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Sonata FY09 Consolidated Net Up 31% to Rs 76.6 croreFor the year ended 31st March, 2009, Sonata Softwares Consolidated Revenues grew by 11% to Rs.1591 crores (Rs.1428 crores) and Consolidated Net Profit increased by 31% to Rs.76.6 crores (Rs.58.5 crores). RONW and ROCE for FY 09 were 30% and 31% respectively.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 4:33 pm Logix Microsystems FY09 total revenue up by 16%Logix Microsystems FY09 total revenue up by 16%. During the year, the company posted a growth of 16 per cent in total revenue at Rs. 57.49 crores as compared to Rs 49.61 crores in the corresponding previous year. Net profit for the year stood at Rs 14.88 crores, a 9 % rise over Rs 13.65 crores in the corresponding previous year.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 4:27 pm Polaris records 79% growth in profits, 25% in revenuesPolaris For the year ended 31 March 2009, Profit after tax (PAT) rose by 79% to Rs. 130.71 crore from Rs. 73.22 crore last fiscal. Income grew by 25% to Rs. 1,377.95 crore from Rs. 1,099.30 crore. Operating profit margins (EBITDA) grew by 98% to Rs. 233.52 crore from Rs. 118.19 crore.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 4:17 pm SatyamTech Mahindra transition by May: SourcesThe SatyamTech Mahindra board meeting is over. The board discussed the transition plan which is likely to be over within a month, reports CNBCTV18, quoting sources. Satyam is likely to get a new CEO and CFO, both of which will be from Tech Mahindra.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 3:57 pm Bajaj Finserv Allianz Global Investors to set up an AMC JVBajaj Finserv Limited and Allianz Global Investors sign Shareholders Agreement to set up an Asset Management Joint Venture company in IndiaSource: Moneycontrol Top Headlines | 20 Apr 2009 | 1:02 pm SpiceJet to raise fares after Jet, Kingfisher!Low-cost carrier SpiceJet Ltd will raise fuel surcharge on air tickets by up to 300 rupees after similar moves by Jet Airways and Kingfisher Airlines after last week`s rise in jet fuel prices.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm Exxon knocks Wal-Mart off top of Fortune 500!Exxon Mobil replaced Wal-Mart Stores Inc to regain the top spot on Fortune magazine`s list.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm IMF to cut global forecast, sees 2010 recovery: Report!The IMF`s Managing Director Dominique Strauss-Kahn was quoted on Sunday as saying the IMF would cut its global economic forecasts in the coming week and that he expected a recovery to start in the first half of next year.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm GM could sell Opel stake for no gain: Report!General Motors Corp is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm Sensex rises 86 points in opening trade!The Bombay Stock Exchange benchmark Sensex on Monday moved up by over 86 points in opening trade on the back of buying by funds as some Asian equity markets rebounded to trade in positive zone after initial weakness.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm Oil prices fall in Asian trade!Oil prices fell in Asian trade on Monday due to sluggish energy demand in the recession-hit United States, analysts said.Source: Zee News : Business | 20 Apr 2009 | 12:03 pm 70% CEOs see more pain but confident about capex: PollCNBCTV18 came up with Corporate Confidence Poll and the respondents for the poll include Kris Gopalakrishnan of Infosys, RC Bharghava of Maruti, Pawan Geonka of MM, Ravi Kumar of BHEL and many more. Around 70% CEOs feel more pain lies ahead for the global markets, but are confident about moving ahead with capex plans.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 11:34 am Polaris Software Lab Q4 net up 50 pct, shares surge - Reuters India
Source: Google News India - Business | 20 Apr 2009 | 11:31 am Sensex ends moderately lower in volatile tradeIn choppy trade, the BSE benchmark Sensex fell over 43 points, erasing earlier gains of 1.7 per cent, ahead of the Reserve Bank's credit policy as investors took profits after share prices rose over the past six weeks.Source: India Business News | Business News - Times of India | 20 Apr 2009 | 11:24 am Polaris Software Lab Q4 net up 50 pct, shares surgeMUMBAI (Reuters) - IT firm Polaris Software Lab Ltd on Monday said quarterly net profit rose by half and forecast a 13.2 percent rise in earnings per share for fiscal 2009/10, helping its shares surge 17.5 percent.Source: Reuters: Money News | 20 Apr 2009 | 11:20 am Tech Mahindra deposits funds for Satyam stake buyHyderabad: Tech Mahindra Ltd , a mid-sized Indian IT outsourcer, said on Monday it had deposited the funds needed for taking the majority stake in fraud-hit Satyam Computer Services Ltd. Tech Mahindra was to pay $351 million for a 31% preferential allotment of new shares and would then make an open offer for a further 20% of the company at a cost of about $231 million. Funds for the 31% stake as well as the open offer have been deposited by Tech Mahindra, Satyam chairman Kiran Karnik told reporters at the company headquarters in the southern Indian city of Hyderabad. Satyam to be standalone unit Tech Mahindra said on Monday the beleaguered IT company would continue to function as a standalone unit. The mid-sized Indian IT services firm’s immediate priority was to retain and win back lost clients of Satyam, a statement from Tech Mahindra said. Tech Mahindra’s deal to take over Satyam will propel it into the top tier of Indian IT firms and throw a lifeline to the firm at the centre of India’s biggest corporate scandal. Tech Mahindra took over Satyam after it bid the highest last week for a controlling stake. The deal will propel Tech Mahindra into the top tier of Indian IT firms and throw a lifeline to the firm at the centre of India’s biggest corporate scandal. Three months ago, Satyam’s founder and chairman shocked investors by saying profits had been overstated for years, putting 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 sector. Source: Home - Livemint.com | 20 Apr 2009 | 11:19 am Tech Mahindra: Satyam to be standalone unitHYDERABAD, India (Reuters) - Tech Mahindra Ltd, which is taking over Satyam Computer Services Ltd, said on Monday the fraud-hit Indian outsourcer would continue to function as a standalone unit.Source: Reuters: Money News | 20 Apr 2009 | 11:17 am Bankers, lenders keeping interest rates up: GrasimDD Rathi Wholetime Director and CFO, Grasim feels there is liquidity in the system, though he is also of the opinion that it has not necessarily reached the needy borrowers. Rathi believes that the issue of lending is paramount; bankers and lenders are keeping the rates up.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 11:16 am India's Tech Mahindra: Satyam to be standalone unit - Reuters
Source: Google News India - Business | 20 Apr 2009 | 11:15 am Welspun Gujarat to de-merge its Plate-cum-Coil division - Business Standard
Source: Google News India - Business | 20 Apr 2009 | 11:02 am Reserve Bank to present annual policy review TuesdayThe Reserve Bank of India (RBI) will present the annual review of its monetary policy here Tuesday, even as stakeholders saw the central bank leaving key rates untouched and an overall status quo on the measures.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 11:02 am BSE Sensex eases, banks drop ahead of rate reviewMUMBAI (Reuters) – The BSE Sensex shed 0.4 percent on Monday after rallying a third over the past six weeks, with uncertainty about whether the central bank would cut rates at its scheduled policy review on Tuesday weighing on sentiment.Source: Reuters: Money News | 20 Apr 2009 | 11:00 am Markets end in red, Sensex slips amid high volatilityIndian equities markets closed in the red Monday, with a key index turning volatile to fall 43 points below its last close.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 11:00 am Poll - bound India counts on RBI to revive economy - Reuters India
