Fibre rollout in major cities near completion: Tulip Tele

Hardeep Singh Bedi, CMD, Tulip Telecom, said good Q4 FY09 results were primarily due to higher volumes. He said fibre customer addition helped in improving average revenue per users. “The fibre rollout is almost complete in major cities and we have started getting revenues from the fibre rollout.”
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 3:26 pm

See minimum 10% growth in FY10 sales: Havells India

Anil Gupta, Joint MD, Havells India, sees a minimum 10% growth in sales for FY10.
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 3:01 pm

Rupee down 5 paise against dollar in early trade!

The rupee fell by five paise against the US currency in early trade on Monday after increased demand for dollar by oil importers.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

Oil extends losses on economic concerns!

Oil slipped further in Asian trade Monday as investors continued to worry over the state of the US economy, the world`s biggest energy user, analysts said.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

FICCI pushes for Indo-US FTA excluding agriculture!

Industry body FICCI has called for an Indo-US FTA excluding the contentious issues like agriculture.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

Asia stocks mixed, dollar regains footing!

Asian stock markets were mixed on Monday as many investors stuck to the sidelines as the Q2 winds down, while the dollar recovered from a slide on worries about the push by emerging countries for a reserve currency alternative.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

White House advisor hopeful on US economic recovery!

The United States could experience strong growth as it comes out of the current economic downturn, a senior advisor to US President Barack Obama said in an interview on Sunday.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

Sensex gains 67 pts in opening trade!

The Bombay Stock Exchange index Sensex opened higher by nearly 67 points today on fresh buying by investors amid mixed Asian stock markets.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

Microsoft to sell Razorfish: Report!

Microsoft has hired Morgan Stanley (MS.N) to sell Razorfish, its digital agency, and French marketing company Publicis Groupe SA (PUBP.PA) is thought to be a possible bidder, the Financial Times said on its Website late Sunday.
Source: Zee News : Business | 29 Jun 2009 | 12:36 pm

Shree Renuka to use QIP funds to expand refining capacity

Narendra Murkumbi, MD, Shree Renuka Sugars said the company had almost completed its qualified institutional placement (QIP) issue and the details were expected soon. “We will increase our refining capacity to 6,000 tonnes per day,” he said.
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 11:39 am

Wind market to return to normalcy by FY11: Suzlon

On Suzlon’s future prospects, Sinha stated that it is fully provisioned to cover blade crack costs and that there is no specific target on quantum of fund raising. He is quite bullish on global wind industry and expects the wind energy market to return to normalcy by FY11.
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 11:26 am

Sensex marginally up by 21 points

The benchmark Sensex of BSE erased early gains to close moderatly higher by 21 points on alternate bouts of buying and selling days ahead of the Budget.
Source: India Business News | Business News - Times of India | 29 Jun 2009 | 11:09 am

Govt may keep tax rates steady in July budget

Reuters - India is likely to keep tax rates broadly unchanged in its budget next Monday and explore other avenues such as 3G wireless spectrum auction and stake sales in state firms to raise cash.

Source: Reuters: Money News | 29 Jun 2009 | 10:58 am

Vodafone shares rise on reported T-Mobile UK bid

London: Shares in Vodafone Group PLC rose Monday after the Financial Times reported that the cell-phone giant is interested in buying T-Mobile UK, the British unit of Deutsche Telekom.
Vodafone spokeswoman Libby Pritchard said the company would not comment on the front-page report from the Financial Times, which did not name any of its sources. Deutsche Telekom and T-Mobile also declined comment.
Vodafone shares led the London Stock Exchange higher, rising 0.9% to 116.7 pence ($1.93, €1.38) in midmorning trade.
Britain’s cell-phone market is the most competitive in Europe with five major operators. Vodafone, currently second behind O2, would leap into pole position if it acquired T-Mobile.
Telefonica-owned O2 currently has a 27% market share, Vodafone 25% and T-Mobile 15%.
Telecoms analysts said a Vodafone deal for T-Mobile would make sense because the cut-throat competition among five companies has made profits for any of them particularly hard to come by in Britain. The market includes France Telecom’s Orange with 22% of customers and Hong Kong’s Hutchison Whampoa with just 3%.
The Financial Times said Deutsche Telekom has already appointed JPMorgan to explore potential suitors for offloading T-Mobile, which has struggled for years to perform as strongly as its German parent.
“Given that similarly dominant players exist in France, Italy and Spain, the UK regulators might let this one through,” said Manoj Ladwa, senior trader at ETX Capital. “Expect some volatility in UK telco stocks as the market makes up its mind whether it likes this potential deal and whether it thinks that Vodafone can pull it off.”
In February, Vodafone and Hutchison Whampoa announced a deal to combine their units in Australia.

Source: World Business - Livemint.com | 29 Jun 2009 | 10:49 am

BlackRock's India unit plans long/short stock fund

MUMBAI (Reuters) - BlackRock's Indian mutual fund unit filed initial papers with the Securities and Exchange Board of India on Monday to launch a long/short stock fund.

Source: Reuters: Money News | 29 Jun 2009 | 10:40 am

Sensex plummets, closes flat

A key index of the Indian equities markets plummeted towards closing bell Monday, falling after rising 191 points to close just 8.22 points above its last closing figure.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 10:31 am

Government offices open and close early in Punjab

The Punjab government Monday implemented its decision to open and close its offices early to conserve energy. The initiative got a mixed response with some employees welcoming the move, while others cribbed about having to wake up early.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 10:30 am

Deficit budget for Assam, cess on motor vehicle registration

Guwahati: A Rs4615.11 crore deficit budget for 2009-10 was presented in the Assam assembly on Tuesday by chief minister Tarun Gogoi proposing a 1% cess on motor vehicle registration tax, rationalisation of entry tax and reducing VAT on certain items.
With receipts from various accounts amounting to Rs106397.12 crore and expenditure at Rs114765.86 crore, Gogoi who also holds the finance portfolio said, the state would incur a deficit of Rs8368.74 crore.
“This together with the opening deficit of Rs968.95 crore for the year, would lead to an estimated closing deficit of Rs9337.69 crore. However, I propose to utilise Rs4722.58 crore from our deposits with the Reserve Bank of India,” he said.
“Hence, the budget deficit at the end of the current financial year is estimated to be Rs4615.11 crore”, Gogoi said.
To offset the low crude oil prices adversely affecting the state’s revenue collection, he propsed a 1% cess on tax on registration of both personal and commercial vehicles to create a Road Safety Fund to bring awareness among all, particularly children, elderly and drivers.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 10:24 am

CIL disinvestment process to begin by December

New Delhi: Coal minister Sriprakash Jaiswal said on Monday the government would initiate the process of offloading 10% equity in the state-owned Coal India Limited (CIL) in the next six months.
“We are considering to disinvest a maximum of 10% of our stake in CIL. The process for the same will start in next six months,” Jaiswal said.
Even though the divestment process may start by December, the government is expected to take final decision on selling the stake in the country’s largest coal producer after the upcoming budget session of the Parliament, he added.
The coal major would give priority to its workers in allotment of shares of the disinvested entity. CIL also aims to give a boost to its resettlement & rehabilitation policy by offering shares to the people from whom land is acquired for mining purposes.
“If we disinvest, first preference will be given to our workers while alloting shares second preference to people from whom land is acquired for mining. If workers take that 10% shareholding of CIL then we will only give shares to the workers,” he said.
The coal major, which has an authorised capital of about Rs8,000 crore, may also appoint an investment banker soon for carrying out the formalities for the proposed initial public offer.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 10:23 am

BSE Sensex provisionally ends higher

MUMBAI (Reuters) – The BSE Sensex erased gains of as much as 1.3 percent and provisionally closed little changed on Monday as nervous investors booked profits ahead of the federal budget next week.

Source: Reuters: Money News | 29 Jun 2009 | 10:18 am

Noon: Markets recover; Sensex rises over 1%

New Delhi: Stock markets recovered from early losses and surged by more than 1% in afternoon session on Monday on positive expectations ahead of the federal budget on 6 July,.amid mixed Asian markets.
At 2.32 pm, the BSE benchmark 30-share index was up 1.1% at 14,927.07 points.
The 50-share National Stock Exchange index Nifty was higher by 1.35% at 4,434.65 points.
By 12:22 pm, the 30-share BSE index was trading 0.72% high at 14,871.29.
The Sensex had opened 0.4% higher, but slipped 0.39% soon after on profit-booking by the investors.
Investors expect the market undertone to remain positive ahead of the federal budget next week which could see the government unveil pro-market reforms such as privatizations and relaxation of foreign investment rules.

