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Gitanjali Gems board approves buyback at Rs 120 per shareGitanjali Gems has been the biggest buzzer in today\'s trade and is up over 20%. The company has approved a buyback up to Rs 120 per share. GK Nair, Gitanjali Gems said the time when the board meeting took place, the companys stock price was Rs 4045, and based on some working from Sebi, the Rs 120 per share price as well as the quantum was fixed.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 3:32 pm SBI rights issue may sail through if offered at a discountRisk is back and that is the big positive that the equity market is seeing. If SBI\'s rights issue is offered at a discount, and in an environment where people are buying risk and market sentiment has improved, then SBI\'s issue might sail through.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 2:56 pm Pantaloon Retail looking to raise Rs 1,550 cr: SourcesPantaloon Retail is learnt to be looking at raising up to Rs 1,550 crore. Sources say it will also be spilt up into three separate entities. Pantaloon Retail will now be called Future Markets and Consumer Groups Ltd. This comes as a part of the restructuring exercise that Biyani has undertaken to unlock the value of his various businesses.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 2:30 pm Tech Mahindra gets CLB nod for Satyam buyout!Tech Mahindra on Thursday got the green signal from the Company Law Board (CLB) to buy scam-tainted Satyam Computer Services.Source: Zee News : Business | 16 Apr 2009 | 12:36 pm See revenue growth following subscriber growth: RCommReliance Commnications had 26% share of net subscriber additions. SP Shukla President of RComm, said,\" Our strong momentum continues on subscriber growth. In Q4 we have added 11.3 million customers and 3 million in March.\" He believes revenue growth will follow subscriber growth.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 11:15 am Banks to see mixed Q4 earnings as loan growth easesMUMBAI (Reuters) - Indian banks may report mixed numbers in Jan-March as shrinking loan growth and asset restructuring put pressure on margins, analysts said.Source: Reuters: Money News | 16 Apr 2009 | 10:49 am Avg room rates down to Rs 12500 from Rs 16000: Hotel LeelaVivek Nair, VC and MD, Hotel Leela, said, Mumbai occupancy rate is around 75%. The average room rates have gone down to Rs 12,500 from Rs 16,000, Nair added. He said divesting stake in Hotel Leela is one of the options under consideration for raising funds.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 10:49 am HSBC expands top mgt in India, Kidwai is country head - Business Standard
Source: Google News India - Business | 16 Apr 2009 | 10:48 am Nifty falls below 3400; Suzlon, Tata Motors plunge - Economic Times
Source: Google News India - Business | 16 Apr 2009 | 10:45 am Markets lose steam, Sensex drops over 300 pointsBombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,358.06 points, fell 337.33 points or 2.99% to close at 10,947.4 points.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 10:44 am Uptrend to continue despite today's correction - Moneycontrol.com
Source: Google News India - Business | 16 Apr 2009 | 10:40 am Nokia profit plunges 90% in Q1Helsinki: Nokia, the world’s leading mobile phone maker, on Thursday reported a 90% drop in its first quarter net profit to 122 million euros ($160 million) amid falling sales and lower prices for its handsets. Chief executive Olli-Pekka Kallasvuo said Nokia’s sales from January to March were dented as retailers held back on ordering new handsets. Its market share of 37% was down from 39% in the same quarter a year ago, but was stable from the fourth quarter. Nokia said it expected its market share to rise in the second quarter. After the results were released, Nokia shares surged 9.5% to 11.05 euros on the Helsinki stock exchange, which was 4.05% higher. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 10:35 am Punj Lloyd bags orders worth Rs.308 crore from Bangalore MetroEngineering and construction firm Punj Lloyd has won orders worth Rs.308 crore ($62 million) from Bangalore Metro Rail Corp to build eight stations, the company said Thursday.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 10:31 am Gitanjali Gems' board approves buyback at Rs 120 per share - Moneycontrol.com
Source: Google News India - Business | 16 Apr 2009 | 10:31 am Colors beats Star Plus to claim top spotSpeaking on the general entertainment channel space (GEC), Raghav Bahl, Managing Director of Network18 said Colors has gained 300 bps in terms of reach and that its revenue is likely to touch Rs 400500 crore soon. Bahl added that Rs 250 crore has come into the companys balance sheet in the last one month.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 10:30 am Naxal violence mars 1st phase of LS pollsNew Delhi: Naxal violence rocked certain parts of Bihar, Jharkhand, Chhattisgarh and Orissa on Thursday in the first phase of polling for the Lok Sabha elections leaving 10 dead, including five BSF personnel, as moderate to brisk voting was reported across 15 states and two union territories. Shortly after voting began at 0700 hrs, Naxals triggered a landmine striking a bus ferrying Border Security Force (BSF) personnel in Latehar district in Jharkhand which five personnel and two civilians were killed. Click here to see slideshow Also Read | Elections 2009 (Full Coverage) In Bihar, a homeguard and a police personnel on election duty were shot dead and another injured by Naxals in Singhpur village in Gaya district, police said. Two other police personnel were missing.  A man displays the indelible mark on his finger after casting his vote at a polling station, during the first phase of general elections, in Varanasi on Thursday. AP photo One CRPF personnel was killed in the clashes. Maoists also set afire at least three polling booths, electronic voting machines and other materials in Orissa’s Malkangiri district on Thursday, disrupting voting. Voting began on a moderate note in 124 constituencies spread across 15 states and two union territories during which the fate of Rashtriya Janata Dal (RJD) chief Lalu Prasad, Bharatiya Janata Party’s (BJP) Murli Manohar Joshi and Yashwant Sinha and Telangana Rashtra Samithi (TRS) president K Chandrasekar Rao will be decided. There are 1,715 candidates in the fray.  Elections to 154 Assembly segments in Andhra Pradesh and 70 in Orissa are also being held on Thursday. Polling began on a moderate note in Jammu-Poonch parliamentary constituency which included areas in the border region. In Kerala, Arunachal Pradesh and Assam voters turned up in large numbers at the polling booths to exercise their franchise. Voting would end at 1700 hrs in most places, except in Naxal-infested areas where it would close at 1500 hrs.  Security personnel keep vigil at a polling booth in Nayagaon in Chapra (Bihar) on Thursday. PTI Photo While all 20 seats in Kerala, 11 in Chhattisgarh and two each in Arunachal Pradesh and Meghalaya went to polls in a single phase on Thursday, polling is underway in 13 out of 40 seats in Bihar, 16 out of 80 in Uttar Pradesh, Maharashtra 13 (48), Andhra Pradesh 22 (42), Jharkhand 6 (14), Orissa 10 (21), Assam 3 (14), Manipur 1 (2) and Jammu and Kashmir 1 (6). The lone seats in Andaman and Nicobar Islands, Lakshadweep, Mizoram and Nagaland are also covered in the first phase. Also See | Lok Sabha Poll Expenses, 1952-2009 (PDF) Prominent among those seeking elections to the lower house of Parliament are Union ministers Praful Patel, Renuka Chowdhury, D Purandeswari, Santosh Mohan Dev, Meira Kumar, Rameshwar Oraon and E Ahamed and BJP leader Rajiv Pratap Rudy, former UN Under-Secretary General Shashi Tharoor and south Indian actress Vijaya Shanti. As has become customary, voters were exercising their franchise through Electronic Voting Machines. Tight security arrangements have been made for the polls with central paramilitary forces being deployed along with the security forces of the states. State borders have been sealed to prevent movement of criminal elements and liquor. Other phases