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See holistic approach in policy framing: Rajya Sabha MPRajeev Chandrasekhar, Independent Member of Parliament (MP) at Rajya Sabha said Rahul Gandhi talked about public spending and the need to reform public spending. \"So my sense is that this is going to be a far more holistic approach and not just a budgetoriented approach.\"Source: Moneycontrol Top Headlines | 18 May 2009 | 3:14 pm Experts see new innovative fund raising products in FY10S Ramesh, ED, Kotak Investment Banking, expects some new fund raising products like domestic convertibles and exchangeables coming through this fiscal. Prashant Shetty, MD, IDFCSSKI, also sees some structured or innovative products coming in at this point in time.Source: Moneycontrol Top Headlines | 18 May 2009 | 2:43 pm New govt may put road projects on fast track: Feedback VenCommenting on the outlook of the infrastructure segment, Vinayak Chatterjee, Chairman of Feedback Ventures, said, Capital is not a constraint in infrastructure projects anymore. He said that the effective constraint is lack of bankable projects rather than capital.Source: Moneycontrol Top Headlines | 18 May 2009 | 1:00 pm Rupee soars 120 paise to 48.20 level in morning trade!The Indian rupee on Monday surged sharply by a whopping 120 paise to 48.20 against the US dollar on increased capital inflows after the Parliamentary elections gave a clear mandate for a single political party in India.Source: Zee News : Business | 18 May 2009 | 12:23 pm Economy no longer in free-fall: US govt!The US economy is no longer in "free-fall" but is not out of the woods yet, White House budget overseer Peter Orszag has said.Source: Zee News : Business | 18 May 2009 | 12:23 pm Lloyds Bank chairman to step down by June 2010!Lloyds Banking Group chairman Victor Blank will step down from his post by June 2010, the government-controlled banking giant has said.Source: Zee News : Business | 18 May 2009 | 12:23 pm Markets cheer UPA win, Sensex surges over 1,300 pts!With the Congress-led UPA getting enough numbers to form a stable and progressive govt at the Centre, buoyancy returned to the stock mks as both Sensex and Nifty surged.Source: Zee News : Business | 18 May 2009 | 12:23 pm Volkswagen halts tie-up talks with Porsche!Volkswagen, Europe`s largest carmaker, has halted tie-up talks with Porsche as it said its smaller peer and major shareholder was not ready for a merger.Source: Zee News : Business | 18 May 2009 | 12:23 pm Investors` wealth swells by Rs 4 lakh cr within seconds!Investor wealth soared by a whopping Rs four lakh crore within seconds of opening of trade on the Bombay Stock Exchange, as the markets were elated at the decisive win of the ruling UPA government in the General Elections.Source: Zee News : Business | 18 May 2009 | 12:23 pm AIG to seek Asian IPO for AIA!American International Group Inc (AIG.N) has said that it would accelerate plans to separate its Asian subsidiary through an initial public offering.Source: Zee News : Business | 18 May 2009 | 12:23 pm Gold tumbles as Sensex soarsGold lost some of its shine on Monday as its prices plunged by Rs 380 per 10 gram with investors returning to stock markets where the benchmark Sensex created history by zooming over 2,000 points in just a minute.Source: India Business News | Business News - Times of India | 18 May 2009 | 11:58 am 11 stocks defy trend; emerge as losers amid market surgeOn a day when the market made history with a surge of over 2,000 points, 11 stocks including Cinemax India ended up as losersSource: Daily News & Analysis: Money News | 18 May 2009 | 11:56 am TCS opens new centre in Uttar Pradesh - Hindu Business Line
Source: Google News India - Business | 18 May 2009 | 11:54 am Stocks surge forces mutual funds to decline transactions - Reuters India
Source: Google News India - Business | 18 May 2009 | 11:50 am Sectoral indices settle with hefty gains - Economic Times
Source: Google News India - Business | 18 May 2009 | 11:44 am FUND VIEW - Mutual fund managers term stx surge irrationalMUMBAI (Reuters) - A surge in Indian shares, that halted trade on Monday, has stunned fund managers who said the rise is unjustified and expecting immediate big bang reforms and a revival in the economy would be a mistake.Source: Reuters: Money News | 18 May 2009 | 11:44 am India rupee rises 3.2 pct; biggest gain in 11 yrs - Reuters India
Source: Google News India - Business | 18 May 2009 | 11:44 am Auto cos production likely to be hit by MRF plant lockout - Economic Times
Source: Google News India - Business | 18 May 2009 | 11:43 am Rupee rises 3.2 pct; biggest gain in 11 yrsMUMBAI (Reuters) - The rupee rallied 3.2 percent on Monday to post its biggest single-day gain in more than a decade after the ruling coalition won a clear election victory that boosted hopes for more capital inflows.Source: Reuters: Money News | 18 May 2009 | 11:41 am Stocks surge forces mutual funds to decline transactionsMUMBAI (Reuters) - The Association of Mutual Funds in India (AMFI) has asked money managers to declare Monday a non business day and not honour sale or redemption requests given a surge in stocks that lead to a trading halt, officials said.Source: Reuters: Money News | 18 May 2009 | 11:37 am Dr Reddy Q4 net down 3.8%, posts Rs 917 cr FY09 loss - Business Standard
Source: Google News India - Business | 18 May 2009 | 11:37 am Infosys: demand may revive in early 2010BANGALORE (Reuters) - Infosys Technologies Ltd expects outsourcing demand to revive in early 2010, but the current business environment was challening as slowing world economy crimped spending, its chief financial officer said.Source: Reuters: Money News | 18 May 2009 | 11:36 am Top firms add Rs2 trillion in a minute; RIL leads gainMumbai: The country’s top 10 firms witnessed an over Rs2.27 lakh crore addition to their market valuation, with Reliance Industries contributing the most to the club’s kitty, as the Bombay Stock Exchange benchmark Sensex recorded its historic single day gain on Monday. Mukesh Ambani-led Reliance Industries Ltd added Rs70,136 crore to its valuation in just a minute, taking its total market cap to Rs3,76,752 crore. Shares of RIL jumped over 20% to Rs2,350 on the BSE. The coveted club of top-10 valued firms, comprising six public sector companies and four private sector players, added Rs2,27,318 crore to take its valuation to Rs15,13,829 crore. At the end of Friday’s trade, the market cap of coveted club was Rs12,86,511 crore. The 30-share Bombay Stock Exchange Sensex zoomed 2,111 points and hit the upper circuit to close at 14,284.21 points. It surged 1,305.97 points at 13,479.39 in opening trade and hit the upper circuit following which trading was halted for two hours. After the trading was resumed, the Sensex soared 806 points at 14,284.21 which triggered a halt for the day. The shuffling in the elite club saw Bharti Airtel moving up one place to the third by adding Rs22,818 crore, while NTPC slipped to fourth after adding Rs18,470 crore. Market cap of Bharti Airtel stood at Rs1,74,645 crore and NTPC at Rs1,73,155 crore at the closure of trade today. Source: Home - Livemint.com | 18 May 2009 | 11:32 am Best ever post-election rally for Dalal Street - Economic Times
Source: Google News India - Business | 18 May 2009 | 11:31 am Gold tumbles as stocks shineNew Delhi: Gold lost some of its shine on Monday as its prices plunged by Rs380 per 10 gram with investors returning to stock markets where the benchmark Sensex created history by zooming over 2,100 points in just a minute. Investors shifting funds to equities saw the precious metal declining Rs380 to Rs14,650 per 10 gram in the national capital. Marketmen said rupee rising against the US dollar also cast a shadow on gold as an investment option. Standard gold and ornaments plunged by Rs380 each to Rs14,650 and Rs14,500 per 10 gram respectively and sovereign lost Rs50 at Rs12,400 per piece of eight gram. The metal had regained the psychologically important Rs15,000 level on 14 May. Gold has been on a rising spree after stocks lost its lustre in the wake global financial meltdown. In line with a general weakening trend, silver ready dropped by Rs300 to Rs22,000 per kg and weekly-based delivery by Rs500 to Rs22,150 per kg. Silver coins traded lower by Rs100 to Rs29,000 for buying and Rs29,100 for selling of 100 pieces. Source: Home - Livemint.com | 18 May 2009 | 11:31 am Lucknow gets TCS centreNew Delhi: Software exporter Tata Consultancy Services on Monday said it has opened a centre in Lucknow to develop solutions for global corporations and support the e-governance initiatives of Uttar Pradesh and Uttarakhand. The new centre in Lucknow, which is an addition the company’s global network delivery model has a capacity of 1,500 seats, the company said in a statement. TCS CEO and managing director S. Ramadorai said, “Lucknow is an integral part of the TCS’ strategy to invest in Tier II cities. The city has the potential to be a leader among the emerging IT destinations in India and it is this belief that has driven our strategy to invest in this area.” From Lucknow centre, TCS would develop and implement software solutions for global corporations countries like the US, Canada, the UK, Singapore and South Africa. The recent Nasscom and AT Kearney’s study on attractiveness and potential of 50 cities across India for IT-BPO operations listed Lucknow as a challenger after the top seven existing IT destinations. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 11:28 am Dr Reddy's says Q4 profit falls 3.7 pctNEW DELHI (Reuters) - Indian drug maker Dr Reddy's Laboratories Ltd posted a net profit of 1.56 billion rupees ($33 million) for its fiscal fourth quarter ended March 31, compared with 1.62 billion rupees in the year-ago period.Source: Reuters: Money News | 18 May 2009 | 11:18 am RBI to issue new Rs 20, Rs 1,000 notesThe Reserve Bank will shortly issue new currency notes in denominations of Rs 20 and Rs 1,000.Source: India Business News | Business News - Times of India | 18 May 2009 | 11:16 am Indian SMEs lead in energy-efficient IT investments: IBMNew Delhi: Indian small and medium enterprises (SMEs) are actively investing in building energy-efficient IT infrastructure and are ahead of their foreign counterparts, a survey said. Even in difficult economic times, Indian SMEs are eager to invest in technologies for reducing environmental impact, says an IBM-InfoTech Research Group survey. More than 55% of the Indian companies surveyed said they were going to or have already commissioned third-party environmental audits; purchased emission credits, and have made improvements in their supply chain efficiency to reduce energy consumption. “Green IT strategies are leading to savings in operational expenditure, lower space and power and higher ROI. The findings in this report highlight how mid-size companies are realising significant cost savings when they adopt Green IT initiatives,” IBM India/South Asia director (General Business) Ramesh Narasimhan said. About 63% of the Indian IT enterprises surveyed said they have deployed ‘Green’ server rooms to increase energy efficiency or have a pilot project underway. The survey included more than 1,000 IT executives across industries from companies with 100-1,000 employees. The survey spanned India, the US, Canada, France, Germany and the UK. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 11:15 am Apollo Tryes acquired Dutch tyre company - Economic Times
Source: Google News India - Business | 18 May 2009 | 11:13 am Reliance starts FCC unit at new plant - sourceNEW DELHI (Reuters) - Reliance Industries Ltd on Sunday started a 200,000 barrels-per-day Fluidised Catalytic Cracker (FCC) at its new 580,000 bpd refinery in Jamnagar, a trade source said.Source: Reuters: Money News | 18 May 2009 | 11:11 am Steel ind wants govt to continue focus on infra sector - Business Standard
Source: Google News India - Business | 18 May 2009 | 11:11 am Prashant Saran takes charge as whole time member of SebiMumbai: Market regulator Sebi on Moday announced the appointment of Prashant Saran as its whole time member. “Prashant Saran took charge as Whole Time Member, Securities and Exchange Board of India in Mumbai today,” Sebi said in a release. Prior to this assignment, he held the position of chief general manager in Reserve Bank of India and was heading the department of banking operations and development (DBOD). During his stint in the RBI, he has had a wide experience in regulatory and other functions, the release added. Saran has held membership of a number of committees like International Liaison Group (ILG) and International Liaison Group on Capital (ILGC) of Basel Committee on Banking Supervision (BCBS), National Advisory Committee on Accounting Standards and Empowered Committee on External Commercial Borrowings. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 11:11 am Fund managers say stock surge irrationalMUMBAI (Reuters) - A surge in Indian shares, that halted trade on Monday, has stunned domestic fund managers who said the ballistic rise is unjustified and expecting immediate big bang reforms and a revival in the economy would be a mistake.Source: Reuters: Money News | 18 May 2009 | 11:08 am Industry bodies not surprised by spurt in stock marketsNew Delhi: Industry bodies on Monday said they were not surprised by a “euphoric” rise in the stock prices as the market went into a buying frenzy on the back of emergence of a stronger UPA, set to start its new term on a confident note. Apex business chambers Ficci and Assocham described nearly 2,100-point rise in Sensex as an event that marked the economy moving towards reforms again. “The euphoric rise of markets this morning was on back of certain positive expectations -- much desired macro economic stability and implementation of economic reform measures,” Ficci president Harsh Pati Singhania said in a statement. He said that FDI in sectors like insurance and retail may attract global capital into the Indian economy. Investors’ buying frenzy immediately after opening of the market forced halting of trade on circuit breaks. Assocham said that the euphoria of stock market was justified in the face of a stable government being installed this week. Investor confidence would increase since the reforms- friendly government led by Manmohan Singh would be in place, Assocham president Sajjan Jindal said. “The new government would be independent in taking ... decisions in insurance, banking and labour would now be taken without any leg pooling,” Jindal said. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 11:08 am Indian markets toast poll verdict as surge halts tradingIndian equities markets Monday gave a resounding welcome to the electoral victory of the Congress-led alliance as investor frenzy forced the suspension of trading for the day after indices hit upper circuit filters twice within seconds.Source: IndiaeNews.com: Business News | 18 May 2009 | 11:01 am Labour unrest at MRF again, Arakonam plant locked outCity-based tyre manufacturer MRF has declared a lockout at its radial tyre factory in Arakonam near here from Sunday onwards due to labour unrest.Source: IndiaeNews.com: Business News | 18 May 2009 | 11:01 am Banks see stable govt prospects boost loan demandMumbai: Indian banks expect demand for loans to accelerate as a Congress-led coalition, which defied predictions of a tight election, steps up the pace of economic reforms. The Congress alliance took 261 seats, sweeping aside its nearest rival, the bloc led by the Hindu-nationalist Bharatiya Janata Party (BJP), which won only 159 seats. “We will keenly watch the budget going forward. There will be more stress towards infrastructure, steel and consumer goods sectors, pushing up lending in these sectors,” J.M. Garg, chairman and managing director of state-run Corporation Bank , told Reuters over phone. “A stable government is good for the economy. We hope the budget will be growth oriented and help grow manufacturing sector and create rural demand,” S. Sridhar, chairman and managing director of state-run Central Bank of India, said. Loan growth has been slowing in Indian commercial banks. As on 24 April, loans grew to 18.10% from 24.01% on 2 January, Reserve Bank of India data showed. A second term for the Congress-led alliance, without the Left this time around, is also expected to speed up pending legislation to raise the foreign investment limit in the insurance sector to 49% from the present 26%. The legislation introduced in 2005 was scuppered after stiff opposition from communist parties, who provided the coalition government with a majority until withdrawing support last year. B. A. Prabhakar, executive director at state-run Bank of India, said it would be a matter of time when insurance sector reforms would be taken up by the government. Bank of India owns 51% in an insurance venture where Union bank of India and Dai-ichi Mutual Life holds 23% and 26% respectively. Other banks in life insurance include State Bank of India, Canara Bank, IDBI Bank, and ICICI Bank. CAPITAL INFUSION Big scale financial sector reforms, especially allowing foreign banks to take strategic stake in private banks, are unlikely to happen any time soon, a research report by CLSA said. Government may sell stake in public sector banks, allow them to raise capital in certain cases, and in due course, trigger a consolidation of PSU banks, the report said. However, consolidation does not seem to be immediately on the cards so much as capital infusion, bankers and an analyst said. “We do not expect drastic consolidation in banking space right now, but the push towards infrastructure will definitely lead to lending growth,” Manish Shukla, banking analyst with India Infoline, said. Smaller state-run Dena Bank does not expect large scale consolidation in the banking space. Instead, it expects capital infusion from government to help get resources to meet growing loan book, R.L. Rawal, chairman and managing director of the bank said. “I do not see large scale consolidation in the sector. Instead there may be some capital infusion to help boost capital adequacy,” he added. Source: Home - Livemint.com | 18 May 2009 | 11:00 am Banks see stable govt prospects boost