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Exports may have dropped 33% in April: FIEO!India`s exports may have fallen by a third in April as a world-wide slump continued to hurt overseas demand for local goods, the head of exporters` body said on Wednesday.Source: Zee News : Business | 27 May 2009 | 11:52 am Rupee surges 41 paise against dollar in opening trade!The Indian rupee on Wednesday soared by 41 paise against the dollar on anticipation of heavy foreign capital inflows as stock market may open higher in tandem with other Asian markets.Source: Zee News : Business | 27 May 2009 | 11:52 am State-run banks to cut lending rates: Report !Indian state-run banks plan to cut lending rates by 100-150 basis points in about two weeks on a finance ministry directive to follow the Reserve Bank of India (RBI) lead, an Indian newspaper said on Wednesday.Source: Zee News : Business | 27 May 2009 | 11:52 am UN postpones conference on economic crisis until late June!The UN General Assembly has postponed until late June the high-level gathering aimed at assessing the global economic crisis and seeking solutions, which take the interests of all nations into account.Source: Zee News : Business | 27 May 2009 | 11:52 am Sensex soars 350 pts in opening trade on global cues!The Bombay Stock Exchange benchmark Sensex surged by over 350 points in early trade on Wednesday on increased buying by funds as well as retail investors after strong rally in the global markets.Source: Zee News : Business | 27 May 2009 | 11:52 am Will raise funds to foray into infrastructure: PuravankaraRavi Ramu, Director of Finance, Puravankara Project, said the realty firm was looking at a timeframe of fivesix weeks for raising funds. The money raised, he said, would be utilised for existing projects as well as to foray into infrastructure development. We may also float a construction/infrastructure subsidiary soon, Ramu said.Source: Moneycontrol Top Headlines | 27 May 2009 | 11:35 am NIIT Tech gains 2.5% despite dip in Q4 net - Business Standard
Source: Google News India - Business | 27 May 2009 | 11:28 am NIIT Jan-March net down 30 pct on hedging lossesNEW DELHI (Reuters) - Software training firm NIIT Ltd on Wednesday said consolidated quarterly profit fell 30 percent, largely on hedging losses.Source: Reuters: Money News | 27 May 2009 | 11:28 am Sensex surges 520 points, regains 14000-levelBank and construction shares rose after the finance minister said the govt would increase spending in infrastructure and get a commitment from banks for cheaper credit.Source: India Business News | Business News - Times of India | 27 May 2009 | 11:28 am Corporation Bank sees scope to cut lending, deposit ratesMUMBAI (Reuters) - State-run Corporation Bank sees scope to cut lending rates by 25 to 50 basis points, a top official said on Wednesday.Source: Reuters: Money News | 27 May 2009 | 11:26 am Reliance Mutual Fund launches infrastructure fund - Business Standard
Source: Google News India - Business | 27 May 2009 | 11:21 am BSE Sensex rises 3.8 pct on global recovery hopes - Reuters India
Source: Google News India - Business | 27 May 2009 | 11:15 am BSE Sensex rises 3.8 pct on global recovery hopesMUMBAI (Reuters) - The BSE Sensex rose 3.8 percent on Wednesday to its highest close in more than a week, in line with Asian peers after a jump in U.S. consumer morale reinforced expectations the global economy was starting to recover.Source: Reuters: Money News | 27 May 2009 | 11:04 am Close: Sensex rises 3.8% on global recovery hopesMumbai: Indian shares rose 3.8% on Wednesday to their highest close in more than a week, in line with Asian peers after a jump in US consumer morale reinforced expectations the global economy was starting to recover. Sentiment was also bolstered by finance minister Pranab Mukherjee’s comments the government needed to push long pending reforms in the financial sector and in the real economy to support growth. “One of the first steps I propose to take is to meet bankers and get them committed to a more benign plan of action,” he said, addressing his first news conference after the ruling coalition was re-elected for a second term. Banks such as ICICI Bank and State Bank of India jumped on hopes rate cuts and an economic recovery would boost loan growth and reduce the threat of defaults. Bharti Airtel, which is in merger talks with South Africa’s MTN to create an emerging markets telecoms giant, fell for the third day as the proposed deal weighed. The 30-share BSE index ended up 3.83%, or 520.41 points, at 14,109.64, with 27 stocks advancing. The 50-share NSE index rose 3.95 at 4,276.05. The benchmark has gained three-quarters of its value from a 2009 low in early March, riding a global rally and fuelled by about $5.5 billion of investments from foreign funds. “We are back on our feet with the positive news flow from the US High beta stocks such as banks are leading on the back of economic growth expectations,” said Jayesh Shroff a fund manager at SBI Mutual Fund. Oil and Natural Gas Corp climbed 9.4% to Rs1,107.85, its highest close in almost nine months and Reliance Industries rose 2% to Rs2,187.20 after oil rose to its 2009 high. Top engineer Larsen & Toubro firmed 4.5% to Rs1,311.40 buoyed by the possibility of rising orders from construction, infrastructure and industrials. The firm is scheduled to announce annual results on Thursday. Metal producers Sterlite Industries gained 9.5% to Rs591.15, near nine-month closing high, and Hindalco Industries Ltd firmed 2.1% to Rs81.55 on firmer metal prices. Government-run State Bank of India, the country’s top lender, rose 6.1 to Rs1,790.55, and private-sector ICICI Bank climbed 6.6% to Rs710.55. Shares in leading telecoms firm Bharti Airtel, which had fallen more than 10% in the past three days on concern the proposed MTN deal would dilute its earnings initially, eased 0.2% to Rs768.90. In the broader market, gainers led losers by more than 5 to 1 on heavy volume of 705.4 million shares. An index of US consumer confidence surged in May, strongly topping expectations as it registered the biggest monthly jump since April 2003, according to the Conference Board, an industry group. Asian markets rose to a seven-month peak after the overnight Wall Street rally. Japan’s Nikkei rose 1.4%, while MSCI’s measure of other Asian markets rose 2.4%. Source: Home - Livemint.com | 27 May 2009 | 11:02 am India expands number of ministers, allies come inNEW DELHI (Reuters) - The Prime Minister Manmohan Singh on Wednesday named 38 new ministers, including 14 of the cabinet rank, as he brought key allies into the government after his resounding general election victory.Source: Reuters: Money News | 27 May 2009 | 11:01 am MTN may buy into Bharti parent to meet rules-sources - Reuters
Source: Google News India - Business | 27 May 2009 | 11:00 am MRPL Q4 net profit doubles YoY to Rs 608 cr - Economic Times
Source: Google News India - Business | 27 May 2009 | 10:57 am MTN may buy into Bharti parent to meet rules - sourcesMUMBAI/NEW DELHI (Reuters) - Bharti Airtel may structure a stake sale to South Africa's MTN Group, part of a larger merger plan, through its holding company and parent firm so there is no need for an open offer, two bankers and a legal source said.Source: Reuters: Money News | 27 May 2009 | 10:56 am Need lower rates to help growth: FMNew Delhi: Indian commercial banks should lower their interest rates, taking cues from the Reserve Bank of India (RBI), and step up loans to the industry to help bolster sagging growth, the finance minister said on Wednesday. Pranab Mukherjee said reviving growth momentum was a top priority for the ruling Congress party-led coalition, which was re-elected for a second term. “One of the first steps I propose to take is to meet bankers and get them committed to a more benign plan of action,” he said, addressing his first news conference after the election victory. The government is also committed to fiscal consolidation in the medium term, he said. Also Read Comments from analysts (PDF) The banking system in Asia’s third-largest economy is dominated by state-run banks and they usually react to signals from the finance ministry.  