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Vishal Information Tech to buy 3 European cos in 3 monthsDilip Parekh, ED of Vishal Information Technologies, said the company was looking to buy out three companies in Europe. We have identified three companies and have started the legal due diligence, account due diligence and the client due diligence. We are expecting to complete the process in 90 days.\"Source: Moneycontrol Top Headlines | 10 Jun 2009 | 4:36 pm Dhanalakshmi Bank to raise Rs 4000cr capital in 45 yearsAmitabh Chaturvedi, CEO and MD, Dhanalakshmi Bank, said the bank is raising Rs 30004000 crore in capital over the next four to five years. \"This will be used for taking the bank into the league of top five private sector banks in India.\"Source: Moneycontrol Top Headlines | 10 Jun 2009 | 4:00 pm Why is India Inc taking the QIP route? SMC Cap explainsJagannadham T, Equity Head, SMC Capitals, said QIPs have found market favour as it is a quick way to raise capital. In case of an IPO, followon public offering),or any other fund raising mode, it would take about fourfive months, whereas in the case of a QIP, everything can be wrapped up in a matter of fourfive days.\"Source: Moneycontrol Top Headlines | 10 Jun 2009 | 3:43 pm See Rs 100cr turnover from SPV biz this yr: Surana TelecomCommenting on the company\'s foray into solar equipment production, Narender Surana of Surana Telecom said this year they are targeting about 2530% capacity utilisation, which could get them approximately between Rs 80 and Rs 100 crore of turnover in photovoltaic modules alone.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 3:40 pm Order book has crossed Rs 5,000cr: VoltasMM Miyajiwala, Executive VP and CFO, Voltas, said the company was present in three business segments. As on March 31, we had an order book of Rs 4,700 crore of which Rs 1,000 crore is domestic. Also, beyond March 31, we bagged two large orders for airports at Kolkata and Chennai, so the order books size has crossed Rs 5,000 crore,Source: Moneycontrol Top Headlines | 10 Jun 2009 | 3:17 pm SBI waiting for Govt nod for merger of associate banks!The State Bank of India (SBI) on Wednesday said it is waiting for government signals for the merger of its six associate banks.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm South Korea snatches best airport title from Hong Kong !South Korea`s Incheon International Airport has been named the world`s best by travellers, snatching the title from Hong Kong, which won the award in seven of the past eight years, a survey published on Wednesday showed.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm Supreme Court allows Chrysler sale to Fiat!The Supreme Court on Tuesday cleared the way for the US government-backed sale of Chrysler LLC to a group led by Italian carmaker Fiat SpA, a victory for the bankrupt automaker and the Obama administration.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm BMW planning mass production of e-vehicles by 2015!BMW has no plans for forming a partnership with other manufacturers on battery powered electric vehicles and has its own plans to mass-produce "megacity" e-vehicles by the year 2015, BMW CEO Norbert Reithofer has announced.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm Satyam hits upper circuit, Tech Mahindra surges 28% on BSE!Satyam Computer on Wednesday hit the upper limit surging 10% on the Bombay Stock Exchange, for the second consecutive sessionSource: Zee News : Business | 10 Jun 2009 | 1:21 pm Excess liquidity needs to be reined in: RBI!Major developed economies should quickly withdraw excess liquidity from the banking system to avert another financial crisis, as the flood of cash could lead to imbalances, India`s Reserve Bank of India deputy said on Wednesday.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm Sensex up 381 points at 15,508.61 in early trade!The Bombay Stock Exchange benchmark Sensex moved up by 381 points in early trade on Wednesday, extending its gains for the second straight session, on increased capital inflows by foreign fundsSource: Zee News : Business | 10 Jun 2009 | 1:21 pm Bharti Airtel in pact with Comviva for managing VAS biz!Leading telecommunication player Bharti Airtel on Wednesday said it has entered into a managed services deal with Comviva, a provider of value added services for mobile operators.Source: Zee News : Business | 10 Jun 2009 | 1:21 pm How should you trade Satyam, Tech Mahindra now?Satyam has declared its numbers for the quarter ended OctoberDecember 2008. Its OctoberDecember standalone net profit stood at Rs 181 crore and its revenue from services came in at Rs 2,294 crore. Most research firms are divided in their view on the stock.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 12:15 pm Loans likely to get cheaper as Govt prods banks to cut ratesHome and other retail loans and industrial lending may become cheaper soon as public sector banks are likely to cut interest rates after the government prodded lenders to provide credit at reasonable rates to spur the economy.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 11:42 am Fiat Set to Close Chrysler Purchase After Supreme Court Blocks ... - Bloomberg
Source: Google News India - Business | 10 Jun 2009 | 11:38 am State Bank of India looking to grow by acquisitionsNEW DELHI (Reuters) - State Bank of India, India's largest lender, said on Wednesday it is looking to grow through acquisitions and will start by taking over its associate banks, as the government said it would support consolidation in the sector.Source: Reuters: Money News | 10 Jun 2009 | 11:38 am Tatas to launch GSM service this month; invest $ 2 bn - Business Standard
Source: Google News India - Business | 10 Jun 2009 | 11:36 am Close: Sensex rallies over 2% on strong global cuesNew Delhi: Markets rallied for a second straight session on sustained buying and firm Asian and European markets on Wednesday. The Bombay Stock Exchange benchmark Sensex opened with decent gains, surging through most of the day to push the Sensex up by 2.2%, ending at its 10 months high. Finance Minister Pranab Mukherjee’s plea with banks to cut interest rates further in order to provide cheap credit to recover economic growth also boosted sentiments. Domestic indices were also reacting to comments from the Prime Minister yesterday that India can achieve a growth of 8% to 9% with a high savings rate. All sectors barring realty ended in green, most of the buying was witnessed among power, capital goods, consumer durables, banking and health care sectors. Realty index fell by 1.14%. The 30-share BSE Sensex closed higher by 339.81 points or 2.25% at 15,466.81 and the 50-share NSE Nifty closed up by 104.30 points or 2.29% at 4,655.25. Picking gains on BSE Sensex pack, Tata Power led the rally by 6.43% to Rs 1,213.65, followed by Reliance Infra by 5.99% to Rs1,218.10, HDFC bank by 5.56% to Rs1,494.20, Ranbaxy Laboratories by 5.44% to Rs298.55, ACC by 5.40% to Rs897.35, Reliance Communications by 5.30% to Rs349.85, Bhel by 4.62% to Rs2,352.80 and Larsen & Toubro by 3.80% to Rs1,633.65. Among the few losers were Tata Motors down by 1.95% to Rs361.30, DLF by 1.71% to Rs395.80, Sun Pharmaceuticals by 0.83% to Rs1,324.80 and State Bank of India (SBI) by 0.37% to Rs1,756.75. Asian markets also closed in green with Japan’s Nikkei closing 2.1% up on its eight-month closing high and Hong Kong’s Hang Seng rose by 4%. Source: Home - Livemint.com | 10 Jun 2009 | 11:32 am Stay invested in Satyam, Tech Mahindra: Choksey - Moneycontrol.com
Source: Google News India - Business | 10 Jun 2009 | 11:31 am Realtors seek share sales to repay debt, await salesMumbai: Real estate firms are seeking share sales to settle debt and meet working capital needs as valuations improve, but the funds won’t be enough to salvage them if sales don’t pick up, say industry watchers. Since the start of 2009, almost $1.7 billion has been raised by home builders, according to Thomson Reuters data, while up to $2 billion more has been called for by realtors via share sales, especially qualified institutional placements (QIPs). “It is an over-leveraged market, the overall market is too huge. This (money) is nothing. It’s small peanuts. It won’t suffice,” Pankaj Kapoor, founder of Liases Foras Real Estate Rating & Research, said. Realty firms piled up debt as they rushed to launch projects amidst a three-year bull run in the sector. But, sales began slumping in 2008 amid a global meltdown and reluctance among buyers at higher prices, leading to a severe cash crunch. Sentiment improved with the successful share sales by Indiabulls Real Estate, Unitech and India’s largest listed real estate firm DLF, prompting more builders to seek board approval to raise money via share placements. “They don’t have an option,” Shobhit Agarwal, joint managing director, Capital Markets, Jones Lang LaSalle Meghraj, said, referring to QIPs. He said: “If you go to private equity, which is the other extreme, this kind of size is not available.” “They have no further capacity to raise debt or to service that debt,” he added. Outstanding bank loans to real estate firms rose to Rs62300 crores in FY’08, up about 38% from a year earlier, the latest central bank data shows. Confederation of Real Estate Developer’s Association of India (CREDAI) estimates that listed companies account for over half of those loans. Demand revival? Sales are trickling back as realtors focus on medium to low-priced houses, redesigning projects and cutting prices by as much as 40% in some markets, but most buyers appear to be flighty investors, suggesting that recovery may be months away. Residences account for the bulk of real estate up for sale and select projects across India are seeing a revival of demand, developers say. Equity analysts remain sceptical even about firms that were successful in raising money. Indiabulls Real Estate’s share issue brought down promoter holding to about 16.7% said a Motilal Oswal June report, however, till date no concrete plans on the usage of the QIP proceeds have been shared. Stock investors have pushed up the industry’s market value but analysts don’t think the rise can be sustained. India’s realty index is up almost threefold from March. “With most stocks trading at NAV (net asset value) premiums and equity dilution a likely overhang, we view risk/reward as unfavorable,” Karishma Solanki, analyst at Citi said in a June report. “India’s property market pick-up is typically seen starting from Mumbai, then Delhi, followed by the southern markets,” Jones Lang’s Agarwal said. But, the future still rests on revival of demand and a further price correction to bring back fundamentals. “The only thing that will bring back efficiencies into the (realty) market is sales,” said Liases Foras’ Kapoor adding: “For that prices have to come down, because until they come down, the buyer will not be motivated to come and purchase.” Source: Home - Livemint.com | 10 Jun 2009 | 11:30 am Need duty structure to avoid dumping: JSW SteelSeshagiri Rao, Joint Managing Director and Group CFO, JSW Steel, feels exports from China are likely to increase after the export rebate. He stated that the duty structure has to be introduced to avoid dumping in India.