Source: Home - Livemint.com | 29 Jun 2009 | 10:18 am

In slowing India, demand grows for labour reform

Mumbai: Archaic labour laws that impose myriad restrictions on manufacturers have hamstrung India’s ambition to be a low-cost centre to rival China and now threaten to spark greater tensions as layoffs bite in a slowing economy.
The Congress party-led government is expected to announce steps to protect jobs in its inaugural budget next week, but analysts fear the government will stop short of overhauling laws they say hurt competitiveness and lead to worker unrest.
India’s labour laws, rated by the World Bank as among the globe’s most rigid, place strict limits on number of hires and conditions for retrenchment, forcing manufacturers to hire more casual workers.
Only about 10% of the nearly 400-million strong workforce is in the organized sector, crippling the growth of skilled labour and hindering India’s manufacturing aspirations.
“During the boom, problems including labour were swept aside. Now that the economy is not doing as well, it’s popping up,” said Ajit Ranade, chief economist at Aditya Birla Group.
In the boom years, firms hired casual workers at a rapid pace to keep up with demand for cars and consumer products. But as the economy has slowed and production has been cut back, millions of jobs have been shed,
Casual workers were the first to go, sparking angry protests that have sometimes led to lockouts and police action.
While government data for strikes this year is not available, there is evidence they are on the rise, and more unrest may be in store as India looks to divest stakes in overstaffed state firms to bridge a yawning fiscal deficit.
Foreign investors have taken note: Korea’s Hyundai Motor is considering shifting some production of its new i-20 hatchback after a three-week-long strike at its factory in Chennai, once touted as its global hub for small cars.
Swiss food giant Nestle and truck maker Mahindra & Mahindra, which has ventures with Renault and Navistar, have also faced the ire of striking workers.
Political constraints
But the government, while free after this year’s elections from communist allies who had opposed any move to make labour laws more employer-friendly, may not be inclined to bring about sweeping changes, analysts said.
“Despite the strong endorsement from voters ... political constraints mean reforms to outdated labour laws are unlikely,” said Nikhilesh Bhattacharya, a Moodys.com economist.
India’s workforce is likely to hit 502 million by 2012, with the share of informal workers at more than 90%, said the National Commission for Enterprises in the Unorganized Sector.
Such a big percentage of casual labour is “bad for employers, employees, policy makers, tax collectors, cities”, said Ashok Reddy, managing director at staffing firm TeamLease, leading also to a decline in productivity and quality in the long term.
“Our laws protect the status quo, but they need to recognize the natural boom-and-bust cycle in an economy,” he said.
A World Bank report on ease of doing business ranked India a lowly 122 of 181 countries, and suggested greater flexibility in labour laws would help create more jobs and reduce poverty.
The number of labour days lost in 2007-08 from strikes was 1.1 million, just a small fraction of the nearly 35 million lost in some years in the 1980s, a decade marred by the textile mill workers’ strike in Mumbai which shuttered the industry.
But even recently there have been violent confrontations, as with Honda Motor’s Indian unit and the killing last year of a US-based IT firm’s local chief by workers he had fired.
Political intervention is common: last year, about 1,000 staff at Jet Airways, backed by regional parties, forced the management to rescind its decision to lay them off.
“Are India’s labour laws helping make it an attractive destination or are we going to lose out to other countries because they don’t adequately protect employers?” said Mohit Arora, a senior director at consultancy JD Power in Singapore.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 10:17 am

Jain Irrigation to supply mango pulp to Coca Cola

Mumbai: Diversified agricultural products maker Jain Irrigation Systems on Monday said that it has bagged orders worth Rs158 crore from various Coca-Cola bottlers for supplying mango pulp.
The company has “bagged orders worth Rs158 crore from various Coca-Cola bottlers in India and overseas for supply of mango pulp for the 2009-10 season,” Jain Irrigation Systems said in a filing to the Bombay Stock Exchange.
Mango pulp would be produced in the current season but will be dispatched over next year or so, it added.
Jain’s fruit processing plants are located at Jalgaon in Maharashtra and at Chittoor in Andhra Pradesh.
The company targets to process a record 175,000 MT of fruit and 85,000 MT of onions this year. Last year, it had processed 87,500 MT of fruits and 56,000 MT of onion.
The agro major is also working closely with farmers of several states including Maharashtra, Gujarat, Karnataka and Andhra Pradesh on increasing mango yields. It has also started an initiative to buy mangoes directly from farmers and set up contract farming in growing regions, it added.
Jain Irrigation is a diversified company with a presence in the production of irrigation and piping products, plastic sheets, dehydrated foods, fruit puree and juice concentrates.
Shares of Jain Irrigation were trading at Rs626.85, up 1.67% in afternoon trade on BSE.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 10:13 am

Bombay High Court sanctions RIL-RPL merger

Justice AM Khanwilkar sanctioned the merger but stayed the order for four weeks, so that applicants who objected to it could file an appeal.
Source: Daily News & Analysis: Money News | 29 Jun 2009 | 10:10 am

UCO Bank sees April-June net profit up 15-20 pct

KOLKATA (Reuters) - State-run UCO Bank expects its April-June net profit to rise 15-20 percent from a year ago, a top official said on Monday.

Source: Reuters: Money News | 29 Jun 2009 | 10:04 am

Unitech to raise $575 mln in share sale - sources

NEW DELHI/MUMBAI (Reuters) - Unitech Ltd, India's No. 2 listed property developer, has got commitment to raise about $575 million from institutions in its second round of share sale in as many months, three sources said on Monday.

Source: Reuters: Money News | 29 Jun 2009 | 10:03 am

Unitech to raise $575 mn in share sale, say sources

New Delhi / Mumbai: Unitech Ltd, India’s No. 2 listed property developer, has got commitment to raise about $575 million from institutions in its second round of share sale in as many months, three sources said on Monday.
Unitech, which has been hit by high debt, sluggish demand and a crash in property prices, will use the proceeds to repay part of the debt, one source with direct knowledge of the development said.
The New Delhi-based company will be selling more than 340 million shares at Rs81 each, said the banking and company sources, who did not want to be named as they were not authorised to speak to media.
Shares in Unitech, which have a market value of $3.5 billion, gained 5.1% to Rs86.60 at 0842 GMT in a Mumbai market that was up 0.9%.
About 40 institutions including billionaire investor George Soros, Prudential, Nomura and DE Shaw have agreed to subscribe to newly issued shares, one source said.
“The appetite surprised us,” said one banking source, referring to more than double the price investors were willing to pay, compared with a sale just over two months ago.
In April, the company had raised Rs16.2 billion ($335 million) by selling 420 million shares to institutional investors at Rs38.50 each.
“Some formalities are yet to be completed. The money will come in July,” said another source.
The share sale would dilute the holding of Unitech’s founders to about 43% from 51% currently, but a pending convertible warrants issue would again prop it up to more than 48%, one source said.
Unitech got shareholder approval on 16 June for selling up to 1 billion shares to investors, including a qualified institutional placement.
The shareholders also approved issuing 227.5 million convertible warrants to one of its founder group firms, which would inject Rs11.5 billion into the company over the next 18 months.
Cutting Debt
Unitech said last week it had net debt of Rs90.56 billion at the of end of March.
Managing director Sanjay Chandra had earlier said the company had rescheduled most of the debt and repayed part of it but did not details.
One source said Unitech’s current net debt stood at Rs78 billion and would get reduced to 50 billion by July as the proceeds from the share sale flow in.
Unitech had also received Rs10 billion from asset sales such as hotels and an office property since the fiscal year began in April, Chandra said in mid-June.
Unitech, which last week reported a 28% fall in annual profit for the year ended March, has said its new mass-housing projects are doing well and it aims to sell 20 million square feet of space during the year to March 2010.

Source: Home - Livemint.com | 29 Jun 2009 | 10:01 am

UCO Bank sees April-June net profit up 15-20%

Kolkata: State-run UCO Bank expects its April-June net profit to rise 15-20% from a year ago, a top official said on Monday.
“Our profit for the quarter will be driven by treasury income, non-interest income and recovery of bad debts,” S.K. Goel, chairman and managing director, told reporters after a banking conference.
The bank’s loans and deposits in the June quarter were expected to grow by around 17-18%, Goel added. Most companies in India follow a April-March financial year.
“Typically, first quarter is always slow on credit growth, but we are experiencing a recovery of demand in certain sectors like infrastructure, auto, steel and cement,” he said.
The bank also expects its treasury income for the current quarter at Rs105 crore, up from Rs65 crore a year ago, he said.
Goel said the net interest margin of the Kolkata-based bank continues to be under pressure as its deposit rates were not lowered commensurate with lending rate cuts.
In the January-March quarter its net interest margins was 1.75% and it expects net interest margin for the June quarter at 1.95%, he said.
“Deposit rates have to come down to maintain the NIM going forward,” Goel said, adding that the bank is planning to cut the deposit rates by 50-100 basis points from July.
At 3.24 p.m., shares in the bank were up 2.51% at Rs40.85 in the Bombay Stock Exchange, that was down 0.02%.

