|
|
|
|
See global recovery later this year: Barclays WealthAaron Gurwitz, MD and Head of Global Investment Strategy, Barclays Wealth, is quite positive about the global economic recovery. He feels the global economy will show signs of recovery later this year. \"Some of the policies that governments around the world have adopted are starting to have an effect.\"Source: Moneycontrol Top Headlines | 28 Apr 2009 | 3:35 pm Satyam scam: SFIO wants Bank of Baroda probedThe Serious Fraud Investigation Office (SFIO) seeks probe into Bank Of Baroda\'s New York branch role in Satyam by an appropriate authority, reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 2:18 pm Britannia acquires Fonterra stake in JVFonterra has sold off its investment in Britannia New Zealand Foods, a joint venture based in India. It will pass this stake to its partner Britannia subject to Reserve Bank approval.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 2:18 pm `India, China to lead Asian recovery`!Driven by India and China, the emerging Asian economies no longer witness slump, which will lead the global recovery, UK financial services major Barclays has said.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm GlaxoSmithKline Pharma Q1 net up 18.14%!Drug maker GlaxoSmithKline Pharmaceuticals Tuesday said its net profit for the first quarter ended March 31, 2009, rose by 18.14 per cent to Rs 143.27 crore.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm Sensex falls 86 pts on weak global cues!The Bombay Stock Exchange benchmark Sensex Tuesday fell by 86 points in opening trading on capital outflows by foreign funds, triggered by weak global cues.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm India`s industrial prod may rise 10% in March: Macquarie!After contracting in February, India`s industrial production is likely to rebound and may post a double-digit growth in March on the back of fiscal and monetary measures taken in the last few months, a research firm has said.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm Tech Mahindra swings to profit in Q4!Tech Mahindra, the new owner of scam-hit Satyam Computer, has turned black in fourth quarter ended March 31, 2009 by posting Rs 230 crore net profit.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm UAW leaders recommend approval of Chrysler deal!The United Auto Workers union will own 55 percent of a restructured Chrysler LLC and its retiree health care trust will get a seat on the board of directors if union members vote to approve contract concessions later this week.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm `Crisis has exposed flaws in int`l economic system`!UN chief Ban Ki-moon Tuesday said the current economic crisis has clearly exposed the flaws in the existing international economic system and asked institutions to become more "representative, credible, accountable and effective."Source: Zee News : Business | 28 Apr 2009 | 1:11 pm Hero Motors to invest Rs 100 cr with Austrian firm in India!Munjals-promoted Hero Motors Tuesday said it will invest Rs 100 crore in association with Austrian firm BRP Powertrain for manufacturing automotive transmissions in India.Source: Zee News : Business | 28 Apr 2009 | 1:11 pm Shree Renuka Q2 Net at Rs 33 croresFor the 2nd quarter ended 31st March, 2009, Shree Renuka Sugars posted a Total Income of Rs.443 crores (Rs.560 crores) and a Net Profit of Rs.33.8 crores (Rs.32.6 crores).Source: Moneycontrol Top Headlines | 28 Apr 2009 | 12:43 pm 3i Infotech agrees to buy J.P. Morgan Treasury Services3i Infotech today announced that it has entered into an agreement to acquire J.P. Morgan Treasury Services national retail lockbox business (NRLB). 3i Infotechs subsidiary, Regulus Group, is currently the largest outsourced remittance processing provider in the U.S, and this acquisition will further strengthen that position.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 12:36 pm Biocon delivers 16% growth in operating profitsBiocon Group delivers 16% growth in Operating Profits. Consolidated revenue (including AxiCorp) increases 53% from Rs. 1,090 crores to Rs. 1,673 crores.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 12:25 pm Sensex plunges by 370 points; realty, metals down 5% - Economic Times
Source: Google News India - Business | 28 Apr 2009 | 11:59 am KPIT freezes new recruitments - Economic Times
Source: Google News India - Business | 28 Apr 2009 | 11:59 am CORRECTED - U.S. bank, flu fears chill economy hopes(Removes reference in para 2 to Citigroup needing billions of dollars in new capital)Source: Reuters: Money News | 28 Apr 2009 | 11:58 am Airline shares fall again amid flu scareGENEVA/TAIPEI (Reuters) - Global airlines were warned on Tuesday of significant falls in traffic due to the outbreak of swine flu, and their shares took another hit on fears that the fallout could be at least as bad as that of the 2003 SARS crisis.Source: Reuters: Money News | 28 Apr 2009 | 11:53 am IDFC Jan-March net more than doubles(versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 28 Apr 2009 | 11:49 am INTERVIEW - Fiscal expansion OK in short term - StanchartMUMBAI (Reuters) - India's high fiscal deficit is not a major cause for concern in the near-term as government spending is crucial to boost growth in Asia's third-largest economy, senior economist at a private bank said late on Monday.Source: Reuters: Money News | 28 Apr 2009 | 11:48 am Hero Motors ties up with Canadian co for transmissions supply - Hindu Business Line
Source: Google News India - Business | 28 Apr 2009 | 11:46 am Tata Elxsi ends in green on good numbers - Business Standard
Source: Google News India - Business | 28 Apr 2009 | 11:37 am PE firms in India prefer to be minority stakeholdersNew Delhi: Private equity firms in India prefer to be minority stakeholders in their target companies as a study showed only 4% of total deals in last four years were for acquiring a controlling stake. According to the study by domestic brokerage firm SMC Capitals, “during the period between 2005 and the first quarter of 2009 in India, there were only 46 controlling stake’ transactions out of total 1,185 number of PE transactions during the period”. The ‘controlling stake deals’ include deals where an investor acquire 50% or more in the investee company. The controlling stake PE deals in India are lower than the global average both in terms of number as well as value. In terms of number, only 4% of total PE deals had acquired a controlling stake in the target company. Besides, out of $40.87 billion total PE transaction value during the period under review, only $2.48 billion represent ‘controlling stake´ transactions, indicating 6% which is also lower than global average of 18-20%. “This probably because of the fact that Indian promoters are ‘emotionally´ attached to their companies in comparison to promoters in developed markets,” SMC Capitals Equity head Jagannadham Thunuguntla said. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 11:37 am Olympus Capital raising $250 mln Asia fund, IFC helpsHONG KONG (Reuters) - Olympus Capital Holdings Asia is close to raising a $250 million investment fund to focus on environment-related sectors in China and India, two sources with direct knowledge of the plan said.Source: Reuters: Money News | 28 Apr 2009 | 11:36 am United Spirits FY09 net sales up 21.26% at Rs 3847 cr - Moneycontrol.com
Source: Google News India - Business | 28 Apr 2009 | 11:32 am Hiking taxes to cover govt spends wont help: Meghnad DesaiLord Meghnad Desai, Professor Emeritus, LSE, feels it is a political rather than economic gesture by the Labour Party just to establish or reestablish its Left credentials. \"These kind of tax strategies are very old fashioned and not very effective.\"Source: Moneycontrol Top Headlines | 28 Apr 2009 | 11:31 am Festival Demand Inauspicious for Gold Sales - Wall Street Journal
Source: Google News India - Business | 28 Apr 2009 | 11:28 am Daimler Q1 loss disappoints, sees Q2 loss as wellFRANKFURT (Reuters) - Daimler said it expects to book a significant second-quarter loss after posting first-quarter results that fell far short of expectations, as it burned through cash, sending its shares tumbling.Source: Reuters: Money News | 28 Apr 2009 | 11:27 am Aditya Birla Nuvo slumps 10% on higher losses - Business Standard
Source: Google News India - Business | 28 Apr 2009 | 11:25 am Central Bank slips as net profit falls to Rs 62.51 cr - Economic Times
