Indian Business Headlines for May 20, 2009

Gujarat NRE Coke allots 40lac convertible warrants

M/s. Bennett, Coleman Co. Ltd., has subscribed 40,00,000 Convertible Warrants of M/s. Gujarat NRE Coke Ltd (the company) on 15th May, 2009.
Source: Moneycontrol Top Headlines | 20 May 2009 | 6:42 pm

Indoco to supply 500mn antidiabetic tablets to Germany

Indoco will supply 500 million Metformin, antidiabetic, tablets per annum to Germany for two years towards the AOK tender. AOK (Allgemeine Ortskrankenkassen) The Health Fund of Germany, is Germanys biggest health insurance company, rendering services in medical care for over 10 decades.
Source: Moneycontrol Top Headlines | 20 May 2009 | 6:32 pm

Inflation projected at 0.1% in 2009-10: CMIE!

The average inflation during 2009-10 is projected to remain negligible at just 0.1 percent as against 8.3 percent in 2008-09, Centre for Monitoring Indian Economy (CMIE) said in its monthly review here.
Source: Zee News : Business | 20 May 2009 | 4:53 pm

Senate passes credit card overhaul bill!

The Senate voted overwhelmingly on Tuesday to rein in credit card rate increases and excessive fees.
Source: Zee News : Business | 20 May 2009 | 4:53 pm

HP`s profit drops by 17%; to cut 6,400 more jobs!

HP`s profit dropped 17 percent to USD 1.72 billion and sales fell 3 percent to $27.4 billion in its fiscal second quarter
Source: Zee News : Business | 20 May 2009 | 4:53 pm

US Senate OKs bill to rein in credit card industry!

The US Senate voted overwhelmingly on Tuesday to rein in credit card rate increases and excessive fees.
Source: Zee News : Business | 20 May 2009 | 4:53 pm

Rupee down 4 paise against USD in early trade!

The Indian rupee on Wednesday tumbled by four paise to 47.82 against the US dollar on expectations of capital outflows by foreign funds as domestic bourses may open weak in tandem with other Asian markets.
Source: Zee News : Business | 20 May 2009 | 4:53 pm

Japan logs record annualised drop in Jan-March quarter!

Japan`s economy shrank 4.0% in the first quarter, the biggest contraction on record, but economists see a return to modest growth in coming quarters for the world`s No. 2 economy.
Source: Zee News : Business | 20 May 2009 | 4:53 pm

New govt to consider free pricing of auto fuels: Sources

New government may consider free pricing of Auto fuels. Oil Minister has prepared a draft note on free fuel pricing. New Oil Minister will decide on free Auto fuel price plan. Free fuel pricing may lead to Rs 2 per litre hike in petrol, reports NewsWire18.
Source: Moneycontrol Top Headlines | 20 May 2009 | 4:27 pm

Andhra govt continuity to increase FY10 order flow: IVRCL

Sudhir Reddy, CMD, IVRCL, said he is expecting a greater flow of projects in FY10 because of the continuity in the state government where 1/3rd of the companys projects come from.
Source: Moneycontrol Top Headlines | 20 May 2009 | 4:00 pm

Adequately hedged, see no dent in profits ahead: Zensar

Ganesh Natrajan, Vice CMD and CEO, Zensar Technologies said the company is covered for 6% change in rupee during this financial year. I dont see any difference in either our profits or any changes that we have to make on that basis.
Source: Moneycontrol Top Headlines | 20 May 2009 | 2:10 pm

See 3-7% growth in FY10: Bajaj FinServ - Moneycontrol.com

See 3-7% growth in FY10: Bajaj FinServ
Moneycontrol.com
Bajaj Auto Finance has announced its fourth quarter results. The company Q4 net profit was up at Rs 15.06 crore versus Rs 4.5 crore.
Bajaj Finserv March qtr net profit at Rs 107 cr Indopia
Bajaj Auto Finance Board recommends 20% Dividend for 2008-09 Equity Bulls
Reuters India - RTT News
all 11 news articles

Source: Google News India - Business | 20 May 2009 | 1:26 pm

Bharti Wal-Mart's first store to open next week - Hindu Business Line

Bharti Wal-Mart's first store to open next week
Hindu Business Line
NEW DELHI: Bharti Wal-Mart Pvt Ltd, the joint venture between Bharti Enterprises and the US-based Wal-Mart Stores Inc, will open its first cash-and-carry store in India next week.
Council must reconsider big-box store ban The Salinas Californian
Wal-Mart to open first India cash-and-carry Reuters India
all 17 news articles

Source: Google News India - Business | 20 May 2009 | 1:17 pm

Tata Motors plans Rs4,200 cr debenture issue: Crisil - Livemint

Tata Motors plans Rs4,200 cr debenture issue: Crisil
Livemint
PTI New Delhi: India's leading automaker Tata Motors, which needs to refinance early next month a bridge loan worth $2 billion taken for purchase of Jaguar and Land Rover, is planning to raise Rs4,200 crore (about $884 million) worth of fresh debt.
Tata Motors Sells Bonds To LIC To Raise Rs 1250 Cr; Stock Zooms 18.6% BreakingUpdate
Tata Steel soars 14 pc on BSE Economic Times
India Infoline.com - Business Standard - VC Circle - Seeking Alpha
all 34 news articles हिन्दी में

Source: Google News India - Business | 20 May 2009 | 1:16 pm

Bharti Airtel sees mobile tariff cuts limited - Reuters India

enterpriser.in

Bharti Airtel sees mobile tariff cuts limited
Reuters India
NEW DELHI (Reuters) - Bharti Airtel, India's top telecoms firm, does not expect the entry of new players in an already competitive market to push mobile tariffs down drastically, its deputy CEO said.
Airtel pips BSNL, is top telco by sales Livemint
Bharti AXA plans to start mobile payment system Economic Times
fnbnews.com - domain-B - CIOL - mydigitalfc.com
all 33 news articles

Source: Google News India - Business | 20 May 2009 | 1:14 pm

West Bengal plans hydro power project in Bhutan

KOLKATA (Reuters) - West Bengal plans to develop a 650 MW hydro power project in Bhutan, in which it will also invest, and has approached the central government for necessary clearances, a state official said on Wednesday.

Source: Reuters: Money News | 20 May 2009 | 1:12 pm

Investor nod seen in Wal-Mart Amritsar store launch

NEW DELHI (Reuters) - Wal-Mart Stores Inc is set to open its first cash-and-carry centre in India next week in a signal of foreign investor confidence in India just days after a reform-minded Congress-led coalition won an election.