loan demandMUMBAI (Reuters) - Indian banks expect demand for loans to accelerate as a Congress-led coalition, which defied predictions of a tight election, steps up the pace of economic reforms.Source: Reuters: Money News | 18 May 2009 | 10:56 am UPA to boost infrastructure development: JP AssociatesManoj Gaur, Executive Chairman, Jaiprakash Associates said India has voted for good governance, infrastructure development to be boosted. He expects some form of legislation on the infrastructure development. Infrastructure investments will see momentum.Source: Moneycontrol Top Headlines | 18 May 2009 | 10:51 am Outsourcing demand may revive in early 2010: InfosysBangalore: Infosys Technologies Ltd expects outsourcing demand to revive in early 2010, but the current business environment was challenging as slowing world economy crimped spending, its chief financial officer said. India’s second-largest software services exporter is looking to spend between $200 million to $300 million to acquire firms and is sharpening its focus on newer markets such as Australia, India, and China to boost growth, V. Balakrishnan said. Shares in India’a top outsourcers such as Tata Consultancy, Infosys and Wipro have soared in recent weeks on hopes of a revival in sluggish business momentum later this year, but Balakrishnan was cautious about such a possibility. “At the macro level there is some confidence back, people are slightly more comfortable, but on the ground things are still the same,” he said, referring to the global economic downturn that has battered information technology spending. “People want a clear direction that there could be an economic recovery for them to get confidence and start spending. That is some way to go,” Balakrishnan told the Reuters Global Technology Summit in Bangalore. Last month, Infosys forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate, halting growth for India’s once burgeoning technology services sector. India’s $60 billion IT outsourcing sector, which provides services from software coding to managing computer networks and call centres, faces weak demand and rising competition from global rivals such as IBM and Accenture. Balakrishnan said the pricing environment remained challenging for Nasdaq-listed Infosys, which counts Goldman Sachs, Philips Electronics, and BT Group Plc among its clients. “It will be very brave for somebody to come and say that the worst is over. Worst is not over,” he said. Acquisition to Boost Growth Infosys, which has cash reserves of more than $2 billion, is interested in buying overseas firms specialising in technology infrastructure management, consulting and managing call centres for $200-$300 million. Balakrishnan said the rupee was likely to rise in the short term on surge in foreign investments after the ruling coalition won a clear election victory, but Infosys would be able to manage its impact on profit margins if the rise was not too sharp. The rupee fell against the US dollar in the financial year that ended in March, benefiting Infosys, which gets more than half its revenue from the United States. The rupee rose past 48 per dollar for the first time in nearly five months on Monday. Infosys hopes its China unit would break even in one year as it boosts investments and headcounts, Balakrishnan said. Infosys’ China subsidiary made a loss of $2.3 million in the year to 31 March, 2009 and has been a drag on its earnings. Shares in Infosys, which have a market value of more than $18 billion, have jumped 57% in this year, outperforming a 43% rise in the sector index and a 48% jump in the main Mumbai index. The stock rose nearly 10% on Monday in a Mumbai market up 17% before circuit breakers were triggered that halted trading for the day. Source: Tech News - Livemint.com | 18 May 2009 | 10:50 am Outsourcing demand may revive in early 2010: InfosysBangalore: Infosys Technologies Ltd expects outsourcing demand to revive in early 2010, but the current business environment was challenging as slowing world economy crimped spending, its chief financial officer said. India’s second-largest software services exporter is looking to spend between $200 million to $300 million to acquire firms and is sharpening its focus on newer markets such as Australia, India, and China to boost growth, V. Balakrishnan said. Shares in India’a top outsourcers such as Tata Consultancy, Infosys and Wipro have soared in recent weeks on hopes of a revival in sluggish business momentum later this year, but Balakrishnan was cautious about such a possibility. “At the macro level there is some confidence back, people are slightly more comfortable, but on the ground things are still the same,” he said, referring to the global economic downturn that has battered information technology spending. “People want a clear direction that there could be an economic recovery for them to get confidence and start spending. That is some way to go,” Balakrishnan told the Reuters Global Technology Summit in Bangalore. Last month, Infosys forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate, halting growth for India’s once burgeoning technology services sector. India’s $60 billion IT outsourcing sector, which provides services from software coding to managing computer networks and call centres, faces weak demand and rising competition from global rivals such as IBM and Accenture. Balakrishnan said the pricing environment remained challenging for Nasdaq-listed Infosys, which counts Goldman Sachs, Philips Electronics, and BT Group Plc among its clients. “It will be very brave for somebody to come and say that the worst is over. Worst is not over,” he said. Acquisition to Boost Growth Infosys, which has cash reserves of more than $2 billion, is interested in buying overseas firms specialising in technology infrastructure management, consulting and managing call centres for $200-$300 million. Balakrishnan said the rupee was likely to rise in the short term on surge in foreign investments after the ruling coalition won a clear election victory, but Infosys would be able to manage its impact on profit margins if the rise was not too sharp. The rupee fell against the US dollar in the financial year that ended in March, benefiting Infosys, which gets more than half its revenue from the United States. The rupee rose past 48 per dollar for the first time in nearly five months on Monday. Infosys hopes its China unit would break even in one year as it boosts investments and headcounts, Balakrishnan said. Infosys’ China subsidiary made a loss of $2.3 million in the year to 31 March, 2009 and has been a drag on its earnings. Shares in Infosys, which have a market value of more than $18 billion, have jumped 57% in this year, outperforming a 43% rise in the sector index and a 48% jump in the main Mumbai index. The stock rose nearly 10% on Monday in a Mumbai market up 17% before circuit breakers were triggered that halted trading for the day. Source: Home - Livemint.com | 18 May 2009 | 10:50 am Investor wealth swells by Rs 6.5 lakh cr in a minuteInvestors are richer by a whopping Rs 6.5 lakh crore in just a minute as the Bombay Stock Exchange Sensex saw a historic over 2,000-point rise to the 14,000 level.Source: India Business News | Business News - Times of India | 18 May 2009 | 10:40 am AIG looks to spin off Asian insurance unitHong Kong: American International Group is planning to spin off its Asian life insurance unit in an initial public offering as the faltering US company seeks to repay billions in government bailout funding. AIG is taking steps to list American International Assurance Company, also known as AIA Group, on an Asian stock exchange in a move that would turn the firm into a separate entity with its own board and management team, AIG said in a statement on Sunday. Timing of the listing depends on market conditions and regulatory approval, the company said. AIA is among the region’s leading insurers with more than 20 million customers and more than $60 billion in assets. Last week, AIG chief executive Ed Liddy told Congress the insurance giant is making progress toward repaying US taxpayers by selling many of its foreign assets, and does not need more bailout money. New York-based AIG has received $182.5 billion in financial support from the government since its near collapse in September threatened the stability of the global financial system and worsened the economic recession. