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Era Infra bags Rs 117.84 cr contractEra Infra Engineering Ltd., through its construction and contracts division, announced that it has secured another contract worth Rs 117.84 cr from Aravali Power Company Private Limited (a JV between NTPC, HPGCL and IPGCL) to construct a permanent township at the Indira Gandhi Super Thermal Power Project, Jhajjar.Source: Moneycontrol Top Headlines | 22 May 2009 | 4:39 pm See economic turnaround later this year: SubbaraoRBI Governor, D Subbarao said that one could expect an economic turnaround later this year. The RBI says it will use a combination of monetary and debt measures to maintain government borrowing and to spur investment and demand.Source: Moneycontrol Top Headlines | 22 May 2009 | 4:34 pm See demand for property come back in 1 year: Saffron AssetOn property prices, Ajoy Veer Kapoor of Saffron Asset said that prices wont remain stagnant for as long as they were when the real estate bubble burst in 1996. \"I dont see this as a sevenyear cycle [like in 19962002]. I see that the pentup demand that exists from the enduser will come back into the market in the next 1215 months,\" he said.Source: Moneycontrol Top Headlines | 22 May 2009 | 2:35 pm Steve Forbes chats with Moneycontrol readersIn India for the launch of Forbes India edition, Forbes CEO Steve Forbes took time out to chat with Moneycontrol readers.Source: Moneycontrol Top Headlines | 22 May 2009 | 1:39 pm Texas court grants Satyam 90day continuance in Upaid caseThe Texas Court has granted Satyam a 90 day continuance in the Satyam Upaid case. The Satyam had approached the Texas Court for a 12 months continuance. The next trial date has been set for September 8.Source: Moneycontrol Top Headlines | 22 May 2009 | 1:24 pm Florida`s BankUnited fails, will cost FDIC $4.9 bn!The federal seizure of struggling Florida thrift BankUnited FSB is expected to cost the Federal Deposit Insurance Corp USD 4.9 bn.Source: Zee News : Business | 22 May 2009 | 12:36 pm US to steer GM toward bankruptcy: Report!The Obama administration is preparing to steer General Motors Corp into bankruptcy next week, The Washington Post reported on Thursday, citing sources familiar with the discussions.Source: Zee News : Business | 22 May 2009 | 12:36 pm Ranbaxy acquires dermatological firm!Ranbaxy Laboratories Ltd said late on Thursday it has acquired trademarks, product dossiers and marketing rights from Ochoa Laboratories Ltd for its entire range of dermatological and lifestyle products.Source: Zee News : Business | 22 May 2009 | 12:36 pm Govt considering Rs 10,000-cr pkg for shipping industry!The Centre is considering a Rs 10,000-crore package for the shipping industry to help it tide over the global economic crisis, a senior government official said.Source: Zee News : Business | 22 May 2009 | 12:36 pm Sensex down 87 pts in early trade!Continuing its losses for the third day in a row, the Bombay Stock Exchange benchmark Sensex on Friday moved down by 87 points in opening trade on profit-taking by investors and funds, tracking weak global cues.Source: Zee News : Business | 22 May 2009 | 12:36 pm Rupee hits 5-mth high on inflow expectations!The rupee trimmed gains after strengthening past 47 per dollar to a five-month high on Friday, but sentiment was upbeat following the US unit`s weakness overseas and expectations for a jump in foreign inflows.Source: Zee News : Business | 22 May 2009 | 12:36 pm Oil up above $61 as China's demand reboundsLONDON (Reuters) - Oil firmed above $61 on Friday as support came from crude fundamentals in leading consumers China and the United States, and Africa's top producer Nigeria, along with further signs of economic resilience.Source: Reuters: Money News | 22 May 2009 | 12:27 pm Satyam has 10,000 excess staff: Tech MahindraSatyam Computer has 10,000 excess employees in its 40,000-strong headcount, its new owner Tech Mahindra said on Friday.Source: India Business News | Business News - Times of India | 22 May 2009 | 12:23 pm Rupee trims gains after reaching 2009 highMUMBAI (Reuters) - The rupee rose past 47 per dollar to a five-month high on Friday before trimming gains on suspected central bank intervention and dollar buying by refiners, but still notched its biggest weekly gain in 13 years.Source: Reuters: Money News | 22 May 2009 | 12:21 pm Rupee ends higher - Moneycontrol.com
Source: Google News India - Business | 22 May 2009 | 12:13 pm Bharti, Infosys, TCS, Wipro among world's top tech cosTelecom giant Bharti Airtel is ranked at sixth position in US magazine BusinessWeek's list. Infosys is ranked 25, TCS is 30th & Wipro is at the 43rd spot.Source: India Business News | Business News - Times of India | 22 May 2009 | 12:13 pm Rupee pares gains after reaching ‘09 highMumbai: The rupee rose past 47 per dollar to a five-month high on Friday before trimming gains on suspected Reserve Bank of India (RBI) intervention and dollar buying by refiners, but still notched its biggest weekly gain in 13 years. The partially convertible rupee ended at Rs47.11/12, after strengthening as far as Rs46.90, its highest since 19 December, and stronger than its previous close of Rs47.37/38. It rose 4.9% over the week, its biggest weekly gain in 13 years according to Reuters data, after the Congress-led coalition’s resounding election win raised expectations for economic reforms and greater foreign investment. The rupee’s sharp gains were slowed by dollar buying by state-run banks, suspected to be acting on behalf of the RBI given the sharp gains seen this week, traders said. “There was a bit of RBI (central bank) buying, though I think some banks unwinded morning’s long rupee positions,” a senior trader with a private-sector bank said. Dealers said crude refiners also bought dollars. Oil, India’s biggest import, rose to a six-month high above $62 a barrel this week. Analysts expect the rupee to strengthen further. The median forecast in a Reuters poll this week was for the rupee to end 2009 at Rs46.25, helped by foreign inflows. Foreign investors have bought more than $3 billion of local equities so far this month, including $1 billion since the election results. The inflow is a key driver for the rupee. The domestic equities rose 1.1% on Friday, taking their gains for the post-election week to 14.1%, their biggest weekly rise in 17 years. One-month offshore non-deliverable forward contracts were quoting at 47.17/27, close to the onshore spot rate. Source: Home - Livemint.com | 22 May 2009 | 12:09 pm MRF strike enters 14th day, workers and family camp in ChennaiThe workers' strike at tyre major MRF's Arakonam and Puducherry plants entered its 14th day Friday with no sign of a swift settlement, and workers of the Arakonam unit camping at the labour commissioner's office here.Source: IndiaeNews.com: Business News | 22 May 2009 | 12:00 pm World needs global leadership, new multilateralism, says BanNew York: UN Secretary General Ban Ki-moon has called for a special brand of “global leadership” and a new “multilateralism” to deal with complex challenges like poverty, illiteracy and terrorism, facing the world today. In an address at the Johns Hopkins University’s School of Advanced International Studies in Washington DC, Ban said: “Threats spill across borders. Just as the world’s people have become more interdependent, so have the issues. No nation can deal with them alone.” “This new world demands a special brand of leadership... global leadership,” Ban stressed. “We need new vision, bold action, powerful partnerships for enduring peace and prosperity. That is why I call for a new multilateralism.” He added that the new multilateralism should focus on delivering global goods: freedom from hunger, health and education and security from terror or the threat of Armageddon. “A multilateralism that couples power with pragmatic principle, recognizing that in our interconnected world the well-being of any one nation depends, to an increasing degree, upon the well-being of all,” he told the audience of students, faculty and well-wishers. At the same time, the Secretary General cautioned against expecting quick results and emphasized the need to be realistic. “The new multilateralism, however welcome, offers few easy fixes. Progress comes in fits and starts, usually without the clear triumphs of a long-distance runner crossing a finish line. Ours is a world of half-loaves, of glasses half full - when we are lucky.” The UN chief, speaking from personal experience, urged young people to consider careers in public service, saying that there is no more noble calling. “There is no greater good than a life of public service. This I know, personally. During my boyhood in Korea, I experienced first-hand what is it like to be hungry, afraid and alone. It was after the war, and I went to school in the open air. There were no walls; only rubble. There was not much to eat. Often I went to sleep, crying from hunger. “The United Nations, led by the United States and other countries, helped feed and defend my people...It helped rebuild my country. Ever after, for me and my country, the United Nations has been the symbol of hope. For many hundreds of millions of people, it is so today.” Source: LatestNews-Home - Livemint.com | 22 May 2009 | 11:56 am Satyam has 10000 excess staff: Tech Mahindra - Business Standard