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 11:28 am Tata Tele to launch India GSM network with DoCoMoNEW DELHI (Reuters) - Tata Teleservices, which is 26 percent-owned by Japan's NTT DoCoMo, will launch GSM mobile services later this month and will spend $2 billion to build a national network on the popular platform.Source: Reuters: Money News | 10 Jun 2009 | 11:28 am Lamborghini sees no recovery until 2011Paris: Luxury sports carmaker Lamborghini sees no recovery in its markets until 2011 after a 30% drop in sales in the first five months of this year, chief executive Stephan Winkelmann said on Wednesday. Still, first-half figures would be positive, and the company, based in Sant’Agata Bolognese in central Italy, would achieve a full-year pre-tax profit, Winkelmann told the Reuters Global Luxury Summit. “We could stay profitable with sales that are dropping at 40% (in 2009). We are foreseeing a scenario that is staying on the same level next year and coming back in 2011,” he said. “I’m prepared to face another tough year in 2010.” Known for its low, sleek designs and high top speeds, Lamborghini identifies itself as “uncompromising and extreme”. Its badge carries the image of a bull. “We are the bad boys,” Winkelmann said. Its main competitor is Ferrari, owned by Italian carmaker Fiat. Lamborghini was founded in 1963 by Italian Ferruccio Lamborghini. It is now a unit of the Audi brand, owned by Europe’s biggest carmaker, Germany’s Volkswagen. Lamborghini sold 2,430 cars in 2008 and prices range from €170,000 to €360,000, Winkelmann said. Its biggest market is still the United States despite a fall in sales of over 40% there in the first five months. Winkelmann said he expected China to overtake Italy as its second-biggest market in the next three to five years, up from ninth-biggest last year. Lamborghini boosted pre-tax profit by 27% in 2008 to €60 million ($84.66 million) on revenue up 2.5% to 479 million as it cut costs. Winkelmann said the company had cut production by 30% in line with the sales fall this year. But even so, waiting time for deliveries had fallen to 6 months from over a year. Deep Crisis Lamborghini is in “constant dialogue” with its suppliers to help them “bridge a difficult situation”, Winkelmann said. It has temporarily laid off workers for seven weeks in total so far under an Italian state-supported scheme. “We are in the middle of the line between suppliers and dealers and we also have to deal with the unions,” he said. The company has lost customers in real estate and investment banking markets which have been hit very hard by financial market turmoil and the credit crunch. “I think the crisis is very deep,” he said. But many customers were simply postponing purchases as the decision to buy a Lamborghini was emotional and financial. “You buy it because it’s a dream,” he said. But even Lamborghini must cut carbon emissions to comply with European Union targets. It has agreed an individual target because of its small size to cut emissions from its cars by 35 percent over the next six years. The average car produces 150-160 grams of carbon dioxide per kilometre while the average Lamborghini produces more than 400 grams. The EU’s target for most carmakers is 120 grams by 2012. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:26 am BSE Sensex rises 2.25 pct to best close in 10 mthsMUMBAI (Reuters) - The BSE Sensex rose 2.25 percent on Wednesday to its best close in 10 months, as markets across Asia and Europe were boosted by cash-flush investors buoyed by signs of revival in global economic growth.Source: Reuters: Money News | 10 Jun 2009 | 11:25 am SBI looking to grow by acquisitionsNew Delhi: State Bank of India, India’s largest lender, said on Wednesday it is looking to grow through acquisitions and will start by taking over its associate banks, as the government said it would support consolidation in the sector. SBI has six associate banks, including State Bank of Travancore, State Bank of Bikaner and Jaipur and State Bank of Mysore. Shares in the three listed associates all rose 5%, their maximum daily limit. “As far as acquisition thorough inorganic route is concerned, our first priority is domestic,” chairman OP Bhatt told reporters ahead of a meeting of bankers with the finance minister. “Within domestic, our priority is to see whether or not we should go ahead with further consolidation, merger and amalgamation of our own associates.” SBI and its associates control about one quarter of Indian banks’ deposits and loans. Last year, it absorbed its unlisted associate, State Bank of Saurashtra. During the meeting, finance minister Pranab Mukherjee said consolidation of banks was desirable to improve competitiveness and to mitigate financial risks. “(State-run banks) should look at consolidation as a serious option in order to reduce risk to financial stability and to face competition,” he said in a statement afterwards. “Any consolidation initiative in the banking sector would be viewed positively and government, as a majority shareholder, would continue to play a supportive role in this process.” Bhatt said once the government approved of the mergers, it would not take more than six months to complete the process. Banking unions, backed by India’s communist parties, have generally opposed mergers of state-run banks, fearing job losses. Analysts say the likelihood of reforms in sectors such as banking has risen after the Congress-led coalition government was returned to power with a decisive mandate last month. Shares in SBI ended down 0.4% at Rs1,756.75. The banking index was up 2.5% while the broader market rose 2.25% to a 10-month closing high. Source: Home - Livemint.com | 10 Jun 2009 | 11:23 am Steel ind demands early imposition of anti-dumping duties - Business Standard
Source: Google News India - Business | 10 Jun 2009 | 11:22 am No exit plans, ING assures stakeholdersNew Delhi: Dutch financial services major ING Groep NV, which is planning to exit operations in 10 nations, on Wednesday said the entity is committed to its Indian business. The company also termed the operations of ING Vysya Bank as “one of the selective growth options”. In a filing to the Bombay Stock Exchange, ING Vysya Bank said the Dutch group is committed to India business. ING’s comments comes amid speculation that the group may sell its Indian operations. “ING reaffirms to all its stakeholders that it is committed to its India business operations and it continues to have long term business prospects in the country. “As of date, there is no talks with any consultants or merchant bankers in this regard,” the filing noted. The Dutch group has a significant presence in both banking and insurance operations, among others, in India. On 4 June, ING chief executive Jan Hommen said the firm plans to exit about 10 of the 48 countries, where the entity is currently operating, mainly as part of its efforts to derisk business. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:22 am Honda unveils premium hatchback Jazz in India - Economic Times
Source: Google News India - Business | 10 Jun 2009 | 11:20 am Nifty closes above 4650; Ranbaxy, RCom surge - Economic Times
Source: Google News India - Business | 10 Jun 2009 | 11:20 am Essar’s 3rd gate approval at Hazira SEZ pendingNew Delhi: Diversified conglomerate Essar’s request for an additional gate at its engineering SEZ at Hazira, Gujarat has been referred to the empowered group of ministers (EGoM) after objections were raised by the finance ministry. The board of approval (BoA) in the commerce ministry had allowed only two gates one for inter-carting and transporting and the second for personnel and other movements. However, after the request by Essar, the board had “permitted the developer to operate the third gate on a temporary basis” till 31 May. The company wants an additional “product gate” for the movement of hot sponge iron from the SEZ unit for consumption outside the tax free haven. The revenue department is not in favour of an additional gate as monitoring would become a problem. “After deliberations, as the issue could not be resolved at the BoA level, it was decided that commerce department would place the issue before EGoM for a decision,” sources said. Essar’s request was also taken up in the BoA held in February but it was deferred. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:17 am RCOM ties up with 'Krishak Bharati' to capture rural India - Indiatimes