Source: Google News India - Business | 28 Apr 2009 | 11:24 am Nokia to cut 450 jobs worldwide: companyHelsinki: Nokia, the world’s leading mobile phone maker, said Tuesday it planned to cut some 450 jobs globally as it reorganises its services unit. In addition, Nokia plans to streamline its corporate development office, including internal information technology (IT) and industry collaboration activities. “Altogether, approximately 450 employees globally will be impacted by the plans announced today, of which a maximum of 100 in Finland, the company said in a statement. It added it would continue to seek savings across the company, which had 124,000 employees at the end of March, or 64,000 excluding its Nokia Siemens Networks joint venture. The job cuts “will impact mainly employees in Europe and North America, but it is too early to be more precise,” Nokia’s spokeswoman Eija-Riitta Huovinen told AFP. Nokia’s services unit develops Internet based services to mobile phone users, including map services and games. The unit currently employs some 3,200 people. The head of Nokia services, Niklas Savander, said Nokia would increasingly offer to its customers new services developed by its partners and other companies. Prior to Tuesday’s announcement, Nokia had announced more than 3,000 job cuts since January as part of a vast cost-cutting plan, including 1,000 voluntary departure packages. The Finnish firm launched the programme last January, aimed at creating more than 700 million euros ($910 million) in annual savings. Earlier this month Nokia reported a 90% drop in its first-quarter net profit to 122 million euros. Its earnings were dented by fewer consumers buying cheaper mobile phones amid global financial crisis. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 11:21 am Forensic reports, two witnesses say Kasab above 20 yearsMumbai: The reports of dental examination and ossification (bone) tests conducted on Mohammed Ajmal Amir Kasab, prime accused in the Mumbai terror attack case have revealed that he was above 20 years, and not a juvenile as claimed by him. Presenting the medical findings in court Tuesday, the prosecution told the judge that the report of the dental examination of the lower jaw of Kasab has reveled that the wisdom tooth had erupted and roots developed. The ossification report reveals that there was complete fusion of bones, indicating that he was above 21 years. The reports were prepared by a panel of four doctors from J J hospital. In a related development, jail superintendent Swati Sathe and Nair hospital doctors Dr V Ramamurthy told the court that the surviving terrorist has given his age as 21 years when he was brought to them after his arrest in November last year. Both of them testified before the court as prosecution’s witnesses and showed their records, where Kasab’s age is mentioned as 21 years. Dr Ramamurthy identified Kasab in the open court saying he was the same person who was brought in front of him on the night of 26 November terror attack and had given his age as 21 years. The court has summoned three more witnesses tomorrow for Kasab’s lawyer to cross examine on the point of evidence tendered by the prosecution, that the accused was a major and not a juvenile. These witnesses are: the doctor who conducted the ossification test, the Casualty Medical Officer (CMO) and record keeper of Nair hospital, where Kasab was admitted with bullet injuries on the night of terror attacks. Kasab is charged with killing 166 persons and opening fire indiscriminately along with nine others at important locations in Mumbai on November 26 last year. Following his claim that he was a juvenile at the time of the attack, the court had on 24 April ordered an inquiry to determine whether Kasab, is a juvenile or not. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 11:18 am BSE Sensex falls 3.25 pct on weak global cuesMUMBAI (Reuters) - The BSE Sensex fell 3.25 percent on Tuesday in its biggest one-day drop in almost a month as investors took profits on a seven-week rally after fresh concerns about the financial sector and fears of a flu pandemic dampened sentiment worldwide.Source: Reuters: Money News | 28 Apr 2009 | 11:16 am IIM CAT exam to go online from this year - Sify
Source: Google News India - Business | 28 Apr 2009 | 11:13 am Quattrocchi out of CBI list of wanted peopleNew Delhi: Italian businessman Ottavio Quattrocchi, an accused in the Bofors payoffs case, has been taken off the Central Bureau of Investigation list of wanted people, sparking a protest by Opposition parties which on Tuesday demanded an immediate probe into the working of the agency in the last five years. Following a communication from the CBI, the Interpol has taken Quattrocchi’s name off the Red Corner notice list in which it lingered for the last one decade. Bharatiya Janata Party prime ministerial candidate L.K. Advani said,“This is a very serious issue. It is not a question of Quattrocchi alone but the entire role of the agency during the last five years which should be probed”. Putting up a brave defence, the government said it had no role to play in the move by the agency which took the decision on the basis of a legal opinion given by Attorney General Milon Banerjee in October last year. CBI spokesman Harsh Bahal said,“The case has been under trial in the courts since 1999. CBI has taken action on the basis of legal advice of the highest order. We will inform the competent court on the next date of hearing (30 April, 2009).” Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 11:12 am Airline shares fall again amid flu scareGeneva / taipei: Global airlines were warned on Tuesday of significant falls in traffic due to the outbreak of swine flu, and their shares took another hit on fears that the fallout could be at least as bad as that of the 2003 SARS crisis. IATA, the Geneva-based international airlines lobby, said concerns over a possible pandemic from the bug that has killed 149 people in Mexico would compound the misery for an industry already facing its worst financial crisis for decades. “Anything that shakes the confidence of passengers has a negative impact on the business. And the timing could not be worse given all of the other economic problems airlines are facing,” IATA said in a monthly traffic statement. Demand has been falling for months as businesses cut costs and tourism feels the pinch from the financial crisis. IATA said traffic fell 11.1% in March from the same month in 2008. Cargo traffic fell 21.4%, echoing previous months. Freight demand is considered a key barometer for the health of global trade, which has also weakened considerably in response to the world’s economic downturn and credit crisis. Airline stocks fell for a second day on Tuesday on concerns about the flu outbreak, but in most cases selling was more muted. British Airways fell 4% and Air France-KLM -— a combination of two networks that collectively have the largest European exposure to Mexico — lost 2%. Carnival Corp, the world’s largest cruise ship operator, saw its London-listed shares lose another 6 percent after sinking over 13% in New York on Monday. In Asia, Hong Kong’s Cathay Pacific, which bore the brunt of the SARS crisis, closed down 0.9% after steep earlier falls, and Air China fell 7%. Taiwan’s China Airlines and Eva Airways both fell 7% for a second day in one of the markets hardest hit by the SARS outbreak six years ago. “Airlines are already in a weakened position with the global crisis sapping demand for corporate travel,” said Stone Lin, an airline analyst at Yuanta Securities in Taiwan. “The summer months of July-September are typically the peak season for most airlines, with most bookings beginning right now. With sentiment so weak, and worsened by the swine flu issue, it’s unlikely anyone is going to go rushing to book holidays or corporate travel, which means the second half of this year won’t be pretty for most airlines,” he said. IATA, which represents 230 carriers, has said airlines could lose $4.7 billion this year before any impact from swine flu. But the chief executive of Finland’s Finnair — after unveiling worse-than-expected quarterly losses on Tuesday — said that IATA was too optimistic, and that airlines could lose more than the $8.5 billion they lost last year. During the SARS outbreak, which began in China and quickly spread to Hong Kong, Taiwan and Singapore, airline traffic in the region most directly affected halved. Airline stocks responded in kind, with carriers such as Cathay, Japan Airlines and Korean tumbling 25% or more. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 11:10 am Parsvnath expects to cut debt by a quarter in FY10MUMBAI (Reuters) - Parsvnath Developers will repay a quarter of its 16-billion-rupee debt this financial year using internal accruals, its chairman said on Tuesday, adding that the firm has restructured half of its borrowings.Source: Reuters: Money News | 28 Apr 2009 | 11:09 am Indian rupee extends slide as stx drop over 3 pct - Reuters India