Source: Home - Livemint.com | 29 Jun 2009 | 10:00 am

Air India, unions to hold talks in afternoon

In a last-ditch effort, the management of Air India is holding talks with a section of its employee unions to avert a strike on the issue of deferment of June salaries.
Source: Daily News & Analysis: Money News | 29 Jun 2009 | 9:59 am

IAF equipment confiscated at Helsinki airport

New Delhi: An Indian Air Force cargo of aircraft equipment to Moscow has been confiscated at Helsinki airport by Finnish Customs after it was found without valid papers.
The consignment was on a Finnair flight from Mumbai to Moscow when it was stopped during transit at Helsinki on 28 May, said a defence ministry official on Tuesday.
Even after a month of the incident, the consignment is still in the custody of the Finnish authorities and diplomatic efforts are currently in progress to secure the release of the consignment.
“Aircraft equipment was on its way to Moscow, where it was to be repaired by the Russians. At the Helsinki airport, the equipment was found without documents and was confiscated by Finnish authorities,” the official said.
“The cargo included 19 crates of aircraft parts weighing around 1,700 kg and unservicable spares of Russian origin aircraft fleet,” the official added.
The transportation of military hardware and obtaining clearances for the consignments was the responsibility of an official travel and transportation agent.
“The agents are responsible for making travel and transportation arrangements for the defence ministry and by fault, they seemed to have failed in obtaining the valid documents for the consignment this time,” he said.
After being informed about the seizure of IAF consignment, the Indian high commission in Finland took up the case with Finnish authorities to get the equipment released.
“Indian officials in Helsinki are in constant touch with Finnish authorities and we are hoping that the equipment will soon be released and sent to Russia,” the official said.
Despite the setback in sending the equipment for repair to Moscow, the incident had not impacted either the IAF’s requirement for spares, or its operational preparedness, the IAF official said.
“The delay in the repair of the equipment and spares is not affecting IAF’s flying operations as we don’t need them immediately,” he said.
A majority of the IAF aircraft is of Russian origin and the IAF keeps sending its unserviceable equipment to Russia to get them repaired.
Though over the years India has developed the capability to service the aircraft within the country, yet some from its fleet still need to be sent to Russia for overhauling and maintenance.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:48 am

In slowing India, demand grows for labour reform

MUMBAI (Reuters) - Archaic labour laws that impose myriad restrictions on manufacturers have hamstrung India's ambition to be a low-cost centre to rival China and now threaten to spark greater tensions as layoffs bite in a slowing economy.

Source: Reuters: Money News | 29 Jun 2009 | 9:43 am

Motherson Sumi Q3 net profit up 19.47%

New Delhi: Auto component maker Motherson Sumi Systems on Monday, reported jump of 19.47% per cent in its consolidated net profit to Rs76.90 crore for the quarter ended 31 March, 2009, over the same period last year.
It had a consolidated net profit of Rs64.37 crore in the period ended March 2008.
Total consolidated income also increased by 41.09% to Rs843.25 crore from Rs597.65 crore in the corresponding month last year, the company said in a statement.
For the financial year 2008-09, the company’s consolidated net profit, however, marginally declined to Rs176.25 crore from Rs177.86 crore in the previous fiscal, it added.
The total consolidated income during FY09 jumped by 28.66% to Rs2,639.74 crore from Rs2,051.75 crore in FY08, the company said.
The company’s board has recommended a dividend of Rs1.35 per share for 2008-09 fiscal, the statement said.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:42 am

Chidambaram slams Mayawati over statues

Manamadurai: Slamming Uttar Pradesh chief minister Mayawati for spending Rs1,000 crore to install her own statues, Union home minister P Chidambaram has said the amount could have been used to provide basic amenities to the people and wipe out poverty.
“Of what use will be the statues in that state. The Rs1,000 crore will help wipe out poverty of thousands of people, provide basic amenities and education,” he said, addressing a meeting to thank voters of his constituency Sivaganga last night.
Pointing out that people all over the country had rejected caste politics, he said this was especially true in Bihar, Uttar Pradesh and Madhya Pradesh, “where 20 years of caste domination has gone”.
“People like Mulayam Singh Yadav who were practising caste politics were rejected, though he was my friend. People there thought beyond caste politics and elected Congress, which is above caste politics and works for the people.”
Voicing concern over role of “casteism” in elections in parts of Sivaganga, he told people to go by government’s achievements, not by considerations like caste.
He said caste based parties had been dealt a ‘death blow´ in Tamil Nadu. “Though I regret the alliance with caste based PMK earlier, the party faced a rout in the recent elections.”
“If the Congress government did not achieve anything then you hit it with a Semmatti (hammer) during the poll. You debate on what we have achieved and then vote,” he said.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:39 am

Mahindra Holidays aims to raise $57 mn IPO

Mumbai: Mahindra Holidays and Resorts on Monday said it hoped to raise almost $60 million when it becomes the first firm to float on the country’s capital markets in more than a year.
The firm, a subsidiary of the Mahindra group, said it will sell 9.26 million shares through an initial public offering (IPO) at a cost of Rs300 apiece, amounting to Rs2.78 billion ($57.66 million).
Mahindra Holidays is India’s first company to announce a capital raising through an IPO in nearly fifteen months after global markets collapsed due to the financial crisis last year.
The Bombay Stock Exchange benchmark 30-share Sensex fell 60% in the fifteen months to March this year before its started to climb again.
Mahindra had put the bidding range at Rs275 to 325.
The firm plans to list at major stock exchanges in about 21 days.
The share sale represents 11% of the post-issue paid-up capital of the company, whose IPO closed for subscription last Friday.
The money raised from the issue will be used for new projects and the expansion of existing resorts, a company statement said.
Mahindra Holidays has 96,067 members and 27 resorts across India and Thailand.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:33 am

Sensex holds on to gains, 140 points up in afternoon

Indian equities markets were trading on a high Monday, with a key index rising 140 point from its last closing figure about 90 minutes before the closing bell.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 9:31 am

Sheila Dikshit appeals to Delhiites to save power

With the national capital facing an acute power crisis, Chief Minister Sheila Dikshit has appealed to Delhiites to observe energy conservation measures such as closing shops by 8 p.m.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 9:31 am

Air India flight makes emergency landing at Delhi

An Air India flight to Hyderabad made an emergency landing here Monday, an hour after taking off from the Indira Gandhi International Airport. The airline said all passengers were flown to their destinations in another aircraft.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 9:30 am

Punjab, Haryana paddy sowing delayed by monsoon, power

Chandigarh: Slow progress of monsoon and power shortage is delaying paddy sowing in Punjab and Haryana in nothern India, officials and farmers said.
India’s weather department has forecast monsoon will reach the northwestern part of the country by 2 July, later than the usual dates of 28-29 June.
The two states are key producers of the crop, accounting for about 15% of the country’s total paddy output.
The delay in monsoon and a dry summer has reduced water availability in the two states, impacting electricity supply also, officials said.
“Till date area ...transplanted is about 10-15% less than it was in 2008-09. Hopefully things will improve if monsoon arrives on time in the state,” Gurdial Singh, joint director with the Punjab Agriculture Department, told the agency on Monday.
“Farmers were slowing down transplanting operations in the state due to shortage of electricity,” he added.
Most farmers in Punjab and Haryana prepare paddy nurseries using irrigation, ground water resources and transplant or sow them on the fields as monsoon arrives.
Kuldeep Singh Bhullar, a farmer from Bathinda district said he was waiting for monsoon to arrive so that he could begin transplanting rice from the nursery.
“I’ve already transplanted paddy on 7 acres and am spending Rs1800 per day on diesel for maintaining the crop. I have delayed transplanting on 8 more acres.”
“Otherwise I’ll have to run the tube well on diesel, which will raise my input costs considerably.”
The state farm department has estimated area under rice for 2009/10 to be around 2.6 million hectares as against 2.73 million hectares in 2008-09.
Situation in Haryana is no different with farmers facing erratic power supply. As per Haryana farm department the target area under paddy for 2009-10 is estimated to be around 1.15 million hectares.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:22 am

