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Piramal Healthcare\'s revenues up by 14.4% to Rs 32.8 bnPiramal Healthcare\'s revenues for FY2009 up by 14.4% to Rs. 32.8 billion, EBITDA (excluding FOREX impact) for the year was up by 23.7% at Rs. 6.7 billion and Net Profit (excluding FOREX impact) was up by 23.5% to Rs. 4.4 billion.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 4:38 pm Triveni Q2FY 09 net sales up 21% at Rs 458crTriveni Q2FY 09 net sales up 21% at Rs 458 crore. EBITDA of Rs. 111 crore, increased by 22% with a margin of 24%Source: Moneycontrol Top Headlines | 27 Apr 2009 | 4:31 pm G-20 to make 2010 a `year of recovery` !The Group of 20 major economies will have a summit meeting in Washington in September to ensure that efforts to make 2010 a year of recovery from the severe global economic crisis are on track.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm UBS appoints Wilmot-Sitwell, Kengeter as invst bank co-CEOs!Swiss banking giant UBS has appointed Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of the entity`s Investment Bank with immediate effect.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Global ministers warn of risk of rising poverty!Global finance and aid ministers on Sunday called on rich donor nations to deliver aid to poor countries, warning that world poverty will rise sharply as more nations fall victim to the financial crisis.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm UAW, Chrysler and Fiat reach concession deal!Chrysler LLC cleared another major obstacle to its survival Sunday when it reached a tentative deal on concessions with the United Auto Workers union, helping it move closer to inking a vital alliance with Italy`s Fiat Group SpA.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm GM to announce brand changes, restructuring moves!The storied Pontiac brand is dead and more car factories and jobs are about to disappear — the latest casualties of a massive restructuring plan that GM is counting on to help it stave off bankruptcy protection.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Eco crisis becoming `human calamity`: WB !The IMF and WB have warned that the global economic crisis is turning into a "human calamity".Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Indian Bank Q4 net up 63% at Rs 394 cr!State-run Indian Bank Monday reported a 63.06 per cent growth rate in net profit at Rs 394.07 crore for the fourth quarter ended March 31, 2009.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm China expects new loans to surge 57%!New loans in China are expected to surge by more than 57 percent in 2009, state media said Monday, as banks heed the government`s call for more credit to boost growth amid the global crisis.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Japan expects worst post-war economic slump!Japan said Monday it expects the economy to shrink 3.3 percent over the coming year, its worst slump in at least half a century, as the government presses ahead with a record stimulus package.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Sensex falls 152 points in early trade!Snapping a two-session gaining streak, the Bombay Stock Exchange benchmark Sensex Monday tumbled over 152 points in opening trade on selling by funds, triggered by weak trend in other Asian equity markets.Source: Zee News : Business | 27 Apr 2009 | 4:09 pm Rel Money looking to expand into money transfer bizSudip Bandyopadhyay, Managing Director, Reliance Money, said the buzz about the brokerage firm laying off staff was routine just like every organization goes through. On its business, Bandyopadhyay said the company was expanding into other verticals like money transfer and also hiring staff.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 3:13 pm Sensex ends on flat note; ICICI Bank, Wipro up - Economic Times
Source: Google News India - Business | 27 Apr 2009 | 11:31 am Led by banks, Sensex upswing continues for third dayThe Bombay Stock Exchange benchmark Sensex gained for the third day in a row on heavy purchases by funds of fundamentally strong stocks led by the banking and capital goods segments.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 11:19 am ICICI Bank up over 8% - Business Standard
Source: Google News India - Business | 27 Apr 2009 | 11:13 am BSE Sensex rises 0.4 pct; ICICI gainsMUMBAI (Reuters) - The BSE Sensex rose 0.4 percent in choppy trade on Monday, as short-covering ahead of the expiry of monthly derivatives contracts on Wednesday helped offset bouts of profit-booking after a seven-week rally.Source: Reuters: Money News | 27 Apr 2009 | 11:07 am Oil falls below $49 - Reuters
Source: Google News India - Business | 27 Apr 2009 | 11:07 am India likely to grow at 6 per cent, says Montek - Press Trust of India
Source: Google News India - Business | 27 Apr 2009 | 11:04 am Nucleus Software plans to reduce expenditure by 10% - Moneycontrol.com
Source: Google News India - Business | 27 Apr 2009 | 10:58 am Bharti to shine in India mobile boom, Reliance to lagNEW DELHI (Reuters) - India's top mobile operator, Bharti Airtel, is expected to report quarterly profit rose by a fifth as it benefits from a strategy of keeping tariffs steady, while rivals cut prices to boost market share.Source: Reuters: Money News | 27 Apr 2009 | 10:51 am Tech Mahindra posts Q4 net profit - Reuters India
Source: Google News India - Business | 27 Apr 2009 | 10:49 am Bharti to shine in mobile boom, Reliance to lagNew Delhi: India’s top mobile operator, Bharti Airtel, is expected to report quarterly profit rose by a fifth as it benefits from a strategy of keeping tariffs steady, while rivals cut prices to boost market share. Cheaper call tariffs and expanding networks have helped mobile operators add subscribers at a furious pace, making India the world’s fastest-growing wireless market. The country added a record 44.5 million subscribers in January-March, boosting the total to 392 million, after the No. 2 player Reliance Communications expanded its GSM network and rivals such as Vodafone Essar and Idea Cellular also expanded. In contrast, China’s mobile phone industry is slowing. China Mobile, the world’s largest mobile carrier with about 480 million subscribers, said last week its first-quarter net profit growth slowed to 5%, despite a near double-digit rise in revenue. Consultancy Gartner expects the number of India’s mobile phone subscribers to nearly double to 737 million by 2012, but years of cut-rate competition is beginning to affect some players. “As the companies are getting majority of the new users from rural areas, net profit margins already under pressure are going to be further hit,” said RK Gupta, a fund manager at Taurus Asset Management, who oversees about $40 million in stocks and owns shares in Reliance Communications and Idea. “High competition in the sector will ensure their administrative cost, marketing cost will go up.” As companies expand to small towns and hinterlands, average revenue per user and minutes of usage, two key measurements of performance, have been under pressure as users in rural areas talk less on phones and some use phones only to answer calls. In India, Bharti, about 31% owned by Southeast Asia’s top phone firm SingTel, has a market share of about 24%, followed by Reliance with about 18%. Risks facing the sector include companies having to pay high prices in a coming global auction of radio waves for advanced third-generation services, and the possibility that users will hop service providers at a faster clip when mobile number portability is introduced this year. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 10:48 am Bharti to shine in mobile boom, Reliance to lagNew Delhi: India’s top mobile operator, Bharti Airtel, is expected to report quarterly profit rose by a fifth as it benefits from a strategy of keeping tariffs steady, while rivals cut prices to boost market share. Cheaper call tariffs and expanding networks have helped mobile operators add subscribers at a furious pace, making India the world’s fastest-growing wireless market. The country added a record 44.5 million subscribers in January-March, boosting the total to 392 million, after the No. 2 player Reliance Communications expanded its GSM network and rivals such as Vodafone Essar and Idea Cellular also expanded. In contrast, China’s mobile phone industry is slowing. China Mobile, the world’s largest mobile carrier with about 480 million subscribers, said last week its first-quarter net profit growth slowed to 5%, despite a near double-digit rise in revenue. Consultancy Gartner expects the number of India’s mobile phone subscribers to nearly double to 737 million by 2012, but years of cut-rate competition is beginning to affect some players. “As the companies are getting majority of the new users from rural areas, net profit margins already under pressure are going to be further hit,” said RK Gupta, a fund manager at Taurus Asset Management, who oversees about $40 million in stocks and owns shares in Reliance Communications and Idea. “High competition in the sector will ensure their administrative cost, marketing cost will go up.” As companies expand to small towns and hinterlands, average revenue per user and minutes of usage, two key measurements of performance, have been under pressure as users in rural areas talk less on phones and some use phones only to answer calls. In India, Bharti, about 31% owned by Southeast Asia’s top phone firm SingTel, has a market share of about 24%, followed by Reliance with about 18%. Risks facing the sector include companies having to pay high prices in a coming global auction of radio waves for advanced third-generation services, and the possibility that users will hop service providers at a faster clip when mobile number portability is introduced this year. Source: Home - Livemint.com | 27 Apr 2009 | 10:48 am Indian wealth management space to see robust hiringNew Delhi: Notwithstanding recessionary fears, the wealth management space in India is likely to see robust hiring this year as the sector is expected to witness a strong growth momentum, thanks to the increasing confidence level among investors. “The Indian Wealth Management space has evolved and most high net-worth individuals (HNIs) in India today have begun to appreciate the value of a professional approach to wealth management,” Religare Macquarie Private Wealth chief executive officer Vikas Agnihotri said. Agnihotri added, “We have aggressive growth plans and are looking at increasing our Relationship and Advisory team significantly during the course of this year”. Echoing similar views, SMC Wealth Management Services managing director D.K. Aggarwal said, “We have robust recruitment plans ahead. We plan to double our wealth management headcount in the next one year.” We have recruited around 70 people and plan to hire 100 more in the next one year’s time. We plan to double our wealth management headcount to 200 in the next 12 months,” he said. SMC Wealth Management has regional offices in Bangalore, Kolkata, Mumbai and Delhi and plans to set up eight more offices in tier II cities in the next 10-12 months. Giving reasons for high growth potential for the wealth management sector Agnihotri said, “world economy is recovering from credit crisis and we have more positive news trickling in these days. While we are still far away from a recovery, a sense of optimism is returning to financial markets”. Asia has been growing at a faster pace than the rest of the world and it should continue to lead on the way to recovery as well. Within Asia, China and India have been and will continue to be the strongest drivers of growth, he added. According to market experts, wealth management business in India will see growth and a fair bit of consolidation. The firms that survive will have to differentiate themselves. Product innovations, better service, efficient use of technology and trained manpower will be key differentiators in the wealth management business going forward. SMC Wealth Management’s Aggarwal further added things are changing now a days and confidence is coming back among investors. Both foreign institutional investors and domestic institutional investors are investing in equities. Besides, for India the outlook looks promising as it is a consumption driven economy, besides agriculture, on which over two-third of population is dependent is booming. According to a report by investment banking firm Barclays Capital “China and India continue to be viewed as the most attractive markets in Asia, both in terms of potential for business expansion and expected revenue growth rate.” Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 10:44 am Capable of supplying 1.5 m Tamiflu doses in 6 weeks: CiplaTalking on the impact of swine flue, Amar Lulla, Joint Managing Director, Cipla, said that the flu has pandemic proportions. However, the company is capable of supplying 1.5 m doses of Tamiflu, a drug used to treat Swine Flu, as soon as needed, said Lulla.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 10:37 am Tech Mahindra posts Q4 net profitBANGALORE (Reuters) - Tech Mahindra Ltd, which is taking over Satyam Computer Services in a deal worth about $580 million, on Monday reported net profit of 2.3 billion rupees ($46 million) for the March quarter.Source: Reuters: Money News | 27 Apr 2009 | 10:35 am Bank of Baroda sees FY10 profit to grow 20 pct - CMDMUMBAI (Reuters) - Bank of Baroda expects to post more than 20 percent profit growth in 2009/10, Chairman and Managing Director M. D. Mallya said on Monday.Source: Reuters: Money News | 27 Apr 2009 | 10:32 am Glenmark gets first nod for Zetia generic - Economic Times
