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Pfizer eyes deals to raise emerging mkts presenceDUBAI (Reuters) - Pfizer Inc, the world's largest drugmaker, is looking to conclude deals in emerging markets over coming months to raise its share of a market worth an estimated $80 billion, an executive said on Sunday.Source: Reuters: Money News | 14 Jun 2009 | 1:46 pm MK Stalin in Trichy - Chennai Online
Source: Google News India - Business | 14 Jun 2009 | 1:32 pm Wellness paysNew Delhi: Although some businesses may be slowing down, or right sizing or even downing shutters during these tough times, the wellness industry in India seems to be bucking that trend. Click here to watch video The organized sector, still considered in its nascent stages, has been seeing exceptional growth over the last few years. The Amatrra Spa in New Delhi, which opened in 2004 and provides high-end products and services, grew about 10% over the last year. Vikram Berry, general manager of the spa, says Amatrra’s target market is less impacted by the slowdown in the economy. “The wellness industry is very self driven by the demand from within the economy and not from external resources”,says Berry. “We’re not looking for outside support. I don’t need tourists to come in to run. I don’t need to bring in footfall. It’s a product which is governed by its own surroundings.” VLCC, which recently opened 4 more day spas in January after testing out the market with one spa in Vasant Vihar in New Delhi, says he’s filling a gap that was missing in the market. “There are a lot of people out there in the non-super premium category who would want our services if they were available to them based on price, or location or kind of service”, says Sandeep Ahuja, MD of VLCC Group. “Our prices in our Gurgaon day spa for example, are not 5 star hotel rates. I suspect we are attracting a certain segment that wasn’t going to a spa because there was a sense of reluctance because of the price-value equation.” VLCC’s beauty and slimming centers, which have been around since 1989, have been growing 40% CAGR for the last 4 years. Another distinct trend that has emerged is that men are utilizing wellness services now more than ever before, not just in the big metros, but also in tier 2 and 3 cities. Today, 18% of Kaya Skin Clinic’s customers are men. A company that provides skin services and treatments, it has created a range of men’s products, which now contribute 15-16% to its revenue. Overall, Kaya Skin Clinic has been growing at 57% CAGR over the last 3 years. marketing head Suvodeep Das says India’s bountiful holidays have kept the industry cushioned from the slowdown. “We’re a land of celebratons and festivals. So occasions when you need to look good are many more than in the West. You have weddings in the family, Holi, Diwali, Baisakhi, in various parts of the country and we have large families, which lends itself to more occasions of looking good. So perhaps that’s what has insulated us from the impact.” Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 1:31 pm ANALYSTS VIEW - Reaction to G8 finmins meetingLECCE, Italy (Reuters) - Following are comments from economists, market strategists and other analysts on the outcome of this weekend's meeting of Group of Eight finance ministers in southern Italy.Source: Reuters: Money News | 14 Jun 2009 | 1:29 pm Taking stockNew Delhi: The Sensex fell on Monday, the most it had in a month, as investors judged gains to be excessive as compared to earnings. Stocks on the index were trading at 16 times earnings, versus 8.8 times on 11 March, this year’s low. Click here to watch video Infrastructure, real estate and metal companies led the decline. The index rose to a 10 month high on Tuesday, afterPrime Minister Manmohan Singh said the Indian economy could grow at 9% despite the global recession. Larsen and Toubro and Jaiprakash Associates climbed after the Prime Minister spoke of potential infrastructure advances. Fraud-hit Satyam Computers surged to the daily limit after it reported a Rs. 160 crore profit for the quarter ended December 31st. Stock prices rose again on Wednesday, on expectations that the government will increase public spending, improving the economy. The Sensex has increased 60% this year, Asia’s biggest advance. The sensitive index fell on Thursday on speculation that the 32% gains made over the last month made stocks too expensive. After swings throughout the day, stocks ended mixed. The sensex was trading at 18 times estimated earnings. The index fell for a second day on Friday on profit booking, led by State Bank of India, Bharti Airtel, and Ranbaxy. The sensex advanced 0.9% this week, its 14th weekly rise. Top gainers included Reliance, Sterlite Industries, ONGC, and Tata Steel. Top losers were Ranbaxy Labs, DLF, Reliance Communications, Mahindra & Mahindra and Tata Motors. Many sector indices remained under pressure. Metals and Oil and Gas led the gains, while realty, auto, and capital goods, smallcap, bankex, midcap, power, IT, health care, and FMCG declined. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 1:26 pm G-8 nations see signs of economic recoveryLecce, Italy: Citing “signs of stabilisation” in their economies, G-8 finance ministers have decided to ensure that such trends emerging in the global economy should be nurtured and asked the IMF to study exit strategies to “unwind” their hefty stimulus packages. On macroeconomic conditions, the ministers recognized that the coordinated policy action implemented so far has borne some fruit, citing a recent rise in stock prices, a decline in interest rate spreads, and improved business and consumer confidence. “There are signs of stabilisation in our economies,” said a joint statement of the ministers from the G-8 countries - Britain, Canada, France, Germany, Italy, Japan, Russia and the United States - after their two-day meeting in Lecce, Italy. “I was left with a strong impression that each country has the feeling that the economy is bottoming out,” Kyodo news agency quoted Japanese finance minister Kaoru Yosano as saying in the southern Italian city last night. But the ministers agreed not to relax their ongoing efforts until the global economy moves back onto a self- sustained recovery track and called for vigilance over persisting downside risks such as worsening employment trends. “Even after output growth begins picking up, unemployment may continue to increase,” the ministers said, adding that the countries will take all necessary steps to ease the impact of the crisis on employment. The G-8 ministers said they discussed ”appropriate strategies” for how to find a way out of big fiscal spending once their economies recover. They, however, noted that the framework for unwinding the unusual measures taken so far to fight the global economic crisis should “vary from country to country.” US treasury secretary Timothy Geithner also warned after the meeting that nations should not implement policy restraint too early as the global economy has yet to enter a recovery phase despite recent signs of improvement. “I don’t think we’re at the point yet where we can say we have a recovery in place,” he said. But he echoed the G-8 statement’s call for charting the future course for the restoration of fiscal balances, saying financial and economic recovery “will be stronger and more sustainable if we make clear today how we get back to fiscal sustainability when the storm has finally passed.” To get a better picture of when to reduce the governments’ involvement in economic activity, the G-8 asked the International Monetary Fund to carry out a study. “We asked the IMF to undertake the necessary analytical work to assist us with this process,” the statement said. The meeting noted that the situation remains uncertain and countries should remain vigilant to ensure growth through stable financial markets and strong fundamentals. The ministers also reaffirmed the importance of combating all forms of money laundering and the financing of terrorism. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 1:26 pm BRIC summit eyed for signals on dollarMoscow: When the leaders of Brazil, Russia, India and China gather for their first full-fledged summit, they will be closely watched for signs of policy shifts that could affect the global role and strength of the US dollar. During the summit on Tuesday in the Ural Mountains city of Yekaterinburg, Russian President Dmitry Medvedev is likely to reprise Russia’s call for a new global reserve currency to augment the dollar. The Russian proposal reflects both the Kremlin’s push for greater international clout and a concern shared by other so-called BRIC members that soaring US budget deficits could spur inflation and weaken the dollar. Russia, China and Brazil recently announced their intention to invest in International Monetary Fund bonds to diversify their dollar-heavy currency reserves. IMF bonds are denominated in Special Drawing Rights, of SDRs, an artificial currency used by the IMF. While this has raised fears that the greenback could be further weakened, analysts say BRIC nations can offer no viable alternative to the dollar. “This should be a currency with some liquidity to it. SDRs won’t work in this respect,” said Nataliya Orlova, chief economist at Moscow-based Alfa Bank. “The United States is the IMF’s chief investor, so one can hardly think that you can invest in the IMF and get rid of the dollar altogether.” Some say the main aim behind the reserve currency talk is to send a signal to the US administration to step aside from its policy of printing money. “They want to show the United States that there are forces that can influence US policy,” said Alexander Konovalov, head of the Moscow-based Institute of Strategic Assessment. The foreign ministers of the four countries met last year in Yekaterinburg, and the Presidents have met on the sidelines of other meetings, but Tuesday’s summit will be their first. China is Washington’s biggest foreign creditor, holding an estimated $1 trillion in US government debt. Chinese officials have been considerably more careful than their Russian counterparts in talking about potential alternatives to the dollar, apparently fearing that such comments could undermine the value of their dollar assets. Russia’s finance minister also took a markedly less bullish line recently, saying that the creation of a new reserve currency would require much greater integration of economic policies. The summit is unlikely to produce any specific results because of deep differences among BRIC countries, which were initially linked together solely because of their fast-developing economies. While they share a desire to play a bigger role in creating a new global financial order and counterbalancing the West and Japan, their often contradictory interests would make forging a common policy a difficult task. “BRIC nations are united by their desire to take a more visible role in global affairs,” Konovalov said. “They represent a growing part of the global economic potential, but they have different priorities and lack a common economic basis for closer integration.” China and India have sizable labor resources, while Russia and Brazil are rich in natural resources. China is a major consumer of natural resources, unlike Russia and Brazil, which are top producers. While China wants lower oil prices, Russia and Brazil would seek higher oil prices. “On the one hand they need to cooperate because buyers and sellers need to cooperate, but on the other, their interests at times are set against one another,” said Ron Smith, chief strategist at Alfa Bank. There is also a huge competition among the BRIC nations for foreign capital and investment. “BRIC is like a reduced model of the world, rich in all its diversity,” said Fyodor Lukyanov, editor of Russia in Global Affairs magazine. “They have few coinciding interests, except their striving for a more just economic order.” Analysts have been pondering for years whether BRIC nations could join efforts and replace the United States as the driver of global economic growth. Most agree that however fast growing the BRICs are, their influence is still limited. “Even together, BRIC is smaller than the US economy,” said Yelena Sharipova, economist with the Renaissance Capital investment bank. “They are growing very fast and getting closer to the United States. The developing nations will be biting more and more from the developed economy’s pie, but it will take at least 20 years for them to reach the level of the US economy.” Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 1:07 pm INTERVIEW - Tengzhong says Hummer deal on trackBEIJING (Reuters) - Sichuan Tengzhong Heavy Industrial Machinery, the surprise bidder for General Motors Corp's Hummer brand, said on Sunday the deal should be concluded in the coming quarter.Source: Reuters: Money News | 14 Jun 2009 | 1:01 pm AIRSHOW - Airbus rules out price war to hit order goalPARIS (Reuters) - European plane maker Airbus is not selling planes at bargain prices just to keep its order books filled, the EADS unit's chief executive said.Source: Reuters: Money News | 14 Jun 2009 | 12:55 pm Banerjee orders 'high' food prices to be cut in new trainRailways Minister Mamata Banerjee Sunday publicly disagreed with the prices fixed for food items on board a new express train and asked the officials to reduce the rates.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 12:31 pm New Gulf carrier starts India serviceThe lucrative India-Gulf aviation sector will soon have another entrant - FlyDubai, a low-cost carrier promoted by the United Arab Emirates (UAE) government.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 12:30 pm AIRSHOW - Eurocopter sees military orders down in 2010PARIS (Reuters) - Eurocopter, the world's biggest civil helicopter manufacturer, expects a downturn in orders from the military sector from 2010 as the economic crisis cuts into budgets, the company's chief executive said.Source: Reuters: Money News | 14 Jun 2009 | 12:29 pm Satyam granted one-year extension to complete SEZs!The government has granted one-year extension to Satyam Computer Services for completion of three Special Economic Zones (SEZs) in Andhra Pradesh, giving elbow room to the new management of the IT firm.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm `Economy to grow by 8.5%, but govt borrowing a worry`!ICICI Bank Chairman KV Kamath on Sunday said the Indian economy could grow by 8.5 per cent in current fiscal, but warned the government against massive borrowing and said this would obstruct banks from lowering lending rates.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm Top 10 firms lose Rs 5,100 cr last week; ONGC major loser!The country`s top 10 firms saw their total market capitalisation falling by Rs 5,168 crore last week, with Oil and Natural Gas Corporation losing the most among the pack.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm US sees USD 1.3 trillion wealth erosion in 2009 Q1!With recession extending its grip on the US economy, the country witnessed wealth erosion of USD 1.3 trillion, much more than India`s GDP, in the first three months of 2009.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm Indian SMEs hit hard by cheap Chinese imports: FICCI!With Chinese manufacturers diverting their produce to India in the wake of global recession, Indian SMEs face the double whammy of cheap imports in the domestic market and declining exports, a study said.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm Satyam back in top 100 M-cap club !Scam-hit Satyam Computer has entered again the elite club of the top 100 companies in terms of market valuation — a status it had lost after being hit by the country`s biggest corporate fraud.Source: Zee News : Business | 14 Jun 2009 | 12:16 pm India to pitch for policies to stimulate employmentNew Delhi: India is likely to pitch for policies that stimulate the employment market at Global Jobs Crisis Summit in Geneva beginning on Monday. A high-level delegation led by labour minister Mallikarjun Kharge is attending the meet along with several heads of state. Sources in the labour ministry said, “India is likely to seek policies that stimulate the employment market at the meet where the agenda would mostly revolve around measures being implemented at the national and international level to address the crisis.” Kharge, who had assumed charge last month, had said his major priority would be to “tackle problem of job losses arising out of recession.” The labour ministry had revealed early this year that five lakh people lost their jobs in October-December quarter last year as the economic downturn was becoming more pronounced. More recently, the commerce ministry has also said that export sectors in India would be the worst hit due to the recession. According to ILO representatives here, about nine heads of state and government, six vice-presidents, labour ministers and leaders of employers’ and workers’ organisations are expected to attend the three-day summit. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 12:08 pm Iraq expects oil price to keep rising -ministerBAGHDAD (Reuters) - While an oil price of $70 per barrel is encouraging producers to bring more crude to market, it is not enough to balance supply with demand in the event the world economy recovers quickly, Iraq's oil minister said Sunday.Source: Reuters: Money News | 14 Jun 2009 | 12:01 pm Google says no to censoring contentNew Delhi: Asserting that it would not play any editorial role, global search engine Google on Sunday said it would not censor content on its network but would act swiftly to redress any complaint. “Google does not censor... it is unlikely that we will take a proactive role (in controlling content)... Google should not play an editorial role,” Google India managing director Shailesh Rao told PTI. But once objectionable content is found out on the site, he said “the timeline to remove objectionable content is anywhere between 10 minutes to 24 hours”. “Anytime you are trying to push the frontier of content publishing, of mapping of geo products (like Google Earth) that will always create a lot of debate and discussions about the merits, about innovation. Infact, it is a part of natural conversation about what is the right rule, and to what extent freedom of speech is permissible in Indian culture,” he said. Asked if any course correction is required in the wake of the security agencies approaching the company, Rao said, “No, those are far and few between... it is amazing how much dialogue and engagement and discussions on an ongoing basis can resolve issues and misunderstandings. “There is no significant change in policy or any significant change in our product development efforts. Google is in talks with India about sensitive sites viewable via the Google Earth service,“ Rao said. The company has been engaged with public sector at state and Central levels and with law enforcement agencies, educators and parents on and around content publishing, content dissemination and the internet and how that should or should not work in India. Google’s most prolific geo product ‘Google Earth´ has created much furore with Indian Government, which citing security worries, has been asking Google to reduce the detailed images of a selection of pictures. The government had drawn up a list of places it considers sensitive, which is expected to include military bases and government buildings. Responding to this, Google had earlier stated that it has been talking and would continue to talk to the Indian Government about any security concerns it may have regarding Google Earth. The government is worried over detailed images of sites as nuclear power plants, official buildings and the offices of security services. Google Earth is a downloadable application that gives users access to a database of satellite photographs that have been stitched together. Source: Tech News - Livemint.com | 14 Jun 2009 | 11:58 am Google says no to censoring contentNew Delhi: Asserting that it would not play any editorial role, global search engine Google on Sunday said it would not censor content on its network but would act swiftly to redress any complaint. “Google does not censor... it is unlikely that we will take a proactive role (in controlling content)... Google should not play an editorial role,” Google India managing director Shailesh Rao told PTI. But once objectionable content is found out on the site, he said “the timeline to remove objectionable content is anywhere between 10 minutes to 24 hours”. “Anytime you are trying to push the frontier of content publishing, of mapping of geo products (like Google Earth) that will always create a lot of debate and discussions about the merits, about innovation. Infact, it is a part of natural conversation about what is the right rule, and to what extent freedom of speech is permissible in Indian culture,” he said. Asked if any course correction is required in the wake of the security agencies approaching the company, Rao said, “No, those are far and few between... it is amazing how much dialogue and engagement and discussions on an ongoing basis can resolve issues and misunderstandings. “There is no significant change in policy or any significant change in our product development efforts. Google is in talks with India about sensitive sites viewable via the Google Earth service,“ Rao said. The company has been engaged with public sector at state and Central levels and with law enforcement agencies, educators and parents on and around content publishing, content dissemination and the internet and how that should or should not work in India. Google’s most prolific geo product ‘Google Earth´ has created much furore with Indian Government, which citing security worries, has been asking Google to reduce the detailed images of a selection of pictures. The government had drawn up a list of places it considers sensitive, which is expected to include military bases and government buildings. Responding to this, Google had earlier stated that it has been talking and would continue to talk to the Indian Government about any security concerns it may have regarding Google Earth. The government is worried over detailed images of sites as nuclear power plants, official buildings and the offices of security services. Google Earth is a downloadable application that gives users access to a database of satellite photographs that have been stitched together. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 11:58 am Three test positive for swine flu; total reaches 20Bangalore / Jalandhar: A mother-child duo from Bangalore and a school student from Jalandhar tested positive for swine flu, taking the total number of cases in the country to 20 today. A 29-year-old woman and her three-year-old child, who were quarantined at Rajiv Gandhi Institute of Chest Diseases in Bangalore, have tested positive for swine flu, Director of Health and Family Welfare Services Usha Vasunkar said. The duo had arrived at Bengaluru airport from New Jersey on 12 June. Meanwhile, the other three suspect cases, a couple and a woman, who were also quarantined at the institute, have tested negative, she told PTI. In Jalandhar, Civil Surgeon Dr S S Walia said a student of local Guru Amar Dass Public School has been found positive for swine flu and admitted to a Delhi hospital. “A 30-member group of students had gone to an educational trip to the US and when they came back yesterday, one of the students was found at the Delhi Airport having symptoms of swine flu. He accordingly was put to tests that found him positive,” he told reporters. A team of doctors was visiting the residences of other 29 students for taking their blood samples, he said. School officials said other than the affected class XII student, two others were found to have suffering from fever and their blood samples will be sent to Delhi for testing. The Union Health Ministry had yesterday warned of a spurt in number of cases after monsoon. “They say that the H1N1 group of viruses proliferate more when the weather is slightly cooler,” Health Secretary Naresh Dayal had said. In Delhi, the government has asked all hospitals to ensure that no person, admitted with symptoms of swine flu, should be allowed to leave the hospital without the permission of concerned authorities. The instructions came after a 38-year-old resident of Faridabad, who was admitted to RML Hospital soon after his arrival from Germany, left the hospital yesterday without informing anyone. “I was there at the RML Hospital to find out what had happened. The person had left the hospital without informing the authorities. So we looked into his case which said the person has tested negative for the virus,” Delhi Health Minister Kiran Walia said. She asked the hospital authorities to be very careful and ensure that no suspected flu-affected person leaves the hospital without informing the authorities. This is the second such case. Earlier, a 34-year-old businessman, who arrived from New York, had given a slip to the hospital authorities. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 11:50 am Kerala IT township project offSmart City Dubai, a Gulf-based company that is into setting up self-sustained townships for knowledge-based industries, Sunday said it was no longer interested in its proposed Rs.1,500-crore ($316 million)-IT township project in this state.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 11:31 am India among top 2 emerging markets for Yahoo!New Delhi: Internet search giant Yahoo! on Sunday said India is one of the ‘top emerging markets´ and it would release a slew of products over next few months for further consolidating its position in the country. “India is one of the top two countries in the emerging markets segment and holds a lot of promise for us ... Products developed in the Indian lab and centres abroad are part of the pipeline of innovative products that will help us in the Indian market,” Yahoo! Head of Audience (Emerging Markets) Gopal Krishna told PTI. He, however, declined to comment on the details of the products. “Innovations around mail, instant messenger and front page (landing page) would be prime focus areas. We would also look at news properties like News, Bollywood and Buzz,” he said. Emerging markets contributes up to 65% to the total users for some of the key global Yahoo! properties and is the fastest growing region from business perspective as well, he added. One of the leading properties/products is Yahoo! Cricket, which attracted 2.4 million unique users per month emerging as the top cricket site in India, according to Comscore April 2009 data. In February this year, Yahoo! India had entered into a three-year partnership with the International Cricket Council (ICC), becoming the exclusive online partner for all ICC events, including ICC World Twenty20, ICC Champions Trophy and ICC Cricket World Cup. It has also partnered with companies like LG, Pepsi, Maruti, Tata Xenon, Honda, ICICI, Citibank