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SC quashes plea, Nimesh Kampani likely to be arrestedDalal Street whiz Nimesh Kampani is facing arrest after the Supreme Court on Monday refused to stop criminal proceedings against him in the Nagarjuna Finance scam case.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 5:36 pm IDBI Bank reduces BPLR by 50 bps to 13.0%IDBI Bank has reviewed its Benchmark Prime Lending Rate (BPLR) keeping in view the current interest rate environment and decided to reduce it by 50 Basis Points (bps) to 13.0% p.a., with effect from April 15, 2009.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 4:01 pm Aurobindo Pharma gets approval for Finasteride TabletsAurobindo Pharma Limited is pleased to announce that has received its first approval from Swissmedic, Government of Switzerland for the license of Finasteride APL Tablets 5mg.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 3:53 pm Decision to merge at Tech Mahindra\'s discretion: SatyamOn whether there could be a possible merger between the Tech Mahindra and Satyam and if the brand would stay, Satyam board member Deepak Parekh said the decisions would be at the discretion of Tech Mahindra.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 3:33 pm Tech Mahindra\'s bid price for Satyam was expected: JR VarmaTech Mahindra emerged as the winner to take over crisisridden Satyam. Tech Mahindra closed its bid for Satyam at Rs 58 per share. JR Varma, Former Member of SEBI, said the Tech Mahindra winning the Satyam race was not a surprise. The bid price has come within the expected range, but there will have to be some realignments of common clients.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 2:33 pm Rupee ends higher, bonds lower - Moneycontrol.com
Source: Google News India - Business | 13 Apr 2009 | 12:40 pm Nifty futures premium trims - Economic Times
Source: Google News India - Business | 13 Apr 2009 | 12:39 pm Markets slip from 11k mark, still ends 1.5% upNew Delhi: Markets touched 11,000 level on Monday during afternoon session but then pared some of its gains after Commerce Secretary G K Pillai, said that India’s exports are expected to drop by 31% in March 2009. The Bombay Stock Exchange benchmark Sensex ended firmly up by 1.5% on firm cues from global markets. Sensex surged as buying momentum by foreign funds picked up. Investor sentiment worldwide is boosted by rising optimism about reviving economy. Metal was leading in the sectoral front, along with considerable buying among the bank, realty, PSU, auto, capital goods and power sectors. However, consumer durable and IT stocks remained under selling pressure. Markets surged on opening induced by strong international bourses, then after a up and down session through the say, the 30-share BSE index closed higher by 163.36 points at 10,967.22 and the 50-share NSE Nifty ended up by 40.55 at 3,382.60. The BSE rally was led by Tata Motors, gained by 12.01% to Rs 252.20, along with Tata Steel by 8.31% to Rs282.90, Sterlite Industries by 7.39% to Rs425.10, State Bank of India by 6.80% to Rs1,217.90, DLF Ltd by 5.04% to Rs233.45, HDFC Bank by 4.84% to Rs1,096.70 and ICICI Bank by 4.49% to Rs415.55. While Satyam Computers Services’ much talked about bidding closed today with Tech Mahindra winning the scandal-scarred software firm by quoting Rs58/share. The top losers on BSE were software majors Tata Consultancy Services Ltd by 1.91% to Rs591.70, followed by Wipro Ltd by 1.90% to Rs269.00. Satyam ended higher by 3.61% as Tech Mahindra won the bid against Larsen and Toubro that offered around Rs49 per Satyam share. Tech Mahindra will have to pay Rs1757 crore to buy for 31% stake of Satyam. In the global front, European and most Asian markets are closed on account of Easter Monday. Among those open Japan’s Nikkei Japan’s Nikkei fell 0.4% in see-saw trade weighed down by defensive stocks. Domestic market will remain close on Tuesday, 14 April for Dr. Ambedkar Jayanti holiday. Source: Home - Livemint.com | 13 Apr 2009 | 12:28 pm Satyam: Vast majority of customers stayed on - Economic Times
Source: Google News India - Business | 13 Apr 2009 | 12:27 pm Tech Mahindra wins bid for SatyamTech Mahindra has won the bid for Satyam Computer Services. The longdrawn race finally drew to a close as it was confirmed that Tech Mahindra bid for Satyam at Rs 58 per share, while Larsen Toubro, the other player in the fray, bid at Rs 49.50 per share.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 12:25 pm March exports seen down 31 pct - trade secyNEW DELHI (Reuters) - India's exports fell for a sixth straight month according to the latest provisional estimate for March, and are likely to extend the fall till September before recovering, the trade secretary said on Monday.Source: Reuters: Money News | 13 Apr 2009 | 12:24 pm Tech Mahindra wins bid to acquire SatyamMUMBAI (Reuters) - Tech Mahindra will pay more than $500 million for a controlling stake in Satyam Computer Services Ltd, throwing a lifeline to the fraud-hit firm and propelling itself into the top tier of Indian outsourcing firms.Source: Reuters: Money News | 13 Apr 2009 | 12:24 pm HC fixes 29 April for Jet-Sahara case hearingMumbai: The Bombay High Court will hear on 29 April the dispute between Jet Airways and Sahara India Commercial Corporation over the alleged violation of takeover agreement of erstwhile Sahara Airline. Counsels for both the parties informed Justice D Y Chandrachud that they would be ready with their arguments on that day. Jet’s counsel Janak Dwarkadas on 19 April had urged the court for time to file a rejoinder to Sahara’s application seeking Rs2,000 crore from it as the buyout price on the ground that the agreement has allegedly been violated. Sahara had moved the High Court contending that the Naresh Goyal-led airline was liable to pay Rs2,000 crore instead of the renegotiated amount of Rs1,450 crore agreed between them. Sahara said the takeover price had been brought down to Rs1,450 crore from Rs2,000 crore provided Jet Airways would not default on payment. But Sahara said there is default in payment and, therefore, concession on the takeover deal was not tenable. Jet bought Sahara Airlines from Sahara Group in April 2007 for Rs1,450 crore after an arbitration award. It paid Rs900 crore and agreed to pay the balance in four instalments. Jet’s lawyer had earlier contended that in March 2008 the Income Tax department demanded tax dues of Rs107 crore from Sahara India Airlines (now called JetLite). According to Jet, this amount was due from Sahara Group as it pertained to the period before the acquisition. While paying Sahara the instalment of Rs137 crore last March, Jet deducted Rs37 crore against the IT dues. This year too, Jet deducted Rs50 crore on the same account. Jet said that Sahara has now taken a stand that it is not liable to pay the I-T dues. Earlier, Sahara had secured order from the High Court to attach the movable properties of Jet Airways. However, Jet moved the court to stay the order. The court stopped further attachment, but said that the properties already attached would remain unaffected. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 12:21 pm Is Tech Mahindra best Satyam suitor? Experts reactTech Mahindra finally emerged as the winner to take over crisisridden Satyam Computer Services. Reacting to the news of Tech Mahindra winning the Satyam bid, Som Mittal of industry body National Association of Software and Services Companies (NASSCOM) said the deal was synergistic for both companies. All three bidders were worthy, he said.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 12:19 pm India March exports seen down 31 pct-trade secy - Reuters India
