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GDP shows signs of recovery, Q4 growth at 5.8% Vs 5.3% in Q3!India`s GDP growth rate marked a small but significant recovery as it grew by 5.8% in the Jan-March quarter as compared to 5.3% growth in the last quarter.Source: Zee News : Business | 29 May 2009 | 12:46 pm Sensex rises 2% after March GDP data!The BSE Sensex extended gains to 2 percent on Friday morning, as investor confidence was lifted after the country`s economy grew a faster than expected 5.8 percent in the March quarter.Source: Zee News : Business | 29 May 2009 | 12:46 pm Govt may free petrol and diesel prices in six weeks: Deora!The government will consider deregulating petrol and diesel prices in six weeks, Petroleum Minister Murli Deora said on Friday.Source: Zee News : Business | 29 May 2009 | 12:46 pm Japan boosts output but unemployment up!A sharp rise in Japan`s industrial output is boosting hopes of a recovery in the world`s second-biggest economy even as government figures Friday showed unemployment had reached a five-year high.Source: Zee News : Business | 29 May 2009 | 12:46 pm `Govt will work to stabilise ind production`!The government will take all possible steps to stabilise industrial production, the new trade minister said on Friday.Source: Zee News : Business | 29 May 2009 | 12:46 pm Dell profit falls, but beats estimate!Dell Inc, the world`s No 2 PC maker, narrowly beat analysts` expectations for sharply reduced profit on Thursday, even as the global downturn hit technology spending, helping its shares rise after hours.Source: Zee News : Business | 29 May 2009 | 12:46 pm Expansion plans in line regardless of mkt action: ReligareSunil Godhwani, CEO and MD of Religare Enterprises said that the firms brokerage business has seen a pick up in the last six to eight weeks and added that Religare would be looking at expansion opportunities regardless of the market scenario.Source: Moneycontrol Top Headlines | 29 May 2009 | 12:43 pm Rupee, bonds end higher - Moneycontrol.com
Source: Google News India - Business | 29 May 2009 | 12:23 pm Dell net drops 63 pc to USD 290 mn in Q1Personal computer maker Dell has reported a 63 per cent drop in net income to USD 290 million for the first quarter of this fiscal.Source: Daily News & Analysis: Money News | 29 May 2009 | 12:23 pm Voltas net up at Rs 251.40 cr - Hindu Business Line
Source: Google News India - Business | 29 May 2009 | 12:21 pm India gold rises, demand drops - Reuters India
Source: Google News India - Business | 29 May 2009 | 12:21 pm Decision on fuel price deregulation soon: Deora - Hindu
Source: Google News India - Business | 29 May 2009 | 12:20 pm Rupee at week’s high as stocks rise 2.5%Mumbai: Indian rupee strenghtened to its highest in a week on Friday afternoon following gains of over 2% in the domestic shares and a sharp fall in the dollar versus major currencies overseas. By 12:13pm the partially convertible rupee was at 47.30/31 per dollar, off a high of 47.17, its strongest since 22 May and above Thursday’s close of 47.60/62. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.4%. The dollar slipped towards a five-month low against a basket of currencies as signs the global recession may have passed its worst and concern about ballooning US government debt prompted investors to sell the safe-haven currency. Indian shares extended gains to over 2.5% on Friday morning, as investor confidence was lifted after the country’s economy grew a faster-than-expected 5.8% in the March quarter. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at 47.4250 each, with the total traded volume on the two exchanges at about $380 million. Source: Home - Livemint.com | 29 May 2009 | 12:13 pm SBI launches Defence Salary Package for Army - Business Standard
Source: Google News India - Business | 29 May 2009 | 12:08 pm Tiffany’s Q1 profit tumbles, but meets viewNew York: Jewelry retailer Tiffany & Co. said Friday that its first-quarter profit plunged 62% on a steeper-than-expected drop in sales as consumers continued to pull back on spending. Still, the earnings matched Wall Street’s expectations and the company maintained its profit outlook for the full year. The New York-based retailer earned $24.3 million, or 20 cents per share, for the three months ended 30 April, down from $64.4 million, or 50 cents per share, a year ago. Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, predicted net income of 20 cents per share. “Despite reduced consumer demand in the luxury sector, Tiffany is, and is projected to remain, solidly profitable and will generate substantial cash from operations,” chairman and chief executive Michael J. Kowalski said. Sales fell 22% to $523.1 million from $668.1 million a year ago and below analysts’ expectations for revenue of $533 million. Sales in the Americas slid 31%, with US same-store sales down 34%. At its New York flagship stores, same-store sales were off 42%. Smaller sales declines were reported overseas, with Asia-Pacific sales down 9% and European sales off 8%. Excluding the negative impact of the stronger dollar, worldwide sales slipped 18% and same-store sales dropped 21%. Tiffany reaffirmed its guidance for full-year earnings from continuing operations of $1.50 to $1.60 per share. Analysts expect profit of $1.56 per share. The company ran 209 stores and boutiques at quarter’s end, down from 192 shops a year earlier. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 12:08 pm Daiichi full-year losses narrow down to $2.2 bnNew Delhi: Japanese drug maker Daiichi Sankyo, which has a controlling stake in Indian pharma major Ranbaxy Laboratories, has narrowed its full-year losses at 215.59 billion yen (about $2.2 billion) on account of changes related to accounting guidelines in Japan. Daiichi has revised its losses to 215.59 billion yen for the year ended 31 March 2009. Earlier this month, Daiichi had reported a full-year loss of 335.8 billion yen. Daiichi in a statement on Thursday said the narrowing of losses is due to accounting guidelines from Japan’s National Tax Agency related to loss on valuation of stocks of subsidiaries. As a result, the losses on share valuation from its stake in Ranbaxy too came down. “The Group posted a net loss of 215.4 billion yen (compared with net income of 97.6 billion yen in the previous year) as the result of recording 351.3 billion yen in extraordinary losses due to a one-time write-down of goodwill pertaining to the investment in Ranbaxy,” the statement said. Daiichi noted that the firm found it difficult for a “402,420 million yen component recorded in loss on valuation of stocks of subsidiaries and affiliates under extraordinary losses in the non-consolidated financial statements of the Company to be treated as a loss for tax purposes”. However, going by the guidelines it was clarified that the “said amount to be treated as a loss for tax purposes and corrections were made to figures in the consolidated financial statements, non-consolidated financial statements and related performance indices in the “Consolidated Financial Results for the Fiscal Year Ended 31 March 2009”. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 12:03 pm Global data flurry boosts hopes of economic recoveryLONDON (Reuters) - Improving vital signs across the globe - from Japanese factory output and British house prices to German retail sales and Indian GDP - raised hopes on Friday that the economy was responding after months in intensive care.Source: Reuters: Money News | 29 May 2009 | 12:00 pm Gold, silver rise on strong global cuesGold prices on Friday surged by Rs 155 to Rs 14,975 per 10 gram in the bullion market in New Delhi. Silver also spurted by Rs 400 to Rs 23,200 per kg.Source: India Business News | Business News - Times of India | 29 May 2009 | 11:58 am India's gold imports at 10-15 T so far in May - tradeMUMBAI (Reuters) - India's gold imports so far in May have been in the range of 10 to 15 tonnes, lower than 29 tonnes imported in all of May of 2008 as high prices have subdued buyers' appetites, a trade body head said on Friday.Source: Reuters: Money News | 29 May 2009 | 11:56 am Voltas wins orders worth 3 bln rupeesMUMBAI (Reuters) - Voltas Ltd said on Friday its electro-mechanical business has won orders worth 3 billion rupees from Chennai and Kolkata International airports.Source: Reuters: Money News | 29 May 2009 | 11:55 am Germany May Pick Magna If Prior Deal With GM Signed, State Says - Bloomberg
Source: Google News India - Business | 29 May 2009 | 11:54 am Rate cut after bankers meet with FM, says SBIState Bank of India on Friday said it will consider a cut in interest rates after the bankers' meeting with finance minister Pranab Mukherjee scheduled for early next month.Source: India Business News | Business News - Times of India | 29 May 2009 | 11:54 am Biocon launches new human insulin analogue - mydigitalfc.com
