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SC to hear all parties in RILRNRL case on Sept 1The court has scheduled the next hearing of the RILRNRL case on the September 1. The Supreme Court will hear all parties on the next date. The court said that the role of the government and third parties would be decided after the next hearing.Source: Moneycontrol Top Headlines | 20 Jul 2009 | 1:09 pm Sensex moves up 239 points in early trade!The BSE benchmark index Sensex opened stronger on Monday, moving up 239 points from its last closing figure about five minutes into trading.Source: Zee News : Business | 20 Jul 2009 | 12:18 pm Gas row: Anil writes to PM, alleges bias towards Mukesh!After accusing government of partisanship in the RIL-RNRL gas dispute, ADAG chief Anil Ambani has now brought the matter in Prime Minister`s notice by writing a letter.Source: Zee News : Business | 20 Jul 2009 | 12:18 pm Oil prices up in Asian trade on US housing data!Oil prices rose in Asian trade on Monday, lifted by positive US housing construction data that suggested the crisis-hit housing market was over the worst, analysts said.Source: Zee News : Business | 20 Jul 2009 | 12:18 pm Microsoft deal talk, optimism overshadow results!Microsoft Corp will likely report the first annual sales dip in its history as a public company, but investors are looking beyond that for upbeat comments on Windows 7.Source: Zee News : Business | 20 Jul 2009 | 12:18 pm CIT Group board OKs $3 billion rescue loan: Report!CIT Group Inc`s board approved a deal late Sunday with major bondholders to keep the company out of bankruptcy with a USD 3 billion rescue loan, the New York Times reported.Source: Zee News : Business | 20 Jul 2009 | 12:18 pm CORRECTED - U.S., India expected to sign defence pactNEW DELHI (Reuters) - The United States and India are expected to sign an agreement on Monday that would take a major step towards allowing the sale of sophisticated U.S. arms to the South Asian nation, three senior U.S. officials said.Source: Reuters: Money News | 20 Jul 2009 | 10:17 am CIT rescue deal seen; U.S. survey warns on recoveryNEW YORK (Reuters) - U.S. lender CIT Group Inc has agreed $3 billion in rescue financing from bondholders, sources say, aiming to avoid becoming the latest victim of a recession which a survey on Monday said the United States has yet to shake off.Source: Reuters: Money News | 20 Jul 2009 | 10:14 am Oil rises to above $64, equities firmLONDON (Reuters) - Oil rose a dollar to above $64 a barrel on Monday, reaching the highest in almost two weeks, as equities firmed and the dollar fell on hopes of a global economic recovery.Source: Reuters: Money News | 20 Jul 2009 | 10:09 am BSE Sensex provisionally rises 2.9 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 2.9 percent on Monday, as news of the rescue of U.S. lender CIT Group and hopes for a recovery in corporate earnings boosted confidence worldwide.Source: Reuters: Money News | 20 Jul 2009 | 10:06 am 3G spectrum auction may happen next yearNew Delhi: After raising the hopes of both subscribers as well as telecom companies, the government is understood to be in no special hurry for auctioning spectrum for 3G mobile services this calendar year. Earlier, indications were that the radio waves would be auctioned by September this year. According to sources close to the development, there is a feeling that the government may not get the revenue it is looking at if it bids out spectrum in the midst of a global recession — which means mobile users would have to wait a while before they can enjoy faster voice and data services. The government has projected a revenue of Rs35,000 crore in budget 2009-10 from the auction of spectrum and had last month decided to keep the reserve price at Rs4,040 crore for radio waves for pan-India operations. An Empowered Group of Ministers (EGoM) chaired by finance minister Pranab Mukherjee has been formed to look into issues relating to 3G spectrum auction and decide on the number of slots to be auctioned in the first phase. Asked whether the Department of Telecom (DoT) has sought the first meeting of the EGoM, sources said the meeting is likely to take place soon but confirmed that auction of spectrum may happen only in January-February next year. Going by the proposed reserve price of Rs4,040 crore, the government is expecting to garner over Rs32,300 crore — assuming that all seven players, including BSNL/MTNL, opt for 3G mobile services across India. Meanwhile, the government today said that 3G spectrum was available in all states except in Rajasthan (nil) and only five MHz in Himachal Pradesh. Only four southern states and Orissa have maximum 60 MHz each of 3G spectrum while in other states the quantum of spectrum varies between 10 MHz to 50 MHz. Last month, finance minister Pranab Mukherjee and Raja had met Prime Minister Manmohan Singh and decided to fix the reserve price at Rs4,040 crore, double from what was initially recommended by the DoT. Initially, six private operators apart from state owned MTNL and BSNL would be allowed to offer 3G services that enables high speed internet, videos and many other value-added services on mobile phone. While the government would get at least Rs24,240 crore from six operators that are chosen after the bids, PSUs MTNL and BSNL would shell out another Rs8,080 crore assuming no player bids beyond the reserve price. Source: Tech News - Livemint.com | 20 Jul 2009 | 9:41 am JSW Steel sees FY10 operating margin at $150 a tonneMUMBAI (Reuters) - JSW Steel, India's No. 3 producer of the alloy, sees its operating margin for FY10 at $150 a tonne, a top official said on Monday.Source: Reuters: Money News | 20 Jul 2009 | 9:39 am Andhra Pradesh seeks 'due share' of Reliance gas - Economic Times
Source: Business - Google News | 20 Jul 2009 | 9:38 am ANALYSIS - Starbucks to start turning cornerLOS ANGELES (Reuters) - Starbucks Corp should begin reaping benefits from slashing costs, closing stores and removing trinkets from shelves, but analysts say growth could remain elusive until the U.S. economy heals.Source: Reuters: Money News | 20 Jul 2009 | 9:33 am SC seeks explanation on gas dealNew Delhi: The Supreme Court on Monday asked Reliance Industries and Reliance Natural Resources to explain why a gas supply deal between the two should not be cancelled and cleared the way for the government to be a party in the court battle, lawyers for both sides said. Shares in Reliance Industries, which challenged a lower court ruling to supply gas to Reliance Natural at below-market price, were 4.3% higher amid a broad market rally on Monday, while Reliance Natural shares were down by 3%. The court set a 1 September date for the next hearing in the nearly three-year battle, which has raised questions over the role of powerful business families in India’s economy. Top Indian conglomerate Reliance Industries (RIL), headed by Mukesh Ambani, and Reliance Natural (RNRL), led by estranged brother Anil, have been fighting over terms of a gas-supply agreement struck when the Reliance empire was split in 2005. The Indian government made a petition over the weekend to intervene in the case, arguing that the gas is its property and that the private pact between the Ambanis over the gas is not valid. The court on Monday set the stage for the government to participate in the court proceeding, which is what Reliance Industries had sought. “That’s water under the bridge. The government is already there. We have been asking for that,” said Harish Salve, a lawyer for Reliance Industries. The Bombay High Court ruled last month that Reliance Industries should supply gas to Reliance Natural at $2.34 per million metric British thermal unit (mmBtu) — nearly half the $4.20 price in an interim court order in January. Maulik Patel, head of research at K.R. Choksey Shares & Securities, said nothing fundamental in the dispute had changed. If the court voids the agreement between the parties, which had been approved by the high court, it will be good for Reliance Industries but quite negative for Reliance Natural. “The likely scenario could be the government may fix $4.2 per mBtu as the price for supply, and then allow Reliance Natural to further sell it to fertiliser and power companies,” he said. Next hearng on 1 September The Supreme Court on Monday said it would club all petitions and applications in the case together, according to Ram Jethmalani, a lawyer for Reliance Natural. “The court said it wants to hear the case with three judges so it set 1 September as the next date. There were no observations, no directions,” Jethmalani said after the hearing. The gas in dispute comes from the vast Krishna Godavari basin, and the feud had led to calls for the government to intervene given the importance of the resource to India’s energy-starved economy. Mukesh Ambani, 52, was ranked 7th by Forbes in its list of global billionaires in March, with a net worth of $19.5 billion. Anil, 50, was at No. 34 on the list, with a net worth of $10.1 billion. The two brothers have battled before. Reliance Industries last year cited a first right of refusal clause to sink a bid by Anil Ambani’s Reliance Communications for a merger with South Africa’s MTN. The details of the family settlement, which was brokered by the Ambanis’ mother, Kokilaben, have not been made public, and at least a dozen issues still need resolution, analysts say, ranging from properties to shares in companies. Source: Home - Livemint.com | 20 Jul 2009 | 9:32 am BASF India Q1 net up 12p.c. - Hindu