Source: Google News India - Business | 27 Apr 2009 | 10:30 am Paramount Airways expands map; enters Kolkata, NEKolkata: The country’s sole fully business class airline, Paramount Airways, on Monady began operations by introducing a daily flight between Chennai and the Northeast via Kolkata, catering to business travelers and those from south India travelling for healthcare. Launching the flight on the Chennai-Kolkata- -Guwahati-Agartala-Kolkata-Chennai sector after a success in the southern region, the managing director of the airline, M. Thiagarajan, told reporters the 75 seater airline would make an operational hub in Kolkata to expand further in this region. The flights would promote business traffic as well as a large number of passengers who visit south India for medicare. Welcoming the airline in Kolkata, West Bengal chief minister Buddhadeb Bhattacharjee expressed hope this would be extremely beneficial for growth of business and tourism in eastern India. Giving assurance of all cooperation, the state government asked the airline to explore the possibility of operations to Coochbehar in North Bengal from Kolkata. Thiagarajan assured the state government that it would make a study of this and fulfill the request, if possible. “We want to connect all major national destinations by the end of this year, while evaluating connecting international destinations within two years time,” he said. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 10:29 am IT services may see over one lakh layoffs by Sep: ExpertsCompanies may reduce workforce in this fiscal, mostly based on stringent performance criteria, experts added.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:28 am Audi Q1 operating profit down 29%Frankfurt: German luxury carmaker Audi AG said Monday that its first-quarter operating profit fell by 29% as the global economic crisis ate into sales. Ingolstadt-based Audi said its operating, or pretax, profit was down to euro363 million ($479 million) in the January-March period from euro514 million a year earlier. Audi, a subsidiary of Volkswagen AG, Europe’s largest carmaker, did not immediately report net profit. Sales for the quarter were down 19% to euro6.7 billion from the previous year’s euro8.3 billion. Audi said it expected the rest of 2009 to remain difficult. “In light of the continuing global economic downturn, the Audi group expects to see a sharp drop in worldwide demand for cars in 2009,” it said in a statement. “Major sales regions, most notably North America and Europe, will be affected by the negative development.” Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 10:25 am IT services may see over one lakh layoffs by September, say expertsNew Delhi: The Indian IT services sector may see up to 5% layoffs -- amounting to more than one lakh job cuts -- over the next six months as companies focus more on cost-cutting due to persisting weakness in global demand, experts say. Companies may reduce workforce in this fiscal, mostly based on stringent performance criteria, experts added. “We expect the knowledge industry (IT) to see 3-5% non-voluntary exits in the first two quarters of the financial year mainly in senior and middle levels,” Deloitte Touche Tohmatsu senior director (Management Consultancy Services) P. Thiruvengadam said. Given the fact that more than 22 lakh people work in the IT industry, 5% non-voluntary exits would mean more than one lakh employees being shown the door by September. Nasscom estimates more than 22 lakh people were working in the Indian IT-BPO sector in FY09 (till February), while indirect job creation is estimated at about eight million. International Management Institute (IMI) director C.S. Venkata Ratnam said, “The IT sector is better off but it may see up to 4-5% job losses in the first two quarters of this fiscal.” The global financial turmoil has also hit the country’s other export-related sectors including textiles and some unorganised industries like auto ancillaries, Venkata Ratnam said. Besides, IT services (including engineering services, R&D, software products) exports, BPO exports and the domestic IT industry provide direct employment to 9,47,000, 7,90,000 and 5,00,000 people, respectively, Nasscom says. The next 5-6 months would be critical for companies in deciding on job cuts. At present, layoffs are very few and more companies have frozen hiring to tackle the economic slowdown, Thiruvengadam said. Last week, third-largest software exporter Wipro said it would freeze salary hikes and is uncertain about campus recruitment. Further, as per government data, over one lakh people lost jobs in the export sector due to the global downturn. Asked about what strategy they are advising, experts said adopting a wait-and-watch policy and a mature outlook would be the best policy. “If professionals aim towards multi-skilling and put in extra efforts to dabble in other areas of work as well, they stand a chance of becoming indispensable to their companies,” Thiruvengadam said. Source: Home - Livemint.com | 27 Apr 2009 | 10:22 am India gold demand edges up on festival; rupee weighsMUMBAI (Reuters) - India's gold demand edged up on Monday on a festival, but higher prices due to international cues and a weak rupee restricted the volumes, traders and dealers said.Source: Reuters: Money News | 27 Apr 2009 | 10:20 am Gold demand edges up on festivalMumbai: India’s gold demand edged up on Monday on a festival, but higher prices due to international cues and a weak rupee restricted the volumes, traders and dealers said. “There are sporadic deals happening on account of Akshaya Tritiya,” said a dealer with a private bank in Mumbai. “The volumes are not that great as prices have jumped and also due to a weak rupee.” India, the world’s largest consumer of the yellow metal, celebrates Akshaya Tritiya on Monday, which is considered as an auspicious occasion to buy gold. “Retail volumes are not very great... so far the reports are not encouraging from various centres,” said Daman Prakash, director with MNC Bullion in Chennai. The most watched June contract was 0.86% higher at Rs14,750 per 10 grams at 2:59pm, after gaining 2.3% in the last four sessions. Overseas gold, which guides the local markets, steadied in Europe after rising to a four-week high earlier in the session, as equities fell on concerns over the prospect of a global flu pandemic, which boosted interest in bullion as a haven. The Indian rupee traded lower in afternoon session after having risen for seven straight weeks, as a see-sawing share market failed to provide clarity on fund flows, while a stronger dollar overseas also hurt. Chart-based buying also aided sentiment, analysts said. Traders had been stocking the yellow metal in anticipation of festive demand since April 1 in order to take advantage of lower prices. Futures ruled a tad above Rs14,000 in early April, down 12.7% from an all-time high of 16,040 struck on 20 February. India’s gold sales stood at 48.99 tonnes, down 11% on year, according to the World Gold Council. Traders and dealers said jewellers were unwilling to enter into fresh deals due to violent fluctuation in prices. “They would rather wait-and-watch than place advance orders,” said another dealer with a state-run bank. Source: Home - Livemint.com | 27 Apr 2009 | 10:20 am SKF India begins construction for new facility in Uttarakhand - India Infoline.com