Source: Google News India - Business | 29 May 2009 | 11:53 am Monthly income of average Indian crosses Rs 3,000: CSOThe monthly income of an average Indian for the first time in the country's history has crossed Rs3,000, thanks to economic reforms and a high growth rate of above 9%.Source: Daily News & Analysis: Money News | 29 May 2009 | 11:53 am Karunanidhi appoints Stalin as Tamil Nadu deputy CMChennai: Long groomed as his heir to the Tamil Nadu chief minister’s throne and to head the DMK, M Karunanidhi on Friday appointed his son M K Stalin as the deputy chief minister of the state. The DMK chief, who appointed his 55-year-old son to be his deputy, entrusted to him the portfolios of Industry, General Administration, District Revenue Officers and Minority Welfare hitherto held by him. Stalin, who still heads the party’s youth wing and had shot to fame after his incarceration under MISA during the 1975 Emergency, will also continue to hold the portfolio of Rural Development and Local Administration, a Raj Bhavan press release, announcing his appointment, said. The elevation of Stalin, who was Chennai mayor during Karunanidhi’s earlier tenure between 1996 and 2001, has been on the cards for quite sometime as Karunanidhi had been having problems after his major surgery for back pain in February last. In his absence, Stalin was the main campaigner for the DMK in the Lok Sabha polls. His elevation came a day after his elder brother M K Azhagiri was sworn in as union chemicals and fertilisers minister in the UPA government. In a statement, Karunandhi (85) said he was unable to pay full attention to the administration because of his ill health. “I have to clear not less than hundred files a week. I had discussed the issue with finance minister K Anbazhagan and asked him whether he can shoulder some more responsibility. He had also cited health reasons (for not taking up). “After discussions, it has been decided that I will keep one or two important portfolios and Anbazhagan continue as the leader of the House in the state Assembly. Stalin will be after two of us’, Karunanidhi said. Stalin, who was the DMK’s deputy general secretary, was promoted as party treasurer in June last year, giving him the number three spot in the party hierarchy, after Karunanidhi and another veteran general secretary K Anbazhagan, who is a year older than Karunandhi. His elevation is seen as an attempt by Karunanidhi to pave the way for Stalin’s succession to the positions held by him. Stalin had deputized for his father at the swearing in ceremony of the union Council of Ministers on Thursday in Delhi. He bore the brunt of campaigning for the DMK in the just concluded Lok Sabha polls as Karunanidhi, who underwent a major surgery for his back pain in February last, had been advised against travelling by the doctors. ”Stalin has brought energy to the party and his hard work has been rewarded’, Kanimozhi, his sister and Rajya Sabha member said commenting on her father’s decision. The organizational skills of Stalin came to fore when he conducted a massive youth wing conference of the DMK at Tirunelveli last year. There were demands in the conference that Stalin should be given more say in the government and party affairs but Karunanidhi said they would be considered at an appropriate time. During the feud between the families of Karunanidhi and Maran brothers, Stalin took the initiative to bring it to an end amicably. Known for his silent negotiating skills, Stalin successfully negotiated the seat-sharing arrangements with the Congress and Viduthalai Chiruthaigal Katchi during the recent Lok Sabha polls. He was said to have a key role in the selection of DMK nominees in Manmohan Singh government that was fully constituted on Thursday. Dayanidhi Maran reportedly Stalin’s choice in the ministry, besides Jagatratshagan, Gandhiselvan and Nepolean, who were inducted as ministers of state. Stalin had always functioned from Chennai unlike his brother who was sent to Madurai to look after the party in the southern districts. During his incarceration in Emergency, there were complaints that jail officials had attacked him and ill-treated him. Chittibabu, then a DMK MP, who was his roommate in the jail who bore the brunt of the attack and died in the prison in 1976, DMK leaders had then claimed. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:52 am Sensex jumps 28.3 pct in May; best in 17 yrsMUMBAI (Reuters) - The BSE Sensex climbed 2.3 percent on Friday, taking gains in May to 28.3 percent in its strongest monthly performance in 17 years, boosted by positive economic data and hopes for market-friendly reforms.Source: Reuters: Money News | 29 May 2009 | 11:48 am Indian shares jump 28.3% in May, best in 17 yrsMumbai: India’s main stock index climbed 2.3% on Friday, taking gains in May to 28.3% in its strongest monthly performance in 17 years, boosted by positive economic data and hopes for market-friendly reforms. Asia’s third-largest economy grew a faster-than-expected 5.8% in the March quarter, and analysts said strength in farm and services sectors added to signs for an early recovery. “The economy continues to have significant pent-up demand for investment, especially in infrastructure and in affordable housing,” Goldman Sachs economist Pranjul Bhandari said. “We therefore see upside risks to our GDP growth forecast of 5.8% forecast for fiscal year 2010.” Energy giant Reliance Industries and state-run explorer Oil and Natural Gas Corp led the surge after the oil minister said a proposal to allow firms set retail fuel prices based on market rates would be sent to cabinet within six weeks. The 30-share BSE index rose 329.24 points to 14,625.25, with 26 stocks advancing. It was the highest close since last 10 September as it rose 5.3% on the week, extending a winning streak to 12 weeks in a row -- the best run in four years. Its monthly rise was behind only Russia’s RTS stocks index among major indices of the world. The benchmark has soared 82% from a 2009 low in early March, and is up 52% this year after slumping by more than half in 2008. The rebound has been powered by more than $5.5 billion ploughed in by foreign funds over the past 2 months. Investor confidence got a boost after the ruling coalition was re-elected with more seats in parliament, raising hopes for economic reforms such as reviving asset sales in state companies and opening up sectors like insurance. “Just the improvement in sentiment due to the formation of a stable government is having an immediate positive impact on growth as this development has opened the doors for capital market funding for India,” Morgan Stanley economist Chetan Ahya said. “A second-stage boost can come from execution of reforms. Any quick aggressive policy response will mean upside to our forecasts,” he said. Engineering conglomerate Larsen & Toubro and Reliance Infrastructure were among the biggest gainers in May as investors bet they would benefit as the government increases spending to improve creaking infrastructure. The realty sector raced up 79% in May, helped by a jump of three-quarters in shares of top developer DLF Ltd. Even though there are concerns the market may have become expensive, analysts said the mix of a stable government, the prospect of reforms such as divestments, signs of green shoots in the economy and improving corporate results will continue to attract investments from cash-flush funds. Reliance Industries, which has the most weight in the main index, gained 2.6% on Friday to Rs2,277.50, nearly doubling its market value since early March. L&T rose 4.8% to Rs1,405.60, a day after it reported better-than-expected results and forecast robust orders. The stock advanced 60% on the month, while rival Reliance Infrastructure rocketed up 84%. The banking sector, which includes top lender State Bank of India and private-sector rival ICICI Bank, put on 45.3% in May on expectations of loan growth and reduced risk of defaults. Top telecoms firm Bharti Airtel climbed 3.1% to Rs819.65, rising for a second day after falling more than 10% over three sessions following news of its merger talks with South Africa’s MTN. In the broader market, gainers led losers by more than 3 to 1 on relatively heavy volume of 688.3 million shares. The 50-share NSE index rose 2.6% to 4,448.95, taking its gains for the month to 28%. Source: Home - Livemint.com | 29 May 2009 | 11:41 am Q4 GDP | Growth beats forecast, fuels recovery hopesNew Delhi: India’s economy grew faster than expected in the March quarter, helped by strength in farm and services sectors that suggested Asia’s third-largest economy has already turned the corner and may be set for an early recovery. “The economy has clearly performed better than expectations despite very challenging credit conditions,” said Han-Sia Yeo, currency and rates strategist at Australia and New Zealand Banking Group in Singapore. The Indian economy grew 5.8% from a year earlier in January-March, matching the upwardly revised rate in the previous quarter, data showed on Friday. That was still the lowest in four years, but above analysts’ forecast of a 5.2% annual expansion. October-December growth was revised from 5.3%. India does not publish seasonally-adjusted quarter-on-quarter growth figures, but analysts’ estimates showed the economy grew 1.2% in the quarter compared with a stagnant reading in September-December. In the whole of the 2008-09 fiscal year to 31 March, India’s economy grew 6.7%, its weakest in six years and well below rates of around 9% of the previous three years, but still faster than predicted by economists in a Reuters poll. The data fanned hopes that India was already on the mend, unlike other major economies that suffered a disastrous January-March quarter and have yet to show hard evidence of improvement. Unlike most Asian economies, which heavily rely on exports to sustain economic growth, India is driven by domestic demand. But it still suffered a sharp slowdown in late 2008 as job cuts at exporters and outsourcing firms as well as the drying up of investment flows soured consumer and business sentiment. Exports account for only about 15% of India’s GDP, less than half the levels in China and Japan. “I think the GDP upgrade cycle has just started. We are past the eye of the storm,” said Rajeev Malik, economist with Macquarie Capital in Singapore. Markets Cheer Indian stocks jumped more than 3% and the rupee and bond yields also rose as the numbers boosted investor confidence about India’s outlook and suggested the central bank may be finished with interest rate cuts. “I think policy rates have bottomed out so the next move for the policy rate is upwards,” said A Prasanna, chief economist at ICICI Securities primary dealership in Mumbai, who predicted rates would stay on hold over the next 6-9 months. March quarter growth was only slightly below the 6.1% expansion reported by China, Asia’s second-largest and the world’s third-largest economy, which for years has served as the world’s main growth engine. The Reserve Bank of India (RBI) expects growth of about 6% for the whole of current 2009-2010 fiscal year. Some analysts are more optimistic, predicting the economy will gain steam in the second half of the year with the government, strengthened after general elections, seen announcing more spending to rev up growth. Resilient Services The breakdown of GDP data showed manufacturing continued to suffer, with output falling 1.4% in the March quarter after a 0.9% rise in the final three months of 2008. But services, which account for 57.3% of GDP, expanded by 8.6% in the quarter and 9.7% in the whole of the fiscal year, while farm output rebounded with a growth of 2.7% after declining 0.8% in the previous quarter. The