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Deccan Chronicle gets Sebi nod for share buybackDeccan Chronicle gets the long awaited Sebi nod for its share buyback, reports CNBCTV18\'s Ekta Batra. The market regulator has approved the buyback up to 3.5 crore shares at a maximum price of Rs 100 per share.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 3:18 pm REC to issue 17 cr new shares in QIP or public offerH.D.Khunteta, Director Finance, Rural Electrification Corporation (REC) said in an interview to CNBCTV18 that the company would issue 17 crore new shares in a public offer or QIP. Equity base to rise 20% post share sale, he said.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 2:59 pm Direct tax collection up 3.65% on higher refund!The Centre`s net direct tax collection grew by just 3.65 percent to Rs 59,465 crore during the first quarter of the current fiscal year-on-year, as tax authorities gave much higher refund.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Etisalat India, Reliance in telecoms tower deal!Etisalat`s India joint-venture telecoms firm will outsource its telecom infrastructure need to Reliance Communications in a deal valued at more than USD 2.2 billion over 10 years, the companies said on Wednesday.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Unemployment could undercut US recovery: Bernanke!Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering US economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Tata Power raises $335 mn via GDR; to fund ongoing projects!Tata Power on Wednesday said it has raised USD 335 million (about Rs 1,619 crore) through issue of securities in the international markets, which would be utilised for funding its ongoing projects.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Coca-Cola 2nd-quarter profit rises 43 percent!Coca-Cola Co`s second-quarter profit rose 43 percent, and the world`s largest beverage maker said Tuesday its rapid overseas growth helped offset weak domestic volumes, even as foreign currency exchange dragged down sales.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Govt to seek cabinet nod for SBI stake sale!The government will seek cabinet approval to dilute stake in State Bank of India, the country`s biggest lender, a top official said on Wednesday.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Buoyed by iPhones sales Apple`s Apr-June quarter profit rose 13%!Apple Inc`s quarterly profit blew past Wall Street forecasts thanks to strong sales of Macs and iPhones and higher-than-expected gross margins, boosting its shares 4 percent on Tuesday.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Wipro Q1 Net up 12% YoY; adds 26 new clients!Wipro on Wednesday reported 11.86 percent increase in consolidated net profit at Rs 1,015.50 crore for the first quarter ended June 30, 2009.Source: Zee News : Business | 22 Jul 2009 | 1:33 pm Crisil downgrades IDFC; management disagrees with ratingIn an interview with CNBCTV18 Rajiv Lall CEO and MD IDFC said that the company had enough of internal accruals enough to sustain growth plans. He added that he saw no immediate need to borrow from the markets.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 12:38 pm Tata Power raised US$ 335 million through GDRsThe Tata Power Company Limited, Indias largest integrated private power company today announced that it has priced an equity offering in the form of Global Depository Receipts (GDRs) for a gross amount of Rs US$ 335 million.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 11:15 am Will use GDR funds for capex: Tata PowerRamakrishnan said that Tata Power had raised the money for capex needs for projects under implementation like Mundra UMPP. He added that the company would continue to look for fund raising opportunities as it required USD 200 million to USD 500 million for the next three years.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 10:49 am Sensex closes below 14900; HDFC, Grasim down - Economic Times
Source: Business - Google News | 22 Jul 2009 | 10:27 am India Cements OPM down 160bps - Economic Times
Source: Business - Google News | 22 Jul 2009 | 10:27 am Fiat beats average forecasts in Q2, cuts debtMilan: Italian carmaker Fiat SpA beat the average forecast with a second-quarter trading profit of €310 million ($440 million), and said it cut net industrial debt to 5.7 billion from 6.6 billion in the period. Europe’s sixth-largest car maker by sales also confirmed on Wednesday its targets of a 2009 trading profit over €1 billion and end-year net debt below 5 billion. Fiat shares were down 2.9% at €7.71 at 4 pm. One trader said the market was very volatile. “For me, the results are not bad, I see liquidity improving.” Fiat, which has a 20% stake in US carmaker Chrysler, said the rest of the year should show an improvement. However, “the truck market and the construction equipment business will continue to suffer depressed demand”, only seeing signs of recovery in the fourth quarter, it said. Also on Wednesday, Fiat’s CNH Global NV agricultural equipment maker turned in a second-quarter net loss per share of $0.28. It said it saw a net loss for the year. Like other car makers, Fiat has seen a slump in demand as consumers rein in spending to cope with a global downturn and credit is hard for them to find. Government incentives in many countries have partly helped to stem the falls. On Tuesday, world number two truckmaker Volvo AB turned in a hefty operating loss for the period. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 10:17 am SBI, Macquarie raising $500 mln India fund - sources - Reuters India
