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Satyam fraud report by ICAI on July 9The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to look into the multi-crore fraud at erstwhile Satyam Computer will submit its report on July 9.Source: India Business News | Business News - Times of India | 28 Jun 2009 | 11:16 am Wockhardt to sell Animal Health Division to French firmNew Delhi: Pharma firm Wockhardt will be selling its Animal Health Division to France-based Vetoquinol for an estimated Rs170 to 180 crore. Wockhardt has entered into an agreement with Vetoquinol, a veterinary pharma laboratory, to divest the Animal Health Division and the deal is expected to close in the second half of 2009, it said in a statement on Sunday. According to banking sources with the knowledge of the deal, the value of the transaction is estimated to be Rs170 to 180 crore. When contacted, a Wockhardt spokesperson declined to comment on the deal value. “The transaction is subject to the receipt of the necessary administration approvals and should take effect in the second half of 2009,” Wockhardt said in the statement. Shareholders of the company approved the divestment of the Animal Health Division through a postal ballot on 1 June. The company said the move to divest its non-core business is a step towards its continued growth plan and a firm focus on its core human pharmaceutical business. “Wockhardt is re-inventing itself by taking fundamentally strong and positive steps by restructuring and rationalizing its business to raise fresh capital and gain investor confidence,” the statement added. The Animal Health Division had net sales of Rs77 crore for the year ended 31 December 2008. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 10:52 am GM to take on future product liability claimsNew York: General Motors Corp. has agreed to take on responsibility for future product liability claims, removing what could have been a sizable roadblock on the automaker’s path to a quick sale of its assets and emergence from Chapter 11 bankruptcy as a new company. As part of its government-backed restructuring plan, GM wants to sell the bulk of its assets to a new company and leave behind unprofitable assets and other liabilities such as product-related lawsuits. A hearing on the proposed sale is scheduled for Tuesday. But in a concession to consumer groups and state officials who had threatened to block the sale because of product liability concerns, the new company will now assume responsibility for future claims involving vehicles made by the old company, according to documents filed in federal bankruptcy court in New York on Friday. Under the automaker’s previous plan, “New GM” would not have assumed any liability for future claims related to GM vehicles made before the sale and creation of the new company. That meant that consumers who wanted to file a lawsuit related to a defective GM vehicle would have had to seek compensation from “Old GM,” a collection of mostly unprofitable assets left over after the sale, where there likely would be nothing left to pay their claims. But under the new plan, “New GM” will not assume liability for already pending claims against the automaker and those people will still be forced to seek compensation from “Old GM.” “The fact that ‘New GM’ will protect consumers injured by defective ’’ld GM’ cars is a positive development for public safety,” The Ad Hoc Committee of Consumer Victims of Chrysler and GM said in a statement released Saturday. But the group said that more needs to be done, noting that GM’s concession doesn’t help people that have already been hurt by its vehicles. It also said consumers hurt by fellow automaker Chrysler LLC still have little recourse. As part of its plan to sell most of itself to a group led by Italy’s Fiat Group SpA and emerge from Chapter 11, Auburn Hills, Michigan-based Chrysler also asked the judge overseeing its case for permission to leave behind its past and future product liability claims. Consumer groups, as well as several individuals with pending claims against Chrysler, objected and some even took their arguments to the Supreme Court before the sale was ultimately approved and the automaker emerged from court oversight shortly thereafter. GM, which filed for Chapter 11 on June 1, has said it wants to spend no more than 60 to 90 days under bankruptcy protection and that a key part of meeting that goal will be a quick sale of the company’s assets. Under the deal brokered with President Barack Obama’s administration, the U.S. government will get a 60 percent ownership stake in the new GM. The Canadian government will get 12.5 percent, with the United Auto Workers union taking a 17.5 percent share and unsecured bondholders receiving 10 percent. Existing GM shareholders are expected to be wiped out. But even with the resolution of the product liability issues, GM still faces numerous objections to the sale, including ones filed by a group of its unsecured bondholders, a handful of states and cities and individual retirees and shareholders. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 10:46 am EPFO to discuss investing in stocks on 4 JulyNew Delhi: The EPFO’s apex advisory body Central Board of Trustees will take a view on the Finance Ministry’s proposal on 4 July to invest 15% of its corpus in equity, a move that could see over Rs25,000 crore moving into capital markets. Besides deciding the interest rate on provident fund for 2009-10, the CBT, headed by the labour minister, will also discuss the long-pending issue of allowing the EPFO to park part of its funds in the stock markets in its meeting scheduled for 4 July, sources said. The proposal to park funds in the stock market, it may be recalled, was rejected by the Employees’ Provident Fund Organisation’s (EPFO’s) Finance and Investment Committee (FIC) at its meeting on 26 March. The FIC’s recommendations are usually accepted by the CBT, which has the final authority to take any policy decision. The EPFO has a corpus of about Rs1,82,000 crore and the permission to invest 15% funds in equity could have positive implications for the capital market. The Finance Ministry in August last year had suggested an investment pattern to the EPFO under which the organization could park up to 15% of its funds in the companies listed on the Bombay Stock Exchange and National Stock Exchange and also equity-linked schemes of Sebi-regulated mutual funds. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 10:41 am Tata Motors launches Jaguar, Land Rover in IndiaMUMBAI (Reuters) - Tata Motors Ltd, India's largest vehicles maker, on Sunday announced the launch in India of Jaguar and Land Rover vehicles, the marquee brands it bought from Ford Motors last year.Source: Reuters: Money News | 28 Jun 2009 | 10:24 am Iran detains 8 local British embassy staffTehran: Eight Iranian employees of the British embassy in Tehran have been detained for active involvement in post-election unrest in the Islamic Republic, an Iranian news agency reported on Sunday. The move is likely to strain relations further between London and Tehran following Iran’s disputed 12 June presidential election and a tit-for-tat expulsion of diplomats. Iran has accused Western powers - Britain and the United States in particular - of interfering in its internal affairs after the vote, which sparked days of huge demonstrations in which at least 20 people were killed. Britain and the United States have rejected the accusations. “Eight local employees at the British embassy who had a considerable role in recent unrest were taken into custody,” the semi-official Fars News Agency said, without giving a source. “This group played an active role in provoking recent unrest.” Iran’s English-language state Press TV carried a similar report, citing Iranian sources. In London, a foreign ministry spokesman said, “We have in the last few days received a number of sometimes confused reports that British nationals or others with British connections have been detained. We continue to raise them with the Iranian authorities.” A senior diplomat from another Western country said the reported detentions were a “worrying development”. Treacherous Official results showing hardline President Mahmoud Ahmadinejad won re-election by a landslide were met with disbelief by many Iranians who agreed with complaints by the runner-up, Mirhossein Mousavi, that the vote was rigged. The authorities accuse Mousavi of responsibility for the bloodshed that occurred when riot police and religious basij militia crushed the protests. Mousavi blames the government. Iranian officials have over the last week stepped up accusations of foreign interference. Foreign Minister Manouchehr Mottaki said Tehran was considering downgrading ties with Britain, and Intelligence Minister Gholamhossein Mosheni-Ejei said some people with British passports were involved in this month’s unrest. British Prime Minister Gordon Brown announced on 23 June that Britain was expelling two Iranian diplomats after Iran forced two British diplomats to leave. Britain has a long history of involvement in Iran and many Iranians remain suspicious of its motives. The two countries have frequently clashed over Iran’s nuclear programme, which the West suspects is aimed at developing nuclear weapons. Iran denies this, saying it only wants nuclear power for generating electricity. Supreme Leader Ayatollah Ali Khamenei on 19 June attacked foreign powers for alleged interference, singling out Britain as the “most treacherous” of Iran’s enemies. Brown has condemned violence and media censorship in Iran. Britain suspended its diplomatic ties with Iran after the Islamic revolution in 1979, only reopening an embassy in 1988, following the Iran-Iraq war. Ties were downgraded again in the early 1990s, with full normalisation only taking place in 1998. In 2007, 15 British sailors and marines were seized by Iran in the Gulf and released after a tense 13-day standoff. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 10:21 am JLR acquisition a terrific decision: Ratan Tata - Business Standard
Source: Business - Google News | 28 Jun 2009 | 10:13 am Tata launches Jaguar, Land Rover brands in IndiaMumbai: Two of Britain’s most luxurious and elegant auto brands, Jaguar and Land Rover, were on Sunday launched here at prices as rich as their features, although their Indian owner Tata Motors swallowed a Rs2,500 crore loss on account of them. Tata will sell the Jaguar, which had its origins in a motorcycle sidecar company, XF and XKR series for between Rs63 lakh and Rs92 lakh, while Land Rover’s Discovery and Range Rover would be priced between Rs63 lakh and Rs89 lakh. “It’s quite a memorable day in the history and heritage of Tata Motors... JLR has been well received and well established in India (in the past), but over the years this brand has been disconnected from India,” Tata group chief Ratan Tata told reporters announcing the launch. Tata Motors, the country’s largest automobile company, suffered a net loss of Rs2,505.25 crore in 2008-09 mainly on account of JLR that it acquired in March 2008. The expensive JLR marquee suffered on account of the economic meltdown. “We will measure the response to the brands here and at an appropriate time, we will expand the brand to other cities, which is yet to be determined,” Jaguar managing director Mike O’ Driscoll said. Asked how many units the company hopes to sell in India, Land Rover managing director Phil Popham said: “These are premium niche brands, so we are looking at relatively small numbers. Our challenge is to establish the brands here.” About the two brands’ official entry into the country, Tata said: “I think the cars will exhibit the levels of technology and levels of performance here.” Jaguar originally manufactured sidecars that were attached to motorcycles and was called the Swallow Sidecar Company. The two brands would give Indian public an opportunity to experience the “pleasure of driving the superior technology” and now “we have decided to extend the penetration of the two brands in India,” he added. Asked about the current status of JLR asking for financial assistance from the UK government, Tata said: “We are in discussion with the UK government on loan guarantee. We are hopeful that we will find a solution to it. Our funding plans for JLR will progress further...” “Sustaining downturn is extremely important... I would like to see these two brands to come out of the downturn and the companies will have new vehicles and new models.”...the loan that we are talking to, would be allotted to the company by European Banks,“ he added. Regarding cutting pension benefits of the JLR employees, Tata Motors vice chairman Ravi Kant said: “The discussion is going to start by the end of this year and will be closed by July next year.” On sharing, leveraging JLR’s strong markets, like the US, for Tata Motors’ products, the Tata group chief said the company does not have any such plans as the vehicles are in completely different segments. Tata, however, said: “We will work closely on R&D. We will share intellectual property, but we have never tried to merge the two brands with Tata Motors. Over time, the sophistication of dealing with customers and spares will start to commonalise between the two companies.” Tata Motors would also decide about assembling the premium cars in India depending upon the business scales by the two iconic brands, he said. Asked if JLR would look for sourcing opportunities in India in the midst of its profits going down, JLR Chief Executive Officer David Smith said, “As a business sense, we see a whole range of countries, like India, China, North America and Europe. In the past, our team was working in exploring supply base in India, and will explore further.” The company’s focus is to reduce the input costs. Jaguar and Land Rover had suffered a loss of Rs1,777.35 crore in 2008-09 due to the downturn. The income from JLR sales stood at Rs39,270.70 crore. “This country (India) is going to play a very important and long role for the two brands. Last year was very difficult due to global economic downturn, which affected the sales premium cars,” Land Rover’s Popham said. JLR witnessed “excellent” growths in some markets such as Brazil, China and Russia, and is “looking at adding India to it,” he added. Ratan Tata calls JLR acquisition a ‘terrific decision’ Tata Group chief Ratan Tata on Sunday termed the buyout of Jaguar and Land Rover as a “terrific decision” and hoped to bring back glory for the luxury brands. “We at Tata Motors are proud to have these brands...it was a terrific decision that we took to bid for these two brands and own them,” Tata told reporters here after launching the premium brands in India. “...together we can make them go back to the glory that they have quite rightly and