Source: Reuters: Money News | 20 May 2009 | 1:10 pm

Indiabulls Real Estate to go for a $600 mln QIP - Reuters India

RTT News

Indiabulls Real Estate to go for a $600 mln QIP
Reuters India
By Team Vcc (VCCircle.com) The allotment is expected to be made by May 22 and the issue was opened on Monday. The shareholders of Indiabulls Real Estate Ltd (IBREL) have approved the company's $600 million fundraising exercise.
Indiabulls Real Estate up 7% on raising funds Economic Times
Indiabulls Real Estate Raises Funds Wall Street Journal
Livemint - Bloomberg - Equity Bulls - Calcutta Telegraph
all 43 news articles

Source: Google News India - Business | 20 May 2009 | 1:09 pm

Bharti Airtel sees mobile tariff cuts limited

NEW DELHI (Reuters) - Bharti Airtel, India's top telecoms firm, does not expect the entry of new players in an already competitive market to push mobile tariffs down drastically, its deputy CEO said.

Source: Reuters: Money News | 20 May 2009 | 1:02 pm

Sensex closes 241 pts down on profit-taking

New Delhi: Markets closed on downbeat note on Wednesday as investors booked profits after Monday’s 17% rally following UPA’s decisive victory in the 15h Lok Sabha elections.

Domestic indices today opened in red but rebounded immediately on mixed cues from the global markets. Asian markets were trading mixed after US stock markets on Tuesday closed mixed on the back of disappointing housing data and retreating financial stocks.

Unable to sustain gains, indices slipped into red again during mid session and continued to exhibit volatility. Among sectors, off-loading was seen mainly among banks, oil & gas and technology stocks. But significant buying was also witnessed in consumer durable, metal, auto, PSU, pharma and capital goods stocks.

The 30-share BSE index closed lower by 241.37 points at 14,060.66 and NSE Nifty ended down by 48.15 points at 4,270.30.

After Monday’s gains of almost 20%, DLF Ltd was on top of the losers on the BSE, falling by 7.77%; followed by ICICI Bank by 6.56%, Bharti Airtel by 6.06%, Bhel by 5.75%, HDFC by 5.73%, Sun Pharma by 5.07%, Reliance by 3.78%, HDFC Bank by 2.36%, Reliance Communication by 2.33% and Infosys Technologies by 1.90%.

Bank stocks suffered significant setback on fears of rising defaults. Major losers are ICICI Bank down by 6.56%, Axis Bank by 5.05%, Bank of Baroda by 3.82%, HDFC Bank Ltd by 2.36% and Punjab National Bank by 2.10%.

While DLF stocks plunged, Unitech ended higher by 3.39% as the company promoters raised their stake.

Among the gainers Tata Motors was leading by 19.12%, followed by Tata Steel by 12.81%, Mahindra & Mahindra Ltd by 8.18%, Hindalco by 7.09%, JP Associates by 5.29%, Maruti Suzuki by 4.46% and Ranbaxy Laboratories by 3.86%.

On the global front, Asian markets ended mixed. Japan’s Nikkei ended 0.59% up, while Hong Kong’s Hang Seng ended flat.

Source: Home - Livemint.com | 20 May 2009 | 1:02 pm

Allow staff, materials movement, court tells MRF strikers

The Madras High Court Wednesday ordered workers on strike at two plants of tyre major MRF in Tamil Nadu and Puducherry not to obstruct movement of personnel and materials.
Source: IndiaeNews.com: Business News | 20 May 2009 | 1:00 pm

Demand For Gold Surges Among Investors - BreakingUpdate

BBC News

Demand For Gold Surges Among Investors
BreakingUpdate
Figures from the World Gold Council showed that gold demand is going up as investors are showing keen interest in the metal. However, impoverished consumers are staying away from gold jewellery.
Gold demand soars among investors BBC News
Bull run robs sheen of gold ETFs Times of India
Mining MX - Mineweb - ICM Commercial & Business News - The National
all 71 news articles

Source: Google News India - Business | 20 May 2009 | 12:59 pm

President invites Manmohan to form new government

New Delhi: Prime Minister-elect Manmohan Singh said on Wednesday his coalition had support for a clear majority in Parliament after he formally sought approval from the President to form the next government.

“President has invited me to form the new cabinet,” Singh, 76, told reporters after meeting President Pratibha Patil.

Singh said his Congress-led coalition had the support of 322 members of the lower house of Parliament, well above the half-line mark of 272 required to rule.

The coalition’s strong majority, free of pressures from its former communist allies, has boosted hopes that it would pursue reforms to spur sagging growth in Asia’s third-largest economy.

Patil will swear in the new government on Friday.

The coalition was just 10 seats short of a parliamentary majority in the election when the results of the election were declared on Saturday.

Since then several regional parties have offered their support to the Congress-led coalition, bolstering the prospects for a stable government.

The Congress has support of three powerful parties: the Bahujan Samaj Party, led by Mayawati, the Samajwadi party and the Rashtriya Janata Dal, who together account for 48 lawmakers in Parliament.

“We are in a very happy situation,” said Janardhan Dwivedi, a Congress party leader.

Earlier, Congress party head Sonia Gandhi and Singh met their allies to lay out a blueprint for governance.

Source: Home - Livemint.com | 20 May 2009 | 12:41 pm

Tata Motors plans Rs4,200 cr debenture issue: Crisil

New Delhi: India’s leading automaker Tata Motors, which needs to refinance early next month a bridge loan worth $2 billion taken for purchase of Jaguar and Land Rover, is planning to raise Rs4,200 crore (about $884 million) worth of fresh debt.

The fresh debt would be be raised through sale of non- convertible debentures in four tranches, credit rating agency Crisil has said, while assigning its top-grade credit rating for the debenture programme backed with a SBI guarantee.

The four trances of Rs800 crore, Rs350 crore, Rs1,800 crore and Rs1,250 crore will have tenors ranging from 23 to 83 months, with maturities ranging from March next year to March 2016, Crisil said in a statement.

“The guarantee amount is sufficient to meet the amounts due to investors including the interest, principal and redemption premium payable,” it added.

Earlier, Standard and Poor’s had said: “We continue to expect the company to be able to successfully complete its bridge facility refinance before the 2 June, 2009, due date”.