Source: Business - Google News | 22 Jul 2009 | 10:15 am Whirlpool profit falls on lacklustre salesBangalore: Whirlpool Corp. reported a lower Q2 profit on Wednesday as sales at the world’s biggest appliance maker crumbled in the global economic slowdown. Net earnings available to common shareholders of the maker of Maytag and KitchenAid appliances fell to $78 million, or $1.04 a share, from $117 million, or $1.53 a share, a year earlier. In April, Whirlpool said it saw a more challenging market than it had previously expected for the rest of the year as consumers continued to delay replacement purchases, even for appliances that are beyond repair, because of the economic uncertainty. Sales at the Benton Harbor, Michigan-based company fell 18% to $4.17 billion. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 10:09 am BSE Sensex provisionally falls 1.5 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 1.5 percent on Wednesday, as weak European markets dented sentiment and pushed investors to take profits on a recent rally.Source: Reuters: Money News | 22 Jul 2009 | 10:08 am Bhel profit rises 23% in Q1 to Rs 471 crNew Delhi: State-run Bharat Heavy Electricals Ltd (Bhel) on Wednesday reported a jump of over 23% in its net profit at Rs471 crore for the first quarter ended 30 June, compared to the same period a year ago. The power utility firm had a net profit of Rs384 crore during the June quarter a year earlier, Bhel said in a statement to the BSE. Total income of the public sector major rose to Rs5,898.51 crore in the latest quarter of the current fiscal against Rs4,620.98 crore in the same period last year. For this quarter, the company has not made provisions for fringe benefit tax (FBT). “Consequent upon abolition of fringe benefit tax in the Union Budget for the 2009-10 fiscal, no provision for FBT has been made for the quarter,” the company said. At the end of June quarter, Bhel has an outstanding order book position of about Rs1,24,000 crore, it added. The company is also expecting six new orders for power equipment with a capacity to generate 600 MW each by the end of this week, Bhel CMD K Ravi Kumar, said. Shares of Bhel were trading at Rs2,155, down 2.70% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 10:08 am U.S. pact speeds trials for India's $10.4bln jet buyNEW DELHI (Reuters) - India will begin field trials in August to buy 126 fighter jets, defence officials said on Wednesday, moving forward on the $10.4 billion deal two days after New Delhi agreed a defence pact with the United States.Source: Reuters: Money News | 22 Jul 2009 | 10:06 am Close: Sensex slips from 15,000 mark on profit-takingMumbai: Indian shares fell 1.46% on Wednesday, as weak European markets dented sentiment and pushed investors to take profits on a recent rally. The 30-share BSE index ended down 219.37 points at 14,843.12, with 25 stocks declining. The 50-share NSE index closed down 70.20 pts at 4,4398.90. Source: Home - Livemint.com | 22 Jul 2009 | 10:06 am Tata Power raises $335 m via GDR issueTata Power has raised USD 335 million via global depositary receipts (GDR), report CNBCTV18. The issue was priced at Rs 1,090 per share. The company had planned to raise USD 400 million. The equity dilution caused by this GDR is nearly 7%.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 10:02 am HDFC Q1 net profit up 20.73% at Rs 565 cr - Moneycontrol.com
Source: Business - Google News | 22 Jul 2009 | 10:01 am HDFC Q1 net up 20.7 pct, meets f'cast(versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 22 Jul 2009 | 9:59 am Realty April-June net seen slumping as sales dipMUMBAI (Reuters) - Mid-cap real estate developers are expected to show a slump in sales by half to as much as 90 percent in the June quarter, as home buyers stay clear of purchases, according to a poll of brokerages by Reuters.Source: Reuters: Money News | 22 Jul 2009 | 9:57 am Realty April-June net seen slumping as sales dipMumbai: India mid-cap real estate developers are expected to show a slump in sales by half to as much as 90% in the June quarter, as home buyers stay clear of purchases, according to a poll of brokerages by Reuters. Margins are also seen squeezed as many launch cheaper housing to boost unit purchases, but the firms are expected to show a fall in their bottomline by at least 60%, or plunge to losses during the quarter over a year-ago, according to the poll. “Mid-income is boosting demand. There is a huge gap in supply-demand.” Shailesh Kanani, analyst at Angel Broking said. “Margins (are) likely to come under pressure due to change in product mix,” Macquarie Research said. “Sales expected to drop significantly year-on-year due to a slowdown in the physical property market.” For the Reuters poll, which includes Ackruti City Ltd, Anant Raj Industries Ltd, Omaxe, Parsvnath Developers and Sobha Developers. Besides launching lower-cost housing, builders have tried to reschedule loan repayments and raise funds through share placements with institutional buyers in the first half of 2009. “Profit after tax (is) set to improve sequentially, and in the quarters ahead, owing to balance sheet deleveraging,” Religare Hichens Harrison said in a report. “Going ahead, we expect a build-up of momentum in launches in the affordable housing segment,” a report by Edelweiss Securities said. “General confidence in the economy and affordability will be the key demand determinants over the next one year,” according to the Edelweiss report. Commercial demand, which helps builders’ expand, should revive by FY11, Angel’s Kanani said. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:55 am Reliance Comm gets $2.2 bn, 10 yr Etisalat dealNew Delhi: Reliance Communications has got a deal worth more than $2.2 billion over 10 years from Etisalat’s Indian telecoms joint venture, which will use Reliance’s mobile towers to roll out its network. Etisalat DB Telecom India, in which the Gulf Arab region’s second-largest telecoms operator owns a 45% stake, has licences to provide mobile services in 15 of India’s 22 telecoms zones but is yet to start services. The company will outsource its network infrastructure need, including mobile tower requirement, to Reliance Communications, India’s No. 2 mobile operator, the two firms said on Wednesday. “This alliance provides us with key, strategic advantages that will ensure a robust, speed to market and cost-effective roll-out of services,” Etisalat chairman Mohammed Hassan Omran said in a statement. Indian mobile operators are increasingly sharing base stations and tying up with other firms and independent tower firms to cut costs as they expand across vast rural districts and penetrate smaller towns, where low-income subscribers dominate. “Both companies gain in terms of cost optimization. Since there is marginal increase in capex and cost, the value mentioned largely flows to the bottomline,” said Inder Bajaj, who heads Reliance Infratel, the tower unit of Reliance Communications. “We are in advanced discussions with many new and existing operators, which we will announce at the right time,” he said. Shares in Reliance Communications, which has a market value of $11.5 billion, were up 1.1% at Rs270.50 by 12:46pm in a Mumbai market down 0.1%, after jumping as much as 4.2% after the announcement. Earlier this year, Unitech Wireless, in which Norway’s Telenor is taking majority stake, struck a deal with Indian firms Wireless-TT Infoservices and Quippo Telecom to lease towers. Top mobile firm Bharti Airtel, Vodafone Essar and Idea Cellular have formed a joint venture that has more than 100,000 towers. Reliance Infratel has around 50,000 towers, Bajaj said. Telecom tower companies have also attracted interest from foreign investors. New York-listed American Tower in March agreed to acquire Indian tower firm Xcel Telecom in its bid to expand in the world’s fastest-growing mobile market. Bharti Airtel’s tower unit has raised $1.35 billion by selling stake to private equity firms, while institutional investors own 5% of the Reliance Infratel unit. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:54 am Skywatchers in India witness rare cosmic eventLucknow: Total solar eclipse Wednesday turned out to be a treat for skywatchers as lakhs of people witnessed the rare cosmic event across the Uttar Pradesh. Barring a few places where cloud overcast disappointed people, the eclipse which started around 6.25 am, was visible at majority of the places and was complete in Varanasi, Chandauli and Allahabad. “In Lucknow, the impact of eclipse was 90% and it was clearly visible,” said a scientist of the Regional Science Centre, which made special arrangements for the skywatchers. In Varanasi and Kanpur, the occasion was celebrated with lakhs of people taking dip in the Ganga river, after the eclipse. Similarly, devotees in large numbers took dip at Sangam, the confluence of the rivers Ganga, Yamuna and Saraswati in Allahabad and performed prayers. In Bhopal, clouds overshadowed the wishes of several curious onlookers gathered at the crack of dawn to witness the century’s longest solar eclipse today. The eclipse was not visible due to overcast skies at most of the places in the state. Heavy rains and cloudy skies blocked the total solar eclipse view in Nashik also, disappointing sky gazers and experts waiting to get a glimpse of the rare celestial event. But this did not dampen the spirits of large number of pilgrims and devotees who turned up in thousands to take holy dip in river Godavari on the occasion. A huge crowd including astronomers and astrological experts gathered at Khandbara in North Maharashtra’s Nandurbar district this morning but failed to see the eclipse due to incessant rains and cloudy weather conditions. However, people were glued to their television sets to watch the eclipse moments from Varanasi, Jalpaigudi, Surat and Delhi. Assam witnessed a diamond ring as the sky darkened with the moon sliding between the sun and the earth at 6:30 am today. At Guwahati, a special observation point was set up in the Planetarium for people to witness the spectacle that will not be seen again till 13 June 2132. Cloudy weather played a spoilsport in most parts of Gujarat dampening the spirits of the people waiting to watch the solar eclipse this morning. In Surat the sun rose at 6:05 am and soon after sun light there was complete darkness at 6:21 am when the sun was completely covered by the moon shadow. Though the total solar eclipse was not visible due to heavy clouds, the city was in complete darkness for about three minutes of the total eclipse. Kolkata witnessed 91% eclipse. The sun looked like a crescent as the moon’s shadow passed between the sun and the earth for a few minutes from 6:20 am. People gathered on rooftops and at vantage points to have a glimpse of the celestial event, though the eclipse was partially visible here. Hundreds of people descended on the Hooghly river ghats to have a dip during the eclipse. Source: Home - Livemint.com | 22 Jul 2009 | 9:49 am Direct tax mop-up rises 3.65% to Rs59,465 crNew Delhi: Union government registered a marginal rise in the direct tax collection by 3.65% to Rs59,465 