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Coromandel Fert targets Rs 240cr rev from water soluble bizG Raviprasad, Senior VicePresident Sales Marketing, Coromandel Fertiliser, said the company is targeting Rs 240 crore turnover from the water soluble and speciality nutrients business this year. This is without the municipal compost initiative which we have taken up now.\"Source: Moneycontrol Top Headlines | 18 Jun 2009 | 4:26 pm Sensex down 257 pointsThe Bombay Stock Exchange benchmark Sensex fell for the second straight session on Thursday by losing 257 points as market participants sold at higher levels.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 11:40 am Sensex sheds 72 points in volatile trade!The Bombay Stock Exchange benchmark Sensex on Thursday opened nearly 72 points down, after registering fourth biggest single-session fall this year yesterday.Source: Zee News : Business | 18 Jun 2009 | 11:36 am Rupee up 11 paise against USD, at 48.02!The Indian rupee resumed stronger by 11 paise against the dollar in early trade on Thursday taking cues from other Asia currencies.Source: Zee News : Business | 18 Jun 2009 | 11:36 am Asia stocks dip, quarter-end spurs profit-takers!Japanese shares fell and other equity markets struggled on Thursday, with some investors booking profits in the last days of the second quarter after big gains scored on signs the global economy is starting to recover.Source: Zee News : Business | 18 Jun 2009 | 11:36 am GE India to be first validated end user in India: US!The US Commerce Department will this month give General Electric`s India division a standing license to import controlled technology, Commerce Secretary Gary Locke said on Wednesday.Source: Zee News : Business | 18 Jun 2009 | 11:36 am Microsoft makes gains with Bing, clashes with Google!Microsoft Corp`s Bing search engine won more market share from rivals last week, according to new industry data released on Wednesday, but still trails Google Inc and Yahoo Inc considerably.Source: Zee News : Business | 18 Jun 2009 | 11:36 am Oil prices higher in Asian trade at USD 71.18 a barrel!Oil prices were higher in Asian trade on Thursday, with New York crude holding above USD 71 a barrel following a sharp fall in US crude reserves and amid continued unrest in Iran and Nigeria.Source: Zee News : Business | 18 Jun 2009 | 11:36 am US, India discuss how to bring down trade barriers !India and US will consult with public and private stakeholders on how to bring down trade barriers and open markets for exporters as they discuss multilateral issues like the Doha round of world trade talksSource: Zee News : Business | 18 Jun 2009 | 11:36 am Major US banks pay back emergency govt loans!A number of major US banks on Wednesday returned emergency loans of more than USD 68 billion that they had received from the government at the height of the financial crisis in October.Source: Zee News : Business | 18 Jun 2009 | 11:36 am Lassi helps Milkfed churn money, clocks 49% growth this yrCalorie conscious consumers are rapidly shifting to 'lassi', a drink popular in rural areas, making it one of the biggest money spinner for Punjab's Milk Cooperative -- Milkfed.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 11:27 am SpiceJet hikes fuel surcharge by Rs 400Budget air carrier SpiceJet today increased fuel surcharge by Rs 400 with immediate effect.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 11:26 am European stocks lower, London hit by poor dataLondon: European stock markets were lower Thursday, extending losses with sentiment in London hit especially by more dire British economic data showing the rising cost of the recession. In late morning trade, London’s FTSE 100 index of leading shares was down 0.25% to 4,267.82 points. In Frankfurt the DAX 30 slipped 0.02% to 4,799.12 points near the half-way stage and the Paris CAC 40 lost 0.17% to 3,155.86. The DJ Euro Stoxx 50 index of leading eurozone shares edged down 0.03% to 2,382.95 points. On the foreign exchange market, the European single currency rose to $1.3947. Dealers in London digested official data Thursday that showed Britain’s public deficit had widened to a record £19.9 billion (€23.2 billion, $32.3 billion) in May as the recession crushed tax revenues. Separate figures showed British retail sales unexpectedly fell in May from April, as shoppers tightened their belts to beat the recession. “The markets are looking very tired right now,” said Tim Hughes, head of sales trading at financial spread-betting firm IG Index in London. “With today’s news of poor retail sales figures in the UK serving as a reminder that (households) are still struggling to make ends meet, it’s difficult to see where the economic energy is going to come from to pull us out of this.” He said that the markets were also waiting to see how US and European regulatory reform, driven by the desire to avoid any repeat of the global crisis, worked out. “With the spectre of regulation hovering, it’s not hard to see why the (FTSE) bulls are resting at 4,500 (points), the bears at 4,300, both biting their nails.” World political leaders and bank chiefs, led by US President Barack Obama, have called for a radical overhaul of banking regulation after a lack of controls led to the worst downturn in decades. Obama on Wednesday proposed the most “sweeping” regulatory overhaul since the 1930s, aiming to stop future meltdowns and to purge the finance system of lax oversight, greed and huge debts. In London, the governor of the Bank of England late Wednesday suggested banks should be made to draw up wills or contingency plans similar to contracts drawn up by individuals in case of death. US stocks ended mixed in choppy trading Wednesday as Obama unveiled has regulation reform plans and the credit rating and outlook of 22 banks were lowered. Earlier Thursday in Asia, Tokyo closed down 1.39% as exporters were hit by a stronger yen, dealer said. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 11:15 am HDFC, HDFC Bank trims deposit rates by upto 0.25%Country's premier home loan financier, HDFC has reduced its deposit rates by upto 0.25% across various maturities with immediate effect.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 11:12 am India bans mobiles without 'code' - BBC News
Source: Google News India - Business | 18 Jun 2009 | 11:07 am Deep Industries eyes Rs 5560cr revenue this yearParas Savla, CMD, Deep Industries said the company\'s total order book was at Rs 160 crore, out of which orders worth Rs 110 crore were from Oil and Natural Gas Corporation (ONGC). Savla said he expected revenue of Rs 5560 crore this year.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 11:07 am Mobile growth past its peak: GartnerGrowth rates will drop to single digits in three years, says the research firm.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 11:07 am Budget to provide booster to New Pension SystemNew Delhi: The finance ministry is likely to provide a booster to the New Pension System (NPS) in the forthcoming Budget by exempting initial contribution to it from income tax, a move that would encourage people to opt for the scheme. Faced with the lukewarm response to the new scheme from subscribers, interim regulator Pension Fund Regulatory and Development Authority (PFRDA) has urged the finance ministry to provide tax exemption on contribution at entry level. “At the entry stage, we expect tax exemption in the coming budget,” a PFRDA official said. The NPS, which has recently been extended to all citizens, has evoked lukewarm response from subscribers with only about 500 people joining the scheme to date. The government, said Satya Poddar, senior partner, Ernst and Young, “should encourage the NPS as it can provide a pool of long-term funds for developing infrastructure”. Also see More on budget 2009 The NPS, he added, should be based on the exempt tax structure, which means that the contribution and accrual of interest be tax-exempt. The tax should be imposed at the time of withdrawing funds. Many countries like Singapore have successfully experimented with the pension scheme to raise long-term resources to develop infrastructure. Besides, the government may also come out with some budgetary allocations to bear the cost of maintenance of accounts of policy holders under the New Pension System. “The authority has written to the government to give exemption with reference to the account maintenance cost,” a PFRDA official told the agency. The government should bear the account maintenance cost as it is doing it for central government employees, the official added. Under the present structure, a subscriber has to pay at least Rs470 as initial charges in the first year and Rs350 annually to the National Securities Depository Ltd (NSDL), which is the record keeping agency. Moreover, the government is also likely to allocate funds in the Budget to the NPS for advertising and marketing campaigns that it may undertake. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 11:07 am Reliance Mobile to launch 'Wolverine' gameThe Anil Ambani-owned Reliance Mobile will launch Friday a game based on Hollywood movie 'Wolverine' on its R-World value-added services platform, the company announced Thursday.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 11:01 am Infosys files F3 with SEC; co says not looking at ADR saleInfosys had filed an F3 with the Securities Exchange Commission or SEC fuelling rumours that the IT major was planning a sale of American Depositary Receipts or ADRs. However, Chief Financial Officer of Infosys, V Balakrishn refuted these reports and said that Infosys had no ADR issue in the offing as of now.