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How did Marico beat the downturn? Harsh Mariwala answersHarsh Mariwala, Chairman and MD, Marico, said the company demanded growth out of each brand and business. Innovations are really a way to go forward. If you offer something to the consumer which meets his aspirations then actually one can beat the downturn.Source: Moneycontrol Top Headlines | 20 Jun 2009 | 3:52 pm Recession, inflation not to affect biz: Mahindra HolidaysMahindra Holidays Chairman Arun Nanda said, \"We are recession proof and inflation proof and value for money product. So in difficult times people look for value for money products.\"Source: Moneycontrol Top Headlines | 20 Jun 2009 | 2:16 pm Mahindra Holidays to enter budget segment - Hindu Business Line
Source: Google News India - Business | 20 Jun 2009 | 12:25 pm Nortel to shut down, sells wireless business to Nokia!Toronto-headquartered Nortel, which is under bankruptcy protection in both the US and Canada, has announced that it will liquidate itself.Source: Zee News : Business | 20 Jun 2009 | 12:23 pm Stanford indicted in massive US fraud case!Texas billionaire Allen Stanford, three associates and a top Caribbean regulator were indicted on fraud, conspiracy and obstruction charges in an elaborate USD 7 billion pyramid scheme to bilk investors.Source: Zee News : Business | 20 Jun 2009 | 12:23 pm US stocks log first weekly loss since early May!US Stocks finished mixed Friday, leaving all the major indexes with their first weekly loss since early May. Tech, financial and retail stocks gained, while utilities and energy stocks were lower.Source: Zee News : Business | 20 Jun 2009 | 12:23 pm Pay cuts, non-paid leave for Singapore Airlines pilots!Singapore Airlines (SIA) said it has reached agreement with its pilots` union on pay cuts and non-paid leave as part of cost-cutting efforts to counter the effects of the global economic downturn.Source: Zee News : Business | 20 Jun 2009 | 12:23 pm RBI: must look at reversing expansionary policy - Reuters India
Source: Google News India - Business | 20 Jun 2009 | 11:54 am Gold loses shine, falls by Rs 100Gold prices on Saturday fell by Rs 100 at Rs 14,690 per 10 gram in the bullion market here as demand for the metal waned amid weakening global trend.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 11:40 am Tendulkar optimistic of economic recovery in six monthsPrime minister's economic advisor Suresh Tendulkar on Saturday predicted that the Indian economy would recover in the next six months.Source: Daily News & Analysis: Money News | 20 Jun 2009 | 11:28 am ABG Shipyard Q4 PAT up 12.84% at Rs 52 cr - Business Standard
Source: Google News India - Business | 20 Jun 2009 | 11:18 am RBI may review inflation target in credit policyWith the wholesale price index falling below zero per cent, Reserve Bank today said the inflation target may be reviewed in the forthcoming credit policy.Source: Daily News & Analysis: Money News | 20 Jun 2009 | 10:49 am Obama “ready to fight” for new financial agencyWashington: President Barack Obama said on Saturday he is “ready to fight” for a tough new agency to protect consumers from risky loans and other financial products and lashed out at groups that might stand in the way. “These interests argue against reform even as millions of people are facing the consequences of this crisis in their own lives,” Obama said in a weekly radio address. “These interests defend business-as-usual even though we know that it was business-as-usual that allowed this crisis to take place.” Obama said opponents were already “mobilizing” against his proposal earlier this week to create a new Consumer Financial Protection Agency as part of the most sweeping set of financial regulatory reforms since the 1930s. The new agency, which Congress would have to approve, would have the power to write rules and design or ban financial products. It could also examine firms and impose fines and other penalties on almost any institution that offers products such as home loans or credit cards. Critics argue that the new agency would stifle financial product innovation, boost the cost of regulatory compliance and cause prices for consumers to rise. “It’s going to create exactly the type of duplication, second-guessing and layering that we feared,” David Hirschman, president of the US Chamber of Commerce’s Center for Capital Markets, said earlier this week. Obama said the proposed agency was badly needed to help consumers make sense of complex financial instruments and to keep loan companies honest. “Today, folks signing up for a mortgage, student loan, or credit card face a bewildering array of incomprehensible options. Companies compete not by offering better products, but more complicated ones -- with more fine print and hidden terms,” Obama said. “The American people sent me to Washington to stand up for their interests. And while I’m not spoiling for a fight, I’m ready for one.” Senior lawmakers have said they expect to pass financial reform regulation by the end of the year. Treasury secretary Timothy Geithner, at a Senate hearing on Thursday, faced the most opposition to Obama’s proposal to give the Federal Reserve new powers to police broad risks in the economy. Some lawmakers believe the central bank failed to halt practices that led to the global financial crisis. Giving the Federal Reserve more authority “is like a parent giving his son a bigger, faster car right after he crashed the family station wagon,” said Senate Banking Committee chairman Christopher Dodd, a Connecticut Democrat. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 10:47 am Air India chief says airline fighting for survival - NDTV.com
Source: Google News India - Business | 20 Jun 2009 | 10:39 am No concern of deflation says RBI governorPune: Even as the inflation fell to a three-decade low of minus 1.61%, Reserve Bank governor D Subbarao today said there is no threat of deflation as food and crude oil prices are still firm. “India does not suffer from any demand constraints, therefore there is no concern of deflation,” Subbarao told reporters here. Although wholesale price index is negative, there are certain parts of the index, like food articles, where inflation is significant, he said. At the same time, oil prices are firming up, he said, adding there is talk that world food production will be lower than the trend. “We will take into account all these developing trends in the July review,” he said. According to the RBI annual monetary policy, inflation is projected at 4% at the end of March 2010. The annual rate of inflation, calculated on a point-to-point basis, stood at minus 1.61% for the week ended 6 June as compared to 0.13% in the previous week and 11.66% during the corresponding week of previous year. However, food articles were costlier by 8.7% from the comparable week last year as pulses moved up 17%, cereals 13.5% and fruit and vegetables 10%. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 10:35 am Steve Jobs undergoes liver transplant; may return this monthNew York: Apple’s iconic chief Steve Jobs underwent a liver transplant about two months ago and is expected to return to work later this month, says a media report. Jobs, who has has been on medical leave from Apple since January to treat an undisclosed medical condition, “received a liver transplant in Tennessee about two months ago,” The Wall Street Journal has reported. “The chief executive has been recovering well and is expected to return to work on schedule later this month, though he may work part-time initially,” the daily said in a report published online today. Jobs did not respond to an e-mail requesting comment, it noted. Quoting Apple spokeswoman Katie Cotton, the daily said, “Steve continues to look forward to returning at the end of June, and there’s nothing further to say”. Attributing to a person familiar with the thinking at Apple, the report said that when Jobs comes back to work, he may be encouraged by his physicians to initially “work part-time for a month or two”. The Wall Street noted, that may lead Tim Cook, Apple’s chief operating officer, to take “a more encompassing role,” and that Cook may be appointed to Apple’s board in the not-too-distant future. Source: Tech News - Livemint.com | 20 Jun 2009 | 10:17 am Steve Jobs undergoes liver transplant; may return this monthNew York: Apple’s iconic chief Steve Jobs underwent a liver transplant about two months ago and is expected to return to work later this month, says a media report. Jobs, who has has been on medical leave from Apple since January to treat an undisclosed medical condition, “received a liver transplant in Tennessee about two months ago,” The Wall Street Journal has reported. “The chief executive has been recovering well and is expected to return to work on schedule later this month, though he may work part-time initially,” the daily said in a report published online today. Jobs did not respond to an e-mail requesting comment, it noted. Quoting Apple spokeswoman Katie Cotton, the daily said, “Steve continues to look forward to returning at the end of June, and there’s nothing further to say”. Attributing to a person familiar with the thinking at Apple, the report said that when Jobs comes back to work, he may be encouraged by his physicians to initially “work part-time for a month or two”. The Wall Street noted, that may lead Tim Cook, Apple’s chief operating officer, to take “a more encompassing role,” and that Cook may be appointed to Apple’s board in the not-too-distant future. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 10:17 am Obama "ready to fight" for new financial agencyWASHINGTON (Reuters) - President Barack Obama said on Saturday he is "ready to fight" for a tough new agency to protect consumers from risky loans and other financial products and lashed out at groups that might stand in the way.Source: Reuters: Money News | 20 Jun 2009 | 10:14 am Partial victory, say security forcesLalgarh, West Bengal: West Bengal police today claimed partial victory after the state police and central security forces reclaimed Lalgarh area cut off for eight months by Maoists. “It is a partial victory. The hundred per cent operation is yet to be completed. It may take days, even weeks to do this,” DIG (Midnapore Range) Praveen Kumar told an impromptu press conference outside the Lalgarh police station. “We have an agenda to establish the rule of the law. Our next move will be to clear 42 villages in areas in Lalgarh from the agitators,” he said. Though it normally takes two hours to reach Lalgarh from Midnapore, security forces took three days. “We moved with caution. We took measures not to risk the lives of ordinary people,” Kumar said. On the areas declared ‘liberated´ by the agitators, he said, “the rule of the law is everywhere. There is no legal concept of a no-entry zone. No one is more powerful than the government.” Asked about Chhatradhar Mahato, the leader of the People’s Committee against Police Atrocities spearheading the tribal agitation since November last year, Kumar said he would be arrested. “We will crack down on all against whom cases are pending,“ Kumar said. On the strategy adopted in taking over Lalgarh, he said, “It is the tactical advantage of our forces. Our forces are a threat to the Maoists, not the people.” Questioned about the action by security forces at Pirakata two days ago when teargas and lathis were used to demolish a human shield put up by the agitators, Kumar said “we will never like to attack anybody, but Maoists. But when human shields are put up something may have happened on the spur of the moment. “Before arriving at Lalgarh we passed through villages where people said they wanted security from Maoists. We, the police, as friends of the people will provide them security,” he said. Source: Home - Livemint.com | 20 Jun 2009 | 10:04 am ABG Shipyard Q4 PAT jumps 12.84%Mumbai: ABG Shipyard today said it has posted a profit after tax (PAT) of Rs 51.96 crore for the quarter-ended 31 March, up 12.84% in comparison with the same period last year. For quarter-ended 31 March, 2008, it had posted a PAT of Rs46.05 crore, the company said in a release. The company’s net sales for the reporting quarter was Rs370.86 crore against Rs276.68 crore for the same period a year ago, a jump of 34.04%, the relase said. Its net profit for the year-ended 31 March was Rs171.10 crore against Rs160.68 crore a year ago, up by 6.48%, it said. Its net sales for the year-ended 31 March was Rs1,412.20 crore up 46.06% compared to Rs966.84 crore a year ago. The company’s board has recommended a dividend of Rs2 per share of Rs10 each. As on 31 March, 2009, its order book stands at Rs11,500 crore. During 2008-09, it bagged orders worth Rs305 crore from Marnavi Spa and Council for Scientific and Industrial Research. “We expect pick-up in growth momentum in order book as we see stability in trade and increased activity in oil and gas exploration,” ABG Shipyard CFO Dhananjay Datar said. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 9:54 am Volatile swings likely next week; Nifty support 4050 - Economic Times
Source: Google News India - Business | 20 Jun 2009 | 9:40 am No concern of deflation says RBI governorReserve Bank Governor D Subbarao said there is no threat of deflation as food and crude oil prices are still firm.Source: Daily News & Analysis: Money News | 20 Jun 2009 | 9:24 am No concern of deflation, says RBI governorEven as the inflation fell to a three-decade low of minus 1.61%, D Subbarao on Saturday said there is no threat of deflation as food and crude oil prices are still firm.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 9:15 am PM Advisor: 09/10 GDP to grow at least 6.7 pctPUNE (Reuters) - India's economic growth in the 2009/10 fiscal year will at least match last year's 6.7 percent rise, as early indications of a slow revival in advanced economies could spur domestic growth, a top government advisor said on Saturday.Source: Reuters: Money News | 20 Jun 2009 | 9:12 am Sensex snaps 14-week rally, drops by 716 ptsLast day's gain in share prices following several measures announced by SEBI failed to maintain a 14-week rally.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 8:40 am Bajaj Auto launches eco-friendly autorickshawBajaj Auto, has launched its fuel efficient and low emission RE-GDI autorickshaws.Source: Daily News & Analysis: Money News | 20 Jun 2009 | 8:39 am Ayurvedic spas in Kerala hit by dwindling tourist arrivalsThe global meltdown is taking its toll on tourist arrivals at Ayurvedic spas across Kerala and the sector is foreseeing at least 30-40 per cent dip in income this monsoon season.Source: Daily News & Analysis: Money News | 20 Jun 2009 | 8:35 am Zandus FMCG business to be merged into EmamiIn a threeway restructuring plan, Emami Ltd and its listed subsidiary, Zandu Pharmaceutical Works, have proposed to merge Zandus FMCG business into Emami, demerge Zandus other (nonFMCG) assets and liabilities, including real estate and investments, into a new entity.Source: Moneycontrol Top Headlines | 20 Jun 2009 | 8:30 am EMI woes for Satyam pool staffWith the company agreeing to credit only the basic salary into their accounts for the next few months, the pressure of EMIs is mounting on them as in most of the cases basic pay is not enough to cover EMI.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 8:00 am State Bank officers against merger, seek 30% pay hikeAgra: The All India State Bank Officers Federation has said merger and consolidation of public sector banks would harm the expansion of banking activities in the country and nullify the financial inclusion concept of the government itself. The federation also pressed for a 30% increase in salaries of bank officers, saying that a 15% increase that is being offered is not enough. The officers also want one more pension option and are prepared to contribute up to Rs1,800 crore of the Rs6,000-crore additional fund needed for the purpose, federation general secretary G D Nadaf said at a press conference. TN Goel, president of the Federation, said the earlier salary agreement with the Indian Banks Association had expired on 31 October 2007, and a new one was due on 1 November 2007. All the four bank officers’ organisations had submitted a common charter of demands to the IBA and the government on 29 October, 2007, but nothing had been done in the matter of revision so far. The officers organisations would not agree to anything less than 30% increase in salary, he said. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 7:47 am GMR is lowest bidder for Chennai ring road project - Financial Express