crore due to high base effect and tax refunds in the first quarter of the current fiscal. Direct tax collection, comprising corporate and personal income tax, stood at Rs57,373 crore during the April-June period last year. Tax payers received Rs17,600 crore, representing 52.01% growth over Rs11,578 crore given in the first three months of last fiscal. “Lower growth in net tax collection was mainly on account of higher tax refund outgo,” an official statement here said. Corporate tax collected during the period was also 3.31% higher at Rs35,709 crore as compared to Rs34,566 crore against the corresponding period last year. Besides, in the personal income tax segment, which includes Fringe Benefit Tax (FBT) and Securities Transaction Tax (STT), the government collected Rs24,564 crore, higher by 4.38% compared to last year. Analysts said tax collections only grew marginally on account of a high base effect, which means tax mop-up was high during the same period last fiscal. KPMG executive director Vikas Vasal said, “Last year first quarter was a better quarter so even if we compare on a quarter-to-quarter basis, this figure is reasonably well.” There is no dip in the collections so this a positive sign, Vasal said. FBT collections recorded a negative growth of 7.56%. The finance minister Pranab Mukherjee, while presenting the Union Budget proposed to abolish the tax. STT mop up fell 9.9% to Rs1,462 crore in the first quarter of this fiscal depicting decline in trade at the bourses. The net tax collections during the month of June was up marginally at Rs35,307 crore when compared to the last fiscal. Meanwhile, the government’s tax collections through Tax Deduction at Source (TDS) did much better, recording a growth of 12.1% in corporate TDS at Rs19,584 crore while personal income tax TDS growth was 12.4% during the first quarter at Rs21,188 crore as compared to last year. The government’s direct tax collections are projected to grow by 9.2% at Rs3,69,575 crore during the current fiscal against Rs3,38,212 crore collected last fiscal. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:47 am World trade to shrink 10%, Asia leads recovery: WTOGeneva /Singapore: Asia is leading a recovery in global trade, but world trade volumes are still expected to shrink 10% this year, the World Trade Organization said on Wednesday. The WTO’s forecast for 2009 world trade, issued in a press release on Wednesday, confirmed comments by its director general Pascal Lamy to Reuters in an interview in June, a revision from a previous forecast of a 9% contraction. The WTO said however the contraction appeared to be slowing. “Our figures showed that Asian countries may be leading a recovery in global trade,” Lamy told a news conference in Singapore, where he was attending a two-day Asia Pacific Economic Cooperation (APEC) trade meeting. “There’s no room for complacency,” he added. Trade officials at the meeting offered cautious optimism over their export outlooks, with China, leading hopes for a tentative global recovery, saying the decline in its exports could ease in the second half of the year. Lamy said it was too early to see if measures to boost trade financing were working, after a freeze in credit markets last year dried up funding for trading firms. “Has it worked? A bit too soon to say,” Lamy said, referring to measures taken by the WTO and financial institutions to lift financing for exporters. “This trade finance is in many ways the oil of world trade,” he said. “In this region, it appears that more oil is coming back to the market.” World exports of merchandise goods grew 15% in nominal terms in 2008 to $15.78 trillion, the WTO said in its latest World Trade Report on Wednesday. The WTO report noted that trade rose 2% in real or volume terms in 2008 after rising 6% in 2007. “However, trade still managed to grow more than global output, as is usually the case when production growth is positive,” it said. “Conversely, when output growth is declining, trade growth tends to fall even more, as is evident in 2009.” China Focus The share of developing country exports in world trade rose to a record 38% in 2008, the WTO said. Germany retained its position as the world’s leading merchandise exporter last year, with exports of $1.47 trillion, slightly larger than China’s $1.43 trillion. China’s export performance faltered at the end of 2008. Its exports to the United States rose only 1% over the whole year after growth of 14% in the third quarter. China’s commerce minister said on Tuesday a recovery in its exports could not be guaranteed, though he said on Wednesday that overall its economy was stabilising and improving. The WTO said the United States was the biggest importer in 2008, bringing in $2.17 trillion of merchandise goods, 13.2% of the total, followed by Germany with a 7.3% share of $1.21 trillion. Total world imports rose 15% to $16.12 trillion, giving a $345 billion discrepancy with exports, due to different ways of measuring imports and exports, the WTO data show. The severity of the slowdown was reflected in a fall of 23% in air cargo traffic in December compared with a year earlier, according to International Air Transport Association (IATA) figures, the WTO said. The decline recorded in September 2001, when most of the world’s aircraft were temporarily grounded following the attacks on the United States, was only 14%. Source: Home - Livemint.com | 22 Jul 2009 | 9:46 am Apple enters NAND supply deal with ToshibaTokyo: Apple Inc has entered into a long-term supply agreement with Toshiba Corp for NAND-type flash chips in