Source: Business - Google News | 20 Jul 2009 | 9:31 am Sensex soars in afternoon trade, up 401 pointsA key index of the Indian equities markets surged in the afternoon trade Monday to go past the 15,000-mark. It was ruling 401 points up about an hour before the closing bell.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 9:30 am JSW Steel net dips 6%, sees FY10 margin at $150 a tonneMumbai: JSW Steel, India’s No. 3 producer of the alloy on Monday reported a 6.45% decline in consolidated net profit at Rs234.08 crore for the first quarter ended June 30, over the same period last year. The company had a net profit of Rs250.23 crore in the same quarter ended June 2008, JSW Steel said in a filing to the Bombay Stock Exchange. Net sales declined to Rs4,253.52 crore in the latest quarter, against Rs4,483.79 crore in the same quarter previous fiscal. JSW sees its operating margin for FY10 at $150 a tonne, a top official said. The company will complete its 11-million-tonne steel plant by March 2011, managing director Sajjan Jindal told reporters. “Costs are falling, our product-mix is improving, retail is being increased, exports are being reduced,” he said. In the June quarter, JSW Steel had an EBITDA margin of $118, he said. Source: Home - Livemint.com | 20 Jul 2009 | 9:25 am Anil Ambani writes to PM, says RIL is influencing Oil MinAnil Ambani has written to the Prime Minister on gas dispute, reported CNBCTV18 quoting sources. It is believed that he has, in his letter, said that there should be no disruption of gas supply to the existing users of KGD6. In the letter he has asserted that RADAG will fully protect national interest.Source: Moneycontrol Top Headlines | 20 Jul 2009 | 9:20 am Govt to speed up applications for environment clearanceNew Delhi: The ministry of environment and forests is looking at cutting down the time taken for processing applications for environment clearance for projects, minister of state for environment and forest Jairam Ramesh said on Monday. Replying to questions in Rajya Sabha, he said 210 days are given to complete all formalities for environment clearance for projects. Separately, 150 days are taken for giving forest clearance once projects have been cleared by state governments. Ramesh said the 210 days deadline for environment clearance is extended in some projects involving wildlife sanctuary, environment fragile zone and complicated project requiring enough safeguards. He said 700 environment clearances were pending when he took over in May-end. This has come down to 250, but taking into account new applications, a total of 500 projects were before his ministry awaiting environment clearance, he said. Of the 210 days’ deadline, 60 days are for setting terms of reference for environment impact assessment, 45 days for public hearing, 60 days for environment impact appraisal and 45 days for communicating the decision, he said adding the 60 days taken by his ministry may be reduced to 45 days. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 9:19 am Bangladesh wants taxes on garment exports to India go - Hindu Business Line
Source: Business - Google News | 20 Jul 2009 | 9:14 am IDFC Q1 Net up 26 pc at Rs 272 crore - Economic Times
Source: Business - Google News | 20 Jul 2009 | 9:13 am Supreme Court seeks explanation on gas dealNEW DELHI (Reuters) - The Supreme Court asked Reliance Industries and Reliance Natural Resources to explain why a gas supply deal between the two should not be cancelled and cleared the way for the government to be a party in the court battle, lawyers for both sides said.Source: Reuters: Money News | 20 Jul 2009 | 9:09 am Mumbai attacker pleads guilty in court: policeNew Delhi: The lone surviving gunman from the Mumbai attacks that killed 166 people in November and raised tensions between India and Pakistan pleaded guilty in court on Monday, police said. Pakistani citizen Mohammad Ajmal Kasab, 21, pleaded guilty in a Mumbai court and was recording his confession there, the police officer overseeing the probe into the attacks said. “Yes, he has pleaded guilty in court today for the November attacks during a hearing,” senior police officer Rakesh Maria said. Kasab, who had been videotaped carrying an AK-47 assault rifle while carrying out the assault on Mumbai’s main train station, had been charged with 86 separate offences including murder and waging war against India. “He has confessed to his role and the fact that he was involved in the attacks that killed so many people during the attacks, the planning and the execution,” Maria said. Kasab had pleaded not guilty in May. He was the only one of the 10 gunmen captured alive during the 26-28 November attacks on targets including two luxury hotels, a Jewish centre and the train station. India has charged 38 people including Kasab over the attack, but most of the accused are in Pakistan, the Indian government says. New Delhi has demanded Pakistan take concrete action against the perpetrators of the attacks before it will consider reopening five-year old peace talks it broke off after the attacks in November. The assault on India’s financial capital raised tensions between the nuclear rivals who have been to war three times since their independence from Britain in 1947. Both sides have exchanged angry rhetoric since the attack, with India saying the gunmen must have had support from official Pakistani agencies. Islamabad denies that, but has acknowledged that the raid had been launched and partly planned from Pakistan. It has detained several Islamist leaders, including some whom India has named as planners of the guns-and-grenade assault on Mumbai. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 9:07 am Mumbai attacker pleads guilty in court: policeNew Delhi: The lone surviving gunman from the Mumbai attacks that killed 166 people in November and raised tensions between India and Pakistan pleaded guilty in court on Monday, police said. Pakistani citizen Mohammad Ajmal Kasab, 21, pleaded guilty in a Mumbai court and was recording his confession there, the police officer overseeing the probe into the attacks said. “Yes, he has pleaded guilty in court today for the November attacks during a hearing,” senior police officer Rakesh Maria said. Kasab, who had been videotaped carrying an AK-47 assault rifle while carrying out the assault on Mumbai’s main train station, had been charged with 86 separate offences including murder and waging war against India. “He has confessed to his role and the fact that he was involved in the attacks that killed so many people during the attacks, the planning and the execution,” Maria said. Kasab had pleaded not guilty in May. He was the only one of the 10 gunmen captured alive during the 26-28 November attacks on targets including two luxury hotels, a Jewish centre and the train station. India has charged 38 people including Kasab over the attack, but most of the accused are in Pakistan, the Indian government says. New Delhi has demanded Pakistan take concrete action against the perpetrators of the attacks before it will consider reopening five-year old peace talks it broke off after the attacks in November. The assault on India’s financial capital raised tensions between the nuclear rivals who have been to war three times since their independence from Britain in 1947. Both sides have exchanged angry rhetoric since the attack, with India saying the gunmen must have had support from official Pakistani agencies. Islamabad denies that, but has acknowledged that the raid had been launched and partly planned from Pakistan. It has detained several Islamist leaders, including some whom India has named as planners of the guns-and-grenade assault on Mumbai. Source: Home - Livemint.com | 20 Jul 2009 | 9:07 am Alstom Projects bags Rs 373 cr project from BHEL - Hindu
Source: Business - Google News | 20 Jul 2009 | 9:05 am Ask oil minister not to intervene in RIL-RNRL gas row: AnilNew Delhi: Reliance ADA Group chairman Anil Ambani has asked Prime Minister Manmohan Singh to direct the petroleum ministry and the sector regulator to stop from “overtly and covertly” intervening in a commercial dispute his group firm has with Mukesh Ambani-run RIL. Sources said that in a letter dated 15 July, Ambani informed Singh that his group was “not claiming any rights to the ownership of the KG-D6 gas fields, whether through any family settlement or contractual claims or otherwise.” When contacted, a ADAG spokesperson said Ambani had indeed written to the Prime Minister. The government, in its special leave petition before the Supreme Court on Saturday, sought a direction to declare as “null and void” the Ambani family settlement, as also to stay a 15 June Bombay high court order asking RIL to supply gas to Reliance ADA Group firm RNRL. “You may kindly direct the ministry of petroleum and natural gas, Directorage General of Hydrocarbons and other relevant ministries and departments to cease from “overtly and covertly attempting to intervene in our commercial disputes with RIL...” a source quoted Ambani as saying in the letter. Ambani, while expressing willingness to meet Singh to offer clarifications that may be required, also made it amply clear in the letter that the government’s “ownership, rights and entitlements in the KG-D6 fields stand fully protected, and are indeed, not in dispute.” Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 9:03 am HDFC Bank cuts lending rate by 25 bpsNew Delhi: The country’s second largest private sector lender HDFC Bank on Monday slashed benchmark lending rate by 25 basis points (bps) to 15.75%. Benchmark prime lending rate has been reduced to 15.75% per annum with effect from 20 July, HDFC Bank said on its website. The cut in lending rate follows the reduction in the fixed deposits rate effective from 18 May. In the past six months, the PLR (prime lending rate) has been reduced by 75 bps. The bank last reduced its PLR in December 2008, when the rate was brought down by 50 bps to 16%. Private sector lenders mostly give loans below PLR. However, some of the corporate loans are linked to the benchmark rate. Thus, to study the relevance of PLR in the changed scenario, the Reserve Bank of India (RBI) last month constituted six-member working group to review the benchmark prime lending rate (BPLR) system and suggest a mechanism for pricing of floating rate loans, a move that will improve transparency in fixation of interest rates on housing loans by banks. The working group, chaired by RBI executive director Deepak Mohanty comprises J P Morgan India chief economist Jahangir Aziz and Indian Institute of Management (IIM) Ahmedabad Professor as its members. Source: Home - Livemint.com | 20 Jul 2009 | 9:01 am Andhra Pradesh seeks 'due share' of Reliance gasEven as the two Ambani brothers are locked in a legal battle over supply and price of gas from the Krishna-Godavari basin, the Andhra Pradesh government has sought its 'due share' of the hydrocarbon asset.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 9:00 am Sensex up 359 pts; FMCG stocks remain subdued @ 14:14 hrs - Sify
Source: Business - Google News | 20 Jul 2009 | 8:59 am Sterlite Tech Q1 net up 5-foldMumbai: Sterlite Technologies on Monday reported a robust five-fold increase in its net profit for the quarter ended 30 June to Rs45.48 crore, over the corresponding period a year ago. The company had a net profit of Rs8.80 crore during the June quarter a year earlier, Sterlite Technologies said in a filing to the Bombay Stock Exchange (BSE). Net income of the telecom connectivity products and solutions provider also rose to Rs436.18 crore during the three-month period ended 30 June from Rs404.18 crore of last year. Shares of Sterlite Technologies surged 5% from its previous close to hit its upper trading limit of Rs205.40 on the BSE. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 8:58 am Cheap imports hurt steel producers - ministerNEW DELHI (Reuters) - Imports of cheap steel into India are hurting domestic producers and a government body has favoured an additional tax on overseas purchases, the minister of state for trade said on Monday.Source: Reuters: Money News | 20 Jul 2009 | 8:57 am India, US likely to sign defence pactNew Delhi: US Secretary of State Hillary Clinton on Monday called on Prime Minister Manmohan Singh and is understood to have discussed terrorism and Pakistan, besides ways to enhance bilateral relations. Clinton, who is on a five-day visit to India, met Singh at his office in 7 Race Course Road here. She was accompanied by US ambassador-designate Timothy Roemer among others. The US Secretary of State will also meet external affairs minister SM Krishna during which the two sides are expected to look at ways to take the strategic ties to a new level. India and the United States are expected to sign an agreement that would take a major step towards allowing the sale of sophisticated US arms to the South Asian nation, three senior US officials said. Known as an “end-use monitoring” agreement and required by US law for such weapons sales, the pact would let Washington check that India was using any arms for the purposes intended and preventing the technology from leaking to others.  Prime Minister Manmohan Singh speaks with US secretary of state Hillary Clinton during a meeting at the Prime Minister’s office in New Delhi on Monday. Reuters Photo Both US defence contractors are in the running to compete for India’s plan to buy 126 multi-role fighters, which would be one of the largest arms deals in the world as India takes steps to modernise its largely Russian-made arsenal. The two US companies are competing with Russia’s MiG-35, France’s Dassault Rafale, Sweden’s Saab KAS-39 Gripen and the Eurofighter Typhoon, made by a consortium of British, German, Italian and Spanish firms, for the contract. The US officials, who spoke on condition that they not be identified, said the defence agreement was not finalised as of late Sunday but that they expected it to go through in time for Clinton’s signature on Monday. “If we don’t sign that, it will be a definite slap in the face,” said a US congressional aide ahead of Clinton’s visit to New Delhi, where she met Prime Minister Manmohan Singh and was to see External Affairs Minister SM Krishna in the evening. Clinton’s visit aims to deepen ties with India, a country whose economic power and political stability make it a natural US ally, according to analysts, despite the long history of US-Indian tensions during the Cold War, when Washington at times tilted toward Pakistan. Before her official meetings, Clinton on Monday spoke to students at Delhi University and said both sides should try to get past stereotypes to build on strong US-Indian links. “People watching a Bollywood movie in some other parts of Asia (may) think everybody in India is beautiful and they have dramatic lives and happy endings,” she said to laughter. “And if you were to watch American TV and our movies, you’d think that we don’t wear clothes and we spend a lot of time fighting with each other,” Clinton said. US officials hope for two other tokens of a closer relationship to be confirmed during Clinton’s trip: an Indian announcement of two nuclear sites reserved for US companies to build reactors and a broad strategic dialogue to be led by the US secretary of state and the Union foreign minister. Clinton hinted at the latter, telling the students that the two sides would announce “a comprehensive strategic approach” to cover a breadth of issues in their relationship. US officials estimate that the nuclear sites represent up to $10 billion in business for U.S. nuclear reactor builders such as General Electric Co. and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp. In addition to her official talks with Singh and Krishna, Clinton planned to meet Sonia Gandhi, the head of the ruling Congress party, and with LK Advani, the leader of the opposition Bharatiya Janata Party, on Monday. Source: Home - Livemint.com | 20 Jul 2009 | 8:57 am Sensex up 411 points in midsessionThe BSE Sensex maintained its rising trend since last week as it shot up by more than 400 points at the midsession today.Source: Daily News & Analysis: Money News | 20 Jul 2009 | 8:56 am Oil rises to above $64, equities firmLondon: Oil rose above $64 a barrel on Monday, extending the previous session’s rally, as equities firmed and the dollar fell on hopes of a global economic recovery. The market jumped 6.1% last week - its first weekly gain in a month - thanks to a series of positive economic data and a rally in equities due to better-than-expected US corporate earnings. US crude oil for August delivery rose 88 cents to $64.44 a barrel by 1:48pm, Brent crude for September rose 94 cents to $66.32. “Gains in the stock markets are lifting risk appetite, which is helping to push oil prices higher,” said Ben Westmore, a commodities analyst at the National Bank of Australia. The MSCI index of Asia Pacific stocks outside Japan climbed for a fifth session to the highest since late September 2008 on Monday. European stocks made early gains, while the increase in risk appetite knocked the dollar. Oil’s gains on Friday were sparked by US housing data which showed construction of new homes and building permits rose more than expected in June, signalling a potential economic recovery. More support for prices came from renewed protests in major oil exporter Iran and a tropical wave in the Atlantic. Storms in the US Gulf can disrupt oil and gas supplies from the region. Oil hit a 2009 high of $73.38 on 30 June, up from a low of $32.40 reached in December, boosted in part by supply curbs from the Organization of the Petroleum Exporting Countries. In a sign that investors were now more bullish on oil prices, crude oil speculators on the New York Mercantile Exchange increased their net long positions in the week to 14 July. Still, with oil prices having rebounded last week, some analysts are cautioning against excessive optimism as the latest inventory data in the United States was still painting a bearish picture for energy demand. “As was the case with the March-June upward trend and the subsequent correction, price action in recent days has been, in our view, driven by non-fundamentals,” said Michael Wittner of Societe Generale in a report. “When prices are being driven by non-fundamentals, we are cautious, and doubly so when trying to call a turn,” Wittner said, adding that technical analysis indicates another downward move should be expected this week. Source: Home - Livemint.com | 20 Jul 2009 | 8:50 am Environment volatile, see pricing pressure in offshore: TCS - Moneycontrol.com
