|
|
|
|
Fare hike inevitable if crude continues to boil: Air IndiaEven before the recent surge in crude oil prices, the Indian aviation sector has been bleeding due to a combination of high costs at airports, lower passenger traffic and a variety of other capital costs. Now with all prices on the boil, aviation fuel is getting expensive yet again and the fare hike seems inevitable.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 5:50 pm India facing shortage of 4050m kg of tea: Mcleod RusselAditya Khaitan, Managing Director, Mcleod Russel, sees India facing a shortage of about 4050 million kg in tea production. This is the first time that India has started the season with a 25 million kg shortage and this is due to consumption growth. Going forward, India needs 3035 million kg of tea every year to maintain its consumption.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 4:52 pm Mumbai project to launch in October: Ajmera RealtyRajnikant Ajmera, Managing Director, Ajmera Realty, said the company had about 40 million square feet on land. We have 40 lakh square feet of floor space index (FSI) for our Bhakti Park, Mumbai. We will launch in October. At present, the ready stock is of about 1 lakh square feet of flats, he said.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 4:02 pm Banks outperform in advance tax nos: SP TulsianSP Tulsian of sptulsian.com said banks are definitely outperformers based on the numbers so far. Oil marketing companies have emerged as a taxpayer for the first quarter while they were all absent last year. Cement companies have posted marginally better tax payments. Maybe barring steel, you have comfort on all fronts.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 3:13 pm Kingfisher, Jet Airways Raise Fuel Surcharge - Wall Street Journal
Source: Google News India - Business | 17 Jun 2009 | 1:33 pm Fare hike inevitable if crude continues to boil: Air India - Moneycontrol.com
Source: Google News India - Business | 17 Jun 2009 | 1:30 pm Havells India to spend 750 mln rupees to expand - Reuters India
Source: Google News India - Business | 17 Jun 2009 | 1:26 pm Jet, Kingfisher hike air fares; AI to follow soonAir travellers will have to shell out more for their tickets with Jet Airways, Kingfisher Airlines and their no-frill subsidiaries hiking fuel surcharge.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 1:24 pm No followon public offer this year, says Power GridSK Chaturvedy, CMD, Power Grid, said the company wasnt looking at a following public offer this year. It is still a plan because our issue is not there in the governments first list of FPOs.\"Source: Moneycontrol Top Headlines | 17 Jun 2009 | 1:20 pm Gold firms up on higher global cues, silver declinesGold prices firmed up on the bullion market here on Wednesday due to persistent local demand amidst higher global advices. While, silver declined further in the absence of demand from industrial users.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 1:18 pm Sensex tumbles over 500 pts on global economic woesThe benchmark Sensex tumbled over 500 points on the Bombay Stock Exchange in pre-close trading on Wednesday.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 1:17 pm Fiat bets big on Indian car market; aims 8 pc share by 2015 - Economic Times
Source: Google News India - Business | 17 Jun 2009 | 1:16 pm AI contractual staff to meet Labour Commissioner !The contractual workers of Air India and its management will meet the Chief Labour Commissioner on Wednesday for another round of talks over the workers` demand of better pay and other facilities.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Volvo expects growth for its truck segment in India!Volvo, world`s second largest heavy duty truck makers expects to have flat growth for its premium truck segment in India this year, a top company official has said.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Raja expects minimum Rs 25,000 cr from 3G, BWA spectrum bids!Telecom Minister A Raja today said he expects revenue of at least Rs 25,000 crore from the auction of radio waves for third generation (3G) mobile, broadband and wireless services.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Jet Airways raises fuel surcharge post-ATF hike!Jet Airways on Wednesday said that it has raised the fuel surcharge on tickets by 400 rupees across all domestic sectors effective June 17.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Fiat launches Grande Punto priced at Rs 3.99-6.11 lakh!Italian car major Fiat on Wednesday launched its much-awaited premium small car Grande Punto in both petrol and diesel variants in the Indian market, priced between Rs 3.99 lakh and Rs 6.11 lakhSource: Zee News : Business | 17 Jun 2009 | 1:13 pm MySpace to lay off 30 percent of staff!MySpace, the social network owned by Rupert Murdoch`s News Corp, said it will cut 30 percent of its staff to lower costs as it struggles to stay popular in the face of rising competition.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Oil hovers above USD 70 on mixed US economic signs!Oil prices hovered above USD 70 a barrel on Wednesday in Asia as investors weighed mixed signals from the US economy amid tumbling equity markets.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Dollar vulnerable as countries diversify!The US dollar, whose leading role in world currency markets has faced increasing questions, will remain under pressure for years as more countries diversify their reserve holdings, top analysts and strategists said this week.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Oil slides, most Asia shares down 4th day!Most stocks in Asia edged lower on Wednesday, weighed down by resource-related shares and doubts about a global economic recovery.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm British Airways asks staff to work for nothing!British Airways, which reported a record annual loss last month, has asked its staff to work for free as part of the company`s battle for "survival" in tough market conditions.Source: Zee News : Business | 17 Jun 2009 | 1:13 pm Max India to sell 23% stake in Max New York LifeAnaljit Singh of Max India said the company would sell 23% stake in Max New York Life to New York Life after foreign direct investment (FDI) hike approval. New York Life has the first right to increase its stake in Max New York Life. It will buy stake at 10% discount to fair market value, he added.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 1:04 pm Rupee cheaper by 39 paise, ends at 48.13/14 against dollarThe rupee on Wednesday closed above the crucial 48 level against the dollar for the first time in five weeks in tandem with a sharp slide in stocks, raising fears of capital outflow from equity.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 1:01 pm MF industry not focussed on customers: survey - Hindu
Source: Google News India - Business | 17 Jun 2009 | 12:52 pm Potato futures strengthen on restricted arrival - Hindu
Source: Google News India - Business | 17 Jun 2009 | 12:52 pm Mahindra Holidays & Resorts India IPO opens on June 23 - Economic Times
Source: Google News India - Business | 17 Jun 2009 | 12:51 pm TCS sees halt in demand fallBangalore: A slowdown in global demand for outsourcing has been halted but customers are still demanding lower prices, the chief financial officer of Tata Consultancy Services, India’s biggest software exporter, said. “Now we have to really see whether this arresting of decline just leads to a plateau where there will be a flat demand for a period of time,” S. Mahalingam told a news conference on Wednesday. An army of low-cost English-speaking engineers had driven an outsourcing boom in India, but turmoil in global markets and a recession in the US, which accounts for more than half the sector’s revenue, have slowed the scorching pace of growth. “Companies are definitely cautious in terms of their spends,” Mahalingam said. Gartner Inc, the world’s biggest technology research company, this month sharply curtailed its forecast for information technology spending this year reacting to larger-than-expected budget cuts by companies during the first quarter. It now expects IT budgets to fall 4.7% this year, compared with forecast three months ago that called for budgets to rise 0.16% from 2008. Mahalingam said that Tata Consultancy was focused on reining in costs related to areas such as staff salaries and sales and marketing expenses to offset the impact of pricing pressure on margins. “Pricing requests definitely keep coming even now,” he said. “As we have said earlier, request comes for anything from 5-15%.” Tata Consultancy posted a 4.6% rise in Jan-March net profit and said its overseas clients were demanding fee cuts in a tough environment. This was the fifth consecutive quarter of single-digit year-on-year quarterly profit growth for the Tata Group firm, after seeing a rise of more than 20% in the previous quarters. Tata Consultancy and close rival Infosys Technologies are expanding in Europe and elsewhere to cut their dependence on the US market and Mahalingam said the company was expected to see good growth from newer markets such as western Europe, Brazil and India in the years ahead. Shares in Tata Consultancy, which has a market value of about $16 billion, closed 2.8% lower at Rs379, in line with a 2.9% drop in the broader market. The stock has risen 58.5% this year, outperforming the broader market and the sector index, after falling about 56% in 2008. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:44 pm TCS sees halt in demand fallBangalore: A slowdown in global demand for outsourcing has been halted but customers are still demanding lower prices, the chief financial officer of Tata Consultancy Services, India’s biggest software exporter, said. “Now we have to really see whether this arresting of decline just leads to a plateau where there will be a flat demand for a period of time,” S. Mahalingam told a news conference on Wednesday. An army of low-cost English-speaking engineers had driven an outsourcing boom in India, but turmoil in global markets and a recession in the US, which accounts for more than half the sector’s revenue, have slowed the scorching pace of growth. “Companies are definitely cautious in terms of their spends,” Mahalingam said. Gartner Inc, the world’s biggest technology research company, this month sharply curtailed its forecast for information technology spending this year reacting to larger-than-expected budget cuts by companies during the first quarter. It now expects IT budgets to fall 4.7% this year, compared with forecast three months ago that called for budgets to rise 0.16% from 2008. Mahalingam said that Tata Consultancy was focused on reining in costs related to areas such as staff salaries and sales and marketing expenses to offset the impact of pricing pressure on margins. “Pricing requests definitely keep coming even now,” he said. “As we have said earlier, request comes for anything from 5-15%.” Tata Consultancy posted a 4.6% rise in Jan-March net profit and said its overseas clients were demanding fee cuts in a tough environment. This was the fifth consecutive quarter of single-digit year-on-year quarterly profit growth for the Tata Group firm, after seeing a rise of more than 20% in the previous quarters. Tata Consultancy and close rival Infosys Technologies are expanding in Europe and elsewhere to cut their dependence on the US market and Mahalingam said the company was expected to see good growth from newer markets such as western Europe, Brazil and India in the years ahead. Shares in Tata Consultancy, which has a market value of about $16 billion, closed 2.8% lower at Rs379, in line with a 2.9% drop in the broader market. The stock has risen 58.5% this year, outperforming the broader market and the sector index, after falling about 56% in 2008. Source: Home - Livemint.com | 17 Jun 2009 | 12:44 pm India favours peace with Pakistan: ManmohanOn Board Prime Minister’s Special Aircraft: After some tough talking on Tuesday, Prime Minister Manmohan Singh on Wednesday favoured peace with Pakistan but made it clear that Islamabad should take “strong and effective” actions to end terrorism against India like it has done with Taliban. Singh, who had met Pakistan President Asif Ali Zardari in Yekaterinburg, said if Islamabad shows “courage, determination and statesmanship to take the high road to peace, India will meet it more than half the way.” He said Zardari had told him that he was sincere in fighting terrorism but he talked about difficulties his government is facing in tackling the menace and sought “some time” in this regard. “I have spoken before also about my vision of a cooperative sub-continent and the vital interest people of the sub-continent have in peace. For this, we must try again to make peace with Pakistan. But for this, it is essential that strong and effective steps are taken by Pakistan against the enemies of peace,” Singh told journalists accompanying him on his way back after attending two multilateral summits. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:35 pm Textile makers seek easier duties, creditMumbai: India’s textile industry is seeking removal of excise duty and taxes, increased drawback rates and easier credit as a booster for the ailing sector. The $52 billion labour-intensive sector is estimated to have lost 1 million jobs as the economic slowdown hurt demand for apparels and firms cut production to avoid inventory pile up. The Confederation of Indian Textile Industry (CITI) has asked for removal of excise duties on all man-made fibres and scrapping of service tax for the sector ahead of the Union budget in July. “Removal of duties would encourage increased utilisation of man-made fibres and this will help in correcting the mismatch in the pattern of fibre consumption between the domestic and global textile industries,” CITI said in a statement. It sought a similar reduction in excise on all textile machinery, components and spares to a flat 4% from the current 4-8% range on machinery and 8% duty on components and spares. Industry participants are also seeking restoration of a 4% interest rate subsidy on bank loans for exporters. “The interest subvention of 2% may be increased to 4% and for a year,” said Sunil Khandelwal, chief financial officer of textile maker Alok Industries Ltd. The current subvention set to expire on 30 September 2009. This should be doubled and extended till March 2010, he said. “Duty drawback rates (on textile products) may be increased across the board by 2%.” The drawback rates were reduced in September and now vary between 1-3% for a majority of textile products after cenvat facility is availed. Availability of credit is another issue with textile makers and CITI has sought a two year extension of the repayment period for term loans and rescheduling of loans. The sector has also called for rescheduling loans by deferring repayment of principal for eight quarters even though interest will continue to be paid during this period, CITI added. Source: Home - Livemint.com | 17 Jun 2009 | 12:35 pm Textile makers seek easier duties, creditMumbai: India’s textile industry is seeking removal of excise duty and taxes, increased drawback rates and easier credit as a booster for the ailing sector. The $52 billion labour-intensive sector is estimated to have lost 1 million jobs as the economic slowdown hurt demand for apparels and firms cut production to avoid inventory pile up. The Confederation of Indian Textile Industry (CITI) has asked for removal of excise duties on all man-made fibres and scrapping of service tax for the sector ahead of the Union budget in July. “Removal of duties would encourage increased utilisation of man-made fibres and this will help in correcting the mismatch in the pattern of fibre consumption between the domestic and global textile industries,” CITI said in a statement. It sought a similar reduction in excise on all textile machinery, components and spares to a flat 4% from the current 4-8% range on machinery and 8% duty on components and spares. Industry participants are also seeking restoration of a 4% interest rate subsidy on bank loans for exporters. “The interest subvention of 2% may be increased to 4% and for a year,” said Sunil Khandelwal, chief financial officer of textile maker Alok Industries Ltd. The current subvention set to expire on 30 September 2009. This should be doubled and extended till March 2010, he said. “Duty drawback rates (on textile products) may be increased across the board by 2%.” The drawback rates were reduced in September and now vary between 1-3% for a majority of textile products after cenvat facility is availed. Availability of credit is another issue with textile makers and CITI has sought a two year extension of the repayment period for term loans and rescheduling of loans. The sector has also called for rescheduling loans by deferring repayment of principal for eight quarters even though interest will continue to be paid during this period, CITI added. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:35 pm Nifty falls below 4400; RIL, ONGC disappoint - Economic Times
Source: Google News India - Business | 17 Jun 2009 | 12:29 pm Indian rupee falls to 1-month low as shares drop - Reuters India
Source: Google News India - Business | 17 Jun 2009 | 12:28 pm WTO chief hopes to conclude Doha round in 2010Berlin: The head of the World Trade Organisation is hopeful long-running trade talks can be wrapped up next year. Trade ministers came close to reaching a deal on the Doha round of talks in July 2008, but they collapsed because of a dispute between Washington and emerging economies, spearheaded by India, over proposals to help farmers in poor nations. The Cairns Group, 19 nations accounting for more than 25% of the world’s agricultural exports, said last week that trade officials from the US, Europe and India had shown fresh resolve to conclude the Doha talks launched in 2001. “I am optimistic that Doha will be concluded in 2010,” Pascal Lamy, the WTO’s director general, told Germany’s Sueddeutsche Zeitung. “The developing countries are pressing for that. But so far there have only been political declarations of intent. Whether the negotiations really progress depends largely on the US Congress,” he added. The Doha deal is estimated to be worth $150 billion for the world economy and considered even more important now that the world faces its worst economic crisis in decades. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:25 pm Tata Consultancy: demand decline haltsBANGALORE (Reuters) - A slowdown in global demand for outsourcing has been halted but customers are still demanding lower prices, the chief financial officer of Tata Consultancy Services, India's biggest software exporter, said.Source: Reuters: Money News | 17 Jun 2009 | 12:23 pm Vodafone approaches FIPB for long distance, ISP licencesNew Delhi: The country’s second largest GSM mobile services provider, Vodafone Essar, has sought Internet service provider and national long distance licences. Company officials said that the operator has sought FIPB approval for these two licences and aims to become a full-fledged communication services provider in the country. If Vodafone Essar, in which the UK-based mobile firm Vodafone holds majority stake, gets the national long distance licence (NLD) it will help the company save operating expenses for carrying STD traffic, instead of hiring other mobile company’s network for the purpose. Owning its own network for NLD traffic will also help the company offer competitive STD tariffs to the subscribers. Vodafone’s India partner Essar already has a NLD licence through its arm Shippingstop Dot Com. In fact, Vodafone Essar South Ltd already also has a NLD licence. All the top mobile operators like Reliance Communications, Bharti, BSNL and MTNL have their own NLD infrastructure. The company also plans to enter the Internet service segment in which all other major mobile operators like BSNL, Reliance Communications and MTNL has a presence. Vodafone is the number two GSM player in the country in terms of subscribers. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:21 pm KPMG sees India’s MF assets tripling by 2015Mumbai: Assets of Indian mutual fund industry could triple to nearly Rs18 trillion by 2015 if country’s economy revived quickly, consultant KPMG said in a report on Wednesday. However, profitability may come down as revenues shrink and operating costs mount, it said. Indian fund industry profitability as a percentage of assets stood at 14 basis points in FY08, down from 25 basis points two years earlier, as the industry gathered more assets in low margin products targeted at institutional segment, KPMG estimates. Corporates, banks and foreign institutional investors (FIIs) collectively control more than half of the Rs6.6 trillion Indian funds managed at the end of May, data compiled by the Association of Mutual Funds in India (AMFI) show. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:20 pm ONGC, Mittal to spend $150 mn in NigeriaNew Delhi: Steel czar Lakhsmi N Mittal and partners Oil and Natural Gas Corp (ONGC) and Total SA of France will invest $150 million in exploration of oil in Nigeria. ONGC Mittal Energy Ltd, the joint venture of ONGC Videsh Ltd and Mittal Investment Sarl, had in 2005 won two exploration areas — OPL 285 and OPL 279 — in Nigeria. In November 2008, they got French energy major Total as technical partner in the two blocks. “Our commitment is to spend $75 million in first phase of exploration on each block,” an OMEL spokesperson said. Exploration period commenced on 23 February 2007, for both the blocks. “We plan to commence drilling in the second half of 2009 on OPL 285 and in 2010 on OPL 279 depending on rig availability,” he said. Nigeria was the first place where the much hyped joint venture between the Indian flagship and the holding firm of Mittal had secured an overseas energy asset. For each block, the first exploration period, which ends in 2012, encompasses the commitments of acquisition and processing of 500 sq km of 3D seismic and the drilling of one exploration well. In the second five-year exploration period, which is optional, the work commitments will cover the acquisition of a further 500 sq km of 3D seismic and the drilling of two wells. The spokesperson said Total has farmed in OPL-279 and OPL-285 at cost. “Operatorship remains with OMEL. Total is the technical advisor to OMEL. Total has reimbursed OMEL with pro rata share of signature bonus and past costs.” Total has 25.67% and 14.5% stakes in deep offshore licence OPL - 285 and OPL - 279 respectively. The Nigerian company EMO Exploration and Production is also partner on both of the blocks. OMEL had in 2005 won rights to explore in OPL-279 and OPL-285 after committing to invest $6 billion in an 180,000 barrels per day greenfield refinery, a 2,000 MW power plant or a railway line from east to the West of Nigeria. It paid a signature bonus of $50 million for OPL-285 and $75 million for OPL-279. OMEL, the spokesperson said, has chosen refinery project as preferred downstream project but details such as cost, capacity and timeframe were not yet finalised. Covering an area of around 1,170 sq km, OPL - 285 is located 80 km offshore, near the Bonga field, in water depths ranging from 400 to 900 metres. OPL - 279 is located some 100 km offshore, near the Ehra and Bosi fields, in water depths ranging from 800 to 1,800 meters. The licence covers an area of around 1,125 sq km. OVL, the overseas investment arm of ONGC, holds 49.98% stake in OMEL while Mittal Investments has 48.02%. SBI Caps has the remaining 2%. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:17 pm Construction firms seek easier funding norms - CFINEW DELHI (Reuters) - India should let pension funds invest up to 15 percent of their funds in infrastructure projects and permit developers refinance rupee loans through foreign debt to boost investment, an industry group said.Source: Reuters: Money News | 17 Jun 2009 | 12:15 pm ANALYSIS - Bad debt threat hangs over Europe's revived banksLONDON (Reuters) - Dramatic government bailouts and buoyant capital markets have revived confidence in Europe's banks, yet the threat of hefty loan losses, more cashcalls and lower returns loom large over the bruised sector.Source: Reuters: Money News | 17 Jun 2009 | 12:13 pm Rupee falls to 1-month low as shares dropMumbai: The rupee weakened to a one-month low on Wednesday, weighed down by an almost 3% drop in the local stock market that could trigger profit-taking by foreign portfolio investors. The partially convertible rupee ended at Rs48.13/14 per dollar after hitting Rs48.16, which was its lowest since 18 May, and about 0.8% weaker than Tuesday’s close of Rs47.75/76. It has lost almost 2% this month, but is up 8.5% from a record low of Rs52.2 hit on 3 March as foreign investors bought Indian shares worth nearly $8 billion over three months. “The fall in the stock market was the primary factor, which pulled the rupee lower,” a senior trader with a foreign bank, said. “With the rupee now beyond 48 to the dollar, there is more likelihood of the RBI intervening,” he said, referring to the Reserve Bank of India. The RBI buys or sells dollars through a clutch of state-run banks to check volatility in the local unit. The Bombay Stock Exchange 30-share benchmark fell 2.9% to their lowest close in three weeks, as doubts about the health of the global economy dampened sentiment worldwide and sparked profit-taking on an 86% rally since early March. Despite the rupee’s losses in June, analysts expect the currency to appreciate by the end of December. A victory for the ruling coalition in national elections last month has raised hopes for economic reforms such as opening up the insurance and pension sectors and stake sales in state companies. “The recent election outcome, the revival in global risk appetite and pick-up in capital inflows into India positively affect the balance of payments,” Macquarie analyst Rajeev Malik wrote in a note. “We reiterate our INR/USD (rupee-dollar) forecast of 46 by end-2009, strengthening further to 43 by end-June 2010.” One-month offshore non-deliverable forward contracts were quoting at 48.22/48.32, slightly weaker than the onshore spot rate. Oil is one of the country’s biggest imports and global prices have doubled since February. One-month offshore non-deliverable forward contracts were quoting at Rs47.95/48.05, weaker than the onshore spot rate. Source: Home - Livemint.com | 17 Jun 2009 | 12:10 pm India seen importing 3-4 mn tonnes sugar next seasonNew Delhi: India will import 3-4 million tonnes of raw sugar in 2009-10, even higher than shipments in the current year that have sent sugar prices soaring, the head of Sucden India said on Wednesday. The world’s largest sugar consumer and also its second-biggest producer is expected to buy 2.5 million tonnes in the year to September, Yatin Wadhwana, managing director of Sucden India Pvt Ltd, said. These purchases, after exports of 5 million tonnes the previous year, have been a key factor in the up to 30% rise this year in New York raw sugar futures. The front-month contract hit a near 3-year high of 16.05 cents per lb in late May as India allowed duty-free imports of raw sugar, before a firm US dollar spurred heavy selling. “My impression that India will have to import 3-4 million tonnes of sugar next season is based on the fact that I am yet to see concrete, credible evidence of a substantial increase in cane planting,” Wadhwana said in an interview. Mills have so far contracted to import 2 million tonnes of raws and 1.5-1.6 million tonnes have arrived, while deals have been sealed for imports of 100,000 tonnes of whites, Wadhwana, who heads the Indian arm of global trading house Sucden, said. Hit by forecasts of a sharp 45% drop in 2008-09 output to 14.7 million tonnes, the government allowed mills to import duty-free raws in February, and in April, asked state-run firms to buy up to one million tonnes of whites at zero import tax. Many mills could not import raw sugar as by the time the government allowed tax-free overseas purchases, they had run out of bagasse, a by-product that mills use to fire boilers. “Imports will definitely go up in the next season as mills will begin crushing on time since they will have imported raws to process. Mills will have to depend on imports as cane availability will not improve substantially,” Wadhwana said. He said farmers were not paid well in the last season. “I am not the one who believes that there will be a huge increase in cane acreage as payment to farmers was not commensurate. Unlike cane growers, wheat or rice farmers were well taken care of. There may be a marginal hike,” he said. In the current season, Wadhwana said, sugarcane farmers in major sugar producing states were paid an average Rs140 per 100 kg and should have been paid more. An industry official last month said farmers in Maharashtra, India’s top sugar producer, have planted cane on 800,000 hectares against 770,000 hectares a year ago. Another official said the area under cane cultivation in Uttar Pradesh would go up by 24% to 2.1 million hectares. Wadhwana said the reports of a rise in acreage were only an initial sign and a lot would depend on plantings during the monsoon months of June and July. “We know that the progress of monsoon rains is not very encouraging,” he said. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:07 pm CISF ready to protect Reliance refineryNew Delhi: Nearly two battalions (2,000 personnel) of Central paramilitary force will be required for providing security cover to the refinery of Reliance group at Jamnagar in Gujarat. An official with the Union home ministry said that on receiving sanction from the government for providing security to the refinery, a thorough survey of the installation was conducted after which a strength of nearly 2,000 personnel was recommended. The ministry’s clearance came following intelligence inputs suggesting that Pakistan-based terrorists might try to target these installations launching a surprise attack similar to the one in Mumbai last year. The official said the security cover would include setting up of crack commandos and quick reaction teams for the petroleum refinery. An air defence mechanism would also be placed, he added. The Centre has enlarged the role of the Central Industrial Security Force from guarding government establishment to providing security to installations in the private sector in the wake of the 26/11 attack. Jamnagar refinery of Reliance is close to India-Pakistan border in Gujarat which makes it vulnerable to terrorist attack from the neighbouring country. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 12:02 pm Profit booking pulls down Sensex 435 pointsHeavy profit booking in the last hour of trading in the Indian equities markets Wednesday pulled down a key index by 435 points at closing bell. Realty and metal stocks saw bulk of the selling.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 12:00 pm Smile, click, crop: photoshopping away flawsThe next time you flip open a magazine and perform what has become an almost mechanical comparison of your hair, skin, hips, eyes and teeth with those of a seemingly flawless Priyanka Chopra or Malaika Arora, pause for a moment. If the skin you’re seeing looks almost too good to be true — chances are it is.  “It happens all the time,” discloses a fashion photographer who has requested anonymity for fear of losing clients. “No matter how good a person looks, after a certain age fat needs to be tucked in, skin needs to be touched up. System work is always needed and the changes made are sometimes drastic. A while ago I had done some work for Lakme. They decided they didn’t like the model’s left eye because it was slightly smaller than the right, so they just replaced it.” Those in the advertising industry are candid about the fact that system corrections play an important role in putting out a final product that will sit well with the client. “When you initially shoot an ad, it’s too raw,” explains Sasha Mahan, a creative services professional at JWT in Mumbai. “There are usually blemishes and pimples on face we get rid of. Basically, we clean things up.” Apart from skin and hair, weight is another large concern in the fashion and ad worlds. With an increased exposure to western media, India is gradually shifting its traditional perceptions about beauty to propel thinner, more athletic stars like Deepika Padukone, Priyanka Chopra and Bipasha Basu to the top. The aforementioned photographer source also informs us that Hindustan Unilever’s beauty brand Dove allegedly used system correction to shave almost 20 pounds off its poster girl, Karishma Kotak, as recently as last year. He explains that Dove had a long-term contract with the model, who reportedly put on weight after her first shoot with the brand. “Dove needed to use Karishma for a second campaign so we had to tone her down — right from her face to her waist, to her thighs, everything,” he says. Dove’s endorsement of photo manipulation is ironic given the brand was in the news in 2006 for an ad campaign claiming to promote “real beauty.” The highlight of the campaign was a 75 second ad produced by Ogilvy & Mather in Canada, which shows a model being prepped to be photographed. After her makeup is applied and the photograph is taken, the ad shows her being photoshopped — her neck is elongated, her eyebrows are arched and her face is slimmed down. The commercial, which is titled Evolution and walked away with a top advertising award from Cannes in 2007, ends with the tag line: “No wonder our perception of beauty is distorted.” Unsurprisingly, photo manipulation is a polarizing issue. Dr. Ashum Gupta, a professor of psychology at the University of Delhi, believes that mass media images can have a profound effect on young, particularly female viewers. “The media is publicizing the image of slim women as being desirable and the girls who are exposed to this aren’t eating properly. In the process they develop a lot of anxiety and depression because they don’t view themselves as socially desirable,” says Gupta. Her view is that practices like photo manipulation merely exacerbate body image problems already seeded by mass media images. The contention that mass media images can significantly influence viewers is hardly new. In 2006, Madrid took the decision to ban models who were too thin from its fashion week, while in 2007, Milan based fashion houses Armani, Prada and Versace banned skinny models citing health concerns. Admittedly, photo manipulation is just one small piece of a far larger and more complex puzzle: ideas about beauty and desirability are culturally conveyed through a host of mediums from a very young age. Arguably, however, constant exposure to seemingly perfect skin, features and bodies — images easily made possible through photo manipulation — will confer unrealistic ideas about normalcy and desirability upon viewers. The counter argument is that system correction is just part of the business. “If you’ve signed a contract with a celebrity for years and they put on weight, you can’t just let that money go to waste. Obviously the brand would prefer to thin them down,” explains Mihiri Kanjirath, senior account representative at JWT in Mumbai. Sasha Mahajan at JWT underscores the fact that ad agencies don’t make changes that are extreme because they need to keep things looking natural. Besides, she points out, today’s consumers aren’t naïve about the images they are exposed to. “Don’t think that the consumer or public assumes that what they see on TV is real; they know better. I think psychologists underestimate people,” she says. Puranjoy Gupta, a fashion photographer who also performs system corrections, is of the view that the process should almost be viewed as an art form — due to the time, concentration and technical skill it takes to create the finished product. He states that an image can take up to 15 hours to system correct and that the charges can sometimes be as high as one and a half to two lakhs per image. India’s voluntary advertising regulation body, the Advertising Standards Council of India, says that it has not discussed the issue of photo manipulation in advertising. The council’s code for self-regulation deals largely with the issue of misrepresentation in advertising, stating that it aims to “ensure the truthfulness and honesty of representations and claims made by advertisements.” However, in a phone interview, Alan Collaco, the organization’s secretary general, states that there is nothing misleading about manipulating an image of a model to look 20 pounds lighter — so long as the advertisement doesn’t claim that she lost the weight through the product she is advertising for. “Ninety percent of our actresses look totally different in real life to what they look like on screen. What’s misleading about that?” says Collaco. His response inevitably raises the question of whether using software to modify an actress or model raises ethical concerns that achieving a similar effect through lighting and makeup do not. Perhaps a possible solution would be to require advertisers, magazines and the media at large to publicly disclose when and how images are altered — if these alterations extend beyond simply colour, light and other prescribed fundamentals. This issue has already garnered attention in France, where health officials are reportedly campaigning for such a measure to be enforced. While the advertising industry may not embrace such a rule with open arms, it would inject a dose of reality into viewers — who are too often taken up by the glitz and glamour of the seeming perfection they see on hoardings and in magazines. Source: LatestNews-Home - Livemint.com | 17 Jun 2009 | 11:58 am Consumer goods sector seeks continuation of rural upliftment schemesNew Delhi: The fast moving consumer goods (FMCG) industry has sought continuation of rural employment guarantee schemes in the upcoming Budget to help boost consumption across the country, particularly in villages. “We expect the government to continue their focus on rural sector with rural employment guarantee schemes and profitable supply of funds to those areas,” Dabur India chief executive officer Sunil Duggal said. These measures would help the consumer goods industry by boosting demand in rural areas and villages, he added. Demand from the rural sector helped the Rs1 lakh crore industry grow at around 17-18% in the last fiscal despite heavy odds such as rising input costs, high inflation and the economic downturn. According to industry experts, rural markets account for over 35% of the total sales of consumer goods in India. “We don’t expect any tax sops from the government in the budget... but would like to see that the government should keep spending more on rural areas, which is not only good for FMCG segment but for the whole country,” Godrej Group chairman and managing director Adi Godrej said. Besides, the industry expects the government to rationalise tax structure in line with its policies for a unified tax regime across the country. “There is a need for rationalising the tax structure that will have the dual effect of eliminating anomalies and inducing competitiveness,” said Rasna chairman and managing director Piruz Khambatta, who is also the chairman of CII’s National Commitee on Food Processing. He said the government should increase its expenditure on Research and Development as well as infrastructure to make the industry globally competitive. Echoing similar sentiments, Emami director Aditya Agarwal said the government should spend more on infrastructure and agriculture sector that will boost the industry. “We expect the government to spend on infrastructure projects like roads and ports because these are important aspects for business to grow. They should also put more emphasis on agriculture. When agriculture sector grows, it will help the FMCG sector also,” Agarwal added. Source: Home - Livemint.com | 17 Jun 2009 | 11:35 am SAIL eyes 810% volume growth in FY10SK Roongta of SAIL said the the company was eying a volume growth of 810% this fiscal year (FY10). In an exclusive interview with CNBCTV18 Roongta said that India was among the few countries where the demand for steel was still growing and added that the domestic steel prices were somewhat higher than global prices as of now.