a sign that the chip market could be on the road to recovery. Apple made a $500 million prepayment to the loss-making Japanese chipmaker at the beginning of July, a transcript of Apple’s conference call with analysts on its consensus-beating results on Tuesday showed. Apple’s profit margin and sales of its iPhones and Macs in the April-June quarter beat analysts’ expectations, and the firm is looking to lock in component supplies and prices. “The market for DRAM and the market for large-size LCDs has shifted to a constrained environment, and the pricing has moved accordingly,” Apple COO Tim Cook told analysts. “The NAND market has now begun to stabilise and we expect it to move towards a supply/demand balance.” In January, Apple entered into a five-year agreement with South Korea’s LG Display for LCD panels in a deal that included an upfront payment by Apple of $500 million. The deal with Toshiba is a boon for the world’s No.2 maker of NAND as it grapples with mounting losses and cutthroat price competition against bigger rival Samsung Electronics Co Ltd of South Korea. Weak demand and relentless chip price falls have torn into Toshiba’s capital, forcing it to raise $5 billion earlier this year. The industrial electronics group declined to comment on the time span of its agreement with Apple and whether or not the deal would boost its earnings. The $500 million pre-payment is equivalent to about a quarter of a year’s worth of Apple’s allowance for NAND — used in iPhones and iPods — sources said. Falls in the prices of components, such as hard drives and optical drives have also slowed, Cook said. Shares of Toshiba rose 5 percent, closing at ¥378, outperforming a 0.3% rise in Tokyo’s electrical machinery subindex. Source: World Business - Livemint.com | 22 Jul 2009 | 9:45 am Apple enters NAND supply deal with ToshibaTokyo: Apple Inc has entered into a long-term supply agreement with Toshiba Corp for NAND-type flash chips in a sign that the chip market could be on the road to recovery. Apple made a $500 million prepayment to the loss-making Japanese chipmaker at the beginning of July, a transcript of Apple’s conference call with analysts on its consensus-beating results on Tuesday showed. Apple’s profit margin and sales of its iPhones and Macs in the April-June quarter beat analysts’ expectations, and the firm is looking to lock in component supplies and prices. “The market for DRAM and the market for large-size LCDs has shifted to a constrained environment, and the pricing has moved accordingly,” Apple COO Tim Cook told analysts. “The NAND market has now begun to stabilise and we expect it to move towards a supply/demand balance.” In January, Apple entered into a five-year agreement with South Korea’s LG Display for LCD panels in a deal that included an upfront payment by Apple of $500 million. The deal with Toshiba is a boon for the world’s No.2 maker of NAND as it grapples with mounting losses and cutthroat price competition against bigger rival Samsung Electronics Co Ltd of South Korea. Weak demand and relentless chip price falls have torn into Toshiba’s capital, forcing it to raise $5 billion earlier this year. The industrial electronics group declined to comment on the time span of its agreement with Apple and whether or not the deal would boost its earnings. The $500 million pre-payment is equivalent to about a quarter of a year’s worth of Apple’s allowance for NAND — used in iPhones and iPods — sources said. Falls in the prices of components, such as hard drives and optical drives have also slowed, Cook said. Shares of Toshiba rose 5 percent, closing at ¥378, outperforming a 0.3% rise in Tokyo’s electrical machinery subindex. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:45 am SBI, Macquarie raising $500 mn India fundMumbai: An infrastructure fund run by State Bank of India and Macquarie group plan to raise $500 million in India to take the size of the fund to nearly $1.5 billion, two sources familiar with the deal said. The fund has raised $887 million from foreign investors and aims to get commitments from Indian investors by September, the sources, who declined to be named, said. State Bank has commited $150 million to the domestic leg of the fund raising, they said. “Lead managers have started meeting investors to raise the 10-year funds,” one source said. SBI capital markets, a unit of India’s top lender, has been mandated as the arranger, the sources said. State Bank of India officials declined comment and officials at SBI Capital Markets could not be immediately reached. India has said it needs $500 billion in the next five years to overhaul its infrastructure and the transport minister has said the country targets to spend $20 billion a year to build roads. With an economy that grew at least 9% annually in the three years through March 2008, India is choking on overcrowded roads and railway lines with industries forced to self-generate power. State Bank and Macquarie own 45% each of the fund. International Finance Corp, the private sector investment arm of the World Bank, owns the rest. The fund eventually aims to reach $3 billion. State Bank and Macquarie in a joint statement in April said the fund would focus on traditional infrastructure assets that generate long-term cash flows, such as transport infrastructure, telecoms, power and logistics projects. IL&FS Investment Managers and Standard Chartered this year raised $600 million for an Asia infrastructure fund. UK’s 3i group has raised $1.2 billion and IDFC has collected $700 million in the past two years for India infra funds. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:45 am Moser Baer settles patent dispute with Philips - Hindu
