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See sugar prices at Rs 25/kg by June: Balrampur ChiniVivek Saraogi, Managing Director of Balrampur Chini, expects sugar prices to remain firm in the near term. He sees prices of the commodity to hover around Rs 2425 per kg by MayJune. \"Industry volumes may go up to 18 million tonne by next year. Production estimates have almost scaled down to 14.2 million tonne.\"Source: Moneycontrol Top Headlines | 8 Apr 2009 | 4:15 pm Steel demand to pick up from Oct onwards: Monnet IspatSandeep Jajodia, Executive Vice Chairman and Managing Director, Monnet Ispat, said steel demand will pick up from October onwards. \"Steel demand from the infrastructure sector is holding up, leading to the sector performing well.\"Source: Moneycontrol Top Headlines | 8 Apr 2009 | 2:54 pm OECD takes last four states off tax haven list!The OECD on Tuesday removed Costa Rica, Malaysia, the Philippines and Uruguay from its list of hard-line uncooperative tax havens after they bowed to pressure and vowed to open up their books.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm Fed`s Fisher says US economy grim!The US economy is grim, and the Federal Reserve is "duty bound to apply every tool" to clean up the financial system and clear a path for a return to sustainable growth, Richard Fisher, president of the Dallas Fed, said Wednesday.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm Satyam`s Raju faces life term if convicted!Satyam`s founder chairman B Ramalinga Raju, who was chargesheeted by CBI in the accounting fraud case involving thousands of crores of rupees, may face life imprisonment if convicted under Section 467 of the IPC.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm Sensex plunges on opening, down 322 pts!A four-session winning streak was broken as the Bombay Stock Exchange benchmark Sensex on Wednesday fell sharply by over 362 points in early trade on emergence of selling by funds.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm US think tank wants H1B cap raised to 195,000!Debunking the myth that H-1B visas steal American jobs, a US think tank has asked the Congress to instead raise the cap on them to promote economic growth and generate much needed tax revenue.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm UN to hold meeting on economic crisis in June!The United Nations will convene a three-day high level meeting, beginning June 1, to take stock of the effect of economic downturn on development and the steps needed to ensure that the poor get a fair deal.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm Oil prices dive in Asian trade!Oil prices fell in Asian trade on Wednesday after concerns over weak corporate earnings sent global stock markets tumbling, analysts said.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm GM in "intense" preparations for bankruptcy: Source!General Motors Corp is in "intense" and "earnest" preparations for a possible bankruptcy filing, a source familiar with the company`s plans told agencies on Tuesday.Source: Zee News : Business | 8 Apr 2009 | 12:11 pm Nokia Siemens looking to buy parts of Nortel: reportNew York: Nokia Siemens Networks has offered to acquire parts of Canada-based Nortel Networks Corp, which will help in increasing its presence in the American market, says a media report. “Nokia Siemens Networks, seeking a bigger foothold in the US market, has offered to buy large pieces of Nortel Networks Corp, including much of its profitable carrier networks unit and a research unit developing a next-generation wireless technology,” The Wall Street Journal has reported quoting people familiar with the matter. Both Nokia Siemens and Nortel are telecommunication solutions provider. The report published online said Nortel, whose bankruptcy adviser is Lazard Freres & Co, is moving quickly to sell its major assets while under protection from creditors. However, last month, the firm said it was “in the process of stabilising our business to maximise the chances of preserving all or a portion of the enterprise and evaluating our various operations to determine how to narrow our strategic focus in an effective and timely manner,” it added. Nokia Siemens is a joint venture between Nokia Corp and Siemens AG. “...it(Nokia Siemens) made an unsolicited offer last month for large parts of Nortel’s carrier networks group, including the CDMA group that produced most of Nortel’s operating profit before the company entered bankruptcy-law proceedings in January. “Its bid includes an early voice technology known as TDM and Nortel’s market-leading business in the voice-over -Internet technology called VoIP,” the WSJ said quoting people familiar with the matter. Nokia Siemens also wants a Nortel R&D unit focused on the LTE wireless technology being rolled out in coming years by the world’s largest carriers, including Vodafone Group PLC and Verizon Wireless, it added. Attributing to a person familiar with the matter, the daily said, “the deal would involve the transfer of more than 200 employees from Nortel”. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 11:48 am GM readies for bankruptcy; Germany boosts car aidFRANKFURT/DETROIT (Reuters) - GM edged closer to preparations for possible bankruptcy on Wednesday, a source familiar with the company's plans said, while Germany extended its subsidy for scrapping old cars.Source: Reuters: Money News | 8 Apr 2009 | 11:45 am BHEL eyes Rs 50,000cr worth orders in FY10Bharat Heavy Electricals Ltd (BHEL) has been a standout performer in the infrastructure stock space. K Ravi Kumar, CMD of said, \"This year we closed with an order book of Rs 120,000 crore and we expect to get orders worth Rs 50,000 crore in FY10.\"Source: Moneycontrol Top Headlines | 8 Apr 2009 | 11:38 am India Car Sales Lose Steam But Exports Surge - Wall Street Journal
Source: Google News India - Business | 8 Apr 2009 | 11:35 am Sensex dusts off early sharp losses, ends up by 207 ptsIn a remarkable turnaround from the early steep fall, the benchmark Sensex bounced back and completed its five-day winning streak with a gain of a whopping 207.47 points to close at nearly a six-month high of 10,742.34, despite sluggish overseas markets.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 11:32 am Mahindra launches its 'Mom and Me' store in Delhi - Economic Times
Source: Google News India - Business | 8 Apr 2009 | 11:29 am Tata Nano booking starts from tomorrow - Business Standard
Source: Google News India - Business | 8 Apr 2009 | 11:27 am NTPC to add 29% off total capacity planned in 11th Plan - Moneycontrol.com
Source: Google News India - Business | 8 Apr 2009 | 11:27 am Nifty ends above 3300; oil & gas, infra, FMCG, sugar surge - Moneycontrol.com
Source: Google News India - Business | 8 Apr 2009 | 11:27 am Advani files nomination for GandhinagarGandhinagar: Bharatiya Janata Party’s prime ministerial candidate L.K. Advani on Wednesday filed his nomination seeking re-election from Gandhinagar Lok Sabha seat. The 81-year-old leader is seeking re-election from the seat for the fifth time. “I have filed my nomination for the fifth time in Gandhinagar constituency. People of this constituency have voted for me in the past and I am happy that I am the party candidate for the fifth time,” the saffron leader said after filing the nominations papers. Advani, who was accompanied by Gujarat chief minister Narendra Modi, said, “We have provided good governance and worked for the development and welfare of the people of the country whenever we came to power.” Before filing his nomination, Advani offered prayers at the residence of state unit party president Purshottam Rupala where he was accompanied by his wife and daughter. Gujarat will go to the polls on 30 April. The BJP leader first contested the elections to the seat in 1991 when he defeated G.I. Patel of Congress by 1.3 lakh votes. Though Advani did not contest the elections in 1996 on the grounds that he was booked in the Babri demolition case, former prime minister A.B. Vajpayee contested from the seat besides Lucknow and won. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 11:27 am Markets recover losses to end 200 pts upNew Delhi: Markets recovered smartly from its initial losses to end the day 1.97% up as strong buying emerged during final trading hours. Recovery in European markets also contributed to positive sentiments. The Bombay Stock Exchange benchmark Sensex tumbled during early trading losing more than 3% tracking lower stocks across overseas markets. Markets opened significantly lower on the back loss in Wall Street and weak Asia. US stock markets on Tuesday ended low on concerns over company earnings and banking. But trimming their losses the 30-share Sensex recovered from day’s low to end positive up for the fifth consecutive session. Sensex closed higher by 207.47 points at 10,742.34 and 50-share NSE Nifty ended up by 86.35 points at 3,342.95. Buying was witnessed across all sectors with realty leading, followed by consumer durables, FMCG, PSU, oil and gas, pharma and capital goods. However, Bank stocks continued trading in red. Among the gainers from the BSE pack, Jaiprakash Associates led by 8.71% to Rs106.05, NTPC Ltd by 6.70 % to Rs196.75, Tata Motors by 6.29% to Rs222.30, HUL by 6.06% to Rs240.80, ITC Ltd by to 5.15% Rs189.80, Larsen and Toubro by 4.71% to Rs806.60 and Wipro Ltd by 4.69% toRs 282.10. Among the losers there was Mahindra and Mahindra by 3.54% to Rs449.30, along with Hindalco by 2.92% to Rs58.20, Reliance Communications by 2.18% to Rs213.35, HDFC Bank by 1.61% to Rs1,045.85, Bhel by 1% to Rs1,516.60 and Sterlite Industries by 0.52% to Rs383.75. In the global front, Asian markets ended lower on earning worries after a dismal performance in Wall Street. Hang Seng ended 2.04% down and Nikkei closed lower by 2.69%. Source: Home - Livemint.com | 8 Apr 2009 | 11:23 am Sanjay Gupta appointed STAR India COO - Economic Times