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 10:58 am Food processing industry seeks eight-year tax holidayNew Delhi: Food processing minister Subodh Kant Sahai on Thursday met finance minister Pranab Mukherjee in the run-up to the Budget to seek a minimum of eight-year tax holiday for the sector to attract investment. “I have told him (Mukherjee) that keeping in view the growth in the sector and the number of people dependent on it for livelihood, a tax holiday of 8-10 years should be offered... to attract investment, including the FDI,” Sahai said after meeting the finance minister. Also See More on Budget 2009 Sahai said since most of the commodities are easily perishable, the sector needs fiscal incentive to boost growth. The ministry has set a investment target of Rs1 lakh crore over the next five years to prop up the sector. He said the processing industry assumes an important role as growth of rural areas depends on agriculture, which still employs over 60% of the population. The minister said he has sought to remove anomalies in tax on different value-added products, some of which attract VAT as high as 4%. Asked if he got any assurance from the finance minister, Sahai said, “He (Mukherjee) said this is an important sector and he will look into the issues.” Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 10:56 am Rupee drops as stocks fall over 2%Mumbai: The Indian rupee fell in afternoon trade on Thursday as a more than 2% fall in the domestic stock market raised concerns about a return of risk aversion, with the dollar gains overseas also hurting. At 2:45pm, the partially convertible rupee was at Rs48.28/29 per dollar, weaker than Wednesday’s close of Rs48.13/14 per dollar. It fell as much as Rs48.32 during the session, its lowest since 18 May. Indian shares extended losses to 2% on Thursday afternoon, tracking weak Asian peers and as investors booked profits on an 80 percent rally since early March. The dollar index , a gauge of the US unit’s performance versus six major currenices, was up 0.2%, weighing on rupee sentiment. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs48.2975 and Rs48.2900 respectively, with the total traded volume on the two exchanges at about $990 million. Source: Home - Livemint.com | 18 Jun 2009 | 10:55 am Restructuring of auto industry necessary: FiatRome: Fiat, which has recently taken a controlling stake in Chrysler, called on Thursday for a “serious restructuring” of the auto industry, saying the global crisis has worsened the problem of production overcapacity. Chief executive Sergio Marchionne held a meeting with the Italian government and unions at the premier’s office in Rome to illustrate the group’s mid-term program. Premier Silvio Berlusconi attended the talks. Earlier in June Fiat took on most of Chrysler’s assets in exchange for technology and management know-how. The alliance created the sixth largest automaker worldwide, according to Fiat. “The global crisis has further aggravated the problem of production overcapacity that has been plaguing the automotive industry for years,” said a statement released by Fiat after the talks.“A serious restructuring of the automotive industry is now absolutely necessary if it is to be economically viable.” Fiat also said that “far-reaching strategic measures are necessary to achieve an adequate level of critical mass, increase volumes produced for each platform and expand geographic presence.” It said the deal with Chrysler was part of that strategic approach. During the talks, Fiat outlined its production plans in Italian plants. Marchionne called for a concerted effort, saying that “maintaining equilibrium in employment levels in the face of these extremely difficult market conditions is no easy task.” Source: Home - Livemint.com | 18 Jun 2009 | 10:51 am Gold up on late wedding demandMumbai: Indian gold prices in the physical market rose on Thursday on some buying just a week before the end of the wedding season, analysts said. “There is some increase in buying from yesterday.....this is just last-moment wedding demand for gold,” said a dealer with a private bank. The Indian wedding season ends in a week’s time. “The spurt in demand is short-lived...it won’t sustain if prices don’t come below Rs14,000 per 10 gm,” said another dealer with a public sector bank. Indian gold futures were higher on a weak rupee and supported by technicals. The Indian rupee fell in afternoon trade on Thursday as a more than 2% fall in the domestic stock market raised concerns about a return of risk aversion, with the dollar gains overseas also hurting. Weak rupee makes the dollar-denominated imported commodity expensive. Three analysts said August futures contract on Multi-Commodity Exchange is trading above crucial Rs14,500 levels and may reach Rs14,650 levels. International gold edged lower in Europe on Thursday as a recovery in the dollar dented interest in the metal as a hedge against weakness in the US currency. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 4:11pm. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 10:49 am Fortis pares gains, ends flat - Business Standard
Source: Google News India - Business | 18 Jun 2009 | 10:48 am Nifty closes near 4250 support - Economic Times
Source: Google News India - Business | 18 Jun 2009 | 10:37 am Dish TV Q4 net loss at Rs79 crore - Livemint
Source: Google News India - Business | 18 Jun 2009 | 10:31 am Negative inflation unusual, says finance secretaryDescribing the negative inflation as "unusual", Finance Secretary Ashok Chawla said on Thursday it would not lead to any change in policy stance of the government.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 10:31 am SBI auditors get over 100 times of directors' fees - Indian Express
Source: Google News India - Business | 18 Jun 2009 | 10:30 am iDiva gets 2m users in 6 monthsIt's another first for TIL's exclusive website for women, iDiva.com, has become country's highest-rated website looking exclusively at women's content.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 10:21 am Air India hikes fuel surcharge on ATF rise - Reuters India
Source: Google News India - Business | 18 Jun 2009 | 10:10 am Air India, SpiceJet hike fuel surcharge on ATF riseMumbai: Following competitors, Air India and no-frill carrier SpiceJet on Thursday announced an increase in fuel surcharge per air ticket by Rs400, with the national carrier making it effective from Friday. While SpiceJet increased the surcharge by Rs400 with immediate effect, Air India announced that a similar hike would be effective for travel on all its domestic routes from Friday. Private carriers Jet Airways, Kingfisher and their low-fare subsidiaries had hiked fuel surcharge by Rs400 on Wednesday. The increase in fuel surcharge comes following an over 33% rise in ATF rates by oil firms since March this year. Air India currently levies fuel surcharge of Rs1,950 and Rs2,700 on air tickets up to and beyond 750 km respectively, which will go up to Rs2,350 and Rs3,100. The surcharge for SpiceJet would go up to Rs2,400. For Jet Airways, hike would take fuel surcharge on a ticket below a distance of 750 km to Rs2,450 and beyond that to Rs3,400. For its no-frill subsidiaries Jet Airways Konnect and JetLite, it would be Rs2,150 and Rs3,100 respectively. There would be a similar increase for Kingfisher Airlines. Officials of no-frill carriers IndiGo and GoAir are mulling their options saying they were yet to take a decision. These carriers currently charge Rs2,000 as surcharge. Source: Home - Livemint.com | 18 Jun 2009 | 10:04 am Dish TV Q4 net loss at Rs79 croreNew Delhi: Driven by huge subscriber addition, Subhas Chandra-promoted DTH company Dish TV has reduced its net loss to Rs78.66 crore for the fourth quarter ended 31 March 2009, from Rs115.06 crore in the same period last year. Total income jumped by 51.98% to Rs207.13 crore in the fourth quarter of 2008-09, Dish TV said in a filing to the Bombay Stock Exchange today. The company had a total income of Rs136.29 crore in Q4 2007-08. The highlight of the results are the company becoming EBITDA positive (or profitable) at the operational level in the fourth quarter, the DTH firm said in a separate statement. “We aim to be cash positive by the third quarter of the current fiscal,” it said. For the year 2008-09, the company posted a consolidated net loss of Rs440.69 crore. It had reported a net loss of Rs414.12 crore in 2007-08. Dish TV’s total income during 2008-09 rose to Rs738.10 crore, a jump of 78.93% from Rs412.51 crore reported during the previous fiscal. The company has a subscriber base of 53.8 lakh users and it plans to add another 25 lakh subscribers during this fiscal, it added. “The overall pay gross DTH market share of Dish TV stands at 42% ...,” the company said. The company said it has added 20.6 lakh new subscribers during fiscal year 2009, a growth of 98% from the 10.4 lakh additions made during the previous fiscal. Dish TV offers 240 channels and services and more than 50 packages at various price points. Dish TV chairman Subhash Chandra said, “DTH satellite services being the key area of competence of Dish TV ensures that the company will continue to be the industry leader and drive category expansion through innovative strategies and exemplary execution of these strategies.” Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 10:02 am Plans to end multiplicity of authorities in Delhi: DikshitDelhi Chief Minister Sheila Dikshit Thursday said the central government was planning to put an end to the multiplicity of authorities in the national capital as it is hindering good governance and infrastructure preparedness for the 2010 Commonwealth Games.