Source: Google News India - Business | 22 May 2009 | 11:50 am Markets in green, Sensex gains 150 points - Hindu
Source: Google News India - Business | 22 May 2009 | 11:48 am Federal bank net profit up by 36 per cent - Hindu
Source: Google News India - Business | 22 May 2009 | 11:48 am Higher salary for good looking, brainy people: studyNew Delhi: At a time when people are concerned about the uncertainty in the job market, a study has revealed that being good looking and intelligent can fetch a higher salary and reduce financial stress. According to research findings of a study in the May issue of the Journal of Applied Psychology, looks, brains and personality are all important for enhancing income and reducing financial stress. The study investigated that the core self-evaluations and educational attainment are mediating mechanisms for the influence of physical attractiveness, intelligence on income and financial strain. “This study finds that, even accounting for intelligence, one’s income prospects are enhanced by being good-looking. Education and core self-evaluations are key factors linking attractiveness and intelligence to income,” the research paper, authored by University of Florida professor Timothy Judge, stated. The study, in the Journal published by the American Psychological Association, also pointed out that people who are attractive do think more highly of their worth and capabilities which results in higher earnings and less financial stress. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 11:45 am Economy may recover late this year: RBIMumbai: Reserve Bank of India (RBI) on Friday said Indian economy is likely to recover from the impact of the financial meltdown later this year as stability gets restored in world markets. “As the monetary and fiscal steps takes way through, and the calm restored in the global markets, we can see an economic turnaround later this year,” RBI governor D Subbarao said at a financial management summit here. India’s less dependence on merchandise exports and its smooth functioning financial system, comfortable forex reserves and modest inflation will help for a swift recovery from the slow down, Subbarao said.  “While risks from global markets persist, there are challenges in the domestic market (as to) how we manage the recovery in the next six-to-nine-months,” Subbarao said. The central bank was confident of achieving a 6% real GDP growth in 2009-10 as it had projected earlier. Subbarao said that if global factors favour an early recovery in the domestic market and the already-taken stimulus measures yield results, then it could lessen the need for further stimulus measures. ”If the global recovery takes through, there could be a lesser case for further stimulus in the economy,“ the RBI chief said. While Indian banks have continued to function well braving the recession impact abroad, bad loans in the domestic banking system could rise in the period ahead, Subbarao said, adding, however that “This may not pose any systemic risk.” Government’s massive borrowing programme has expanded rapidly and was going against the RBI’s objective to keep a low interest rate regime, he said, adding that the RBI has been managing the borrowing in an orderly manner. The pressure for further stimulus measures persists in the domestic economy given uncertain global conditions, Subbarao said, adding the apex bank will use all its policy tools to manage the borrowing programme. Various stimulus measures including the farm loan waiver and sixth pay commission recommendation, have helped to revive rural demand in the economy, Subbarao said. Source: Home - Livemint.com | 22 May 2009 | 11:43 am Close: Sensex recovers by 1% on fresh buyingNew Delhi: Indian shares rose 1.1% on Friday and took gains for the week to 14.1%, their most in 17 years, buoyed by hopes for pro-market reforms after the ruling coalition won general election last weekend. Manmohan Singh is set to be sworn in later in the day as the prime minister for a second term, along with his new cabinet and the outlook for the market would depend on how quickly they are able to push asset sales in state firms, ease rules for foreign investment and boost sagging growth. Some analysts believe the market is overbought after it leapt more than 17% at the start of the week following the unexpectedly easy election win. The BSE index has risen 73% from a 2009 low in early March and has climbed for 11 weeks in a row in the longest winning streak in four years. “Valuations have become high, but people are buying because they may be left out otherwise,” D D Sharma, vice president at Anand Rathi Securities, said. The BSE index ended up 150.61 points at 13,887.15, with gainers and losers evenly matched. Trading was choppy with the index falling 0.9% at one stage. Brokerages and investment houses polled by Reuters expected the benchmark to reach 15,750 by the end of December, gaining another 13%. “There are so many desperate buyers because nobody is betting on the market going down. You will see people buying at every dip from now,” Sharma said. Energy giant Reliance Industries, private-sector lender ICICI Bank and infrastructure firm Larsen & Toubro led the market higher after a lower start. Reliance, which has the biggest weight in the main index, rose 3.1% to Rs2,183.10, while private-sector lender ICICI gained 4.5% to Rs702.80. Larsen & Toubro climbed 4.7% to Rs1,301.40. The market has largely been powered by foreign funds, which have pumped about $5 billion into the market in the past two months, including more than $1 billion in this week. Outsourcers Tata Consultancy and Wipro, which get most of their revenue from overseas, fell about 2% as the rupee climbed past 47 to a dollar to its highest since December. The rupee is set to extend its gains in the remainder of 2009 after rising sharply this week following the ruling Congress-led coalition’s decisive victory in the elections, a Reuters poll showed. Asian shares eased after a drop on Wall Street overnight on fears the United States, with its increasing budget deficit and weakened economy, could lose its AAA rating. Japan’s Nikkei dropped 0.4%, while MSCI’s measure of other Asian markets edged down 0.02%. European shares were higher after falling more than 2% in the previous session. The FTSEurofirst 300 index of top European shares was up 0.4% at 4:47pm. Source: Home - Livemint.com | 22 May 2009 | 11:35 am ITC net up 4.6 percent, crosses Rs.3,200 croreTobacco, FMCG and hospitality major ITC saw its net profit for 2008-09 increase 4.6 percent to about Rs.3,264 crore from Rs.3,120 crore earned the previous fiscal.Source: IndiaeNews.com: Business News | 22 May 2009 | 11:34 am NTPC's annual profit up Rs.786 croreThe state-owned power utility NTPC Ltd, formerly National Thermal Power Corp, posted a net profit after tax of Rs.8,201 crore in 2008-09 against Rs.7,415 crore netted the last fiscal, an increase of Rs.786 crore, the company announced Friday.Source: IndiaeNews.com: Business News | 22 May 2009 | 11:34 am Markets in green, Sensex gains 150 pointsIndian equities markets ended trade in the green Friday, with a key index gaining 150 points over its