To acquire the UK-based Jaguar and Land Rover (JLR), Tata Motors had taken a bridge loan of $3 billion, of which it paid $1 billion through proceeds from a rights issue and disinvestments in October 2008 and another $126 million recently through a voluntary prepayment option.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 12:36 pm

117 small-cap, 14 mid-cap stocks hit upper circuit limits - Economic Times

Straits Times

117 small-cap, 14 mid-cap stocks hit upper circuit limits
Economic Times
MUMBAI: The mid-cap and small-cap indices today significantly outperformed the benchmark index Sensex with as many as 117 small-cap stocks and 14 mid-cap stocks touching their upper circuit limits at the Bombay Stock Exchange.
Sensex extends losses as RIL slides NDTV.com
Sensex Ends Down 1.7% Wall Street Journal
BreakingUpdate - Business Standard - Economic Times - Economic Times
all 631 news articles हिन्दी में

Source: Google News India - Business | 20 May 2009 | 12:34 pm

Mahanagar Telephone Nigam workers call off strike

Some 8,000 employees of the state-run Mahanagar Telephone Nigam (MTNL), which runs telecom and Internet services in the country's two main metros, called off their agitation Wednesday after the management agreed to review their demands including wage hikes.
Source: IndiaeNews.com: Business News | 20 May 2009 | 12:30 pm

BSE Sensex drops 1.7 pct after big poll rally

MUMBAI (Reuters) - Profit-taking pushed the BSE Sensex down 1.7 percent on Wednesday after a stunning 17.5 percent two-day jump following a comfortable victory for the ruling coalition in national elections.

Source: Reuters: Money News | 20 May 2009 | 12:29 pm

Rupee climbs for 4th day on economic optimism

Mumbai: The rupee climbed for a fourth day on Wednesday as a brighter growth outlook after the ruling coalition’s decisive election victory is expected to attract more capital inflows in coming months.

The partially convertible rupee ended at Rs47.47/48 per dollar, near the day’s peaks and 0.6% above its previous close of Rs47.75/77. It has gained 4.8% in the past four days

Those gains have made it the second strongest Asian currency against the US dollar this year with a rise of 2.6%. One week ago, it was among the weakest Asian currencies.

Barclays Capital and Standard Chartered Bank joined a growing list of research houses that have upgraded targets for the rupee because of improved growth and investment prospects.

“We feel that the decisive victory of the United Progressive Alliance amid signs of economic expectations bottoming, has tilted the scale in favour of India,” Standard Chartered economists Anubhuti Sahay and Priyanka Chakravarty said.

The rupee would meet resistance at 47.05/15, its 55-week moving average, if the current rally extended, Standard Chartered said, but it expects it to end the year at 45.50.

The rupee has risen 10% after hitting a lifetime low of Rs52.20 in March on a revival in capital inflows into the stock market. Foreign investors have been net buyers of more than $5 billion of shares since mid-March, including more than $1 billion on Tuesday alone.

Prime Minister-elect Manmohan Singh will formally seek on Wednesday the approval of India’s president to form a government, a party spokesman said.

One-month implied volatilities in the rupee fell to 12% from 13.8% on Tuesday.

Forwards market indicated the rupee would weaken from current spot rates, with six-month offshore non-deliverable forwards pricing in a 1.2% decline.

Sailesh Jha, senior regional economist at Barclays Capital, said the central bank will allow a faster appreciation of the rupee as its shifts from an easy to a neutral policy stance in the latter half of 2009.

“From an exchange rate management perspective, we expect the RBI to tolerate a 14% real effective exchange rate appreciation in the second half of 2009,” Jha said, who expects the rupee to end 2009 at 45 per dollar.

Barclays expects capital flows in 2009/10 to rise to $51.7 billion from $10.1 billion in 2008/09, driving the rupee higher.

Source: Home - Livemint.com | 20 May 2009 | 12:29 pm

India to launch wheat futures trade on Thursday

MUMBAI (Reuters) - Indian commodity bourses will launch wheat futures from Thursday, a day after receiving permission from the Forward Markets Commission (FMC), officials at two top bourses said.

Source: Reuters: Money News | 20 May 2009 | 12:27 pm

Helping exporters to be new government’s priority

New Delhi: Removal of fringe benefit tax on export-related activities and extending duty refunds up to March 2010 may form part of the five-year foreign trade policy -- a key area for action for the new commerce minister.

“The immediate priority is to come out with a new foreign trade policy ... we will push for the extension of Duty Entitlement PassBook (DEPB) scheme up to March 2010 and removal on the Fringe Benefits Tax (FBT),” a senior Commerce Ministry official said.

Facing a crisis like situation because of global slowdown, exporters have been demanding increase in the duty refunds and extension of drawback and DEPB schemes, removal of FBT and moratorium on repayment of the bank term loans.

They have also been seeking exemption on export profits, settlement of losses in derivatives and expeditious release of duty refund claims.

FBT adds to about 7% of the cost of export marketing, according to the Federation of Indian Export Organisations (FIEO).

It said that removal of FBT would bring down marketing costs.

“Exporters have to travel abroad frequently and FBT reduces the competitiveness of the Indian products,” FIEO President A Sakthivel said.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 12:22 pm

Bajaj Allianz Life, Bajaj Allianz Gen post profits in FY09

Mumbai: Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance both posted profits for FY09, despite deteriorating market conditions.

Bajaj Allianz Life Insurance posted profit of Rs45 crore in FY09 against a loss of Rs16 crore in the year-ago period, a release here on Wednesday stated.

Bajaj Allianz General Insurance reported profit before tax of Rs150 crore and a PAT of Rs95 crore in FY09, the release added.

Bajaj Allianz General Insurance grew 10% to garner Gross Written Premium (GWP) of Rs2,649 crore as against Rs2,404 crore in FY08.

Life insurance grew 9%, garnering a premium of Rs10,624 crore with new business premium at Rs4,491 crore and renewal premium at Rs6,133 crore, the release said.

Bajaj Allianz General Insurance has issued over 7.5 million policies and Bajaj Allianz Life Insurance has 7.4 million policies in force.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 12:21 pm

Barclays Cap sees India GDP growth at 7 per cent in FY'10

Barclays revised India's growth projection for 2009-10 to seven per cent from the earlier forecast of 5.5 per cent
Source: Daily News & Analysis: Money News | 20 May 2009 | 12:16 pm

New bank notes of Rs 1000

The Reserve Bank of India will shortly issue Rs 1000 denomination banknotes with `L' inset letter
Source: Daily News & Analysis: Money News | 20 May 2009 | 12:11 pm

Government has support of 322 MPs: PM

NEW DELHI (Reuters) - India's Congress party-led coalition has the support of 322 lawmakers, Prime Minister-elect Manmohan Singh said on Wednesday, giving it a clear majority in a new government.

