|
|
|
|
HCL Infosystems bags large BSNL IT dealHCL Infosystems announced that it has been selected to implement System Integration Project for staterun Bharat Sanchar Nigam Ltd (BSNL). The Rs 240 crore contract involves the implementation of over 60,000 ERP licences, making it the largest rollout in terms of licenses issued for any single project in the country.Source: Moneycontrol Top Headlines | 25 May 2009 | 4:58 pm Max India to raise Rs 150cr via pref allotment to IFCMax India will raise Rs 150 crore via preferential allotment of shares to IFC which is the private sector investment arm of the World Bank. It will issue 1.03 crore shares of Rs 2 each at a premium of Rs 143.26 per share.Source: Moneycontrol Top Headlines | 25 May 2009 | 4:29 pm Centre must focus on alternative energy: IndowindKV Bala, Chairman of Indowind Energy, an independent power producer company, said that the United Progressive Alliance (UPA) government should focus on alternative energy policies. He also stated that today, we are just testing around 10,000 megawatt levels when India has the potential for 40,000 megawatt to produce energy.Source: Moneycontrol Top Headlines | 25 May 2009 | 3:47 pm Equity infusion to push net worth to Rs 16000cr: Rel InfraCommenting on the warrants issue, Alit Jalan of Reliance Infrastructure said they currently have a total net worth of Rs 11,900 crore and a total gross debt of Rs 7,300 crore. He added that though at a net debt level they are zero, with this equity infusion their net worth will go up to more than Rs 16,000 crore.Source: Moneycontrol Top Headlines | 25 May 2009 | 2:57 pm Eyeing IPO, partners to divest life insurance biz: Rel CapSam Ghosh, CEO, Reliance Capital said, the company was evaluating all options for divestment in life insurance business. We will look at whether we want to look at a part divestment whether through an IPO or through a strategic partner or a combination of both, he added. He further said that the companys NBAP for FY09 stood at Rs 620 crore.Source: Moneycontrol Top Headlines | 25 May 2009 | 1:54 pm MTN deal: Bharti thought ahead of time, says BCGCommenting on the BhartiMTN deal, Arvind Subramaniam, Partner at BCG feels that this deal is certainly good for Bharti and its shareholders. He said, For Bharti Airtel this is really the next wave of growth and being leaders in the market and business model innovation, they are already thinking 45 years ahead.\"Source: Moneycontrol Top Headlines | 25 May 2009 | 1:44 pm Avoid commercial real estate financing: RBI to coop banksThe Reserve Bank instructed state and central co-operative banks to desist from financing the commercial real estate sector, as exposure in this sensitive area would not be in their interest.Source: Daily News & Analysis: Money News | 25 May 2009 | 1:06 pm Not looking at divestments currently: MTNLRSP Sinha, CMD of MTNL, said the comoany doesnt have any divestment plans as of now. He added they are planning venture in South Africa too as they see huge growth potential there. On companys growth plan, Sinha said MTNL is planning to expand their fixed line business and will develop the realty business.Source: Moneycontrol Top Headlines | 25 May 2009 | 1:04 pm Jet Airways Posts Profit - Wall Street Journal
Source: Google News India - Business | 25 May 2009 | 12:54 pm Govt finds Rs 1,200 crore in frozen demat accountsThe I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe.Source: Daily News & Analysis: Money News | 25 May 2009 | 12:45 pm Rupee, bonds end lower - Moneycontrol.com
Source: Google News India - Business | 25 May 2009 | 12:41 pm Sensex ends flat; midcaps dominate - Economic Times
Source: Google News India - Business | 25 May 2009 | 12:36 pm Rupee loses steam after six-day rallyMUMBAI (Reuters) - The rupee on Monday snapped a six-session rally that had taken it to five-month highs, pulled down by importer and corporate demand for the dollar, wariness of Reserve Bank intervention and a choppy share market.Source: Reuters: Money News | 25 May 2009 | 12:35 pm Obama: NKorea recklessly challenging the world Washington: President Barack Obama said Monday that North Korea’s latest nuclear test should be “a matter of grave concern to all nations” and accused Pyongyang of behaving recklessly and defying international will. Obama also said in an early-morning statement that the United States “will continue working with our allies and partners” in multilateral talks and will hold consultations with members of the UN Security Council on it and a subsequent series of test-firings of short-range ground-to-air missiles. In Pyongyang earlier, North Korea said that it had carried out a powerful underground nuclear test — much larger than one conducted in 2006. The regime also test-fired three short-range, ground-to-air missiles later Monday from the same northeastern site where it launched a rocket last month, the Yonhap news agency reported, citing unnamed sources. The rocket liftoff, widely believed to be a cover for a test of its long-range missile technology, drew censure from the UN Security Council. Reining in Pyongyang’s nuclear program has been a continuing problem for US administrations, dating to Bill Clinton’s presidency in the 1990s. Former President George W Bush labeled North Korea as a country that was part of an international “axis of evil,” but the United States subsequently removed Pyongyang from its list of official state sponsors of terrorism when it shut down a nuclear installation late in the Bush administration. In his statement Monday, Obama noted that North Korea had “conducted a nuclear test in violation of international law.” “It appears to also have attempted a short range missile launch,” the president said in his statement. “These actions, while not a surprise given its statements and actions to date, are a matter of grave concern to all nations. North Korea’s attempts to develop nuclear weapons, as well as its ballistic missile program, constitute a threat to international peace and security.” “By acting in blatant defiance of the United Nations Security Council,” he said, “North Korea is directly and recklessly challenging the international community. North Korea’s behavior increases tensions and undermines stability in Northeast Asia.” “Such provocations will only serve to deepen North Korea’s isolation. It will not find international acceptance unless it abandons its pursuit of weapons of mass destruction and their means of delivery.” Adm. Mike Mullen, chairman of the US Joint Chiefs of Staff, said he believed the latest series of tests “just speak to the growing belligerence on the part of North Korea ... the growing defiance of international law.” Mullen, appearing Monday morning on CBS television, said that “all of those things point to a country I think continues to destabilize that region and in the long term, should they continue to develop a nuclear weapons program, poses a grave threat to the United States.” Mullen, making appearances on various TV morning news shows to pay tribute to troops on Monday’s US holiday Memorial Day, told NBC that he was “very confident we can deal with a threat posed by North Korea.” “It’s not just the US, but there are many other countries that are equally concerned,” the admiral said. “This was not an unanticipated test on the part of North Korea, should we be able to confirm it. ... It’s a country that continues to isolate itself, and the international community must continue to bring pressure to make sure they don’t achieve a nuclear weapons program that can threaten other countries and the US as well.” He did not discuss whether there were any changes in US military alert status. Speaking on ABC television, Mullen said: “We believe that North Korea continues to pursue a nuclear weapons program. A North Korea with nuclear weapons poses a great danger to its neighbors. They’ve also recently launched longer-range missiles pursuing literally ICBM kinds of missiles.” “In the long run,” Mullen said, “a state like North Korea with nuclear weapons and the ability to fire those kind of missiles long range pose a threat to the United States.” North Korea earlier this year rejected a plan for additional US food assistance and kicked out five groups distributing American aid in the country. State Department spokesman Robert Wood said at the time, in mid-March, that the North gave no reason for refusing to accept US food aid. But the rejection was worrisome to aid workers and US officials. North Korea faces chronic food shortages and has relied on outside aid to help feed its 23 million people since famine reportedly killed as many as 2 million in the 1990s, a result of natural disasters and mismanagement. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 12:32 pm German leaders expect Opel decision by mid-weekBERLIN (Reuters) - The German government will likely settle on a preferred bidder for Opel, the German unit of General Motors, by the middle of the week, Chancellor Angela Merkel's spokesman said on Monday.Source: Reuters: Money News | 25 May 2009 | 12:31 pm BSE Sensex rises 0.2 pct; Bharti falls 5.4 pctMUMBAI (Reuters) - The BSE Sensex rose 0.2 percent on Monday, but Bharti Airtel fell 5.4 percent after the leading telecoms firm said its plan to buy 49 percent of South Africa's MTN would dilute earnings in the first year.Source: Reuters: Money News | 25 May 2009 | 12:26 pm MTN deal value more than $23 bn: Bharti!Sunil Mittal-promoted Bharti Airtel renewed its effort for acquiring 49 per cent stake in South African telecom giant MTN and the two companies have agreed to discuss the potential transaction exclusively by July 31 this year. The potential value of the deal is said to be in excess of USD 23 billion.Source: Zee News : Business | 25 May 2009 | 12:26 pm Toyota denies report on possible GM hybrid deal!Toyota denied a Japanese media report Monday that it was studying a possible deal to offer its hybrid technology to General Motors Corp. if the US automaker expresses any interest.Source: Zee News : Business | 25 May 2009 | 12:26 pm PetroChina buys 45.5% of Singapore refiner!PetroChina, the listed unit of China`s biggest oil and gas producer, said it had agreed to buy a stake in refiner Singapore Petroleum Co. for USD 1.02 billion.Source: Zee News : Business | 25 May 2009 | 12:26 pm Oil holds above $60 in Asia!Oil held above USD 60 a barrel in Asian trade on Monday ahead of a meeting this week of the Organisation of Petroleum Exporting Countries (OPEC).Source: Zee News : Business | 25 May 2009 | 12:26 pm Toshiba to cut costs by $3.5 bn!Japanese electronics giant Toshiba plans to reduce fixed costs 10 percent more than previously announced, a news report