previous close.Source: IndiaeNews.com: Business News | 22 May 2009 | 11:31 am Sensex closes up by 151 pointsMarketmen said trade today was volatile ahead of the formation of the new government and allocation of portfolios.Source: Daily News & Analysis: Money News | 22 May 2009 | 11:31 am Sensex jumps 14.1 pct on week; best in 17 yrsMUMBAI (Reuters) - The BSE Sensex rose 1.1 percent on Friday and took gains for the week to 14.1 percent, its most in 17 years, buoyed by hopes for pro-market reforms after the ruling coalition won general election last weekend.Source: Reuters: Money News | 22 May 2009 | 11:30 am Expect $20mn revenues from Indian mkt: Core ProjectsShekar Iyer, President of Core Projects expects USD 20 million revenues form the Indian markets alone in the next one year. He added that in next 12 to 18 months the company expects 50% of growth to come from Indian markets. He further said that expects a lot of reforms in Sarva Shiksha Abhiyan from the newlyformed UPA government.Source: Moneycontrol Top Headlines | 22 May 2009 | 11:26 am Branson not ready to dump his sexy Virgin bikini babesSir Richard Branson has defended his fondness for posing with and using scantily clad women in promoting his Virgin Group, saying they help him stay in the limelight.Source: Daily News & Analysis: Money News | 22 May 2009 | 11:22 am Bharti, Infosys, TCS, Wipro among world's top tech cosTelecom player Bharti Airtel and IT firms Infosys, TCS and Wipro have made it to the list of 100 best performing technology companies in the world.Source: Daily News & Analysis: Money News | 22 May 2009 | 11:17 am UN seeks $543 mn for refugees in PakistanIslamabad: The UN on Friday appealed for $543 million in extra humanitarian relief to ease the “incredible suffering” of over 1.5 million people displaced by fighting between military and the Taliban in the northwestern Swat valley and adjoining areas in Pakistan. “The scale of this displacement is extraordinary in terms of size and speed, and has caused incredible suffering,” said Martin Mogwanja, acting UN Humanitarian Coordinator. A total of 165 projects run by 52 UN agencies and NGO partners need over $543 million, the world body said in a statement. With $88.5 million provided or committed, the UN called for the remaining $454.6 million to be contributed urgently to fund the assistance needed by the most vulnerable and worst affected of the displaced. “We are calling for generous support from the international community, in addition to the assistance being provided by both ordinary families and the national authorities,” Mogwanja said. Prime Minister Yousuf Raza Gilani chaired a donors’ conference in Islamabad on to seek more aid and officials said the world community had so far responded with pledges of $224 million. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 11:14 am New government to speed fighter jet dealNew Delhi: India will soon hold field trials for the purchase of 126 fighter planes in a $10.4 billion contract that is one of the world’s biggest current arms deals. Boeing’s F/A-18 Super Hornet, Lockheed Martin Corp’s F-16, Russia’s MiG-35, Sweden’s Saab KAS-39 Gripen and the Eurofighter Typhoon, a consortium of British, German, Italian and Spanish companies, are in the race for the lucrative contract. France’s Dassault Aviation was knocked out last month on technical grounds, but could be back after answering queries related to its aircraft, a defence official said. “All the paperwork is over and a technical evaluation report on the fighters has been placed with the ministry,” defence ministry spokesman Sitanshu Kar said. “Security concerns are a top priority of the government and things should start rolling once the new defence minister takes charge,” he added. STRONGER MANDATE Prime Minister Manmohan Singh was due to be sworn in for a second term on Friday and name the new defence minister in his cabinet. With a stronger mandate, Singh is expected to push through key decisions including greater military cooperation with the United States which had been stymied because of opposition from his former communist allies. “Much of the Congress-led government’s last term was spent on the civilian nuclear deal with the U.S. while its communist allies objected to strategic defence ties,” said Uday Bhaskar, a New Delhi-based strategic analyst. India increased its defence spending by nearly a quarter in 2009-10 to $28.9 billion as the government was keen to focus on security following last November’s Mumbai attacks. It is looking to spend more than $30 billion over the next five years to modernise its largely Soviet-era weapons systems. With elections over, the defence ministry will push for clearing pending projects, including the induction of the Phalcon Airborne Warning and Control Systems (AWACS) aircraft from Israel to track incoming missiles or enemy aircraft. A defence team from India will visit Russia next month to speed up delivery of the aircraft carrier Gorshkov for induction into the Indian Navy by 2012 Source: LatestNews-Home - Livemint.com | 22 May 2009 | 11:09 am Dolphin Offshore soars to upper circuit on Rs 87cr order - Business Standard
Source: Google News India - Business | 22 May 2009 | 11:03 am India will emerge stronger from global recession: RBI GovernorIndia will emerge stronger from global recession, RBI Governor Dr D Subbarao said at the the Financial Management Summit 2009 organized by the Economic Times.Source: India Business News | Business News - Times of India | 22 May 2009 | 11:00 am Satyam has 10,000 excess staff: Tech Mahindra CEONew Delhi: The chief executive of Tech Mahindra Ltd, which is taking over Satyam Computer Services Ltd, said on Friday the fraud-hit outsourcer had 10,000 excess staff on an employee base of 40,000. Last month, Tech Mahindra won an auction for a controlling stake in New York-listed Satyam. Satyam’s founder and former chairman shocked investors in January by saying profits had been overstated for years, putting in doubt the survival of a company once ranked as India’s fourth-largest software services exporter. Source: Home - Livemint.com | 22 May 2009 | 10:59 am Sensex closes 151 points upAhead of formation of new government, institutional investors returned to bourses after a gap of two days helping the benchmark index cut short its losses and post over 150-point gain.Source: India Business News | Business News - Times of India | 22 May 2009 | 10:57 am Tech Mahindra CEO: Satyam has 10,000 excess staffNEW DELHI (Reuters) - The chief executive of Tech Mahindra Ltd, which is taking over Satyam Computer Services Ltd, said on Friday the fraud-hit outsourcer had 10,000 excess staff on an employee base of 40,000.Source: Reuters: Money News | 22 May 2009 | 10:56 am Bajaj Auto surges to new lifetime high - Business Standard
Source: Google News India - Business | 22 May 2009 | 10:55 am Gold rises by Rs 60 on firm global cuesGold on Friday rose by Rs 60 per 10 gram in the bullion market here on constant buying by stockists and jewellery fabricators influenced by firming global trend.Source: India Business News | Business News - Times of India | 22 May 2009 | 10:55 am Computer software exports dip 96% in March due to downturnNew Delhi: India’s software exports suffered a severe setback in March declining by 96.6% to $1 million from the year-ago period due to recession in world’s major economies like the US and the Europe. Exports, which forms a sizeable chunk of the software industry, were down to $1 million in March from $29 million in the same month last year, according to Commerce Ministry data. In the fiscal year 2008-09, the country’s computer software exports dipped by 14.2% to $127 million from $148 million in the previous fiscal. Meanwhile, India’s electronic goods exports also dipped by a meagre 1.1% in March to $354 million from $358 million in the corresponding period last year, the data said. However in 2008-09, overseas sales of electronic goods grew by 27.4% to $4.27 billion from $3.35 billion in the same period last year. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 10:53 am Satyam's revenue in downward slope: chairmanNEW DELHI (Reuters) - Revenues of Satyam Computer Services are in a downward slope, but the fraud-hit outsourcer was not looking at layoffs to tide over the slowdown, its chairman said on Friday.Source: Reuters: Money News | 22 May 2009 | 10:51 am New government to speed fighter jet dealNEW DELHI (Reuters) - India will soon hold field trials for the purchase of 126 fighter planes in a $10.4 billion contract that is one of the world's biggest current arms deals.Source: Reuters: Money News | 22 May 2009 | 10:50 am Ranbaxy buys Ochoa's brand, stock pares gains - Business Standard
