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Exclusive: Satyam books were inflated by Rs 27000crAccording to Serious Fraud Investigation Office (SFIO) sources, Satyams offshore exports was inflationed by over Rs 4500 crore over a period of 7 years. Further, foreign currency of Rs 1,940 crore from exports over 6 years was not remitted to India. The company inflated books by Rs 27,167 crore between FY01 and September \'08.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 3:42 pm MAN Ind bags Rs 1340cr deal, targets Rs 5K cr order bookRC Mansukhani, Chairman, MAN Industries, said it has bagged an LSAW pipe order from the hydro carbon sector in the Persian Gulf. The companys order book position as of date stands at Rs 700 crore, he said. \"Post this order, our order book stands at Rs 2,000 crore. We expect to beat the Rs 5,000 croremark in the coming months.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 12:57 pm Citigroup seeks permission to pay bonuses: Report!Citigroup has asked US Treasury for permission to pay special bonuses and is looking for ways to free an energy-trading unit from govt restrictions.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm US economy`s free-fall probably eased in Q1 !Recession`s grip on US may be letting up a bit. Govt is set to release a report expected to show economy shrank at pace of 5% in the first 3 months of this year.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm Bharti Airtel Q4 net up 21% at Rs 2,239 cr!Riding on expanded subscriber base, including customers from rural areas, Airtel on Wednesday reported a 21% growth in net profit at Rs 2,239.30cr for Q4.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm Oil extends losses towards USD 49 on flu, bank worries!Oil prices extended losses and fell towards USD 49 a barrel on Wednesday, as fears that the swine flu outbreak could dent fuel demand were accelerated.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm Patni Q1 net income dips 17% at USD 15mn!Patni Computer Systems on Wednesday posted over 17% decline in net income at USD 15mn in Q1 ended March 31, 2009, largely due to shrink in demand.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm Irish economy facing record downturn since 1930s!Ireland`s economic downturn in 2008-2010 could be the worst for any industrialised country since the 1930s, the country`s top think-tank said Wednesday.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm ArcelorMittal posts net loss of USD 1.1 bn in Q1!ArcelorMittal on Wednesday reported a USD 1.1bn loss in Q1 ended March 2009.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm Private banks to scale up MFI in India!Betting big on the fast-growing microfinance sector, leading private and foreign banks are all set to scale up their MFI operations in the country.Source: Zee News : Business | 29 Apr 2009 | 12:28 pm India copper recovers partly following London markets - Reuters India
Source: Google News India - Business | 29 Apr 2009 | 12:19 pm ArcelorMittal says recovery in sight despite loss - Times Online
Source: Google News India - Business | 29 Apr 2009 | 12:13 pm Citigroup seeks permission to pay bonuses - WSJNEW YORK (Reuters) - Citigroup Inc has asked the U.S. Treasury for permission to pay special bonuses and is looking for ways to free an energy-trading unit from government restrictions, the Wall Street Journal reported on its Website on Tuesday.Source: Reuters: Money News | 29 Apr 2009 | 12:07 pm GLOBAL MARKETS - Positive earnings drive stocks higherLONDON (Reuters) - World stocks rose on Wednesday and government bonds and the low-yielding yen slipped as forecast-beating earnings from European companies spurred share buying ahead of key U.S. growth data.Source: Reuters: Money News | 29 Apr 2009 | 12:07 pm FDI rules tinkering for banks may need Cabinet nod - Business Standard
Source: Google News India - Business | 29 Apr 2009 | 12:05 pm See credit growth of 22-23% in FY10: Canara Bank - Moneycontrol.com
Source: Google News India - Business | 29 Apr 2009 | 12:05 pm SocGen chairman Bouton resigns after public pressurePARIS (Reuters) - Daniel Bouton, the chairman of Societe Generale whose reputation was hit by a trading scandal at the bank, said on Wednesday he would resign in the wake of repeated criticism over his performance.Source: Reuters: Money News | 29 Apr 2009 | 12:04 pm See signs of recovery in CY10: S RamadoraiCommenting on the economic situation, Ramadorai said,\" You can see some recovery signs in calendar year 2010, that is what the current prognosis is, but nothing can be guaranteed, because you have to watch the situation.\"Source: Moneycontrol Top Headlines | 29 Apr 2009 | 12:00 pm UBI expects lending rates to fall - Economic Times
Source: Google News India - Business | 29 Apr 2009 | 11:59 am Sensex up by over 401 pts to end at six and a half month highFrantic short-coverings on the last day of the April series as well as firm global cues helped the bellwether Sensex to rebound by 401.50 points to close at a six-and-a-half month high of 11,403.25.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 11:57 am UTV earmarks Rs 900 cr for movie production - Business Standard
Source: Google News India - Business | 29 Apr 2009 | 11:54 am Sonia, Advani in poll fray ThursdayNew Delhi: Polling for the third phase of the Lok Sabha elections to choose 107 members of Parliament from 1,567 candidates, including political titans like Sonia Gandhi and L K Advani, will be held on Thursday. Click here to watch video Over 14.4 crore voters are eligible to exercise their franchise in this phase to be held in 1.65 lakh booths across nine states and two union territories. On Thursday, elections would also be held for the 32-member Sikkim legislative assembly. One seat is reserved for the Sangha monks, who number 3,058. Congress president Sonia Gandhi is seeking her first re-election from the Lok Sabha constituency of Rae Bareli. She had moved to this seat from Amethi in 2004 when her son Rahul Gandhi entered the election arena. Rae Bareli was represented by late Indira Gandhi in 1980. Advani, who has been named the Bharatiya Janata Party’s prime ministerial candidate, will also seek his re-election from Gandhinagar Lok Sabha constituency. He has represented this seat since 1991. It is the winning margin that is more important for poll managers of both these candidates. Other prominent candidates in the fray include - former prime minister H D Deve Gowda, JD(U) chief Sharad Yadav, former Karnataka chief minister S Bangarappa and Union ministers Sriprakash Jaiswal and Jyotiraditya Scindia. Polling for 26 Lok Sabha seats in Gujarat will be completed at one go. Besides Gujarat, polling will be held for 16 seats in Madhya Pradesh, 15 in Uttar Pradesh, 14 in West Bengal, 11 each in Bihar and Karnataka, 10 in Maharashtra and one each in Jammu and Kashmir, Sikkim, Dadra and Nagar Haveli, and Daman and Diu. The polling results will be out on 16 May. The five-round general elections began on 16 April and so far polling has been completed for 265 Lok Sabha seats. Source: Home - Livemint.com | 29 Apr 2009 | 11:53 am Airtel net profit up 8 percent, but user revenue falls - Sify
Source: Google News India - Business | 29 Apr 2009 | 11:51 am BSE Sensex jumps 17.45 pct in April; best in 10 yrsMUMBAI (Reuters) - The BSE Sensex rallied 3.65 percent on Wednesday and propelled gains to more than 17 percent in April, its best monthly performance in 10 years, as a wave of improved investor confidence swept across the world.Source: Reuters: Money News | 29 Apr 2009 | 11:49 am Left parties don’t want to be Congress’ palanquin bearers: KaratNew Delhi: CPI(M) foresees a realignment of political forces after the Lok Sabha elections in favour of the Third Front and rules out supporting Congress in government formation as it does not want to be its “palanquin bearers”. The party says it will also “very seriously” consider joining a non-Congress secular government and does not outrightly rule out the possibility of heading such a formation. In a wide-ranging interview to PTI, CPI(M) general secretary Prakash Karat spoke on various issues including on how the Left parties would approach the Indo-US nuclear deal, an issue on which they withdrew support to the UPA government, and on the Sri Lankan issue. He was not in agreement with NCP leader Sharad Pawar that the Left parties would have to support the Congress and the UPA it heads in the post-poll scenario to keep the BJP out. “We don’t have to be palanquin bearers for anyone. There is no danger of BJP coming to power at the Centre this time. The choice will be a non-Congress secular government or a Congress-led government. I don’t think the BJP is going to be in the picture,” Karat said. He said in fact more parties would join the Third Front after the elections. “We expect a realignment of forces after the elections. I am saying parties which are not with us now will come towards us,” he said. The overall trend, Karat said, has been very clear that the UPA has practically ceased to exist. Most of the parties (of the UPA) are finding their own way and parting company with the Congress as far as the elections are concerned. “All