of Lok Sabha polls are due on 23 April, 30 April and 7 May and 13 May. A minor scuffle between UDF and LDF workers broke out after LDF workers protested Congress candidate from Thiruvananthapuram Shashi Tharoor speaking to reporters, who bombarded him with questions, outside a booth in Jawahar Nagar in the city. The protesters alleged that this created problems for other voters. The situation, however, was defused by police immediately. Source: Home - Livemint.com | 16 Apr 2009 | 10:25 am CLB approves Tech Mahindra's bid for SatyamNEW DELHI (Reuters) - The Company Law Board (CLB) on Thursday approved the takeover of fraud-hit Satyam Computer Services Ltd by mid-sized outsourcer Tech Mahindra Ltd, as had been expected.Source: Reuters: Money News | 16 Apr 2009 | 10:22 am CLB allows Satyam to file results by Dec 31NEW DELHI (Reuters) - The Company Law Board (CLB) said on Thursday fraud-hit Satyam Computer Services Ltd would have until the end of the year to file its overdue financial results.Source: Reuters: Money News | 16 Apr 2009 | 10:21 am ANALYSIS - Siemens compliance push to yield new businessFRANKFURT (Reuters) - Bloodied by a bribery scandal, German engineering group Siemens AG is training an army of whistleblowers in a compliance push that could help win more contracts even during the economic downturn.Source: Reuters: Money News | 16 Apr 2009 | 10:19 am Banks lead European stocks higher; JPM, Nokia eyedLondon: European shares rose in a choppy session on Thursday morning with banks gaining ahead of JPMorgan Chase & Co figures and housing data from the United States. By 02:19pm, the FTSEurofirst 300 index of top European companies was up 0.4% at 791.26 points having been as low as 786.93 points earlier. “The market is going to remain volatile depending on news flow. I have a funny feeling JPMorgan figures are going to be good ... it really depends if there are any more write downs,” said David Buik, partner at BGC Partners. Banks added the most points to the index. HSBC, Banco Santander, UBS, Barclays and Credit Suisse gained 1.4-4.6%. “I would expect quite good figures from JPMorgan, but they are by no means the norm for the sector,” said Justin Urquhart Stewart, investment director at Seven Investment Management. Later in the session, investors are expected to focus on results from tech bellwether Nokia. “Nokia earnings will probably be about 80% down to what they were last time. We are concerned about the level of market share they may have lost (as) their smart phone clearly has not gone well at all. But, providing they are no worse than expectations, it probably will be okay,” Buik said. Across Europe, the FTSE 100 index was up 0.7%, Germany’s DAX was 0.03% higher and France’s CAC 40 was up 0.2%. Looking at macroeconomic news, US housing starts at 06:00pm will also be in the spotlight. “The housing figures are likely to show that a little bit more confidence is coming back in and the market shows some signs of flattening,” said Urquhart Stewart. Back to the upside, energy stocks gained as crude rose 1.3%. BG Group, BP and Tullow Oil added 0.2-0.9%. Miners were higher with Antofagasta, BHP Billiton, Eurasian Natural Resources, Rio Tinto and Xstrata up 0.5-2.1%. Roche was up 0.7% after first-quarter sales rose 8% and the group said it met forecasts thanks to the strong growth of blockbuster cancer drug Avastin. Tempering investor optimism about a recovery was news that General Growth Properties, the second-largest US mall owner, had filed for Chapter 11 bankruptcy protection from its creditors, making it one of the biggest victims of the credit crisis yet. On the downside, the electricity sector heavily weighed on the index. Union Fenosa was down nearly 20%, while Drax, EDF and Endesa were 0.3-1% lower. Food producers also fell, with Danone down 0.4% after its quarterly sales fell 2.3%. Chip maker STMicroelectronics fell 1.3% after it said late on Wednesday it planned to cut its quarterly dividend by two-thirds, citing the “unstable market”. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 10:17 am Hopes of crisis recovery after China GDP slowdownBEIJING/LONDON (Reuters) - Hopes that China's slowest quarter on record could mark a bottom to the global financial crisis were echoed in Europe on Thursday where a fall in car sales eased.Source: Reuters: Money News | 16 Apr 2009 | 10:15 am HSBC names India country head, CEOMUMBAI (Reuters) - HSBC said on Thursday it elevated the chief executive of its Indian operations, Naina Lal Kidwai, as country head and named Stuart Davis from its Australian unit as her replacement as part of its emerging market focus.Source: Reuters: Money News | 16 Apr 2009 | 10:12 am Close: Political uncertainty plunge markets by 2.99%New Delhi: Markets witnessed heavy selling pressure, dragging the Sensex from its 11,000 level to close nearly 3% lower on Thursday. The Bombay Stock Exchange benchmark Sensex snapped from its 8-day rally on accelerated profit-booking today. Investors looked to save capital as the country began its first phase of month-long general elections today. Market sentiment is cautious as political uncertainty prevails with no political party as a clear favourite and the India showing some impacts of global recession. A lower inflation data was announced today at 0.18% for week ended 4 April against previous week’s 0.26%. But easing inflation and positive European markets also failed to lift the sentiments. All sectoral indices with the exception of FMCG traded in red. Yesterday’s biggest gainer was today’s biggest loser as realty dropped by 9.16%. Other sectors that suffered significant selling were metal, capital goods, oil and gas and power. The 30-share BSE index plunged from the high resistance level of 11,000 to close 337.33 points down at 10,947.40 and the 50-share NSE Nifty closed at 3,369.50 or 114.65 points lower. Source: Home - Livemint.com | 16 Apr 2009 | 10:12 am Satyam 'weeping orphan' adopted by Tech Mahindra: CLB - Business Standard
Source: Google News India - Business | 16 Apr 2009 | 10:11 am BSE Sensex provisionally closes down 3.3 pctMUMBAI (Reuters) – The BSE Sensex provisionally fell 3.3 percent on Thursday on profit booking after a near 18 percent rally over the previous eight trading sessions.Source: Reuters: Money News | 16 Apr 2009 | 10:11 am Kidwai to head HSBC India operationsWell known woman banker Naina Lal Kidwai has been appointed as the country head of HSBC group companies in India.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 10:09 am Long-term prospects for agriculture look good: Rallis India - Moneycontrol.com
Source: Google News India - Business | 16 Apr 2009 | 10:06 am Markets lose steam, Sensex drops 300 pointsIndian equities markets shut shop in the red Thursday, with a key index ending trade more than 300 points below its last closing figure and falling below the 11,000-mark.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 10:00 am 35 to 40% polling in six hours in KeralaThiruvananthapuram: An impressive 35 to 40% polling was reported in the first six hours in Kerala where polling is progressing peacefully in all 20 Lok Sabha seats, most of which are witnessing a keen fight between the ruling CPI(M)-led LDF and the Congress-controlled UDF. Voters turned up in large numbers all over the state since early morning under clear skies, except for a brief spell of rain in Alappuzha. Polling was brisk in both urban and rural areas and the turnout impressive, even in upland Wayanad and Idukki as well as the long coastal stretch from Thiruvananthapuram down south to the northern most Kasargode. In most places, women and youth came out enthusiastically to exercise their franchise. In Christian-dominated areas, nuns came out in groups to cast their votes. Barring a minor scuffle between LDF workers and police at a booth in the state capital, no violence has been reported so far. Prominent candidates whose fate is being decided today include former UN under-secretary general Shashi Tharoor (Cong- Thiruvananthapuram), IUML national president and union minister E Ahamed (Malappuram), former Union minister Mullapally Ramachandran (Cong-Vatakara) and three sitting Congress MLAs-- K Sudhakaran (Kannur), K V Thomas (Ernakulam) and K C Venugopal (Alappuzha). Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 10:00 am Another SEZ melts down in state - Daily News & Analysis