Source: Google News India - Business | 10 Jun 2009 | 11:08 am Sensex jumps 340 points, closes at 10-month highSensex on Wednesday surged by nearly 340 points to close at a 10-month high as funds remained aggressive buyers on expectations of higher spending in the Budget to boost economic growth.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 11:08 am Pakistan hotel blast toll rises to 18, Taliban blamedPeshawar: Pakistani police on Wednesday pulled bodies from the charred rubble of a luxury hotel in northwest Peshawar after a suicide car bomb killed 18 people in the city troubled by Taliban violence. A top provincial official said that the massive blast at the Pearl Continental Hotel late Tuesday was likely the latest in a string of revenge attacks by Islamist militants over a six-week offensive against them in the northwest. Police hunting for the dead moved from room to room in the five-star hotel, large parts of which were reduced to rubble when at least two attackers shot security guards and then slammed an explosives-laden truck into the building. “The blast is a reaction to the army offensive in Swat and Malakand. The possibility of this type of terrorist attack cannot be ruled out in future,” North West Frontier Province (NWFP) information minister Mian Iftikhar Hussain said. He said that the death toll had risen to 18, as police and rescue workers continued to pull people from the wreckage of Peshawar’s ritziest hotel. “I fear that eight to ten people or maybe even more are still trapped under the debris,” said Shafiullah Khan, a police officer at the scene. Police official Abdul Ghafoor Afridi said that 57 people were injured, including some foreigners who have been taken from Peshawar, the provincial capital, to Islamabad for treatment. Rescue workers were seen ferrying out the body of a badly-disfigured hotel worker as his colleagues looked on in tears. The UN said that the dead included two of their employees — Serbian national Aleksandar Vorkapic, who worked for the refugee agency UNHCR, and Perseveranda So of the Philippines, who worked for children’s agency UNICEF. UN Secretary General Ban Ki-moon called the bombing a heinous terrorist attack which no cause can justify. Dozens of aid workers were staying at the opulent hotel before heading out to refugee camps in NWFP, where Pakistan launched military action in three districts on 26 April to try to crush Taliban rebels. The air and ground assault in Swat, Lower Dir and Buner has sent up to two million people fleeing their homes. More than 155 people have been killed in similar attacks across Pakistan since the anti-Taliban military offensive began, and Tuesday’s bombing was the seventh deadly blast in Peshawar in a month. Early reports suggested that at least two men shot their way through a security barrier and into the hotel compound, where they managed to detonate about 500 kilogrammes of explosives packed in a small truck. “It was such a huge and powerful blast that the engine flew up to the fourth floor of the hotel,” police official Shafiullah Khan said. CCTV footage broadcast on Pakistani television channels showed a car driving quickly through a security post on a road into the hotel, swiftly followed by a small truck, indicating that two vehicles may have been involved. In late May, 24 people were killed in a similar gun and suicide car bomb attack on a police building in eastern Lahore city — an attack claimed by Pakistan’s Tehreek-e-Taliban (TTP), which warned of more massive attacks. No group has yet claimed responsibility for Tuesday’s hotel blast, and provincial minister Hussain said police were sifting through the debris. “We have declared a high alert in Peshawar and other cities,” he said. The current military campaign centred on Swat was launched when Taliban fighters advanced to within 100 kilometres of Islamabad, flouting a deal to put three million people under sharia law in exchange for peace. The offensive has the backing of the US and enjoys broad popular support among Pakistanis exasperated by worsening Taliban-linked attacks, which have killed more than 1,960 people since July 2007. Military officials said Wednesday they had also launched operations in northwest Bannu district bordering the lawless tribal Waziristan region, where the US alleges Al-Qaeda militants are holed up, plotting attacks on the West. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:07 am Fiat to close Chrysler deal on Wed, shares riseMILAN (Reuters) - Italian car maker Fiat SpA was set to close its takeover of Chrysler on Wednesday in an ambitious move to survive and grow out of one of the worst crises in global auto industry.Source: Reuters: Money News | 10 Jun 2009 | 11:05 am World oil use fell by most since 1982: BPLondon: Global oil consumption fell by 420,000 barrels per day (bpd) in 2008, the biggest decline since 1982, BP said on Wednesday in the latest edition of its annual statistical review of world energy. Fuel use continued to increase in emerging economies, notably China, which consumed an extra 260,000 bpd, but the developed world used much less. OECD consumption dropped by 1.5 million bpd, led by a 1.3 million bpd fall in the US, the world’s biggest fuel burner. The drop in demand in developed countries coincided with record high prices, which rose to a peak of nearly $150 last July for US crude before crashing down to just above $30 in December as the world sank into financial crisis and oil supply outstripped demand. “In 2008, the world was no longer supply constrained as production growth exceeded that of consumption for all fossil fuels, particularly later in the year,” BP chief executive Tony Hayward said in his introduction to the review. “Our data confirms the world has enough proved reserves of oil, natural gas and coal to meet the world’s needs for decades to come. The challenges the world faces in growing supplies to meet future demand are not below ground, they are above ground,” he said. Oil production increased by 380,000 bpd to 81.8 million bpd, the statistical review said. Although the Organization of the Petroleum Exporting Countries (OPEC) agreed to implement output cuts late last year, its 2008 production was still 990,000 bpd higher. Saudi Arabia, OPEC’s biggest member, pumped 400,000 bpd more, while production from non-OPEC Russia dropped by 90,000 bpd, the first decline since 1998, and OECD output fell by 750,000 bpd. Mexican oil production, which shrank by 310,000 bpd, experienced the biggest decline. The annual review said the world’s proven oil reserves fell by 3 billion barrels to 1.258 trillion barrels by the end of 2008 from a revised 1.261 trillion at the end of 2007. Declines in countries including Russia, Norway and China offset increases in Vietnam, India and Egypt. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:05 am FM asks banks to cut interest rates further - Moneycontrol.com
Source: Google News India - Business | 10 Jun 2009 | 11:04 am We remain committed to India operations, says ING - Business Standard
Source: Google News India - Business | 10 Jun 2009 | 11:03 am State-run banks should consider mergers - MukherjeeNEW DELHI (Reuters) - The finance minister said on Wednesday state-run banks should seriously consider mergers to be more competitive and to reduce financial risks.Source: Reuters: Money News | 10 Jun 2009 | 11:02 am Reduce tax on household items to spur demand: AssochamThe Associated Chambers of Commerce and Industry (Assocham) Wednesday called on the government to bring down tax on household purchases to less than 20 percent from over 45 percent now to spur domestic demand.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 11:00 am Pranab Mukherjee urges banks to lower borrowing costsNEW DELHI (Reuters) - India's largest lender, State Bank of India, said on Wednesday it would decide on cutting rates by the end of June after the finance minister urged banks to provide loans at reasonable rates to spur growth.Source: Reuters: Money News | 10 Jun 2009 | 11:00 am Reliance Industries increases LPG supplies to oil firmsNew Delhi: Reliance Industries has increased LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its twin refineries at Jamnagar, forcing the state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers. RIL had at the beginning of 2009 calendar year indicated availability of 2.7 million tonnes of LPG from its Jamnagar refineries but in May indicated availability of another 7,00,000 tonnes, a government official said. “The increase in LPG availability forced cancellation or re-export of planned imports,” he said. “Till now 2,00,000 to 3,00,000 tonnes of contracted LPG has either been re-exported or cancelled. RIL is helping dispose of the contracted cargoes.” India’s total LPG requirement is around 13 million tonnes but state-run refiners do not produce adequate quantities to meet this demand. RIL supplies 2.7 MT and the balance 2.8-3 million tonnes is met through imports. RIL spokesperson could not be reached for comments. The official said RIL had last year told the Petroleum Ministry and the three fuel retailers that it would cut LPG supplies by up to 1 MT to 1.7 MT from March 2009. It wanted to crack LPG to produce gasoline (petrol) for export to the US and Europe. Accordingly, the oil firms contracted term supplies of LPG from companies like Saudi Aramco. But the economic downturn and slowdown in fuel demand in the US and Europe led to reversal of plans to produce more gasoline and instead RIL restored the original LPG production. The official said RIL’s second refinery at Jamnagar has added to the LPG production and the company has indicated availability of around 3,80,000 tonnes per month of the fuel in June to August. “The PSUs had to cancel or re-export their contracted LPG cargoes as RIL is not allowed to export the cooking fuel and all of the quantity they produce has to be necessarily sold to the state firms,” the official said. Reliance Petroleum, a subsidiary of RIL, commissioned its new 5,80,000 barrels per day refinery in December, adjacent to the parent company’s 660,000 bpd plant, making it the world’s biggest refining complex. RIL had at the beginning of 2009 said it would supply 2.693 million tonnes of LPG to state refiners but shortly thereafter raised the volumes to 2.965 MT, including supplies from the new refinery. It plans to build a 85,000 bpd alkylation unit that will process butane to produce alkylates with a high octane number. That should enable the firm to produce superior quality gasoline to tap US and European markets. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 11:00 am Tata Motors affirms Thai eco-car projectBANGKOK (Reuters) - Tata Motors Ltd said on Wednesday its 5-billion-baht ($147 million) project to produce an "eco car" in Thailand by 2012 was still on track.Source: Reuters: Money News | 10 Jun 2009 | 10:57 am Objections to disinvestment can be sorted out by talks: Montek New Delhi: The Planning Commission deputy chairman Montek Singh Ahluwalia on Wednesday said that the objections to the disinvestment progammes of the government can be sorted out through discussions. “If there are certain people who think that there are certain short comings in that, those could be sorted out by discussions”, he said in an interview to television channel CNBC Awaz. Although the government has expressed its commitment to offload equity in state-owned companies while retaining 51% share, the supporting DMK had raised objections to it. Participating in the debate on motion of thanks to President Pratibha Patil’s address, DMK MP Kanimozhi said in the Rajya Sabha: “I welcome that the UPA government had laid a lot of emphasis on welfare schemes and on social sector spending. But we also have to keep away from the temptation of generating revenue by disinvesting our PSUs.” Kanimozhi said that divesting PSUs will not help. “This was especially so to a country like India where socialist model was very important,” she said, adding: “So, we cannot think of disinvestment in the PSUs.” It was the DMK, whose opposition to disinvestment in the Nevyeli Lignite Corp, led to the previous UPA government’s decision to put on hold all its divestment proposals. While spelling out the government’s policies in her address to the joint session, President Patil had said: “Our fellow citizens have every right to own part of the shares of public sector companies, while the government retains majority shareholding and control.” Montek said: “The policies discussed in Presidents address and one of those is disinvestment. I think those would continue. The Prime Minister in the reply to Parliament on motions of thanks on President’s address has also said that consensus is very important. This is good that different view points surface in Parliament.” Earlier after assuming charge of the office he had told reporters: “There is a lot of scope of fund raising by diluting the government’s stake in unlisted PSUs. So there can be no objection, whatsoever, to divestment while retaining government’s stake up to 51%.” About the impact of global slowdown, Ahluwalia said: “2009-10 may not give you good relief, you will have to wait till 2010-11. One more fiscal stimulus is expected soon.” “You would come to know (about fiscal deficit) when budget would be unveiled. But we cannot say that we should not be worried about fiscal deficit whatever it is,” he said. About fiscal consolidation, he said: “We should go for new model FRBM Act, which would emphasis not use on the number of fiscal deficit but also on debt GDP ratio and more fluctuating fiscal deficit targets.” Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 10:52 am Monsoon to extend lull for one weekMumbai: India’s annual monsoon rains are likely to extend the lull in their progress for another week, the India Meteorological Department (IMD) said on Wednesday. “South-west monsoon activity is not likely to revive during next one week. Consequently, the advance of monsoon over east, north peninsular and adjoining central India will to be delayed,” it said on its website. India June-September monsoon hit southern India on 23 May, ahead of normal date of 1 June, but weakened in last week of May and first week of June. Monsoon has not progressed since 7 June. The delay may affect sowing activity in states of Madhya Pradesh and Maharashtra and Gujarat, the main producers of soybean, cotton, sugarcane, pulses and groundnut. In 2008, monsoon hit many parts of the country ahead of the schedule but turned inactive in June and July in central and western India, trimming yields of soybean and sugarcane. Last week a weather department official told Reuters that despite an early beginning, Indian monsoon may progress slowly during the June-September period. India’s June-September monsoon rains are a major influence on the farm-dependent economy as two-thirds of Indians depend on agriculture and related businesses for a living. Summer-sown crops accounted for 52% of the annual produce last year. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 10:50 am Realtors seek share sales to repay debt, await salesMUMBAI (Reuters) - India's real estate firms are seeking share sales to settle debt and meet working capital needs as valuations improve, but the funds won't be enough to salvage them if sales don't pick up, say industry watchers.Source: Reuters: Money News | 10 Jun 2009 | 10:47 am FM asks banks to cut rates for growthNew Delhi: India’s largest lender, State Bank of India, said on Wednesday it would decide on cutting rates by the end of June after the finance minister urged banks to provide loans at reasonable rates to spur growth. Union finance minister Pranab Mukherjee, who met chiefs of state-run commercial banks that dominate Indian banking, said sharp rate cuts by the Reserve Bank of India (RBI) were yet to reflect in lower borrowing costs for consumers. “I would urge the banks to address these concerns expeditiously and in adequate measure,” he said. “This will help restore the environment for rapid growth and ensure that the growth process benefits.” Mukherjee, whose Congress-led coalition came back to power last month with a stronger electoral mandate, said the government was looking at the economy with a lot of hope and the 6.7% growth in 2008-09 was a pointer towards this direction. Following a higher-than-expected growth in the March quarter, many banks revised upward India’s growth forecast for 2009-10, which now ranges between 5.8-7.2%. “The stock market also seems to be quite bullish,” Mukherjee said, referring to the main share index that has jumped more than 90% from its 2009 trough in March helped by foreign portfolio of almost $7 billion in period. OP Bhatt, chairman of State Bank of India, said the bank expected credit to expand a fifth in the first half of the current fiscal year that began in April. The bank will also decide on lower interest rates by the end of June, he said. SBI and its associates control nearly a quarter of Indian banks’ deposits and loans. Interest Rates Banks in India usually react to signals from the finance ministry but a slowing economy has made them wary of lending actively due to concerns about a rise in consumer delinquencies. Mukherjee said prime lending rates of banks had come downto between 12.00-12.25% from 13.75-14.25% six months ago, far lower than the drop in the central bank’s policy rates. The central bank has aggressively cut its policy rates since last October to ease credit conditions following Lehman Brothers’ collapse in the United States that triggered a global financial crisis. The RBI’s reverse repo rate, at which it absorbs excess cash from the banking system, has been slashed by 275 basis points since then to 3.25%. Mukherjee said India faced many challenges on the economic front, but stimulus measures taken by the government and central bank would help growth. “Our role is to provide an enabling environment for the business to flourish by way of various pro-growth policy announcements,” he said. Source: Home - Livemint.com | 10 Jun 2009 | 10:40 am VCs expect increased investments into India: DeloitteNew Delhi: With the global venture capital industry showing signs of recovery, investment levels into India are expected to increase the most compared to others in the Asia-Pacific region over next three years, says a survey by Deloitte. According to Deloitte’s 2009 Global Venture Capital Survey, India and China are two countries that are expected to gain the most in terms of economic stature, with as many as 43% respondents expecting to increase their investments into the country over the next three years. “... most respondents were of the opinion that the investment levels in India are expected to increase the most as opposed to other Asia-Pacific regions,” the survey said. In Asia (excluding India) half of the respondents believe their investment levels to increase, while 43% expects to step-up inflows into India over next three years. Interestingly, as many as nine out of 10 US VCs are also increasing or maintaining their investments in Asia and India and about the same number of respondents from Asia Pacific have similar plans, the survey added. “In India, too, VC funding has fallen nearly 25% on account of global slowdown, but there are visible signs of recovery. There may have been a dip in number of deals however the quality of deals has improved. Considering this, the market sentiment is expected to pick up sooner than expected,” Deloitte India Senior director Kalpana Jain said. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 10:38 am Japanese firm to begin Indian asset managementNew Delhi: Shinsei Mutual Fund, an arm of Japan-based Shinsei Bank, will launch three fund offers in India by July-end, marking its entry into the country’s asset management space. “Timing is opportune to enter as investors are regaining confidence in the mutual fund space. By July-end we would come out with three new fund offers for India,” Shinsei AMC, India, chief executive Piyush Surana said. The company plans to launch three new fund offers—Shinsei Liquid Fund, Shinsei PSU Bonds Funds and Shinsei Industry Leaders Fund—within two months, for which it has got the clearance of market regulator Sebi last week. “We aim to achieve breakeven within 3-5 years,” he said, adding “currently we are assessing the market scenario and Shinsei AMC would bring in another 6-8 funds in next 18 months accordingly.” Of the new fund offer, the liquid fund and the PSU Bond fund would be in the ultra-short term fund category with a lock-in of one year, while the Industry Leaders Fund would be a equity fund and invest in companies with track record of growth in profit, sales and having substantial market share. At the end of May, the 35 fund houses in the country had a cumulative average assets under management (AAUM) of Rs639,130 crore. Source: LatestNews-Home - Livemint.com | 10 Jun 2009 | 10:31 am Potato futures decline on profit-taking - Hindu