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 11:34 am Govt to sell up to 10% stake in Coal IndiaNew Delhi: India will sell up to 10% of its holding in state-owned Coal India Ltd, a minister said on Wednesday, in the latest share sale plan announced by the government to raise funds and plug a bloated fiscal deficit. Policymakers have said raising revenue through divestments would help keep a lid on the fiscal deficit, which was at 6.2% of gross domestic product in the year ended 31 March. Two state-owned firms, Oil India Ltd and power generator NHPC Ltd, make up nearly half of the expected $1.5 billion worth of share sales ready to hit the market through 18 IPOs, data from Indian deal tracker SMC Capital showed. Coal minister Sriprakash Jaiswal said the government hoped to sell some stake in Coal India in the current fiscal year. “Disinvestment in the coal sector is absolutely necessary,” he told a news conference. “The target we have kept is up to 10%.” Coal India, which contributes 85% of India’s coal output, aims to produce 435 million tonnes in 2009-10, nearly 8% higher than the previous year. The company had sales of Rs32,634 crore ($6.8 billion) in the fiscal year ended March 2008, and profit before tax of Rs8,738 crore, according to the latest available data on its website. Jaiswal said the government would give priority to the coal miner’s employees and people who have lost their land, while issuing shares. An 80% jump in the main stock index from its March low is seen aiding share sales. Shares in listed state-run companies have risen about 74% in the same period. “Seeing the price movement in the public sector units stocks, there is quite a lot of confidence in them, especially amongst foreign investors,” said RK Gupta, managing director at Taurus Asset Management in New Delhi. Source: Home - Livemint.com | 17 Jun 2009 | 11:29 am AIRSHOW - OnAir aims for more mobile phones on planesPARIS (Reuters) - An airlines industry-owned telecoms group that enables air travellers to use mobile phones, is looking to double the number of planes using its system by the end of the year, denying that their use annoys other passengers.Source: Reuters: Money News | 17 Jun 2009 | 11:24 am India to sell up to 10 pct stake in Coal India - Reuters India
Source: Google News India - Business | 17 Jun 2009 | 11:23 am BSE Sensex falls 2.9 pct to lowest close in 3 weeksMUMBAI (Reuters) – The BSE Sensex fell 2.9 percent on Wednesday to its lowest close in three weeks, as doubts about the health of the global economy dampened sentiment worldwide and sparked profit-taking on an 86 percent rally since early March.Source: Reuters: Money News | 17 Jun 2009 | 11:17 am Sensex down 101 points in early tradeThe 30-share barometer, which had gained 82.39 points in Tuesday's volatility, slipped by 101.46 points at 14,856.45 in the first five minutes of trading.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 11:15 am Gas leak delays Endeavour launch for second timeCape Canaveral: Nasa cancelled the launch of space shuttle Endeavour on Wednesday for the second time after a potentially dangerous hydrogen gas leak surfaced while the ship was being fuelled for flight. An identical problem stymied a launch attempt on Saturday. Technicians had replaced seals in a hydrogen vent line in hopes of stemming the leak. The next opportunity to launch Endeavour will be on 11 July. “We’re going to step back and figure out what the problem is and go fix it,” said deputy shuttle program manager LeRoy Cain. “Obviously we have something here we didn’t understand as well as we thought we may have.” Endeavour had been scheduled to lift off from the Kennedy Space Center in Florida at 5:40 am EDT (0940 GMT) on Wednesday on a 16-day mission to install a Japanese-built porch on the International Space Station. Nasa had first hoped to launch Endeavour last Saturday but sensors detected dangerous levels of hydrogen gas escaping from a vent line and the launch was halted. A similar problem occurred during an attempt to launch sister ship Discovery in March. The vent line removes hydrogen that has turned from liquid to gas inside the shuttle’s fuel tank. The gas is funnelled to a flare stack away from the shuttle and safely incinerated. Since hydrogen is so volatile, the US space agency has very tight safety restrictions on how much gas can be outside the shuttle. With the shuttle launch delayed until July, Nasa will turn its attention to the debut mission in its new exploration initiative aimed at returning astronauts to the moon by 2020. The Lunar Reconnaissance Orbiter, due to launch as early as Thursday, is designed to spend a year scouting the moon’s surface for prospective landing spots. The spacecraft includes a second satellite that will crash into a lunar crater to look for water. Launching Endeavour before 11 July is not an option because the angle of the sun would overheat the shuttle while it was docked at the space station. Nasa is trying to finish building and outfitting the International Space Station by 30 September 2010, so it can retire the shuttle fleet and move on to developing a new spaceship that can carry astronauts to the moon and other destinations beyond low-Earth orbit. Eight missions remain to complete the station, a $100 billion project of 16 nations that has been under construction 225 miles (362 km) above Earth for more than a decade. The seven-member Endeavour crew will install the Japanese porch, replace batteries on one of the station’s solar wing panels and perform other maintenance tasks in the third of five flights planned for this year. Source: Tech News - Livemint.com | 17 Jun 2009 | 11:06 am Markets fall at close; Sensex 2.9%, Nifty 3.9% downMumbai: Indian shares fell 2.9% on Wednesday to their lowest close in three weeks, as doubts about the health of the global economy dampened sentiment worldwide and sparked profit-taking on an 86% rally since early March. Energy giant Reliance Industries, which has the most weight in the main index, led the losses falling for a third day following an unfavourable court ruling on gas supplies. “The market is seeing a long-overdue correction. The US market is also showing weakness and the global markets are reacting as they all take cues from each other,” Deven Choksey, chief executive of KR Choksey Shares & Securities, said. The benchmark 30-share BSE index ended down 2.91% or 435.07 points, at 14,522.84, its lowest close since 22 May. All but one fell. Reliance, dropped 4.2% to Rs2,050.80, its lowest close in a month. Engineering and construction giant Larsen & Toubro, which had almost tripled over the past three months, shed 3.9% to Rs1,466.55 on profit-taking. State-run explorer Oil and Natural Gas Corp fell 5.4% to Rs1,064.25, while Tata Steel dropped 7.5% to Rs417. In the broader market, losers outran gainers 3 to 1 on more than average volume of 541.3 million shares. The 50-share NSE index fell 3.6% to 4,356.15, to lowest since January 2009. Traders said concerns have emerged about expensive valuations, with worries about the global economy and an uncertain outlook for corporate earnings growth weighing on investor confidence. “The market is trading in a band where the valuations are not comforting to many investors. They are staying on the sidelines,” S Ranganathan, head of research at LKP Shares, said. The BSE index is still up 80% from its 2009 low in early March, driven by foreign portfolio inflows of almost $8 billion. A stronger mandate won by the ruling Congress party-led coalition in May has raised hopes for quick paced reforms and stake sales to attract investments. Although the market is vulnerable to bouts of profit-taking, expectations the government will unveil reform plans in its annual budget on 6 July provide some support, traders said. “There could be a lot of volatility in the run up to the budget. That is more certain than anything else for this market,” Ranganathan said. India’s wholesale price index (WPI) is forecast to have fallen in the year to 6 June for the first time in at least three decades, heralding a period of annual deflation that analysts said could last up to four months. The data is due by midday on Thursday. Most Asian markets were lower on Wednesday, with MSCI’s measure of Asian markets other than Japan down 1.4% Japan’s Nikkei rose 0.9%. European equities also fell, mirroring losses at US stock markets on Tuesday after several economic indicators this week came in below expectations, supporting the view that equity and commodity prices have risen too rapidly. Source: Home - Livemint.com | 17 Jun 2009 | 11:06 am Apollo Hospitals shelves plans to buy Wockhardt unitsApollo Hospitals has shelved plans to buy a 'basket of hospitals' from Wockhardt, a senior company official said here Wednesday.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 11:01 am Sensex falls 435 pointsIndian indices ended with huge losses on Wednesday as traders booked profits across the board following decline in the global markets.