and Cisco for advertising on the microsite. Yahoo! India also has a two-year partnership with Reliance, Krishna said. Yahoo! India is also focusing on building its mobile business in the country. It is working on developing products, apart from the ones available on web to build its presence on mobile websites. “We are looking at presenting users with a experience that is different from using Internet on PCs. Apart from the usual things, we are looking at developing applications specific to mobile handsets as well,” Krishna said, adding that the mobile segment also presents a good opportunity in terms of advertising. Worldwide spending on mobile advertising is expected to reach $19 billion in 2012, while the APAC market is forecast to touch $6.9 billion, according to eMarketer. Source: Home - Livemint.com | 14 Jun 2009 | 10:53 am Blast in Pakistan market kills 8; US drone strikesDera Ismail Khan: A bomb blast in a market killed eight people in northwest Pakistan on Sunday, the latest in a wave of attacks since the army launched an offensive against Taliban militants. Nuclear-armed Pakistan is struggling to push back a growing Taliban insurgency and security forces have made progress in more than a month of fighting against militants in the Swat valley, northwest of Islamabad. The militants have responded with a string of bombs in towns and cities. Separately on Sunday, a suspected US drone aircraft fired a missile in the South Waziristan region, a stronghold of Pakistani Taliban leader Baitullah Mehsud, killing three militants travelling in a vehicle, a witness and officials said. The bomb in a market in the northwestern town of Dera Ismail Khan killed eight people and wounded 25, a government official said. “The initial probe suggests that the device was planted in a push-cart parked in the middle of the market,” Syed Mohsin Shah, the top government official in the city, told Reuters. Rising violence has raised fears for Pakistan’s stability and for the safety of its nuclear arsenal but the offensive in Swat has reassured the United States, which needs its Muslim ally’s help to defeat al Qaeda and stabilise neighbouring Afghanistan. The United States, alarmed by the deteriorating security in Afghanistan, has been using drone aircraft to attack Taliban and al Qaeda fighters in northwestern Pakistani militant strongholds. The drone strike on Sunday, the first since 16 May, was in Laddah, in South Waziristan, about 60 km north of the region’s main town of Wana. “The missile destroyed the vehicle and I saw three bodies lying next to it,” ethnic Pashtun tribal leader Habibullah Mehsud told Reuters by telephone from the region on the Afghan border. A government official in the region confirmed the attack, saying drones had been flying over South Waziristan since early morning. The identity of the dead militants was not known. Though a staunch US ally, Pakistan objects to the US missile strikes saying they violate its sovereignty and undermine efforts to deal with militancy because they inflame public anger and bolster militant support. Warplanes Pakistani warplanes struck another Mehsud stronghold in south Waziristan on Saturday in retaliation for the killing of an anti-Taliban cleric in a suicide bomb attack in the city of Lahore the previous day. The air strike killed 30 militants, including few foreigners, and wounded 50,the military said in a statement on Sunday. Independent casualty estimates are not available. US officials said last week Pakistan looked set to mount a significant offensive against Mehsud’s forces in South Waziristan. In the past week, the military has stepped up attacks in several parts of the northwest in what analysts see as a bid to keep the militants distracted and to “soften up” their positions. Residents in the Bajaur region on the Afghan border to the northeast of Waziristan said aircraft bombed militants in several villages on Sunday but there were no reports of casualties. Security forces also fired artillery in the same area late on Saturday, killing nine Taliban fighters, intelligence officials and residents said. The fighting in Swat and other parts of the northwest has displaced about 2.5 million people and aid officials have appealed to donors to step up their help. The public largely backs the government in its war on the Taliban but support could evaporate if civilians are seen to suffer unduly. On Thursday, the US House of Representatives approved tripling aid to Pakistan to about $1.5 billion a year for five years to help combat extremism through development. Pakistan is now the biggest recipient of US aid. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 10:50 am Mamata announces special trains for Ajmer Sharif, PuriThe Indian Railways will run 66 pairs of special trains carrying pilgrims to Puri in Orissa for the June 24 Rathyatra festival, railways minister Mamata Banerjee said here Sunday.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 10:31 am Brunei eyeing tourism investments in Himachal PradeshBrunei Darussalam, the third largest oil producer in Southeast Asia, is eyeing business prospects in hospitality industry in this hill station, a senior functionary said here Sunday.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 10:31 am UP to export mangoes to Russia, KuwaitFor the mango producers in Uttar Pradesh, who have been hit by poor production this year, has at least one reason to cheer as exporters from the state have bagged off-shore deals.Source: Daily News & Analysis: Money News | 14 Jun 2009 | 10:28 am GM to expand used car business over five-fold in India - Economic Times
Source: Google News India - Business | 14 Jun 2009 | 10:19 am GM to expand used car business over five-foldAt a time when General Motors India is facing difficulties in raising funds to complete its engine plant, the company will expand its used-car business by over five-fold.Source: Daily News & Analysis: Money News | 14 Jun 2009 | 10:06 am NATO warship rescues Indian sailors freed by piratesOn board NRP Corte-Real: A NATO warship picked up fourteen Indian sailors off Somalia on Saturday, a day after they were freed by pirates who had beaten them during 10 days of captivity. The pirates released the weakened crew of the dhow Vishvakalyan on Friday after stealing provisions and kit. “They hit the crew all over, on the head, everywhere,” the Vishvakalyan’s captain, Ismail Abdurehman said. The pirates took most of the seamen’s belongings including radios, phones, television sets and presents bought for their families. The pirates left only three chickens and the dhow’s cat. International navies are patrolling the busy shipping lanes off Somalia to try and prevent hijacks that have worried shipping firms, driven up insurance costs and prompted some vessels to avoid the Gulf of Aden. On Friday night, the pirates shot wildly into the air, shouting “Go, go, go,” at the sailors, said Abdureham. Dario Precioso, a lieutenant on the Portuguese warship NRP Corte-Real said the dhow crew set off for the Yemeni island of Socotra to get help. “But they probably would have died if we hadn’t found them — as they had no supplies,” he said. The NRP Corte-Real spotted the dhow about 20 nautical miles southeast of Hobyo off Somalia’s coast. The International Maritime Bureau says more ships have been attacked off Somalia so far in 2009 than in the whole of 2008 — 133 reported attacks compared with 111 in 2008. But fewer of those attacks have been successful — 30 compared with 42 last year. Abdurehman said the pirates attacked the Vishvakalyan as it carried a shipment of charcoal from the port of Brava, south of Mogadishu, to Sharjah in the United Arab Emirates on June 3. The seamen, from Gujarat, India, had been unable to call for help because the pirates broke their VHF radio antenna. Source: LatestNews-Home - Livemint.com | 14 Jun 2009 | 10:04 am More than 100 Iranian reformists arrestedTehran: More than 100 reformists were arrested on Saturday night after President Mahmoud Ahmadinejad’s presidential election victory led to street protests, leading reformist Mohammad Ali Abtahi told Reuters on Sunday. A judiciary spokesman said they had not been arrested but were summoned and “warned not to increase tension”. They were later released, he said. Thousands of people clashed with police on Saturday after the disputed election victory of Ahmadinejad sparked the biggest protests in Tehran since the 1979 Islamic revolution. Iranian and Western analysts said Ahmadinejad’s re-election would disappoint Western powers aiming to persuade Iran to halt a nuclear programme they suspect is aimed at making bombs. The arrested reformists were members of Iran’s leading reformist party Mosharekat and included Mohammad Reza Khatami the brother of former President Mohammad Khatami. Abtahi, a former vice-president, told Reuters: “They were taken from their homes last night.” He said more arrests were expected. Saturday’s protests were a rare direct challenge to Iranian authorities. The election