these parties will have to decide after the elections what they propose to do,” he said. But when asked whether the realignment could also affect his combination, the CPI(M) leader said the parties of the Front have come into the grouping with the aim of defeating both the Congress and the BJP and their respective allies in the states. “We have already discussed that we need to carry forward this after the Lok Sabha elections and to see that we form a government at the Centre. The regional parties that have joined with the Left parties have a stake in this project,” he said. Asked if he had parties like RJD and LJP in mind when he talked about realignment, Karat said the Front has made a general appeal to all non-Congress secular parties to come together on a joint platform for pro-people economic and independent foreign policies and in defence of secularism. “Many of these parties share this approach and it is up to them to decide,” he said. To another question about Pawar’s statement that the Congress and the UPA cannot ignore the Left and have to do business with it after the elections, Karat said “his intentions are good. “But as far as we are concerned, we cannot accept and support a Congress-led government. We are working for a government which will be a non-Congress secular one.” Asked if he would mind the Congress being part of it, the CPI(M) leader said it was for the Congress to decide whether it would facilitate formation of a secular government. “It is for them to decide.” He dismissed a view that the position of Congress and the Left was only posturing before elections. “Let us see what happens. After the elections, everybody’s position will become clear. My party adopts a political line. It is not some on-the -spur of the moment decision. “We have adopted a political line in which we have called for the defeat of Congress and the BJP and the formation of an alternative secular government. We will work for that to succeed. Let us see.” Asked about the possibility of the CPI(M) joining government at the Centre unlike in 1996 when it spurned an offer, Karat said it had been a long-standing policy (not to join a government if it cannot influence its policies) and it would take a decision after the elections. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 11:49 am Dabur Q4 net rises 31 pct, sees FY10 mirroring FY09 - Reuters India
Source: Google News India - Business | 29 Apr 2009 | 11:40 am Ceat posts first qtrly profit in FY09, shares upMUMBAI (Reuters) - Tyremaker Ceat Ltd posted its first quarterly profit in FY09, helped by softer rubber prices and better replacement sales, sending its shares soaring.Source: Reuters: Money News | 29 Apr 2009 | 11:39 am Sensex zooms 402 pts on short-covering and strong global cues - Sify
Source: Google News India - Business | 29 Apr 2009 | 11:35 am See better May Consumer Confidence Index: Kishore BiyaniKishore Biyani, CEO, Pantaloon, sees some consumer confidence returning and feels May will be better than April. Biyani said the urban population is feeling more secure than before, while consumption of new products and items in smaller towns is a positive and healthy sign.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 11:31 am 'Sugar industry should focus on carbon credit trading'Indian sugar industry has the potential to save millions of dollars annually by engaging in carbon credit trading and focussing on ethanol production, a top government official said here Wednesday.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 11:30 am Online CAT: Picture not clear - Economic Times
Source: Google News India - Business | 29 Apr 2009 | 11:25 am Close: Markets gain 400 pts to touch 11,000 levelMumbai: Frantic short-coverings on the last day of the April series as well as firm global cues helped the bellwether Sensex to rebound by 401.50 points to close at a six-and-a-half month high of 11,403.25. Operators as well as speculators were seen covering short positions on the concluding day of the derivatives contract. The Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE) will remain closed on 30 April and 1 May for the Lok Sabha elections and Maharashtra Day, respectively. The firm trend indicated that the operators preferred to roll over their long positions to the May series rather than book profits at higher levels. The BSE 30-share barometer resumed better at 11,091.56 and ended with a net rise of 3.65% from its previous close. It had closed at 11,483.40 on 14 October, 2008. The Sensex, yesterday, had tumbled by a whopping 370.10 points or 3.25%. Similarly, the 50-issue Nifty of the NSE also bounced back by 111.60 points or 3.32 per cent over yesterday’s close to settle the day at 3,473.95. Recovery was so strong that all the sectoral indices ended in the green. The banking index came second with a rise of 4.47% to 5,685.22 as ICICI Bank, the second-largest lender by assets, gained 8.74% at Rs477.75, State Bank of India 3.04% at Rs1,277.70 and HDFC Bank 2.80% at Rs1,100.70. The technology index increased 3.99% at 2,163.00 points, oil & gas 3.48% at 8,132.62, power 3.17% at 2,112.76, and auto 2.92% at 3498.24. The metals index was up 2.84% at 6,885.81, realty 2.60% at 2,130.41, capital goods 2,24% at 7,908.75, PSUs 1.96% at 5,863.56, consumer durables 1.94% at 1757.58, FMCG 1.53% at 2095.00 and healthcare 0.99% at 3,050.46. Midcap stocks were also purchased, and the midcap index gained 1.83% at 3513.86, while the smallcap index rose by 1.35% to 3,940.90. Source: Home - Livemint.com | 29 Apr 2009 | 11:25 am 90% respondents see April expiry at 3400: CNBCTV18 PollAbout 90% respondents in a poll conducted by CNBCTV18 see expiry for April series around 3,400, whereas 10% feel it will lie between 3,300 and 3,350. About 40% respondents say the FO data shows long bias while 30% see a short, neutral bias.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 11:23 am RBI may cut rates again after polls - HSBCMUMBAI (Reuters) – The Reserve Bank of India (RBI) may cut its short-term lending and borrowing rates by a further 25 basis points after a new government assumes power in May, HSBC said in a note on Wednesday.Source: Reuters: Money News | 29 Apr 2009 | 11:19 am Bharti Q4 net jumps; growth worries remainNEW DELHI (Reuters) - Bharti Airtel Ltd, India's top mobile operator, increased quarterly profit by 21 percent as it added more users and held tariffs steady even as rivals cut prices, but growth concerns weighed on its stock.Source: Reuters: Money News | 29 Apr 2009 | 11:14 am Dabur’s Q4 consolidated profit rises 27%Mumbai: FMCG major Dabur India on Wednesday reported a growth of 27.61% in its consolidated net profit to Rs105.27 crore in the fourth quarter ended 31 March 2009, compared with the corresponding period a year ago. The company had a consolidated net profit of Rs82.49 crore in the January-March quarter of fiscal 2007-08, Dabur India informed Bombay Stock Exchanges (BSE). Consolidated total income of Dabur India in the period under review rose to Rs736.30 crore from Rs616.26 crore in the same quarter a year ago. Dabur India also announced a final dividend of 100% or Re1 per share for the fiscal year 2008-09. For the fiscal year 2009, Dabur posted a consolidated net profit of Rs390.80 crore, up 17.42% compared with Rs332.81 crore in FY08. Its consolidated total income during FY09 surged to Rs2,830.98 crore from Rs2,385.04 crore in the last fiscal. On a standalone basis, the FMCG firm clocked a net profit of Rs91.72 crore in Q4 of 2008-09, a 16.41% growth rate from Rs78.79 crore posted in the same quarter of FY08. For the FY09, the company posted a net profit of Rs373.56 crore, a growth of 18.24% compared to Rs315.93 crore in the previous fiscal. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 11:12 am Swine flu taking toll on aviation industry: IATANew Delhi: As Swine Influenza continued to claim lives in Mexico and other parts of the globe, the International Air Transport Association (IATA) has said it has significantly affected the aviation sector and its timing could not have been worse. Observing that IATA was working with World Health Organisation to ensure an efficient response of the industry to the pandemic, its CEO Giovanni Bisignani said “anything that shakes the confidence of passengers has a negative impact on the business.” Though it was still too early to judge the impact of Swine Flu on the industry’s bottom line, he said it was sure that anything shaking passenger confidence has “a negative impact on the business. And the timing could not be worse given all of the other economic problems airlines are facing.” Besides swine flu, Bisignani said the industry was facing many challenges as “recovery in the air transport sector rests on rise in consumer confidence and consumer spending. Shedding debt will be a major headwind.” Asserting that the challenge for the governments was to “turn stimulus funds into spending that fuels trade”, he asked the government to move forward with liberalisation “particularly of the archaic ownership restrictions that prevent cross-border access to capital and consolidation.” ”Air transport is an economic catalyst and can play an important role in driving recovery, but