Source: Google News India - Business | 28 Apr 2009 | 11:09 am Despite slowdown, Wipro BPO continues hiringDespite the economic slowdown, Wipro BPO, the business process outsourcing division of IT giant Wipro Technologies, is hiring personnel and expanding its operations globally, a top official said here Tuesday.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 11:00 am ICICI home fin sees 5-10 pct growth in FY10MUMBAI (Reuters) - The home finance unit of ICICI Bank expects a 5-10 percent growth in the mortgage business in the year to March 2010, its chief executive said on Tuesday.Source: Reuters: Money News | 28 Apr 2009 | 10:41 am Hero Group to launch six high-end bicyclesNew Delhi: Munjals-promoted Hero Group on Tuesday said it will launch up to six premium bicycles, priced up to Rs35,000, in the country and also enter the category of children’s fancy cycles. “We will enter into a brand new category of fancy children’s cycles... (and) launch six premium bicycles in this financial year,” Hero Motors managing director Pankaj Munjal told reporters. The children’s bicycles would be priced between Rs2,500 and Rs6,000, while the costs of bigger cycles would be in the range of Rs12,000-Rs35,000, he said, adding the firm was trying to make the bicycles more technologically advanced. “We are trying to inculcate some automotive components in the bicycles,” he said. The company, which sold 57 lakh cycles in 2008-09 and has a market share of about 50%, is expecting sales of at its recreational high-end bicycles to grow by 30% in the current financial year, Munjal said. Hero Motors had a turnover of Rs1,450 crore from its cycle business in FY’09 and expects it to grow by 7-8% in FY’10, Munjal said. “The recreational high-end segment contributed about 18% in our revenue last fiscal and it is expected to grow,” he said, adding the traditional bicycles’ segment is expected to grow at about 3.5%. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 10:41 am Bharat Electronics provides 7.5 lakh EVMs to GovtBangalore: Bharat Electronics Limited Tuesday said it had provided 7.5 lakh Electronic Voting Machines to the Indian government out of which 1.02 lakh were provided last year, now being used during the current polls. The total value of the 1.02 lakh units was Rs105 crore, CMD V V R Sastry told media here. He said some countries abroad had shown keen interest in EVMs manufactured by the company.Those that had expressed interest were countries like Malaysia, Singapore, Sri Lanka, Namibia, the Phillipines, Honduras, Malawi, and Mauritius. BEL had modified the EVMs to suit the requirement of the countries as the election procedure in these countries were different.However, the constitution would have to be amended for such EVMs to be deployed and some of these countries were in the process of initiating the changes required to deploy EVMs instead of the traditional ballot papers,he said. A bulk order of 2000 EVMs was expected from Namibia in the next two months. However, the commercial value had not been worked out. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 10:38 am Close: Sensex dives by 3.2% on global conernsNew Delhi: Indian shares provisionally fell 3.2% on Tuesday, tracking global markets that were weighed down by renewed concerns about the financial sector and fears about a possible flu pandemic. The 30-share BSE index ended down 68.07 points at 8,966.93, with 28 stocks declining. The 50-share NSE index provisionally closed down at 3,362.25. Source: Home - Livemint.com | 28 Apr 2009 | 10:35 am Peerless may launch mutual fund next yearThe city-based residuary non-banking finance firm Peerless General Finance and Investment Co is likely to launch its own mutual fund next year, a senior company official said here Tuesday.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 10:31 am CAT for IIMs to go online from this yearHundreds of thousands of students aspiring to get into the prestigious Indian Institutes of Management (IIMs) will now be answering the Common Admission Test (CAT) online from this year onwards.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 10:31 am Kerala cabinet to decide on Vizhinjam port contractThe Kerala cabinet will Wednesday decide whom to award the contract to execute the proposed Rs.53.48-billion port at Vizhinjam - the bidding process for which had been challenged in court.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 10:30 am Sensex closes 370 points in redIndian equities were down in the dumps Tuesday, with a key index losing 370 points over its previous close as investors booked profits across sectors.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 10:30 am Aditya Birla Nuvo Q4 net loss widens to Rs141.15 crMumbai: Aditya Birla Nuvo, a part of the Aditya Birla group, on Tuesday said its net loss has widened to Rs141.15 crore in the fourth quarter ended 31 March, 2009. The company had a net loss of Rs21.84 crore in the same quarter ended 31 March, 2008, Aditya Birla Nuvo said in a filing to the Bombay Stock Exchange. The net income from operations of the company rose to Rs4,237.87 crore for the quarter under review as against Rs2,912.65 crore in the same quarter last fiscal. For the year ended 31 March the company has posted a net loss of Rs430.52 crore, while the same was at Rs150.78 crore in the same period last fiscal. The board of directors has proposed a dividend of Rs4 a piece (on shares of face value of Rs 10 each) at its meeting held on 28 April. Further, in a separate BSE filing, the company has said it has accepted resignation of Adesh Gupta, the Whole-Time Director and Chief Financial Officer of the firm, with effect from May 1. It has appointed Rakesh Jain as the Managing Director of the company with effect from 28 July. Besides, the board has approved appointment of Pranab Barua as the Whole-Time Director, Santrupt Mishra as Head, Carbon Black Business of the company and Sushil Agarwal as Chief Financial Officer with effect from May 1. Source: Home - Livemint.com | 28 Apr 2009 | 10:27 am ESPN eyes moolah; hikes T20 World Cup ad ratesNew Delhi: With T20 cricket becoming a big hit, sports broadcaster ESPN Star Sports is understood to have hiked the advertisement rates by up to 50% for the upcoming ICC World Cup for the shortest form of the game, asking over Rs500,000 for a 10-second spot. According to industry sources, ESPN Star, which was earlier selling spots at Rs3-3.25 lakh, is now asking for more than Rs 5 lakh for a 10-second spot and is aiming at revenues of over Rs240 crore from the ICC T20 World Cup. The tournament, to be held in England, begins on 5 June and ends on 21 June. “This increase stems from the fact that the broadcaster is already sitting pretty with more than 90% of the inventory sold with more than a month left for ICC World T20 to commence,” a source said. When contacted, Sanjay Kailash, executive VP (Advertising Sales and New Media), ESPN Software Pvt Ltd, said, “Though I cannot talk specifics, we are indeed selling the balance inventory at a premium; we feel that the event demands such a premium given the popularity of T20.” The broadcaster has signed up more than 30 clients for the telecast related to the tournament, including 10 sponsors. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 10:14 am Builders, politicians cheer affordable homes in IndiaMumbai: A recent state government lottery for about 4,000 low-cost apartments in Mumbai drew more than 430,000 applications, underlining the need for affordable housing in a country where housing is also a top election issue. Political parties of all hues have seized on affordable homes as a vote getter in India’s ongoing general election, plugging in to the frustration of millions priced out of a real estate boom fuelled by a robust economy and a six-year bull market. Developers too, stung by the credit crunch and sagging demand for offices and premium residences, have turned to a middle class segment that may be more immune to the economic slowdown. “For the government it makes sense from a vote bank perspective,” said Anuj Puri, managing director of real estate consultancy Jones Lang LaSalle Meghraj. “For builders, this slump may last two to three years. How do they pay salaries, keep their lenders happy? This is the option.” Parties have been quick to seize the opportunity in a country where home ownership tops every wishlist, and is part of the trio of basic amenities alongside electricity and roads promised by every politician to mostly rural voters. The Congress party-led government has recently encouraged states to release land for affordable homes, invited private partnerships and stepped up funding of rural housing. The Congress government in Maharashtra has declared 2009 as the year of “Housing for the Common Man”, with a plan to build 1 million affordable homes, while the Congress government in Delhi held a lottery for 5,000 flats that got 500,000 applications. The Bharatiya Janata Party has vowed to build 1 million homes every year in its manifesto. Affordable Housing Immune to Credit Crunch But it is not just politicians taking an interest in votes. Investors stung by a slump in the wealthy real estate sectors are increasingly looking at investment in affordable housing. This kind of housing is “seriously undersupplied” in India, according to a Goldman Sachs report. More than 30 million units are needed because of growing urbanization. Mumbai, long a magnet for migrants from poor states, is home to one of the 10 most pricey residential neighbourhoods in the world, yet more than half its 17 million residents are homeless. Demand has also stayed robust because these buyers do not depend on bonuses or stock-market gains said Puri, who defines an “affordable” home as costing no more than five times the buyer’s cumulative salary, or Rs2.2-Rs3.5 ($44,000-$70,000) for an average middle-class family in India. This segment of buyers appears relatively insulated from the credit crunch, as is evident from robust motorbike sales and the record number of new mobile phone users being added every month. “Ironically, the sector which was one of the principal causes of the financial market meltdown in the US may just offer downside protection in India -- the fortune at the bottom of the pyramid,” said the Goldman Sachs report. Since India eased rules on property investment in early 2005, foreign investors such as Citigroup and Morgan Stanley have piled in, causing land prices to double in major cities. But as the credit crisis spread, it put the brakes on several big projects; affordable housing on the other hand, is relatively insulated as there is little foreign funding. Top developers such as DLF, Unitech, Omaxe and Parsvnath are targeting the segment now, with about two dozen projects in Mumbai’s suburbs alone, even as high-ticket commercial and residential projects have stalled. The Mumbai draw was more keenly awaited than the election. “I didn’t want to regret later that I didn’t even make an attempt at getting an apartment 30-40% cheaper,” said Jitendra Patil, 29, an advertising executive. Source: Home - Livemint.com | 28 Apr 2009 | 10:10 am Hero Motors gets $250-mn order from Canadian firmHero Motors Ltd, part of the Hero Group, has bagged a $250-million order from a Canadian manufacturer of recreational vehicles, the company announced Tuesday.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 10:02 am Builders, politicians cheer affordable homes in IndiaMUMBAI (Reuters) - A recent state government lottery for about 4,000 low-cost apartments in Mumbai drew more than 430,000 applications, underlining the need for affordable housing in a country where housing is also a top election issue.Source: Reuters: Money News | 28 Apr 2009 | 9:35 am Weak rupee lowers Biocon net profit 80 percent in 2008-09A steady weakening of the rupee in the volatile currency market has lowered the consolidated net profit of biotechnology major Biocon group to Rs.93.1 crore in 2008-09 from Rs.464 crore the year before, registering a whopping decline of 80 percent.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 9:30 am UTV Software Comm Q4 net down 40%Mumbai: Media and Entertainment Group UTV Software Communications on Tuesday said its consolidated net profit for the fourth quarter ended 31 March, 2009, slipped by 40.16% to Rs11.22 crore. The company had a net profit of Rs18.75 crore in the same quarter ended 31 March, 2008, UTV Software Communications said in a filing to the Bombay Stock Exchange. Total revenues of the company rose to Rs208.68 crore during the quarter under review as against Rs194.14 crore in the same quarter last fiscal. For the year ended 31 March, 2009, the company has reported a net profit of Rs85.63 crore against Rs57.65 crore in the same quarter last fiscal, up 48.53%. In a separate filing on the BSE, the board of directors of the company has approved raising Rs 75 crore through the issue of non-convertible debentures on private placement basis to LIC Mutual Fund Assets Management Company. Shares of UTV Software Communications were trading at Rs318.40, down 2.99% on the BSE. Source: Home - Livemint.com | 28 Apr 2009 | 9:23 am Hindustan Paper stops production, terminates casual workersHailakandi (Assam): Production in Hindustan Paper Corp. plant has come to a standstill following lack of raw material supply from violence-hit North Cachar Hills district, causing jobs loss for 1,200 casual employees. The paper mill, situated at Panchgram in Assam’s Hailakandi district, gets its raw material—bamboo—from NC Hills and upper Assam, but North-East Frontier Railways has suspended train services in the Lumding-Badarpur section following attack on railway property and personnel by Dima Halam Daoga (Jewel) militants. There is no supply of raw material and as a result, the services of 1,200 casual employees of the mill have been terminated, HPC Employees Union spokesperson Partha Chatterjee said on Tuesday. Eight employees union of the paper mill have decided to launch an agitation on 30 April demanding resumption of production in the paper mill at the earliest, sources added. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 9:19 am ABB bags Rs425 crore orders from PowergridMumbai: Electrical equipment supplier ABB India today said it has bagged Rs 425 crore orders from state-run power transmission utility Powergrid during the first quarter of the current fiscal. The scope of orders include design, supply, installation and commissioning of power sub-stations in different states, ABB said in a filing to the Bombay Stock Exchange. The sub-station projects are part of Powergrid’s programme to strengthen the national transmission grid and to enhance the inter-regional power transfer capacity to around 37,000 megawatts by 2012. “These sub-stations for the national grid are an integral part of the country’s plans to develop an ultrahigh voltage transmission network,” ABB India vice-chairman and MD Biplab Majumdar said. Shares of ABB were trading at Rs488.40, marginally up by 0.10% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 28 Apr 2009 | 9:06 am Markets drop steadily, Sensex down 262 pointsIndian equities markets stayed in the red about an hour before the closing bell Tuesday, with a key index ruling 262.09 points lower than its previous close.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 9:01 am Biocon last quarter profit dips 61 percentBiotechnology major Biocon Tuesday announced a decrease of over 61 percent in its net profit for the quarter ending March 31.