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:39 am Apollo Tyres acquires Dutch tyremakerIndian tyremaker Apollo Tyres Monday said it has successfully concluded the acquisition of the bankrupt Dutch company, Vredestein Banden BV, for an undisclosed amount.Source: IndiaeNews.com: Business News | 18 May 2009 | 10:33 am Parsvnath gets environmental nod for Panipat townshipRealty major Parsvnath Developers has got environmental clearance from the Haryana government for its Parsvnath Paliwal City project at Panipat, the company announced Monday.Source: IndiaeNews.com: Business News | 18 May 2009 | 10:32 am More students opting for civil services, armed forces: AssochamNew Delhi: The number of students opting for civil services and armed forces through UPSC selection process has increased in the last two-three years, industry body Assocham has said. Civil and armed forces had lost their glare after the liberalisation process as the corporate sector started providing better career opportunities. However, stability and security in the jobs of civil services and armed forces are the major reasons that more youngsters are preferring to join this profession now, Assocham said. Civil servants get good incentives as they take part in policy making and its implementation, while in other services, executives are deprived of this privilege and prerogative, the chamber said. It said easy availability of good jobs in private sector was driving people away from civil services, armed forces and other central services. The selection process in corporate sector was not tough at entry-level than selection process of Union Public Service Commission (UPSC). Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:30 am EU calls for independent enquiry into Sri Lanka conflictBrussels: The European Union on Monday called for an independent enquiry into alleged human rights violations during the conflict between government troops and Tamil Tiger rebels in northern Sri Lanka. EU foreign ministers, in an agreed statement, said the European Union was “appalled by the loss of innocent civilian lives as a result of the conflict and by the high numbers of casualties, including children”. The 27-nation bloc called on the Sri Lankan government and all other involved parties “to urgently proceed towards a comprehensive political process”. The statement, issued as EU foreign ministers held talks in Brussels, stressed the need for both sides “to fully respect their obligations under international humanitarian law and human rights law”. The EU “calls for the alleged violations of these laws to be investigated through an independent inquiry. Those accountable must be brought to justice”, the statement added. At the same time Sri Lanka’s army chief announced that all combat operations against the Tamil Tigers had ended with the last rebels defeated and all territory captured. The separatist rebels were once one of the world’s most feared guerrilla armies, and ran a de facto mini-state spanning a third of the island before the government began a major offensive two years ago. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:28 am BSNL to appoint consultants shortly for overseas forayNew Delhi: State-run Bharat Sanchar Nigam Ltd will shortly appoint a panel of consultants to guide it on its overseas business plans, including mergers and acquisitions and bidding for licences. The company is seeking consultants for mergers and acquisitions, strategic partnerships, acquiring telecom licences outside India, a senior BSNL official said. BSNL, with a view to establishing itself as a global player in the telecom sector and to achieve inorganic growth, is aiming at expanding its area of operations, the official said. The state-run firm, which so far concentrated only on the Indian market (except Delhi and Mumbai), has decided to expand overseas. Sources said BSNL has a cash surplus of over $10 billion and would use part of these resources for its overseas foray. So far, MTNL is the only the state-owned telco that has been bidding for licences abroad. Moving aggressively on its overseas expansion plans, BSNL has already set up a separate international business division to explore telecom opportunities abroad -- be it acquisition of companies or bidding for licences. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:23 am Advani agrees to be Leader of Opposition: BJPNew Delhi: Senior BJP leader L K Advani on Monday acceded to the wishes of the party’s Parliamentary board and agreed to become the leader of the Opposition in the new Lok Sabha. BJP president Rajnath Singh said that Advani had agreed to continue as Leader of BJP’s Parliamentary Board". “Therefore, it is understood that he will also be the Leader of the Opposition in the Lok Sabha,” he said. After the party’s poll debacle, Advani had expressed his desire not to become the leader of the Opposition. He had asked the Parliamentary board to choose another leader. The Board did not agree to his request, but keeping in view his insistence, the party president was authorised to talk to him to change his decision. “Since the party felt that it needed the leadership and guidance of Advani, it requested him to agree to be the leader of the party in the 15th Lok Sabha,” Singh told reporters. “When Advani was informed that the party needed his leadership and guidance to rebuild itself to meet the challenges of the future, as it suffered a setback in the Lok Sabha elections, he agreed not to persist with his suggestion,” Singh added. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:14 am Toyota rolls out new Prius to fend off rivalsTokyo: Toyota Motor on Monday rolled out a cheaper, revamped Prius, seeking to boost its flagging sales and maintain its lead in fuel-sipping hybrids in the face of growing competition from rival Honda. Toyota hopes to sell 10,000 of the third-generation Prius cars a month in Japan, where it has a price tag starting from 2.05 million yen ($21,580), about 12% less than the current cheapest model. The Japanese giant, the world’s largest automaker, has sold more than 1.25 million Prius vehicles since its launch in 1997, making it the world’s most popular hybrid, but rivals such as Honda are seeking to challenge its lead. The new price tag narrows the gap with Honda’s Insight hybrid, which retails for 1.89 million yen. Toyota will also sell a new version of the second-generation Prius with a price on a par with the Insight, which was the top-selling vehicle in Japan in April. It aims to sell 300,000-400,000 Prius cars in total this year worldwide. Toyota has received pre-launch orders for more than 80,000 third-generation Prius cars, which the company says has a world-beating fuel efficiency of 38km/l. The revamped Prius -- which was unveiled at a Tokyo ceremony by incoming president Akio Toyoda, the grandson of the company’s founder -- has solar panels in the roof to power the ventilation system. It has a 1.8-litre petrol engine and Toyota’s first electric-powered water pump. Japanese automakers have made strides with hybrid cars, which are powered both by petrol and electricity, because of high oil prices and growing concern about emissions blamed for global warming. Toyota, which lost 436.9 billion yen in the year to March, has much riding on the success of the new model, which is being launched in the mid of a severe global economic downturn. Fuel prices have also fallen since last year. Source: Home - Livemint.com | 18 May 2009 | 10:14 am Wheat ban end, new govt to boost commodity futures tradeMumbai: India’s commodity futures trade is likely to see a significant boost after the federal government removed a two-year-old ban on wheat futures and on the election of a Left-free coalition at the centre, industry players said. “This (removal of ban) is a much awaited step...it’s likely to boost trade in agri-commodities futures in India,” said Harish Galipelli, head of research at Karvy Comtrade Ltd. Agri-futures trade shrunk from 36% of total trade in 2006-07 to a mere 12% 2008-09, manly in the absence of trade in wheat, rice and two varieties of lentils, which were banned in early 2007. India on Friday removed a two-year-old ban on wheat futures, and on Saturday elected a stable government without the Left as a coalition partner, restoring investor confidence, analysts said. India banned and suspended futures trade in some commodities in 2007 and 2008 under pressure from the Left -- then a key ally -- which said the futures trade had stoked inflation. Last year a committee headed by Abhijit Sen probed the issue but did not find any conclusive link between futures trade and rising commodity spot prices. “Earlier government couln’t lift ban on wheat futures under pressure from Left. Now the new stable government is sure to boost confidence,” said Anil Mishra, chief executive, National Multi-Commodity Exchange, the third biggest bourse by trade. Analysts said the ban on futures trade in commodities such as wheat and rice and temporary suspension in soyoil, chana, rubber, and potato, saw participants switching from agri-commodities to bullion and base metals, which mirror global markets. “Very positive for our exchange.........wheat was earlier an important contract for us....now it’s back. It should boost our volumes and help various value chain participants in wheat,” said Madan Sabnavis, chief economist at National Commodity and Derivatives Exchange (NCDEX). Part-owned by Goldman Sachs, NCDEX commands about nine-tenths of India’s agricultural futures trade. Trade on NCDEX fell from 32% of total trade in 2006-07 to 10% in 2008-09. Three of the country’s biggest commodity bourses confirmed to Reuters that they had approached regulator Forward Markets Commission on Monday morning and would be able to launch the wheat contract, pending approval. Analysts and commodity exchanges said they expected participation from wheat producers, traders and exporters. “We are expecting the producers and exporters to take part in the price-risk management in wheat as soon as the futures is launched,” said Mishra. Last week Trade Secretary G.K Pillai said India will allow export of 2 million tonnes of wheat after elections. Domestic wheat futures may help Indian exporters to lock in their price risks at a time when Indian wheat is expensive to comparable qualities in global trade. India has 22 commodity bourses, three of which operate at the national level and a fourth expected to be launched by June end. Total trade grew 29% in 2008-09 to Rs52.49 trillion in 2008-09. India doesn’t allow banks, and foreign funds to trade in commodities. Source: LatestNews-Home - Livemint.com | 18 May 2009 | 10:02 am Silver futures fall 2% on subdued demand - Business Standard