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 10:01 am INTERVIEW - ABG Shipyard order outlook bleak in 2009MUMBAI (Reuters) - Shipbuilder ABG Shipyard does not see fresh orders in 2009 due to a slowdown in demand after shipping costs slumped and as it has already booked orders till 2013/14, a senior official said.Source: Reuters: Money News | 18 Jun 2009 | 10:01 am 'India's medical tourism earnings to double by 2012'Medical tourism can fetch India up to Rs.8,000 crore in foreign exchange by 2012, nearly double than current figures, according to an industry lobby.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 10:01 am Sensex ends 257 pts down on profit-bookingMumbai: Indian shares fell 1.8% on Thursday, as investors took profits on an 80% rally since early March. The 30-share BSE index ended down 257.31 points at 14,265.53, with 24 stocks declining. The 50-share NSE index provisionally closed down 104.75 points at 4,251.40. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 10:01 am Sensex 232 points downA key index of the Indian equities markets closed 232 points in the red, still above the day's lows, after having plummeted about 90 minutes before end of trade Thursday.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 10:00 am Fiat aims to keep employment levels if sustainable - CEOROME (Reuters) - Fiat intends to keep its actual workforce levels provided they are financially sustainable, Chief Executive Sergio Marchionne said at a Thursday meeting between the Italian auto maker, the government and unions.Source: Reuters: Money News | 18 Jun 2009 | 9:53 am Air India hikes fuel surcharge on ATF riseMUMBAI (Reuters) - State-run Air India said it will raise fuel surcharge on tickets from June 19, following similar moves by other carriers.Source: Reuters: Money News | 18 Jun 2009 | 9:51 am Power sector to drive India capital raisingMumbai: India’s power sector, short of capacity and starved of finance, will drive capital-raising in the country as operators embark on an expansion drive, a top Merrill Lynch banker said. While India has made progress in expanding its roads and port facilities and improving its airports, development in the power sector has lagged and the country suffers from a peak hour power deficit of more than 10%, with blackouts frequent in some areas. “What we have been lacking is power,” said Saurabh Agrawal, who was recently promoted to head of investment banking for DSP Merrill Lynch, the India investment banking unit of Bank of America. “We will see a lot of issuance coming out of power because that’s the segment that’s starved for capital,” he said in an interview at the firm’s offices. A nearly 90% rally in India’s stock market from October lows has led capital-hungry Indian companies to revive fund-raising plans. Last month’s decisive election win by the ruling Congress party-led coalition, meanwhile, has fuelled expectations for a kick-start to infrastructure projects in the country. The government has said India needs $500 billion in infrastructure spending in the five years ending in fiscal year 2012. “The elections have been a game-changer,” Agrawal said. “The key driver is we’ve moved away from coalition politics and back to a two-party system.” So far this year, 11 Indian companies have raised a combined $2.6 billion in equity, and three dozen more, including GVK Power, are looking to raise nearly $10 billion, according to Thomson Reuters data. Many market players expect less than half of that money to end up being raised. Agrawal said high quality players in the power and manufacturing sectors would be able to raise funds. “Investors will differentiate between quality and fly-by-night operators,” said Agrawal, who was previously a banker covering technology, media and telecom. Agrawal replaced Jayanti Bajpayi, who was named co-head of Asia-Pacific corporate and investment banking at Merrill Lynch. Merrill Lynch is the sole arranger named thus far for a $600 million initial public offering planned by Adani Power. The firm filed draft papers with the Indian securities regulator in April and is awaiting approval for its listing. JSW Energy, Jindal Power, Essar Energy and Sterlite Energy are among Indian companies that were considering IPOs before last year’s market collapse. Stakes in state companies are expected to be another source of equity coming onto the India market this year as the government looks to raise funds and plug a deficit. On Wednesday, the country’s coal minister said India will sell up to 10% of its holding in Coal India Ltd. State-owned Oil India Ltd and power generator NHPC Ltd are also slated for stake sales. Merrill Lynch ended 2008 at third place in the Thomson Reuters India investment banking fees league table. It earned $33 million in fees, up 41% in a year when investment banking fees in India dropped more than a third, according to the data. For the first quarter of 2009, the firm did not figure in the top 10, the league table showed. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 9:49 am Abode, perhaps the northeast way!New Delhi: When the world just celebrated the World Environment Day on 5 June and reaffirmed their pledge to preserve the planet in its God-gifted way, it is time to note how some of us have been benign to mother Earth. India’s northeast, which is always referred to as a treasure chest of natural resources, has actually set itself as an example when it comes to co-residing with nature. Mostly unknowingly, people in this region have built houses that are suitable to the prevailing climatic conditions, comfortable to live in and above all environment-friendly.  Keeping cool: A mud structure. Photo: Manoj Kumar Singh “People in the northeastern region have perfected upon the vernacular architecture for their own benefit and the environment,” said Sadhan Mahapatra, a senior faculty member of the department of energy, Tezpur University in Assam. “By vernacular architecture I mean method of construction that uses locally available resources to tackle local needs. This kind of architecture also has cultural and historical implications,” he said. I met Manoj Kumar Singh, a senior research scholar with the Instrument Design Development Centre, Indian Institute of Technology Delhi, who said, “Environment, social and cultural values are pre-requisites for sustainable solutions. The climate-responsive building design is a solution to reduce carbon-emissions and a smart option for energy-conservation.” The country’s northeastern region is divided into three bioclimatic zones: warm and humid, cool and humid and cold and cloudy. “The main problem in a warm humid climatic zone is overheating with high humidity in summer months. For comfortable indoor environment bulk of the cooling is to be done by artificial methods rather than natural ventilation,” said Mahapatra. Same climatic condition persists in the cool and humid zone except the artificial cooling dependence is bit less comparatively, he said. “The cold and cloudy climatic zone has passive solar heating potential of 38% during winter thus needing conventional heating of about 46%,” said Mahapatra. Conventional heating device use electricity, oil, gas or firewood while passive solar heating technique means use of heat and light energy of sunlight to keep the indoor warm and adequately lit up. “If a house has high thermal mass walls then these walls are exposed to sun so that the thermal energy is stored in the fabric and is radiated to indoors,” explained the teacher. “At times, solar atrium allows the direct entry of sunlight through glazing so that the house is adequately lit up and the heat is preserved,” he added. “What is impressive in the northeast is the use of locally available materials like bamboo, cane, mud, lime and brick effectively to build a house,” said Singh. “They make a mixture called surkhi which is generally a mixture of lime, brick powder, sand and jaggery,” he said. This is used to fix bricks in the old (more than 70 years) pukka buildings in the warm and humid climatic zone which also uses wooden framed structure traditionally, said Singh.  Local material: Rocks and bricks are used to construct a house thereby cutting cost and fitting it to the culture and tradition of the region. Photo: Manoj Kumar Singh “Excessive rainfall is another factor that influences the building design in the warm and humid zone. How the vernacular architecture has evolved so intelligently is witness to the fact that the entrances are pulled inside and the external walls cleverly built to minimize rainfall damage,” said the senior research scholar. “When the structure is mud-made the houses are on a raised platform to protect it from rain water pouring from the roof,” he said. Roofs are steeply inclined and are extended to act as an overhang to protect the wall from rainfall. Wind direction is intelligently used for natural ventilation. “The planting of trees wisely to protect the building from excessive sunlight is another feature of this type of construction. An air gap is maintained in the lower side of the ceiling to reduce heat gain inside the built space,” Singh said. The northeastern region has found out ways to tackle climatic challenges in the cool and humid zone as well.  