global financial markets rout had also prompted banks to hoard cash, making credit scarce and expensive, despite the central bank’s efforts to ease the squeeze by pummping funds into the banking system and slashing interest rates. But analysts and officials noted signs of easing funding conditions as well industrial recovery, with data such as car sales and cement output suggesting a pick-up in demand. “There are some signs of industrial revival,” Anand Sharma, the new commerce and industry minister, told reporters. Source: Home - Livemint.com | 29 May 2009 | 11:41 am Govt may free petrol, diesel prices soon: DeoraNew Delhi: The government said it may eliminate diesel and gasoline subsidies as soon as July, quicker than expected, ending a policy that had crushed state refiners’ profits, strained government finances and inflated oil demand. Emboldened by an unexpectedly strong election victory this month, the Congress-led cabinet will consider a proposal to free state controls on transport fuel prices in July, Union petroleum minister Murli Deora told reporters, news that sent shares of oil companies surging as investors bet on more stable earnings. “It will go to the cabinet. It will be discussed soon, within six weeks,” said Deora, who on Thursday was reconfirmed in the role he has held since early 2006, when world crude oil prices were first pushing beyond $70 a barrel. India’s move, which one state oil executive said would trigger a 5% rise in prices if made today to match $65 crude oil, is one of many important reforms expected from the government, and suggests it is ready to take difficult but important steps in order to balance growth with fiscal prudence. Pricing freedom would increase tax revenue and remove massive subsidies bills, helping offset the cost of economic stimulus measures that have stretched public finances and widened the fiscal deficit to 6% of GDP. While few had expected it to move so quickly on such a sensitive issue, analysts said it was likely to win government approval since the Congress party no longer relies on its former communist allies for support, and noted that the proposal would not affect subsidies on kerosene, used for home cooking. “They will be able to pass it in the cabinet,” said DH Pai Panandikar, president RPG Foundation, a private economic think tank. “It’s not necessarily going to hit the people now because oil prices are low at the moment.” Unwinding Subsidies Like many developing countries including China, India sought to protect its poor against rallying world prices -- and to curb broader inflation pressures -- by controlling domestic prices centrally, partly subsidising state oil firms for their losses. Some are working now to take advantage of the fall in crude oil prices from their $147 a barrel peak to dismantle those controls, although China’s partial liberalisation at the start of this year is alread under strain as Beijing resists another rise. Oil prices rose above $65 a barrel on Friday, taking gains to 27% in May, the biggest one-month gain in a decade, and analysts say the market seemed focused on the bullish sentiment and brighter macroeconomic outlook. But because India barely cut prices during crude’s long decline, current petrol prices would only rise by about 5% if the Union government ended controls on pricing, a senior Indian Oil Corp official told Reuters. India imports about 70% of the oil it consumes and accumulated a huge burden of subsidies as it kept prices artificially low when crude soared to its peak last year. “You have to bite the bullet. The subsidies seem to be so out of control .. How can you run the government on a wide fiscal deficit?” asked Mridul Saggar, chief economist at Kotak Securities. “You run the risk of faster price adjustment, larger price adjustment, but then if you don’t do that, the cost is in terms of growth as well as interest rates.” Prices May Rise Eliminating subsidies would also open a domestic opportunity for private sector firms Reliance Industries and Essar Oil to shut down their petrol stations as customers bought cheaper fuel from subsidised state rivals. The news helped drive up the oil and gas sector index, which includes Reliance and state-run explorer ONGC, was 4.2% by 0930 GMT, outperforming a rise of 2.9% in the benchmark index. Market-driven prices would help curb fuel use in India, one of the only major consumers expected to see positive demand growth this year. Demand is even expected to shrink in China, which last December switched to a market-based pricing system, although Beijing still retains significant control over rates. Source: Home - Livemint.com | 29 May 2009 | 11:38 am Tata Motors net falls 51%, cuts capex plans - Livemint
Source: Google News India - Business | 29 May 2009 | 11:35 am See 30-35% revenue growth in FY10: IVRCL Infra - Moneycontrol.com
Source: Google News India - Business | 29 May 2009 | 11:31 am Tata Power slips 2% despite good results - Business Standard
Source: Google News India - Business | 29 May 2009 | 11:27 am Mamata Baerjee returns Tata's Rs 27 lakh chequeMamata Banerjee has returned a cheque of over Rs 27 lakhs from a Tata trust after the just-concluded Lok Sabha elections.Source: Daily News & Analysis: Money News | 29 May 2009 | 11:27 am Govt may consider hiking coal price: JaiswalNew Delhi: Coal minister Sriprakash Jaiswal on Friday said the government may consider increasing the price of coal, depending on the economic situation. “With the changes in the economic scenario and price rise in products like petroleum, along with the impact of Sixth Pay Commission on Coal India Ltd, if required the coal prices could be increased,” Jaiswal told reporters here after assuming office as minister of state (independent charge) for Coal. “But for that (price hike), I have to speak with the Prime Minister,” he said. When asked about the quantum of price increase, the minister said, “If it happens it will be marginal.” Earlier this week, state-owned Coal India had said that it is planning to increase prices of coal following a hike in wages and salaries of its employees, which has eaten into its bottom line. However, the company needs approval of the government for it. International coal prices are higher than the ones in India. Jaiswal also said that the Prime Minister has made a 100-day programme to boost the economy and the ministry will try to contribute to the programme by improving coal production and adopting efficient mining practices. The ministry will also work on getting speedy environmental clearance and developing a model land acquisition policy, he added. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:25 am Vienna gurdwara attack suspects identified: policeVienna/London: All six accused in the violent attack on a gurdwara in Vienna that left one top leader of an India-based Sikh sect dead and another injured have been identified as illegal immigrants, police said on Friday, days after the incident sparked riots across Punjab and Haryana. Police spokesman Michael Takacs said all the six were in custody, including the mastermind who was in coma in a hospital after he was shot in the head during the Sunday attack. The attack was clearly pre-planned, Takacs said. According to police, the suspects were illegal immigrants, including 24-year-old S. Charnjit from Uttar Pradesh and 33-year-old S. Hardeep. The two had reached Austria illegally in 2001 and 2008 respectively. 28-year-old S. Sukhwinder from Haryana came to Vienna in 2001 and sought asylum citing a family feud for fleeing India while 34-year-old S. Jaspal came in 2008 and requested asylum on religious grounds. The other two suspects, 28-year-old S. Satwinder from Uttar Pradesh and 45-year-old S. Tarsum from Gujarat made only vague asylum claims. Sant Rama Nand, 57, the deputy head of the ‘Dera Sachkhand Ballan’, had succumbed to his injuries received during the clash between the two rival groups of Sikh worshippers that also left 17 people injured, including the sect’s head Sant Niranjan Dass, 68. Dass is recovering in a hospital from the bullet wounds he sustained in the abdomen and hip. The Austrian police is investigating reports that a group known as Khalistan Zindabad Force had claimed responsibility for the attack, Takacs said. About 400 people were at the service when the fight broke out in the gurdwara at Pelzgasse, which was opened in December 2005 in the Austrian capital. Punjab witnessed large-scale violence after followers of Dera Sachkhand Ballan took to the streets on Sunday night in protest against the attack on their leaders in the Vienna gurdwara. Haryana also witnessed violent protests. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:25 am Tata Motors net falls 51%, cuts capex plansMumbai: Tata Motors Ltd, India’s top vehicle maker, reported a smaller-than-expected 50.7% drop in full-year profit as sales picked up in the March quarter and raw material prices fell. An economic slowdown combined with higher borrowing costs and lack of adequate financing had put the brakes on auto sales in India for much of the fiscal year ended March. Car sales have showed an uptrend since February but demand for commercial vehicles are yet to pick up. Tata Motors, which controls about 60% of the world’s fifth-biggest truck and bus market, said it sold 506,421 vehicles during the year, down 14% from 585,649 a year earlier. The company said net profit fell to Rs1,001 crore ($212 million) in 2008-09 from 2,029 crore a year earlier. This included Rs520 crore one-time profit on sale of investments, and gains of Rs418 crore from change in accounting policy. Revenues fell 10.7% to Rs25,660 crore from 2,8740 crore. Reuters Estimates had forecast net profit at Rs267 crore on revenue of 25060 crore for the year. Tata Motors is set to begin sales of the Nano, billed as the world’s cheapest car, in July. It had collected about Rs2,500 crore from more than 200,000 consumer bookings for the tiny car in April. A senior official said the company has cut its expenditure plans to Rs2,500 crore to Rs3,000 crore for each of the next two years from 4,000 crore set earlier. Maruti Suzuki, India’s top car maker, reported a surprising drop in March quarter profit and forecast a difficult year ahead. Top carmakers in Asia are still downbeat on their prospects. Japan’s Toyota