Source: Reuters: Money News | 20 May 2009 | 12:06 pm

India to launch wheat futures trade on Thursday - Reuters India

India to launch wheat futures trade on Thursday
Reuters India
By Sourav Mishra & Abhishek Shanker MUMBAI, May 20 (Reuters) - Indian commodity bourses will launch wheat futures from Thursday, a day after receiving permission from the Forward Markets Commission (FMC), officials at two top bourses said.
MCX launches futures trading in Wheat Moneycontrol.com
Gold futures remain weak on lack of buying support Siasat Daily
Indopia - Business Standard - Myiris.com - Reuters India
all 93 news articles

Source: Google News India - Business | 20 May 2009 | 12:05 pm

Win a fully furnished home on new reality show

Play some innovative games and win a fully furnished house is the promise of STAR's new reality show 'Godrej Khelo Jeeto Jiyo'.
Source: IndiaeNews.com: Business News | 20 May 2009 | 12:02 pm

Sensex tumbles 260 points but lesser scrips excel

While benchmark indices at the equities markets slipped into the red at the closing bell Wednesday with a key index falling 241 points below its last close, mid- and small-sized firms outperformed blue-chip companies.
Source: IndiaeNews.com: Business News | 20 May 2009 | 12:01 pm

India Inc clocks PE deals worth USD 494 mn in April

The month of April saw private equity deals worth USD 493.94 million
Source: Daily News & Analysis: Money News | 20 May 2009 | 11:59 am

Corporate India clocks PE deals worth $494 mn in April

New Delhi: The month of April saw private equity (PE) deals worth $493.94 million and the value of total number of such deals during the first four months of this year increased to $1.31 billion.

The total number of private equity deals announced during the month of April 2009 stood at $493.94 million through 15 deals, global consultancy firm Grant Thornton said, adding that the total number of PE deals during the first four months of this year stood at 56 deals with an announced value of $1.31 billion.

“On the private equity front, we are finally seeing some increase in the deal values compared to the first three months of the year, where deal values are close to half a billion dollars,” Grant Thornton Partner, transaction support services official C G Srividya said.

However, the PE deal value so far this year represents a significant decline of over 72% from its year ago period. In the first four months of 2008, corporate India had announced private equity deals worth $4.68 billion through 149 deals.

The total number of private equity deals announced during the calendar year 2008 stood at 312 with a total announced value of $10.59 billion.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:56 am

Humbled BJP blames technology, demands ballot format

Bhubaneswar: The Bharatiya Janata Party on Wednesday blamed the electronic voting machines for its humiliating defeat in the recently-concluded assembly and Lok Sabha polls in Orissa and sought re-introduction of ballot paper system of voting.

Raising serious doubts about the accuracy of the EVMs, BJP state president Suresh Pujari in a party meeting said,“Ballot papers are more accurate and authentic. Ballot papers can be kept for record, while it was not possible with EVMs. Since the US and many countries have stopped use of EVMs in elections, we should also stop the practice in India.”

BJP bagged only six seats in the 147-member Orissa Assembly and failed to win any of the 21 Lok Sabha seats in the state.

In 2004, the party had secured 32 seats in the assembly elections and seven Lok Sabha seats.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:55 am

MTNL strike called off; telecom network expected to be normal

MTNL phones, which have been dead over the past two days throwing even emergency services out of gear, will ring by tonight.
Source: Daily News & Analysis: Money News | 20 May 2009 | 11:48 am

Mutual funds cut Tata Motors holding in April - data

MUMBAI (Reuters) - Mutual funds took advantage of a 34 percent rise in the shares of Tata Motors in April to cut their holdings by 40 percent in the vehicle maker, which is facing pressing funding requirements and slowing sales.

Source: Reuters: Money News | 20 May 2009 | 11:42 am

Monsoon sets in over Andaman Sea, to reach Kerala soon - Press Trust of India

Indian Express

Monsoon sets in over Andaman Sea, to reach Kerala soon
Press Trust of India
New Delhi, May 20 (PTI) The much-awaited south-west monsoon, the lifeline to over 200 million farmers of the country, today reached the Andaman Sea and could touch Kerala between May 23 and 25, a week ahead of its normal onset.
IMD re-affirms prediction of early, strong monsoon domain-B
Cyclone threat as monsoon onset countdown begins Hindu Business Line
Times of India - RTT News - Express Buzz - Reuters India
all 36 news articles

Source: Google News India - Business | 20 May 2009 | 11:40 am

India working to secure 2010 Games

New Delhi: Security is the prime concern ahead of 2010 Commonwealth Games in New Delhi due to the tense situation in the region, organisers said on Wednesday.

“We have to satisfy the Commonwealth Games Federation (CGF) on the security aspect and I am confident we can do that,” organising committee chairman Suresh Kalmadi told local media.

“Security is a very important aspect of the Games and we need to have more communication with the CGF on that.”

Security concerns in South Asia have grown after 166 people were killed in militant attacks in Mumbai last November, and gunmen ambushed the bus carrying the Sri Lankan cricket team in Pakistan in March.

Seven Sri Lankan cricketers were injured in the incident, forcing the International Cricket Council to abandon plans to hold a part of the 2011 World Cup in Pakistan.

The CGF and Indian organisers have said that security for the Commonwealth Games, featuring athletes from 71 nations and territories of the former British Empire, will be on par with last year’s Beijing Olympics.

“The CGF had sent a couple of delegates to check on the security,” said Kalmadi. “They have given a report for us to follow up on.

“The scenario in all our neighbouring countries also worries them, so we have to give them a lot of comfort on security.”

Organisers are looking at the 3-14 October Games next year to showcase their ability to stage major sporting events with an eye on hosting the Olympics by 2020.

Kalmadi admitted there were minor delays in construction of two venues, but promised to have all infrastructure ready six months ahead of the event.

“It took us a while to procure mandatory approval for some infrastructure projects,” he said. “That led to a delayed start, but we have now managed to catch up and most venues will be ready in time for the Games.”

Kalmadi said the CGF executive board were satisfied with the progress during a visit to New Delhi earlier this month.

“The CGF executive inspected the venues and expressed satisfaction with the way the infrastructure was coming up,” he said.

“We need to maintain the momentum, and the organising committee will keep monitoring the execution of infrastructure contracts.”

New Delhi is only the second Asian city to be hosting the Commonwealth Games. The Malaysian capital of Kuala Lumpur hosted the 1998 event.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:36 am

Indian funds cut Tata Motors holding in April

Mumbai: Indian funds took advantage of a 34% rise in the shares of Tata Motors in April to cut their holdings by 40% in the vehicle maker, which is facing pressing funding requirements and slowing sales.

Funds sold more than five million shares of Tata Motors in April, cutting their holdings to 1.7% of India’s leading vehicle maker from 2.82% a month earlier, data from mutual fund tracking firm ICRA Online shows.

Some funds from firms such as Birla Sun Life, Kotak, Reliance Capital and DSP BlackRock exited the stock, while those from IDFC and Sundaram BNP Paribas cut exposure.

