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Glenmark to close Melogliptin molecule deal by 2009 endGlenn Saldanha, MD and CEO, Glenmark, said Phase II data of Melogliptin is better than competitors. He said the company is in discussion with various companies to close deal on Melogliptin. \"We will be able to close the deal on Melogliptin by CY09 end.\"Source: Moneycontrol Top Headlines | 24 Jun 2009 | 5:32 pm Sun TV looking to raise Rs 75100crS Natrajhen, CFO, Sun TV Network, sees an equity dilution of around 5% in favour of South Asia Multimedia. He said the company is looking to raise Rs 75100 crore.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 5:14 pm Fertiliser Asso wants govt to confirm availability of gasSatish Chander, Director General, Fertiliser Association of India said the association had written to the government asking for a reconfirmation about the availability of the gas.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 4:24 pm Petronet to up gas production to 150 trillion BTUs/qtrP Das Gupta, CEO and MD, Petronet LNG, said the company had tied up all its LNG gas and the is looking to up its production from 81 trillion BTUs per quarter to 150140 trillion BTUs per quarter.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 4:20 pm TTML to launch GSM services in Maharashtra, Goa in AugustAnil Kumar Sardana, MD, Tata Teleservices, said Tata Teleservices Maharashtra (TTML) plans to launch GSM services in Maharashtra, Goa in August. He said the company will target exisiting customers with simple cost structures.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 3:40 pm EducompPearson in 50:50 JV to offer vocational educationEducomp has entered into a 50:50 joint venture (JV) partnership with UK\'s publishing house Pearson. Confirming the development, Sharad Agarwal, President, Educomp Solutions, said, The business has a very large potential and it also is meeting what the government is looking at in terms of skilled development initiative.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 3:00 pm See EBITDA margin of 7679% this year: Sanghvi MoverCP Sanghvi, CMD, Sanghvi Mover said the company had an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin of 77% last year. We are quite confident that we will have an EBITDA margin of 76%79% this fiscal.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 2:46 pm First 100,000 owners for the Tata Nano are chosenTata Motors is pleased to announce that it has completed the process to select the first 100,000 owners of the Tata Nano from among the 2,06,703 final list of applicants who had booked the car.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 2:12 pm Govt extends support to AI but says no blank chequeCivil aviation minister Praful Patel said Air India has been asked to give its restructuring plans at the earliest before a committee of secretaries.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 1:54 pm Govt ready to support Air India, but wants reformNEW DELHI (Reuters) - The government is ready to help Air India, but the aviation minister said on Wednesday the struggling state carrier must become "leaner and trimmer" to secure backing it needs to get through a liquidity crunch.Source: Reuters: Money News | 24 Jun 2009 | 1:47 pm Obama files first complaint against China with WTO !Accused of soft pedaling on trade issues with China, US President Barack Obama`s administration has filed its first World Trade Organization complaint against the Asian giant.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm AI management to meet unions to discuss cost-cuts!Air India has convened a meeting with a section of employees` union here today to discuss the recent developments, including its decision to defer June salary payment and cut employee cost by Rs 500 crore annually.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm Sensex up 117 points on global cues, short-covering!The Bombay Stock Exchange benchmark Sensex on Wednesday moved up by over 117 points in early trade on fresh buying by funds, tracking firming global cues.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm GM to cut 4,000 more white-collar jobs by year end !General Motors Corp. has notified its US white-collar workers that it plans to cut about 4,000 more jobs by the end of the year.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm Japan logs biggest trade surplus in year!Japan has announced its biggest monthly trade surplus in a year, supporting hopes that the world`s second largest economy is slowly recovering from its worst recession on record.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm Govt agency issues tax notice to Jet Airways: Reports !A government agency has issued a notice to Jet Airways for potential tax liabilities of at least 4 billion rupees (USD 83 million), an Indian financial daily said, citing two unnamed government officials.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm US court issues summons to Air India!A US district court in Washington State has issued summons to Air India in a multi-million dollar law suit filed by a former manager and senior instructor pilot of the Boeing Company.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm Bharati Shipyard to top ABG`s offer for Great Offshore!Shipbuilder Bharati Shipyard will top a counter bid by rival ABG Shipyard Ltd for a controlling stake in offshore services firm Great Offshore, raising prospects of a price war.Source: Zee News : Business | 24 Jun 2009 | 1:41 pm Rupee steady at 48.55/56 against dollar - Sify
Source: Google News India - Business | 24 Jun 2009 | 1:40 pm India's residential sector likely to see oversupply - Crisil - Reuters India
Source: Google News India - Business | 24 Jun 2009 | 1:34 pm Govt to bail out a leaner, trimmer Air IndiaPM Manmohan Singh has assured Air India that the govt will support it but with a condition that the airline undertake a full restructuring and shape up.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 1:33 pm Textile Ministry unveils 100-day agenda - Hindu Business Line
Source: Google News India - Business | 24 Jun 2009 | 1:31 pm POLL - WPI seen down 1.69 pct yr/yr as at June 13MUMBAI (Reuters) - India's wholesale price index (WPI) is forecast to have fallen a record 1.69 percent in the 12 months to June 13, a second straight fall, a Reuters poll of 11 analysts showed on Wednesday.Source: Reuters: Money News | 24 Jun 2009 | 1:21 pm Air India's woes assume political colour, BJP, Sena demand probe - Economic Times
Source: Google News India - Business | 24 Jun 2009 | 1:21 pm India's residential sector likely to see oversupply - CrisilMUMBAI (Reuters) - India's realty companies will struggle to find buyers for about a fourth of their residential space between 2009 and 2011, the research arm of rating agency Crisil said in a report on Wednesday.Source: Reuters: Money News | 24 Jun 2009 | 1:16 pm SNAP ANALYSIS - India's econ worries up as rains below normal - Reuters India
Source: Google News India - Business | 24 Jun 2009 | 1:11 pm Deal reached to avoid breakaway F1 seriesParis: Peace broke out in Formula One on Wednesday when a deal was reached to avert a breakaway series and teams agreed to further cut costs. Embattled FIA president Max Mosley, who said that he would not be seeking re-election, had been at loggerheads with eight teams over his plans to introduce a budget cap for 2010. “The basic news is that there will be no split. There will be one championship in 2010 which is I think something we all hoped,” Mosley told a news conference following a meeting of the FIA’s World Motor Sport Council. “We’ve reached agreement on a number of items. In particular we’ve reached agreement on reduction of costs. We’ve had significant help from the teams. The objective is to get back to early 1990s levels within two years.” The Formula One Teams’ Association (FOTA), headed by Ferrari president Luca di Montezemolo, had objected to the budget cap which they felt could lead to a two-tier series with the teams agreeing to the cap being allowed greater technical freedom. FOTA had said the teams were already cutting costs individually to cope with the global economic crisis and that no overall regulation was needed. The governing FIA further fuelled matters this month by publishing a 2010 entry list including all the existing 10 teams and three new entrants despite the wrangling. Mosley Leaving FOTA responded by announcing plans for a breakaway series next year before last weekend’s British Grand Prix but the teams have now committed themselves to F1 until 2012. “Now the manufacturers, that’s to say FOTA, have committed commercially until 2012...as far as the FIA is concerned the commitment is indefinite,” the FIA chief added. Mosley, who earlier this week hinted he wanted to stay on in his post and would not be forced out, will now step down when his mandate ends in October. “I will now be able to look at Formula One knowing it’s peaceful and stable and be able to stop as was always my intention in October of this year so I won’t present myself for re-election now that we’ve got peace,” Mosley said. The Briton survived repeated calls for his resignation last year after a sado-masochistic sex scandal but won a confidence vote in May 2008. Formula One commercial supremo Bernie Ecclestone was thrilled with the outcome. “I’m obviously very, very happy that common sense has prevailed which I’ve always believed it would because the alternative was not good at all,” he told the news conference. “I’m also I must say very, very, very happy that the teams have come to their senses to stop spending large amounts of money.” FOTA head Montezemolo, who had been due to chair a meeting in Bologna on Thursday to discuss plans for a breakaway, was pleased that this year’s rules will continue next season. “I think the decisions we have shared this morning are important. We will have the rules of 2009, same rules for everybody. It means that we have stability,” he said. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 1:09 pm ONGC gross realisation down more than halfMUMBAI (Reuters) - Oil and Natural Gas Corp. said its gross realisation in the quarter ended March more than halved as global crude prices fell.Source: Reuters: Money News | 24 Jun 2009 | 1:08 pm Dipan Mehta positive on Tech Mahindra - Moneycontrol.com