Source: Google News India - Business | 20 Apr 2009 | 10:59 am Poll-bound India counts on RBI to revive economyNEW DELHI (Reuters) – The Reserve Bank of India (RBI) will have little choice but to keep cutting interest rates and buy more government bonds as it is left alone to help the economy during a likely political void produced by a general election.Source: Reuters: Money News | 20 Apr 2009 | 10:55 am RBI likely to keep rates unchangedNew Delhi: In the light of credit offtake not picking up despite ample liquidity in the system, the RBI is likely to keep policy rates unchanged in its annual monetary policy, to be unveiled tomorrow, but may impress upon banks to step up lending to sectors slowing down. The RBI has given enough indication to banks to ease rates in response to a series of policy rate cuts undertaken to ease liquidity pressure and step up growth. As recently as two weeks ago, RBI Governor D Subbarao at a seminar had said, “The response of (the) banking system (to the policy actions) has been positive ... but banks are yet to respond as much as warranted by the policy.” According to UCO Bank chairman and managing director S K Goel, “I think (the) RBI is unlikely to alter policy rates. It would rather maintain (the) status quo this time.” He, however, expects the apex bank to advise all banks to ease rates in step with policy rate cuts so far post the Lehman crisis. Indian Bank chairman and managing director M S Sundararajan said there is enough liquidity in the system and the RBI would like to ensure adequate credit flows to productive sectors. After reaching a peak of 29.4% (Rs5,82,344 crore) on a year-on-year basis as on October 10, 2008, non-food credit growth has declined sharply. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 10:54 am IPL: strategy break triggers heated debateCape Town: The so-called “strategy breaks” lasting seven-and-half minutes in each innings played in the ongoing IPL has generated heated controversy with players and coaches saying it was a distraction and affects the flow of the match. “Yes, we have done well in our last match but I think the strategy breaks are hampering the momentum of a team,” Mumbai Indians captain Sachin Tendulkar said. “The seven-and-half minute breaks are a bit too long,” he observed. Former player and ex-selector V.B. Chandrasekar, who heads Chennai Super Kings’ cricket operations, is also far from amused with the break. “The 7-1/2 minute break after 10 overs is quite a distraction and comes in the way of valuable momentum...” Chandrasekar said. Even though IPL commissioner Lalit Modi has been insisting that the break was introduced to allow teams to strategise, most believe the innovation was aimed at providing the broadcaster extra slots for commercials. Modi’s argument was that since the teams wasted lot of time strategising, most of the matches in IPL’s inaugural edition stretched beyond schedule. So, Modi argued, introducing the breaks would allow them to complete their strategising in the scheduled time and get on with the match. Former South African Board president Ali Bacher, however, had no doubt that the breaks were introduced solely for commercial benefits. “The reality now is that cricket is a highly commercial entity. There is big money in cricket today, and much of it is emanating from India. The organisers are not only aiming to provide a fantastic spectacle for the spectators, but they are also there to maximise the revenues for the game,” he said. Bacher, however, didn’t see anything wrong with that. “You can’t fault them on that. The problem they have is, because of the shortened version of the game the number of ad breaks are less as compared to the one-dayers and Tests. So they are trying to get more airtime for more commercial ads to be placed,” he added. On the other hand, Kings XI Punjab coach Tom Moody felt the break directly affected his team’s performance in the rain-marred match against the Delhi Daredevils on Sunday. “We had the momentum and we had seven and a half minutes to lose it,” Moody said. “It was the perfect time for Daniel Vettori to come on and secure the momentum back in favour of Delhi,” the Australian said. Bangalore Royal Challengers coach Ray Jennings, meanwhile, is more worried about the break’s effect on the viwers, who -- he feared -- might lose interest in the match. “Spectators are the ones they need to be keeping their focus on during these breaks. What you need to do is check if this break is going to keep the spectators interested, because what do they do during these minutes?” Jennings asked. Instead of airing commercials, Jennings suggested the time could be used otherwise to sustain viwers’ interest. “The organisers could think of adding value to the entertainment by, maybe, doing interviews with four or five players in the change rooms, which can then be shown during these intervals. This is an opportunity for the officials to see this as a moment to catch up with people, and give them something they cannot get hold of: signing autographs or something” Jennings said. Star spinner Harbhajan Singh also gave a thumbs down to the move and said, “I don’t think I am very happy with it. At times, when you are bowling well, you just lose your rhythm during the strategy breaks.” Former India spearhead Javagal Srinath had more or less the same thing to say about it. “Technically, for the player it could be an advantage or disadvantage: if your team is not doing well, the break is very welcome as that helps stop the momentum of the opponents. But if your team is doing well, it may be seen as a hindrance, where you could lose your advantage. “It is a new experiment and remains to be seen how it is expected. If it is a real pain, some changes may be carried out,” Srinath said. Steve Elworthy, Tournament director of ICC World Twenty20, was not sure behind the reasons and hinted he was not impressed. “I am not sure of the reasons behind it; whether it is commercial or for cricket-playing reasons. From our perspective, the idea is that the game needs to have that momentum. It needs to keep the pace and the momentum going. The playing conditions don’t stipulate for a break in this World Twenty20, and I would like to see the game continue, rather than being broken up all over,” he said. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 10:54 am Tech Mahindra deposits funds for Satyam stake buyHYDERABAD, India (Reuters) - Tech Mahindra Ltd, a mid-sized Indian IT outsourcer, said on Monday it had deposited the funds needed for taking the majority stake in fraud-hit Satyam Computer Services Ltd.Source: Reuters: Money News | 20 Apr 2009 | 10:51 am Merck marks Q1 loss, plunges 46%Mumbai: Drug maker Merck on Monday said its net profit fell 46.78% to Rs8.61 crore in the first quarter ended 31 March 2009, over the corresponding period a year ago. The company had a net profit of Rs16.18 crore in the first quarter last financial year, Merck said in a filing to the Bombay Stock Exchange. However, the net sales of the company rose to Rs 98.83 crore in the March quarter from Rs 83.36 crore in Q1 of last year, it added. Shares of Merck were trading at Rs 340, down 0.45% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 10:38 am Poll-bound India counts on RBI to revive economyNew Delhi: India’s central bank will have little choice but to keep cutting interest rates and buy more government bonds as it is left alone to help the economy during a likely political void produced by a general election. Since the global financial crisis culminated last September with the collapse of Lehman Brothers, markets have often had an impression that the government and the independent central bank have been coordinating their responses to the crisis. But as the election in the world’s largest democracy this month and next dramatically limits the current government’s scope for action, it is now solely up to the Reserve Bank of India to take charge. Analysts are confident the central bank, even without the government’s backing or inspiration, will do whatever it can to steer Asia’s third largest economy through politically and economically turbulent period of the next few months. “The prime tool would be interest rate cuts,” said D.K. Joshi, principal economist at credit rating agency ICRA, who expects the central bank to cut its repo rate by half a point on Tuesday and another half a point by June-July. He also said the central bank will continue buying back government bonds from the market, to relieve upward pressure on market