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Deep Ind surges 50% in a mth on receiving order from ONGCDeep Industries operates in gas compression, air compression and work over rig services. The stock has gone up 50% in 1 month. The company bagged Rs 28 crore order from ONGC.Source: Moneycontrol Top Headlines | 11 May 2009 | 3:12 pm Decision on steel safeguard duty unlikely today: SourcesSources in the government have said the proposed safeguard duty on steel imports may not be imposed today. No convincing case has been made out on import surges of steel by steel manufacturers, a government source close to the development said.Source: Moneycontrol Top Headlines | 11 May 2009 | 1:46 pm SC dismisses plea to stay conversion of Escorts charityThe Supreme Court has dismissed Rajan Nanda plea to stay the conversion of Escorts charity to a company, reports CNBCTV18. Fortis Hospitals had acquired Escorts in September, 2005. Anil Nanda had challenged the conversion of Escorts from charity to company.Source: Moneycontrol Top Headlines | 11 May 2009 | 1:12 pm US economic growth seen resuming in Q3!The US economy is expected to begin growing in the second half of this year, while the jobless rate is expected to peak in the first quarter of 2010, according to a survey of top forecasters.Source: Zee News : Business | 11 May 2009 | 12:24 pm Venezuela pledges to raise oil exports to China!President Hugo Chavez said that Venezuela will be capable of exporting three million barrels of crude oil a day to China, an eight-fold increase on current levels.Source: Zee News : Business | 11 May 2009 | 12:24 pm KSK Energy net up 33% at Rs 134 cr!Power plant developer KSK Energy Ventures Monday said its consolidated net profit rose by 32.62 per cent to Rs 135.91 crore for the year ended March 31, 2009.Source: Zee News : Business | 11 May 2009 | 12:24 pm Car sales up 4.20%, bikes jump 12.11% in April!Domestic passenger-car sales increased by 4.20 per cent in April to 1,02,899 units from 98,752 units in the same month last year.Source: Zee News : Business | 11 May 2009 | 12:24 pm DoT notifies mobile number portability; service from Sept 20!Come September, cellphone users in some parts of the country, including the four metros Delhi, Mumbai, Kolkata and Chennai, will have the facility to switch operators even while retaining their existing number.Source: Zee News : Business | 11 May 2009 | 12:24 pm Economic crisis heightens Africa`s conflict tensions: OECD!The global economic crisis has heightened the risk that "tensions could explode" in Africa, where growth will be slashed this year because of recession in rich nations, the OECD warned Monday.Source: Zee News : Business | 11 May 2009 | 12:24 pm GMR Infra to raise Rs 5,000 cr via QIP!GMR Infrastructure, the flagship company of GMR Group, Monday said it will raise up to Rs 5,000 crore through private placement of shares in domestic and international markets.Source: Zee News : Business | 11 May 2009 | 12:24 pm GM bankruptcy almost inevitable: Experts !For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable.Source: Zee News : Business | 11 May 2009 | 12:24 pm Obama to unveil USD 2 trillion healthcare plan!President Barack Obama is to outline plans on Monday to cut US healthcare costs by two trillion dollars over the next 10 years, part of a bid to lash spending while making treatment more affordable.Source: Zee News : Business | 11 May 2009 | 12:24 pm Sensex up 150 pts on firm global trend!The benchmark BSE Sensex Monday surged by over 150 points in early trade on fresh buying by funds, tracking firming global trend, amid better-than-expected earnings by the country`s largest lender, State Bank of India.Source: Zee News : Business | 11 May 2009 | 12:24 pm Corporate learning biz shrouded by uncertainty: NIITVijay Thadani, CEO, NIIT said the institutional business has grown by 3035% and he expects the growth to continue. \"Corporate learning business is affected by turmoil in US, Europe. Some uncertainty in the corporate learning segment still prevails.\"Source: Moneycontrol Top Headlines | 11 May 2009 | 10:47 am Margins won\'t be hit by 5% price cut: BHELK Ravi Kumar, CMD, BHEL, said the company had indeed announced a 5% price reduction for customers. \"We are trying to wean off customers from Chinese competitors.\" He said margins would not be affected by price reduction.Source: Moneycontrol Top Headlines | 11 May 2009 | 10:45 am India car sale up but sector still shaky: official - AFP
Source: Google News India - Business | 11 May 2009 | 10:31 am Microsoft to lay off 55 employees in IndiaThe announcement on this is part of the Redmond-based company's decision in January this year to cut 5,000 jobs globallySource: Daily News & Analysis: Money News | 11 May 2009 | 10:29 am Close: Markets jitter as counting nears; Sensex falls 1.6%Mumbai: Indian shares provisionally fell 1.63% on Monday amid uncertainties national elections may result in a split verdict, with neither of the main two parties able to win a clear majority. The 30-share BSE index provisionally ended down 193.44 points at 11,682.99, with 25 stocks declining. The 50-share NSE index provisionally closed down at 3,554.60, 66.10 points lower. The election results are due on Saturday 16 May. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 10:27 am RBI fighting for floating loan rate borrowers - Economic Times
Source: Google News India - Business | 11 May 2009 | 10:25 am BSE Sensex provisionally falls 1.8 pctMUMBAI (Reuters) – The BSE Sensex provisionally fell 1.76 percent on Monday amid uncertainties national elections may result in a split verdict, with neither of the main two parties able to win a clear majority.Source: Reuters: Money News | 11 May 2009 | 10:14 am Microsoft to lay off 1% employees in IndiaNew Delhi: Software giant Microsoft will lay off about 55 employees in India, which is 1% of its Indian staff, as slowdown hits the sector, affecting business and profitability. The announcement on this is part of the Redmond-based company’s decision in January this year to cut 5,000 jobs globally amid the ongoing slowdown. The company would lay off 55 employees from its 5,500 people-strong Indian operations in a bid to realign its business in the country, the Microsoft India spokesperson said. When asked for details, the spokesperson declined to comment saying, “We are currently working with the concerned employees to evaluate alternative positions internally and where applicable look at mutually favourable disengagement terms.” “Due to a global realignment of our business priorities, about 1% of the net rolls across India are likely to be impacted,” the company said in a statement. In the second round of job-cuts effected on 5 May, the software major announced it would lay off 3,000 employees. In January, Microsoft had laid off 1,350-1,400 people, largely in the US. “The company would continue to hire and create employment opportunities in line with the recovery and growth of the Indian economy and make strategic investments which are best suited to the current economic environment,” the spokesperson said. Source: Home - Livemint.com | 11 May 2009 | 10:11 am India-South African ties to zoom under ZumaPretoria: India’s ties with South Africa are set to witness an upswing with the inauguration of President Jacob Zuma, who has made it clear that the countries which strongly supported the anti-apartheid movement will remain special for his government. In a speech made at his swearing-in ceremony on Saturday, Zuma had reached out to all those countries which helped South Africa in its struggle against the former apartheid regime in the early 1990s. “Zuma referred very clearly to that small group of countries, including India,” said Vice President Hamid Ansari on board his special aircraft, describing the inauguration of the first Zulu head of the state of South Africa as a “historic occasion”. “The most significant ties India has in Africa are with South Africa,” a top official, who accompanied Ansari on his visit for the swearing-in ceremony of Zuma, said. The official said India-South Africa trade and business ties are poised to grow with Indian companies using this country as a base to promote their business in Africa. “Indian industry is taking a lot of interest in South Africa,” Nalin Surie, secretary (west) in the ministry of external affairs, said. Major companies like Tata, Mahindra and Ranbaxy are among the 40 Indian firms which have a presence in the biggest here, according to Indian high commissioner R.K. Bhatia. Bhatia noted the bilateral trade in the year 2007-08 stood at $6.2 billion, of which 3.5% was South African exports to India while the rest accounted for the Indian exports to this country. In the latest fiscal, the approximate figures for the first six months show the bilateral trade has gone up by 11% while South African exports to India have risen by 22%. However, there is a 14% decline in Indian exports to this country following the global financial crisis. Besides trade, officials felt that Zuma’s assumption of office will take forward the bilateral ties in sectors like culture and tourism. Reflecting the importance India accords to the relationship with South Africa, Prime Minister Manmohan Singh has visited this rainbow nation twice in the past two-and-a- half years. Zuma too has visited India twice in recent years. Ansari’s visit here was the “significant continuation” of that, Bhatia said. “In the new era (with Zuma as South African President) our relationship will move forward.” The inauguration of the 67-year-old charismatic ANC leader, who lead his party to a landslide win in the 22 April general elections, had commenced with the recitation of the Gayatri Mantra. Ansari said the 1.5 million Indian-origin people in South Africa are very much part of the society of this country. Hours after Ansari left Johannesburg, Zuma unveiled his cabinet inducting six India-origin leaders, including anti-apartheid activist Pravin Gordhan, who was given the key portfolio of finance. South Africans of Indian-origin will next year celebrate 150 years of arrival of their fore-fathers from India to work as indentured labourers in the sugar plantations of Natal. “There is enough documented evidence about the policies since 1994 of creating a democratic society in South Africa and credit must be given to African National Congress leadership... presidents after presidents who have reiterated this policy. President Zuma has also reiterated this,” the Vice President said. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 10:07 am POLL - Industrial output seen down 0.5 pct y/yNEW DELHI (Reuters) - India's industrial output likely shrunk in March from a year earlier, its third fall in four months, as the global economic slowdown hit exports and domestic demand remained soft, a Reuters poll showed.Source: Reuters: Money News | 11 May 2009 | 10:03 am Obama's tax proposals won't affect Indian firms: HCL chiefUS President Barack Obama's recent announcement on tax crackdown on companies outsourcing to overseas firms will not affect the Indian IT sector, an industry official said here Monday.Source: IndiaeNews.com: Business News | 11 May 2009 | 10:01 am 'Britain to use national identity cards to check illegal workers'Britain is set to eliminate the problem of illegal workers during the current decade through implementation of its ongoing project on issuing national identity cards to protect jobs for all the legal citizens, a British official said here Monday.Source: IndiaeNews.com: Business News | 11 May 2009 | 10:00 am Crisis of confidence between him and India: Prachanda Kathmandu: Dismissing as “ridiculous” India’s fears that Nepal was moving closer to China, Prime Minister Prachanda has, however, said there was a “crisis of confidence” between him and the Indian establishment. Prachanda, the Maoist leader who resigned as Prime Minister last week after Nepal’s President Ram Baran Yadav annulled his dismissal of the Army Chief General Rukmangad Katawal, said that India had backed the “extra-constitutional” action of the President. “We are fighting for civilian supremacy (over the army) but directly or indirectly the new position of New Delhi is not not consistent with civilian supremacy. “To support the steps of the President which are extra-constitutional and to support the army chief is not not consistent with civilian supremacy,” the caretaker Prime Minister told NDTV in an interview here. Asked if there was a lack of trust between India and Maoists, he replied, “May be. But we need to have more interaction and debate on the issue (with India). We shall have to review the process of understanding and I hope ultimately we will come to a new agreement and we will go ahead with the peace process.” To a question if there was a trust deficit between India and Nepal, Prachanda said, “Yes, there is a crisis of confidence....I hope ultimately we will be able to have a new understanding and level of confidence.” He warned that if the “peace process is derailed it will not not be helpful to any country, Nepal or India”. Prachanda blamed “bureaucratic and security officials” in India for the trust deficit and said that because India’s political leaders were busy in the election campaign these officials were handling Nepal. “This is really unfortunate for me,” he added. Answering a spate of questions on Nepal’s growing ties with China, the caretaker Prime Minister said that his country wanted good-neighbourly relations with both India and China. “There is no no dispute or controversy on this issue.” Explaining visits of several Chinese delegations to Nepal in recent months, Prachanda said that the Chinese leadership was very much concerned about “a serious incident” in Tibet last year and any relationship between Nepal and that incident. He did not not elaborate. “Therefore, naturally they (the Chinese) were more active about the changing political scenario in Nepal. Time and again their delegations came. Unfortunately the Indian side thought that we had invited them,” he said. About India’s perception that he was getting closer to China, Prachanda said such suspicions are totally baseless. “I think it is very ridiculous.” He went on to say he had never asked any Chinese delegation to visit Nepal. Asked if he had intended to sign a treaty of peace and friendship with China during a visit there earlier this month, which was postponed because of the current crisis, Prachanda said that it would not not have been signed during that visit. “I told them (China) that this treaty should be discussed with different political parties. Only then can we sign this....it has to be studied from different angles and a national consensus would have to be there.” Is signing of the treaty not not on his immediate agenda, Prachanda was asked. “No, no, no. It is quite clear,” he responded. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 9:59 am Standard Chartered Bank to hire 100 relationship managersMumbai: The Standard Chartered Private Bank plans to hire 100 relationship managers globally within the next 12 months, to further accelerate its operations in its fast-growing markets. The private bank currently has 350 relationship managers globally and the new hires are to support planned expansion in its key markets in Asia, Europe and the Middle-East, in response to increasing demand from high net worth individuals, a press release issued here said. The Standard Chartered Private Bank’s Global Head, Peter Flavel, said that “as we are seeing a continuing to increase in client demand for our private banking services, we will continue to invest in attracting talent to further strengthen our proposition.” Flavel said that “the current market dislocation is highlighting distinct opportunities for The Standard Chartered Private Bank. We are seeing ‘flight to quality’ in terms of liquidity across our markets. It has given us an opportunity to get closer to our clients and increase the depth of our relationships.” The Standard Chartered Private Bank is advantaged in seeking out the opportunities that leverage its capabilities by being integrated into the overall commercial bank. Its business model differs from most in that it is deliberately not a stand-alone monoline business but rather integrated into the group’s businesses, the release said. This means that relationship managers by working with other colleagues in the bank, have a strong base to work from and have opportunities to build their business from within the bank, it added. Source: Home - Livemint.com | 11 May 2009 | 9:58 am Bank of Baroda expects 20 pc rise in net profit in 2009-10Bank of Baroda, which has become the third-largest public sector lender surpassing Canara Bank, expects about 20 per cent increase in its net profitSource: Daily News & Analysis: Money News | 11 May 2009 | 9:58 am Global service sector sees upturn in optimism - KPMGLONDON (Reuters) - There has been an upturn in optimism among service sector firms in the European Union and major emerging economies but employment levels may still have some way to sink, surveys compiled by Markit for accountancy firm KPMG found.Source: Reuters: Money News | 11 May 2009 | 9:57 am RBI Reference rate for US dollar and euroThe Reserve Bank of India today fixed the Reference rate for the US currency at Rs 49.23 per dollar and the single European unit at Rs 67.14 per euroSource: Daily News & Analysis: Money News | 11 May 2009 | 9:55 am Car sales rise for 3rd mth, but recovery distantNEW DELHI (Reuters) - Car sales in India rose for a third straight month in April, helped by lower borrowing costs, rural demand and the government's stimulus measures, but industry officials said a lasting recovery was still distant.Source: Reuters: Money News | 11 May 2009 | 9:47 am Lupin reaches settlement with Wyeth on Venlafaxine - Business Standard
Source: Google News India - Business | 11 May 2009 | 9:37 am Citi, HSBC among biggest subprime loan originatorsWashington: As the world continues to reel under the financial turmoil that started with risky subprime lending, a new study has found that Citigroup, HSBC and AIG are among the 25 biggest originators of such loans worth about $1 trillion. The study conducted by the US-based non profit organisation Center for Public Integrity (CPI) has revealed that these 25 entities accounted for a whopping 72% of subprime loans during the 2005-07 period. Topping the list is Countrywide Financial Corp which shelled out subprime loans worth $97.2 billion while CitiFinancial/Citigroup Inc’ is at the 16th place and had generated $26.3 billion in such loans. At the ninth spot, HSBC Finance Corp/HSBC Holdings Plc had raised $50.3 billion in subprime loans. According to the study, the entity has stopped lending now. American General Finance Inc/American International Group ,with $21.8 billion subprime loans, was ranked 18th. Wells Fargo placed at the eighth position which raised $51.8 billion in high risk loans. “... the top 25 originators of the high-interest loans, accounting for nearly $1 trillion and about 72% of industry-reported subprime loans during that period (2005 - 07),” the CPI said. The study is based on the analysis of government data on nearly 7.2 million “high-interest” or subprime loans made from 2005 through 2007 — a period marked “the peak and the collapse of the subprime bottom”. During that period, Ameriquest Mortgage Co/Acc Capital Holdings Corp, which is at the second spot, raised $80.6 billion in subprime loans, followed by New Century Financial Corp ($75.9 billion), First Franklin Corp/National City Corp/Merrill Lynch ($68 billion), Long Beach Mortgage Co/Washington Mutual ($65.2 billion). Meanwhile, 20 of the top 25 subprime lenders have closed, or stopped lending, or been sold to avoid bankruptcy. Most were non-bank lenders, it added. Other names in the list include WMC Mortgage Corp/General Electric Co ($49.6 billion), BNC