Shade theory: Trees are planted around a structure strategically to prevent solar radiation. Photo: Manoj Kumar Singh “The use of bamboo, mud processed with cow dung, lime, beaten straw or jute are seen in the cool and humid conditions for construction purpose,” said Mahapatra. “Bricks are often used in an urban set up but have no major presence in a rural setting,” he said. “Most of the houses are east-west oriented and south facing to make use of most of solar radiation,” said Mahapatra. In the cold and cloudy climatic zone, wood, bamboo, cane, cane leaves, stone chips and surkhi play an important role in the construction of a house. Mostly located on hilly terrains stones are easily available and reduces cost. “The cooking space, low ceiling and wooden floors are characteristic in their features to improve comfort conditions in this type of houses,” said the Tezpur University faculty member. “Cane leaves roof are economical and also ensures better comfort in summer months,” he said. Different ways to make the place of dwelling a comfortable one have led to the development of a unique architecture form in the region called Assam type. “Assam type houses provide an adequate cultural and social picture. But more research is needed to explore appropriate design solutions to make living more comfortable. This housing design can be commercialized in a big way because it is economical and consumes less energy intensive materials,” explained Mahapatra, when I asked him about the future of the design commercially. Giving a small background of the Assam type architecture form, he said, “Assam type architecture contains many features that address local climate constraints like heavy rainfall, high humidity and solar heat gain and also blends well with the local tradition and culture.” The genesis of this environment-friendly cost-effective architectural form can be dated back to the Great Shillong Earthquake of 1897, he said. The British realized the dangers of being in a high seismic zone and insisted upon using light and durable locally available resources thereby making it safe. “Steeply inclined roof and high floor base are trademarks of this architectural form,” said Mahapatra. “High humidity is taken care of by large number of openings in the form of windows, doors and ventilators,” he said, while, “solar heat gain is minimized by false ceiling and overhang over windows.” What struck me is the extensive use of wood for every construction and the possible threat of deforestation consequently. Mahapatra was quick to quell those fears though. “Longevity of the wood once used in construction is same as the life of the house (25 – 30 years). After that the house needs major renovation. But the time required to mature a tree is 15-20 years. So the natural cycle will not be broken if wood is judiciously used,” the faculty member said. The country’s northeast has embarked upon a bio-climatic design more as need rather than knowledge but it gave the planet what it needs most — low energy consumption, environment-friendly structures and sustainable style of living. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 9:48 am Mkts plunge; NTPC, ONGC, SAIL, Tata Steel, Rel Infra dip 5% - Moneycontrol.com
Source: Google News India - Business | 18 Jun 2009 | 9:40 am Supreme Court admits excise plea against RaymondNew Delhi: The Supreme Court has admitted a couple of petitions filed by the excise department alleging that textile major Raymond Ltd had evaded excise duty of more than Rs3.62 crore between June 1997 and June 1998 and July 1998 and December 1999. A bench headed by justice S. H. Kapadia admitted the appeals filed by the revenue department challenging the sectoral tribunal’s ruling that waived interest and penalty imposed by the department. The excise department, while holding Raymond guilty of misrepresentation, had issued showcause notice as to why the company should not pay duty of more than Rs 3.62 crore. The petition said that the deduction of 5.84% sought on account of post-removal expenses in the price list which includes commission to agents, bank charges and freight and insurance charges etc had no relation with the discount claimed from the assessable value. According to the excise department, the customs, excise and service tax appellate tribunal was not justified in allowing the company’s application for rectifying the mistake without considering the evidence on record. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 9:38 am Cadbury sees stronger Q2 after spring pickupLondon: British confectionery group Cadbury reported a pickup in April and May trading on Thursday and looked forward to a stronger second-half helped by new product launches for its chocolate, gum and candy. The maker of Dairy Milk chocolate, Trident gum and Halls cough drops said growth had improved after a slow start to 2009, but this was due to the absence of de-stocking and market share gains rather than any signs of a global economic recovery. Although mainland Europe was still a trouble spot due to weak markets in France and Spain, the group held its overall sales and margin forecast for 2009, with the slower start to the year set to be balanced by a stronger second-half. “Trading in April and May improved due to the absence of de-stocking in the US and some improved business performances,” said chief executive Todd Stitzer on a conference call after a first-half trading update. Cadbury shares edged up 0.7% to 525-1/2 pence by 0825 GMT in a slightly lower UK stock market. Analysts expect sales at the world’s second-largest confectionery group, after Mars-Wrigley, to rise around 3% in the first-half, accelerating to 5% in the second to give a 2009 rise close to company forecasts of around 4%. “The shape of the April/May development is in line with our expectations,” said Citi analyst Jeff Stent, adding the only surprise was that first-half margins will be higher than expected due to the new product launches in the second half. The London-based group said growth in chocolate had remained robust since the start of 2009 while gum and candy returned to growth after a poor first-quarter. It gave no specific figures. Its British business gained market share after a good Easter Egg season and the success of its relaunched Wispa bar, helping to offset difficult trading in Ireland, France and Spain. As a result, it held its 2009 targets of sales growth at around the lower end of its medium-term 4-6% range and to make good progress towards its goal of mid-teen percentage margins by 2011, after posting 11.9% for 2008. Forecasts looked for an average first-half sales rise of 3.2% in the agency survey of five brokers, and came after the confectioner saw first-quarter sales up only 2%, hurt by destocking in North America and weak mainland European markets. Cadbury is the first sweets group to report on the second quarter and although its shares have fallen 14% this year it trades on 14.8 times 2009 forecast earnings ahead of Nestle on 13.4 but still behind Hershey on 17.1. British finance minister Alistair Darling reiterated his view late Wednesday the British economy is on track to return to growth by the end of the year, but warned there was still a great deal of uncertainty in the global economy. Cadbury shares, which traded around 640 pence in May 2008, after its soft drinks demerger, have underperformed the FTSE 100 Index by 10% so far this year, and the DJ European food and beverage index by 4%. Source: LatestNews-Home - Livemint.com | 18 Jun 2009 | 9:36 am India's inflation rate slips into negative zoneFor the first time since the new wholesale price index (WPI) series started in 1995, India's annual rate of inflation has turned negative, falling to minus 1.61 percent for the week ended June 6, leading to fears that this would lead to hoarding of food articles.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 9:33 am Sensex sharply dips 277 points in afternoonA key index of the Indian equities markets sharply dipped about an hour before the closing bell Thursday. It was ruling 277 points below its previous close.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 9:32 am BofA paying big bonuses to retain bankers - paperReuters - Bank of America Corp has been paying millions in bonuses in order to lure talent and retain investment bankers the company views as vital, the New York Post reported, citing sources.Source: Reuters: Money News | 18 Jun 2009 | 9:32 am India's telecom sector earnings to cross $30 bn by 2013: Gartner IncIndia will continue its robust telecom story with the sector's revenue to be more than $30 billion by 2013, according to a global information technology research and advisory firm.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 9:31 am Toonz ties up with Ireland firmKerala-based animation content provider Toonz Animation India has tied up with Ireland's Telegael group to finance, develop and co-produce animation programmes for global distribution, the company said Thursday.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 9:31 am SpiceJet raises fuel surcharge by Rs.400Low-cost carrier SpiceJet Thursday hiked its fuel surcharge by Rs.400 following a recent hike in aviation turbine fuel (ATF) rates.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 9:30 am Maytas requests AP govt for more time for Hyderabad metro - Reuters India