Source: Google News India - Business | 16 Apr 2009 | 9:56 am Spice Mobiles promoter to make open offer - Hindu Business Line
Source: Google News India - Business | 16 Apr 2009 | 9:55 am Varun to file his nomination papers next weekNew Delhi: Varun Gandhi, who has got a breather from the Supreme Court on Thursday, is likely to file his nomination papers next week to contest the Lok Sabha elections from Pilibhit. “Maneka Gandhi is slated to file her nomination on Saturday from Aaonla in Uttar Pradesh. Varun would be filing his nomination from Pilibhit on Monday or Tuesday. It is an individual decision of the two people and party has no role in it,” a senior BJP leader told PTI. Both Aaonla and Pilibhit would go to polls in the fifth and final phase on 13 May. The Supreme Court on Thursday ordered Varun Gandhi’s release on parole for two weeks after he gave an undertaking to Etah jail authorities that he will not make inflammatory speeches. Although party sources confirmed that some senior state party functionaries are likely to accompany both Maneka and Varun to file their nomination papers, the leadership is divided on whether Varun Gandhi should accompany his mother. Accusing parties opposing BJP of having created violence in Pilibhit, a saffron party leader said: “We are anticipating a repeat of what happened in Pilibhit when Varun Gandhi went to court arrest. The opposition may use the occasion to disrupt the harmony. The episode may then further invite the court’s ire,” a BJP leader said. He said majoirty of party leaders are of the view that Varun Gandhi “should make maximum public appearance during the two weeks time since party supporters want him to campaign.” Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:51 am Guj firms soar on market surgeMany Gujarat-based companies registered a double-digit gain on Wednesday, riding on the surging Sensex which ended its eighth consecutive trading session on an upswing.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 9:45 am Another SEZ melts down in stateAfter Satyam, DLF's Gandhinagar IT-SEZ is on its way out of the state.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 9:43 am Satyam 'weeping orphan' adopted by Tech Mahindra: CLBThe government-appointed board said, "acted not only as directors but also like foster fathers to heal the wounds of the orphaned Satyam."Source: Daily News & Analysis: Money News | 16 Apr 2009 | 9:32 am 35-40% polling recorded till noon in NagalandKohima: About 35-40% votes were polled till noon in Nagaland today where simultaneous general elections and bypolls were being held in the lone Lok Sabha and four assembly segments respectively. Moderate to brisk polling was reported from across the state with heavy turnout of electorate in four assembly segments of Tizit, Tuensang Sadar-II, Chizami and Dimapur-III where by-elections were being held simultaneously. Chief minister Neiphiu Rio, whose name is in the voter’s list of Touphema village in Kohima district, exercise his franchise through postal ballot, while Congress candidate Asungba Sangtum exercised his franchise in Mokokchung town. Enthusiastic young voters were seen in large numbers in both urban and rural areas. Extra vigil was kept in areas bordering Assam in view of heightened militant activities in the neighbouring state. While Kohima district, a stronghold of regional Nagaland People’s Front, witnessed a moderate turn out, brisk polling was reported in Dimapur district, a stronghold of Congress, till noon, officials said. Although there were reports of a few stray incidents, mostly involving supporters of rival parties outside the booths, polling was by and large peaceful across the state. Asunga Sangtum (Congress) is pitted against C M Chang of ruling Nagaland Peoples Front in a direct fight, while a candidate from Trinmool Congress is also in the fray. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:32 am India's inflation rate at lowest in three decadesIndia's annual rate of inflation fell to a three-decade low of 0.18 percent for the week ended April 4, from 0.26 percent the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 9:31 am Ahluwalia to represent India at G20 meet of finance ministersPlanning Commission Deputy Chairman Montek Singh Ahluwalia will represent India at next week's meeting in Washington among finance ministers of world's top 20 economies on how to regulate the global financial system in the wake of the worst economic crisis in six decades.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 9:30 am Voting in Jharkhand proceeds at slow pace amid Naxal attackRanchi: Amidst violence let loose by Maoists, Jharkhand recorded only around 28.5% voting till 1:00pm in the first phase of the Lok Sabha elections on Thursday. Not many voters were seen at many polling booths in the Naxal-infested rural areas of Chatra, Palamau, Khunti, Lohardaga, Hazaribag and Koderma constituencies. Nine persons were killed and six others injured when Maoists attacked a CRPF bus in Latehar, about 125 km from Ranchi, barely half an hour after polling began. Seven BSF personnel, the helper and driver of the bus ferrying them from Ladhup to Arah were blown up by a landmine blast triggered by the Maoists at around 7.30am. Security forces also exchanged gunfire with extremists near Tamba village in Khunti district, DSP A K Rai said in Khunti. A major disaster was averted when security forces discovered an IED weighing 200 kg at Vishnupur and defused it. A bomb, planted about a hundred yards from a booth at a school, was also defused at Ghuria village in Chatra. Polling was suspended at a booth in Hazaribagh constituency following reports of booth-capturing at Sahapur by supporters of a political party, official sources said. The election office denied reports of EVMs (electronic voting machines) being captured at Ramgarh in the same constituency. Gumla SP Upendra Kumar said a police team had been sent to verify reports that three polling staffers were taken away by Naxalites from Vishunpur. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:28 am Midsession: Markets extend losses to 2%New Delhi: Indian shares extended losses to more than 2% on Thursday afternoon but quickly trimmed the fall, after an 18% rally over the previous eight sessions. At 12:56 pm, the 30-share BSE index .BSESN was down 1.7% at 11,095.39 points, after falling as much as 2.05%. Profit-taking pushed Sensex 0.9% lower. Energy giant Reliance Industries was targeted by profit takers, while blue-chip software firm Infosys Technologies extended its fall from the previous session after it gave a weak outlook. By 12:06pm, the 30-share BSE index was down 0.9% at 11,182.88 points, with 20 stocks declining. The benchmark had risen as much as 0.7% earlier and the 50-share NSE Nifty was down 0.6% at 3,463.50 points. The benchmark had recovered more than 40% of its value from a 2009 low in early March through Wednesday as once risk wary foreign funds resumed pouring money into the market. “The point is that we had gone crazy. The market rebounded yesterday even though Infosys painted a bleak picture. That was unnatural,” Arun Kejriwal, an analyst at research firm KRIS, said. “The rally was purely based on sentiment, and had nothing to do with fundamentals,” he said. Annual inflation rate was at 0.18% for the week ended 4 April, while analysts had expected it to have turned negative for the first time. A lack of clarity about the outcome of month-long general elections that began on Thursday, amid signs the two main national parties may struggle to form a stable coalition, is weighing on investors, traders said. Top-listed firm Reliance Industries , which has the most weight in the main index, fell 2.7% to Rs1,776.70, after racing up more than 20% over the past eight sessions. No. 2 software services exporter Infosys dropped 2.5% to Rs1,336.25, a day after it forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate. No. 1 telecoms firm Bharti Airtel was up 1.5% at Rs695, while consumer goods maker Hindustan Unilever gained 1.6% to Rs239.45. In the broader market, advancers led losers 1,219 to 1,131 on moderate volume of 339.2 million shares. Asian shares trimmed gains after data showed China’s economy grew 6.1% in the first quarter from a year earlier, its slowest ever quarterly growth. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:26 am 17% voting in Maharashtra; naxal bid foiledMumbai: Around 17% polling was reported in the first four hours of voting in 13 constituencies of Vidarbha and Marathwada regions of Maharashtra, where an attack by Naxals was foiled in Gadchiroli district. “There was exchange of fire between security forces and Naxals in Gadchiroli district,” state chief electoral officer Debashish Chakravarty told PTI. “The naxals escaped, leaving behind explosives. Elsewhere, polling is on peacefully,” he said. Altogether 246 candidates, comprising 232 men and 14 women, are in the fray in the first phase. Bhaskarrao Patil Khatgaonkar, brother-in-law of chief minister Ashok Chavan is contesting the Nanded seat of Marathwada region. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:25 am Rupee off 2-month high as shares reverse gainsMumbai: The Indian rupee came off 2-month highs in afternoon trade on Thursday as shares reversed early gains and dropped more than 2% but the strength in other Asian units supported sentiment. At 2:15pm the partially convertible rupee was at Rs49.57/58 per dollar, off a high of 49.34, its strongest since 17 February and above its previous close of Rs49.70/71. Indian shares extended losses to more than 2% in after afternoon but quickly trimmed the fall, after an 18 percent rally over the previous eight sessions. The Indonesian rupiah led Asian currencies higher on Thursday as investors flocked to riskier assets amid hopes of a global economic recovery, but gains were capped by weaker-than-expected China growth data. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs49.64 and Rs49.6450 respectively, with the total traded volume on both exchanges at about $678 million. Source: Home - Livemint.com | 16 Apr 2009 | 9:22 am Riot victims come forward to vote in KandhamalPhulbani, Orissa: About 25% of the electorate in Orissa’s riot-hit Kandhamal district, including those from relief camps, had exercised their franchise amidst tight security till Thursday noon. “Polling has been taking place in a peaceful atmosphere”, Kandhamal district magistrate Krishan Kumar said adding he was optimistic of trouble-free elections in the district. The inmates from five different relief camps which housed the riot victims have been taken to different polling booths in special buses where they voted without any trouble. “Though there is fear in mind, we have voted without any problem”, said Surabhi Nayak, who cast her vote at Sulesup booth under Burbina gram panchayat in Tikabali block. Similar was the experience of Mayadhar Nayak and Gandharba Digal of Tikabali area. Besides, the inmates of relief camps at Raikia, Mandasar, Mandakia and K.Nuagaon also went to polling booths with police escort and exercised their franchise. There were over 25,000 people in 26 relief camps in the district and outside after the violence started in August last year. At present, there were over 3500 people still living in the camps of whom 2,048 were voters. While voter turnout gradually increased as the day progressed, police intensified patrolling. The security personnel on motor bikes were patrolling the areas, Kandhamal SP Pravin Kumar said adding there was no report of any untoward incident from any part of the district though maoists had issued threat asking people to boycott the polls. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:22 am Average 25% voting reported in Naxal-hit ChhattisgarhRaipur: An average 25% of voters today exercised their franchise in Chhattisgarh till noon for the Lok Sabha elections even as naxals attacked polling booths and triggered landmine blasts in several places in the state. According to officials of the chief electoral office, an average 25% voting was reported till noon today. Polling will continue till 1500 hours in Naxal-hit Bastar and Kanker Lok Sabha seats while timings for other seats has been extended till 1600 hours, they said. There are 1,54,88,573 voters in the state out of which 78,55,358 are male and 76,33,215 female. Out of total 178 candidates in the fray, 15 are women, they said. The fate of high-profile candidates like state BJP president Vishnu Dev Sahay, former chief minister Ajit Jogi’s wife Dr Renu Jogi, former union minister Dilip Singh Judeo, former union minister Ramesh Bais and senior BJP leader Karuna Shukla will be decided in today’s polling. Five polling officials were killed in Rajnandgaon district in a landmine blast triggered by the naxals, while a CRPF personnel was killed in firing by the ultras at Maroki polling booth in Dantewada district. Source: LatestNews-Home - Livemint.com | 16 Apr 2009 | 9:07 am L and amp;T sees 25-35 percent growth in order inflowsIndian construction major Larsen and Toubro (L and amp;T) is bullish about its future and anticipates a healthy growth rate of 25 to 35 percent in order inflows in the current financial year, the company said Thursday.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 9:03 am Tech Mahindra gets Company Law Board nod for Satyam buyIndia's Company Law Board (CLB) Thursday approved the takeover of fraud-hit Satyam Computer Services by outsourcer Tech Mahindra Ltd.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 9:02 am Choppy trade at Indian markets, Sensex in redIndian equities markets were witnessing a choppy trade about an hour before end of trade Thursday, with a key index losing 0.91 percent from its previous close.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 9:00 am Stake sale in UTI AMC might take time: SBISBI Chairman OP Bhatt said bank aims to raise Rs 20 billion of equity capital in the next six months. However, in an exclusive interview with CNBCTV18, Bhatt said that SBI is wary of lending to new real estate projects.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 9:00 am Inflation near zero, may help ease ratesNEW DELHI (Reuters) - India's annual inflation rate headed towards zero in early April, which could give the Reserve Bank of India (RBI) room to cut interest rates when it reviews policy next week.Source: Reuters: Money News | 16 Apr 2009 | 8:59 am Inflation nears zero, may help ease ratesNew Delhi: India’s annual inflation rate headed towards zero in early April, which could give the central bank room to cut interest rates when it reviews policy next week. Although there were upward price pressures in some items such as food, manufactured products and fuel, analysts said they expected the inflation rate would soon turn negative due to the high prices last year. The wholesale price index, India’s most widely watched inflation measure, rose 0.18% in the 12 months to 4 April, below the previous week’s rise of 0.26% and above a forecast for a fall of 0.18% in a Reuters poll. “Although higher price pressure from primary articles and fuel price indices have kept inflation in the positive terrain, I think it is only a matter of time for inflation to dip to negative,” said Anubhuti Sahay, economist at Standard Chartered Bank in Mumbai. “We still expect rate cuts from the Reserve Bank of India by June 2009, and repo rate could go down to 4% while the reverse repo rate may be at 3%.” The central bank has cut its main short-term lending rate by 400 basis points in five moves since October, and the central bank has called on banks to pass the lower rates on to customers. A Reuters poll showed analysts are almost evenly split over whether the central bank would cut its key lending rates at its review on Tuesday. The wholesale price based-inflation rate has fallen sharply since peaking at just under 13% in August, but annual consumer price inflation in February was 9.63%, as prices of food products remain firm. Financial markets largely remained cool to the data with the benchmark 10-year bond yield briefly rising half a basis point to 6.53%, while the partially convertible rupee was unchanged at 49.5050/51 per dollar. Some analysts said the annual inflation rate masked a strong trend in price pressures over the past few weeks. “The index has increased significantly on a week-on-week basis, which means the pressure emanating from primary articles prices, especially vegetables, fruit, edible oil, are exerting significant upward pressure on the wholesale price index,” said Rupa Rege Nitsure, chief economist at Bank of Baroda. “Though on a year-on-year basis because of the high statistical base we are seeing a continuous drop in inflation, the spike in prices week-on-week is pretty high.” Source: Home - Livemint.com | 16 Apr 2009 | 8:55 am LT signs pact with Russian reactor co AtomstroyexportEngineering and construction company Larsen and Toubro and Atomstroyexport (ASE) of Russia have signed a memorandum of understanding (MoU) for cooperation relating to Russian design reactors VVER 1000.