Source: Google News India - Business | 20 Jun 2009 | 7:10 am Google tricycle snaps views from walkwaysPhiladelphia: Google’s Street View cameras are now traveling by bike to capture images of some areas not accessible by cars. The tricycle, mounted with an 8-foot (2 1/2-meter) high camera, has been rolling around the pedestrian walkways of the University of Pennsylvania to collect panoramic images of the campus for Google Maps’ Street View feature, which gives users detailed, street-level views of map locations over the Internet. Google Inc. has been using car-mounted cameras to prowl streets in the U.S. and around the world. The human-powered version allows coverage of pedestrian-only areas on campuses, in public parks and at theme parks, as well as along hiking and bicycling trails, as Google seeks to expand coverage of its maps. The tricycle has also been cruising around other colleges and universities, Google spokesman Sean Carlson said. It has also been seen cruising past Rome’s Trevi fountain, at Santa Monica’s Third Street promenade in California and pier and along a Monterey, California bicycle trail. The effort comes as Google faces complaints from many individuals and institutions that have been photographed around the world. Since launching in 2007, Street View has expanded to more than 100 cities worldwide. Officials say the photos of Penn’s tree-lined Locust Walk mall and other places will allow prospective students and their parents to get a good feel for the campus, give incoming students a way to map out the best route to their classes and let alumni fondly remember their school days. The 250-pound (115-kilogram) vehicle, which resembles the pedicabs that carry tourists around some US cities, has the cyclist pumping the pedals up front, with the camera mounted on a tower in the back. On the rear is a red generator along with a large white chest that looks like it might dispense ice cream but actually contains the computer recording the digital images. In other countries, privacy concerns have been raised about the images. Last month, Greek officials rejected a bid to photograph the nation’s streets until more privacy safeguards are provided. In April, residents of one English village formed a human chain to stop a camera van, and in Japan the company agreed to reshoot views taken by a camera high enough to peer over fences. One of the tricycle operators, Martin D.F. Angelo, 27, said the camera occasionally gets a leery reaction from older people but seems universally embraced by the young. “The biggest disappointment that most people seem to voice is that we’re actually going to blur out their faces,” he said, “so they’re not going to be Internet-famous or something like that.” Source: Tech News - Livemint.com | 20 Jun 2009 | 6:55 am Google tricycle snaps views from walkwaysPhiladelphia: Google’s Street View cameras are now traveling by bike to capture images of some areas not accessible by cars. The tricycle, mounted with an 8-foot (2 1/2-meter) high camera, has been rolling around the pedestrian walkways of the University of Pennsylvania to collect panoramic images of the campus for Google Maps’ Street View feature, which gives users detailed, street-level views of map locations over the Internet. Google Inc. has been using car-mounted cameras to prowl streets in the U.S. and around the world. The human-powered version allows coverage of pedestrian-only areas on campuses, in public parks and at theme parks, as well as along hiking and bicycling trails, as Google seeks to expand coverage of its maps. The tricycle has also been cruising around other colleges and universities, Google spokesman Sean Carlson said. It has also been seen cruising past Rome’s Trevi fountain, at Santa Monica’s Third Street promenade in California and pier and along a Monterey, California bicycle trail. The effort comes as Google faces complaints from many individuals and institutions that have been photographed around the world. Since launching in 2007, Street View has expanded to more than 100 cities worldwide. Officials say the photos of Penn’s tree-lined Locust Walk mall and other places will allow prospective students and their parents to get a good feel for the campus, give incoming students a way to map out the best route to their classes and let alumni fondly remember their school days. The 250-pound (115-kilogram) vehicle, which resembles the pedicabs that carry tourists around some US cities, has the cyclist pumping the pedals up front, with the camera mounted on a tower in the back. On the rear is a red generator along with a large white chest that looks like it might dispense ice cream but actually contains the computer recording the digital images. In other countries, privacy concerns have been raised about the images. Last month, Greek officials rejected a bid to photograph the nation’s streets until more privacy safeguards are provided. In April, residents of one English village formed a human chain to stop a camera van, and in Japan the company agreed to reshoot views taken by a camera high enough to peer over fences. One of the tricycle operators, Martin D.F. Angelo, 27, said the camera occasionally gets a leery reaction from older people but seems universally embraced by the young. “The biggest disappointment that most people seem to voice is that we’re actually going to blur out their faces,” he said, “so they’re not going to be Internet-famous or something like that.” Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 6:55 am INTERVIEW - Business incentives must continue - Anand SharmaNEW YORK (Reuters) - India's new commerce and industry minister said on Friday that incentives given to businesses to help sustain export and trade would have to remain in place.Source: Reuters: Money News | 20 Jun 2009 | 6:27 am Nortel selling wireless unit to Nokia SiemensLos Angeles: Telecom equipment maker Nortel Networks said on Friday that it will sell its advanced wireless technology business to Nokia Siemens Networks for $650 million and that it was making progress in talks to sell its other businesses. Nortel, once the largest North American maker of telecommunications gear, collapsed into bankruptcy in January, blaming the economic crisis for derailing a turnaround effort that began in 2005. Nokia Siemens, a joint venture of Nokia and Siemens, had made an unsolicited offer for parts of Nortel’s carrier network group, but the price and scope of a deal had been unclear. The telecom equipment industry is consolidating and leaving only a few global players — market leader Ericsson, Huawei, Nokia Siemens and Alcatel-Lucent. The deal will allow Nokia Siemens to expand its presence in North America and make it a leading supplier of wireless infrastructure products in the region, it said in a separate statement announcing the deal. The transaction includes Nortel’s CDMA business and LTE assets. CDMA is the technology that lost the battle for global dominance but still has a strong position in some markets, including North America. Nortel has a roughly 30% share of the global CDMA market. LTE is a new high-speed wireless technology that is intended to replace current mobile networks. LTE networks are slated to be deployed in the coming years by large wireless carriers including Vodafone Group Plc and Verizon Communications Inc. “This agreement provides an important strategic opportunity for Nokia Siemens Networks to strengthen its position in two key areas, North America and LTE, at a price that makes good economic sense,” NSN Chief Executive Simon Beresford-Wylie said in the statement. Nokia Siemens is now the “stalking horse” bidder, which means its offer sets a floor under other possible offers in the bankruptcy