result and its violent aftermath raised fresh questions about the direction of Iranian policies at a time when US President Barack Obama wants to improve relations with Iran. Supreme Leader Ayatollah Ali Khamenei told Iranians to respect Ahmadinejad’s victory, which upset expectations that reformist candidate Mirhossein Mousavi might win the contest. Interior Minister Sadeq Mahsouli, an Ahmadinejad ally, declared the president had been re-elected with 62.6% of the vote, against 33.7% for Mousavi. Mousavi complained of violations and vote-rigging - allegations rejected by Interior Ministry officials. “I’m warning I will not surrender to this dangerous charade. The result of such performance by some officials will jeopardise the pillars of the Islamic Republic and will establish tyranny,” Mousavi said in a statement made available to Reuters. Police beat protestors After the result was announced, thousands of his supporters took to the streets, some chanting, “What happened to our vote?” Others shouted anti-Ahmadinejad slogans. “We are Iranians too,” and “Mousavi is our president,” they shouted. Police beat protesters with batons as they spread out across the capital. Small fires burned at roadsides. Although the protests were small compared with the mass demonstrations that led to the 1979 Islamic revolution, they were the most widespread in the city since then. Khamenei, Iran’s top authority, told defeated candidates and their supporters to avoid “provocative behaviour”. “The chosen and respected president is the president of all the Iranian nation and everyone, including yesterday’s competitors, must unanimously support and help him,” Khamenei said in a statement read on state television. Ahmadinejad, in a televised address to the nation, said the election had been “free and healthy”. US Secretary of State Hillary Clinton said the United States was monitoring the outcome of the election closely and hoped the result reflected the will of the Iranian people. Late on Friday, before official results emerged, Mousavi had claimed to be the “definite winner”. He said many people had been unable to vote and ballot papers were lacking. Ahmadinejad draws most of his support from rural areas and poorer big city neighbourhoods. Mousavi enjoys strong backing in wealthier urban centres, especially among women and the young. Source: Home - Livemint.com | 14 Jun 2009 | 9:50 am Implementing Food Security Act will be challenging: ministerMinister of State for Agriculture K.V. Thomas Sunday said implementing the proposed Food Security Act by the UPA government would be more challenging than the National Rural Employment Guarantee Act.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 9:30 am Saving Satyam's investors - Sify
Source: Google News India - Business | 14 Jun 2009 | 9:01 am Steel ministry for higher duty on iron oreNew Delhi: The Steel Ministry is understood to be pushing for 15% export duty on iron ore, besides a similar percentage of import duty on vital steel items to protect the interests of the domestic steel industry. In a draft proposal, which may have undergone changes, the ministry is believed to have backed an ad valorem duty of 15% on exports of iron ore fines and lumps to meet the growing domestic demand on account of the massive expansion lined up by steel companies. The ministry is also learnt to have favoured 15% import duty on steel items to check dumping from countries like China and Ukraine. When contacted to throw light on the matter, Steel Secretary P K Rastogi said, “All these are speculation. We have got nothing to comment on it.” Given the prevailing market rate of $50-60 a tonne, the government may earn a little over Rs4,000 crore if it imposes 15% duty on exports of iron ore. At present, there is no export duty on iron ore fines while shipments of iron ore lumps carry a levy of 5%. The import duty applicable on steel products is 5% which the industry finds insufficient and wants it to be increased to 20%. Steel Minister Virbhadra Singh had last week stressed on value-addition in the mineral within the country, citing the 124 million tonnes targeted annual production capacity by 2011-12. When asked, if the ministry is in favour of enhancing the import duty on steel, Singh had said that the government is to take a decision on it. In an effort to stimulate the recession hit sector, the government had last year scrapped the 8% duty on iron ore fines and lowered that on iron ore lumps to 5% from 15%. The government had also slapped a 5% import duty on steel items to check cheaper inflow of the commodity. In terms of production, India is the world’s fifth largest producer of steel with annual volumes pegged at around 55 million tonnes. The country is also a leading exporter of iron ore, with total shipments hovering over 100 million tonnes per annum. Source: Home - Livemint.com | 14 Jun 2009 | 8:59 am India's realty industry sees homecoming of non-residentsThe Indian realty industry has reason to cheer. After a yearlong gloom, non-residents have started looking at the residential market in the country again, especially high-end projects, say experts.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 8:30 am India Inc eyes over Rs1,00,000 cr through share saleNew Delhi: The stock market recovery may have reached only its half-way mark, but companies’ confidence level for raising funds through sale of shares seems to have already hit a new peak as they have lined up plans to mop up capital in excess of Rs1,00,000 crore. This include an estimated Rs40,000 crore being eyed by public sector firms through IPOs or rights issues, over Rs40,000 crore by non-PSU companies through private placement of shares and about Rs20,000 crore by private sector IPOs. Besides, many companies have announced intentions for raising funds through this route, but there are no words on the size of their targeted funds. On the flip side, warning bells have already started ringing as experts are cautioning that the market may not have yet got an appettite for such massive capital raising plans, especially when global economy was not out of the woods. Global financial services major JPMorgan has said in its new India equity strategy report that improving investor sentiment has led to a surge in equity fund-raising plans. It, however, warned that global risk appetite needs to remain supportive as overseas investors were expected to fund a substantial part of the planned issues. The revival of fund raising plans coincide with a sharp recovery in the stock market, where the benchmark Sensex has regained 15,000-point mark after dipping below 8,000 points in October last year. But, the Sensex is still far away from its peak of over 21,000 points scaled in January 2008. But plans are being announced almost on a daily basis for raising funds through various routes, including IPOs, strategic stake sales and private placement of shares with domestic and overseas institutional investors. While about Rs10,000 crore have already been raised in the recent past by a clutch of companies, such as realty majors DLF, Unitech and Indiabulls Real Estate through sale of shares to institutional investors, further plans for raising over Rs40,000 crore through this route have been announced by 24 more companies. This includes about Rs25,000 crore being eyed by realty firms and over Rs15,000 crore in the other sectors. But on top of the tally, the market is anticipating fund raising plans worth about Rs40,000 crore by the PSUs. While about Rs20,000 crore is estimated to be raised through issue of fresh shares or divestment of the government’s stake in various PSUs, another Rs20,000 crore is being eyed by the country’s largest bank SBI alone through sale of shares to its existing shareholders. SBI Chairman O P Bhatt recently said: “SBI plans to raise Rs 20,000 crore in this financial year, preferably in the form of rights issue, and will submit a proposal regarding this to the new government at the Centre.” Central Bank of India has also said it was discussing various options to augment its capital and a rights issue could be an option, although it has no firm proposal as yet. The PSUs, whose public offers are being talked about include Oil India, NHPC, Coal India, RITES and IRCON International. There are also about 25 public sector enterprises, recommended by the disinvestment committee as potential divestment targets, while some PSEs were earlier identified for disinvestment but the process was later called off. The Planning Commission deputy chairman Montek Singh Ahluwalia has also said there was a lot of scope of fund raising by diluting the government’s stake in unlisted PSEs. A mega IPO by PSU telecom major BSNL, with estimated targeted proceeds of Rs40,000 crore, is also in the pipeline, but no decision has been taken on this front. The IPO was put on backburner last year after opposition from employee unions, but there are indications that talks may begin between management and union for revival of the IPO. Among non-PSUs also, over 