only if we are financially sound. Access to global capital and the freedom to consolidate would go a long way in shoring up this industry without government bailouts,“ said Bisignani. His statement came as latest IATA figures showed that passenger demand had fallen in March by over 11% compared with that in the same month in 2008. Airlines cut overseas passenger capacity by 4.4% resulting in an average load factor of 72.1%. This is 5.4 percentage points below the average load factor recorded in March 2008. The region, which experienced the worst decline in passenger traffic, was Asia-Pacific which once led the growth in the aviation sector as was witnessed in India and China. Airlines in Asia-Pacific continued to lead the fall with a 14.5% dip in passenger demand, outstripping a 9.3% downward adjustment in capacity. The region was particularly impacted by the fall-off in long-haul travel, which IATA said, was contracting faster than short-haul. “The global economic crisis continues to reduce demand for international air travel,” the IATA Director General and CEO said, with the organisation estimating that international revenues in March will be impacted by a decline of up to 20%. As per the figures, North American airlines saw a decline in international passenger demand of 13.4%, followed by those from Europe falling by 11.6%. The carriers in the Middle East were the only ones to experience growth in March of 4.7%, it stated. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 11:01 am Government joins hands with Microsoft to curb internet threatsThe Indian Computer Emergency Response Team (CERT) and software giant Microsoft Corp Wednesday jointly launched a website 'secureyourpc.in', which will provide vital information to internet users on how to combat online threats.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 11:00 am Indigo expands network, adds six new flightsLow-cost carrier IndiGo Wednesday introduced six more new flights from Mumbai, Goa, Hyderabad and Kolkata, increasing its daily flights to 131.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 11:00 am India Inc may hike salaries by 6-8% in 2009: MercerAt a time when the global job scenario is gloomy, India Inc is expected to increase salaries up to eight per cent this year with infrastructure and FMCG sectors likely to see the maximum hikes, global HR consultancy Mercer says.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 10:59 am Bollywood lends glamour to poll campaignMumbai: Political parties always find it tough to showcase numbers in their rallies and meetings during campaigning, and it was no different this time, with severe heatwave sweeping the country. But help from Bollywood was never far away. So, almost all parties have lent a dash of Bollywood by either making film personalities campaign for them or, even better, fielding them. While most members of the film fraternity have confined themselves to campaigning, some also turned out to contest the elections. BJP’s Shatrughan Sinha and Vinod Khanna are contesting from Patna Sahib and Gurdaspur respectively while former Samajwadi party MP Raj Babbar is trying his luck from Fatehpur as a Congress candidate. The current election is also witness to these stars being pitted against each other. Actor Shekhar Suman has been fielded by Congress against Sinha. Sanjay Dutt’s dreams of contesting the Lok Sabha election though fell flat after the Supreme Court rejected his petition to stay his sentence of six years imprisonment under the Arms Act. Samajwadi party then ‘compensated´ him by making him the General Secretary of the party. Dutt is also campaigning for party candidates in Thane district of Maharashtra. Dutt, however, he refrained from canvassing for SP leader Abu Asim Azmi in Mumbai North-West constituency, which borders his sister Priya Dutt’s Mumbai North-Central. Salman Khan, though, proved his fan following across political affiliations. The muscular Khan campaigned for almost every major party and continues to draw crowds and requests for campaigning. The was the star campaigner for Congress and NCP in Maharashtra. He also campaigned for Vinod Khanna of BJP in Gurdaspur. Salman campaigned for Milind Deora and Priya Dutt in Mumbai while his friend and former MP Govinda campaigned for NCP in neighbouring Kalyan. Raveena Tandon, Chunky Pandey, Jeetendra, Bhagyashree, Suneil Shetty, Raza Murad, Nagma, Urmila Matondkar and Mahima Chaudhary are among those who added a touch of glamour to the election campaign. All of them campaigned for Congress-NCP alliance in Maharashtra. The outing for the residents of tinsel town was not happy all the way though. Jeetendra was target of a ‘shoe missile’ attack in Nandurbar constituency of north Maharashtra, dominated by tribals. BJP MP Hema Malini campaigned for the party all over the country. If others were busy campaigning or contesting, there were some who donned the mantle of creating awareness about the importance of voting. Led by Aamir Khan, they tried to to create awareness about the importance of voting through ad campaigns. Shah Rukh Khan and Preity Zinta, co-owners of Kolkata Knight Riders and Kings X1 Punjab IPL teams respectively, are flying back to Mumbai from South Africa to vote tomorrow. Even Aamir Khan, who is vacationing in the US with his two children, will return for a day to exercise his franchise. Karan Johar produced a film featuring youth icons of the film industry, appealing the ‘Gen Next’ to come out and vote. Johar said the attempt was to strike a chord with around 10 crore first-time voters all over the country. The video, directed by Tarun Mansukhani, was an endeavour to communicate hope and patriotism among the first-time voters, he said. The video features Abhishek Bachchan, Ranbir Kapoor, Farhan Akhtar, Shahid Kapur, Kareena Kapoor, Asin, Deepika Padukone, Sonam Kapoor, Imran Khan and Riteish Deshmukh. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:54 am European stocks rise as investors shrug off swine flu fearsLondon: European stocks surged on Wednesday, as investors shrugged off swine flu concerns following news of resurgent economic confidence in the recession-hit eurozone. In late morning deals, London’s FTSE 100 of leading shares rose 0.79% to 4,128.93 points. Frankfurt’s DAX 30 added 0.88% to 4,647.95 points and the Paris CAC 40 won 1.24% to 3,089.01 points. The DJ Euro Stoxx 50 index of leading eurozone shares increased 1.19% to 2,307.68 points. The euro stood at $1.3241. “Investors seem to have shrugged off the swine flu fears and are looking to get back into the market,” said City Index analyst Joshua Raymond. Frankfurt, London and Paris stock markets had dipped on Tuesday on profit-taking amid jitters over US banks and anxiety about the deadly swine flu outbreak hampering a global economic recovery. “Markets, like the UK weather at this time of year, are changeable, moving from the prospective gloom of swine flu to data-related optimism in the space of a trading session,” said Calyon bank’s analyst Daragh Maher. “But the overall message remains one of uncertainty, a lack of clarity and an unwillingness to extend any trend too far.” Business and consumer confidence in the European economy rose in April for the first time in nearly two years, an EU survey showed on Wednesday, adding to signs the slump is stabilizing. The European Commission’s economic sentiment indicator for the 16-nation eurozone rose to 67.2 points in April, from 64.7 points in March, beating economists’ expectations for an increase to only 65.3 points. The improvement marked the first increase since May 2007 in the eurozone. “The rise in confidence suggests that both businesses and consumers are starting to become more confident in recovery prospects,” said IHS Global Insight economist Howard Archer. Wall Street stocks had wobbled lower on Tuesday as worries about the spread of swine flu and a weak banking system offset a survey showing rising US consumer confidence. The Tokyo market, which was shut for a public holiday on Wednesday, had fallen on Tuesday by almost 3% on fears about the spreading swine flu outbreak. But Hong Kong stocks rallied 2.76% on Wednesday on bargain hunting after a two-day sell-off caused by concerns of a possible swine flu pandemic. Fears over swine flu were put aside, after the index dived 4.6% in the previous two sessions, as many now feel it is too early to assess the long-term risks. “(We) have priced in the initial psychological impact of the swine flu,” said a local fund manager, adding that investors believe governments are now much better prepared than during the SARS viral outbreak in 2003. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:46 am Sensex closes 413 points in the greenIndian equities markets pulled down shutters high in the green Wednesday, with a key index gaining more than 400 points over its previous close, a day before futures and options contracts expire.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 10:33 am IDBI Bank reduces interest rates on term depositsTaking a cue from the State Bank of India, the state-run IDBI Bank Wednesday announced cut in its interest rates on retail term deposits by 25-50 basis points across various maturity buckets.