said on Sunday.Source: Zee News : Business | 25 May 2009 | 12:26 pm US not moving toward socialism: Geithner!US Treasury Secretary Timothy Geithner dismissed as ridiculous charges that the administration of President Barack Obama was moving the United States toward socialism.Source: Zee News : Business | 25 May 2009 | 12:26 pm World Bank chief warns about economic crisis!The global economic crisis could lead to dangerous social upheaval if certain steps are not taken, World Bank chief Robert Zoellick warned in an interview Sunday.Source: Zee News : Business | 25 May 2009 | 12:26 pm Sensex rises 121 pts in early trade!Sensex rose over 120 pts in early trade on the back of increased buying by funds as well as retail investors on hopes of an acceleration in economic reforms by the new Government, although other Asian bourses are in the negative.Source: Zee News : Business | 25 May 2009 | 12:26 pm Govt to ensure cheap loans for farmers - PawarNEW DELHI (Reuters) - India will ensure loans to farmers at low rates, Sharad Pawar told reporters after taking over charge as the country's farm minister on Monday.Source: Reuters: Money News | 25 May 2009 | 12:18 pm Austrian Sikh temple attack sparks riots in PunjabChandigarh/Vienna: Thousands protested in Punjab on Monday, torching a train, vehicles and shops after a Sikh preacher was killed on Sunday in an attack on a temple in Austria’s capital Vienna, police said. Authorities imposed a curfew on parts of the state and the army was put on standby after members mainly of the Dalit community protested against the attack in Vienna that killed one of their leaders, according to police. “The situation remains tense but under control,” said senior superintendent of police R.K Jaiswal, from Jalandhar where the violence was centred. At least 16 people were wounded on Sunday when six armed men attacked two preachers visiting from India with a gun and knives during a ceremony in a Vienna temple. Guru Sant Ramanand, 57, died in the night after an emergency operation, police said. The second, Guru Sant Niranjan Dass, 68, is in a stable condition. Both had suffered bullet wounds. Four of the attackers were severely wounded, two of them life-threatening, when they were overpowered by worshippers. The other two were only lightly wounded and are in police detention. At least some attackers were residents and had previously asked for asylum in Austria, prosecutors said. Around 2,800 Sikhs lived in Austria in 2001, according to the last census. Austrian news agency APA quoted temple officials as saying members of rival temples had threatened violence if he appeared. Police denied it had been warned of a possible attack. The Guru who died was said to be from the Dera Sach Khand, a religious sect which draws large support from the Dalit community and is considered separate from mainstream Sikhism. Sikhism officially rejects caste but social hierarchies still prevail in the state, and followers who protested from the Dera Sach Khand identified themselves as from the Dalit caste. Activists from a powerful political party, which draws its support mainly from Dalits, the Bahujan Samaj Party (BSP), have joined the protests. On top of being popular among the lower castes, Dera Sach Khand also differs from mainstream Sikhism on religious points, some of which draw the ire of pious Sikhs, analysts say. “Sects like the Sach Khand broadly follow Sikhism but make their own diversions and as such cannot be included in Sikhism,” Dr. Parmod Kumar, a political scientist, said. “The Dera Sach Khand follow a living guru which Sikhism cannot accept at all,” he said. “Sikhs react strongly to this and that is why the clashes between the Dera followers and mainstream Sikhs occur.” Prime Minister Manmohan Singh called upon people in Punjab to “maintain peace and harmony”: “Invoking the teachings of the Gurus, I appeal to all sections of the people in Punjab to abjure violence and maintain peace,” he said in a statement. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 12:16 pm ONGC Faces Loss on Cairn's Rajasthan Project - Wall Street Journal
Source: Google News India - Business | 25 May 2009 | 12:13 pm Cyclone kills 9 in West Bengal, thousands evacuatedKolkata: A cyclone hit West Bengal on Monday killing at least nine people and forcing an estimated 80,000 people to leave their homes for safety, officials said. Authorities warned people in state capital Kolkata to stay indoors as cyclone Aila advanced towards the city of 12 million with winds up to 100 kph (60 mph). Heavy rains triggered by the storm raised river levels and burst mud embankments in West Bengal’s Sundarbans Tiger Reserve, which holds thousands of people as well as the world’s biggest tiger reserve. Also Read Cyclone Aila paralyzes Kolkata airport “The situation is very grave, countless families have been displaced, especially in the Sundarbans,” said Kanti Ganguly, state minister for the Sundarbans. Authorities in neighbouring Bangladesh also evacuated thousands of people, mostly in Khulna district near the Sundarbans, to makeshift shelters as tidal waves triggered by the storm in the Bay of Bengal damaged thousands of houses. The cyclone lay about 50 km (30 miles) south of Kolkata and was expected to hit the city by late afternoon, authorities said. Heavy rains caused flooding in the streets of the state capital as strong winds uprooted trees and communication lines. Television pictures showed rescue workers struggling to bring out a man trapped in his car. Four people died in Kolkata in house collapses while five other deaths were reported from other parts of the state. Sea surge Tourists were asked to stay in their hotels in West Bengal’s southern coastal resort of Digha, four hours drive from Kolkata. “We have reports of sea surge in Digha and Sankarpur (another resort). We have reports of house damage as well,” C.G Lama, a senior government official said. The storm surge washed away dozens of shrimp farms and inundated rice fields in Bangladesh which is battered by storms every year. The Bangladesh Meteorology Department said the ports at Chittagong, Mongla and Cox’s Bazar should keep storm warnings in place until further notice with cyclone Aila racing towards the coast. In November 2007, cyclone Sidr ravaged a large part of the country’s coast, killing nearly 3,500 people and displacing around two million. Source: Home - Livemint.com | 25 May 2009 | 12:13 pm FEATURE - Assessing the risk of a cataclysmLONDON, May 25 (Reuters) - Professor Zari Rachev scorns the idea that market cataclysms cannot be forecast. He says his statistical models have predicted them, and his customers agree.Source: Reuters: Money News | 25 May 2009 | 12:12 pm Monsoon spreads to rice growing areas - Reuters India
Source: Google News India - Business | 25 May 2009 | 12:01 pm Bharti may raise $3-4 billion debt for MTN: sources - Reuters
Source: Google News India - Business | 25 May 2009 | 12:01 pm ADAG becomes 3rd largest biz house in recent market rally - Business Standard
Source: Google News India - Business | 25 May 2009 | 11:56 am Bharti may raise $3-4 bln debt for MTN - sourcesMUMBAI (Reuters) - India's top telecoms firm, Bharti Airtel Ltd, may raise about $3 billion to $4 billion in debt if merger talks with South Africa's MTN Group succeed, four banking sources said on Monday.Source: Reuters: Money News | 25 May 2009 | 11:48 am World economy stabilizing, says KrugmanAbu Dhabi: The world economy has avoided “utter catastrophe” and industrialized countries could register growth this year, Nobel Prize-winning economist Paul Krugman said on Monday. “I will not be surprised to see world trade stabilize, world industrial production stabilize and start to grow two months from now,” Krugman told a seminar. “I would not be surprised to see flat to positive GDP growth in the United States, and maybe even in Europe, in the second half of the year.” The Princeton professor and New York Times columnist has said he fears a decade-long slump like that experienced by Japan in the 1990s. He has criticized the US administration’s bailout plan to persuade investors to help rid banks of up to $1 trillion in toxic assets as amounting to subsidized purchases of bad assets. Speaking in UAE, the world’s third-largest oil exporter, Krugman said Japan’s solution of export-led growth would not work because the downturn has been global. “In some sense we may be past the worst but there is a big difference between stabilising and actually making up the lost ground,” he said. “We have averted utter catastrophe, but how do we get real recovery? “We can’t all export our way to recovery. There’s no other planet to trade with. So the road Japan took is not available to us all,” Krugman said. Global recovery could come about through more investment by major corporations, the emergence of a major technological innovation to match the IT revolution of the 1990s or government moves on climate change. “Legislation that will establish a capping grade system for greenhouse gases’ emissions is moving forward,” he said, referring to the US Congress. “When the Europeans probably follow suit, and the Japanese, and negotiations begin with developing countries to work them into the system, that will provide enormous incentive for businesses to start investing and prepare for the new regime on emissions... But that’s a hope, that’s not a certainty.” Source: LatestNews-Home - Livemint.com | 25 May 2009 | 11:46 am Bharti may raise $3-4 bn debt for MTN: sourcesMumbai: India’s top telecoms firm, Bharti Airtel Ltd, may raise about $3 billion to $4 billion in debt if merger talks with South Africa’s MTN Group succeed, four banking sources said on Monday. Bharti and MTN on Monday said they had restarted merger talks that would create a leading emerging markets telecoms group. The Indian firm has sounded out banks for the debt raising, said the bankers, who spoke on condition of anonymity. Standard Chartered, which is advising Bharti, has agreed to underwrite about $1 billion and will help in raising the balance through a mix of short-term and long-term paper, the sources said. “Adding $3-4 billion to the balance sheets of the two isn’t such a big deal,” said one banker with knowledge of the deal. A Standard Chartered spokeswoman in Mumbai said it would be inappropriate for the bank to comment at this stage. Bharti said it does not plan a rights issue of shares to fund the deal. Earlier, Bharti said the potential value of the complex deal in which both firms pay cash and stock for stakes in each other was more than $23 billion. That would make it the world’s top non-pharmaceutical deal so far this year. Debt would be the best option for Bharti, analysts said, as the firm has started seeing positive cash flows and dividends from MTN would help it service the debt. Bharti had $629 million in net debt at the end of March, representing a net debt to EBITDA of 0.25, making it easier for the firm to take on more debt. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 11:40 am Pranab meets ministry officials on budgetNew Delhi: Veteran Congressman Pranab Mukherjee on Monday took over as the finance minister and held meetings with top ministry officials to deliberate on various issues faced by the slackening economy as well as the forthcoming budget. “Immediately after assuming charge, Mukherjee had a series of meetings with all the senior officials of the ministry and reviewed the status of various programmes and issues relating to all the departments of the ministry. Issues relating to the forthcoming Budget were also discussed at the meetings,” an official release said. At the meetings, attended by finance secretary Ashok Chawla, revenue secretary P.V. Bhide, expenditure secretary Sushma Nath, chief economic advisor Arvind Virmani, disinvestment secretary Rahul Khullar and the CBDT and CBEC chairmen, Mukherjee highlighted the need to bring the economy back on growth track, an official said. He added there is obviously fiscal concerns, which might limit the options before the government to come out with another stimulus package for the industry, facing slackening demand, an official familiar with the matter said. Presenting the budget for the year 2009-10, would be the first task before Mukherjee, who was also made finance minister late last year, after P. Chidambaram moved to home ministry. Mukherjee presented the interim budget in February and gave third stimulus package to the industry, reeling under the impact of financial crisis by cutting excise duty by another 2%, service tax by 2% among other measures. He is believed to have got a briefing on the preparatory work being done by the ministry for the budget from Chawla and Virmani on Sunday. The government is required to get the budget passed by Parliament by 31 July, the date when the vote-on-account sought in the interim budget expires. Home minister P. Chidambaram had earlier said the government would try to get the budget passed by the end of July. However, in case the budget fails to get the approval of Parliament by that date, the government would have to seek another vote-on-account to meet necessary expenditure. Source: Home - Livemint.com | 25 May 2009 | 11:37 am Mixed trend in metal pricesPrices of lead, brass sheets, nickel, zinc, aluminium and copper wire bar firmed up moderately.Source: Daily News & Analysis: Money News | 25 May 2009 | 11:37 am Ranbaxy CEO:Singh's Exit With Eye On Co's Future - Wall Street Journal
Source: Google News India - Business | 25 May 2009 | 11:32 am Bharti, SAfrica's MTN restart merger talksNEW DELHI/JOHANNESBURG (Reuters) - Bharti Airtel and South Africa's MTN have revived merger talks to create a $61 billion telecoms giant spanning Africa, Asia and the Middle East a year after a previous deal foundered on the issue of who would control the combined entity.Source: Reuters: Money News | 25 May 2009 | 11:22 am India can still join Iran-Pakistan gas deal: IranTehran: India can still join a natural gas deal between Iran and Pakistan, the Iranian foreign ministry said on Monday, a day after officials said Tehran and Islamabad signed an agreement on the exports of Iranian gas. India had been part of the $7 billion so-called “peace pipeline” project, but stayed away from talks in September saying it wanted to agree transit costs through Pakistan on a bilateral basis first. On Sunday, Iranian media said Iran and Pakistan signed their agreement during a visit by Pakistani President Asif Ali Zardari to Tehran, without giving details on its content or making clear whether there were still issues outstanding. Foreign ministry spokesman Hassan Qashqavi said it was a “final agreement” between the two sides. “The contract is signed. The details will be given to you by the relevant officials,” he told a news conference. Asked about India’s position, he said: “The way is not closed for the entry of the third party ... India can also join this any moment it wishes to ... there are no obstacles in the way.” Iran and Pakistan had agreed on a revised price formula and a new price review mechanism in December which updated terms reached in 2006 during long-running negotiations on the project. Iranian media had reported the two sides started a fresh round of talks in Tehran on Friday, quoting one Iranian official as saying a date would be set to finalise the deal during the two-day talks. Iran has the world’s second-largest gas reserves after Russia. But sanctions, politics and construction delays have slowed its gas development, and analysts say Iran is unlikely to become a major exporter for a decade. An Iranian oil ministry official had previously said he hoped that the commencement of gas delivery would start five years after the contract was signed, adding both Iran and Pakistan would welcome India if it decided to join the project. Under the original plans, the pipeline would initially carry 60 million cubic metres of gas daily to Pakistan and India, half for each country. The pipeline’s capacity would later rise to 150 million cu metres. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 11:22 am Suzlon promoters offload 4% stake to finance REpower puchaseMumbai: The Tanti family, promoters and majority shareholders of wind turbine-maker, Suzlon Energy, has sold about 4% of its share in the company to fund the purchase of REpower stake from the Martifer Group. Pune-based Suzlon reported a sale of approximately 60 million shares, or about 4% of the paid-up share capital of the company, a statement issued here said. “The funds raised through the sale of this stake are going to be used primarily to advance inter-corporate deposits through promoter group entities to the company to part finance the buyout of the stake held in REpower Systems AG by Martifer SGPS,” Suzlon Energy chairman and managing director Tulsi Tanti said. Suzlon is in the process of acquiring Hamburg-based REpower Systems AG and has agreed to pay €270 million to buy Martifer’s 22.4% stake in REpower. The total promoter group shareholding, post the sale, stands at approximately 60%. “This stake sale will ensure that the overall timeline in implementation of REpower integration is not delayed,” Tanti said. He said the promoter group does not envisage any need for further stake sale in the foreseeable future. Suzlon already controls 91% voting rights in REpower through an existing agreement with Portugal-based Martifer SGPS AG. It had paid 65 million euros as first tranche in December last year, hiking its stake in REpower to 73.1%. Last month, the wind turbine-maker raised its stake in REpower to 76% on payment of €30 million. It needs to pay the remaining €175 million this month to complete the transaction. Suzlon has roped in investors such as DKR Oasis and Prudential Asia in the stake sale. Source: Home - Livemint.com | 25 May 2009 | 11:18 am BhartiMTN combined revenues at $20bn: Africa AnalysisDobek Pater Director of Africa Analysis said that the combined revenues of Bharti and MTN Group Limited (MTN) was around USD 20 billion. MTN combined operations were growing at 34 million a month. Dobek Pater, said, \"Afghanistan was the next market for penetration for MTN.\"Source: Moneycontrol Top Headlines | 25 May 2009 | 11:17 am HCL bags 240 crore BSNL project - Economic Times
Source: Google News India - Business | 25 May 2009 | 11:15 am Govt to ensure cheap loans for farmers: PawarNew Delhi: India will ensure loans to farmers at low rates, Sharad Pawar told reporters after taking over charge as the country’s agriculture minister on Monday. Pawar further said the government is in no hurry to allow wheat exports and will ease curbs on rice shipments only after assessing the situation. He also said India may allow imports of raw sugar in the next season also, but the country would not encourage imports of white, or refined, sugar. The agriculture minister went on to add that the ban on rice futures would continue. The Congress party-led coalition was returned to power for a second time, largely on a record of spending on the rural poor and on an expensive farm loan waiver programme. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 11:14 am NTPC incorporates JV for setting up high-power test labMumbai: NTPC Ltd on Monday said it has incorporated a new joint venture firm National High-Power Test Laboratory Pvt Ltd (NHPTLPL) for setting up an on-line high-power test laboratory for short- circuit test facility in the country. The JV has been incorporated in association with NHPC, Power Grid Corp. of India and Damodar Valley Corp (DVC), NTPC said in a filing to the BSE. All the four firms (NTPC, NHPC, Power Grid and DVC) shall equally contribute in the equity share capital of the company (NHPTLPL), it added. Last week, NTPC had announced the incorporation of International Coal Ventures Pvt Ltd (ICVL), a joint venture firm between the company, Steel Authority of India, Coal India, Rashtriya Ispat Nigam and NMDC. “The JV has been incorporated for the purpose of carrying on business for overseas acquisition and/or operation of coal mines or blocks/ companies for securing coking and thermal coal supplies,” NTPC had said in its 21 May filing to the BSE. Shares of NTPC closed at Rs212.75, down 1.66% on the BSE. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 11:12 am Markets end flat as Bharti stocks declineMumbai:Indian shares rose 0.2% on Monday, but Bharti Airtel fell 5.4% after the leading telecoms firm said its plan to buy 49% of South Africa’s MTN would dilute earnings in the first year. The main index was supported by non-ferrous metals producer Sterlite Industries, which rose on higher metal prices, and drugmaker Ranbaxy Laboratories that jumped 21% after its Japanese parent Daiichi Sankyo replaced the Indian firm’s chairman and chief executive. Government-run State Bank of India and private-sector HDFC Bank were among the other major laggards as investors took profits after the BSE index rose 14.1% last week, taking gains to more than 70% since early March. Bharti erased early gains of 8.5% and fell as much as 8.25% before pulling back towards the close. “Investors were initially excited when the news of the deal came out, but as the finer print surfaces the market is disappointed,” Gajendra Nagpal, chief executive of Unicon Financial Intermediaries, said. The 30-share BSE index ended up 0.19%, or 26.07 points, at 13,913.22, with 19 stocks advancing, after rising as much as 1% and falling 0.5% at one stage. The benchmark’s rise last week was its most in 17 years, after the ruling coalition won a general election decisively during the previous weekend and raised hopes for pro-market reforms. “Till the new government presents its budget, there will be expectations built up and we may not see a major correction in the market,” D D Sharma, vice president at Anand Rathi Securities, said. Bharti fell Rs46.45 to Rs811.40, after falling to as low as Rs787. Sterlite gained 5.9% to 538.10, while Ranbaxy jumped Rs45.8 to Rs266.70. Leading lender State Bank of India and private-sector rival HDFC Bank shed 0.7 to 0.8%. State-run explorer Oil & Natural Gas Corp fell 0.6% to Rs1,039.10, on a newspaper report the new government plans to cap profits of oil producers as part of a subsidy-sharing system for the sector. Source: Home - Livemint.com | 25 May 2009 | 10:56 am Dabur plans expansion in skin care, to launch new brandNew Delhi: Consumer goods major Dabur is stepping up expansion in the skin care segment, on the back of its acquisition of Fem Care Pharma last year, with plans to expand range of products from the latter’s stable besides launching a new brand of its own. “Skin care is one segment where Dabur has not had a sizeable presence. We plan to scale this up fast. It is a key focus area for Dabur India this fiscal,” Dabur India chief operating officer V.S. Sitaram said. Going forward, he said, the company sees the segment becoming a key growth driver, for which it is “preparing a big offensive” in the market. “Our skin care attack would be driven by a three-pronged strategy. The first would be the Gulabari range of mainstream skin care products offering the benefit of roses,” he said. The second would be the Fem range of skin care products. The third would be “a completely new brand, details of which are currently not available,” Sitaram added. While Dabur’s presence in the estimated Rs1,200 crore Indian skin care market is limited only through the Gulabari range at present, it is expecting to have a sizeable share as soon as it completes the Rs203.73 crore acquisition of Fem Care Pharma by June-end. Fem Care has products including Oxy Bleach, Fem Bleach, Botanica and Saka in its portfolio. Dabur forayed into skin care market last year with the launch of the Gulabari range of moisturising cream, moisturising lotion and face freshener spray. “The portfolio has been enhanced following the acquisition of Fem Care Pharma last year, which gives Dabur an established brand, which also has the potential to be extended into newer and related skin care categories,” Sitaram said. The Indian skin care market is estimated at Rs2,500 crore in and is growing at over 12% annually. Asked reasons behind discontinuation of Vatika soap brand, he said, “The increasing commoditisation of the category had made the soap business less attractive for us, leading to our exit from that market.” Source: Home - Livemint.com | 25 May 2009 | 10:46 am Jet Airways Q4 FY 09 profit at Rs 53-crJet Airways has clocked a net profit of Rs 53-crore in Q4 FY 09 as against a loss of Rs 221-crore in the year-ago period.Source: Daily News & Analysis: Money News | 25 May 2009 | 10:45 am Coastal Orissa badly hit by cyclonic stormBhubaneswar: Life was thrown out of gear in several parts of coastal Orissa due to heavy rains accompanied by high-velocity wind on Monday under the impact of a cyclonic storm, even as tidal waves lashed some areas. As the cyclonic storm — Aila — lay centred at about 140 km east-south-east of Chandbali, a place located around 100 km north-east from here, incessant rains triggered by it submerged low-lying areas in coastal districts like Cuttack, Jagatsinghpur, Kendrapara, Bhadrak and Balasore, official sources said. High velocity gale with speed as high as 80-90 kmph uprooted a large number of trees in Jagatsinghpur, Kendrapara and Cuttack districts, blocking several roads and disrupting vehicular movement, they said, adding that no loss of life was reported so far. Life was paralysed in Satabhaya and Kanhupur villages in Kendrapara district, perenially prone to sea erosion, after tidal waves lashed into human settlements since Sunday, forcing residents to shift to higher grounds and safer places. People of Kanhupur village have taken shelter in a local panchayat building while some of them moved to a nearby village, sources said. About 1,000 hectares of farm land were salinised with tidal waves spilling over Atharbanki, Gabajidiha, Jagatjori, they said and added that similar ingress of sea waters was reported in parts of Chakada, Gohua and Tantiapala villages. Tidal waves also swept about 1,000 hectares of agriculture land in Ersama area of Jagatsinghpur district where about 400 thatched huts were damaged. Water-logging severely affected road traffic in several places including Cuttack, Paradip and Jagatsinghpur, giving a tough time to office goers, they said, adding that electricity supply was also hit in many places. In Bhubaneswar, power supply was disrupted for about seven hours in several localities including Bapuji Nagar, Ashok Nagar, Patia, Chandrasekharpur and Jayadev Vihar Monday morning. Electricity supply remained disrupted since Sunday night due to snapping of power lines in Kendrapara, while many parts of Balasore district also remained without electricity for over eight hours, sources said. Low-lying areas of Cuttack like Sutahat, Friends Colony, Patapola and Police Colony were flooded due to continuous rain, affecting vehicular movement and forcing shops and business establishments remain closed in some localities. According to Met office, the cyclonic storm is likely to intensify further and move in a near northerly direction and cross West Bengal coast near Sagar Island shortly. As sea condition would remain high and rough along and off Orissa coast, fishermen were advised not to venture into sea and completely suspend fishing. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 10:42 am NSG undergoes training in new modules to combat terrorNew Delhi: Six months after their successful commando operation in Mumbai, the National Security Guard (NSG) is training its personnel on new modules to hone their urban warfare and specialised operational skills to thwart terror attacks in future. The need for inclusion of new training modules was felt during the analysis and post-operation studies of Operation Black Tornado, undertaken by the elite force to flush out the terrorists holed up in the Taj, Oberoi hotels and Nariman House during the 26/11 attack. NSG’s 51 and 52 Special Action Group (SAG), tasked to carry out anti-hijack and anti-terror operations respectively, are undergoing training in new modules at its garrison in Manesar near Gurgaon. Both the units are synchornising their operations and “learning from their individual experiences of work”, which will help its commandos to accomplish success in “coordinated and well planned attacks” especially in an urban setup like Mumbai, a senior NSG officer said. While the NSG will very soon have its new hubs operational in various parts of the country and have new men on deputation from the army, the existing commando units of the force are already testing with new weapons and tactics. “After the Mumbai attacks a number of our men, who participated in the Operation Black Tornado, went back to their native places. They are now back and are raring to go again,” the officer said. The NSG is also looking ahead for its commando training with international anti-terror forces like Germany’s GSG9 and others. The force is in the process of equipping with new specialised lightweight and small weapons for enhanced firepower and precision marking. These arms would to be used in commando units during slithering down operation like the one executed at the Nariman House. The force is also in the process of enhancing its armoury with the induction of 128 SIG (SWAT) assault rifles and night vision devices which will help its commandos execute operations in the dark. The SIG SWAT rifle, used by Nato forces, is a gas-operated weapon which is equipped with a highly tested and accurate sighting system. The commandos have also gone through the video footages of the Mumbai attack that the NSG has sourced from the national broadcaster Doordarshan and private television news channels and placed at the force museum in Manesar. In the aftermath of the Mumbai attacks, the NSG has got land near the international airport in Delhi so that a small squad of the force can be immediately airlifted for operations, cutting short the travel time from Manesar. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 10:42 am 'Luxury' Tata Nano's Success Helps Avoid Price War - Bloomberg
Source: Google News India - Business | 25 May 2009 | 10:37 am Daiichi will want greater say in Ranbaxy: Pharma Asia NewsVikas Dandekar of PharmAsia.com said that Ranbaxy has been a flagbearer for the Indian pharmaceutical industry for many decades and to see the transition in these turbulent times has definitely indicates that there can be some more dramatic changes.Source: Moneycontrol Top Headlines | 25 May 2009 | 10:32 am Transformers & Rectifiers ups capacityMumbai: Transformers and Rectifiers (India) Ltd will start production at its Moraiya plant near Ahmedabad from June, more-than-tripling capacity to 23,200 MVA in FY10, its top official said. “We will start production next month; first year we are expecting 3,000 to 4,000 MVA from that plant, next year around 10,000 MVA,” Jitendra Mamtora, chairman and managing director, said. The new plant will make transformers of above 220 KV class and the company had earmarked more than Rs8 billion raised through an IPO for commissioning the plant, Mamtora said. India faces peak power shortage of about 12-16% and plans to add 78,577 MW of power by 2012, which is expected to fuel growth in the electrical equipment industry. “The market is going to be so huge, that whoever is having the capacity will benefit from demand that is going to come,” he said. The Ahmedabad-based transformer maker is looking to grow revenues by 25% to 30% in FY10, Mamtora said. The company reported 33.3% rise in its FY09 net profit to Rs441.2 million on income of Rs4.31 billion. It supplies transformers to the industrial sector that has seen sluggish demand after the general slowdown, Mamtora said. “As far as the demand for the rectifiers and furnace transformers (industrial segment) are concerned, it had slowed down a little bit.” But demand from the chemicals and steel industry is picking up again and a revival of overall industrial