Source: Google News India - Business | 13 Apr 2009 | 12:16 pm Pfizer offers Rs 6.8 bn to raise stake in Indian arm!Global pharmaceutical major Pfizer on Monday said it will make an offer to acquire a further 33.77 percent in its Indian subsidiary Pfizer Ltd for Rs 6.8 billion. The acquisition will raise its stake to 75 percent.Source: Zee News : Business | 13 Apr 2009 | 12:15 pm Tech Mahindra wins Satyam bid!Tech Mahindra on Monday emerged as the new owner of the Satyam Computer Services.Source: Zee News : Business | 13 Apr 2009 | 12:15 pm Sensex starts week in the green, opens at 10, 916!The Bombay Stock Exchange benchmark Sensex shot up by another 190 points to 10,993 points, highest level since October 15, in early trade on Monday.Source: Zee News : Business | 13 Apr 2009 | 12:15 pm GM told to prepare for bankruptcy filing: Report!The US Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court,a media report said on Sunday.Source: Zee News : Business | 13 Apr 2009 | 12:15 pm HC fixes April 29 for Jet-Sahara case hearingThe Bombay High Court will hear on April 29 the dispute between Jet Airways and Sahara India Commercial Corporation.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 12:12 pm PM, Rahul hit back at AdvaniMumbai: Under attack day in and day out being called weak by the BJP’s prime ministerial candidate, Prime Minister Manmohan Singh and Rahul Gandhi Monday gave back in adequate measure with the latter saying either he is not speaking the truth or was not trusted by his leader Atal Bihari Vajpayee during the Kandahar episode. Click here to watch video Singh himself shed his usual demeanour and hit out at Advani saying he would not be found weeping in a corner while hoodlums tear down a centuries-old mosque, an obvious reference to the razing of Babri Masjid. Targeting him on the Jinnah controversy that had brought Advani in the line of fire within BJP, the Prime Minister said he would not say things in Pakistan that offend every Indian and then abandon his stance when it became inconvenient within his party. On his campaign trail in Kerala, Rahul Gandhi questioned Advani’s credentials as a strong leader and criticised him on the issue of release of terrorists in exchange for freedom of passengers of hijacked Indian aircraft to Kandahar. Referring to Advani’s remarks that he did not know about the release of terrorists and the flight to Kandahar carrying Jaswant Singh, Rahul said “if he is such a strong leader, how come then the Home Minister did not know something ....there are two possibilities. Either he is not telling the truth or his senior leader the Prime Minister Vajpayee did not trust him”. “You should have resigned if the PM did not have faith in you. Did he buckle under pressure when Kandahar happened or Vajpayee not believe him. I want to know which is correct,” Rahul asked. He said the arrested terrorists were responsible for planning and carrying out a number of attacks in India subsequently including the strike on Parliament. Saying that Advani had attacked Singh, who is the Prime Minister of every Indian, he wanted the youth of the country to know what Advani was doing when Kandahar happened. At a press conference here, the Prime Minister said Advani had agreed to release the terrorists and subjected cabinet colleague Jaswant Singh to the humiliation of having personally escorted the terrorists during Kandahar episode to their safe haven. Prime Minister Manmohan Singh said the 1984 anti-Sikh riots as also the Gujarat carnage were blots on the secular image of the country. “I feel both are blots on the secular image of the country. Such things should not happen,” he said. He said as an opposition party, Congress had forced the NDA government to take strong action against the Gujarat government in the aftermath of the riots. Source: Home - Livemint.com | 13 Apr 2009 | 12:11 pm Tech Mahindra says to restore confidence in SatyamMUMBAI (Reuters) - Tech Mahindra will give the highest priority to restoring confidence in Satyam Computer Services, its chairman said on Monday after it emerged as the highest bidder for the fraud-hit outsourcer.Source: Reuters: Money News | 13 Apr 2009 | 12:10 pm Tech Mahindra climbs 12% on Satyam winMumbai: Shares of software firm Tech Mahindra on Monday settled the day with a jump of over 12% on the BSE, buoyed by its success in the race for acquiring majority stake in the Hyderabad-based IT firm Satyam Computer Services. At the end of day’s session Tech Mahindra was trading at Rs359.45, up 12.31% on the BSE. On the NSE, the scrip ended the day at Rs354.90, up 10.79%. During the day the stock witnessed a smart rally and soared nearly 25% on the BSE, to an intra-day high of Rs400 a share. On the NSE, it jumped nearly 28% to Rs410 a peice. The government-appointed board of Satyam Computer on Monday announced Venturbay Consultants, a subsidiary of Tech Mahindra, as the highest bidder to acquire controlling stake in the company, subject to the Company Law Board’s approval. Tech Mahindra emerged as the top bidder with an offer of Rs58 a share for a 31% stake in Satyam. It would acquire the stake in an all-cash deal, followed by an open offer for a 20% stake. Heavy volume was seen on this counter, as over about 1.32 crore shares got traded on both the bourses. Marketmen said, today’s development would boost investor sentiment, especially that of the foreign investors’ which had suffered a set back after the fraud came to light. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 12:09 pm PNB expects profit growth of 23 per cent during 2009-10 - Hindu
Source: Google News India - Business | 13 Apr 2009 | 12:08 pm Sasan UMPP: Tata Power to move Supreme Court - Economic Times
Source: Google News India - Business | 13 Apr 2009 | 12:08 pm Satyam gets strategic investor, fresh lease of lifeThe government-appointed board of Satyam Computer Services Monday named the winner of the auction to sell a majority stake in the IT bellwether, just three months after it got entwined in corporate India's worst frauds, bringing cheer to some 48,000 employees and more than 300,000 shareholders.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 12:03 pm Tech Mahindra may gain $1bn in annualised revenues from Satyam acquisitionThe Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with rivals such as TCS, IBM, Infosys and Wipro.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 12:02 pm Manmohan Singh sees growth falling below 7 percentPrime Minister Manmohan Singh Monday admitted the economic growth India experienced during 2008-2009 has slowed down, and that it was likely to be a little less than 7 percent now.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 12:02 pm Court dismisses Tata's plea on Sasan projectThe Delhi High Court Monday dismissed a petition filed by Tata Power Company (TPC) challenging use of surplus coal from the captive coal mines of Sasan ultra mega power project (UMPP) for other projects of the Anil Ambani-controlled Reliance Power.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 12:02 pm Markets start week on bullish note, Sensex up 163 pointsContinuing from where they left last week, Indian equities markets witnessed another bull rally Monday, with a key index adding 163 more points in the green.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 12:01 pm Winning bid lifts Tech Mahindra shares, Satyam up tooShares of Tech Mahindra, the IT arm of automobile major Mahindra and Mahindra shot up over 12 percent Monday after Satyam's board announced it had emerged as the highest bidder to take over a strategic 31 percent stake in Satyam.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 12:00 pm Satyam headcount is 48,000 now; 5,000 quit since SeptFraud-hit Satyam Computer, which will soon have a new owner in Tech Mahindra, has lost about 5,000 employees during September-March period of the past fiscal.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 11:56 am Who would have been Satyam\'s best fit? Experts debateTech Mahindra has won the bid for Satyam Computer Services. As Satyam\'s bidding process was gathering steam, experts analysed who would have been the best fit for Satyam. Sudin Apte, Senior Analyst at Forrester, believes that LT would have been a better option as they have a sizeable IT business.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 11:44 am NTPC to start coal production from Jharkhand mines soon - Hindu Business Line
Source: Google News India - Business | 13 Apr 2009 | 11:40 am Pulled out of Satyam race due to lack of eauction: SpiceBK Modi, Chairman of Spice Group, on Monday said the company had not put for Satyam Computer Services. Spice was one of the contenders in race to buy crisisaffected Satyam but Modi confirmed it did not bid. \"We chose not to bid for Satyam because of the lack of an eauction process,\" Modi said.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 11:35 am Satyam's bidding process shows India's strength: India IncIndia Inc said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country's strength in dealing with complex corporate issues.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 11:30 am See Satyam price at Rs 60/share: Prabhudas LilladherIt is believed that the bids for Satyam could possibly be between Rs 55 to Rs 65 a share, reports CNBCTV18 quoting sources. Talking on the indicative price of Satyam that sources are talking about, Apurva Shah of Prabhudas Lilladher said the price is somewhat along the expected lines.Source: Moneycontrol Top Headlines | 13 Apr 2009 | 11:29 am GM bondholders prepare case against bankruptcy plan - WSJNEW YORK (Reuters) - General Motors Corp's bondholders are preparing legal arguments against the automaker's bankruptcy plan, the Wall Street Journal reported on Sunday, citing people familiar with the matter.Source: Reuters: Money News | 13 Apr 2009 | 11:15 am Economy likely to recover in second half of 2009: RangarajanEconomist and former Reserve Bank Governor C Rangarajan today said that the economy will recover in the second half of 2009 and there would be distinct improvement in growth in 2010-11.