Union finance minister Pranab Mukherjee addresses a press conference in New Delhi on Wednesday. AP Photo But commercial banks have lagged behind with State Bank of India, the country’s top lender, having reduced its prime lending rate by just 150 basis points to 12.25% in the same period. “While much has been done in the last eight months, and international capital flows have resumed, the cost and the speed with which finance can be accessed remains a matter of concern,” Mukherjee said. Fiscal Prudence The finance minister said more borrowing would be required in the current year to spur expansion, and a return to high growth would help the government to consolidate its finances over the next two to three years. The full budget for the current fiscal year will be presented in the first week of July and approved by the end of that month, he said. “Prophets of doom have been unduly focusing on increased public spending and consequent increase in the revenue and fiscal deficits in the recent past,” Mukherjee said. “Let me say unambiguously that we are committed to restoring growth and employment and that would not have been possible without increased spending funded by incremental borrowing.” “This would need to be further continued in 2009-10.” Mukherjee said he expected to narrow the federal government’s fiscal deficit in 2009-10 within 5.5% of gross domestic product, as projected in the interim budget, from 6% in the last fiscal year. “At this point of time, it looks difficult for the government to stick to its fiscal deficit target announced at the interim budget, but it is possible they have identified some revenue sources,” said A. Prasanna, an analyst at ICICI Securities. India’s fiscal situation has deteriorated over the past year, after making solid gains previously, as growth has slowed significantly. The central bank projects the economy to expand about 6% in the current fiscal year ending March 2010, below last year’s estimate of 6.5-6.7%. The economy grew at 9% or more in the previous three fiscal years, helped by good external and domestic demand. Mukherjee said the government needed to push long pending reforms measures to support growth. “These include measures in the area of financial sector ... to make the economy more competitive and the economic regulatory and oversight systems more efficient, quick and responsive to global developments,” he said. Source: Home - Livemint.com | 27 May 2009 | 10:55 am Cairn India Jan-March net plunges 84 pctMUMBAI (Reuters) - Cairn India, an unit of Britain's Cairn Energy, said its consolidated quarterly net profit fell to 186.8 million rupes from 1.164 billion a year before.Source: Reuters: Money News | 27 May 2009 | 10:53 am MRF Arakkonam plant reopens - Hindu
Source: Google News India - Business | 27 May 2009 | 10:50 am PM expands Cabinet, names 38 new ministersNew Delhi: Prime Minister Manmohan Singh on Wednesday named 38 new ministers, including 14 of the cabinet rank, as he brought key allies into the government after the Congress-led UPA’s resounding general election victory. No portfolios had yet been allotted to the new ministers. Singh named three lawmakers from the southern DMK party and one from the National Conference party in his Cabinet, boosting the stability of the coalition. The DMK had refused to join the government after differences with Singh’s Congress party over ministerial posts and had offered its 18 lawmakers as outside support to the coalition in parliament. Source: Home - Livemint.com | 27 May 2009 | 10:48 am Court extends Raju's remand by 14 daysThe remand of Satyam founder B Ramalinga Raju and seven others accused in the multi-crore accounting fraud in the IT firm was further extended by 14 days by a local court.Source: Daily News & Analysis: Money News | 27 May 2009 | 10:47 am Govt scraps import duty on TamifluThe government exempted Tamiflu, drug used for the treatment of H1N1 Influenza (swine flu) from customs duty allowing duty free import of 10 lakh capsules of the medicine.Source: Daily News & Analysis: Money News | 27 May 2009 | 10:43 am 22-party Nepal alliance for task force for cabinet expansionUnable to break the deadlock on crucial issues of power sharing and common minimum programme, the CPN-UML led 22-party alliance in Nepal today agreed to form a 'task force.Source: Daily News & Analysis: Money News | 27 May 2009 | 10:42 am IVRCL surges 8% on Rs 299 cr contract - Business Standard
Source: Google News India - Business | 27 May 2009 | 10:40 am NMDC plans to invest Rs 26,000 cr in next 4 yrsRana Som, CMD, NMDC said the company had drawn an investment plan of about Rs 26,000 crore for the next four years and had about Rs 12,000 crore in its kitty. So, it would need money to fund its investment plan. But it had not decided yet how it will raise that money.Source: Moneycontrol Top Headlines | 27 May 2009 | 10:38 am Train services from Jammu resumedTrain services to and from Jammu that remained suspended for two days following violent protests in neighbouring Punjab have been restored 'completely', an official said Wednesday.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:32 am Markets on upswing, Sensex gains 520 pointsIndian equities markets made handsome gains Wednesday, with a key index closing over 520 points higher than its previous close.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:31 am Sugar futures ban depresses institutions, banks - Moneycontrol.com
Source: Google News India - Business | 27 May 2009 | 10:31 am Swine flu drug exempted from customs dutyCustoms duty on imported Tamiflu, the drug used for the treatment of H1N1 influenza or swine flu, has been lifted to create adequate stocks of the medicine in the country, the government said Wednesday.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:30 am NIIT annual net profit up 44.1 percentIT training and talent development company NIIT has reported a 44.1 percent increase in standalone net profit for 2008-09 despite a 17.8 percent fall in its fourth quarter earnings.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:30 am Gold prices fall as stocks surgeSnapping a six-day rally, gold prices fell in the national capital today on profit selling at existing higher levels and funds diverting from bullion to surging stocks.Source: India Business News | Business News - Times of India | 27 May 2009 | 10:26 am NIIT FY09 net profit dips 7.67% to Rs69.8 cr, declares dividendMumbai: Software training firm NIIT on Wednesday said its consolidated net profit for the year ended 31 March 2009, declined by 7.67% to Rs69.8 crore, over the same period last year. The company had a consolidated net profit (income attributable to consolidated group) of Rs75.6 crore for the year ended March 2008, NIIT said in a filing to the Bombay Stock Exchange. Net sales of the company stood at Rs1,148.56 crore for the period under review, from Rs1,006.83 crore for the same period ended March 2008. The company has added 4,278 new schools with an order intake of Rs332 crore for the fiscal year ended March 2009. The board of directors of the company has declared a dividend of Rs1.30 per equity share on face value of Rs2 each for the fiscal year 2008-2009. Shares of NIIT were trading at Rs50.70, up 6.85% on the BSE. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 10:26 am Need lower rates to help growth - Pranab MukherjeeNEW DELHI (Reuters) - Commercial banks should lower their interest rates, taking cues from the Reserve Bank of India (RBI), and step up loans to the industry to help bolster sagging growth, the finance minister said on Wednesday.Source: Reuters: Money News | 27 May 2009 | 10:25 am Mayawati govt nominates nine members to UP Legislative CouncilLucknow: The Mayawati government has nominated nine members to the Uttar Pradesh Legislative Council but the ruling BSP will still not have an edge in the 100-member House. Those nominated to the Council are K K Gautam, Vinay Shakya, Naushad Ali, Gopal Narain Mishra, Sudhir Goel, Ram Chandra Pradhan, Mangal Singh Saini, Meghraj Singh and M L Tomar. Of them, Pradhan headed the Awas Bandhu housing body, while Mishra was chairman of State Warehousing Corporation. Shakya had lost the Lok Sabha election to SP supremo Mulayam Singh Yadav in Mainpuri, while Gautam was defeated in Machlishahar seat. The seats fell vacant following the retirement of five BSP MLCs anf four BJP MLCs. Despite nominating nine members BSP, with 22 MLCs now, will not have majority in the House where SP is still the largest party with 35 members. BJP is left with 17 members followed by RLD five, Congress three and SJP one. Teachers Group has nine, while five are independents. Three seats are vacant. A notification regarding nomination of the new members was issued on Tuesday, official sources said on Wednesday. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 10:24 am Kingfisher, Jet to soon launch domestic code-share flightsMumbai: Six months after entering into a strategic alliance, Jet Airways and Kingfisher Airlines will soon launch code-share flights on select routes. “We are in discussions with Jet Airways on code-sharing on certain routes,” a Kingfisher Airlines spokesperson said here on Wednesday. Both the private air-carriers, afflicted by mounting losses, had inked an agreement last October to work together on certain business aspects to minimise losses. Kingfisher and Jet would soon launch such flights (code-share) shortly,“ the spokesperson said without disclosing any further details. While initially the agreement would be limited to domestic routes, it would later be extended to international routes as well. Code-sharing is an agreement between two airlines by which both can sell seats to customers on the same flight. The scope of the strategic alliance includes code-shares on both domestic and international flights, joint fuel management to reduce fuel expenses. Besides, common ground-handling, cross-selling of flight inventories using a common global distribution system platform and cross-utilisation of crew on similar aircraft types and commonality, are other key areas of the agreement. In the current environment of high costs and declining growth, this alliance has the potential for substantial savings resulting in a benefit to the consumer, the airlines had said at the time of inking the agreement. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 10:18 am Sensex soars over 533 points in pre-close tradeThe Bombay Stock Exchange benchmark Sensex on Wednesday surged over 533 points and regained the 14,000 level in pre-close trading.Source: Daily News & Analysis: Money News | 27 May 2009 | 10:13 am Shell to restructure under new chiefLondon: Royal Dutch Shell Plc’s incoming chief executive Peter Voser plans to restructure the oil major’s operations to cut costs and avoid repeating past project delays and cost overruns, the group said on Wednesday. Shell said its core exploration and production (E&P) business would be divided into a unit covering North and South America and a non-American unit. The new upstream divisions will also take responsibility for liquefied natural gas and power operations in their spheres. Gas and power was previously a separate unit under Linda Cook, who Shell said on Tuesday was stepping down. The world’s second-largest non-government controlled oil company by market value will also create a new division to manage the design and construction of new upstream and downstream projects. In recent years, Shell has suffered big delays and cost overruns on major projects such as the $22 billion Sakhalin-2 project in Russia and the Pearl gas-to-liquids plant in Qatar. The company hopes by following the approach of industry leader Exxon Mobil in having a separate unit responsible for new projects, it can cut costs and boost reliability. BP’s Tony Hayward also took a cue from Exxon after he took over as CEO in 2007, ordering increased standardisation in BP projects. The London-based oil major also merged its upstream and gas and power units. Shell’s London-listed “A” shares traded down 1.2% at 1,628 pence at 0904 GMT, lagging a 0.1% rise in the DJ Stoxx European oil and gas sector index. Jason Kenny, oil analyst at ING, said Shell was admitting, with the restructuring, that its costs were “unsustainably high” and it was too slow at decision making. “The proposed new start from the new CEO Peter Voser is perhaps too late to support outperformance versus peers in our view,” he said in a research note. Shell did not outline targeted cuts in headcount or costs but Kenney said, “Shell will likely be aiming at high $100 millions gains if not low $1 billions over the next two years or so.” Malcolm Brinded, currently head of the global E&P business, the unit responsible for most of Shell’s profits, will lose his responsibility for North and South American upstream operations and for upstream project delivery outside the Americas. However, Brinded will take charge of almost all of Shell’s liquefied natural gas operations as these are centred outside the Americas. The project delays and cost overruns were likely key reasons Brinded failed to secure the top job at the Hague-based company, analysts said. Voser takes over from current CEO Jeroen van der Veer in July. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 10:05 am Dhanalakshmi Bank launches special home loan productMumbai: Private sector lender Dhanalakshmi Bank has launched a special home loan product, Privilege Home Loan, targeted at select employees of top-rated corporates, PSUs, registered trusts and societies, the bank said on Wednesday. The home loan rates here would be 9% for loans up to five-years, 10% for 5-10-years and 10.50% for above 10-years, a press release issued here stated. The rates are fixed for the first three years with an annual reset clause thereafter, the release said. The new product facilitates purchase, construction of houses and flats including take-over from other banks and organizations. The minimum loan amount is Rs15 lakh and the maximum, Rs2 crore, the release said. The maximum tenure will be 20 years. Persons in the age group of 21 to 55 years with a minimum monthly gross salary of Rs40,000 (including income of spouse) are eligible for the loan. The product has been launched at 30 select branches across the country, the release said. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 10:02 am New ministers in Manmohan Singh's governmentFollowing is the additional list of names recommended to President Pratibha Patil by Prime Minister Manmohan Singh for inclusion in his council of ministers:Source: IndiaeNews.com: Business News | 27 May 2009 | 10:01 am Rajasthan attracts highest investment in north IndiaRajasthan attracted investments worth Rs.69,052 crore, the highest among northern states, during 2008-09, a business chamber report released here Wednesday said.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:00 am MRF lifts lockout in Arakonam, strike enters 19th dayTyre major MRF lifted the lockout at its Arakonam plant Wednesday, but the unit's striking workers and their family members, including children, camping outside the labour commissioner's office here were arrested.Source: IndiaeNews.com: Business News | 27 May 2009 | 10:00 am FM lauds Indian economy, sees high growth again - Moneycontrol.com
Source: Google News India - Business | 27 May 2009 | 10:00 am Gold prices fall as stocks surgeSnapping a six-day rally, gold prices fell in the national capital on profit selling at existing higher levels and funds diverting from bullion to surging stocks.Source: Daily News & Analysis: Money News | 27 May 2009 | 9:57 am GVK Reddy elected chairman of EMRI - Hindu
Source: Google News India - Business | 27 May 2009 | 9:55 am Pyramid Saimira appoints new chairman, refocus on exhibitionMumbai: Pyramid Saimira Theatre Ltd said on Wednesday founder director N. Narayanan has taken over as the chairman while P.S. Saminathan will continue to be the managing director. “With a view to strengthen the core exhibition business and also to reduce the risk levels in the business and bring back growth and profitability, I have decided to focus more on operational management,” Saminathan was quoted in a company statement to the stock exchange as saying. The firm, which suffered a loss of Rs1 billion over the past year, was embroiled in controversies related to income tax, which added to its financial strain, Narayanan was quoted in the release as saying. A large investor also sold shares, exiting the company, under questionable circumstances, which also “reduced the company’s ability to handle the situation,” he added. “The group has decided to refocus on its basic vision which had enabled the group a vertical take-off earlier,” he said in the statement. The firm on Wednesday also approved an expansion plan in Malaysia, where it made cash profits and approved merger of its unit Fun Asia USA with another company to strengthen its position in the US, according to the release. It also approved raising funds for its production company Pyramid Saimira Production International. Shares in the firm were up 5% at Rs24.57 in Bombay Stock Exchange (BSE). Source: LatestNews-Home - Livemint.com | 27 May 2009 | 9:51 am Law Commission may recommend narco analysis test banNew Delhi: The Law Commission of India is likely to recommend a ban on narco analysis test as it violates the basic human rights. The Law Commission’s report to be tabled before the board next month for approval may suggest revelations made under the influence of the drugs cannot be considered as reliable and violated basic human rights. The proposed report claims hardened criminals may lie despite being under the influence of drugs. Others may also successfully disguise actual facts. The report claims several police forces across the world have found narco tests as unreliable means to find truth. A person familiar with the subject said the report would be submitted to the government after approval by the board members. The commission, headed by justice A.R. Lakshmanan, took up the issue following a request from the Forensic Science Society of India which had expressed serious concern at the widespread use of narco analyses in police investigation during the past few years. The society claimed such tests have been banned by several countries years ago. “As of now, no firm opinion has been formed as we are still working on the report,” said a senior commission official. It is not binding on the government to accept the recommendations made by the commission. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 9:35 am Bond yields surge on borrowing jittersMumbai: Indian benchmark federal bond yield held close to a six-week high in afternoon session on Wednesday as worries the government may increase its debt sales weighed, but fell from the day’s high on sporadic value-buying. At 2:52pm, the 10-year benchmark bond yield was at 6.61%, above Tuesday’s close of 6.56%. It rose to as much as 6.69% in early trade, its highest since 15 April. Yields rose as uncertainties persisted on the government’s borrowing programme as senior officials at finance ministry and Reserve Bank of India (RBI) will meet on Saturday to review the borrowing needs. The government sold Rs45 billion of state development loans on Tuesday and Rs70 billion of treasury bills on Wednesday. It is due to sell Rs150 billion of bonds on Thursday. Higher US treasury yields and rising crude prices were also responsible for higher yields. Indian finance minister Pranab Mukherjee said on Wednesday reviving growth momentum was a top priority for the ruling coalition that was re-elected for a second term, but fiscal prudence would also be kept in mind. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 9:15 am Eicher Motors makes March quarter profit, shares climbMumbai: Eicher Motors on Wednesday said its net profit for the quarter ended 31 March 2009 stood at Rs6.16 crore, while it had a net profit of Rs19.46 crore in the corresponding period previous fiscal. The commercial vehicles business of the company was transferred on a ‘going concern’ basis to VE Commercial Vehicles Ltd (subsidiary of the company) with effect from 1 July 2008. Hence, the current quarter figures are not comparable with the figures of corresponding previous quarter, Eicher Motors said in a filing to the Bombay Stock Exchange. Total income from operations stood at Rs 89.84 crore for the quarter under review. However, it had a total income from operations at Rs659.42 crore for the corresponding previous quarter. Shares of Eicher Motors were trading at Rs290.25, up 2.44% on the BSE. Source: Home - Livemint.com | 27 May 2009 | 9:03 am ONGC refiner net down 6.3 percentMangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of state-run Oil and Natural Gas Corp (ONGC), has recorded a 6.3 percent drop in profits in 2008-09 at Rs.1,192.54 crore, down from Rs.1,272.23 crore earned the previous fiscal.Source: IndiaeNews.com: Business News | 27 May 2009 | 9:02 am G.V.K. Reddy elected chairman of '108 ambulance'Noted industrialist G.V.K. Reddy has been unanimously elected chairperson of the Emergency Management Research Institute (EMRI) that has earned wide repute for running 1,650 ambulances in 11 states.Source: IndiaeNews.com: Business News | 27 May 2009 | 9:02 am BT cancels pay rises, most bonusesLondon: British telecoms group BT has cancelled all pay rises and cut the majority of its bonuses following two profit warnings from the unit that provides network services to multinational companies. BT said in its annual report the new chief executive of the troubled Global Services unit, Hanif Lalani, would not receive a bonus after he asked not to be considered for one. But BT had to pay out £2.85 million ($4.5 million) to the former chief executive of the unit, Francois Barrault, who quit at the time of the first warning. BT said there would be no bonuses relating to financial targets this year as all financial targets, based on free cash flow and earnings per share, were missed. It said executive directors would, however, get some bonuses for performance in other areas. BT said Barrault’s payment covered the period he worked during the year and his termination payment, but did not include a bonus. Group chief executive Ian Livingston will receive a bonus of 343,000 pounds, some 20% of his maximum possible bonus, which would be two times his salary. BT said the bonus was based on non-financial elements such as improved customer service, environmental and social measures. He will convert the bonus into shares and receive no pay rise this year, it said. BT issued two warnings in the year to 31 March, at the Global Services unit after failing to take costs out of the business, which resulted in a number of the major contracts being less profitable or even loss making. Source: World Business - Livemint.com | 27 May 2009 | 9:00 am BT cancels pay rises, most bonusesLondon: British telecoms group BT has cancelled all pay rises and cut the majority of its bonuses following two profit warnings from the unit that provides network services to multinational companies. BT said in its annual report the new chief executive of the troubled Global Services unit, Hanif Lalani, would not receive a bonus after he asked not to be considered for one. But BT had to pay out £2.85 million ($4.5 million) to the former chief executive of the unit, Francois Barrault, who quit at the time of the first warning. BT said there would be no bonuses relating to financial targets this year as all financial targets, based on free cash flow and earnings per share, were missed. It said executive directors would, however, get some bonuses for performance in other areas. BT said Barrault’s payment covered the period he worked during the year and his termination payment, but did not include a bonus. Group chief executive Ian Livingston will receive a bonus of 343,000 pounds, some 20% of his maximum possible bonus, which would be two times his salary. BT said the bonus was based on non-financial elements such as improved customer service, environmental and social measures. He will convert the bonus into shares and receive no pay rise this year, it said. BT issued two warnings in the year to 31 March, at the Global Services unit after failing to take costs out of the business, which resulted in a number of the major contracts being less profitable or even loss making. Source: Home - Livemint.com | 27 May 2009 | 9:00 am Slowdown an upside for DTH industryThe slowdown has had a positive impact on the directtohome TV industry as consumers have started controlling their entertainment bills by not visiting movie theatres but sticking to their television sets at home.Source: Moneycontrol Top Headlines | 27 May 2009 | 8:52 am Infosys sees good demand in India, West AsiaBangalore: Infosys Technologies, India’s second-largest software services exporter, is seeing good outsourcing business opportunities in India and West Asia, a senior official said on Wednesday, as a global economic downturn crimps spending in developed markets. Nasdaq-listed Infosys has won three deals in these markets over the last five months, Infosys senior vice president Subhash Dhar told reporters. Last month, Infosys forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate, halting growth for India’s once burgeoning technology services sector. India’s $60 billion IT outsourcing sector, which provides services from software coding to managing computer networks and call centres, faces weak demand and rising competition from global rivals such as IBM and Accenture. Source: Home - Livemint.com | 27 May 2009 | 8:46 am Indian healthcare market to grow despite slowdown: McKinseyWashington: Notwithstanding the current global economic crisis, India’s pharmaceutical industry and its health care market are expected to grow rapidly in the next few years, a global management consulting firm has said. Driven by strong local demand, Indian healthcare market is expected to continue growing close to previously projected rates of 10 to 12%, McKinsey said in its report ‘New Opportunities for US-India Biopharma and Healthcare Collaboration´. Released recently at the US India Biopharma and Healthcare Summit, the high growth of the Indian healthcare sector is primarily driven because of domestic reasons. Eminent corporate leaders from the US attended the daylong summit organized by the USA Indian Chamber of Commerce in Boston. With an average household consumption expected to increase by more than 7% per annum, the annual healthcare expenditure is projected to grow at 10% and also the number of insured is likely to jump from 100 million to 220 million. Further hospital beds are expected to double from 1.5 per thousand to 2.9 per thousand and the diagnostic laboratories to grow by 20 to 25%. There will be an addition of 300,000 to 400,000 doctors and another 250,000 to 300,000 nurses. Source: Home - Livemint.com | 27 May 2009 | 8:46 am Monsoon loses pace, no advancement since MondayMumbai: India’s annual monsoon rains, which hit the country’s mainland on Saturday, has lost pace and there has been no advancement for the last two days, the weather deparment said on its website on Wednesday. Till 25 May, the southwest monsoon advanced over entire Kerala and Tamil Nadu, parts of coastal Karnataka, entire northeastern states, and most parts of West Bengal, the Indian Meteorological Department said. “There is no further advance of monsoon till today, i.e. 27 May 2009,” the department said. Monsoon reached the south-western state of Kerala on 23 May, ahead of the scheduled 1 June. India’s June-September monsoon rains are a major influence on the farm-dependent economy as two-thirds of Indians live in villages. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 8:44 am HC tells BSNL to give reasons for disqualifying NSN offerThe High Court of Punjab and Haryana has directed Bharat Sanchar Nigam Ltd to give reasons for disqualifying the offer from Nokia Siemens Networks for the PSUs 93million GSM line. The court has set a deadline of Wednesday afternoon for BSNL to file its response.Source: Moneycontrol Top Headlines | 27 May 2009 | 8:39 am Dabbawallahs 'deliver' their success secrets'Dabbawallahs', known for their food-supply network across Mumbai, are being asked to impart lessons on management and business skills to the corporate world.Source: Daily News & Analysis: Money News | 27 May 2009 | 8:35 am ICC World Twenty20 ad slots almost sold outESPN Star Sports says it has nearly sold out its advertising inventory for ICC World Twenty20 at an average of Rs 4 lakh per ten second spot. The tournament takes place in England from June 5.Source: Moneycontrol Top Headlines | 27 May 2009 | 8:32 am Economy hopes lift Europe sharesLondon: European shares rose in early trade on Wednesday, led by banks and tracking gains in overnight markets after US consumer confidence data fuelled hopes of an economic recovery. At 1:38pm, the FTSEurofirst 300 index of top European shares was up 0.4% at 868.50 points. The index has risen 5% in May and is set for its third straight month of gains, its best winning streak in two years. Banks were broadly higher, with UBS, Royal Bank of Scotland . Credit Agricole, Societe Generale, Lloyds and HSBC adding 1.4 to 3.3%. Analysts said equities gains were fuelled by central banks pumping liquidity into the system, and were set to continue. “Liquidity rallies can last quite a while, perhaps more than a year - we see European shares gaining 10% (overall) this year,” said Franz Wenzel, strategist at AXA Investment Managers in Paris. “Excess liquidity is more in favour of riskier asset classes like equities -- asset classes benefit first before it can lead to inflation,” he said. Among top losers on the FTSEurofirst 300 was Britain’s Tullow Oil, which fell 1.5% after saying it had plugged and abandoned a well in Uganda. Across Europe, Britain’s FTSE 100 was up 0.4%, Germany’s DAX was up 0.5% and France’s CAC was up 0.5%. Wall Street futures were around 0.2% higher. Defensives out of favour The FTSEurofirst 300 has risen nearly 35% since 9 March, when it hit the lowest point in its 12-year lifetime, and is up 4.4% so far this year. The surge has been driven by improving macroeconomic data, better than expected results from some top companies and a stabilisation in banks. It has also lifted cyclical stocks well above defensives. Cyclicals rise when hopes of economic recovery gain ground, while investors seek defensives in times of strife. In the year to date the DJ Stoxx European basic resources sector index has surged nearly 40 percent, while the banks index has risen 22%. On the other hand the DJ Stoxx European food and beverage index, a defensive sector, has gained just 2.3% while healthcare stocks, utilities and telecoms are the three worst performing sectors, down 6.1 to 8.4%. On Wednesday, drug stocks slipped again, with Novartis, Sanofi-Aventis and GlaxoSmithKline ,GSK.L down 0.4-0.7%. Macroeconomic data continued to be broadly positive. After US consumer confidence surprised investors on Tuesday, hitting its highest level in eight, Japanese exports showed modest signs of recovery, figures for April showed on Wednesday. “It’s a sensible conclusion that we have avoided a depression, and while we’re admittedly in a deep recession the terrain we are walking on has stabilised and the macroeconomic data are producing rays of hope for the second half,” said AXA’s Wenzel. Source: Home - Livemint.com | 27 May 2009 | 8:28 am Chandrasekaran to succeed Ramadorai as TCS chiefTata Consultancy Services said on Tuesday that its current Chief Operating Officer (COO), Mr N. Chandrasekaran, will take over as Chief Executive Officer and Managing Director from October 6.Source: Moneycontrol Top Headlines | 27 May 2009 | 8:23 am Tata Group hopes to close $1 bn fund by DecemberMumbai: Tata Group hopes to close a $1 billion infrastructure fund by the end of the year and plans to invest it through its realty and infrastrucure unit, a senior official said on Wednesday. “This will meet a large part of our equity and debt requirements... elections were a decisive factor and investors are very excited,” Tata Realty and Infrastructure chief financial officer Kishore Saletore said. The fund opened for subscription in mid 2008. Tata Realty plans to invest Rs200 billion ($4.2 billion) over three years, he added. Tata is among India’s most diversified business groups, with interests in areas such as food, steel, auto, chemicals and software. Source: LatestNews-Home - Livemint.com | 27 May 2009 | 8:12 am Infosys seeing good demand in India, Middle EastBANGALORE (Reuters) - Infosys Technologies, India's second-largest software services exporter, is seeing good outsourcing business opportunities in India and the Middle East, a senior official said on Wednesday, as a global economic downturn crimps spending in developed markets.Source: Reuters: Money News | 27 May 2009 | 8:11 am HP eyes low-cost PCs to help gain China market shareBeijing: Hewlett-Packard Co on Wednesday said it was focusing on increasing market share in China as the world’s largest PC maker rolled out a new line of low-cost computers, including the global launch of a netbook. HP is a latecomer to netbooks — stripped down notebooks optimised for the Internet — which it began to sell only last year after the global netbook market began to soar, even as the overall PC market remained flat or shrank. But the low prices have also contributed to declining profit margins for the PC makers that are leading the charge into netbooks, such as Taiwan’s Acer Inc. “We want to focus on our strategy to get more (market) share,” See Chin Teik, a senior vice-president for HP Asia Pacific & Japan, said at the new product launch. HP noted that it would not chase market share at any cost and was mindful of the risk in the low-cost strategy. “We are worried the end user will buy the product for the wrong reason,” said See, referring to the replacement effect. HP hopes its new mini notebook computers — which carry recommended retail prices as low as $299 — will expand the overall computer market to include people who are not in the market for a full-priced laptop. “We see it as a secondary device, not a replacement device,” said See. Global PC makers are all struggling as households and businesses cut back on computer purchases to save cash, leading them to explore new revenue sources such as netbooks and smartphones. “It is always a worry to make money in the PC market,” he said. Earlier this month, HP gave a disappointing outlook for its full-year revenue and said it would lay off another 6,400 workers as consumers and businesses cut spending on computers, printers and services. The new round of layoffs are on top of previously announced cuts from integrating the operations of IT services company EDS, which HP acquired last year. Source: Home - Livemint.com | 27 May 2009 | 8:03 am India to revisit infrastructure projects: MukherjeePromising enhanced spending on infrastructure projects, Finance Minister Pranab Mukherjee Wednesday said all such ongoing projects will be revisited, and recalibrated when required, to achieve the desired results.Source: IndiaeNews.com: Business News | 27 May 2009 | 8:00 am Govt to allow France's Dassault bid for fightersNEW DELHI (Reuters) - India has reversed a decision blocking France's Dassault Aviation from bidding for a $10.4 billion fighter jets deal after the company clarified technical details, the air force chief said on Wednesday.Source: Reuters: Money News | 27 May 2009 | 7:56 am No respite for Indian shippers in ’09 on low oil, demandMumbai: A drop in tanker freight rates and weak oil is likely to hurt profitability of the Indian shippers in the next few quarters as rates may not touch the 2008 peaks very soon, officials said. On an average, freight rates of tankers, a cargo ship used to carry crude oil and liquids, have fallen about 40-60% over last year. Though there are signs of a recovery, rates are not seen touching their 2008 peak, they added. “We believe the tanker market is going through an unusual period because of inventories and summer (weak seasonal demand) - both the factors compounding at the same time”, Yuddhishthir Khatau, managing director of Varun Shipping said. “I don’t see a recovery going back to the previous periods.” Weak oil demand, with major world economies slipping into recession, and a cut in crude oil supply are pressurizing the rates and corporate earnings. Oil prices have slumped from a peak of over $147 a barrel hit in July 2008 to around $60 as the global financial crisis dealt a sharp blow to demand and investments in the sector. Indian shippers saw poor numbers in the Jan-March quarter on weak freight and charter hire income with Great Eastern Shipping Company, Essar Shipping and Mercator Lines seeing a fall in profits or muted growth. Shippers will continue to bleed even in 2009 as freight rates will remain low and vessel utilization will drop, analysts said. “Annual growth is expected to become positive only well beyond 2009. Even if recovery starts in early 2010, recovery for shippers will be delayed till the excess capacity is soaked up,” Manish Sharma, a director at KPMG Advisory, said in an e-mail. Mumbai-based brokerage Gupta Equities has downgraded Great Eastern Shipping, which is trading at over 40% discount to its net asset value, to ‘neutral´ after its results and a bleak outlook. ICICI Direct has also downgraded the stock after its results while Pinc Research is pessimistic about Mercator Lines, Reuters data showed. “The ongoing time for shipping industry is not favourable due to global slowdown. Because of this, the short term visibility of the business is not that optimistic,” a recent report by Gupta Equities, said. Companies, who were on a shopping spree for new assets, have cut down their investment plans for 2009-10 on higher interest costs and valuations, as they await asset prices to slip. While Varun Shipping has slashed its acquisition budget by three fourths to $100 million, GE Shipping will buy just a tanker worth $52 million in the year. “We are looking at a pretty dark tunnel. 