VAT’s uneven show sets the stage for GST

Delhi/Gurgaon: In many ways, the Park Plaza, a 45-room boutique hotel for business travellers, is perfectly located in Gurgaon, one of the premier hubs of business in India. Considered purely from the narrow perspective of the value-added tax (VAT), however, sitting next to a state boundary may not be the most ideal situation.
Ever since its phased introduction, beginning in Haryana in 2003, the rule of VAT has been viewed hopefully as an interregnum between the hugely varying systems of state sales tax and the more uniform, rationalized promised land of the goods and services tax (GST). VAT has removed many inconsistencies but not all, and across the length of supply chains such as the Park Plaza’s, gripes are common about those that remain.
Finance minister Pranab Mukherjee, in his budget speech on 6 July, is expected to make a mission statement on GST, India’s most ambitious indirect tax reform.
The introduction of GST from 1 April is expected to integrate the states into one common market and reduce costs for businesses such as the Park Plaza that are now taxed more than once when they source supplies from outside the state where they are located.
Situated as it is on the edge of Haryana, many of the Park Plaza’s supply chains extend across the state border into Delhi. Tracking one of these supply chains backwards is like encountering the course of a hurdle race—except that the hurdles are irregularly spaced and of uneven heights.
“As a hotel, for us, VAT applies only to our food products and groceries, not even to perishables such as milk or vegetables or fresh meat,” says Sunil Patial, assistant manager, materials, at the Park Plaza. The hotel duly levies that tax—12.5% on food, but 25% for liquor—on the bills of the 200-odd people who eat and drink every day in the bar or in one of the Park Plaza’s two restaurants.
The Park Plaza’s problem lies in its sourcing of those groceries. If the hotel had been able to find a satisfactory vendor in Gurgaon itself, or even elsewhere in Haryana, it would also have been charged VAT and thus qualified for a VAT credit—the difference between what it levied and what it paid.
“But there are almost no decent vendors here in Gurgaon,” says Jagdeep Garhwal, the Park Plaza’s finance manager. “Our own vendor keeps promising that he’ll start supplying from within Gurgaon, but that’s probably just to keep us happy.” But even the ability to source groceries from Delhi is an improvement from three years ago, Garhwal adds. “At that time, nobody was willing to deliver anything to Gurgaon at all, even against an advance!”
Now, when the Park Plaza orders its groceries every fortnight from Delhi, it pays the central sales tax of 2% that is levied on inter-state trade, and for which there is no VAT credit to be gained.
This is a disincentive for inter-state trade that Supriya Jain, a senior manager with the indirect tax division of KPMG, admits has plagued VAT.
“It puts the buyer at a disadvantage,” Jain says. “Even for the 2% rate, they need to fill up a form to get that rate. Otherwise, the much higher state-decided rate is levied, and there is no credit for that either.”
The Park Plaza’s vendor in Delhi, Gulati Traders, supplies groceries to “probably 80% of the five-star hotels in Delhi”, its owner Bipin Gulati says.
Gulati has his own crosses to bear. “Till the tax structure is uniform, it is pointless, because it has to impact the supply chain equally at every stage,” he says.
“If I buy a commodity from any part of India, and the tax on it is, say, 4%, I should be able to pass it on through the chain at a constant 4% right until the end product.”
Instead, since states make their own decisions about which commodities they consider essential and in which VAT slab (1%, 4% or 12.5%) they slot the remaining commodities, businesses such as Gulati Traders often encounter varying rates.
For instance, salt is an essential commodity and therefore tax-free in both Delhi and Haryana. In Delhi, pulses are exempt from VAT and cashew nuts are taxed at 4%; downstream from Gulati, in Haryana, pulses are taxed at 4% and cashew nuts at 12.5%. “This is why uniform taxes would be far better,” Gulati says.
One rung above Gulati in the supply chain is Delhi-based Dharamsons Marketing Ltd, which supplies Gulati Traders and at least 40 other companies with Tata Tea and Tata Salt.
Dharamsons is a consignment agent for Tata, so its tea—sourced from Tata in Assam—attracts no central sales tax. “The stock is merely transferred to us for sale, so there can’t be any tax on that,” says Ashok Aggarwal, managing director of Dharamsons.
Though it makes no difference to Aggarwal, Jain points out, tea is another product that can sit on shifting taxation sands. In Assam, unprocessed tea leaves are exempt from VAT; in Delhi and Haryana and some other states, the sale of these leaves is taxed at 4%.
Aggarwal observes that VAT has largely fulfilled one of its primary goals—to make accounting easier and free of the copious documentation and forms that often accompanied the state sales tax systems. “How this new GST will work, if it comes through, I don’t know,” he says. “I haven’t read anything about how it will operate.”
GST is intended, Jain says, to remove the type of taxation wrinkles that permeate the Park Plaza’s supply chain, combine within it excise and service taxes, and create more uniformity of the sort that Gulati craves.
But pessimistic uncertainty exists even about GST. “The government can’t implement excise and service taxes properly even now, can it?” asks Garhwal rhetorically. “So, who expects them to implement GST in all the states?”
This is the first of a five-part series leading up to the budget.
Mint uses the metaphor of the PIN code, as it did in the coverage of the general election, to bring vignettes of the 2009 budget to readers.

Source: Home - Livemint.com | 29 Jun 2009 | 9:22 am

Sony mum on reports of PlayStation phone

Tokyo: Sony Corp. remained tight-lipped Monday over reports that it may combine its PlayStation Portable game console with a mobile telephone into a new gadget to challenge rival Apple’s iPhone.
Sony is considering developing a new portable game console with the added functions of a Sony Ericsson cellphone, the Nikkei business daily reported on Saturday without revealing its sources.
The high-tech giant, which has faced tough competition in recent years from rival products such as Apple’s iPod and Nintendo’s Wii, will set up a team in July to look into the development of the new product, the Nikkei said.
Sony, which will mark the 30th anniversary on Wednesday of the launch of its first Walkman portable music player, declined to confirm or deny the report.
“We don’t comment on plans for next-generation consoles. The report is mere speculation,” a spokeswoman for the group’s game unit told AFP.
Sony chief executive Howard Stringer is under pressure to turn around the high-tech giant, which in May announced its first annual loss in 14 years and warned it would stay in the red this year.
Sony Ericsson is a joint venture between Sony and Sweden’s Ericsson.

Source: Tech News - Livemint.com | 29 Jun 2009 | 9:10 am

Sony mum on reports of PlayStation phone

Tokyo: Sony Corp. remained tight-lipped Monday over reports that it may combine its PlayStation Portable game console with a mobile telephone into a new gadget to challenge rival Apple’s iPhone.
Sony is considering developing a new portable game console with the added functions of a Sony Ericsson cellphone, the Nikkei business daily reported on Saturday without revealing its sources.
The high-tech giant, which has faced tough competition in recent years from rival products such as Apple’s iPod and Nintendo’s Wii, will set up a team in July to look into the development of the new product, the Nikkei said.
Sony, which will mark the 30th anniversary on Wednesday of the launch of its first Walkman portable music player, declined to confirm or deny the report.
“We don’t comment on plans for next-generation consoles. The report is mere speculation,” a spokeswoman for the group’s game unit told AFP.
Sony chief executive Howard Stringer is under pressure to turn around the high-tech giant, which in May announced its first annual loss in 14 years and warned it would stay in the red this year.
Sony Ericsson is a joint venture between Sony and Sweden’s Ericsson.

Source: LatestNews-Home - Livemint.com | 29 Jun 2009 | 9:10 am

Tata Motors launches Jaguar, Land Rover in India

Tata Motors has finally launched Land Rover, Jaguar in India. The entry level cost for the Range Rover and Jaguar is Rs 63 lakh.
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 9:08 am

Cement firms seek excise cut, import duty

Mumbai: India’s cement firms are seeking a cut on excise duty and a ban on imports in the upcoming Union budget in an effort to reduce prices and protect manufacturers who have set up new capacities, officials said.
Cement firms, to meet rising demand and an anticipated spurt in the government’s infrastructure spending, have increased capacity and prices, but now fear rising prices will dent demand for local products and encourage imports.
“The industry is seeking an abatement on cement from the government. Cement is a bulk commodity with a high distribution cost and abatement will help bring down prices in the domestic market,” H.M.Bangur, president of the Cement Manufacturer’s Association told the agency.
The association is demanding a 55% cut in excise duty on the commodity. Cement, apart from excise duty also attracts other taxes such as sales tax, royalty and cess on limestone, power tariff and cess on coal and gypsum.
“This will help bring down prices by around Rs10-15 per 50 kg bag at 35% and 55% abatement respectively,” said an analyst with a Mumbai-based brokerage.
Bagged cement upto Rs190 per 50 kg bag currently has an excise of Rs230 per tonne whereas retail prices exceeding Rs190 attract a 8% duty on the sale price.
The association has also sought reimposition of duty on imports to prop up demand for locally made cement.
“There should be a Counter-Vailing duty (CVD) on imports as there is no longer a shortage of cement in the country. It will help create a level-playing field for domestic manufacturers,” said Vinod Juneja, managing director, Binani Cement.
Local cement attracts excise duty while imports are exempted from CVD, creating a disparity in the industry, the analyst said, adding that cheaper imports from Pakistan are hurting local firms.
“We can import if (local cement) prices go up,” HS Bharana, chairman of Delhi-based construction firm Era Infra Engineering had told the agency in April.
The industry also wants the export ban on cement to be lifted in order to increase the global competitiveness of Indian cement, officials said.
“Lifting of export ban is needed else the Indian cement industry will lose out the opportunity in the Middle East to other countries like Pakistan, Puneet Dalmia, managing director, Dalmia Cement (Bharat) Ltd said in a note.
Since January until last week, shares of ACC, India’s largest cement maker, rose 67% while shares of Binani Cement rose 60.4% higher compared with the 30-share BSE index’s growth.
In the same period Shree Cement surpassed the index’s performance to grow 157.5%.