Source: Google News India - Business | 10 Jun 2009 | 10:02 am Banks have agreed to consider interest rate cuts: MukherjeeFinance Minister Pranab Mukherjee Wednesday said banks have agreed to consider interest rate cuts, responding to his strong pitch saying measures to ease their burden were not being passed on and that industry needed credit at reasonable rates to push overall growth.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 10:01 am Markets continue rally, Sensex up 342 pointsIndian equities markets continued their rally for the second consecutive day Wednesday, with a key index shutting shop 342 points above its last closing figure.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 10:00 am World oil consumption fell by most since 1982: BPLondon: World oil consumption fell by 420,000 barrels per day (bpd) in 2008, the biggest decline since 1982, BP said on Wednesday in the latest edition of its annual Statistical Review. Fuel use continued to increase in emerging economies, notably China, which consumed an extra 260,000 bpd, but the developed world used much less. OECD consumption dropped by 1.5 million bpd, led by a 1.3 million bpd fall in the United States. The annual review also said the world’s proven oil reserves fell by three billion barrels to 1.258 trillion barrels by the end of 2008 from a revised 1.261 trillion at the end of 2007. Declines in countries including Russia, Norway and China offset increases in Vietnam, India and Egypt. Oil production increased by 380,000 bpd to 81.8 million bpd. The Organization of the Petroleum Exporting Countries agreed output cuts late last year after prices crashed from a record high of nearly $150 hit in July, but its 2008 production was still 990,000 bpd higher, BP said. Saudi Arabian output rose by 400,000 bpd. Russia’s production dropped by 90,000 bpd, the first decline since 1998, and OECD output fell by 750,000 bpd. Mexican oil production, which fell by 310,000 bpd, experienced the biggest decline. Source: World Business - Livemint.com | 10 Jun 2009 | 9:45 am Rupee steady tracking firm stocksMumbai: The Indian rupee was largely steady in afternoon trade on Wednesday, rising for the second straight day, as a firm stock market renewed hopes for more inflows and the dollar’s weakness versus majors also supported. At 2:20pm, the partially convertible rupee was at Rs47.25/26 per dollar, stronger than Tuesday’s close of Rs47.48/49. It dropped to a low of Rs47.80 in early trade, its weakest since 28 May. The dollar eased on Wednesday as investors shifted from the US unit toward perceived riskier and higher-yielding assets on views the global economy and financial system are improving. Indian shares extended gains to 3% on Wednesday afternoon, tracking strong markets across Asia and Europe on a rally in oil and metal prices amid signs of a global economic recovery. Dealers said there was some dollar demand from oil refiners which was limiting the rise for the rupee. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs47.365 and Rs47.3675 respectively, with the total traded volume on the two exchanges at about $500 million. Source: Home - Livemint.com | 10 Jun 2009 | 9:42 am Govt to reform fuel price, ensure affordable supplyNEW DELHI (Reuters) - The government is committed to reforms in fuel pricing but it wants to ensure affordable fuel supply, Petroleum Secretary R.S. Pandey told reporters on Wednesday.Source: Reuters: Money News | 10 Jun 2009 | 9:37 am Oil tops $71 after large drop in US crude stocksLondon: Oil topped $71 a barrel on Wednesday for the first time in 7-months on signs demand for crude could be recovering, with US crude stocks falling last week and the Department of Energy raising its forecast for global demand. The American Petroleum Institute (API) reported US crude stocks fell by a massive 6 million barrels in the week ended 5 June, topping analysts’ expectations for a 400,000-barrel draw, as refiners ramped up production. The crude stock drawdown in the world’s largest energy consumer added to a sense weak demand is bottoming, with the US Energy Information Administration (EIA) - the statisical arm of the DOE - raising its 2009 demand forecast for the first time since September. US light crude for July delivery rose $1.35 to $71.36 a barrel by 2:15pm, after ending Tuesday at $70.01, the first settlement above $70 since early November. London Brent crude gained $1.17 to $70.79. “The crude stock draw and the EIA demand revision has bolstered hopes demand is starting to improve,” VTB Capital analyst Andrey Kryuchenkov said. Oil has more than doubled from the low $30s hit this winter as investors have started to price in hopes for an economic recovery which should boost oil demand. Output cuts by the Organization of the Petroleum Exporting Countries (Opec) totalling 4.2 million bpd since September have also helped prices to recover. The group has succesfully complied with around 80% of its cuts, but analysts have cautioned this is likely to slip as prices rise. Kuwait’s oil minister said on Wednesday the producer group - responsible for more than a third of the world’s crude output - could raise production if oil prices rose towards $100 a barrel. Economists have voiced concerns the rapid run-up in crude prices could derail any fragile economic recovery. Prices could gain further on Wednesday if the EIA confirms the API’s fall in crude inventories, in its own data on Wednesday to be released later today. Source: Home - Livemint.com | 10 Jun 2009 | 9:19 am PM, Raja discuss 3G spectrum auction New Delhi: Setting the ball rolling for 3G mobile telephony, telecom and IT minister A.Raja on Wednesday met Prime Minister Manmohan Singh and discussed the agenda for launching the much-awaited services and auction of spectrum. Official sources said that Raja met Singh in the morning and briefed him about the ongoing issues, including roll-out of 3G and wireless broadband (Wimax) services. The department of telecom (DoT) has to decide on the reserve price for spectrum as it had differences with finance ministry. The matter may be taken directly to the cabinet committee on economic affairs (CCEA) or will be referred to a group of ministers (GoM). DoT had proposed a reserve price of Rs2,020 crore for an all-India spectrum of five MHz, while the finance ministry had pegged it at around Rs4,040 crore. Asked whether the reserve price of spectrum came up for discussion between Raja and Singh, sources said that the minister mentioned about the number of players to be considered for 3G in the first round of auction of spectrum and its pricing. Raja had earlier said that he would like to start the process of auctioning of spectrum within three months and roll out the services by the end of this calendar year. 3G allows users access to high-speed data and voice services. State-run BSNL and MTNL are the only two operators to offer this next generation service in the country, while private players are awaiting spectrum to be apportioned. Raja had earlier said that he would look for clarity on issues such as whether a GoM that looked into 3G spectrum auction would continue to review the matter or would it now go to the CCEA. “Within two months after that, the auction process will start,” he had said. Mobile number portability, which would allow users to switch operators without changing numbers, will also begin in October, sources said, adding that all these developments were discussed by Raja with the Prime Minister. “By and large the effort would be to continue with policies initiated in the last tenure,” a source said, who termed the meeting as a courtesy call. Source: Home - Livemint.com | 10 Jun 2009 | 9:18 am Gold demand lags as wedding phase nears endMumbai: India gold prices edged higher on Wednesday tracking overseas leads, while domestic demand slowed as well-stocked traders geared to meet demand of the wedding season nearing its end, dealers said. The most active August contract was 0.41% higher at Rs14,667 per 10 grams at 3:01pm. Overseas gold, which guides the domestic market, rebounded above $960 an ounce as investors bought the metal as a hedge against dollar weakness, with other commodities such as oil and industrial metals also firming. “Gold demand has slowed now. It was there last week,” said Shekhar Jog, partner of Sangli-based V S Bullion, which caters to markets in western Maharashtra. Traders would slow their buying now as the wedding season neared an end, but could witness a revival in August, when traders stock to meet festival demand. Traders would not buy now and return only in August, said a dealer with a state-run bank in Mumbai. Source: Home - Livemint.com | 10 Jun 2009 | 9:14 am RIL allots 21,173 shares to employees under EsosMumbai: Reliance Industries Ltd on Wednesday said it has allotted 21,173 equity shares to its employees under the Employees Stock Option Scheme (Esos). The company has allotted 21,173 shares of Rs10 each to its employees on 1 June, RIL said in a filing to the Bombay Stock Exchange. RIL, the country’s most valued firm, is engaged in polymers, chemicals, fiber intermediates, petroleum, textiles and procurement business. Earlier in May, RIL had alloted 2,055 equity shares of Rs10 a piece to its employees pursuant to the Esos. Shares of RIL were trading at Rs2,317, up 1.99% on the BSE when this report was filed. Source: World Business - Livemint.com | 10 Jun 2009 | 9:12 am Google closing in on cheap renewable energyCalifornia: Google Inc is closing in on its goal of producing renewable energy at a price cheaper than coal, the company’s so-called green energy czar, the engineer in charge of the project, said on Tuesday. But the United States needs to raise government-backed research significantly and take much bigger risks if it wants to make alternative energy mainstream, executive Bill Weihl told Reuters in an interview. Google, known for its Internet search engine, in late 2007 said it would invest in companies and do research of its own to produce affordable renewable energy - at a price less than burning coal - within a few years. The often-quirky company cast the move as a philanthropic effort to address climate change, but the work is done by a unit of the for-profit corporation, Google.org, and