rates caused by the government’s heavy borrowing plans. ROOM FOR CUTS N.R. Bhanumurthy, economist at Institute of Economic Growth, said that unlike other central banks, which have already slashed rates to near zero, the Reserve Bank of India still had scope to do more. “The government has exhausted fiscal policy options but there is some room for monetary policy action. We are in better situation in terms of monetary policy than other central banks,” he said. The central bank has cut its key lending rate by 400 basis points to 5% in five steps since October and a slim majority of analysts polled by Reuters expects another cut this week. Past monetary policy steps were, however, accompanied by government efforts, which on its part has cut some duties and taken other steps, including an additional spending plan of $4 billion. But now any further stimulus will have to wait until well after the elections, when most main contenders promise to boost spending to help the economy recover from its current slowdown. “I think the government will depend a lot more on the RBI to help revive demand and speed up economic growth.” said D.H. Pai Panandikar, president of private economic think tank RPG Foundation. Expectations of more expansionary fiscal policy ahead combined with already record borrowing plans, have kept an upward pressure on market rates, taking the bite out of the past rate cuts and prompting the central bank to buy government bonds in the market. The benchmark 10-year bond yield rose by about 150 basis points this year, even though the central bank has cut rates by the same margin. The central bank, however, has refused so far to buy bonds directly from the government, which would effectively mean printing money to finance public borrowing, and is expected to stay firm on the issue in the future. As another measure to help direct more funds to the fast cooling economy, the central bank may revive a cap on funds that banks can park with the central bank via its reverse repo window. India’s economic growth in the current fiscal year that started on 1 April is expected to slow to a seven-year low below 6 percent. Growth of about 6% is seen as a minimum that allows to create enough jobs for the nation’s workforce that keeps on growing by 2.5% per year. Governor Duvvuri Subbarao, who was finance secretary before his appointment last year, has said the policy’s challenge was to arrest the slowdown that proved steeper than earlier thought, while limiting the market impact of heavy government borrowing. “No matter what the new government is, no matter what the new budget is, it’s is quite clear that the borrowing for 2009-10 is going to be substantially higher than 2008-09,” he said. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 10:37 am Tata Teleservices to invest $2 bn for GSM servicesTata Teleservices Ltd (TTSL), one of the leading mobile telephone service providers in the country using CDMA technology, Monday said it will invest $2 billion to roll out services through the other technology, GSM.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 10:30 am Gold rises by Rs10; silver gains Rs50New Delhi: Gold prices on Monday recovered by Rs10 to Rs14,300 per 10 gram in the bullion market here on local buying amid better trend in the global market. Silver also regained strength and recorded a gain of Rs50 at 20,400 per kg on increased offtake by industrial units. Marketmen said fresh buying by local parties at the existing lower levels amid reports of a better trend in the overseas market mainly helped gold prices to recover marginally. They said the precious metal gained $1.55 to $870.35 dollar an ounce in London on speculation that the falling stock markets may revive demand for the gold as a haven. Standard gold and ornaments recovered by Rs10 each to Rs14,300 and Rs14,150 per 10 gram, respectively and sovereign gained Rs50 to Rs12,300 per piece of eight gram. In a similar fashion, silver ready rose by Rs50 to Rs20,400 per kg and weekly-based delivery by Rs30 to Rs19,900 per kg. Silver coins held steady at Rs27,800 for selling of 100 pieces. Source: Home - Livemint.com | 20 Apr 2009 | 10:28 am Sensex closes below 11K; ICICI Bank, NTPC down - Economic Times
Source: Google News India - Business | 20 Apr 2009 | 10:21 am Indian sugar futures drops for 5th day - Reuters India
Source: Google News India - Business | 20 Apr 2009 | 10:19 am GoI to soon give infrastructure status to tourism sector - TravelBizMonitor
Source: Google News India - Business | 20 Apr 2009 | 10:16 am IGI airport's new terminal takes off - domain-B
Source: Google News India - Business | 20 Apr 2009 | 10:10 am Auto parts makers to see Jan-Mar sales, profits fallMumbai: India’s auto parts firms will see revenues and earnings falling in the January-March quarter, hurt by slowing demand at home and a bleak overseas market. “Broadly, the sector is expected to deliver muted earnings owing to exaggerated losses in some of the medium to small ancillary companies,” Angel Broking said in a report. “Amtek Auto and Bharat Forge could surprise on the declining side... owing to large business exposure in the US and European markets,” the brokerage said. India’s auto ancillary industry is among the worst hit sectors as it struggles with the current slowdown in the auto original equipment makers (OEM) segment and a bleak outlook in the export markets, Prabhudas Lilladher said in a note. Bharat Forge, Motherson Sumi and Amtek Auto will see profits slumping 40% to 80%, with only Exide Industries bucking the trend and posting a rise, a Reuters poll of brokerages showed. “In the domestic sector, firms with higher exposure to the embattled commercial vehicle segment will fare worse than those supplying the bulk of their products to the passenger car market, an analyst who declined to be named said. Bharat Forge and Amtek have a substantial exposure to the domestic commercial market which is grappling with a fall in demand, the analyst said. Bharat Forge sales will also be hit as it gets more than half its revenues from the US and Europe where the OEM market has been hammered by the ongoing recession, he added. A decline in commodity prices did not benefit Bharat Forge as it was passed on to customers due to pass-through contracts with them, ICICI Securities said in a note. Motherson Sumi will also see a fall in revenue but will fare relatively better due to a diversified geographical presence across Europe and the West Asia and a greater exposure to the domestic passenger car market, analysts said. Car sales rose 1% on year to 129,358 units in March, helped by cheaper credit, government stimulus measures and rural demand, data from the Society of Automobile Manufacturers showed. Sales of trucks and buses fell 26.2% on year to 41,881 units in March. Bharat Forge’s profit is expected to fall 77.09% to Rs189.83 million. Amtek Auto’s January-March consolidated net profit is seen falling 88.2% to Rs159.5 million, while Motherson Sumi’s consolidated profit is likely drop 42.97% to Rs352.5 million. However, Exide is expected to post a modest growth in fourth quarter profit aided by robust return from the battery replacement market and a fall in raw material prices, Angel Broking analyst Vaishali Jajoo said. “The replacement market will support the growth better as OEMs are not doing well,” she said. Exide Industries’ profit is seen rising 8.14% at Rs679.33 million. Source: Home - Livemint.com | 20 Apr 2009 | 10:08 am Markets shed gains to end flatNew Delhi: Markets turned choppy as investors began booking profits, causing the Bombay Stocks Exchange benchmark Sensex to end in red, shedding gains of as much as 1.7% on Monday. Markets opened flat today as Asian stocks traded weak but later in the day buying picked up as investors hoped for Reserve Bank of India to introduce some rate cuts to provide economic respite. Selling was seen in banking, FMCG and pharma sectors. Meanwhile other segments like metal, consumer durables, realty and capital goods made modest gains. The 30-share BSE index closed flat and also slipped from its 11,000 level by 43.59 points at 11,023.09 and the 50-share NSE Nifty fell by 7.30 points to close at 3,377.10. Source: Home - Livemint.com | 20 Apr 2009 | 10:06 am Polaris net profit up 79 percentChennai-based Polaris Software Monday said its net profit was up 79 percent at Rs.130.71 crore for 2008-09, compared to Rs.73.22 crore earned the previous year.