Source: Google News India - Business | 18 May 2009 | 9:56 am Nestle India records growth in all its four segmentsNew Delhi: FMCG firm Nestle India has said that all its four segments showed growth in sales by value during the first quarter of 2009, although in volume terms only two areas moved up. In a filing to the Bombay Stock Exchange, the company said volume-wise two segments reported positive growth, while one stayed flat and the other reported a decline in sales during the period. The filing, which is based on a recent analyst meet, said the prepared dishes and cooking aids segment, in which Maggie is the premium brand, has reported the highest growth of 24.1% in sales at Rs290 crore during Q1, 2009, as against Rs240 crore in the first quarter of 2008. The segment also witnessed a growth rate of 18.2% in volume sales at 3.46 lakh tonnes during the period, up from 2.93 lakh tonnes during the first quarter of 2008. The milk products and nutrition segment reported the second highest growth in both net sales and total volume. Nestle India reported a growth rate of 17.8% in net sales in the milk products and nutrition segment at Rs600 crore during the first quarter of 2009. The figure for the first quarter of 2008 was Rs510 crore. In volume terms, the segment grew by 7.6% in Q1 2009 at 3.40 lakh tonnes as against 3.16 lakh tonnes during the corresponding period of last year. In the Chocolate and Confectionery segment, Nestle India registered sales of Rs180 crore in Q1 2009, a growth rate of 14.3% compared with Rs150 crore in the same period last year. The sales volume in this segment remained flat at 1.09 lakh tonnes in the first quarter this year. In the beverages segment, the company reported lowest growth in net sales and its total quarterly volume sales declined sharply. The company saw its sales rising by 3% in the segment during the first quarter of 2009 at Rs200 crore, up from Rs190 crore during the same period last year. In volume terms, the beverages segment reported sales of 59,000 tonnes during the first quarter this year, a fall of 13.5% over 68,000 tonnes during the same period of 2008. Overall, milk products and nutrition segment consisted of 47% of the company’s net sales during first quarter of 2008 (46.3% in Q1 of 2008), followed by prepared dishes and cooking aids at 23.3% (21.8%), beverages at 15.8% (17.8%) and chocolate and confectionery at 14.1% (13.9%). Source: Home - Livemint.com | 18 May 2009 | 9:55 am President dissolves 14th Lok Sabha; Manmohan resignsNew Delhi: President Pratibha Patil on Monday dissolved the 14th Lok Sabha with immediate effect paving the way for constitution of the new House which is expected later this month. The President signed an order to this effect following a recommendation from the outgoing government. “The Union Cabinet has recommended to the President to dissolve the 14th Lok Sabha with immediate effect. The President has accepted the recommendations and signed an order dissolviong the 14th Lok Sabha,” a Rashtrapati Bhavan spokesperson said. Earlier, the Union Cabinet adopted a resolution moved by external affairs minister Pranab Mukherjee, who is also Leader of the Lok Sabha, for dissolution of the House. It was seconded by Prime Minister Manmohan Singh. PM submits resignation Paving the way for government formation, Prime Minister Manmohan Singh today submitted the resignation of the Council of Ministers headed by him to President, who asked him to continue till a new ministry is formed. Soon after the meeting of the Union Cabinet which decided to recommend to the President dissolution of the 14th Lok Sabha, the Prime Minister drove to Rashtrapati Bhavan to submit the resignation of his Council of Ministers to the President. “The Prime Minister has submitted the resignation to the President who asked him and his Council of Ministers to continue in office till an alternative arrangement is made,” a Rashtrapati Bhavan spokesperson said. The meeting between the President and the Prime Minister lasted for about 35 minutes. The Council of Ministers also met during which the Prime Minister thanked the allies for their support to the government in the last five years. Source: Home - Livemint.com | 18 May 2009 | 9:36 am History on Dalal Street; markets hit final upper circuitNew Delhi: Creating history on Dalal Street, markets hit two upper circuit limits on Monday in a buoyant reaction to ruling UPA coalition’s decisive electoral win in the 15th Lok Sabha elections. For the first time in Indian market’s history, trading has been halted for the day due to markets hitting upper circuit limit. In their second opening of the day, the Bombay Stock Exchange benchmark Sensex surged 2,099 points reaching 14,000 level and NSE hit its final upper circuit of 20%. Trading was halted until 11:55am after Sensex opened 10% up by 1,300 points and NSE 15% up by 500 pts within 60 seconds of trade reaching its upper circuit. The 30-share BSE index rose 17.34% to close at 14,284.21 and the 50-share NSE Nifty surged by 651.50 points to end at 4,323.15. Within just over a minute of trading today, the turnover is at Rs3,103 crore with only 272 stocks traded on NSE and 842 stocks on BSE.  As predicted, indexes resurged remarkably after election results ignited hopes for a stable government that would push reforms to lift the slowing economy. Numerous financial experts and Bank of America had already forecasted that Sensex would surge to 14,000 levels, more than 15% increase from the 15 May close. Congress party-led UPA government is now expected to provide economic reforms, reduce deficit and boost government funds for development through PSU disinvestments. Infrastructure was the biggest gainer of today’s unprecedented rally, realty sector surged by 25.37%. Bharat Heavy Electrical Ltd was the on top of the line of BSE gainers, surging by 32.72% to Rs2,266. Other related stocks like Larsen & Toubro gained by 29.53% to Rs 1,280, Unitech Ltd up by 29.41% to Rs66, DLF Ltd is up by 25.82% to Rs324.80 and Punj Lloyd up by 23.20% to Rs162.50. Other prominent gainers on the BSE pack was ICIC Bank up by 25.30% to Rs719.80, Housing Development and Finance Corp by 23.46% to Rs2,390, Reliance by 22.87% to Rs2,393.90, Reliance Communication Ltd by 22.74% to Rs285 and Bharti Airtel by 22.53% to Rs 980. All sectors ended in green today with no losers in either of the indices. Meanwhile, Asian markets traded lower due to doubts about extent of economic recovery as US consumer price index was reported flat over the weekend. Also there is prevalent cautiousness about slumping corporate results. Japan’s Nikkei ends down by 2.44% but Hong Kong’s Hang Seng is 1% up. Source: Home - Livemint.com | 18 May 2009 | 8:59 am Montek Ahluwalia, other Planning Commission members resignAs a practice, the Planning Commission members, who are appointed by the Prime Minister, resign after completion of the term of the government.Source: India Business News | Business News - Times of India | 18 May 2009 | 8:57 am Asian shares hit by economic outlookHong Kong: Most Asian stock markets fell on Monday on concerns about corporate profits and a still-uncertain outlook for the global economy, but Indian shares surged following the ruling coalition’s sweeping election victory. Hopes that Congress’ victory will usher in a more stable government - and with it more certainty on policy and reforms - bolstered Indian financial markets, with the rupee rising to its highest against the dollar in over four months. India’s benchmark 30-share BSE index surged more than 17% before trading was halted for the day, pulling the MSCI index of Asian stocks outside Japan to a 1.2% gain, though most individual markets fell. European shares fell as much as 1.1% in early trade, following the more cautious global trend. Japanese government bond yields were range-bound while the yen extended gains after Moody’s said on Monday it was raising local currency ratings on the debt but cutting its foreign currency credit rating. “Recent economic indicators show that the worsening of the economy appears to have stopped, but now we need to see signs of recovery or it’ll be difficult for stocks to rise decisively,” said Yoku Ihara, manager at the investment information department