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 8:23 am United Spirits sales volumes up 20% in 200809United Spirits, the worlds third largest liquor company, on Wednesday said its volumes grew 20 per cent to 90 million cases during 200809.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 8:21 am Apollo Tyres sees revival in replacementsHaving witnessed a revival of demand in the replacement market in the JanuaryMarch 2009 quarter as against the third quarter of the last fiscal, Apollo Tyres is hopeful of sailing through the first quarter of 200910 depending on election spending and the resultant demand generation in the rural India, according to sources.Source: Moneycontrol Top Headlines | 16 Apr 2009 | 8:19 am Govt mulls development fee from users of 9 airportsAfter imposing development fee in four private airports, the government is mulling charging it from passengers departing from another nine airports in the country.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 7:50 am Sun ready to resume IBM takeover talks - BloombergReuters - Sun Microsystems Inc would be willing to resume takeover talks with International Business Machines Corp if IBM made a stronger commitment to closing a deal, Bloomberg said, citing two people familiar with the matter.Source: Reuters: Money News | 16 Apr 2009 | 7:45 am Bad news from Infosys, good news from Sachs, SensexDip in dollar revenues forces IT major to freeze hirings, go for pay cuts.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 7:40 am Inflation falls further to 0.18 percentIndia's annual rate of inflation fell to 0.18 percent for the week ended April 4, from 0.26 percent the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 7:32 am Markets back in green after weak openingIndian equities markets slipped into the red Thursday after opening higher, as a key index slid about 125 points in the red a little after noon.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 7:31 am Infosys feels the heat of global meltdownInfosys Technologies, India's second largest IT bellwether, attributes the projected revenue growth decline for the first time since its inception to the global meltdown.Source: IndiaeNews.com: Business News | 16 Apr 2009 | 7:31 am How did Satyam sell for 2900 Crore?The biggest news in the Indian business world this week was Tech Mahindra’s successful acquisition of Satyam, at a price of nearly 2,900 crore rupees for a 51% stake.  On Just to Clarify this week, we look at how beleaguered, fraud-hit companies like Satyam are valued, what bidders look for during due diligence, and on Satyam’s part, what its board would look for in potential buyers. Our guest on Just to Clarify today is Jayant Thakur, a Mumbai-based chartered accountant in independent practice. Mr. Thakur specializes in securities as well as mergers and acquisitions. As always if you would like any aspect of the news clarified, just write in to Samanth Subramanian at samanth.s@livemint.com Source: Home - Livemint.com | 16 Apr 2009 | 7:31 am Inflation further eases to 0.18 per centInflation eased to 0.18%, the lowest ever in the last three decades, even as prices of food articles like pulses, cereals and vegetable hardened.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 7:27 am Decks cleared for takeover of Satyam by Tech MahindraThe CLB, in its order, also asked Tech Mahindra to nominate a maximum of four directors on Satyam's board after depositing the required capital.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 7:22 am India Inflation Slows to 20-Year Low; Rate Cut Likely - Bloomberg
Source: Google News India - Business | 16 Apr 2009 | 7:08 am Inflation falls to 0.18% for week ended April 4Inflation eased to 0.18 percent, the lowest ever in the last three decades, even as prices of food articles rose during the week ended April 4.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 6:40 am Sensex declines by 81 points after a good startShrugging off its early gains, the benchmark Sensex today declined by over 81 points at 1115 hrs today due to profit-booking at higher levels.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 6:33 am CLB approves Tech Mahindra's bid for SatyamCompany Law Board on Thursday approved the takeover of fraud-hit Satyam Computer Services Ltd by mid-sized outsourcer Tech Mahindra Ltd, as had been expected.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 6:21 am Sensex at six-month high, rises 82 points on firm global cuesSensex shot up by another 82 points and extended its upward journey for the ninth straight session in a row to touch six-month high of 11,367.23 points.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 6:19 am Supreme Court releases Varun Gandhi on paroleNew Delhi: The Supreme Court on Thursday granted Bharatiya Janata Party (BJP) leader Varun Gandhi two weeks’ parole to contest in the general election that started on 16 April. A bench headed by Chief Justice KG Balakrishnan ordered the parole until 1 May on condition that the BJP leader submits an affidavit stating he would not do anything to create communal tension. Varun, the BJP candidate in Pilibhit, will be released from Etah jail on Thursday evening. The Uttar Pradesh government arrested and later booked him under the National Security Act (NSA) in March for “inciting violence”. Source: Home - Livemint.com | 16 Apr 2009 | 6:06 am Oil under $50 after 2% surge on economic hopesSingapore: Oil fell back below $50 a barrel on Thursday, after surging more than 2% as equity markets rallied on signs the US recession was easing, boosting hopes of a demand recovery in world’s top energy consumer. The market will be eyeing US weekly jobless claims, due later in the day, for further signs that the speed of contraction in the economy was abating. Guardedly positive comments on the US economy from the Federal Reserve’s Beige Book report outweighed bearish government data showing that US crude inventories last week rose to the highest level in nearly 19 years, sparking a rally on Wall Street overnight and Asian shares on Thursday. But oil pared some gains after China released mixed economic data. The world’s second-largest energy consumer said its economy grew a slower-than-expected 6.1% in the first quarter, but posted other data, such as industrial output, that signalled some optimism. By 9:36am, US crude for May delivery was up 63 cents to $49.88 a barrel, after rising to $50.30 earlier. ICE Brent crude for the new front-month of June was up 53 cents at $52.97 a barrel. “The US inventory stats were really, really bad and we expected oil to fall to around $43 to $48, but the bottom was pretty firm even with the terrible data, and it’s trading around plus or minus $50,” said Tony Nunan, risk manager at Tokyo-based Mitsubishi Corp. “It looks like the market has found its bottom, but it’s going to struggle to go up from here.” Mixed economy outlook The Energy Information Administration’s (EIA) weekly inventory report showed a 5.6 million-barrel rise in US crude stocks, to 366.7 million barrels -- the highest since September 