Source: Google News India - Business | 24 Jun 2009 | 1:03 pm ONGC Q4 net drops 16 pc but tops profit charts - Economic Times
Source: Google News India - Business | 24 Jun 2009 | 12:59 pm Monsoon rains to be below normal - govtNEW DELHI (Reuters) - India's monsoon rains, a lifeline to its trillion dollar economy, are expected to be below normal this year, the government said on Wednesday, in a blow for an economy already hit by a slowdown.Source: Reuters: Money News | 24 Jun 2009 | 12:46 pm No voluntary retirement can be allowed in absence of VRS: CATThe Central Administrative Tribunal has held that a govt employee cannot be granted voluntary retirement unless a scheme exists for the purpose.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 12:43 pm World bank loan of USD 300 million for Haryana power projectHaryana govt has successfully concluded negotiations with the World Bank for a USD 330 million loan to support one of its power sector projects.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 12:39 pm North India MF body threatens to stop selling MF schemesChandigarh: The mutual fund advisors’ body of North India on Wednesday threatened to stop selling mutual fund products, annoyed over the market regulator Sebi’s decision of abolishing entry load on those schemes, making it an unviable proposition for the sellers of such schemes. In a recent decision, Sebi had announced allowing investors to pay directly to distributors of mutual fund schemes, instead of the current practice of MF companies deducting a portion of investible amount for the purpose. “Because of the waiver of entry load, we will now not encourage the sale of mutual fund products rather we will emphasise on selling insurance products such as Ulip schemes,” North India Mutual Fund Advisors’ Association coordinator Madhup Kumar told reporters Chandigarh. Describing the decision of Sebi as “harsh”, and which “lacks rationale”, Kumar said this move would restrict the participation of retail investors into the mutual fund schemes, who always seek advice before investing in any mutual fund product. “Only 4% of investment in mutual fund goes directly while 96% investments go through the distributors or advisors who encourage the small investors to put money into mutual fund products,” he said, adding that “now how will a small investor take decision without expert advice for investing in mutual fund”. ”Since we will not go out and collect money from individual investors, then why we will ask investors to invest in mutual fund, which will, as a result, hit the mutual fund industry,“ Kumar said. The basic goal of mutual fund industry, which is to penetrate rural market, would also get defeated with this decision, he asserted. Market regulator Sebi had abolished entry load on the mutual fund schemes few days back so that investor could pay directly to distributor. Earlier, this entry load worked out at 2.25% and was given as commission to distributor or advisor. About 500 members of this association catering to 75,000 investors in Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir and Chandigarh, yesterday shut down their operations against the Sebi move. He further said that the investment agents and advisors from across the country would protest against Sebi decision tomorrow at Jantar Mantar. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 12:16 pm Airtel launches blue collar job search services on mobileAirtel has launched an innovative 'Job On Mobile Service' in Karnataka to enable those looking for a blue collar job.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 12:10 pm Citibank India net up 20 pcCitibank's Indian branch reporting 20 per cent rise in net profit at Rs 2,173 crore for the year ending March 31, 2009.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 12:03 pm Hindi for expats: learning to greetNew Delhi: This week, on the Expat show, we start a series called ‘Hindi for expats’, where Melissa will talk to Lola Mathai and learn the basics of Hindi language conversation.  The first part of this series teaches basic greetings in Hindi. Tune in next week for the more Hindi lessons. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 12:03 pm April fiscal deficit 16% of government estimateNew Delhi:The fiscal deficit touched 16% of target in the very first month as excise collections for April have been badly hit.This could douse expectations of interest rate cuts. The three stimulus packages announced in December- February period to spur a slowing economy had cut excise duty by 6%, which saw net collections turning negative at Rs78 crore in April, according to figures released by the Controller General of accounts. Excise mop-up turning negative means that refunds were more than collections. Of various levies imposed by the centre, only income tax collections stood higher in April at Rs9,489 crore as againstRs7,905 crore a year ago. Service tax collections were also marginally lower at Rs2,270 crore against Rs2,271 crore. All these, coupled with higher expenditure, led to Rs54,100 crore of fiscal deficit in April, which is 16.3% of the targeted Rs3,32,835 crore for the entire fiscal. Fiscal deficit is projected to be 5.5% of GDP in the interim budget for 2009-10. Increased fiscal deficit might lead to additional market borrowings by the government which may not allow interest rates to come down. Fiscal deficit in April 2008 was 24.7% of the projected figure for the entire 2008-09, but it was so since the estimated figure at the beginning of the last fiscal was much lower at 2.5% of GDP. The deficit figure was revised to much higher 6% later when stimulus packages were announced. Ultimately, fiscal deficit turned out to be 6.2% of GDP last fiscal. In absolute terms, fiscal deficit was over Rs20,000 crore higher than April last year. The centre’s revenue deficit, which is in excess of current expenditure like salaries over revenue receipts, touched Rs50,359 crore in April, about 21% of what is pegged by the government for the entire fiscal. Government’s commitment to its flagship programmes like NREGA, as expressed by President Pratibha Patil in her address to the joint session of Parliament, may further expand fiscal deficit if the government allocates higher sum to these schemes than in the interim budget. Seeking to mollify fears of banks that high government borrowing would not allow interest rates to come down, the Planning Commission deputy chairman Montek Singh Ahluwalia had said fiscal deficit will be high but not in “double digits”. “I do not want to speculate on any of the budget numbers, but I have no doubt that the central government,” he said. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:58 am NRIs seek tax parity with FIIs on capital gains in stocksNew Delhi: Describing Non-Resident Indians as a “national resource,” a grouping of NRIs led by Hindujas has asked the government for tax parity with Foreign Institutional Investors (FII) on short-term gains in the stock market. In a pre-budget memorandum to finance minister Pranab Mukherjee, the IndusInd International Federation (IIF) said selective benefits may be offered to NRIs enabling them to make India the hub for their global activities. “NRIs are required to pay tax at the rate of 10% on their short-term gains in the equity markets. However, short-term capital gains earned by Mauritius-based FIIs on Indian stock market transactions are tax exempt. Also Read More on Budget 2009 “The treatment of taxation on short-term capital gains needs to be on par for both FIIs and NRIs,” said the IIF, the apex organisation of NRIs, headed by UK-based Hinduja Group chairman S P Hinduja. IIF’s leading members include Ram Buxani from UAE, K Sital from Hong Kong, Nari Pohani from the US, Vashi T Purswani from Thailand and Kamal Fabiani from Spain. It said that several NRIs would like to make India their permanent home after retirement. “The Indian tax authorities should not tax the income derived from interest on their investments in savings and pension plans in foreign institutions and foreign countries,” the IIF said. Prohibition on overseas corporate bodies (OCBs) is an impediment to the NRIs investing in India, the IIF said, adding a large number of expatriates have their wealth in corporates. As long as proper disclosures are in place and ‘Know-Your-Customer´ information is provided, the OCBs should be permitted to invest in the country, it said. “By lifting the ban on OCBs and simplifying the procedures for individual NRI investments, the market will be widened with more players,” the IIF said in the pre-Budget memorandum. At present