Mortgage Inc/Lehman Brothers ($47.6 billion), IndyMac Bancorp ($26.4 billion), and Wachovia Corp ($17.6 billion). Source: Home - Livemint.com | 11 May 2009 | 9:26 am Citi, HSBC among biggest subprime loan originatorsA new study has found that Citigroup, HSBC and AIG are among the 25 biggest originators of such loans worth about USD 1 trillion.Source: Daily News & Analysis: Money News | 11 May 2009 | 9:24 am Malaysia Airlines’ flights from India to cost lessNew Delhi: Eyeing a larger share of the passenger traffic pie, Malaysia Airlines has reduced the fuel surcharge by 53% from today for flights to Kuala Lumpur from India. As a result of the reduction, the return airfare from India to Malaysia starts from Rs16,528 including taxes, the carrier said in a statement. The airline has reduced the surcharge on tickets from India to Australia and New Zealand by 27%. The airfare for Australia now starts from Rs37,846. “We are pleased to reduce the fuel surcharge and offer more competitive fares to benefit our customers especially with the on-set of the holiday season,” Malaysia Airlines Regional Manager-South Asia Azahar Bin Hamid said. The charge on India-North America sector has been cut by $106 for a round trip. Source: Home - Livemint.com | 11 May 2009 | 9:23 am PepsiCo brings out Slim Can format of Diet PepsiGlobal beverages player PepsiCo announced the revamping of its premium cola brand Diet Pepsi and introduced the 'slim can' version of the product.Source: Daily News & Analysis: Money News | 11 May 2009 | 9:22 am Surprise! Financials put Pandit on top among NRI-run firmsIn terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers.Source: Daily News & Analysis: Money News | 11 May 2009 | 9:17 am Sensex pares early gains, falls 214 points mid-wayAfter a bright start, the Bombay Stock Exchange benchmark Sensex shed early gains to trade lower by over 214 points at midsession.Source: Daily News & Analysis: Money News | 11 May 2009 | 9:15 am Dassault to trim US staff, cut output in FranceGeneva: French aircraft maker Dassault Aviation said on Monday that it would cut jobs in the US and send workers in France on forced leave to cope with the economic slowdown. The terms of the forced leave are under negotiation and should result in about 2,000 production staff in France being laid off for three-and-a-half days a month between end September and the end of the year, said Charles Edelstenne, chairman of the French aerospace group. In the US, hundreds of jobs will go from the current staff strength there of 2,500 to 3,000. The job cuts “will be progressive”, Edelstenne said at the business aviation exhibition Ebace in Geneva, without specifying a timeline. The group had informed its staff welfare body that it may impose forced leave in France. It marks the first time since the aviation sector crisis in 1990-1991 that Dassault has been forced to take such action. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 9:11 am Suzuki to eke out profit, green strategy a concernTOKYO (Reuters) - Japan's Suzuki Motor Corp escaped a loss in the final quarter thanks to growth in its main Indian market, but forecast an 87 percent drop in profit this year citing slumping global demand and a stronger yen.Source: Reuters: Money News | 11 May 2009 | 9:10 am ONGC to pump Rs6,000 cr to raise output from offshore fields Mumbai: With output falling from its ageing Mumbai High and other Western Offshore fields, state-run Oil and Natural Gas Corp (ONGC) will invest Rs6,000 crore in new and existing fields in this fiscal to raise output. “Our capex for development of Western and Eastern Offshore fields for this fiscal is Rs 6,000 crore. It will be funded from internal accruals,” a top company official said. The explorer is currently developing its eastern offshore Krishna Godavari basin finds, G1 and GS 15. “GS 15, a shallow-water field will flow first gas from April next year. G1 will take time as it is a deepwater field, but will start production from April 2011,” the official told PTI here. ONGC envisages a production of 0.982 million tonnes (MMT) of sweet or low-sulfur crude and 5.92 billion cubic metres (bcm) of gas over a period of 15 years from G1 and GS 15. “The two fields put together will produce two million standard cubic metres per day (mmscmd) of gas. The onshore oil and gas processing terminal at Odalarevu, on the coast of Andhra Pradesh, is ready,” he said. The gas to be produced has still not been tied up for sale, the official said, adding that the company hopes to sell it at market determined rates. G1 is located 28 kilometers off Amalapuram coast in water depths ranging from 135 to 500 meters, while GS 15 is located 5 kilometers from the coast in KG basin. So far, nine exploration wells have been drilled in G-1 and eight wells have been drilled in GS 15. The upstream firm is simultaneously developing Vasishtha and S1 fields in KG basin, which are projected to produce nearly six mmscmd of gas from 2013-14. Reservoir pressure at ONGC’s two-decade old fields has declined with continuous production, prodding it to embark on major development and redevelopment of new and marginal fields in Western Offshore (WO). In WO, it has begun development of C-Series, B-22 Cluster, B-193 Cluster, Heera/South Heera and other marginal fields. The Board has also approved the phase II redevelopment of Mumbai High South and Mumbai High North. “After redevelopment of Mumbai High South, our oil and gas output will increase by 3.5%,” the official said. ONGC is targeting gas output of around 60 mmscmd this fiscal, same as in the past three years. Besides, it produces nine mmscmd from its joint venture in Panna and Mukta fields in WO. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 9:01 am India joins Montreal Convention on compensating air passengersIndia has become the 91st member of the Montreal Convention on Civil Aviation that imposes strict penalties on carriers for the death of passengers due to negligence and fixes higher insurance premium towards air disasters.Source: IndiaeNews.com: Business News | 11 May 2009 | 9:00 am Markets under pressure, Sensex slips 248 pointsIndian equities markets were under pressure and fell sharply Monday afternoon, with a key index ruling 239 points lower than its previous close about 90 minutes before the closing bell.Source: IndiaeNews.com: Business News | 11 May 2009 | 9:00 am Pressure on NIMs due to slow credit growth: SBIState Bank of India (SBI) reported net interest income (NII) below estimates at Rs 4,842 crore, net profit however, came in way ahead of expectations. OP Bhatt, Chairman of SBI said that There is a huge growth of deposit that we are having, but the growth in credit is not commensurate.Source: Moneycontrol Top Headlines | 11 May 2009 | 8:57 am Campaigning for final phase of LS polls ends todayNew Delhi: Campaigning for the final phase of Lok Sabha elections ends Monday across nine states and Union territories, even as political groupings strove to make friends out of foes ahead of the 13 May polls. Congress’ P Chidambaram and Mohd Azharuddin, BJP’s Maneka Gandhi, Varun Gandhi, Mukhtar Abbas Naqvi and Vinod Khanna, DMK’s T R Baalu, A Raja, Dayanidhi Maran and M K Azhagiri, MDMK’s Vaiko, Trinamool Congress chief Mamata Banerjee and SP’s Jayaprada are among the prominent candidates in this phase of election. Telangana Rashtra Samiti, which contested the elections in Andhra Pradesh as part of the Third Front, Sunday appeared in the company of NDA leaders at a public meeting in Ludhiana. The Left Parties, whom Congress general secretary Rahul Gandhi had sent feelers to for a post-poll tie-up, have indicated that they too were keeping options open. “Let the elections be over. Let the results come...After 16 May, we will see,” said CPI-M general secretary Prakash Karat, whose party had withdrawn support to the Congress-led UPA over the Indo-US civil nuclear deal. Elsewhere, Jayalalithaa denied that the AIADMK was in secret talks with others for an alliance. Congress leader Mani Shankar Aiyar, BJP’s Navjot Singh Sidhu, Sajjad Gani Lone of the People’s Conference and Tamil actor M Karthik are also among the prominent contestants in the final leg. Elections would be held to four seats in Himachal Pradesh, two in Jammu and Kashmir, nine in Punjab, all 39 in Tamil Nadu, 14 in Uttar Pradesh, 11 in West Bengal, five in Uttarakhand and the lone one seat each in both Chandigarh and Puducherry. Uttar Pradesh and Jammu and Kashmir are the only states to go to the polls in all the five phases. So far, elections have been completed to 457 seats since the exercise began on 16 April. The Lok Sabha has 545 members, but polls are held only to 543 seats, as two members are nominated from the Anglo-Indian community. Tamil Nadu would see an intense battle, as the DMK-Congress combine is trying to defend its record of sweeping all the 39 seats in the 2004 elections. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 8:54 am Gujarat NRE Coke secures $50 million loan - Business Standard