Source: Home - Livemint.com | 29 Jun 2009 | 9:02 am

May industrial output seen higher than April - official

NEW DELHI (Reuters) - India's annual industrial output growth in May will be higher than the 1.4 percent recorded in April, chief statistician Pronab Sen said on Monday.

Source: Reuters: Money News | 29 Jun 2009 | 9:01 am

Aston Martin to sell redesigned Toyota iQ in Europe

Tokyo: British luxury sports car maker Aston Martin plans to sell a redesigned version of Toyota Motor’s iQ ultra-compact car in Europe, the two companies announced Monday.
Aston Martin, whose cars have been driven by royals and James Bond, said that the vehicle, to be called the Cygnet, would be “a new luxury commuter concept.”
“Much work is still required, but I am confident that this project could become reality in the not too distant future,” Aston Martin chief executive Ulrich Bez said in a statement.
“This concept — akin to an exclusive tender to a luxury yacht — will allow us to apply Aston Martin design language, craftsmanship and brand values to a completely new segment of the market.”
Toyota, the world’s largest automaker, will supply the vehicle to Aston Martin through its Belgium-based subsidiary Toyota Motor Europe NV/SA.
The Japanese maker said it would also introduce a new, sporty version of the four-seater iQ, as well as models aimed at women and young drivers.

Source: World Business - Livemint.com | 29 Jun 2009 | 9:00 am

Oil soars over $69 after Nigerian attack report

London: Oil rose above $69 a barrel on Monday after Nigeria’s main militant group said it attacked an oil platform belonging to Royal Dutch Shell despite an amnesty offer from President Umaru Yar’Adua.
The Movement for the Emancipation of the Niger Delta (MEND) said in an emailed statement it had struck the Shell Forcados platform in the Delta state at about 0230 GMT. There was no immediate independent confirmation.
The report followed an announcement on Friday by four Nigeria militant factions to accept in principle an amnesty offer from the country’s president, raising hopes Africa’s top oil producer would halt a battle with rebels.
US crude for August delivery was up 10 cents at $69.26 a barrel by 0750 GMT. The contract fell $1.07 to settle at $69.16 a barrel on Friday.
London Brent crude was up 12 cents at $69.04.
Pipeline bombings, attacks on oil and gas installations and kidnapping of industry workers over the past three years have prevented Nigeria from pumping much above two-thirds of its installed oil output capacity of 3 million barrels per day.
Demand weak, stocks high
Algerian energy and mines minister Chakib Khelil said on Monday oil demand was still weak due to the weakness of the US and European economies and world oil stocks remained high.
Khelil told reporters ahead of a meeting of gas producers an increase in OPEC oil production was hard to envisage, despite rising crude prices.
Asian stock markets slipped on Monday with Japan’s Nikkei average down 1% but European equities inched higher in early trade after slipping in the previous two sessions, with firmer pharmaceutical and mining stocks outpacing weaker financial shares.
US consumer confidence data on Tuesday leads a heavy calendar of economic data this week, including China’s Purchasing Managers Index on Wednesday and a US jobs report and manufacturing data on Thursday.
The US data will help determine whether an oil market rally, which has lifted prices more than 50% this year on hopes of economic recovery, has any legs.
In the first big number for the week, industrial output from the world’s no. 3 energy consumer Japan jumped 5.9% in May, the third straight month of increase after a big slump, although doubts remained whether it can sustain the momentum without a clear rebound in the United States and other key export markets.
Japanese oil demand has been hit by the economic slump over the last year. On Monday, Idemitsu Kosan Co, Japan’s third-largest refiner, said it planned to refine 2.1 million kilolitres of crude oil in July, down 26% from a year earlier.
A top White House adviser said on Sunday President Barack Obama could discuss a second stimulus package to boost the economy if needed, but at the moment no more new money looked necessary.
Crude oil speculators on the New York Mercantile Exchange hiked their net long positions in the week to 23 June, according to data from the Commodity Futures Trading Commission released on Friday.

Source: Home - Livemint.com | 29 Jun 2009 | 8:55 am

Rupee trims gains on dollar demand

Mumbai: The rupee erased gains after rising to its highest in more than a week on Monday, on customary month-end dollar demand from refiners.
At 2:10 pm, the partially convertible rupee was at Rs48.14/15 per dollar, off an intraday peak of Rs47.98, its highest since 17 June, and slightly weaker than its previous close of Rs48.10/11.
Oil, India’s biggest import, rose above $69 a barrel on Monday. Oil refiners step up dollar purchases towards the end of every month to meet import commitments.
The rupee had strengthened earlier, tracking higher local equities on Monday.

Source: Home - Livemint.com | 29 Jun 2009 | 8:41 am

India to grow 7% in FY10 if rains normal

New Delhi: The Indian economy should recover after September and probably expand 7% in the fiscal year to March 2010 if monsoon rains do not fail, a policy adviser said on Monday.
Suresh Tendulkar, the chairman of the Prime Minister’s Economic Advisory Council, also said high bank lending rates continue to be a worry for Asia’s third-largest economy, which was hit hard by sluggish demand at home and the global slump.
“Policy rates have been brought down considerably,” he told reporters after a business conference. “They have not been reflected in bank rates. They are now getting reflected gradually.”
The Reserve bank of India (RBI) has cut its key lending rate by 425 basis points between October and April to lower borrowing costs, but commercial banks are yet to match those cuts.
The government had slashed factory duties and stepped up public spending to pump prime the economy as the growth rate tripped to 6.7% in 2008-09 from 9% or more seen in the previous three years.
“Economic recovery is likely to start only after September,” Tendulkar said. “If monsoon doesn’t fail, it (growth) will be at least 7%.”
The Indian economy will start recovering after September, he added.
The economy expanded 6.75% in 2008-09 (April/March), and the central bank estimates growth at 6% this year.
Price Pressures
Last week, the government said this year’s monsoon rains, a lifeline to its trillion-dollar economy, are expected to be less than normal for the first time in four years.
Inadequate rains could increase prices of food products, dampen domestic demand and delay recovery of the economy and stoke inflation, analysts say.
“WPI (wholesale price index inflation) would still be under 5-6%, if monsoons are all right,” Tendulkar said when asked where he saw inflation by the end of the fiscal year.
“If monsoons fail, it will be little more.”
India’s wholesale prices fell a less-than-expected 1.41% in mid-June from a year earlier, marking a build-up in price pressures as the economy picks up and the effect of past sharp falls in energy prices wears off.

Source: Home - Livemint.com | 29 Jun 2009 | 8:37 am

India to grow 7 pct in FY10 if rains normal - adviser

NEW DELHI (Reuters) - The Indian economy should recover after September and probably expand 7 percent in the fiscal year to March 2010 if monsoon rains do not fail, a policy adviser said on Monday.

Source: Reuters: Money News | 29 Jun 2009 | 8:36 am

JPMorgan combines Tokyo equity, debt, loan units

Tokyo: JPMorgan Chase & Co will combine its equity and debt capital markets divisions and leveraged finance business into one operation in Japan, three people familiar with the matter said.
The move comes as the US bank changes its business structure in Japan to benefit from easing government regulations on the Japanese financial industry.
JPMorgan has named Douglas Howland, who now leads the equity capital markets team, to be head of capital markets, which will be created in July, said the people on condition of anonymity because the move has not been made public.
The bank has also appointed Jun Kigoshi, who is now in charge of debt capital markets, to be the head of corporate banking, which covers both banking and securities products, the people said.
Kigoshi’s responsibilities will include advising clients on fundraising as well as offering services such as foreign exchange, cash management, custody and derivatives, the people said.
A JPMorgan spokeswoman in Tokyo declined to comment.
Japan’s government has been easing regulations on banks and brokerages, lowering barriers between the two to follow models adopted in the U.S. and Europe.
JPMorgan also faces a changing landscape in the Japanese financial industry, where rival Morgan Stanley is setting up a joint venture with Mitsubishi UFJ Financial Group, Japan’s largest banking group.
Sumitomo Mitsui Financial Group, Japan’s No.3 bank, has also agreed to buy retail broker Nikko Cordial from Citigroup Inc to boost its brokerage business.