demand is on the cards, he said. Its pending order book as of 30 April stood at Rs4.7 billion, of which orders worth about 2 billion were received in April, he added. About 15% of that is from the industrial segment, while 20% from exports, about 8% from state-owned Power Grid and NTPC and the rest from power utilities, Mamtora said. The company’s shares closed 3.68% up at Rs285.70, in a flat Mumbai market. Source: Home - Livemint.com | 25 May 2009 | 10:28 am Bharti, MTN restart $23 billion merger talksNew Delhi: Bharti Airtel Ltd and South Africa’s MTN Group restarted merger talks to create a major emerging markets telecoms group, a year after previous talks broke down over who would control a merged entity. Bharti said the potential value of what is a complex deal in which both firms pay cash and stock for stakes in each other, was more than $23 billion. “The broader strategic objective would be to achieve a full merger of MTN and Bharti as soon as is practicable to create a leading emerging market telecom operator, which today would have combined revenue of over $20 billion and a customer base of over 200 million,” the companies said in separate statements. Bharti, India’s leading mobile operator, said it would be the primary vehicle to expand in India and Asia, while MTN would drive growth in Africa and the West Asia. That would make it the world’s biggest non-pharmaceutical deal so far this year, according to Thomson Reuters data. It would also be India’s biggest cross border deal, almost twice the size of Tata Steel Ltd’s near $13 billion acquisition of Britain’s Corus in 2006. A combination of MTN, worth $27 billion at Friday’s close, and Bharti, valued at $34 billion, would be among the top 10 global industry players based on subscriber numbers. Bharti has nearly 100 million mobile subscribers and MTN, sub-Saharan Africa’s biggest mobile operator, also has about 100 million. Sanjay Chawla, a telecom analyst at Anand Rathi Securities, said that based on Friday’s close, Bharti was valued at 11 times enterprise value to EBITDA, while MTN was valued at 5.5 times. “Compared to last year, the deal structure looks reasonable and, to that effect, the completion risk is low,” Chawla said. “Plus (MTN) is a free cash-flow positive, dividend-paying firm. Therefore, it’s a cheaper asset and looks to be a pretty good deal for Bharti,” he added. Bharti called off talks with MTN last year after the South African firm proposed a new structure that would have seen Bharti become an MTN unit. MTN then held talks with Bharti rival Reliance Communications, but these also failed. “I doubt if the merger plan by the two firms that went awry last year will come back to haunt them. One wouldn’t go back a second time unless one is sure,” said Rajesh Jain, chief executive at Mumbai-based Pranav Securities. Bharti shares rose more than 8% in early Monday trade, but later pared gains and were down 0.5% at 0720 GMT. MTN shares jumped more than 14%. Complex Deal The firms said MTN would take a 25% interest in Bharti for $2.9 billion plus new shares equal to about 25% of the current shares on issue. MTN shareholders would take another 11% of Bharti. Bharti said it would buy about 36% of existing MTN shares at 86 rand each, plus half a Bharti global depositary receipt, to be listed in Johannesburg, for each MTN share. That and the shares MTN issues for its stake in Bharti would take the Indian firm’s holding to 49% of MTN’s enlarged capital. Bharti would be able to fully consolidate MTN’s accounts, and MTN would have representation on the Bharti board. Southeast Asia’s top telephone firm SingTel, which owns about 31% of Bharti, would remain a strategic partner and significant shareholder in Bharti, a spokeswoman said. MTN is present in several of Africa’s fast-growing markets, such as Nigeria, Cameroon, Ghana, Zambia and Uganda. Bharti said it was being advised by Standard Chartered and its affiliate First Africa SA (Pty) Ltd. Bank of America Merrill Lynch and Deutsche Bank are financial advisers to MTN. Source: Home - Livemint.com | 25 May 2009 | 10:25 am Fidelity drops plan to sell India back office unitMumbai: Fidelity Investments has dropped plans to sell its technology back-office unit in India because of long-term benefits it offered, a company official said on Monday. The unit, part of its Fidelity Management and Research (FMR) that also operates business process outsourcing and research back-office in India, was put on sale last year by the world’s largest mutual fund manager. “I can confirm that after an intense review and thorough evaluation, it was decided that we will maintain the FMR India IT organisation at this time,” Garima Varma, head of corporate communication at Fidelity Investments Indian unit, said. The decision was taken last week, she said in an email to Reuters. FMR has about 5,000 staff in India, including more than 2,000 in the technology unit in the southern cities of Bangalore and Chennai. Source: Home - Livemint.com | 25 May 2009 | 10:12 am Bangladesh evacuates 400,000 as cyclone hitsDhaka: Bangladesh on Monday evacuated hundreds of thousands of people to emergency shelters on the southwestern coast as a cyclone hit the country, an official said. Government weather forecaster Sanaul Haq said Cyclone Aila made landfall between Bangladesh’s Khulna district and Sagar Island in India’s West Bengal, unleashing a tidal surge as high as two metres (seven feet). “It has already started hitting Bangladesh’s coast, with a maximum wind speed of 90km (56 miles) per hour. We have reports that a tidal surge has inundated many coastal villages,” the Bangladeshi official said. In Khulna, which borders India, some 100,000 people had been moved to shelters as strong winds unleashed two-metre water surges, according to the district chief Ziaul Alam. “People who live in bamboo shacks have already taken shelter in their nearest cyclone shelter. We have also mobilised thousands of volunteers to prepare for the worst,” Alam said. The surge has flooded the town of Barguna, in the district of the same name, with other low-lying areas and islands in the vicinity also under water after levees overflowed, said Barguna chief Swapan Kumar Sarker. “We have evacuated some 100,000 people to the district’s cyclone shelters. Schools and colleges have been ordered to give shelter to the affected people,” he said. District chiefs in neighbouring Satkhira, Patuakhali and Bagerhat said they evacuated another 230,000 people as tidal surge along with strong wind and heavy rains hit the coastal villages. “Tidal water has entered Bagerhat town, submerging all the roads. We have reports that a five to seven feet surge has flooded scores of villages along the coastal rivers,” said Khusru, who uses one name, a magistrate of the town. “We are sending medical teams, charity workers to the affected areas with food and drinking water.” In November 2007, more than 3,500 people were killed when Cyclone Sidr hit the same districts, the second-strongest storm recorded in Bangladesh. Source: LatestNews-Home - Livemint.com | 25 May 2009 | 10:06 am Plan to reverse forex losses in next qtr: New Ranbaxy CEOAtul Sobti, the new CEO of Ranbaxy said that the company would remain a listed company. He further added that Ranbaxy plans to reverse forex losses in the next quarter. The board now includes seven members of which four are independent, he said, adding, The nominees Malvinder Singh had, with him, from his side, have also resigned.Source: Moneycontrol Top Headlines | 25 May 2009 | 10:05 am Rupee may appreciate to 46 a dollar in 12 months:Goldman SachsRupee is likely to appreciate to 46 a dollar in the backdrop of a stable government at the centre and relatively resilient domestic demand.Source: Daily News & Analysis: Money News | 25 May 2009 | 9:56 am Bharti shares fall on earnings dilution fearsMUMBAI (Reuters) - Shares in Bharti Airtel fell as much as 8.25 percent on Monday afternoon after the leading Indian mobile operator said its plan to buy a stake in South Africa's MTN would initially dilute its earnings.Source: Reuters: Money News | 25 May 2009 | 9:53 am BHEL bags Rs 703-crore order for power project in MaharashtraBHEL has secured an order from Ideal Energy Projects Limited for the main plant package at the upcoming Bela Thermal Power Project in Maharashtra.Source: Daily News & Analysis: Money News | 25 May 2009 | 9:23 am UBS raises India’s 2009-10 GDP forecast to 6.2%Mumbai: India’s economy may grow 6.2% in 2009-10, UBS said in a report, revising its estimate from 5.2%, citing lower interest rates, smaller excess capacity and a fall in risk aversion. The Reserve Bank of India (RBI) has forecast growth at about 6%. “The main reason for this is a more resilient consumer,” UBS economist Philip Wyatt said in a research note. “A full-blooded recovery in fixed investment would need stronger profits, whereas consumption can benefit earlier from lower interest rates once confidence recovers,” he wrote. Industrial output could pick up in a limited way to 5-8% in the fiscal year ending in March 2010, from 2.4% in the past year but move decisively above 10% in 2010-11, UBS said. Exports may remain slow for most of 2009-10 and said the global economic growth would act as a “speed limit” for a return to 9% gross domestic product (GDP), UBS said. “We see 2009-10 as a stabilisation year for real GDP, followed by a return closer to potential growth of 7-8% growth in 2010 as global economic activity picks up,” it said. The central bank projected GDP growth to be 6.5-6.7% for the 2008-09 fiscal year. In the previous three fiscal years, the economy expanded at or more than 9%. Source: Home - Livemint.com | 25 May 2009 | 9:16 am ONGC to lose Rs14,000 cr in Cairn’s Rajasthan blockNew Delhi: State-run Oil and Natural Gas Corporation on Monday said it will lose about Rs14,000 crore if it is forced to continue in Cairn India’s prolific Rajasthan oilfields as it will have to pay for all of the government levies. The government has appointed ONGC as the licencee for Cairn’s RJ-ON-09/1 block, making it liable to pay royalty to the state government and cess to the Centre on entire oil and gas production irrespective of whether it holds any stake in the field or not. As a consolation, the state-run firm was given a choice of taking 30% stake once oil or gas was found. ONGC took 30% in Mangala, Bhagyam and Aishwariya fields in the block but it now wants to exit as the obligation to pay all the levies had made the project economically unviable, a top company official said. “If crude oil is sold at $60 a barrel price, ONGC will have to pay $7.44 in cess (at the rate of Rs2,500 per tonne), $36 in