1990 -- beating analysts’ expectations of a 1.9 million-barrel build. The Fed’s Beige Book showed that the US economy continued to weaken in March and early April, but the pace of decline was easing amid scattered signs the country’s recession may be nearing an end. Wall Street stocks took heart from the report’s cautiously reassuring tone, which broke a string of depressing news from the closely watched Beige Book, and the Dow Jones industrial average closed 1.38 percent higher after a choppy session. After an early lift from Wall Street, Asian stocks pulled back from a six-month high on Thursday, after China posted its slowest-ever quarterly growth. US jobless claims, due today, are forecast to hit a total of 655,000 new filings, versus 654,000 in the prior week, a Reuters poll of economists showed. Crude prices have tumbled nearly $100 per barrel since last July, as the global recession dented oil demand, but they have recovered in recent months from a low of $32.40 in December. The Organization of the Petroleum Exporting Countries or Opec said on Wednesday that world oil demand would fall by 1.37 million barrels per day (bpd) in 2009, revised from its previous forecast for a fall of 1.01 million bpd. Both the International Energy Agency (IEA) and US government agency EIA have also just reduced their global demand forecasts. Source: Home - Livemint.com | 16 Apr 2009 | 5:18 am What’s at stake in general electionNew Delhi: Indians began voting on Thursday in a staggered general election that will end on 13 May. Results are due on 16 May.  Here are some of the key issues at stake in the outcome. Economy Investors fear a weak or unstable coalition government could emerge as the country grapples with the effects of the global economic slowdown and layoffs. Business wants, but may not get, a strong government to push ahead with a quick raft of reform policies -- such as privatizations and relaxation of labour laws -- that stalled in five years of Congress rule, and impose fiscal discipline. Many of Congress’ attempts at reforms were blocked by its former communist partners who may once again join a ruling alliance. Investors would largely welcome the return of the main opposition, pro-market BJP, which pushed liberalization and privatization until it lost power in 2004. Investors also worry about the rise of a group of smaller, regional parties known as the “Third Front” who are presenting themselves as an alternative to the two giant blocs, and widely seen as an unknown quantity if they come to power. Security India is still tense after a string of terrorist attacks last year, including a rampage on Mumbai that killed 166 people in November and spiked tensions with nuclear-armed Pakistan. Under Congress, India pressed the pause button on a slow-moving peace process with Pakistan after Mumbai and says relations will improve only if Islamabad gets serious on clamping down on militants operating on its soil. The BJP has accused its main rival of being soft on militancy and Pakistan. The party has shown signs of being more hawkish than Congress but proved pragmatic in dealing with India’s neighbour when in power. A new government needs also to deal with a long-running Maoist insurgency which has killed thousands since it began in the 1960s. The BJP has hinted it would be tougher on insurgents. Again, if the Third Front comes to power it may be weaker or unpredictable in the way it deals with security threats. India on the world stage Congress’ prime minister, the economist Manmohan Singh, is credited with liberalizing India’s socialist economy in the 1990s which led to years of economic boom and made India an emerging giant on the world stage. A weak coalition government, unable to press ahead with economic reforms, may slow India’s rise and may prove to be an obstacle in its fight to revive economic growth and compete with China. Relations with the United States improved both under BJP and Congress rule. Singh signed a civilian nuclear deal with Washington last year, taking India out of decades of nuclear isolation and paving the way for the country to meet its bulging energy needs. But Congress’ former Leftist allies, who are suspicious of the United States, walked out of the coalition over the deal, and may damage ties with Washington if they return to hold the balance of power in Parliament. Religious tension In this election, the BJP has been flayed for playing too strongly its Hindu nationalist card -- the concept of “Hindutva” that sees India as more of a Hindu than secular nation. A win by the BJP will reignite fears of religious tensions similar to what was seen in the BJP-run state of Gujarat in 2002. The BJP says it believes in equal treatment of all sections of Indian society, and points to Muslims that are members of its party. Source: Home - Livemint.com | 16 Apr 2009 | 5:08 am Infosys projects first income fall - Financial Express
Source: Google News India - Business | 16 Apr 2009 | 5:00 am Indian economy to slow to 5.5%: USIndia's growth rate in 2009-10 is expected to slow down due to lower investment and declining external demand, US treasury secretary Timothy Geithner said.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 4:54 am Rupee up 20 paise against dollarThe Indian rupee today appreciated by another 20 paise to touch almost two-month high of 49.49 against the US currency in early trade.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 4:44 am Asian shares pare gains with drop in China’s GDPHong Kong: Asian stocks pulled back from a six-month high on Thursday, while the safe-haven yen gained after China posted its slowest ever quarterly growth in a signal of the frailty of the global economy. A day after a mixed set of economic data from the United States, it was China’s turn, saying its economy grew a slower-than-expected 6.1% in the first quarter, but posting other data, such as industrial output, that signaled some optimism. After an impressive month-long rally in global equities investors still appear conflicted between seeing glimmers of hope that the world economic downturn is showing signs of easing and other indicators that point to more pain ahead. Riskier assets, such as oil, also pared gains but not by too much, helped as well by speculation that China could implement a new stimulus package reinforced hopes that policy maker worldwide are in battle mode amidst the worst global downturn in decades. Central bankers are cutting interest rates and flooding liquidity into financial systems, further reinforcing some of these hopes. “No doubt China has felt the ramifications of the global crisis and growth has moderated, but the economy is showing signs of stabilising and we can expect a recovery in the second half,” said Su-Lin ong, a senior economist at RBC Capital Markets in Sydney. The MSCI index of Asia-Pacific stocks outside Japan gained 0.8% as of 8:15am. The index had gained as much as 2.1% earlier in the day that brought it to its highest since 15 October. Contributing to the reversal, indexes in Hong Kong erased earlier gains to edge lower, while shares in Shanghai were down 0.5%. However, other major indexes maintained their strength, with South Korea and Taiwan up nearly 2% each. Japan’s Nikkei average was up 2.9%. Contradictory signals are also afflicting the US economy. On Wednesday, data showed US consumer prices in March posted their first 12-month drop in nearly 54 years, while industrial production slipped further. However, other reports suggest the steep descent in the world’s largest economy may be slowing. The Federal Reserve said economic activity in some parts of the economy appeared to be stabilizing, and other data showed that a decline in factory activity in New York state eased this month and that national homebuilder sentiment jumped. The yen benefitted from the uncertainty, as it typically does at times of volatility, while investors sold riskier currencies. The dollar slipped to ¥99.18 after the Chinese data from ¥99.42 beforehand, while sterling fell to ¥148.95 from about 149.46 and the Australian dollar dropped to ¥72.10 from 72.50. Oil prices also pared