimism about the global economy.Source: Reuters: Money News | 6 Apr 2009 | 12:43 pm Nifty consolidates to close above 3250 - Economic Times
Source: Google News India - Business | 6 Apr 2009 | 12:36 pm Danone To Sell Entire Stake In Britannia Industries - Wall Street Journal
Source: Google News India - Business | 6 Apr 2009 | 12:36 pm Rupee ends higher, bonds lower - Moneycontrol.com
Source: Google News India - Business | 6 Apr 2009 | 12:35 pm PTC India sanctions Rs 721 crore to power sector during 2008-09 - Economic Times
Source: Google News India - Business | 6 Apr 2009 | 12:33 pm CIOs see economic slowdown ending by DecMumbai: Most chief information officers (CIOs) of companies in India expect the current economic slowdown to end by December, according to a survey conducted by IT research and consulting firm IDC India. While about 66% of respondents expect relief from the crisis by end-2009, IDC India said it expects the slowdown to extend and sees a revival in IT spending after June 2010, due to the macro economic picture and a lag in IT buying. The survey of 467 CIOs across mid-sized and large enterprises in 18 industries found that their focus was shifting to better management of existing IT infrastructure from building new capacities, IDC said in a statement. Companies plan to spend about 20% of the total planned IT expenditure on new purchases in 2009, with the balance reserved for managing the existing set-up, IDC added. The CIOs surveyed see software-as-a-service, business outsourcing and data warehousing, unified communications, virtualization and open source as the emerging investment priorities in 2009. For 2009, investments in personal computers, servers and computer peripherals are seen falling 20-40% from last year, directly impacting hardware vendors and off-the-shelf software vendors, according to conclusions from the survey. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 12:33 pm Bangalore's Coffee House shuts after 50 charming yearsFor scores of people, be they regulars or occasional visitors to Bangalore's most popular avenue, M.G. Road, Monday was a listless day. They missed the freshly brewed filter coffee, not-so-crisp masala dosa and tasty scrambled eggs at Indian Coffee House.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 12:30 pm Hyundai to supply Santro for Mumbai's taxi fleetHyundai's compact car Santro is set to be launched here as taxis after the state government ordered the phasing-out of nearly 7,500 ageing cabs.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 12:30 pm Exports to get back to normal by June: Bajaj AutoRajiv Bajaj, Managing Director of Bajaj Auto, said exports will remain under pressure in April, May and will get back to normal from June. He sees domestic bike sales at 1.2 lakh units/month by June.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 12:24 pm Earthquake hits central Italy; 50 deadL’aquila, Italy: A powerful earthquake in mountainous central Italy knocked down whole blocks of buildings early Monday as residents slept, killing at least 50 people and trapping many more, officials said. Thousands were homeless. The earthquake’s epicenter was about 110 kilometers northeast of Rome near the medieval city of L’Aquila. It struck at 3:32 am local time (0132 GMT) in a quake-prone region that has had at least nine smaller jolts since the beginning of April. The U.S. Geological Survey said Monday’s quake was magnitude 6.3, but Italy’s National Institute of Geophysics put it at 5.8. Interior Minister Roberto Moroni, arriving in L’Aquila hours after the quake, said 50 people had been killed. Officials said the death toll was likely to rise as rescue crews clawed through the debris of fallen homes. L’Aquila Mayor Massimo Cialente said some 100,000 people had left their homes and that many buildings in the city’s historic center were damaged. Slabs of walls, twisted steel supports, furniture and wire fences were strewn about the streets and a gray dust carpeted sidewalks, cars and residents. As ambulances screamed through the city, firefighters aided by dogs worked feverishly to reach people trapped in fallen buildings, including a student dormitory where half a dozen university students were believed still inside. Outside the half-collapsed dorm, tearful young people huddled together, wrapped in blankets, some still in their slippers after being roused from sleep by the quake. “We managed to come down with other students but we had to sneak through a hole in the stairs as the whole floor came down,” said student Luigi Alfonsi, 22. “I was in bed _ it was like it would never end as I heard pieces of the building collapse around me.” The town of Castelnuovo also appeared hard hit, with five confirmed dead there. Premier Silvio Berlusconi declared a state of emergency, freeing up federal funds to deal with the disaster. He canceled a visit to Russia and planned to go to L’Aquila to deal with the crisis. Residents and rescue workers hauled away debris from collapsed buildings by hand. Firefighters pulled a woman covered in dust from the debris of her four-story home. Rescue crews demanded quiet as they listened for signs of life from other people believed still trapped inside. Parts of L’Aquila’s main hospital were evacuated because they were at risk of collapse, forcing the wounded to be treated in the open air or taken elsewhere. Bloodied victims waited to be tended to in hospital hallways or outside in the hospital courtyard. Only two operating rooms were working. Civil protection crews were erecting a field hospital to deal with the influx of wounded. On the city’s dusty streets, as aftershocks continued to rumble through, residents hugged one another, prayed quietly or frantically tried to call relatives. Residents covered in dust pushed carts full of clothes and blankets that they had hastily packed before fleeing their homes. “We left as soon as we felt the first tremors,” said Antonio D’Ostilio, 22, as he stood on a street in L’Aquila with a huge suitcase piled with clothes he had thrown together. “We woke up all of a sudden and we immediately ran downstairs in our pajamas.” Agostino Miozzo, an official with the Civil Protection Department, said between 10,000 and 15,000 buildings were damaged. He said stadiums and sporting fields were being readied to house the homeless. “This means that the we’ll have several thousand people to assist over the next few weeks and months,” Miozzo told Sky Italia. “Our goal is to give shelter to all by tonight.” ANSA said the dome of a church in L’Aquila collapsed, while the city’s cathedral also suffered damage. The Israeli Embassy in Rome said that officials were trying to make contact with a few Israeli citizens believed to be in the region who had not been in touch with their families. Embassy spokeswoman Rachel Feinmesser did not give an exact number. L’Aquila lies in a valley surrounded by the Apennine mountains. It is the regional capital of the Abruzzo region, with about 70,000 inhabitants. The last major quake to hit central Italy was a 5.4-magnitude temblor that struck the south-central Molise region on Oct. 31, 2002, killing 28 people, including 27 children who died when their school collapsed. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 12:16 pm BSE Sensex rises again, up 8.5 pct in AprilMUMBAI (Reuters) - The BSE Sensex rose 1.8 percent on Monday, taking its gains in April to 8.5 percent and the market to its highest close in five months, as stocks rallied across the world on hopes the worst of economic downturn had passed.Source: Reuters: Money News | 6 Apr 2009 | 12:13 pm PM to visit Assam for poll campaignNew Delhi: Notwithstanding bomb blasts in Assam on Monday, Prime Minister Manmohan Singh will undertake a visit there on Tuesday to address a public meeting, marking his entry into the campaign trail. Singh, who represents Assam in the Rajya Sabha, will address a public meeting in Dispur, PMO sources said. He will also address a public meeting in Dibrugarh, about 400 kms from Guwahati. At least seven people were killed and 61 others injured in two bomb blasts triggered by suspected ULFA militants in Maligaon area in Guwahati and Dhekiajuli near Tezpur. The programme had been firmed up some time back and it remains unchanged, the sources said. This is the first election meeting of Singh, who underwent a cardiac bypass surgery on 24 January. Singh, who has been projected as the Prime Ministerial candidate by the party, is also visiting Uttarakhand this week for campaigning. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 12:10 pm Japan plans $100 bln stimulus, risk appetite growsTOKYO/BRUSSELS (Reuters) - Japan said it plans to spend at least $100 billion more to help steer its economy through the global crisis, as investors seized on signs that markets may have bottomed to buy stocks and commodities on Monday.Source: Reuters: Money News | 6 Apr 2009 | 12:07 pm Sun shares tumble 24 pct after IBM talks collapse - Reuters
Source: Google News India - Business | 6 Apr 2009 | 12:06 pm Japan plans $100 bn more stimulusTokyo: Japan said it plans to spend at least $100 billion more to help its economy through the global crisis, as investors seized on signs that markets may have bottomed to buy stocks and commodities. Japan, grappling with its worst recession since World War II, will unveil a new economic stimulus package on Friday including spending of at least 2% of its gross domestic product, Finance Minister Kaoru Yosano said. United Nations Secretary-General Ban Ki-moon called for at least $300 billion of the $1.1 trillion stimulus package agreed by G-20 leaders last week to be allocated to helping developing countries. He also urged the G-20 to turn summit pledges into “concrete action”, adding that the package agreed would help the world economy overcome the financial crisis. Japan’s Nikkei rose 1.2%, while MSCI’s measure of stocks elsewhere in the Asia-Pacific rose 2% as investors bet the global economy is nearing a bottom. European shares also traded higher, with the pan-European FTSEurofirst 300 index of top shares gaining 1.3% by 2:38pm. Increased appetite for risk saw the yen fall against a basket of currencies, hitting its lowest level against the dollar in almost six months. Analysts pointed to signs of a re-emergence of the pre-crisis strategy of carry trades, involving speculators selling the low-yielding Japanese currency in favour of higher-yielding and riskier assets. Heartened investors also piled into equities via the $19 billion rights issue of HSBC, Europe’s largest bank. HSBC said on Sunday it had sold 4.89 billion shares with existing shareholders and expected to sell the rest on Monday. “With the G-20 summit last week, and obviously some massive stimulus packages, there’s some good news here and there, mixed with some bad news,” said James Foulsham, head of trading at CMC Markets in Sydney. Risk appetite The head of the IMF, Dominique Strauss-Kahn, called for China to strengthen domestic demand, telling a French newspaper on Sunday the yuan was undervalued. The Financial Times published details of a confidential report recommending that struggling European Union countries in central and eastern Europe should switch to the euro even without full eurozone membership. The paper said the report supported a region-wide anti-crisis strategy by the International Monetary Fund, World Bank and European Bank for Reconstruction and Development. In Berlin, the Sentix research group said sentiment among euro zone investors improved more than expected in April to its strongest level since January as the monthly index of investor morale rose to -35.3 from -42.7 in March. Even Friday’s dire US jobs data, which showed unemployment soared to 8.5%, failed to dent the rally as markets found comfort in the fact that the numbers came in around forecasts. US crude oil futures on Monday gained more than $1 from the previous close. Rate cuts Slashing interest rates and pouring money into the financial system may yet create problems with inflation down the line, but central banks remain focused on rebuilding access to credit to get trade and lending flowing again. The Reserve Bank of Australia is likely to cut interest rates again as early as this week, analysts said, after data showed job advertisements slid for the 11th month running in March. A private measure of inflation also showed an easing of price pressures, adding to the case for another cut. The European Central Bank, which cut rates to 1.25% last week, also still has room to move on interest rates and liquidity measures, ECB Executive Board Member Gertrude Tumpel-Gugerell said on Sunday. The ECB has been focusing on improving the flow of funds to banks as a key part of its strategy to revive the economy. On Monday, the Bank of Japan began a two-day meeting to review interest rates but, with rates already at 0.10%, it is seen deferring any attempt to ease pressure on companies until later this quarter. Along with cutting interest rates and increasing spending to stimulate economies, greater financial regulation has been a third major plank for policymakers seeking to rebuild confidence in the global economy. Mario Draghi, head of the Financial Stability Board, said in an interview the most urgent need was to restore confidence in the solidity of the financial system. US Treasury Secretary Timothy Geithner said the US government would not hesitate to oust management of big banks that require “exceptional assistance”. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 12:03 pm HCL enters into $100 mn agreement with Xerox - Economic Times
Source: Google News India - Business | 6 Apr 2009 | 12:02 pm ANALYSIS - Why currency devaluation is Singapore's best optionSINGAPORE (Reuters) - For all the ambiguity afforded to Singapore by its unique currency-based monetary policy, its central bank will still have to effectively devalue the currency if it wants to meaningfully achieve lower interest rates.Source: Reuters: Money News | 6 Apr 2009 | 12:00 pm PTC board approves raising Rs 500 crore equityPower Trading Corporation India Ltd. (PTC) said that it has received the nod to raise Rs 500 crore equity. TN Thakur, Chairman of PTC said,\" The board will decide to invest this amount in power project. It will take about 40 days to get the body\'s approval and after that we will hopefully go to the market.\"Source: Moneycontrol Top Headlines | 6 Apr 2009 | 12:00 pm Economic slowdown to end by October-December: SurveyA majority of chief information officers (CIOs) of companies in India expect the economic slowdown to end by October-December 2009, a survey conducted by market intelligence IT consulting major IDC India showed Monday.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 12:00 pm Dubai launches budget airlineDubai: The Gulf emirate of Dubai announced on Monday the launch of its first budget airline called flydubai, which will be taking to the skies in two months despite the global financial crisis. Flydubai will start with flights to the Lebanese capital Beirut on 1 June and to Jordan’s capital Amman on 2 June, said company chairman Sheikh Ahmed bin Saeed al-Maktoum. “We are committed to bringing a new option to the market and to growing the region’s budget air travel business,” Sheikh Ahmed said at a press conference. “This will benefit our economy, our people, and tourism business as a whole.” Dubai first announced the establishment of flydubai in March 2008, with a start-up capital of 250 million dirhams ($67 million). It will operate two next-generation Boeing 737-800 aircraft on both the Beirut and Amman routes, Sheikh Ahmed said. The emirate owns the largest West Asia carrier, Emirates, and has the busiest airport in the region which handled more than 37 million passengers in 2008, a 9% increase from 2007. The new airline will be based at Dubai Airport. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 11:53 am Sensex ends at five-month high, up another 186 pointsAlthough profit-booking at higher levels pared early sharp gains, the benchmark Sensex continued its north-bound journey for the fourth straight session, gaining by another 186.04 points to close at nearly a five-month high of 10,534.87.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 11:45 am CIOs see economic slowdown ending by Dec - surveyMUMBAI (Reuters) - Most chief information officers (CIOs) of companies in India expect the current economic slowdown to end by December, according to a survey conducted by IT research and consulting firm IDC India.Source: Reuters: Money News | 6 Apr 2009 | 11:41 am Markets rally for 4th day, ends 1.8% higherNew Delhi: Markets rose for the fourth straight session on Monday tracking firm cues from global markets. However, the Bombay Stock Exchange benchmark Sensex pared some of the morning losses on account of profit booking to close 1.8% up. Sensex was led by growing economic optimism globally, especially after the G-20 leaders resolved to revive the world economy from sliding into further recession. Markets opened on pleasant note, later exhibiting some volatility but it soon retained positive territory as European markets opened in green. Finally, the 30-share BSE index ended session higher by 186.04 points at 10,534.87 and the 50-share NSE Nifty ended up by 45.55 points at 3,256.60. Consumer durables outperformed among the sectoral indices and ended up by 5.84%, capital goods stocks also advanced by 3.75%. Other sectors experiencing strong buying were metal, auto and realty. However, FMCG and IT stocks witnessed most of the selling, with the former ending in red. Top gainers from the BSE Sensex pack are Mahindra and Mahindra Ltd by 14.26% to Rs480, Reliance Communications by 11.19% to Rs218.10, Larsen and Toubro Ltd by 7.40 % to Rs770.35, HDFC by 7.37% to Rs1,699.20, Reliance Infra by 6.47% to Rs612.55, Hindalco by 6.39% to Rs59.95, Tata Steel by 4.89% to Rs235.85, ICICI Bank by 4.00% to Rs374.65 and Sterlite Industries by 3.64% to Rs385.75. Losers from the BSE pack are ACC Ltd by 3.14% to Rs580.90, ITC Ltd by 2.49% to Rs180.50, Ranbaxy Laboratories by 2.30% to Rs182.30, Grasim Industries by 2.13% to Rs1,567.40, Hindustan Unilever Ltd by 1.67% to Rs227.05 and State Bank of India by 1.43% to Rs1,128.95. Among the the global markets, the Asian markets ended higher tracking US markets’ positive close on Friday. Also, Ignoring North Korea’s controversial rocket launch over the weekend Hang Seng ended 3.1% up and Nikkei higher by 1.2%. Source: Home - Livemint.com | 6 Apr 2009 | 11:40 am Danone to sell 25.48% stake, says BritanniaNew Delhi: After fighting for over four years, Groupe Danone and the Wadias have struck a deal that will see the French food giant exit their biscuit joint venture, Britannia Industries Ltd. Groupe Danone will be selling off its indirect stake of 25.48% held in BIL to a Wadia Group company, Leila Lands, through an inter se share transfer (among the promoters), expected to take place on 14 April. In a notification to stock exchanges, Leila Lands said it will acquire 100% in Britannia Brands Ltd (BBL), which holds an indirect stake of 25.48% in BIL, from Danone Asia Pte Ltd. Subsequently, Leila Lands will hold 50.96% stake in BIL. The share transfer price would be finalised not exceeding 25% of the price determined as per the regulatory practice, it said. Danone and Wadias hold equal stake in Britannia Industries through their joint ownership of Associated Biscuits International Holdings, UK, which is a 50% subsidiary of Britannia Brands Ltd. The French firm’s wholly-owned subsidiary, Danone Asia Pte, has 100% stake in BBL. While the deal brings a clarity to the soured relationship between estranged promoters of Britannia, it however is not clear if they have settled their differences over the intellectual property rights of the ‘Tiger’ brand. Source: Home - Livemint.com | 6 Apr 2009 | 11:35 am Gold falls by Rs 340 on global cuesContinuing its losing streak for the fifth straight day, gold prices slipped by Rs 340 to Rs 14,420 per 10 gram here on sustained selling by stockists influenced by weakening global trend.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 11:28 am Join the debate | Should elections in India be publicly funded?This week’s question on Mint’s National Agenda Debates Series is “Should elections in India be publicly funded?” Click here to join the debate This week, we feature an opinion piece written by E Sridharan based on which we have this week’s question. Also Read | E Sridharan essay Fixing India’s fractured polity Source: Home - Livemint.com | 6 Apr 2009 | 11:22 am Three Satyam executives arrested, sent to jailThe Central Bureau of Investigation (CBI) has arrested three top executives of Satyam Computer Services Ltd in connection with the Rs.78 billion accounting fraud.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 11:01 am Videocon to raise Rs200 cr via warrants issue to BCCLMumbai: Consumer electronics company Videocon Industries on Monday said it will raise over Rs200 crore through issue of warrants on preferential basis to media conglomerate Bennett, Coleman & Company Ltd (BCCL). In a filing to the Bombay Stock Exchange, Videocon Industries said the board has approved the issuance of over 1,17,65,000 crore warrants, which would be converted into equal number of equity shares, at a price of Rs170 a piece, to Bennett, Coleman & Company. Upon conversion, Bennett, Coleman & Co’s holding in Videocon Industries would go up to 6.13%. As of December quarter the media firm held 1.01% in Videocon, as per BSE shareholding data. The said warrants can be converted into equity shares within 18 months from the date of allotment, the filing added. The board of the company has sought shareholders approval vide postal ballot, it said. Shares of Videocon Industries surged 10.63% in the intra-day trade to a high of Rs103. It was later trading at Rs101.70, up 9.24% on the BSE. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 11:01 am Half of corporate sector workforce unwell: AssochamMore than half of corporate India's workforce suffers from various chronic and lifestyle diseases, with those in the information technology (IT) and IT-enabled services (ITES), media, knowledge process outsourcing (KPO) and financial services topping the list, says an industry group report.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 11:00 am AS11 not an overload but a necessity: InfosysTV Mohandas Pai of Infosys, doesnt agree with deferring Accounting Standards11 (AS11). According to him, AS11 is not an overload but a necessity.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 11:00 am Ahead of Nano launch, Tata Motors begins clearing duesMumbai: India’s largest auto manufacturer, Tata Motors Ltd, has finally started making payments to component makers that had been delayed for months. The company started settling its dues with just days to go for the launch of the Rs1 lakh Tata Nano, billed as the world’s cheapest car. Tata Motors has arranged with the Small Industries Development Bank of India (Sidbi) to help it pay the dues to small- and medium-scale suppliers, three parts makers said after getting calls from Tata Motors on Tuesday to collect cheques for the pending payments.  