Source: Business - Google News | 20 Jul 2009 | 8:48 am Gold prices up; local demand stays weakNew Delhi: India gold prices traded higher on Monday as strong oil prices spurred inflation concerns even as local demand remained slack in a lean period, dealers said. The most-active August contract was 0.44% higher at Rs14,828 per 10 grams at 1:33pm. The four-month monsoon is a lean period for weddings, one of the key drivers of gold demand. But a series of festivals starting August-end and resumption of the wedding season is expected to boost gold sales from next month. “The present condition is likely to persist till August,” said a dealer with a private bank in Mumbai. Oil rose above $64 a barrel, extending last session’s 2.5% gains, bolstered by a rally in Asian stocks and gain in other major currencies on hopes of a global economic recovery. Gold and crude prices mirror each other as oil drives inflation and the yellow metal is a hedge against price rise. “There are no buyers. We have just sold 10 kgs so far since morning,” said a dealer with a state-run bank in Mumbai “We don’t even have advance orders.” Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 8:47 am Midsession: Sensex gains over 400 pts on blue-chip stocksMumbai: The BSE Sensex maintained its rising trend since last week as it shot up by more than 400 points at midsession on Monday on funds buying blue-chip stocks led by the software and realty sectors. A firm opening in European and Asian stock markets further fuelled sentiment and 30-share Sensex climbed 411.46 points to 15,156.38 at 1:30pm. The 50-share National Stock Exchange index Nifty rose by 117.25 points, or 2.68%, to 4,492.20. The upsurge was supported by information technology shares after segment major Tata Consultancy Services, a leading software developers and Sensex-linked firm, recorded handsome gains of over 17.42% after its first-quarter profit beat analysts’ estimates. The current rally recorded a gain of 9.2% last week, recovering most of the 9.5% loss a week earlier after the Budget revealed the widest budget deficit in 16 years and failed to lay out firm plans to sell state assets. The stocks’ rating was raised to “equal-weight” from “underweight” at Morgan Stanley, which said uncertainty over earnings in the current fiscal year has been reduced. Foreign institutional investors bought a net Rs292 crore of Indian stocks on 16 July. Markets extended gains to 2% by midday as index futures pointed to a higher start for European markets after hopes for a global economic recovery had lifted sentiment across Asia. Asian shares were higher on Monday, with MSCI’s measure of Asian markets excluding Japan rising 2.2% Japan’s Nikkei was closed for a public holiday. Source: Home - Livemint.com | 20 Jul 2009 | 8:42 am Twowheeler loan rates high, but sales pick upTwowheeler sales have picked up this fiscal defying economic slowdown. Loan waivers, excise duty cut and high support prices on farm crops have enabled sales to grow at about 15%.Source: Moneycontrol Top Headlines | 20 Jul 2009 | 8:41 am GM India offers buy back scheme for Astra and CorsaNew Delhi: Car maker General Motors India Monday said it has offered a new scheme under which customers can exchange their Opel cars for Chevrolet brands. Under the buy back scheme all the existing Opel owners can get a new Chevrolet model for their Astra or Corsa cars, General Motors (GM) India said in a statement. “With the buy back scheme, we are giving an opportunity to our customers to enjoy the Chevrolet experience. Our goal is to continue to reach out to our customers both new and old, and provide them best and the latest cars,” GM India vice president P Balendran said. As part of the scheme customers will be offered a market price based on the physical condition and model-year of their car for a limited period the company said. “In addition, customers will also be offered free accessories worth Rs 10,000 by the dealer under the Opel exchange programme,” it added. Source: Home - Livemint.com | 20 Jul 2009 | 8:41 am Maytas Infra seeks refund of Rs 380cr ICDs from SatyamMaytas Infrastructure has initiated action to get back the intercorporate deposits (ICDs) worth Rs 380 crore borrowed by 14 companies. The company is also expecting cash flow from the corporate debt restructuring (CDR) package to start from monthend.Source: Moneycontrol Top Headlines | 20 Jul 2009 | 8:35 am IOC to buy Cairn crude oilIndian Oil Corporation Ltd will buy oil from Cairn Indias Rajasthan field at a discounted price to Nigerian Bonny Light crude.Source: Moneycontrol Top Headlines | 20 Jul 2009 | 8:32 am India's financial sector is sound: Finance Commission chiefIndia's financial sector is sound and the government is closely monitoring the evolving macro-economic situation, Vijay Kelkar, chairman of the 13th Finance Commission, said here Monday.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 8:30 am SC declines to stay HC verdict on homosexualityNew Delhi: The Supreme Court on Monday declined to pass an interim order to stay the Delhi High Court verdict legalising gay sex among consenting adults. The apex court said it will wait for the government to come out with a definite stand on the issue. “We are not for stay as there is no threat of any consequences. We will hear the government, what is their stand,” a bench comprising Chief Justice K G Balakrishnan and Justice P Sathasivam said. “Why not wait till government takes a definite stand,” the Bench said before posting the matter for 14 September. Attorney General G E Vahanvati said that the government has taken a stand and it will reconsider it again as three ministries are involved. He said that it was not in favour of the stay of the high court order. Vahanvati said that the government has taken a stand in the high court and the judgement was of limited nature concerning gay sex between consenting adults. The apex court refused to make any observation relating to the legitimacy of the gay marriages when a submission was made about it. The counsel opposing the high court verdict wanted the court to say that such a marriage was not legitimate. When a reference was made about Section 377 of the IPC, the Bench said, “Cases under Section 377 are registered only with regard to paedophiles. People are being convicted but it has nothing to do with gay marriages.” The apex court had earlier issued notice to the Centre seeking its response on the petition filed by a Delhi astrologer challenging the high court verdict. Notices were also issued to Naz Foundation, the NGO, and other respondents who were parties before the high court. Astrologer Suresh Kumar Kaushal has sought quashing of the 2 July high court judgement legalising gay sex between consenting adults in private, which was earlier a criminal offence punishable with upto life imprisonment. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 8:28 am Rupee at 2-wk high as stocks gain over 2 pct - Reuters India
Source: Business - Google News | 20 Jul 2009 | 8:11 am Supreme Court adjourns Reliance gas dispute hearing to Sep 1The Supreme Court Monday adjourned till Sep 1 its hearing on the dispute over natural gas supply from the Krishna-Godavari basin between Mukesh Ambani's Reliance Industries and his brother Anil's Reliance Natural Resources Ltd.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 8:01 am New EU seafood import rule worries Indian exportersA proposed European Union (EU) guideline - requiring imported seafood to be accompanied by a 'catch certificate' issued by a competent authority - is worrisome, say India's seafood exporters.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 8:00 am Finance commission concerned over high subsidies in Andhra PradeshThirteenth Finance Commission Chairman Vijay Kelkar Monday voiced concern over subsidies provided by Andhra Pradesh, saying these could potentially jeopardise the state's recent impressive fiscal achievements.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 8:00 am ONGC taps Citi for Kosmos Ghana stake bid - sourcesHONG KONG/MUMBAI (Reuters) - India's leading oil producer ONGC has hired Citigroup to advise it on a bid for Kosmos Energy's stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources familiar with the deal said.Source: Reuters: Money News | 20 Jul 2009 | 8:00 am What is the Reliance gas dispute all about? - Economic Times