process. Under the terms of the deal, at least 2,500 Nortel employees in Canada, the United States, Mexico and China have the opportunity to keep their jobs under NSN ownership. A Nortel spokesman said this represented “a majority” of the employees associated with the assets, but would not give a specific percentage. Nortel once employed more than 90,000 people, but now has about 30,000 staff. Nortel also said it was advancing discussions to sell its other businesses. “This is not what we were planning to accomplish,” said Chief Executive Mike Zafirovski in an interview with the Wall Street Journal. But he said the deal was good for employees, customers and Nortel’s technologies. “We always thought it was very important for us to be driving consolidation in the industry” through acquisitions, Zafirovski told the Journal. “This time, we will be on the other side of the transaction.” The deal is subject to approval by both a US bankruptcy court and the Ontario Superior Court of Justice, Nokia Siemens said in a statement. Final sale hearings are expected on 28 July in the United States and 30 July in Canada. It is expected to close in the third quarter. Export Development Canada, Canada’s government-owned export credit agency, is supporting the deal with a $300 million loan commitment, NSN said. Nortel said it would apply to delist its shares from the Toronto Stock Exchange. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 6:26 am Doha Round: Flexibility yes, dilution no, says Sharma - Times of India
Source: Google News India - Business | 20 Jun 2009 | 6:15 am Doha Round: Flexibility yes, dilution no, says SharmaThere is consensus in New Delhi that India should be flexible on foreign farm imports without diluting its principled stand, commerce minister Anand Sharma told TOI.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 6:14 am Nissan to make electric cars in US: reportTokyo: Japanese carmaker Nissan Motor Co. Ltd. plans to start producing electric vehicles in the United States, a newspaper reported on Saturday. It would be the first time that a Japanese automaker mass-produced electric vehicles overseas, the Nikkei business daily said. The company is seeking low-interest loans from the US government to develop green vehicles and plans to invest 50 billion yen ($518 million), which could rise to more than 100 billion yen depending on demand, the daily said. Under the plan, Nissan will build electric-car assembly lines at a plant in Smyrna, Tennessee, the location of Nissan North America Inc.’s headquarters, the newspaper said. This facility will be capable of churning out 50,000 to 100,000 of the eco-friendly vehicles a year by 2012, it said. Nissan also intends to construct a production facility for high-capacity lithium ion batteries at the Smyrna site by linking up with Japanese computer giant NEC Corp. In Japan, Nissan plans to assemble up to 50,000 electric cars a year starting in 2010, with some of these vehicles to be exported to the United States, the report said. It also plans to mass-produce electric cars in Europe and possibly in China, hoping to raise its production to 200,000 units a year by 2012. Source: LatestNews-Home - Livemint.com | 20 Jun 2009 | 6:00 am Nissan to make electric cars in US: reportTokyo: Japanese carmaker Nissan Motor Co. Ltd. plans to start producing electric vehicles in the United States, a newspaper reported on Saturday. It would be the first time that a Japanese automaker mass-produced electric vehicles overseas, the Nikkei business daily said. The company is seeking low-interest loans from the US government to develop green vehicles and plans to invest 50 billion yen ($518 million), which could rise to more than 100 billion yen depending on demand, the daily said. Under the plan, Nissan will build electric-car assembly lines at a plant in Smyrna, Tennessee, the location of Nissan North America Inc.’s headquarters, the newspaper said. This facility will be capable of churning out 50,000 to 100,000 of the eco-friendly vehicles a year by 2012, it said. Nissan also intends to construct a production facility for high-capacity lithium ion batteries at the Smyrna site by linking up with Japanese computer giant NEC Corp. In Japan, Nissan plans to assemble up to 50,000 electric cars a year starting in 2010, with some of these vehicles to be exported to the United States, the report said. It also plans to mass-produce electric cars in Europe and possibly in China, hoping to raise its production to 200,000 units a year by 2012. Source: World Business - Livemint.com | 20 Jun 2009 | 6:00 am China worried by foreign investment slump - mediaBEIJING (Reuters) - China's Commerce Ministry has submitted a proposal to the state council pleading for top authorities to take measures to stop foreign investment from sliding further, local media reported on Saturday.Source: Reuters: Money News | 20 Jun 2009 | 5:14 am INTERVIEW - Hedge funds oppose tougher rules on operations - AIMATORONTO (Reuters) - The hedge fund sector is in favor of enforcing registration of hedge fund managers, but opposes any rules that would inhibit the manner in which they operate, a top industry group said on Friday.Source: Reuters: Money News | 20 Jun 2009 | 5:12 am Three-month delay sought on Madoff restitution - Dow JonesWASHINGTON (Reuters) - U.S. prosecutors said on Friday they need more time to examine financial records of swindler Bernard Madoff, asking a judge to postpone a decision on restitution for 90 days, Dow Jones Newswires reported.Source: Reuters: Money News | 20 Jun 2009 | 4:34 am 3G reserve prices fixed at Rs 4040 cr - Indian Express
Source: Google News India - Business | 20 Jun 2009 | 1:40 am SBI in talks with Gulf investors for PE play - Economic Times
Source: Google News India - Business | 20 Jun 2009 | 12:43 am U.S. regulators close their 40th bank of the yearWASHINGTON (Reuters) - U.S. regulators closed three small banks on Friday, bringing the number of bank failures to 40 so far this year as the recession and delinquent loans erode the health of financial institutions.Source: Reuters: Money News | 20 Jun 2009 | 12:41 am 3G spectrum: High base price may keep out new, foreign playersNew Delhi, June 19 A high base price for third generation spectrum will help the Government keep a check on its fiscal deficit but could keep out new and foreign players from the bidding process, according to analysts.Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am ‘Associates’ response matters more than size’Mumbai, June 19 The merger of associate banks with State Bank of India will depend more on the response of the leadership of the associate concerned than its size, said Mr O. P. Bhatt, Chairman,Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am Give salaried a tax breakEven when the Interim Budget was presented in February 2009, there was expectation of relief on the personal tax front. But prudence prevailed and the temptation to go in for populist measures was given up. The time has now come forSource: Business Line - Home Page | 20 Jun 2009 | 12:00 am Tata Steel hikes prices by 7%Mumbai, July 19 Tata Steel has raised product prices by Rs 500 to Rs 750 a tonne for the second time in the last two months on the back of improved domestic consumption and signs of global economicSource: Business Line - Home Page | 20 Jun 2009 | 12:00 am Base price may be doubled for 3G spectrumNew Delhi, June 19 In a significant softening of its stance, the Department of Telecom is all set to toe the Finance Ministry’s line on doubling the base price for third generation (3G) mobile spectrum.Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am State Bank of Indore to be merged with SBINew Delhi, June 19 Less than a fortnight after the Finance Minister, Mr Pranab Mukherjee, endorsed the consolidation process among State-owned commercial banks, State Bank of India (SBI) has set the ball rolling.Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am Paramount to buy 10 Airbus A-321New Delhi, June 17 The Chennai-based Paramount Airways has signed a Memorandum of Understanding with the European aircraft manufacturer, Airbus Industrie, to purchase 10 Airbus A-321 aircraft, with the option of buying another 10, at an estimatedSource: Business Line - Home Page | 20 Jun 2009 | 12:00 am PSU stocks hit with Nifty moving to free floatMumbai, June 19 With the date of Nifty moving to a free-float market cap index nearing, stocks that will lose their weightage in the index have seen sharp falls in share prices in the past few days.Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am Central India may get rains from June 25Thiruvananthapuram, June 19 India Meteorological Department (IMD) has said that the ongoing activity in the Bay of Bengal may not be sufficient to ‘push’ monsoon into central India for at least another week.Source: Business Line - Home Page | 20 Jun 2009 | 12:00 am State Bank of Indore staff to strike workNew Delhi, June 19 The merger process of State Bank of Indore with the State Bank of India may face stiff opposition from the employees and officers of theSource: Business Line - Home Page | 20 Jun 2009 | 12:00 am Biyani readies succession plan - Economic Times