Source: Google News India - Business | 27 Apr 2009 | 10:18 am See 20% credit growth for FY10: Indian Bank - Moneycontrol.com
Source: Google News India - Business | 27 Apr 2009 | 10:18 am Walchandnagar Jan-march net down 59 pct(Versus the same period a year earlier, in million rupees unless stated)Source: Reuters: Money News | 27 Apr 2009 | 10:14 am Jaiprakash Associates Ltd profit rises 83% - Business Standard
Source: Google News India - Business | 27 Apr 2009 | 10:03 am Markets on a see-saw, Sensex slipsIndian equities markets slipped into the red Monday afternoon after making some gains in the morning session. About an hour before the closing bell, a key index was ruling 20 points lower than its previous close.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 10:02 am Close: Markets end flat after choppy tradeNew Delhi: Markets closed with a marginal gain of 0.38% on Monday, as investors covered their short positions ahead of the expiry of monthly derivatives contracts on Wednesday. The Bombay Stock Exchange benchmark Sensex began the day in red but later extended gains to 1% before plunging into choppy trade. The 30-share BSE index closed 42.80 points at 11,371.85, with 13 stocks gaining. But the 50-share NSE Nifty ended in red, down by 10.75 points at 3,470. Source: Home - Livemint.com | 27 Apr 2009 | 9:55 am IPL merchandise sales doing well in second seasonThe Indian Premier League (IPL) fever is on and cashing in on the cricket mania are sportswear brands with their special merchandise - jerseys, shoes, caps, bags, key chains et al.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 9:52 am BT to distribute NDTV channels in USNew Delhi: British Telecommunications (BT) today said its media and broadcasting arm Global Media Network (GMN) has partnered with news and entertainment firm NDTV for distributing the latter’s lifestyle and business channel in the US. BT has entered into two new agreements with New Delhi Television (NDTV) to be its global network supplier, and enabling them to distribute NDTV Good Times and NDTV Profit (in the US), BT said in a statement. These are the third and fourth major contracts for BT with NDTV in the last two years. BT was earlier distributing NDTV’s Arabia channel in the Dubai market and NDTV Imagine in the UK and US market along with 24/7 Television channels in the UK. The New Delhi-based NDTV has a portfolio of six channels comprising NDTV India, NDTV 24x7, NDTV MetroNation, NDTV Profit, NDTV Good Times and NDTV Imagine. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 9:48 am Civil aviation joint secretary heads NacilMumbai: The National Aviation Company of India Ltd (Nacil), on Monday said that E.K. Bharat Bhushan, has assumed charge as its chairman and managing director (CMD). Bhushan will discharge functions of the CMD of Nacil, in addition to his own duties as joint secretary and financial advisor, ministry of civil aviation, a press release stated. He joined the IAS in 1979 and has, since then, held various positions in the state of Kerala as well as the Union government. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 9:45 am Exide Industries profits rise, buoys sharesMumbai: Auto and industrial battery maker Exide Industries Ltd’s fourth quarter profit rose 9%, meeting forecasts on growth in the replacement market and industrial battery segment. Shares in the company rose to a high of Rs57.45 after the results before easing a little to Rs54.60, still up 3.4% in a volatile Mumbai market. The company posted January-March net profit of Rs682 million compared with Rs628.2 million a year ago. Net sales rose to Rs7.98 billion compared with Rs7.91 billion. A Reuters poll of brokerages had forecast net profit of Rs679.33 rupees on sales of Rs7.81 billion. A robust volume growth in the high-margin after sales segment more than offset a slowdown in its automotive segment over the past two quarters, the company said in a statement. It gets 65% of its revenues from the replacement market. Besides, certain verticals of its industrial battery segment such as inverters and telecommunications performed “exceptionally well” during the year, boosting revenues and profits, it said. Exide gets 35% of its revenues from industrial batteries. Its net profit for the year ended 31 March rose 14% to Rs2.84 billion. But falling lead prices, its key raw material, did not help the firm as the rupee weakened in tandem. Exide imports half of its lead requirement and hence the depreciation would act as an adverse factor, Angel Broking analyst Vaishali Jajoo said. “We weathered the storm through enhanced focus on production efficiencies, better inventory management...and cost cutting across all functions,” chief executive TV Ramanathan said in the statement. Exide acquired 51% in a lead smelter, Leadage Alloys India Ltd, and 100% in Tandon Metals Ltd over the past two years to access recycled raw materials and cut dependence on high-cost imported lead. The two smelters currently account for 28% of Exide’s total lead and lead alloy requirements. During the year the company’s capital expenditure stood at Rs1.6 billion, it said. In July last year, Exide had said it was investing Rs1.8 billion to raise capacity in FY09. Its debt to equity ratio as of March-end stood at 0.26 to 1. Source: Home - Livemint.com | 27 Apr 2009 | 9:45 am Jaiprakash sees FY10 revenue rising 70 pctNEW DELHI (Reuters) - Jaiprakash Associates expects 2009/10 revenue to jump more than two-third, driven by growth in all of its three business segments of construction, cement and real estate, its executive chairman said on Monday.Source: Reuters: Money News | 27 Apr 2009 | 9:41 am India unhappy with US at being put under ‘watch’ on patentsNew Delhi: India has conveyed its “big disappointment” to the US for retaining New Delhi on the ‘Priority Watch List,’ which binds Washington to exert pressure on America’s trade partners to improve their copyright and patent regimes. “It is a big disappointment for us. Why should we be on the ‘Priority Watch List (PWL)’ even after the recognition we have got from the World Intellectual Property Organisation,” N N Prasad, joint secretary in the Department of Industrial Policy & Promotion, told PTI today. Prasad said India has sent its strong reaction to the US. “Let’s wait for the results,” he said. The US Trade Representative (USTR) issues an annual Special 301 report, which examines in detail the adequacy and effectiveness of intellectual property rights (IPRs) in America’s trading partners. Once a country is listed under the PWL, it provides a basis to the US for a “constructive engagement” with its trading partners. According to Indian patent experts, this means exerting diplomatic pressure on a country for improving its patent regime. In its latest review, the USTR said: “Large scale copyright piracy, especially in the software, optical media and publishing industries continues to be a major problem” in India. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 9:33 am Reliance resumes D-6 oil output - govtNEW DELHI (Reuters) - Reliance Industries has resumed crude oil production from one well in its east coast deepwater block, the country's upstream regulator said on Monday.Source: Reuters: Money News | 27 Apr 2009 | 9:20 am Lanka ends combat operations against LTTEColombo: Sri Lankan government on Monday said the combat operations in the northern parts of the island have concluded and security forces have been instructed to end the use of heavy calibre guns, combat aircraft and aerial weapons. “The Government of Sri Lanka has decided that combat operations have reached their conclusion. Our security forces have been instructed to end the use of heavy calibre guns, combat aircraft and aerial weapons which could cause civilian casualties. “Our security forces will confine their attempts to rescuing civilians who are held hostage and give foremost priority to saving the civilians,” a statement from the President Mahinda Rajapaksa’s office said today. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 9:19 am Indian Bank Q4 net up 63% at Rs 394 crMumbai: State-run Indian Bank on Monday reported a 63.06% growth rate in net profit at Rs394.07 crore for the fourth quarter ended 31 March, 2009. The bank had a net profit of Rs241.67 crore in the March quarter of FY’08, Indian Bank said in a filing to the Bombay Stock Exchange. The total income rose 28.43% to Rs2,148.48 crore during the March quarter from Rs1,672.85 crore in the corresponding period a year-ago. The board had declared a dividend of 50% at the rate of Rs5 on shares of face value of Rs10 for FY’09. During the quarter, the bank’s interest income rose 36% to Rs1,856.37 crore, while interest expended was at Rs1,188.81 crore, up 40% over the same period in FY’08. For the financial year ended 31 March, the state-run lender reported a net profit of Rs1,245.32 crore, up 23.45% over the last year. Indian Bank had a net profit of Rs 1,008.74 crore in FY’08. The total income rose to Rs7,865.77 crore in FY’09, from Rs6,218.67 crore in the previous fiscal. Besides, the board has also recommended a dividend of 8.75% for the period April-September 2008 and 10% for the period October-March 2009 on the preference share capital of Rs400 crore, it said. Shares of Indian Bank were trading at Rs120.50, up 2.86% in the afternoon trade on the BSE. Source: Home - Livemint.com | 27 Apr 2009 | 9:05 am Mittal is richest man in UK despite plunging fortunesWith a fortune of 10.8 billion pounds, Indiaborn steel tycoon Lakshmi Niwas Mittal emerged as the richest person in the UK for fifth consecutive year. However, a whopping erosion of 16.9 billion pounds due to recession has also earned him the title of the biggest loser.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 8:57 am Chidambaram welcomes Sri Lankan govt’s move to end combat operationsChennai: Home minister P Chidambaram today welcomed the Sri Lankan government’s decision to stop combat operations in the island’s north, saying it offered “solace” to India. “It means cessation of hostilities.It means to the government of India that the Sri Lankan government has put an end to the ongoing offensive,” Chidambaram said. He said Colombo had instructed its security forces not to use heavy calibre guns, combat aircraft and aerial fire which could cause civilian casualties. Chidambaram, who spoke to Karunanidhi, informing him of the Sri Lankan government’s decision, told PTI from Kariakudi where he is campaigning that “Sri Lanka’s announcement offers solace to us. The next course of action on the issue will be decided in consultation with all.” He said he had seen the official statement of the Sri Lankan government which had clearly instructed its forces to confine itself to save the Tamil civilians in the war zone and not to engage in combat operations. He welcomed chief minister M Karunanidhi’s decision to call of his indefinite fast demanding unconditional ceasefire, following Colombo’s announcement. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 8:51 am Rupee lower as choppy stocks fail to provide cuesMumbai: The Indian rupee traded lower in afternoon session on Monday after having risen for seven straight weeks, as a see-sawing share market failed to provide clarity on fund flows, while a stronger dollar overseas also hurt. At 1:50pm, the partially convertible rupee was at Rs50.08/10 per dollar, weaker than Friday’s close of Rs49.81/82. Indian shares swivelled between gains and losses on bouts of profit booking after a seven-week rally. Foreigners have been buyers of nearly $1 billion of shares so far in April, trimming their net sales in 2009 to under $380 million. Last year record outflows of over $13 billion had pushed the rupee down over 19%. Dealers said a stronger dollar overseas also weighed on sentiment. The dollar index, a gauge of the US unit’s performance against majors, was up 0.5%. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs49.97 and Rs49.9675 respectively, with the total traded volume on both exchanges at about $810 million. Source: Home - Livemint.com | 27 Apr 2009 | 8:50 am ONGC Mittal gets nod for refinery in NigeriaONGC Mittal Energy Ltd (OMEL) has got the Nigerian National Petroleum Corporation (NNPC) nod for its plan to set up a refinery in Nigeria.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 8:29 am Institutional investors up stake in top 3 IT cosInstitutional investors seem to be regaining interest in shares of the top three IT exporters even as the global credit crunch has slowed the demand for software services.Source: Moneycontrol Top Headlines | 27 Apr 2009 | 8:24 am BoB Q4 net up 3-fold at Rs752.69 cr, declares 90% dividendMumbai: Public sector lender Bank of Baroda today reported nearly three-fold growth in net profit at Rs752.69 crore for the Q4 ended 31 March, 2009. The bank had a net profit of Rs276.44 crore in the March quarter of FY08, BoB said in a filing to the BSE. The total income rose 28.50% to Rs4,992.41 crore during the March quarter, from Rs3,885 crore in the corresponding quarter last fiscal. The board has declared a dividend of 90%, at the rate of Rs9 on shares of face value of Rs10, for FY09. During the quarter, the bank’s interest income rose 24% to Rs4,138.78 crore, while the interest expenditure stood at Rs2,667.99 crore, up 16% over the same period a year ago, the filing added. For the financial year ended 31 March, the state-run lender reported a 55.15 % growth rate in net profit at Rs2,227.20 crore. BoB had a net profit of Rs1,435.52 crore in the year-ago period. The total income rose to Rs17,754.22 crore in FY09, from Rs13,864.51 crore in the previous fiscal. Shares of BoB were trading at Rs322.50, up 5.77% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 27 Apr 2009 | 8:09 am India weathering economic crisis better than others: MontekWashington: Planning Commission deputy chairman Montek Singh Ahluwalia has said India is weathering the severe global economic crisis better than the other economies of the world. “The crisis in the global economy is very severe. We are weathering it better than most countries,” Ahluwalia told Indian news agencies in an interview here on the sidelines of the ministerial level meeting of the G-20 countries to discuss the follow up of the London Summit early this month. Referring to the IMF projections, which expecting that this year the global economy will contract by 1.3%, he said India’s economy is expected to increase by 6%. “Next year they expect the global economy to improve. I am hoping that our economy will also be able to improve,” he said. Ahluwalia said emerging economies are growing faster than the advanced economies and within that it depends from region to region. “Asia is doing well, eastern Europe very badly and Latin America not so good. Obviously, it is not a comfortable situation,” he observed. As many of the decisions taken at the London Summit are on the process of being implemented, Ahluwalia said: “If you ask, whether these meetings have achieved a lot, the answer is they have.” But even with that achievement the outcome is going to be a difficult one, he argued. “If we had not done all this, the outcome would have been even worse. I am not sure that the outcome can be made better than what it is because it is a severe global problem and will take some time to recover.” He said that the key aspect now was that the leaders of the G-20 countries were committed to ensuring that 2010 becomes a recovery year. “Some of them feel that the green shoots of recovery are evident, everybody is saying that, look, do not be too over optimistic. But what they are saying is let’s keep reviewing the situation and if something more needs to be done, we can take a view of it,” he said. All these issues would be discussed in the leaders of the G-20 meeting in the US in September. “So between now and September they would ensure that the implementation of what they have promised and they would review the position,” Ahluwalia said. Source: Home - Livemint.com | 27 Apr 2009 | 8:09 am Sensex recovers at midsession; up 163 pointsThe Sensex, which had opened lower by 152 points, bounced back to wipe-off early losses and traded higher by 163.05 points at 11,492.10 points at 1300 hrs.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:40 am Ranbaxy shares fall on Q1 loss, bleak outlookNEW DELHI (Reuters) - Shares in leading Indian drug maker Ranbaxy Laboratories fell as much as 9 percent on Monday after it posted a huge first-quarter loss and forecast a second year of losses, hit by derivatives losses and falling revenue following a U.S. import ban.Source: Reuters: Money News | 27 Apr 2009 | 7:23 am Nothing glitters like yellow todayThe gold rush for Akshya Tritya today is expected to bring good dividends for jewellery stores, with sagging gold sales likely to soar sky high across the city.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 7:09 am Mobile web usage rose 19.3% in March: OperaHelsinki: Global mobile data traffic continued to surge in March at the fastest pace in 10 months, but in many countries the traffic is coming from old cellphone models, Internet browser firm Opera said on Monday. Data traffic through Opera’s mobile browser rose in March by 19.3% on the previous month, the fastest rate since May 2008, Opera said. Wireless operators are keen on raising revenue from Internet browsing and the social networking boom as revenue from traditional voice calls is declining. Data traffic on mobile operators’ networks rose on average 4.7 times last year, with some operators seeing traffic surge more than 10 times, boosted by the uptake of wireless data cards in laptops, according to telecoms equipment firm Nokia Siemens. Nokia Siemens and rivals Ericsson and Alcatel-Lucent, who have suffered over the last few years from aggressive pricing from Asian rivals like Huawei, are also looking for rising data traffic as a lead into new orders. Opera has 23 million users of its Opera Mini browser who all access the Internet through Opera’s servers -- giving the firm usage data -- and who generated more than 148 million megabytes of data traffic for operators worldwide in March. Opera said in its monthly mobile Internet report Nokia’s N70 model, a cheap smartphone introduced four years ago, was leading the list of top Internet traffic generating models in India, Indonesia and Nigeria. The N70 was unveiled a few months after YouTube was founded and two years before Apple introduced iPhone. Source: Home - Livemint.com | 27 Apr 2009 | 7:06 am Mobile web usage rose 19.3% in March: OperaHelsinki: Global mobile data traffic continued to surge in March at the fastest pace in 10 months, but in many countries the traffic is coming from old cellphone models, Internet browser firm Opera said on Monday. Data traffic through Opera’s mobile browser rose in March by 19.3% on the previous month, the fastest rate since May 2008, Opera said. Wireless operators are keen on raising revenue from Internet browsing and the social networking boom as revenue from traditional voice calls is declining. Data traffic on mobile operators’ networks rose on average 4.7 times last year, with some operators seeing traffic surge more than 10 times, boosted by the uptake of wireless data cards in laptops, according to telecoms equipment firm Nokia Siemens. Nokia Siemens and rivals Ericsson and Alcatel-Lucent, who have suffered over the last few years from aggressive pricing from Asian rivals like Huawei, are also looking for rising data traffic as a lead into new orders. Opera has 23 million users of its Opera Mini browser who all access the Internet through Opera’s servers -- giving the firm usage data -- and who generated more than 148 million megabytes of data traffic for operators worldwide in March. Opera said in its monthly mobile Internet report Nokia’s N70 model, a cheap smartphone introduced four years ago, was leading the list of top Internet traffic generating models in India, Indonesia and Nigeria. The N70 was unveiled a few months after YouTube was founded and two years before Apple introduced iPhone. Source: Tech News - Livemint.com | 27 Apr 2009 | 7:06 am Markets move back into green after opening weakIndian equities markets Monday reversed morning losses around noon, with a key index ruling 112 points in the green after opening weak.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 7:00 am People in Kerala begin buying gold on Akshaya TritiyaPeople began buying gold jewellery from Monday morning here on the occasion of Akshaya Tritiya, considered an auspicious day in the Hindu calendar for buying long-term assets like gold, silver and real estate.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 7:00 am Gold rises on higher global cues, fresh demandAt 1100 hrs on the MCX, gold for the most-active June contract rose by 0.80% to Rs 14,741 per 10 grams, in trading of 1,260 lots.