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 10:00 am Polaris annouces 25% dividend, Q4 jumps 50%Mumbai: IT services provider Polaris Software on Monday reported a 50% growth in its profit after tax (PAT) at Rs32.11 crore for the fourth quarter ended March 2009. The Chennai-based company had a PAT of Rs21.45 crore in the fourth quarter of FY’08, it said in a filing to the Bombay Stock Exchange. The total income rose 18% to Rs337.25 crore in the fourth quarter, from Rs286.16 crore in the same period last fiscal. During the quarter, the company incurred a foreign exchange loss of Rs19.59 crore. The company said although the economy and business environment in developed markets, especially the US and UK, continues to remain uncertain, emerging markets present an opportunity for growth. The board has declared a dividend of 25% at the rate of Rs1.25 a share for the financial year 2008-09. For the financial year ended 31 March 2009, Polaris reported a 79% growth in PAT at Rs130.71 crore, while it had a PAT of Rs73.22 crore last year. The total income rose to Rs1,377.95 crore, up 25% over FY’08. “We have strengthened our balance sheet during the year with cash and cash equivalents growing to Rs 340 crore from Rs 155 crore,” Polaris Software CFO R. Srikant said. Shares of Polaris were trading at Rs64.30, up 6.46% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 20 Apr 2009 | 9:53 am Bajaj Finserv, Allianz to form JV for asset mgt businessBajaj Finserv, the financial services arm of Bajaj Group, said it has entered into an agreement with Germany-based Allianz Global Investors to set up an asset management JV firm.Source: India Business News | Business News - Times of India | 20 Apr 2009 | 9:51 am PepsiCo Q1 net profit $1.14 bn, beats forecastsNew York: PepsiCo, the maker of Pepsi soft drinks and Tropicana juices, said Monday its first quarter net profit slipped 1.1% to $1.14 billion, above market forecasts. Pepsico said its first quarter to 21 March operating profit, excluding exceptional items, came to 71 cents a share, above analyst forecasts for 67 cents. Sales fell 1% to $8.26 billion in the three-month period. PepsiCo also said it planned to pay $6 billion to obtain full control of two of its main bottling operations, Pepsi Bottling Group and PepsiAmericas. The company, which also makes snack foods, said it would pay $29.50 per share and $23.27 per share, respectively, to buy out minorities in the two bottlers. The acquisition, paid half in cash and half in PepsiCo shares, would ensure the company directly controlled 80% of its North American sales and add more than $200 million to pretax earnings annually via cost reductions, economies of scale and greater efficiency. Source: Home - Livemint.com | 20 Apr 2009 | 9:41 am Sour Q3 for Oudh Sugar, net dips 35%Mumbai: Oudh Sugar Mills on Monday said its net profit fell by 35.13% in the third quarter ended 31 March 2009, to Rs10.82 crore over the corresponding period a year ago. The company had a net profit of Rs16.68 crore in the March quarter last year, Oudh Sugar Mills said in a filing to the Bombay Stock Exchange. However, net sales of the sugar producer grew to Rs104.83 crore in the third quarter of the current fiscal from Rs89.93 crore a year ago. For the nine-month period ended 31 March 2009, Oudh Sugar Mills posted a net profit of Rs17.50 crore, while it had a net loss of Rs1.51 crore in the same period last year. Shares of Oudh Sugar Mills were trading at Rs48, down 4.48% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:33 am Oudh Sugar announces results, stock down - Moneycontrol.com
Source: Google News India - Business | 20 Apr 2009 | 9:27 am Auto parts makers to see Jan-Mar sales, profits fallMUMBAI (Reuters) - India's auto parts firms will see revenues and earnings falling in the Jan-March quarter, hurt by slowing demand at home and a bleak overseas market.Source: Reuters: Money News | 20 Apr 2009 | 9:24 am European stock markets open lowerLondon: European stocks fell in initial deals on Monday after a technical glitch delayed the start of trading in several key markets. London’s FTSE 100 index of leading shares opened down 0.11% at 4,088.33 points and Frankfurt’s DAX retreated 0.45% to 4,655.84. In Paris, the CAC 40 shed 0.35% to 3,081.15 points after a delayed opening at 9:40am. Stock markets in Amsterdam, Brussels and Lisbon also opened late due to technical problems. All, along with Paris, are operated by transatlantic financial markets group NYSE Euronext. No explanation for the delay was immediately available. Source: Home - Livemint.com | 20 Apr 2009 | 9:21 am Kings XI, Knight Riders look to get IPL campaign back on trackDurban: Thoroughly outplayed in their opening matches, Kolkata Knight Riders and Kings XI Punjab will lock horns on Tuesday hoping to haul their Indian Premier League campaign back on track. Ravaged by injuries that have denied them the services of star players like Shaun Marsh, Brett Lee and S. Sreesanth, the Yuvraj Singh-led Kings XI were handed a 10-wicket drubbing by Delhi Daredevils in their rain-truncated opening match on Sunday. On the same night, Shah Rukh Khan’s Kolkata Knight Riders were beaten by eight wickets by last year’s bottom-placed Hyderabad Deccan Chargers. “I want this nightmare to end,” said Shah Rukh after the thrashing. Kolkata, it seemed, were yet to recover from the pre-tournament furore over captaincy, at the end of which Sourav Ganguly was replaced by New Zealand’s Brendon McCullum at the helm. McCullum couldn’t have asked for a worse start to his stint but remained optimistic about the team bouncing back in the coming matches. “It is a long tournament and we will bounce back,” he insisted. Kings XI, on the other hand, are trying to cope with the injury blows that have left them severely depleted. Last season’s highest scorer Marsh, along with tearaway pacer Lee, were out of contention even before the tournament and adding to their woes is the non-availability of all-rounder James Hopes, who is on national duty. Sreesanth too has been left with the job of promoting the team from the sidelines as a back injury keeps him out of on-field action. Against a balanced Delhi, Kings XI’s batting struggled to hold up and bowling was such that Virender Sehwag and Gautam Gambhir took just a little over four overs to get past a 54-run target that was set for six overs in the rain-shortened game. The Mohali-based team’s batting relies heavily on skipper Yuvraj and Sri Lankan Kumar Sangakkara, both of whom didn’t contribute much in the lost match. Yuvraj, however, remained hopeful of a turnaround. “We are happy with the start, off course we can take some positive out of it and we have enough games coming up, so looking forward to that,” he said. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:15 am Midsession: Markets extend losses to 1% on profit-bookingMumbai: Indian shares fell more than 1% by Monday afternoon, erasing earlier gains of as much as 1.7%, as investors took profits after the market rose a third over the past six weeks. By 2:47pm, the 30-share BSE index was down 1% at 10,912.20 points, with 21 stocks declining. It fell as much as 1.1% at one stage, with diversified cigarette maker ITC and private-sector lender ICICI Bank leading the losses. The 50-share NSE index was down 1% at 3,351.10. Traders had expected the market to consolidate after rising a third over the past six weeks, but buying in energy firm Reliance Industries and financials such as ICICI Bank, State Bank of India and HDFC Bank underpinned the rise. “This is typically a fight between the bulls and the bears. Valuations looked stretched at the moment and so the bias should be negative, but the market is not going down because no one is ready to trigger a fall,” Gajendra Nagpal, CEO of New Delhi-based Unicon Financial Intermediaries, said. By 12:39pm, the 30-share BSE index was up 31.68 points at 11,054.77 and the 50-share NSE Nifty was at 3,392.20, 7.80 points higher. The benchmark had risen a third over six weeks ended Friday as foreign funds poured in about $1.4 billion since mid-March. “The market is struggling to break out on either side. It is facing resistance at 11,300 to 11,400 levels,” Hitesh Agrawal, head of research at Angel Stock Broking, said. “There needs to be a correction of 1,200 to 1,500 points to attract fresh money into the market. I feel we will be able to stretch only about 200 to 300 points on the upside in the short term,” he said. Political uncertainties are also expected to dent investor confidence with the country in the midst of a general election that began last week and ends on 13 May, traders said. Reliance Industries, India’s largest-listed firm with the biggest weight in the main index, rose 1.4% to Rs1,740.75. Private-sector lender ICICI Bank gained 1.9% to Rs449.85, while rival HDFC Bank rose 1.8% to Rs1,087.90. Government-run State Bank of India jumped 1.9% to Rs1,331. In the broader section, advancers led losers in the ratio of almost 3:1 on light volume of 133.1 million shares. Asian stocks edged up, holding near a six-month peak struck last week after withstanding an early bout of profit-taking. Japan’s Nikkei was up 0.2%, while MSCI’s measure of other Asian markets rose 0.5%. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:08 am Govt warns of action against speculators for sugar price riseNew Delhi: The government has blamed speculators and hoarders for rising sugar prices and warned of possible action against elements who are jacking up prices despite there being no shortage in availability. It also expects that the steps taken by it from time to time to contain prices may soon produce results. “Although there is no shortfall of sugar, prices of sugar have been rising recently, mainly on account of a perception of shortage...The role of speculative elements and hoarders in the price rise cannot be ruled out,” Food Ministry chief director (Sugar) R P Bhagria said here late last night. He said the Centre is considering appropriate action against those who are spreading baseless speculation. The state governments have been instructed to crack down on hoarding to prevent artificial shortage of sugar, he added. The government will also ask mills to report the sales of sugar by them on a weekly basis in order to keep a close vigil on the supply in the market, he said. According to official data, sugar prices across 17 major cities rose in the range of Rs21-28 per kg as on 17 April from that of Rs17.75-Rs23 in the beginning of this sugar season, starting October 2008, due to a shortfall in output. India’s sugar output is projected to fall to 14.5 million tonnes in the 2008-09 season against 26.4 million tonnes in 2007-08. The country needs 22.5 million tonnes of sugar for its annual domestic consumption. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:06 am Sensex fluctuates between red and greenA key Indian equities index, which gained more than 186 points an hour into Monday's trade, shed the gains later and was fluctuating between the red and green territories in the afternoon session.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 9:01 am Tata Teleservices to roll out GSM services soonTata Teleservices Ltd, one of the leading mobile telephone service providers in the country using CDMA technology, Monday said it has earmarked $2 billion as capital expenditure for rolling out services through the other technology, GSM.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 9:00 am Isro going full blast with Chandrayaan-2Sriharikota: Indian space scientists are going ahead full steam with the planning of next moon odyssey Chandrayaan-2, a mission which will see a soft landing of small rovers on the surface of earth’s natural satellite. “We are finalising the instruments to be carried in the rovers. The work is on.... it will be launched by 2011 end or during the beginning of 2012”, said director of Isro Satellite Centre, T.K. Alex. Chandrayaan-1, the country’s first moon mission, launched on 22 October 2008, completed six months in orbit Sunday and is doing very well, sending data from scientific instruments on board the spacecraft, an Isro official said. “We are making routine manoeuvres to ensure that the spacecraft is kept 100 km from the moon,” they said after the successful launch of India’s RISAT-2 and ANUSAT satellites Monday morning. Isro chairman Madhavan Nair said the success of Chandrayaan-1 has ignited the minds of young people. “When Isro advertised for filling up of 300 posts, we received a whopping 1.32 lakh applications.... I am happy about it,” he said. On a manned space mission, K. Radhakrishnan, director, Vikram Sarabhai Space Centre said, “We call it a human space flight. “Under the Rs12,400 crore mission programme, that will be spread over the next seven years, two astronauts will be put in a orbit about 275 km to 400 km above the earth for about seven days and made to return in a module that may splash in the Bay of Bengal or the Arabian Sea,” he said. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:00 am Power transmission hobbled by slack generationMumbai: India’s state-run power companies are furiously fuelling growth in the transmission sector but find slack generation capacity addition a hobble, industry officials and analysts said. India plans to add 78,500 MW power by end 2012, mostly from the eastern and north-eastern regions of the country, while the major consumer load centres are in western and southern regions, requiring a strong national transmission grid. “It is only transmission sector which is sustaining whole of the power sector at this moment,” S. K. Chaturvedi, chairman of Power Grid, the central transmission company that transmits 45-50% of power in India, said. The sector is likely to see close to 20% growth in the near term and likely to pick up as we near 2012, as additional generation projects would go upstream, analysts said. Nearly three quarters of the Rs550 billion that the Power Grid is expected to spend on strengthening transmission grids by 2012 has already tied up from various sources, Chaturvedi said, on the sidelines of a weekend conference on transmission and distribution. It intends to spend Rs120 billion for FY10 versus Rs80.95 billion last year, setting a scorching pace. On the other hand, it has disbursed orders worth Rs150 billion in the Jan-March to private firms, Chaturvedi added. The companies that received these orders include Areva T&D, Crompton Greaves, KEC International and Kalpataru Power. Power Grid has completed transmission projects for 20,800 MW power against its 11th plan target of 37,800 MW, but the generation addition not keeping pace may prove regressive, a company official said. “The 78.7GW capacity addition program is...well behind its timetable, with only 14 percent of the total plan completed during the first 19 months of the 11 th Plan,” Fitch Ratings said in its recent note. The government’s nudge to utilise funds quickly has been a booster for Power Grid, said S. Majumdar, director projects. “The second benefit is that projects are now getting executed at lesser costs,” he said, adding that the bids recieved are cheaper. Source: LatestNews-Home - Livemint.com | 20 Apr 2009 | 9:00 am Isro going full blast with Chandrayaan-2Sriharikota: Indian space scientists are going ahead full steam with the planning of next moon odyssey Chandrayaan-2, a mission which will see a soft landing of small rovers on the surface of earth’s natural satellite. “We are finalising the instruments to be carried in the rovers. The work is on.... it will be launched by 2011 end or during the beginning of 2012”, said director of Isro Satellite Centre, T.K. Alex. Chandrayaan-1, the country’s first moon mission, launched on 22 October 2008, completed six months in orbit Sunday and is doing very well, sending data from scientific instruments on board the spacecraft, an Isro official said. “We are making routine manoeuvres to ensure that the spacecraft is kept 100 km from the moon,” they said after the successful launch of India’s RISAT-2 and ANUSAT satellites Monday morning. Isro chairman Madhavan Nair said the success of Chandrayaan-1 has ignited the minds of young people. “When Isro advertised for filling up of 300 posts, we received a whopping 1.32 lakh applications.... I am happy about it,” he said. On a manned space mission, K. Radhakrishnan, director, Vikram Sarabhai Space Centre said, “We call it a human space flight. “Under the Rs12,400 crore mission programme, that will be spread over the next seven years, two astronauts will be put in a orbit about 275 km to 400 km above the earth for about seven days and made to return in a module that may splash in the Bay of Bengal or the Arabian Sea,” he said. Source: Tech News - Livemint.com | 20 Apr 2009 | 9:00 am PepsiCo offers $6 bln for bottlers; Q1 tops StreetBANGALORE (Reuters) - Soft-drink maker PepsiCo offered about $6 billion on Monday to buy the shares it does not already own in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas, at the same time as reporting better-than-expected quarterly earnings.Source: Reuters: Money News | 20 Apr 2009 | 8:38 am Indian Bank\'s credit up 30% last yearIndian Banks advances book grew 30 per cent last year. The book was Rs 39,000 crore at the end of March 2008.