of Retela Crea Securities. Investors are hoping that the global economy’s freefall has bottomed out, though the timing and potential strength of a recovery are far from clear. The MSCI index has surged 53% from its 2009 low on 4 March to its yearly high on 11 May, but the global equity rally has shown signs of losing steam in recent days. US economic reports on Friday were comforting, showing April consumer prices unchanged and industrial output declining at a slower pace. Confidence is improving among Japanese manufacturers, according to a Reuters monthly poll, while US consumers in May were also were optimistic. On the other hand, recent weak outlooks from Asian blue chips such as Panasonic and Sony and other signs of weakness in Europe are not inspiring confidence. Data on Friday showed euro zone economies shrank far more than expected in the first quarter, with Germany posting its worst performance since reunification, though analysts note the first quarter may have marked the low point. Most major stock indexes in Asia, including those in South Korea and Australia fell more than 1% each on Monday. Japan’s Nikkei average dropped 2.5%, with shares of exporters under pressure as the yen advanced. Panasonic slumped 7.6% after forecasting a bigger-than-expected annual loss on Friday, while Australian mining shares such as BHP retreated after a slump in oil and metal prices. Hong Kong recouped early losses and was little changed by mid-afternoon. The clear expection was India, where election-fueled gains were so strong they triggered two trading halts at the country’s stock exchange. Prime Minister Manmohan Singh’s alliance defied predictions of a tight election and was only about 11 seats short of an majority from the 543 seats at stake, according to election commission data, though the final count see tiny changes. Government policy in India in past years has been hobbled by a series of unwieldy coalitions which have been unable or unwilling to take harsh economic decisions or push through needed reforms. The rupee was at Rs48.31/32 against the dollar, 2.3% above Friday’s close of Rs49.41/42. The partially convertible currency had risen earlier as high as Rs48.24, up 8.2% from a lifetime low of Rs52.20 in March and up 1% this year. “We believe the election verdict could be game changing for India, as it enhances the scope for significant medium- and longer-term reforms that will boost the sustainable growth,” said Rajeev Malik, Singapore-based economist at Macquarie Securities. Oil under pressure Still the growing caution elsewhere was seen as investors switch to assets that tend to benefit during volatile times. The yen, up already on increased risk aversion, gained further on the Moody’s statement, but analysts said the move just reflected a correction of the discrepancy in which local currency ratings on the country’s debt was higher than for its foreign currency ratings. “Lowering the foreign currency bond rating is consistent with Japan’s fiscal burden, which has grown due to the financial crisis. This downgrade is understandable,” said Masamichi Adachi, senior econoimst at JPMorgan in Tokyo. The yen strengthened to 94.80 per dollar from about 95.00 per dollar shortly before the statement and to 127.68 per euro from about 127.92 beforehand. Gold held close to a six-week high of $933.65 an once hit on Friday, as investors sought a hedge against inflation. Source: Home - Livemint.com | 18 May 2009 | 8:51 am Congress cements power as markets surgeNEW DELHI (Reuters) - Buoyed by an impressive general election victory, the ruling Congress party began cobbling together a coalition cabinet on Monday as financial markets soared on the prospect of a stable government.Source: Reuters: Money News | 18 May 2009 | 8:44 am DoT panel limits quantum of spectrum to 25% in a circleThe committee set up by the Department of Telecom to review the spectrum allocation policy has suggested that no operator should be allowed to own more than 25 per cent of the total available radio frequency in a circle.Source: Moneycontrol Top Headlines | 18 May 2009 | 8:40 am MindTree sees first signs of revivalIT and RD services provider MindTree Ltd has started seeing, in the last four or five weeks, the first signs of customers finalising budgets, even as the focus is on deals strategic to clients business and on newer contract models.Source: Moneycontrol Top Headlines | 18 May 2009 | 8:35 am MNC units abroad to come under drug regulator scannerThe Drugs ControllerGeneral of India (DGCI) will soon start sending its officers to foreign countries to inspect the manufacturing facilities of multinational pharmaceutical companies importing drugs into India. The move is in line with the processes followed by the drug regulators of other countries.Source: Moneycontrol Top Headlines | 18 May 2009 | 8:30 am Oil sector looks to free pricing of petrol, dieselIndia Inc will be doubtless delighted with the election results at a time when the global recession shows no signs of abating and the need for a strong, stable government at the Centre becomes imperative.Source: Moneycontrol Top Headlines | 18 May 2009 | 8:26 am Indian markets toast UPA win as sharp surge halts tradingThe Indian stock markets Monday gave a resounding welcome to the electoral victory of the Congress-led coalition and trading was suspended for the day at the bourses after key indices touched the upper circuit filter twice in about two hours.Source: IndiaeNews.com: Business News | 18 May 2009 | 8:01 am Apollo Tyres completes acquisition of Vredestein BandenNew Delhi: Leading tyre maker Apollo Tyres today said it has completed the acquisition of the Netherlands-based Vredestein Banden BV (VBBV) for an undisclosed sum from Russia’s bankrupt largest tyre manufacturer Amtel-Vredestein NV. The company, which was earlier planning to set up a greenfield plant in Europe and had even identified a location in Hungary but was later withdrawn, said it has shelved the plan following the acquisition of the Dutch firm. Apollo Tyres said it has got all regulatory approvals and consent from the judge of the Dutch Courts to acquire VBBV from its parent company, Amtel-Vredestein NV (AVNV), that was declared bankrupt on 29 April, 2009. VBBV, however, was not affected by the bankruptcy. “Vredestein Banden is a very high premium tyre maker in Europe and this gives us the platform to immediately get into the European market and also take the Apollo brand there,” Apollo Tyres vice-chairman and joint managing director Neeraj R S Kanwar told PTI. Asked about the financials involved in the acquisition, he said: “We are not disclosing the details but as far as Vredestein Banden is concerned it is a profitable company with 8% year on year growth with 305 million euros of turnover.” Source: Home - Livemint.com | 18 May 2009 | 8:01 am Rupee rises on political stability and capital inflowsMirroring the frenzy in the stock markets, the Indian rupee today appreciated by a whopping 130 paise to trade at 48.10 against the US dollar as the capital inflows increased after a clear verdict in the general elections.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:38 am Westpac team in India to discuss outsourcing plans: reportMelbourne: A team of experts of leading Australian financial firm Westpac is reportedly in India to discuss their future offshoring plans with about eight Indian business process outsourcing firms including Infosys and TCS. According to ‘The Australian’ report today, it was understood that the bank’s top technology executives have travelled around India over the past two weeks to meet with about eight outsourcing companies. Two outsourcers would be selected to perform a range of work and are set to benefit as Westpac spends hundreds of millions of dollars over the next couple of years to update core banking systems and integrate complex technology functions as part of the 12-billion-Aus-dollars acquisition of St George Bank, the newspaper said. Several sources confirmed that Westpac contingent met with various companies including Accenture, IBM, EDS, Wipro Technologies, Tata Consultancy Services and Infosys, it said. However, Westpac refused to comment on the issue. The daily said it is believed that Westpac planned to set up a two-vendor panel, which can be called on when necessary to perform a range of work. St George has already outsourced the support and maintenance of key legacy systems to Indian firm Infosys. Source: World Business - Livemint.com | 18 May 2009 | 7:26 am Markets shut for the day after hitting upper circuit againIndian equities markets were shut for the rest of the day after hitting the upper circuit twice Monday, with a key index soaring another 309 points within seconds of resuming trade.Source: IndiaeNews.com: Business News | 18 May 2009 | 7:00 am ONGC cancels Great Offshore's rig dealGreat Offshore Ltd said on Monday state-owned Oil & Natural Gas Corp has cancelled a contract to hire a jack-up rig as the former failed to deliver it by May 14.Source: India Business News | Business News - Times of India | 18 May 2009 | 6:54 am Each Infyosys employee worth Rs 97 