gains. After gaining to above $50 a barrel, prices of US light, sweet crude were last up 42 cents at $49.67 a barrel. Source: Home - Livemint.com | 16 Apr 2009 | 4:44 am GM pushing faster plan to cut US dealers - sourcesDETROIT (Reuters) - General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said.Source: Reuters: Money News | 16 Apr 2009 | 3:45 am US stocks rally on economic hopesNew York: US stocks rose on Wednesday after housing and factory data, along with a Federal Reserve report, lifted hopes the US recession is easing even as other news showed the global economy is still contracting, which boosted the allure of the safe-haven dollar. Oil fell marginally as declining consumer demand pushed the level of US crude stocks last week to their highest since September 1990. But inflation fears and bullish sentiment in US stock markets kept prices from falling further. While investors took heart from the glimmer of hope offered by different reports, government data and corporate news from around the world also provided a sobering economic outlook. US Treasury debt prices mostly gained on data showing US industrial output shrank more than expected in March amid nary a whiff of inflation. Germany’s wholesale prices suffered their biggest fall in 22 years and on Thursday, China is poised to report its slowest quarterly growth in nearly two decades. That could dampen hopes it can lift the rest of the world out of recession. All three major US stock indexes turned positive in late trading in a choppy session. The Fed said the US economy continued to weaken in March and early April, but the speed of contraction was fading amid scattered signs the country’s recession may be nearing an end. “The Beige Book is feeding into the whole general picture of the market,” said Carl Birkelbach, chairman and chief executive of Birkelbach Investment Securities in Chicago, referring to the Federal Reserve’s monthly compilation of anecdotal information from the US central bank’s business contacts. “It indicated that there would be negative things out there, but it also used the word ‘bottoming,´ and that was positive,” Birkelbach said. Shares of major US homebuilders surged after the National Association of Home Builders said sentiment rose in April to the highest level since last October. The NAHB/Wells Fargo Housing Market index increased to 14 from 9 in March, pushing the Dow Jones U.S. Home Construction Index up 6%. American Express Co said US credit card defaults rose slightly in March, suggesting that after months of deterioration, consumers’ ability to pay bills is stabilizing. Another sign of hope came in a separate Fed report that showed manufacturing activity in New York state contracted less severely in April after hitting a record low the previous month. The Dow Jones industrial average gained 109.44 points, or 1.38% to 8,029.62. The Standard & Poor’s 500 Index rose 10.56 points, or 1.25%, to 852.06. The Nasdaq Composite Index added 1.08 points, or 0.07%, to 1,626.80. The dollar rose against a basket of major currencies, with the US Dollar Index up 0.10% at 84.88. Against the yen, the dollar rose 0.6% to ¥99.35, well above session lows of ¥98.15. The euro fell 0.2% to $1.3221. European shares closed lower, with UBS leading banks down, while oils and miners also fell. The FTSEurofirst 300 index of top European shares fell 0.2% to close at 788.21 points. Oil fell slightly after US crude oil stocks rose last week to their highest level in nearly two decades. Weekly fuel supply data from the world’s top energy consumer showed a 5.6 million barrel rise in crude stocks last week, almost three times the build of 1.9 million barrels that analysts polled by Reuters had expected. “Another week, another bearish inventory report,” said Tom Bentz, senior commodity analyst at BNP Paribas Commodity Futures Inc. “It’s been negative week after week and yet the market hasn’t collapsed. “It’s defying fundamental logic, focusing instead on the dollar, the strength in the stock market and inflation fears -- that’s what’s keeping the oil price up.” Gold rose slightly as strong physical demand from top bullion consumer India offset worries due to a surprise drop in US consumer inflation, which could dent the metal’s allure as an inflation hedge. Source: Home - Livemint.com | 16 Apr 2009 | 2:49 am Day Trading GuideThe outlook remains positive as long as DLF trades above Rs 245 level. We recommend a buy with tight stop at Rs 245. The near-term outlook is bullish for ICICI Bank and SBI. We recommend aSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Infosys forecasts decline in earnings in the year aheadBangalore, April 16 The impact of the economic meltdown on the country’s technology sector became more pronounced after Sensex bellwether Infosys Technologies Ltd reported its first ever decline in growth and forecast a de-growth in dollarSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Sensex goes past 11,000 after a gap of six monthsMumbai, April 15 Despite IT bellwether Infosys showing negative profit growth for the first time in a decade, the Sensex and the Nifty surged to a six-month high with three per cent gains onSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Five stocks make for 50% of Sensex’s rallyBL Research Bureau Just five stocks from the Sensex-30 basket contributed to one-half of the 3000 point rally of the benchmark index from its March 9 low.Source: Business Line - Home Page | 16 Apr 2009 | 12:00 am ‘Clients don’t have a firm number to spend’Bangalore, April 15 For the first time Infosys forecast a de-growth in its dollar term earnings for the fiscal year ahead. Pricing pressure coupled with decline in volumes and a lack of clarity on the clients’ technology spends promptedSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Will Sri Lanka issue shape voter preference in Tamil Nadu?Chennai: Tamil Nadu has had nine general elections from 1984 to 2006. Barring 1991, in the aftermath of the assassination of Rajiv Gandhi in Sriperumbudur during the election campaign, the Sri Lankan Tamils issue has not been aSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Jubilant Organosys (Rs 120): BuyWe recommend a buy in Jubilant Organosys stock from a short-term horizon. It is evident from the charts of Jubilant Organosys that after encountering resistance at Rs 380 in August 2008, it witnessed sharp sell-off. The stock was on anSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Daimler to go it alone for truck biz in IndiaChennai, April 15 Daimler AG will buy out the Hero group’s stake to go it alone in the trucks business inSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am LIC dissents at Pfizer AGM over MD’s salaryIt would have been business as usual at multinational drug-maker Pfizer’s annual shareholder meeting, but for a dissenting LIC representative who opposed two enabling proposals to increase the salary of the managing director and theSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am How Raju, his associates generated false invoicesHyderabad, April 15 Mr B. Ramalinga Raju, the former Chairman of Satyam Computer Services and A1 in the Rs 7,136-crore fraud, had allegedly generated 7,561 false invoices to show a non-existent business of Rs 5,117 crore in theSource: Business Line - Home Page | 16 Apr 2009 | 12:00 am Orchid Chem to diversify portfolioOrchid Chemicals and Pharmaceuticals is looking at increasing its focus on antibiotics such as penicillin injections and carbapenems.Source: Daily News & Analysis: Money News | 15 Apr 2009 | 10:22 pm Infra firms wary of Middle East projectsIndian construction companies seem to be treading cautiously on the Middle Eastern turf, given that the region is going through difficult times.Source: Daily News & Analysis: Money News | 15 Apr 2009 | 10:18 pm Accor to invest Rs 366 cr in Formule 1 hotelsThe Singapore arm of global hospitality major Accor Hospitality will invest Rs 366 crore in an Indian company.Source: Daily News & Analysis: Money News | 15 Apr 2009 | 10:17 pm Bulls are back, feel market playersThe prolonged bull rally in the stock markets, taking the 30-stocks