Source: Google News India - Business | 11 May 2009 | 8:52 am Ericsson, Huawei shortlisted for BSNLs $6b GSM contractSwedish equipment major Ericsson and Chinese manufacturer of telecom gear Huawei have been shortlisted by Bharat Sanchar Nigam Ltd for its mega 93millionline cellular project. The project size is estimated to be around $6 billion, making it the single largest contract in the world.Source: Moneycontrol Top Headlines | 11 May 2009 | 8:50 am HSBC says Q1 profits up, investment banking strongLONDON (Reuters) - HSBC Holdings, Europe's biggest bank, said its first quarter profits were "well ahead" of last year, swelled by record results in its investment bank arm and gains on the value of its own debt.Source: Reuters: Money News | 11 May 2009 | 8:50 am Situation across border not good: PMAmritsar: Noting that the situation across the border is “not good”, Prime Minister Manmohan Singh on Monday said the UPA government has initiated talks with Pakistan on the issue of imposition of religious tax on minorities in that country’s tribal areas. “The minorities are facing problems in neighbouring Pakistan...Jazia (religious tax) is being imposed on minorities...we have started talks with Pakistan on the issue,” the Prime Minister said addressing a rally on the concluding day of campaigning for 13 May polling. “We will take appropriate and necessary steps on the issue of imposition of jazia in neighbouring country on minorities,” he said. The ministry of external affairs had last month summoned a diplomat of Pakistan High Commission to register its unhappiness over Sikhs being driven out of their homes by the Taliban for failing to pay jazia. Indian High Commission in Islamabad also conveyed similar views to Pakistan Foreign Office there. Maintaining that the situation across the border is not good, Singh said “we will at no cost bear anything against us.” India, he said, wanted friendly and cordial relations with its neighbouring countries. Asserting that the UPA managed to check price rise during economic meltdown, he said “the Congress has got the experience to handle such situations.” Singh said the Centre will find out new means for the benefit of farmers, labourers and industry and stressed that during the period of economic recession it is only the Congress which can show the right path to the country. “Our government is capable of facing the problem of unemployment,” he said adding the Centre had started many new projects for the generation of employment. “Our progress is better than several countries,” he said, adding the Centre had started a programme to provide employment at the rural level. Highlighting the achievements of his government, Singh said the UPA government raised the budget allocation for education. An Indian Institute of Technology (IIT) was approved for Punjab in Ropar which is linked with IIT Delhi, he said adding two new universities have also been sanctioned for Amritsar and Bathinda. He said the Centre has disbursed a grant of Rs100 crore for the Punjab Agricultural University (PAU).Besides a new institute of bio-technology has been approved at Mohali, he added. Singh said the priority of his government has been development of villages and improving the lot of farmers. “Our government doubled the Minimum Support Price (MSP) of wheat from Rs630 per quintal to Rs1080 per quintal,” he said adding the MSP of cotton was hiked from Rs1725 per qunital to Rs3000 per quintal. While the UPA always strived that the benefit of country’s progress goes to farmers, the BJP government at the Centre “never benefited the peasants,” he said. “The NDA and its ally Shiromani Akali Dal (SAD) always failed to protect the interests of farmers,” he said, adding “the SAD-BJP are indulging in publication of false advertisements in newspapers.” He said on Amritsar — the pride of Punjab - the Centre had spent Rs3150 crore on various schemes for better facilities. The Centre has given Rs120 crore for the upgradation of Amritsar medical college and a sum of Rs150 crore is being spent on Rajasansi airport in Amritsar.A bus service has been launched for Nankana Sahib in Pakistan. Singh said the government is celebrating the 300 years of Guru Granth Sahib on which several programmes are lined up. He said several railway projects, including Chandigarh-Morinda which will be extended till Ludhiana and doubling of the 143 km Jalandhar-Jammu rail link have been undertaken. At Wagah border, an international check post at a cost of Rs87 crore has been set up, he said, adding the government has laid special stress on development of border districts. He added that he was able to serve the people “due to love of all bestowed upon me and due to education.” Source: LatestNews-Home - Livemint.com | 11 May 2009 | 8:45 am Promoters hike stakes in 2 out of 5 cos in 200809When the foreign institutional investors were busy selling in the equity markets for the better part of last year, promoters werent exactly sitting idle.Source: Moneycontrol Top Headlines | 11 May 2009 | 8:40 am CIA and ISI together created Taliban, says ZardariWashington: In a new revelation, Pakistan President Asif Ali Zardari has said that the CIA of the United States and his country’s ISI together created the Taliban. “I think it was part of your past and our past, and the ISI and CIA created them together,” Zardari told the NBC news channel in an interview. In the interview, which was given to the NBC on 7 May, Zardari also accused the US of supporting the military rule of Pervez Musharraf who was alleged to be taking sides of the Taliban. He disagreed with the popular belief in the US that the Pakistan military and intelligence services still have sympathies for the Taliban. “I think General Musharraf may have had a mindset to run head and hand with the hound but certainly not on our watch. We don’t have a tough process at all,” Zardari said. Asked about the influential role of the Pakistan Army, Zardari said he is in control of everything in the country, including the military. “The Parliament has final say. It’s the Parliament form of government, and I am a product of the Parliament,” he said. Earlier, Zardari in an another interview had said that India was not a “threat” to his country and that Pakistan had moved some of its forces from its Indian border to western frontier to eliminate Taliban in its tribal belt. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 8:34 am BHEL to reenter wind energy bizBHEL has decided to reenter the wind energy business in a big way this year. The focus would be on equipment manufacture.Source: Moneycontrol Top Headlines | 11 May 2009 | 8:31 am Gujarat NRE's Australian arm secures $50-mn loanGujarat NRE Minerals, the Australian subsidiary of metallurgical coal producer Gujarat NRE Coke, has secured a $50-million long-term bank loan facility with its parent standing as the guarantor, a company release said Monday.Source: IndiaeNews.com: Business News | 11 May 2009 | 8:31 am JSW Steel production up 60% in April - Business Standard
Source: Google News India - Business | 11 May 2009 | 8:27 am ANALYSIS - Fuel traders put faith in UAE as fourth trading hubSINGAPORE/DUBAI (Reuters) - The United Arab Emirates is well on its way to becoming the world's fourth major fuel trading hub, making the region as important a swing factor in gasoline and diesel markets as it has long been for crude.Source: Reuters: Money News | 11 May 2009 | 8:25 am Growth in India raises Suzuki Q4 profit of$106 mnTokyo: Japan’s Suzuki Motor Corp said on Monday it escaped a loss in the final quarter thanks to growth in its main Indian market, but forecast an 87% drop in profit this year as slumping global demand and a strong yen take their toll. Suzuki, a maker of compact cars such as the Swift hatchback, has been relatively shielded by its big exposure to India where it controls about half of the car market through local unit Maruti Suzuki India Ltd. With its best-selling Alto and new models such as the A-Star and Swift DZire, Maruti’s sales rose for the fourth straight month in April in contrast to trends in the United States and Japan, which have pummelled other Japanese carmakers such as Toyota Motor Corp and Honda Motor Co. Even in Japan, Suzuki is benefiting from a shift in consumer preference towards the 660cc minivehicle segment, which it dominates with Toyota unit Daihatsu Motor Co. Suzuki and Daihatsu overtook Nissan Motor Co to rank second and third in Japan after Toyota in the last financial year. Suzuki booked a fourth-quarter operating profit of ¥10.45 billion ($106 million), down 68% from the previous year but beating a consensus estimate of a ¥2 billion profit in a survey of 17 analysts by Thomson Reuters. Net profit fell 54% to ¥5.8 billion, while revenue declined 27% to ¥670.2 billion. For the year to 31 March, 2010, Suzuki expects an operating profit of ¥10 billion, far short of a consensus forecast of a ¥42 billion profit, and a net profit of ¥5 billion. Its typically conservative forecasts are based on an assumption that the dollar and euro will average ¥90 and ¥115, respectively. Shares of Suzuki have jumped more than 60% in the year to date, far better than a 44 percent rise in Tokyo’s transport subindex . Source: Home - Livemint.com | 11 May 2009 | 8:24 am Frontline stocks overvalued? Investors should wait and watch - Economic Times
Source: Google News India - Business | 11 May 2009 | 8:19 am 6 cos interested in leasing Ratnagiris LNG terminalReliance Industries Ltd and five others have envisaged interest in the erstwhile Dabhol project, now called Ratnagiri Gas Power Pvt Ltd (RGPPL), for leasing the liquefied natural gas terminal of RGPPL.Source: Moneycontrol Top Headlines | 11 May 2009 | 8:17 am Bharti Airtel becomes India’s biggest music companyManchester: Indian telecom giant Bharti Airtel has now become the country’s biggest music company, overtaking the industry leader Saregama, on the back of its music-related value-added mobile services, a top executive has said. “Music Bharti has become the largest music company in India, overtaking Saregama India Ltd in terms of revenue,” Bharti Airtel’s Deputy CEO Sanjay Kapoor said. While Kapoor did not disclose the exact revenue earned by Music Bharti, which provides music services like hello tunes, call-back tunes and music on demand, Saregama had a annual revenue of about Rs150 crore in the fiscal ended 31 March, 2008. Bharti Airtel, flagship company of Sunil Mittal-led Bharti Group, recently entered into an exclusive multi-million dollar deal with Machester United here, under which it would offer its mobile subscribers access to the mobile content related to the British soccer club. “We are growing fast in the music segment,” Kapoor said, adding there was huge growth potential for the company in other value-added service segments like mobile commerce also. “About 80% of Indians are unbanked and mobile-commerce, as also money transfer