Source: Google News India - Business | 19 Jun 2009 | 11:44 pm Maytas out of Metro: Y S RajasekharaPutting to rest the uncertainty surrounding the Rs 12,000 crore Hyderabad Metro Rail project, CM Y S Rajasekhara Reddy said on Friday that the Maytas Metro consortium was not in a position to implement it.Source: India Business News | Business News - Times of India | 19 Jun 2009 | 10:42 pm Sun gets to nibble in Sandoz-Sanofi squabbleIt's not a gigantic win for Indian drugmaker Sun Pharma. Nevertheless it is worth a mention.Source: Daily News & Analysis: Money News | 19 Jun 2009 | 10:23 pm ICICI Prudential Life Insurance snaps TPA tie-upsICICI Prudential Life Insurance has decided to go direct for its health insurance claims settlement process.Source: Daily News & Analysis: Money News | 19 Jun 2009 | 10:22 pm 3G base price could be doubledHigh-speed multimedia services such as video streaming and video calls may finally be ready for play by the end of the year.Source: Daily News & Analysis: Money News | 19 Jun 2009 | 10:20 pm Sony relaunch fails to fire up GRPsThree weeks after its Rs 20-crore relaunch, Sony hasn't made any dent on the GEC charts.Source: Daily News & Analysis: Money News | 19 Jun 2009 | 10:19 pm Govt considering sale of 10% stake in BhelThe govt is considering selling its 10% stake in Bhel in what would be the country's biggest asset divestment in over five years.Source: Daily News & Analysis: Money News | 19 Jun 2009 | 10:18 pm High cost to see 56 operators going for 3G services: EYNilangshu Katriar, PartnerAssurance, EY, said the price may restrict about 56 operators to go for 3G service. He feels foreign operators may not step in to the fray as apart from this amount they will also have to pay for licenses.Source: Moneycontrol Top Headlines | 19 Jun 2009 | 9:52 pm EU backs new banking rules; IMF sees stronger 2010BRUSSELS/WASHINGTON (Reuters) - European Union leaders agreed on Friday to more steps to avert a repeat of the banking crisis and the IMF said 2010 might deliver stronger growth than earlier forecast, adding to a recent run of better economic news.Source: Reuters: Money News | 19 Jun 2009 | 9:31 pm Daimler in talks to buy stake in Porsche - reportFRANKFURT (Reuters) - German car maker Daimler is in advanced talks to buy a stake in sports car maker Porsche SE, German magazine "manager magazin" reported on Friday on its website, citing financial sources.Source: Reuters: Money News | 19 Jun 2009 | 9:11 pm Mutual settlement still an option for RIL, RNRL: SP TulsianCommenting on the latest talks of RIL approaching the Supreme Court next week with regard to RILRNRL case, SP Tulsian of sptulsian.com said, this did not mean that the doors for the mutual settlement were closed.Source: Moneycontrol Top Headlines | 19 Jun 2009 | 8:00 pm Can sensex break the post-Budget month jinx?On an average sensex lost 2.1% one month after Budget day since 1991 or 14 out of 18 times the index gave negative returns.Source: India Business News | Business News - Times of India | 19 Jun 2009 | 7:44 pm 'Sebi move may boost ULIPs over mutual funds'Investors may be thanking market regulator Sebi for doing away with entry load on mutual fund investment, but industry players believe the move may adversely affect them, as they fear distributors would push unit linked insurance plans to earn better commission.Source: India Business News | Business News - Times of India | 19 Jun 2009 | 7:43 pm Bank of Rajasthan ties up with KARVY for online tradingBank of Rajasthan (BoR) one of the leading, newgeneration technology driven private sector bank, entered into a strategic agreement with KARVY Stock Broking Ltd.(KSBL), one of Indias largest financial services intermediaries and leading stock broking company, to facilitate online trading for the Banks over 2 million customersSource: Moneycontrol Top Headlines | 19 Jun 2009 | 7:40 pm Weak monsoon casts shadow over D-StreetA number of broking houses have already put their investors on alert: We could expect weakness in the market and additional pain on the fiscal front in case the monsoon is substantially below normal, which in turn could affect agricultural output.Source: India Business News | Business News - Times of India | 19 Jun 2009 | 7:39 pm AI asks top brass to forego July salaryAfter announcing that all employees will receive their wages 15 days late next month, Air India on Friday asked its top managers to set an example for the rest of the company.Source: India Business News | Business News - Times of India | 19 Jun 2009 | 7:37 pm Orchid Chem under MCA scannerNew Delhi: Hyderabad-based Orchid Chemicals and Pharamaceuticals Ltd is under the scanner of the ministry of corporate affairs, people aware of the matter said. The issue has its roots in the Ketan Parekh scam in the stock markets. The ministry’s Serious Frauds Investigation Office (SFIO) had in a report expressed its apprehensions regarding the stock movement of some companies in that period, Orchid Chemicals being one of them. The ministry ordered an inspection under section 209 (a) of the Companies Act. The Registrar of Companies (RoC) subsequently looked into the books of accounts of Orchid Chemicals and submitted its report to the ministry. The people said on condition of anonymity that the report alleges discrepancies with regard to sections 211, 297 and 217 (2a) of the Act. Section 211 deals with the filing of annual balance sheets with the RoC, section 297 specifies guidelines for subscription of shares and debentures by the directors and section 217 mandates stating the change in the nature of the business to the RoC. The registrar has now sought the ministry’s permission to further probe the trading in shares. Orchid Chemicals confirmed the inspection by the ministry and said it had provided its books of accounts to the RoC last year. cnbctv18@livemint.com Source: LatestNews-Home - Livemint.com | 19 Jun 2009 | 7:36 pm Russian origin military plane violates Indian airspaceMumbai: A military cargo aircraft AN-124 of Russian origin carrying ammunitions and five persons on board on Friday night intruded into Indian airspace and landed at the international airport here. IAF PRO wing commander T K Singha said the plane, which entered the Indian airspace at around 08:00 pm, did not have the permission to fly over the Indian airspace. The plane was then asked to land at the Mumbai airport which the aircraft did at 10:40 pm, he told CNN-IBN. Singha described as “untrue” earlier reports that the plane was escorted by Indian Air Force planes up to the airport here. IAF officials and central intelligence sleuths were questioning the people on board the aircraft. IAF sources said the plane apparently belonging to the United States took off from Diego Garcia island, a military base near Mauritius in the Indian Ocean, and was headed for Kandahar in Afghanistan. Source: LatestNews-Home - Livemint.com | 19 Jun 2009 | 7:32 pm Government mulls stake sale in BhelOut of the shadow of the Left parties in its second innings, the United Progressive Alliance (UPA) government is considering