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 11:01 am Gujarat to ensure equitable distribution of natural resourcesThe Gujarat government will form a planning committee in each district to facilitate equitable distribution of water and other natural resources, an official in the Chief Minister's Office (CMO) said Wednesday.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 11:01 am Fiat launches small car Grande PuntoA week after Honda entered the small car segment in the Indian market, Italian auto major Fiat Wednesday launched the globally available Grande Punto, its third small car offering in the country.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 11:00 am Syndicate Bank raises Rs 200cr via bonds"The bank has raised tier II capital to the extent of Rs 200 crore through issue of unsecured non-convertible sub-ordinate debt," Syndicate Bank said.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 10:58 am Obama to reform banking; Europe recovery signs patchyWASHINGTON/LONDON (Reuters) - U.S. President Barack Obama will announce reforms on Wednesday aimed at averting any repeat of the banking crisis that is still driving up unemployment around the world nearly two years after it struck.Source: Reuters: Money News | 17 Jun 2009 | 10:58 am Oil eases to $70 before inventory reportLondon: Oil eased to around $70 a barrel on Wednesday pressured by weaker stock markets as investors awaited a US inventory report expected to show supplies declined in the world’s top consumer. European shares slid for a fourth day as some investors unwound trades which had bett on a speedy economic recovery. Late on Tuesday, the American Petroleum Institute released inventory data that was largely bearish. “The stock market being down is a good reason for oil falling,” said Christopher Bellew, a broker at Bache Commodities. “Essentially, we are still in the same range between $69.50 and $72.50.” US crude for July eased 40 cents to $70.07 a barrel by 1032 GMT, having settled 15 cents lower at $70.47 on Tuesday. Brent crude for August slipped 18 cents to $70.06. The US Energy Information Administration releases its weekly oil supply report at 8:00pm, The API data late on Tuesday showed a smaller than expected rise in crude stocks and a surprise increase in gasoline. “Maybe the pattern of falling crude stocks in the statistics, if it’s continued this afternoon, will hold us in that range rather than breaking back to the downside,” Bellew said. Analysts polled by Reuters expect crude supplies to fall 1.7 million barrels and gasoline inventories to decline by 100,000 barrels. The API reported crude stocks fell 1.3 million barrels and gasoline rose by 2.1 million barrels. Oil traders consider the EIA report to provide a more complete snapshot of supplies because companies are required to respond to its weekly survey. Some support for oil came from a weak dollar, which resumed its decline against other currencies on Wednesday. A weaker dollar can boost investor demand for oil and commodities. Oil hit a 2009 high above $73 last week, lifted by expectations of economic recovery that would increase fuel demand. Prices are still far below the record high above $147 reached last year. President Barack Obama will unveil on Wednesday plans for sweeping reform of US financial regulation, aimed at averting future crises like the banking meltdown that has plunged the global economy into recession. Source: Home - Livemint.com | 17 Jun 2009 | 10:48 am Jet, Kingfisher hike fuel surcharge, other airlines to follow suitMumbai: Air tickets will cost more with Jet Airways and Kingfisher Airlines announcing a hike in fuel surcharge by Rs400 on all domestic sectors from Wednesday, and other airlines likely to follow suit. The increased surcharge, which would now stand at Rs3,400 per ticket, would be applicable on tickets of Jet’s premier carrier as well as its two wholly-owned low-fare subsidiaries, JetLite and Jet Airways Konnect. “Jet Airways has decided to increase its fuel surcharge by Rs400 on all domestic sectors with effect from tickets purchased starting 17 June,” an airline spokesperson said. The hike was necessitated by the sharp increase in ATF prices by 33% since March this year, the spokesperson said. In case of Kingfisher Airlines also , the hike would apply uniformly for travel across all distances and all classes of travel, including Kingfisher Red, the Kingfisher spokesperson said. When contacted, an Air India spokesperson said, “We are also seriously contemplating an upward revision in fuel surcharge in view of the continuous increase in ATF prices.” He said the national carrier would be able to take a decision “in a couple of days”. Air India currently levies fuel surcharge of Rs1,950 and Rs2,700 on air tickets up to and beyond 750 km, respectively. Two days ago, state-run oil firms hiked aviation turbine fuel (ATF) rates by over 12 % on firming international oil prices. Indian Oil, Bharat Petroleum and Hindustan Petroleum raised ATF price by Rs3,949 to Rs36,252 per kilolitre in Delhi. International crude oil prices have firmed to a seven-month high of $72 per barrel on hopes of demand revival in the US. Source: Home - Livemint.com | 17 Jun 2009 | 10:48 am JSPL considering debtequity mixture to raise fundsAshok Alladi of Jindal Steel Power said the company was looking at a number of options to raise capital. \"While debt is the preferred route, entering the equity market is also an option for raising funds,\" he said, adding the company could also consider listing Jindal Power.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 10:46 am NTPC biggest beneficiary in RILRNRL case: Sanju VermaSanju Verma CEO of Institutional Business Proactive Universal Group said that the biggest beneficiary in RILRNRL deal was NTPC. Verma said that the JSPL was highly overvalued at present whereas Punj Lloyd looks comfortable from valuations perspective.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 10:43 am Much-trumpeted BRIC summit ends quietlyYEKATERINBURG, Russia (Reuters) - Despite advance bluster about challenging the financial status quo, the first summit of emerging "BRIC" powers was a muted performance, underscoring the hurdles they face in forging a cohesive bloc.Source: Reuters: Money News | 17 Jun 2009 | 10:34 am Volvo India expecting flat growth this fiscalVolvo is not very optimistic about any significant growth in India this fiscal in view of the global economic slowdown, a senior company official has said.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 10:32 am Sensex plummets near closing bellA key index of the Indian equities markets plummeted towards closing bell to shut shop Wednesday 484 points in the red.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 10:31 am Kingfisher Airlines hikes fuel surcharge by Rs 400Air carrier Kingfisher Airlines increased fuel surcharge by Rs 400 on all domestic sectors with immediate effect.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 10:29 am Kingfisher Airlines ups fuel surcharge by 400 rupeesMUMBAI (Reuters) - Kingfisher Airlines has raised the fuel surcharge on tickets by 400 rupees across both long and short haul domestic routes effective June 17, a spokesman said on Wednesday.Source: Reuters: Money News | 17 Jun 2009 | 10:24 am Apollo Hospitals drops plan to buy Wockhardt assetsKolkata: India’s top hospital chain Apollo Hospitals Enterprise Ltd has dropped plans to buy some hospitals of privately held Wockhardt Hospitals due to differences in valuation, managing director Preetha Reddy said on Wednesday. “The premium they were charging did not make any sense for us, particularly in the locations, since we already have a significant presence in those locations,” Reddy said at a media briefing. Wockhardt was offering a basket of hospitals in three cities — Mumbai, Bangalore and Kolkata, she added. Wockhardt Hospitals, promoted by the founders of Wockhardt Ltd, has been trying to raise money through an equity sale since its initial public offer was withdrawn last year on poor investor response. Source: Home - Livemint.com | 17 Jun 2009 | 10:21 am IBM to invest $100 million on research effortBangalore: IBM on Wednesday announced it plans to shift $100 million investment over the next five years into a major research effort which it said aims to advance mobile services and capabilities for businesses and consumers worldwide. IBM said it is investing to create technology in its labs that bring “simple, easy-to-use services” to the millions of people who have bypassed using the personal computer as their primary method of accessing the internet, and instead use their mobile devices for managing large forces of enterprise field workers, conducting financial transactions, entertainment and shopping. Through this effort, the company said in a statement it is aiming to drive new intelligence into the underpinnings of the mobile web to create new efficiencies in business operations and people’s daily lives. The three focus areas for IBM’s research investment are: emerging market mobility, mobile enterprise enablement, and enterprise end-user mobile experiences. Analytics, security, privacy and user interfrace, and navigation would be concentrated on across the Research effort. Source: Home - Livemint.com | 17 Jun 2009 | 10:09 am Michelin cuts 1,093 jobs in voluntary schemeParis: Faced with plummeting demand, French tiremaker Michelin announced a plan Wednesday to cut 1,093 jobs over a three year period, starting in 2010. The company said the cuts will be made on the basis of voluntary departures and that no workers will be laid off. French media reports earlier this week had said Michelin would fire 1,500 workers. Michelin said in a statement that 495 of the workers would leave as a result of retirement. Another 598 workers are to be offered some kind of position elsewhere in the company but different from their current job, a procedure known in France as “reclassification.” At the same