Source: Business - Google News | 22 Jul 2009 | 9:38 am Wipro Q1 net profit up 11.78% at Rs 1015.5 crore - Economic Times
Source: Business - Google News | 22 Jul 2009 | 9:37 am India Cements Q1 net profit up 1.5% at Rs144 crMumbai: Cement major India Cements on Wednesday said its profit rose by 1.5% to Rs144.28 crore for the quarter ended 30 June for the current fiscal compared to the same period last year. The company had a net profit of Rs142.14 crore for the same period ended June 2008, India Cements said in a filing to the Bombay Stock Exchange (BSE). Total income of the company rose to Rs960.25 crore in the quarter ended June against Rs876.33 crore in the same quarter last year. Shares of India Cements were today trading at Rs140.70 on the BSE, down 7.04% from the previous close. Source: Home - Livemint.com | 22 Jul 2009 | 9:32 am GM meets German govt to discuss Opel bidsBerlin/Frankfurt: General Motors officials meet German government representatives on Wednesday to discuss takeover offers for Opel, with a potential row looming as they each appear to prefer a different bidder. GM has received three bids for Opel — from a consortium of Magna and Sberbank, private equity firm RHJ International, and China’s Beijing Automotive (BAIC) — and now has to agree with Germany on the investor. The German government, and the German states with Opel sites, have indicated a preference for Canadian auto supplier Magna, while GM likes the offer from RHJ, a Belgium-based financial investor. Several people familiar with the matter said on Wednesday that the states that are home to Opel factories still prefer Magna’s offer over the bid made by RHJ. The states of Rhineland-Palatinate, Hesse, North Rhine-Westphalia and Thuringia discussed the matter on Wednesday, two sources said. GM holds 35% of Opel shares, while the German government is being asked to provide loan guarantees worth up to €4.5 billion ($6.4 billion). If they disagree, the end game will play out in the Opel Trust which has been responsible for Opel since GM entered bankruptcy in June. The trust holds 65% of Opel shares and has to approve of any investor. The Trust’s board is comprised of two GM representatives and two for Germany, one for Berlin and a delegate for the four federal states in which Opel has a plant. There is a fifth “neutral” board member — Fred Irwin, president of the American Chamber of Commerce in Germany — but he has no vote. He may, however, be forced to try to actively broker a deal. Magna wants to expand Opel’s full-scale car assembly business and forecasts high growth rates, particularly in Russia, home of its consortium partner Sberbank. RHJ envisages shrinking Opel’s production footprint and returning the company to profitability. A German government source said on Tuesday that Wednesday’s meeting would not yield a decision on which bidder will succeed in taking a stake in Opel, and that it is unlikely a preliminary decision will be made on Opel’s future this week. Separately, representatives of Magna are scheduled to meet the heads of the European Opel dealers’ association to discuss their involvement in the sales and distribution structure. The association originally planned to collect a half a billion euros from its 4,000 dealers to buy a stake of between 10-20% and a seat on the board, but its offer has largely been ignored despite the sizeable equity investment. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:29 am Moser Baer, Philips bury hatchet over patentNew Delhi: Optical storage media maker Moser Baer India on Wednesday said it has settled a patent and licence dispute with the global electronics giant Philips, fuelling its shares to surge by 5.68% on the Bombay Stock Exchange (BSE). “Philips and Moser Baer have entered into a confidential settlement agreement ending a series of disputes in multiple jurisdictions pertaining to recordable compact discs (CDs) and DVDs,” Moser Baer said in a statement to the BSE. The settlement provides resolution of all claims and counterclaims without any admission of liability of wrongdoing by either party, it further said. “This is a strong and healthy development for the optical media industry and will help us at Moser Baer reduce our business risk and consolidate market position,” Moser Baer executive director Ratul Puri said. he amicable settlement paves the way for Moser Baer to maintain and strengthen its market leadership as a leading maker of optical media storage products, the company said. “We attach great importance to IPR-related issues, which are critical for the growth of the optical media industry,” Puri added. Source: LatestNews-Home - Livemint.com | 22 Jul 2009 | 9:29 am Reliance Comm gets $2.2 bln, 10-yr Etisalat deal - Reuters India
Source: Business - Google News | 22 Jul 2009 | 9:17 am India copper futures up on rupee, demand hopes - Reuters India