Source: Business - Google News | 20 Jul 2009 | 7:57 am Recession proof Indian weddings attract international brandsIn the times of global recession, international luxury brands are pinning their hopes on 'The Big Fat Indian Wedding' to come to their rescue.Source: Daily News & Analysis: Money News | 20 Jul 2009 | 7:43 am Recession proof Indian weddings attract international brandsNew Delhi: In the times of global recession, international luxury brands are pinning their hopes on ‘The Big Fat Indian Wedding´ to come to their rescue. The multi-billion “recession proof” business related to Indian weddings is a huge draw for brands like De Beers and Swarovski who are gearing up for the coming wedding season by partnering with Indian designers to stake their share in the pie. At the Tarun Tahiliani Bridal Couture Exposition held in the city recently the designer spoke of the burgeoning market and said that he expected the coming wedding season to be grander than usual, with the recession blues gradually fading. “The show is about creating an Indian identity for couture and for us couture is all about weddings, it has been so for centuries. I have partnered with marquee names like Jimmy Choo and Swarovski for the exposition and we are going to take it to New York soon,” Tahiliani told the agency. The Indian wedding season which begins in October and goes on till March, is especially lucrative for jewellery brands and the market has been entered by a number of international players like De Beers. “The Indian market is important for us because globally the demand for diamonds during a wedding is usually restricted to the rings, but here there is demand for elaborate necklaces, bangles and even the guys wear diamonds as buttons on their sherwanis,“ said Binita Cooper, country head of Forever Mark, under De Beers International. The lure of the business partly depends on the fact that it has proved “recession proof” and profitable even during the bleakest periods of the economic slowdown. “We work with all the top designers in the country and we did not experience any significant downturn. And as far as this year is concerned we are expecting better business than ever,” said Sanjay Sharma, country manager, Crystallized Swarovski Elements. “The wedding season is important for every business in the luxury sector because it is the one occasion which entails no holds barred splurging, because no one wants to compromise on the grandeur of the occasion,” said Sharma. The opinion was mooted by Aparna Singh, a PR executive who is expecting to tie the knot in November and has been planning the ‘big day’ for months. “It took me months to work out the logistics and the budget. I have decided to go for a smaller ceremony, but I will not cut down on the dress and the jewellery. I want to look my best,” said Aparna. Wedding exhibitions have emerged key players in the industry as they bring together everything from jewellery retailers to gift wrapping options to the brides-to be like Aparna who throng these one-stop-shops. Tarun Tahiliani who debuted his Bridal Couture Exposition this year plans to turn it into an annual event, on the lines of ‘Bridal Asia´ and ‘Vivaah´. “The market is huge and I am targeting a select clientele. It is an Indian with modern sensibilities who also is proud of his or her legacy. The designs combine traditional and modern and so does the event because I am partnering with the best of Indian and international names,” said Tahiliani. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 7:43 am JSW Steel Q1 net dips 6% at Rs 234 cr - Business Standard
Source: Business - Google News | 20 Jul 2009 | 7:38 am SC sets 1 Sept hearing in Reliance gas disputeNew Delhi: The Supreme Court on Monday scheduled its next hearing in the dispute between Reliance Industries and Reliance Natural Resources over a gas supply agreement for 1 September. Top Indian conglomerate Reliance Industries, headed by billionaire Mukesh Ambani, and Reliance Natural, led by estranged brother Anil, have been fighting over terms of a gas-supply agreement struck when the Reliance empire was split in 2005. The Union government made a petition over the weekend to intervene in the case, arguing that the gas is its property and that the private agreement between the Ambanis over the gas is not valid. The court on Monday said it would club all petitions and applications in the case together, according to Ram Jethmalani, a lawyer for Reliance Natural. “The court said it wants to hear the case with three judges so it set 1 September as the next date. There were no observations, no directions,” Jethmalani said after the hearing. The Bombay high court ruled last month that Reliance Industries should supply gas to Reliance Natural at $2.34 per million metric British thermal unit (mmBtu) -- nearly half the $4.20 price in an interim court order in January. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 7:35 am What is the Reliance gas dispute all about?The raging dispute being heard in the Supreme Court between the companies belonging to the two Ambani brothers, Mukesh and Anil, mainly concerns the supply and pricing of natural gas from the Krishna Godavari basin.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 7:30 am TCS jumps 15 pct on strong earningsBANGALORE (Reuters) - Shares in Tata Consultancy Services soared more than 15 percent on Monday to their highest in more than a year after the outsourcer posted strong quarterly earnings and prompted a flurry of brokerage upgrades.Source: Reuters: Money News | 20 Jul 2009 | 7:11 am ONGC taps Citi for Kosmos Ghana stake bid: sourcesHong Kong/Mumbai: India’s leading oil producer ONGC has hired Citigroup to advise it on a bid for Kosmos Energy’s stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources familiar with the deal said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field. A potential sale of Kosmos’ stake in the Jubilee field is being closely watched as the asset is one of the largest oil finds in West Africa in the past decade. “ONGC has been bidding for overseas blocks for almost a decade,” said Kumar Manish, an associate director at KPMG. “To me, in terms of risk, Ghana is better than some of the other countries that have huge oil reserves,” he added. “India being a big ticket oil importer needs to secure supplies and has to go to countries that have reserves.” All three sources declined to be identified because they were not authorised to speak publicly about the matter. Citigroup declined to comment when contacted by Reuters. ONGC representatives were not immediately available for comment. ONGC is not Asia’s only bidder for Kosmos’s coveted stake. China’s top offshore oil and gas producer, CNOOC Ltd, has hired Goldman Sachs to advise it on its bid for the stake, a source said last month. Other bidders could include global energy players BP Plc, Shell Oil, Exxon Mobil Corp and Italy’s ENI SpA, analysts and dealmakers say. Texas-based Kosmos has interests across Ghana, Benin, Cameroon, Morocco and Nigeria, including the Jubilee Field in Ghana’s deep waters. Deadline Extension On Friday, the bid deadline for the Jubilee stake was extended and another date will be announced within the next 30 days, two sources familiar with the matter said. The deadline extension gives bidders extra time to digest major developments earlier this month. Kosmos recently secured a $750 million loan facility to fund development of the discoveries. It also gained approval from the Ghanaian government for a phase-one plan of development for the field. Any bid would need to be vetted by the Ghanaian government, and the extension allows the Ghanaian government to be more involved in the auction before a winner is picked. Moreover, Ghana’s National Petroleum Corp (GNPC) is also interested in buying the stake. “The government has indicated and has informed the partners that should Kosmos want to sell, the Ghana National Petroleum Corporation would be interested in buying,” Kwabena Donkor, Ghana’s deputy energy minister, said on the sidelines of an African energy conference in early July. Jubilee is predicted to hold 1.2 billion barrels of oil equivalent. The entire field is valued at around $15 billion. Kosmos’s partners in Jubilee include London-listed Tullow Oil plc and US oil producer Anadarko Petroleum Corp. One source said the Indian giant is looking to partner with an international oil firm in its bid for the stake. Source: Home - Livemint.com | 20 Jul 2009 | 7:09 am Asia’s beverage sector fizzes despite downturnSingapore: The crowds drinking beer in the bustling bars of Mumbai and Shanghai underscore the motive behind a flurry of recent merger and acquisition activity in Asia, with forecasts of strong growth for beer and spirits in years to come. In China and India, as well as smaller markets in Southeast Asia such as Singapore, Thailand and Vietnam, beer drinking is becoming a popular past time due to rising disposable income and relatively young populations who are embracing the party scene. “I’m a firm believer in the Asia growth story and when there’s growth there’s going to be increased consumption,” said Edward Chia, managing director of Singapore’s Timbre bars. “My analysis of trends is that people tend to start drinking beer as the first form of alcohol, then move to wines and spirits. That (applies) to both age and maturity of industry.” Market research firm Euromonitor International says Asia is the most dynamic region globally in volume for beer, with average annual growth of 8% between 2003 and 2008. China is the world’s biggest beer market and India’s $12 billion alcohol market has been enjoying 12-15% annual growth. So it’s no surprise that beverage firms, facing slowing sales in mature markets in Europe, Japan and the United States, have heightened M&A activity in the past few month. Analysts suggest there will be more to come given the outlook for rising alcohol consumption across Asia. In China, per capita consumption of alcoholic drinks is expected to rise to 53.4 litres by 2013 from 37.8 litres in 2008, according to Euromonitor. It sees consumption in Singapore and Thailand rising to 23.1 and 61.4 litres respectively by 2013 from 21.1 and 48.4 litres last year. “Expect more activity in the years to come as the major brewers establish or reinforce