30 IPOs were deferred last year due to adverse market conditions, but some of them are already being revived and more could follow soon. Collectively, these were looking to raise over Rs30,000 crore through sale of shares last year, but the target is estimated to be slashed to about Rs20,000 crore due to changed market scenario. For example, Adani Power was looking to raise over Rs5,000 crore through IPO last year, but now it is looking to raise about Rs2,500 crore. Other major IPOs that were deferred last year include those of commodity exchange MCX, mutual fund house UTI AMC and Anil Ambani group’s Reliance Infratel. While there is no word on revival of IPO of Reliance Infratel, which last year was targeting Rs6,000 crore through the offer, it is currently looking to raise about Rs5,000 crore by sale of shares to some private equity firms. Reliance Life Insurance, also part of the same group, has said it is looking to sell 26% shares and the options being explored include a strategic sale, IPO or a combination of both in next few months. Another group firm, RCOM is also looking to raise funds through a qualified institutional placement, but there is no word on the size or timing of the deal. The primary markets have revived meaningfully over the last two months, on the back of an improvement in global investor sentiment and risk appetite. It further said a decisive poll verdict in favour of the ruling UPA has further “emboldened a funds starved Corporate India to announce substantial equity raising.” However, the key issue remains the need for sustained buoyancy in global investor sentiment and risk appetite as “India remains a capital deficient economy and a substantial portion of the fund raising planned will have to be raised from foreign investors,” it added. Source: Home - Livemint.com | 14 Jun 2009 | 8:14 am Trinamool ministers plan bounty for BengalA 14-day river cruise on the Ganges, extension of the Kolkata metro rail, several new trains, more rural jobs - a large central bounty will come the way of West Bengal if the union ministers of the Trinamool Congress have their way.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 8:00 am Satyam granted 1 yr extension to complete SEZsNew Delhi: The government has granted one year extension to Satyam Computer Services for completion of three special economic zones in Andhra Pradesh, giving elbow room to the new management of the IT firm. The Commerce Ministry has granted extension of time to Satyam’s two IT/ITeS SEZs in Hyderabad and the one at Thotlakonda in Visakhapatnam up to June 2010. All the three tax-free enclaves were given formal approval, which would have lapsed by end of this month. While the ministry granted extension of time “on file”, the decision has to be ratified by the inter-ministerial Board of Approval which is meeting here on 17 June. Satyam had planned a total investment of Rs370 crore on its SEZ projects. About half of the SEZs are coming up in the IT/ITeS sector. Satyam Computer, which was counted as a premier IT firm, faced a severe cash crunch in the last few months following the revelation of multi-crore rupee accounting fraud by its founder B Ramalinga Raju in January 2009. However, with Tech Mahindra acquiring a majority stake, the company is in a recovery mode. It posted a consolidated net profit of Rs160.50 crore for the quarter ended December 2008. Source: Home - Livemint.com | 14 Jun 2009 | 7:32 am Western India hot destination for corporate investmentWestern India remained the most favoured investment destination for corporates in 2008-09, according to an industry lobby report.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 7:30 am Indian firms want tougher quality norms on Chinese goodsHit by the influx of cheaper Chinese goods in the domestic market, India's small and medium enterprises (SMEs) want tougher safeguard duties and quality norms to be imposed on imports from the neighbouring country, say an an industry lobby survey.Source: IndiaeNews.com: Business News | 14 Jun 2009 | 7:30 am SMEs hit hard by cheap Chinese imports: FicciNew Delhi: With Chinese manufacturers diverting their produce to India in the wake of global recession, Indian SMEs face the double whammy of cheap imports in the domestic market and declining exports, a study said. As western markets like the US are losing their appetite for imports, Chinese manufacturers are increasingly looking at alternative markets, including India, to offload their wares, a study by industry body Ficci said. It said that India is a first choice in such a scenario given its geographical proximity and the fact that it is still growing at 6.5-7%. Chinese products are reaching in the domestic market at prices lower by 10-70% compared to Indian items, Ficci said. Out of the 110 small and medium enterprises (SMEs) units surveyed, about two-thirds reported that they have been seriously affected because of competition from Chinese products, whose landed price in the Indian market was lower by 10-70% as compared to prices of similar Indian products, it said. The industry segments that have been impacted include processed food units, light and heavy engineering goods such as printing machines and high speed diesel engines, chemicals and their products. India has not offered ‘market economy´ status to China as there are serious distortions and lack of transparency in the pricing of products that come out of any Chinese factory, the chamber said. Participants stated that quality and safety related aspects of Chinese products are not up to the mark. “Immediate imposition of severe testing requirements on imports from China is a must as these include basic items of consumption and even vaccines,” Ficci said. It further said that to deal with export subsidies that Chinese manufacturers enjoy, India should fasten the anti-dumping investigations for imports from China. According to the Reserve Bank of India, India’s imports from China has almost doubled to $24.16 billion in April- December 2008-09 from $12.64 billion in the comparable period of 2006-07. Source: World Business - Livemint.com | 14 Jun 2009 | 7:26 am SMEs hit hard by cheap Chinese imports: FicciNew Delhi: With Chinese manufacturers diverting their produce to India in the wake of global recession, Indian SMEs face the double whammy of cheap imports in the domestic market and declining exports, a study said. As western markets like the US are losing their appetite for imports, Chinese manufacturers are increasingly looking at alternative markets, including India, to offload their wares, a study by industry body Ficci said. It said that India is a first choice in such a scenario given its geographical proximity and the fact that it is still growing at 6.5-7%. Chinese products are reaching in the domestic market at prices lower by 10-70% compared to Indian items, Ficci said. Out of the 110 small and medium enterprises (SMEs) units surveyed, about two-thirds reported that they have been seriously affected because of competition from Chinese products, whose landed price in the Indian market was lower by 10-70% as compared to prices of similar Indian products, it said. The industry segments that have been impacted include processed food units, light and heavy engineering goods such as printing machines and high speed diesel engines, chemicals and their products. India has not offered ‘market economy´ status to China as there are serious distortions and lack of transparency in the pricing of products that come out of any Chinese factory, the chamber said. Participants stated that quality and safety related aspects of Chinese products are not up to the mark. “Immediate imposition of severe testing requirements on imports from China is a must as these include basic items of consumption and even vaccines,” Ficci said. It further said that to deal with export subsidies that Chinese manufacturers enjoy, India should fasten the anti-dumping investigations for imports from China. According to the Reserve Bank of India, India’s imports from China has almost doubled to $24.16 billion in April- December 2008-09 from $12.64 billion in the comparable period of 2006-07. Source: Home - Livemint.com | 14 Jun 2009 | 7:26 am FinMin to go hi-tech to detect accounting frauds; use IT toolsIn the aftermath of financial fraud at IT giant Satyam Computer, the finance ministry has decided to go hi-tech in its vigilance and use a new computer- assisted tool for detecting suspicious accounts.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 7:25 am RBI: time not ripe for bank mergers - paperMUMBAI (Reuters) - The time isn't ripe for Indian bank consolidation and a more important goal is inclusion of more of the public as a majority lack banking access, a newspaper said on Sunday, citing a Reserve Bank of India designated deputy governor.Source: Reuters: Money News | 14 Jun 2009 | 7:18 am PNB aims profit of 7500 cr by 2013 - Economic Times