overseas Indian are not allowed to buy farm land. The IIF has suggested that the permission be granted for them to purchase or take on long-term lease of agricultural land for cultivation. “This will enable them to bring in latest technology and provide support to farming activity and increase and modernise agro production,” it said. The IIF also made suggestions about electoral reforms in the country. The NRIs favoured state funding of elections and stopping the “flow of money into the parallel economy”. The body said it should be mandatory for political parties to maintain separate accounts of election expenditure which should be audited by recognised firms under direction of the Election Commission. The NRIs’ body said the policy framework for foreign direct investment should be conducive for attracting inflows into infrastructure, health and higher education. It called for increase in the sectoral caps in insurance, defence production, air transport services and single brand retailing. It also sought opening up of the multi-brand retail for FDI. The NRIs would like review of the double tax avoidance treaties “in totality”, so as to make them FDI-friendly. There is a case for increaisng the maximum stake that an offshore financial sector entity/bank can hold in an Indian bank, it said. A demand for extension of depreciation rate of 50% on commercial vehicles was also made. The current rate is valid till September this year. Source: Home - Livemint.com | 24 Jun 2009 | 11:54 am ONGC Q4 net dips 16% to Rs 2,206crState-run Oil and Natural Gas Corporation (ONGC) reported a fall of 16% in its net profit at Rs 2,206.76 crore for the fourth quarter ended March 31, 2009, over the same period last year.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 11:53 am Citibank India net up 20% on higher interest incomeMumbai: Financial services major Citibank though struggling globally has done well here with its Indian arm reporting 20% rise in net profit at Rs2,173 crore for the year ended 31 March 2009. The bank, which has 40 branches at 28 locations, said in a statement today that its total revenue was up 24% at Rs10,423 crore amid inflows by way of higher interest income, trading income and fees. The balance sheet of the bank grew by 26% to Rs1,05,264 crore in FY09 from Rs83,851 crore in the previous fiscal, the statement said. The bank said there were many challenges in unsecured consumer credit impacting profitability of the retail banking segment during the year. The bank posted increase in net income due to growth in corporate commercial banking and treasury, it said. The bank has two non-banking finance companies, two brokerage companies and two companies that undertake capital market activities in India and all these activities remained profitable, the statement said. The only exception was Citifinancial Consumer Finance which was impacted by deterioration in unsecured credit quality and City Wealth Advisors which is yet to reach full scale operations, the statement said. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:50 am Tata Teleservices launches GSM service in ChennaiNew Delhi: Tata Teleservices on Wednesday became the second operator to offer both CDMA- and GSM-based mobile services after the company launched GSM operations in Chennai in partnership with Japanese telecom major NTT DoCoMo. The service, branded as ‘TATA DOCOMO’, would complete the pan-Indian rollout by this year, TTSL said in a statement. The company would be investing about $2 billion (about Rs9,700 crore) on GSM network rollout across the country, it added. “TATA DOCOMO subscribers will now be able to enjoy the benefits of pay-as-you-use, for many of its value-added services, including all its voice portals, 24-hour music, cricket commentary and voice chat,” Tata Teleservices managing director Anil Sardana said in the statement. Reliance Communications was the first telecom operator to offer mobile services on both CDMA and GSM platforms. Sardana added that the company would work on a per-second pricing model for almost everything, be it voice calls, VAS services, IVR interactions. The company also announced free missed call alerts service to all its customers. Source: Home - Livemint.com | 24 Jun 2009 | 11:49 am Unions seek PM intervention, JPC probe into Air India woesShiv Sena-backed trade unions in Air India today sought PM Manmohan Singh's intervention in Air India affairs.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 11:39 am ONGC Q4 net drops 16% due to low crude pricesNew Delhi: Indian state-run Oil & Natural Gas Corp reported a 16% fall in quarterly profit, missing forecasts for a rise, mainly due to unexpected subsidy-sharing burden and lower crude prices. The oil and gas explorer said net profit fell to Rs2,207 crore ($455 million) in its fiscal fourth-quarter ended March from 2,627 billion reported a year ago. Chairman and managing director R S Sharma had said in January ONGC had been assured by the government there would be no subsidy burden in the March quarter. But in late May the company said it would have to bear a subsidy bill of Rs8,52 crore for the March quarter. A Reuters poll in April had expected ONGC to report a 31.2% rise in net profit to Rs3,45 crore, assuming it would not be liable to share the subsidies of the state-run oil marketing companies. Shares in ONGC rose 16.8% in the March quarter, outperforming a small gain in the benchmark index and in line with the energy sector’s 16.6% rise. Ahead of the results, shares in ONGC closed 2.4% higher at Rs1,051, in a Mumbai market that rose 0.7%. Source: Home - Livemint.com | 24 Jun 2009 | 11:37 am Jai Balaji sees FY10 revenue up 15-20%Kolkata: Steelmaker Jai Balaji Industries expects revenue in 2009-10 to rise 15-20% on stable steel prices, a top official said on Wednesday. “Steel prices are expected to remain stable at current levels. Our revenue for the current fiscal would grow by 15-20%,” Aditya Jajodia, chairman and managing director said. It also plans to raise about Rs7.5 billion in the current fiscal for investment in existing and new projects, Jajodia said. Last year, the company raised Rs7 billion, and this year it would require another Rs7.5 billion for funding existing and new projects. “The funds will be raised via combination of debt and equity.” The Kolkata-based company may also dilute its stake to raise money in the current fiscal, he said. “Final decision (on fund raising) will be taken up by the board, but it might be a through the issue of rights, follow-on-public offer (FPO) or through qualified institutional players (QIPs),” Jajodia said. The company, yet to announce its 2008-09 results, expects to earn Rs19 billion in revenues in the last fiscal. It currently produces 1.1 million tonnes per year at its plants in the eastern states of West Bengal, Orissa, Jharkhand and Chattisgarh. “We are experiencing a rise in domestic demand, and with 6-7% rise in gross domestic product (GDP), our operating margin should be at 15-17% in FY10.” WEST BENGAL PLANT The company expects to start construction of its proposed Rs160 billion integrated steel plant in West Bengal in another 3 months. “We have the land in possession and we are expecting the environmental clearances in another 2 months. So the work should start in 3 months time,” he said. “In the next two years, after the completion of the first phase of the plant, our capacity would increase to 3.25 million tonnes,” he added. Shares in the firm ended 0.95% up at Rs164.55 in the Mumbai market that ended up 0.69%. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:37 am Centre clears Delhi-Gurgaon metro hurdle;passage over DLF SEZThe Centre has allowed DLF to run the proposed Jehangir Puri-HUDA city centre stretch through the realty major's Special Economic Zone.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 11:33 am S Kumars bid for Obama suits maker HartmarxChicago: Apparel company S Kumars Nationwide and its overseas partner Emerisque Brands have emerged as potential bidders to take over Hartmarx Corp, the city-based maker of President Barack Obama’s suits. Hartmarx, the 125-year-old maker of Hickey Freeman and Hart Schaffner Marx suits, is reviewing offers from five new potential bidders for parts or all of the company, reports the Chicago Sun Times. Earlier in June, Emerisque and SKNL North America were designated as the stalking horse bidder for Hartmarx, implying that their offer would be accepted if no higher bids emerged. The two had raised the deal value to $128.4 million from $119 million to buy the bankrupt Hartmarx, whose tuxedo, topcoat and suit Obama wore on his inauguration. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:32 am Kolhapur division has Rs 544 crore IT collection in last FYRs 544 crore was the collection of Income-Tax in Kolhapur division last financial year.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 11:32 am RBI asks banks to furnish credit info reports to customersMumbai: The Reserve bank on Wednesday asked all banks and financial institutions to provide customers their credit information, when demand. “Banks and financial institutions are advised to ensure strict compliance with the provisions of the Credit Information Companies (Regulation) Act, 2005 as well as the rules and regulations framed thereunder,” the central bank said in a statement. The central bank said it has been receiving complaints, including under RTI Act, that customers are unable to get their own credit report from banks despite the fact that the banks, under Credit Information Companies Act, are required to build a database and be in readiness for effective exchange of credit information without any loss of time. The Act provides that any person, who applies for credit facility from any financial institution can request it to furnish a copy of the credit information by paying Rs50. Credit report is a record of an individual’s or company’s past borrowing and repaying, including information about late payments and bankruptcy. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:29 am End: Markets rebound on short coveringMumbai: Indian shares erased an early fall and climbed 0.7% on Wednesday as investors covered their short positions ahead of the monthly derivatives expiry, but the market undertone was weak due to a delay in monsoon. Larsen & Toubro, which lost nearly a tenth of its value in the last two weeks, led the gains on speculation the engineering and construction firm would benefit from expected higher spending on infrastructure. The government’s annual budget on 6 July is expected to spell out bold plans to improve overburdened roads, ports and other infrastructure to help boost growth. However, annual monsoon rains, which are a lifeline for the country’s trillion dollar economy, have weakened and are expected to be below normal, the government said on Wednesday. [ “The environment is not too positive, with the delayed monsoons and fiscal deficit. Monsoon could play havoc in rural demand story of two-wheeler makers and FMCG firms,” said D DSharma, vice-president at Anand Rathi Securities, referring to fast moving consumer goods. The farm sector, which contributes about a sixth of economic output, is heavily dependent on the June-September rains for irrigation. Lower farm incomes usually squeeze demand for industrial goods. The 30-share BSE index seesawed to end 0.69%, or 98.72 points, higher at 14,422.73 points, with 24 stocks rising. It opened up and quickly fell as much as 0.8% before rebounding 1.1% at one stage. The 50-share NSE index rose 1.1% to 4,292.95 points. “Rollovers are not happening, investors are just closing positions with the uncertainty over the budget,” said Rajesh Jain, chief executive at Pranav Securities. Forward contracts expire on the last Thursday of every month. The benchmark has fallen 6.8% over the past two weeks on profit-taking after a 14-week rally that saw it jump 83%. Foreign funds have been net sellers over the past week, cutting net inflows to about $7.5 billion from around $8 billion since mid-March. Export-focused outsourcers rose on hopes the slowing inflows would push the rupee lower and boost margins of software exporters who are seeing a turnaround in client confidence. Top outsourcer Tata Consultancy Services rose 4.3% to Rs382.05, its sharpest daily percentage gain in two weeks. Bellwether Infosys Technologies climbed 0.75% to Rs1,759.15. Larsen & Toubro gained 1.5% to Rs1,508.85 and state-run Bharat Heavy Electricals Ltd ended 2.7% higher at Rs2,193.15. State-run Oil and Natural Gas Corp rose 2.4%, to Rs1,051 ahead of its annual results. Private-sector lenders ICICI Bank and HDFC Bank were pulled down by fresh worries about a nascent economic recovery. ICICI Bank fell 1.2% to Rs689.35, while HDFC Bank slid 1.97% to Rs1,456.35. Reliance Industries, which has the most weight in the main index, eased 0.8% to Rs2,000.10. In the broader market gainers led losers in the ratio of more than 2 to 1 on more than average volumes of 477.2 million shares. Asian shares rose, with Japan’s Nikkei up 0.4%, while MSCI’s measure of other Asian markets climbed 2%. European stocks recovered from five-week lows ahead of a US Fed decision at 11:45pm, that is seen to dampen expectations for higher interest rates. Source: Home - Livemint.com | 24 Jun 2009 | 11:22 am ONGC Q4 net drops 16 pct; misses forecastNEW DELHI (Reuters) - Indian state-run Oil & Natural Gas Corp reported a 16 percent fall in quarterly profit, missing forecasts for a rise, mainly due to unexpected subsidy-sharing burden and lower crude prices.Source: Reuters: Money News | 24 Jun 2009 | 11:21 am Citigroup to hike base salaries for workers: reportNew York: Troubled financial major Citigroup will increase the base salary of its rank-and-file employees by as much as 50% this year to compensate for smaller bonuses, said a media report. “Citigroup intends to raise workers’ base salaries by as much as 50% this year to offset smaller annual bonuses,” the The New York Times reported quoting people with direct knowledge of the plan. The report further said that most Citigroup employees would make as much money as they did in 2008, although some might earn more and others less. The company, which has received three bailouts from the government, also plans to award millions of new stock options to employees in an effort to retain workers and neutralise a precipitous drop in the value of their stock holdings, it added. Other financial majors-- Morgan Stanley and Bank of America-- have made similar changes to their compensation system to try to shift attention away from bonuses and curb excessive risk-taking. The Citigroup proposals, discussed internally this week, present a crucial test for the Obama administration, which has vowed to rein in runaway compensation at companies that have received large taxpayer-financed bailouts. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 11:20 am Citigroup ups GDP growth to 6.8% - Hindu Business Line
Source: Google News India - Business | 24 Jun 2009 | 11:15 am MetLife International to hike stake in Indian venture to 49% New Delhi: American insurer MetLife is keen on raising stake in its Indian venture to up to 49% as and when the government revises the cap on foreign holding in the sector. “If the Indian government decides to raise the cap on foreign investment in insurance companies, MetLife International would definitely invest more in India. India is a growth engine for MetLife in the future,” said MetLife India Insurance Company managing director Rajesh Relan. Under the present regulation, a foreign firm is allowed to have 26% stake in an insurance venture. MetLife India Insurance Company incorporated in 2001 is a joint venture between MetLife Inc, Jammu and Kashmir Bank, M. Pallonji and Co. Pvt Ltd and other private investors. A bill to amend insurance laws to raise the FDI limit to 49% from existing 26% is pending in Rajya Sabha and the issue would be taken up by the upper house after receipt of the report of the Standing Committee. “We would expect the new government at the Centre to continue with the financial reforms to further liberalise the insurance sector. The government should push forward the insurance amendment bill as it will provide the much needed impetus to the sector,” he said. Relan said a hike in the sectoral FDI cap to 49% would further strengthen the insurance sector as it would help increase penetration of insurance, improve financial inclusion, improve employment, boost realty, generate demand for IT and ITES and health care diagnostic services. MetLife currently has 192 offices in 131 cities across the country. So far, the sector has attracted foreign direct investment worth Rs28,000 crore. The industry is expected to attract additional Rs25,000 crore, provided the FDI cap is increased to 49%. Such a huge inflow would have significant positive impact on the GDP and at the same time take care of the fiscal deficit concern, said an analyst. Besides MetLife International, many foreign companies including New York Life have evinced interest in raising their stake in their respective insurance joint ventures. Earlier this month, Max India had said it would sell additional 23% to its life insurance venture partner New York Life (NYL) of USA subject to regulatory condition. Currently, NYL holds 26% in Max New York Life. As per the present regulatory guideline, a foreign partner cannot have more than 26% in an insurance venture. Source: Home - Livemint.com | 24 Jun 2009 | 11:14 am KS Oils to spend 7.5 bln rupees on palm plantation - Reuters India