Google investors will profit from any breakthroughs. The story of its pursuit of cheap, clean energy became an overnight phenomenon, and Chief Executive Eric Schmidt conferred with US President Barack Obama on economic revival and green jobs. Weihl said the odds of success had gone up in the last year or so from a long shot to a real possibility of demonstrating working technology in a few years’ time. “It is even odds, more or less,” he said. “In three years, we could have multiple megawatts of plants out there.” The company has made investments in advanced geothermal and wind, but engineers inside Google are focused mostly on solar thermal, in which the sun’s energy is used to heat up a substance that produces steam to turn a turbine. Mirrors focus the sun’s rays on the heated substance. By contrast, photovoltaic solar cells, the most commonly known form of solar power, turn the sun’s rays directly into electricity. “We are looking at ways of cheaply getting to much higher temperatures and also making the heliostats, the fields of mirrors that have to track the sun, reflect the sun, keep it focused on the target we are trying to heat up -- make those much, much cheaper. And I think we’ve made some really interesting progress in the last six to nine months,” he said. Google’s investment has been modest, so far. The company has put less than $50 million into clean energy start-ups, while the efforts of Weihl’s group are probably about $10 million or $20 million. Deploying technology on a large scale, however, would not be cheap, he said. If the test project is successful, “we’ll see whether we or us in combination with other people are prepared to fund much, much bigger facilities, or if we want to get a few more years’ experience before we really start to scale it up,” said Weihl. Still, the United States is not making enough of the start-up, risky investments it needs, he argued. “As a society we need much more, and it needs to be sustained,” Weihl said, calling recent funding in the US economic stimulus bill a good start. Coal is plentiful and cheap in the United States and China, making it a crucial source of both power and the carbon dioxide that produces global warming. So producing carbon-free energy for less than the price of coal is seen as a yardstick for the renewable energy industry’s success. Part of the process will be hitting dead ends, he added. Years from now, investors should be telling themselves that, in retrospect, some of the efforts were stupid. “If we are not saying that about some things, then we are not taking the risks we need to take to actually find the breakthrough innovations we need,” said Weihl. Source: Tech News - Livemint.com | 10 Jun 2009 | 9:10 am Govt to reform fuel price, ensure affordable supplyNew Delhi: The government is committed to reforms in fuel pricing but it wants to ensure affordable fuel supply, petroleum secretary RS Pandey told reporters on Wednesday. “Deregulation is an inter-ministerial issue. The government is committed to reforms and we have to make sure that people get fuel at affordable rates,” he said. Last month, the Prime Minister Manmohan Singh’s government, which was voted back to power, said it may eliminate diesel and petrol subsidies as soon as July. The government fixes the price of petrol and diesel and compensates state refiners, such as Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, by supplying domestic crude oil at a discount and by issuing bonds to shore up their balance sheets. Reliance Industries, which began producing natural gas from its deep-sea fields off the east coast this year, had raised production to 26 million metric standard cubic metres a day (mmscmd), and would raise it to 40 mmscmd in 15-20 days, Pandey said. Source: Home - Livemint.com | 10 Jun 2009 | 9:10 am Toyota Kirloskar scales down small car projectionsToyota Kirloskar Motor has scaled down annual projections for its small car, scheduled to debut in early 2011, from one lakh units to 70,000 units.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 8:56 am REC seeks Power Ministry nod to raise Rs 3KcrRural Electrification Corporation (REC) is seeking the Power Ministry\'s approval for a followon public issue or QIP to raise Rs 2,5003,000 crore. This could be the first step towards achieving the government\'s agenda of partial divestment in a public sector enterprise.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 8:55 am Infosys BPO looks for rural partnersAs part of its concerted bid to tap the rapidly growing domestic market, Infosys BPO, the back office outfit of Infosys Technologies Ltd proposes to tieup with the rural BPOs, besides setting up a separate delivery team of 500 employees by the yearend to service the local market.Source: Moneycontrol Top Headlines | 10 Jun 2009 | 8:49 am FM asks banks to cut lending rates to spur economic activity"As a financial intermediary the banks have to stand by to provide credit at reasonable rates," Pranab Mukherjee said addressing the chief executives of public sector banks.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 8:35 am Sensex at an almost one-year high on Budget outlookThe Sensex, which gained significantly for the second straight day, shot up by 434.11 points to 15,561.11, matching a level last seen on August 11 last year.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 8:10 am Satyam faces claims worth Rs 10,000 croreSatyam is still not out of the woods as it faces legal and other claims that could put a burden of up to Rs 10,000 crore on it.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 8:03 am FM asks banks to cut lending rates to spur economic activityAs a financial intermediary the banks have to stand by to provide credit at reasonable rates, he said.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 7:40 am Finance minister asks banks to cut interest ratesFinance Minister Pranab Mukherjee Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 7:31 am Tata Teleservices launches GSM serviceTata Teleservices, one of the leading telecom players in the country, Wednesday launched mobile services on the GSM platform under the Tata DoCoMo brand.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 7:30 am Asian shares, oil rally on hopes for ChinaHong Kong: Asian shares rallied on Wednesday as reports of stronger-than-expected industrial output in China raised optimism about the global economy, lifting metals and oil prices at or near multi-month highs. Gains in shares accelerated after two Chinese papers reported China’s industrial production rose by 8.9% in May from a year earlier, well ahead of forecasts and the fastest growth since September last year. The data is not due until Friday, but these same papers had accurately reported the inflation data ahead of the official release. The prospects of a stronger China’s economy, along with the weakening US dollar, are helping buoy prices of key metals like copper, which hit its highest level since 15 October on Tuesday. Oil prices rose above $71 for the first time in seven months. Commodity-related shares such as Rio Tinto were among the leading gainers in the region on Wednesday and were set to help European shares gain at the open as well. “Most of the moves are coming from commodities, not surprising considering how strong commodities were last night. Copper in particular was extremely strong. That’s reflected in the market today,” said James Foulsham, head of trading at CMC Markets in Australia. Dealers also chipped away at the US dollar as futures markets reflected second thoughts about a possible Federal Reserve rate hike this year, while the Australian dollar rose further above US$0.80 after an index of consumer confidence in the resource-rich country showed the biggest gain in 22 years. In Asian equity markets, Australia’s benchmark S&P/ASX 200 index was one of the biggest gainers, rising 2.3%. Shares of mining giants Rio Tinto and BHP Billiton outperformed the broader market, rising 3.4% and 3.2%, respectively. Japan’s Nikkei share average climbed 2.1%, after earlier hitting a eight-month high. Mitsubishi Corp, Japan’s largest trading house, surged 6.3% on the back of higher commodity prices. Shipping firms also rose on hopes for a recovery in the global economy. The Nikkei largely shrugged off data showed Japan’s core machinery orders unexpectedly fell 5.4% in April, suggesting any recovery in capital expenditure is still fragile. The MSCI index of Asia Pacific stocks outside Japan rose 2.7%, recouping its entire loss of 2.7% over the previous two sessions. The index has risen 57% since a global equity rally began on 9 March. Recent indicators have almost consistently shown a global economy that is past its worst. Investors have particularly welcome the positive signals from China, a key buyer of raw materials and commodities, and an increasingly crucial nexus in global trade. It is still unclear if signs of improvement in some markets point to the return of sustained consumer demand or if companies are merely replenishing depleted inventories. A solid rebound in end-user demand is needed to ensure a global recovery. Dollar pauses The ICE Futures US dollar index, a measure of its value against a basket of six other major currencies, edged down 0.2% on the day, after falling about 1.2% on Tuesday. The dollar had been momentarily propelled by speculation the Fed may have to raise interest rates sooner than previously thought if economic numbers such as last Friday’s US payrolls figure keep surprising to the upside. However, the December three-month eurodollar contract, a way for traders to bet on short-term interest rates, has clawed back about half the losses endured since last Friday, putting pressure again on the dollar. US light crude for July delivery rose $1.08 cents to $71.09 a barrel to seven-month highs, having climbed nearly 60% since March 2009. The latest rise is because of a much larger-than-expected drop in crude inventories. Source: Home - Livemint.com | 10 Jun 2009 | 7:12 am SBI waiting for Govt nod for merger of associate banks:BhattThe State Bank of India (SBI) said it is waiting for government signals for the merger of its six associate banks.