Source: Google News India - Business | 14 Jun 2009 | 7:11 am High prices lower gold demandMumbai: India’s demand for gold has failed to pick up as high prices of the commodity has kept buyers at bay, a senior economist said. “Buyers have stayed on the sidelines mainly due to high prices (of gold). The first marriage season of the year has come to an end and there are no signs of demand for gold picking up,” National Commodity & Derivatives Exchange Ltd (NCDEX) Economist Manasee S Gokhale said in a report here. Last week, gold prices opened at Rs14,644 per 10 grams initially and moved higher to Rs14,720 levels before closing at Rs14,466. India’s gold and silver imports have been badly hit due to lower demand. India’s gold imports fell by a drastic 45% at 450 tonnes in 2008. There has been only a trickle of gold imports up to April 2009, reportedly only 32 tonnes so far. The main reason has been the high prices of gold that has kept away a significant number of buyers. Most of the retail buyers have shied away from the market as gold at Rs14,500 per 10 grams seems to be too high. The years first marriage season has come and gone without much pomp or activity and the dismal imports are proof enough to show how price sensitive Indian consumers are, Gokhale said. Also, Indian banks which are major importers of gold are currently overloaded with a lot of carryover gold stocks from last year and hence unable to import till they clear the existing stocks. The dollar has been depreciating at a strong pace and there seems to be a new underlying fear about the sustainability of the current improvement in the economic mood, Gokhale said. To add to this is the Chinese State Reserve Bureau still on its massive shopping spree, all helping gold to reach higher levels. “Despite stagnation of investment flows, gold averaging above $928 per ounce in the international market in May and other factors helping the metal, gold promises to become stronger in the months to come,” Gokhale said. The dollar is being monitored closely and further weakening of the greenback would cause further problems for the already battered financial system, which could undermine confidence again in the markets, he said. A falling dollar would mean people losing confidence in the economy and all this, when there are slight signs of recovery. This would in turn mean lesser risk-taking where gold will suffer too, as liquid assets are sold to cover margin payments against less liquid assets, the economist said. Source: Home - Livemint.com | 14 Jun 2009 | 7:03 am SAIL's board size to be reduced to 18 soonThe government is set to clear a steel ministry proposal to reduce the board size of state-run SAIL from 24 to 18, a development that will help the PSU speed up its decision making process, an official said.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:58 am BSNL drops plan to bid for Tunisia licenseBSNL has dropped its plans to bid for telecom licence in Tunisia as the PSU finds the returns not enough to enter that market through bidding of licence.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:56 am Global banking in disarray; reforms in India can wait: KamathLauding the government and RBI for saving the day for India with conservative banking norms, ICICI Bank Chairman K V Kamath on Sunday said any further reforms in the sector should wait as global banks are in 'disarray'.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:48 am India among top 2 emerging markets for YahooInternet search giant Yahoo on Sunday said India is one of the 'top emerging markets' and it would release a slew of products over next few months for further consolidating its position in the country.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:42 am Top 10 firms lose Rs 5,100cr last week, ONGC major loserThe country's top 10 firms saw their total market capitalisation falling by Rs 5,168 crore last week, with Oil and Natural Gas Corporation losing the most among the pack.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:39 am Satyam back in top 100 m-cap club; grows 13-times since nadirSatyam Computer has re-entered the elite club of top 100 companies in market valuation, a status it had lost after being hit by the country's biggest corporate fraud.Source: India Business News | Business News - Times of India | 14 Jun 2009 | 6:34 am Top 10 firms lose Rs5,100 cr last weekMumbai: The country’s top 10 firms saw their total market capitalisation falling by Rs5,168 crore last week, with Oil and Natural Gas Corporation losing the most among the pack. The total market valuation of the elite club, comprising four private sector and six state-run companies, stood at Rs16,83,045 crore in the week ended 12 June against Rs16,88,213 crore in the previous week. ONGC’s market cap fell by Rs11,518 crore to Rs2,41,008 crore as shares of the company slipped by 4.56% to close at Rs1,126.80 on the Bombay Stock Exchange on Friday last week. Among the 10 most valued firms of BSE, five firms - ONGC, Minerals and Metals Trading Corporation, National Mining Development Corporation, State Bank of India and Bharat Heavy Electricals Ltd - witnessed a drop in their respective market caps last week. Meanwhile, other five firms - Reliance Industries Ltd, National Thermal Power Corporation, Bharti Airtel, Infosys Technologies and Larsen & Toubro - saw their valuations rising last week. The country’s most-valued firm, RIL, added Rs22,812 crore to its market valuation of Rs3,70,913 crore last week. The company had market valuation of Rs3,48,101 crore in the previous week. NTPC added Rs1,113 crore to its market cap. On the other hand, ONGC lost Rs11,518 from its market cap, which stood at Rs2,41,008 crore this week. NMDC slipped to the sixth position after losing Rs12,528 crore from its amrket cap, while private telecom services provider Bharti Airtel jumped a place to fifth slot by adding Rs1,073 crore to its valuation. Power equipment supplier Bhel stood seventh as it lost Rs3,500 crore from its market cap, while SBI slipped to the eighth slot losing Rs11,485 crore from its market valuation. While, IT bellwether Infosys Technologies added Rs2,142 crore to its market valuation, L&T added Rs3,702 crore to its market cap last week. Source: Home - Livemint.com | 14 Jun 2009 | 6:33 am Satyam back in top 100 companies clubNew Delhi: Scam-hit Satyam Computer has entered again the elite club of the top 100 companies in terms of market valuation - a status it had lost after being hit by the country’s biggest corporate fraud. Following a sharp rally seen in its share price last week on the back of disclosure about its profits, Satyam’s market capitalisation has grown to about Rs7,800 crore, placing it among the 100 most-valued firms in the country. The company had moved out of this league soon after the disclosure about the fraud on 7 January - the day when its founder and then chairman B Ramalinga Raju admitted to multi- year financial fraud at the company. Two days later on 9 January when the company’s share price and market valuation hit their all-time lows at Rs6.30 a share and about Rs600 crore, respectively - Satyam did not figure even among the 300 most-valued firms. In contrast, Satyam was placed as the country’s 34th most-valued firm with a market capitalisation of over Rs15,000 crore on 16 December - just before Raju unsuccessfully tried to acquire two firms promoted by his family in his bid to conceal the financial fraud at the company. While it is still to recover about half of its lost value due to the scam, the shares have grown back to Rs80-level - representing a 13-times surged from its low. Between the announcement of aborted attempt to acquire Maytas Infra and Maytas Properties and the disclosure letter about the fraud on 7 January, the company lost more than 80% in its market value, while its slide continued further till it reached an all-time low of about Rs6.30 per share on 9 January. Prior to its fall, Satyam was the country’s fourth most-valued IT firm after Infosys, TCS and Wipro, but had become one of the least valued on 9 January. Satyam now ranks at the seventh position among IT companies after TCS, Infosys, Wipro, HCL Tech, Oracle and Tech Mahindra and at the 97th spot among the top 100 companies. Tech Mahindra’s market valuation has also increased significantly to around Rs8,799 crore since it won the bid for acquiring controlling stake in Satyam. Tech Mahindra’s market capitalisation has increased by as much as Rs4,420 crore, since 13 April, its shares have more than doubled to Rs722 on 12 June as compared to Rs359.45 on 13 April. Last week, Satyam shares got a boost from its results for October-December 2008 with Rs160 crore profit in the quarter which points to a promise of a strong comeback under new owner Mahindras. Reeling under the about Rs 10,000-crore financial scam that necessitated restatement of accounts, Satyam was at its nadir in January with a measly profit of Rs4 crore before showing signs of revival by recording a Rs52 crore profit in February. This was despite losing about two dozen clients. In October-December 2008 - a period that saw the beginning of Satyam’s fall from grace -- the IT firm posted a consolidated net profit of Rs160.50 crore and a total income of Rs2,327.21 crore. The announcement came within a month of Tech Mahindra, an IT arm of Mahindra & Mahindra, acquired controlling stake that valued Satyam at Rs5,800 crore. However, analysts believe entering into Satyam stock at this moment may be a high risk move as still uncertainties prevail on the future of the two entities. “Uncertainty about their future make both Satyam and Tech Mahindra a high risk investment, though Tech Mahindra seems relatively better as it may gain considerably with its increased size,” Bonanza Portfolio assistant vice-president Avinash Gupta said. Source: Home - Livemint.com | 14 Jun 2009 | 5:49 am Global banking in disarray; reforms in India can wait: KamathNew Delhi: Lauding the government and RBI for saving the day for India with conservative banking norms, ICICI Bank Chairman K V Kamath on Sunday said any further reforms in the sector should wait as global banks are in ‘disarray.’ “Indeed it has prevailed. Indeed the conservatism of Indian banking system and regulatory framework has prevailed,” Kamath told PTI when asked if the policymakers’ conservative approach on banking sector reforms has saved the day for India in the wake of global financial crisis. Asked if he was suggesting that the prevailing banking policies should not be altered, Kamath said: “At this point in time, we should not tinker with it.” When asked if the government should now pursue the banking sector reforms as they were obstructed by the Left parties in the previous regime, Kamath said: “We already have a well-run banking system and a well-run financial system. It has adequate levels of capital. I think at this point in time we shall keep it undisturbed.” “I think, universally the approach to banking, to financial markets is to basically be in the state of cautionary readiness where you maintain high levels of capitals and maintain very prudent policies.” Expressing his views on RBI deferring the liberalisation of foreign banks, the ICICI Bank Chairman said: “I think it is entirely appropriate that they have said they will review it at appropriate time.” “In the global context there is complete disarray in the global banking sapce. At this point of time for India to take a decision would not have been appropriate. Because, there is no equilibrium in the global market (now),” Kamath said. The chairman of the country’s largest private sector bank said even the NPA (non-performing asset) levels for Indian banks were at a comfortable level, when compared to their global peers and this could be attributed to a well-managed system being in place. “Considering what the world has gone through, I think behaviour of India NPA is not a concern... I would not be worried (by the NPA levels). This would mean that growth (in the sector) would continue at pace which the nation needs,” he noted. Asked for his advise to the banking sector, the veteran banker said, “I will tell them to continue to be conservative. Continue with the policy and the path taken in the last six months.” Source: Home - Livemint.com | 14 Jun 2009 | 5:19 am RBI deputy sees no steep fall in ratesNEW DELHI (Reuters) - Long-term interest rates in India are unlikely to come down drastically as the economy needs to raise its savings rate to sustain a growth rate of 8 percent, a designated deputy governor of the Reserve Bank of India (RBI) said.Source: Reuters: Money News | 14 Jun 2009 | 12:41 am GAIL fourth-quarter net dips 13% to Rs 630 crNew Delhi, June 13 GAIL (India) Ltd saw a 13 per cent fall in its net profit for the fourth quarter of 2008-09 at Rs 630 crore against Rs 722 crore in the corresponding quarter of the previous fiscal.Source: Business Line - Home Page | 14 Jun 2009 | 12:00 am Delisting: Securities Act brought in line with SEBI normsMumbai, June 13 A company that has incurred losses during the preceding three consecutive years and has negative net worth may be delisted by stock exchanges, says a recent amendment to the Securities Contracts RegulationSource: Business Line - Home Page | 14 Jun 2009 | 12:00 am Weather insurance to cover quicker groundHyderabad, June 13 Weather insurance, a relatively new insurance product launched in certain pockets across the country, is now expected to cover quicker ground, as the farming community is increasingly getting sensitised to the negative impactSource: Business Line - Home Page | 14 Jun 2009 | 12:00 am Chakrabarty: Time not ripe for consolidationNew Delhi, June 13 The time is not ripe for consolidation of banks, the outgoing Chairman and Managing Director of Punjab National Bank, Dr K. C. Chakrabarty, has said.Source: Business Line - Home Page | 14 Jun 2009 | 12:00 am Weekly News Round upIndian industry registered a year-on-year growth of 1.43 per cent in April. Although modest, it is better than theSource: Business Line - Home Page | 14 Jun 2009 | 12:00 am KPMG likely to determine airport user feeNew Delhi, June 13 Consultancy firm KPMG is likely to be commissioned by the Airports Authority of India (AAI) to study how much the state-owned airport operator should charge as user development fees at nine airports, including Chennai, TiruchiSource: Business Line - Home Page | 14 Jun 2009 | 12:00 am SBI cuts deposit rates by 25 basis points across the boardState Bank of India on Saturday announced an across-the-board 25 basis point cut in deposit rates effective June 15.Source: Business Line - Home Page | 14 Jun 2009 | 12:00 am Select stocks hit new highs in recent rallyBL Research Bureau The Sensex may be 27 per cent below its high of 20,873 in January 2008, but did you know that select blue-chips have already surpassed their earlier highs? Thirty-six of the BSE 500 stocks and four Sensex stocks have racedSource: Business Line - Home Page | 14 Jun 2009 | 12:00 am SBI cuts deposit rates by 0.25% from June 15State Bank of India on Saturday decided to cut deposit rates across all maturities by 0.25 percentage points, with effect from June 15.Source: India Business News | Business News - Times of India | 13 Jun 2009 | 10:46 pm SBI cuts deposit ratesThe State Bank of India (SBI) on Saturday cut its deposit rates by 0.50 per cent across all maturities.Source: Daily News & Analysis: Money News | 13 Jun 2009 | 9:53 pm Investors lose crores in bid to get rich quick - Times of India
Source: Google News India - Business | 13 Jun 2009 | 8:30 pm BJP crisis worsensYashwant Sinha resigns, Rajnath issues gag order.Source: Business Standard | Front Page Headlines | 13 Jun 2009 | 7:16 pm SBI cuts term deposit ratesLending rate review by month-end.Source: Business Standard | Front Page Headlines | 13 Jun 2009 | 7:11 pm L buys out Demag from joint ventureAfter 10 years of joint operations, Larsen and Toubro (L&T) and Germanys Demag Plastics Group have parted ways. The joint venture, which was set up in 1999 for making plastics machinery, has ended after Demags new parent, Sumitomo, decided to go it alone in the Indian market by floating a wholly-owned subsidiary.Source: Business Standard | Front Page Headlines | 13 Jun 2009 | 7:08 pm New lineage likely for Thomas CookThe parentage of Thomas Cook (India) could soon change hands. A court in Germany has put on the block the 52.8 per cent stake held by bankrupt retailer Arcandor in Thomas Cook Group Plc which owns 77.31 per cent in Indias second-largest travel agency after Kuoni. Thus, there is likely to be a new owner of Thomas Cook Group Plc which will continue to own a majority stake in the Indian subsidiary.Source: Business Standard | Front Page Headlines | 13 Jun 2009 | 7:06 pm Delist cos making loss for 3 yrs: Finmin to bourses - Business Standard
Source: Google News India - Business | 13 Jun 2009 | 6:39 pm Sesa Goa: Buy - Hindu Business Line
Source: Google News India - Business | 13 Jun 2009 | 6:30 pm Nokia Life Tools service in India is sure to help farmers - Khabrein.info
Source: Google News India - Business | 13 Jun 2009 | 6:10 pm G8 finmins duck commitment on bank stress testsLECCE, Italy (Reuters) - Group of Eight finance ministers ducked a commitment to publishing bank stress tests on Saturday despite calls for Europe to follow North America's lead and release the test results.Source: Reuters: Money News | 13 Jun 2009 | 6:09 pm Forbes Show: MercedesBenz bets big on IndiaMercedesBenz India is in an overdrive. Having recently shifted to a new plant near Pune, the company says the longterm India growth story is intact and is betting big on the country.Source: Moneycontrol Top Headlines | 13 Jun 2009 | 3:22 pm India \'holding up well\' in recession, says UnileverMS Banga, President, Unilever Foods Division said this was a very unusual recession because so many geographies were impacted simultaneously. \"I must tell that a number of geographies are holding up quite well. For instance, India,\" he said.Source: Moneycontrol Top Headlines | 13 Jun 2009 | 1:58 pm
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