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 11:11 am Gujarat not a developed state as 1200 were butchered there: PM Mumbai: Attacking Gujarat chief minister Narendra Modi, Prime Minister Manmohan Singh on Monday said no one can claim that Gujarat could be called a developed state since around 1,200 were “butchered” in the riots there. Singh also said the Gujarat riots as well as the 1984 anti-Sikh riots were a “blot” on the secular image of the country. “I don’t think it (Gujarat) has the right to call itself a developed state where 1,200 were butchered (during the riots),” the Prime Minister told a press conference here. His reaction came to a question on Modi’s remarks that other states can emulate Gujarat’s development policies. Asked whether the shoe-throwing at home minister P Chidambaram prompted his party to withdraw tickets to anti- Sikh riots case accused Jagdish Tytler and Sajjan Kumar, he said that there were protests against their candidature and taking this into consideration, Congress took a decision. To a question why the nuclear deal was not a campaign issue for the Congress, the Prime Minister shot back, “who said that (it is not an issue)? It is in the manifesto. What else should we do? You tell us.” Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 11:05 am Sensex tests 11,000 in longest winning streak in 18 monthsSensex tested the 11,000 level on aggressive buying by funds on the optimism that govt stimulus packages might help revive global economies.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 11:04 am Manmohan country’s most suitable candidate for PM: SoniaItanagar: Congress president Sonia Gandhi on Monday said Manmohan Singh is the most suitable candidate for the post of Prime Minister in the country with his “total honesty and experience”. Claiming that Singh as PM was in the interest of the nation, the UPA chairperson told a rally here that his government had taken several important steps for the development and security of the country. Central schemes like the Bharat Nirman, National Rural Employment Guarantee Act (NREGA) and Jawaharlal Nehru National Urban Renewal Mission (JNNURM) were implemented to create jobs and develop infrastructure. Under the NREGA, four crore people, including 24,000 in Arunachal, have benefitted, she said. “A wave of progress and happiness now prevails all over the country,” Sonia, who was clad in a ‘Tasang’ and ‘Gale’, a local dress of the Nyshi tribe with metal waist belt necklaces made of coloured beads, said. “The easternmost state, where the sun rises first in the country, should not remain in darkness because of shortage of power,” she said, assuring the rally that the Congress government had cleared mega hydro power projects with a total capacity of 23,000 MW in the state. Criticising the BJP, she said, “The opposition leaders do not know anything more than their self interest.” She said Arunachal Pradesh occupied a special place in her heart as memories of Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi were associated with the state. Sonia said owing to the farsightedness of Nehru, the indigenous people progressed and were able to preserve their unique cultures. The land, formerly known as NEFA, got the status of Union territory and statehood during the regimes of Indira Gandhi and Rajiv Gandhi. But during NDA rule, she said, it did not get any benefit. Only after the UPA came to power in 2004, benefits started pouring into the state once again. It got a huge package of Rs24,000 crore when Singh visited the state for three days last year. The Lone university also got a central status by the UPA government. Sonia said the proposal for a 1840 km trans-Arunachal highway connecting most district headquarters and a rail link also got a clearance under the PM’s package. CM Dorjee Khandu alleged that BJP leader L K Advani came here in 2003 as Deputy Prime Minister and promised to build a 500-bed hospital and give Rs225 crore grant to the state, which never materialised. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 11:02 am Will maintain current levels for next 2 quarters: MRF - Moneycontrol.com
Source: Google News India - Business | 13 Apr 2009 | 11:00 am Nifty ends off highs on profit booking; Sensex ends 1.13% up - Economic Times
Source: Google News India - Business | 13 Apr 2009 | 10:54 am Satyam’s bidding process shows India’s strength: FicciNew Delhi: Corporate India on Monday said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country’s strength in dealing with complex corporate issues. “The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major corporate crisis,” Ficci president Harsh Pati Singhania said. He said the conclusion of the bidding process would help Satyam to start a new innings and redeem its reputation as a supplier of high-quality software and services internationally. “The deft handling of the Satyam issue would send a very positive signal to the global community ... This would also rebuild whatever credibility loss there may have been for corporate India following the Satyam fiasco,” said Singhania. Assocham said the period of three months of uncertainty has come to end with Tech Mahindra winning the bid. “It’s good news not only for Satyam and its employees but the entire market as a lot of speculation was fuelled about its possible takeover in the last three months,” Assocham president Sajjan Jindal said. With this, Satyam’s market value would get stabilised, benefiting its clients, employees and all stakeholders, he added. Source: Home - Livemint.com | 13 Apr 2009 | 10:53 am Rahul is good PM material: ManmohanMumbai: Prime Minister Manmohan Singh on Monday said AICC general secretary Rahul Gandhi has “all the qualities to be a good Prime Minister”. Singh said someday power must pass on to young people and that was the trend throughout the world. “Rahul has all the qualities to be a good Prime Minister,” he told a press conference here when asked for his comments about Priyanka Gandhi speaking about the possibility of her brother becoming the prime minister “one day”. To another question, he said he was the “declared candidate” of the Congress for the post of prime minister. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 10:52 am Tech Mahindra wins bid for Satyam at Rs58/shareMumbai: Indian mid-sized IT outsourcer Tech Mahindra won an auction to buy Satyam Computer Services Ltd, the company at the heart of India’s biggest corporate scandal. Satyam said on Monday Tech Mahindra agreed to buy a 31% stake at Rs58 per share - a 23% premium to Satyam’s last closing price. The bid edged out offers from engineering conglomerate Larsen and Toubro (L&T), widely seen as a front-runner, and private equity firm WL Ross & Co. Tech Mahindra, in which Britain’s BT Group holds about 31% stake, will pay $351 million for 31% preferential allotment of new shares. Read full coverage of Satyam fiasco Satyam’s sale is likely to help restore confidence in India’s IT services sector at a time the global economic downturn has already slowed growth. “Tech Mahindra will really have to act fast now and if they don’t act fast then client erosion will continue at Satyam,” said Tarun Sisodia, head of research at Anand Rathi Financial Services. Three months ago, Satyam’s founder and chairman shocked investors by saying profits had been overstated for years, and put in doubt the survival of a company once ranked as India’s fourth-largest software services exporter. The government quickly stepped in and sacked the board to limit damage to India’s once-shining IT services sector. With the purchase, Tech Mahindra, the sixth-largest Indian outsourcer, will be better equipped to wrestle market share from leading local outsourcing rivals Tata Consultancy Services, Infosys Technologies and Wipro. Tech Mahindra, a unit of tractor and utility vehicle maker Mahindra & Mahindra, will have to make open offer for a further 20% of Satyam at a minimum price of Rs58 a shares, valuing Satyam at about $1.1 billion on paper. “If the winning bid had been more than Rs60 a share then it wouldn’t have made any sense for the buyer. The Rs58 offer is on fair value side,” Sisodia said. The Satyam buy will help Tech Mahindra, diversify its services by reducing its reliance on the telecoms industry, analysts said. Tech Mahindra shares surged by as much as 25% after L&T, which owns 12% of Satyam, was reported to have dropped out of the bidding, but trimmed gains to trade 15.3% higher at Rs368.95 by 2:30pm. Satyam shares rose 5.8% to Rs49.90, after earlier jumping 16% to a nine-week high. The company was valued at roughly $675 million in the market. Uncertainty over valuation Analysts have said Satyam looks attractive due to its long list of marquee clients and after a plunge in its market value caused by the $1 billion-plus fraud. However, they were unsure how to value the company due to uncertainty about its accounts and legal liabilities arising from lawsuits filed in the United States by its shareholders. In October, Satyam, which means “truth” in Sanskrit, had said it had around 53,000 employees and more than 600 clients including General Electric, Cisco Systems and Qantas Airways. The holders of Satyam’s American depository