Source: Google News India - Business | 22 May 2009 | 10:50 am Manmohan Singh to be sworn in for second termNew Delhi: Manmohan Singh will be sworn in for a second term as prime minister on Friday after a key southern ally said it would leave the ruling alliance due to a row over ministerial positions. The Congress-led coalition won a clear victory in the general election and has raised hopes of greater economic reforms. The regional Dravida Munnetra Kazhagam (DMK) party from Tamil Nadu said it would offer its 18 MPs only as outside support to the coalition, potentially weakening the government’s ability to pass bills in Parliament. Singh’s Congress party, which heads the coalition, will likely retain key ministerial portfolios such as finance but several of its allies were also demanding important portfolios, causing disagreements. Also Read | Candidates for the cabinet The Congress party says it had the support of 274 lawmakers before the DMK exit, two more than needed for a parliamentary majority, and was preparing for the swearing-in ceremony. “We have support of 322 parliamentarians and we are not worried about falling short at all,” Janardhan Dwivedi, a senior Congress leader, said. A soft-spoken economist, 76-year-old Singh will be sworn in by President Pratibha Patil around 6:30 pm on Friday.  Dwivedi had on Thursday night reacted that the DMK was asking for too much and they should be more reasonable. Sources said the Prime Minister was said to be against inclusion of TR Baalu and A Raja, a stand the DMK is said to be resisting. Congress sources said that party president Sonia Gandhi and the Prime Minister had discussions till early hours Friday morning and decided to renegotiate with DMK. Gandhi and Singh also made calls to Karunanidhi late Thursday night in their last ditch attempt to mollify the Dravidian leader. During the meeting at PM’s residence, the Congress president took stock of the situation after DMK bargained hard for more berths in the Union council of ministers. The DMK is learnt to have demanded portfolios like shipping, surface transport, communications and environment. Sonia and Singh discussed names from both Congress and its pre-poll allies for cabinet berths and allocation of portfolios to the council of ministers. The Indian stock market surged earlier this week as investors welcomed Singh’s strong mandate, which raised expectations for aggressive economic reforms at a time when growth in Asia’s third largest economy has slowed to 6.5%. Unfettered by their former leftist allies, Congress is expected to push reforms such as raising the foreign investment limit in insurance and opening up the pension sector. Besides the slowdown, Singh’s second term will face an array of challenges such as fraught relations with old rival Pakistan after the Mumbai attacks and a potential showdown with wealthier countries at the Doha world trade talks. In a possible reshuffle within Congress, foreign minister and party stalwart Pranab Mukherjee may again take over the finance ministry portfolio, a post he held in the 1980s. Science and technology minister Kapil Sibal has been tipped by some media reports to assume Mukherjee’s post, while the home minister P Chidambaram, who took over after the Mumbai attacks, will likely stay in his post. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 10:40 am GM bankruptcy likely next week: ReportThe US government is preparing to steer General Motors into bankruptcy as early as the end of next week.Source: Daily News & Analysis: Money News | 22 May 2009 | 10:28 am Emirates Airline net profit down 72 pc in FY'09Emirates Airlines, the Middle East's largest air-carrier, has reported a 72 per cent decline in its net profit at 1.49 billion dirhams.Source: Daily News & Analysis: Money News | 22 May 2009 | 10:26 am Le Meridien plans to open five new hotels in IndiaLe Meridien, currently represented by 105 properties in 50 countries, was acquired by Starwood Hotels and Resorts Worldwide Inc in 2005.Source: Daily News & Analysis: Money News | 22 May 2009 | 10:24 am Citi looks to slash technology costs: ReportCitigroup is looking at ways to cut down on technology costs and save over USD 1 billion this year by integrating hundreds of systems.Source: Daily News & Analysis: Money News | 22 May 2009 | 10:20 am GM bankruptcy likely next week: ReportWashington: The US government is preparing to steer General Motors into bankruptcy as early as the end of next week, a plan which would provide billions of dollars more in federal funds to the ailing auto maker, says a media report. “The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink and reemerge as a global competitor,” The Washington Post reported today quoting sources familiar with the discussions. According to the daily, the move comes as the government is getting ready to lift another auto maker Chrysler from bankruptcy protection “as soon as next week”. “The shifts into and out of bankruptcy are landmarks in the Obama administration’s attempt to broker a historic restructuring of the American auto industry in the space of months,” the report published online noted. Attributing to a source, The Washington Post said under the GM draft bankruptcy plan, the company would receive just short of $30 billion in additional federal loans. The publication noted that the figure is a starting point in negotiations between the government and the company and could change. Source: World Business - Livemint.com | 22 May 2009 | 10:04 am GM bankruptcy likely next week: ReportWashington: The US government is preparing to steer General Motors into bankruptcy as early as the end of next week, a plan which would provide billions of dollars more in federal funds to the ailing auto maker, says a media report. “The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink and reemerge as a global competitor,” The Washington Post reported today quoting sources familiar with the discussions. According to the daily, the move comes as the government is getting ready to lift another auto maker Chrysler from bankruptcy protection “as soon as next week”. “The shifts into and out of bankruptcy are landmarks in the Obama administration’s attempt to broker a historic restructuring of the American auto industry in the space of months,” the report published online noted. Attributing to a source, The Washington Post said under the GM draft bankruptcy plan, the company would receive just short of $30 billion in additional federal loans. The publication noted that the figure is a starting point in negotiations between the government and the company and could change. Source: Home - Livemint.com | 22 May 2009 | 10:04 am Bihar to display Shahi lychees before foreign diplomatsBihar is keen on exporting the luscious Shahi variety of lychees. Farmers from the state will showcase their produce before the diplomatic corps of 40 countries and their families in the national capital over the weekend.Source: IndiaeNews.com: Business News | 22 May 2009 | 10:02 am Vote for development will ensure economy tops government agendaWith the mandate for the Congress party-led United Progressive Alliance (UPA) clearly in favour of development, economic issues will top the agenda of the new government, as it seeks to meet the high expectations of the poor and homeless and fulfil the aspirations of the masses as quickly as possible.Source: IndiaeNews.com: Business News | 22 May 2009 | 10:01 am Order book at Rs 5900cr, bidding for Rs 28000cr: IRB Infra - Moneycontrol.com