Source: Google News India - Business | 8 Apr 2009 | 11:20 am Toyota to launch Fortuner by September - Hindu
Source: Google News India - Business | 8 Apr 2009 | 11:20 am India mulling steps to protect expatriates from meltdown: Ansari - All India Radio
Source: Google News India - Business | 8 Apr 2009 | 11:19 am RockeTalk collaborates with Indiatimes for mobile contentIn a giant leap in the field of mobile social networking in terms of reaching out to the user and targeting the emerging user-oriented market, RockeTalk has tied up exclusively with Indiatimes.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 11:13 am No room for interest rates to soften soon, says IBA chiefMumbai: There is not much room for lending rates to come down immediately as banks’ cost of funds is still high but lower rates are in the interest of lenders themselves, the chairman of the Indian Banks’ Association said. “It is in our own interest to bring down our lending rates so that our asset portfolios do not get impaired. We are making every endeavour to see that cost of funds are bought down,” IBA chairman TS Narayanasami told reporters on Wednesday. He spoke to the media after a meeting with the Reserve Bank of India chief Duvvuri Subbarao and other central bank officials, ahead of the bank’s annual policy review on 21 April. “We will see more banks dropping deposit rates in the next fortnight to recover their costs so that they can pass on the transmission of interest rates,” Narayanasami who is also the chairman and managing director of Bank of India said. The central bank has been managing the government’s borrowing programme very efficiently, he added. “There is no cause for the debt market to firm up at this level. It should soften and I think the way the RBI is responding, it should soften a bit,” Narayanasami said. Source: Home - Livemint.com | 8 Apr 2009 | 11:07 am Mahindra Retail to invest upto 1 bln rupees in FY10New Delhi (Reuters) - Mahindra Retail, owned by the Mahindra Group, plans to invest up to 1 billion rupees during the financial year ending March 2010 to open stores for mother and child products, a company official said on Wednesday.Source: Reuters: Money News | 8 Apr 2009 | 11:06 am No room for interest rates to soften soon - IBA chiefMUMBAI (Reuters) - There is not much room for lending rates to come down immediately as banks' cost of funds is still high but lower rates are in the interest of lenders themselves, the chairman of the Indian Banks' Association said.Source: Reuters: Money News | 8 Apr 2009 | 11:04 am Markets close in the green, Sensex up 2 percentIndian equities markets stood up against falling global bourses Wednesday as a key index shut shop almost 2 percent higher than its previous close Monday.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 11:02 am Nikon launches eight new camerasPhotographic equipment manufacturer Nikon Wednesday launched eight new models of its flagship Coolpix brand of digital cameras, priced in the range of Rs.7,450-Rs.25,950.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 11:01 am SatNav launches voice-based navigation serviceGPS service provider SatNav Technologies Wednesday launched the country's first voice-based navigation direction service, SatGuide LCU.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 11:00 am NTPC envisages 3,300 MW capacity addition this fiscalState-owned power generation major NTPC will generate an additional 3,300 MW in 2009-10, but only about 2,000 MW of this will be available for commercial use this fiscal, a top official said here Wednesday.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 11:00 am Japan eyes stimulus; earnings, trade flows worryTOKYO/BERLIN (Reuters) - Japan prepared to unveil details of a $150 billion plan to boost its economy on Wednesday, but weak corporate earnings and trade flows raised fresh doubts about governments' ability to revive growth.Source: Reuters: Money News | 8 Apr 2009 | 10:58 am US approves plan to acquire new spy satellitesWashington: The United States on Wednesday approved plans to acquire new generation electro-optical spy satellites to plug gaps in its coverage of strategic areas around the globe. Under the new plans, unveiled to upgrade its aging satellite-imagery architecture, also envisages buying more satellite-imagery from commercial providers. Announcing the plans, director of National Intelligence Dennis C Blair, said: “Imagery is a core component of our national security that supports our troops, foreign policy, homeland security and the needs of our Intelligence Community.” The new proposal, now to be sent to the Congress, is an integrated, sustainable approach based on cost, feasibility and timeliness that meets the needs of the US and puts in place a system to ensure that the country will not have imagery gaps in the future, he said. The decisions taken jointly by the director of National Intelligence and the Department of Defence, was based on the results of multiple government studies over the past several years, and on the findings and recommendations of an independent panel of former defense and intelligence experts convened by Blair to assess the US government’s review. The new policy has three key features. First, the government-owned satellites would be developed, built and operated by the National Reconnaissance Office. Secondly, the Department of Defence and Intelligence Community would increase the use of imagery available through US commercial providers. This additional capability would provide the government with more flexibility to respond to unforeseen challenges. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 10:48 am India's 09/10 car sales seen up 3-5 pct - industryNEW DELHI (Reuters) - Indian passenger vehicle sales are expected to rise by up to 5 percent in the year to next March, while sales of trucks and buses, a tracker of economic activity, are seen increasing 7-10 percent after slumping more than a fifth last year, an industry body said on Wednesday.Source: Reuters: Money News | 8 Apr 2009 | 10:47 am Co to benefit if board approves AS11 changes: RoltaKK Singh, CMD, Rolta India said the company will consider the reversal of forex losses in its April 21 board meet. He added the company had taken a hit of Rs 150200 crore in the last few quarters due to FCCBs and that it will benefit if the board approves the AS11 changes.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 10:42 am Pakistan seeks additional $30 bn aid from USWashington: As if a $7.5 billion civilian aid and $3 billion military assistance is not enough, Pakistan’s envoy to the US Husain Haqqani has sought $30 billion under Marshall Plan to fight Al-Qaeda and the Taliban. In an interaction with the editors and reporters of The Washington Times, Haqqani argued this $30 billion is far less than the current stimulus packages being doled out to banks and other US companies. “Despite the economic issues that the world is facing, the cost of a Marshall Plan for Afghanistan and Pakistan is going to be minuscule (compared) to the bailouts being given to American car companies and AIG (American International Group),” Haqqani was quoted as saying by the newspaper. “And the impact in terms of American security and in terms of the longer term stability of the world in a very precarious region will be far greater. Pakistan has the will to fight terrorists, it needs the means and the United States should provide those,” he said. While the Kerry-Lugar bill has proposed tripling of the non-civilian aid to Pakistan to $1.5 billion a year, he said Pakistan needs $5 billion a year for the next five years from the US and its allies to build local law enforcement of about 100,000 men, strengthen counterinsurgency against the Taliban and Al-Qaeda and persuade average citizen that the US-led war on extremism is Pakistan’s war and essential for the country’s survival. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 10:24 am Company Review: Areva T and DAreva T&D India is the subsidiary of the France-based Areva Group, which is a world-wide leader in the nuclear power business and the third largest player in the global Transmission & Distribution (T&D) space. The Indian subsidiary has been gradually gaining market share over the last few years and has now edged past ABB to achieve the Number 1 position in the Indian T&D market in 2008. However, in the current challenging scenario, several headwinds emerging due to the unfavourable macro-economic environment are taking its toll on the entire capital goods sector. Areva T&D too, with around 35-40% private sector orders cannot remain completely immune from the slowdown. In terms of end customer classification as well, the mix for the company stands at 50:50 for utility and industrial. Again, the industrial clients are expected to be hit the hardest in wake of the ongoing slowdown. In the present macro environment, though the power sector capex is relatively resilient with majority of projects being envisaged by the Central and State sector utilities, major worry for the T&D Sector is delays in the generation capacity addition. The execution rate even for the current Plan period is pretty dismal with around 54% of projects already running behind schedule. At Rs214, the stock is quoting at 19.2x and 15.7x CY2009E and CY2010E EPS respectively, which we believe is expensive. Against this backdrop, we initiate coverage on the stock, with a REDUCE rating and target price of Rs177. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 10:21 am BSE Sensex provisionally closes up 2.13 pctMUMBAI (Reuters) – The BSE Sensex provisionally rose 2.13 percent on Wednesday as underlying positive momentum and intra-day short-covering erased losses of more than 3 percent earlier in the day.Source: Reuters: Money News | 8 Apr 2009 | 10:17 am Religare, Milestone launch healthcare, education fund - Economic Times