existing operations in the region, in particular outside the mature markets of South Korea and Japan,” said Euromonitor’s Marlous Kuiper. Beverage firms are focusing closely on China and India as growth is expected to be rapid due to rising disposable incomes in the world’s third and twelfth largest economies, dented by the downturn but still holding up with forecasts for annual GDP growth of 8 and 6.3% respectively. “The beer market (in China) is set for double digit (revenue) growth in coming years. Its growth will be much stronger than other liquor or wine,” said Jiang Guo-Qiang, general manager and director of Chinese brewer Kingway Brewery. In line with this sentiment, shares in China’s Tsingtao Brewery have soared 65% this year, outpacing a 29% gain in Hong Kong’s main index. China’s beer market was valued at almost $30 billion in 2007 compared with about $17 billion in 2001. Japan’s mature beer market is valued at about $42.5 billion, but its size has been steadily declining from about $51 billion in 2004. Economic Recovery Big names such as Diageo, the world’s biggest spirits group, and Japan’s Kirin Holdings are adopting multi-pronged strategies that include mergers and acquisitions and also partnerships with local firms for footholds in markets in India and China which are dominated by domestic firms. Diageo said in June it had teamed up with Chinese white spirit producer Shui Jing Fang to make a premium vodka in China. It is also in talks to pick up a stake in India’s United Spirits. Meanwhile, Heineken, the world’s third-largest brewer, in May reached a deal with India’s largest brewer, United Breweries, to bottle and distribute its brands in India. In fact, eight out of the top 10 brewers in China have some level of foreign ownership, according to Euromonitor. Analysts say there is a strong correlation between alcohol consumption and industrial output growth, boding well for brewers as the economy recovers. China’s Snow beer is now the world’s second-biggest beer brand by volume, replacing Anheuser-Busch brands, Bud Light and Budweiser. It is brewed by SABMiller and its Chinese partner China Resources Enterprises Ltd. “China and India will take the lion share of volume due to huge population growth but opportunities exist in other markets like Vietnam and Thailand,” added Kuiper. The Philippines, Singapore, Thailand and Vietnam all saw buoyant beer sales in 2008. Singapore, said analysts, has single-handedly defied the gloomy environment of mature markets such as the UK and United States with drinkers drawn to outlets such as microbreweries. Despite Singapore’s worst ever recession, foreign beer companies are still moving in. “People will drink anyway if you offer the right beer,” said Romtham Setthasit, the director of Thailand Tawandang Microbrewery’s Singapore operation, which opened this month. Volume growth in Asia-Pacific beer markets is expected to outstrip growth in world markets in coming years, with forecasts for annual growth of 7.5% in 2009-10 compared with 4.1% growth globally, according to Euromonitor. On the Prowl Japan’s Kirin, the maker of Lager Beer, eyes the ASEAN region for future growth and is in talks with the Philippines’ San Miguel Brewery’s parent company to buy its overseas beer business. Kirin bought a 48% stake in SMB earlier this year and snapped up Lion Nathan, Australia’s second biggest brewer, for $2.5 billion. “We have made good progress in Oceania, so the next is Asean and mainland China,” said Makoto Ando, head of Kirin’s investor relations. “Asean has a big growth potential,” he said. Japanese brewer Suntory Holdings, maker of the popular “Premium Malt” beer, says it is mulling a merger with Kirin, a deal that would create one of the world’s largest beverage firms. In Australia, North America’s Molson Brewing Co last year took a 5% interest in Foster’s Group Ltd, Australia’s largest brewer. There is talk that Foster’s may separate its struggling wine business from the beer unit, valued at more than $10 billion, in a move that could signal a possible split when market conditions improve and wine earnings recover. “It is more likely a when, not an if,” said Kristan Walker, retail and beverages analyst at Deutsche Bank. “You are probably looking at two scenarios, either a trade sale or a demerger.” If there was a split, Foster’s beer operations would likely appeal to brewers such as Molson and Asahi, drawn by a market with healthy margins due to its domination by two big players. Branding As Asia’s market gains momentum, local brand names may have an edge over imported brands because they can sell at lower price points and have more efficient distribution networks. In India, rationalisation of import duties has brought down prices of imported alcoholic drinks brands, while a move in 2005 to allow beer and wine to be sold at supermarkets has encouraged demand for liquor and global brands. India is now the second-biggest market for Ciroc, Diageo’s “superluxury” vodka. Its Black Label whiskey is an “iconic brand” in India, said Diageo’s Asia-Pacific president John Pollaers. United Spirits managing director Vijay Rekhi says Indian consumers have only recently embraced “labels” and per capita consumption has risen. It stood at 2.3 litres in 2008 versus 0.3 litres in 2003 according to the World Health Organisation. “Brand consciousness amongst consumers has finally permeated into the spirits category as well,” Rekhi said. It’s being felt elsewhere in Asia, a region where people are so conscious about brands that they pay huge amounts for designer bags, clothes and even alcohol bearing high-end labels. Singapore’s national beer Tiger is losing popularity among young drinkers who opt for imported beer with brand cachet. “Younger Singaporeans don’t drink that much Tiger Beer and go for imported beers like Heineken, Erdinger and Kilkenny,” said Tibre’s Chia. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 6:59 am Harry Potter smashes Spider-Man opening recordsLos Angeles: Harry Potter cast a spell over moviegoers worldwide as the sixth entry in the fantasy franchise set a new opening record of $396.7 million, a clear sign that the lucrative franchise has lost none of its magic. Harry Potter and the Half-Blood Prince earned $159.7 million in the United States and Canada, the sixth-biggest opening for a five-day period, distributor Warner Bros. Pictures said on Sunday. The international component stands at $237 million from 84 markets, also setting a new record. The old records were held by Spider-Man 3 in 2007 when its global bow of $381.7 million included foreign sales of $230.5 million. In North America, the new film outpaced its predecessor, Harry Potter and the Order of the Phoenix, which opened to $139.7 million two years ago. That picture ended with $938 million worldwide, the seventh-biggest movie of all time before accounting for inflation. But while the five-day sum was impressive, it was dwarfed by the $200 million opening for Transformers: Revenge of the Fallen last month, which was just $3.8 million behind the record set last year by The Dark Knight. Top international markets for the new film included Britain with $32.4 million, Germany with $23 million, France with $20.2 million and Japan with $18.2 million. “We are thrilled with the record-setting international results this weekend, showing that Harry Potter’s audiences continue to grow as the characters mature with every installment in the series,” said Veronika Kwan-Rubinek, president of international distribution at the Time Warner Inc -owned studio. Billion-dollar question The big issue is whether the new film will become the first in the franchise to crack the $1 billion mark. The biggest movie was the first one, 2001’s Harry Potter and the Sorcerer’s Stone, which finished with $975 million, the fifth-biggest movie of all time. (Internationally, the title was “Harry Potter and the Philosopher’s Stone.”) The new film cost $235 million to make, the priciest yet in the lucrative franchise. The first five movies generated $4.5 billion in ticket sales worldwide. DVD sales send the tally even higher. The new film opened worldwide on Wednesday, not a moment too soon for fans of the boy wizard and his pals. It was originally scheduled to open in November, but Warner Bros. decided to delay it until summer, devastating Potterphiles around the globe. The action revolves around secret plots involving Harry Potter (Daniel Radcliffe) and his nemesis Draco (Tom Felton), as the visually stunning film takes viewers deeper into the dark side. There are also budding romances among the young stars. It marks the second consecutive Harry Potter film directed by David Yates. For the traditional three-day weekend, Friday through Sunday, the new Harry Potter film earned $79.5 million in North America, not far ahead of the $77.1 million haul for “Order of the Phoenix.” Comparisons with the other movies in the franchise are difficult because those opened on Friday while the latter two opened on Wednesday. Last weekend’s North American champion, Universal Pictures’ Bruno, tumbled to No. 4 with $8.4 million for the three-day period, losing a hefty 73% of its opening-weekend audience. Movies generally hope for a 50 percent fall in their second weekend. The 10-day haul for British satirist Sacha Baron Cohen’s risque look at gay culture stands at a modest $49.6 million. 