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 10:31 am CPI-M responsible for Nano pullout: AdvaniHolding West Bengal's ruling Left Front major Communist Party of India-Marxist (CPI-M) responsible for the Tatas pulling out the Nano plant from the state, Bharatiya Janata Party (BJP) leader L.K. Advani Wednesday said peasants should not be ignored for carrying out industrial activities.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 10:31 am Airtel net profit up 8 percent, but user revenue fallsTelecom major Bharti Airtel Wednesday reported 8 percent rise in net profit in the quarter ended March 31, 2009 even as its average revenue per user (ARPU) slipped during the period.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 10:30 am India number 39 in preferred retail markets rankingIndia as a retail market continues to be attractive to a lot of global players but the progression from expression of interest to the actual setting up of operations is slow, a survey conducted by a global real estate services firm indicates.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 10:30 am Polling for 3rd phase LS elections tomorrowNew Delhi: Polling for the third phase of the Lok Sabha elections to choose 107 Members of Parliament from 1,567 candidates, including political titans like Sonia Gandhi and L K Advani, will be held on Thursday. Over 14.4 crore voters are eligible to exercise their franchise in this phase to be held in 1.65 lakh booths across the nine states and two union territories. On Thursday, elections would also be held for the 32-member Sikkim legislative assembly. Congress president Sonia Gandhi is seeking her first re-election from the Lok Sabha constituency of Rae Bareli. She had moved to this seat from Amethi in 2004 when her son Rahul Gandhi entered the election arena. Rae Bareli was represented by late Indira Gandhi in 1980. Advani, who has been named the BJP’s prime ministerial candidate, will seek his re-election from Gandhinagar Lok Sabha constituency on Thursday. He has represented this seat since 1991. It’s the winning margin that is more important for poll managers of both these candidates. Other prominent candidates in the fray include - former prime minister H D Deve Gowda, JD(U) chief Sharad Yadav, former Karnataka chief minister S Bangarappa and union ministers Sriprakash Jaiswal and Jyotiraditya Scindia. Polling for 26 Lok Sabha seats in Gujarat will be completed at one go. Besides Gujarat, polling will be held for 16 seats in Madhya Pradesh, 15 in Uttar Pradesh, 14 in West Bengal, 11 each in Bihar and Karnataka, 10 in Maharashtra and one each in Jammu and Kashmir, Sikkim, Dadra and Nagar Haveli, and Daman and Diu. Sikkim has 32 assembly seats, of which one is reserved for the Sangha monks, who number 3,058. The polling results will be out on 16 May. The five-round general elections began on 16 April and so far polling has been completed for 265 Lok Sabha seats. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:29 am Skinny bowling leaves Delhi Daredevils and Virender Sehwag vulnerablePrior to the start of the Indian Premier League, the Delhi Daredevils were widely regarded as the favourites for the title. With a batting line-up boasting the likes of Virender Sehwag, Gautam Gambhir, AB de Villiers, David Warner, Tillakaratne Dilshan, Dinesh Karthik and Manoj Tiwary, and backed by Daniel Vettori and Glenn McGrath with ball, they looked imposingly strong on the paper. However, what the pundits failed to notice was the fact that Delhi’s top half offered little with the ball, meaning that they would be in deep trouble if any of their five bowlers were heavily attacked. The situation presented itself last night with fatal consequences, when Yusuf Pathan clinically dismantled Daniel Vettori and Amit Mishra in the second half of the innings to guide the Rajasthan Royals to a win that had earlier seemed unlikely. It was not the first time that Delhi’s bowling had been stretched either. In their second match against the Chennai Super Kings, Delhi’s fifth bowler Aavishkar Salvi was savaged by Matthew Hayden, conceding 36 runs in his first two-over spell. Fearful that the increased air would play into the hands of big-hitters, Sehwag was loathe to bowl himself or the similarly-loopy off spin of Dilshan, so none other than Manoj Tiwary—normally a part-time leg spinner—took the ball and bowled an over of medium pace. Tiwary was plundered for 11 runs, meaning that Chennai needed only 66 runs from the last eight overs, including one from a weak bowler. In the end, Delhi managed to wriggle clear and scrape home for a narrow win, but the problems remained. They had put themselves in a dangerous position by conceding 47 runs from the first three overs bowled by their fifth bowler. Last evening, Rajasthan looked to be out of the match after they had collapsed to 5/64 after 11 overs. Shane Warne’s men still needed 80 runs, but with Delhi’s structure of three pacemen, two spinners and part-timers (all being spinners), the incoming batsman Yusuf Pathan would face four overs of slow bowling if he batted out the 20 overs. There is hardly a hitter in world cricket more suited to taking on spinners, and Pathan quickly exploited the inflexibility in Delhi’s line-up. After taking four balls to get his eye in, Pathan moved from one to 19 in the space of five balls, having hit consecutive sixes from Daniel Vettori. The New Zealander was taken off, but was put back on after a switch of ends. In reality, Sehwag had little choice, as the only alternatives were loopy part-time spinners like himself and Dilshan, which would have appealed to Pathan more. Graeme Smith and Pathan plundered 13 from Vettori’s second and last over, before ripping 18 from the next, bowled by Amit Mishra. The Royals eventually reached the target with nine balls to spare. The margin might have appeared respectable, but the unused deliveries saved Sehwag the headache of choosing the unfortunate spinner to face Pathan in the last over, be it Vettori, Dilshan, himself or even Gambhir. Despite avoiding the possible embarrassment of a last over blow-out, Delhi’s plight will not have been lost on their opponents. Although the batsmen failed to do enough for their bowlers, Delhi’s lack of bowling versatility remains a grave concern. Vettori may be the best T20 spinner in the world, but in this format of the game, everyone is vulnerable to a pummeling occasionally no matter how good they are. While the dismantling of Salvi hardly raised an eyebrow amid the pulsating victory over Chennai, the attack on Vettori should turn heads. Most of the teams in the competition field an ODI-quality fast bowling allrounder in their XI, which widens their bowling options, but Delhi has opted to do without Farveez Maharoof, one of their leading wicket-takers last year. Delhi’s selection policy has left their bowlers with almost no margin of error. With their next match on Thursday against the table leaders Deccan Chargers, who are riding high on the rare form of Adam Gilchrist, Herschelle Gibbs and Rohit Sharma at the top of the order, their rigidity could be exposed again. Sehwag would do well to consider a change in strategy. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:27 am Britain, France fail to win Sri Lanka truceColombo: The foreign ministers of Britain and France said Wednesday they had failed to persuade Sri Lanka to end its offensive against Tamil rebels and allow aid in for civilians trapped by the fighting. “We tried very hard -- we insisted and we insisted -- but it is up to our friends to allow it or not,” French foreign minister Bernard Kouchner told a news conference after talks with the Sri Lankan government. British foreign secretary David Miliband also said the talks had ended without a breakthrough, telling Sri Lanka that international calls for a ceasefire were “only to save civilians” and not to help the Tamil Tigers. “Now is the time for the fighting to stop,” Miliband said. “Sri Lanka’s military advances have been spectacular, but winning the peace is as vital as winning the war.” Sri Lanka’s leaders say they are on the cusp of victory after 37 years of violence, with the ethnic rebels cornered and outnumbered in a small strip of coastal jungle in the northeast of the island. Government officials have argued that any truce would only allow the rebels to regroup. But at the centre of global concern are some 50,000 Tamil civilians who the UN say are unable to escape the fighting. A UN document circulated among diplomats in Colombo last week also said that as many as 6,500 civilians may have been killed and another 14,000 wounded in the government’s offensive so far this year. Sri Lanka has for months blocked most aid agencies from working in the conflict zone, and has herded about 100,000 fleeing civilians into overcrowded camps which are guarded by the military. Aid workers who have visited the camps have testified to food shortages, woeful sanitation, a desperate medical situation and overcrowding. The two visiting foreign ministers flew to the northern town of Vavuniya to see the plight of war-displaced civilians, officials said. The ministers are due to leave here early Thursday. On the eve of their visit, Sri Lankan authorities denied a visa to Sweden’s foreign minister Carl Bildt, who was hoping to join the peace mission -- prompting a major diplomatic row with the European Union. A Sri Lankan foreign ministry official indicated Colombo felt it had already done enough by letting in Miliband and Kouchner as international pressure for a ceasefire grows. “The (Swedish) foreign minister is most welcome to visit Sri Lanka on a date in May,” Sri Lankan foreign minister Rohitha Bogollagama said. Bildt described the snub as “exceedingly strange behaviour” and said he had recalled the Swedish envoy to Colombo. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:14 am State Bank of Hyderabad posts 11% increase in FY09 profitHyderabad: The State Bank of Hyderabad (SBH) has posted an 11% rise in net profit at Rs616 crore for the fiscal year ended 31 March 2009. The bank’s net profit in 2008-09 increased by 11% to Rs616 crore from Rs557 crore in the previous fiscal, SBH managing director Renu Challu told reporters here on Tuesday night. The operating profit stood at Rs1,303 crore for 2008-09 against Rs991 crore in the previous fiscal, Challu said. The MD said the total deposits stood at Rs65,676 crore and advances reached Rs43,953 crore, while the business crossed Rs1,00,000 crore. However, for the fourth quarter ended March, SBH’s operating profit dipped to Rs308.48 crore, from Rs352.35 crore in the third quarter of the financial year 2009, Challu said. She said the proposed merger of SBH with the State Bank of India is likely to be initiated after the formation of the new government in the Centre. About the development plans, Challu said 200 more branches would be opened in the current fiscal. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:07 am Swine flu widens in Europe with first German casesBerlin: Germany confirmed its first three cases of swine flu on Wednesday, marking the arrival of the virus in the heart of continental Europe. The Robert Koch Institute, a federal agency for infectious diseases, said it found swine flu in a man and a woman in their late 30s in Bavaria, and a 22-year-old woman in Hamburg. Authorities said all three of those infected with the new H1N1 virus had recently returned from Mexico. Spain and Britain have both identified two cases of the virus each, but no infections have yet been confirmed in central or eastern Europe, according to latest reports. Polish authorities said they were waiting for test results from two suspected cases. German officials said the first man identified in Bavaria was from Mallersdorf, with the woman, 37, from Kulmbach further north. Doctors in Regensburg confirmed the infections. Medical authorities are known to be investigating five other suspected incidences of swine flu in Germany. These include a further Bavarian case, and another three in the state of North Rhine-Westphalia. The fifth suspected case involves a married couple from the northern city of Braunschweig who had recently returned from New York. The wife has already tested negative for the virus. Pig futures prices in Germany fell slightly on Tuesday due to concerns over the spread of swine flu from Mexico. The new H1N1 virus has been confirmed around the world but Mexico remains the only country with deaths —159 by the government’s estimate — and the epicentre of the outbreak. Source: LatestNews-Home - Livemint.com | 29 Apr 2009 | 10:02 am Satyam scam: Raju's remand extended till May 13The judicial remand of former Satyam chairman B Ramalinga Raju and seven other accused was extended by 14 days today by a local court in Hyderabad.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 9:51 am Twitter users not sticking around: researchWashington: More than 60% of Twitter users have stopped using the micro-blogging service a month after joining, according to Nielsen Online research released on Tuesday. “Twitter has enjoyed a nice ride over the last few months, but it will not be able to sustain its meteoric rise without establishing a higher level of user loyalty,” said David Martin, Nielsen Online’s vice president for primary research. Martin, in a post on the company blog, said that more than 60% of Twitter users fail to return the following month. “Or in other words, Twitter’s audience retention rate, or the percentage of a given month’s users who come back the following month, is currently about 40 percent,” he said. “Let there be no doubt: Twitter has grown exponentially in the past few months with no small thanks to celebrity exposure,” he said in a reference to new users such as US talk show host Oprah Winfrey and promoters such as actor Ashton Kutcher. “People are signing up in droves, and Twitter’s unique audience is up over 100% in March,” Martin said. “But despite the hockey-stick growth chart, Twitter faces an uphill battle in making sure these flocks of new users are enticed to return to the nest,” he said. “A retention rate of 40% will limit a site’s growth to about a 10% reach figure,” he said in a reference to the number of potential users. Martin said that when Facebook and MySpace were emerging networks like Twitter their retention rates were twice as high and they now have retention rates of nearly 70%. Martin did say that Twitter’s current 40% retention rate was better than the 30% it enjoyed pre-Oprah. Source: Tech News - Livemint.com | 29 Apr 2009 | 9:38 am Markets hold on to gains, Sensex up 250 pointsIndian equities markets moved further into the green Wednesday afternoon after making steady gains during earlier sessions, with a key index ruling 261.49 points higher than its last closing figure a little more than an hour before the closing bell.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 9:32 am Ceat posts loss of Rs.16 crore in 2008-09Tyre maker Ceat Ltd Wednesday reported a loss of Rs.16.12 crore for the year ended March 31, 2009, even as the company's total income rose by a marginal 8 percent from the year before.Source: IndiaeNews.com: Business News | 29 Apr 2009 | 9:32 am Bharti Q4 net up 21%, approves stock splitNew Delhi: Bharti Airtel Ltd, India’s top mobile operator, increased quarterly profit by 21% as it added more users and held tariffs steady even as rivals cut prices, but growth concerns weighed on its stock. The company, about 31% owned by Southeast Asia’s top phone firm SingTel, announced its maiden dividend and a two-for-one stock split, but its shares underperformed the broader market after jumping initially. Cheaper call tariffs and expanding networks have helped Indian mobile operators add subscribers at a furious pace, making the country the world’s fastest growing wireless market. Operators signed up 130 million subscribers -- more than the population of Japan -- in the year to end-March, including a record 44.5 million in the March quarter. “I am expecting more or less stagnant growth going forward,” said Naveen Kulkarni, an analyst at MF Global in Mumbai. “Revenue will continue to grow, but in a competitive landscape and when costs are not going to come down significantly, I am not really expecting a huge growth in profit after tax.” Besides cut-throat competition, firms have invested heavily to expand networks to tap the vast rural population. While that boosts the number of users, rural customers tend to spend less than urban subscribers. Bharti has stayed away from a tariff war that helped closest rival Reliance Communications added a record 11.3 million users in the quarter, more than Bharti’s 8.3 million. “The good news is really on the revenue market share,” Bharti Airtel deputy CEO Sanjay Kapoor told a news conference. Bharti has nearly 94 million subscribers, who account for 24% of the sector’s customers but 32% of revenue. Still, average revenue per user fell 15% to Rs305 in the quarter as it won more new users in rural areas, where users talk less on phones and some use mobiles just to answer calls. Minutes of usage fell 4% to 485 minutes. Some fund managers said the sector’s strong subscriber addition was key to profitability. “While the subscriber base continues to rise, I don’t see pressure on the profitability of the big telecom companies like Bharti,” said KK Mital, head of portfolio management services at Globe Capital, which has Bharti in its portfolio. Management Stays Optimistic Bharti said its net profit in January-March, its fiscal fourth quarter, rose to Rs2,239 billion ($446 million) under US accounting standards from Rs1,852 crore a year ago. Revenue rose 26% to Rs9,825 crore. A Reuters poll of 12 brokerages had forecast net profit of Rs2,210 crore on revenue of Rs10,146 crore. “I am sure we will be able to outpace our performance,” said Manoj Kohli, chief executive officer of Bharti Airtel. By 0810 GMT, Bharti’ shares were up 0.4%, after having risen as much as 3.5% after the results. Reliance Communications reports results on Thursday and analysts polled by Reuters expect a fall in earnings. Bharti has posted robust earnings in the past six years but has not paid dividends as it invested in building a national footprint. It spun off its telecom towers unit last year, which helped it generate cash in the year to March 2009. Bharti plans to spend about $3 billion in capital expenditure this fiscal year, down 14% from last year, director Akhil Gupta said. Bharti, whose overtures to South Africa’s MTN to create a global top-10 telecoms firm failed last year, was still looking for overseas expansion through acquisitions, he said. “We will keep looking for opportunities, but whether there is anything in the pipeline, no.” EBITDA margin, a key gauge of profitability, declined marginally to 40.7% in January-March but Gupta expects the margins to remain at current levels. Bharti shares fell 13% last quarter, underperforming a 0.6% rise in the broader market . Source: Home - Livemint.com | 29 Apr 2009 | 8:48 am World steel demand to fall 14.9% this yearWorld steel demand is likely to fall 14.9% this year, making the decline by far the biggest in the industry since the end of the Second World War. This is according to forecasts issued by the World Steel Association.