Source: Google News India - Business | 8 Apr 2009 | 10:15 am Sensex may regain 21K mark: ReportThe Indian stock market has been termed as a potential "baby bull" as the Sensex may continue to advance over next 15 years, a report says.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 10:14 am Rail traffic disrupted in Punjab over Tytler issueChandigarh: Members of a conglomerate of radical Sikh organisations blocked rail traffic in several places in Punjab on Wednesday to protest against CBI’s clean chit to Jagdish Tytler in a 1984 anti-Sikh riots case. The activists of Sant Samaj, which includes organisations like Damdami Taksal and Dal Khalsa, squatted on rail line at Gyaspura village near Ludhiana, Beas and Dakoya in Jalandhar, official sources said here. According to the Punjab Government Railway Police (GRP), the blockade will last for four hours between 11 am to 3 pm and most of the trains pass through the state either in the morning or in the evening. “Most of the trains will not be affected by the blockade,” a GRP official said, adding that some of the passenger trains had been stopped at railway stations as a precautionary measure. The trains that have been affected due to the blockade, include Amritsar-Delhi Shatabdi express, Malwa express and Paschim express, the GRP said. Sant Samaj convener Baba Harnam Singh Dhuma said the protest was successful and peaceful. The clean chit to Tytler has generated much heat in the already charged up political season as the Punjab Congress is on defensive while the ruling Shiromani Akali Dal (SAD) has left no stone unturned to make it an election issue. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 10:10 am Oil sinks below $48 as US supply swellsSingapore: More US data showing swollen crude stocks pushed oil below $48 a barrel on Wednesday, and analysts said there was little sign demand would soon rise to soak up the excess. Crude oil storage in the world’s biggest energy consumer the United States rose by 6.9 million barrels last week, the American Petroleum Institute (API) said late on Tuesday, far above analyst forecasts of a 2.1-million-barrel build. Third-biggest energy consumer Japan’s crude inventories also rose, touching their highest level in over a month as the country’s worst recession since World War II eats into demand for oil products. US light crude for May delivery fell $1.70 a barrel to $47.45 by 3:30pm London Brent crude fell $1.21 to $50.01. “All told, total crude inventories in the US as of Friday, 27 March ballooned to a record 1.07 billion barrels. That equates to approximately 118 days of import cover,” oil analysts at the Schork Group wrote in the Schork Report. “You still can’t swing a cat without hitting a barrel of crude oil in the United States,” Schork Group analysts wrote. The Energy Information Administration - whose data is generally seen as more comprehensive - will release its weekly report later today, and the market will watch for more signs of rising stocks. A Reuters poll forecast an average build of 1.9 million barrels for crude stocks, already at their highest since July 1993. Corporate Losses Britain’s top share index fell 0.6% early on Wednesday, led lower by banks and commodity stocks on concerns over corporate earnings. Heavyweight oil producers BP, Royal Dutch Shell, BG Group and Cairn Energy were down 0.4 to 1.1%. Aluminum producer Alcoa Inc, the first company to report its quarterly results after Wall Street closed, showed a second consecutive quarterly loss as metal prices and the autos industry slumped. Adding further pressure on oil, the US dollar rose as investors see the greenback as a safer haven at times of market stress, making US dollar-denominated commodities more expensive for overseas investors. Opec, which has agreed cuts amounting to 4.2 million barrel per day (bpd) since September, is resigning itself to lower prices this year. Opec can live with oil prices of $50-$60 for the rest of 2009, a source close its Angolan presidency said on Tuesday, as many members have lowered their price expectations with the focus on rebuilding a damaged global economy. Source: Home - Livemint.com | 8 Apr 2009 | 10:07 am Indian sugar futures hit new highs on low output - Reuters India
Source: Google News India - Business | 8 Apr 2009 | 10:04 am Toyota to launch Fortuner by SeptemberUnperturbed by the financial crisis and a slump in sales, Japanese auto major Toyota Motor Wednesday announced that it will launch its high end sport utility vehicle (SUV) Fortuner in India by September this year.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 10:01 am ALCOA reports loss of 59 cents/share in Q1CY09ALCOA has declared its Q1CY09 results. The company reported a loss of 59 cents a share versus a profit of 44 cents a share on YoY basis.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 9:56 am Toyota to launch Fortuner in India by SeptemberNew Delhi: The world’s largest carmaker, Toyota, on Wednesday said it will bring its sports utility vehicle Fortuner in India by September this year, expected to be priced at about Rs20 lakh. The company, which is present in India through a joint venture with the Kirloskar Group, would launch the SUV with a three-litre advanced common-rail diesel engine. “The Fortuner is an important addition to our product line-up in India and we are currently in the process of finalising details for the launch,” Toyota Kirloskar Motor (TKM) deputy managing director Sandeep Singh said in a statement. Taking into account the variations in exchange rates, the company is still working out on the price details of the SUV, but “expect it to be around Rs20 lakh”, he added. Fortuner would be brought into the country as a knocked down unit and would be assembled at TKM’s Bidadi plant. TKM is currently constructing its second manufacturing facility in Bangalore at an investment of Rs3,200 crore to launch a “strategic” small car in India by 2011. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 9:53 am Gold demand ebbs as prices recoverMumbai: India’s gold demand ebbed on Wednesday on rising prices, a reversal from the healthy offtake seen last week, traders said. “There was demand last week but nothing as of now... as prices have jumped,” said Haresh Acharya, head of bullion desk, Parker Agrochem in Ahmedabad. The benchmark June gold contract extended gains for second day and last traded 0.78% higher at Rs14,408 per 10 grams at 2:25pm, after hitting a high of Rs14,465 earlier. Gold prices rose as the slump in equity markets renewed concerns of the economic slowdown, leading to an increase in demand for safe haven investment. “Even a weak rupee is affecting demand,” said Satish Bansal, director with MD Overseas Ltd. A weak rupee makes the dollar-quoted gold expensive. The Indian rupee fell more than 1% on fears that foreigners may withdraw funds as local stocks fell sharply, with sentiment also weakened by broad gains in the dollar versus other currencies. Traders said any price correction could revive demand again due to festivals and weddings later in the month. “At $850 (an ounce) we should see some demand,” said Bansal. Weddings will start from mid-April and Akshaya Tritiya, which falls on 27 April, is the second biggest gold-buying festival after Dhanteras. Source: Home - Livemint.com | 8 Apr 2009 | 9:44 am Auto sales stay positive in FY’09, courtesy stimulus packageNew Delhi: The Indian auto industry, which was heading towards negative growth territory, managed to stay in the positive zone in the fiscal ended 31 March, thanks to the government’s stimulus packages, recording a 0.71% increase in total vehicle sales. With a late surge in the last quarter of the fiscal, total vehicle sales in the country stood at 97,23,391 units compared with 96,54,435 units in the last financial year, according to the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday. “Had it not been for the stimulus packages, passenger vehicle sales would have been down 3% or no growth, while commercial vehicles would have had a decline of 30-40%,” SIAM director general Dilip Chenoy said. The two-wheeler segment