a proposal to sell part of its stake in one of its most valuable companies, Bharat Heavy Electricals Ltd (Bhel), Minister for Heavy Industries and Public Enterprises Vilasrao Deshmukh told reporters today.Source: Business Standard | Front Page Headlines | 19 Jun 2009 | 7:29 pm Banks to jump on to QIP bandwagon soon: Kotak InvestmentIt began a few months ago,as a few capital starved companies approaching the mkt, has now become a flood of companies seeking to raise as much capital as they can via the QIP route.Unitech may be considering a 2nd QIP in quick secession to the first one that it did just a few weeks ago.So how does all of this add up when it comes to the QIP rush?Source: Moneycontrol Top Headlines | 19 Jun 2009 | 7:20 pm Markets stay unaffected by doubling of 3G reserve price According to CNBC-TV18, the association has said that the pricing is not favourable and will impact the rollout of wireless broadband services. Nareshchandra Singh, principal research analyst at Gartner Inc., says that the said base price isn’t high for a large market such as India. Singh says 3G shouldn’t be viewed only as a new service, but as a platform that will optimize even the voice capacity of telecom companies by three-four times, apart from enhancing capabilities with data services. The stockmarkets, too, seemed to brush off concerns that the reserve price has been set high. All major listed wireless companies gained on Friday, with Reliance Communications Ltd and Idea Cellular Ltd gaining by 2-3%, beating the 1.5% rise in the Nifty. One of the views on the street is that even if the reserve price were set at Rs2,020 crore, as proposed by the telecom ministry, the bids would be well over Rs4,000 crore. In fact, reports that the government may increase the number of operator slots and allow an additional slot is a positive, as this will reduce competition during bidding.  One of the views on the street is that even if the reserve price were set at Rs2,020 crore, as proposed by the telecom ministry, the bids would be well over Rs4,000 crore Gartner’s Singh adds that he doesn’t see Indian operators going overboard in the bidding process since they are aware of the global experience with 3G and also because availability of capital is still an issue. Bharti Airtel Ltd, VodafoneEssar Ltd and Idea Cellular are well capitalized and would have no financial constraints with regard to bidding for 3G licences. But as far as Reliance Communications goes, the company is already saddled with high levels of debt (it hasn’t yet published its balance sheet for the year ended March) and a pan-India bid for 3G will worsen its gearing and profitability. Needless to say, this is already factored in its share price. Write to us atmarktomarket@livemint.com Source: Home - Livemint.com | 19 Jun 2009 | 6:54 pm Tax sops in budget for ‘energy efficient’ appliance producersHyderabad: India’s Bureau of Energy Efficiency (BEE) has recommended a differential taxation system for equipment manufacturers, linking taxes to the energy efficiency of their products.  Consumer products: The Bureau of Energy Efficiency in its recommendations has favoured low or nil taxes on makers of five-star rated goods. Madhu Kapparath / Mint The bureau, an agency of the power ministry, formulates standards and star labels for consumer products such as air conditioners and refrigerators. The government has also asked it to notify fuel efficiency standards and labelling for automobiles in the country. “The government may consider these recommendations and introduce differential tax system on equipment and appliance makers in the ensuing budget itself,” Garg told the media on the sidelines of a seminar on energy and climate change. Also See More on budget 2009 Garg said the strategy behind proposing differential tax system was to encourage consumer appliance producers to come up with high energy efficiency products that not only save energy but also significantly reduce greenhouse gas emissions.  Pointing to significant electricity transmission and distribution in the country, Garg said several state governments—that include Karnataka, Uttarakhand, Chhattisgarh, Gujarat, Rajasthan and Uttar Pradesh—have initiated steps to purchase only three-star rated power transformers. “The ministry of power is contemplating a plan to make it mandatory for all the states to purchase and use only the energy-efficient equipment from 1 January 2010 to ensure substantial reduction in transmission and distribution losses,” the energy economist said. Garg said the mission of BEE through its energy efficiency standards and labelling scheme was to encourage savings of some 10,000MW of power consumption by 2012. Source: Home - Livemint.com | 19 Jun 2009 | 6:53 pm Stock market volatility turns firms towards guaranteed plansNew Delhi: Many Indian firms, which had shifted to market-linked insurance cover to provide for gratuity to employees, are returning to guaranteed plans following volatility in the stock markets. “Many companies shifted to unit-linked plans when the markets were rising,” said an executive of Life Insurance Corp. of India (LIC). “Now they want to invest in traditional products to get stable returns.” Unit-linked insurance policies (Ulips) provide life cover and invest part of the premium in stocks and bonds. In most cases, the sum assured in the policy varies according to the value of its underlying assets. The LIC official, who did not want to be named because he is not authorized to speak to the media, declined to name any company. LIC manages around Rs70,000 crore in retirement benefits funds. India’s accounting standards require companies to make good any fall in retirement funds. The rise in the stock markets made firms shift their funds to the equity market through Ulips in order to reduce liabilities. A company has an obligation towards gratuity—a defined retirement benefit plan—to cover its employees. It makes annual contributions to a gratuity fund, which is typically established as a trust. These trusts can direct the money to insurers for management, either through Ulips or traditional plans. On retirement, death or termination of service, the company pays a predefined amount to its employees. Currently, only LIC and SBI Life Insurance Co. Ltd offer traditional products in gratuity plans. “There is a preference for traditional funds in view of the volatility but with the markets rising again, there can be a few takers for Ulips, too,” said U.S. Roy, chief executive of SBI Life Insurance. “Currently, there has been some improvement in returns (in traditional policies) from 7% to 9.5%, which in the case of Ulips come along with high risks.” The company manages around Rs2,500 crore of retirement funds. After posting its worst decline on record in 2008 of 52%, the Bombay Stock Exchange’s benchmark Sensex index ended at 14,521 points on Friday, up 256 points, or 1.8%. Since 9 March, when the markets started rising, the Sensex has gained around 78%. This has led to some companies again looking at Ulips. “In Ulips, wherever there was an exposure to equity, till about a year back, the returns were not good and they may be moving to traditional business,” said Sandip Shrikhande, head of group sales, Kotak Life Insurance Co. Ltd. “But again there is bullishness about the markets and equity funds tend to give better returns than debt funds over a long period of time. Intent in Ulip is again rising.” The company manages around Rs4,000 crore of retirement funds. Kalpana Verma, chief executive of Sushil Jeetpuria and Co., a New-Delhi based firm involved in accounting of trusts, said: “Companies have gone for traditional products though they were considering Ulips, too.” She said that none of her clients have invested in market-linked plans because of volatility in the stock markets. The group insurance business of life insurers registered a 22% rise in new business in the fiscal year ended 31 March compared with the preceding fiscal. New premium income of LIC, which controls 72% of the group insurance market, rose 20% from the previous year to Rs12,724 crore. Source: Home - Livemint.com | 19 