2009 is almost going to be a washout in terms of recovery. 2010 - it is very difficult to know what will happen,” Bharat Sheth, managing director of GE Shipping said at a conference call recently. Source: Home - Livemint.com | 27 May 2009 | 7:42 am Facebook gets $200 mn from Russian firmNew York: A Russian Internet investment firm has invested $200 million in Facebook, giving the social networking company a cash buffer during the recession and pegging its value at $10 billion. Digital Sky Technologies, which has invested in leading Russian web properties like Mail.ru and Vkontakte.ru, will take a nearly 2% stake in Facebook in exchange for preferred stock, the two companies said on Tuesday. The new valuation is $5 billion lower than when Microsoft Corp invested $240 million in Facebook, in return for a 1.6% stake, in 2007. Asked about the lower valuation, Facebook chief executive Mark Zuckerberg said Microsoft invested when “we were right at the absolute peak of the market.” The Microsoft deal was more of a “strategic partnership” where the two companies partnered on advertising and search, whereas Digital Sky made a “straight financial investment,” Zuckerberg said on a conference call. Given this context and the current economic conditions, “we think of this as a fair and good valuation,” he said. Facebook did not need to raise additional funds, but welcomed Digital Sky’s investment as a “cash buffer” that will help it grow comfortably, Zuckerberg said. Other potential investors too have come calling, he added, and Facebook has held discussions with several groups interested in putting money into the company. Digital Sky won because its founders Yuri Milner and Gregory Finger have strong experience running Internet properties in Eastern Europe and Russia, and “a deep, advanced understanding” of social networking technology, Zuckerberg said. “Ultimately (it was) this deal and my comfort with Yuri and the team,” said Zuckerberg, 25, who founded Facebook in a Harvard University dorm room five years ago. Since then, the social networking site, where people can create personal pages, post pictures and exchange messages with their friends online, has seen explosive growth. Facebook now has more than 200 million active members, double the number it had just last August. About 70% of its members are outside the United States. Critics of Facebook, which makes most of its money through advertising, say the company has not yet figured out a sustainable revenue model. But the company has said it is on track to increase revenue by 70% year-over-year, and to become cash-flow positive by 2010. Digital Sky’s Yuri Milner, who attended Wharton Business School and was CEO of Russian web portal mail.ru, said his firm hopes to bring its expertise in making money off other Web properties to Facebook. It was “a very simple exercise of applying what we’ve learnt in other parts of the world to Facebook,” he said, adding that he was comfortable with the $10 billion valuation. Digital Sky also plans to buy at least $100 million of Facebook common stock from existing stockholders to provide liquidity for current and former employees with vested shares of Facebook stock. Founded in 2005, Digital Sky has raised and invested more than $1 billion in over 30 companies, according to the firm’s website. The new investment will also give Facebook the flexibility to pursue strategic options, although the company has not been very acquisitive so far. Last week, Zuckerberg told the Reuters Global Technology Summit he hopes to eventually take his company public but added he is in no rush to do so. Source: Tech News - Livemint.com | 27 May 2009 | 7:33 am Reviving growth a top priority: Pranab MukherjeeReviving growth momentum of the economy will be the top priority for the UPA govt but revival would not be at the cost of fiscal prudence, Pranab Mukherjee said.Source: India Business News | Business News - Times of India | 27 May 2009 | 6:51 am ANZ raises $1.95 bn, seeks RBS Asia assetsSydney: Australia and New Zealand Banking Group is raising A$2.5 billion ($1.95 billion) in a share sale to fund a likely bid for some of Royal Bank of Scotland’s Asian assets and to strengthen its balance sheet. ANZ, Australia’s fourth-largest lender, said on Wednesday it had made a non-binding bid for the assets, which RBS recently put up for sale as part of a plan to retreat to its home markets and exit or shrink in up to 36 of the countries where it operates. The issue makes ANZ the last of the major four banks to tap shareholders for an equity raising, following A$8.9 billion worth of share sales by its rivals since November last year, including investment bank Macquarie Group which raised A$540 million earlier this month. “They’ve timed it very well. The short selling ban is off, and it was a strong market overnight,” said Donald Williams, chief investment officer at Platypus Asset Management. “It’s a skinny discount, but it’s enough. I think they’ll get away with that...there’s a little bit more confidence out there about how the banks’ books will play out in the next couple of months.” Australia is now considered to be in recession and the jobless rate is expected to jump to 8.5% by the middle of 2011 from around 5.4% currently. Australia’s largest banks have not been hit as hard by the financial crisis as many of its US and European peers but they have been forced to issue equity and debt in recent months as they feel the pinch of a slowing economy at home and as bad debts rise sharply. These banks have been somewhat shielded by their limited exposure outside Australia and their lack of exposure to toxic assets. HSBC Holdings and Standard Chartered have also expressed interest in buying RBS’s assets, which include operations in India, Pakistan, Indonesia and Taiwan and could fetch about $2 billion, sources have told Reuters. It is five-and-a-half years since ANZ last turned to shareholders with a rights issue. In November 2003, it raised A$3.6 billion to acquire National Bank of New Zealand. Institutional support ANZ said it was raising fresh equity through an institutional placement of shares at A$14.40 each, a discount of 7.5% to the stock’s closing price of A$15.57 on Tuesday. ANZ shares are expected to be on a trading halt until Thursday’s market open. ANZ’s credit default swaps were unchanged at around 85 basis points. Investors would be focusing on the longer term advantage of participating in the share issue. “On a short term basis, it’s on a marginal discount to recent share prices, so it’s a marginal proposition on that count. But longer term investors might look at it and say the intrinsic value of the bank is actually significantly more than the current share price,” said Angus Gluskie, portfolio manager at White Funds Management. ANZ gave its retail shareholders the chance to buy additional shares, raising up to around A$350 million. It said some of the money would also be used to bolster its balance sheet, saying bad-debt charges were likely to be about 20% higher in the second half of its fiscal year than in the first half when charges totalled A$1.44 billion, as additional stress in the commercial segment continued. Last month, ANZ reported a bigger-than-expected 43% drop in half-year cash profit, cut its dividend and forecast tough times ahead as bad debt charges doubled. Chief Executive Mike Smith said at the time the bank’s full-year provisions were likely to exceed the A$2.5 billion forecast it had made earlier. But it said its tier-one capital ratio would still remain above its target range of 7.5-8%, assuming it acquired the RBS assets and raised the required amount of capital. Source: World Business - Livemint.com | 27 May 2009 | 5:55 am GM bond deadline passes, bankruptcy seen nearWASHINGTON/DETROIT (Reuters) - General Motors Corp on Wednesday prepared to face the fallout from a failed debt exchange that sends the largest U.S. automaker closer to a bankruptcy filing expected by the end of the month.Source: Reuters: Money News | 27 May 2009 | 5:51 am Sensex soars 350 pts in opening trade on global cuesThe Sensex surged by over 350 points in early trade on Wednesday on increased buying by funds as well as retail investors.Source: Daily News & Analysis: Money News | 27 May 2009 | 5:45 am Posco to agree on 33% iron ore price cut: sourcesSeoul: South Korea’s Posco will follow its Japanese peer Nippon Steel and accept a 33% cut in iron ore prices, sources said on Wednesday, a