forecast a grim outlook after posting a bigger-than-expected annual loss, while Honda has forecast a small profit this year. Japan’s Suzuki Motor posted a small quarterly profit, riding on the success of its Indian unit, but forecast an 87% drop in profit this year on slumping global demand and a stronger yen. Korea’s Hyundai Motor Corp, whose quarterly profit exceeded market expectations, is however, expecting to make gains in the United States, where giants such Chrysler and General Motors have been driven to bankruptcy. Tata Motors, which had bought Ford Motor’s Jaguar and Land Rover brands last year, said on Wednesday it had completed refinancing the remainder of a $3 billion bridge loan it had taken for the acquisition. It had repaid $1.16 billion through a rights issue and divestments in group firms last year. Earlier this month it raised $840 million via a non-convertible rupee debenture issue and extended the final maturity of the remaining $1 billion by 18 months to 31 Dec 2010. Shares in Tata Motors, worth about $3.1 billion, rose 1.2% to Rs336.70 on Friday, underperforming the main index that rose 2.3%. The shares had risen 13.4% in the March quarter, outpacing a 0.6% gain in the index. Source: Home - Livemint.com | 29 May 2009 | 11:23 am Govt to mull ending fuel subsidies, approval likelyNEW DELHI (Reuters) - The government said it may eliminate diesel and gasoline subsidies as soon as July, quicker than expected, ending a policy that had crushed state refiners' profits, strained government finances and inflated oil demand.Source: Reuters: Money News | 29 May 2009 | 11:20 am Tata Motors net profit plunges 50.65% in FY 2008-09Auto major Tata Motors on Friday reported a 50.65% fall in its net profit at Rs 1,001.26 crore for the 2008-09 fiscal.Source: India Business News | Business News - Times of India | 29 May 2009 | 11:18 am Next 5 years will be era of judicial reforms, says MoilyNew Delhi: Congress veteran M Veerappa Moily, who took over as union minister of law and justice, on Friday asserted that the next five years will be the era of judicial reforms. “The next five years will be the era of judicial reforms...we have to ensure that the rule of law is for every individual...the ‘aam admi´,” he told reporters after assuming office here. Maintaining that the Ministry will have to address a number of “imminent and immediate” problems, Moily said a 100-day programme of the Law and Justice Ministry will be prepared in the next one week. When asked about his priorities as minister, he said, “though it is too early to draw priorities, judicial reforms will top his list”. “Judicial reforms can’t be partial or fragmented. We need holistic reforms,” he said. The former Karnataka chief minister said, “while the challenges are plenty, solutions are simple...you do not need constitutional amendments to make corrections”. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:12 am Indian Oil Q4 net profit at Rs6,622.96 crNew Delhi: The country’s largest refiner, Indian Oil Corp (IOC), on Friday reported a net profit of Rs6,622.96 crore in the fourth quarter (Q4) ended 31 March 2009, while it had a net loss of Rs414.27 crore in the corresponding period a year ago. The total income dipped to Rs60,599.80 crore during the March quarter, from Rs71,792.82 crore in the same period last fiscal, IOC said in a filing to the Bombay Stock Exchange. Effective 25 March, IOC had merged Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself and the figures of BRPL has been included in the financial results of FY09. “Previous year’s figures do not include the financial of erstwhile BRPL and hence are not comparable to those of the current year to that extent,” the filing said. For the financial year ended 31 March 2009, IOC posted a consolidated net profit of Rs2,599.40 crore, while the same was at Rs7,912.74 crore in FY08, the filing added. Total income rose to Rs2,90,946.19 crore during the fiscal ended March 2009, from Rs2,32,558.62 crore in FY08. On a standalone basis, IOC posted a net profit of Rs2,949.55 crore in the FY09, while it stood at Rs6,962.58 crore in the year-ago period. The standalone total income rose to Rs3,09,087.59 crore during FY09, from Rs2,49,169.16 crore in the previous fiscal. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:09 am Airbus eyes production in US, IndiaParis: Weeks before the first China-built Airbus rolls off the assembly line near Beijing, the European planemaker’s top official has pulled out the map and targeted future jetliner production in the United States and India. Airbus chief executive Tom Enders, writing 40 years after the birth of the first plane project by a four-nation European consortium, said Airbus must become global to stay competitive. “We have to leave national sentiment behind us,” Enders wrote in a column in Friday’s edition of the Financial Times. “Airbus will only remain competitive in the long term if it develops resources and markets globally and becomes a genuinely international company, with development and production also in the US, China, India and elsewhere.” Airbus agreed in 2006 to set up an assembly line for the A320 family of jets, its most popular model, at Tianjin in China to reduce costs and gain an edge over rival Boeing in one of the world’s largest aviation markets. The first plane will be delivered by end-June, the first time an Airbus has been assembled outside its two main host countries, France and Germany, supported by Britain and Spain. India has pressed Airbus to consider opening a production line there also, but so far the European company has been tied up in domestic restructuring and a series of aircraft production delays, as well as fierce union opposition to offshoring jobs. When India’s civil aviation minister floated the idea of an Indian assembly line at an Airbus ceremony at the Paris air show two years ago, Airbus officials cautiously welcomed the concept but said the costs might outweigh the benefits. The economic crisis has since threatened planemakers’ orders. TRADE WARNING In the United States, Airbus considered assembling freighters in Alabama as part of a deal to sell mid-air refuelling tankers built from the same fuselages to the Pentagon. But the plans were suspended when Boeing appealed against the contract. US production is attractive to firms whose costs are in euros but whose products, like aircraft, are priced in dollars. Unions and politicians in Europe, however, are concerned about job losses. Writing days before European parliamentary elections, Enders said shutting trade borders was no fix to the economic crisis. “Next month in Tianjin we shall deliver the first Airbus made in China ... No one will benefit more from this than Europeans.” He also blamed European governments for hobbling Airbus’s first major military project, the A400M airlifter, with a wish list for customisation that only added to production delays. The four-year setback has usually been blamed on engine problems. “Too often there has been a reversion to defending diverse national requirements that offer little in terms of performance but impact significantly on cost and deliverability,” he said. “That certainly has been the case with the A400M, and we have asked the European partners in the programme for a greater degree of realism in order to enable delivery of the aircraft we all want at a sensible price.” Parent EADS is trying to negotiate contract changes to rescue the 20 billion euro project by an end-June deadline. Source: Home - Livemint.com | 29 May 2009 | 11:05 am Sensex ends more than 329 points higher on good GDP numbersDriven by the good news on the GDP front and the positive outlook expressed by new central ministers taking charge, the BSE benchmark Sensex zoomed by another 329 points, continuing its upward journey for the third straight session.Source: India Business News | Business News - Times of India | 29 May 2009 | 11:05 am Markets shoot up in afternoon tradeIndian equities markets continued to make gains Friday afternoon, with a key index trading 417 points higher than its previous close nearly an hour before the closing bell.Source: IndiaeNews.com: Business News | 29 May 2009 | 11:00 am My portfolio is bigger than me: FarooqNew Delhi: Union minister for New and Renewable Energy Farooq Abdullah today brushed aside rumours about his unhappiness over relatively low profile being handed over to him saying the ministry was a big challenge. Within minutes of his taking over, Jammu and Kashmir chief minister and his son Omar Abdullah was the first official visitor, who asked him to take the electrification of remaining areas of the state by setting up small hydel projects less than 25 Mega Watts. The 72-year-old Abdullah, while brushing aside notion about getting a low profile ministry, said: “this ministry is a big challenge and I take this challenge head on. I am happy that I have been entrusted with the job which ultimately benefits our future generation.” When asked whether he had any grouse for not getting bigger portfolios like tourism or health for which his name was in the running, Abdullah told reporters after taking charge of the ministry, that “No profile is big or small. It is just a perception of people. I think I am small for New and Renewable Energy Ministry. This portfolio is bigger than me.” On Congress president Sonia Gandhi’s ‘Perform or Perish’ slogan, he said:“India cannot tolerate non-performers. If one does not perform, he or she should quit before being kicked out.” Source: LatestNews-Home - Livemint.com | 29 May 2009 | 11:00 am Colgate Palmolive India Q4 net at Rs 77 crConsumer goods maker Colgate Palmolive India said on Friday its net profit in the fourth quarter ended March 31, 2009, stood at Rs 77.07 crore.Source: Daily News & Analysis: Money News | 29 May 2009 | 10:58 am Growth beats expectations, fuels recovery hopesNEW DELHI (Reuters) - India's economy grew faster than expected in the March quarter, helped by strength in farm and services sectors that suggested Asia's third-largest economy has already turned the corner and may be set for an early recovery.Source: Reuters: Money News | 29 May 2009 | 10:54 am Will raise $100150 mn via QIP in first tranche: ParsvnathPradeep Jain, Chairman, Parsvnath Developers said that the management was planning to reduce the debt by Rs 800 core this year. For this purpose, Parsvnath Developers are looking at raising USD100150 million via Qualified Institutional Placements (QIP) in the first tranche.Source: Moneycontrol Top Headlines | 29 May 2009 | 10:46 am See major policy changes for textile sector: GokaldasRajendra Hinduja, ED, Gokaldas Exports, said the election of Dayanidhi Maran as textile minister was a welcome change. \"We are meeting the Finance Secretary next week to discuss possible relief for the textile sector.