Source: Google News India - Business | 24 Jun 2009 | 11:13 am Europe stocks rise on ECB’s added liquidityLondon: European shares were higher at midday on Wednesday, boosted by the European Central Bank’s biggest-ever liquidity injection, with banking and mining stocks leading the way. By 3:52pm, the pan-European FTSEurofirst 300 index of top shares was up 1.1% at 842.80 points. The index had lost 3.2% in the previous two sessions. The ECB lent banks £442.241 billion ($612.8 billion) in the 371-day operation at a fixed 1.00 percent rate. That was above the 300 billion euro forecast in a Reuters poll on Monday. “This does indicate there is demand for funds. It suggests that there is money going into the economy, and that is exactly what the central banks want to do to reflate the global economy. This is a very supportive feature for the day,” said Mike Lenhoff, strategist at Brewin Dolphin. Banks added the most points to the index, with BNP Paribas gaining 2.7%. The group said it would split up Fortis Investments, leaving some areas to stand alone while allocating others to parts of the group’s existing fund arm, said the deputy CEO of BNP Paribas Investment Partners. Barclays, Deutsche Bank, Standard Chartered and Banco Santander were up 1.2-3.4 percent. Miners were higher as copper rose 1.2%, Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation, Rio Tinto and Xstrata were up 1.5-4.2%. Tech stocks gained after US peer Oracle reported quarterly earnings above expectations as the No. 3 software maker’s profit margin hit a record, thanks to robust growth in its maintenance business. Infineon, Nokia and ASML were 1.8-5.1 percent higher. “We’re seeing a bounce, helped in part by Oracle’s results that were not as bad as they could have been,” said Edmund Shing, strategist at BNP Paribas. Looking at the downside, drugmakers were in the doldrums as investors stayed away from defensive stocks. Sanofi-Aventis, GlaxoSmithKline, Novartis and AstraZeneca were 0.8-2.7% lower. In economic news, investors are bracing for the US Federal Reserve’s interest rate decision and statement due on Wednesday. The Fed is seen keeping its benchmark short-term interest rate near zero, but investors’ attention will be on whether the Fed might expand a $300 billion programme of Treasury purchases, and signal how it might curtail its easy-money policy as the recession abates. Investors will also keep an eye on US new home sales data, looking for further insight on the health of the battered housing market. Source: Home - Livemint.com | 24 Jun 2009 | 11:12 am Funds rediscover love for infrastructure sharesMUMBAI (Reuters) - Infrastructure shares are hot commodities for funds in India after the recent elections, and their attraction is only set to grow as the new government lays out plans to improve the country's overburdened roads and bridges in next month's budget.Source: Reuters: Money News | 24 Jun 2009 | 11:09 am BSE Sensex rises 0.7 pct on short coveringMUMBAI (Reuters) – The BSE Sensex erased an early fall and climbed 0.7 percent on Wednesday as investors covered their short positions ahead of the monthly derivatives expiry, but the market undertone was weak due to a delay in monsoon.Source: Reuters: Money News | 24 Jun 2009 | 11:07 am Multi-million dollar US lawsuit against Air IndiaA senior instructor pilot of Boeing said during his stay in India he "observed habitual violations of the aviation laws by Air India", endangering passengers' lives.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 11:04 am Sensex remains volatile, ends with gainsTrading was volatile on the Bombay Stock Exchange on Wednesday as Sensex closed nearly 99 points higher on fresh buying in engineering and technology stocks.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 11:03 am Fertiliser units seek assured gas supply after RNRL verdict - Hindu
Source: Google News India - Business | 24 Jun 2009 | 11:00 am Court verdict not to impact RIL books till 2012: Kotak EqSanjeev Prasad, ED Co HdKotak Instl Equities, Kotak Securities said that Reliance Industries earnings would not be impacted as yet but would see effects only post 21012. Nothing will change in the shortterm but coming to the valuation part, there is a pretty large impact.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 11:00 am Monsoon rains to be below normal: GovtNew Delhi: India’s monsoon rains, a lifeline to its trillion dollar economy, are expected to be below normal this year, the government said on Wednesday, and analysts said this could lower farm output and raise prices. The country’s weather office said there was a high probability of El Nino weather pattern this year. El Nino, a weather condition marked by warming of the eastern equatorial Pacific Ocean waters, can impede the progressing monsoon or even lead to a drought. “Rainfall is likely to be below normal,” minister of state for earth sciences Prithviraj Chavan told a news conference. The minister said the 2009 monsoon rainfall would be 93% of the long-term average, lower than an earlier forecast of 96%. The news send agriculture future prices higher while bond yields eased. Futures of soybean, soyoil, wheat, chana, guar, turmeric, jeera and pepper on the National Commodity and Derivatives Exchange were trading higher after the announcement. Federal bond yield eased 2 basis points on likelihood of below normal monsoon. The yield on the 6.07% bond maturing in 2014 eased 2 basis points to 6.54% after the announcement. The June-September monsoon rains are a major influence on the economy, as two-thirds of Indians depend on agriculture and large areas of the vast south Asian country suffer from a lack of modern irrigation facilities. Below normal monsoon rains is bad news for policy makers, who were upbeat about the prospects of the farm sector, seen as a key motor for national demand in the economy. The monsoon is crucial for summer-sown crops such as rice, soybean, sugarcane and cotton, and as temperatures rise across the country, Indians are getting desperate for rains. The farm sector accounts for nearly 17% of India’s gross domestic product and provides a livelihood for most of the 1.1 billion population. Poor monsoon rains could dent rural demand, hurt corporate profitability and undermine sentiment in financial markets. The annual monsoon hit the southwestern state of Kerala on 23 May, a week ahead of schedule, but its progress has gradually weakened, threatening to hit the country’s farm output and impact the economy. The four-month rainy season normally kicks off around 1 June and covers the entire country by mid-July. With only 40% of farmland irrigated, most of India’s small farmers rely on the monsoon to water their crops. A good season of rains also boosts rural demand for a range of products and is a key factor in determining expansion in the larger economy. Source: Home - Livemint.com | 24 Jun 2009 | 10:59 am Gold futures recover on better global cuesNew Delhi: Gold futures on Wednesday gained 0.21% on the Multi Commodity Exchange (MCX) as speculators indulged in creating fresh position on the back of firming global trend. At 2:10pm, on the MCX platform, gold for the most-active August contract recovered 0.21% to Rs14,516 per 10 gram with an open interest in 13,942 lots. It had lost 0.26% in previous day’s trading. Similarly, gold for delivery in October-month contract gained 0.19% to Rs14,520 per 10 gram, clocking a turnover of 1,201 lots. Marketmen said fresh buying by speculators in the wake of firming trend in the Asian region mainly led to recovery in gold prices at the futures market here. Meanwhile, gold prices ended higher in the Asian region at $927.00 an ounce against last close of $919.40. Source: Home - Livemint.com | 24 Jun 2009 | 10:59 am Residential demand to lead realty recovery in 2010: CrisilNew Delhi: The real estate market is likely to recover on increasing demand in the residential segment in 2010, driven by improving affordability, steady economic growth and greater liquidity, a Crisil report says. “The demand in the residential market is expected to turn positive in 2010 owing to improvement in affordability, steady economic growth and greater liquidity, ” a ten-city research report on the real estate market stated. However, a decline in the currently over-priced capital values of all the three real estate segments --residential, commercial and retail -- would persist through 2009, it said. Further, the commercial and retail markets would continue to witness erosion in lease rentals through the next two years. “Accelerated growth of Indian economy, recovery of global economy, improved liquidity and expected fall in interest rates are key factors that will signal demand revival in the residential segment. This segment is likely to see a much faster revival due to strong underlying demand for housing and supply coming at attractive price points,” Crisil research head Sudhir Nair said. Demand in the commercial and retail segment is likely to remain under stress for the next two years owing to excess supply and weak offtake, Nair added. The report indicated that capital values for residential sector and lease rentals for commercial and retail properties have substantially corrected till March this year, due to a slowdown in both the domestic and global economies. Cities such as Kochi, Chandigarh and Pune, which have greater investor presence as against end-users, witnessed a greater fall in capital values compared to other cities, the report revealed. The situation is expected to continue through 2009 and 2010, particularly so for the commercial and retail segments. However, Crisil believes that demand for houses would improve in 2010, backed by lower home loan interest rates as well as better job security owing to higher growth in the economy. “Hence, capital values are likely to stabilise in the first half of 2010, and increase during the second half of the year,” the report said. Crisil Research pointed out that the pace of economic recovery and confidence revival would have an impact on sentiments across all the real estate categories and would be an important variable to watch out for. The report provided information and analysis of more than 400 areas across 88 micro markets in 10 cities --Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai-MMR, NCR and Pune. Source: LatestNews-Home - Livemint.com | 24 Jun 2009 | 10:58 am Blue collar job search now on AirtelBangalore: Targetted at non-skilled customers in the lower middle class and low income groups, cellular player Airtel has launched a Job On Mobile Service in Karnataka to enable those looking for a blue collar job. “Blue collar jobs like those of a driver, cook, guard have a steady demand at all times. Many people competent in these domains would be looking out for these jobs at any given point of time. Keeping this mind, Airtel has made use of communication servies and launched this offering to bridge the demand and supply gap,” said V. Venkatesh, CEO, mobile servies, Bharti Airtel, Karnataka. The service has been launched in association with babajobs.com. Source: Tech News - Livemint.com | 24 Jun 2009 | 10:53 am RNRL fires salvo: \'Won\'t adopt middle ground in RIL case\'Reliance Natural Resources (RNRL) has written two letters to Reliance Industries (RIL) regarding settlement in the tussle over the KG basin D6 gas, confirmed Mukul Rohtagi, counsel for the former.Source: Moneycontrol Top Headlines | 24 Jun 2009 | 10:47 am Report submitted on near-collision of President's chopperIndia's aviation regulator, the Directorate General of Civil Aviation Tuesday submitted the report of its probe into near-collision between President Pratibha Patil's choppers and an Air India aircraft at Mumbai airport Feb 9.