Source: Google News India - Business | 18 Jun 2009 | 9:30 am Petrol, diesel prices should be raised: EssarEssar Global Ltd chairman Shashi Ruia has said the government should jack up prices of petrol and diesel sold by state-run retailers keeping with the rally in international crude oil prices.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 9:22 am Negative inflation "unusual", says Finance SecretaryDescribing the negative inflation as "unusual", Finance Secretary Ashok Chawla said it would not lead to any change in policy stance of the government.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 9:12 am Sensex dips sharply, over 200 points downThe Sensex, which opened at 14,503.05 points, was trading at 14,244.96 points - 277.88 points or 1.91% lower than Wednesday's close.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 9:07 am PM: Replacing dollar highly complex issue - paperMUMBAI (Reuters) - Replacing the dollar as the gobal reserve currency with another is a highly complex issue and it required proper examination by Indian policy makers, the Economic Times quoted Prime Minister Manmohan Singh as saying on Thursday.Source: Reuters: Money News | 18 Jun 2009 | 9:04 am NASA heads to moon as panel weighs its futureCape Canaveral: As NASA prepared to launch its debut mission in a program aimed at returning astronauts to the moon, a presidential panel on Wednesday began looking at alternative ways to get there and whether the United States should even go. The Lunar Reconnaissance Orbiter, scheduled to launch from Cape Canaveral Air Force Station at 5:12 pm (2112 GMT) on Thursday, is designed to map the lunar surface so NASA can find safe and scientifically interesting landing spots for future human missions. The US is shifting the focus of its human space program from research and technology development in low-Earth orbit with the space shuttle and International Space Station to an exploration initiative. That would culminate in the return of US astronauts to the moon in 2020 — a half-century after the pioneering Apollo lunar landings of 1969 to 1972. NASA plans to retire the shuttle fleet in 2010 after eight more missions to complete space station construction. It would then shift funding to ramp up development of a pair of expendable rockets, known as Ares, and a beefed-up Apollo-style capsule called Orion that can ferry crews to the moon and other destinations. Orion’s debut flight to the space station is targeted for 2015 — five years after the shuttle stops flying. With costs estimated at more than $100 billion for a lunar excursion and concerns about the five-year gap, President Barack Obama has ordered a top-level review of the US human space program. Hearings in Washington opened on Wednesday with commercial companies, NASA and other space advocates laying out options for flying astronauts to the space station and getting to the moon. Panel members will also consider whether the moon should even be a destination. The panel, headed by retired Lockheed Martin chief executive Norm Augustine, is expected to issue a report in August. Proposing Alternatives At the meeting, United Launch Alliance, a Boeing and Lockheed Martin joint venture that markets the unmanned Atlas and Delta rockets, pitched an upgraded version of its rockets to replace NASA’s planned Ares booster, an option a NASA-backed study found to be less expensive. But the consultancy that prepared the study cautioned that would only be cheaper if NASA dropped plans for a second Ares rocket, a heavy-lifter that could carry cargo to the moon. NASA’s original plan for the new exploration initiative, known as Constellation, was a complete program that folded together the cost of developing both versions of the Ares rocket, using one as a predecessor for the other. “When one starts contemplating replacing pieces of that architecture, all kinds of things begin to happen,” said Gary Pulliam of The Aerospace Corporation. Another company, Space Exploration Technologies, known as SpaceX, proposed another alternative to carry crews. SpaceX founder Elon Musk said his firm’s Dragon capsule, already purchased by NASA to haul cargo to the space station, could be used to transport astronauts by adding an escape system and making minor upgrades. “The whole purpose of SpaceX from the beginning has been human space flight. That’s why I created it,” said Musk. “Dragon has five windows. You don’t need windows for cargo.” Source: Tech News - Livemint.com | 18 Jun 2009 | 9:01 am TCS aims to trim selling costsTata Consultancy Services (TCS) aims to prune its selling, general and marketing expenses to 19 per cent of its total earnings through better cost management and efficiency measures.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 9:00 am BPCL Kochi Refinery develops eco protection techBharat Petroleum Corporation Ltd Kochi Refinery has developed a unique environment protection technology for removing toxic hydrogen sulphide gas produced when crude oil is heated to high temperature.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 8:52 am Kingfisher, Jet hike fuel surcharge by Rs 400Domestic flying becomes more expensive from today. This follows the decision of Jet Airways and Kingfisher Airlines to raise the fuel surcharge by Rs 400 on all their domestic flights.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 8:47 am INTERVIEW - Power sector to drive India capital raisingMUMBAI (Reuters) - India's power sector, short of capacity and starved of finance, will drive capital-raising in the country as operators embark on an expansion drive, a top Merrill Lynch banker said.Source: Reuters: Money News | 18 Jun 2009 | 8:46 am Midsession: Sensex extends losses to 2% on weak AsiaMumbai: Indian shares extended losses to 2% on Thursday afternoon, tracking weak Asian peers and as investors booked profits on an 80% rally since early March. At 1:43pm, the 30-share BSE index was down 2% at 14,238.05 points, with 22 stocks declining. The 50-share NSE index was down 2.9% at 4,230.10. Shrugging off early losses, the Bombay Stock Exchange benchmark Sensex had gained 58 points at noon briefly on revival of buying, backed by reports of an easing inflation. The Sensex, which lost nearly 435 points in previous day’s trading and commenced the day lower by 187 points, rebounded to trade higher by 57.84 points at 14,580.68. Similarly, the wide-based National Stock Exchange index Nifty rose by 19.15 points to 4,375.30. Marketmen said buying activity picked up soon after announcement came that inflation touched minus 1.61 per cent for the week ended 6 June, as wholesale prices shrunk for the first time in 30 years. India possibly stood as the only country now recording deflation, though the European region is nearing the zero rate of inflation on account of recession. Markets bounced around their previous close as bouts of profit taking on an 80% rally since early March were offset by some buying by long-term investors a day after the market dropped 2.9%. Source: Home - Livemint.com | 18 Jun 2009 | 8:41 am Property prices set to riseProperty prices in India which have been on the decline for several months on account of the credit crunch, are set to rise, according to Mr R.R. Nair, Director and Chief Executive, LIC Housing Finance Ltd.Source: Moneycontrol Top Headlines | 18 Jun 2009 | 8:34 am Inflation reaches below zeroIndia's wholesale price index fell for the first time in thirty years and reached 1.61 percent for the week ended June 6.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 8:33 am 'Not a rupee spent by Delhi government on labour welfare'The Delhi government's coffers are rich with the Rs.2,000 crore it has collected as cess fund from the construction industry but yet it has allegedly failed to provide the promised social security to labourers. Labour unions and activists claim that not a rupee has been spent despite existing laws.Source: IndiaeNews.com: Business News | 18 Jun 2009 | 8:32 am India in deflation; Ajay Shah calls for rate cuts - Moneycontrol.com
Source: Google News India - Business | 18 Jun 2009 | 8:30 am British Airways offers pilots shares in return for pay cutLondon: Union leaders on Thursday urged British Airways pilots to accept shares in the company in return for a pay cut, in a “unique agreement” they claim will help save jobs at the troubled airline. The announcement, confirmed by the airline, comes after BA this week unveiled details of a plan to get staff to work for free. The pilots’ union Balpa on Thursday said it was recommending its members accept a new salary package aimed at saving BA millions of pounds. Under the deal agreed with British Airways, pilots will see their annual pay cut by 2.61% — worth around £2,000 (€2,350, $3,276). As part of the deal, however, about 78 of 3,200 pilots will have to lose their jobs. “The pay and productivity package will help BA get through the current economic downturn whilst, for the first time, giving pilots the mechanism to take a real share in the wealth they will help to create,” said a spokesman. The pay cut will generate £16 million of annual savings, while pilots will also have to increase their working hours to help save another £10 million annually. Balpa said that in return, pilots would in two years’ time be eligible to receive a proportion of BA shares worth a total of £13 million if certain company targets are achieved. The pilots will not however be able to sell the shares until June 2014. Balpa general secretary Jim McAuslan said, “This is a unique agreement. We have always said that as a union we would share the pain if our members shared in the gain.” In a separate statement, a BA spokesman expressed the company’s pleasure at reaching agreement with Balpa, ahead of a vote on the matter by pilots. BA had on Tuesday revealed that across the airline, staff would be able to opt for one-week blocks of unpaid leave or unpaid work, with salary deductions spread over three to six weeks, in another move aimed at slashing costs. The airline had unveiled the controversial plan in May, when chief executive Willie Walsh also promised to work for free in July. BA last month reported an annual loss of £375 million owing to high fuel costs and slumping demand amid the economic downturn. The airline has cut 2,500 jobs over the past year. Walsh has reportedly warned that the worst of the recession lay ahead for airlines. According to the Financial Times, Walsh told a conference in Paris on Wednesday: “Though some of the financial markets may be looking better, I believe that for airlines, the worst of this recession is still ahead of us.” Source: Home - Livemint.com | 18 Jun 2009 | 8:25 am British Airways offers pilots shares in return for pay cutLondon: Union leaders on Thursday urged British Airways pilots to accept shares in the company in return for a pay cut, in