deservedly had over the years,” he said. “We are going through a downturn today that has an unfortunately somewhat condemned Jaguar and Land Rover in perception, that perception is very wrong,” Tata said. “The two brands are terrific brands. There is a terrific R&D behind them. It is for us to manage to put them into products and bring the products into production,” he said. The Indian auto major had acquired JLR last year for $2.3 billion from US car maker Ford. To fund this, Tata Motors had taken $3 billion bridge loan. On the refinancing of the $3 billion bridge loan, Tata Motors has already paid $2 billion and has amended the bridge finance loan agreement, under which the car maker would have to repay the remaining $1 billion by 2010. Tata Motors had been struggling to raise long term funds to replace the bridge loan. In July last year, it had got the Board approval to raise up to Rs7,200 crore through three simultaneous but separate rights issues. Subsequently, it came up with two separate issues to raise Rs4,147 crore, which met with cold response from investors and the promoters had to subscribe and increase their stake to 42% from earlier 33%. Tata Motors then borrowed from public, first time since 1995, which it termed as an ongoing requirement, in December, 2008, offering up to 11% annual interest for a period of up to three years. Source: Home - Livemint.com | 28 Jun 2009 | 10:03 am Suzlon sees FY10 net rising; revenue flatMUMBAI (Reuters) - Suzlon Energy expects its consolidated net profit in the fiscal year 2010 to rise on flat revenues, as high one-time costs in the fiscal year 2009 would come down, a senior company official said on Sunday.Source: Reuters: Money News | 28 Jun 2009 | 10:00 am Pakistan puts Rs50 mn bounty on Baitullah MehsudIslamabad: Pakistan on Sunday announced a Rs50 million reward on the head of the country’s Taliban chief Baitullah Mehsud, as security forces step up attacks on his stronghold South Waziristan. Besides Mehsud, a bounty has also been placed on the heads of 11 “most-wanted persons,” according to an advertisement published in newspapers. After over six weeks of military operations in the North West Frontier Province and Swat, the Pakistani Army has turned to South Waziristan, the stonghold of Mehsud, who is also suspected to be behind the assassination of former Prime Minister Benazir Bhutto. While a reward of Rs50 million has been announced for the arrest of Mehsud, dead or alive, Rs15 million has been set for information on Molvi Faqir from Bajaur and Rs10 million each on five others from Mohmand Agency, Darra Adamkhel and South Waziristan. A head money of 5 million has also been offered on another five wanted militants from Bajaur, Kurram Agency and Darra Adamkhel. The government has also released exclusive telephone numbers for passing on information that might lead to the arrest of the wanted persons ‘dead or alive’, Geo TV said. Mehsud already has a $5 million bounty on his head offered by the US. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 9:48 am Monsoon delay to impact growth significantly: Moody’sNew Delhi: India’s economic growth would suffer “significantly”, though not “catastrophically”, and inflation would rise, if delay in monsoon causes reduction in farm produce, Moody’s said. “The monsoon problem has negative implications on economic growth... the damages will be significant, though not catastrophic,” Moody’s economy.com economist Sherman Chan said when asked about economic implications of delay in monsoon. Also readfor complete budget coverage Moody’s said that as the monsoon is crucial to the farm business, the downside effect of its delay will be evident in the agricultural component of the GDP data. Agricultural output typically represents less than 20% of the country’s GDP compared with service-related sectors which account for more than 50%, Chan said. However, there would also be a spillover effects to other sectors, she said. “For instance, a slump in agricultural output will hurt the income of some businesses and households. This will in turn weigh on business investment and household consumption, so service-related sectors may also feel a bit of the squeeze caused by the monsoon problem,” she explained. Moody’s further said that delay of the monsoon also an upside risk to Indias inflation outlook. “As crops are affected by the lack of rainfall, supply of agricultural goods may fall, subsequently putting upward pressure on prices,“ she added. Even after rising moderately, inflation still stood in the negative zone at 1.14% for the week ended 13 June. However, prices of food items like pulses, cereals, fruits and vegetables increased compared to last year. Planning Commission deputy chairman Montek Singh Ahluwalia had also admitted that delayed monsoon is a matter of concern. However, he had also said, “I think it is too early to say so. If it revives tomorrow and becomes normal, then the impact would be very very small.” Monsoon, he added, “is a very complex system and the fact that it delayed by two weeks does not mean that it is not going to recover”. Earlier this week, earth sciences minister Prithviraj Chavan had said rainfall for the country as a whole is likely to be 93% of the long-period average. This is 3% less than what the India Meteorological Department (IMD) had forecast in April. According to the forecast, the north-western region is likely to get deficient rainfall while monsoon is expected to be below normal in the north-eastern and peninsular India. Central India, which is yet to receive rains, is likely to have a normal monsoon. Source: Home - Livemint.com | 28 Jun 2009 | 9:36 am BSNL mulls partnership with foreign telecomNew Delhi: Amid falling revenues and profits, state-owned BSNL is mulling a proposal to induct a strong foreign telecom operator as a strategic partner to reverse its fortunes, a move that may yield more money to the government than from listing or disinvestment. “A strategic partner will be a better option...provided the government is favourable to that idea,” a source, working closely on the listing of the PSU and involved in negotiations with the employees unions, said. BSNL’s valuation has been pegged at about $100 billion and the PSU has a paid up capital of about Rs5,000 crore ($1.04 billion). BSNL had reported a revenue of Rs38,000 crore and a net profit of Rs3,000 crore in the last fiscal and this year the company has projected a dip in both total income as well as net profit, mainly due to lower average revenue per user (ARPU) and if the trend continues for few years the company’s long term plans may suffer. Asked why a foreign strategic partner should be favoured over listing and disinvestment, sources said “...because when they come they can have a say in the management and change the face and culture of the company.” There are many big foreign telecom operators, like AT&T, France Telecom and others, who are looking at entering the Indian market and these companies are in talks with some of the private service providers. BSNL sources said the government must look at this also along with other options. “If this happens, it can redefine the rules of the game in the country and it would be desirable for the government to look at this option also.” BSNL has a subscriber base of nearly 50 million, whereas private operators like Bharti Airtel and Vodafone Essar have moved ahead much faster in the recent months. The PSU added only 0.50 million users in May 2009 compared to 1 million in the previous month, BSNL officials said, adding that the company was expecting to add 1 million in June. The company is in the process of expanding its GSM capacity by a massive 93 million lines, for which a tender has been floated and BSNL may place orders soon with the equipment suppliers. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 9:27 am Home Ministry builds strong case for hike in 2009-10 budgetThe Union Home Ministry has made out a strong case for a hike in the budgetary provisions to meet various needs of police forces.Source: Daily News & Analysis: Money News | 28 Jun 2009 | 9:25 am US bank collapses touch 45 in 2009New York: Forty five banks have failed in the United States this year, with an average of seven entities going belly up every month. Five banks collapsed on 26 June, taking the toll to 45, which is much higher than 25 such failures for the whole of 2008. More banks, especially the smaller ones, are expected to collapse in the coming months, even though the economic turmoil seems to be easing. The Federal Deposit Insurance Corporation, which is often appointed as the caretaker of failed entities, has said five banks were shuttered on 26 June. The latest names to join the failed list are Mirae Bank, Metro Pacific Bank, Horizon Bank, Neighborhood Community Bank and Community Bank of West Georgia. Last week, the authorities shut down three banks -- First National Bank of Anthony, Cooperative Bank and Southern Community Bank. Recently, the FDIC said the number of “problem banks” in the country have increased to 15-year-high of 305 in the first quarter of 2009. The count stood at just 252 in the December quarter. A staggering 70 banks have gone burst since January 2008. Four banks each were shut down on 13 February and 24 April, while three banks each collapsed on 30 January, 6 February and 20 March. The world’s largest economy officially entered into recession in December 2007. Official data has shown that the US economy shrank 5.5% in the first quarter of this year, less than earlier expected. Source: Home - Livemint.com | 28 Jun 2009 | 9:05 am ONGC, IOC, BSNL, SAIL, CIL may be termed MahanavaratnasNew Delhi: Oil majors ONGC and IOC, telecom firm BSNL, steel-maker SAIL, and Coal India Ltd (CIL) may be the only state-run firms which would be granted the coveted ‘Mahanavaratna’ status, conferring them greater operational autonomy. According to the criteria set by Department of Public Enterprises (DPE), only five pubic sector enterprises (PSUs) could meet the qualifying norm in turnover, profitability and net worth. Sources said Mahanavaratna status would be given to PSUs who had clocked Rs30,000 crore or more turnover in the past three years and earned more than Rs5,000 crore profit after tax in three consecutive years. Also, the Mahanavaratna-eligible PSU should have an average net worth of Rs15,000 crore and global presence, according to the cabinet note circulated by DPE. ONGC had clocked a net profit of Rs16,126 crore in 2008-09, while in the preceding years the profit of Rs16,701.65 crore and of Rs15,642.92 crore. The net sales of ONGC in 2008-09 was Rs63,949 crore. It was Rs59,848.48 crore in 2007-08 and Rs56,641.42 crore in 2006-07. While IOC registered a net profit of Rs6,962.58 crore in 2007-08, in the preceding years the profit was Rs7,499.47 crore and Rs4,915.12 crore. The standalone total income of the company rose to Rs3,09,087.59 crore during fiscal year 2009, from Rs2,49,169.16 crore in the previous fiscal. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 8:45 am Jindal Steel to raise Rs500 cr through rights issueNew Delhi: The country’s largest stainless steel producer, JSL Ltd, is planning to come out with a rights issue to raise Rs500 crore to part fund its Orissa project. “In all likelihood, the company will come out with a rights issue in next 60 days aimed at raising Rs500 crore. Within 10 days JSL will start the work on the same,” a source familiar with the development said. The O P Jindal-group company is looking to issue over seven crore shares to its existing shareholders which would strengthen the promoter’s stake by about 4% in the firm to 60%, a market source in the know of possible rights issue by the firm said. When contacted, JSL Director (Strategy & Business Development) Arvind Parakh said, “The company has already got approval of its board to raise Rs500 crore to partly fund the equity component of the second phase of our Orissa expansion project. We are mulling at different options to raise the amount, including rights issue.” The stainless steel major is undertaking Rs5,600-crore capacity augmentation programme in the second phase of the Orissa project to set up an 8-lakh tonne per annum (LTPA) mill to produce the alloy. For funding the project, JSL has already raised about Rs4,400-4,500 crore in debt, and the rest is to be borne by the promoter and the company’s internal accruals. The company has already installed a 250-MW power plant, a 2-LTPA ferro-alloy mill along with a 4.25-LTPA coke oven unit in the first phase of the project. Along with its current 7-LTPA stainless steel mill in Hissar, JSL Ltd aims to reach an overall production capacity of 1.5 million tonnes per annum (MTPA) by March 2012. The company is also planning to restructure its Rs4,300-crore debt to part fund the expansion of its Orissa project and avoid a possible default on the loans. JSL’s debt-equity ratio stands at about 3:1 at present. Waning demand for the alloy, followed by steep fall in prices and correction in raw material rates along with fluctuation in foreign exchange rate pushed the company to post loss in the third and fourth quarter as well as the whole of 2008-09 financial year. JSL Ltd has reported a net loss of Rs609.45 crore for the financial year 2008-09. The company had a net profit of Rs266.30 crore during the year ended March 31, 2008. Source: Home - Livemint.com | 28 Jun 2009 | 8:36 am Microsoft expands distributor network in 33 citiesCoimbatore: As part of its commitment to offer Small and Medium Business (SMB) segments’ better access to IT solutions, Microsoft India has expanded its distributor network by creating new sub-distributor network in Coimbatore and in 32 other Indian cities. Operating on a hub and spoke model, this has the capacity to support over 1,800 to 3,500 additional business partners and through this the company hopes to further expand its SMB partner community in India, S Karthikeyan, who has been appointed as sub-distributor here, said in a release. The four million SMBs in India represented 99% of business and were responsible for generating 50% of the country’s GDP, he added. Microsoft is now present in 16 cities across the country, reaching out to over 200 towns, Rajeev Mittal, group director, SME, Microsoft India, said. The economic downturn has brought an additional problem of increasing credit crunch. With the new model, the partners can look for support from the sub-distributors for help with understanding Microsoft policies and products, supply as well as credit, Mittal said. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 8:33 am Insurance sector seeks tax rebate on long-term savingsMumbai: The insurance sector is seeking a separate threshold for I-T deductions for long-term savings and a relook at the taxation structure in the forthcoming Union budget. “There should be a separate limit for deductions under Section 80C for long-term saving instruments like life insurance and pensions as they address the needs of individuals on a long-term basis,” Aviva India CEO and managing director T R Ramachandran said. Section 80C of the Income-tax Act provides for a deduction of up to Rs1-lakh to an individual for making investments in certain savings instruments or incurring expenditure on tuition fee and repayment of housing loan. “Currently, the Rs1-lakh deduction under Section 80C also includes short-term saving instruments like some mutual funds and fixed deposits and hence the government should look at encouraging people to save for the long-term by providing a separate limit for long-term savings,” Ramachandran said. Expressing a similar view, ICICI Prudential Life Insurance’s executive vice-president Puneet Nanda said, “The availability of similar benefit under Section 80C for both short-and-long-term instruments ends up encouraging short-term investments. So, a separate limit for long-term investments such as life insurance and annuity under Section 80C may be considered.” IDBI Fortis’ managing director and CEO G V Nageswara Rao said the present investment limit under Section 80C is common for all instruments like insurance, mutual funds and postal schemes, amongst others. “We are seeking a limit specific to long-term instruments like insurance products,” Rao said. Max New York Life Insurance chief financial officer Sunil Kakkar said that insurance creates a habit to invest on a long-term basis and the Government should encourage long-term investments by providing tax incentives. “There has to be a differentation between long-term and short-term investments under section 80C,” Kakkar said. The life insurance companies are also seeking exemption on annuity payment. “Insurance companies offer pension products which is paid on an annuity basis. At present, this is taxable which is a burden for pensioners. There should be a tax exemption for annuity payment,” IDBI Fortis’s G V Nageswara Rao said. A change in the rules of taxation in annuity is required, Kakkar said. “A relook at the taxation structure in annuity which is presently taxable is called for and only the interest portion should be taxed,” Kakkar said. “Exempting from tax the principal (savings) portion of annuity pay-outs may be considered. Taxing the whole annuity payout, which is the current tax regime, leads to double taxation,” Nanda said. The life insurance sector has also demanded that service tax, in case of ULIPs, should be levied on fund management charges only. “The Finance Act, 2008, levies service tax on the entire range of charges in ULIPs resulting in higher cost of insurance for customers. An exemption from service tax on charges other than administration charges would provide relief and bring parity between ULIPs and mutual funds,” Nanda said. “Service tax should be there only for the fund management charges for ULIPs as it is not comparable with mutual funds,” Rao said. Source: Home - Livemint.com | 28 Jun 2009 | 8:15 am Fiscal deficit may rise 1% over interim budget forecast: S&PNew Delhi: The Centre’s fiscal deficit may increase by 1% over the interim budget projections to reach 6.5% of GDP due to possible stimulus measures in the full budget to be presented next month, S&P said. “We think there is a possibility that India’s fiscal deficits would increase by 1 percentage point of GDP, from the level expected by the interim budget,” Standard and Poor’s sovereign rating director TK Ogawa said. He attributed this to the finance minister Pranab Mukherjee’s statement in the interim budget that the next government will have further stimulus measures, which could be 0.5-1% of the size of the GDP. Earlier in February this year, S&P warned that India’s ratings could be downgraded to junk grade if its fiscal deficit widens significantly. The rating agency said that the single largest negative factor to affect the sovereign ratings on India is the large size of fiscal deficit of the government and S&P would pay attention to the contents of the full budget. Ogawa further said that it is also important whether and at which pace the government will plan the divestment of the state-owned companies. “However other factors such as the pace of the recovery of the economy, future inflation rate and the monetary policy of the RBI are also important factors (in reviewing the rating),“ he added. In the interim Budget for 2009-10, the government projected the fiscal deficit to be at 5.5% of GDP. Finance minister Pranab Mukherjee would present the budget on 6 July and may revise the targets of fiscal deficit for 2009-10. In 2008-09, fiscal deficit touched 6.2% against the revised projections of 6%, due to three stimulus packages to spur the slowing down economy, which increased the government’s expenditure and lowered revenues. Ogawa said various stimulus measures taken by the government have mitigated the strong downward pressure on the economic activities of the country to some extent. “However it is difficult to tell the level of the impact and effectiveness of the stimulus measures of the government on India’s economy,” Ogawa added. This is because, he said, as the current economic condition of the country is the result of many factors combined and extracting the impact of certain policy measures are very difficult. “It would also be too early to talk about the implication of the stimulus measures on the economy,” Ogawa added. Indian economy grew by 6.7% during 2008-09, much more than what many experts had predicted. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 7:32 am Centre may hike petrol, diesel prices - Economic Times
Source: Business - Google News | 28 Jun 2009 | 7:15 am Auto sector wants govt to continue with present sopsNew Delhi: With last year’s decline in sales due to economic meltdown still haunting the auto makers, the industry wants the government to continue with sops announced in the two stimulus packages and ensure easy availability of finance in the forthcoming general budget. Major auto players want the government to continue with the 4% CENVAT cut and further bring down the excise duty to 85 from 10%, as announced in the two stimulus packages in December and January. To fuel sales of commercial vehicles, which are still falling, the auto makers feel that speedy implementation of infrastructure projects, coupled with some additional incentives, will be a strong way forward. “Availability of finance at reasonable cost is important for the industry, without which sales of vehicles can’t be revived,” Maruti Suzuki India chairman R C Bhargava said. On the commercial vehicle front, he said: “Better implementation of infrastructure will boost the sector. CV segment will grow if infrastructure projects grow, like highways, power plants etc.” Benefits of the two stimulus packages should continue as the auto sector has not fully recovered yet and withdrawal of the incentives could even push the sales into negative territory, he added. Expressing similar sentiment, Bajaj Auto Chairman Rahul Bajaj said: “Export markets are severely hit due to global financial turmoil, so we need to improve the domestic demand... Banks should lend at reasonable rate to customers.” Because of “some mistakes” in the past, banks have huge non-performing assets and so are hesitant to lend to poor people, he