Fund managers and analysts attribute the selling to profit taking after Tata Motors’ stock rose 34.4% in April, its biggest monthly rise since December 1998, and concerns over the firm’s cash flows, funding plan for capital expenditure and future debt composition.

The firm is also scrambling to refinance by early June bridge loans of $1.9 billion taken for last year’s purchase of the Jaguar and Land Rover (JLR) brands.

“The upside is limited because of risk associated with the firm on JLR front,” Vaishali Jajoo, a senior research analyst at Angel Broking said.

Demand in India for commercial vehicles remained weak in a slowing economy, and JLR’s key European and US markets have deteriorated and are expected to remain weak, she said.

Sales in India of trucks and buses slumped 26% in 2008/09 (April/March) and fell 11.3% in April from a year earlier, according to data from the Society of Indian Automobile Manufacturers (SIAM).

SIAM has forecast sales to rise 7 to 10% in 2009/10, but it said last month the recovery had not yet begun.

“Looking at all these things, the valuation looks expensive and that is one of the reasons why institutions might have reduced the exposure,” Jajoo said.

Still, funds look to have gotten out a little early. Tata Motors’s share price has risen 50% so far in May, helped by a 37% surge this week.

Tata Motors had $100 million of cash on its books at the end of 2008, and sources have said it plans to raise around $900 million in bonds this week.

It raised about Rs25 billion ($525 million) from advance bookings for its Nano, the world’s cheapest car, but that disappointed investors as it was only about half the collections analysts had expected.

“When every global automaker is in such a dire shape and you don’t know what exactly the base numbers are for fiscal 2009, I think it’s a big risk,” said an analyst, who asked not to be named as he was not authorised to comment on individual stocks.

“Fundamentally, Tata Motors is still not in very good shape given funding requirements for JLR, investment in Nano... plus their commercial vehicle segment is still in downturn,” he said.

Instead, firms such as Mahindra & Mahindra, Maruti Suzuki and Hero Honda, all of which attracted fund interest in April, would be better bets, the analyst said.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:32 am

ANALYSIS - Geithner works to fill out Treasury team

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner is surrounding himself with former aides to President Bill Clinton as he attempts to rebound from a rocky start even as top-tier vacancies have slowed decision-making.

Source: Reuters: Money News | 20 May 2009 | 11:28 am

Gujarat starts groundnut labelling

Ahmedabad: Prior to the visit of a European Union team for inspection of groundnut units in Gujarat, the state government has launched labelling process of the commodity to enhance traceability of export consignments.

“We have started the labelling process of groundnut produce at APMC Gondal and Amreli in collaboration with Apeda (Agriculture and Processed Food Product Development Authority) and the state government,” said Gujarat Agro Industry Corp., (GAIC) managing director D. Thara.

The move will help the agriculture produce market co-operatives (APMC’s) to step up the value supply chain and screen lower quality consignments upfront, Thara said.

“We are also holding parleys with the godown owners, and oil producing mills here to put the system of labelling of bags in place for tracking consignments meant for local distribution also,” she added.

After rejecting 50-odd Indian groundnut consignments, a EU team is planning to visit India in September to confirm whether domestic traders are complying with the EU standards while exporting groundnut.

“Off late the rejection of consignments of hand picked seeds (HPS) of groundnut exported to European Union from Gujarat due to presence of aflatoxin, a type of fungus, has been an issue of concern,” a senior GAIC official said.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:28 am

See insurance FDI norms ease in 36 months: ICICI Pru

V Vaidyanathan of ICICI Prudential Life Insurance said he was hopeful that that new government would clear insurance reforms. There is no ideological reason for insurance reforms to be postponed, he said, adding that ICICI Pru was looking at picking up stake if the foreign direct investment (FDI) limit was relaxed.
Source: Moneycontrol Top Headlines | 20 May 2009 | 11:21 am

Telenor rasies stake in Unitech Wireless to 49%

New Delhi: Norway’s Telenor ASA has hiked its stake in Unitech Wireless Ltd, the telecom unit of Unitech Ltd, to 49% through an additional investment of Rs1,130 crore.

Eight units of Unitech Wireless received the additional funds for 15.5% stake from Telenor Asia Pte Ltd, the Asian unit of the Norwegian telecom major, Unitech said in a statement to the Bombay Stock Exchange.

Taking into account 33.5% stake bought by Telenor in the first phase by investing Rs1,250 crore, the total stake of Telenor in Unitech Wireless shall be 49% of the total issue and paid-up equity share capital, the company said.

Real estate major Unitech sold 67.25% stake in Unitech Wireless to Telenor for around Rs6,120 crore. Telenor got a larger stake (67%) instead of the planned 60% in Unitech Wireless earlier this year “largely due to the macroeconomic development since the deal was made.”

The next round of investment will come in the next two to three months, company officials said

“The ownership share will increase from 60 to 67.25% for the same capital injection,” Telenor had earlier said.

Source: Home - Livemint.com | 20 May 2009 | 11:15 am

Petroleum Min favours market-based pricing for fuel

Petrol prices may be raised by about Rs 2 per litre and diesel rates cut by Rs 0.30 a litre
Source: Daily News & Analysis: Money News | 20 May 2009 | 11:11 am

Sensex reverses gear, falls 241 points

The Bombay Stock Exchange benchmark Sensex on Wednesday tumbled by over 241 points as bull operators booked profits following the 20 per cent surge since Friday.
Source: India Business News | Business News - Times of India | 20 May 2009 | 11:07 am

BSF gets Rs360 crore for raising 29 new battalions

New Delhi: The government has approved a Rs360 crore plan for Border Security Force to raise 29 new battalions comprising nearly 30,000 personnel within the next five years raising its strength to nearly 200,000.

The fund to raise the battalions was sanctioned by Union home ministry recently as part of its expansion programme for central paramilitary forces, BSF director general M.L. Kumawat said.

With this, the strength of BSF will go up to 186 battalions, comprising about 190,000 personnel, in the next five years.

It will procure eight Dhruv Advanced Light Helicopters from Hindustan Aeronautics Ltd and purchase one large transport plane and two small aircraft from abroad within this fiscal, a BSF official said.