Credit squeeze: Tata Motors managing director Ravi Kant. Ashesh Shah / Mint A Tata Motors spokesman, in an emailed statement, only said the company was working with Sidbi. “As part of its discussions with banks, Tata Motors and Small Industries Development Bank of India are in discussions for expanding the relationship between the two.” Tata Motors, struggling because of a slump in demand for vehicles and weighed down by foreign exchange charges, reported its first loss in seven years in the December quarter, at Rs263 crore, against a profit of Rs500 crore a year ago. Its commercial vehicle sales fell 40% to 49,546 units during the quarter, while sales of its cars and utility vehicles declined 14% to 42,187 units. Sales have improved since because of fiscal incentives offered by the government and destocking of inventory. A Sidbi official confirmed the firm has an arrangement with Tata Motors to settle the dues by way of receivable management, similar to schemes it runs for other companies. “We make payments to small and medium enterprises (SMEs) and corporates pay us later after a period of three or four months, as per the agreement,” this official said, asking not to be named as he’s not authorized to speak with the media. He declined to specify the size of the payments to be made under this arrangement. The Sidbi official also said the firm had agreed in principle and is in talks with Tata Motors to finance some SMEs to set up facilities in Sanand, Gujarat, the company’s new base for manufacturing the Tata Nano, which launches on 23 March. S. Ramnath, an analyst with IDFC-SSKI Securities Ltd, said with most of the manufacturers ramping up production in March, the support of suppliers is crucial and Tata Motors had no choice, but to pay the dues. “I think it’s more technical in nature and (I) would not read too much into it. I would not view this as a sign of revival, but something the company had to do to have the vendor support,” he said. In January, Mint had reported that Tata Motors had set up a so-called suppliers’ council to address several issues, including delayed payments, that were causing friction between the auto maker and its parts’ suppliers. Rathi’s firm is not part of this council, but is one of the more severely affected group of about 200 small- to medium-size suppliers to Tata Motors. These firms typically have Rs5-10 crore worth of machinery and other investments and depend on regular payments, especially in a tight credit market, to meet their working capital requirements. For bigger parts suppliers, Tata Motors has a so-called bill marketing scheme to ensure regular payments. The scheme is a three-way arrangement involving the company, a commercial bank and a supplier. The bank pays the suppliers on behalf of the company soon after the parts are delivered. Suppliers who are part of the scheme offer Tata Motors a discount of 1.9% on the total bill to ensure payments in two-three days. Tata Motors is now considering lowering this discount to 1.5% in the next couple of months, some suppliers said. Mint could not independently confirm this development. Ravi Kant, managing director of Tata Motors, had told reporters in February that three-fourths of about 1,000 suppliers to the company were part of this scheme, so only the remaining 25% would be facing delayed payments. It’s not feasible for smaller suppliers to be part of such an arrangement as it would eat into their margins. “If the discount is brought down, many more vendors may opt for it,” said V.M. Jagtap, managing director of Fairfield Castings Pvt. Ltd, which recently applied to be part of the scheme following the delayed payments. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 10:58 am Titan Overseas aims sales of up to $3 mn in street surfingPTI New Delhi: Mumbai-based trading house Titan Overseas Corporation is aiming to achieve a sales turnover of up to $3 million in India by the end of next year through its distributorship agreement with global skateboard maker Street Surfing Group. The company, which this week secured a sole India distributorship contract from the US-headquartered skateboard maker, plans to sell at least 25,000 units of street surfing boards this fiscal, besides creating a distribution and dealership network in 30 cities across the country. “We have achieved the sole distributorship for street surfing boards and accessories from US-based Street Surfing Group. Our target is to achieve sales of $2--3 million or 25,000 pieces of such boards by end of March 2010,” Titan Overseas Corp Managing Director M J Rai told reporters here. He said the company would first be introducing two brands from Street Surfing’s global portfolio -- Wave and Ripple -- in the Indian market. “Street surfing is very new to India and combines the elements of surfing, snowboarding and skating. Our target is the 5-25 age group students and our marketing plan would revolve around schools, colleges and malls,” Rai said. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 10:52 am HCL signs 6yr deal with XeroxHCL Technologies Limited (HCL), a leading global IT services provider, has entered into a sixyear, multiregional data center services and transformation engagement with Xerox Corporation.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 10:38 am RBI: monetisation is not a benign solutionMUMBAI (Reuters) - There was a long-term cost to directly finance the budget deficit that needed to be considered despite the apparent short-term benefits of not tapping the market for funding, the Reserve Bank of India governor said on Monday.Source: Reuters: Money News | 6 Apr 2009 | 10:33 am NHPC to develop 10,000 MW projects in North-east by 2022New Delhi: To harness the hydel power potential of the North eastern region, state-owned NHPC plans to set up over 10,000 MW capacity projects in the area at an investment of nearly Rs 50,000 crore by the 2022. “We are going very strong in the North-east, we hope to execute over 10,000 MW capacity projects (worth approximately Rs 50,000 crore) in that region alone in the near future,” CMD S K Garg told PTI in an interview. “The hydro power projects have a long gestation period, therefore this capacity would be ready by the end of the XIIIth Five Year Plan,” sources said. The total hydel power potential of the country stands at 1,50,000 MW, and the North-east alone has a potential of nearly 60,000 MW. The government has identified 10,000 MW power capacity to be developed by NHPC. State-run NTPC, which has entered hydel power generation segment would also develop some projects in the region and some would be developed by private power developers. NHPC is developing, Subansiri Lower, the biggest hydro-electric project undertaken in the country so far and is a run of river scheme on river Subansiri near North Lakhimpur on the border of Assam and Arunachal Pradesh. Source: Home - Livemint.com | 6 Apr 2009 | 9:59 am Blast rips Guwahati, kills four, many injuredGuwahati: A powerful bomb blast in a crowded parking area killed four people in Assam on Monday, only a day before Prime Minister Manmohan Singh was due to visit the region, police said. Police suspect the state’s main separatist group, the United Liberation Front of Asom (ULFA), was behind the blast. The blast took place a day before the 30th anniversary of the founding of ULFA. “Four people were killed in the blast and dozens wounded. Of them three are in critical condition,” said a senior police officer, who did not want to give his name. “The bomb was placed in a parking