20th Century Fox’s “Ice Age: Dawn of the Dinosaurs” was steady at No. 2 with $17.7 million. The total for the cartoon rose to $152 million. The studio said it is the biggest film of the year internationally, with sales of $429 million, ahead of Paramount’s “Transformers” sequel with $398 million. But the robot picture has earned $363.9 million in North America, bolstered by a $13.8 million weekend, good enough for a second round at No. 3. Universal is a unit of General Electric Co’s NBC Universal. Fox is a unit of News Corp. Paramount Pictures is a unit of Viacom Inc. Source: LatestNews-Home - Livemint.com | 20 Jul 2009 | 6:59 am Rupee at 2-week high as stocks gain over 2%Mumbai: The Indian rupee extended its gains in Monday’s afternoon session as the domestic share market rose more than 2% while the dollar’s weakness against major currencies overseas also underpinned sentiment. At 12:25pm, the partially convertible rupee was at Rs48.39/40 per dollar, its strongest since 7 July and 0.7% stronger than its Friday’s close of Rs48.73/74. Indian shares extended gains to more than 2% as index futures pointed to a higher start for European markets after hopes for a global economic recovery had lifted sentiment across Asia. Dealers said dollar demand from oil companies was preventing a further rise in the rupee. Oil is India’s largest import and refiners are the biggest buyers of dollars in the domestic currency market. The US dollar and the yen ceded further ground on Monday as concerns about the US economy abated and broadly improved corporate earnings lifted risk appetite and regional stock markets. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs48.4175 and Rs48.4200 respectively, with the total traded volume on the two exchanges at about $570 million. Source: Home - Livemint.com | 20 Jul 2009 | 6:37 am Child's play: Toy libraries catch on in IndiaYou've heard of book and CD libraries, but now comes toy libraries for young ones. The concept is fast catching on with parents in Indian cities as it provides kids with a learning avenue and is light on the pocket too. And entrepreneurs are cashing in on the trend.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 6:32 am Reliance Industries scrip up ahead of gas dispute hearingThe shares of Mukesh Ambani-led Reliance Industries moved up Monday as the Supreme Court was all set to commence hearings on the dispute over gas supplies from its Krishna-Godavari hydrocarbon asset.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 6:32 am Samsung to spend $4.2 bn on "green" initiativeSeoul: Samsung Electronics said on Monday it would invest 5.4 trillion won ($4.3 billion) in green research and development and facilities to make the world’s largest memory chip maker a leading eco-friendly company by 2013. Of the total, 3.1 trillion won will be spent to develop products which cause less damage to the environment, and the remainder on energy-saving technologies and the environmental improvement of manufacturing facilities, the company said in a statement. Samsung Electronics did not detail how it would finance the initiatives but had around 5.3 trillion won in cash and cash equivalent at end-March. “This eco-management initiative will encompass all of our global operations, supply chain, and the complete lifecycle of Samsung products, and by achieving these goals we aim to lead the way in tackling the environmental problems that are facing our planet,” Samsung Electronics’ vice chairman and CEO Yoon-woo Lee said. Samsung’s plan includes reducing greenhouse gas emissions from manufacturing facilities by 50%, cutting total indirect greenhouse gas emissions from all products by 84 million tons through 2013, and ensuring all of its products are more environmentally friendly by increasing energy efficiency through measures such as cutting standby power consumption. Samsung’s chip and LCD businesses, major sources of greenhouse gas emissions, will invest “significant” sums to reduce pollution, it said. Shares in Samsung rose 3 percent on Monday, in line with a 2.7% rise in the KOSPI index. Green Investment South Korea has made a major push on environmentally friendly investment in recent weeks. Earlier this month, the South Korean government said it would invest 107 trillion won, or 2% of its annual GDP, in environment-related industries over the next five years. It also separately said that it aimed to raise 2 trillion won for so-called “green industries” from the private sector. HSBC estimates that of Asian government’s stimulus packages against the recent credit crunch, spending on green-related investments will account for 20%, or $272 billion. That means more than double the amount earmarked for green projects in the Americas and five times bigger than Europe’s. A survey last week showed over 80% of 105 South Korean CEOs at major companies plan to invest in environmental technologies and see them as a major business in the long-term. By 2020, Samsung’s competitor LG Electronics Inc is also aiming to lower its greenhouse gas emission from the production process by 150,000 tonnes compared with its 2008 emission levels, and it will cut the gas emission caused by using LG Electronics’ products down by 30 million tonnes per year. Hyundai Motor Co, South Korea’s top carmaker and the world’s No.5 carmaker along with affiliate Kia Motors Corp, in early July launched its first hybrid car in the domestic market to satisfy a growing appetite for fuel-saving vehicles and to improve its technology image. Source: World Business - Livemint.com | 20 Jul 2009 | 6:19 am Kerala hosts conference on recession and the GulfThe Kerala capital is set to host a two-day international conference beginning Tuesday on the global economic crisis, its impact on Gulf nations and its implications for migrant labour, including Indians, working there.Source: IndiaeNews.com: Business News | 20 Jul 2009 | 6:00 am Online music video site MUZU gets global accessLondon: MUZU.TV, an Irish-based video website, has signed a licensing deal with the agency behind the world’s leading independent music labels, giving it access to footage from the Arctic Monkeys to Radiohead. The site www.muzu.tv, which pays artists through advertising when their music is played online, has won plaudits from the industry for its design, with users watching over 7 million videos a month. The latest deal is significant because Merlin, which represents the world’s most important set of independent music rights, has not signed licensing deals with any other video music site including YouTube or MySpace. For Muzu, the deal will further boost its offering after it signed deals in some territories with the four major labels: Universal, EMI, Sony and Warner. Merlin chief executive Charles Caldas told Reuters it chosen Muzu because it recognised the value of Merlin’s rights and enabled artists to make money from their video content. “Independent labels have found many ways to monetise their audio content but there have been very few outlets that repay the investment that it takes to create video content,” he said in an interview. “So having an outlet that not only allows you to find a commercial way to showcase your video but also is helping and enabling you to digitise content that you might not otherwise is a really valuable opportunity for any label.” Caldas said video footage had become increasingly important with the introduction of fan and band websites, social network pages and music DVDs. Under the deal, Merlin artists will be able to embed the Muzu player on their official sites and social networking pages. Artists signed to Merlin member labels include Adele, Arctic Monkeys, Katie Melua, Franz Ferdinand, Vampire Weekend and The White Stripes. Dublin-based Muzu launched in July 2008 and allows users to create, watch and share music video playlists. It provides free access to thousands of hours of diverse music content from concerts, backstage footage, documentaries and interviews. Source: Tech News - Livemint.com | 20 Jul 2009 | 4:30 am India says no to legally binding emission reduction targetsNew Delhi, Jul 19 The Environment Minister, Mr Jairam Ramesh, on Sunday, made it clear that although India will not accept legally binding emission reduction targets, it was not oblivious to its responsibilities in the context of the incrementalSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am Comex gold: Bullish trend may stay in tactComex gold futures ended higher on Friday as a weakening dollar and rising crude oil prices boosted prices amid fears of rising inflation. Moves in the bullion markets recently have largely been currency driven. Oil jumped nearly $2 towards theSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am Gold rebounds on dollar weakness; base metals spurtThere seems to be a return of risk appetite in the commodity market as reflected in the strong rebound in commodity prices of late. Although the overall sentiment is still fragile with concerns over growth and jobs, in addition to the threat ofSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level isSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am When Govt foregoes revenuesThe Budget presented by Mr Pranab Mukherjee for 2009-10 features an important statement of “revenues foregone”. The two earlier budgets had also included a similar statement of revenues foregone, which is an