The Central paramilitary force, which has been guarding the borders with Pakistan and Bangladesh, was sanctioned eight helicopters and three aircraft earlier for patrolling the borders and to transport men and material in case of emergencies.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 11:04 am

Grasim May Consider Acquisitions - Wall Street Journal

RTT News

Grasim May Consider Acquisitions
Wall Street Journal
MUMBAI -- Grasim Industries Ltd. may consider acquiring cement manufacturing companies in India and overseas, its chief financial officer said Wednesday.
Grasim reports lower net profit Hindu
Subdued VSF, sponge iron biz hits Grasim profits Hindu Business Line
India Infoline.com - Myiris.com - Reuters - Daily News & Analysis
all 25 news articles

Source: Google News India - Business | 20 May 2009 | 11:02 am

SpiceJet looks at launching feeder service

Low-cost carrier SpiceJet is planning to fly on new feeder routes that will connect smaller cities with the big ones and may deploy about six more aircrafts for the purpose
Source: Daily News & Analysis: Money News | 20 May 2009 | 10:57 am

Air Works empowered to carry maintenance of Boeing 737

New Delhi: Leading aviation engineering firm Air Works on Wednesday said it could now on maintain, repair and overhaul (MRO) Boeing 737 series of planes in India, along with that of turbo-prop aircraft which it is already doing.

“We have received the approval from the Director General Civil Aviation (DGCA) for carrying out maintenance of Boeing 737 New Generation series aircraft fitted with CFM-56-7 series engines at our existing facility,” said Air Works CEO Fredrik Groth .

The company, which has its MRO facility in Hosur in Karnataka, plans to invest up to $40 million to set up additional hangars, paint operation facilities and future engine and component activities, the CEO said.

Over 70 Boeing 737 aircraft currently operate with major airliners including Air India, Air India Express, Jet Airways and SpiceJet, he said, adding efforts were on to woo customers from the neighbouring region which, along with Indian Boeing operators, spend huge amounts to send the planes for routine checks abroad.

“We look forward to working with Boeing 737 operators in neighbouring countries also. Our services will be cost effective and will eliminate the need for costly overseas aircraft ferrying,” Groth added. Indian airlines spend over $600 million on getting their aircraft serviced abroad.

Source: LatestNews-Home - Livemint.com | 20 May 2009 | 10:48 am

Grasim sees cement volumes rising on infra

MUMBAI (Reuters) - Grasim Industries Ltd expects higher infrastructure spending by the government to drive volumes for cement, a senior official said on Wednesday.

Source: Reuters: Money News | 20 May 2009 | 10:47 am

Apple warns of small electrical shocks from iPod, iPhone

New York: Technology giant Apple has warned of possible small and quick electrical shocks from the headphones while using iPods and iPhones.

According to the company, people could experience the electrical shock when they are using headphones to listen to these devices in areas where the air is very dry.

“It’s possible to receive a small and quick electrical (static) shock from your ear buds while listening to iPod or iPhone,” Apple said in a statement posted on its website.

The possible static shock could be experienced in iPod, iPhone and their accessories.

“When using headphones in areas where the air is very dry, it is easy to build up static electricity and possible for your ear to receive a small electrostatic discharge from the headphones.

“Receiving a static shock from a pair of ear buds does not necessarily indicate an issue with the iPod, iPhone, or ear buds,” the statement noted.

iPod is a high-end music player while iPhone is a touch screen phone with advanced features.

Apple pointed out that this condition is not limited to Apple hardware and static can potentially build up on almost any hardware and could be discharged using any brand of ear buds.

Source: Tech News - Livemint.com | 20 May 2009 | 10:46 am

Soaring oil prices may push new govt to slippery ground

New Delhi: India’s emboldened new government may face one of its trickiest economic issues -- subsidised fuel prices -- sooner than it likes -- as crude oil’s rally to $60 pushes refiners to the brink of profitability.

The Congress party’s unexpectedly strong showing in elections that ended last week has revived hopes of pushing through a host of important reforms, analysts say, but it would probably prefer to wait before relaxing its control of motor and cooking fuel prices, even though now appears the ideal moment.

It may not have that luxury if oil climbs further, forcing the government to bulk up on more unwanted debt in the form of oil bonds to cover losses at state oil refiners like Indian Oil Corp and Bharat Petroleum Corp Ltd, which say domestic rates are now about 5% below global levels.

Even after being handed the strongest mandate in two decades, allowing the Congress party to shake off the constraints of its former communist allies, it is unlikely to rush ahead with such a sensitive issue, preferring instead a phased approach.

”It may be perceived as anti-people at least for political reasons. The government cannot remove the controls in one go,” said TK Bhaumik, economic adviser for the JK Group.

”It is political economics, which does not suggest fuel prices liberalization at this stage ... a decision may be taken in the next stage of reforms.”

That’s not to say the cabinet won’t take up debate on an issue that analysts say helped demand grow by a third since 2004, as state-owned refiners were forced to sell petrol, diesel, cooking gas and kerosene at low, fixed rates to control inflation and help poor and middle-class households.

Market-driven prices would help curb fuel use in India, one of the only major consumers expected to see positive demand growth this year. Demand is even expected to shrink in China, which last December switched to a market-based pricing system, although Beijing still retains significant control over rates.

“We had prepared a cabinet note on granting freedom to oil companies to sell petrol, diesel at market prices but it was not taken up because of elections ... This is the right time to correct this anomaly,” said an oil ministry official who did not want to be quoted on the politically sensitive issue.

When India last cut prices by up to 11% in January, the government had used a baseline basket price of $57-$60 a barrel, he said. It stood at $58.13 this week.

The Congress party has pledged that extensive reform plans will not come at the cost of the public sector, but hopes are already rising in the state oil sector, which suffered nearly $22 billion in lost revenue last year due to cheap fuel sales.

“It is a more stable government so we will expect some bolder decisions, particularly deregulation of transportation fuels and target subsidies to below poverty line families,” S Behuria, chairman of top retailer Indian Oil Corp, told Reuters this week.

Investors have greeted the possibility of freer prices -- and more stable profits -- with caution. Shares of oil firms like IOC and BPCL have lagged the broader market’s 20% rally since Friday, rising only 11-14%.

The government may tip its hand on price reforms next week when it decides whether finance minister Pranab Mukherjee and oil minister Murli Deora will continue in their roles, but its priorities would be clearest in June, when it presents its first budget.

Before the Congress-led government was voted back to power, it had appeared to signal price reforms in its interim budget by saying it would not issue oil bonds, which are given to state refiners as compensation for sell fuel at low state-set prices.

Pricing freedom would increase tax revenue and remove massive subsidies bills, helping offset the cost of economic stimulus measures that have stretched public finances and boosted the fiscal deficit to 6 percent of GDP at the start of the year, double the end-of-year target, according to the government.

“The inflation scenario is benign now. I think there will be some action on this (on easing price controls). It has a better chance than ever. It will restore fiscal credibility,” said DK Joshi, principal economist at Crisil.

The annual inflation rate fallen sharply since peaking at nearly 13% last August to just 0.48% two weeks ago.

It would also help private refiners Reliance Industries and Essar Oil compete with state firms on the local market, where they get no subsidies to maintain low prices.

India’s oil secretary RS Pandey recently said current local fuel prices were largely in tune with global oil prices, which analysts say makes it the ideal time for reform.