through mobiles, would bring in financial inclusion,“ Kapoor said. “These services are catching up very fast among Indians and have a huge potential for generating revenues at Bharti Airtel,” he added. Late last year, Bharti Airtel had bagged the ‘Best Mobile Music, TV or Video Service´ award at the GSMA Asia Mobile Award 2008 at Macau. Airtel’s Music-On-Demand was awarded for creating a uniquely intuitive, personalised user experience of music on mobile. Airtel had bagged the prestigious award among stiff competition from global leaders such as Telstra Corporation, Australia, Geodesic Inc, US, Artificial Life Inc, Hong Kong and Gracenote, US. The company was also recognised as the best among its global peers for its Music-On-Demand service. At that time, the company had said, “At Airtel, we believe that music in its various forms, genres strikes a universal chord with mobile users. Today an increasing number of customers are looking at the mobile as their single device for all entertainment needs.” Source: Home - Livemint.com | 11 May 2009 | 8:17 am Car sales rise for third month, but recovery distantNew Delhi: Car sales in India rose for a third straight month in April, helped by lower borrowing costs, rural demand and the government’s stimulus measures, but industry officials said a lasting recovery was still distant. Data from the Society of Indian Automobile Manufacturers (SIAM) released on Monday showed automakers sold 102,899 cars in April, 4.2% higher than a year earlier. Car sales had slid for four months, before starting to rise in February. Emerging markets like China, India, Russia and South America are seen as long-term growth markets for global automakers, but job losses and wage cuts in the wake of the financial crisis along with tight financing conditions have dampened vehicle sales in India since mid-2008. India cut factory gate taxes and the Reserve Bank of India slashed its key lending rate by 4.25 percentage points since last October to 4.75% to revive demand, but an industry official said more government measures were needed to sustain the sales momentum. ”We have to be careful before saying there are signs of revival. The fundamentals are still weak,” said Sugato Sen, a senior director at SIAM. ”In the next few months, unless further positive policy intervention is there, things will not improve.” The industry body has forecast passenger vehicle sales in the current financial year to March 2010 to rise between 3% and 5%. Maruti Suzuki, which sells one of every two cars sold in the country, led the growth in April with an 8.6% rise in sales. Rival Hyundai’s India sales rose 3.5% and No. 3 Tata Motors’ car sales were little changed from a year earlier. Car makers are launching new models to attract customers and beat the slowdown. Maruti, in which Japan’s Suzuki owns a controlling stake, is launching its new Ritz hatchback on Friday, while sales of Tata Motors’ much-awaited Nano small car would start in July. Tata has said it received about Rs25 billion ($500 million) from the advance bookings of Nano, dubbed as the world’s cheapest car and the first 100,000 owners would be selected by a lottery. Sales of trucks and buses, which are more linked to the pace of economic activity, fell 11.3% in April to 29,842 units, continuing the downward trend. SIAM has forecast their sales to rise 7% to 10% in 2009-10, but on Monday SIAM officials said the recovery had not yet begun in that segment. Ashok Leyland, the second-largest commercial vehicle maker, said on Monday its sales in April plummeted 69%. Motorcycle sales rose an annual 12.1% to 562,357 units in April, helped by demand from small towns and rural areas. Source: Home - Livemint.com | 11 May 2009 | 8:11 am Nasa set for shuttle launch to Hubble telescopeCape Canaveral: The US space agency said it was on target to launch Monday the space shuttle Atlantis on its high-risk final mission to service the Hubble telescope. “Atlantis is ready to fly,” said Nasa test director Charlie Blackwell-Thompson, adding that the countdown to launch was proceeding on schedule, with liftoff expected Monday at 2:01 pm . Weather forecasters said there was a 90% chance of favorable conditions for the launch from Kennedy Space Center in Cape Canaveral, Florida. The 11-day shuttle mission aims to provide the fifth and last maintenance operation to the Hubble before the shuttle fleet is retired, and if successful Nasa has said the mission would extend the star-gazer’s life by at least five years. The Hubble’s servicing will entail five space walks, each lasting up to seven hours. Crew members plan to replace the telescope’s six gyroscopes and batteries and upgrade its optical instruments. Launched in 1990, Hubble has long been considered the greatest tool in the history of astronomy. Using powerful instruments to peer into deep space, it has provided profound insights into the origins and evolution of the universe. But National Aeronautics and Space Administration experts stressed that the Atlantis mission carries heavy risks. “This will be the most challenging servicing mission that’s been faced by our astronauts in terms of the total amount of work,” said Preston Burch, mission manager. A journey to the 11-ton Hubble carries more risk of being hit by space debris or micrometeorites than a flight to the International Space Station, as the telescope orbits at almost twice the height of the ISS. Officials hope the mission will allow Hubble to keep functioning until 2014, when it is due to be replaced by the James Webb Space Telescope, a highly sophisticated space telescope with an eagle-eye camera. “If successful we will be entering our second quarter century. That’s not bad for a mission that we hoped will last for 10 to 15 years,” said Ed Weiler, associate administrator of Nasa’s science missions directorate. Hubble “will be more powerful and robust than ever before and will continue to enable world class science for at least another five years an overlap with the James Webb Space Telescope” its successor, he added. The crew will carry out a variety of tasks including replacing electronic circuit boards, said scientist Dave Leckrone. Astronauts will also install a new imaging camera and a Cosmic Origins Spectrograph — an especially sensitive instrument designed to split light it captures into individual wavelengths. The spectrograph, Nasa says, will not only be able to study stars, planets and galaxies but also basic elements found throughout the cosmos, such as carbon and iron. And the new instruments will allow Hubble to peer even further back into time, perhaps as far back as some 600 million years before the Big Bang, much further than the billion years it can reach back now. The maintenance is overdue after the years-long delay for US space flights since the 2003 Columbia disaster that saw the shuttle disintegrate as it re-entered Earth’s atmosphere, killing all seven crew members. Last year a flight by the shuttle Atlantis to the telescope had to be twice rescheduled after it had a computer failure onboard. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 8:07 am Nasa set for shuttle launch to Hubble telescopeCape Canaveral: The US space agency said it was on target to launch Monday the space shuttle Atlantis on its high-risk final mission to service the Hubble telescope. “Atlantis is ready to fly,” said Nasa test director Charlie Blackwell-Thompson, adding that the countdown to launch was proceeding on schedule, with liftoff expected Monday at 2:01 pm . Weather forecasters said there was a 90% chance of favorable conditions for the launch from Kennedy Space Center in Cape Canaveral, Florida. The 11-day shuttle mission aims to provide the fifth and last maintenance operation to the Hubble before the shuttle fleet is retired, and if successful Nasa has said the mission would extend the star-gazer’s life by at least five years. The Hubble’s servicing will entail five space walks, each lasting up to seven hours. Crew members plan to replace the telescope’s six gyroscopes and batteries and upgrade its optical instruments. Launched in 1990, Hubble has long been considered the greatest tool in the history of astronomy. Using powerful instruments to peer into deep space, it has provided profound insights into the origins and evolution of the universe. But National Aeronautics and Space Administration experts stressed that the Atlantis mission carries heavy risks. “This will be the most challenging servicing mission that’s been faced by our astronauts in terms of the total amount of work,” said Preston Burch, mission manager. A journey to the 11-ton Hubble carries more risk of being hit by space debris or micrometeorites than a flight to the International Space Station, as the telescope orbits at almost twice the height of the ISS. Officials hope the mission will allow Hubble to keep functioning until 2014, when it is due to be replaced by the James Webb Space Telescope, a highly sophisticated space telescope with an eagle-eye camera. “If successful we will be entering our second quarter century. That’s not bad for a mission that we hoped will last for 10 to 15 years,” said Ed Weiler, associate administrator of Nasa’s science missions directorate. Hubble “will be more powerful and robust than ever before and will continue to enable world class science for at least another five years an overlap with the James Webb Space Telescope” its successor, he added. The crew will carry out a variety of tasks including replacing electronic circuit boards, said scientist Dave Leckrone. Astronauts will also install a new imaging camera and a Cosmic Origins Spectrograph — an especially sensitive instrument designed to split light it captures into individual wavelengths. The spectrograph, Nasa says, will not only be able to study stars, planets and galaxies but also basic elements found throughout the cosmos, such as carbon and iron. And the new instruments will allow Hubble to peer even further