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 9:00 am Biocon Q4 net dips 62% on MTM lossesMumbai: Biotechnology firm Biocon on Tuesday posted a consolidated net profit of Rs24.88 crore for the quarter ended 31 March, 2009, nearly a 62% decline over the same period a year ago, largely due to losses on account of aligning asset prices to market value. Commenting on the results, Biocon chairman and managing director Kiran Mazumdar Shaw said : “(The) Fiscal year ‘09 has been one of our most challenging years wherein foreign currency volatility made it difficult to manage a sharply depreciating rupee resulting in large MTM losses.” The company had a net profit of Rs65.30 crore in the quarter ended 31 March, 2008. The consolidated total income of Biocon increased to Rs486.56 crore for the fourth quarter ended 31 March, 2009, from Rs279.22 crore a year ago, Biocon said in a filing to the Bombay Stock Exchange. “Consolidated FY’09 earnings have also been burdened with the impact of added depreciation of Rs16 crore reflecting capital investments incurred to support future growth,” the company said. Biocon added that the “unpredictable rupee depreciation induced by the global economic crisis has adversely impacted consolidated FY’09 earnings, wherein losses of Rs147 crore on account of MTM were provided.” For the year ended 31 March, 2009, the consolidated net profit stood at Rs93.12 crore as compared to Rs463.90 crore in Q4 FY’08. Total income increased to Rs1,673.22 crore in the March quarter of FY’09 from Rs1,090.20 crore in the year ago period. The company declared a 60% dividend or Rs3 per share subject to shareholders approval. Going forward, Shaw said the company’s new hedging strategy would be able to address the years ahead with a sense of confidence and resilience. “Our branded formulations business under our healthcare umbrella has made rapid strides in garnering market share for our key brands in cardiology, diabetology, nephrology and oncology. We see this as being a high growth segment in our business strategy going ahead,” she added. On a standalone basis, Biocon posted a net profit of Rs24.14 crore for the quarter ended 31 March 31, 2009, as against Rs62.03 crore a year ago. Total income rose to Rs239.84 crore in the March quarter of FY’09 from Rs236.71 crore last year. Source: Home - Livemint.com | 28 Apr 2009 | 9:00 am Britannia to buy out partner in New Zealand JVMumbai: Biscuits major Britannia Industries Tuesday said it will buy out its partner, Fonterra Brands, from their joint venture — Britannia New Zealand Foods Pvt Ltd (BNZF). The company has entered into an agreement with Fonterra Brands (Mauritius Holding) for acquiring the latter’s 49% equity and preference share holding in BNZF, the joint venture firm engaged in the dairy business, Britannia said in a filing to the Bombay Stock Exchange. Britannia, however, did not disclose the financial details of the deal. The acquisition is subject to approval from the Reserve Bank of India, the filing added. BNZF is a joint venture company founded in 2002 by Britannia Industries Limited (BIL) and Fonterra Co-operative Group of New Zealand. The company focuses entirely on the dairy business, with cheese being its flagship product. All products are marketed under the ‘Britannia MilkMan’ brand. Fonterra Cooperative Group is New Zealand’s largest company and among the 10 largest dairy companies in the world. The dairy expertise and global experience for the joint venture comes from Fonterra Cooperative while Britannia’s contribution is its brand name, large distribution network and the understanding of the Indian market. Shares of Britannia Industries were trading at Rs1558.20, up 0.96% on the BSE. Source: Home - Livemint.com | 28 Apr 2009 | 8:55 am GM begins 3rd major rejig; Chrysler, labour union near dealGeneral Motors announced plans to cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and offered the government GM stock in exchange for half of its debt, as part of a massive restructuring effort.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 8:51 am US urges BofA, Citi to increase capital: WSJBangalore: US regulators have told Bank of America Corp and Citigroup Inc they may need to raise more capital following stress testing of the two banks, the Wall Street Journal reported. The shortfall amounts to billions of dollars at BofA, the paper said on Tuesday, citing people familiar with the bank, adding it is likely the Federal Reserve will have determined other banks might also need more capital. The report sent Frankfurt-listed shares in Bank of America and Citigroup down more than 7% and hit global stocks, already shaken by fears over the spread of swine flu. European credit spreads widened, government bonds surged as investors sought safe-haven assets, and the dollar hit a near five-week low against the yen. BofA was not immediately available to comment on the newspaper report, while Citigroup declined to comment. A Federal Reserve spokeswoman also declined to comment. Both banks, whose officials are objecting to the preliminary findings of the tests, plan to respond with detailed rebuttals, the people told the paper, adding BofA’s appeal was expected by Tuesday. It is likely that Citigroup and BofA are not the only banks targeted by the Federal Reserve, the Journal said. The Fed said last week the tests conducted at major banks were aimed at ensuring the institutions have enough capital in reserve to continue to lend in potentially bleaker conditions, and are not a measure of banks’ current solvency. Stress Test Details Awaited The United States broadly outlined how it stress-tested the health of the country’s top 19 banks on Friday, but disappointed investors who were looking for more details of how stringent the tests were. The Fed has said most of the 19 banks have capital levels well in excess of the amounts required to be deemed well capitalized. However, it said heavy losses had lowered capital and choked off lending. The results of the tests will be released during the week of 4 May, and regulators hope that by outlining the methodology used, investors will have a way to gauge the results. Some banks with too thin a capital cushion will have six months to find private funds, others may need to accept an immediately infusion of taxpayer money. The 19 banks tested, which include JPMorgan Chase & Co and Wells Fargo & Co , hold two thirds of the assets and more than half of the loans in the US banking system. Source: Home - Livemint.com | 28 Apr 2009 | 8:51 am BP profit down 62%, beats forecast as cuts costsLondon: British oil major BP Plc reported a 62% fall in first-quarter net profit on Tuesday due to a collapse in oil and gas prices, but heavy cost cutting helped it beat all analysts’ forecasts. Europe’s second-largest oil company by market value said its replacement cost (RC) net profit, which strips out gains or losses related to changes in value of fuel inventories, fell to $2.39 billion in the first three months of the year. BP’s performance echoes heavily reduced but stronger-than-expected results from US oil major ConocoPhillips and Italy’s ENI last week, which raised hopes the sector was adapting to the oil price slump. “BP’s Q1 results reflect a sharper-than-expected fall in unit costs coupled with a strong oil trading performance,” Neill Morton, oil analyst at MF Global, said. BP shares rose 1.4% to 490 pence at 0837 GMT, bucking a 0.55% drop in the DJ Stoxx European oil and gas sector index. BP said its response to the drop in oil prices from a record above $147/barrel in July to around $50/bbl now was to slash overheads and put pressure on suppliers. “We need rapidly to bring our costs to a level that is compatible with a $50 world,” Chief Executive Tony Hayward said in an email to staff seen by Reuters. The cost of producing oil and gas fell 11% in the quarter compared to the same period in 2008. This trend means BP now expects capital expenditure to be under $20 billion this year, compared with the $20 billion to 22 billion BP said in March it expected to spend. A spokesman added that the company’s lower capital expenditures were in small part due to delays in some projects. Strong Trading BP, which has a reputation as one of the most aggressive traders of oil cargos and derivatives in the market, said first quarter earnings were helped by a “very strong” performance in its energy trading operation. The contango in oil markets, whereby future prices for crude are higher than today’s prices, helped BP, and ConocoPhillips, play the markets successfully, Morton said. The companies, and others such as Royal Dutch Shell Plc, which reports its first-quarter earnings on Wednesday, have been buying oil today, simultaneously entering contracts to sell it in the future, locking in a profit, and in the mean time storing the crude offshore in tankers. London-based BP said oil and gas production rose 2.6% to 4.02 million barrels of oil equivalent per day (boepd), the first time the company topped the 4 million boepd level since the second quarter of 2006. In recent years, most of the large international oil and gas companies have reported falling output and are expected to do the same this quarter. BP’s debt levels rose as it borrowed to fund its generous dividend. Gearing rose to 23% compared with 19% last year. BP needs oil prices of $60/bbl to generate enough cash to fund investment and pay its dividend, analysts said, and investors fear a prolonged oil price slump could force the company to cut its payout. Nonetheless, analysts at Cazenove said the current dividend was “affordable” in 2009. Excluding one-offs items, which amounted to a net charge of $194 million, the RC result was $2.58 billion, ahead of an average forecast of $2.28 billion from a Reuters poll of seven analysts. Source: Home - Livemint.com | 28 Apr 2009 | 8:46 am United Spirits net dips 14 percentLiquor manufacturer United Spirits, a part of the Vijay Mallya-controlled United Breweries, Tuesday said its net profit dropped 14.5 percent to Rs.556.2 million for the quarter ended March 31 as compared to Rs.651.1 million in the same period the previous year.Source: IndiaeNews.com: Business News | 28 Apr 2009 | 8:31 am With IPL, SET Max ahead of GEC and news channelsGeneral entertainment channels (GECs) and news channels (in spite of election news coverage) have not managed to make a dent on the viewership of IPL2.