added. Bajaj also said the companies, which do not import huge amount of goods, should be allowed to utilise the incentives received under the Duty Entitlement Pass Book Scheme (DEPB) by redeeming them in monetary terms. DEPB is a duty credit entitlement issued to companies on post-export basis to neutralise the incidence of customs duty on their import content. The country’s largest exporter Hyundai Motor India spokesperson Rajiv Mitra said the government should provide sops to boost overseas sales. Besides, he urged the government to remove differential excise duties for different sizes and class of cars. General Motors India Vice-President P Balendran sought uniform tax structure and said the additional excise duties of Rs15,000 and Rs20,000 on cars of 1500 cc and above should be removed. He added excise duty on large cars should be brought down from 20% and uniform taxes should be implemented, apart from encouraging production of electric and hybrid vehicle projects. Source: Home - Livemint.com | 28 Jun 2009 | 7:07 am South Korea Kumho Asiana says to sell Daewoo EngSEOUL (Reuters) - South Korea's Kumho Asiana Group said on Sunday it had decided to put Daewoo Engineering & Construction Co up for a sale to ease investors worries about its liquidity.Source: Reuters: Money News | 28 Jun 2009 | 6:48 am Indian stocks best performers in 2009 so farNew Delhi: Indian stocks have emerged as the best performers among those in the emerging and the developed markets across the globe so far this year, giving investors the highest return of nearly 60%. According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, Indian stocks have outperformed their global peers, including in the US, the UK and China in 2009 so far. Indian stocks have provided a return of 59.30% year-to-date, against 34.37% gains provided by MSCI Barra’s emerging market index, covering all developing nations. Indian stocks have even outperformed all the developed world markets covered by MSCI Barra, as the markets in the US and the UK gave returns of just 2.33% and 10.17%, respectively, so far this year. Among the emerging Bric (Brazil, Russia, India and China) nations, the Brazilian market was the closest competitor with gains of 56.89% till 26 June year. The Chinese and the Russian markets have given returns of 36.77% and 41.61%, respectively, in the year so far. The 30-share benchmark index of Indian stocks, Sensex, gained over 5,000 points in the year so far to settle at 14,764.64 points on 26 June compared to 9,600 levels on December 31, 2008. Other emerging markets which gave over 50% returns so far this year include Indonesia (55.85%) and Chile (51%). Analysts opined that the Indian markets have been rising on the positive global cues and got a positive spur from the decisive mandate in favour of Congress-led UPA in the general elections. “The Indian stocks have been on a recovery path primarily in the past three months due to election results and on expectation of new government spurring the economic reforms in the country in the days to come,” an analyst from a leading brokerage said. Meanwhile, other developed markets including Canada gave 25% returns, Sweden (21.42%), Norway (24.70%) and Japan (2.45%), according to the data. Further, Indian stocks have also performed significantly better in the past three months period up to 26 June and have given foreign investors returns of 62%. The Brazilian markets gave returns of 40%, Russia 34.37% and China 34.98% in the three months. Source: Home - Livemint.com | 28 Jun 2009 | 6:30 am Sensex post-Budget may defy previous downward trendNew Delhi: The stock market has put up a disappointing show in a month after the Budget announcement seven times in the past 10 years, but analysts have opined that this time the government’s move on policy reforms may provide a positive surprise. An analysis of the market performance one month prior and a month after the Budget announcement in the past 10 years by Morgan Stanley showed that the Bombay Stock Exchange index, Sensex, had been in the positive territory on just three occasions. “The market may provide a positive surprise since we expect the finance minister to deliver a reform-oriented Budget,” the report by Morgan Stanley stated. Last year, the Sensex had dropped nearly 7% a month after the announcement of the budget on 29 February 16,300 points from 17,579 points on the budget day. Similarly, the years when the market saw a decline a month after the budget announcement were, 2007( down 0.4%) 2005 (3%) 2003 (5%), 2002 (2.6%), 2000 (7.5%). In 2001, the index had plunged the highest by 11.4% a month after the budget announcement, the data showed. Despite the history not favouring an upward movement in the market in the month after the budget announcement, Morgan Stanley’s India strategist Ridham Desai opined that this time history may not necessarily be relevant. The benchmark index had actually surged after budget announcement in 1999, 2004 and 2006. The index had gained as much as eight per cent in 1999, 7.3% in 2004 and 6.9% in 2006, the data showed. “We are bullish on the budget as the government is likely to put up an investor friendly announcement. And despite some surprises, the budget is likely to lift up market sentiment,” Geojit BNP Paribas Financial Services Alex Mathews Research Head said. In 2006, the Sensex crossed the 11,000 level a month after the financial document was tabled in Parliament from around 10,000 levels on the budget day. While, in 2004 the index had crossed the 5,000-mark from around 4,800 levels prior to the event, the analysis revealed. Mathews said as the disinvestment programme depends on a positive momentum in the market, the government is unlikely to disturb the growing investor confidence by any drastic steps. “We think the budget will provide positive signals, indicating the government is keen to make progress in policy reforms,” the Morgan Stanley report stated, However, Bonanza Portfolio assistant vice president Avinash Gupta prefered to maintain a neutral outlook on the market performance post the budget. “Market has already built in expectations from upcoming budget and most of the movement is likely to be sector specific depending upon the announcement.” Source: Home - Livemint.com | 28 Jun 2009 | 6:10 am Hospitality hopes for concessions from budget for revivalNew Delhi: The hospitality sector, hit hard by lower tourist footfalls in the wake of the global economic downturn, is looking forward to a series of concessions from the forthcoming budget. Travel and hospitality industry officials said their major expectations include reduction in luxury tax, tax holidays at key destinations and industrial hubs, loans at concessional interest rates, and granting of infrastructure status to the hotel segment for easy funding. Carlson Hotels executive vice-president (South Asia) K B Kachru wants revival of the infrastructure status for the hotel industry which was withdrawn in 2001. Also readfor complete budget coverage “This will facilitate taxation benefits on new hotel projects and make them more profitable,” Kachru said, adding that a uniform luxury tax across all states, capped at 10%, would be welcome. Also, there should be “separate guidelines for project appraisals by banks and financial institutions,” he said. The downslide in the sector can be gauged from the fact that the arrival of foreign tourists in India, according