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 10:32 am R. Srinivasan to head HAL's chopper complexR. Srinivasan has been appointed managing director of the helicopter complex of the state-owned Hindustan Aeronautics Ltd (HAL) here, the company announced Tuesday.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 10:32 am Bharat Sanchar Nigam ties up with MicrosoftState-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) Tuesday announced a long term partnership with Microsoft Corp to offer software solutions to its customers.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 10:01 am Chhattisgarh's 4,000 MW project gets central nodDecks have been cleared for the 4,000-MW ultra mega power project (UMPP) in Chhattisgarh as the central government has finally approved the project, ending months-long controversy.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 10:00 am Government issued notice over Doordarshan appointmentsThe Central Administrative Tribunal Tuesday sought explanation from the central government and Prasar Bharati Broadcasting Corporation of India on the alleged irregularities in the appointment process in the state-run Doordarshan news channel.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 10:00 am Funds rediscover love for India infrastructure sharesMumbai: Infrastructure shares are hot commodities for funds in India after the recent elections, and their attraction is only set to grow as the new government lays out plans to improve the country’s overburdened roads and bridges in next month’s Budget. Fund managers are hoping the new government will bolster spending on infrastructure, remove policy bottlenecks by easing land acquisition rules and environmental clearances, amend labour laws and simplify procedures for project approvals. While such expectations have helped infrastructure shares surge twice as fast as India’s benchmark index since mid-May, a clear roadmap in the budget would further improve visibility and could convince the funds to pay even higher valuations. Fund managers are also betting on a pick-up in earnings for such firms later this year, helped by lower interest rates and commodity prices and a revival in economic growth. “Basically the opportunity is very big,” said Sankaran Naren, equity chief investment officer at ICICI Prudential. All that is required is for everything to be lubricated properly. I am interested in clarity,“ Naren, who manages about $780 million in India’s biggest infrastructure mutual fund, added. Engineering firms Bharat Heavy Electricals, Larsen & Toubro, Crompton Greaves and Reliance Infrastructure were among the 20 most popular stocks for domestic fund managers in May. The shopping list also included construction firms Jaiprakash Associates and Punj Lloyd, as funds sought exposure to sectors such as power and construction. India’s biggest fund firm, Reliance Capital, is raising money for a new infrastructure offering, while rival Tata Mutual Fund sought approval this month to launch its fourth such fund. SBI Funds Management, French insurer AXA, Sundaram BNP Paribas, Franklin Templeton and Deutsche Bank have also sought approval for infrastructure funds in June. Fund managers are excited by the prospects for reforms after India gave the Congress-led coalition the most decisive election mandate in two decades, freeing it from the support of the Left and communist parties, which had stalled planned reforms. India estimates it needs $500 billion over the five years to 2012 to upgrade its overwhelmed airports, potholed roads and inadequate utilities but has lagged in making critical reforms needed to do so, holding back potential gains for investors. The sector suffered a blow last year as the economy slowed from 9 percent in 2007/08 to less than 7 percent and a global credit crunch starved infrastructure firms of funds. But the gloom seems to be diminishing. India is expected to expand at 8% in 2010, the fastest among major economies in the world, and 8.5% the year after, matching China’s growth rate, according to a World Bank report released on Monday. An improvement in growth prospects is likely to boost fund flows, especially to the high-beta infrastructure sector. The sector could also get a lift later this week when the S&P CNX Nifty index shifts to a free-float market cap methodology, giving higher weight to some infrastructure stocks. However, India faces plenty of execution risk. “While there is always a fear of disappointment when expectations are very high, in our view, the government could focus on low hanging fruit and still deliver a lot,” JPMorgan’s domestic fund unit said in its latest fact sheet. Source: Home - Livemint.com | 24 Jun 2009 | 9:56 am Judicial remand of Satyam accused extended till July 8A local court in Hyderabad on Wednesday further extended the judicial remand of the Satyam Computer accused, including its founder B Ramalinga Raju, by 14 days till July 8.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 9:41 am Mamata curbs foreign tours of railway officialsRailways Minister Mamata Banerjee has imposed restrictions on foreign tours by officials of her ministry.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 9:31 am Life Insurance Corp eyeing 20 percent premium growthLife Insurance Corp of India (LIC), the country's largest life insurer, is targeting 20 percent growth in premium this fiscal, a top official said here Tuesday.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 9:31 am Goa BJP changes tune, wants onshore casinosThe Bharatiya Janata Party (BJP) in Goa Tuesday watered down its aggressive 'no-casino' policy, saying it opposes offshore casinos but onshore casinos were a 'necessary evil' for the sake of tourism in the state.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 9:30 am Satyam accused remand extended till 8 JulyHyderabad: A local court here on Wednesday further extended the judicial remand of the Satyam Computer accused, including its founder B Ramalinga Raju, by 14 days till 8 July. The XIV Additional Chief Metropolitan Magistrate extended the judicial remand of Ramalinga Raju and other accused allegedly involved in the multi-crore financial fraud. The accused lodged in the Chanchalguda jail were produced before the magistrate. Another accused Suryanarayana Raju, who is on anticipatory bail, was also produced in the court. The accused in the case lodged in jail are Ramalinga Raju, his brother Rama Raju, Satyam’s former CFO Vadlamani Srinivas, former auditors of PWC G Gopalakrishnan and his deputy Talluri Srinivas and Satyam employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. Source: Home - Livemint.com | 24 Jun 2009 | 9:05 am Idea inks Rs.145-crore deal with FirstsourceTelecom major Idea Cellular Tuesday signed a Rs.145-crore agreement with Firstsource Solutions, a business process outsourcing (BPO) service provider.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 9:03 am A step closer to unifying capital's fashion scene?It what is being described as a step closer to unity, the newly-promoted Fashion and Design Promotion Council (FDPC) announced Tuesday that it had engaged style impresario Sumeet Nair's Prodigy Fashion to stage what for the moment is being simply called two editions of a 'Fashion Week'.Source: IndiaeNews.com: Business News | 24 Jun 2009 | 9:03 am Sensex 103 points upTrading picked up at equities markets on Wednesday as investors bought into realty, power and technology stocks, pushing a key index back into the green about two hours before the closing bell.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 8:57 am LIC to invest Rs 50,000cr in stocksLife Insurance Corporation of India (LIC) on Wednesday said it will invest nearly Rs 50,000 crore in the equity market this fiscal.