Source: Home - Livemint.com | 29 Jun 2009 | 8:36 am

JPMorgan combines Tokyo equity, debt, loan units

Tokyo: JPMorgan Chase & Co will combine its equity and debt capital markets divisions and leveraged finance business into one operation in Japan, three people familiar with the matter said.
The move comes as the US bank changes its business structure in Japan to benefit from easing government regulations on the Japanese financial industry.
JPMorgan has named Douglas Howland, who now leads the equity capital markets team, to be head of capital markets, which will be created in July, said the people on condition of anonymity because the move has not been made public.
The bank has also appointed Jun Kigoshi, who is now in charge of debt capital markets, to be the head of corporate banking, which covers both banking and securities products, the people said.
Kigoshi’s responsibilities will include advising clients on fundraising as well as offering services such as foreign exchange, cash management, custody and derivatives, the people said.
A JPMorgan spokeswoman in Tokyo declined to comment.
Japan’s government has been easing regulations on banks and brokerages, lowering barriers between the two to follow models adopted in the U.S. and Europe.
JPMorgan also faces a changing landscape in the Japanese financial industry, where rival Morgan Stanley is setting up a joint venture with Mitsubishi UFJ Financial Group, Japan’s largest banking group.
Sumitomo Mitsui Financial Group, Japan’s No.3 bank, has also agreed to buy retail broker Nikko Cordial from Citigroup Inc to boost its brokerage business.

Source: World Business - Livemint.com | 29 Jun 2009 | 8:36 am

PSU stake sale could raise Rs 45,000 cr

An amount of Rs 45,000 to Rs 53,000 crore. That’s the rough estimate of the sums that could be raised through sale of stake in select central PSUs over the next year, if the proposals mooted in the recent weeks go through.
Source: Moneycontrol Top Headlines | 29 Jun 2009 | 8:32 am

Biocon in drug supply pact with US-based Mylan - Livemint


Biocon in drug supply pact with US-based Mylan
Livemint
PTI Mumbai: Biotechnology firm Biocon Monday said it has entered into an agreement with US-based Mylan Inc for manufacturing, development and supply of generic compounds to the markets world wide. Under the definitive agreement, both the firms would ...
Biocon signs pact with MylanHindu
Biocon forms alliance with MylanBusiness Standard
Biocon Agrees to Develop Generic Biologics for MylanBloomberg
Wall Street Journal -Myiris.com -Reuters
all 17 news articles »

Source: Business - Google News | 29 Jun 2009 | 8:19 am

Air India, unions to hold talks this afternoon

In a last-ditch effort, the management of national air-carrier Air India is holding talks with a section of its employee unions to avert a strike on the issue of deferment of June salaries.
Source: India Business News | Business News - Times of India | 29 Jun 2009 | 7:39 am

GM, Tengzhong to talk with China regulators on Hummer

Shanghai: General Motors and China’s Tengzhong will begin talking with regulators this week in a bid to obtain government approval for Tengzhong to buy the Hummer brand by the end of September, a GM spokesman said on Monday.
The relatively unusual step by the two sides of engaging regulators so early in the process, before a formal agreement has been reached, reflects the widespread skepticism surrounding the deal.
“We will start discussions with the Chinese government this week on the Hummer deal,” said Micahel Albano, a spokesman with GM’s Asia Pacific operations. “We can’t sign the deal unless we have approval from the government.”
Sichuan Tengzhong Heavy Industrial Machinery, a little-known Chinese machinery maker with no experience in the car industry, raised eyebrows in June when it unveiled a tentative plan to take over Hummer from the Detroit carmaker.
Doubts about whether the deal would get Beijing’s approval have been swirling as many believe Tengzhong lacks the experience and expertise to revive money-losing Hummer’s operations.
The gas-guzzling nature of the US sport utility vehicle was also cited by state media as reasons for expected opposition from the National Development and Reform Commission (NDRC), the country’s top state planner, which must approve the sale.
NDRC officials could not be immediately reached for comment on Monday.
The ministry of cmmerce, which also scrutinises all major cross-boarder equity deals by Chinese companies, has sounded a more positive note, saying Tengzhong’s move was normal for a company seeking to take advantage of the global downturn.
A Tengzhong representative said the company had been cooperating with Chinese regulators but declined to provide further information.
Based in the Chinese province of Sichuan, Tengzhong makes special-use vehicles, structural components for highways and bridges, construction machinery and energy equipment.

Source: Home - Livemint.com | 29 Jun 2009 | 7:18 am

GM, Tengzhong to talk with China regulators on Hummer

Shanghai: General Motors and China’s Tengzhong will begin talking with regulators this week in a bid to obtain government approval for Tengzhong to buy the Hummer brand by the end of September, a GM spokesman said on Monday.
The relatively unusual step by the two sides of engaging regulators so early in the process, before a formal agreement has been reached, reflects the widespread skepticism surrounding the deal.
“We will start discussions with the Chinese government this week on the Hummer deal,” said Micahel Albano, a spokesman with GM’s Asia Pacific operations. “We can’t sign the deal unless we have approval from the government.”
Sichuan Tengzhong Heavy Industrial Machinery, a little-known Chinese machinery maker with no experience in the car industry, raised eyebrows in June when it unveiled a tentative plan to take over Hummer from the Detroit carmaker.
Doubts about whether the deal would get Beijing’s approval have been swirling as many believe Tengzhong lacks the experience and expertise to revive money-losing Hummer’s operations.
The gas-guzzling nature of the US sport utility vehicle was also cited by state media as reasons for expected opposition from the National Development and Reform Commission (NDRC), the country’s top state planner, which must approve the sale.
NDRC officials could not be immediately reached for comment on Monday.
The ministry of cmmerce, which also scrutinises all major cross-boarder equity deals by Chinese companies, has sounded a more positive note, saying Tengzhong’s move was normal for a company seeking to take advantage of the global downturn.
A Tengzhong representative said the company had been cooperating with Chinese regulators but declined to provide further information.
Based in the Chinese province of Sichuan, Tengzhong makes special-use vehicles, structural components for highways and bridges, construction machinery and energy equipment.

Source: World Business - Livemint.com | 29 Jun 2009 | 7:18 am

Pre-monsoon showers bring relief to UP - Hindu


Voice of America
Pre-monsoon showers bring relief to UP
Hindu
Lucknow (IANS): Pre-monsoon showers in parts of Uttar Pradesh on Monday brought much-needed respite for people in the State, which had been reeling under intense heat for the last three months. Met officials said thundershowers accompanied by cool ...
Monsoon covers Maharashtra; seen advancingReuters India
Delayed monsoon to hit India crop output - officialForbes
India Growth to Be Hurt by Poor Monsoon -OfficialWall Street Journal
Commodity Online -Indopia -Hindu Business Line
all 156 news articles »

Source: Business - Google News | 29 Jun 2009 | 7:08 am

'Ahata' to taverns: Chandigarh takes to modern drinking

Till about two years back, the word 'Ahata' on a signboard did not get even a second look from most people in Chandigarh -- whether drinkers or non-drinkers. But a simple change of name, thrown in with a few aesthetic interiors and classy looks have changed it all.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 7:01 am

Pre-monsoon showers bring relief to Uttar Pradesh

Pre-monsoon showers in parts of Uttar Pradesh Monday brought much-needed respite for people in the state, which had been reeling under intense heat for the last three months.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 7:01 am

Tata Motors falls 5 pct on FY'09 results - Indian Express


Straits Times
Tata Motors falls 5 pct on FY'09 results
Indian Express
Shares of Tata Motors, on Monday, dropped as much as 5 per cent on the Bombay Stock Exchange after the country's largest vehicle maker reported a consolidated net loss of Rs 2505.25 crore for 2008-09. Shares of Tata Motors were quoted at Rs 323.40 on ...
Tata Motors launches Jaguar, Land Rover in IndiaMoneycontrol.com
First Jaguar Land Rover showroom opens in IndiaIndia Infoline.com
Land Rover to make inroads into India's defence dealsBusiness Standard
Hindu Business Line -BreakingNewsOnline. -Calcutta Telegraph
all 388 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:48 am