Jun 2009 | 6:39 pm For scooters, it's yesterday once more - almostEven the waiting list, unthinkable till recently, has made a comeback.Source: Business Standard | Front Page Headlines | 19 Jun 2009 | 6:36 pm Cox & Kings of UK plans India share salePewsey, Wiltshrine: The 250-year-old British travel firm Cox & Kings is planning an initial public offering (IPO) on the Bombay Stock Exchange (BSE) in September, reflecting its desire to expand in the burgeoning Indian holiday market. Chairman Anthony Good said on Friday the company will issue shares equivalent to about 25% of the business, and expects to raise about $100 million (Rs481 crore), giving it a market valuation of about $400 million. The decision to float on BSE was made after its Indian subsidiary outgrew its other businesses, Cox & Kings said. “India is so far on the way forward that it’s the Indian company that has ended up as the parent,” said Good, who has been chairman of Cox & Kings since 1975. Good said the proceeds will be used to make acquisitions and to pay down the company’s debt, which stands at more than $11 million. Cox & Kings’ Indian operations achieved revenues of around Rs74 crore in 2008. The firm provided holidays for about 287,000 Indians in 2008, compared with 16,500 holidaymakers from Britain. Good said he expects the number of Indians holidaying with Cox & Kings to rise to 500,000 annually by 2010. “It’s a reflection of the growth in the affluent middle classes, mainly based in the major Indian cities,” Good said Source: Home - Livemint.com | 19 Jun 2009 | 6:36 pm Monsoon gets moving again, to hit Mumbai in 2-3 daysThe prolonged break in the rainy season that has caused widespread concern over the delay in kharif sowing is finally ending with the monsoon likely to advance into Mumbai and adjoining parts of Maharashtra in two or three days.Source: Business Standard | Front Page Headlines | 19 Jun 2009 | 6:34 pm India to consider stake sale in BhelNew Delhi: India will consider selling a stake in Bharat Heavy Electricals Ltd (Bhel), a minister said on Friday, as the government plans to encourage state-run firms to raise funds needed to expand operations at home and globally. Stake sale plans for state-run firms were revived soon after the Congress party-led coalition was re-elected in May with a stronger majority. The cash-strapped government is looking at options to cut its bloated fiscal deficit. “Point of disinvestment is still under consideration. Government has definitely a positive thinking on that line,” heavy industries minister Vilasrao Deshmukh said, referring to the leading maker of large electrical equipments. Asked if his ministry could consider sale of up to 10% in Bhel, he said: “We are not averse to it.” If realized, it could fetch about $2.1 billion (around Rs10,100 crore) based on the current market price of the company, in which the government owns 67.7%. The remainder is held by the public. In 2005, India had proposed stake sale in Bhel and other state-run firms, but the move was shelved on stiff opposition from the coalition’s communist allies. The Left parties, who had later pulled their support from the ruling coalition, were roundly beaten in the national elections that ended last month. The government has now decided to revive divestments without diluting its holding below 51% in state companies. National Hydroelectric Power Corp., Oil India Ltd, Coal India Ltd, Bharat Sanchar Nigam Ltd and Air India have been named for divestments. Deshmukh said the proposal for Bhel’s stake sale should come from the finance ministry. “Once they decide, we will think of it,” he said, declining to give a time frame. Bhel’s top brass are scheduled to meet Deshmukh on Monday. feedback@livemint.com PTI contributed to this story. Source: Home - Livemint.com | 19 Jun 2009 | 6:34 pm Govt has sanctioned 0.53 mmscmd gas at $4.2/mbtu: IspatIspat and a clutch of other metal companies might be the recipients of KG Basin gas at USD 4.2 per mbtu. Confirming the same, Anil Sureka, EDFinance, Ispat, said, The government has allocated 0.53 mmscmd gas to Ispat from Reliance Industries KG Basin at USD 4.2 per mbtu.Source: Moneycontrol Top Headlines | 19 Jun 2009 | 6:33 pm Air India asks senior executives to forego salaryState-run carrier Air India (AI) has asked all executives at the level of general managers and above to voluntarily forego salary and productivity-linked incentives for July. Earlier this month, Air India had announced that it would defer the salary and incentives of all employees for June 2009 by 15 days.Source: Business Standard | Front Page Headlines | 19 Jun 2009 | 6:32 pm I-bankers see the return of cross-border M&AsSameer Nath, head of mergers and acquisitions (M&A) for Citi Group Global Markets India, has been busy working on domestic restructuring and consolidation deals over the past six to nine months. He managed close to about $4 billion worth of such deals, one of the highest in the investment banking industry in the first five months of this year.Source: Business Standard | Front Page Headlines | 19 Jun 2009 | 6:30 pm 3G auction by Dec to boost exchequerNew Delhi: The Union government has set the stage for the entry of the private sector into third-generation, or 3G, mobile telephony after two key ministries came to a consensus base price of Rs4,040 crore for each of the six blocks of pan-India spectrum, depending on availability.  Quick fix: Communications & information technology minister A. Raja.Manpreet Romana / AFP Third-generation services, seen as the next growth driver in Indian telecom—the world’s second largest market, will allow voice, data and video to be transmitted at high speeds to wireless devices, blurring the lines between personal computers, laptops and personal handheld units including mobile phones. Public sector telecom operators Bharat Sanchar Nigam Ltd, or BSNL, and Mahanagar Telephone Nigam Ltd, or MTNL, were allotted 3G spectrum in September and have already launched the services commercially. “The government wants the auction to be done within the next three months but this depends on when the cabinet committee on economic affairs (CCEA) gives its approval on the auction,” said a senior official familiar with the developments in the department of telecommunication (DoT), asking not to be identified. “Once they give their approval, then the auction can be done with 72 days.” Also See Clearing the decks (PDF) Separately, another official in the DoT revealed that a proposal will be sent to CCEA for approval by the end of the week. The committee can yet revise the base price if it thinks necessary. After obtaining CCEA’s approval, DoT is expected to announce a fresh round of dates including one for the pre-bid conference, where potential bidders would get an opportunity to voice any concerns they may have. The likely bidders include Bharti Airtel Ltd, VodafoneEssar Ltd, Reliance Communications Ltd, Tatas Teleservices Ltd and a few other new private telecom operators apart from foreign operators keen to enter the world’s fastest growing telecom market. The transition to this technology, first proposed in September 2006, had been deadlocked after the finance and telecom ministries were unable to strike a consensus on the price. The auction, which was to go through in January, has been deferred twice. Also See Deadlock Ends? (Graphics) DoT wanted the reserve price for allotting pan-India 3G spectrum to be Rs2,020 crore; the finance ministry demanded that this amount be doubled. DoT had also asked for CCEA to decide on the amount of 3G spectrum to be auctioned. DoT later proposed Rs3,540 crore as the base price as a compromise. The issue was further complicated with the Planning Commission and the department of industrial policy and promotion (DIPP) joining the telecom ministry in opposing the finance ministry’s proposal to double the base price. The cabinet then formed a group of ministers (GoM) to sort the issue, but the group could not meet due to the onset of the 15th general election. The deadlock was finally resolved on Friday following a meeting between finance minister Pranab Mukherjee and