\"Source: Moneycontrol Top Headlines | 29 May 2009 | 10:45 am Close: Sensex advances 2.3% on positive economic dataNew Delhi: The Bombay Stock Exchange (BSE) sensitive index, or Sensex, closed higher on Friday as the investors sentiment was boosted by the positive economic data. Indian stocks on Friday posted their 12th consecutive weekly gain for the first time in four years. The Sensex closed 329 points, or 2.30%, up at 14,625.25. The National Stock Exchange (NSE) 50-share index Nifty ended 111.85 points higher at 4448.95. Indian economy grew 5.8% in the fourth quarter of the fiscal year 2009 versus the 5.3% in the third quarter ofFY09, as the strong services sector offset the decline in the manufacturing sector. In the morning trade the domestic sharemarkets opened 1% higher in tandem with firm Asian peers and US stocks. The US Dow Jones on Thursday ended 1.3% up as the tensions in the US bond markets eased. And in the afternoon trade the markets surged more than 2%. By 12:55 pm, the 30-share BSE index was up 349.63 points, or 2.45%, at 14,651.06, with 27 stocks advancing. The Nifty was up 2.82% at 4,459.60. Oil shares rose higher, led by the Reliance Petroleum and the state-run ONGC, after the oil minister Murli Deora announced that he will push for the freer oil price policy. Source: Home - Livemint.com | 29 May 2009 | 10:41 am India will maintain export volumes at $160 bn: Anand SharmaIndia will maintain its exports at $160 billion for this current fiscal, as steps will be unveiled in the upcoming budget and the trade policy review to help the sector, Commerce and Industry Minister Anand Sharma said here Friday.Source: IndiaeNews.com: Business News | 29 May 2009 | 10:32 am Colgate Palmolive India Q4 net at Rs77 crMumbai: Consumer goods maker Colgate Palmolive India on Friday said its net profit in the fourth quarter (Q4) ended 31 March 2009, stood at Rs77.07 crore, while it had a net profit of Rs55.62 crore for the same quarter ended March 2008. “Effective 2 April 2008, the company acquired 75% of the shareholding of CC Healthcare Products Pvt Ltd for a total consideration of Rs193.83 lakh. Accordingly, in respect of consolidated results, previous period figures are not comparable,” Colgate Palmolive said in a filing to the Bombay Stock Exchange. Total revenue of the company stood at Rs472.20 crore for the quarter ended March 2009, however, it had a total revenue of Rs407.64 crore for the same quarter last year. For the year ended 31 March 2009, the company posted a consolidated net profit of Rs285.78 crore, while it had a net profit of Rs235.76 crore in the previous fiscal. Shares of Colgate Palmolive India were trading at Rs468.60, up 3.31% on the BSE. Source: Home - Livemint.com | 29 May 2009 | 10:32 am Markets continue gaining streak, Sensex up 329 pointsIndian equities markets continued their upward movement for the third consecutive day Friday, with a key index ending trade over 329 points higher than its previous close.Source: IndiaeNews.com: Business News | 29 May 2009 | 10:31 am India logged 6.7 percent growth in fiscal 2009India registered an impressive 6.7 percent growth in fiscal 2008-09, despite the deepest economic crisis facing the global economy in six decades, official data showed Friday.Source: IndiaeNews.com: Business News | 29 May 2009 | 10:31 am GLOBAL MARKETS - World stocks hit new 2009 high, dollar sinksLONDON (Reuters) - World stocks posted a new 2009 high on Friday, hitting levels last seen six months ago, and the dollar sank to a five-month low against major currencies on hopes the global economy has seen the worst of its downturn.Source: Reuters: Money News | 29 May 2009 | 10:30 am Govt to quantify climate benefits from NREGANew Delhi: The government has started a pilot project to quantify climate benefits from the National Rural Employment Guarantee Act (NREGA), the anti-poverty scheme that could become one of the country’s main weapons to fight criticism it is not doing enough to tackle global warming. The flagship anti-poverty plan, started three years ago, provides 100 days of employment every year to tens of millions of rural poor, a move that partly helped the Congress party-led coalition return to power in a general election this month. About 70% of works under the NREGA are “green jobs” such as water harvesting, afforestation and land development. “Here is a programme which is an anti-poverty project that also yields co-benefits of adaptation to climate change and reduction of vulnerabilities against climate change,” said Rita Sharma who heads the ministry overseeing the jobs scheme. The pilot project is being carried out in four states in collaboration with experts from the premier Indian Institute of Science. “Within the next two years we should begin to get some handle on what kind of quantification is happening as a result of the NREGA works,” Sharma said, adding some data could be available from smaller samples in about a month. India’s current stand on climate change does not please Western countries, which want more commitment to curbing rapidly rising greenhouse gas emissions from one of the world’s top polluters. The top US energy forecast agency said on Wednesday that much of the growth in CO2 emissions from burning fossil fuels over the next two decades will come from developing countries, which already produce more than half of mankind’s carbon pollution. By 2030, carbon dioxide emissions from developing countries should hit 25.8 billion tonnes, while the pollution from rich countries should be 14.6 billion tonnes, said the Energy Information Administration in its annual International Energy Outlook. PRIORITY New Delhi says priority must go to economic growth to lift millions out of poverty while gradually shifting to clean energy led by solar power as well as increased energy efficiency. Despite rapid expansion of renewable energy, such as wind turbines, coal is likely to remain a growing source of energy to power India’s economy. Indian officials say the West must recognise the huge amount of benefit, such as carbon sequestration and emission reductions, achieved through projects such as NREGA. But some experts worry India could use such projects as a way to avoid additional investment in renewable energy and energy efficiency. According to official figures, even if renewable energy was expanded 40-fold, carbon dioxide emissions could rise from one billion tonnes per year to 3.9 billion tonnes per year by 2031-2032. Under energy projections that assume an even higher rate of coal use, such emissions could rise to 5.5 billion tonnes per year by 2031-2032. So, experts say, climate benefits accruing from development projects would fall way short in fighting any exponential rise in pollution in India. “At best, climate benefits from development schemes should be be treated as a supplementary effort to the main climate change plan,” said K. Srinivas of Greenpeace’s India climate change programme. But Sharma said such views only reflected a narrow Western outlook which did not have the required mechanism to recognise the climate contribution from social projects. “The Clean Development Mechanism and other mechanisms under the Kyoto Protocol are yet not fine-tuned enough so that programmes of this kind could be recognised,” she said. Under the CDM, companies and governments can invest in emissions cuts made by projects in developing nations, and in return receive offset credits that can be used to meet Kyoto targets or sold for profit. ”There is both a need for us to do the quantification and on the other hand there is also need for the international community to be able to develop mechanisms that recognise and give credit for such programmes.” Source: LatestNews-Home - Livemint.com | 29 May 2009 | 10:27 am Magna says open to "win-win" Fiat collaborationHAMILTON, Ontario (Reuters) - Magna International Inc would be open to collaborating with Fiat SpA or other European automakers, if it's a "win-win" scenario, the Canadian company's co-chief executive told Reuters on Thursday.Source: Reuters: Money News | 29 May 2009 | 10:26 am GDP better than expected, risks remain: Moody’sMumbai: The surprise upward revision of December-quarter growth along with the solid result in the March quarter should inject some confidence back into the Indian economy but downside risks remain, Moody’s Economy.com said. The economy grew 5.8% in the March quarter from a year earlier, above forecasts of 5.2% and matching the upwardly revised December quarter rate, which was the lowest since the December 2004 quarter. The October-December growth rate was revised from 5.3%. For the 2008-09 fiscal year to 31 March, India’s economy grew 6.7%, its weakest in six years and sharply slower than rates of 9% or higher in the previous three years. The rise in expenditure on the election campaign may have boosted India’s March quarter performance but downside effects from the external turmoil have been far too strong to be fully offset by the jump in political spending, the note said. “The impressive victory of the Congress party foreshadows economic reforms, which may help to strengthen the Indian economy,” said Sherman Chan, economist at Moody’s Economy.com. The cash-strapped authorities cannot afford sizeable stimulus measures, or they will risk widening the fiscal deficit and policy reforms seem to be the best way of reviving growth while maintaining fiscal discipline, it said. Moody’s Economy.com said the need for further rate cuts has eased as the economy has held up better-than-expected. However, the Reserve Bank of India (RBI) is likely to maintain a loosening bias as global economic concerns remain and the US economy is unlikely to bottom out until October, it said. Source: Home - Livemint.com | 29 May 2009 | 10:22 am Goldman sees India economic revival