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 6:32 am Petronet LNG net up 70% to Rs204 crMumbai: Petronet LNG, the nation’s largest liquefied natural gas importer, on Monday said it has reported a 70.24% growth in net profit at Rs204.35 crore for the fourth quarter ended 31 March, 2009. The company had a net profit of Rs120.03 crore in the quarter ended March FY’08, Petronet LNG said in a filing to the Bombay Stock Exchange. The company’s total income rose to Rs2,654.88 crore in the March quarter from Rs1,752.65 crore in the corresponding year-ago period. Besides, Petronet LNG declared a dividend at 17.5% on the paid-up share capital of the company (Rs 1.75/share) for the year ended 31 March, 2009. For the full year ended 31 March, 2009, Petronet LNG posted a net profit of Rs518.44 crore as compared to Rs474.66 crore in the last fiscal. The company’s total income rose to Rs8,428.70 crore in the year ended 31 March, 2009, from Rs6,555.31 crore in the previous fiscal. Shares of Petronet LNG were trading at Rs54.55, up 2.92% on the BSE. Source: Home - Livemint.com | 27 Apr 2009 | 6:20 am Led by banks, Sensex upswing continues for third dayThe Bombay Stock Exchange benchmark Sensex gained for the third day in a row on heavy purchases by funds of fundamentally strong stocks.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 6:10 am GM to announce brand changes, restructuring movesDetroit: The storied Pontiac brand is dead and more car factories and jobs are about to disappear the latest casualties of a massive restructuring plan that GM is counting on to help it stave off bankruptcy protection. The struggling automaker will announce details of its plan at 9 a m. EDT Monday as it makes an offer to its bondholders to swap debt for company stock. GM owes $28 billion to large and small bondholders, and under Securities and Exchange Commission rules, it must disclose its operational plans when it makes an exchange offer. Two people briefed on GM’s plan confirmed that it includes the demise of Trans Am sports car brand Pontiac, 83 years after the first Pontiac car was introduced. Within three years, half a million Pontiacs were sold, and the brand quickly grew in popularity, from early models like the chief and the Master Six Coupe, to the Bonneville convertible, to the GTO one of America’s first muscle cars and so popular it inspired Ronny and the Daytonas to immortalize it in song. But efforts in the last few years to market Pontiac as performance-oriented brand failed. The company had said it wanted to keep Pontiac as a niche brand with one or two models, but is buckling under tremendous government pressure to consolidate its eight brands, several of which lose money. The company also has decided to close more factories than the five it announced in February, the two people said, asking not to be identified because the plan has not yet been made public. But the locations of the doomed factories will not be identified Monday. One of the people said GM will list specific numbers of blue-collar job cuts, and announce another round of U S salaried job cuts beyond the 3,400 completed last week. Chief executive Fritz Henderson has said the company will go further and faster in making its cost cuts to reduce the number of cars and trucks it needs to sell to break even. One of the people briefed on the plan said GM will accelerate many cuts previously planned for 2014 to instead take place between now and 2010, although specifics were not available. The people said GM won’t have much new information on Hummer, Saturn or other brands, including Europe’s Opel. GM has indicated it wants to focus on four core brands, Chevrolet, Cadillac, GMC and Buick. Also to be announced Monday will be a target number for dealer reduction, as well as details of GM’s bond exchange offer. Exact numbers were not available Sunday night. The news conference will include Chief executive Fritz Henderson, chief financial officer Ray Young, North American president Troy Clarke and Mark LaNeve, vice president of North American sales and marketing. GM is living on $15.4 billion in government loans and faces a government-imposed June 1 deadline to restructure or go into bankruptcy protection. The government’s restructuring demands include swapping at least two thirds of GM’s unsecured bond debt for equity in the company. Such a move would help GM straighten out its debt-laden balance sheet. Chrysler LLC, which is living on $4 billion in government loans and is expected to get $500 million more, faces a Thursday deadline to restructure and ink an alliance deal with Italian automaker Fiat SpA. The government also wants Chrysler to exchange much of its $6.9 billion in debt for equity in the company, but with the deadline fast approaching, Chrysler and its secured debtholders remain far apart. Both GM and Chrysler also must win concessions from the United Auto Workers union. The UAW said late Sunday it reached agreement on concessions with Chrysler, Fiat and the U.S. government. Fiat CEO Sergio Marchionne was in the US as talks continued for the automaker to take a 20% stake in Chrysler in exchange for its small-car technology. Source: World Business - Livemint.com | 27 Apr 2009 | 5:33 am Markets start on weak footingIndian equities markets opened weak Monday, with a key index trading 61 points below its last closing figure.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 5:00 am Chrysler, unions make progress as deadline nearsDETROIT (Reuters) - U.S. automaker Chrysler LLC showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labor and debt costs or face bankruptcy.Source: Reuters: Money News | 27 Apr 2009 | 4:52 am Rupee down 18 paise against dollar in early tradeThe rupee today depreciated by 18 paise to 49.98 against the US currency in early trade on increased month-end dollar demand from importers and expectations of capital outflows by funds.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 4:08 am India willing to contribute to IMF $10bn: AhluwaliaIndia has proposed the world body should issue security bonds against the amount as New Delhi is not in favour of making direct contribution.