area on the roadside in front of a restaurant, but we are not sure whether it’s a car bomb or it was placed on the footpath.” Police say the death toll is likely to rise. Accusing police of not providing adequate security, hundreds of angry protesters blocked the city’s main street, shouting slogans against police. Several vehicles caught fire after the blast. Last week a bomb blast killed one person in Guwahati, close to where external affairs minister Pranab Mukherjee had been due to address an election rally. The rally was subsequently cancelled. Source: Home - Livemint.com | 6 Apr 2009 | 9:55 am RBI’s objective is to arrest moderation in growth: SubbaraoMumbai: The Reserve Bank’s main policy objective in the global crisis of today would be to arrest the moderation in economic growth and restore the eroded market confidence, apex bank Governor D. Subbarao said. “In a crisis of this nature and magnitude, no country is an island ... India too is hit by the crisis ... The main objective (at present) is to arrest the moderation in growth,” RBI Governor D. Subbarao told a seminar organised by Ficci. The moderation in the country’s growth has been more steep than expected, Subbarao said, adding that the fundamentals remain strong and will help India to recover from the global financial crisis faster. The Government had projected a GDP growth rate of 7.1% in 2008-09. The strong fundamentals of the economy helped India to clock an average 9% growth rate in the last four years, Subbarao said. “Once the world economy regains growth, India’s recovery will be much faster and steeper than the rest of the world,” Subbarao added. Subbarao said banks are yet to respond to the policy actions as much as warranted. Source: LatestNews-Home - Livemint.com | 6 Apr 2009 | 9:44 am Rupee cuts gains vs dollar on short coveringMumbai: The Indian rupee pared gains on Monday afternoon, after some banks covered short dollar positions taken earlier in the day, traders said. At 2:05pm, the partially convertible rupee was at Rs50.02/03 per dollar, off an early high of Rs49.88, but still stronger than Thursday’s close of Rs50.33/35. Markets were closed on Friday for a holiday. India’s central bank governor said on Monday he expects the country’s current account deficit to widen in fiscal 2009/10, which started on 1April, while capital flows are expected to be lower than last year. In the currency futures market, the most traded near-month contract on the National Stock Exchange was quoting at 50.1350 per dollar and Rs50.1325 on MCX-SX. Volumes on both the exchanges totalled $370 million. Source: Home - Livemint.com | 6 Apr 2009 | 9:19 am SBI’s return on provident fund betters pvt managers’New Delhi: Government-owned lender State Bank of India has given a return of 9.7% on provident fund deposits, which is over half a percentage more than the best among the private sector asset managers during the quarter ended December 2008. The other three private fund mangers, including HSBC AMC, ICICI Pru AMC and Reliance AMC, gave a yield of 8.5%, 9% and 9.1%, respectively, during 17 September to 31 December in 2008, an Employees’ Provident Fund Organisation (EPFO) source said. The EPFO, manging about 4.4 crore provident fund depositors, allowed the three private fund managers to manage its incremental deposits of about Rs25,000 crore per annum in July last year. The main objective of this exercise was to see an improvement in returns on EPFO’s investments. In the present scenario, EPFO’s return on investments, specially in central and state government securities and special deposit schemes, are not enough to pay the depositors an interest rate of over 9%. The EPFO has invested Rs30,461 crore in central government securities, which earns a return of 7.25%, and Rs20,000 crore in state government securities and loans, which fetches 7.5% return. Source: Home - Livemint.com | 6 Apr 2009 | 9:17 am IVRCL Infra gets orders worth Rs359.52 crMumbai: IVRCL Infrastructures & Projects today said it has bagged orders worth Rs359.52 crore from different vendors for construction-related works. In a filing to the Bombay Stock Exchange, IVRCL Infrastructures said its Road, Power and Water Division has bagged Rs359.52-crore orders from various vendors. The road division has bagged two orders, the first valued at Rs164.64 crore is from Kolkata Metropolitan Development Authority for the construction of a road flyover, which is to be completed in 18 months, and the second one worth Rs10.34 crore from the Government of Andhra Pradesh for construction works, to be completed in 24 months, the filing added. The power division of the company has bagged two orders, totalling to Rs107.69 crore, from Power Grid Corporation of India for constructing power and transmission lines, both the orders to be completed in 24 months, it added. Further, the company’s water division has bagged orders, aggregating to Rs76.85 crore from Uttar Pradesh Rajya Vidyut Utpadan Nigam, to be completed in 16 months and from Kerala’s THRISSUR Corporation, to be completed in 18 months, for constructing water treatment plants, the filing added. Shares of IVRCL were trading at Rs155.70, up 6.10% on the BSE. Source: Home - Livemint.com | 6 Apr 2009 | 9:00 am Indian exports may fall or remain flat in FY10: FicciNew Delhi: India’s exports could fall or remain flat in 2009-10, as demand contracts in key markets, an industry survey released over the weekend showed. The survey by the Federation of Indian Chambers of Commerce and Industry (Ficci) comes days after data showed India’s exports fell for the fifth straight month in February. India’s exports, which form close to a fifth of its gross domestic product, have been falling since October as the global slowdown slashed demand for Indian goods, forcing the government to pare its export target for 2008-09 to $170 billion from the initial $200 billion. The trade secretary last month forecast the country’s exports to be flat at $170-$175 billion in 2009-10, anticipating a revival in exports after June. However, a majority of the exporters surveyed expect sectors like engineering goods, gems & jewellery, chemicals, marine products and tyres to see negative or zero growth in the current fiscal that ends 31 March 2010. A weakening rupee has no major impact for exports, with a bulk of the respondents saying the sliding rupee had a only moderate positive impact on their businesses. The rupee has fallen 3.8% against the dollar in the last two quarters. Source: Home - Livemint.com | 6 Apr 2009 | 8:18 am IBM, Sun Micro talks collapse over price - sourceNEW YORK (Reuters) - IBM's talks to acquire smaller computer and software rival Sun Microsystems Inc broke down on Sunday after Sun rejected IBM's $7 billion offer, a source with knowledge of the matter said.Source: Reuters: Money News | 6 Apr 2009 | 8:11 am Indian exports may fall or remain flat in FY10 - FICCINEW DELHI (Reuters) - India's exports could fall or remain flat in 2009/10, as demand contracts in key markets, an industry survey released over the weekend showed.Source: Reuters: Money News | 6 Apr 2009 | 7:41 am Markets slip, but still in greenThe Indian equities markets were trading in the green Monday, with a key index ruling about 1.43 percent higher than its previous close around noon after soaring more than 2.7 percent on opening.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 7:31 am 3 more arrests in Satyam caseThe CBI, investigating the Satyam financial fraud, arrested three employees including a top executive of the IT firm on Sunday night.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 6:44 am 3 more arrests in Satyam caseThe CBI, investigating the Satyam financial fraud, arrested three employees including a top executive of the IT firm last night, said CBI DIG V V Lakshmi Narayana.