royalty (for its and Cairn’s share) and $10.34 per barrel in profit petroleum, leaving $6.22. Out of this, ONGC will have to pay for operating and capital expenditure and sales tax on its 30% share,” he said. At $70 a barrel sale price, the realisation after paying for cess, royalty and profit petroleum was just $5.78, he said. “The project offers us negative return and over the life of the field we will end up losing Rs14,000 crore.” The official said exiting the Rajasthan block would not end its woes as it would not be absolved from its obligation to pay government levies on the crude oil produced. “We want the government to compensate us for the levies we will pay on behalf of Cairn,” he said. The government, in order to attract foreign investment, had promised to take care of statutory levies on oil and gas production when it awarded blocks like RJ-ON-90/1 in Rajasthan more than a decade ago. ONGC was appointed licensee for RJ-ON-09/1, which was awarded to Royal Dutch Shell, which subsequently sold it to Cairn, and was made liable to pay royalty and cess on behalf of the operator. Additionally, the state-run firm was given a choice of taking a 30% stake upon a discovery. “Even if ONGC (is) to relinquish its 30% stake, it will not be absolved of its liability to pay 20% royalty on all crude oil produced from the Rajasthan block,” a petroleum ministry official said. If ONGC is relieved of its licence obligation, the onus of paying royalty will fall on the central government, which can make the payment from its share of oil and gas from the block called profit petroleum. Besides the levies, ONGC has to bear 30% of the $2.4 billion cost of developing the fields. ONGC, the official said, wanted Cairn to reimburse all the investment it has put in with a reasonable rate of return. If the company relinquishes its share, the 30% holding would first be offered to Cairn and if it declines offered to outside parties, the ministry official said. The Board of ONGC has held back clearance to the revised development cost of the Rajasthan fields proposed by Cairn. A Group of Ministers and a Committee of Secretaries had 11 years ago recommended that ONGC should be reimbursed the royalty it has to bear for the operator but the recommendation is yet to be accepted. “We have told them (the government) that either reimburse us the royalty or free us from the field.” On cess, ONGC feels both partners have to bear it in proportion to their shareholding. Its stand has been backed by the law ministry as well as the petroleum ministry but Cairn insists that it is not liable to pay any of these statutory levies. “If ONGC is to bear the cess, we will have to pay an additional Rs1,500 crore per annum,” the official said. Cairn is almost ready to start producing crude oil from the Rajasthan field. The output may start by this month-end and is slated to reach a peak of 8.75 million tonnes by 2011. Source: Home - Livemint.com | 25 May 2009 | 9:07 am Anil Ambani group firms among top stock performersThree companies in the Reliance Anil Dhirubhai Ambani Group were among the five top-performing stocks of the S and amp;P CNX Nifty of the National Stock Exchange (NSE) last week, all of them outshining the 50-share index by a wide margin.Source: IndiaeNews.com: Business News | 25 May 2009 | 9:01 am Bharti, Wal-Mart defer launch of first wholesale storeIndia's Bharti group and Wal-Mart, the world's largest retailer, have postponed the launch of their first cash-and-carry or wholesale store in Amritsar following the violence in Punjab over the death of a Sikh leader in Vienna.Source: IndiaeNews.com: Business News | 25 May 2009 | 9:00 am Mukherjee begins work on budgetFinance Minister Pranab Mukherjee formally assumed charge of his portfolio - an office he returns to after a quarter of a century - Monday and immediately got down to business with a meeting with top officials on the preparation of the national budget.Source: IndiaeNews.com: Business News | 25 May 2009 | 9:00 am Tata Indicom partners Yahoo! India for online user interfaceNew Delhi: Telecom firm Tata Teleservices Ltd (TTSL) on Monday said it has entered into an agreement with Yahoo! India for providing online user interface to all Tata Indicom customers. As part of the partnership, a co-branded Yahoo! India website would serve as the default homepage across all Tata Indicom internet access devices, TTSL said in a statement. “This alliance will allow Yahoo! to reach a wider audience in the Internet and digital spaces, and gain access to a captive user base to create not only a deeper connection with users, but also deliver a seamless user experience across platforms,” TTSL chief marketing officer Lloyd Mathias said. The partnership would enable Yahoo! India to reach out directly to Tata Indicom internet subscribers and the users would be able to find relevant information on services like bill payment, tariff plans and promotions on the portal, the statement said. Source: Tech News - Livemint.com | 25 May 2009 | 8:55 am Parsvnath board okays proposal to raise Rs.25 billionTaking cue from the other realty majors, the board of real estate firm Parsvnath Developers Monday approved a proposal to raise up to Rs.2,500 crore (Rs.25 billion/$529 million) through qualified institutional placement (QIP).Source: IndiaeNews.com: Business News | 25 May 2009 | 8:04 am Daiichi Sankyo replaces head of its Ranbaxy unitNew Delhi (Reuters) - Japanese drugmaker Daiichi Sankyo said Malvinder Singh, chairman and chief executive of its Indian unit Ranbaxy Laboratories, had resigned and named replacements for him on Sunday.Source: Reuters: Money News | 25 May 2009 | 7:56 am Stronger rupee to further hit exports: Goldman SachsAlready hit by a sluggish offshore market, export-dependent sectors such as information technology (IT), textiles, pharmaceuticals and export-oriented oil refiners will now likely be hit by the appreciation of the Indian rupee, says global investment bank Goldman Sachs.Source: IndiaeNews.com: Business News | 25 May 2009 | 7:01 am Bharti redials for swap talks with South Africa's MTNIndia's Bharti Airtel and South African telecom giant MTN have resumed negotiations that had collapsed last year to buy stakes in each other's company in a deal worth some $25 billion.Source: IndiaeNews.com: Business News | 25 May 2009 | 7:00 am Wal-Mart defers cash-and-carry launch in AmritsarNEW DELHI (Reuters) - Wal-Mart Stores Inc has defered the launch of its first cash-and-carry store in Amritsar, after riots in Punjab following an attack on a Sikh temple in the Austrian capital Vienna on Sunday.Source: Reuters: Money News | 25 May 2009 | 6:58 am Sensex almost flat in choppy trade ahead portfolio allocationThe Bombay Stock Exchange benchmark Sensex closed with a moderate gain of 26 points in a choppy trade following weak global cues.Source: Daily News & Analysis: Money News | 25 May 2009 | 5:26 am Sensex up 121 points in early tradeSensex rose over 120 points in early trade on Monday on the back of increased buying by funds as well as retail investors.Source: India Business News | Business News - Times of India | 25 May 2009 | 5:11 am Chandigarh scripts an e-success storyNo more scrambling from one place to another to pay telephone, water and electricity bills or even to buy stamp papers and file RTI pleas, thanks to the Chandigarh administration's 'e-Sampark' centres that provide all these facilities and more under one roof.Source: IndiaeNews.com: Business News | 25 May 2009 | 5:00 am Indian stock markets open on strong note againAfter registering the steepest weekly rally in 17 years, Indian equities resumed trading on a positive note Monday despite some weak global cues even as investors awaited clear policy signals from the new government before taking positions.Source: IndiaeNews.com: Business News | 25 May 2009 | 5:00 am Bharti Airtel renews acquisition talks with MTNSunil Mittal-promoted Bharti Airtel renewed its effort for acquiring 49 per cent stake in South African telecom giant MTN.Source: Daily News & Analysis: Money News | 25 May 2009 | 4:43 am Bharti Airtel, MTN renew acquisition talksBharti Airtel on Monday renewed talks for acquiring stake in South African telecom company MTN.Source: India Business News | Business News - Times of India | 25 May 2009 | 4:34 am Rupee down 22 paise against dollar in early tradeThe Indian rupee depreciated 22 paise against the US dollar in early trade today, snapping its six-session upward journey, on expectations of fresh capital outflow by foreign funds as domestic bourses may open in the negative zone, in line with other Asian markets.Source: India Business News | Business News - Times of India | 25 May 2009 | 4:07 am Overseas Congress to press for NRI MPsA significant section of Indians settled in Britain say they will contribute more to India's development now that the Congress has won the elections to form a stable government, but is lobbying for two nominated NRI members in parliament.Source: IndiaeNews.com: Business News | 25 May 2009 | 3:30 am Malvinder Singh quits Ranbaxy; Atul Sobti made CEO and MDNew Delhi, May 24 Ranbaxy Laboratories and Daiichi Sankyo on Sunday announced that Mr Malvinder Mohan Singh has stepped down from the positions of Chairman, CEO and Managing Director of Ranbaxy with immediate effect.Source: Business Line - Home Page | 25 May 2009 | 12:00 am Warrants issue by cos on the riseWith markets rebounding, the promoters of India Inc appear to be rushing to hike their equity stakes in companies while prices are still cheap.Source: Business Line - Home Page | 25 May 2009 | 12:00 am No one has forced me to resign, says MalvinderNew Delhi, May 24 Mr Malvinder Singh has been associated with Ranbaxy for many years. Here he explains his decision to resign from the Ranbaxy Board and what he plans to do goingSource: Business Line - Home Page | 25 May 2009 | 12:00 am IT mid-market M&A space may see activity soonBangalore, May 24 Deal makers see a spurt in the IT sector mid-tier M&A (mergers and acquisitions) over the next two to three quarters tracking an anticipated recovery in the global economy.Source: Business Line - Home Page | 25 May 2009 | 12:00 am FM faced with long wish-listWith the resounding victory of the UPA and the almost complete weakening of the Left, the decks have been cleared for a meaningful Budget to be presented in June 2009. Mr Pranab Mukherjee will continue to be in charge of the Finance Ministry in theSource: Business Line - Home Page | 25 May 2009 | 12:00 am Newspapers struggle to find a new business modelFor many, the day does not begin without the newspaper in one hand and a cup of coffee in the other. It is an easing into the day’s