“Crude prices are still low, so the transition will be good ... So this is the best time,” said Praveen Kumar, head of the South Asia Oil and Gas Team at FACTS Global Eenergy.

“Market-driven fuel prices will help curb demand and minimise wasteful practices like substitution of fuel oil by cheap subsidised diesel,” he said.

It would also return India to the path set out in 2002, when the previous government announced a policy to make fuel prices market-linked but later government began intervening in pricing -- a risk that could of course arise again if oil surges.

“If crude prices reach unmanageable levels like $100, the government may partially subsidise the retail prices,” said Amitendu Palit, an economist with National University of Singapore. ”However, since crude prices are much lower now, the government should use the opportunity for carrying out reforms.”

Source: Home - Livemint.com | 20 May 2009 | 10:41 am

Less applicants for H-1B visa; 20,000 slots still open

Washington: Owing to sluggish US economy, the H-1B visa programme, once the most sought after among Indian professionals, still has nearly 20,000 slots vacant, seven weeks after the American authorities started receiving applications for the fiscal 2010 beginning October this year.

The US Citizenship and Immigration Services (USCIS) on Tuesday said it has so far received approximately 45,500 H-1B petitions against the Congressionally-mandated cap of 65,000.

This is in contrast to the previous years when USCIS had to resort to computerised draw of lots as it used to receive petitions outnumbering the cap several times within the first few days of opening the scheme.

The USCIS said it has received approximately 20,000 petitions for the advanced degrees category. However, it would continue to accept advanced degree petitions since experience has shown that not all applications received are approvable, the USCIS said in a statement.

For the fiscal 2010, the USCIS started receiving H-1B petitions from 1 April. In the first five working days, it received 42,000 H-1B petitions. In the month and half since then, USCIS has received juts 3,500 more H-1B petitions, indicating the slump in demand for H-1B work visas.

This is mainly attributed to the current economic crisis, high unemployment rate in the US and also partly to anti-H-1B sentiment prevailing in America at present.

Source: Home - Livemint.com | 20 May 2009 | 10:27 am

MTNL strike called off, services to be restored today

Communication services were severely disrupted in the last two days due to non-co-operation by nearly 4,000 executive employees of MTNL.
Source: India Business News | Business News - Times of India | 20 May 2009 | 10:23 am

Hewlett Packard to slash over 6,400 jobs

Hewlett-Packard, will be cutting more than 6,400 jobs or about two per cent of its global workforce in the coming months
Source: Daily News & Analysis: Money News | 20 May 2009 | 10:23 am

China largest source of India's imports, says RBI

China has emerged as the largest source of India's imports in the last two years
Source: Daily News & Analysis: Money News | 20 May 2009 | 10:18 am

Striking MRF workers plan to return ration, voter cards

Striking workers at tyre major MRF's Arakonam and Puducherry plants could surrender their ration and voter identify cards in protest against the wage agreement signed with a rival labour union.
Source: IndiaeNews.com: Business News | 20 May 2009 | 10:01 am

Tata Motors, Tata Steel scrip rally over fund-raising reports

Shares of two Tata group firms --Tata Motors and Tata Steel -- today surged as much as 19 per cent on the Bombay Stock Exchange (BSE)
Source: Daily News & Analysis: Money News | 20 May 2009 | 10:01 am

China largest source of India's imports, says RBI

India's imports from China almost doubled to $24.16 billion dollar in April-December 2008-09 from $12.64 billion in the comparable period of 2006-07, according to the Reserve Bank of India.
Source: India Business News | Business News - Times of India | 20 May 2009 | 9:58 am

ANALYSIS - Oil over $60 may force India's hand on fuel prices

NEW DELHI (Reuters) - India's emboldened new government may face one of its trickiest economic issues -- subsidised fuel prices -- sooner than it likes -- as crude oil's rally to $60 pushes refiners to the brink of profitability.

Source: Reuters: Money News | 20 May 2009 | 9:51 am

All your movies on a single DVD: study

Paris: Scientists unveiled new DVD technology on Wednesday that stores data in five dimensions, making it possible to pack more than 2,000 movies onto a single disc.

A team of researchers at the Swinburne University of Technology in Melbourne, Australia, used nanotechnology to boost the storage potential nearly 10,000-fold compared to standard DVDs, according to a study published in the peer-reviewed journal Nature.

“We were able to show how nanostructured material can be incorporated onto a disc in order to increase data capacity, without increasing the physical size of the disc,” said Min Gu, who leads the team.

Discs currently have three spatial dimensions. By using gold nanorods Gu and colleagues were able to add two additional dimensions, one based on the colour spectrum, and the other on polarisation.

Because nanoparticles react to light depending on their shape, it was possible to record information in a range of different colour’s wavelengths at the same physical location on the disc.

Current DVDs record in a single colour wavelength using a laser.

The fifth dimension was made possible by polarisation. When light waves were projected onto the disc, the direction of the electric field within the waves aligned with the gold nanorods.

“The polarisation can be rotated 360 degrees,” explained co-author James Chon.

“We were, for example, able to record at zero degree polarisation. Then on top of that, were able to record another layer of information at 90 degrees polarisation, without them interfering with each other,” he said in a statement.

The researchers are still working out the speed at which the discs can be written on, and say that commercial production is at least five years off.

They have signed an agreement with Korea-based Samsung, one of the world’s largest electronics manufacturers.

Last month, US technology giant General Electric said its researchers had developed a holographic disc which can store the equivalent of 100 standard DVDs.

Dual-layer Blu-ray discs hold the equivalent of 10 standard DVDs.

Source: Tech News - Livemint.com | 20 May 2009 | 9:35 am

Midas to move SC in Satyam compensation case

Midas Touch Investors Associations will move the Supreme Court against the decision of the National Consumer Disputes Redressal Commission, which rejected its plea for compensation of Rs 4,987.5 crore for three lakh retail shareholders of the fraud-hit Satyam.
Source: India Business News | Business News - Times of India | 20 May 2009 | 9:34 am

Bank of America raises $13.5 bn selling stock

Charolette, North Carolina: Bank of America Corp. said Tuesday that in less than two weeks it has raised $13.47 billion through the sale of 1.25 billion shares at an average price of $10.77 each.

“We’re pleased to have this portion of our capital plan completed,” said chief financial officer Joe Price, in a statement Tuesday. “This strengthens and diversifies our capital structure.”

The government recently released the results of “stress tests” it ran on the nation’s 19 largest banks to determine if they would need additional capital to protect against losses should the economy worsen. It found that Bank of America would need an additional $33.9 billion, more than any other bank reviewed.