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:35 am Multiplexes brace for 3550% dip in businessMultiplex chains are expecting a slump of 3550 per cent in business due to the ongoing producerexhibitor standoff.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:19 am Eveready Industries back in blackEveready Industries Ltd is back in the black in 200809 with a net profit of Rs 19.40 crore (net loss of Rs 19.32 crore in 200708).Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:18 am ArcelorMittal posts loss of $1.1 bn in Q1Brussels: ArcelorMittal, the world’s largest steelmaker, slumped more than expected in the first quarter as demand collapsed, and the prospect of a second quarter uptick was not enough to halt a slide in its shares. The much-watched EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 82 percent to $883 million in the January-March period, compared with the average $1.0 billion in a Reuters poll of 11 analysts. The company’s shares yo-yoed in early trading but by 12:45pm, were down 4.1% at €17.90, extending a 6% drop on Tuesday, against a 1.5% gain in the DJ Stoxx European basic resources index. ArcelorMittal had forecast a figure of about $1 billion, with a 15% variation, due to final quarter price cuts of up to 40% and nearly halved output as key auto and construction markets fell into crisis. It forecast production would remain at around 50% of capacity in the second quarter. The World Steel Association forecast on Monday that steel demand would tumble 15% in 2009, its steepest fall since World War Two, and one exacerbated by consumer destocking. US auto sales slid 37% in March and home sales a month-on-month 0.6%. ArcelorMittal’s slump mirrors that of rivals. China’s top steelmaker Baosteel reported a 98% drop in first-quarter net profit on Tuesday. Economists believe the first quarter may have been as bad, or even worse, than the wretched fourth quarter of 2008. ArcelorMittal forecast core profit in the second quarter would recover to some $1.2 billion to $1.5 billion. It had previously seen the first quarter as the low point in terms of profitability. It made a net loss in the first quarter of $1.1 billion due in part to $1.2 billion of pretax exceptional charges, mainly for writing down inventories. In the fourth quarter, it booked exceptionals of $4.4 billion. It also said it saw potential for price increases during the second and third quarters across major markets and products, although in a presentation it said that it expected a lower average steel price. “Although market conditions remain challenging, a technical recovery is inevitable and ArcelorMittal will benefit from this,” chairman and chief executive Lakshmi Mittal said. The market had been braced for a weak first quarter, but some analysts commented that the EBITDA figure was really far worse than forecast given it included a $503 million gain from unwinding a currency hedge. The second-quarter guidance, at least of an improvement, was generally deemed positive. The steelmaker repeated a series of downturn-inspired goals, including bringing net debt down by $10 billion by the end of the year and securing temporary fixed-cost reductions of $7.5 billion in the second quarter, after $6 billion in the first. The company, formed from Mittal Steel’s takeover of then world number two Arcelor, went on a spending spree during the commodities boom, ratcheting up debt. Source: Home - Livemint.com | 29 Apr 2009 | 8:17 am India projects high priority: ArcelorMittalArcelorMittals India plans may not have escaped the effects of the global economic crisis, but India is top priority among all its greenfield projects.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:16 am ArcelorMittal Q1 disappoints, eyes Q2 pick-upBRUSSELS (Reuters) - ArcelorMittal, the world's largest steelmaker, reported slightly worse-than-expected first-quarter results on Wednesday and forecast a modest pick-up in the second quarter.Source: Reuters: Money News | 29 Apr 2009 | 8:15 am Govt steps up surveillance at international airportsTo prevent the entry and spread of swine flu virus in the country, the Government has put in place a series of measures including screening air travellers arriving at nine major international airports and setting up quarantine areas at these airports.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:14 am Rupee extends gains as stocks rise over 2%Mumbai: The Indian rupee extended gains in afternoon session on Wednesday as stocks rose over 2% and the dollar’s weakness against major currencies overseas continued to support sentiment. At 1:50pm, the partially convertible rupee was at Rs50.17/18 per dollar, stronger than its Tuesday’s close of Rs50.52/53. Indian financial markets will remain closed on Thursday and Friday for local holidays. The dollar was down against other major currencies apart from the yen on Wednesday as risk aversion eased somewhat, after stronger-than-expected U.S. economic data offset concerns about the banking sector and swine flu. The dollar index, a gauge of the US performance against six major currencies, was down 0.3%. Indian shares were trading 2.6% higher, lifted by gains in Asia and as the expiry of monthly derivatives contracts ahead of a long weekend pushed investors to cover their short positions. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs50.2975 eact, with the total traded volume on the two exchanges at about $476 million. Source: Home - Livemint.com | 29 Apr 2009 | 8:12 am Patni Computer Q1 net down 17 pct, sees higher Q2 netMUMBAI (Reuters) - Software firm Patni on Wednesday said March-quarter net profit fell 17.4 percent, in-line with its own forecast, and projected higher profit but lower revenue for April-June, boosting the shares 10.7 percent.Source: Reuters: Money News | 29 Apr 2009 | 8:09 am Remit2India launches Money on Referral programmeThe 'MOR' initiative clearly highlights the customer centric focus of the brand. This programme is for all registered Remit2India customers.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 7:10 am Anil Ambani group snaps ties with chopper maintenance firmThe Anil Dhirubhai Ambani Group (ADAG) has cancelled the maintenance contract of its Bell 412 helicopter with aircraft maintenance firm Air Works India, according to an airport source.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 7:05 am Shell Q1 profit tumbles 58% on lower oil priceLondon: Royal Dutch Shell Plc followed an oil industry trend of reporting sharply lower first-quarter profit due to lower crude prices, while outperforming analysts’ forecasts. Shell said its current cost of supply (CCS) net income, which strips out unrealized profits or losses related to changes in the value of inventories, fell 58% compared to the same period in 2008, to $3.30 billion. Europe’s largest oil company by market value said production of oil and gas fell 3.6% to average 3.40 million barrels of oil equivalent per day in the quarter, as new field startups failed to match natural field declines. Brent crude averaged around $44 per barrel in the quarter compared to $97 a year ago, hitting earnings at the core upstream oil and gas production unit. Most other areas of the Hague-based company’s business also suffered, with big profit drops in oil refining and fuel retailing and a swing to loss in petrochemicals. The sharpest reversal in percentage terms was in Shell’s oil sands unit, which squeezes crude from bitumen-drenched soil in Alberta, a high-cost activity hit hard by lower oil prices. This unit swung to a $42 million loss from a profit of $249 million in the first quarter of 2008. However, echoing the performance of rivals such as BP Plc and ConocoPhillips, Shell said profit from trading oil and gas rose. Shell said debt levels rose, as cashflow from operations were not sufficient to cover expenses and dividend payments. Gearing tripled to 6.6% but remains low enough not to prompt fears the company may have to cut its dividend. Excluding one-off gains of $337 million, Shell’s CCS result was $2.96 billion, beating an average forecast of $2.62 billion from a Reuters poll of seven analysts. Source: Home - Livemint.com | 29 Apr 2009 | 6:54 am Eyes on Fed as banks, flu fears weigh on economySINGAPORE (Reuters) - Investors looked to U.S. GDP data and the Federal Reserve later on Wednesday for signs of recovery in the world's biggest economy, but concerns that U.S. banks may need more capital dented hopes the financial system was stabilising.Source: Reuters: Money News | 29 Apr 2009 | 6:51 am Siemens Q2 profit rises 146% on higher salesFrankfurt: Industrial conglomerate Siemens AG said on Wednesday that net profit soared by 146% in its fiscal second quarter on higher sales and lower one-time charges. However, order intake dropped. The Munich-based company said net profit in the January-March period rose to €1.01 billion ($1.3 billion) from €412 million in the first quarter of 2008. Siemens’ fiscal year starts in October. The company noted that it took substantial charges in last year’s second quarter stemming from reviews of large projects. Sales were up 5% from a year earlier, rising to €19 billion from €18.1 billion. However, Siemens said it saw order intake decline by 11%. The company bases its outlooks on order intakes because orders for the large products Siemens makes, like turbines and trains, are often placed years in advance. Looking ahead, Siemens said there is no evidence of near-term improvement in the current economic and financing environment. “Despite these conditions, total sectors profit for fiscal 2009 is expected to exceed the prior-year level of €6.6 billion,” it said in a statement. “We expect growth in income from continuing operations in fiscal 2009 to exceed growth in total sectors profit. “For fiscal 2009 Siemens targeted revenue growth at least twice the rate of actual global gross domestic product growth. If GDP growth is negative, this means that a percentage decline in revenue for Siemens would be targeted at less than half the rate of decline in global GDP.” Source: Home - Livemint.com | 29 Apr 2009 | 6:28 am Gold futures fall further for second dayMumbai: India gold futures extended losses for a second day on Wednesday following foreign markets, where technical selling weighed on the yellow metal, and further pressured by a strong rupee, analysts said. The most traded gold June contract was 0.28% lower at Rs14,475 per 10 grams at 11:18am, after having lost 1.3% in the previous session. Overseas investors also squared positions ahead of a Federal Reserve meeting and US GDP data. The Fed is expected to leave interest rates unchanged, but markets will be looking for any extension of quantitative easing and for assessments for any early signs of a recovery in the United States. The Indian rupee rose on Wednesday from one-week lows as the dollar’s weakness against major currencies and gains in local and regional stock markets boosted sentiment. “All eyes would be now to the FOMC’s after word on the economy,” said Amar Singh, head of research with Angel Commodities. Gold would trade in the range of Rs14,300-14,600. “Gold would consolidate for sometime in the range of Rs14,450-14,700,” said Gnanasekar Thiagarajan, director with Commtrendz Research. Open interest for June gold on MCX was at Rs14,636 lots, up from Rs14,505 a day earlier. Volume on Tuesday was 42.44 kg. Source: Home - Livemint.com | 29 Apr 2009 | 6:12 am Sensex surges 401 pts on short-coveringThe BSE benchmark Sensex rebounded to close more than 401 points higher after Tuesday's plunge.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 5:49 am Reversal of the tide: Return to India Part 2On Part 2 of our “Returning to India” series, we talk to Anu Duggal, who moved to India from London a few months ago.  Anu talks to Melissa about her experiences coming back, what adjustments she has had to make and how the “step child of India” tag affects her. Our first podcast in this series was with Anand Giridharadas which you can listen to here Source: Home - Livemint.com | 29 Apr 2009 | 5:42 am Infosys gave top brass Rs 10-cr hikeAt a time when firms were contemplating salary freezes, Infosys gave its top brass, including its directors, a Rs10.29-crore pay hike.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 5:28 am Bharti Airtel Q4 net up 21% to Rs 2,239 croreSunil Mittal-promoted Bharti Airtel on Wednesday said it has reported a 20.85 per cent increase in net profit at Rs 2,239.30 crore for the fourth quarter ended March 31, 2009.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 5:15 am Rupee up 31 paise against dollarThe Indian rupee on Wednesday moved up by 31 paise at 50.20 against the greenback on account of fresh capital inflows by funds amid a weak dollar overseas.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 4:57 am Sensex up 162 points in opening tradeTaking strong cues from the Asian markets, the BSE benchmark Sensex on Wednesday rose by over 162 points in opening trade.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 4:52 am Hyundai Steel sees Q2 steel sales up 18% from Q1Seoul: Hyundai Steel, South Korea’s second-largest steelmaker, on Wednesday said sales volume would rise 18% in the second quarter from the first quarter, driven by solid demand from state infrastructure projects and traders restocking. “Shipments of construction steel are seen rising slightly as distributor inventories have fallen to low levels and demand from public works is set to rise. But private sector demand is likely to continue to remain depressed,” Hyundai said in a statement. It projected prices for steel plate, used in cars, home appliances and ships, to come under pressure as raw materials prices for 2009/10, which have yet to be fixed, are expected to decline. Hyundai reported a 62% drop in first-quarter net profit to 51.5 billion won ($38.18 million) from a year earlier, as it slowed production rates sharply, increasing per-unit manufacturing costs. Hyundai reduced output and steel sales volume by around a quarter to 2.1 million tonnes in the first quarter from a year earlier. Steelmakers in South Korea, a net steel importer, are faring better than regional rivals because of relatively tight domestic market conditions. On Tuesday, Japan’s Nippon Steel, the world’s No.2 steelmaker, forecast zero profit this financial year after reporting its first quarterly loss since it started filing three-month results in 2004. China’s Baosteel reported a 98% drop in quarterly profit on Tuesday and forecast dismal results for the first half amid the weakened steel market. Source: Home - Livemint.com | 29 Apr 2009 | 3:58 am Why Fonterra chose to exit from dairy joint ventureNew Delhi, April 28 The world’s No. 1 dairy products exporter Fonterra’s decision to pull out from Britannia New Zealand Foods Pvt Ltd (BNZF), its equal joint venture with Britannia Industries Ltd (BIL), is being attributed mainly toSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am Day Trading GuideInitiate fresh short position if DLF declines below Rs 214 and ICICI Bank dives below Rs 430, with tight stop-loss. We re-affirm our view of avoiding trading in Infosys for the session. WeSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am Unitech (Rs 42.95): SellWe recommend a sell in Unitech from a short-term trading perspective. After finding support around Rs 25 in early March, the stock began to trend upward as is evident from the charts. The stock price almost doubled from the March low to AprilSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am Wipro Tech to hire 8,000 for BPO arm this fiscalHyderabad, April 28 Wipro Technologies has announced that it would recruit 8,000 employees to its business process outsourcing (BPO) arm Wipro BPO this financial year.Source: Business Line - Home Page | 29 Apr 2009 | 12:00 am India projects high priority: ArcelorMittalNew Delhi, April 28 ArcelorMittal’s India plans may not have escaped the effects of the global economic crisis, but India is top priority among all its greenfield projects.Source: Business Line - Home Page | 29 Apr 2009 | 12:00 am Has the UPA lost its early advantage?Chennai: When you travel anywhere in the country bang in the midst of an election, no conversation can stray too far away from political parties and election prospects. More so, if you are a journalist. And so it was at a healthSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am Govt steps up surveillance at international airportsNew Delhi/Mumbai, April 28 To prevent the entry and spread of swine flu virus in the country, the Government has put in place a series of measures including screening air travellers arriving at nine major international airports and setting upSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am New Zealand’s Fonterra exits joint venture with BritanniaBangalore, April 28 Britannia Industries will acquire the entire stake of Fonterra, the company’s joint venture partner since 2002 in Britannia New Zealand Foods Pvt Ltd, which is engaged in the dairy business.Source: Business Line - Home Page | 29 Apr 2009 | 12:00 am Sachin, Sanath slam their way to peak viewershipMumbai, April 28 The 127-run partnership between Sachin Tendulkar (68 off 45) and Sanath Jayasuriya (52 off 32) led to prime time cricket viewership on SET Max jumping to 8.4 million with a TVR of 4.6 on Monday night.Source: Business Line - Home Page | 29 Apr 2009 | 12:00 am Weak global markets pull Sensex down 370Mumbai, April 28 Indian stocks ended on Tuesday with heavy losses, pulled down both by weak global markets and by the squaring off of positions ahead of the April Futures and Options (F&O) expiry onSource: Business Line - Home Page | 29 Apr 2009 | 12:00 am Britannia buys out Fonterra in JVThe value of the deal is not known. The New Zealand's milk co-operative firm is exiting the JV because of India's underdeveloped milk market.