deal that moves the agreement one step closer to being accepted as a global benchmark. On Tuesday, Rio Tinto said it had agreed to cut key iron ore prices to Japanese steelmakers by a third in this year’s first contract. The long overdue settlement for contracts starting from April was in line with levels rumoured last week but some analysts have speculated the 40-year-old benchmark-setting system may not hold this year, as China has made strong demands for a deeper cut of around 45%. China, which buys more than half of the world’s traded iron ore, wants to see prices return to 2007 levels after six years of rallies have roughly quadrupled iron ore prices. “The deal between Posco and Rio Tinto may come as early as today,” one of the sources told Reuters. “Chinese mills may also have to accept it as a benchmark, because they can’t completely switch to the volatile spot market and need to maintain the benchmark system to a certain degree to secure a long-term and stable supply of iron ore,” the source said. Some analysts also said China may be forced to accept the deal as it needs to depend heavily on iron ore imports to replace decreasing output from high-cost domestic mines, and the market may tighten later this year when the economy recovers. “Ensuring security of supply by following the benchmark might now make more sense than risking full exposure to the spot market,” Goldman Sachs JBWere analysts said. Shares of Asian steelmakers got a boost on Wednesday as the reduction in prices, smaller than the 35-40% cut expected by some analysts, eased concerns of another deep steel price cut. “As POSCO has now announced price cuts and benchmark iron ore prices have finally settled, we do not see significant uncertainties ahead of the company. We expect earnings to sharply recover in the second half on falling raw materials costs and improved output,” Deutsche Bank analysts said on Wednesday. Source: World Business - Livemint.com | 27 May 2009 | 5:15 am Rupee surges 41 paise in opening tradeRupee had nosedived by 64 paise to close at 47.92/93 yesterday, its biggest fall in almost three months.Source: India Business News | Business News - Times of India | 27 May 2009 | 4:17 am FMC suspends trading in sugar futuresMumbai, May 26 The Forward Markets Commission (FMC) on Tuesday suspended futures trading in sugar even as the trade was betting on further liberalisation after the Government recently lifted the two-year ban on wheatSource: Business Line - Home Page | 27 May 2009 | 12:00 am Nagarjuna Construction (Rs 122.05): SellWe recommend a sell in Nagarjuna Construction Company from a short-term trading perspective. It is apparent from the charts of Nagarjuna Construction that it has been on an intermediate-term uptrend since its one-year low of Rs 34 recorded inSource: Business Line - Home Page | 27 May 2009 | 12:00 am Annual fees on credit cards set to come backMumbai, May 26 Apart from interest charges, now get ready to pay an annual fee on credit cards as well. Given the increasing rate of delinquencies on credit cards, banks may soon go back to the practice of issuing cards selectively like otherSource: Business Line - Home Page | 27 May 2009 | 12:00 am Chandrasekaran to succeed Ramadorai as TCS chiefMumbai, May 24 Tata Consultancy Services said on Tuesday that its current Chief Operating Officer (COO), Mr N. Chandrasekaran, will take over as Chief Executive Officer and Managing Director from OctoberSource: Business Line - Home Page | 27 May 2009 | 12:00 am School bus segment a new biz avenueMumbai, May 26 As schools get set for the new academic year, bus manufacturers are also gearing up.Source: Business Line - Home Page | 27 May 2009 | 12:00 am Funding the merger not a major issue: BhartiNew Delhi, May 26 Bharti Airtel on Tuesday said that funding the proposed merger with South African telecom major MTN was not a major issue. The last time the company had initiated talks with MTN in 2008, it had received offers from various banksSource: Business Line - Home Page | 27 May 2009 | 12:00 am A theory of long-term decline?The last article in this series, a month ago, had ended thus: “The next time, instead of discussing growth, we will discuss decline, the mirror image of long-term growth. What causes decline? What policies to follow to arrest it?”Source: Business Line - Home Page | 27 May 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 27 May 2009 | 12:00 am Rupee in short-term declineCurrency markets were in turmoil following North Korea’s nuclear tests this week. Dollar and yen strengthened on rising risk aversion and South Korean won headed lower. The dollar index traded on the Intercontinental Exchange that tracks theSource: Business Line - Home Page | 27 May 2009 | 12:00 am New issues may wait for Budget cuesMumbai, May 26 The success of the recent Qualified Institutional Placements by some Indian companies has brightened hopes for the revival of the domestic IPO (initial public offering) market, said merchantSource: Business Line - Home Page | 27 May 2009 | 12:00 am Oil India plans IPO by Sept, eyes Rs 2,400 crState-run Oil India Ltd has revived its plans for an initial public offering and hopes to launch the issue by September.Source: Daily News & Analysis: Money News | 26 May 2009 | 9:19 pm FII inflows in May near all-time highForeign institutional investors (FIIs) appear set to post a new high in monthly flow of funds into the local markets.Source: Daily News & Analysis: Money News | 26 May 2009 | 9:17 pm BhartiMTN deal may leave SingTel coldAmidst a swirl of speculation on whether the proposed BhartiMTN transaction would run foul of Foreign Direct Investment norms in India, and perhaps South Africa, the deal makers themselves are confident that there are no compliance issues involved on either side.Source: Moneycontrol Top Headlines | 26 May 2009 | 9:16 pm IT firm downgrades beginAnalysts say tech scrips have become pricey now.Source: Daily News & Analysis: Money News | 26 May 2009 | 9:14 pm Sensex down 324 pts on global cuesThe index opened marginally higher but soon entered negative territory. Late profit taking by FIIs and domestic institutions pulled it deep in the red where it closed slightly off the day's low of 13,519.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:50 pm Investors richer by Rs 7L cr in 7 trading sessionSince the results of the Lok Sabha elections were announced on May 16, BSE's market capitalisation has increased by Rs 7.04 lakh crore to Rs 44.8 lakh crore now.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:45 pm Block deal in R-Power?Market players, probable investors and the company, said the deal size could be anywhere between Rs 1,500 crore and Rs 3,000 crore.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:42 pm Stronger Rupee to boost cos' profitsWhile a 28% depreciation of rupee against dollar in 2008-09 led to an estimated MTM forex loss of Rs 29,000 crore for companies in BSE 200, things are in for a change now as experts forecast rupee at 46/dollar by 2009-end.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:36 pm Steel PSUs to invest Rs 13k crSAIL, NMDC and RINL will infuse Rs 13,000 crore this fiscal as part of their programme to expand production capacities to 35 million tonnes in next two-three years.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:30 pm Unitech sells hotel in Gurgaon for Rs 200 croreUnitech has sold a hotel in Gurgaon for Rs 200 crore and is close to selling another hospitality project by June-end for a similar amount, part of its exercise to raise funds for reducing debt.Source: India Business News | Business News - Times of India | 26 May 2009 | 7:27 pm Bharti Airtel-MTN deal to test new FDI guidelinesThe proposed partnership deal of Bharti Airtel and South African telecom giant MTN will be the first telecom company that will test the new norms for foreign investment announced under Press Notes 2, 3 and 4 in February 2009.??Since the effective foreign ownership in Bharti Airtel (including the proportionate foreign ownership through the parent company), is set to cross the threshold limit of 74 per cent after consummation of this transaction, it is expected to approach the government forSource: Business Standard | Front Page Headlines | 26 May 2009 | 6:57 pm Housing projects are back with a vengeanceDLF, Unitech, HDIL & Puravankara line up 60 million square feet of new launches.Source: Business Standard | Front Page Headlines | 26 May 2009 | 6:39 pm FM seeks balance between growth and fiscal deficitFinance Minister Pranab Mukherjee said here today that he would like to strike a balance between the imperatives for achieving higher growth and ensuring prudent fiscal management.Source: Business Standard | Front Page Headlines | 26 May 2009 | 6:38 pm Polaroid lovers set out to revive instant filmEnschede, The Netherlands: In this small town just across the border from Germany, a small group of Dutch scientists and one irrepressible Austrian salesman have dedicated themselves to the task of reinventing one of the great inventions of the 20th century—Polaroid’s instant film. Digital cameras are ubiquitous, cheap and easy to use—the reasons Polaroid stopped making the film last year—so what this group in Enschede is attempting may seem hopelessly retrograde.  