would also have registered a decline of 3% or zero growth, he said, while forecasting a single digit growth for the three major segments in the ongoing fiscal. In the financial year 2008-09, the domestic passenger car sales rose by 1.31% to 12,19,473 units from 12,03,733 units in the April-March period of the earlier fiscal. Motorcycle sales in the country during the year was up by 1.16% at 58,35,145 units against 57,68,342 units in 2007-08, while total two-wheeler sales in FY’09 also increased by 2.60% at 74,37,670 units compared to 72,49,278 units in FY’08. The sale of commercial vehicle in 2008-09, however, decreased by 21.69% to 3,84,122 units from 4,90,494 units for the previous fiscal, SIAM said. In December 2008 and January this year, the government had cut CENVAT by 4% and lowered excise duty to 8% from 10%, while encouraging states to buy modern buses under the JNNURM scheme, that boosted the auto sector. In March, total passenger car sales in the domestic market increased marginally to 1,29,358 from 1,28,098 units in the same month last year. While, motorcycle sales during the month was up by 2.98% at 5,22,000 units against 5,06,884 units in the corresponding period a year ago. Total two-wheeler sales in March also jumped by 3.65% at 6,54,017 units compared to 6,30,976 units in the same month last year. Commercial vehicle sales during the month, however, dipped by 26.22% to 41,881 units from 56,768 units for the year-ago period, SIAM said. The total sales of all vehicles in March rose by 1.09% at 8,93,934 units against 8,84,313 units in the same month last year. Stating that financing issues such as liquidity, loan recovery and vehicle repossession and the uncertainty of the economic environment remained major challenges, Chenoy said various segments of the auto industry were expected to witness single digit growths at best. As per SIAM estimates, passenger vehicles are expected to record a sales growth of 3-5% in FY09-10, commercial vehicles at 7-10% (over a low base of the previous fiscal), two-wheelers at 0-5% and three-wheelers at 5-8%. According to SIAM in the fiscal 2009-10, passenger vehicles are expected to have a sales of 18.9 lakh to 19.2 lakh units. Commercial vehicles have been forecast to clock a sales of 5.2-5.4 lakh units, while two-wheelers sales have been pegged at 83.4-87.6 lakh units. “These are all subject to the continuation of the current economic environment. If there is any adverse change, for instance in interest rates, after the new government, the numbers can change,” Chenoy said. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 9:38 am SEZs needed to tackle unemployment in Goa: industry lobbyThe Goa Chamber of Commerce and Industry (GCCI) Wednesday said the state needed at least two to three Special Economic Zones (SEZs) to offset rising unemployment, even as the state government has reiterated it does not need any SEZ.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 9:31 am Markets reverse losses, Sensex up 1.3 percentIndian equities markets, which had opened in the red and were trading in negative terrain till around 2 p.m., climbed back into the green about 40 minutes before closing bell Wednesday. A key index was ruling 1.33 percent above its last closing figure.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 9:30 am ATF rise to dilute gain from carrier discount rushMumbai: The rise in fuel prices will offset gains for Indian carriers, who are offering discounts to lure hesitant customers ahead of the vacation season, and even force them to hike fares, industry officials say. Almost all airlines have offered discounts on advance day bookings in a bid to compete with train fares, and are rapidly expanding their network in tier-2 and tier-3 cities. But a recent hike in prices of aviation turbine fuel (ATF), which makes up around 40% of an airline’s operating costs, may put the brakes on near-term relief. “Airlines profitability may be affected as they have been giving aggressive discounts to boost load factors. But price cuts and ATF price hikes will put them in a similar problem they faced last year when ATF was rising sharply and they were not able to raise prices,” said Vijay Nara, analyst at Centrum Broking. High operating costs and a fall in demand caused the Indian aviation industry losses of about $2 billion on an operating level in FY09, Kapil Kaul, CEO India and Middle East, Centre For Asia Pacific Aviation, told Reuters. In a bid to attract tourists in the summer season, Jet Airways and state-owned Air India introduced 30-day advance purchase fares across tier 1 cities and certain smaller towns, at rates comparable to railway fares. Jet, for example, is offering advance bookings in the busy Mumbai-Delhi route at Rs2,600, only marginally higher than first class train fares at Rs2,000. “This is a new scheme that runs parallel to existing fares. In the second day (of the scheme) there was a jump of close to 60% (on bookings),” said a Jet Airways spokeswoman. Airlines are also rapidly expanding their network among smaller towns. Kingfisher Airlines, for instance, started flights on five regional routes to draw in corporate travellers as well as pilgrim traffic. Budget carriers such as SpiceJet and GoAir are also playing their “buy early, pay less” card. SpiceJet cut fares on all bookings a month in advance by up to Rs600 a ticket. Higher fares again? But the recent discount spree coincided with a 10% increase in ATF prices, which came into effect on 1 April, the second rise in a month, and airlines are once again mulling raising fares. “We are evaluating (raising fares)... we will decide later this month,” said Samyukta Sridharan, chief commercial officer of SpiceJet. He added that discounts on advance bookings was still in effect and “there has definitely been an uptrend”. Kingfisher will also consider hiking fares in case ATF prices are raised again, its spokesman said. ATF, a volatile commodity has a 95% co-relation to crude, and often dictates the pricing strategies of airlines. “With crude again getting stronger airlines are caught in a trap”, Centrum’s Nara added. ATF prices had hit a high of Rs73,673.56 a kilolitre in August 2008, following global crude’s historic peak over $147 a barrel in July, 2008. Crude has since softened to around $48 a barrel, but a recent rally in global stock markets and crude production cuts helped raise prices by 9.5% in January-March. Source: Home - Livemint.com | 8 Apr 2009 | 9:23 am Priya Dutt files nomination; harps on developmentMumbai: Filing her nomination papers, Congress candidate from Mumbai North Central Lok Sabha seat Priya Dutt on Wednesday said her poll campaign will focus on development and appealed voters to rise above religious and casteist considerations.  Speaking to reporters after filing the nomination papers at Mumbai Suburban District Collector’s office, Dutt said providing basic amenities and improving infrastructure in the constituency would be her top priority. “I want development of the city to be humane. Rehabilitation of slum-dwellers should be done as promised and (rail) commuters should get better facilities. I will try to achieve these goals,” the sitting MP said. Reacting to her Bharatiya Janata Party rival Mahesh Jethmalani’s charge that she has been an ineffective member of Parliament, Dutt said the eminent lawyer is not part of her constituency and he has been ill-informed. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 9:07 am ATF rise to dilute gain from carrier discount rushMUMBAI (Reuters) - The rise in fuel prices will offset gains for Indian carriers, who are offering discounts to lure hesitant customers ahead of the vacation season, and even force them to hike fares, industry officials say.Source: Reuters: Money News | 8 Apr 2009 | 9:04 am TIMELINE - Fraud-hit Satyam may announce buyer on April 13BANGALORE (Reuters) - Fraud-hit Satyam Computer Services Ltd could announce the buyer of a majority stake in it as soon as April 13, the deadline for submitting bids.Source: Reuters: Money News | 8 Apr 2009 | 8:55 am Noon: Sensex regains losses to turn positiveMumbai: Indian shares turned positive in afternoon trade on Wednesday after losses in overseas markets had pulled them down more than 3%, as buoyant market sentiment saw investors cover intra-day short positions. By 2.02pm, the 30-share BSE Index was up 0.18% at 10,553.40 points, with 17 components gaining. It had been down 3.4% earlier and the 50-share NSE Nifty was up 0.6% at 3,276.10 points. Sensex fell more than 3% in the morning, unwinding some of their strong recent gains on heavy losses in overseas markets as worries resurfaced about the health of corporate earnings. Reliance Industries, which has the largest weighting in the main index, was down nearly 3% and leading mobile operator Bharti Airtel was down nearly 5%. Asian stocks slid for a second day, with investors fleeing to the sidelines to await companies’ business outlooks. Banks, automakers and technology companies were the main targets of selling. “After that long rally we saw last week, there will be some profit-taking. Definitely global sentiments are having an impact,” said Gaurav Dua, head of research at brokerage Sharekhan. “Here earnings expectations are quite low. The street view is a 14-15 percent fall in corporate earnings,” he said. At 10.44am, the 30-share BSE Index was trading down 3.12% at 10,205.80 points with 26 components losing. The 50-share NSE Index was down 2.84% at 3,164.05 points. In the broader market, 933 losers led 832 gainers on volume of 116 million shares. India’s reporting season gets into full swing on 15 April, when second-largest software exporter Infosys Technologies announces March quarter results. Reporting season coincides with the start of national elections, which run until mid-May. “The ensuing results season and general elections will have a major bearing on investor confidence in the short term,” brokerage Indian Infoline said in a note. Ahead of the release of auto sales for March, most auto stocks were down. Leading carmaker Maruti Suzuki was down 0.6% at Rs794.30, and top utility maker Mahindra and Mahindra fell 4.3% to Rs445.60. Tata Motors, the country’s leading vehicle maker, was flat. Source: LatestNews-Home - Livemint.com | 8 Apr 2009 | 8:55 am Mahindra developing 0.5tonne cargo vehicleMahindra Mahindra is believed to be working on a 0.5 tonne fourwheeler, which is expected to create a new niche in the goods carrier space.