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 8:36 am BSNL ties up with Novatium for rural broadband serviceBharat Sanchar Nigam Ltd (BSNL) along with the Chennaibased Novatium Solutions will soon roll out broadband services with thin client technology in rural areas.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 8:34 am Television viewership for IPL2 lower than expectedTelevision viewership for Indian Premier League2 does not seem to have gathered the momentum that was anticipated with the extravaganza.Source: Moneycontrol Top Headlines | 20 Apr 2009 | 8:31 am Bajaj Fin, Allianz form asset management joint ventureMumbai: Germany’s Allianz will take a 51% stake in an Indian asset management joint venture with financial services firm Bajaj Finserv as it extends its operations in Asia’s third-largest economy The German insurer’s planned entry comes after a fiscal year when assets under management in India’s 35-member mutual fund industry fell as a slowing economy and turbulent financial markets hit investment valuations and detered retail investors. Allianz joins the likes of South Korea’s Mirae Asset and France’s Axa who have entered the industry in the last two years. Goldman Sachs has deferred plans to start mutual fund operations in India, and many more are going slow. “We are delighted to extend our partnership to the mutual fund business, which may take about a year to commence operations,” Rahul Bajaj, chairman of Bajaj Finserv said in a statement. Allianz has minority stakes in two Indian insurance ventures, Bajaj Allianz Life Insurance Co Ltd and Bajaj Allianz General Insurance Co Ltd. Last August it was in talks with the Bajaj Group for an asset management venture. India’s mutual funds industry managed about $83 billion at the end of 2008/09 fiscal year in March, down from more than $100 billion a year earlier, data from the Association of Mutual Funds in India showed. Source: Home - Livemint.com | 20 Apr 2009 | 8:30 am Glaxo to buy Stiefel Labs for up to $3.6 blnLONDON (Reuters) - GlaxoSmithKline Plc, the world's second-largest drugmaker, has agreed to buy privately owned U.S. skincare specialist Stiefel Laboratories for up to $3.6 billion, the two companies said on Monday.Source: Reuters: Money News | 20 Apr 2009 | 8:27 am Spy plane acquired from US to be based in Tamil NaduIndia's newly acquired long-range spy planes, the P8-I, purchased from the US under a $2.1 billion deal earlier this year, will be based at an Indian naval air base in Tamil Nadu for better surveillance of the country's coastline.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 8:02 am Allianz, Bajaj Fin in India asset management ventureMUMBAI (Reuters) - Germany's Allianz will take a 51 percent stake in an Indian asset management joint venture with financial services firm Bajaj Finserv as it extends its operations in Asia's third-largest economy.Source: Reuters: Money News | 20 Apr 2009 | 8:02 am Bangladesh seeks to increase trade with northeast IndiaBangladeshi trade and industry groups have said they would increase trade and economic activities with India's northeast region and urged Dhaka to provide transit facilities to India.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 8:01 am Allianz, Bajaj Fin in India asset management venture - Reuters India
Source: Google News India - Business | 20 Apr 2009 | 7:48 am Tourism industry to get infrastructure statusThe government has approved 28 mega infrastructure projects to boost tourism, and is on the verge of granting it infrastructure sector status, Tourism Secretary Sujit Banerjee announced here Monday.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 7:31 am SpiceJet to raise fares after Jet, KingfisherMUMBAI (Reuters) - Low-cost carrier SpiceJet Ltd will raise fuel surcharge on air tickets by up to 300 rupees after similar moves by Jet Airways and Kingfisher Airlines after last week's rise in jet fuel prices.Source: Reuters: Money News | 20 Apr 2009 | 7:30 am Three Tech Mahindra executives may join Satyam boardThree senior executives of Tech Mahindra are likely to be inducted into the Satyam board. The names doing the rounds are Vineet Nayyar, CP Gurnani and Sanjay Kalra.Source: India Business News | Business News - Times of India | 20 Apr 2009 | 7:00 am Now part of Gurgaon, ignored Mewat hopes for developmentHaryana's Mewat district is just 30 km from its showcase city of Gurgaon. But the difference between the two worlds couldn't be more stark.Source: IndiaeNews.com: Business News | 20 Apr 2009 | 6:30 am SpiceJet to raise fares after Jet, KingfisherMumbai: Low-cost carrier SpiceJet Ltd will raise fuel surcharge on air tickets by up to Rs300 after similar moves by Jet Airways and Kingfisher Airlines, after last week’s rise in jet fuel prices. “We are also looking at increasing the fuel charge by Rs200 to Rs300 in the next few days,” SpiceJet said in an e-mail to Reuters on Monday. Jet and Kingfisher had raised fuel surcharge by the same amount, effective 19 April. The surcharge, levied for travel on domestic sectors, was increased by Rs200 for routes below 750 kilometres and by Rs300 for sectors above that. However, state-run Air India has no “immediate plans” to raise fuel surcharge, its spokesman said. The higher fares come after India’s state-run oil marketing firms raised the price of aviation turbine fuel (ATF) for domestic carriers by 6.7% on 16 April. They had earlier raised fuel prices by 10% on 1 April. ATF prices account for over 40% of an airline’s operating cost. At 10:57am, SpiceJet shares were up 4.22% at Rs19. Jet Airways was up 5.72% at Rs211.75 and Kingfisher by 7.37% at Rs38.60. Source: Home - Livemint.com | 20 Apr 2009 | 6:05 am Rupee tails Asian peers lower, stocks eyedMumbai: The Indian rupee weakened marginally on Monday as losses in other Asian currencies weighed on sentiment, and dealers said they would be watching the local stock market for clues on direction of fund flows. At 10:20am, the partially convertible rupee was at Rs49.98/99 per dollar, 0.2% weaker than its previous close of Rs49.87/88. On Thursday, the rupee had risen as high as 49.34, its highest since 17 February. “The rupee has weakened a bit tracking lower Asian currencies but now the stocks are going to be the key,” a senior dealer with a foreign bank said, predicting 49.80 to 50.10 band for the day. Most Asian currencies were weaker against the dollar. The dollar index, a gauge of the US unit’s performance against majors, was up 0.2%. The euro hit a one-month low against the dollar and a three-week trough versus the yen due to uncertainty over policy steps the European Central Bank may take. Indian shares seesawed in early trade after rising a third over the past six weeks, with investors awaiting a rate review on Tuesday. Analysts are almost evenly split on whether the central bank will cut rates at its annual policy review on Tuesday to boost growth. One-month offshore non-deliverable forward contracts were quoting at Rs50.08/18, weaker than the onshore spot rate. “There is no clear direction (for the rupee) in the near term till getting clarity on the new government,” J Moses Harding, head of global markets, wrote in a daily note. Voting in month-long general elections began last week and ends on 13 May. Source: Home - Livemint.com | 20 Apr 2009 | 5:23 am Sensex rises 86 