Source: Google News India - Business | 22 May 2009 | 9:52 am NTPC Q4 net up 57.77% at Rs2,113.35 crMumbai: State-run power producer National Thermal Power Corporation (NTPC) today said its net profit for the fourth quarter ended 31 March, 2009, rose 57.77% to Rs2,113.35 crore over the same period last year. The company had a net profit of Rs1,339.48 crore in the same quarter ended March 2008, NTPC said in a filing to the BSE. Net sales of the company rose to Rs11,445.78 crore for the quarter under review, from Rs10,743.59 crore in the same quarter ended March 2008. For the year ended 31 March, 2009, the company has posted a consolidated net profit of Rs8,092.55 crore, up 8.33% from Rs7,469.92 crore in the same period last year. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 9:52 am PM, 19 cabinet ministers to take oath todayNew Delhi: Prime Minister Manmohan Singh will be sworn in at the head of a new 19-member cabinet on Friday even though a southern ally insisted it would not join the government because of differences over ministerial positions. Singh named veteran colleagues in his Congress party such as foreign minister Pranab Mukherjee in his new cabinet, suggesting a continuity from the previous administration at a time of slowing economic growth. Portfolios have not been allocated. With a stronger mandate behind it after a general election, the Congress sought to project a firm stance, refusing to yield to regional parties demanding ministerial positions in the new cabinet.  Unlike the previous administration, the Congress-led coalition is assured of the support of more than 300 members of the lower house of Parliament, well above the half-way mark of 272 required to rule. No DMK MP was named among the 19 cabinet members. But a statement from Singh’s office said the council of ministers, including the cabinet, would be expanded “in the next few days”. “This expansion will give due representation to allied parties,” it said. The Indian Express said the DMK had been offered six positions in the cabinet instead of the eight it wanted, and that there was also wrangling over the portfolios. A soft-spoken economist, 76-year-old Singh will be sworn in by President Pratibha Patil at about 6:30 pm. Party stalwart Mukherjee was the frontrunner for the finance minister’s job, a post he held in the 1980s. Mukherjee is seen as a stable hand with a history of pushing reforms, including signing up for a WTO agreement giving nations more access to global trade in 1994 when he was commerce minister. Science and Technology Minister Kapil Sibal, among the 19 named, has been tipped by some media reports to assume Mukherjee’s old job at the foreign ministry. Home minister Palaniappan Chidambaram, who took over after the Mumbai attacks, will likely stay in his post. “Blessed with a decisive mandate and largely free from rent-seekers, Manmohan Singh has far more leeway in choosing his next cabinet than he did his last,” the Indian Express wrote. Reforms Unfettered by their former leftist allies, Congress is also expected to push reforms such as raising the foreign investment limit in insurance and opening up the pension sector. The Indian stockmarket surged earlier this week as investors welcomed Singh’s strong mandate, which raised expectations for aggressive economic reforms at a time when growth in Asia’s third-largest economy has slowed to 6.5%. “The election is seen by many as a game changer. India has a real chance of breaking out, attracting strong inflows and being positioned in investors’ minds alongside China,” the Business Standard said. “The new government has the mandate, there is a huge opportunity to bring about structural change across sectors, and (the) policy road map is also clear. We need the new government to deliver,” the newspaper said. Besides the slowdown, Singh’s second term will face an array of challenges such as fraught relations with old rival Pakistan after the Mumbai attacks and a potential showdown with wealthier countries at the Doha world trade talks. Source: Home - Livemint.com | 22 May 2009 | 9:49 am DMK MPs to attend oath taking ceremonyChennai: Even as Dravida Munnetra Kazhagam (DMK) decided to stay out of the United Progressive Alliance (UPA) government for now, its parliamentary party leader TR Baalu on Friday said its MPs would attend the swearing-in of Manmohan Singh as Prime Minister. A soft-spoken economist, 76-year-old Manmohan Singh will be sworn in by President Pratibha Patil around 6:30 pm on Friday. Asked about the formula for sharing ministerial berths, Baalu told reporters on his arrival here from New Delhi that he had nothing to add to what he had stated on Thursday. Elections 2009 (Full Coverage) Baalu had on Thursday said in Delhi that there was no formula in 2004 for allocation of ministerial portfolios. When asked whether DMK was worried that the talks with the Congress have failed, he said, “We are not at all worried. We are friends.”  Television news channel NDTV 24x7 reports a small cabinet will be sworn in on Friday evening. However, senior Congress leader Ghulam Nabi Azad is likely to visit Chennai on Saturday to hold talks with DMK chief M Karunanidhi in a bid to break the deadlock over allocation of ministerial berths. Azad is being deputed as the Congress emissary to persuade the DMK chief after the party announced on Thursday that it will give outside support to the UPA government, Congress sources said. Karunanidhi left for Chennai on Friday morning with his son MK Azhagiri but left instructions that DMK MPs must attend the swearing-in ceremony of Manmohan Singh as Prime Minister at Rashtrapati Bhavan this evening. “All DMK MPs will attend the swearing-in ceremony,” senior DMK leader T R Baalu said in Chennai. Meanwhile, in the wake of DMK stand on providing outside support to UPA, Congress president Sonia Gandhi on Friday held fresh discussions with Prime Minister Manmohan Singh over the vexed issue of portfolio allocation. Gandhi drove down to Singh’s official Racecourse Road house along with her political secretary Ahmed Patel. The meeting comes in the wake of key ally DMK, with 18 MPs, deciding to extend outside support to the UPA as its talks with the Congress on ministerial berths fell through. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 9:45 am RBI: heavy borrowing runs against low ratesMUMBAI (Reuters) - India's heavy government borrowing plans for the 2009/10 fiscal year can work against the Reserve Bank's efforts to maintain a low interest rate regime, Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Friday.Source: Reuters: Money News | 22 May 2009 | 9:41 am UK economy shrinks 1.9% in Q1, lowest since Q3 1979London: Britain’s economy shrank at its sharpest quarterly rate since 1979 in the first three months of the year, official data confirmed on Friday, with household spending falling at its fastest rate since 1980. The Office for National Statistics’ second estimate of economic activity showed GDP fell 1.9% on the quarter, its biggest drop since Q3 1979. That was unrevised from the previous reading and in line with analysts’ forecasts. On the year, GDP fell 4.1% - the biggest fall since the last quarter of 1980. Household spending fell 1.2% on the quarter, also the biggest drop since Q4 1980. On the expenditure side, only government spending made a positive contribution to the economy. “There was a significant fall in consumer spending in the first quarter,” said Mark Miller, an economist at Bank of Scotland. “The most important thing going forward is how households and firms adjust their balance sheets.” There was little market reaction to the figures, which underline the broad weakness of the economy at the start of this year and the challenge facing policymakers to kick start growth. Inventories fell by their biggest amount on record, contributing 0.6 percentage points to the quarterly decline in GDP. “From here on the slower pace of destocking will help output in the coming quarters,” said Philip Shaw, an economist at Investec. “We remain hopeful that GDP will be able to rise again later this year, probably in the third quarter.” The Bank of England, which has said there is a great deal of uncertainty around when a sustained recovery might occur, has slashed interest rates to a record low 0.5%. It is also buying assets in an unprecedented £125 billion quantitative easing programme in a bid to get lending flowing through the economy again. The ONS data also showed employees’ pay falling 1.1% on the quarter - the largest decrease on record. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 9:41 am Gammon Infra Q4 net profit at Rs 2.11 cr - Hindu Business Line