lakhThe IT major's total value of human resources, which includes both software professionals and support staff, is pegged at Rs 1,02,133 crore for the fiscal ended March 2009.Source: India Business News | Business News - Times of India | 18 May 2009 | 6:46 am Stock market into buying frenzy; trading suspended for dayHailing the decisive mandate to the Congress-led UPA, investors went into a buying frenzy, resulting in an unprecedented surge in the BSE Sensex.Source: Daily News & Analysis: Money News | 18 May 2009 | 6:39 am Sensex crosses 14k; day's trading haltedAfter the Congress-led UPA's decisive win, Sensex and Nifty, for the first time, hit the upper circuit twice in one day with the Sensex soaring 2,099.21 points.Source: India Business News | Business News - Times of India | 18 May 2009 | 6:32 am Trading halted further as markets surgeTrading was halted for two hours at Indian equities markets Monday as stocks jumped up more than 10 percent right on the opening bell on the news of the victory of United Progressive Alliance (UPA) in the general elections. Key indices breached the 'upper circuit', leading to the halt.Source: IndiaeNews.com: Business News | 18 May 2009 | 5:00 am Stock markets closed for an hour after huge jumpStocks jumped up by such an extent as soon as Indian equities markets opened Monday morning that trading had to be halted for an hour, as the rally had hit the 'upper circuit breaker'.Source: IndiaeNews.com: Business News | 18 May 2009 | 4:31 am Rupee up 90 paise at 48.50 against dollar in early tradeThe Indian rupee on Monday strengthened by 90 paise to touch a three-month high of 48.50 against the US dollar in early trade on expectations of sustained capital inflows by foreign funds as equity markets may open on a strong note on the outcome of the Lok Sabha polls.Source: India Business News | Business News - Times of India | 18 May 2009 | 4:11 am Bharti group eyes farm produce retail with $2.5 bn investmentAgriculture and retailing of farm-based products will be the next focus areas for the diversified Bharti group with a war chest of $2.5 billion. The group reached a major milestone last week with a telecom subscriber base of 100 million.Source: IndiaeNews.com: Business News | 18 May 2009 | 4:00 am Corporates go to ECGC for cover against cross-border receivablesBangalore, May 17 A clutch of corporates, including Jet Airways, Hyundai Motors Ltd and Wipro Infotech, has approached the Export Credit Guarantee Corporation of India Ltd (ECGC) for cover against cross-borderSource: Business Line - Home Page | 18 May 2009 | 12:00 am The counting drama plays out like a T20 matchChennai, May 17 The suspense, drama and confusion on Saturday over whether the Home Minister, Mr P. Chidambaram, had won or lost the Lok Sabha election in the Sivaganga constituency of Tamil Nadu is summed up by his son and campaign manager, MrSource: Business Line - Home Page | 18 May 2009 | 12:00 am Market may witness rush as suspense endsInitial reaction of the market this week to the election results could be euphoric. A large section of market players and investors would like to join a new, confident and not-risk-averse chorus.Source: Business Line - Home Page | 18 May 2009 | 12:00 am MNC units abroad to come under drug regulator scannerNew Delhi, May 17 The Drugs Controller-General of India (DGCI) will soon start sending its officers to foreign countries to inspect the manufacturing facilities of multinational pharmaceutical companies importing drugs into India. The move is inSource: Business Line - Home Page | 18 May 2009 | 12:00 am Gold likely to test $950 level this weekGold regained some shine last week, particularly during the weekend when a rise in US core inflation boosted its fortunes. The yellow metal is seen as a good hedge against inflation and not surprisingly, it finished the week on a strongSource: Business Line - Home Page | 18 May 2009 | 12:00 am Analysts expect FII delugeMumbai, May 17 Foreign institutional investors are expected to raise a toast to the Indian equity market in the coming week as they see the political stability and continuity in policies to give a fillip to the domestic economy.Source: Business Line - Home Page | 18 May 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 18 May 2009 | 12:00 am India Infoline (Rs 94.35): BuyWe recommend a buy in India Infoline from a short-term trading perspective. It is apparent from the charts of India Infoline that in early March of this year it took support at Rs 40, a significant long-term support level. Subsequently, the stockSource: Business Line - Home Page | 18 May 2009 | 12:00 am UPA in a position to pick and choose allies for the CabinetNew Delhi, May 17 It will be at least one more week before the new Council of Ministers becomes known, according to a former Congress Minister of the outgoing UPA Government.Source: Business Line - Home Page | 18 May 2009 | 12:00 am Oil sector looks to free pricing of petrol, dieselMumbai, May 17 India Inc will be doubtless delighted with the election results at a time when the global recession shows no signs of abating and the need for a strong, stable government at the Centre becomesSource: Business Line - Home Page | 18 May 2009 | 12:00 am Stage set for upmove past 3800Stocks like ONGC, SBI and RCom are likely to lead the way for the move in the Nifty.Source: Daily News & Analysis: Money News | 17 May 2009 | 10:28 pm UPA fillip is offset by Saturn's gripThe stars are not exactly aligned despite the poll high.Source: Daily News & Analysis: Money News | 17 May 2009 | 10:09 pm FIIs key as India tries to decoupleThe Sensex is set to give a standing ovation to the prospect of a Left-free stable Central government but expectations are already stacking up.Source: Daily News & Analysis: Money News | 17 May 2009 | 10:07 pm FRBM or not, it's vital to balance the revenue budgetThe first order of business of the UPA government soon after it takes office for a second term is to prepare the fiscal blueprint for 2009-10.Source: Daily News & Analysis: Money News | 17 May 2009 | 10:05 pm Software firms find clients more confidentFor months now, US customers had been cutting IT budgets sharply due to the uncertainty in the market.Source: Daily News & Analysis: Money News | 17 May 2009 | 10:04 pm 'Markets could peak after 15-20% rise from hereVipul Shah, director and head of JM financial spoke to DNA on investment trends.Source: Daily News & Analysis: Money News | 17 May 2009 | 9:59 pm Infra: just clear some sticky issues, that's allWith the UPA all set to reclaim the throne, the infrastructure sector believes there is no need for any major policy change.Source: Daily News & Analysis: Money News | 17 May 2009 | 9:59 pm Realtors see election verdict easing some liquidity pressureReal estate firms welcomed the return of the UPA with expectations that an inflow of funds will lead to a revival of demand.Source: Daily News & Analysis: Money News | 17 May 2009 | 9:57 pm Buddhadeb skips politburo meetingWest Bengal Chief Minister Buddhadeb Bhattacharjee will not attend the crucial CPI(M) politburo meeting tomorrow in Delhi. The meeting has been convened to review the partys electoral performance in the Lok Sabha elections. Biman Bose, Nirupam Sen and Mohammad Amin are expected to attend the meeting.Source: Business Standard | Front Page Headlines | 17 May 2009 | 8:06 pm Cracks start appearing in NDAJD(U) is reportedly in a mood to distance itself.Source: Business Standard | Front Page Headlines | 17 May 2009 | 8:05 pm Allies do the math before claiming their ministriesCongress prefers talking to independents.Source: Business Standard | Front Page Headlines | 17 May 2009 | 8:04 pm Back in business, UPA discusses govt berthsThe Congress-led United Progressive Alliance (UPA), buoyed by its unexpected election victory, got down to government formation even before the Election Commission had declared the final results.Source: Business Standard | Front Page Headlines | 17 May 2009 | 8:02 pm Auto sector wants excise rationalisationWith the UPA voted back to power again, the Indian automobile industry wants the government support to continue for promoting the sector as a key economic driver.Source: India Business News | Business News - Times of India | 17 May 2009 | 7:25 pm Markets set to rally today on UPA winAs the air of political uncertainty clears with the triumph of the United Progressive Alliance (UPA), the bulls are expected to return to the bourses when markets open on Monday. Market pundits expect a huge rally for the 30-share Sensitive Index of the Bombay Stock Exchange (BSE) and the Nifty during the coming week as foreign institutional investors (FIIs) start pumping in fresh funds that have been awaiting clarity on the political front so far.Source: Business Standard | Front Page Headlines | 17 May 2009 | 6:53 pm UK govt says ready to guarantee loans for Tatas’ JLRLondon: The British government has said that it is ready to guarantee loans to Indian auto giant Tata group-owned Jaguar Land Rover, for which it is talking with European banks on the behalf of the cash-strapped carmaker. While making it clear that the primary financial responsibility of JLR rests with the Tatas, the UK continues to hold “confidential discussions” over both short and long-term financing and business plans, an official at the British government’s Department of Business, Enterprise and Regulatory Reform (BEFR) told PTI.  