to Ministry of Tourism figures, during January-May this year dipped by 10.59% to 21.27 lakh, from 23.79 lakh during the same period last year. The country earned Rs 20,892 crore worth of foreign exchange from inbound travelers during the first five months of 2009, a fall of 6.80% over the figure of Rs22,416 crore during January-May period of last year. Starwood Hotels and Resorts, which owns global brands like Sheraton and Le Meridien, has also supported the call for infrastructure status. “The hotel industry is one of the largest employers in the country and involves huge investments. Grant of infrastructure status with its resulting tax benefits is very essential,” Starwood Hotels and Resorts regional director, sales and marketing (India, Bangladesh and Maldives), Larry Malarkar said. Leading travel portal Yatra.com said the government should waive off the service tax for sale of flight tickets through Online Travel Agencies. “The online travel industry is $800 million in the country and growing at 35% annually. A lot of it depends on air travel transactions,” Yatra.com Chief Executive Officer Dhruv Shringi said. He said that Aviation Turbine Fuel should be brought under the central sales tax regime. “This will reduce its price and help make air travel cheaper (which is good for online travel sector),” Shringi added. Travel Agents Association of India (TAAI), the travel operators’ body, has asked the government to grant export industry status to tourism sector and exempt travel agents from paying service tax for five years. Besides, TAAI President Rajji Rai said that section 80 HHD of the Income Tax Act, 1961 should be revived so that travel agents are allowed to transfer part of their profit to Tourism Development Reserves for investment in tourism-related projects. Source: Home - Livemint.com | 28 Jun 2009 | 5:57 am Indian stocks best performers in 2009 so farIndian stocks have emerged as the best performers among the emerging and the developed markets across the globe so far this year, giving investors the highest return of nearly 60%.Source: India Business News | Business News - Times of India | 28 Jun 2009 | 5:55 am Tata Motors launches Jaguar, Land Rover brands in IndiaTata Motors on Sunday launched in India its marquee car brands Jaguar and Land Rover, which it had acquired from the US car maker Ford.Source: India Business News | Business News - Times of India | 28 Jun 2009 | 5:53 am BSNL eyes 1L customers for 3G servicesBSNL targets a customer base of one lakh users for its 3G services over next three months while expanding its network to cover 1,000 cities by the year-end.Source: India Business News | Business News - Times of India | 28 Jun 2009 | 5:53 am Govt should increase customs duty on steel to 10%: FicciIndustry body Ficci has asked the government to raise customs duty on steel from 5% to 10% in a set of pre-Budget suggestions for the steel sector.Source: India Business News | Business News - Times of India | 28 Jun 2009 | 5:25 am Porsche fumes at VW, Lower Saxony 'extortion'FRANKFURT (Reuters) - Porsche accused Volkswagen and its key shareholder Lower Saxony of extortion following a magazine report that VW and the regional state had demanded Porsche accept a tie-up of the two carmakers with VW in charge.Source: Reuters: Money News | 28 Jun 2009 | 5:20 am Hummer buyer to open talks with China regulators - reportCHICAGO (Reuters) - The potential buyer of General Motors Corp's Hummer division will begin formal talks with Chinese regulators on Monday in an effort to win approval for its acquisition, The Wall Street Journal reported on Saturday.Source: Reuters: Money News | 28 Jun 2009 | 5:18 am JPMorgan CEO warns against too many regulatorsCHICAGO (Reuters) - Too many regulators will only increase costs and reduce credit opportunities for consumers, JPMorgan Chase & Co Chief Executive Jamie Dimon warned in a column he wrote in Saturday's Wall Street Journal.Source: Reuters: Money News | 28 Jun 2009 | 5:15 am Budget may clear air on service tax on import of servicesNew Delhi: The Finance Ministry is likely to clarify the issue of tax on importing services, where the question is whether the tax is applicable for a business transacted before 2006 or not. With many cases of litigation going on in tribunals and courts, the government would surely like to resolve the issue in this budget, official sources said. The date for implementing this provision has been a contentious issue for some time. Clarification was given for the Service Tax Rules in 2006, by which a domestic firm is liable to pay tax if it receives service from a country where it does not have a permanent establishment. However, the tax department is raising service tax demands from 2002, when the service tax rule was made, through show-cause notice to companies like Oracle, Ranbaxy and Jet. If a company incorporated in India does not have a permanent establishment in the UK and receives services from a British firm for a project proposed to be established in the UK, the company is liable to pay service tax because it is the recipient of the services But if a company incorporated in India has a permanent establishment in the UK, it will not be liable to pay service tax on services received by its UK arm. However, some companies get into litigation in the tribunals/courts on the plea that the tax should be levied from 2006, when the government introduced this new provision to govern the taxation of imports of services. Sources said the revenue implication in the case could be huge in case the department is directed to levy this tax from 2006. However, if the reverse happens, the department has to levy taxes from 2002, there would be no problem as the department has raised demands keeping this in mind, sources said. Sources said the tax officials had to raise the demand from 2002 as demand cannot be raised after five years. Source: Home - Livemint.com | 28 Jun 2009 | 5:04 am Potato to get costlier due to delayed monsoonNew Delhi: Potato prices, which have risen by up to 45% in the last one month in retail markets across the country, might increase further in coming days on fears that output could be affected due to delayed monsoon. “There are possibilities of further rise in prices of potatoes in the coming days as planting of tuber crop during kharif season has not yet begun because of delayed rains,” National Horticultural Research and Development Foundation (NHRDF) Additional Director Satish Bhonde said. Bhonde noted that traders are increasing the price in anticipation that late monsoon may hit kharif potato crop. The timely sowing of potato during kharif season (which starts from June) would have offset price rise, he added. Karnataka, Maharashtra and Uttarakhand are few states, where potato planting is done during Kharif season. According to the data maintained by the Consumer Affairs Ministry, potato prices have increased in the last one month to Rs14-16 per kg from Rs9-13 a kg in May, owing to lower production in the Rabi season. Failure of crop in West Bengal, a key growing state, has accounted to a 20% decline in total country’s production to 25 million tonnes in 2009-09 from 30 million tonnes last year, according to NHRDF. Bhonde further said that any increase in prices would further escalate production cost as seeds would also get expensive, making potato cultivation a costlier affair for farmers. However, Jangbahadur Singh Sangh, a potato exporter from Punjab, discounted any impact of late rains on production vis-a-vis prices in the coming months saying that Kharif production contributes only 10% to the total output. Maximum of tuber crop comes from Rabi season. Source: LatestNews-Home - Livemint.com | 28 Jun 2009 | 4:46 am Wkly Tech Analysis: Nifty resistance seen at 4450 - Business Standard