Source: Google News India - Business | 22 May 2009 | 9:32 am Le Meridien plans to open 5 new hotels in IndiaMumbai: Le Meridien, the French hotel brand, plans to open five new hotels in India in the next three to five years, a top company official said. “We are looking at setting up five new properties of hotels and resorts in India adding around 1,000 rooms capacity over the next three to five years,” Starwood Asia Pacific Hotels regional vice-president Don Elliot said on the sidelines of a conference here. The company is negotiating with its partners and these properties will be set up in Tier-I and Tier-II cities, Elliot said. Le Meridien hotel brand currently has a presence with eight hotels in India which includes properties at Ahmedabad, Cochin, Jaipur, New Delhi, Pune, Mumbai, Bangalore and Chennai. Le Meridien, currently represented by 105 properties in 50 countries, was acquired by Starwood Hotels and Resorts Worldwide Inc in 2005. Source: LatestNews-Home - Livemint.com | 22 May 2009 | 9:17 am Two held for bid to extort money from RIL - Daily News & Analysis
Source: Google News India - Business | 22 May 2009 | 9:02 am Nokia Siemens moves HC against BSNLThe spat between Nokia Siemens and Bharat Sanchar Nigam Ltd over the latters decision to disqualify the Finnish companys offer for the 93millionline GSM contract has taken a legal turn.Source: Moneycontrol Top Headlines | 22 May 2009 | 8:59 am Federal Bank Q4 net up 11% at Rs 114 cr, declares 50% dividendMumbai: Federal Bank today reported a 11% growth in net profit at Rs114.17 crore for the fourth quarter ended 31 March, 2009. The lender had a net profit of Rs102.86 crore in the March quarter of FY08, Federal Bank said in a filing to the BSE. The total income rose 20.73% to Rs1,016.28 crore during the March quarter, from Rs841.79 crore in the corresponding period last fiscal. The board has declared a dividend of 50% at the rate of Rs5 per share for the financial year ended 31 March, 2009. For the financial year ended 31 March, Federal Bank posted a 31% jump in consolidated net profit at Rs472.01 crore. It had a net profit of Rs360.07 crore in FY08. The total income rose 31.66% to Rs3,831.39 crore during the fiscal ended 31 March, from Rs2,910.16 crore in the year-ago period. On a standalone basis, Federal Bank reported a net profit of Rs500.49 crore for FY09, a 36% growth over the year-ago period. The standalone total income stood at Rs3,831.15 crore at the end of FY09. Shares of Federal Bank were trading at Rs238.70, down 4.19% in the afternoon trade on the BSE. Source: Home - Livemint.com | 22 May 2009 | 8:56 am IT vendors see more revenues from maintenance servicesIndian IT vendors are seeing more revenues from application maintenance services as cautious customers continue to hold back investments on deploying new technology systems.Source: Moneycontrol Top Headlines | 22 May 2009 | 8:54 am Gold edges down, traders await more fallsMumbai: India’s gold prices edged lower on Friday pressured by a strong rupee and overseas leads, but well-stocked local traders avoided fresh positions amid the wedding season expecting falls ahead, dealers and traders said. “There is no demand since yesterday, there are no enquiries as well,” said a dealer with a private bank in Mumbai. “There is pricing pressure and demand would not revive until there is good correction,” said another dealer with a state-run bank. The most active June contract was 0.19% lower at Rs14,466 per 10 grams at 1:51pm, after hitting a low of Rs14,462 rupees in early deals. The Indian rupee trimmed gains after strengthening past $47 to a five-month high, but sentiment was upbeat following the US unit’s weakness overseas and expectations for a jump in foreign inflows. Overseas gold, which guides the local market, edged down on profit-taking after a rally this week, but hovered near a two-month high, supported by safe-haven demand as the dollar remained weak. Traders have been stocking the yellow metal after better-than-expected Akshaya Tritiya sales to meet wedding demand. India’s wedding season will last till June end. “We expect buyers to come in below Rs14,000 levels,” said Haresh Acharya, head of bullion desk, Ahmedabad-based Parker Agrochem. Source: Home - Livemint.com | 22 May 2009 | 8:51 am Banks gearing up to lend more this fiscalBanks may revise upwards their lending targets for FY20092010 once the new government outlines its economic priorities through a Budget/VoteonAccount, according to senior bankers.Source: Moneycontrol Top Headlines | 22 May 2009 | 8:47 am Economy may recover from slowdown late this year: RBI governorReserve Bank said the Indian economy is likely to recover from the impact of the financial meltdown later this year as stability gets restored in world markets.Source: Daily News & Analysis: Money News | 22 May 2009 | 8:42 am PTC India to tap into QIPs to raise fundsPTC India is the first public sector company to tap the qualified institutional placement (QIP) market. Sources tell CNBCTV18, that PTC is raising USD 75 to 105 million via the QIP route, at about Rs 75 to 80 per share.Source: Moneycontrol Top Headlines | 22 May 2009 | 8:41 am Air India aims at saving Rs1,000 cr; enhance market shareMumbai: Buoyant over the prospects of getting a financial package of around Rs4,300 crore from the new government, Air India aims at saving Rs1,000 crore a year besides enhancing its market share substantially in the coming years, a top source said. “If the government gives us a financial package as we are confident it will, it is natural that it will also have some expectations from us. We aim at saving Rs1,000 crore a year, besides enhancing our market share and load-factor considerably,” the source, close to the development said. The airline also plans to improve its offerings in a bid to enhance its customer-base and regain its brand image in the face of a highly-competitive environment, the source said. “Before taking a final call on the issue (financial package), the government wants to ensure that the package is utilised in a proper way and for this reason, it asked us to provide a blueprint on all these issues,” the source said. An Air India proposal seeking Rs1,300 crore additional equity and soft loans worth Rs3,000 crore is pending with the government since last year and the national air-carrier now hopes that the new government will fast-forward this proposal. Air India plans to utilise the financial package to augment its fleet and also complete the integration of Air India and erstwhile Indian Airlines smoothly, the source said. According to Indian Brand Equity Foundation, the state-run airline held a 25% share in the $5.6 billion Indian civil aviation market in 2008. Source: Home - Livemint.com | 22 May 2009 | 8:35 am India tech firms see glimmer of hope but long way to goBangalore: Financials on the mend and signs the world economy is not falling off the cliff are good news for India’s high profile IT outsourcing industry but that’s still not enough for the sector to regain its past glory. Many customers of India’s software services exporters, who had so far chalked up impressive rates of growth, are struggling to stay afloat, have gone bankrupt, or are tackling severe cost cuts, leaving them little room to boost technology spending. Add the risk to earnings from the rupee trading at five-month highs, the end of a decade-old tax holiday next year on major technology facilities and pressure on bailed-out clients not to outsource jobs and the outlook becomes more messy. “The economic downturn is so severe that people are not making decision on investments and they are cancelling new project works. It’s very tough time for these guys,” said John McCarthy, principal analyst for Forrester Research. “The golden age of massive profits for offshore companies is over.”  