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 8:25 am MCA sees indirect link between Essar and LoopThe Ministry of Corporate Affairs has told the Department of Telecom that there is an indirect link between Loop Telecom a new telecom licence holder and the Essar Group.Source: Moneycontrol Top Headlines | 28 Apr 2009 | 8:22 am US bank capital report fuels fresh fearsSingapore: Renewed fears about the health of the global economy spooked markets on Tuesday as risks rose that Mexican swine flu may become a pandemic and a newspaper report said US banks may need to raise fresh capital. The Wall Street Journal said that after “stress tests”, regulators had told Citigroup Inc and Bank of America Corp that they needed to raise billions of dollars. The news came as markets were already factoring in a rise in the The World Health Organisation’s pandemic alert to phase 4, indicating the risk of a deadly global outbreak. Mexican labour minister Javier Lozano said the country did not yet plan a mass closure of businesses to try to halt the spread of the disease that has killed up to 149 people. “Economic activity must continue,” he said. But markets were on edge. Most Asian stock markets slipped into negative territory after tentative early gains, and European stock futures prices pointed to a sharp decline when markets there open. Oil dropped a further 2%, sinking below $50 a barrel on concern that a pandemic would damage the already battered world economy and stifle air travel, and that US banks were still troubled. The yen climbed to a seven-week high against the euro and a one-month high versus the dollar as investors cut their exposure to riskier currencies. The Mexican swine flu outbreak came just as many global policymakers were daring to proclaim the start of a tentative turnaround in the world economy after months of decline. Now, any recovery is in doubt. “We almost have to wait to see not so much the contagion aspect but how deadly is this,” said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Connecticut. He said that while a mild strain would have only a limited global impact, “if you start getting a number of fatalities, then it ramps the issue up substantially at every level, from a human standpoint and from an economic standpoint”. Officials at both Citigroup and BofA are objecting to the initial results of the stress tests and planned to respond with detailed rebuttals, the Wall Street Journal reported. Deutsche Bank, however, announced a leap in first quarter net profit to €1.2 billion versus a €141 million loss in the same period last year. The results, well ahead of most analyst expectations, were boosted by an almost three-fold increase in revenue from debt trading and sales. Downside risks The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion and result in a nearly 5% drop in world gross domestic product. An outbreak of severe acute respiratory syndrome (SARS) which disrupted travel, trade and workplaces in 2003, cost the Asia Pacific region an estimated $40 billion. It lasted six months and killed 775 of the 8,000 people it infected in 25 countries. In Washington, the Obama administration said it was too soon to determine the potential economic impact but US Treasury officials were monitoring the situation. Regardless of the effect of the virus on the global economy, the head of the International Monetary Fund said he did not see a global economic recovery before 2010. IMF Managing Director Dominique Strauss-Kahn told CNBC television he hoped the worst was over but that “green shoots” in the global economy were mostly in the United States. A Reuters survey of analysts across European and the United States taken April 21-27 found a slim majority saying the bottom had yet to be hit in the worst global recession since World War Two. Most expected the crisis to last anywhere from six months to another two years. “Financial and macroeconomic stability are still some way off and we don’t yet have the foundation for a solid recovery,” said Lena Komileva, chief G7 market economist at Tullett Prebon. Troubled automakers General Motors Corp, one of the casualties of the global crisis, announced its final plan to stave off bankruptcy on Monday. It aims to slash its $27 billion bond debt through an equity swap and cut more than 21,000 more jobs. The move would effectively nationalise GM, putting majority control in the hands of the US government — a controversial issue in a country that has long preached the primacy of markets. “We strongly back an auto industry that we believe can and should be self-reliant,” White House spokesman Robert Gibbs told reporters. “It is not our desire to either own or run one of the auto companies.” Chrysler lenders were also expected to receive a new offer from the US Treasury shortly. The company has an 30 April deadline to reach a deal with creditors and cement an alliance with Fiat that would eventually give the Italian firm a 35 percent stake in the restructured US automaker. Japan’s Honda Motor also showed the scars of the global slowdown, with an 80% drop in annual operating profit. The automaker forecast a savage 95% drop in operating profit for the current year to end-March. Source: World Business - Livemint.com | 28 Apr 2009 | 8:05 am Gold futures ease on strong dollar overseasMumbai: India gold futures eased on Tuesday following overseas markets, where a strong dollar pressured the yellow metal even as a weak rupee limited losses, analysts said. The most watched June contract was 0.80% lower at Rs14,592 per 10 grams at 11:09am, after having gained about 3% in the previous five sessions. MCX gold ended the previous session 0.6% higher, where Akshaya Tritiya buying supported the yellow metal. The Indian rupee fell for a second consecutive day on Tuesday, mirroring a broad slide in Asian currencies on worries about the swine flu outbreak. A weak rupee makes the dollar-quoted yellow metal more expensive. Investors shifted their attention to a Federal Reserve meeting at a time when the US economy has shown some signs of improvement. Falling oil prices also prompted investors to lock in profit after gold’s recent rally. The euro slipped 0.1% versus the dollar while the yen climbed to a seven-week peak against the euro after worries the outbreak of swine flu dampened risk appetite. “Gold may go down to Rs14,500 on firm dollar overseas,” said Pranav Mer, an analyst with India Infoline in Mumbai. Gold may trade in the range of Rs14,500-14,800, said Abhishek Chauhan, technical analyst with Angel Commodities. Source: Home - Livemint.com | 28 Apr 2009 | 7:46 am Raised pandemic risk fuels fears for world economySingapore: The rising risk that a global pandemic could snuff out frail signs of recovery in the world economy spurred nervous investors to seek safe havens on Tuesday, after the World Health Organisation raised its alert level for a deadly swine flu outbreak that started in Mexico. Mexican labour minister Javier Lozano said the country did not yet plan a mass closure of businesses to try to halt the spread of the disease that has killed up to 149 people so far. “Economic activity must continue,” he said. But markets were on edge. Oil dropped a further 1%, sinking below $50 a barrel on concern that a pandemic would damage the already battered world economy and stifle air travel. Most Asian stock markets slipped into negative territory after tentative early gains, and the yen climbed to a seven-week high against the euro and a one-month high versus the dollar as investors cut their exposure to riskier currencies. Drug stocks extended Monday’s gains while airline stocks were hit once again. The Mexican swine flu outbreak came just as many global policymakers were daring to proclaim the start of a tentative turnaround in the world economy after months of decline. Now, any recovery is in doubt. “We almost have to wait to see not so much the contagion aspect but how deadly is