Shaky ground: A Jaguar on display. Ratan Tata had earlier said he wanted the UK government to facilitate access to credit for JLR. Qilai Shen / Bloomberg Earlier in a media interview, Tata group chief Ratan Tata had said that he only wanted the UK government to facilitate access to credit and not a bailout for JLR. Besides, some other media reports have said recently that talks between the Tatas and the UK government have hit an impasse. “The government wants to see JLR safely through difficult trading times and provide stability for the company and its employees. We regard JLR as a visible company with good long-term prospects,” the BERR spokesperson said. ”That is why the government is having confidential discussions with JLR and its parent company over both short and long-term financing and business plans. These negotiations are continuing,“ BERR said. The official further said that the government has actively encouraging Tatas “for the last six months to put together a long-term funding package. “In parallel we have been talking to banks on their behalf, have appointed financial advisers to assist and we are prepared to guarantee loans from the European investment bank on the right terms,” the official added. However “any government financial assistance must, of course, protect taxpayers’ money. But on this basis, we are prepared to help although not on any terms,” BERR said. JLR, which employs 15,000 people, is awaiting the government approval for the £340 million loan from the European Investment Bank. The EIB has already given its approval several weeks ago, but cannot dispense the cash until Britain agrees to repay it if JLR goes bankrupt. Source: World Business - Livemint.com | 17 May 2009 | 4:42 pm Change can be particularly difficult in family-owned firmsWith our father about to retire, my brother and I will soon take over the leadership of our family business. Company performance overall is good, but can you offer any advice on how we might bring change to the divisions that would benefit from more modern management practices? We don't want to hurt our special culture.  — Name withheld, Kerala In a way, the question you’re facing is a universal one. Virtually all new leaders, whether they’re taking charge of a small partnership or a sprawling public corporation, have to figure out how to change the ineffective parts of the enterprise without undermining those that seem to be working efficiently. And so the answer to your question applies universally. A leader fosters change by clearly explaining why it’s necessary from a competitive point of view, painting a vivid picture of the altered company’s future, describing the plan’s upside in gritty detail to the employees affected by it, and then talking about the incontrovertible need for the change to take place, constantly and incessantly, until it has been widely accepted and implemented. There’s a reason no one says change is easy. At family-owned firms like yours, change can be especially difficult, and it’s because of what you described as “our special culture”. Family companies differ from large corporations in terms of culture—indeed, that’s why many people are attracted to them. Also See Jack and Suzy Welch’s videos Regardless of size, family firms tend to have a more intimate atmosphere; you’re working for a real person or that person’s legacy, not some generic entity owned by faceless shareholders. Family companies also tend to have more forgiving environments, in which underperformance is often understood in the context of an employee’s personal issues, and underperformers are given second and third chances. As a result, feelings of pride, security and continuity are often deeply embedded in the culture of these companies, which makes introducing change an especially delicate leadership endeavour. But that’s only half the challenge. The other half is posed by your father. Look, most family-owned firms revolve around their patriarch. His values set the tone; his word carries gospel-like weight. People believe he “gets” the company in his bones. After all, it was his wisdom that built the place—that is, along with his blood, sweat and tears. And so any new leader who replaces a patriarch and hopes to make a change—no matter whether that new leader is a long-cultivated family member or a newly recruited outsider—has to understand something. You can’t begin your change effort by focusing in the typical direction: downward, toward the employees. You need to focus upward, on the constituent people trust. Now, it’s entirely possible that your father has told you he supports your plans for change. In fact, in the most successful family firms, patriarchs actually count on their progeny to initiate the kinds of modernization efforts they themselves could not envision. But in our experience, the retiring leader usually harbours some ambivalence about his replacement’s proposed new course, and, as in any family situation, everyone in the room knows it. What can you do? We ordinarily encourage change agents to move more quickly than feels comfortable. We explain that change always takes longer than expected and it’s not possible to make supporters out of everyone, so a leader must fight the urge to delay. But in your case, we make an exception. To bring the patriarch aboard, new leaders of family firms, whether insiders or outsiders, need to allow for a certain “slow build” period. During that time, make sure your father understands that you have sincere respect for all that he has built. Make sure, too, that he comes to see the financial, organizational, and even cultural advantages of your programme for change. Finally, and perhaps most important, try to find a way for him to take part in the change process, rather than just being a mute witness to it. Nothing will better convince employees of his buy-in—and hasten theirs when the time comes. Not to make this sound formulaic. Succession in family companies is usually about as orderly and predictable as families are! But if you handle this period with emotional sensitivity, you will have the opportunity to build something remarkable—a family company that grows better with the next generation. ©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.comPlease include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 17 May 2009 | 3:09 pm Realty industry hopes for better days under new governmentIndia's realtors, one of the worst-hit by the slowdown, believes the sector will get more attention under the new government given its professed thrust on infrastructure.Source: IndiaeNews.com: Business News | 17 May 2009 | 12:31 pm UK govt ready to guarantee loans for Tatas’ JLR businessLondon: The British government has said that it is ready to guarantee loans to Indian conglomerate Tata group-owned Jaguar Land Rover, for which it is talking with European banks on the behalf of the cash-strapped carmaker. While making it clear that the primary financial responsibility of JLR rests with the Tatas, the UK continues to hold “confidential discussions” over both short and long-term financing and business plans, an official at the British government’s Department of Business, Enterprise and Regulatory Reform (BEFR) said. JLR, acquired by the Tatas in April 2008 for £1.15 billion from US auto giant Ford, has been facing financial troubles due to the global economic slowdown, and the company had sought assistance from the government. Earlier in a media interview, Tata group chief Ratan Tata had said that he only wanted the UK government to facilitate access to credit and not a bailout for JLR. Besides, some other media reports have said recently that talks between the Tatas and the UK government have hit an impasse. “The government wants to see JLR safely through difficult trading times and provide stability for the company and its employees. We regard JLR as a visible company with good long-term prospects,” the BERR spokesperson said. The Department of Business, Enterprise and Regulatory Reform further said “the government’s role is not about picking winners or ignoring market signals but removing barriers which hold business back. “It is about identifying markets that offer significant opportunity for high value-added employment or growth in Britain and where the government can have a positive impact in unlocking the competitive potential of firms and workers in these markets.” Tata recently said the company does not seek bailout. “I would like to see the British government playing only one role. It controls the banks, and all I seek is the facilitation to provide access to credit on commercial terms. It’s not a bailout,” he had said in an interview published in the Sunday Times newspaper earlier this month. Source: World Business - Livemint.com | 17 May 2009 | 10:29 am
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