Indian software services firms came out of the 2000-2002 technology spending bust with sales growing up to 50% a year as they won over companies to contract out inefficient operations instead of managing them in-house. But as global companies scramble to chalk out new business strategies in the post-Lehman world, cautious is the buzz word, especially for longer-term contracts worth millions of dollars. Still-Cautious Clients “At the macro level there is some confidence back, people are slightly more comfortable, but on the ground things are still the same,” Infosys’ chief financial officer V Balakrishnan told the Reuters Global Technology Summit this week. “Customers are still focused on cutting their spending, so the IT budgets are under pressure,” he said. “If the second half recovery happens, like what the market predicts, possibly it will be in the beginning of the next calendar year.” Infosys, India’s second-largest IT outsourcer, last month forecast its first decline in annual revenue in dollar terms, marking a watershed for a sector that is a magnet for thousands of young job-seekers in the country. Infosys, rivals Tata Consultancy Services and Wipro also face competition from big players, IBM, Accenture Hewlett-Packard who have raided their home-turf and are winning contracts. “From our financial services point of view while the full recovery has not happened, there is stability,” said Tata Consultancy’s chief operating officer N Chandrasekaran. India’s IT outsourcing sector employs more than two million people, mostly young workers who helped boost demand for luxury apartments to electronics gadgets to cars in tech hubs such as Bangalore, Hyderabad and Gurgaon. Stretched Valuations Top IT firms were unlikely to move back into peak valuation range of 20-30 times forward earnings as the days of heady growth rate are over, Religare Hichens, Harrison said. India’s IT sector index is up 26% this year, underperforming a 42% rise in the 30-hare market index. Infosys and Tata Consultancy have both gained about 35% and Wipro is up 60%, but analysts remain cautious as customers still struggle. British telecoms carrier BT Group, one of Infosys’ top clients, cut its dividend and announced 15,000 further job losses last week. General Motors, a client of Tata Consultancy, may need to enter bankruptcy to restructure. Nortel Networks, a client of Tata Consultancy, Infosys and Wipro, filed for bankruptcy in January. Valued at more than $18 billion, Infosys trades at 15 times forward earnings, while Tata Consultancy is at about 13 times and smaller rival Wipro is at about 16 times. “Valuations are stretched given our forecast 2-yr flattish earnings growth. Moreover, we see downside risk to earnings from recent Rupee appreciation,” Bank of America-Merrill Lynch analysts said in a report titled “Treading on thin ice: Downgrade Infosys, Tata Consultancy.” “While market shows signs of bottoming, demand is yet to look up, with risks to pricing as well. Lurking protectionism worries,” the analysts said in its report issued on Thursday. The rupee fell 19% in 2008 helping cushion margins of Indian exporters. A tax holiday scheme for software firms located in technology centres expires in March 2010, and this would hit earnings of top firms from April 2010 onwards by raising their tax rates to 18-22% from about 10-15% currently, analysts said. Any protectionist measures, mainly in the US, to stem the flow of jobs to emerging markets is a concern after President Barack Obama unveiled plans to tighten rules allowing firms to defer paying taxes on profits made overseas. Source: Tech News - Livemint.com | 22 May 2009 | 8:14 am India tech firms see glimmer of hope but long way to goBangalore: Financials on the mend and signs the world economy is not falling off the cliff are good news for India’s high profile IT outsourcing industry but that’s still not enough for the sector to regain its past glory. Many customers of India’s software services exporters, who had so far chalked up impressive rates of growth, are struggling to stay afloat, have gone bankrupt, or are tackling severe cost cuts, leaving them little room to boost technology spending. Add the risk to earnings from the rupee trading at five-month highs, the end of a decade-old tax holiday next year on major technology facilities and pressure on bailed-out clients not to outsource jobs and the outlook becomes more messy. “The economic downturn is so severe that people are not making decision on investments and they are cancelling new project works. It’s very tough time for these guys,” said John McCarthy, principal analyst for Forrester Research. “The golden age of massive profits for offshore companies is over.” Indian software services firms came out of the 2000-2002 technology spending bust with sales growing up to 50% a year as they won over companies to contract out inefficient operations instead of managing them in-house. But as global companies scramble to chalk out new business strategies in the post-Lehman world, cautious is the buzz word, especially for longer-term contracts worth millions of dollars. Still-Cautious Clients “At the macro level there is some confidence back, people are slightly more comfortable, but on the ground things are still the same,” Infosys’ chief financial officer V Balakrishnan told the Reuters Global Technology Summit this week. “Customers are still focused on cutting their spending, so the IT budgets are under pressure,” he said. “If the second half recovery happens, like what the market predicts, possibly it will be in the beginning of the next calendar year.” Infosys, India’s second-largest IT outsourcer, last month forecast its first decline in annual revenue in dollar terms, marking a watershed for a sector that is a magnet for thousands of young job-seekers in the country. Infosys, rivals Tata Consultancy Services and Wipro also face competition from big players, IBM, Accenture Hewlett-Packard who have raided their home-turf and are winning contracts. “From our financial services point of view while the full recovery has not happened, there is stability,” said Tata Consultancy’s chief operating officer N Chandrasekaran. India’s IT outsourcing sector employs more than two million people, mostly young workers who helped boost demand for luxury apartments to electronics gadgets to cars in tech hubs such as Bangalore, Hyderabad and Gurgaon. Stretched Valuations Top IT firms were unlikely to move back into peak valuation range of 20-30 times forward earnings as the days of heady growth rate are over, Religare Hichens, Harrison said. India’s IT sector index is up 26% this year, underperforming a 42% rise in the 30-hare market index. Infosys and Tata Consultancy have both gained about 35% and Wipro is up 60%, but analysts remain cautious as customers still struggle. British telecoms carrier BT Group, one of Infosys’ top clients, cut its dividend and announced 15,000 further job losses last week. General Motors, a client of Tata Consultancy, may need to enter bankruptcy to restructure. Nortel Networks, a client of Tata Consultancy, Infosys and Wipro, filed for bankruptcy in January. Valued at more than $18 billion, Infosys trades at 15 times forward earnings, while Tata Consultancy is at about 13 times and smaller rival Wipro is at about 16 times. “Valuations are stretched given our forecast 2-yr flattish earnings growth. Moreover, we see downside risk to earnings from recent Rupee appreciation,” Bank of America-Merrill Lynch analysts said in a report titled “Treading on thin ice: Downgrade Infosys, Tata Consultancy.” “While market shows signs of bottoming, demand is yet to look up, with risks to pricing as well. Lurking protectionism worries,” the analysts said in its report issued on Thursday. The rupee fell 19% in 2008 helping cushion margins of Indian exporters. A tax holiday scheme for software firms located in technology centres expires in March 2010, and this would hit earnings of top firms from April 2010 onwards by raising their tax rates to 18-22% from about 10-15% currently, analysts said. Any protectionist measures, mainly in the US, to stem the flow of jobs to emerging markets is a concern after President Barack Obama unveiled plans to tighten rules allowing firms to defer paying taxes on profits made overseas. Source: Home - Livemint.com | 22 May 2009 | 8:14 am Kerala group to invest Rs.7.5 bn in new hotel venturesThe Kochi-based Muthoot Pappachan group, that has interests in financial services, hospitality, infrastructure and wind power, is investing Rs.750 crore (Rs.7.5 billion/$159 million) in