time, Michelin also said it planned to hire about 500 new employees each year for the next three years to renew its workforce. Michelin, which is based in the central French city of Clermont-Ferrand, has been caught in the economic turmoil that has hit the auto industry particularly hard. In the statement, Michelin justified the measures that it said were due to “an extremely competitive context, aggravated by the current crisis.” Demand for tires is down globally as a result of the economic crisis, and Michelin already has furloughed workers this year in its plant in Oklahoma. Michelin said in April that its sales fell 14.2% to €3.5 billion ($4.5 billion) in the first quarter as demand for tires slumped in all the company’s markets other than China. Measured in volume, sales plunged 24.4% during the first three months of the year. Michelin also announced Wednesday proposals to modernize its research facilities and promote innovation in tire development. The company will put €100 million into its center for research and development in its home city of Clermont-Ferrand, sink €15 million into tire development for trucks at a plant in the French city of Tours, and €50 millions into development of mixed rubber at a factory in Moncteau. Source: World Business - Livemint.com | 17 Jun 2009 | 9:46 am Tobacco export jumps 70% in April on record pricesTobacco shipment from India, the third-largest exporter in the world, shot up by about 70% to exceed Rs 300 crore in April 2009-10, boosted by a surge in realisation.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 9:30 am Havells in expansion mode, targets Rs.500 crore from exportsElectrical and power equipment major Havells India is expanding its switchgear business to take its export earnings from Rs.150 crore to Rs.500 crore in the next three years, a senior company official said here Wednesday.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 9:30 am Depositors to become shareholders of Saraswat bankIn a first of its kind move, Indias largest urban cooperative bank Saraswat Cooperative Bank plans to make 50,000 of its depositors into shareholders in the company.Source: Moneycontrol Top Headlines | 17 Jun 2009 | 9:01 am Sensex dips into red after brief comebackIndian equities markets fell back into the red about an hour before close of trade Wednesday after a brief comeback in earlier sessions, with a key index ruling 178 points lower than its previous close.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 9:01 am Tata Teleservices promises India's fastest broadband serviceTata Teleservices has teamed up with ECI Telecom, an Israel-based networking infrastructure solutions provider, to offer India's fastest broadband access network till date, the Indian telecom operator said Wednesday.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 9:00 am Sensex dips into red after brief comebackIndian equities markets fell back into the red about an hour before close of trade Wednesday after a brief comeback in earlier sessions, with a key index ruling 178 points lower than its previous close.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 8:59 am Apollo Hosp drops plan to buy Wockhardt assets - MDKOLKATA (Reuters) - India's top hospital chain Apollo Hospitals Enterprise Ltd has dropped plans to buy some hospitals of privately held Wockhardt Hospitals due to differences in valuation, Managing Director Preetha Reddy said on Wednesday.Source: Reuters: Money News | 17 Jun 2009 | 8:44 am Kerala CM snubs minister on IT park projectThe factional feud in the Kerala-unit of the Communist Party of India Marxist (CPI-M) surfaced once again Wednesday with Chief Minister V.S. Achuthanandan snubbing his industries minister here, saying his cabinet colleague had no role in the proposed Rs.1,500-crore ($316-million) Kochi Smart City IT park project.Source: IndiaeNews.com: Business News | 17 Jun 2009 | 8:01 am Finance ministry likely to dilute Fringe Benefit Tax in BudgetThe finance ministry is looking at the possibility of diluting the provisions of FBT and may exclude expenses on various items which do not directly benefit employees.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 7:00 am Fiat launches Grande Punto priced at Rs 3.99-6.11 lakhItalian car major Fiat launched its much-awaited premium small car Grande Punto in both petrol and diesel variants in the Indian market, priced between Rs 3.99 lakh and Rs 6.11 lakh.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 6:49 am Jet Airways hikes fuel surcharge by Rs 400 on domestic sectorsThe increase was necessitated by a sharp hike in aviation turbine fuel (ATF) prices by 33 percent since March this year, a Jet Airways spokesperson said.Source: India Business News | Business News - Times of India | 17 Jun 2009 | 6:30 am MySpace to lay off 30% of staffNew York: MySpace, the social network owned by Rupert Murdoch’s News Corp, said it will cut 30% of its staff to lower costs as it struggles to stay popular in the face of rising competition. MySpace will be left with about 1,000 employees, it said in a statement released on Tuesday. The company declined to say how many people work at the service, but the percentage suggests that about 400 people will lose their jobs. The cuts, which were presaged in several blog reports in recent weeks, are the biggest move so far by new management at the social network and an attempt, it said, to return the service to a “start-up culture.” “Simply put, our staffing levels were bloated and hindered by our ability to be an efficient and nimble team-oriented company,” MySpace’s new chief executive, Owen Van Natta, said in the statement. “I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace.” News Corp named Van Natta as CEO in April. He replaced Chris DeWolfe, one of MySpace’s co-founders. News Corp’s new digital media chief, Jonathan Miller, said MySpace “grew too big considering the realities of today’s marketplace.” The layoffs will happen across MySpace’s operations, though many of its employees are based in Los Angeles. A company spokeswoman declined to say when employees will learn that they are losing their jobs. MySpace is facing increasing competition from social network Facebook. Facebook and Twitter, a website that lets people tell others what they’re doing, are surpassing MySpace in buzz and popularity in the technology and media worlds. The job cuts came the same week as the number of Facebook users in the United States surpassed those of MySpace for the first time, according to Web measurement company comScore. Facebook’s edge was narrow, with 70,278,000 unique visitors to its website in May versus MySpace’s 70,237,000. Still, the change marks a key triumph for Facebook. MySpace’s US user numbers have fallen since October 2008. Worldwide, Facebook had more than 307 million unique visitors in April, according to comScore, the latest month for which data was available. MySpace had more than 123 million. MySpace forms a large part of Fox Interactive Media, a News Corp unit that houses several of the company’s digital operations. The unit, which people in the media business call “FIM,” recently called off a move into a large office building in Playa Vista in Los Angeles. MySpace also is facing the likelihood that an advertising deal with Google Inc that brought it $300 million a year over three years will be renegotiated on terms that will be far less lucrative to the social network when the original contract expires in 2010. News Corp shares fell 41 cents, or 4.2%, to $9.41 on the Nasdaq stock market. Source: Tech News - Livemint.com | 17 Jun 2009 | 6:22 am Govt to wait before raising auto fuel prices - reportNEW DELHI (Reuters) - The government may not raise auto fuel prices until the average price of crude oil for domestic consumption breaches $70 per barrel, the Economic Times newspaper reported on Wednesday, quoting the oil minister.Source: Reuters: Money News | 17 Jun 2009 | 5:06 am Guj shares worth Rs20k cr locked in pledgesPromoters of top 40 Gujarat based companies have pledged their shares, whose combined value stands at over $4.3bn (more than Rs20,600 crore) as per market prices.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 4:43 am Monsoon-reviving ‘low’ may spring up by weekendThiruvananthapuram, June 16 India Meteorological Department (IMD) has said that the expected strengthening of the monsoon current would throw up a crucial ‘low’ over northwest Bay of Bengal by Saturday.Source: Business Line - Home Page | 17 Jun 2009 | 12:00 am CEOs delegation visiting US to boost trade tiesMr Venu Srinivasan, President, Confederation of Indian Industry (CII), will be leading a group of Indian CEOs on a visit to the US to meet key officials of the administration and otherSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am Federal Bank, Catholic Syrian merger likely in a monthChennai, June 16 The merger of Catholic Syrian Bank with Federal Bank is expected to be through in a month.Source: Business Line - Home Page | 17 Jun 2009 | 12:00 am 3G spectrum: Ministries divided stillNew Delhi, June 16 The deadlock between the Ministry of Communication and the Ministry of Finance over spectrum pricing for third generation (3G) services continued despite two rounds of meeting between the top officials of the two Ministries onSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am FDI in retail can waitIt is by now common knowledge that the country’s organised retail sector comprising malls, speciality stores and supermarkets is in a state of disarray following the global economic crisis that started in mid-2008. The euphoria that marked theSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am Stocks going out of F&O segment turn weakMumbai, June 16 Forty of the 50 stock that will be excluded from the derivatives segment following the F&O expiry this month on June 25 have fared badly on the exchanges during the last one-weekSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am Apollo Tyres (Rs 34.80): BuyWe recommend a buy in the Apollo Tyres stock from a short-term trading horizon. It is visible from the charts of Apollo Tyres that it has been on an intermediate-term uptrend since its March low of Rs 14.7. This low is apparently a 52-week lowSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am Day Trading GuideShort-position can be initiated if DLF declines below Rs 340, with tight stop-loss. ICICI Bank is consolidating sideways in the 720 to Rs 750 range. Avoid trading in this counter as the outlook is neutral.Source: Business Line - Home Page | 17 Jun 2009 | 12:00 am Air India losing Rs 14-15 cr a dayNew Delhi, June 16 Air India is losing Rs 14-15 crore daily. The losses are mainly on account of low fares in relation to costs and low passenger loads.Source: Business Line - Home Page | 17 Jun 2009 | 12:00 am Difficult year ahead, says SCI chiefMumbai, June 16 “This is going to be a very tough year,” said Mr S. Hajara, Chairman and Managing Director, Shipping Corporation of India Ltd, the largest shipping company in the country. Freight markets are unlikely to improve in theSource: Business Line - Home Page | 17 Jun 2009 | 12:00 am RIL readies to appeal gas spat verdict in SCReliance Industries is preparing to approach the SC to contest the Bombay HC verdict in its gas spat with the Anil Dhirubai Ambani Group.Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:21 pm Godrej Consumer buys out SCA from joint ventureGodrej Consumer Products Ltd has bought out Sweden's SCA Hygiene Products firm from their equal-stake joint venture.Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:20 pm St has legs for a pre-budget run?A DNA analysis shows that the BSE Sensex saw 5%-plus moves over the 15-day period preceding the Budget.Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:17 pm All you ever wanted to know about GSTThe goods and services tax (GST) is a comprehensive value-added tax (VAT) on goods and services.Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:14 pm Air India loss Rs 15 crore a dayAccording to official sources, the airline is losing Rs 14-15 crore every day or close to Rs 5,400 crore a year!Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:12 pm EU's demands may impact genericsEurope wants patent extensions, data exclusivity.Source: Daily News & Analysis: Money News | 16 Jun 2009 | 10:08 pm Max starts talks to sell 23% to New York LifeWith the Insurance Laws (Amendment) Bill awaiting Parliamentary approval, Max India, Analjit Singhs flagship company, has started discussions on divesting 23 per cent out of its 74 per cent shareholding in Max New York Life Insurance to its foreign partner.Source: Business Standard | Front Page Headlines | 16 Jun 2009 | 6:53 pm Tatkal rates, booking time may be cutOfficials in the railway ministry are discussing a proposal by Railway Minister Mamata Banerjee to cut the premium on Tatkal (instant) tickets and reduce its booking period to give the railway budget an aam aadmi touch.Source: Business Standard | Front Page Headlines | 16 Jun 2009 | 6:52 pm Now, DEA questions Press Notes 2 & 4For the second time since Press Note 2 and 4 were issued in February 2009, the department of economic affairs (DEA) in the finance ministry has raised questions on their implementation, this time over an application before the Foreign Investment Promotion Board (FIPB).Source: Business Standard | Front Page Headlines | 16 Jun 2009 | 6:48 pm MRUC launches new research method to study outdoor adsMumbai: The Media Research Users Council (MRUC), a non-profit body that conducts print readership research in India, has launched a new metric to measure the reach and effectiveness of outdoor advertising such as hoardings, potentially ending a decade-long research drought for the medium. Its Indian Outdoor Survey (IOS) 2009 comes as a planning software that provides details on 4,500 outdoor sites in 1,000 road stretches in Mumbai based on its research. “IOS allows advertisers to plan campaigns targeted to reach select audiences. What’s important is that the study shifts the present obsession of getting bigger discounts and cheaper rates to a more effective way of doing things,” said Sabina Solomon, general manager, MRUC. “Through this study, advertisers can do campaign planning than buying specific sites.” Indian Outdoor Survey allows advertisers to plan campaigns targeted to reach select audiences After Mumbai, MRUC will roll out outdoor data for Pune. Hansa Research Group Pvt. Ltd, the research body associated with IOS, interviewed 4,500 random respondents across Mumbai on their travel habits. Pratap Bose, chief operating officer at advertising agency Mudra Group, said, “The only thing comparable to the IOS was the Oscar (Outdoor Sites Classification and Research) project. Ogilvy and Mather (Pvt. Ltd) was instrumental in setting up this research initiative but it never picked up as currency because it wasn’t a syndicated effort.” But Bose added that the new study will not significantly alter revenues for the outdoor medium unless it covers more cities. “Just Mumbai and Pune is not enough.” As per Mudra Group’s estimates, the outdoor industry in India is estimated at Rs1,600 crore. Putting together the outdoor project was a huge task for MRUC. Arminio Ribeiro, part of MRUC’s technical committee and chief executive officer of Platinum Outdoor, a division of Platinum Communications Pvt. Ltd, said the study faced challenges from the start as the outdoor medium is not organized and keeps changing. “Lack of site-level data, non-standard site sizes, site location and address references, multiple outdoor formats, multiple media owners, types of vehicular traffic and their time-flow patterns were just some of the hurdles faced by the field team. It is a surface that IOS has just scratched,” he said. Media buying agencies such as Lintas Media Group (LMG) are optimistic about the launch of this new planning software. Lynn de Souza, chairman of LMG, says not much has been done in outdoor measurement though individual agencies have their own tools. “The IOS has calculated visibility of the sites in a very scientific manner and then overlaid that with the travel data, which should enable planners to calculate reach” and estimate traffic for every site, she said. One controversial information from the IOS is its claim that the audience reach of outdoor advertising is comparable with that of the print medium. The survey pegs the outdoor medium’s reach at 66% and print’s at 67%. Bharat Kapadia, director, Lokmat Group, says it’s an over estimation to put outdoor, print and other media in the same basket. “I don’t think that literacy levels have been taken into account for the study. In addition, there may be passers-by around the sites (hoardings) but you cannot be completely sure they have noticed the brand or the messages on the hoarding,” said Kapadia. “In the IRS (Indian Readership Survey), respondents have to clearly state that they have read a publication in order for them to counted.” Source: Tech News - Livemint.com | 16 Jun 2009 | 5:27 pm Indian lenders upgraded at Goldman SachsMumbai: Goldman Sachs and Co. has upgraded the stock ratings of State Bank of India (SBI), Punjab National Bank (PNB) and Indian Overseas Bank (IOB), saying they will benefit from a rebound in India’s economy and the financial services industry. SBI, the biggest in the country, and IOB were raised to “buy” from “neutral”, while PNB was upgraded to “buy” from “sell”, the brokerage said in a report on Tuesday. SBI was also added to Goldman Sachs’s Conviction List, while Bank of Baroda was raised to “neutral” from “sell”. Source: World Business - Livemint.com | 16 Jun 2009 | 4:53 pm Power Grid Corp scouting for partners for US entryMumbai: State-run utility Power Grid Corp. of India Ltd is in advanced talks with an US firm to jointly bid for transmission projects in the US, its chairman and managing director S.K. Chaturvedi said on Tuesday. “We are having discussions with different parties and we will be participating in the bids...within two-three months,” Chaturvedi said over the telephone. PowerGrid transmits 45-50% of electricity in India.  Building capital: A power supply tower line. PowerGrid is planning to raise Rs2,500 crore via two bond issues—in Oct-Nov and Jan-Feb. Hemant Mishra / Mint “But with the American (company), definitely we are in advanced discussions,” he said, but did not identify the company. The company expects to clock the turnover of Rs8,000 crore in the fiscal 2010 against Rs6,675 crore in the year-ago period, while the profit in fiscal 2010 is likely to be “above Rs1,800 crore” against Rs1,690 crore in the previous fiscal, Chaturvedi said. “If some (generation) capacity addition had taken place in this period, we could have been much better. Because...we can get revenue only when power starts flowing.” The country added 3,453.7MW of power in 2008-09 against 9,263MW it added in 2007-08—which is about 63% down on year—according to data by Central Electricity Authority. PowerGrid is planning to raise Rs2,500 crore through two bond issues—in October-November and January-February, he said. It plans to spend about Rs55,000 crore during the 11th Plan period ending 2012 and had tied up about 75% of the cash, Chaturvedi told reporters in April. “We had a good financial backing even in this recessionary period,” he said. India’s new elected Congress party-led coalition is seen to push economic reforms, including privatising some of the state firms. However, Chaturvedi said he had not heard from the ministry of power, under which his company operates. “We are not in the first list of the government but in second list we might find a place.” The shares in the company ended 0.29% higher at Rs122.50 in a Mumbai market that closed up 0.55%. Source: World Business - Livemint.com | 16 Jun 2009 | 4:29 pm
|