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 6:35 am Sensex climbs 306 pts to nearly 6-month high in early tradeThe Bombay Stock Exchange benchmark Sensex shot up by over 306 points to 10,654 points, the highest level in about six months, in early trade on Monday.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 5:47 am IBM, Sun Micro talks collapse over price: sourceNew York: IBM’s talks to acquire smaller computer and software rival Sun Microsystems Inc broke down on Sunday after Sun rejected IBM’s $7 billion offer, a source with knowledge of the matter said. The collapse of negotiations, if final, is likely to hurt Sun’s shares as a buyout was seen as a means of survival for the once-storied Silicon Valley company, which has been losing market share. A deal would also have helped IBM compete more effectively against rivals such as Hewlett-Packard Co. The source, who was not authorized to speak publicly about the matter, said Sun was unhappy with International Business Machines Corp’s offer of $9.40 per share or below, and that it was unclear if talks would resume. The bid represented a premium of up to 89% on Sun’s shares before deal talks were first reported last month. “Sun is now sort of damaged goods,” said Peter Falvey, a technology banker at Revolution Partners. “If IBM got under the covers and didn’t like what they saw, then what does that mean for other potential buyers?” An IBM spokesman declined to comment, while Sun officials did not return calls. Sources told Reuters last month that IBM was in exclusive talks to buy Sun and had proceeded to the due diligence stage. One source had said on Saturday that IBM lowered its offer price for Sun to $9.50 a share from $9.55 a share and that a deal may be announced this week. Sun shares had risen to $8.49 on Friday, from $4.97 on 17 March, a day before talks between the two technology companies were first reported. The Wall Street Journal had previously said IBM’s original bid was $10-$11 a share. Deal factored in The collapsed talks are expected to damage the smaller Sun more than IBM, the world’s largest technology services provider, which has fared relatively well despite the global economic slump thanks to its outsourcing business and its shift from hardware to higher-margin software sales. Kaufman Brothers analyst Shaw Wu said it was a mistake for Sun to reject the bid, citing the leap in Sun shares since reports of the deal talks. “The acquisition is already factored into the market’s thinking. To reject it over 50 cents a share, or whatever it may be, doesn’t seem like a very prudent move,” Wu said. Sun posted an 11% decline in quarterly revenue for its fiscal quarter ended 28 December, while gross margins shrank to 41.9 percent from 48.5% from a year earlier. The company rose to prominence selling high-end computer servers in the 1990s but never fully recovered from the dotcom bubble burst earlier this decade. Analysts also say it has failed to fully capitalize on its software assets including Solaris and Java. Some analysts have thought from the start that a deal between Sun and IBM could prove difficult, particularly due to the likelihood of intense antitrust scrutiny. The merger would give the combined company 65% of the $17 billion high-end Unix server market, according to market researcher IDC. Failed negotiations with IBM could mean that Sun will need to look for another buyer, and contend with a lower offer. But no bidder other than IBM has emerged in the months that Sun has been shopping itself. The Wall Street Journal reported that Sun had demanded assurances from IBM that it would proceed with the deal in the face of regulatory challenges, fearing IBM’s offer left too much room for it to walk away. Negotiation tactic? While a deal was widely seen as more crucial for Sun than for IBM, many analysts had also said it would help IBM if the company is able to cut costs and make better use of Sun’s assets. IBM shares have also risen 10% since the negotiations were first reported, helped by an upswing in the overall market. Tim Ghriskey, chief investment officer for Solaris Investment Management, which manages about $2 billion, said the latest developments could be part of negotiating tactics and that Sun is still likely to strike a deal at around $9.40 a share and that IBM was still the most likely buyer. “Like any acquisition candidate they are trying to force the highest bid possible,” Ghriskey said. “IBM doesn’t necessarily need these assets. But I think they could probably benefit from them at a reasonable price.” Buying Sun would hand IBM a clear lead at the high end of the $45 billion overall server market fought over with Hewlett-Packard. It would also broaden IBM’s software portfolio, add storage products that vie with EMC Corp and Network Appliance Inc. Analysts have said Sun’s software could also help IBM compete with Microsoft Corp, as well as Cisco Systems Inc, which some see as IBM’s biggest rival in the long term. Both Cisco and IBM have been expanding beyond their traditional products to new technologies like “cloud computing,” in which companies store data and computing power in remote data centers accessed over the Internet, rather than buy their own computer equipment. Source: World Business - Livemint.com | 6 Apr 2009 | 5:46 am IBM, Sun Micro talks collapse over price: sourceNew York: IBM’s talks to acquire smaller computer and software rival Sun Microsystems Inc broke down on Sunday after Sun rejected IBM’s $7 billion offer, a source with knowledge of the matter said. The collapse of negotiations, if final, is likely to hurt Sun’s shares as a buyout was seen as a means of survival for the once-storied Silicon Valley company, which has been losing market share. A deal would also have helped IBM compete more effectively against rivals such as Hewlett-Packard Co. The source, who was not authorized to speak publicly about the matter, said Sun was unhappy with International Business Machines Corp’s offer of $9.40 per share or below, and that it was unclear if talks would resume. The bid represented a premium of up to 89% on Sun’s shares before deal talks were first reported last month. “Sun is now sort of damaged goods,” said Peter Falvey, a technology banker at Revolution Partners. “If IBM got under the covers and didn’t like what they saw, then what does that mean for other potential buyers?” An IBM spokesman declined to comment, while Sun officials did not return calls. Sources told Reuters last month that IBM was in exclusive talks to buy Sun and had proceeded to the due diligence stage. One source had said on Saturday that IBM lowered its offer price for Sun to $9.50 a share from $9.55 a share and that a deal may be announced this week. Sun shares had risen to $8.49 on Friday, from $4.97 on 17 March, a day before talks between the two technology companies were first reported. The Wall Street Journal had previously said IBM’s original bid was $10-$11 a share. Deal factored in The collapsed talks are expected to damage the smaller Sun more than IBM, the world’s largest technology services provider, which has fared relatively well despite the global economic slump thanks to its outsourcing business and its shift from hardware to higher-margin software sales. Kaufman Brothers analyst Shaw Wu said it was a mistake for Sun to reject the bid, citing the leap in Sun shares since reports of the deal talks. “The acquisition is already factored into the market’s thinking. To reject it over 50 cents a share, or whatever it may be, doesn’t seem like a very prudent move,” Wu said. Sun posted