back into time, perhaps as far back as some 600 million years before the Big Bang, much further than the billion years it can reach back now. The maintenance is overdue after the years-long delay for US space flights since the 2003 Columbia disaster that saw the shuttle disintegrate as it re-entered Earth’s atmosphere, killing all seven crew members. Last year a flight by the shuttle Atlantis to the telescope had to be twice rescheduled after it had a computer failure onboard. Source: Tech News - Livemint.com | 11 May 2009 | 8:07 am Sensex falls 240 points in mid-sessionSensex shed early gains to trade lower by over 214 points at midsession today, with the outcome of the Lok Sabha elections casting a shadow on trading sentiment.Source: India Business News | Business News - Times of India | 11 May 2009 | 8:00 am Indian property struggles as funds stay awayMUMBAI (Reuters) - India's troubled property developers are seeing early signs of a rebound, but high debt costs and a lack of private equity funding suggest a sustained recovery is unlikely for some time.Source: Reuters: Money News | 11 May 2009 | 7:38 am Noon: Sensex extends losses to over 1% on poll worryMumbai: The BSE Sensex extended losses to more than 1% on Monday afternoon, weighed down by political uncertainty ahead of general election results this weekend. At 12:33pm, the 30-share BSE index was down 1.1% at 11,742.64 points, with 25 stocks declining, after rising as much as 1.3% in early trade and the 50-share NSE index was down 1.3% at 3,574.10. Sensex was choppy erasing early gains of more than 1%, as uncertainties ahead of national election results on 16 May tempered rising optimism about the global economy. Leading financials State Bank of India, which posted 46% jump in quarterly profit on Saturday, and smaller rivals ICICI Bank, HDFC Bank were among the major gainers. By 11am, the 30-share BSE index was up 0.05% at 11,882.96 points, after turning briefly negative, with energy giant Reliance Industries that has the heaviest weight in the index edging up 0.04%. The 50-share NSE index was down 0.4% at 3,606.60. The benchmark, which is up about 50% from its 2009 low in early March, rose as much as 1.3% in early deals, but fell back as investors were concerned about the poll results throwing up a unstable coalition. Thirteen of the index components rose, while in the broader section gainers led losers 1,007 to 912 on relatively moderate volume of 117 million shares. Analysts said despite the widespread caution till the political outlook becomes clearer, some investors who had missed a nine-week rally were trying to make amends by building long positions. ”Those who are looking at the market from a medium to longer term perspective will be looking to enter the market now as they may have been left out earlier,” Gajendra Nagpal, chief executive of Unicon Financial Intermediaries in New Delhi, said. “At the same time, some will be taking profits on the recent rally as the in the near term, the market is a bit overstretched,” he said. Traders said investor sentiment was also helped by a rise in US stocks on Friday as bank stress test results and reassuring US jobs data fuelled hopes the worst was over for banks and the economy. Private-sector lender ICICI Bank rose 3.4% to Rs538.35, while rival HDFC Bank advanced 1.1% to Rs1,156. Government-run State Bank of India, the country’s largest lender, gained 0.9% to Rs1,337. Asian shares rose on Monday, with Japan’s Nikkei up 0.01%, while MSCI’s measure of other Asian market rose 0.9%. Source: Home - Livemint.com | 11 May 2009 | 7:20 am Markets slide into red after green startIndian equities markets around Monday noon slipped just below the last closing figure, with a key index falling 26 points lower than its previous close as profit booking kicked in.Source: IndiaeNews.com: Business News | 11 May 2009 | 7:00 am Asia markets extend gains on fewer US job lossesHong Kong: Asian stocks were mostly higher on Monday as news of fewer job losses in the US gave investors more confidence the world’s largest economy was headed toward recovery. Gains across most of the region added to a two-month rally that’s showing few signs of abating as expectations grow for an end to the global slump by year’s end. Asian bank shares rose after their struggling US peers advanced Friday amid relief over the government’s “stress tests,” while the dollar climbed against the yen. Oil prices, moderately lower, were still trading near this year’s peak. The latest dose of less dreary news came from a key monthly job report showing US employers axed 539,000 jobs last month. It was the lowest in six months and far fewer than forecast, feeding a theme of recovery that has emboldened bullish investors of late. While many analysts say recent improvements in the economy may not justify the swift rise in equity prices, hot money flowing from mutual funds and other big investors could put off any correction in the market for weeks or months. “I wouldn’t say things are getting better, but they are getting less worse. We are starting to see some stabilization,” said Andrew Orchard, Asia strategist for Royal Bank of Scotland in Hong Kong. “The concerns long-term are we may overshoot and predict a recovery too quickly.” Hong Kong’s Hang Seng climbed 289.20, or 1.7%, to 17,679.07, and South Korea’s Kospi was 0.3% higher at 1,415.99. Japan recouped losses to edge higher, with the Nikkei up 10.62 points, or 0.1%, at 9443.45. Weighing on the broader market were automakers after Toyota reported its worst-ever annual loss and forecast an even bigger losses this year. Toyota shares were down 4.8%. Elsewhere, Taiwan and Indian benchmarks rose, while those in Shanghai and Australia were modestly lower. In New York on Friday, investors consoled by the government’s bank tests and the jobs report sent the Dow up 164.80 points, or 2%, to 8,574.65. The Standard & Poor’s 500 index rose 21.84, or 2.4%, to 929.23, and the Nasdaq composite index rose 22.76, or 1.3%, to 1,739.00. Wall Street looked to give back some of its gains after US futures fell. Dow futures were down 46 points, or 0.5%, to 8,470, while S&P futures were down 5.7 points, or 0.6%, to 919. Oil prices were lower in Asia trade after charging higher last week, with benchmark crude for June delivery down 38 cents to $58.25. On Friday, the contract rose $1.92 to settle at $58.63 a barrel, the highest level this year. Source: LatestNews-Home - Livemint.com | 11 May 2009 | 6:54 am Aurobindo Pharma up 2% on Australian nod - Business Standard
Source: Google News India - Business | 11 May 2009 | 6:45 am Copper futures down - Hindu Business Line
Source: Google News India - Business | 11 May 2009 | 6:28 am China confident on upturn; markets rise with cautionBEIJING/SHANGHAI (Reuters) - China added to the drip-feed of encouraging news on Monday with a top central banker saying the government's stimulus has worked better than expected and crude imports data showing a spike in demand.Source: Reuters: Money News | 11 May 2009 | 6:24 am GMR Infra to raise Rs 5000 cr via QIP - Press Trust of India
Source: Google News India - Business | 11 May 2009 | 6:03 am Satyam no more a worthy rival of InfosysNew York: Scam-hit Satyam Computer may have embarked upon a revival path under the new owner Tech Mahindra, but it seems to have lost its place among the noteworthy competitors of its rival Indian IT service provider Infosys. Before it was hit by the country’s largest ever corporate fraud, admitted to by its founder and the then chairman B Ramalinga Raju in January, Satyam had been a regular on the list of competitors mentioned by Infosys in its annual report filings with the US market regulator Securities and Exchange Commission. However, Satyam’s name is conspicuously absent on Infosys’ latest annual report filing for the financial year ended 31 March. Both Infosys and Satyam are listed in the US - Infosys on the Nasdaq and Satyam on the New York Stock Exchange or NYSE. In its annual report filings, Infosys had been saying that it operates in “a highly competitive and rapidly changing market”, while listing out among its rivals the names of Indian IT service providers such as TCS, Wipro, Satyam, HCL Technologies; business process outsourcing or BPO firms like Genpact and WNS; and global players like IBM, HP, Cap Gemini, Oracle and SAP. Source: Home - Livemint.com | 11 May 2009 | 5:48 am Corporate learning biz shrouded by uncertainty: NIIT - Moneycontrol.com
Source: Google News India - Business | 11 May 2009 | 5:41 am Car sales up four percent in AprilDomestic car sales grew 4.2 percent in April to 102,899 units from 98,752 units the corresponding month the previous year, a leading industry body said Monday.Source: IndiaeNews.com: Business News | 11 May 2009 | 5:30 am Rupee at 3-month high on weak dollarMumbai: The rupee rose to its strongest in three months on Monday, buoyed by broad losses in the dollar overseas, while an early rise in domestic shares raised expectations for foreign portfolio inflows. At 10:25am, the partially convertible rupee was at Rs49.16/17 per dollar after climbing to Rs49.05, its highest since 17 February and stronger than its previous close of Rs49.285/295. “It has risen tracking the weakness in the dollar overseas, all Asian units are also stronger. The stocks would now be key,” a dealer with a foreign bank said. The dollar index fell to its lowest in four months, as investors emboldened by a smaller-than-expected fall in US jobs, diversified into other currencies. Most Asian currencies were also higher against the dollar. Indian shares climbed more than 1% tracking gains in some Asian markets and rising hopes for a recovery in the global economy. The rupee had risen 1.5% last week, its eighth rise in the past nine weeks during which the stock market firmed nearly 50% from its 2009 lows. Foreign funds bought a net $1.5 billion of shares in April, and added nearly $700 million in the first four days last week, data