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:18 pm Wipro BPO to hire 1,000At a time when pink slips are flying in the IT and IT-enabled services sector, Wipro BPO is planning to hire 1,000 people in the next six to eight months.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:17 pm Advani Hotels mulls exit from casino subsidiaryAdvani Hotels & Resorts, which pioneered the offshore casino and restaurant business in Goa a decade ago, may exit the business.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:16 pm Subsidiaries pull down Aditya Birla NuvoLosses at its subsidiaries dragged Aditya Birla Nuvo into a Rs 141 net loss for the fourth quarter, against a loss of Rs 22 crore during the previous year.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:12 pm Big Pharma keen on bigger play - not buyoutsThe buyout of Ranbaxy by Daiichi Sankyo in June may have given reason to suppose more multinationals would gobble up Indian pharma companies, and soon.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:10 pm Invested in an FMP? Now try getting outIn order to exit an FMP an investor needs to sell units on the stock exchange where the instrument is listed.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:09 pm Gold ETFs make golden senseETFs are essentially mutual funds listed on the stock exchange. You can buy and sell them just like you would buy and sell a share.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:02 pm Why systematic investment is the best courseInvestors should not fall into the trap of timing the market, i.e., invest when they think the markets are at their lows or sell when they think the markets have 'peaked'.Source: Daily News & Analysis: Money News | 28 Apr 2009 | 10:00 pm Reliance Big TV plans to divest 49% in DTH armTo expand its services in the five-player private direct-to-home (DTH) market, Reliance Big TV Ltd, the promoter of Big TV DTH services of the Reliance ADA Group, plans to sell up to 49 per cent to foreign private equity companies and global DTH players.Source: Business Standard | Front Page Headlines | 28 Apr 2009 | 7:31 pm Maytas Infrastructure may divest some projectsTo raise funds to complete other assignments; board to formally approve corporate debt restructuring.Source: Business Standard | Front Page Headlines | 28 Apr 2009 | 7:30 pm Global financial sector worries, flu batter marketsThe domestic stock markets witnessed their biggest fall in over a month as investors booked profits on fresh concerns about the financial sector and fears of a flu pandemic dampening sentiment worldwide.Source: Business Standard | Front Page Headlines | 28 Apr 2009 | 7:28 pm Telcos need consent for new servicesThe Trai has directed all telecom firms to take the consent of consumers before charging for any value added services.Source: India Business News | Business News - Times of India | 28 Apr 2009 | 7:12 pm Sterlite Q4 net dips 55% to Rs 598crAnil Agarwal-controlled Sterlite Industries on Tuesday announced a 55% drop in its consolidated net profit at Rs 598 crore in the fourth quarter ended March 31, 2009, from Rs 1,318 crore in the corresponding quarter last year.Source: India Business News | Business News - Times of India | 28 Apr 2009 | 7:03 pm GM to force more than 1,000 dealers to closeDetroit: General Motors Corp. told its dealers that it will force 1,000 to 1,200 underperforming locations to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets more profitable. GM told the dealers about the plan in a video conference, according to a dealer who spoke on condition of anonymity because the video conference was private. It is part of the company’s plan announced Monday to cut more than 2,600 dealers by 2010. The company expects to lose 500 Hummer and Saturn dealers when those brands close or are sold, and it expects 400 dealers to close voluntarily. Another 500 would be consolidated into other dealerships, according to the dealer. GM said on Monday that it would also eliminate its Pontiac brand, but there are only 27 dealers that sell just Pontiacs, according to the National Automobile Dealers Association. Most Pontiac dealers also sell Buick and GMC vehicles at the same location. Company spokeswoman Susan Garontakos confirmed the numbers and said that GM is in the process of deciding which dealers to keep based on their sales performance, capitalization, potential profitability, size, image and customer satisfaction scores. She further said that the company will go market by market and determine which dealerships are not meeting the terms of their franchise agreements. “There’s a lot of things that we have to consider, but we’ll have talks with those dealers that show or haven’t demonstrated that they have maintained a good performance,” Garontakos said. John McEleney, chairman of the NADA, said in a written statement that GM must treat all of its dealers fairly and those that close should be compensated. “It’s not out of any fault of their own that these dealers are being forced to close their businesses,” McEleney said. He said that many details were unknown about how the dealerships will be closed, but 137,330 dealership employees will lose their jobs, and state and local governments will lose an estimated $1.7 billion in sales tax revenue that would have been used for economic development in communities around the country. The company announced on Monday that it plans to reduce dealerships by 42% from 2008 to 2010, cutting them from 6,246 to 3,605. GM is living on $15.4 billion in government loans and faces a 1 June government deadline to complete restructuring moves, win concessions from its unions and cut its debt. If it fails to meet the deadline, it will go into bankruptcy protection. GM has decided to scrap its Pontiac brand and either sell or close Hummer, Saturn and Saab. It will focus on four core brands: Chevrolet, Cadillac, GMC and Buick. Source: World Business - Livemint.com | 28 Apr 2009 | 6:56 pm IBM computer to take on humans on TV quiz showWashington: IBM, having already come up with a computer that can beat the world’s best chess players, is gearing up for another challenge. The US computer giant on Monday announced it was developing a computer to compete with humans on the popular US television quiz show Jeopardy! IBM said its scientists have been working for nearly two years on an advanced computing system codenamed “Watson”—after IBM founder Thomas Watson, not Sherlock Holmes’ sidekick. It said the scientists believe “Watson” will be able to eventually compete on Jeopardy!, a TV show in which contestants provide question-formatted answers to clues on history, literature, politics, film, pop culture and science. IBM said Jeopardy! would pose a stiff challenge for a computing system because the clues given to the human contestants involve “analysing subtle meaning, irony, riddles and other complexities”. “The essence of making decisions is recognizing patterns in vast amounts of data, sorting through choices and options, and responding quickly and accurately,” IBM chairman Samuel Palmisano said. “Watson will be designed to do all of this in a matter of seconds, which will enable it to compete against humans, who have the ability to know what they know in less than a second,” IBM said. An IBM computer named Deep Blue defeated then -world chess champion Garry Kasparov in a celebrated man-versus-machine match in 1997. Developing a computer to compete at Jeopardy!, however, may be an even more difficult proposition than defeating the world’s top grandmasters. “The challenge is to build a system that, unlike systems before it, can rival the human mind’s ability to determine precise answers to natural language questions and to compute accurate confidences in the answers,” said David Ferrucci, leader of IBM’s Watson project team. Source: Tech News - Livemint.com | 28 Apr 2009 | 5:18 pm Google News launches Twitter feedWashington: Google News is now on Twitter. The news aggregation site run by the Internet search giant announced the launch of the @googlenews Twitter feed in a post on the Google News blog on Monday. The Google News updates on the micro-blogging service provide links to stories from the 25,000 news sources which Google News aggregates on its homepage. The links take users directly to the website of the media outlet concerned. Google News is the latest news service to begin using Twitter, which has been embraced by a number of news organizations around the world. Google in February introduced ads to the results of search queries on Google News in the United States, in a move aimed at turning the news aggregation site into a money-making venture. Source: Tech News - Livemint.com | 28 Apr 2009 | 1:54 pm
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