sensitive index over 11,000 level, is driving home one point the market is on a recovery path.Source: India Business News | Business News - Times of India | 15 Apr 2009 | 10:00 pm Passenger traffic falls 12%New Delhi: With the economic slowdown impacting both corporate and personal travel plans, domestic air traffic in the January-March quarter has...Source: India Business News | Business News - Times of India | 15 Apr 2009 | 7:51 pm Sensex defies US markets, at 6-month highHuge short covering and strong buying from institutional players and traders alike helped the Bombay Stock Exchange Sensitive Index, or Sensex, to a six-month high on Wednesday.Source: Business Standard | Front Page Headlines | 15 Apr 2009 | 6:53 pm SBI to raise Rs 20,000 croreHas sought government permission to issue Tier I capital this financial year.Source: Business Standard | Front Page Headlines | 15 Apr 2009 | 6:52 pm Infosys net up 29%, but outlook bleakExpects its first annual drop in dollar sales this financial year.Source: Business Standard | Front Page Headlines | 15 Apr 2009 | 6:48 pm Govt to ensure Satyam flock stays intactAgreement with the new owners to prohibit mass sacking.Source: Business Standard | Front Page Headlines | 15 Apr 2009 | 6:47 pm We have a sound foundation for long-term growthNew York: As early signs of an improvement in the US economy surface, the Obama administration continues to promote the notion of a steady recovery. While unemployment continues to be a concern, Lawrence Summers, director of the White House’s National Economic Council, tells CNBC’s Maria Bartiromo that growth may emerge in the second half of the year. Edited excerpts: The President talked about some glimmers of hope, but added that we are in for some tough news ahead when it comes to unemployment. Can you tell us where the growth has been coming from, and where the weak spots that remain in the economy today are?  Optimistic: National Economic Council director Lawrence Summers. Susan Walsh / AP There are still, obviously, problems in the financial markets; there’s obviously still weakness in housing; but you have a number of things that are more positive. You have the fact that production now is running below sales, pointing to inventory decumulation, which will be followed by an inventory cycle that can be a source of strength. You have a sense of a more mixed picture in terms of consumer spending and not the kind of free fall, in part because the stimulus that the President provided in the Recovery and Reinvestment Act (that) is coming into people’s pay cheques, and that is putting a little more energy into the consumer. When would you expect to see growth in the economy again? Well, you know many forecasters are looking for growth in the latter part of the year. As I mentioned earlier, the inventory cycle points in that direction. No one can make forecasts with complete confidence, and even if there is an inventory cycle, what’s really important is that we have a sound foundation for long-term growth. cnbc@livemint.com Source: World Business - Livemint.com | 15 Apr 2009 | 5:22 pm Boeing plans to bid for $2 billion defence projects in IndiaNew Delhi: Aircraft manufacturer Boeing Co. plans to bid for two defence projects in India worth $2 billion (around Rs10,000 crore) in the next few months, the company’s country head said on Wednesday. The US plane maker is looking to supply India with 22 attack helicopters and at least a dozen heavy-lift choppers to replace its ageing Soviet-era fleet.  Vying for deal: Boeing’s Apache AH-64 helicopters. The US plane maker is looking to supply India attack helicopters and heavy-lift choppers. India asked seven international companies last June to submit bids for supplying the attack helicopters, but the government cancelled the tender last month saying bidders did not meet its requirements and said a fresh tender would be issued soon. Senior defence officials said the new tender for the two deals was likely to come after the general election. “We will be very happy to bid after scrutinising the details,” Lall said on Wednesday. Boeing also plans to bid for a separate $1 billion deal to supply at least a dozen heavy-lift helicopters to the Indian Air Force, with Lall saying the US aircraft manufacturer was interested in offering its Chinook CH-47. India is looking to spend more than $30 billion over the next five years to modernize its largely Soviet-era weapons systems and is also launching its first military spy satellite next year. Boeing, which has already sealed a $2.1 billion deal to sell India eight maritime patrol aircraft, is gearing up for trials to supply 126 fighter jets in one of the world’s biggest arms deals, worth more than $10 billion. Two US companies, Boeing and Lockheed Martin Corp., are vying with Russia’s MiG-35, France’s Dassault Rafale, Sweden’s Saab KAS-39 Gripen and the Eurofighter Typhoon, a consortium of British, German, Italian and Spanish companies, for the fighter deal. Source: World Business - Livemint.com | 15 Apr 2009 | 5:11 pm ArcelorMittal defers plans to build two factories in IndiaMumbai: The world’s largest steel maker, ArcelorMittal, said it will delay a $20 billion (around Rs99,800 crore) plan to build two factories in India because of the global recession and difficulties in securing mines and licences. The plants, planned with an initial capacity of 6 million tonnes (mt) each, will be deferred by at least two years to 2014 and their sizes may be cut, Vijay Kumar Bhatnagar, chief executive officer of the India unit, said on Wednesday in New Delhi. While the government has allotted plots in Orissa and Jharkhand, land acquisition has yet to be completed, he said. Planned with an initial capacity of 6 million tonnes each, the plants will be delayed by at least two years to 2014 Luxembourg-based ArcelorMittal said on Tuesday it will close a facility in Indiana that makes steel bars for the auto industry. “Globally steel companies are trying to conserve cash to beat the recession,” said Rakesh Arora, an analyst at Macquarie Group Ltd. “ArcelorMittal is delaying its plan because in a few years global production is expected to realign with demand.” ArcelorMittal fell as much as 3.4% to €19.37 and traded at €19.85 at 2.45pm in Amsterdam. The shares have risen 18% this year. Hot-rolled steel prices plunged by more than half from a record $1,068 a tonne in July as the slowing global economy cut sales of automobiles, appliances and homes. ArcelorMittal has reduced global output by 45% as demand collapsed. The company in October 2005 said it would set up a factory with a final capacity of 12mt in Jharkhand and announced another plant of the same size in neighbouring Orissa the next year. While the initial sizes may be cut, there will be no change to the final planned capacity, Bhatnagar said on Wednesday. Jharkhand, Orissa and Chhattisgarh account for 70% of India’s coal reserves and 55% of its iron ore, according to McKinsey and Co. Like ArcelorMittal, plans by Posco, Asia’s third biggest steel maker, to set up a factory in India have yet to take off. Land disputes and delays in allocating mining licences have prevented the South Korean company from starting a 12mt steel plant in Orissa for the past two years. ArcelorMittal and competitors including US Steel Corp. may exceed debt-to-earnings ratios set by their creditors, JPMorgan Chase and Co. said in a 12 March research report. ArcelorMittal, with about $8.4 billion of debt maturing this year, has the largest debt due in the short term, analysts led by Michael Gambardella said in the report. Source: World Business - Livemint.com | 15 Apr 2009 | 4:58 pm First Indian-developed game comes outThis week on Playcast Krish Raghav updates us with two interesting games.  The other game to look out for is the Braid for Xbox 360. Go back in time with creator Jonathan Blow of the Design Reboot fame. While April and May seem a little slow for gaming, the Nintendo E3 announcements are being eagerly awaited for in June. Till then, game on. Source: Tech News - Livemint.com | 15 Apr 2009 | 12:38 pm
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