points in opening tradeSensex moved up by over 86 points in opening trade on the back of buying by funds as some Asian equity markets rebounded to trade in positive zone.Source: Daily News & Analysis: Money News | 20 Apr 2009 | 4:58 am Sensex rises 86 points in opening tradeStockbrokers sentiments on the domestic markets were buoyed on the back of recovery in Hong Kong's Hang Seng Index.Source: India Business News | Business News - Times of India | 20 Apr 2009 | 4:45 am Rupee dips 13 paise against dollarThe Indian rupee fell by 13 paise to 49.98 against the US currency in early trade as weak Asian equity markets raised concerns of fresh capital outflows by funds.Source: India Business News | Business News - Times of India | 20 Apr 2009 | 4:41 am India launches spy satellite RISAT 2 successfullySriharikota: Giving a big boost to its defence surveillance capabilities, India on Monday successfully launched an all-weather Israeli-built spy satellite that will help security agencies keep a vigil on the country’s borders. Indian space agency ISRO’s workhorse, PSLV-C12 rocket soared majestically into a clear sky at 6.45am from the spaecport here and placed its first Radar Imaging Satellite (RISAT 2) and micro-educational satellite ANUSAT into orbit about 19 minutes later in a textbook launch. The 300 kg RISAT-2 will primarily keep an eye on the country’s borders round-the-clock and help in anti-infiltration and anti-terrorist operations. A jubilant ISRO Chairman G Madhavan Nair said, “The year 2009 has started off well. The final moments of the launch were more thrilling than a cricket match as we hit a few boundaries and bowled some googlies.” Nair said the performance of the PSLV-C12 launch vehicle was “precise and on the dot”. “Again, we have set a record. As in the past, we declared the launch date, time and we made it happen.” He said RISAT2 would be a good asset to national resources and “I am sure it is going to serve the country well.” RISAT2 has all-weather capabilities to take images of Earth and would also be beneficial in mapping and managing natural disasters, such as floods and landslides. The 40 kg micro satellite ANUSAT, the co-passenger of RISAT 2, has been built by Anna University, to demonstrate the technologies related to message store and forward operations. ANUSAT, the first built by an Indian University, is a ‘store-and-forward´ communication satellite that will help transfer confidential academic material and also monitor drought and wasteland, urban planning and other studies. RISAT2 has a lifespan of three years and ANUSAT, one year. Different from previous remote sensing satellites, RISAT2 uses Synthetic Aperture Radar (SAR), equipped with many antennas, to receive signals which are processed into high-resolution pictures. The SAR, developed by Israel Aerospace Industries, equips RISAT with defence capabilities. The SAR payload can take images during day, night and in all weather conditions, including under cloud cover, a capability that Indian satellites do not have. Nair said ISRO has “big goals” to achieve this year, referring to the line up of ISRO launches. “All this put together... it is going to be almost like the fireworks season at Sriharikota.” Today’s is the 15th flight of PSLV, which has so far launched 30 satellites - 14 for India and 16 for foreign countries - since 1993. PSLV had also launched the Chandrayaan-1 spacecraft on 22 October last year. Source: Tech News - Livemint.com | 20 Apr 2009 | 3:27 am Long-term bets on modest progress by end of fiscal 2010Equity market last week further pushed itself forward and indicated crossing the resistance lines. A seeming momentum has been created. A larger number of people are willing to bet on the forwardSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am ONGC Mittal keen on roping in partner for Trinidad projectNew Delhi, April 19 ONGC Mittal Energy Ltd (OMEL) is talking to other players to come in as a partner for developing its oil and gas exploration project in Trinidad andSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am India, 3rd in rice exports after Thailand, VietnamIndia is the third largest exporter of rice despite a ban imposed in April last year. However, if one were to go by projections by the US Department of Agriculture, then Pakistan could overtake India to be the third largest rice exporter thisSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am The fall and rise of IMFAn unintended (?) consequence of the recently held G-20 meeting has been the re-emergence of the International Monetary Fund at the centre of the international financial system. Created at the end of World War II, as a result of the brainwave ofSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am Ganesh Housing Corp (Rs 52.85): BuyWe recommend a buy in Ganesh Housing Corporation from a short-term trading perspective. It is evident from the charts of Ganesh Housing that after recording as all-time high of Rs 830 in January 2008, it witnessed a sharp decline. The stock fell 96Source: Business Line - Home Page | 20 Apr 2009 | 12:00 am Slowdown hits credit cards businessMumbai, April 19 The negative impact of the economic slowdown is clearly showing on the credit cards segment. The number of outstanding credit cards declined drastically by 28 lakh in the first 11 months of FY 2009. This is according to theSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am AP’s image not connected to Satyam: CMTirupati, April 19 The Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, who is campaigning vigorously for the Congress as the second and last phase of polling for both the Lok Sabha and Assembly elections comes to an end on April 23,Source: Business Line - Home Page | 20 Apr 2009 | 12:00 am Stocks with low price-earnings ratio lead the rallyWhich category of stocks has made the biggest gains in the recent market rally? Believe it or not, it was the really beaten-down stocks, trading at a single digit price-earnings (P/E) multiple.Source: Business Line - Home Page | 20 Apr 2009 | 12:00 am No impact of fiasco on Satyam services: Ford, CibaMumbai, April 19 In spite of being scam-hit, Satyam Computer Services was able to provide uninterrupted IT solutions during the three months following Mr Ramalinga Raju’s disclosures, say two of the company’s high-profileSource: Business Line - Home Page | 20 Apr 2009 | 12:00 am Suspicious trades doubled last fiscalBanks, brokerages and asset management companies are reporting to FIU transactions that they feel could involve terror or crime money.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:21 pm ED will also probe market manipulation, insider tradeMarket manipulators have one more adversary to keep watch on.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:20 pm Tech Mahindra, Upaid may settle out of courtTech Mahindra is likely to focus all its energies on dealing with a pending litigation with the UK's mobile solutions company Upaid Inc.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:18 pm Jobs only if you pass test, Cognizant tells campus recruitsCognizant Technology Solutions has come up with a three-month e-learning programme that its new hires must complete before they can join the company.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:16 pm Commercial vehicle dreams turn into nightmaresWith sales nosediving, firms are reviewing their mega plans.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:13 pm PW auditors knowingly falsified Satyam data: CBI reportThe CBI chargesheet says Gopalakrishnan and Talluri chose to ignore bank data and "knowingly certified the inflated and forged balance sheets based on forged FDRs".Source: India Business News | Business News - Times of India | 19 Apr 2009 | 10:11 pm Taxmen demand income tax paid three years ago'Mismatch' results in error, assessees will have to submit I-T details again.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:10 pm Economists await Subbarao's diagnosisFocus shifts to consumer inflation, transmission of cuts and GDP guidance.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:08 pm 'Economy isn't a good indicator of market mood'Anthony Bolton is president, Fidelity International, and one of the UK's most famous investment gurus. He now mentors young fund managers and research analysts at Fidelity.