Unitech up 4% on strong QIP response - Financial Express


Unitech up 4% on strong QIP response
Financial Express
Mumbai: The country's second largest real estate player, Unitech, surged by 4.18 per cent on the Bombay Stock Exchange in early trade on Monday after the company began the process to raise about Rs 2772 crore through private placement of equity. ...
Unitech may not see Rs 50 level after two successful QIPsMoneycontrol.com
Unitech`s debt to reduce to Rs 50 bn post QIPMyiris.com
fiis took 96% of Unitech QIP II, including SorosDaily News & Analysis
Hindu Business Line -FinanceAsia -Myiris.com
all 8 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:46 am

See flat growth in FY10: Suzlon Energy - Moneycontrol.com


Hindu Business Line
See flat growth in FY10: Suzlon Energy
Moneycontrol.com
Suzlon Energy has declared its Q4 consolidated results. Its total sales were at Rs 9121 crore versus Rs 4924 crore. Its net profit was at Rs 314.89 crore versus Rs 464.82 crore. Commenting on the results Sumant Sinha, COO, Suzlon, said 40% of revenues ...
Suzlon down 9% on poor FY'09 resultsFinancial Express
Suzlon Shares Fall Most in Week on Profit DeclineBloomberg
Suzlon Energy FY09 net dives 58% yoyIndia Infoline.com
Business Standard -Economic Times -Equity Bulls
all 47 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:43 am

Hindustan Dorr secures order from HPCL-Mittal Energy - Hindu Business Line


Hindustan Dorr secures order from HPCL-Mittal Energy
Hindu Business Line
MUMBAI: Hindustan Dorr Oliver Ltd has informed BSE that the company has bagged another order worth Rs 108.9 Crores from HPCL-Mittal Energy Ltd for effluent treatment plant of 12 mld capacity to be executed within a period of 17 months. ...
Hindustan Dorr Oliver wins 1.19 bln-rupee ordersReuters India
Hindustan Dorr-Oliver up 2.56% on bagging ordersMyiris.com
Market LiveEconomic Times
Myiris.com
all 6 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:31 am

Mahindra Holidays prices IPO at 300 rupees/share

MUMBAI (Reuters) - Mahindra Holidays & Resorts India Ltd has priced shares of its 9.27-million-share initial public offer (IPO) at 300 rupees each, and the issue was subscribed 9.8 times, it said in a statement on Monday.

Source: Reuters: Money News | 29 Jun 2009 | 6:23 am

Nifty turns choppy; Suzlon, Tata Motors down - Economic Times


Thaindian.com
Nifty turns choppy; Suzlon, Tata Motors down
Economic Times
MUMBAI: Key indices turned choppy with negative bias after a firm opening as investors booked profits in the frontline stocks and bought from broader markets. IT and FMCG spaces were witnessing some selling while realty and PSU stocks bucked the trend. ...
Sensex gains 67 points in opening tradeTimes of India
Sensex in the red soon after openingHindu
Breakout above Sensex 15600 necessary: VasudeoMoneycontrol.com
Reuters India -Myiris.com -NDTV.com
all 32 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:14 am

Sensex gains 67 points in opening trade

The Bombay Stock Exchange index Sensex opened higher by nearly 67 points on Monday on fresh buying by investors amid mixed Asian stock markets.
Source: Daily News & Analysis: Money News | 29 Jun 2009 | 6:12 am

Madoff can expect de facto life term at sentencing

NEW YORK (Reuters) - Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court on Monday morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme.

Source: Reuters: Money News | 29 Jun 2009 | 6:04 am

L and amp;T gets orders worth Rs.12 bn for electrical projects

Leading engineering and construction company Larsen and Toubro Ltd (L and amp;T) announced Monday that it has bagged six orders worth Rs.12.30 billion from electrical projects in the domestic market.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 6:01 am

Biocon signs pact with Mylan Inc

Indian biotechnology major Biocon Ltd Monday said it had signed an agreement with Mylan Inc. to develop, manufacture and supply generic biologic drugs globally.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 6:00 am

Wockhardt gains 3 pc after selling division to French firm - Hindu


Business Standard
Wockhardt gains 3 pc after selling division to French firm
Hindu
Mumbai (PTI): Shares of Wockhardt today surged over three per cent in morning trade on the Bombay Stock Exchange amid the pharma company selling its animal healthcare business to a French company. Wockhardt opened firm on the exchange and rallied to a ...
Wockhardt sells animal health bizBusiness Standard
French co acquires Wockhardt's vet bizEconomic Times
Wockhardt sells vet unit to French firmCalcutta Telegraph
pharmabiz.com -guardian.co.uk -Wall Street Journal
all 31 news articles »

Source: Business - Google News | 29 Jun 2009 | 6:00 am

Poor rains not to hit farm output - report - Reuters India


World News
Poor rains not to hit farm output - report
Reuters India
NEW DELHI (Reuters) - Poor monsoon rains in India will not hit the country's farm output as planting of summer-sown crops is delayed by only a week, the Financial Express newspaper said, quoting Farm Minister Sharad Pawar. The weather office last week ...
Sharad Pawar allays fears on droughtHindu
No drought-like situation in the country: PawarTimes of India
'No drought-like situation, no cause for concern'Hindustan Times
Deccan Herald -Little About -MyNews.in
all 34 news articles »

Source: Business - Google News | 29 Jun 2009 | 5:45 am

Mumbai bridge raises hopes for new Indian infrastructure - Economic Times


Mid-Day
Mumbai bridge raises hopes for new Indian infrastructure
Economic Times
MUMBAI: After years of delays and legal wrangling, India's first "sea bridge" opens to traffic this week, aiming to ease chronic congestion on Mumbai's notoriously choked roads. It is hoped that the 16.5-billion-rupee (340-million-dollar) eight-lane ...
Bandra-Worli Sea Link...HCC will treat Mumbaikars with spectular ...India Infoline.com
Bandra-Worli sea link may not end Mumbai's traffic woesHindu Business Line
Sea link amid scepticismHindu
Calcutta Telegraph -Sify -Livemint
all 47 news articles »

Source: Business - Google News | 29 Jun 2009 | 5:33 am

Suzlon posts Rs.4.69 billion loss

Wind energy major Suzlon posted a net loss of Rs.4.69 billion in the last fiscal compared to a profit of Rs.12.65 billion in the previous fiscal, the company said Monday.
Source: IndiaeNews.com: Business News | 29 Jun 2009 | 5:31 am

Microsoft to sell Razorfish

New York: Microsoft has hired Morgan Stanley to sell Razorfish, its digital agency, and French marketing company Publicis Groupe SA is thought to be a possible bidder, the Financial Times said on its Website late Sunday.
Microsoft acquired the agency, formerly called Avenue A Razorfish, as part of its $6 billion takeover of aQuantive in 2007.
The report cited an analyst valuing Razorfish at $600 million to $700 million, based on sales of about $400 million last year and profit margins for similar businesses of 12 to 13%.
Publicis and Morgan Stanley were not immediately available for comment.
Microsoft declined comment.
Razorfish is one of the largest interactive advertising and marketing agencies, boasting a client list that includes McDonald’s Corp, Starwood Hotels & Resorts, and Carnival Cruise Lines.
Microsoft and VivaKi, the digital arm of Publicis, last week unveiled a broad cooperation deal to develop new content, improve marketing performance and better target digital advertising audiences.