seven hotel properties in Kerala and Tamil Nadu, as well as more than 100 service apartments here.Source: IndiaeNews.com: Business News | 22 May 2009 | 8:00 am Manmohan Singh to be sworn in for second termNEW DELHI (Reuters) - Prime minister-elect Manmohan Singh will be sworn in on Friday at the head of a stronger, new coalition even though Dravida Munnetra Kazhagam (DMK) insisted it would not join the government over a row on cabinet positions.Source: Reuters: Money News | 22 May 2009 | 7:50 am Markets spend morning in the redIndian equities markets were in the red Friday morning, with the key index of the Bombay Stock Exchange (BSE) opening slightly below its previous closing figure and staying range-bound in the first hours of trading.Source: IndiaeNews.com: Business News | 22 May 2009 | 7:31 am Tech firms see glimmer of hope but long way to goBANGALORE (Reuters) - Financials on the mend and signs the world economy is not falling off the cliff are good news for India's high profile IT outsourcing industry but that's still not enough for the sector to regain its past glory.Source: Reuters: Money News | 22 May 2009 | 7:17 am U.S. to work with GM ahead of June 1 deadlineWASHINGTON (Reuters) - The Obama administration has no plans to push General Motors Corp into bankruptcy next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.Source: Reuters: Money News | 22 May 2009 | 5:47 am Rupee up 18 paise against dollar in early tradeAt the Interbank Foreign Exchange (Forex) market, rupee, which gained 10 paise at 47.37/38 on Thursday, hardened by 18 paise to 47.19.Source: India Business News | Business News - Times of India | 22 May 2009 | 4:22 am Day Trading GuideWe re-affirm our sell recommendation in DLF and Reliance Capital stock. Fresh short-position can be initiated only if ICICI Bank dives below Rs 658 and SBI falls below RsSource: Business Line - Home Page | 22 May 2009 | 12:00 am Rs 400-cr cover is SET Max defence against ad revenue lossKolkata, May 21 Every time an IPL match gets washed out by rain, the broadcasting channel SET Max may raise an insurance claim of up to Rs 7 crore for loss of advertisementSource: Business Line - Home Page | 22 May 2009 | 12:00 am Corporate tax collections fall short of revised estimateThe Centre’s corporate tax collections for financial year 2008-09 have fallen short of the revised estimate by about 3.68 per cent. On the other hand, personal income-tax collections are a tad better than the targeted revisedSource: Business Line - Home Page | 22 May 2009 | 12:00 am Social sector boost to be new Govt’s immediate priorityNew Delhi, May 21 Though the markets and the industry are gung-ho over the UPA victory, they may have to wait as the new Government unfolds its immediate priorities. It is likely that the UPA may not go full throttle on economic reforms andSource: Business Line - Home Page | 22 May 2009 | 12:00 am Auto sales momentum in early 2009 not a sign of revivalMumbai, May 21 Auto sales have been brisk over the last three-four months but Dr Pawan Goenka, President of Mahindra & Mahindra’s Automotive Sector, is not convinced that the turnaround has happened yet. He also reiterates that a lotSource: Business Line - Home Page | 22 May 2009 | 12:00 am Inflation rises to 0.61% on higher food pricesNew Delhi, May 21 Inflation edged up in early May on account of higher food prices, but held near a three-decade low, giving more freedom to the RBI to take steps to support a slowing economy.Source: Business Line - Home Page | 22 May 2009 | 12:00 am Banks gearing up to lend more this fiscalMumbai, May 21 Banks may revise upwards their lending targets for FY2009-2010 once the new government outlines its economic priorities through a Budget/Vote-on-Account, according to seniorSource: Business Line - Home Page | 22 May 2009 | 12:00 am Wrangling continues over Cabinet berths, portfoliosNew Delhi, May 21 The Congress on Thursday made it clear to its allies that it was in no mood to be pushed around over portfolio allocation. After a day of hectic parleys, it conveyed to the DMK that it was not willing to give the party moreSource: Business Line - Home Page | 22 May 2009 | 12:00 am Rolta India (Rs 109): BuyWe recommend a buy in the Rolta India from a short-term trading horizon. It is evident from the charts of Rolta that it has been on a medium-term uptrend since its 52-week low of Rs 40.7 recorded on March 12. While trending up, the stockSource: Business Line - Home Page | 22 May 2009 | 12:00 am Bajaj Auto net rises 8% despite slump in salesMumbai, May 21 Reduced raw material cost, a shift in focus to higher priced products and tax benefits helped Bajaj Auto post an eight per cent increase in standalone net profit at Rs 130 crore for the fourth quarter of 2008-09 against theSource: Business Line - Home Page | 22 May 2009 | 12:00 am FII flows could await better P/EsPost-poll surge has made valuations expensive compared with other emerging markets.Source: Daily News & Analysis: Money News | 21 May 2009 | 10:22 pm Is China ready to dump the dollar?Despite the posturing, there's little chance it will use the 'nuclear option', say economists.Source: Daily News & Analysis: Money News | 21 May 2009 | 10:19 pm Future trading of wheat begins after 2-year banThe commodity market regulator Forward Markets Commission (FMC) go-ahead for future trading of wheat has enthused both the farming and trading communities.Source: India Business News | Business News - Times of India | 21 May 2009 | 10:04 pm Aircel, Sistema dial GujaratGujarats telecom market is set to see some more competition. In a state where every second person has a cellular connection, consumers will have more to choose from over the next one year.Source: India Business News | Business News - Times of India | 21 May 2009 | 9:45 pm Bajaj Auto Q4 net dips 50%Hit by falling two-wheeler sales, Bajaj Auto on Thursday reported a 49.79% decline in its consolidated net profit at Rs 69.14 crore for the fourth quarter ended March 31, 2009.Source: India Business News | Business News - Times of India | 21 May 2009 | 7:58 pm 'Kampani, Shroff treated unfairly'HDFC chairman Deepak Parekh on Thursday threw his weight behind investment banker Nimesh Kampani and Minoo Shroff, saying they were being hounded for no apparent fault of theirs.Source: India Business News | Business News - Times of India | 21 May 2009 | 7:48 pm Traumatised by poll results, Bengal Left opts for 'standstill' policyA120-acre city centre in Kharagpur, about 100 km from Kolkata, became the first casualty of the CPI(M)-led Left Front governments poor showing in the recent general elections. More such projects are likely to be cancelled as the four-party Left coalition, which has ruled the state since 1977, decided to opt for a standstill policy on industrial projects.Source: Business Standard | Front Page Headlines | 21 May 2009 | 6:45 pm DMK says it may not join govtFaced with the new-found confidence of the 206-strong Congress in the 261-member United Progressive Alliance (UPA), the Dravida Munnettra Kazhagam (DMK), with 18 MPs, said it may not join the government but support it from outside if its MPs were not given the portfolios it wanted.Source: Business Standard | Front Page Headlines | 21 May 2009 | 6:43 pm No place for fresh fiscal stimulus in reforms packageThe policy action plan being prepared for the new government does not see the immediate need for a fresh fiscal stimulus package, but recommends a new oil pricing formula and disinvestment of government equity in public sector undertakings in small doses.Source: Business Standard | Front Page Headlines | 21 May 2009 | 6:42 pm Vodafone ZooZoos win PETA awardMobile network operator Vodafone has won the first People for Ethical Treatment for Animals (PETA) 2009 Glitterbox Award, for taking advantage of humane alternatives to the use of real animals in their ZooZoo ads.Source: IndiaeNews.com: Business News | 21 May 2009 | 4:00 pm Taj group opens Goa's first 'luxury business hotel'The Taj group of hotels Thursday unveiled Goa's first five-star business property, the 170-room Vivanta, to 'fill the gap between leisure and business tourism' in the state.Source: IndiaeNews.com: Business News | 21 May 2009 | 3:03 pm
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