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 8:35 am Fortis to expand network to 40 hospitals by 2012Fortis Healthcare Ltd expects to expand its network to 40 hospitals and almost double to 6,000 beds by 2012, the economic slowdown not quite pinching it or the sector.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 8:33 am Sikh agitators disrupt rail traffic in PunjabRail traffic in Punjab was disrupted Wednesday with several trains stopped as protesters, angry over the Central Bureau of Investigation (CBI) clearance to Congress leader Jagdish Tytler of involvement in the 1984 anti-Sikh riots, blocked tracks in several places.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 8:32 am Bookings for Tata Nano begin ThursdayTata Motors were set to accept the application forms for the world's cheapest car, the 624-cc jelly-bean shaped Nano, from Thursday in what will be the steepest booking fee charged in India for an automobile.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 8:31 am NTPC net profit up 5.6 percentState-run power generation firm NTPC Ltd Wednesday reported 5.6 percent increase in its provisional net profit for 2008-09.Source: IndiaeNews.com: Business News | 8 Apr 2009 | 8:31 am TCS wins £54.7m contract from UK agencyTata Consultancy Services has been roped in to provide IT systems for several schemes managed by the UKbased Child Maintenance and Enforcement Commission.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 8:31 am Hindalco asks BHEL not to source components from ChinaHindalco Industries Ltd, which has placed a Rs 2,010crore order on BHEL for the supply of boilers and turbinegenerators for its 900 MW Mahan project, has put it as a condition in the letter of intent that BHEL should not source components from China.Source: Moneycontrol Top Headlines | 8 Apr 2009 | 8:28 am Fed's Fisher says U.S. economy grimTOKYO (Reuters) - The U.S. economy is grim, and the Federal Reserve is "duty bound to apply every tool" to clean up the financial system and clear a path for a return to sustainable growth, Richard Fisher, president of the Dallas Fed, said on Wednesday.Source: Reuters: Money News | 8 Apr 2009 | 8:27 am Downturn effect: small cos can now afford IIMs managersNew Delhi: Global recession might have brought a number of top level corporates to their knees but it seems to be a “good opportunity” for numerous small and medium companies, which can now afford to hire hot-shot executives from top business schools at much “affordable” prices. The pass-outs of the country’s premier business schools like IIMs can now be hired at much lower packages than they used to get when the world economies were booming. Analysts say, the placement scene at most of the IIMs this year is not much encouraging as compared to previous years. This year, number of big companies as well as number of international companies coming for campus placements has decreased. “There is more than 30% dip in the average salary offered to fresh IIM graduates. In IIM-A, this year’s average domestic salary offer has come down to Rs12.17 lakhs from previous year’s Rs18.75 lakhs,” IIM-A placement cell chairman, Dr Saral Mukherjee said. He said the number of offers per students has also gone down as the recruitment process in most of the companies has come to an halt in view of economic slowdown. Similarly, the domestic average salary offered this year at IIM Calcutta has been Rs12.70 lakhs with the highest offer at Rs60 lakhs per annum. While the average figure for last year was Rs16.40 lakhs. The change has made it possible for the medium and small-scale companies to reap benefit of talents available at their disposal, that were almost “beyond their budget” till the last year. Sandeep Manudhane, chairman PT Universe, which runs a national chain of professional coaching institutes said, “We have given entrepreneurial opportunity to number of pass-outs from top B-schools including IIMs. We are in process of hiring more people and are visiting many campuses.” Yashish Dahiya, CEO of Policy Bazaar.com, said, “Usually IIMs charge a recruitment fee, which is quite high for early stage companies. This year that was waived, so it allowed us to participate.” Sapna Gupta, director AHA Air Hostess Academy, said “The current global economic scenario has given us an opportunity to choose from a pool of brightest talents, unlike past several years when best students went to the high profile preferred sectors. “Further, in the absence of big companies making hefty offers to IIM graduates, companies like that of us will have to shell out relatively less this year to hire them,” she added. Source: Home - Livemint.com | 8 Apr 2009 | 8:21 am Cash rich Indian funds risk missing stocks surgeMUMBAI (Reuters) - Indian fund investors have missed large part of the surge in domestic shares in the last one month and may be in for more disappointments as their fund managers sit tight on a multi-year high cash levels.Source: Reuters: Money News | 8 Apr 2009 | 7:27 am Car sales up marginally in March: The total passenger car sales in the domestic market increased marginally in March to 1,29,358 from 1,28,098 units in the same month last year.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 7:03 am Rupee depreciates by 33paise against dollarMumbai: After a three-day rise, the Indian rupee on Wednesday depreciated by 33paise to Rs50.37 against the US currency in early trade on raised concerns of fresh capital outflows by funds from the domestic bourses. Dollar’s strength against other Asian currencies also put pressure on the Indian rupee. The domestic unit was quoted lower at Rs50.37 a dollar, down by 33paise over the previous close of Rs50.04/05, at the Interbank Foreign Exchange (Forex) market. Forex dealers said increased demand for the dollar from refiners and importers and hopes of subdued opening on the stock markets in line with weakness on Asian bourses, mainly weighed down the rupee. The rupee ended 30paise higher at Rs50.04/05 against the USD on Monday on firm equity market. The forex and money markets remained closed yesterday on account of ‘Mahavir Jayanti.’ Meanwhile, Japan’s Nikkei and Hong Kong’s Hang Seng were down by up to 4.2% in early trade today. Source: Home - Livemint.com | 8 Apr 2009 | 6:32 am Sensex tanks 363 pts in early trade on weak global cuesA four-session winning streak was broken as the Bombay Stock Exchange benchmark Sensex on Wednesday fell sharply by over 362 points in early trade.Source: Daily News & Analysis: Money News | 8 Apr 2009 | 6:10 am Sensex slips 363 pts in early tradeA four-session winning streak was broken as the Bombay Stock Exchange benchmark Sensex on Wednesday fell sharply by over 362 points in early trade.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 5:29 am Company results loom, weighing on Asia stocksHong Kong: Asian stocks slid for a second day on Wednesday while the US dollar climbed, with investors fleeing to the sidelines to await companies’ business outlooks as what is expected to be a grim results season begins. Shares of banks, automakers and technology companies were the main targets of selling, after they led a sharp rally in the last month on the back of budding optimism that policymaker stimulus efforts would eventually filter down to the global economy. Those hopes are being tempered by the brute reality that earnings for the US S&P 500 companies are expected to tumble 37% in the first quarter, the seventh consecutive declining quarter, according to Thomson Reuters. Some Asian companies were expected to fare better this year than many of their counterparts in other regions. For example, US earnings this year were forecast to shrink 4% versus 1% in Hong Kong and 10% growth in South Korea, according to global estimates tracker IBES. Still, the overarching trend of downward earnings revisions was still firmly in place. “I think round one of the rally may be over,” said Katsuhiko Kodama, a senior strategist at Toyo Securities in Japan. Japan’s Nikkei share average fell 2%, led by Canon Inc and top bank Mitsubishi UFJ Financial Group The index on Tuesday closed roughly 25% above its 10 March bear