an 11% decline in quarterly revenue for its fiscal quarter ended 28 December, while gross margins shrank to 41.9 percent from 48.5% from a year earlier. The company rose to prominence selling high-end computer servers in the 1990s but never fully recovered from the dotcom bubble burst earlier this decade. Analysts also say it has failed to fully capitalize on its software assets including Solaris and Java. Some analysts have thought from the start that a deal between Sun and IBM could prove difficult, particularly due to the likelihood of intense antitrust scrutiny. The merger would give the combined company 65% of the $17 billion high-end Unix server market, according to market researcher IDC. Failed negotiations with IBM could mean that Sun will need to look for another buyer, and contend with a lower offer. But no bidder other than IBM has emerged in the months that Sun has been shopping itself. The Wall Street Journal reported that Sun had demanded assurances from IBM that it would proceed with the deal in the face of regulatory challenges, fearing IBM’s offer left too much room for it to walk away. Negotiation tactic? While a deal was widely seen as more crucial for Sun than for IBM, many analysts had also said it would help IBM if the company is able to cut costs and make better use of Sun’s assets. IBM shares have also risen 10% since the negotiations were first reported, helped by an upswing in the overall market. Tim Ghriskey, chief investment officer for Solaris Investment Management, which manages about $2 billion, said the latest developments could be part of negotiating tactics and that Sun is still likely to strike a deal at around $9.40 a share and that IBM was still the most likely buyer. “Like any acquisition candidate they are trying to force the highest bid possible,” Ghriskey said. “IBM doesn’t necessarily need these assets. But I think they could probably benefit from them at a reasonable price.” Buying Sun would hand IBM a clear lead at the high end of the $45 billion overall server market fought over with Hewlett-Packard. It would also broaden IBM’s software portfolio, add storage products that vie with EMC Corp and Network Appliance Inc. Analysts have said Sun’s software could also help IBM compete with Microsoft Corp, as well as Cisco Systems Inc, which some see as IBM’s biggest rival in the long term. Both Cisco and IBM have been expanding beyond their traditional products to new technologies like “cloud computing,” in which companies store data and computing power in remote data centers accessed over the Internet, rather than buy their own computer equipment. Source: Home - Livemint.com | 6 Apr 2009 | 5:46 am Recession will not melt ice cream salesEven as various industries are wilting under the heat of recession, the ice cream industry is firming up for higher growth this summer.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 5:31 am High prices drive down gold imports to 0 in stateHigh gold prices have affected demand for the yellow metal so adversely that no gold was imported in the state of Gujrat in March this year.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 5:30 am Rupee appreciates 41 paise against dollarThe Indian rupee appreciated by another 41 paise to almost one-month high of 49.93 against the US currency in early trade today.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 4:33 am Markets soar on opening, Sensex up 2.7 percentIndian equities markets opened in the green Monday, with a key index trading about 2.75 percent higher than its last closing figure.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 4:31 am Slowdown hits NRI groom market, demand dives by 20 percentA well-settled non-resident Indian groom is what many Indian parents aspire for their daughter. But now the demand for NRI grooms has fallen by almost 20 percent and, with the economic slump hitting the private sector badly, people are once again looking out for 'stable' government employees.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 3:30 am GSPC strikes more gas in KG basinState-owned oil and gas company Gujarat State Petroleum Corporation (GSPC) has made a major gas discovery outside its offshore Deendayal block in hydrocarbon-rich Krishna-Godavari basin.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 12:26 am Suspected money laundering made record in 2008: Swiss govt!Switzerland, on the `grey list` of tax havens, saw a surge in suspected activities related to money laundering in 2008, with assets worth an all-time high USD 1.65 billion involved in them.Source: Zee News : Business | 6 Apr 2009 | 12:06 am `Strategies chalked out at G20 not enough`!Strategies chalked out by G-20 countries won`t be enough to tackle the recession, S P Hinduja said.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Rising fiscal deficit not a cause of worry: Virmani!Rising fiscal deficit following the stimulus packages provided by the government to boost economy is not a cause of worry, said Chief Economic Advisor in the Department of Economic Affairs Arvind Virmani.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Indian ADRs gain nearly USD 8 bn in one week!Indian companies trading on the American bourses witnessed their market capitalisation jumping by about USD 8 billion during the week ended April 3, amid strong global cues.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Satyam seeks CLB nod to publish Q3 results!Satyam Computer, in the process of restating accounts following the admission of fraud by its disgraced promoter B Ramanlinga Raju, has sought the Company Law Board`s approval to publish its third-quarter results.Source: Zee News : Business | 6 Apr 2009 | 12:06 am RIL-RPL merger: RIL shareholders vote result tomorrow!The result of the voting to consider the Reliance Industries-Reliance Petroleum merger will be announced on Sunday, a Reliance spokesperson said.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Disney eliminates 1,900 jobs at its theme parks: Report!The ripple effect of recession has cast its shadow on the theme park and resort business of Walt Disney as the company has eliminated about 1,900 jobs, according to a media report.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Rajus `masterminds` in Satyam fraud: ex-CFO!Satyam Computer`s former CFO Vadlamani Srinivas said the apex accounting body ICAI that the IT company`s founder chairman Ramalinga Raju and his brother Rama Raju were the "masterminds" behind the Satyam fraud.Source: Zee News : Business | 6 Apr 2009 | 12:06 am IMF sitting on gold reserves of USD 95 billion!The International Monetary Fund, which has been authorised by the G-20 leaders to sell gold to assist poor countries, is sitting on reserves of the yellow metal of 3,217 tonnes, valued at USD 95 billion (about Rs 4.8 lakh crore).Source: Zee News : Business | 6 Apr 2009 | 12:06 am TCS, RIL paid thousands of dollars to Obama`s aide: Report!India`s top-most corporate entity Reliance Industries and Tata group firm TCS are among firms which paid thousands of dollars to US President Barack Obama`s top economic adviser Lawrence Summers.Source: Zee News : Business | 6 Apr 2009 | 12:06 am Tide may be turning for commodities; metals vulnerableThe worst may not be over for the world drowning in the deep sorrow of financial crisis, market meltdown and economic recession; but the overall economic sentiment is seen turning positive following a series of actions by various governments inSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Sintex Industries (Rs 115.25): BuyWe recommend a buy on Sintex Industries from a short-term trading perspective. It is apparent from the charts of Sintex Industries that in early