estimate of revenueSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am IT firms spend more on R&D to offer new servicesTop-tier IT firms are increasing their research and development spends as they gear up to offer newer services such as cloud computing and platform-based offering as part of their non-linear growthSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am Offers to help AI pouring in, but with a riderNew Delhi, July 19 Air India may not be the first choice of a traveller but few PSUs evoke the kind of sentiments that the airline does.Source: Business Line - Home Page | 20 Jul 2009 | 12:00 am Extended hours: Banks’ views mixed, brokers say noMumbai, July 19 During the “open outcry” era, BSE’s trading floor functioned from 11 a.m. to 2 p.m.; but with the introduction of electronic trading system in 1992, the trade timings were stretched from 9.55 a.m. to 3.30 p.m. ASource: Business Line - Home Page | 20 Jul 2009 | 12:00 am United Breweries (Rs 127.25): BuyWe recommend a buy in United Breweries from a short-term trading perspective. It is apparent from the charts of United Breweries that it has been on an intermediate-term uptrend since late January low of Rs 67. However, after encounteringSource: Business Line - Home Page | 20 Jul 2009 | 12:00 am FIIs’ investment in QIPs exceeds secondary market purchasesChennai, July 19 Foreign institutional investors may have poured more money into Qualified Institutional Placements (QIPs) of companies than into the secondary markets, over the past two months.Source: Business Line - Home Page | 20 Jul 2009 | 12:00 am Which industrialist said: 'I am like a junkie looking for his next fix'?Which famous industrialist recently remarked: "I am like a junkie looking for his next fix"?Source: Daily News & Analysis: Money News | 19 Jul 2009 | 11:30 pm All you wanted to know about commodity tradingCommodity trends are predictable and are long lasting enough to exploit, writes Vijay L Bhambwani.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:27 pm 'India's equities market will be 30% higher in a year'Carlos Asilis, chief equity strategist at Prabhudas Lilladher shares his views about the Indian government, the fiscal deficit and the country's potential for growth.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:20 pm The seven samurai that mutual funds trustCome bulls or bears, these seven stocks have continued to remain favourites.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:18 pm Metal, energy counters in focus on strong recovery hopesThis week is likely to witness a continued trader interest on industrial and energy counters as there is a stronger perception of an economic rebound in the global markets.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:14 pm Equity rally set to strengthen ReRisk appetite strengthened last week as reassuring corporate earnings reports from the US and signs that Chinese economy was rebounding bolstered market sentiment and investor confidence.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:12 pm Borrowing calendar a boon for yieldsThe revised government bond borrowing calendar for the weeks leading to end-September is better than market expectations, with a gross borrowing of Rs 1.1 lakh crore.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:09 pm Eclipse portends choppy week, but open & close can be goodBulls should not become overly confident, since Jupiter will enter Capricorn, its sign of debilitation, on July 31 where it will remain until December.Source: Daily News & Analysis: Money News | 19 Jul 2009 | 8:06 pm 10 yrs after Kargil, Bofors upgrade hangs fireOn the tenth anniversary of the Kargil conflict, the gun that did so much to facilitate that victory the 155 mm Bofors FH-77B could be staring at a major setback. With Indias artillery modernisation programme already stalled, the plan to refurbish and upgrade Indias old 155 mm FH-77B Bofors guns also seems headed for failure.Source: Business Standard | Front Page Headlines | 19 Jul 2009 | 6:59 pm Maytas Infra sells stakes in 2 expressway projectsIn a bid to tide over its financial crisis, Maytas Infrastructure, the listed company promoted by Satyam Computers B Ramalinga Raju, has decided to sell part of its shareholding in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Terra Projects Ltd, a company owned by the Kolkata-based Neco group.Source: Business Standard | Front Page Headlines | 19 Jul 2009 | 6:58 pm StanChart to re-enter bidding for RBS assetsMumbai / New Delhi: UK-based lender Standard Chartered Plc has decided to re-enter the bidding process for some non-core assets of Royal Bank of Scotland Plc (RBS), and is now conducting a second round of “due diligence” on RBS assets in India, China and Malaysia. Due diligence involves an audit of a potential investment, including the inspection of financial records and assets. Non-core assets are those that a bank deems not to be central to its main business. The move by Standard Chartered, which had earlier withdrawn from the bidding on grounds that the quality of RBS’ non-core assets in Asia was poor, comes after RBS said it was breaking up its Asian business into clusters and selling them and investment bankers called for a second round of bids. “We are interested in India, China and Malaysia and we are in dialogue with RBS. This does not mean that we have taken a final view on the assets and decided to acquire it,” a senior Standard Chartered executive said. The executive didn’t want to be named because negotiations are under way. “Standard Chartered is in dialogue with RBS, like some of the other investors. The second round of bidding will be open until the first week of August,” added the executive. Edinburgh-based RBS is selling its non-core businesses in select markets to raise funds. In India, it is present through 31 branches and has 10,000 employees on account of the 2007 acquisition of the Asian operations of ABN Amro Bank NV. “Standard Chartered Bank has mentioned that it wants 18 months of hand-holding and would want RBS to take some shared responsibility in the entire acquisition. This demand, RBS thinks, is a little unjustified,” said a merchant banker familiar with the situation. RBS was part of a consortium that acquired the ABN Amro business, along with Fortis group of the UK and Banco Santander SA of Spain. RBS has valued ABN Amro Bank’s India operations at about $500 million (Rs2,435 crore). The expensive purchase of ABN Amro preceded the credit crisis that knocked the banking industry, requiring RBS to be bailed out by the UK government. “The expected valuation of the Indian assets is unrealistic. In India, the asset side of the business is not attractive. We are interested in the liabilities book, private banking portfolio and their relationship managers,” the Standard Chartered official mentioned earlier said. After the first round of bidding, RBS did not receive any concrete bid from interested investors for the entire Asian business. “We decided to conduct a second round (of) due diligence only after RBS decided to split the Asian business as they did not get any concrete bid for its entire Asian business,” the Standard Chartered official said. Australia and New Zealand Banking Group, or ANZ Bank, has been the front-runner for acquiring the assets in Hong Kong, Indonesia, Singapore, Taiwan and Vietnam. In an email reply to queries from Mint, an RBS spokesperson said: “We are well advanced in our discussions with potential bidders for the purchase of RBS retail and commercial assets in Asia. However, these discussions are commercially confidential so we will not be commenting on any market or media speculation concerning this sale.” In February, RBS declared that it would move its India retail and commercial banking operations, which employ 2,500 people, into a for-sale, non-core division. Impairments in the Asia retail and commercial banking increased by 44% to £171 million (Rs1,363 crore), reflecting an increase in provisioning levels across a number of consumer finance markets in the region, the bank said in a statement that month. “Standard Chartered had submitted a letter of intent expressing its interest to buy the Asian assets of Royal Bank of Scotland in the first round of the sale process, which ended in mid-May. After conducting due diligence of the books, we decided not to submit a formal bid for the business,” the senior Standard Chartered Bank official said. “We are also hopeful that the Reserve Bank of India may be willing to transfer some branch licences to us if we submit a proper business plan to it,” added the official. In June, RBI declined to transfer RBS branch licences to a prospective buyer. The banking industry regulator based its decision on the fact that the proposed transaction is a portfolio sale and not a bank buyout. The central bank’s decision is expected to drive down the valuation. Branch licences are key to the valuation because foreign banks do not get licences to open branches easily. In line with World Trade Organization rules, RBI is expected to offer 12 new branch licences every year to overseas lenders. It offers more than 12 licences, but they are not enough for the banks to tap the potential of a rapidly growing market. anita.b@livemint.com Source: World Business - Livemint.com | 19 Jul 2009 | 6:01 pm
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