telecom minister A. Raja. The ministries agreed on a base price of Rs4,040 crore for each block of the auctioned 3G spectrum across the 22 operating areas in the country, the two DoT officials mentioned earlier confirmed separately. In addition, they agreed to auction six blocks of spectrum wherever available, as opposed to the earlier proposed five blocks of 5MHz each. Mint could not immediately ascertain whether the consensus was reached as a consequence of a meeting convened by Prime Minister Manmohan Singh with the finance minister and the telecom minister on Friday morning. In the interim budget for 2009-10, Mukherjee had budgeted Rs20,000 crore as receipts from the 3G auction. Anything in excess would help offset the slowdown in tax receipts following the slowdown in the economy. Analysts say that besides generating extra revenues, the auction could also provide a stimulus to the economy. “The setting of a base price gives us a number to start with, but the auction is expected to garner significantly more for the government,” said Naresh Chandra Singh, principal research analyst with technology consultancy Gartner Inc. “This price is not very high as compared to the other countries. For example, it is significantly lower than the final bidding price in Malaysia, which has seen some of the lowest auction prices.” Various factors contribute to the final price, including the strength of the economy and the companies involved, he added. According to Chandra Singh, the market in India is mainly a voice market so bids may be lower as bulk of the 3G spectrum would be used for voice applications. “Since the Indian telecom sector has not been hit too hard in the current slowdown, the 3G auctions will provide it the necessary impetus for further growth,” Prashant Singhal, partner and telecom industry leader at audit firm Ernst and Young said. Graphics by Sandeep Bhatnagar / Mint Source: Home - Livemint.com | 19 Jun 2009 | 6:29 pm See 3G spectrum final price in $11.25 bn range: MacquarieShubham Majumder, Analyst, Macquarie Research, said indications of 3G auctions going through in the next few months is a positive. He feels the final price for panIndia spectrum could range between USD 11.25 billion.Source: Moneycontrol Top Headlines | 19 Jun 2009 | 6:28 pm Rupee up, but posts second weekly fallMumbai: The rupee nudged higher on Friday after the stock market pulled back from a fall, but dropped for the second consecutive week as the dollar notched gains against major currencies. The partially convertible rupee closed at 48.09/10 per dollar, 0.2% above 48.21/22 on Thursday, when it dropped as low as 48.32, its weakest since 18 May.  Market see-saw: The rupee has fallen about 2% in June. Ramesh Pathania / Mint The rupee has fallen about 2% in June, but is up 8.5% from its record low of 52.2 in early March. The main stock index bounced 1.8% in choppy trade, but the rearguard rise was not sufficient to extend a run of 14 weekly gains, as investors grabbed profits after a three-month rally. Foreigners have pumped $7.5 billion into stocks since mid-March, taking the net purchases in 2009 to $5.3 billion. Last year, they had dumped shares worth more than $13 billion, pushing the rupee down by one-fifth. The euro and higher-yielding currencies such as the Australian dollar benefited from the brighter US economic data which revived hopes for an improvement in the global economy. The dollar index, a gauge of the US unit’s performance versus majors, was down 0.2%. However, it is up more than 1% since early June. One-month offshore non-deliverable forward contracts were quoting at 48.25/35, weaker than the onshore spot rate, indicating a bearish outlook in the near term. Source: Home - Livemint.com | 19 Jun 2009 | 6:15 pm Bharti-MTN: due diligence to be completed in 1 monthNew Delhi: Due diligence for the proposed transaction between Bharti Airtel Ltd and South Africa’s MTN Group Ltd is expected to be completed in four weeks, a key dealmaker said. The exercise could be completed earlier as the advisers and lawyers will be able to access the data online, this person said on condition of anonymity.  Merger plans: Bharti Enterprises chairman Sunil Mittal will visit international markets where MTN has a footprint to meet policymakers and seek support for the Bharti-MTN deal. Ramesh Pathania / Mint On 25 May, Bharti announced it had renewed its effort for a partnership with MTN and was exploring a potential transaction under which Bharti would acquire 49% shareholding in MTN, and MTN would acquire 36% economic interest in Bharti. Both companies agreed to discuss the transaction exclusively till 31 July. As part of his efforts to drum up support for the deal in India, Bharti Enterprises chairman Sunil Mittal has met with key policymakers including finance secretary Ashok Chawla earlier this week. In these meetings, Mittal is believed to have explained the contours of the proposed transaction to government officials and also underlined the company’s understanding that an open offer would not be required for Indian shareholders. With the Indian government supportive of the transaction, the dealmakers are confident that no regulatory compliance issues would crop up. Bharti will now turn its attention to several international markets among the 21 countries where MTN has a footprint. Mittal will visit five to six of these countries to meet policymakers and seek support for the deal, people familiar with the matter said, who declined to be named. cnbctv18@livemint.com Source: Home - Livemint.com | 19 Jun 2009 | 6:11 pm Mahindra Holidays and Resorts sets IPO price at Rs275-325Mumbai: Aunit of utility vehicle maker Mahindra and Mahindra Ltd (M&M), Mahindra Holidays and Resorts India Ltd said it has set a price band of Rs275-325 a share for its initial public offer (IPO) of 9.27 million shares. The issue comprises a fresh issue of 5.89 million shares and an offer for sale of 3.36 million shares by M&M, and would represent about 11% of the post-issue paid-up capital, the firm said on Friday. The proposed issue by Mahindra Holidays will end a 15-month drought in India as firms had desisted from making public offerings in 2008, in the wake of the economic slowdown and a falling market. The proceeds from the issue will be deployed into new projects and expansion of existing resorts over three years, managing director Ramesh Ramanathan told reporters. The proceeds from the issue will be used for new projects firm’s expansion Kotak Mahindra Capital Co. Ltd, HSBC Securities and Capital Markets (India) Pvt. Ltd and SBI Capital Markets Ltd are the book running lead managers to the issue. At least 60% of the issue will be allocated on a proportional basis to qualified institutional buyers, about 10% would be allocated to non-institutional bidders and not less than 30% to retail investors. The firm that owns Club Mahindra Resorts added 19,000 new members in 2008-09 and cumulative member base increased to 92,825 in 2008-09. “Our strategy is to build our own properties, to lease and also to acquire,” Ramanathan said. The company currently has a land bank of about 251 acres across the country. “Our members buy membership (schemes) using EMI (equated monthly instalments) plans. So the receivables are EMIs due from the members,” he said. The IPO opens on 23 June and closes 26 June. feedback@livemint.com Source: Home - Livemint.com | 19 Jun 2009 | 6:09 pm IRB bags its first BOT project in PunjabIRB Infrastructure Developers Limited, (BSE: 532947, NSE: IRB) has emerged as the lowest bidder for its first BOT project viz. Pathankot to Amritsar Section of NH 15 from Km. 6.082 to Km. 108.502 in the State of Punjab under NHDP Phase IIIB on BOT basis.Source: Moneycontrol Top Headlines | 19 Jun 2009 | 5:57 pm EXCLUSIVE - UK travel firm Cox & Kings plans Indian IPOPEWSEY, England (Reuters) - Venerable 250-year-old British travel firm Cox & Kings is planning an IPO on the Bombay Stock Exchange in September, reflecting its desire to expand in the burgeoning Indian holiday market.Source: Reuters: Money News | 19 Jun 2009 | 4:37 pm
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