Bank of America launched a plan to raise the capital through asset sales and stock offers. It recently sold part of its stake in China Construction Bank to Asian investors for about $7.3 billion, which together with the stock sales, put the bank well past the halfway mark in its capital raising goals.

BoA executives have said they are mulling sales of the bank’s Columbia asset management unit, as well as several other businesses. The bank previously said it planned to sell its First Republic Bank unit, which it inherited when it bought Merrill Lynch & Co. in January. Those sales could help raise $10 billion.

Additional capital could come from further stock sales and cash flow from operations in the coming quarters, Bank of America has said.

Source: Home - Livemint.com | 20 May 2009 | 9:27 am

Bank of America raises $13.5 bn selling stock

Charolette, North Carolina: Bank of America Corp. said Tuesday that in less than two weeks it has raised $13.47 billion through the sale of 1.25 billion shares at an average price of $10.77 each.

“We’re pleased to have this portion of our capital plan completed,” said chief financial officer Joe Price, in a statement Tuesday. “This strengthens and diversifies our capital structure.”

Additional capital could come from further stock sales and cash flow from operations in the coming quarters, Bank of America has said.

Source: World Business - Livemint.com | 20 May 2009 | 9:27 am

Benchmark indices down at equities markets

Benchmark indices were down at Indian equities markets even as shares of smaller companies picked up steam. A key index slipped into the red - by over 167 points - about 75 minutes before the closing bell Wednesday.
Source: IndiaeNews.com: Business News | 20 May 2009 | 9:00 am

Anil Ambani meets Montek

Industrialist Anil Ambani today met Planning Commission Deputy Chairman Montek Singh Ahluwalia.
Source: Daily News & Analysis: Money News | 20 May 2009 | 8:57 am

Union Bank offers home loan at 8%

Union Bank of India on Tuesday launched its Special Housing Loan Scheme with a combination of fixed and floating rate of interest.
Source: Moneycontrol Top Headlines | 20 May 2009 | 8:52 am

India’s Q1 gold imports dip 83%

Mumbai: India’s gold imports in the first quarter of this year fell by 83% as higher prices and deteriorating domestic economic conditions slumped the consumer demand, the World Gold Council (WGC) said on Wednesday.

“Jewellery demand is unlikely to return to more positive territory in current market conditions,” said Aram Shishmanian, CEO of World Gold Council in a statement.

India’s gold imports in January-March period stood at 17.7 tonnes. Gold prices in India, the world’s top consumer, in the January-March quarter rose by 11%, after having struck a record high of Rs16,040 per 10 grams on 20 February, as concerns about global economic recession spurred safe haven purchases.

The gold contract in the continuation chart traded 0.29% lower at Rs14,279 per 10 grams at 2:00pm.

Consumers scaled down on their expenditure including that on gold jewellery as domestic economic conditions worsened, said Ajay Mitra, managing director of Indian subcontinent, the World Gold Council.

India’s economic growth slowed much more than expected in the December quarter to 5.3% against 8.9% the year earlier, slumping to its weakest pace in almost six years.

According to the council, India’s gold imports in 2008 fell 14% to 660.2 tonnes in 2008.

During the Jan-March period of 2009, 20 tonnes of gold was exported as traders took advantange of disparity in prices, Mitra said.

As Indian prices fell below global rates, an arbitrage window opened for traders stuck with high stocks in a domestic market awash with gold, as scrap sales surged as much as four-fold.

“With re-exports out of the way and supply chain holding lesser stocks and also with economy reviving, we expect traders to replenish these stocks,” Mitra told Reuters over telephone.

The Reserve Bank of India restricts the trade of bullion to prevent it from affecting the partially convertible rupee, but value-added gold, such as jewellery or coins can be exported.

Source: Home - Livemint.com | 20 May 2009 | 8:52 am

Oil cos to share OMCs JanMar losses

Government sources have said that upstream oil companies will share oil marketing companies (OMCs) JanuaryMarch revenue loss. Oil and Natural Gas Corporation Limited (ONGC) and Oil India will pay Rs 943 crore subsidy for the period.
Source: Moneycontrol Top Headlines | 20 May 2009 | 8:50 am

India Inc wants clarity on norms not just tax concessions

The UPA\'s thumping victory in the elections is expected to translate into bolder and swifter tax reforms. It\'s not just concessions, but clarity that India Inc is looking forward to.
Source: Moneycontrol Top Headlines | 20 May 2009 | 8:45 am

Maruti hopes to exceed SIAMs industry growth projections

This year Maruti Suzuki India Ltd, according to its Director (Marketing and Sales), Mr Shuji Oishi, will clock a higher growth than projected for the industry by the Society of Indian Automobile Manufacturers (SIAM).
Source: Moneycontrol Top Headlines | 20 May 2009 | 8:45 am

Yahoo!, Google still hiring in India

New York: Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide to cope with the economic turmoil, but these entities do have openings in India.

Interestingly, the companies are cutting jobs in India too, even as they have hiring plans in the country.

For instance, software giant Microsoft recently said it would create employment opportunities in tune with the growth of the Indian economy.

The announcement came from its chief executive officer Steve Ballmer amid the firm proceeding with 5,000 job cuts worldwide, including 55 employees in India. The workforce reduction in the country would be completed in the next 18 months.

Few months ago, search engine giant Google unveiled plans of trimming as many as 200 jobs in sales and marketing operations worldwide. Nonetheless, the firm is hiring for about 20 positions in engineering operations, finance and software engineering, among others.

Internet entity Yahoo! too would be slashing its employee strength as part of its efforts to bring down costs. At the same time, the company has over 100 vacancies in India, according to its website.

Steve Ballmer noted that Microsoft would continue to hire and create employment opportunities in line with the recovery and growth of the Indian economy.

“We had said that we would lay off about 5,000 people. We are still filling other jobs. We are mostly through that process globally and there is still some work to do.

“... There are areas where we are continuing to add people. As I said, these are global additions, so it is a little hard to separate our work globally from our work in India,“ he said.

Yahoo! recently said in a statement it would be cutting as many as 700 jobs, representing nearly five per cent of its worldwide headcount, and has given pink slips to around 60 employees at its R&D centre in Bangalore, India.

Still it is hiring for over 100 positions in the country. This month alone the company posted an offering of 10 vacancies, according to information available with Yahoo’s website.

According to its website, Google has over 20 job openings in different areas such as advertising sales and enterprise, engineering operations, finance, human resources and software engineering.

India, which is one of the largest locations for Google outside the US, has different positions at its offices in Hyderabad, Bangalore and Gurgaon.

Meanwhile, in a sign that financial crisis is hitting the search engine giant also, Google would be reducing its headcount by 200 employees.

Source: Tech News - Livemint.com | 20 May 2009 | 8:42 am