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 3:00 am Now Australian films head the India way tooInternational interest in India's Rs.100 billion ($2 billion) film industry is surging. After Hollywood giants, Australian filmmakers in search of innovative stories and financial partners are looking to India.Source: IndiaeNews.com: Business News | 27 Apr 2009 | 3:00 am Idea Cellular (Rs 60.55): BuyWe recommend a buy in the Idea Cellular stock from a short-term trading perspective. The stock has been trending up since October 2008 low of Rs 34 as is clearly evident from the charts. In late March 2009, the stock conclusively penetrated its 21Source: Business Line - Home Page | 27 Apr 2009 | 12:00 am Institutional investors up stake in top 3 IT cosMumbai/New Delhi, April 26 Institutional investors seem to be regaining interest in shares of the top three IT exporters even as the global credit crunch has slowed the demand for softwareSource: Business Line - Home Page | 27 Apr 2009 | 12:00 am ONGC Mittal gets nod for refinery in NigeriaNew Delhi, April 26 ONGC Mittal Energy Ltd (OMEL) has got the Nigerian National Petroleum Corporation (NNPC) nod for its plan to set up a refinery in Nigeria.Source: Business Line - Home Page | 27 Apr 2009 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level isSource: Business Line - Home Page | 27 Apr 2009 | 12:00 am Boosting productivity: ‘Scrum’ at play, be it rugby or software at InfospaceBangalore, April 26 Employees at Infospace India may never have played rugby but they all have the expertise to get the ‘ball back into play.’Source: Business Line - Home Page | 27 Apr 2009 | 12:00 am Life insurance cos going slow on recruitmentHyderabad, April 26 Life insurance companies have slowed down recruitment due to tardy growth in the new business and focus on cost-cutting, according to Mr S.B. Mathur, Secretary General, Life InsuranceSource: Business Line - Home Page | 27 Apr 2009 | 12:00 am Uptrend in gold may resumeGold futures ended sharply higher on Friday after China disclosed that their gold reserves have risen sharply. This also raises the prospects of other central banks and funds to add to their existing reserves. It has also confirmed what manySource: Business Line - Home Page | 27 Apr 2009 | 12:00 am Gold jumps on Chinese buying, weak $Will April 2009 go down in recent economic history as a watershed month? Are we seeing an end to the trend in commodity price performance and investment flows? These are questions uppermost in the minds of a large number of marketSource: Business Line - Home Page | 27 Apr 2009 | 12:00 am Indian CEOs are from ‘youngistan’ nowChennai, April 26 Last month, when Mr Satish Kumar, 55, stepped down after a long tenure as FMCG maker Henkel India’s Managing Director, the board didn’t appoint a company veteran to succeed him. Instead, it roped in Mr Jayant Singh,Source: Business Line - Home Page | 27 Apr 2009 | 12:00 am Range-bound movement seen with high intra-day volatilityThis week, volatility may be even higher. The contracts expiry in the futures and options segment in the backdrop of exit of 50 stocks from derivatives trading may accentuate swings.Source: Business Line - Home Page | 27 Apr 2009 | 12:00 am PSU banks to hire 30,000 in 2009-10Public sector banks will hire 30,000 personnel during 2009-10, even as India Inc, facing the heat of the global financial meltdown, has put a virtual halt on recruitment.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 10:42 pm CBI says Satyam auditors played key role in scamThe CBI has accused the auditors of the fraud-hit of colluding with the company's erstwhile management.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 10:27 pm Volatility set to rise in truncated weekLast week was a bullish one as the indices closed at their highest levels after the week ended October 10, 2008. That is a sign of optimism as the rally appears to be gaining momentum.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:54 pm Nifty seen at 3500 on expiryThe Nifty started last week amidst high volatility, with an intraday movement of over 100 points.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:52 pm Of coal play and explosive growthSolar Industries India Ltd (SIL), formerly Solar Explosives Ltd, is a Nagpur based manufacturer and seller of industrial explosives and explosive devices.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:52 pm After early bearishness, bulls likely to rule this weekIndian stocks continued their seemingly unstoppable rally last week as the major indices added another 3% and rose above their 200-day moving average.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:50 pm Low-cost arms keep carriers in airOnce derided sibling, low-cost airlines brings in the moolah for parents like Kingfisher and Jet Airways.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:49 pm 'Go equity, but with a two-year horizon'In an interview, Ritesh Sheth, fund manager at SBI Mutual Funds, told DNA that gold is the most effective hedge against the current financial turmoil.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 9:46 pm GMR promoter may take over Liverpool football club: ReportIndian billionaire G Mallikarjun Rao may take over English Premier League Club Liverpool for a whopping 450 million, a British newspaper has reported.Source: Business Standard | Front Page Headlines | 26 Apr 2009 | 6:45 pm RBI, government divided on FDI relaxation in press notesIt's the central bank & finance ministry versus commerce over 'unintended liberalisation' permitted in February guidelines.Source: Business Standard | Front Page Headlines | 26 Apr 2009 | 6:42 pm MNCs oppose affordable patented drugsGovernment's efforts to bring in affordable patented medicines for chronic and lifestyle ailments, may hit a roadblock with multinational companies trying to stall the move.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:39 pm 'GM India insulated from all troubles'General Motors India is bullish on the Indian market, driving home a message that operations in the country are insulated from all the troubles at home.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:37 pm FIIs back to play on Dalal StreetMirroring the changed outlook for Indian equities, foreign institutional investors have enhanced their grip by increasing their stakes in 157 companies in the January-March quarter.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:32 pm FMCG companies go for cost-cuttingIn a bid to ease the pressure on margins, companies are resorting to some tough cost-cutting measures, especially in packaging.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:32 pm Developed countries resist IMF reform: Russia’s KudrinWashington: Developed countries are resisting the reform of the International Monetary Fund’s (IMF) representation quotas, Russia’s finance minister Alexei Kudrin said on Sunday. Emerging nations, led by Brazil, Russia, India and China, also known as BRIC, want to increase their representation in the IMF, aiming for agreement on reforms by January 2011. “We already meet cool attitude and even resistance (to reform plans),” Kudrin told reporters in Washington. “The leading countries are not in a hurry... This was the main discussion, the nerve of the IMF meeting.” Source: World Business - Livemint.com | 26 Apr 2009 | 1:25 pm Delhi metro orders more coachesWith the metro increasingly becoming the choice of city's commuters, the Delhi Metro Rail Corporation (DMRC) has ordered extra coaches to be attached to some existing trains to increase the passenger capacity, an official said Sunday.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 11:31 am
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