a “unique agreement” they claim will help save jobs at the troubled airline. The announcement, confirmed by the airline, comes after BA this week unveiled details of a plan to get staff to work for free. The pilots’ union Balpa on Thursday said it was recommending its members accept a new salary package aimed at saving BA millions of pounds. Under the deal agreed with British Airways, pilots will see their annual pay cut by 2.61% — worth around £2,000 (€2,350, $3,276). As part of the deal, however, about 78 of 3,200 pilots will have to lose their jobs. “The pay and productivity package will help BA get through the current economic downturn whilst, for the first time, giving pilots the mechanism to take a real share in the wealth they will help to create,” said a spokesman. The pay cut will generate £16 million of annual savings, while pilots will also have to increase their working hours to help save another £10 million annually. Balpa said that in return, pilots would in two years’ time be eligible to receive a proportion of BA shares worth a total of £13 million if certain company targets are achieved. The pilots will not however be able to sell the shares until June 2014. Balpa general secretary Jim McAuslan said, “This is a unique agreement. We have always said that as a union we would share the pain if our members shared in the gain.” In a separate statement, a BA spokesman expressed the company’s pleasure at reaching agreement with Balpa, ahead of a vote on the matter by pilots. BA had on Tuesday revealed that across the airline, staff would be able to opt for one-week blocks of unpaid leave or unpaid work, with salary deductions spread over three to six weeks, in another move aimed at slashing costs. The airline had unveiled the controversial plan in May, when chief executive Willie Walsh also promised to work for free in July. BA last month reported an annual loss of £375 million owing to high fuel costs and slumping demand amid the economic downturn. The airline has cut 2,500 jobs over the past year. Walsh has reportedly warned that the worst of the recession lay ahead for airlines. According to the Financial Times, Walsh told a conference in Paris on Wednesday: “Though some of the financial markets may be looking better, I believe that for airlines, the worst of this recession is still ahead of us.” Source: World Business - Livemint.com | 18 Jun 2009 | 8:25 am WPI falls for 1st tme in three decadesNew Delhi: India’s wholesale price index fell in early June on an annual basis for the first time in at least three decades, but analysts said this did not signal a weakening economy and would not prod the central bank to cut rates further. The Reserve Bank of India (RBI) and analysts had forecast negative trends in the price index mainly for statistical reasons, rather than calling it deflation that follows a sharp contraction in demand. The widely watched wholesale price index fell 1.61% in the 12 months to 6 June, the government said, sharply below previous week’s rise of 0.13%. The drop was bigger than 1.52% median forecast by analysts. “This is due to the high statistical base, but going forward inflationary risks are already in sight,” said Rupa Rege Nitsure, chief economist at Bank of Baroda.  “The inflation momentum has been picking up and a continued rise in commodity prices will exert upward pressure on input costs,” said Sonal Varma, an economist with Nomura. India’s factory output unexpectedly rose in April, reviving hopes the economy turned a corner and sparked speculation the central bank may not cut rates again in near future. The Indian economy expanded 6.7% in the 2008-09 year ended in March, slower than a scorching 9% in the previous year but faster than many other emerging economies, but policy makers say it could rebound to at least 7% this year. Analysts said the annual fall in WPI had little implication for monetary policy, and firm consumer price inflation, which stood at 8.7% in April, has kept policy makers cautious. Also See | Budget 2009 “I think monetary policy will gradually start building into the inflationary expectation some time around October essentially because of rising commodity prices,” said Jyotinder Kaur, economist at HDFC Bank. India’s central bank has cut its lending rate by 4.25 percentage points between October and April, while government has slashed duties and increased public spending to stimulate the economy hit by the global slump and falling domestic demand. Last week, the finance minister urged banks to lower their interest rates, taking cues from the central bank, and step up loans to industry to help bolster sagging growth. The coalition led by the Congress party that was re-elected for a second five-year term is due to present its budget on 6 July, which is expected to offer more economic stimulus. The 5-year bond yield was steady at 6.63% after the release of price index data, higher than Wednesday’s close of 6.61%. The 30-share BSE index extended losses to 0.5% at 0700 GMT after being down 0.1% after the data. “Inflation pressures are expected to gradually build up towards third and fourth quarter of the current fiscal year,” said Shubhada Rao, chief economist at Yes Bank. “By year-end, we expect (wholesale) inflation to exceed 5.5%.” Source: Home - Livemint.com | 18 Jun 2009 | 8:22 am BSE Sensex extends losses to 2 pctMUMBAI (Reuters) - The BSE Sensex extended losses to 2 percent on Thursday afternoon, tracking weak Asian peers and as investors booked profits on an 80 percent rally since early March.Source: Reuters: Money News | 18 Jun 2009 | 8:20 am WPI falls for first time in three decadesNEW DELHI (Reuters) - India's wholesale price index fell in early June on an annual basis for the first time in at least three decades, but analysts said this did not signal a weakening economy and would not prod the Reserve Bank to cut rates further.Source: Reuters: Money News | 18 Jun 2009 | 8:16 am Economy improving, WPI fall not unusual - fin secyNEW DELHI (Reuters) - The Indian economy is on the path of improvement and the fall in wholesale price index (WPI) was not unusual, Finance Secretary Ashok Chawla said on Thursday.Source: Reuters: Money News | 18 Jun 2009 | 8:10 am Delhi: Former MLA Ranbir Kharab held for duping people of Rs 100 cr - Indlaw.com
Source: Google News India - Business | 18 Jun 2009 | 7:59 am Tech Mahindra gets US anti-trust nod for Satyam open offerMumbai: IT firm Tech Mahindra on Thursday said it has received approval from the US anti-trust authority regarding its Rs1,154 crore open offer for the purchase of an additional 20% stake in Satyam Computer. In a filing to the stock exchanges Tech Mahindra said “our request for early termination of the applicable waiting period relating to the offer has been granted under the Hart-Scott-Rodino Antitrust Improvements Act of 1976...” Tech Mahindra further said that “the condition to the offer with respect to anti-trust approval under the Hart-Scott-Rodino Act has been satisfied.” The anti-trust approval in the US was needed as both the companies — Satyam and Tech Mahindra — have technology outsourcing work in the United States, and also because Satyam is listed on the NYSE. The open offer has already got anti-trust approval from Germany’s competition regulator, the Federal Cartel Office, and India’s tow premier bourses Bombay Stock Exchange and National Stock Exchange. Tech Mahindra had announced an open offer on 22 April for buying an additional 20% at a price of Rs58 a share from the shareholders of the IT firm. The open offer was made after Tech Mahindra bought a 31% stake in Satyam for Rs1,756 crore through the issue of preferential shares after an auction process. The open offer, which started on 12 June, will close on 1 July. Source: Home - Livemint.com | 18 Jun 2009 | 7:51 am Tech Mahindra gets US anti-trust nod for Satyam open offerIT firm Tech Mahindra said it has received approval from the US anti-trust authority regarding its Rs 1,154 crore open offer for the purchase of an additional 20 per cent stake in Satyam Computer.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 7:50 am What does the Sensex want this budget?In May, after the general elections propelled the United Progressive Alliance into power, the Indian stock markets reacted with undisguised glee  Another, similar milestone now looms on July 6, when Pranab Mukherjee presents the Budget in Parliament, and already the market seems to be girding its loins for another huge leap. Various sectoral indices have steadily risen over the last few weeks, and the markets seem to expect vast government spending that will revitalise economic growth, which has sagged from its heyday of 9% two years ago. Some analysts worry that the market, in fact, may be expecting too much,and that the Budget may not be able to live up to those towering expectations. In this podcast, we talk to two in-house Mint experts to gauge the Sensex-Budget relationship. Historically, how has the Sensex reacted to the Budget? What exactly does the Sensex expect this year? What, on the other side, are the challenges that the Finance Minister will face in living up to those expectations? How does the economic concept of expectation even work in theory and in the real world? Our guests -- Niranjan Rajadhyaksha, Mint’s managing editor and author of the weekly Cafe Economics column; and Manas Chakravarty, Mint’s consulting editor and author of the Capital Account column -- answer these and other questions, and in the process shine a light on the beast we call the Sensex. Source: Home - Livemint.com | 18 Jun 2009 | 7:50 am Inflation slips into negative, first time since 1977Subzero inflation has finally come to India as inflation dropped by 1.6% in the first week of June. The negative inflation patch in India, however, is expected to be short.