showed. One-month offshore non-deliverable forward contracts were quoting at Rs49.16/26, stronger than its onshore spot rate, indicating a bullish near-term outlook for the currency. Source: Home - Livemint.com | 11 May 2009 | 5:24 am Markets start in positive zoneTrading at Indian equities markets started on a positive note Monday with a key index 83 points above its last closing figure after opening higher in the morning.Source: IndiaeNews.com: Business News | 11 May 2009 | 5:01 am Fed's Lacker: govt safety net encouraged financial riskWASHINGTON/BEIJING (Reuters) - A Federal Reserve policy maker called on Monday for U.S. government protection of the financial industry to be rolled back because it had encouraged excessive risk taking at the heart of the current crisis.Source: Reuters: Money News | 11 May 2009 | 4:58 am Rupee up 22 paise against dollar in early tradeThe Indian rupee on Monday strengthened by 22 paise against the US currency in early trade on expectations of capital inflows by foreign funds amid weakening of dollar against other major currencies.Source: India Business News | Business News - Times of India | 11 May 2009 | 4:14 am Car sales up 4.20%, bikes jump 12.11% in AprilDomestic passenger-car sales increased by 4.20% in April to 1,02,899 units from 98,752 units in the same month last year.Source: India Business News | Business News - Times of India | 11 May 2009 | 4:01 am Comex gold futures likely to riseGold futures, ended lower on Friday on better economic sentiment amid news of a slowdown in the rate of US job losses prompted investors to take profits after a recent sharp rally. The US employers cut 5.39 lakh jobs last month, the fewest sinceSource: Business Line - Home Page | 11 May 2009 | 12:00 am A tale of two cerealsNew Delhi, May 10 Even as the Centre seems to be gradually releasing the brakes on rice and wheat shipments, the two cereals offer completely contrasting prospects forSource: Business Line - Home Page | 11 May 2009 | 12:00 am Investors likely to tread with caution awaiting poll resultsPossible outcome of elections, to be announced this weekend, will dominate the minds of punters this week. A feel of elections would be available mid-week when the final phase of voting would complete onSource: Business Line - Home Page | 11 May 2009 | 12:00 am 6 cos interested in leasing Ratnagiri’s LNG terminalNew Delhi, May 10 Reliance Industries Ltd and five others have envisaged interest in the erstwhile Dabhol project, now called Ratnagiri Gas & Power Pvt Ltd (RGPPL), for leasing the liquefied natural gas terminal of RGPPL.Source: Business Line - Home Page | 11 May 2009 | 12:00 am ABG Shipyard (Rs 150.80): BuyWe recommend a buy on ABG Shipyard from a short-term trading perspective. It is evident from the charts of ABG Shipyard that it has been trending upwards from its 52-week low of Rs 62 recorded in early February. Since this low, the stock has beenSource: Business Line - Home Page | 11 May 2009 | 12:00 am Study loans: Banks may tweak repayment termsMumbai, May 10 Banks are considering tweaking the repayment terms of education loans to help hard-pressed borrowers cope with the current cycle of economic downturn.Source: Business Line - Home Page | 11 May 2009 | 12:00 am Hind Unilever Q4 net rises 4%Mumbai, May 10 Hindustan Unilever Ltd has reported a rise of 4 per cent in net profit at Rs 395 crore (Rs 381 crore) in the fourth quarter of the financial year ended March 31, 2009. However, profit before interest and exceptional item was up 22Source: Business Line - Home Page | 11 May 2009 | 12:00 am Promoters hike stakes in 2 out of 5 cos in 2008-09BL Research Bureau When the foreign institutional investors were busy selling in the equity markets for the better part of last year, promoters weren’t exactly sitting idle.Source: Business Line - Home Page | 11 May 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 11 May 2009 | 12:00 am Marginal signs of recovery in manufacturing: SurveyNew Delhi, May 10 Indian Manufacturing sector is showing marginal signs of recovery, according to the Confederation of Indian Industries’ m-AsconSource: Business Line - Home Page | 11 May 2009 | 12:00 am Price cuts no volume help for HULHit by competitors cutting prices faster and distributors going slow on stocking, Hindustan Unilever reported a 4% year-on-year decline in FMCG volumes.Source: Daily News & Analysis: Money News | 10 May 2009 | 10:22 pm Cairn oil flow rides on ONGC approvalWhile Cairn India, subsidiary of UK-based Cairn Energy is in a position to start production from its three fields in Rajasthan, the process may get delayed.Source: Daily News & Analysis: Money News | 10 May 2009 | 10:20 pm Alcatel-Lucent, Huawei bag $400 million Unitech dealSources said the company has signed a memorandum of understanding with the two infrastructure providers for design, installation and management of its GSM network.Source: Daily News & Analysis: Money News | 10 May 2009 | 10:16 pm Rs 1200 crore project of ESIC yet to take offWork on the Rs 1,200 crore e-governance project granted by the Employees State Insurance Corporation (ESIC) to software services firm Wipro in March this year, is yet to take off.Source: India Business News | Business News - Times of India | 10 May 2009 | 7:26 pm Headcount of DLF down 22% in '08-09The country's largest real estate developer, DLF's, headcount was down by over 800 during 2008-09 from the year-ago period, but the company did not clarify if these employees were sacked.Source: India Business News | Business News - Times of India | 10 May 2009 | 7:20 pm DoT notifies number portability from SeptCome September, cellphone users in some parts of the country, including the four metros Delhi, Mumbai, Kolkata and Chennai, will have the facility to switch operators even while retaining their existing number.Source: India Business News | Business News - Times of India | 10 May 2009 | 7:18 pm Obama's tax will not impact BPOs: E&Y"The companies which outsource business to third parties will not be impacted (by the proposed tax move)," said Ernst & Young Tax Director Rajendra Nayak.Source: India Business News | Business News - Times of India | 10 May 2009 | 7:15 pm 'Satyam paid tax on fake interest'Satyam paid Rs 186.91 crore as tax over seven years on fictitious interest income on non-existent fixed deposits, said the Serious Fraud Investigation Office (SFIO) in its report on the accounting scam in the IT firm.Source: India Business News | Business News - Times of India | 10 May 2009 | 7:10 pm Manufacturing shows signs of recovery: CIIThe manufacturing sector is showing signs of recovery with key segments such as fertiliser, steel and two-wheelers returning to moderate growth from negative trends.Source: India Business News | Business News - Times of India | 10 May 2009 | 6:59 pm HUL profit rises 20% t0 Rs 457cr in Jan-MarHindustan Unilever (HUL) has reported a 20% rise in profit after tax before exceptional items (PAT bei) at Rs 457 crore in the January-March quarter of 2009, on a 6% growth in net sales which stood at Rs 3,988 crore.Source: India Business News | Business News - Times of India | 10 May 2009 | 6:52 pm Bennett, Coleman's private treaties business sees sharp value erosionEquity in listed firms sees 50% dip.Source: Business Standard | Front Page Headlines | 10 May 2009 | 6:45 pm Temasek, GIC stake rise in ICICI Bank under scrutinyThe finance ministry and the Reserve Bank of India (RBI) has asked the Securities and Exchange Board of India (Sebi) to examine whether a proposal by Temasek Holdings and Government of Singapore Investment Corporation (GIC) to increase their stakes in ICICI Bank would trigger the takeover code under which they would have to make an open offer to buy an additional 20 per cent.Source: Business Standard | Front Page Headlines | 10 May 2009 | 6:43 pm Demand revival? Don't hold your breath, say firms, analystsThe stock markets have looked up, corporate results have been better than expected, yet domestic companies are less than bullish about prospects of an early recovery. Most of them are worried about whether demand will be sustained this fiscal because the investment pipeline has narrowed and no greenfield projects are being planned.Source: Business Standard | Front Page Headlines | 10 May 2009 | 6:42 pm Press Notes 2, 3, 4 to be overhauledThe government is likely to significantly alter the controversial Press Notes 2, 3 and 4 in a couple of weeks to close loopholes that give firms leeway to exceed limits on foreign direct investment (FDI) in various sectors.Source: Business Standard | Front Page Headlines | 10 May 2009 | 6:41 pm Chandigarh planning multi-level parking lotsMulti-level parking facilities may come up soon in this city known for its architecture and urban planning, which also has the maximum vehicle density in the country.Source: IndiaeNews.com: Business News | 10 May 2009 | 4:00 pm Concept of damages is not punitive, it’s compensatoryVery often, in contractual disputes between parties, lawyers are asked to comment on the quantum of damages that the party which that has suffered a loss can claim against the other. The answer lies in the Indian Contract Act, 1872, read with a host of judicial pronouncements on this subject.  