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 7:59 am Infrastructure presents opportunity, pitfallsMUMBAI (Reuters) - A decisive election result has spurred hopes for a kick-start to development of India's notoriously poor infrastructure, but investors should be selective and temper their expectations given the challenges of completing big-ticket projects in the country.Source: Reuters: Money News | 24 Jun 2009 | 7:53 am GM, Opel seeking other offers: reportFrankfurt: Struggling US auto giant General Motors and German arm Opel are holding talks with several potential buyers, including the Chinese group BAIC, for the the unit, a report said on Wednesday. Other offers, beside one submitted from Russian-backed Canadian company Magna, are welcome, the head of a trust company which is managing Opel, Fred Irwin, told the German business daily Handelsblatt. A delegation from BAIC (Beijing Automotive Industry Corporation) is to meet Opel managers this week and has been granted access to its accounts, as has the investment fund Ripplewood -- a former bidder, the newspaper said. “All interested parties have the same information rights,” Irwin said. He added that a letter of intent signed last month with Magna, which assembles cars and makes auto parts, was not contractually binding. “We are in talks with several bidders. The outcome is open,” a GM spokesman told the Handelsblatt. In late May, the German government unveiled a rescue plan for Opel with General Motors, which has declared bankruptcy in the United States. Under the plan, 55% of Opel was to be sold to Magna but talks have bogged down since and GM appears to be trying to put pressure on the Canadian company to obtain the best deal. Ripplewood, acting through the holding company RHJ International, and BAIC had both expressed interest in Opel before the Magna deal was announced, but were eliminated following an examination of their offers. The Italian car maker Fiat had also bid for Opel. Until a final agreement is reached, Opel is being managed by a trust company which is financed by German public credits. Source: World Business - Livemint.com | 24 Jun 2009 | 7:26 am LG Display enlists Japan’s Idemitsu in OLED raceSeoul: LG Display, the world’s No. 2 maker of LCD screens, said on Wednesday it formed an alliance with Japan’s Idemitsu Kosan in its drive to compete in the OLED (organic light emitting diode) market. “The agreement enables LG Display to secure a stable source of OLED materials,” the South Korean company said in a press release. “This will accelerate the growth of LG Display’s OLED business, which is emerging as a new growth engine.” LG Display decined to disclose further information on the size and specific details of the agreement. Idemitsu Kosan is an oil refiner active in OLED materials development. OLED screens, increasingly used in premium mobile phones, use organic compounds that emit light when electricity is applied. Because they do not need backlighting, OLED panels are slimmer and more energy efficient than liquid crystal display panels. But production costs and difficulties with larger screen sizes have so far held back the technology’s commercial prospects. LG Display, citing market research firm DisplaySearch, said the global OLED market is forecast to grow from $1.05 billion in 2009 to $3.33 billion by the end of 2010. LG Display is planning to start mass producing OLED screens in 2010. Source: Tech News - Livemint.com | 24 Jun 2009 | 6:52 am Internet to rescue UK retail from recessionLondon: Online spending will rescue Britain’s retail sector from recession, with sales over the Internet set to more than double to £21.3 billion ($35.1 billion) by the end of 2011, a report said on Wednesday. The study, by market researchers Experian, forecasts total retail sales will grow by just 0.2% from 2008 to 2011. But while high street sales will fall by 1.4%, online sales will soar 137% and account for one in every £14 spent by 2012, said the report, which was commissioned by online payment service PayPal. “The value of online retail can no longer be dismissed as a sideshow,” said Carl Scheible, managing director of PayPal UK. Source: Tech News - Livemint.com | 24 Jun 2009 | 6:13 am Did Tech Mahindra buy Satyam for a song?The deal is a win-win for Tech Mahindra whose super boss Anand Mahindra also indicated that Satyam in the future would be merged into the acquiring company.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 4:48 am Mid and small caps outperform Sensex as market remains volatileThe Sensex rose by 98.72 points to close at 14422.73. The midcap index gained 2.38% and the small cap index went up 2.26%.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 4:29 am Fed to hold fire on buying, talk down rate hikesWASHINGTON (Reuters) - The Federal Reserve will emphasize that the U.S. economy remains fragile in a policy statement later on Wednesday, as it talks down expectations for a rate hike this year and holds fire on expanding asset purchases.Source: Reuters: Money News | 24 Jun 2009 | 4:13 am Rupee up 16 paise against dollarThe Indian rupee on Wednesday appreciated by 16 paise against the dollar in early trade, taking cues from other Asian currencies.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 4:05 am Video calls without the hassleWith easier access to high-speed broadband connections and the ubiquitous web-cam, you’d think that making video calls to friends and family would be a piece of cake. In fact arranging for a quick video call on any of the more popular platforms entails, at the bare minimum, getting the person on the other side signed up for services such as Gmail or Skype.  What Logitech has done with Vid, a brand new application announced last week, is make this process utterly painless. All you need, at the bare minimum, is a web connection, a web cam and email. Install the software on your system and then invite your friend via a simple email. With just a few clicks your friend on the other side is ready to go. What Vid has done is both reduce the clicks used to set up a connection and strip away all the additional functions that might make video calling unnecessarily complicated. The end result is a product that is easy enough for the both the very young and old to use. For now the Vid software is free for anyone who owns a Logitech camera to use. If you don’t have one don’t worry. You can still be invited by Logitech owners for calls, or try the software for a month after which you need to buy a camera to continue. We recently spoke to Subrotah Biswas, country manager India and SAARC for Logitech, about Vid, about how it functions, security issues and potential office applications. Click on the podcast link above to listen. For more details on Vid and to download visit: http://www.logitech.com/Vid Source: Tech News - Livemint.com | 24 Jun 2009 | 3:46 am My priority is to leverage Satyam's strengths, says new CEOCP Gurnani, Mahindra Satyam's new CEO, in an exclusive interview said his objective was to get Satyam back to its status as a respected top-tier IT services player.Source: India Business News | Business News - Times of India | 24 Jun 2009 | 3:30 am Mahindra Satyam to merge with Tech MahindraMumbai, June 23 Mahindra Satyam, the rechristened Satyam Computer Services, will merge with Tech Mahindra as part of an effort to promote greaterSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Global crisis: Study says Indian media coverage scores over Europe, USNew Delhi, June 23 The Indian media does not share in the blame attributed to the Western media for doing a poor job of warning the public of the economic crisis, according to a NielsenSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am RNRL seeks meeting with RIL on gas sharing issueMumbai, June 23 Reliance Natural Resources Ltd (RNRL), an Anil Ambani Group company, has written to Reliance Industries Ltd (RIL) for a meeting of executives of the two companies to find a way forward in the KG basin gas sharingSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Rupee to test the 50 markRupee reversed downward from the 47 resistance zone in line with our expectation to weaken towards 49 against the dollar. Weakness in Indian equities that resulted in foreign institutional investors pulling out Rs 1,720 crore since June 16 exertedSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Duty-free import regime ushered for 2,202 items from SingaporeNew Delhi, June 23 India has knocked off import duties on 2,202 items as part of its tariff elimination commitments under the Comprehensive Economic Cooperation Agreement (CECA) with Singapore.Source: Business Line - Home Page | 24 Jun 2009 | 12:00 am Bharati Shipyard, ABG battle for Great OffshoreMumbai, June 23 Bharati Shipyard’s bid to wrest control of Great Offshore Ltd took a new turn on Tuesday with ABG Shipyard, a rival company, making a counter offer to the shareholders of the Mumbai-based offshore service company and BharatiSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Corn prices ease on hopes of monsoon revivalForecasts of monsoon reviving by Friday helped ease maize (corn) prices on Tuesday as also default bySource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Day Trading GuideFresh short-position can be initiated if DLF declines below its 50-day moving average (Rs 307), with tight stop-loss. Initiate fresh short-position if ICICI Bank dives below Rs 684 and L&TSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am Tatas finalise first one lakh Nano allotmentsMumbai, June 23 Tata Motors has completed the process of selecting the first one lakh Nano allottees from among the 2.07-lakh who booked the car. The selection was done through a computerised random process.Source: Business Line - Home Page | 24 Jun 2009 | 12:00 am Bajaj Holdings (Rs 358.75): SellWe recommend a sell in Bajaj Holdings and Investment from a short-term trading horizon. It is evident from the charts of Bajaj Holdings that its intermediate-term up-trend, which began from the March low of Rs 210, encountered resistance at RsSource: Business Line - Home Page | 24 Jun 2009 | 12:00 am The beauty of the speechOver the past six decades, the Budget speeches delivered by successive finance ministers have made for fascinating reading.Source: Daily News & Analysis: Money News | 23 Jun 2009 | 10:27 pm Wal-Mart opens new front for battle-hardened MetroIn the six years that it has been in India, Metro Cash & Carry has faced many hurdles, including a sustained Quit India movement by the associations of local traders. The Red brigade in Kolkata almost derailed its plan to open a 100,000 square feet outlet in the city last year.Source: Business Standard | Front Page Headlines | 23 Jun 2009 | 7:26 pm Amid change, Fords stand by the family businessDearborn, Michigan: They met in late January at a nondescript conference centre near Ford Motor Co. headquarters, just as they have every three months for the last 20 years. Yet, this meeting was hardly routine for the dozens of descendants of Henry Ford, who are the controlling shareholders of the nation’s second largest auto company.  