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 7:03 am Rupee up 11 paise against USDThe Indian rupee resumed stronger by 11 paise against the dollar in early trade on Thursday taking cues from other Asia currencies.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 6:27 am SpiceJet hikes fuel surcharge by Rs 400SpiceJet on Thursday increased fuel surcharge by Rs 400 with immediate effect, a day after Jet Airways and Kingfisher Airlines announced their decision.Source: India Business News | Business News - Times of India | 18 Jun 2009 | 6:15 am Sensex sheds 72 points in volatile tradeThe Sensex, which had lost 435.07 points in Wednesday's session, fell by 71.62 points at 14,451.22 in the first five minutes of trade.Source: Daily News & Analysis: Money News | 18 Jun 2009 | 6:15 am US eases process for GE India to import technologyWashington: The US Commerce Department will this month give General Electric’s India division a standing license to import controlled technology, commerce secretary Gary Locke said on Wednesday. The company will be designated a “validated end user,” allowing it to import certain items like civilian aircraft technology and explosive detection equipment, the Commerce Department said. “That means the company will be allowed to enter a pre-approved, export express lane as a trusted end user. No more need for a license,” Locke said in a speech to the US-India Business Council. GE India is the first company to qualify under the programme the department established in October 2007 to cut red tape in trade of sensitive technology, eliminating the requirement to obtain licenses for each transaction for companies that pass security tests. GE will use its new status to exchange technology with its security, aviation and energy infrastructure businesses in India, the company said in a statement. “It will not only permit technology exchange on energy and aviation between GE and our research facilities in India, but will also permit the sale of advanced security systems to the Indian ministry of defence, Indian police and other Indian security organizations,” said Tejpreet Chopra, chief executive of GE India. Last year, US companies exported $18 billion worth of goods to India, and India shipped the United States $25 billion worth of goods, Locke said. The United States wants India to loosen foreign direct investment restrictions in the financial services, retail and cable and satellite television sectors, Locke said. India also needs to boost its protection of intellectual property rights, he said. “Piracy and counterfeiting is still a serious problem and India’s criminal enforcement regime remains weak.” Locke said. “US businesses also need more clarity on guidelines and procedures for doing business in India, which can be every bit as difficult a barrier to entry as onerous tariffs,” he said. Source: Tech News - Livemint.com | 18 Jun 2009 | 5:51 am US eases process for GE India to import technologyWashington: The US Commerce Department will this month give General Electric’s India division a standing license to import controlled technology, commerce secretary Gary Locke said on Wednesday. The company will be designated a “validated end user,” allowing it to import certain items like civilian aircraft technology and explosive detection equipment, the Commerce Department said. “That means the company will be allowed to enter a pre-approved, export express lane as a trusted end user. No more need for a license,” Locke said in a speech to the US-India Business Council. GE India is the first company to qualify under the programme the department established in October 2007 to cut red tape in trade of sensitive technology, eliminating the requirement to obtain licenses for each transaction for companies that pass security tests. GE will use its new status to exchange technology with its security, aviation and energy infrastructure businesses in India, the company said in a statement. “It will not only permit technology exchange on energy and aviation between GE and our research facilities in India, but will also permit the sale of advanced security systems to the Indian ministry of defence, Indian police and other Indian security organizations,” said Tejpreet Chopra, chief executive of GE India. Last year, US companies exported $18 billion worth of goods to India, and India shipped the United States $25 billion worth of goods, Locke said. The United States wants India to loosen foreign direct investment restrictions in the financial services, retail and cable and satellite television sectors, Locke said. India also needs to boost its protection of intellectual property rights, he said. “Piracy and counterfeiting is still a serious problem and India’s criminal enforcement regime remains weak.” Locke said. “US businesses also need more clarity on guidelines and procedures for doing business in India, which can be every bit as difficult a barrier to entry as onerous tariffs,” he said. Source: Home - Livemint.com | 18 Jun 2009 | 5:51 am Oil pauses above $71 as dollar holds steadySingapore: Oil paused above $71 a barrel on Thursday, as traders weighed a steady dollar against bullish data on Chinese fuel exports and US crude inventories. The greenback inched up against a basket of major currencies, paring earlier losses, a day after it fell broadly on a tame rise in US inflation that dampened hopes for a Fed interest rate hike in the near term. China oil data provided some support for oil prices, with May diesel exports falling to 390,000 tonnes after hitting a record 510,000 tonnes in April, as oil firms kept more fuel at home on rising sales and falling stockpiles. US crude edged up 8 cents to $71.11 a barrel by 7:52am, while London Brent crude fell 5 cents to $70.80. “Oil seems to have found a range between $71 and $73,” said Peter McGuire, managing director of Commodity Warrants Australia, adding that oil prices are expected to track dollar movements closely in the near term while within that range. A weaker dollar makes oil and other commodities cheaper for holders of other currencies, and vice versa. The bullish Chinese customs data came after the US Energy Information Administration reported a much higher than expected fall in crude inventories in the week to 12 June, by 3.9 million barrels. Gasoline demand in the world’s top consumer, which has been battered by the economic crisis, rose over the four-week period ending last week, further lifting oil prices. Slumping demand sent oil off record above $147 a barrel hit last July, prompting Opec last year to agree to a series of production cuts to prop up prices. Prices have since more than doubled from the lows near $32 touched late last year on hopes that the economic crisis may soon find a bottom and fuel demand will start to recover. Qatari Oil Minister Abdullah al-Attiyah told Reuters price gains in recent months were due to speculators more than fundamentals. Lending support to oil prices on Wednesday, he said Opec was unlikely to increase output soon despite concerns from some analysts that higher fuel costs could stall any global economic recovery. Source: Home - Livemint.com | 18 Jun 2009 | 4:20 am Microsoft makes gains with BingDetroit: Microsoft Corp’s Bing search engine won more market share from rivals last week, according to new industry data released on Wednesday, but still trails Google Inc and Yahoo Inc. Challenging market leader Google - which in turn is looking to break into Microsoft’s core software market - is a long-term project, said Microsoft chief executive Steve Ballmer. “We have had some very good initial response,” Ballmer said at a conference in Detroit. “I don’t want to over-set expectations. We are going to have to be tenacious and keep up the pace of innovation over a long period of time.” Microsoft grabbed 12.1% of US Internet searches for the work week 8-12 June, according to data released by industry tracker comScore earlier on Wednesday. That is up from 11.3% in the 1-5 June period - the week in which Bing was launched - and up from 9.1% the week before that. For comparison, Google got 65% of US searches in May, the last full month for which figures are available, followed by Yahoo with 20.1% and Microsoft with 8%. Analysts and investors are keenly awaiting data for all of June to see if Microsoft can hold onto early gains. Ballmer acknowledged the tough task of beating Google, which he referred to as “a big dog competitor”. The world’s largest software company has long been determined to play a major role in the lucrative Web search market after watching upstart Google take a stranglehold. At the same time, Google is looking to take advantage of its popularity to launch software that competes with Microsoft’s, which has created a new source of tension between the two companies. Microsoft ratcheted up that tension on Wednesday by claiming that Google’s new Apps Sync for Microsoft Outlook software -- which allows users to share data between their Outlook e-mail and Google’s online offerings -- disables a key function in Outlook. “The installation of the Google Apps Sync plugin disables Outlook’s ability to search any and all of your Outlook data,” Outlook product manager Dev Balasubramanian wrote on a Microsoft blog. “It is also important to note that uninstalling the plugin may not fix the issue.” The problem, though relatively unimportant to users, represents a crucial struggle between Microsoft and Google for e-mail customers. Google’s new product allows business users to continue using Outlook for email and other tasks, but the back-end functionality and data storage moves to Google, instead of residing on a company’s internal servers running Microsoft software. Google acknowledged the Outlook problem identified by Microsoft, and several other issues where its software does not mesh well with others. “We’re working with Microsoft and other partners to help fix these issues and support additional Outlook features like multiple calendars,” said Google Apps senior product manager Chris Vander Mey in a blog post. “We’ll keep you posted on our progress.” Microsoft shares closed up just less than 1% at $23.68, while Google’s fell 0.2% to $415.16, both on Nasdaq. Source: Tech News - Livemint.com | 18 Jun 2009 | 3:58 am Obama urges biggest financial reforms since 1930sWASHINGTON (Reuters) - President Barack Obama laid out his vision for recrafting U.S. financial regulation on Wednesday, vowing to halt "a cascade of mistakes ... over the course of decades" that eroded bank and market oversight.Source: Reuters: Money News | 18 Jun 2009 | 2:56 am Import of mobile handsets without IMEI number bannedNew Delhi, June 17 In a move that could signal the end of grey market mobile phones, the Government on Wednesday banned import of all handsets without the International Mobile Equipment Identity (IMEI) number.