later in 2009-10Mumbai: Economic activity is likely to pick up in the second half of 2009-10 as recent indicators of investment activity show sequential improvement and on significant easing of financial conditions, Goldman Sachs said. The economy continues to have significant pent-up demand for investment, especially in infrastructure and in affordable housing, it said in a note on Friday. “We therefore see upside risks to our gross domestic product (GDP) growth forecast of 5.8% for FY10,” Pranjul Bhandari and Tushar Poddar, Goldman’s economists in India said. The economy grew 5.8% in the March quarter from a year earlier, above forecasts of 5.2% and matching the upwardly revised December quarter rate, which was the lowest since the December 2004 quarter. The October-December growth rate was revised from 5.3%. For the 2008-09 fiscal year to 31 March, India’s economy grew 6.7%, its weakest in six years and sharply slower than rates of 9 or higher in the previous three years. On a seasonally-adjusted basis, GDP grew 8% quarter-on -quarter annualised, compared to a 0.8% quarter-on-quarter rise in the previous quarter. “We continue to expect the rupee to strengthen vis-a-vis the US dollar and our 12-month target is at 46,” the note said. Source: LatestNews-Home - Livemint.com | 29 May 2009 | 9:35 am Fuel price may rise if curbs eased - IOC sourceNEW DELHI (Reuters) - India's current petrol prices would go up by about 5 percent if the federal government ended controls on pricing, a senior Indian Oil Corp said on Friday.Source: Reuters: Money News | 29 May 2009 | 9:23 am FOCUS - FMPs go out of favour as SEBI rules biteNEW DELHI (Reuters) - Fixed maturity plans (FMPs) that controlled more than a fifth of the Indian mutual fund industry's assets in September are now losing out to a series of regulatory changes that make them a tough sell for fund houses.Source: Reuters: Money News | 29 May 2009 | 9:17 am Multiplex association approaches CCI against producersBarely a week after the Centre notified specific provisions of the Competition Act, the Competition Commission of India (CCI) has received its first formal complaint. Multiplex Association of India has filed a complaint against the film producers on Tuesday, alleging cartelisation.Source: Moneycontrol Top Headlines | 29 May 2009 | 9:01 am Kamal Nath says transport regulations will be overhauledRoad Transport and Highways Minister Kamal Nath Friday said regulations covering India's road network will be overhauled even as he promised to change the physical landscape of the country's transport infrastructure in due time.Source: IndiaeNews.com: Business News | 29 May 2009 | 9:00 am Bhatt explains why associate banks should pay royaltyThe associate banks of State Bank of India might have to start paying royalty for using the State Bank logo by the end of 200910.Source: Moneycontrol Top Headlines | 29 May 2009 | 8:51 am GMR Infra buys out Singapore electric utilityMumbai: GMR Infrastructure Ltd said the GMR Group has agreed to buy out a Singapore-based private electric utlity, Island Power, which is developing an 800-megawatt power plant in the island-state. The Indian firm has signed an agreement with power producer Intergen NV to acquire the latter’s 100% stake in Island Power. Island Power’s proposed plant, to be fired by natural gas, is expected to be operational by 2013. The project will fetch about $1.5 billion in foreign direct investment into Singapore, GMR said in a statement on Friday. The GMR Group had already gained an indirect interest in Island Power through its 50% acquisition of Intergen in June last year. The new deal will enable GMR to enter the South East Asian energy market, it said. “We believe that the energy demand in Singapore and the wider region will see growth in the long run, especially as the global economy recovers, the Bangalore-based firm added. Shares of GMR Infra were up 2.55% at Rs166.85 in a firm Mumbai market. Source: World Business - Livemint.com | 29 May 2009 | 8:50 am Big ticket brands get ready to bat in T20 World CupBig ticket brands that stayed away from IPL2 are now readying to use the ICC Twenty 20 World Cup platform. With ESPN Star Sports offering relatively cheaper ad rates compared to the recently concluded IPL2, new advertisers are willing to splurge on the tournament.Source: Moneycontrol Top Headlines | 29 May 2009 | 8:40 am BSNL readies $10b war chest for overseas buysFollowing moves by private telecom players to acquire international operators, Stateowned Bharat Sanchar Nigam Ltd is readying a $10billion corpus for its own global ambitions.Source: Moneycontrol Top Headlines | 29 May 2009 | 8:35 am 3G services, lowering mobile tariffs top priorities: RajaNew Delhi: Telecom minister A Raja, who has retained the portfolio he held in the previous UPA government, said bringing down mobile tariffs to 10 paise a minute for local calls and 25 paise a minute for STD calls would be on top of his agenda during his second tenure. In India, at present local call rates vary from 40 paise to Re1, and national call rates from Re1 to Rs2 a minute. Raja, who got the prestigious Communications and IT Ministry for the second consecutive term, feels there is enough scope for tariffs to come down and the policies followed during his previous stint would help in achieving this. Besides, lowering the call tariffs auction of spectrum for 3G services and introduction of IT at the lowest level in government to make possible paperless functioning are also on top of his agenda. The minister is likely to take charge next week as he, along with his other cabinet colleagues, flew to Chennai this morning to seek their leader’s (Tamil Nadu chief minister M Karunanidhi) blessings. “Auctioning of 3G spectrum is on top of my priority list,” Raja said. Source: Tech News - Livemint.com | 29 May 2009 | 8:34 am 3G services, lowering mobile tariffs top priorities: RajaNew Delhi: Telecom minister A Raja, who has retained the portfolio he held in the previous UPA government, said bringing down mobile tariffs to 10 paise a minute for local calls and 25 paise a minute for STD calls would be on top of his agenda during his second tenure. In India, at present local call rates vary from 40 paise to Re1, and national call rates from Re1 to Rs2 a minute. Raja, who got the prestigious Communications and IT Ministry for the second consecutive term, feels there is enough scope for tariffs to come down and the policies followed during his previous stint would help in achieving this. Besides, lowering the call tariffs auction of spectrum for 3G services and introduction of IT at the lowest level in government to make possible paperless functioning are also on top of his agenda. The minister is likely to take charge next week as he, along with his other cabinet colleagues, flew to Chennai this morning to seek their leader’s (Tamil Nadu chief minister M Karunanidhi) blessings. “Auctioning of 3G spectrum is on top of my priority list,” Raja said. Source: Home - Livemint.com | 29 May 2009 | 8:34 am Murli Deora takes charge in petroleum ministryCongress leader Murli Deora took charge as the union minister for petroleum and natural gas Friday morning and announced a new scheme for distribution of liquefied petroleum gas (LPG) in villages.Source: IndiaeNews.com: Business News | 29 May 2009 | 7:01 am Dell aspires to be top Asia PC brand by 2012Taipei: Dell Inc, the world’s No.2 PC brand, aspires to be the leader in the Asian market in three years if the economy picks up, a senior executive said on Friday. “I’m not making a projection, I’m setting an aspiration,” Steve Felice, president of small and medium-sized businesses at Dell, told a teleconference with reporters. “I see a way there. We need some help from a healthy economy, but we’re going to push the teams to drive for that.” Data tracking firm IDC said Dell was ranked third in Asia excluding Japan, behind China’s Lenovo and Hewlett-Packard, but ahead of Acer and Founder. Felice, however, emphasised that the company would still try to balance profitability and growth, pointing to rivals such as Lenovo and Acer, which he said were trying to push demand that was not there. “Everybody has their own choice to where they’re going, and the way Acer went over the last quarter they shipped a lot of units but didn’t make investors very happy.” In Asia, Dell’s first-quarter revenue fell 20% from a year earlier as large companies cut back on technology spending amid the global economic slowdown, but consumer spending continued to grow, particularly in China and India. Stimulus measures in China to encourage purchases of electronic consumer products was likely to help the world’s most populous nation stabilise growth more quickly than other countries, Felice said. “Where we’ve seen some traction is in the areas of health care and education, and this was several parts of the stimulus package, so we’ve seen some benefit from there.” Felice did not go into specifics about possible job cuts, but said that while the company had cut staff in certain areas, it was still expecting to see overall employee growth in Asia. “There’ve been some reductions in some areas, but they’ve been very minor ... we might see some minor activity, but in general we should be seeing net growth of employment in Asia.” Dell narrowly beat analysts’ expectations for sharply reduced profit on Thursday, prompting a rise in its share price after hours, but gave little comfort to investors looking for signs of a quick turnaround in the PC sector. Dell’s shares have climbed about 12% so far this year, outperforming a 4% decline on the Dow Jones share index. Source: Tech News - Livemint.com | 29 May 2009 | 6:48 am Govt may free petrol and diesel prices in six weeks: DeoraThe Government will consider deregulating petrol and diesel prices in six weeks, Petroleum Minister Murli Deora said on Friday.Source: India Business News | Business News - Times of India | 29 May 2009 | 6:34 am Declining industrial output pulls down Q4 GDP growth to 5.8%The declining output of the manufacturing sector pulled down the economic growth rate in the fourth quarter of 2008-09 t0 5.8 per cent.Source: Daily News & Analysis: Money News | 29 May 2009 | 6:32 am India's economic growth slows to 6.7% from 9% a year agoIndia's economic growth slowed to 6.7% in 