this,” said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Connecticut. He said that while a mild strain would have only a limited global impact, “if you start getting a number of fatalities, then it ramps the issue up substantially at every level, from a human standpoint and from an economic standpoint”. Downside Risks The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion and result in a nearly 5% drop in world gross domestic product. An outbreak of severe acute respiratory syndrome (SARS) which disrupted travel, trade and workplaces in 2003, cost the Asia Pacific region an estimated $40 billion. It lasted six months and killed 775 of the 8,000 people it infected in 25 countries. In Washington, the Obama administration said it was too soon to determine the potential economic impact but US Treasury officials were monitoring the situation. Regardless of the effect of the virus on the global economy, the head of the International Monetary Fund said he did not see a global economic recovery before 2010. IMF managing director Dominique Strauss-Kahn told CNBC television he hoped the worst was over but that “green shoots” in the global economy were mostly in the United States. A Reuters survey of analysts across European and the United States taken April 21-27 found a slim majority saying the bottom had yet to be hit in the worst global recession since World War II. Most expected the crisis to last anywhere from six months to another two years. “Financial and macroeconomic stability are still some way off and we don’t yet have the foundation for a solid recovery,” said Lena Komileva, chief G7 market economist at Tullett Prebon. GM Plan General Motors Corp, one of the casualties of the global crisis, announced its final plan to stave off bankruptcy on Monday. It aims to slash its $27 billion bond debt through an equity swap and cut more than 21,000 more jobs. The move would effectively nationalise GM, putting majority control in the hands of the US government -- a controversial issue in a country that has long preached the primacy of markets. “We strongly back an auto industry that we believe can and should be self-reliant,” White House spokesman Robert Gibbs told reporters. “It is not our desire to either own or run one of the auto companies.” Chrysler lenders were also expected to receive a new offer from the US Treasury shortly. The company has 30 April deadline to reach a deal with creditors and cement an alliance with Fiat that would eventually give the Italian firm a 35% stake in the restructured US automaker. Source: Home - Livemint.com | 28 Apr 2009 | 7:41 am Facebook opens core to outside developersSan Francisco: Facebook on Monday cleared the way for outside developers to craft software applications that do clever, creative or useful things with data streamed as updates at the social-networking service. A new Open Stream API allows third-party developers to design programs providing people innovative ways to interact with pictures, videos, text or other digitized information shared at Facebook. “We are excited to announce an unprecedented step toward greater openness through Facebook Platform,” Ray He wrote in an official Facebook blog posting. “For the first time, we’re opening the core Facebook product experience — the stream.” New application programming interfaces (APIs) provide developers direct access to data streamed as updates at the world’s most popular online social-networking service. “With these new methods, you can access the stream on behalf of a user and then filter, remix, and display the stream back to that user however you choose, wherever you choose, in the manner most relevant,” He wrote. Streams on Facebook home pages are designed to enable users to stay perpetually informed of what is happening with friends and in the news. Third-party developers can now offer Facebook users applications that present or organize streamed updates as feeds to other websites and let videos or other data be posted back to the social-networking community. “The stream tells you what is going on in the world around you in real time, and that is something that happened only on the home page,” said Facebook senior platform manager Dave Morin. “Now, third-party developers can make desktop applications on Macintosh or Windows, or mobile applications ... We think of it as expanding the Facebook experience to other websites.” Facebook Open Stream is available to any developer that wants to give it a try, according to Morin. For example, Internet giant Google is free to create a mini-application that would let Facebook members stream updates from the social-networking website to iGoogle home pages. Video blogging service Seesmic founded in California by French entrepreneur Loic Le Meur worked with Facebook as a “beta partner” for the Monday unveiling. Facebook updates can now stream in real time to Seesmic Desktop pages. “It is the first time ever they can get the whole of Facebook experience outside of Facebook, not just text status updates,” Le Meur said of what the change offers members of the social-networking community. To safeguard privacy, Facebook is requiring outside applications to get permission from users before getting access to update streams. No streamed information can be captured or stored by third-party applications, according to Morin. “We want the user to be in full control,” Morin said. “They could have a choice to consume their stream on iGoogle, Seesmic, any mobile device ... but everyone has to abide by the same terms of use we’ve always had in place.” Source: Tech News - Livemint.com | 28 Apr 2009 | 7:34 am HP unveils ProBook laptop lineSan Francisco: Hewlett-Packard Co , the world’s top PC maker, is launching a new line of inexpensive business laptops with fresh features targeting users at small and medium-size companies. The HP ProBook s-series, which starts shipping globally on Tuesday, is the company’s new mainstream business notebook, following the release of its higher-end, lightweight EliteBook line last year. The ProBook replaces the HP Compaq line, although the Compaq name will continue to be used as a master brand name in other PCs. The ProBook offers users a number of new features, including an optional Linux-based operating system pre-installed -- Novell Inc’s SuSE Linux Enterprise Desktop 11 -- for those seeking an alternative to the dominant Microsoft Corp Windows platform. It is HP’s first-ever Linux pre-install on a standard business laptop, the company said. The PC maker does offer some netbooks with . “It’s pretty much a natural evolution,” said Carol Hess- Nickels, HP’s director of marketing for worldwide business notebooks. “We want to provide a different option ... it’s probably a little time yet before we’ll know exactly what the demand is, but we did think it was something worth trying.” The ProBooks come with 14-inch, 15.6-inch and 17.3-inch screen sizes, with prices starting at $529. In another first for an HP business notebook, buyers will be able to add a color finish -- “merlot” -- if they choose. Some models will also feature Qualcomm Inc’s Gobi technology, allowing them to use a single module to access different mobile broadband network technologies and mobile operators. HP will also bring higher-end durability features, like its 3D DriveGuard -- which protects the hard drive if a laptop is dropped -- and a spill-resistant keyboard to the ProBook. HP is the world’s No. 1 PC vendor, with a first-quarter global market share of more than 20 percent, according to research house IDC, well ahead of second-place Dell Inc. HP also took over the top spot in the US market from Dell in the first quarter. The shares of Palo Alto, California-based HP closed the regular session down 35 cents at $35.45 on the New York Stock Exchange on Monday. Source: Tech News - Livemint.com | 28 Apr 2009 | 7:30 am Gold rush on Akshaya Tritiya triggers traffic jamsHowever, these traffic woes did little to dampen the enthusiasm of gold buyers, who were prepared to brave everything.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 6:39 am 'Unused credit cards cause losses to banks'The recent decision of two banks to block credit cards which are not functional for long has shocked credit card users across the country.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 6:36 am NRG hoteliers want fair US laws"We have a lot to celebrate but we must not become complacent, now is the time to create our future," said incoming AAHAO chairman Tarun Patel.