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:01 pm 'Lanco Infra may not take up any more any more realty projects'Power would continue to be the growth engine for Lanco Infratech, says chairman L Madhusudan Rao.Source: Daily News & Analysis: Money News | 19 Apr 2009 | 10:00 pm Murthy family is worth Rs 4,000 croreThe Murthy familys combined worth as per the latest price of Infosys scrip, is Rs 4,000 crore. Narayana Murthy and Sudhar Murthy together is worth Rs 1,750 crore, two-thirds of which belong to Sudha.Source: India Business News | Business News - Times of India | 19 Apr 2009 | 8:29 pm 'Smaller cities have less competition'In times of recession food entreprenuers feel this is the time to sign up for new deals and meals.Source: India Business News | Business News - Times of India | 19 Apr 2009 | 8:25 pm Index ETFs outperform indicesThe prices of exchange-traded funds (ETFs) based on underlying indices such as BSE sensex and CNX Nifty or even Nifty Junior have gone up faster than the indices themselves.Source: India Business News | Business News - Times of India | 19 Apr 2009 | 8:06 pm SPIC on the block, hunt on for suitorsAsset Reconstruction Company of India (ARCIL) has decided to put Southern Petrochemical Industries Corporation (SPIC) on the block, after failure of several attempts to restructure the debt and jump-start the fertiliser plants.Source: India Business News | Business News - Times of India | 19 Apr 2009 | 8:04 pm Banks block inactive credit cardsDilip Kumar didn't use his ICICI Bank credit card for 14 months; Nazneen did the same. The bank responded by blocking their credit cards.Source: Business Standard | Front Page Headlines | 19 Apr 2009 | 6:51 pm Reliance Power achieves closure for Sasan, finallyDomestic banks extend around Rs 15,000 cr as loans; announcement this week.Source: Business Standard | Front Page Headlines | 19 Apr 2009 | 6:46 pm Pantaloon restructuring tests new FDI rulesPlans to bring in up to Rs 750 crore in foreign investment.Source: Business Standard | Front Page Headlines | 19 Apr 2009 | 6:44 pm Asian carriers hit by plunge in premium travelSingapore: Casey Chan used to fly business class every other month to oversee his company’s electronics factory in China until late last year, when orders from Western buyers suddenly started drying up. His employer, a Singapore-based multinational firm that makes components for items such as DVD players and digital cameras, is unlikely to put him back on a plush airline seat, with fine wines on demand, anytime soon. “My company is keeping a very tight control on cost now,” said the Singaporean chief engineer, who has not flown to China since January. Business-class travel cutbacks by Chan and thousands of other executives as a result of the global financial crisis have dealt a major blow to airlines, with those in the Asia-Pacific region particularly hard hit, industry experts said. Carriers such as Singapore Airlines Ltd are seen as the most vulnerable because they have poured extensive resources into business- and first-class travel, known as premium traffic. This is where Asia-Pacific carriers earn the bulk of their revenues and the dramatic fall in demand is devastating their bottom lines. “It will be very difficult for any Asia Pacific carrier to make money in 2009,” said Derek Sadubin, chief operating officer with the Sydney-based Centre for Asia Pacific Aviation. Premium traffic demand is down by 15-30% on average depending on the route, he added. The International Air Transport Association (Iata) last month predicted the region would emerge as the world’s worst hit in 2009, with collective losses of $1.7 billion (around Rs8,449 crore). Giovanni Bisignani, Iata’s director general, said last month that “2009 is shaping out to be the toughest year that (the) airline industry has ever faced”. He noted that the three biggest Asian economies—Japan, China and India—are all badly affected by the global downturn. Source: World Business - Livemint.com | 19 Apr 2009 | 5:31 pm Three work options for new graduatesIn about a month, I’ll graduate with my MBA—and no job. I’m at a respected school, my GPA (grade point average) is 3.5, I’ve got two years of retail consulting experience and great references, and I’ve spent months doing all the right things to get hired. Please help. — Name withheld, Chicago What a terrible bind you’re in—you and thousands upon thousands of others. Word is that at some business schools, even at top tier ones, upward of 30% of the graduates have yet to land positions. Recruiters just aren’t coming to campuses like they used to, and if they are, it’s for informational purposes only. Many companies, hit by worsening results and alarmed by dire forecasts, have delayed start dates for their MBA hires or rescinded their offers altogether. It’s not a jungle out there. It’s a wake. Click here to watch video But you didn’t ask for sympathy. You asked for advice. So let’s look at the three recommendations we offered to an MBA who came to see us this week. Our friend, like you, is still empty-handed and beginning to feel desperate. 1. You can settle and learn to love it. 2. You can go a little crazy. 3. You can do your own thing. Also See Jack and Suzy Welch’s earlier videos  You could accept that job. And more importantly, you could embrace it with gusto and work ardently to innovate processes, improve your team and make yourself indispensable by constantly over-delivering. In your case, for instance, you might work at a retail store of some sort, with the goal of having your stellar performance eventually land you in management—and of attracting the notice of headquarters. Sure, the day-to-day work of ringing up sales might seem like a pitiable return on your MBA investment at first. But think career strategy. Being a star performer at virtually any solid organization is eventually a ticket up or over to a better opportunity elsewhere. In time, your humility—and results—will likely be rewarded. Now for going a little crazy. This is the job-hunting approach we prefer for MBAs in the current circumstances but only recommend with trepidation. Because not everyone can pull off highly targeted begging and pleading while remaining highly likeable, and that’s what we’re suggesting. The idea is to pick the one or two places you’ve always wanted to work, or the two executives you’d give a kidney to work for, and repeatedly make your case to them in the most creative, appealing and persuasive way you can. Send letters, emails, make phone calls, whatever it takes to get a five-minute interview. Which you then have to nail with your brilliant insights and positive energy. Yes, this is a long-shot strategy. But when it works—and here’s why we like it—you’ll be starting your career in the right place. And you’ll have experienced what it really takes to get ahead. Finally, if settling and a little craziness don’t work for you, there’s starting your own business. Figure out what you know and what you’re good at, find a friend who brings something to the table—brains, contacts, seed capital or little need for sleep. Then, like every entrepreneur, you’ll have to get out there and hustle. If consulting is your gig, for instance, take jobs for $5,000 (Rs2.48 lakh) or $10,000 or negotiate with clients for a percentage of the increased revenues you bring in or the savings you create. You know the drill, and you probably know the risks, too. The current economic environment makes choosing to become an entrepreneur an extraordinary act of courage, and only you know if you have that kind of mettle. Not to sound harsh—we’re just trying to be realistic. These are unprecedented times for MBAs (and for all job seekers), requiring unusual levels of self-awareness. The global economic crisis will likely last another year or two, and there’s no point in waiting around, hoping for a miracle. You really only have three options. Make a choice and press on. ©2009/by NYT Syndicate Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller,Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com. Please include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 19 Apr 2009 | 4:22 pm
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