shares would be able to participate in the public offer. Tech Mahindra’s winning bid was more than the Rs45.90 offered by L&T and Rs20 a share by WL Ross, Satyam chairman Kiran Karnik told a news conference. Satyam’s government-appointed board met in Mumbai to go over the bids submitted for a 51% stake in the outsourcing company. The winning bid has to be approved by the Company Law Board, which said it expected Satyam to seek approval within 2-3 days. The vast majority of customers of fraud-hit Satyam have stayed on through the process of a stake sale in the company, Karnik said. Satyam has not reported results since releasing July-September figures in October. Its accounts are in the process of being restated. Satyam’s board had appointed two investment banks, Goldman Sachs and Avendus Capital, to find a strategic investor. Source: Home - Livemint.com | 13 Apr 2009 | 10:51 am Advani declines to be drawn into Priyanka-Modi duelThiruvananthapuram: BJP leader L K Advani on Monday declined to be drawn into the war of words between Priyanka Vadra and Gujarat CM Narendra Modi, who dubbed the Congress party as a 125-year-old woman. “These are young lads. I haven’t commented on them earlier. I don’t propose to comment on that now”, Advani said in reply to a question on Priyanka’s remarks in response to Modi’s comments. Priyanka in reaction to Modi’s jibe likening the 125-year-old Congress to an old woman, had said “Does Sonia Gandhi, Rahul Gandhi or I look old to you”. She also dismissed Modi’s “gudiya” comment as ridiculous. On the alleged “hate speech” made by Varun Gandhi, Advani said if the statement attributed to him was proved right then the party would disapprove of and dissociate from it. However, there was a “double standard” involved in the way the case of Varun Gandhi was handled by those in authority, Advani said. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 10:49 am Economy grew less than 7 pct in FY09 - PMMUMBAI (Reuters) - India's economic growth slowed to slightly less than 7 percent in the 2008/09 fiscal year that ended in March due to the impact of the global downturn, Prime Minister Manmohan Singh said on Monday.Source: Reuters: Money News | 13 Apr 2009 | 10:48 am India Inc hails quick, effective decision on SatyamIndia Inc Monday was full of praise for the manner and speed with which the reconstituted board of Satyam Computer Services found a strategic investor for the beleaguered IT bellwether, and said this would send a strong signal globally that the country can respond well and fast to financial crises.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 10:32 am Markets close in green, Sensex adds 100 pointsIndian equities markets closed in the green Monday, with a key index shutting shop 1.51 percent higher after briefly breaching the 11,000-mark.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 10:31 am Satyam board says company on way to resurrectionIt was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 10:30 am Gold demand eases; traders eye new lowsMumbai: India’s gold demand eased on Monday after last week’s pick-up as traders waited for lower levels, dealers said. “There is no demand today... there was demand last week,” said a dealer with a state-run bank in Mumbai. “If prices fall below $850 (an ounce), then demand may revive,” said the dealer. Demand picked up last week as traders hunted for bargains after prices fell to a low of Rs14,022 on 6 April. The benchmark June contract was 0.58% higher at Rs14,285 per 10 grams at 2:22pm, still down about 4.8% from than the psychological Rs15,000 level. But dealers said volumes were down compared to the year-ago period. Traders normally buy to replenish stock for weddings and a key gold buying festival. Weddings will start from mid-April and Akshaya Tritiya, which falls on 27 April, is the second biggest gold-buying festival after Dhanteras. “But if we compare this month with the year-before period, the volumes are still not picking up,” added another dealer with a private bank. Source: Home - Livemint.com | 13 Apr 2009 | 10:29 am Indian economy grew less than 7% in 2008-09: PMMumbai: India’s economic growth slowed to slightly less than 7% in the 2008/09 fiscal year that ended in March due to the impact of the global downturn, Prime Minister Manmohan Singh said on Monday. “We have recorded a growth of 9% in the first four years of our government. Last year, because of the impact of global recession, the growth rate will be slightly less than 7%,” Singh told a televised news conference. High borrowing costs and followed by the global crisis slowed Asia’s third largest economy last year, and analysts forecast less than 6% expansion in the current year to March 2010. A contraction in demand at home and abroad has cut India’s factory output and exports sharply since October. India’s industrial output contracted 1.2% in February from a year earlier and exports were down more than a fifth. “The global economy is in deep trouble and we are affected by it. But because of the measures we have taken, we had anticipated something of this sort, the effect on our economy is not as great as the impact on many other countries,” Singh said. On Monday, the trade secretary said provisional data shows exports down by about 31% in March from a year earlier, and it was likely to remain subdued in the next six months as global trade flows are seen contracting in 2009. India’s central bank has cut interest rates by 400 basis points since October, while the government has slashed duties and increased public spending to stimulate a slowing economy. Policy makers are now debating on the need for more rate cuts and fiscal stimulus to revive growth. Some analysts expect the central bank to cut rates further when it reviews its policy on 21 April. A decision on further fiscal stimulus could be expected only after the April/May elections are over and a new government assumes office. Last month, the care-taker government said it will sell Rs2.41 trillion ($48.2 billion) of bonds in the first half of 2009/10, two-thirds of its full-year target, anticipating higher spending needs in the coming months to revive growth. In February, India revised upwards its fiscal deficit target to 6% of gross domestic product for 2008/09, from 2.5% earlier, as market borrowings surged in March quarter. It is estimated at 5.5% of GDP for 2009/10 fiscal year. Source: Home - Livemint.com | 13 Apr 2009 | 10:28 am Thai army cracks down on anti-govt protestersBangkok: Thai troops fired repeatedly in the air in central Bangkok on Monday, forcing anti-government protesters to abandon a blockade of a key traffic junction in a first show of strength since an emergency was declared. The red-shirted protesters had torched a bus and thrown scores of molotv cocktails at security forces faced off at Din Daeng junction before the army finally retaliated, witnesses said. The clashes, two days after protesters forced a cancellation of an Asian summit, have undermined confidence in the country, still reeling from last year’s political chaos and the global financial crisis. “I believe the darkest days in Thailand’s history are yet to come as we see no swift solution to ongoing divisiveness,” said Prinn Panitchpakdi, a CLSA Asia-Pacific analyst. Bangkok Medical Centre director Peeraphong Saicheau said 77 people were injured in clashes at the junction, which began just before dawn. Two civilians and two soldiers had gunshot wounds. The junction is a crucial part of Bangkok’s traffic system, although Monday is the start of a three-day holiday for the Thai New Year and many people have already left for the provinces. Financial markets are shut until Thursday because of the holiday. Troops moved in with water cannon after protesters loyal to former prime minister Thaksin Shinawatra poured some kind of fuel on the road, threatening to set it ablaze if soldiers acted. They eventually pushed the protesters out of the junction, detaining several and stripping them of their trademark red shirts. Intractable Political Divide The street violence erupted after Prime Minister Abhisit Vejjajiva on Sunday declared a state of emergency in Bangkok after the “red shirts” forced the cancellation of an Asian summit. Last year, the “red shirts” were in power and it was the “yellow shirts” — royalist supporters of the current government — who held nearly nonstop protests in the capital, culminating in a week-long occupation of Bangkok’s main airports. Thailand’s intractable political divide pits royalists, the military and the urban middle class against a less well-off rural majority loyal to Thaksin and his populist policies. The political strife had died down for a while after Abhisit came to office in December through parliamentary defections that Thaksin supporters say the army engineered. They demand new elections, which they would be well placed to win. Protests flared anew after Thaksin, ousted in a 2006 coup and living in exile to avoid jail on a corruption conviction, set a deadline for