Source: Business - Google News | 28 Jun 2009 | 3:16 am Prosecutors ask judge to imprison Madoff for life!Swindler Bernard Madoff should spend the rest of his life in prison, US prosecutors argued on Friday, citing the "unique scope and duration" of his crimes as the leader of Wall Street`s biggest fraud.Source: Zee News : Business | 28 Jun 2009 | 12:09 am Sun Pharma to come out with revised guidance after FDA action!Sun Pharmaceuticals on Saturday said it would come up with a revised guidance on its performance in the wake of action taken by the US health regulator FDA against Caraco Pharma, its US-based subsidiary.Source: Zee News : Business | 28 Jun 2009 | 12:09 am `Centre to monitor crude oil prices, before petro hike`!The Government on Saturday said it will watch the situation on international crude oil prices before deciding on the petroleum price hike.Source: Zee News : Business | 28 Jun 2009 | 12:09 am Spicejet posts Rs 7.82 cr loss for Q4!Low-cost carrier Spicejet on Saturday reported a loss of Rs 7.82 crore for the fourth quarter ended March 31, 2009.Source: Zee News : Business | 28 Jun 2009 | 12:09 am SBI car loans at 8% for 1st yr, 10% for 2nd, 3rd!State Bank of India, on Saturday said that it was launching a new car loan scheme for financing new cars on July 1, called SBI Ezee Car Loan Scheme.Source: Zee News : Business | 28 Jun 2009 | 12:09 am Air India offers special monsoon fares!After private air-carrier, Jet Airways, it is now the turn of national airline, Air India, to offer monsoon special fares to customers on select destinations on its domestic network.Source: Zee News : Business | 28 Jun 2009 | 12:09 am Essar Oil to raise USD 2,000 mn!Private sector refiner, Essar Oil on Saturday said it will raise USD 2,000 million (nearly Rs 9,606 crore) through various domestic and international fund raising routes.Source: Zee News : Business | 28 Jun 2009 | 12:09 am Weekly News Round upTata Steel reported a 61 per cent drop in its consolidated net profit at Rs 4,849 crore for the year ended March 31, 2009, against Rs 12,322 crore registered in the same period last year mainly due to a sharp fall in demand in Europe and South Asia.Source: Business Line - Home Page | 28 Jun 2009 | 12:00 am S. Kumars buys US co Hartmarx; to invest Rs 168 crMumbai, June 27 S. Kumars Nationwide, along with its operating partner Emerisque, UK, has acquired Chicago-headquartered Hartmarx Corporation for $119 million (Rs 571 crore).Source: Business Line - Home Page | 28 Jun 2009 | 12:00 am SBI cuts car loan ratesMumbai, June 27 To increase its credit offtake and market share, State Bank of India on Saturday reduced the interest rate on car loans to 8 per cent for the first year. For the second and third years, the bank will charge 10 per cent, and fromSource: Business Line - Home Page | 28 Jun 2009 | 12:00 am FIIs turn off Indian stocks to havens closer homeChennai, June 27 Foreign institutional investors (FIIs) have turned net sellers in Indian stocks after being consistent buyers over the past couple of months. The recent selling appears to be triggered by profit-taking by overseas investors, asSource: Business Line - Home Page | 28 Jun 2009 | 12:00 am India Cements net down 10% in Q4Chennai, June 27 India Cements has reported a 10 per cent drop in net profit for the fourth quarter ended March 31, 2009, compared with the corresponding period in the previousSource: Business Line - Home Page | 28 Jun 2009 | 12:00 am NTPC eyes takeover of ailing SEB stationsNew Delhi, June 27 NTPC Ltd is betting on revenue streams from technical support assignments for State Electricity Boards (SEBs) to improve the operational efficiency of their thermal power stations, given the ongoing power shortages.Source: Business Line - Home Page | 28 Jun 2009 | 12:00 am Minor blaze at Taj has firemen in a tizzy - Times of India
Source: Business - Google News | 27 Jun 2009 | 11:31 pm India Cements posts lower net profit - Hindu
Source: Business - Google News | 27 Jun 2009 | 9:17 pm SBI cuts car loan rates - Hindu Business Line
Source: Business - Google News | 27 Jun 2009 | 7:04 pm BK Birla to up promoter stake to 40% in group cos - Business Standard
Source: Business - Google News | 27 Jun 2009 | 6:47 pm Northern truck market revs upSome signs of recovery, or green shoots, in medium and heavy commercial vehicle sales have emanated from the northern states.Source: Business Standard | Front Page Headlines | 27 Jun 2009 | 6:42 pm Caraco shock: Sun Pharma to revise guidanceSun Pharma today said it would revise the revenue guidance for 2009-10 as the company was not sure when its US subsidiary, Caraco Pharmaceuticals, would be able to meet the regulatory standards of the Food and Drug Administration (USFDA).Source: Business Standard | Front Page Headlines | 27 Jun 2009 | 6:41 pm MJ concert organiser faces the musicMichael Jacksons death is turning into a nightmare for the organiser of This is It, the 50-concert gig of the pop icon scheduled to have begun on July 13 at Londons famous The O2 Arena. While refund of the 750,000 tickets seems inevitable at this stage, the financial implication of the canceled tour is far from clear. Some experts have estimated the loss could be upwards of 50 million.Source: Business Standard | Front Page Headlines | 27 Jun 2009 | 6:39 pm SBI stirs auto loan martDrops rate to 8%, others may find it hard to match.Source: Business Standard | Front Page Headlines | 27 Jun 2009 | 6:38 pm Allahabad Bank cuts lending ratesPublic sector Allahabad Bank on Saturday announced 25 basis points reduction in benchmark lending rates from 12.25% to 12%.Source: India Business News | Business News - Times of India | 27 Jun 2009 | 1:30 pm SBI car loans at 8 pc for first year, 10 pc for second, thirdState Bank of India said that it was launching a new car loan scheme for financing new cars called SBI Ezee Car Loan Scheme.Source: Daily News & Analysis: Money News | 27 Jun 2009 | 12:10 pm Air India offers special monsoon faresTickets under this offer can be purchased between June 27 - July 3 for travel up to September 10, a company press release said.Source: India Business News | Business News - Times of India | 27 Jun 2009 | 12:04 pm Monsoon advances to central region - Reuters India
Source: Business - Google News | 27 Jun 2009 | 11:58 am Monsoon advances to central regionNEW DELHI (Reuters) -India's monsoon has revived and advanced after a prolonged weak phase to the central region comprising the states of Madhya Pradesh and parts of Uttar Pradesh, the country's top weather official said on Saturday.Source: Reuters: Money News | 27 Jun 2009 | 11:50 am Unitech Said to Raise $575 Million in Sale to Institutions - Bloomberg
Source: Business - Google News | 27 Jun 2009 | 11:37 am Vodafone Zoozoos fail to impress at CannesIt may not be as big as last year but India so far has managed to get three nominations this year in the Film Lions category at the International Advertising Festival, Cannes.Source: Moneycontrol Top Headlines | 27 Jun 2009 | 9:42 am
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