market low. The MSCI index of Asia Pacific shares outside Japan was down 2%, having been repelled by a major obstacle on technical charts for the third time on Monday. A 4% drop in shares of global lender HSBC was the biggest drag on Hong Kong’s Hang Seng index, which led the region with a 2.2% decline on the day. S&P 500 futures were down 1.1%, pointing to a lower open, after aluminium producer Alcoa Inc kicked off the US earnings season by posting a second straight quarterly decline. Volatility under control Despite the shakeout in bullish positions in equities, global financial markets appeared to be at an inflection point, with volatility remaining contained and the pace of economic decline appearing to slow across the region. The Chicago Board Options Exchange’s volatility index, or VIX , closed below its 200-day moving average for a third day. The 20-day moving average of the VIX was on the verge of dropping below the 200-day, signalling a shift to a downtrend. For now investors have sought cover in the U.S. dollar and yen until some corporate earnings visibility returns. The euro fell 0.4% to $1.3215 and dipped 0.3% to ¥132.98 after touching ¥137.42 on Monday, its highest since late October. The dollar rose 0.2% to ¥100.66 after rising to a nearly six-month high of ¥101.45 on Monday. “The currency market moved back to risk aversion after optimism had gone a bit too far,” said Yoshihisa Kanzaki, a currency dealer at Shinkin Central Bank. US light crude fell about a dollar or 2% toward $48 a barrel on Wednesday adding to Tuesday’s 3.7% loss after weekly data showed US crude inventories up far more than expected and declining equities dented sentiment. Falling stocks pushed up Japanese government bond futures but caution before a five-year auction later in the day capped gains. The June 10-year futures contract was up 0.07 point. Australian bonds resumed their downtrend, unwinding bets on a steepening yield curve, after the Reserve Bank of Australia cut rates to a record low on Tuesday. Some investors believe that the end of the easing cycle is approaching. US Treasuries extended gains from overnight as investors sought a short-term refuge. The yield on the benchmark 10-year yield dipped to 2.88% from 2.90% on Tuesday in New York. Source: Home - Livemint.com | 8 Apr 2009 | 5:25 am GM in intense bankruptcy preparation: sourceNew York/Detroit: General Motors Corp is in “intense” and “earnest” preparations for a possible bankruptcy filing, a source familiar with the company’s plans told Reuters on Tuesday. A plan to split the corporation into a “new” company made up of the most successful units, and an “old” one of its less-profitable units, is gaining momentum and is seen as the most sensible configuration, said another source familiar with the talks. If the plan goes through, the new GM would be expected to assume some previous creditor debt from bankruptcy proceedings, such as secured debt, said the second source, adding that GM bondholders were likely to lose substantial value in bankruptcy. Certain GM dealer and litigation claims would also be hurt if the new company structure is used as part of a company bankruptcy, said the second source. The sources requested anonymity because they were not authorized to speak on the record. GM declined to comment. Shares of GM fell almost 12% on the New York Stock Exchange to end at $2. GM bonds were mixed in afternoon trading, with GM’s benchmark 8.375% note up less than 1 cent on the dollar to 11.75 cents, yielding more than 70%, versus about 11 cents with a 75% yield on Monday, according to MarketAxess data. The bond had slipped in earlier trading. Two other GM notes were slightly lower in late afternoon trading. Options for GM GM, operating on $13.4 billion of government loans since the start of the year, has until June 1 to complete a reorganization plan. The government has warned that the alternative would be bankruptcy. The company is under pressure to cut unsecured debt by two-thirds, turn half its remaining payments into a union healthcare trust in the form of equity rather than cash, and reduce hourly wages and benefits to match those paid by foreign automakers. Chrysler, owned by Cerberus Capital Management LP, is also facing possible bankruptcy. The automaker has until April 30 to complete an alliance with Italian automaker Fiat . Moody’s Investor Service said in a note dated Monday that it maintains its view for a 70% risk of bankruptcy for Detroit’s three automakers given the difficulty of restructuring out of court. GM Chief Executive Fritz Henderson has said the company prefers to restructure out of court but that it could go to court if needed. Bankruptcy not easy Canadian industry minister Tony Clement said on Tuesday that the Canadian government must be prepared for GM or Chrysler to enter bankruptcy protection. Some bankruptcy experts say a Chapter 11 bankruptcy filing could help GM reorganize by allowing it to restructure its debt and force changes to contracts with dealers, unions and suppliers. But the process could be disruptive, or derailed, said Patrick Carothers, a partner at Thorp, Reed & Armstrong LLP. For example, if auto-parts makers lose the ability to collect money owed, the industry as a whole could suffer. In addition, GM could lose control over its restructuring as the formation of a new company would be in the hands of a bankruptcy judge, not corporate executives or their advisers. “The dangers of a bankruptcy are significant,” said Carothers, who has parts suppliers and car dealers as clients. “I don’t believe a bankruptcy is inevitable. There’s still a lot of political pressure to save it.” Last month, GM offered bondholders 8 cents on the dollar in cash, 16 cents on the dollar in new unsecured debt, and a 90% stake in the automaker, one person with knowledge of the term sheet told Reuters. Source: Home - Livemint.com | 8 Apr 2009 | 4:48 am GM in intense bankruptcy preparation: sourceNew York/Detroit: General Motors Corp is in “intense” and “earnest” preparations for a possible bankruptcy filing, a source familiar with the company’s plans told Reuters on Tuesday. A plan to split the corporation into a “new” company made up of the most successful units, and an “old” one of its less-profitable units, is gaining momentum and is seen as the most sensible configuration, said another source familiar with the talks. If the plan goes through, the new GM would be expected to assume some previous creditor debt from bankruptcy proceedings, such as secured debt, said the second source, adding that GM bondholders were likely to lose substantial value in bankruptcy. Certain GM dealer and litigation claims would also be hurt if the new company structure is used as part of a company bankruptcy, said the second source. The sources requested anonymity because they were not authorized to speak on the record. GM declined to comment. Shares of GM fell almost 12% on the New York Stock Exchange to end at $2. GM bonds were mixed in afternoon trading, with GM’s benchmark 8.375% note up less than 1 cent on the dollar to 11.75 cents, yielding more than 70%, versus about 11 cents with a 75% yield on Monday, according to MarketAxess data. The bond had slipped in earlier trading. Two other GM notes were slightly lower in late afternoon trading. Options for GM GM, operating on $13.4 billion of government loans since the start of the year, has until June 1 to complete a reorganization plan. The government has warned that the alternative would be bankruptcy. The company is under pressure to cut unsecured debt by two-thirds, turn half its remaining payments into a union healthcare trust in the form of equity rather than cash, and reduce hourly wages and benefits to match those paid by foreign automakers. Chrysler, owned by Cerberus Capital Management LP, is also facing possible bankruptcy. The automaker has until April 30 to complete an alliance with Italian automaker Fiat . Moody’s Investor Service said in a note dated Monday that it maintains its view for a 70% risk of bankruptcy for Detroit’s three automakers given the difficulty of restructuring out of court. GM Chief Executive Fritz Henderson has said the company prefers to restructure out of court but that it could go to court if needed. Bankruptcy not easy Canadian industry minister Tony Clement said on Tuesday that the Canadian government must be prepared for GM or Chrysler to enter bankruptcy protection. Some bankruptcy experts say a Chapter 11 bankruptcy filing could help GM reorganize by allowing it to restructure its debt and force changes to contracts with dealers, unions and suppliers. But the process could be disruptive, or derailed, said Patrick Carothers, a partner at Thorp, Reed & Armstrong LLP. For example, if auto-parts makers lose the ability to collect money owed, the industry as a whole could suffer. In addition, GM could lose control over its restructuring as the formation of a new company would be in the hands of a bankruptcy judge, not corporate executives or their advisers. “The dangers of a bankruptcy are significant,” said Carothers, who has parts suppliers and car dealers as clients. “I don’t believe a bankruptcy is inevitable. There’s still a lot of political pressure to save it.” Last month, GM offered bondholders 8 cents on the dollar in cash, 16 cents on the dollar in new unsecured debt, and a 90% stake in the automaker, one person with knowledge of the term sheet told Reuters. Source: World Business - Livemint.com | 8 Apr 2009 | 4:48 am Rupee falls 33 paise against dollarAfter a three-day rise, the Indian rupee ton Wednesday depreciated by 33 paise to 50.37 against the US currency in early trade.