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 6:37 am Sensex at one-year high on Budget outlookThe Sensex at midsession surged over 434 points to 15,561.11 on aggressive buying by funds on expectations that the government would jack-up spending in the Budget to boost economic growth.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 6:27 am Piruz's kids new faces of his baby, RasnaThe Ahmedabad-based Rasna Group is likely to launch chairman Piruz Khambatta's daughters Arzeen and Avan as the new mascots of Rasna.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 6:07 am Markets soar on opening, Sensex up 336 pointsA key index of the Indian equities markets soared at opening bell Wednesday, rising more than 332 points within five minutes of trade.Source: IndiaeNews.com: Business News | 10 Jun 2009 | 5:30 am RBI: Excess liquidity needs to be reined inMUMBAI (Reuters) - Major developed economies should quickly withdraw excess liquidity from the banking system to avert another financial crisis, as the flood of cash could lead to imbalances, India's Reserve Bank of India deputy said on Wednesday.Source: Reuters: Money News | 10 Jun 2009 | 4:53 am US Supreme Court clears path for Chrysler saleWashington/Detroit: The US Supreme Court on Tuesday cleared the way for the sale of Chrysler LLC to Italy’s Fiat, while General Motors began to revamp its widely criticized board by naming former AT&T Inc chief executive Ed Whitacre as chairman. In a victory for the Obama administration driving the restructuring of bankrupt Chrysler, the court denied a request from Indiana pension funds to delay the sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. The White House welcomed the high court’s action. “We are delighted that the Chrysler-Fiat alliance can now go forward, allowing Chrysler to re-emerge as a competitive and viable automaker,” said a White House official, speaking on condition of anonymity. Representatives for the three pension funds could not be reached. A spokeswoman for Chrysler had no immediate comment. According to a person familiar with Chrysler’s plans, the company is aiming to close the sale early Wednesday morning. The person declined to be named because the plans are not yet public. “Today’s decision is good news for the country,” said US Representative Gary Peters of Michigan, whose district includes Chrysler headquarters. “Chrysler’s swift emergence from bankruptcy has put the company in position to become more globally competitive.” Erich Merkle, independent auto analyst based in Grand Rapids, Michigan, said the choices were “approval of the sale or liquidation.” Moreover, Merkle said the court’s decision to stand back was good news for GM, which is using a similar quick-sale strategy to facilitate its government-backed trip through bankruptcy. “The stakes here were immense. Both GM and Chrysler need to get out of bankruptcy. They can’t stay in,” Merkle said, noting that Chrysler still had to demonstrate viability once it steps out of court protection. The Supreme Court decision followed a one-day stay issued by Justice Ruth Bader Ginsburg that prevented the Chrysler/Fiat deal from closing on Monday as planned. The Fiat option was the only one pursued to save Chrysler from collapse. The pension funds said the bankruptcy and appeals courts are moving too fast and contended that Chrysler’s sale would unlawfully reward unsecured creditors ahead of secured lenders. They also said that the plan amounted to an illegal reorganization and that the Treasury Department overstepped its legal authority by using financial bailout funds for Chrysler when Congress had intended the money for banks. The Treasury has dedicated more than $12 billion for Chrysler and roughly $50 billion for GM as part of the government’s bailout of stricken US automakers. Chrysler sought bankruptcy 30 April. GM entered court protection 1 June. Separately in New York, Chrysler won bankruptcy court approval to cut 789 dealerships, a quarter of its showrooms, in move that drew an angry response from a group of Senate lawmakers. GM names new chair Earlier on Tuesday, GM named Whitacre to become chairman of the reorganized automaker when it emerges from bankruptcy under US government oversight. Whitacre, an engineer by training who guided Texas-based Southwestern Bell through a decade of transformative mergers, will take over as chairman when a new GM is launched out of bankruptcy, the company said. “He is coming into an industry that is accustomed to heavy regulations. He knows how to grow a company. He gives a lot of credibility to GM’s restructuring,” said Stephen Spivey, an auto analyst with Frost & Sullivan. GM, which filed for bankruptcy on 1 June, plans a quick sale process that would allow a much smaller automaker to emerge from court protection in as little as 60 days under the majority government ownership. Former GM chairman and chief executive Rick Wagoner, who had staked his reputation on keeping the company out of bankruptcy, was ousted by the Obama administration at the end of March. In announcing Whitacre’s selection, GM also confirmed that the longest-serving board members and those most closely associated with Wagoner’s tenure would be leaving. Source: World Business - Livemint.com | 10 Jun 2009 | 4:25 am Rupee up by 21 paise to 47.28 a dollarRupee on Wednesday opened strong by 21 paise against the dollar on expectations of good capital inflow from foreign funds in the domestic equity markets.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 4:24 am Bartronics India (Rs 158.90): BuyWe recommend a buy on Bartronics India stock from a short-term trading perspective. It is evident from the charts of Bartronics that it has been on an intermediate-term up-trend since the March low of Rs 61, forming higher peaks and higherSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am Switchover to gas helps urea units cut production costsNew Delhi, June 9 Natural gas supplies from Reliance Industries’ Krishna Godavari-D6 fields have virtually halved the feedstock costs (for a tonne) for fertiliser units hitherto running onSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am Satyam posts Rs 52 cr net in Feb; operating margins betterHyderabad, June 9 Satyam Computer Services Ltd earned a net profit of Rs 52 crore in February on a strong operating profit margin of 17.46 per cent.Source: Business Line - Home Page | 10 Jun 2009 | 12:00 am Man happy, woman unhappyThere are two ways in which people who crave attention behave: they either say ‘no’ to everything, or they make startling announcements. Both methods work wonderfully well, especially in the make-believe world ofSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am Day Trading GuideFresh long-position can be initiated only if DLF exceeds Rs 414, with tight stop-loss. Though ICICI Bank and SBI bounced up in the last trading session, the near-term stance is stillSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am Strengthen PDS for ‘aam aadmi’The Sensex may be going up and dollar inflows may have revived; but that hardly cheers the common man who has voted the new government to power. The aam aadmi wants food at affordable prices. Food inflation is still too high toSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am SBI sees surge in New Pension Scheme collectionsSBI Pension Fund appears to have raced ahead of its competitors, collecting over Rs 25 lakh under the new pensionSource: Business Line - Home Page | 10 Jun 2009 | 12:00 am Is Satyam ‘undervalued’ given current financials?After remaining in the sidelines for most part of the stock market rally, the Satyam Computer stock hit the upper circuit on Tuesday after its financials were disclosed for the first time.Source: Business Line - Home Page | 10 Jun 2009 | 12:00 am Manmohan says 8-9% GDP growth achievableNew Delhi, June 9 The Prime Minister, Dr Manmohan Singh, has said the Indian economy could achieve growth rate of 8-9 per cent even if the world economy did not do well.Source: Business Line - Home Page | 10 Jun 2009 | 12:00 am KPMG to study viability of starting TPA networkKolkata, June 9 The four public sector general insurance companies have moved a step closer to their goal of jointly launching a third party administration service network.Source: Business Line - Home Page | 10 Jun 2009 | 12:00 am 'Future phones will be superhuman'Meyer, who joined Nokia in 2000 and was elevated to group design director in 2005, heads a 320-strong team based in Oulu, Finland.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 10:07 pm Congress's poll sweep may get you a jobCompanies in India will hire fewer people in the September quarter than June's, although last month's election results are giving business confidence a boost.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 9:40 pm 'The new Toyota plant can produce any car'Toyota Kirloskar Motors is set to strengthen its position in the premium sport utility vehicle market with the launch of the new Land Cruiser.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 9:30 pm 'We have turned down three offers 'Santosh Padhi, in this interview to DNA, fielded questions regarding the agency's existence so far - its work-culture, the latest Nirma ad by the agency.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 9:14 pm New Mashelkar report has, well, little newThe Mashelkar committee report on pharmaceutical and micro-organism patents has reared its controversial head again.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 9:05 pm Brand inequity: Patients suffer as drug-makers ruleSame medicines are being sold at different prices. The perception that "costlier is better" is drilled into people's head.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 8:50 pm 'Indian employers most bullish on hiring plans'India has once again emerged as the most optimistic nation in terms of hiring intentions with 19% of employers having positive recruitment plans for the next three months.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 7:52 pm Infosys bags $355m dealInfosys Technologies, India's second-largest software services firm by sales, said on Tuesday it had won a new IT outsourcing contract from Telstra Corp, Australia's top phone company.