2008-09 from 9% a year earlier. The economy grew by 5.8% in the fourth quarter, down from 8.6% in the previous year.Source: India Business News | Business News - Times of India | 29 May 2009 | 6:10 am Sensex ends more than 329 points higher on good GDP numbersThe Bombay Stock Exchange benchmark Sensex zoomed by another 329 points, continuing its upward journey for the third straight session.Source: Daily News & Analysis: Money News | 29 May 2009 | 5:40 am Reliance Power in talks with Australian miners to set up JV: reportMumbai: Reliance Power is in talks with Australian mining firms BHP Billiton and Rio Tinto to set up a coal mining joint venture, the Economic Times said on Friday. Reliance plans to spend close to Rs50 billion ($1 billion) to develop coal mines, which will be used to power its electricity plants that are under construction, the newspaper said, citing a person familiar with the development. “We continue to evaluate options in our business. However, we don’t comment on specific opportunities or transactions,” a Reliance spokeswoman said. The Economic Times said Brazil’s Vale, Peabody Energ of the United States, Xstrata and UK’s Anglo American were also believed to have expressed interest in partnering with Reliance Power. The company, which listed on the stock exchange in February 2008, is developing three large power projects across India. It has coal reserves of 2 billion tonnes, sufficient to generate more than 16,000 megawatt of power for the next 25 years, the paper said. Source: World Business - Livemint.com | 29 May 2009 | 5:23 am Wal-Mart's first sales outlet to open on SaturdayWal-Mart is set to open its first sales venture in India on Saturday as part of an ambitious plan to establish a foothold in the country's vast consumer market.Source: India Business News | Business News - Times of India | 29 May 2009 | 5:07 am Rupee up 9 paise against dollar in early tradeThe Indian rupee on Friday appreciated by nine paise against the dollar in early trade, on the back of losses in the US unit against major currencies and hopes of an increased capital inflow by foreign funds as market may open higher.Source: India Business News | Business News - Times of India | 29 May 2009 | 4:38 am Google wants developers to ride its WaveSan Francisco: Google on Thursday encouraged software developers to ride into the future of email with a project called “Wave,” which opens inboxes to text, video, pictures, maps and even social network feeds. “Wave” expands the capabilities of email to let people communicate and work together in real-time with text, photos, videos, maps, and more, according to Google software engineering manager Lars Rasmussen. “In Google Wave you create a wave and add people to it,” Rasmussen wrote in a blog post at the California Internet giant’s website. “Everyone on your wave can use richly formatted text, photos, gadgets, and even feeds from other sources on the web. You see on your screen nearly instantly what your fellow collaborators are typing in your wave.” A “wave” prototype built by a five-person team “holed up in a conference room in the Sydney office” for months was previewed at a Google developers conference in San Francisco on Thursday. “After more than two years of expanding our ideas, our team, and our technology, we’re very eager to return and see what the world might think,” Rasmussen wrote. A “Wave” software kit was provided to developers at the conference. Wave allows for collaboration and communication by letting people send out pictures, messages, or videos that can be built on or modified as they stream from recipient to recipient. Waves can be rewound to see how exchanges evolved, according to Google. “Developers are going to see the potential of Google Wave as a platform; we hope they’ll leap on it,” Wave engineer Adam Schuck said in an interview posted at the US firm’s website. “They’ll be able to integrate it with existing systems they use today, or produce new tools that allow people to improve and manage their communications.” The computer code for Wave will be open source, meaning developers are free to modify it as they wish. “We’re inviting developers to add all kinds of cool stuff before our public launch,” Rasmussen wrote. No launch date for Wave has been specified. Rasmussen and his brother, Jens, founded an online mapping firm bought by Google in 2004. The brothers’ technology went into Google’s free Internet map service. Silicon Valley analyst Rob Enderle said that while the Wave goal is feasible, building a central station for various online photo, video, text and social networking feeds presents complex challenges. Such a project also calls for cooperation from an array of technology firms, some of them Google rivals, according to Enderle. “You start throwing these complex things together and things start breaking,” Enderle said. “And, Google has not shown an ability to drive the kind of collaboration it would take to make it happen.” Google Wave has solved “a bunch of stuff that has traditionally been very hard” such as real-time collaboration and hosted data, according to team engineer Casey Whitelaw. “Developers won’t have to think about all of that, they’ll be able to just build their app and go,” Whitelaw said in the interview. “The primary ideas are that everything is live, and everything is editable.” The Wave team in Sydney held weekly “team huddles” that evolved to include theme songs, prizes, and one member’s quest to “help us develop our chocolate palate beyond M&M” candies, according to Whitelaw. “Rather than try to anticipate every possible use it will be put to, we’ve made it open and extensible so developers can come up with what they think is cool and useful,” Whitelaw said of Wave. Source: Tech News - Livemint.com | 29 May 2009 | 4:20 am Big ticket brands get ready to bat in T-20 World CupMumbai, May 28 Big ticket brands that stayed away from IPL-2 are now readying to use the ICC Twenty 20 World Cup platform. With ESPN Star Sports offering relatively cheaper ad rates compared to the recently concluded IPL-2, new advertisers areSource: Business Line - Home Page | 29 May 2009 | 12:00 am Day Trading GuideWe re-affirm our prior view that fresh long position can be initiated if DLF surpasses Rs 379, with stiff stop-loss. We reiterate our buy recommendation in ICICI Bank and SBI as theSource: Business Line - Home Page | 29 May 2009 | 12:00 am Bhatt explains why associate banks should pay royalty to SBIKolkata, May 28 The associate banks of State Bank of India might have to start paying royalty for using the State Bank logo by the end of 2009-10.Source: Business Line - Home Page | 29 May 2009 | 12:00 am Tata Communications (Rs 499.4): SellWe recommend a sell in the Tata Communications stock from a short-term trading perspective. It is evident from the charts of Tata Communications that it was on an intermediate-term uptrend from February support level of Rs 390 till the May peakSource: Business Line - Home Page | 29 May 2009 | 12:00 am Consultant confirms oil, gas in Reliance K-G blocksChennai, May 28 Petroleum consultant Gaffney, Cline & Associates Ltd has confirmed the presence of oil and gas in two offshore blocks in the Krishna-Godavari basin — D3 and D9.Source: Business Line - Home Page | 29 May 2009 | 12:00 am Satyam may downsize overseas operations, terminate lease contractsMumbai, May 28 A handful of the 105 offices and 30 delivery centres that Satyam Computer Services has worldwide may soon cease toSource: Business Line - Home Page | 29 May 2009 | 12:00 am Recession blues: ISB now hires its own studentsHyderabad, May 28 The recession-hit students of Indian School of Business, who could not get job offers in campus placements earlier this year, have found a new employer — ISB itself.Source: Business Line - Home Page | 29 May 2009 | 12:00 am Unleash oil sector reforms, nowExpectations from the new Government are running high as it settles down to business after the heat and dust of the elections and Cabinet formation. With the Left millstone no longer weighing him down, Dr Manmohan Singh is expected to move forwardSource: Business Line - Home Page | 29 May 2009 | 12:00 am L&T net profit up 3% at Rs 998 cr in March quarterMumbai, May 28 Larsen & Toubro has reported a net profit of Rs 998.52 crore for the quarter ended March 31, 2009 which marks a three per cent increase from Rs 966.76 crore posted in the same period last year. Net sales at Rs 10,468.98 croreSource: Business Line - Home Page | 29 May 2009 | 12:00 am Anand Sharma gets Commerce, Industry; Steel for VirbhadraNew Delhi, May 28 Twelve days after sweeping the polls, the UPA Government has its 79 Council of Ministers in place.Source: Business Line - Home Page | 29 May 2009 | 12:00 am SpiceJet expects stimulus package for aviation sectorAjay Singh, Director, SpiceJet, expects a stimulus package for the aviation sector. We are hoping for a reduction of duties and taxes on the aviation turbine fuel.\"Source: Moneycontrol Top Headlines | 28 May 2009 | 9:37 pm 'India's economy is at an inflexion point'The Indian economy is diversified, reasonably well-balanced and resilient, but the government's "populist inclinations" run the risk of limiting these strengths, says Aninda S Mitra.Source: Daily News & Analysis: Money News | 28 May 2009 | 9:28 pm Sebi proposes framework for wireless tradingSebi on Thursday proposed a framework for trading in securities through wireless technology which would include data cards and cell phones.Source: Daily News & Analysis: Money News | 28 May 2009 | 9:24 pm TCI bets on rising road freight ratesTransport Corporation of India (TCI), the country's leading transportation company, expects road freight rates to go up in the next few months.Source: Daily News & Analysis: Money News | 28 May 2009 | 8:47 pm M&M plans 'small 4-wheeler', MCVsAuto major Mahindra and Mahindra (M&M) is planning to launch a small four-wheeler and medium and heavy commercial vehicles (CV) in the current financial year.Source: Daily News & Analysis: Money News | 28 May 2009 | 8:42 pm Equity MFs see rise in NAVThe continuous upswing in the markets has brought the net asset value (NAV) of many mutual funds in the equity diversified category above Rs 10, a price at which new fund offers are available in the market.Source: India Business News | Business News - Times of India | 28 May 2009 | 7:54 pm Domestic funds stay away from marketWhile FIIs have bought net equity to the tune of about Rs 11,384 crore in the month (till May 26), DIIs continue to remain net sellers.Source: India Business News | Business News - Times of India | 28 May 2009 | 7:51 pm Indian court uses blog reference to solve TVS-Bajaj patent issueNew Delhi: A blog post by a student was instrumental in TVS Motor Co. Ltd’s victory over Bajaj Auto Ltd in their recent legal skirmish over patent infringement issues, setting a precedent for the use of blog content by the country’s courts. In order to understand the complex technologies under consideration, the judges curiously chose to rely heavily on a blog entry by J. Sai Deepak, a final year LLB student from the Rajiv Gandhi School of Intellectual Property Law in IIT Kharagpur. The blog, “Spicy IP India”, deals with issues of intellectual property law.  