Source: Tech News - Livemint.com | 29 Jun 2009 | 4:38 am

Rupee down 5 paise against dollar in early trade

The rupee fell by five paise against the US currency in early trade today after increased demand for dollar by oil importers.
Source: India Business News | Business News - Times of India | 29 Jun 2009 | 4:17 am

Madoff can expect de facto life term at sentencing

New York: Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court on Monday morning to hear his punishment for running Wall Street’s biggest and most brazen investment scheme.
A US judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT (7:30 pm IST) in which some of his defrauded investors will describe the shock of losing their life savings.
The swindler, who pleaded guilty to a slew of crimes in the same Manhattan federal court in March, will “speak to the shame he has felt and to the pain he has caused,” said his lawyer, Ira Lee Sorkin, who has suggested a 12-year prison sentence.
“Given the enormous amount of funds he has stolen and the number of victims, the sentence is going to be very, very high,” said Paul Radvany, a law professor at Fordham University in New York and a former federal prosecutor.
The 100 or so letters sent to the judge from customers and what 10 will say at the hearing could have “a great impact” at the sentencing, Radvany said.
Investigators do not know how much was stolen, according to court papers. About $13 billion has been traced to more than 1,300 customer accounts. The trustee winding down the Madoff firm has so far collected $1.2 billion to return to investors.
Prosecutors also say $170 billion flowed through the principal Madoff account over decades and that weeks before his December arrest, the firm’s statements showed a total of $65 billion.
The hearing will be held in a ceremonial courtroom that accommodates 250 people. Two other rooms in the courthouse in lower Manhattan are being provided for defrauded investors and spectators to watch on closed-circuit TV.
Family will not attend
Madoff’s wife Ruth and other family members are not expected to be there. They have not attended any court appearances since his arrest last December.
Madoff’s brother, Peter, and his sons, Mark and Andrew, held executive positions in the brokerage unit of the firm. Their lawyers say they were not aware of or involved in the crooked asset management side.
The judge has allowed Madoff to wear his own clothes at the hearing, instead of the loose-fitting navy blue shirt and pants issued by the jail where he has been held since 12 March.
Legal observers expect US District Judge Denny Chin to sentence Madoff to one of the stiffest punishments for a white collar criminal.
“Madoff organized and led this fraud,” the prosecutors said in court papers on Friday arguing for a life sentence. “Numerous clerical employees and others assisted.”
Madoff has said all along he did it on his own and has not named accomplices. Only his outside accountant has been charged.
Michael Shapiro, a lawyer at law firm Carter Ledyard and Milburn LLP, said he expected a sentence of 30 years, based on previous sentences for large frauds in the same court.
He cited the case of former WorldCom chief executive Bernard Ebbers, who is serving 25 years for accounting fraud in a low-security prison.
“The individual damage that Madoff caused is probably much greater,” Shapiro said. “Thirty years is effectively a life sentence and also takes into account he didn’t kill anybody.”
Madoff will serve his time in a low or medium security prison depending on the length of his incarceration.
Madoff and his wife have been stripped of all of their luxury homes and possessions, although Ruth Madoff is being allowed to keep $2.5 million in cash, according to an agreement with prosecutors.
Revelations that the US, Securities and Exchange Commission missed several warnings about Madoff’s operation, sparked severe criticism of the markets watchdog and calls for tighter regulation of money managers.
“Madoff deserves a sentence befitting a thief, and murderer,” wrote one investor, Julie Behar to the judge. “Because he has in essence murdered the trust the people placed in their investment advisers and the financial markets.”
The case is USA v Madoff 09-213 in US District Court for the Southern District of New York (Manhattan).

Source: World Business - Livemint.com | 29 Jun 2009 | 4:11 am

Air India joins club seeking Govt support

New Delhi, June 28 As and when Air India gets financial assistance from the Government, it will join the league of a growing number of global airlines that have received aid from their governments.
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

Day Trading Guide


Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

IT cos expanding in Latin America

Bangalore, June 28 Driven by customer demand, Indian IT firms such as TCS, Infosys, and Patni are enhancing their ‘near-shore’ delivery capabilities in Latin America.
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

Tatas drive in Jaguar, Land Rover; hopeful of solution to loan issue

Mumbai, June 28 Tata Motors is hopeful that talks with the UK Government on a loan guarantee for Jaguar Land Rover (JLR) will yield a positive result.
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

Gammon India (Rs 177.3): Buy

We recommend a buy in Gammon India from a short-term trading perspective. It is visible from the charts of Gammon that after shaping a double bottom reversal pattern between late October 2008 and mid-May, the stock conclusively broke out.
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

Comex gold: Bullishness to stay intact

Gold futures ended marginally higher on Friday based on a broadly weaker dollar. Easing inflationary worries put a dampener, thereby, weakening investment demand. Both the CPI and the PPI numbers that came out last week, showed that there
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

HC order brings RIL gas pricing issue to the fore

New Delhi, June 28 The recent judgment by the Bombay High Court in the Reliance Industries Ltd-Reliance Natural Resources Ltd (RIL-RNRL) case has generated some debate.
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

The negative side of inflation

The Reserve Bank of India has announced that the wholesale price index (WPI) showed a negative rate of increase — or decrease — during the week ended June 6. The rate settled at around -1.61 per cent compared to the relatively high 11.66
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

Bandra-Worli sea link may not end Mumbai’s traffic woes

Mumbai, June 28 The Bandra-Worli sea link will be inaugurated on Tuesday. It could come as the best piece of news to car and bus commuters in Mumbai as the 10-km stretch sometimes takes up to an hour to cross on a busy
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

PSU stake sale could raise Rs 45,000 cr

BL Research Bureau An amount of Rs 45,000 to Rs 53,000 crore. That’s the rough estimate of the sums that could be raised through sale of stake in select central PSUs over the next year, if the proposals mooted in the recent weeks go
Source: Business Line - Home Page | 29 Jun 2009 | 12:00 am

From Nano economy to Jaguar luxury

Not so long ago, Tata Motors was unveiling the world's 'cheapest car', the Nano. Now, they bring to Mumbai luxury at a price.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:29 pm

Finmin considers tax breaks in IPOs

Word is that the Union Budget, to be read out on July 6, could contain crucial provisions that may spur retail investor interest in the initial public offering space.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:26 pm

FIIs took 96% of Unitech QIP II, including Soros

It's the quick returns made by investors in the first QIP in April. They had bought the shares at Rs 38.50 and their investment more than doubled to Rs 82.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:25 pm

Suzlon looks to delist REpower

Suzlon does not have access to REpower's technology because of stringent German laws. It also does not have its member on the German company's board.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:24 pm

Algorithmic trading gets a second wind

The 3-month old rally in the equity markets is spurring interest in this non-human, lightning-fast transactions and take advantage of minuscule differences in share prices.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:21 pm

Make it a criminal violation: Japan

A huge movement against the Indian generic drugs industry seems to be underway. And helping it seems to be the FTAs that India is signing with different countries.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:19 pm

Fly Mumbai-Delhi at less than Rs2,500

After flying high for months, airfares are hovering close to the ground again. All carriers, except Kingfisher Airlines, have announced monsoon offers.
Source: Daily News & Analysis: Money News | 28 Jun 2009 | 10:18 pm

Suzlon net down 77% to Rs 236 crore

Suzlon Energy, the countrys largest wind turbine-maker, on Sunday reported a 77% decline in net profit at Rs 236 crore in FY09 on the back of currency losses and replacement of defective blades.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 8:07 pm

Finmin seeks details of Bharti-MTN deal

Bharti Airtel's proposed marriage with Johannesberg-based telecom operator MTN has attracted the attention of the finance ministry, which is urgently seeking details of the proposed transaction.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 8:05 pm

FMCG cos not worried over monsoon delay

Fast-moving consumer goods (FMCG) majors, which rely on the `feel-good' factor which monsoons bring every year, are not alarmed by its delay.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 8:01 pm

Sebi MF ruling may lead to tax loss

Sebi's decision to abolish entry loads in all mutual fund (MF) schemes can have at least three unintended outcomes.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 7:59 pm

Govt for new telecom licence sans spectrum

The government is pushing for perhaps the most significant licensing reform since reduction of entry fee for STD and ILD licences in 2005 by way of a new licence category for access services.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 7:58 pm

Maruti injects competition for own JVs

After squeezing the best out of its 220-odd component suppliers through various efficiency programmes, Maruti is bringing in competition for them by buying parts from non-JV companies.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 7:57 pm

China's iron ore discovery may hit India's exports

More than half of India's exports to China are iron ore.
Source: India Business News | Business News - Times of India | 28 Jun 2009 | 7:48 pm

Myanmar pipelines confirm China's place in Bay of Bengal

Come September, and China will begin to lay parallel oil and natural gas pipelines from the Kyaukpyu deep-sea port on Myanmars Arakan coast in the Bay of Bengal, all the way up north-east to Kunming in Chinas Yunnan province. That will significantly enhance its energy security while also establishing the presence of Chinese ships in Indias eastern backyard.
Source: Business Standard | Front Page Headlines | 28 Jun 2009 | 6:55 pm

Neighbourhood stores go off the beaten track

They have graduated from just home delivery to SMS marketing, bulk buying alliances and credit extensions.
Source: Business Standard | Front Page Headlines | 28 Jun 2009 | 6:55 pm

Jaguar, Land Rover drive into the Indian luxe mart

Legendary British automotive brands Jaguar and Land Rover officially hit Indian shores, home to owner Tata Motors, today. The Indian launch follows sliding global demand for the luxury brands thanks to the global economic meltdown.
Source: Business Standard | Front Page Headlines | 28 Jun 2009 | 6:54 pm

GST rollout in troubled waters

Key roadblock: Constitutional amendment required to provide wider taxation powers to Centre, states.
Source: Business Standard | Front Page Headlines | 28 Jun 2009 | 6:52 pm