Abhisit to resign by April 8 -- the day before Thailand was to host the East Asia Summit in Pattaya. His supporters descended on the beach resort city 150 kms (90 miles) south of Bangkok. Ahisit’s strategy of treating them gently to avoid inflaming passions backfired when they smashed their way through a cordon of troops into the venue, forcing an evacuation of leaders by helicopter. Now with fires blazing in the street and smoke from burning tyres rising over the city of some 12 million, a political solution appears as distant as ever. Thaksin, who has been making nightly phone calls to his supporters from exile, told other supporters at Government House on Sunday night that he was ready to move back to Thailand to lead a people’s uprising if there was a coup. Thailand has seen 18 coups since 1932 and another one is certainly a possibility if there is blood in the streets. But the military is loathe to intervene since that would neither stop the protests nor cure the political divide, analysts say. Several thousand “red shirts” were still encamped at Government House, about 4 km from Din Daeng junction, where they have been demonstrating for nearly three weeks. Their numbers have shrunk considerably from around 40,000 on Sunday night and busloads were seen leaving to reinforce the Din Daeng blockade, Reuters reporters at the scene said. Abhisit, whose whereabouts is unknown since his humiliation at the Asian summit, made a televised appearance on Monday, urging the Government House protesters to leave and guaranteeing their safety. The chaos in the capital is bound to further hit the tourism sector, one of Thailand’s biggest foreign exchange earners. Several countries have already warned their citizens against travel. “What we’ll watch now is to see how unstable the situation becomes, and try to figure out what the lasting impact will be, mainly on investment in the economy, both domestic and foreign,” said Thomas Byrne, senior vice president and regional credit officer for Moody’s in Singapore. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 10:15 am BSE Sensex provisionally closes up 1.1 pctMUMBAI (Reuters) – The BSE Sensex provisionally rose 1.1 percent on Monday, extending gains for a seventh consecutive session as they tracked a broad rally across world markets on improving optimism about the global economy.Source: Reuters: Money News | 13 Apr 2009 | 10:14 am Varun agrees not to make provocative speechesNew Delhi: BJP leader Varun Gandhi, who is in detention under the National Security Act (NSA) for his alleged hate speeches, on Monday assured the Supreme Court that he would not make any “provocative” speeches during his Lok Sabha elections campaign if released on bail. 29-year-old Varun agreed to give an undertaking before the SC in this regard after a bench headed by chief justice K G Balakrishnan indicated that his plea for bail would be considered after he gives such an assurance. “If he gives an undertaking that he will not make any such provocative speeches then (his plea could be considered),” the bench said. The SC was hearing the petition of the BJP nominee from Pilibhit constituency in Uttar Pradesh, challenging invocation of the NSA against him for making alleged communal speeches and the chaos created by him while surrendering before a court in Pilibhit on 28 March in connection with the cases registered against him. The Uttar Pradesh government also said that it had no objection if the politician was granted bail after giving an undertaking that he would not create a “volatile” situation. The SC after hearing the arguments adjourned the matter till 16 April. Senior advocate Harish Salve, appearing for Uttar Pradesh government and Pilibhit’s district magistrate, said that if Varun gives an undertaking to the Court that he will not create a volatile situation after being released, then it has no objection to his being released on interim bail. After getting nod of the state government, Varun’s counsel and senior advocate Mukul Rohtagi said that the BJP leader would give an undertaking as suggested by the Court. Rohtagi, pleaded that matter should be heard on an urgent basis. “Everyday counts for him as he has to file the nomination papers from Pilibhit Lok Sabha constituency and also has to start campaigning,” Rohtagi submitted. The filing of nomination papers would begin from 17 April, he said. The BJP leader had approached the court after he was arrested under the NSA and causing a breach of public order when he went to Pilibhit to surrender on 28 March in a case registered against him for allegedly making “inflammatory and communal speech” during his campaigning there last month. The court had on 2 April issued notices to the state government and the district magistrate of Pilibhit on the allegation by Varun that NSA was invoked against him with a political motive to sabotage his electoral debut. However, the Uttar Pradesh government, in its 35-page response to the notice issued by the apex court, said the inflammatory statement by Varun and the manner in which he surrendered amounted to breach of public order, warranting invocation of the NSA against him. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 9:57 am MRF March quarter PAT up 5% at Rs68.69 crMumbai: Tyre manufacturer MRF Ltd today reported a 4.68% growth in profit after tax (PAT) at Rs68.69 crore for the second quarter ended 31 March 2009. The firm had a PAT of Rs65.62 crore in the March quarter of FY’08, MRF said in a filing to the Bombay Stock Exchange. The total income rose 15.72% to Rs1,405.82 crore for the quarter ending March 2009, from Rs1,214.83 crore in the corresponding period a year ago. For the six months ended 31 March 2009, MRF reported a 7.41% decline in PAT at Rs30.39 crore. It had a PAT of Rs117.37 crore in the year-ago period. The total income in the six-months period ending March 2009 rose 16.34% to Rs2,757.79 crore. The figures for the quarter and six months ended are unaudited, the company said. Shares of MRF were trading at Rs2,290, up 11.84% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 13 Apr 2009 | 9:48 am Sensex crosses 11,000 levelThe Bombay Stock Exchange benchmark Sensex added nearly 200 points at midsession to trade at 11,003.28, the highest since October last year.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 9:40 am Midsession: Sensex touches 11,000 briefly on fund buyingMumbai: The Bombay Stock Exchange benchmark Sensex regained the 11,000 level and added nearly 200 points at midsession on Monday on the back of sustained buying by funds, triggered by firming Asian markets. The Sensex, which had gained nearly 13 points in the past six sessions, moved up further by 199.42 points, or 1.84% to trade at 11,003.28, the highest since 14 October last year, with the metals, banking and realty sectors leading the rally. The 50-share National Stock Exchange’s Nifty also rose by 51.90 points, or 1.55%, to 3,393.95 at mid-session. Buying activity spread even the small- and mid-cap sector stocks. The 30-share BSE index at 3:18pm slipped to trade at 10,930.13, 126.27 points up and the 50share NSE Nifty was 26.95 points up at 3,369.00. The Bombay Stock Exchange 30-share index rose on Monday, continuing its gain for seventh straight session. At 12:52pm, the 30-share BSE index was trading 54.79 points higher at 10858.65, after rising to as much as 10,993.69 in early deals. The index also briefly slipped into negative territory. The 50-share NSE index was up 1.40 points at 3343.45. Satyam Computer was up 10% at Rs52.50, while shares in Tech Mahindra jumped more than 23% after television channels said it had won the race for the firm. Diversified engineering and construction firm Larsen & Toubro reversed early losses to rise more than 3% after television channels said it was out of the buying race. Leading lenders such as ICICI Bank, HDFC Bank and State Bank of India rallied on increased hopes of a recovery in the global financial sector and expectations of healthy quarterly results, traders said. But declines in outsourcers such as Infosys Technologies and Wipro and top telecom firm Bharti Airtel put a cap on gains. Twenty-two stocks advanced. “We’ve seen quite a good rally. So there could be some profit booking, but I wouldn’t recommend going short on anything right now,” R. Sriram, a technical analyst at ICICI Securities, said. Banks and energy giant Reliance Industries have led a market rally of more than 32% from 2009 lows hit on 6 March, tracking a global rally on increased optimism about the world economy. Investors were cautious ahead of a market holiday on Tuesday, after which the corporate results season gets into full swing with no. 2 software-services exporter Infosys reporting March quarter numbers on Wednesday. “The banks are still holding up pretty well, but I will be cautious and book profits if I get a chance,” Sriram said. Uncertainty about the political outlook ahead of month-long general elections beginning on Thursday, are also keeping investors on their toes, traders said. Private-sector lender ICICI Bank rose 4.8% to Rs416.80, while rival HDFC Bank gained 5.2% to Rs1,100. Government-run State Bank of India was up 4.7% at Rs1,194.05. In the broader section, advancers led losers in the ratio of more than 3:1 on relatively moderate volume of 225.8 million shares. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 9:35 am Air Arabia offers special fares for Indian passengersSharjah-based budget airline Air Arabia Monday announced lucrative packages for its Indian passengers to travel to Greece, Egypt, Jordan and the Gulf region this summer.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 9:34 am Tech Mahindra gets control of Satyam Computer ServicesTech Mahindra, the IT arm of Mahindra and Mahindra (M and amp;M), will be the new owner of the fraud-hit Satyam Computer Services with a controlling stake through its subsidiary Venturbay Consultants.Source: IndiaeNews.com: Business News | 13 Apr 2009 | 9:32 am Rupee off 1-month highs on short-coveringMumbai: The Indian rupee came off 1-month highs in afternoon trade on Monday as banks covered their short dollar positions ahead of a local holiday, but gains in local shares and higher Asian units supported the currency. At 2:30pm, the partially convertible rupee was at Rs49.93/94 per dollar, above its previous close of Rs50.00/02. It traded as high as Rs49.83 on Monday, its strongest since 25 February. Markets were shut on Friday on account of Good Friday and will be closed on Tuesday again for a holiday. Indian shares were trading 1.7% higher, extending gains into a seventh straight session, as increased hopes for a recovery in the global economy bolstered investor confidence. Most Asian currencies were higher against the dollar. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs49.9850 and Rs49.9875 respectively, with the total traded volume on both exchanges at about $430 million. Source: Home - Livemint.com | 13 Apr 2009 | 9:32 am Sun Pharma gets USFDA's nod to market painkillers - Hindu
Source: Google News India - Business | 13 Apr 2009 | 9:03 am Satyam: vast majority of customers stayed onMUMBAI (Reuters) - The vast majority of customers of fraud-hit Satyam Computer Services have stayed on through the process of a stake sale in the company, Chairman Kiran Karnik said on Monday.Source: Reuters: Money News | 13 Apr 2009 | 8:59 am Tech Mahindra soars 25% on Satyam bidMumbai: Tech Mahindra on Monday surged as much as 25% on the Bombay Stock Exchange after the software emerged as the highest bidder to acquire Hyderabad-based Satyam Computer Services. The shares of the company opened on a bullish note at Rs330 and then gained further ground to witness an intra-day high of Rs400, up 25% on the BSE. Similar movement was seen on the National Stock Exchange as well, where the company opened at Rs324.85, then rallied ahead to touch the day’s high of Rs410, a jump of 27.98% from its previous closing price. The surge came after the software firm Tech Mahindra submitted its bid to acquire majority stake in Satyam Computer. It has company emerged as the highest bidder. On the volume front good movement was witnessed as over 12.31 lakh shares got traded on the BSE and more than 28.81 lakh shares exchanged hands on the NSE. Besides Tech Mahindra, engineering major L&T has also put in its bid to acquire control of the Hyderabad-based company. L&T was also trading on the positive territory and surged over 3.75% on the BSE to touch an intra-day high of Rs860. Source: LatestNews-Home - Livemint.com | 13 Apr 2009 | 8:42 am Sun Pharma gets USFDA’s nod to market painkillersMumbai: Drug firm Sun Pharma today said it has received US regulatory approval to market Roxicodone, Oxycodone hydrochloride tablets used as painkillers. In a filing to the Bombay Stock Exchange, Sun Pharmaceutical Industries said its subsidiary has received US Food and Drug Administration approval (USFDA) to market Roxicodone, Oxycodone hydrochloride tablets used as a painkiller. The tablets are in the strength of 5mg, 15mg and 30mg and is used as a narcotic painkiller in the treatment of moderate to severe pain. These products would reach the US market shortly, the filing added. Shares of Sun Pharmaceutical were trading at Rs1,145.50, up 1.63% on the BSE. Source: Home - Livemint.com | 13 Apr 2009 | 8:36 am As economic meltdown expands, foodies turn street-smartWith the mercury rising and the economy falling, food-lovers have renewed their love for street food against the high end restaurants that dig deeper into their pockets.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 8:08 am HMSI launches New Honda Activa with more mileageHonda Motorcycle and Scooter India Private Limited launched the "New Honda Activa" with more mileage and hoard of new features.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 7:53 am Tech Mahindra highest bidder to acquire SatyamTech Mahindra offered Rs 58 per share for Satyam bid, while engineering firm L&T made an offer of around Rs 49 for each Satyam share.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 7:46 am Asia stocks up, oil slides on demand outlookHong Kong: Asian stocks rose on Monday on hopes for the global economy, with Taiwan shares hitting a near 7-month closing high, while oil prices slipped below $52 after a dramatic oil demand downgrade by the International Energy Agency. But trade was thinned with many Asian and European centres still out for the long Easter holiday weekend, and shares were largely directionless as investors waited for US bank results due out this week and the resulting reaction of stock markets. US banks including Goldman Sachs JPMorgan and Citigroup are set to report first-quarter results this week. “The world is watching this, and with stock markets likely to move strongly in response, nobody wants to either buy or sell actively today,” said Masayoshi Okamoto, head of dealing at Jujiya Securities in Tokyo. “People remain positive overall, though.” Hopes that the global economy may be over the worst, particularly after a robust rise in Chinese loan data released at the weekend, meant sentiment remained largely positive. Central bank data on Saturday showed China’s banks lent a record amount of new local currency loans, the latest sign that the economy is gaining steam, and helped send Chinese stocks up more than 3% in heavy trade. Taiwan stocks were led higher by property shares such as Cathay Real Estate climbing after parliament approved a special spending budget, while Seoul shares rose on automaker gains after the government said it will inject money to support the car industry through the global downturn. But Japan’s benchmark Nikkei underperformed the rest of Asia to close down 0.4%, dragged lower by retailers and tech firms such as TDK Corp after a day of seesaw trade that took it in and out of negative territory. With US markets closed on Friday, local factors took the lead in most Asian markets as investors waited for Wall Street to resume trading later in the day. “Investors are divided over whether shares at the current level still have room to rise, or whether we need to see clearer signs of a recovery in the US bank sector and the global economy,” said Lee Sun-yeob, a market analyst at Goodmorning Shinhan Securities in Seoul. The Korea Composite Stock Price Index (KOSPI) closed up 0.2% at 1,338.16, while Taiwan’s main TAIEX share index gained 1.3% to 5,857.64. The MSCI index of Asia-Pacific stocks outside Japan rose 0.5%, crawling back towards a six-month high hit a week ago. The dollar edged up against the yen in quiet trade, gaining 0.2% to ¥100.38. US crude for May delivery fell 0.75 to $51.49 on Monday, the first day of trade since Thursday’s nearly 6 percent gain, as the market waited for confirmation of the grim demand outlook from the US government. The IEA said on Friday that world oil demand will dive by 2.4 million barrels per day to 83.4 million bpd this year, a one million bpd cut from its previous report. The US Energy Information Administration is set to release its short-term energy outlook on Tuesday, while Opec publishes its updated monthly view on Wednesday. Japanese government bonds were little changed in subdued trading as uncertainty over the outlook for extra JGB issuance kept investors on the sidelines. The government said on Friday it would issue more than ¥10 trillion ($100 billion) of debt in the year to March 2010 to finance its latest stimulus package, which is worth $154 billion. Source: Home - Livemint.com | 13 Apr 2009 | 7:31 am Delhi HC quashes Tatas' plea on Sasan coal diversion by RPowerThe Delhi High Court dismissed Tata Power's petition challenging the Government's decision to allow Reliance Power to divert coal from Sasan Ultra Mega Power Project.