Illustration: Jayachandran / Mint In terms of the Contract Act, a party that suffers a breach is entitled to compensation for any loss or damage, which arose naturally in the usual course of things from such breach (general damages) or which the parties knew when they made the contract to be likely to result from the breach of the contract (special damages). No compensation can be awarded for any remote and indirect loss. The Supreme Court has laid down that once breach is established, damages must be proved, and in those cases where it is not possible to prove the precise quantum of damages, the claimant will be entitled to reasonable damages. These provisions, therefore, have the effect of excluding consequential loss, which does not arise in the usual course of things. An interesting and commonly cited example of consequential loss is the case of British Columbia Saw Mill Co. v. Nettleship—a man was on his way to be married to an heiress and on the way, the man’s horse lost a shoe. A blacksmith was employed to fix a new shoe but did the work so unskilfully that the horse became lame. The rider did not reach his wedding on time and the lady married another man. The blacksmith was sued and sought to be made liable for the loss of the marriage. The test of reasonableness will ultimately need to be met every time Contractual damages are not the only kind of damages that can be claimed in India. Damages for a breach of contract are different from damages for tortuous acts (where a civil wrong is committed by one person against the other outside a contract). The law of torts has not developed in India to the extent it has developed in countries such as the US or UK. The principle for awarding damages in tort is that such damages are awarded with the intention of putting the person who has suffered damages in the same position had the tortuous act not been committed. This could include the payment of punitive damages. However, the basic principle of damages under contract is to give a person the gains that were expected from the performance of the contract. The Contract Act also permits the parties to agree in their contract that, for a certain event of default, a pre-determined amount will be paid as damages. This is also commonly known as “liquidated damages”. Liquidated damages in a contract are a genuine pre-estimate of the reasonable compensation to which the non-defaulting party would be entitled in case of a breach. Liquidated damages have always been interpreted as the “ceiling” or the maximum that can be claimed. The Supreme Court has further explained that if parties to a contract specify an amount as liquidated damages, then, if breach is established, such amount will be deemed to be the damages payable, unless it is proved otherwise. Most commercial contracts today have a pre-determined formula for liquidated damages. In such cases, the party claiming the damages would be entitled to that amount without proving the actual loss or damage suffered by it and this would automatically serve to limit the liability for the breach. The Contract Act also specifies that liquidated damages will represent the maximum amount claimable even if a sum as penalty is provided as payable on breach. Historically, courts in India have been conservative while awarding damages for breach of contract. And even where liquidated damages have been agreed to between two contracting parties, the courts are normally called upon at the instance of a party to determine whether such amounts are reasonable and whether or not the entire amount should be awarded. Therefore, in contractual disputes for damages between two parties where they agreed to pay damages upon a breach at the time of execution of a contract, but courts would usually honour the intention of the parties—the test of reasonableness of damages will ultimately need to be met in all circumstances. Send your comments to lawfullyyours@livemint.com This column is contributed by Bharat Vansh Bahadur of AZB & Partners, Advocates & Solicitors. Source: World Business - Livemint.com | 10 May 2009 | 4:00 pm Signs of rising union influence, falling US competitivenessYou know how sometimes you have a week that starts out with a mediocre Monday, then Tuesday is pretty lousy, Wednesday is even worse, and everything goes downhill from there? A week so foreboding that you start to wonder whether you’re seeing the beginnings of a trend—and you hope you’re wrong?  Now, some might be thinking, “Here they go again, bashing organized labour because of its higher wage rates.” Not so fast, please. For the record, we are very much in favour of competitive wages and employees from the shop floor up having a voice in their companies. What we object to are union work rules, which tend to be rigid and adversarial and which almost always inject needless, gummy bureaucracy into organizations. Also See Jack and Suzy Welch’s videos Work rules kill productivity. We’ve seen it happen in industry after industry. Which brings us to the three events that have us concerned. The first is senator Arlen Specter’s defection to the Democratic Party. Of course, with all his politicking over the decades, Specter had proved that he wasn’t exactly a staunch Republican. In 2003 he was a co-sponsor of the Employee Free Choice Act. This legislation would facilitate union efforts—to put it mildly—by eliminating the secret ballot in which employees vote on whether they want to unionize, installing in its place a much more public “card check” system. The Act died in the Senate in 2007, but its revival this year was going strong. However, in March, when polls showed that Specter was already trailing in Pennsylvania’s 2010 Republican primary, he withdrew his support for the Bill, dealing what appeared to be a deathblow to its passage. Who knows what he’ll do next? With Specter’s new affiliation and Democrat Al Franken likely to soon win his long-running battle with Republican Norm Coleman over the ballot count in last November’s race for Minnesota’s senate seat, Senate Democrats could have the filibuster-proof 60 votes they need to pass the Employee Free Choice Act. And, given President Obama’s enthusiastic support of the legislation during the campaign, he can be expected to eagerly take out his pen and sign it into law. And so, hello to unionization efforts everywhere, and not just in the usual blue-collar sectors, but also in banks, insurance companies and every corner of the service sector. Hello again to the possibility of a return to the slow-moving, workers vs management dynamic that was common in the US before global trade heated up. Except that global competition is now fiercer than ever. The second worrisome event occurred in North Carolina on 29 April, when Bank of America Corp. shareholders, galvanized in part by strong union advocacy, voted chief executive officer (CEO) Ken Lewis out of his post as chairman. What’s so bad about that? Nothing—in terms of shareholder voice. We’re all for that. But ultimately, we don’t like or support dividing the two top executive roles between two people because it encourages dysfunctional, productivity-sapping “decision shopping”, where senior managers in search of backing for their initiatives play the CEO and chairman against each other. It also tends to undermine something that companies today need desperately—clarity. When there are two bosses, you usually get two messages. And then there’s the auto industry, which the government essentially proposed to hand over to the United Auto Workers on 30 April, when Obama forced Chrysler Llc. into federal bankruptcy protection. How ironic. According to the terms of the multiparty deal, the union, which certainly had a role in Chrysler’s undoing, will take ownership of half the company’s equity. General Motors Corp. (GM) seems to be going in the same direction. As Jack posted on Twitter, “Even France wouldn’t do this.” Look, we certainly don't know what happened behind closed doors in the Washington-Detroit negotiations. But the ease with which Chrysler’s large debt holders, such as JPMorgan Chase and Co., appeared to cave on a pennies-on-the-dollar deal might suggest that the Troubled Asset Relief Program was somehow involved. The government was wielding a big stick, and it wielded it in favour of the unions rather than following the conventions of traditional bankruptcy law. Is such a radical upending of the economic system good for business confidence and capital formation? It’s hard to imagine this turning out well. And so, we are beginning to feel afraid. In fact, very afraid. We believe that America needs to be more competitive than ever to bring an end to this recession. It looks like not everyone agrees. ©2009/BY NYT SYNDICATE Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller, Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com Please include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 10 May 2009 | 3:59 pm Vikram Pandit sees a bright future for CitiNew York: Promising a “bold, new beginning” towards a bright future of Citigroup Inc., chief executive officer Vikram Pandit has said concerns about its financial health have been put to rest by the US government’s stress test results. After conducting a stress test on 19 American banks, the US government has said 10 of them, including Citi, need to raise a total of $74.6 billion for “capital buffers” in the event of a deeper economic slump. Citi has been asked to raise $5.5 billion. Citi, which has received $45 billion from the US government so far as financial assistance, has exuded confidence about getting additional capital from the market, and has said it would not need any further Federal help. “The actions we have taken and the plans we have announced, together with the results of the stress test, should put questions about our financial strength behind us,” Pandit wrote in an internal memo. “I am looking forward to a bold new beginning for our company,” he said. In the memo, which is posted on the New York Times website, the Citi chief pointed out that the stress test was more critical for Citi than other financial institutions. The outcome, he said, “has created the transparency and confidence that we all need to move forward”. Source: World Business - Livemint.com | 10 May 2009 | 3:51 pm Yamuna Bank Metro opens, environmentalists up anteThe Yamuna Bank metro extension, a gateway to the east Delhi metro lines, was opened to the public here Sunday amid anxious attempts by environmental activists to stop further construction as it caused 'irreparable damage to the ecology'.Source: IndiaeNews.com: Business News | 10 May 2009 | 12:30 pm
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