Reliable information? The Spicy IP India blog entry by J. Sai Deepak that was cited by the Madras high court. A division bench of Chief Justice S.J. Mukhopadhyaya and justice Ibrahim Kalifula held that the technology used by TVS was considerably different from the twin spark plug technology patented by Bajaj. In order to establish this difference, the judgement quoted large sections of the blog to explain the distinctive features of both engines. “The distinction made out by the author of the said article is quite appealing and does not conflict with the facts pleaded by the parties before us,” the judgement said. What gave the case significance beyond being just another chapter in the Bajaj-TVS tussle was that it set a precedent for the future use of blogs in courts. Indian courts have traditionally relied only on books and journals whose reputation has been firmly established. Legal experts believe this is the first time a blog has been cited in a judgement by an Indian court. “It was bound to happen at some point. There are two interesting aspects here—one, the reliance in a judgement on an Internet source, and the other, the acknowledgement of the source by the judges,” says Sumeet Malik, associate editor at Lucknow-based Eastern Book Co. that publishes reports on Supreme Court cases. “There have been certain instances where print materials have been cited without acknowledging the authors.” Sudhir Krishnaswamy, professor at National University of Juridical Sciences, Kolkata, who specializes in constitutional law, says Indian judges tend to be “reckless” in their use of sources in judgements. “In judgements on affirmative action judges have cited from Upanishads to speeches and party manifestos. I have read both the blog post and excerpts from the judgement and this is a better instance,” he said. The judgement, while relying on the blog post, does not mention what elements would qualify other blogs to be used as a references. Unlike academic journals, online blogs are not peer reviewed, and often do not cite authorities and reliable sources to support facts and conclusions. Malik adds that this is an “interesting development” as Indian courts are grappling with the usage of Internet sources in judgements. He points to two separate and conflicting judgements of the Supreme Court, both of 2008, that have different opinions about the usage of Wikipedia in Indian judgements. While justice S.H. Kapadia allowed the usage of definitions of telecommunication devices in Reliance Infocomm Ltd v. BSNL Ltd, justice S.B. Sinha in another case held that inputs in Wikipedia couldn’t be relied upon in court, as he was not convinced of their authenticity. In the US, Krishnaswamy explains, there is the “Bluebook” that provides a framework of rules and prescribes the style of legal citations. It discusses elements of citing electronic media and non-print resources. Krishnaswamy and Rahul Mathan, Bangalore-based partner of law firm Trilegal, say that in most patent trials across the world courts rely on other public sources or experts instead of allowing parties to lead evidence. Sai Deepak, the author of the blog post, says he was quite surprised to hear that his opinion had been relied upon by the high court. While maintaining that the Spicy IP blog was written for a professional audience, and included writers who are professors and experts in the field of intellectual property law, he expressed his concern that other blogs might not subscribe to the same academic standards. But Mathan adds, “Blogs are becoming more and more mainstream. If judges can quote from newspapers’ news and opinion pieces, reply to letters and convert them to public interest litigations, I see no reason why they will not give the same value to a blog.” He says, however, it would be incorrect if the courts were to rely on facts and not the logic laid down in blog posts. “(At the) end of the day if a piece of writing, regardless of where it is has been published, has logic and reasoning and is written by a knowledgeable person a judge is free to accept it.” Since the Spicy IP blog is exceptionally well written for a blog, its use in this case might well be justified. However, blogs vary widely with respect to the qualifications of authors and overall authenticity. Whether other courts will follow this example and accept certain blogs as credible sources remains to be seen. As for the original dispute, it is far from settled. Bajaj has decided to file an appeal in the Supreme Court challenging the decision to permit production and sale of the TVS Flame. Nalini Chidambaram, the senior counsel representing Bajaj, says the blog was used without prior referral to Bajaj’s lawyers, giving them no opportunity to argue against its use. She also said Bajaj would question the reliability of the student’s article when the case was heard in the Supreme Court. The Madras high court has rejected Bajaj’s request to stay the operation of its judgement for two weeks till it appeals in the Supreme Court. In parallel proceedings, TVS has applied to the Intellectual Property Appellate Board in Chennai, asking for a revocation of Bajaj’s patent on twin spark plug technology. T.K. Bhaskar, counsel for TVS and partner at HSB partners, Chennai, said the judgement is “in order”. “There is nothing wrong as the blog is not the sole basis on which the court has laid down its judgement. The courts can use anything that is credible and of sound reasoning in their judgements.” malathi.n@livemint.com Source: Tech News - Livemint.com | 28 May 2009 | 7:14 pm Mamata returns Tata trust's Rs 27 lakh donationLast year, she drove the Tata Motors Nano factory out from West Bengal. Three days ago, Trinamool Congress chief and Railway Minister Mamata Banerjee turned down another Tata offer a donation of Rs 27,70,660 to her party from the Tata Sons Electoral Trust.Source: Business Standard | Front Page Headlines | 28 May 2009 | 6:52 pm Praful Patel says nursing Air India his top priorityNursing state-run carrier Air India back to financial health will be the top priority for Praful Patel, as he listed his main agenda for the ministry soon after being named minister of state for civil aviation once again.Source: IndiaeNews.com: Business News | 28 May 2009 | 6:33 pm Key challenge is to bridge rural-urban divide: ScindiaThe key challenge before the new government is to bridge the rural-urban gap, new Minister of State for Commerce and Industry Jyotiraditya Scindia said Thursday night.Source: IndiaeNews.com: Business News | 28 May 2009 | 6:33 pm Buddha government changes tack on land purchase for industryAfter the drubbing in the recent Lok Sabha elections in which the state's opposition campaigned against forcible acquisition of agricultural land for industries, West Bengal's Left Front government Thursday decided to adopt a flexible stand on the issue.Source: IndiaeNews.com: Business News | 28 May 2009 | 6:33 pm Kamal Nath's new portfolio takes industry by surpriseThe decision to shift Kamal Nath out of the commerce ministry to be given charge of the road transport and highways portfolio was Thursday seen by India Inc as the most unexpected development in the allocation of portfolios by Prime Minister Manmohan Singh.Source: IndiaeNews.com: Business News | 28 May 2009 | 6:31 pm Output loss of 6,000 vehicles owing to Nashik strike: MMPawan Goenka, PresidentAutomotive Sector, MM, said there has been a production loss of 6,000 vehicles owing to the strike at its Nashik facility. He said the company plans to recoup some of this loss in June.Source: Moneycontrol Top Headlines | 28 May 2009 | 5:10 pm Will expand capacity by 5K mw in 5yrs: Neyveli LignitePrasanna Kumar, CMD and DirectorFinance, Neyveli Lignite, said the organisation has a bright future given the fact that they have expansion plans in the offing and many of the plans have been approved by the government. Within five years, we will expand the capacity by another 5,000 mw which is from 2,500 mw to 7,500 mw.\"Source: Moneycontrol Top Headlines | 28 May 2009 | 5:00 pm Houston explores bilateral partnerships with IndiaHouston: Despite the global economic downturn, the Greater Houston Partnership is teaming up with the Indo-American Chamber of Commerce of Greater Houston (IACCGH) to actively cross promote opportunities between the region and India. “We are pleased to join with one of the Houston’s active economic development and trade organizations to promote our area as a global gateway to a very prominent international market that is very open to expanding or locating business operations here,” Greater Houston Partnership president and CEO Jeff Moseley told PTI. “With Houston’s vibrant markets in energy, petrochemicals, nanotechnology, IT, biotechnology and its world-class medical facilities, now is the time for more Indian companies to stake their claim in the area,” he said. “The time is ripe for Indian companies to establish businesses in Houston and continue to bridge the gap between the two regions,” said IACCGH executive director Jagdip Ahluwalia. The Partnership, represents the 10-county Houston region and collaborates with more than 36 economic development organizations to promote the growth of high-paying jobs, international trade and capital investment. Source: World Business - Livemint.com | 28 May 2009 | 11:32 am
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