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 7:27 am L&T to hold on to Satyam stake - CFOMUMBAI (Reuters) - Larsen & Toubro, which has built up a 12 percent stake in Satyam Computer Services, plans to hold on to the stake, its chief financial officer said on television channel NDTV Profit.Source: Reuters: Money News | 13 Apr 2009 | 7:25 am Company Law Board sees Satyam approval soonNEW DELHI (Reuters) – The company law board expects fraud-hit Satyam Computer Services to file for approval of the winning bidder within 2-3 days, its chairman said on Monday.Source: Reuters: Money News | 13 Apr 2009 | 7:11 am SC quashes Kampani's petitionThe Supreme Court on Monday quashed a petition filed by financial industry magnate Nimesh Kampani to stop proceeding initiated against him in the Nagarjuna Finance Corp case, thus clearing the way for his arrest.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 7:06 am Satyam allots 63,228 equity shares under stock optionPursuant to the allotment, the paid-up share capital of the company stood at Rs 1,34,79,16,040 up from Rs 1,34,77,89,584, the filing added.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 6:37 am US govt tells GM to prepare for bankruptcy: reportWashington: The US Treasury Department has told General Motors to make all necessary preparations for a possible bankruptcy filing by 1 June, even though the troubled automaker insists it can restructure its business on its own, The New York Times reported late on Sunday. Citing unnamed people “with knowledge of the plans,” the newspaper said the instructions had been conveyed by members of President Barack Obama’s automotive task force, who spent last week in meetings and on conference calls with GM in Detroit and Washington. The talks are expected to continue this week, the report said. According to the paper, the goal is to prepare GM for a fast “surgical” bankruptcy. The automaker already has been granted $13.4 billion in federal aid, and its managers are insisting the company’s image should not be damaged. The preparations are aimed at assuring a GM bankruptcy filing is ready should the company be unable to reach agreement with bondholders to exchange roughly $28 billion in debt into equity in GM and with the United Automobile Workers union, which has balked at granting concessions without sacrifices from bondholders, The Times said. Source: World Business - Livemint.com | 13 Apr 2009 | 6:34 am Silicon Valley pushes for H1B visasReflecting the mood of the Silicon Valley, prominent media outlets from California have come out openly in support of the H-1B work visas.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 6:25 am Sensex climbs 190 pts to nearly 6-month high in early tradeSensex shot up by another 190 points to 10,993 points, highest level since October 15, in early trade on Monday.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 6:23 am Indians accounted for 38 pc H1B visas in 2008: USAn official report has said that the Indian nationals accounted for the 38 per cent of the total H-1B visas issued by the United States last year.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 6:21 am Tech Mahindra to pay Rs 2,900 cr for majority stake in SatyamTech Mahindra offered Rs 58 for every 10-rupee share while L&T's bid price stood at Rs 45.90.Source: Daily News & Analysis: Money News | 13 Apr 2009 | 5:31 am Sensex climbs 190 pts to nearly 6-month high in early tradeThe Bombay Stock Exchange benchmark Sensex shot up by another 190 points to 10,993 points, highest level since October 15, in early trade on Monday.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 5:21 am Rupee appreciates 14 paise against dollarAt the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted higher at 49.88 a dollar, up by 14 paise over the previous close of 50.02/03.Source: India Business News | Business News - Times of India | 13 Apr 2009 | 5:15 am U.S. directs GM to prep for bankruptcy filing - NY TimesWASHINGTON (Reuters ) - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday.Source: Reuters: Money News | 13 Apr 2009 | 3:21 am Bearish reversal seen for goldGold futures, ended slightly lower, ahead of a long weekend. Gold stays trapped in a range between market participants pursuing more risk and those who still seek the safety of a tangible asset such as gold. This will encourage more investmentSource: Business Line - Home Page | 13 Apr 2009 | 12:00 am Power capacity addition targets go for a tossNew Delhi, April 12 There is unlikely to be any respite from power shortages, with the Centre’s power capacity addition targets clearly fizzling out and key utilities facing slippages.Source: Business Line - Home Page | 13 Apr 2009 | 12:00 am Satyam staff worried new employer may cut jobsHyderabad, April 12 A day ahead of the start of the stake sale process of Satyam, worries about a possible “optimisation” of human resources by the new owner bother many employees.Source: Business Line - Home Page | 13 Apr 2009 | 12:00 am Indian Overseas Bank (Rs 52.05): BuyWe recommend a buy in Indian Overseas Bank from a short-term trading perspective. It is clearly visible from the charts of Indian Overseas Bank that after encountering significant resistance in the band of Rs 80-85 in early January 2009, it beganSource: Business Line - Home Page | 13 Apr 2009 | 12:00 am Corporates not in a hurry to buy back foreign bondsBL Research Bureau Corporates are not exactly rushing to buy back outstanding foreign currency convertible bonds that they had issued earlier now that the overseas lenders are willing to trade them for cash, even at a discount.Source: Business Line - Home Page | 13 Apr 2009 | 12:00 am Hope of long-term growth may give market a boostMarket may maintain an upward bias this week as a growing number of investment advisors and investors have come to believe that here is an opportunity in the long term, notwithstanding the negative shocks that may be upsetting in theSource: Business Line - Home Page | 13 Apr 2009 | 12:00 am G-20: For the greater common good?The recent G-20 meet in London was characterised by hype rather than substance. And, typically, the hype was not justified by the quality of the conclusions reached at the meeting. The occasion, however, did serve as the first exposure of theSource: Business Line - Home Page | 13 Apr 2009 | 12:00 am Main suitors for Satyam… but will there be a dark horse?New Delhi, April 12 After three-months of high drama, Satyam Computer Services finally goes under the hammer on Monday.Source: Business Line - Home Page | 13 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 | 13 Apr 2009 | 12:00 am FIIs reduce stake in March quarter too, but only marginallyChennai, April 12 While foreign institutional investors continue to remain net sellers in the Indian market, if the SEBI data on FII trends are anything to go by, there has, however, been no significant reduction in FII shareholding as of MarchSource: Business Line - Home Page | 13 Apr 2009 | 12:00 am 5 mmscmd gas seen from 26 CBM blocksThe output of natural gas from 26 coal bed methane blocks offered for exploration and production in auctioning is expected to surge to about 5 million mmscm per day.Source: Daily News & Analysis: Money News | 12 Apr 2009 | 9:29 pm Silicon Valley firms find it tougher to hire, retain world’s bestMountain View, California: Google is based here in Silicon Valley, but Sanjay G. Mavinkurve is not. Mavin-kurve, a 28-year-old Indian immigrant who helped lay the foundation for Facebook while a student at Harvard, instead works out of a Google sales office in Toronto. He has a visa to work in the US, but his wife, Samvita Padukone, also born in India, does not. So he moved to Canada. Just more than half the companies founded in Silicon Valley from the mid-1990s to the mid-2000s had founders born abroad, according to Vivek Wadhwa, an immigration scholar working at Duke and Harvard. The foreign-born elite includes Andrew S. Grove, the Hungarian-born co-founder of Intel; Jerry Yang, the Chinese-born co-founder of Yahoo; and Google’s Russian-born co-founder, Sergey Brin. But technology executives say that byzantine and increasingly restrictive visa and immigration rules have imperilled their ability to hire and retain more of the world’s best engineers. Mavinkurve’s case exemplifies how immigration policies can chase away a potential entrepreneur who aspires to create wealth and jobs here and highlights the technology industry’s argument that the US will struggle to compete if it cannot more easily hire foreign-born engineers. “We are watching the decline and fall of the United States as an economic power—not hypothetically, but as we speak,” said Craig R. Barrett, the chairman of Intel. Barrett blames a slouching education system that cannot be easily fixed, but he says a stopgap measure would be to let companies hire more foreign engineers. “With a snap of the fingers, you can say, ‘I’m going to make it such that those smart kids—and as many of them as want to—can stay in the United States.’ They’re here today, they’re graduating today—and they’re going home today.” The idea is opposed by staunch foes of liberalized immigration and by advocates for US-born engineers. “There are probably two billion people in the world who would like to live in California and work, but not everyone in the world can live here,” said Kim Berry, an engineer who operates a nonprofit advocacy group for US-born technologists. “There are plenty of Americans to do these jobs.” The debate has only sharpened as the country’s economic downturn has deepened. Advocates for US-born workers are criticizing companies that lay off employees even as they retain engineers living here on visas. But the technology industry counters that innovations from highly skilled workers are central to the country’s long-term growth. ©2009/THE NEW YORK TIMES Source: World Business - Livemint.com | 12 Apr 2009 | 7:45 pm Student traffic to US could fall 15-25%The number of students seeking admission to US universities this year could fall, owing to the poor state of the job market there. Institutes that help students pursue studies abroad peg the hit between 15 and 25 per cent, depending on the university, areas of research and kinds of companies that sponsor these universities to provide research or teaching assistantships.Source: Business Standard | Front Page Headlines | 12 Apr 2009 | 7:24 pm Maruti to launch hybrid cars in 3 to 5 yearsMaruti Suzuki, Indias largest car company by sales, is working on an ambitious plan to launch electric cars and compressed natural gas (CNG) variants for three or four models in the domestic market. The plan is part of the companys broad strategy to develop small cars that run on alternative fuel technology.Source: Business Standard | Front Page Headlines | 12 Apr 2009 | 7:21 pm Satyam to name the highest bidder todayPost-CLB approval, winner to get four days to deposit money.Source: Business Standard | Front Page Headlines | 12 Apr 2009 | 7:19 pm Withholding violations: legal position uncertainAt a time when the government is emphasizing India’s image as an attractive business destination and a service exporter, certain observations by the Supreme Court in its March decision in the case of Eli Lilly and Co. (India) Pvt. Ltd could have a deterrent effect by imposing possibly unintended obligations on non-resident hirers of Indian service providers. The possible implications of this decision may not have been widely understood. The debate on extra-territorial operation of tax statutes is not new. The proposition that a non-resident who derives income having nexus with India should be subject to Indian taxes is well-accepted. However, whether a non-resident who has no presence in India should be subject to machinery provisions of withholding taxes merely because he makes a payment outside India, or from outside India, to a resident or a non-resident who is taxable in India, was far from clear. The observations of the apex court in the Eli Lilly decision seem to suggest that withholding tax obligations would so apply.  Illustration: Jayachandran / Mint Consider the following situation—a non-resident entity avails the services of a resident Indian doctor, architect, accountant or investment adviser, and pays him for the professional services rendered outside India or from India, through normal banking channels in India. If the Indian withholding provisions were to be applied to such a non-resident, startling consequences would follow—this non-resident would not only have to withhold tax on such payments and arrange to have it deposited in India, but would have to undertake various procedural compliances, such as obtaining a permanent account number, tax-deduction account number and file withholding tax returns in India, etc. Failure to comply with this would expose it to penal consequences, including interest and penalty. If this was to be applied in reverse, it would mean that every Indian company which engaged a foreign adviser will need to not only withhold taxes as required by Indian tax laws but also (those) which may be imposed on payers by the foreign country of the payee’s tax residence. This issue was considered by a five-judge bench of the House of Lords in Agassi v. Robinson (inspector of taxes) case, May 2006. The case concerned tennis player Andre Agassi’s tax liability in the UK with respect to payments received by a non-UK company owned by him, from non-resident companies, for promotion of their goods on account of participation in UK tournaments. The possible implications of the decision in the Eli Lilly case may not have been widely understood Lord Scott, agreeing that Agassi was taxable in the UK since his income had a nexus with the UK, upheld the withholding tax provisions in their applicability to non-UK entities on the assumption that taxability of the recipient was inter-linked with the obligation of the non-UK companies to withhold (a somewhat curious conclusion but admittedly the UK law was a fairly complex construct). Lord Mance, on the other hand, while agreeing with the taxability of Agassi, had serious reservations about the withholding tax liability of non-residents. In his words, “It may, and in my view probably would, be incongruous if a payer without any United Kingdom presence were to be treated as under any liability to make and account for such a deduction. But this conclusion should have, and in my view has no bearing on the primary liability of the sportsman or entertainer to pay both the basic and any higher rate tax due in respect of the payment.” Lord Nicholas and Lord Hope agreed with the opinions of Lord Scott and Lord Mance without it being clear as to whose specific reasoning they agreed with. Clearly one of the Lords, whose opinion they concurred with, had serious reservations about the withholding tax liability of non-residents without any UK presence. Lord Walker disagreed with both contentions, i.e. the chargeability of Agassi to UK income tax as well as the withholding tax liability of non-resident payers. The complexity of the issue has been recognized by the Supreme Court in the Electronics Corp. of India decision (May 1989), where it observed that the question of extra-territoriality was of “great public importance” as “it concerns collaboration agreements with foreign companies and other such arrangements for the better development of industry and commerce in India”, and accordingly referred the matter to a constitutional bench. Unfortunately, the matter did not proceed further. In light of such uncertainty on the legal position, it is important that Indian courts keep these factors in consideration while applying the observations of the apex court in Eli Lilly. Clearly, before the Indian tax authorities issue a barrage of notices for potential withholding violations, the matter requires appropriate consideration. Incidentally, this issue resurfaces in the Vodafone matter, where the taxability of transfer of shares of a Cayman Island company (which held majority-stake in an Indian company through another Mauritian company) by one non-resident to another non-resident, and the related question of withholding tax, are under scrutiny. However, it may be too late to wait for the Vodafone controversy to reach the Supreme Court for the issue to be sorted out. This column is contributed by Abhinav Ashwin of AZB & Partners, Advocates & Solicitors. Send your comments to lawfullyyours@livemint.com Source: World Business - Livemint.com | 12 Apr 2009 | 6:38 pm Winning strategyNew Delhi: Online job portals have not been around in India for very long. But posting a resume online has become the first step on a job hunt. Job portals are easy and inexpensive and are growing in popularity among job seekers and recruiters alike. Click here to watch video Naukri.com, Timesjobs.com and Shine.com are among the prominent job portals in India. Around 85-90% of their revenue comes from corporate recruiting. With bulk hiring and recruitment budgets being slashed due to the economic slowdown, job portals have been adversely impacted. There is however a flip side. Many companies have laid off employees and the number of people looking for new jobs has increased. Job portals are now shifting their focus from generating revenues from companies to designing products for job seekers. They now offer services like resume building, distribution and facilitating meetings with potential employers at an extra cost. Timesjobs.com has seen a 30-40% increase in these services since October. “We are looking to increase the share of services offered to jon seekers since the market for those products is more buoyant at this time than the employer market,” says Vivek Madhukar vice president, Timesjobs.com. Naukri.com, which depended on big IT players for 25-30% of its revenue, is now finding opportunities with small and medium enterprises. “That sector is better off than other companies,” says Hitesh Oberoi, director and COO, Naukri.com. Job portals are confident of generating revenue even in a slowing market because they believe that their services are significantly cheaper compared to recruiters and print advertisements. Source: Tech News - Livemint.com | 12 Apr 2009 | 6:17 pm
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