Eager market: Two former Polaroid workers, Henkry Minnen (left) and Marin Steinmeijer, check some tests in Enschede, the Netherlands. A small group of Dutch scientists and an Austrian salesman have dedicated themselves to reinventing one of the great inventions of the 20th century—Polaroid’s instant film. Rolf Oeser / NYT “This project is about building a very interesting business to last for at least another decade,” said Florian Kaps, the Austrian entrepreneur behind the effort. “It is about the importance of analog aspects in a more and more digital world.” No one said it would be easy. Chemical processes and the chemicals themselves must be reinvented in a factory that, though littered with Polaroid detritus of yore, lacks the necessary materials to restart production. Crucial equipment nearly landed in a Dutch dump. But the group got a break when prosecutors in the US arrested the private equity investor who owned Polaroid’s assets. Production is scheduled to start later this year for distribution in Asia, Europe and the US He estimates the number of Polaroid instant cameras in circulation at one billion. That number is probably fanciful, or at the very least includes a lot of cameras in the back of closets. But 30 million film packs in 2007, and 24 million in the first half of 2008 were produced at the Enschede factory for sale worldwide. The digital storm, Kaps says, has left analog opportunity in its wake. “If everyone runs in one direction, it creates a niche market in the other,” he said. Marta Bukowska, a partner in Basic Model Management in New York, said that digital cameras had entirely displaced Polaroid for the workaday tasks of scouting talent, pitching clients, and beginning a photo shoot. About 18 months ago, the agency stopped using Polaroids regularly because digital is much less expensive, but still gets requests to capture that “high-quality, old-fashioned look” with a genuine instant photo. “It used to be something you use for a lighting test,” Bukowska said. “Now it is the art itself.” Kaps, 38, was already tapping the artist market in 2005 with an online shop devoted to selling Polaroid products, and a website, Polanoid.net, where people can upload scanned Polaroid pictures. Kaps, a biologist with the tiniest of ponytails who trots around the Enschede factory in sneakers, had been an Internet project manager for a group dedicated to preserving analog photography. The experience left him firm in the conviction that his calling and his training were not in sync. “I wrote a very interesting thesis about spider eyes, but I was always a salesman,” Kaps said. Kaps, who lives in Vienna, was on hand in June 2008 for the ceremony when Polaroid shut down its factory in Enschede, which had manufactured film cassettes for the SX-70—the signature Polaroid camera that folds into a squat rectangle. There he met Andre Bosman, the engineering manager at the Enschede plant, a sprawling complex in the middle of the town of 150,000 people. Bosman tipped off Kaps to the fact that the machines for making Polaroid film cassettes, whose replacement cost Bosman estimates at about $130 million, still worked but would be cleared out in a matter of days. “So we stopped drinking beer—which is a pity because Dutch beer is good—and started talking business,” Kaps said. They managed to stave off destruction of the equipment by peppering Polaroid with requests to surrender it. They might have failed had federal prosecutors last October not arrested Tom Petters, head of the Petters Group Worldwide, a private equity firm based in Minnesota, that had bought Polaroid’s name and assets in 2005. He was accused of running a Ponzi scheme. (The charges are unrelated to the Polaroid investment.) Petters had driven an aggressively digital strategy for Polaroid, and his downfall—though the case is still pending—made Polaroid receptive to Kaps’ pleas. The machinery was saved. Polaroid’s last assets, including the name, its intellectual property and its inventory, were sold this month. It did not respond to requests for comment. The Dutch owner of the factory leased the building to the company created by Kaps, who had since raised $2.6 million in capital from friends and family. The task at hand is resurrecting production of Polaroid instant film. Each film cassette that slips into a camera contains all the things that would normally be in a darkroom: photographic paper, a negative, a substance to fix the image and one to stop the photo from developing further. Rollers inside a Polaroid camera explode chemical packs in the cassette to set off the process. Unfortunately for Bosman, the former head engineer, Polaroid itself once manufactured the chemicals integral to the process in the US but dismantled that production years ago after stockpiling what it needed. So they are now seeking, or reinventing, chemicals that can mimic what Polaroid’s own once did. For example, they are searching for a form of latex that can be easily coated onto a gelatin base to recreate the “timing layer” of Polaroid film, which controls the developing process. “We have a total of about 300 years of experience here,” Bosman said. “That is the key to reinventing this process.” Source: Tech News - Livemint.com | 26 May 2009 | 5:52 pm NPCIL bids for Russia, Kazakh mine stakesLondon: Nuclear Power Corp. of India Ltd (NPCIL) made bids for stakes in uranium mines in Russia and Kazakhstan, the company’s chief executive officer S.K. Jain said on Tuesday in an interview in Moscow. NPCIL bids for stakes in projects including the Elkon deposit in Russia. Meanwhile the Indian high commissioner for Australia Sujatha Singh has said in Canberra that the country wants Australia to change its position on not supplying uranium to the South Asian nation Source: World Business - Livemint.com | 26 May 2009 | 4:50 pm WalMart India to open 1015 cashncarry stores in 3 yrsWalMart India President Raj Jain said in 2007the company talked about opening 1015 stores in the next seven years. However, Jain felt that the target could be achieved over the next three years itself.Source: Moneycontrol Top Headlines | 26 May 2009 | 4:41 pm Global trade system to face stress test, says WTO chiefGeneva: The global trading system will face added political strain as the economic crisis cuts output further and pushes up unemployment, World Trade Organization (WTO) director general Pascal Lamy said on Tuesday. He told the general council of WTO that international rules umpired by the organization had added importance as protectionist temptations flourish in the crisis. “While, according to some, we may be seeing the bottom of the economic crisis, we have not yet seen its full social impact, which will inevitably trigger political pressures on the trade front,” Lamy said, according to a text of his speech. “I believe that the ‘stress test’ of the multilateral trading system is still to come.” It is important for WTO to maintain its monitoring of national trade measures to warn of protectionist developments, and for WTO members to conclude the long-running Doha Round to free world trade, he said. Lamy was speaking after a group of leading exporters among WTO’s 153 members called for a Doha deal, building on nearly eight years of negotiations to help fight against protectionism. The multilateral talks were launched in late 2001 in the Qatari capital to help poor countries prosper through trade, but have faltered repeatedly. The most recent stumbling block came in July last year when the US pushed for a deal providing new opportunities for American businesses, while big emerging countries such as India insisted on protecting their farmers and young industries. Lamy told the WTO membership that the political atmosphere in the negotiations had improved this year even though the economic crisis was getting worse. “We have seen an increasing level of political engagement and clear signals of renewed commitment and support for a rapid conclusion of the Doha Round,” he said. Lamy also listed several forthcoming international meetings where leaders and trade ministers would be able to negotiate Doha on the sidelines. Source: World Business - Livemint.com | 26 May 2009 | 4:40 pm See robust growth in FY10: Sanghvi MoversSanghvi Movers\' net profit, one of the largest craneowning company in India, has grown by 7.8% YoY. Commenting on it, CP Sanghvi, CMD of Sanghvi Movers, said they will be able to overcome the low figure in the next 23 quarters and they see a robust growth for the next full year.Source: Moneycontrol Top Headlines | 26 May 2009 | 4:13 pm Pharma cos\' margins to be under pressure ahead: CiplaThe Pharmaceutical sector has seen strong movement in the stock prices but has nothing has changed fundamentally says Amar Lulla, CEO of Cipla. I think there is going to be a complete change of scene and the margins going forward are going to be under tremendous pressure.Source: Moneycontrol Top Headlines | 26 May 2009 | 3:10 pm
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