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 4:32 am Poverty makes surrogates of women in GujaratAnand: Shabnam had dreamed of owning a home for years, but with few prospects for her husband, she followed the lead of many poor women in her town in Gujarat: she signed up to carry a baby for another couple. At the clinic of Nayna Patel, perhaps India’s best-known “surrogate doctor” who delivered Anand town’s first surrogate baby, more women are signing up to be surrogates, with even nurses and teachers lining up, as their husbands lose their jobs.  Photo: Reuters A surrogate is generally paid about Rs250,000-400,000 ($4,000-$8,000), a huge sum of money in a country where many live on less than $2 a day. Doctors with a western education, top-notch facilities and lower prices have already made India an attractive destination for procedures ranging from bypass surgery to liposuction. Lax legislation and an entrepreneurial streak in Gujarat have helped make Anand a last stop for many childless couples at home and abroad, after its first surrogate baby five years ago. In this bustling town known for India’s best-known brand of butter, Patel has delivered more than 100 surrogate babies, 40% for Indians living abroad and 20% for foreigners. It all began with a grandmother surrogate for a UK couple five years ago that pitched Anand and Patel into the spotlight. Following their lead, locals and foreigners began to flock to Patel’s clinic, drawn by the lower costs, relaxed attitude toward surrogates and lack of legislation. A draft bill on surrogacy is pending before parliament, and meanwhile, hundreds of clinics have mushroomed across the country, with critics saying touts promoting this “reproductive tourism” care little for the health or rights of the surrogates. Patel, who was featured on a special show on Oprah Winfrey two years ago, raised her voice in defence. “My argument is: the surrogate is not killing anyone, not committing an illegal or immoral act. And if a surrogate’s child is able to get an education, if one family is able to buy a home — and help a needy couple in the process, where is the harm?” Ethical issues Not everyone sees it that way. Patel and the couples, more than half of whom are either non-resident Indians or foreigners, have come under a barrage of criticism for “exploiting” surrogates and for glossing over the ethical debate. Many surrogates themselves do not tell their parents or in-laws for fear of being ostracised, and several of Patel’s surrogates live in a Surrogate House to ensure they have a proper diet, and are safe from drunken husbands and nosey neighbours. Shabnam, 26, has not told her two older daughters or her in-laws that she is a surrogate; she lives with a few other surrogates at the hospital with her youngest child, while her husband, who is out of work, cares for the two others at home. “I don’t think I can ever tell them; I don’t think they’ll understand,” she said, insisting on using just one name. Her husband used to earn less than $1 a day washing dishes. Some experts say surrogates, who are often barely literate, do not understand all that the process entails, and are putting themselves at physical and emotional risk but have few rights. “The primary concern is the physical and mental health of the surrogate: there are several risks, including maternal mortality, associated with assisted reproductive technologies,” said Preeti Nayak at Sama Resource Group for Women and Health. India’s maternal mortality ratio is 301 in 100,000 births, the highest in south Asia after Bangladesh, the World Bank says. For Chris McDaniel and his wife Shannon, who came to Anand last April from San Diego after having tried every option in the United States, where hiring a surrogate can take months and cost up to $100,000, the decision to go to Patel was clear. “It wasn’t in our life plan to fly half-way around the world to a country we barely knew about to have our child,” said Chris, who is writing a book on their experience. More confident It is hard to come by numbers of surrogates in the country, but Patel has a list of nearly 200 and is seeing more women walk in everyday because they are feeling the pinch of the slowdown. In the absence of legislation, Patel sticks to guidelines of apex body Indian Council of Medical Research, which say a surrogate may only be implanted with the egg and sperm of the couple or anonymous donors, and that she must be below 45 years. Patel also insists couples seeking surrogates must have a medical condition that makes child bearing impossible or risky, and draws the line at gay couples and single parents. The surrogate, who must have her husband’s consent, has no rights over the baby, but feels empowered nevertheless, she said. “Until then, they have felt powerless, helpless; now, they feel like they can be of some use to their family,” she said. Shabnam’s ambition is far more modest. “I was very scared thinking of our situation, thinking how will we manage?” said Shabnam, who is eight months pregnant with the baby of an Indian couple living in the United States. “Now I feel a bit more confident. At least if we can buy a house, then things will get better.” Source: Home - Livemint.com | 8 Apr 2009 | 4:32 am Nano at the centre of climate change debateThe prospect of Nano, the world's cheapest car, clogging roads and raising emission levels has figured in the ongoing global discourse on a new climate change deal.Source: India Business News | Business News - Times of India | 8 Apr 2009 | 4:10 am It makes sense to file your tax returns earlyMost taxpayers will only wake up in the last month or week, or with days remaining.Source: Daily News & Analysis: Money News | 8 Apr 2009 | 2:42 am Vehicle sales: On fast track modeVehicle sales numbers for March reinforce the wave of optimism that followed sales numbers for the first two months of 2009.Source: Business Line - Home Page | 8 Apr 2009 | 12:00 am Infrastructure financing: NBFCs for enlarging global lenders’ poolMumbai, April 7 Non-banking finance companies, dedicated to financing infrastructure projects, have moved the Reserve Bank of India to enlarge the pool of global lenders from whom they can borrow. They have also sought elimination of theSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am Sugar output seen dropping to 4-year low; prices surgeChennai, April 7 With crushing of cane by sugar mills almost coming to an end, sugar production is now estimated about 45 per cent lower at 14.2 million tonnes during the current season ending September compared with last year’s 26.4Source: Business Line - Home Page | 8 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 theSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am Common platform on freebiesWith the announcement of a number of giveaways and concessions, such as rice at Re 1 per kilo, free colour TV, free gas connections, plots of land, saris, dhotis, shoes, bicycles and the like, the DMK in Tamil Nadu has set a trend which has spreadSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am OnMobile Global (Rs 334): SellWe recommend a sell in OnMobile Global stock from a short-term trading perspective. It is apparent from the charts of OnMobile that its medium-term uptrend which began from the late January 2009 low of Rs 205, broke through a key resistance of RsSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am Scribe hurls shoe at ChidambaramNew Delhi, April 7 Mr P. Chidambaram, Home Minister, on Tuesday had the novel experience of a shoe being thrown at him as a sign of protest.Source: Business Line - Home Page | 8 Apr 2009 | 12:00 am Govt to offer 10 small-sized exploration blocks to woo new playersIn the forthcoming oil and gas licensing round, the Government is likely to offer 10 small-sized blocks to attract new players.Source: Business Line - Home Page | 8 Apr 2009 | 12:00 am Killing the spirit of enterpriseFor the first time, a prospective candidate who had not even filed his nomination papers has been found guilty of breach of model code of conduct for the elections. It would appear that the BJP’s candidate from Pilibhit, Varun Gandhi, at theSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am Oilmeal exports drop 60% in March on economic woesMumbai, April 7 Hit by the global economic recession, oilmeals exports dipped 45 per cent to 13.52 lakh tonnes in the fourth quarter of the 2008-09 financial year, against 24.56 lakh tonnes during the same period a yearSource: Business Line - Home Page | 8 Apr 2009 | 12:00 am Money 'printed' at Rs 1.5 lakh crPrinting money to meet the gargantuan appetite for funds of the Centre was resorted to with a vengeance in the just concluded fiscal.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:58 pm Railways ignores request to reduce freight chargesThe railway ministry is not paying any heed to miners' requests to lower rail freight on iron ore.