routine, while catching up on what happened around the world. Each one has a favourite starting point. SomeSource: Business Line - Home Page | 25 May 2009 | 12:00 am Tata Housing building on the strength of low-cost homesMumbai, May 24 Tata Housing Development Company created waves recently when it announced its intention to build nearly 1,000 homes priced in the range of Rs 3.9-6.7 lakh.Source: Business Line - Home Page | 25 May 2009 | 12:00 am Comex gold may test resistance levelsGold futures, ended sharply higher on Friday as the slumping dollar and higher oil prices boosted the metal’s appeal as an alternative investment. Rise in energy prices also supported gold. Bullion typically gains when the dollar weakens andSource: Business Line - Home Page | 25 May 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 25 May 2009 | 12:00 am Tata Tea (Rs 688.8): SellWe recommend a sell in Tata Tea stock from a short-term trading perspective. It is apparent from the charts of Tata Tea that it has been trending up since November 2008 low of Rs 430. However, the stock encountered significant resistance aroundSource: Business Line - Home Page | 25 May 2009 | 12:00 am Mobile mania will drive growthGeodesic Ltd has been an innovator in software products focused on information, communication, and entertainment.Source: Daily News & Analysis: Money News | 24 May 2009 | 10:27 pm Exercise caution as trend hazyExpect fresh buying on the gold counter if price remains above Rs 14,750.Source: Daily News & Analysis: Money News | 24 May 2009 | 10:27 pm Ambani cos' m-cap rises Rs 90,000cr in 5 sessionsThe Ambani brothers have emerged among the biggest beneficiaries of the people's mandate in favour of the Congress-led UPA government as their group companies added close to Rs 90,000 crore of wealth in just five trading sessions after the results were declared.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:39 pm AI plans to hire laid-off staff of JetAir India is toying with the idea of hiring as cabin-crew, some of those laid-off by Jet Airways, as it would save time and costs on training.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:38 pm DLF slapped with Rs 400cr tax liabilityThe Income-Tax (I-T) authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:33 pm Indus Towers world's 1st to cross 1L-markIndus Towers, a joint venture between three top telecom companies - Airtel, Vodafone and Idea - on Sunday became the first company in the world to have over one lakh towers under its management.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:31 pm Malvinder parts from RanbaxyThe decision to resign was taken "jointly by Daiichi Sankyo (Ranbaxy's parent) and Malvinder" and approved at a board meeting held on Sunday.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:24 pm Profitability has to come first for firmsWhat do you think about companies being socially responsible during these difficult competitive times? Is it a necessity or a luxury? —Trifon Manolov, Sandanski, Bulgaria  Now, before you dash off a missive about our cruel capitalistic ways, please understand that we’re not suggesting that companies abandon philanthropy and other charitable initiatives, and return to them only when the economic skies are clear and blue again. We’re only saying that corporate social responsibility, or CSR, as it has come to be known, needs to be adapted to the circumstances. It hasn’t become a luxury, but leaders today do need to clarify for themselves and for their employees CSR’s place on the company’s list of priorities. Also See Jack and Suzy Welch’s videos Here’s what we mean. CSR initiatives come in three different forms. First, companies can contribute to society by donating money, goods or services to schools, homeless shelters, hospitals and the like. Leaders today need to clarify what place CSR has in the company’s list of priorities And third, companies can structure their product and service strategies in terms of CSR: focusing on green initiatives, for instance, or factoring environmental concerns into manufacturing processes. When the economic tide is high, of course, many companies practise at least the first two forms of CSR to some degree, and some, all three. And again, they should. Not only is it the right thing to do, but CSR practices can play a powerful part in recruitment, retention and overall employee morale. But how should companies think about the three forms of CSR now, with margins narrowing, layoffs rampant and consumers embracing frugality? To start with, contributions of cash and goods will most likely have to decrease. In troubled times, cash flow is critical to the company’s survival. Moreover, when you’re letting people go with one hand, it’s very hard to rationalize to those left behind the doling out of cheques to “worthy causes” with the other. It’s left to managers, then, to decide how to distribute the smaller pot. The company can sprinkle the money evenly, giving a little money to a lot of causes, or the list of charities can be pruned and the company can give somewhat larger amounts to fewer organizations. Neither choice is bad, in our view, but we favour the latter because the donations tend to have more impact. As for community activities, companies should by all means continue to encourage their employees to stay involved, facilitating their efforts if and when possible with transportation and scheduling allowances. But managers should also understand if employees recoil from their previous commitments. It’s only human to hunker down and commit your full energies to your job when you feel it might be vulnerable. And then there’s CSR as a strategy. Look, when gas costs $4 per gallon, a hybrid Toyota Prius is an attractive value proposition. When gas is $2 per gallon, that’s no longer the case. When most consumers have good jobs and feel secure in them, it makes sense to expect them to pay more for a product that’s environmentally friendly. When bank accounts have been drained, that more expensive product is a very tough sell. Our point: The bar for strategic CSR is now higher than ever. Consumers are increasingly unable (or unwilling) to pay more for something simply because it makes them feel good about themselves. Today, it has to make them feel good financially as well. That doesn’t mean the era of "socially responsible" products is over. It just means there are increasingly intense cost pressures on the companies selling those products, and any manager who ignores that fact is ignoring the competition’s oncoming locomotive. Not to sound anti-CSR. Even in these uncertain times, every company should practise good corporate citizenship. But they also need to face the reality that you first have to make money before you can give it away. ©2009/BY NYT SYNDICATE Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller, Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.comPlease include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 24 May 2009 | 7:23 pm Rel Infrastructure to raise Rs 4300 croreReliance Infrastructure on Sunday decided to allot 4.3 crore warrants, convertible into equity shares within 18 months from allotment, to its promoters for an aggregate amount of about Rs 4,300 crore.Source: India Business News | Business News - Times of India | 24 May 2009 | 7:21 pm Top honchos quit Satyam BPOSatyam is in the news again. There are more exits of some top executives, this time from its smaller cousin Satyam BPO.Source: India Business News | Business News - Times of India | 24 May 2009 | 6:53 pm After the sulk, DMK gets three Cabinet postsAfter saying it would stay out of the government rather than compromise last week, M Karunanidhis Dravida Munnettra Kazhagham (DMK), the Congress Partys second-largest ally with 18 MPs, seems to have come to an agreement over ministerial allocations.Source: Business Standard | Front Page Headlines | 24 May 2009 | 6:43 pm Singh family exits Ranbaxy early, Daiichi takes overIn a swift and unexpected move, Japanese drug maker Daiichi Sankyo took complete control of Ranbaxy Laboratories, Indias largest pharmaceutical company by revenues in which it had acquired a 63.92 per cent stake in June last year, after all representatives of the former Indian promoter family resigned from the board today.Source: Business Standard | Front Page Headlines | 24 May 2009 | 6:42 pm Record TV viewership generated for semi-final match of IPL 2More than 11 million viewers watched the SET MAX telecast from Johannesburg, South Africa, of the Indian Premier League(IPL) Twenty20 semi-final between Chennai Super Kings and Royal Challengers Bangalore.Source: Business Standard | Front Page Headlines | 24 May 2009 | 6:40 pm End of war in Sri Lanka revs up hopes of Indian auto makersChennai: Indian vehicle makers facing sluggish domestic and overseas demand, are peering at a conflict-free Sri Lanka for a sales boost. The recent escalation in conflict between the Sri Lankan army and the separatist Liberation Tigers of Tamil Eelam (LTTE) hurt exports of auto makers such as Ashok Leyland Ltd and Mahindra and Mahindra Ltd (M&M). On 18 May, the Sri Lankan authorities declared victory against LTTE in a war that spanned over a quarter of a century.  