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am ‘Property prices set to rise’Mumbai, June 17 Property prices in India which have been on the decline for several months on account of the credit crunch, are set to rise, according to Mr R.R. Nair, Director and Chief Executive, LIC Housing FinanceSource: Business Line - Home Page | 18 Jun 2009 | 12:00 am Jet Airways India (Rs 238.50): SellWe recommend a sell in Jet Airways stock from a short-term trading perspective. It is apparent from the charts of Jet Airways that it was on an intermediate-term up-trend between early March and early June, from Rs 115 to Rs 363. Around Rs 360,Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Wockhardt sells German biz EsparmaMumbai, June 17 Debt-ridden Wockhardt Ltd has divested its German business Esparma to Mova GmbH, a subsidiary of Lindopharm GmbH, Germany, for an undisclosed amount.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Incentives to scrap old vehicles will boost demandMumbai, June 17 The Government should give incentives to customers for scrapping old vehicles, in line with what Germany has done to increase sagging vehicle sales, said Dr Pawan Goenka, President, Automotive Sector, Mahindra & Mahindra.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Jet takes off on the low-cost, no-frills routeNew Delhi, Mumbai, June 17 To draw more passengers, Jet Airways is going the low-cost way. By end-June, 110 of its 290 flights will offer no-frillsSource: Business Line - Home Page | 18 Jun 2009 | 12:00 am 3G auctions within 72 days of resolving pricing issue: DoTThe Department of Telecom proposes to conduct auctions for third generation services spectrum within 72 days of resolving its differences with the Finance Ministry over pricing.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Day Trading GuideWe reiterate our sell recommendation in DLF. Utilise rallies to sell ICICI Bank with tight stop-loss at Rs 750. Fresh short-position can be initiated only if Infosys slips below Rs 1690,Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Financial sector bucks slowdown, pays more taxNew Delhi, June 17 State Bank of India (SBI) has dislodged ONGC to become the leading advance taxpayer in the country.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Food Ministry nod for move to export 6.5 lt wheat productsThe Food Ministry has cleared a proposal to allow export of 6.5 lakh tonnes (lt) of wheat products, even as Central procurement of wheat has topped 245 lt.Source: Business Line - Home Page | 18 Jun 2009 | 12:00 am Changes to Cenvat credit, import levy will helpLower duty on imported plant and machinery would boost setting up of new facilities, replacement of existing ones.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 10:29 pm New regulations for funds in works: BhaveSebi is working out regulations such as increasing the networth requirements of market intermediaries and introducing a variable entry load for mutual funds.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 10:26 pm HP unveils tools to help firms run IT like a businessAnnounces new offerings in its IT Financial Management portfolio.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 10:25 pm Battle for Asarco far from overAnalysts say Sterlite has better chance to clinch the US miner.Source: Daily News & Analysis: Money News | 17 Jun 2009 | 10:23 pm Sensex sees fourth-biggest fall of the yearAfter a brief mid-session recovery, sluggish European stocks and sustained sell-off by foreign funds today dragged the market down, with the benchmark Sensex plunging 435 points, registering the fourth biggest single-day fall of the year.Source: Business Standard | Front Page Headlines | 17 Jun 2009 | 7:08 pm Mahindra bets its diesel pickup trucks can help India beat China to US auto marketLos Angeles / Mumbai: India’s largest maker of sport-utility vehicles,Mahindra and Mahindra Ltd (M&M), is betting its diesel pickup trucks can beat the Chinese to the US market. Early next year, Mumbai-based M&M plans to start selling small two- and four-door pickups with a diesel engine that meets California’s strict exhaust rules. US plans for Chinese brands such as Chery Automobile Co. and Geely Automobile Holdings Ltd have yet to materialize, five years into their announcements.  Quite confident: A file photo of M&M’s Pawan Goenka with the Scorpio in Mumbai. The company has spent between $60 million and $70 million in reworking its Scorpio SUV into a pickup for the US market. Ashesh Shah / Mint M&M’s trucks will arrive in the US even as recession and job losses have pushed auto sales to the lowest in three decades, triggering bankruptcy filings for General Motors Corp. and Chrysler Llc. A weak economy and cheaper diesel prices may help the Indian auto maker win buyers seeking a bargain, said industry analyst Eric Noble. “It’s not a bad time to launch a durable, value-oriented brand,” said Noble, president of Car Lab, an Orange, California-based consulting firm for auto makers. “There’s no real competition in compact trucks with a diesel powertrain.” With a brand that’s totally unknown to US customers, an Indian auto maker will face the same challenges Hyundai Motor Co., Toyota Motor Corp. and Honda Motor Co. faced when they entered the world’s largest economy, said Puneet Gupta, a New Delhi-based analyst at CSM Worldwide Inc. In India, M&M makes Scorpio and Bolero SUVs. “It’s a big challenge,” Gupta said. “Selling a very cheap vehicle may not work. Selling in a matured market may also spoil your reputation if your product is not up to the expectations of customers there.” M&M’s shares have more than doubled this year in Mumbai trading. That’s the best performance in the benchmark 30-share index, the Sensex, during that period. The vehicles will be “competitive” with similar vehicles in the range of $20,000 (Rs9,58,000) to less than $30,000, Goenka said, without giving a specific price. The company has spent between $60 million and $70 million in reworking its Scorpio SUV into a pickup for the US market. M&M has set up a network of 336 dealers throughout the country. M&M expects the pickups to get at least 30 miles per gallon (mpg) in highway driving and carry a payload of at least 2,600 pounds. By comparison, Toyota’s petrol-engine Tacoma, the best-selling small pickup in the US, gets 26 mpg on the highway and can carry 1,570 pounds in its bed. Diesel engines are generally at least 20% more fuel efficient than petrol engines. Key to M&M starting sales on schedule will be completing US crash and safety tests by August, said Larry Daniel, senior vice-president of sales and marketing at Global Vehicles USA Inc., M&M’s distributor. “We’re cutting it close, but are confident the trucks will do well in the tests,” Daniel said in a 12 June interview. Plans for US models from China’s Chery, first announced in late 2004, failed because of disagreements with its US distribution partner Visionary Vehicles Llc.Chrysler also abandoned plans to sell Chery-made cars in the US. Geely, China’s biggest privately owned car maker, hasn’t met its initial goal of selling cars in the US by 2008 amid talks withFord Motor Co. on buying its Volvo Car unit. Last month, GM agreed to a United Auto Workers request to build small cars at an unnamed US assembly plant instead of importing them from overseas. Detroit-based GM’s initial plan was to sell a US version of a car built by Chinese venture partner SAIC Motor Corp., according to the AP. The first highway-legal Chinese car in the US may be the Coda sedan, a battery-powered model that Santa Monica, California-based Miles Electric Vehicles plans to retail in California in late 2010. The model will be supplied by China’s Hafei Motor Co. M&M was set up in 1945 as a franchise to assemble Jeeps of Willys, according to its website. The auto maker later had a partnership with Ford Motor Co. and now makes the Logan sedan with Renault SA in India. Tian Ying in Beijing contributed to this story. Source: World Business - Livemint.com | 17 Jun 2009 | 7:06 pm Budget may widen dividend tax breakExemption may apply to subsidiaries lower down the corporate holding chain.Source: Business Standard | Front Page Headlines | 17 Jun 2009 | 7:05 pm The great SEZ rush skids on slowdown, land issuesAlmost half the proposals to be taken up by the Board of Approval involve developers wanting to curtail their plans.Source: Business Standard | Front Page Headlines | 17 Jun 2009 | 7:01 pm 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 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
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