Source: Business - Google News | 22 Jul 2009 | 9:04 am Wipro Q1 net rises 13%, sees muted growthBangalore: Wipro Ltd, India’s No.3 software services firm, beat estimates with a 13% rise in quarterly profit, but joined its bigger rivals in giving a cautious forecast due to uncertainty in the global economy. The company has a healthy pipeline of projects for the near term but closing deals worth more than $100 million was taking longer than before, Wipro chief financial officer Suresh Senapaty said. “We are seeing lot of new projects that are happening,” he told reporters. “It is improving but one can’t say that it is done and therefore one has to be little cautious,” he said referring to the business environment. Shares in Wipro, which has a market value of $13.9 billion, see-sawed on the muted outlook. “The flat guidance is an indication that the market is not yet conducive for growth, and companies are just being cautious,” said Dipesh Mehta, sector analyst at Khandwala Securities in Mumbai. Wipro said net profit in its fiscal first quarter to June rose to Rs1,010 crore ($210 million), under international accounting rules, from Rs895 crore reported a year ago. A Reuters poll had forecast a net profit of Rs914 crore for New York-listed Wipro, which services Consolidated net profit according to Indian accounting rules stood at Rs1,016 crore. Wipro, which offers IT solutions such as system integration, software application development and manages call centres, posted its third consecutive quarter-on-quarter decline in IT services revenue due to the challenging business environment. The company expects stable billing rates for the rest of the year and to hold or improve profit margins this year. “We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilise,” Premji said in a statement. At 0746 GMT, shares in Wipro, majority-owned by its billionaire chairman Azim Premji, were down 2.36% at Rs447.15 in a Mumbai market that was down 1.13%. Wipro’s shares rose 54% in the June quarter, outperforming a 49% in the main index. Wipro’s earnings follow results from bigger rivals Tata Consultancy Services and Infosys Technologies. Both posted profit growth above forecasts that helped dispel some gloom surrounding the $60 billion software and services sector but had warned the business environment was challenging. Sluggish Momentum After a scorching pace of growth for years, India’s export-led outsourcing sector has been battling a slowdown over the past year as top global customers struggled to stay afloat, went bust or tackled severe cost cuts, halting technology spending. Morgan Stanley said in a recent report it was concerned about risks to the outsourcing sector’s earnings from an uncertain macro environment that could lead to slower-than-expected recovery, stagnant tech spending and incremental pressure on fees. Wipro, which counts Citigroup, Credit Suisse, Cisco and Nokia Siemens Networks among its clients, was seeing stability in financial services sector, Senapaty said. Financial services accounted for 26% of its revenue in the June quarter. But business momentum in telecom and technology sectors continued to remain sluggish, he said. Its IT services business added 26 new clients in the June quarter. Source: Home - Livemint.com | 22 Jul 2009 | 9:02 am IBM in deal with Sun TVIBM has announced the signing of a services deal to implement and manage Customer Relationship Management(CRM) related applications for Sun Direct TV, part of the Chennaibased Sun TV Group.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 8:55 am LG Elec Q2 profit surges, strong margins to easeSeoul: LG Electronics Inc posted a record quarterly profit on strong mobile phone and TV sales, helping it win market share from rivals Nokia and Motorola but concerns over weaker margins may stall a rally in its shares. The world’s No.3 mobile phone maker is benefiting from a weak local currency and a strong lineup of flat-screen TVs, appliances and phones, including new premium products such as the multimedia touch screen phone ARENA. LG, which battles Samsung Electronics and Sony in liquid crystal display (LCD) TV, is also enjoying robust sales and improving margins in flat-screen TVs. But there are doubts about whether LG could maintain such strong earnings growth, after LG said third-quarter handset margins could slip slightly on marketing costs and lower-end phone sales. “The second quarter is usually the peak season for LG,” said Choi Hyun-jae, an analyst at Tong Yang Securities. LG’s air conditioner unit, the world’s largest, usually reports highest sales and margins in the second quarter. “Global economic risks remain and fierce marketing competition among new products could also result in price reductions,” Choi said. The global environment was improving but not translating into better demand, LG executives told an investor conference. LG shares ended 1.1 percent lower against a 0.3% gain in the broader market. The strong results had been largely priced in, analysts said, with the stock up about 76% so far this year versus the KOSPI’s 32% gain. Phone Margins LG, which trails Nokia and Samsung in cellphones, sold a record 29.8 million handsets in the second quarter, up from 22.6 million units in January-March. It posted an 11% operating profit margin in handsets, compared with 6.7% in the first quarter, a figure Choi said was “pretty remarkable.” The company said the margins would dip. “LG Electronics expects sales to grow over 10% year-on-year (in the third quarter) as demand for LCD TVs and mobile phones continues to expand, with profitability comparable to last year’s level,” LG said in a statement on Wednesday. The company’s operating profit margin was 7.8% in the second quarter and was at 4.3% for all of 2008. Last week, Nokia downgraded its expectations for second-half underlying operating margin to the first-half level of 11.3%. Nokia also slashed market share forecasts amid price competition led by Samsung and LG. Samsung posts earnings on Friday and indicated earlier this month its profits would be above expectations. Others are not faring so well. No.4 ranked Motorola is working to narrow losses through cost cuts in the face of sharp drops in sales, while