January 2009 it encountered resistance at Rs 210. The stock began to tumble from this resistanceSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level isSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Yields retreat on high liquidity, weak credit offtakeBangalore, April 5 Bond yields eased slightly backed by high liquidity and weak credit offtake.Source: Business Line - Home Page | 6 Apr 2009 | 12:00 am Rates of 7 farm products rule below support priceChennai, April 5 At least seven agricultural commodities’ prices are ruling below the minimum support price (MSP) fixed for them by the Centre for the current crop year ending June. A few other commodities such as nigerseed seem to haveSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Now, download a movie in 30 minutesNew Delhi, April 5 Finally, telecom consumers in India can experience broadband in the true sense, withconnections which offer speeds of 16 Mega Bits Per Second (Mbps) — that’s twice that of the current highest speeds available forSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Cotton exports look up on currency movement, duty sopsMumbai, April 5 The five per cent duty incentive and rupee depreciation against the dollar seem to have revived cotton exports in the last threeSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Dalal Street could sustain northward momentumMarket may turn further northwards this week, if money inflow gets stronger. Domestic funds flow to Dalal Street has been increasing in the last three weeks. According to market intelligence, this flow is broadly speculative and short term.Source: Business Line - Home Page | 6 Apr 2009 | 12:00 am Gold futures may consolidateGold futures, ended lower, as risk aversion receded on the back of the G-20 leaders summit. Also, a less-grim-than-feared March jobs report sustained optimism over a global economic recovery, which has curbed demand for safe assets.Source: Business Line - Home Page | 6 Apr 2009 | 12:00 am Ratnagiri Gas may ink pact with RIL soonNew Delhi, April 5 Ratnagiri Gas & Power Pvt Ltd (RGPPL), the erstwhile Dabhol project, expects to firm up gas sales and purchase agreement (GSPA) with Reliance Industries LtdSource: Business Line - Home Page | 6 Apr 2009 | 12:00 am Dan Wieden: Irreverent and hilariousDan Wieden, co-founder and CEO of Wieden+Kennedy, proved to be the biggest hit at the 2009 edition of Goafest.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:29 pm Upthrust in base metals may continueThis week is likely to witness an extension in the upthrust on base metals as hopes of an economic recovery will be dominant drivers.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:25 pm Elusive gold, searing sun and the big RBeer, sun and the spectre of recession marked the fourth edition of Goafest on the Cavelossim beach in south Goa.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:21 pm Q4 profits presaged 15-20% lowerFor starters, a decline in revenues and, in many cases, profit, said analysts.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:19 pm Auto firms embark on innovation driveThe ongoing global recession is prompting automobile companies to look for innovative ways to manage costs.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:17 pm L&T, Wilbur Ross may jointly bid for SatyamPrivate equity investor Wilbur Ross and infrastructure major Larsen & Toubro may jointly bid for a controlling stake in Satyam.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:14 pm Little hope for exports in 2009-10India's exports are likely to continue to head south in 2009-10 due to demand contraction in developed markets such as the US and the EU, Ficci has said.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 8:44 pm Teach India gets ad awardTOI's 'Teach India' campaign received the only Grand Prix at the creative Abby Awards at Goafest 2009.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 8:04 pm TDSATs dual-tech order may hit spectrum allocation processThe TDSAT judgment on dual technology and related issues has serious implications on spectrum availability, its pricing and future allocation process.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 7:23 pm Promoters to sell 24% in Wockhardt HospitalsWockhardt will divest a 24 per cent stake in its unlisted subsidiary, Wockhardt Hospitals.Source: Business Standard | Front Page Headlines | 5 Apr 2009 | 7:01 pm Reliance, TCS on Larry Summers' disclosure reportTwo Indian companies Reliance Industries (RIL) and Tata Consultancy Services (TCS) figure in the financial disclosure report submitted by Lawrence Summers, director of President Barack Obamas National Economic Council.Source: Business Standard | Front Page Headlines | 5 Apr 2009 | 6:59 pm Tata Motors postpones fund-raising, seeks $2 billion refinancingTata Motors, Indias largest commercial vehicle maker, has postponed plans for an overseas equity issue and sale of investments to repay the $3 billion bridge loan it took in June last year to acquire the Jaguar and Land Rover (JLR) brands from Ford.Source: Business Standard | Front Page Headlines | 5 Apr 2009 | 6:58 pm Sub-BPLR loans make a comebackLoans at a discount to the benchmark prime lending rates (BPLR) of banks are back with a majority of the fresh loans being disbursed at sub-PLR rates.Source: Business Standard | Front Page Headlines | 5 Apr 2009 | 6:57 pm Blue-chips to face huge cash shortfall in new fiscalReliance, Idea Cellular, Tata Motors, Bharti Airtel, JSW Steel, Jaiprakash Associates, ONGC, NTPC and Power Grid Corp are expected to face the greatest cash shortfall in 2009.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 6:51 pm RIL, TCS on list of firms that paid SummersReliance Industries and TCS figure in the list of companies that paid money to former US treasury secretary Lawrence (Larry) Summers.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 6:48 pm BrahMos to go in for hypersonic versions of missilesTiruchirapalli: BrahMos Aerospace, the Indo-Russian joint venture, has embarked on initiatives to go in for hypersonic versions of missiles, a top official of the company said. “Having successfully inducted supersonic versions, which can travel at 2.8 Mach (2.8 times the speed of sound), plans are on to go in for hypersonic versions, which can touch Mach 5 or 7,” chief executive officer and MD of the company, Dr.A. Sivathanu Pillai, said. He said that fuel for these versions would be a combination of aviation kerosene and atmospheric air,mixed at a proportionate volume. “The resultant propulsion thrust could be so heavy that a missile could be projected at terrific speed,” he said. Pillai said that lab tests had already commenced and that modules for these versions would be ready by 2010. The test missiles would be flown over rocket motors injected into space. “After the successful ‘Block II test´ last week, the company and Defence Research and Development Organisation (DRDO) had fulfilled all parameters prescribed by Army and was poised to go in for mass production for inducting these into the Army. As Naval ships are all equipped with BrahMos missiles, the next focus would be to address the needs of the Indian Air Force (IAF),” he said. He hoped the final induction of the air version of BrahMos missile to IAF would take place before the end of 2012. Source: Tech News - Livemint.com | 5 Apr 2009 | 6:35 pm GM CEO Henderson: bankruptcy not inevitableWASHINGTON (Reuters) - Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday, who is under White House orders to win more concessions from bondholders and unionized workers.Source: Reuters: Money News | 5 Apr 2009 | 5:51 pm
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