Tense times: A file photo of William Clay Ford Jr., executive chairman of Ford Motor Co. The family considers the business to be more than just a financial investment—for it, it’s an emotional commitment. Andrew Harrer / Bloomberg The value of the family’s 70.9 million special voting shares had hit a new low that month, dwindling to about $140 million (Rs685 crore) from $2.2 billion a decade earlier, and the company was burning through its cash reserves. During the meeting, family members fired questions about Ford’s shaky finances at the company’s chief executive, Alan R. Mulally. For the Ford family, it was a gut-check moment—the kind that has led to splits in other famous business families. The Fords have had their tense times. But as they have done for decades after their meeting last January, they rallied behind the family’s appointed leader: William C. Ford Jr., a great-grandson of the founder and chairman since 1999. He is also the face of the company in Detroit and much of the world, given the prominent role he played in advertisements during his tenure as chief executive. “The last thing this company needs at this point is for the family to be difficult,” Ford said in an interview. “And rather than splinter, we have pulled together.” The family has made some of the riskiest moves in Ford’s recent history. For the first time, it went outside the auto industry for a chief executive, hiring Mulally from Boeing. Then it backed a plan to mortgage all of Ford’s assets to borrow $23 billion. “People look to Alan. People look to Bill,” said David Hempstead, a lawyer who has advised the family for more than 30 years. “When Alan said, ‘I’ve got a plan and it’s going to work and we’re going to turn this thing around,’ these people believed him.” So far, the decisions have paid off. The money Ford borrowed has kept it solvent and independent, while GM and Chrysler have been pushed into bankruptcy protection. Ford has streamlined its global operations and set a new course towards making smaller, more fuel-efficient vehicles. GM’s managers must answer to a new majority owner, the federal government, which in turn hopes to sell off its stake to other investors. Chrysler executives are learning to work with the Italian auto maker Fiat, which acquired most of its assets. Ford’s top managers said they have no such worries about their controlling shareholders. “These people are so steadfast,” Mulally said. “They believe in this company so much.” The Ford family members own a special class of stock that gives them 40% voting control. “I feel this is one of Ford’s greatest assets, and one that GM has never had,” said David L. Lewis, a business historian at the University of Michigan. “The family has been an oasis of stability through the years.” The regular, quarterly meetings started after the death of Henry Ford II in 1987. The current generation—with 13 cousins, including Bill Ford—has brought its children into the fold. The meetings now include up to 35 family members. ”After my father died, people in the family needed to start talking,” said Edsel Ford II, a longtime Ford director and Henry Ford II’s only son. ”The meetings have become like a call to arms.” In all, five family members work in some capacity or serve on the board at Ford. Besides Bill and Edsel Ford, three fifth-generation Fords are on the payroll. Elena, Edsel’s niece, is a rising executive who is currently director of global marketing. Her cousin, Alessandro Uzielli, works in Ford’s Los Angeles office on projects involving the entertainment industry. And Edsel Ford’s oldest son, Henry Ford III, is also a full-time employee. In 2001, the family asserted its power by replacing the chief executive, Jacques Nasser, with Bill Ford, who had been chairman for two years. By 2006, the company was floundering, and appeared to be in worse shape than GM. Bill Ford sought family support to hire Mulally. “No question, that was a time of high anxiety for us,” Bill Ford said. Mulally’s vision for Ford included shedding brands and operations that Nasser had built up, and borrowing heavily to restructure. To help persuade banks to lend, the company cancelled its dividend, which cost family members tens of millions of dollars a year. “Our plan required sacrifices from everybody, including the family,” Mulally said. In the spring of 2007, less than a year into Mulally’s tenure, some family members, including Bill’s sister, Sheila Hamp, and her husband, pushed to hire the Wall Street firm Perella Weinberg Partners, to advise them on long-term strategy—including possible mergers or even a sale. But Bill Ford and Edsel Ford opposed the move, as did Elena Ford, Edsel’s niece. The family voted, and agreed with them. Elena Ford said the family’s strength is rooted in open communications, and unwavering support once decisions are made. Ford is still losing money— $1.4 billion in the first quarter alone—and its cash reserves are shrinking as auto sales have dried up for the entire industry. Even so, Ford family members said they could not envision any situation that would cause them to sell out. “If this were just a financial investment, the family probably would have been out of it years ago,” Bill Ford said. “This is very much an emotional commitment.” ©2009/THE NEW YORK TIMES feedback@livemint.com Source: World Business - Livemint.com | 23 Jun 2009 | 7:25 pm Excise turns negativeA 40 per cent cut in the general rate of central excise duty, prompted largely by signals of an economic slowdown, has pulled the net excise collections for April 2009 into negative territory. They stood at minus Rs 78 crore compared to Rs 549 crore in April 2008, according to data compiled by the Controller General of Accounts.Source: Business Standard | Front Page Headlines | 23 Jun 2009 | 7:24 pm Bidding war for Great OffshoreBharati Shipyard says it will top ABGs counter-offer.Source: Business Standard | Front Page Headlines | 23 Jun 2009 | 7:21 pm Madoff lawyer seeks 12-year sentence for clientNew York: Bernard Madoff’s lawyer has told a judge scheduled to sentence the disgraced financier next week that 12 years in prison would be sufficient punishment for his client. Madoff has admitted that he swindled tens of billions of investor’s dollars in one of history’s biggest frauds. Attorney Ira Sorkin also said in court papers made public on Tuesday that his 71-year-old client “will speak to the shame he has felt and to the pain he has caused” when US District Judge Denny Chin sentences him on Monday. “We seek neither mercy nor sympathy,” Sorkin wrote. But he urged Chin to “set aside the emotion and hysteria attendant to this case” as he determines the sentence. Janice Oh, a spokeswoman for federal prosecutors in Manhattan, said that the office had no comment. Madoff faces up to 150 years in prison after pleading guilty on 12 March to 11 felony counts including securities fraud and perjury. He admitted operating a massive pyramid scheme for decades. Sorkin said a sentence of a dozen years in prison would acknowledge Madoff’s voluntary surrender, full acceptance of responsibility, meaningful cooperation efforts and the nonviolent nature of his crime. Still, the lawyer added that a prison term of 15 to 20 years would not disproportionately punish Madoff compared to sentences given other white collar criminals. “Indeed, such a range will appropriately eliminate concerns for disparate treatment among similarly situated nonviolent offenders,” he wrote. The lawyer included in his submission to the court late on Monday an analysis of sentences given to defendants in fraud-related cases between 1999 and 2008 that concluded the average sentence when leniency was not provided was 15.3 years in prison. He also noted that Madoff’s age would leave him with an average life expectancy of 12.6 more years. In his submission, Sorkin cited dozens of letters from Madoff victims urging Chin to make sure Madoff never gets out of prison. “The significant anger and resentment evidence in the victims’ words is no doubt justified in light of the circumstances of this case,” Sorkin said. “Thankfully, none of the fury expressed in the victim statements has been as shocking as the death threats and anti-Semitic e-mails that have been directed toward Madoff and his counsel.” Madoff was arrested in December after he confessed to his sons that the private investment side of his business was a fraud. Authorities say Madoff promised investors their accounts were worth as much as $65 billion. In reality, only several hundred million dollars remained. Source: World Business - Livemint.com | 23 Jun 2009 | 2:50 pm
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