Big fall: Workers assemble engines on an Ashok Leyland Ltd production line in Hosur, Tamil Nadu. The firm saw Sri Lanka’s contribution to its exports fall to 15% in 2008-09 from 50% in past years. Rogan Macdonald / Bloomberg The auto industry has been riled globally by the economic slowdown. In India, sales of passenger and commercial vehicles slipped for the first time in seven years to 1.9 million in 2008-09, from two million the previous year, according to data from the Society of Indian Automobile Manufacturers. The country’s exports of such vehicles, though, climbed to 378,412 in fiscal 2009 from 277,395 earlier. Companies Mint spoke with, however, said exports to Sri Lanka fell in 2008-09. The strife-ridden nation has been a key export destination for Indian firms. India’s auto exports to Sri Lanka in 2007-08, before the tensions mounted, had risen to $249.19 million, at least five times the $45.27 million figure in 2001-02, according to the Federation of Indian Chambers of Commerce and Industry. M&M is already in talks with prospective dealers about starting a franchise in former LTTE strongholds. “There had been some impact due to the conflict growing in recent months since we were not able to carry out our field activities aggressively, and also the impact was further aggravated due to the financial turmoil (global credit crisis),” said Pravin Shah, executive vice-president of international operations for M&M’s automotive business, via email. M&M’s Sri Lanka sales volumes fell 23% to 850 vehicles in 2008-09. It expects demand to grow by 20-25% in the coming months in the nation for its utility vehicles and pick-up trucks. “It will be ideally suited for these regions where the road infrastructure is not yet developed,” Shah wrote. “We are actually focusing more on making the after sales service and spare parts availability rather than just having showrooms… We are sure of covering the region in next 6-8 months time.” One of the worst-hit Indian vehicle makers in Sri Lanka has been Ashok Leyland. The Chennai-based firm saw Sri Lanka’s contribution to its exports crash to 15% in 2008-09 from 50% in past years, Ashok Leyland’s chief financial officer K. Sridharan told Mint over phone, blaming the conflict. The firm’s average annual sales of about 3,000 vehicles in Sri Lanka halved to fewer than 1,500 last fiscal, Sridharan said. The company claims it has traditionally been one of the biggest auto players in Sri Lanka with a 65% share. Icrier’s Taneja finds it hard to believe that companies whose businesses are focused largely around Colombo, have been hit by the recent complications. “I don’t think the escalation of the ethnic conflict affected trade between India and Sri Lanka,” he says. One example is Maruti Suzuki India Ltd. India’s largest car maker claims to be unaffected by the heightened tensions between the Lankan government and Tamil rebels the past few months, though its exports to the country slipped. The car maker said it lost its 2006 market-leader status as demand for bigger cars jumped following a concessional duty scheme for Sri Lankan government employees. It expects demand in the nation of 20 million people to grow as construction of new roads, bridges and buildings takes off. Indian vehicle makers stand to gain as more trucks are employed to haul cement and machinery to aid infrastructure building, while better roads and better standard of living post war are expected to spur demand for passenger cars. Still, some observers see such outcomes to be hyped. “I think rebuilding will be limited to certain pockets and there probably won’t be large-scale rebuilding as was the case after the tsunami-hit Sri Lankan coasts a couple of years ago,” said Mahantesh Sabarad, a senior auto analyst at Centrum Broking. Source: World Business - Livemint.com | 24 May 2009 | 5:42 pm Jammu and Kashmir budget session in JulyThe budget session of the Jammu and Kashmir assembly will be held in July, the state's finance minister said Sunday.Source: IndiaeNews.com: Business News | 24 May 2009 | 1:31 pm Malvinder Singh steps down, Atul Sobti new Ranbaxy CEONew Delhi: Ranbaxy CMD Malvinder Mohan Singh on Sunday stepped down, paving the way for appointment of Atul Sobti as the new CEO and MD for three years. Tsutomu Une, non-executive director, has been elected as chairman of the Board of Ranbaxy Laboratories. “Malvinder decided that he needs to leave Ranbaxy,” Sobti said in a press conference where the reconstitution of the management team was announced. Sobti at present is Ranbaxy’s chief operating officer. Une said Ranbaxy will remain a listed company. “We want to keep Ranbaxy as a listed company,” he said. The decision to appoint Sobti and Une was taken at the Board’s meeting on Sunday. Ranbaxy board has approved the decision to effect change in the management team. The change of guard comes nearly a year after Ranbaxy was acquired by Japanese drug major Daiichi-Sankyo. Daiichi had acquired majority stake in Ranbaxy for about Rs22,000 crore. “It was a difficult decision to separate from Ranbaxy. But it was the right time for me to do so. I leave with complete confidence that initial transition phase followed Daiichi’s acquisition of majority share holding interest in Ranbaxy has been completed successfully...” Malvinder Mohan Singh said in a Ranbaxy release. The company has posted a net loss of over Rs1,032 crore for the year ended December 2008 as compared to net profit of Rs617.72 crore in the previous year. This could have triggered change of guard at the top level. Commenting on the development, Takashi Shoda, a director of Ranbaxy and CEO of Daiichi-Sankyo, said, “We very much appreciate the efforts of the Singh family, which grew Ranbaxy from a small, local Indian company to a large MNC it has become today.” When asked if the company would remain listed, Une said, “We want to keep Ranbaxy as a listed company.” The board of the company now stands reduced to seven members with two other board members -- Balinder Singh Dhillion and Sunil Godhwani-- also stepping down. The new board has four independent directors, along with Une and Sobti. Asked how the replacement of Malvinder Singh could be managed, Sobti said, “Replacement of Malvinder is never going to be easy but the decision is taken.” He stressed that the hybrid model to be developed by the company would bring “huge benefits” to both (Ranbaxy and Daiichi) and the decisions taken today would help in faster achievement of the vision of creation of the hybrid model. When asked what is happening on the regulatory hurdles faced by the company in the US, Sobti said, “We are progressing well with the USFDA and the negotiations are on the right track.” Source: World Business - Livemint.com | 24 May 2009 | 1:26 pm Bajaj begins bike production in ChinaMumbai: Two-wheeler maker Bajaj Auto has begun production of its bikes in China for exports to Nigeria, a potential market for low-cost and unbranded bikes. “Earlier this month, we began production in China and have shipped 1,000 made-in-China bikes to Nigeria through India,” Bajaj Auto managing director Rajiv Bajaj said at an analyst conference recently. Nigeria is believed to be a big market for unbranded bikes priced between $300 and $400. The Chinese are selling their bikes in the Nigerian market with a price range of $300-400. The company is targeting the unbranded segment in Nigeria. It has named its bike Boxer and it would not carry the Bajaj name. Bajaj, in association with Kawasaki, was making the bike Boxer, which it discontinued in 2004. Bajaj did not give the price of Boxer. However, the market size of bikes in Nigeria has shrunk owing to the global economic slowdown, the company said. In future, Bajaj would look at integrating the operations in India and China paving way for the launch of Boxer in India, he said. By the end of this fiscal, the Chinese factory would make 10,000 bikes per month, he added. Source: World Business - Livemint.com | 24 May 2009 | 1:11 pm ArcelorMittal top brass to take 15% pay cutLondon: NRI billionaire Lakshmi Niwas Mittal, along with his son Aditya and daughter Vanisha, will see a 15% decline in salaries for their roles at ArcelorMittal, as the steel maker’s top brass takes a pay cut in an added effort to contain cost this fiscal. “In view of the current economic circumstances in general and in the steel industry in particular, the board decided on 10 February 2009, to propose to reduce the annual remuneration for board members for the year 2009 by 15%. “The company believes in solidarity and a 15% unanimously agreed cut by senior management was a reflection of the same. This measure was limited to the senior level positions -- vice-presidents and above,” a spokesperson for the world’s largest steel maker said. The proposal was approved at company’s annual general meeting in Luxembourg earlier this month. With the latest plan, Lakshmi Mittal, one of the world’s richest man, would see his remunerations as ArcelorMittal’s chief executive officer (CEO) fall 15% from last year. “During 2008, L.N. Mittal received a base annual salary of $1,916,000, a performance-related cash bonus of $2,200,000 and 60,000 stock options,” the spokesperson said. According to the official, Lakshmi Mittal is paid as CEO and “there is no additional payment for his position as chairman of the board”. Source: World Business - Livemint.com | 24 May 2009 | 12:09 pm Tatas to start e-mall in next two monthsMumbai: Salt-to-software maker the Tata Group is gearing up to start an electronic mall through which products made by all group companies would be sold online in the next two months. “We are in the process of doing that. A team of ours is developing the project. This is going to start in the next two months,” a top Tata Group official said. Without divulging much details, the official said products made by all Tata Group companies would be sold through the channel. Sources, however, said that the e-mall, like any other e-commerce portals, would be the electronic variant of the brick and mortar malls that has revolutionised the shopping experience in recent times. The proposed e-mall of the Tata Group is aimed at serving people who find it difficult to spend time on shopping and ensuring them convenience of shopping at home thereby saving their time and efforts capitalising on the information technology penetration of the country, sources said. Industry experts said that six triggers like, saving time and efforts, wide variety, convenience of shopping at home, good discounts, getting detailed information of the product, to be able to compare products and brands motivate the shoppers to buy online. Buying on-line would also help customers financially as e-marketers offer great deals and discounts to them. This is facilitated by elimination of maintenance, real estate cost of the seller and selling its products on-line. There are, however, certain concerns that crop up among the buyers while buying on-line. First of all, a buyer could not be sure of the product quality. However, given the respect that the Tata brand attracts, on-line buyers could be rest assured of the quality of products. On-line buying does not allow buyers to bargain, which is very much vivid among the buyers. There is also chances of credit card misuse. The touch and feel while buying would be missing and the buyers would have to wait for the delivery. The Tata Group comprises 96 operating companies in seven business sectors -- information systems and communications, engineering, materials, services, energy, consumer products and chemicals. The group had recorded $62.78 billion revenue in 2007-08, 61% of which came from abroad. It has sound retail presence with Croma for electronic gadgets and Westside for apparels and accessories among others, but selling products on-line would help the group to a larger audience. Mjunction Services, a joint venture between Tata Steel and SAIL, is the largest e-commerce company in the country recording Rs14,300 crore of transactions in the last fiscal and aims to touch the $10 billion mark by 2013. Source: Tech News - Livemint.com | 24 May 2009 | 11:58 am
|