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 5:56 am Biocon Q4 net dips 62% at Rs 25crThe decline, compared to the same period a year ago, is largely due to losses on account of aligning asset prices to market value.Source: India Business News | Business News - Times of India | 28 Apr 2009 | 5:55 am Sensex falls 86 points on weak global cuesThe Bombay Stock Exchange benchmark Sensex on Tuesday fell by 86 points in opening trading on capital outflows by foreign funds, triggered by weak global cues.Source: India Business News | Business News - Times of India | 28 Apr 2009 | 5:00 am Rupee down 15 paise against dollarThe Indian rupee today depreciated for the second straight day and fell by 15 paise to 50.38 against the US currency in early trade.Source: India Business News | Business News - Times of India | 28 Apr 2009 | 4:37 am FIIs reduce stake in 7 out of 10 companies in Jan-MarchBL Research Bureau Of the close to 430 companies that reported shareholding patterns for March 2009, 290 have reported fall in foreign institutional investors’ holdings between December 31, 2008, and end-March.Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Nissan Copper case: Promoters let off with Rs 22 lakh penaltyMumbai, April 27 The Securities and Exchange Board of India has settled the share manipulation case against the promoters of Nissan Copper Ltd (NCL) on consent terms, with the promoters belonging to the Mardia family and group company DanialSource: Business Line - Home Page | 28 Apr 2009 | 12:00 am Investors chase paper gold on Akshaya TritiyaMumbai, April 27 Despite the downturn in the economy, investors seemed to have kept their date with gold on what is considered in India to be an auspicious occasion to buy the precious metal.Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Tech Mahindra posts muted profit growthMumbai, April 27 The volatile economic environment coupled with forex losses led to Tech Mahindra posting a muted net profit growth of 5 per cent for the fourth quarter ended March 31,Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Akshaya Tritiya: Moderate salesBangalore, April 27 It wasn’t a spectacular Akshaya Tritiya this year in Bangalore. But not as bad as feared, given that the economic slowdown has been impacting buying – especially of big ticket items such as jewellery.Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Day Trading GuideDLF is experiencing selling pressure at higher levels. Utilise rallies to sell the stock, with tight stop-loss at Rs 252. The outlook remains positive as long as ICICI Bank trades above Rs 455 level. WeSource: Business Line - Home Page | 28 Apr 2009 | 12:00 am Bajaj on hiring mode, effects 7% pay hikeMumbai, April 27 At a time when salary cuts and layoffs are the order of the day, Pune-based Bajaj Auto has not only hired over 500 people but has just implemented a seven per cent paySource: Business Line - Home Page | 28 Apr 2009 | 12:00 am Jaiprakash Q4 net up 83%; to raise Rs 4,000 crNew Delhi, April 27 Infrastructure firm Jaiprakash Associates Ltd announced on Monday that higher revenue from its engineering operations pushed its net profit for the fourth quarter of 2008-09 by 83 per cent to Rs 385.32Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Essar Oil (Rs 150.30): SellWe recommend a sell in Essar Oil from a short-term trading perspective. It is apparent from the charts of Essar Oil that after taking support at Rs 60 in early March, it bounced. The stock conclusively broke through the key resistance level of Rs 95Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Banks continue to park surplus funds with RBI despite rate cutMumbai, April 27 Parking surplus funds with the Reserve Bank of India continues to be an attractive option for banks despite the 25 basis points cut effected in the reverse repo rate last week.Source: Business Line - Home Page | 28 Apr 2009 | 12:00 am Economists sight 'green shoots'After a long and dismal winter, economists with leading financial institutions say the "green shoots" of a recovery can be sighted in India.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:33 pm NHAI told to recast projectsA high-powered committee on infrastructure, chaired by Manmohan Singh, has directed NHAI to re-design highway projects in order to cut costs and attract investments.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:23 pm Madras HC stays order on Subhiksha liquidationThe banks are negotiating with Subhiksha to explore the possibility of an easier repayment schedule on the Rs 800 crore worth of loans they have advanced.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:18 pm Essar's investment in Loop under scannerLoop Telecom, in which the Essar group holds less than 10%, may stand to lose its licence if found to be violating government norms.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:16 pm India-fund flows turn positiveGlobal investors are warming up to India, it appears from the fact that money has started flowing into India dedicated funds.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:15 pm Trai gets tough on value-addsTelephone service providers will have to seek a subscriber's "explicit consent" before activating value-added features like caller tunes, background music or wallpapers.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:15 pm The Danny Boyles of advertisingLennard, who has shot the latest commercials for Lakme Sunscreen, Slice (with Katrina Kaif) and Nokia (with Priyanka Chopra), is also an acclaimed fashion photographer.Source: Daily News & Analysis: Money News | 27 Apr 2009 | 10:08 pm Tech Mahindra reports Rs 230cr net profit in Q4Tech Mahindra, the new owner of scam-hit Satyam Computer, has turned black in fourth quarter ended March 31, 2009 by posting Rs 230 crore net profit.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:18 pm Slowdown may continue till 2010, says RBIWarning that the worst may not be over yet, Reserve Bank Governor D Subbarao has said the global economic recession may not only continue through 2009 but could prolong to the next year as well.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:17 pm 'India, China to lead Asian recovery'Driven by India and China, the emerging Asian economies no longer witness slump, which will lead the global recovery, UK financial services major Barclays said on Monday.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:15 pm India likely to grow at 6%, says MontekIndia is expected to record a gross domestic product (GDP) growth rate of 6% in this financial year (2009-10), which will improve further in the next fiscal, Planning Commission deputy chairman Montek Singh Ahluwalia said.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:14 pm Jaiprakash Q4 net profit rises 83% to Rs 385crJaiprakash Associates Ltd, the leading infrastructure conglomerate announced their fourth quarter results on Monday.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:11 pm HC asks Jet, Sahara to resolve disputeThe Bombay high court on Monday suggested Jet Airways and the Sahara group to resolve the commercial dispute amicably.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:02 pm Travel loans take a beating as slump bitesThere are few takers for travel loans, say tour operators, even as the season for outbound travel has set in. They attribute the contraction in demand to the economic slowdown and higher interest rates for travel loans.Source: India Business News | Business News - Times of India | 27 Apr 2009 | 7:00 pm Twenty20 World Cup proves a high scorer for ESPN STARBroadcaster has already sold 90% of airtime at 45% premium. Cashing in on the popularity of the Indian Premier League (IPL) Twenty 20 tournament, ESPN STAR Sports has sold 90 per cent of its on-air advertising inventory for the upcoming ICC Twenty20 World Cup cricket for about Rs 225 crore and also in record time.Source: Business Standard | Front Page Headlines | 27 Apr 2009 | 6:59 pm Govt may issue more oil bondsThe ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs 10,000 crore to the three public sector oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to help them close the last fiscal with a profit.Source: Business Standard | Front Page Headlines | 27 Apr 2009 | 6:55 pm MCA questions Loop Telecom ownershipSuggests Essar Group is de-facto owner by routing investments indirectly.Source: Business Standard | Front Page Headlines | 27 Apr 2009 | 6:54 pm Air India to restructure routes as losses soar2008-09 accounts for Rs 3,000 crore of Rs 4,334 cr accumulated losses.Source: Business Standard | Front Page Headlines | 27 Apr 2009 | 6:50 pm
|