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 7:49 pm NTPC ready to buy gas from RILNTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 7:48 pm Google bets on India, set to hire moreWorlds leading search engine Google sees India becoming one of the 10 most impactful markets in the next three to five years and is planning to hire locally to drive its brand advertising stream of business.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 7:46 pm Problem of plenty for QIPsThe qualified institutional placement (QIP) party that started in mid-April with Unitechs highly successful issue is already showing some signs of fatigue.Source: Business Standard | Front Page Headlines | 9 Jun 2009 | 7:20 pm PM predicts 8-9% growth in 2-3 yrsMakes a strong case for disinvestment to raise resources.Source: Business Standard | Front Page Headlines | 9 Jun 2009 | 7:19 pm Satyam's alive and kicking; mkt cheersUnexpectedly healthy results see scrip hit upper circuit filter.Source: Business Standard | Front Page Headlines | 9 Jun 2009 | 7:18 pm A tale of two launchesThe Toyota affair was big for a recession-era car launch. Two huge halls were joined together at a suburban five-star hotel, a mock globe was hung at the middle with the slogan The pride of the world written across it. Huge projection screens dominated and the audio system could have made Bryan Adams happy.Source: Business Standard | Front Page Headlines | 9 Jun 2009 | 7:18 pm Apple unveils faster iPhone with new featuresSan Francisco: Apple Inc. moved to distance itself from rival smartphone makers on Monday by introducing the iPhone 3G S, a souped-up device that offers much faster processing speeds, a video recorder, compass and voice commands. The iPhone 3G S (the “S” stands for speed) will go on sale June 19 for $199 (Rs9,472) for a 16GB version and $299 for 32GB of storage, doubling the capacity of the 3G models they replace. Apple senior vice- president Philip Schiller said the company also will sell a $99 8GB version of the current 3G. Apple’s newest phone will run iPhone 3.0, the upcoming operating system for the iPhone and iPod touch family of devices, of which more than 40 million have sold.  Tech track: Apple’s newest phone features a 3-megapixel camera that supports video recording with editing and sharing capabilities via email, YouTube and multimedia messaging. There is also a voice command feature for making calls or controlling media playback. Reuters “We think customers will be blown away with all that it does,” Schiller said in the keynote speech at Apple’s Worldwide Developers Conference, which started on Monday. Schiller led the opening speech in place of Apple CEO Steve Jobs, who remains on medical leave until the end of this month. The iPhone 3G S will emphasize speed, not only through a faster processor but also through its ability to support the next evolution of 3G high-speed networking. The device will be able to take advantage of AT&T’s plans later this year to begin doubling the speed of its 3G HSDPA network. “This is the fastest iPhone we’ve ever made,” Schiller said. The iPhone 3G S features an upgraded 3-megapixel camera that supports video recording with editing and sharing capabilities via email, YouTube and multimedia messaging. There is also a voice command feature for making calls or controlling media playback. A compass has been added, and battery life has been improved by as much as 50%, depending on the application. The iPhone 3.0 OS software, which will be available on June 17 as a free upgrade for existing iPhone users, will feature more than 100 new improvements for consumers and more than 1,000 new ways for developers to build for the iPhone platform. The features include new cut-and-paste ability, landscape keyboard access, MMS multimedia messaging and universal search across e-mails, contacts, applications and the Web. A newly introduced feature called Find My iPhone enables people to track down their iPhone and erase data on it if using a MobileMe account. Independent app developers also will be able to include new in-app payments, peer-to-peer networking via Bluetooth for gaming and other programs, and push notification for applications like instant messaging alerts. The software improvements maintain the momentum for Apple’s App Store, which offers 50,000 programs. Michel Guillemot, CEO of mobile game maker Gameloft, said he was excited about the iPhone 3G S’ combination of features, which he said will enable more mobile cutting-edge experiences. “These are the first steps in a revolution, and developers are able to build on this,” he said. “I don’t know anyone else than Apple that is moving so fast in delivering an Internet experience with perfect results for everybody.” Tim Bajarin, an analyst with Creative Strategies, said Apple is migrating the iPhone even more toward becoming a true mobile computer, in the process distancing itself from rivals who are having trouble keeping up. “What you’re seeing with the iPhone and its apps and features is Apple continuing to set the gold standard, and it makes it harder for others to catch up,” he said. In other news, Apple announced that its Snow Leopard Mac OS X upgrade will be available in September for $29 for existing Leopard users or $49 for a family pack. Schiller also announced new MacBook Pro 13-inch, 15-inch and 17-inch models that feature longer battery life, LED-backlit displays, an SD card slot and a FireWire 800 port. The 13-inch MacBook Pro, which updates the 13-inch aluminum MacBook model, starts at $1,199. The 15-inch and 17-inch models received price cuts and will begin selling for $1,699 and $2,499, respectively. Apple also cut the price of the MacBook Air to $1,499 and the solid-state drive configuration to $1,799. ©2009/The New York Times Source: Tech News - Livemint.com | 9 Jun 2009 | 6:33 pm Indian employers are optimistic on hiringDelhi/New York: Employment prospects deteriorated in India as employers in the services industry anticipate weaker demand from offshore clients, but Indian firms remained the most optimistic in the world in terms of their ability to hire people in the three months beginning July (the third quarter of the calendar year and the second for most Indian companies, which close their books in March). Click here to watch video The optimism is reflected in an index that measures the difference between employers who plan to add jobs and those who expect to cut them and which has become a forward-looking measure of hiring expectations. The measure held steady in the US and other large economies amid signs employment is starting to stabilize, but prospects in several countries worsened. The index is calculated every quarter by staffing services firm Manpower Inc. The company said its seasonally adjusted US net employment outlook remained at minus two for the third quarter, unchanged from the second quarter but down from a reading of 12 a year ago. “Overall, it’s pointing to some real stability, which is massively important,” Manpower chief executive Jeff Joerres said, adding that Friday’s US jobs report also hinted at stability. Last week, the US government reported the loss of 345,000 jobs outside the farm sector in May, the fewest cuts since September, with the unemployment rate jumping to 9.4%. The job cuts were smaller than economists expected. India’s net employment outlook was 19, the highest among the 34 countries surveyed. The outlook was positive in only 11 countries. Manpower India managing director Naresh Malhan said: “The results for this quarter is encouraging as the rest of the world is suffering badly from the global economic downturn. The positive intent among Indian employers is translating into action.” Still, the number is lower than the net employment outlook of 25 for the quarter beginning April and 43 for the quarter beginning July 2008. Around 4,800 employers across 30 Indian cities took part in the survey, which was carried out in mid-April.  Seeking employment: A file photo of a job fair conducted by the ministry of labour and employment in Bangalore. Hemant Mishra / Mint State-owned firms and those in the business of education were the most optimistic in India with a net employment outlook of 33. Companies in the businesses of finance, insurance and real estate were the least optimistic with a net employment outlook of 11. Employers in other large labour markets—including the UK, Japan and China—also indicated stable hiring outlooks, while those in Mexico, Taiwan, Singapore and Australia said prospects are better than in the second quarter. But the employment outlook worsened slightly in Canada and some large European labour markets. Joerres said it was too early to say if world labour markets would stage a synchronized recovery, and too soon to predict the shape of any recovery. feedback@livemint.com Source: World Business - Livemint.com | 9 Jun 2009 | 5:56 pm Recession-hit IT sector wants fiscal benefits extendedBattered by global meltdown and lower tech spending, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity and inequity of taxes to mitigate the recessionary impact and protectionist measures being adopted globally.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 5:00 pm Recession-hit IT sector seeks extension of fiscal benefitsBattered by the global meltdown, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity of taxes.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 4:01 pm Airtel named best service provider in Asia-PacificBharti Airtel, one of India's leading telecom service providers, has been adjudged the best service provider in the Asia-Pacific region by telecom research and consultancy firm Frost and Sullivan.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 3:30 pm Genpact to train Bhutanese graduates for IT jobsGurgaon-based business process outsourcer (BPO) Genpact will train Bhutanese graduates to help develop the IT and IT-enabled services industry in the Himalayan nation, a company official said Tuesday.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 3:01 pm
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