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:42 pm Of political parties, fiscal deficit and the Ponzi schemePoliticians are at it again -- announcing doles for the electorate, to be given out if and when they come to power.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:34 pm Stage set for 4Ps Awards4Ps Business, Marketing & Advertising Power Awards 2009 will be held at the J W Marriott hotel here on Wednesday night.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:27 pm Fortis scouting for more 'collateral damage' assetsWay back in 2005, India's second largest hospital chain, Fortis Healthcare Ltd set a record of sorts when it gobbled up Escorts Heart Institute.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:24 pm M&M sees gains for tractors in farm loan pushMahindra & Mahindra is anticipating a revival in demand in FY10 on the back of wider disbursal of farm credit by public sector banks.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:18 pm No slowdown in foreign education loansBanks expect to maintain growth, but due diligence is more stringent.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:16 pm Panasonic will pump $300 million into IndiaPanasonic is planning to invest $300 million in the next three years to ramp up its production facilities in the country.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 10:13 pm Multiplex fight: King Khans add weight to producers lobbyThe tussle between film producers and multiplexes has entered a new phase. The producers are sticking to their guns, and even threatening to withdraw already released movies from screens. CNBCTV18\'s Sana Vishwanath reports.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 9:46 pm Youngest user of fairness creams is just 12In this age of high exposure to all kinds of media and lower social taboos, the youngest user of fairness creams is a 12-year-old.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 8:25 pm For AAI, staff relocation a mammoth taskThree years after the Delhi and Mumbai airports were privatised amid protests from the employees of AAI, another agitation might be brewing against the authorities.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 8:24 pm Satyam case set for trialThe stage is set for the multi-crore Satyam fraud case to go to trial with CBI filing its charge sheet against nine accused persons in the local CBI court.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 8:12 pm Europe approves $1.17 bn loan to automakersDetroit/Frankfurt: Europe approved $1.17 billion of loans to support the region’s struggling automakers on Tuesday, even as preparations intensified for a possible bankruptcy at General Motors Corp due to lack of progress in restructuring the ailing company. GM, which has until 1 June to complete a reorganization plan, is in “intense” and “earnest” preparations for a possible bankruptcy filing, a source familiar with the company’s plans said, sending its shares down 14%. The European Investment Bank approved €866 million of loans ($1.17 billion) to several automakers, including Volkswagen AG, Nissan Motor Co Ltd and Jaguar to help them develop and build more fuel-efficient vehicles in Europe. The money is part of a €7 billion package to the industry the European union’s lending arm expects to complete in the first half of this year. The bank lent money to German, Italian, French and Swedish automakers in March. The European aid came as several German automakers reported lower March sales that underscored the severity of the global downturn in auto sales triggered by an economic recession. Germany’s BMW said its global vehicle sales fell 17.2% in March and global unit sales for Daimler AG’s luxury Mercedes-Benz brand were down 16%. Worries about the impact of possible automaker bankruptcies are widening and Canadian Industry minister Tony Clement said on Tuesday the government must be prepared for GM or Chrysler to enter bankruptcy protection. GM, operating with $13.4 billion of government loans since the start of the year, is under pressure to cut unsecured debt by two-thirds and make half of its remaining payments into a union healthcare trust in equity to preserve cash. The government has warned the alternative would be bankruptcy. A plan to split GM into a “new” company made up of its most successful units and an “old” company of unprofitable units, is gaining momentum and is seen as the most sensible configuration, said a source familiar with the talks. GM shares fell more than 14%, or 32 cents, to a session low of $1.95. GM’s bonds were steady to slightly lower in late morning trading. GM’s benchmark 2033 bond slipped, with the 8.375% bond trading at 12 cents, compared with 12.75 cents before the news came out, according to MarketAxess data. The bonds closed at about 11 cents on Monday, according to MarketAxess data. Moody’s Investors Service said GM and Chrysler have a 70% chance of bankruptcy due to the difficulty of winning deep concessions from creditors out of court. “Given the lack of progress achieved and the additional progress that will be required in the revised plans, this threat will need to be seen as credible in order to compel adequate movement on the part of stakeholders,” Moody’s said. Chrysler, owned by Cerberus Capital Management LP, also faces possible bankruptcy. Chrysler has until 30 April to complete an alliance with Italian automaker Fiat. Source: World Business - Livemint.com | 7 Apr 2009 | 7:05 pm Want a credit card? Open a fixed deposit firstStung by rising non-performing assets (15 per cent in some cases), several banks have now started issuing cards linked to fixed deposits (FDs).Source: Business Standard | Front Page Headlines | 7 Apr 2009 | 6:46 pm 3 pharma majors eye Wockhardt's Irish unitThree leading international pharma companies have started due diligence to acquire Wockhardt Ltds wholly-owned Irish generic drug company, Pinewood. The company, which has given Swiss bank UBS the mandate for the sale, has been valued at Rs 1,000 crore.Source: Business Standard | Front Page Headlines | 7 Apr 2009 | 6:44 pm March exports fall a record 30 per centOverall exports in 2008-09 grow at slowest pace in 7 yrs.Source: Business Standard | Front Page Headlines | 7 Apr 2009 | 6:42 pm Tata Industries gets I-T demand on round-trippingDemand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged.Source: Business Standard | Front Page Headlines | 7 Apr 2009 | 6:40 pm New technologies may queer poll pitch in stateBangalore: As the pre-election fever catches on in Karnataka, several politicians are using all means at their disposal, including innovative ways of using technology, to gain voters’ attention and eventually votes. One such method being tried for the first time during these elections is that of pre-recorded personalized calls and messages—and companies such as Bangalore-based TringMe are hoping to cash in on this. Yusuf Motiwala, founder and chief executive of TringMe, explains his product: “This is a voice-based platform that allows people to create voice-based applications. It’s been used now for campaigning purposes. It’s a simple and effective way to get your message across.” Politicians not content with this way of reaching their target audience can opt for custom-made suggestions that can be routed to the local MLA (member of legislative assembly). Internet-savvy politicians also have the option of using chat engines such as Yahoo Talk and GoogleTalk to get their message across. The technology may soon find usage in other states as well. “The platform is localizable in various Indian languages, including Kannada, Telugu, Malayalam and Hindi, and is being used so far largely in south India, but some politicians in north India are planning on using this as well”, Motiwala said. Given the enthusiastic response to the product, one cannot help asking why this model was not tried earlier on. Motiwala explains that some politicians did try experimenting with this model during the last elections, but the staggering volumes proved to be a hurdle. But this time around he says, his company is well prepared. “TringMe has the capacity to handle up to 10,000 calls per minute to begin with and can scale it up further if needed.” cnbctv18@livemint.com Source: Tech News - Livemint.com | 7 Apr 2009 | 5:01 pm BMW sales drop in March, sees some brighter signsFrankfurt: German luxury car maker BMW reported Tuesday a sharp drop in March sales but pointed to encouraging signs in the United States and Germany, its two biggest markets. BMW said it sold 126,375 vehicles last month, a drop of 17.2% from March 2008. Sales of the BMW and Mini brands fell 17% and 18.5%, respectively. “We have observed some encouraging signs in important markets like the United States and Germany but it is too early to speak of a turnaround in the trend at a global level,” sales director Ian Robertson said in a statement. US sales fell by less than the market as a whole while in Germany the drop was limited to 1.1% owing to rising deliveries of Minis and its new convertible model. In emerging markets such as China, India and Brazil, BMW sales gained between 12 and 15%. For the first quarter of 2009 as a whole, sales at the entire BMW group were down 21.1% to 277,264 vehicles. Source: World Business - Livemint.com | 7 Apr 2009 | 11:01 am
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