world No.5 maker Sony Ericsson is also braced for a tough second half of 2009 as a demand slump hits its stronghold mid-range products focused on camera and music features. LG’s global-basis operating profit, which includes foreign affiliates, was a record 1.13 trillion won ($903 million) for April-June, soundly beating a 988 billion won average forecast from nine analysts polled by Reuters. It rose 32% from an 856 billion won profit a year ago and compares with the first-quarter profit of 456 billion won. Quarterly net profit jumped 62% from a year earlier to 1.15 trillion won, marking a strong turnaround from the 198 billion won net loss in January-March. Its global-basis sales were 14.5 trillion won, in line with forecasts. Source: Home - Livemint.com | 22 Jul 2009 | 8:52 am Customers now drive to public sector banksMr Sanjay Mukherjee, a government employee based in Kolkata, got his fourwheeler loan sanctioned in a couple of hours by United Bank of India and that too at a more competitive interest rate than that offered by many private sector banks.Source: Moneycontrol Top Headlines | 22 Jul 2009 | 8:51 am Sensex falls below 15,000 in midsession tradeThe Bombay Stock Exchange benchmark Sensex, after rising nearly 2%, fell by 1.03% to dip below the 15,000 mark at midsession today.Source: Daily News & Analysis: Money News | 22 Jul 2009 | 8:41 am Apple smashes profit forecasts, iPhone shinesSan Francisco: Apple Inc’s quarterly profit blew past Wall Street forecasts thanks to strong sales of Macs and iPhones and higher-than-expected gross margins, boosting its shares 4% on Tuesday. The company continued to defy the global recession with a solid 13% jump in fiscal third-quarter net profit. It sold more than seven times as many iPhones — 5.2 million units of its latest signature device — as the year-ago period. “The numbers are great. Their gross profits continue to surprise people and there is a return to product momentum ... a return to growth in the Mac business,” said Andy Hargreaves, an analyst at Pacific Crest Securities. “And then the iPhone is doing tremendously well and that is a potent combination.” Apple reported a net profit of $1.23 billion, or $1.35 a share, for its fiscal third quarter ended 27 June, up from $1.07 billion, or $1.19 a share, in the year-ago period. Earnings per share beat by far the average Street forecast of $1.18 according to Reuters Estimates, and topped even the most bullish “whisper” numbers of $1.30 to $1.35. Sales of Macs and iPhones both beat analysts’ expectations, helped by product refreshes and lower prices, while iPod shipments were toward the low end of forecasts. Apple said it sold 2.6 million Macs, up 4% from a year ago, and 5.2 million iPhones in the June quarter, during which the company launched its third-generation iPhone 3GS and cut the price on the second-generation model to $99. The iPhone is often thought of as more of a consumer device, but Apple said nearly 20% of Fortune 100 companies have bought at least 10,000 units and it is unable to make enough iPhone 3GSes to meet demand — a shortfall the company said it is working to address. Although the smartphone segment continues to grow more crowded with competitors, chief operating officer Tim Cook said on a conference call the company is “years ahead of other people” in its competitive position. Iphone Drives The install base for the iPhone and the iPod Touch — which share operating systems — is now 45 million, Apple said. “The iPhone is the biggest driver right now, because the profitability is really high,” said Frost & Sullivan analyst Ronald Gruia. “It’s been an absolute success.” Yet there had been some concern about margin pressure heading into the results, given the product price cuts and the trend of higher component costs. Although Mac units rose, revenue in the segment fell 8% from a year ago as average selling prices came down, a trend seen throughout the PC industry. But Apple posted a gross margin of 36.3%, above the 34% some analysts predicted. That compared with 36.4% in the last quarter and 34.8% a year ago. The company saw margins at 34% in the September quarter. Apple said component costs rose, but not as much as expected and it spent less than it planned in several areas. “The overall takeaway is that Apple continues to execute in this tough environment,” said Kaufman Bros analyst Shaw Wu. “They do the hardware, software and service, and that really allows them to have a leg up against competitors.” Investors have pushed Apple’s stock about 75% higher this year, well ahead of other big technology issues. Apple issued a typically conservative outlook for the current quarter, forecasting earnings of $1.18 to $1.23 a share on revenue of $8.7 billion to $8.9 billion. While that was below the average analyst estimate of $1.30 in earnings per share and $9.1 billion in revenue for the fiscal fourth quarter, it had little impact on investors. Revenue rose 12% to $8.3 billion in the June quarter, versus analysts’ average estimate of $8.2 billion. Cash and marketable securities totaled more than $31 billion, one of the biggest cash hoards in all of technology. The results demonstrated the consumer appeal of Apple’s products despite a troubled economy that has dented sales at competitors selling less expensive products. Apple reported relative strength in consumer demand, and weakness in education, one of its key markets. But iPods were a chink in its armor. Apple shipped 10.2 million iPods in the quarter, down 7% on the year. As iPod sales slow down, analysts see alternative catalysts on the horizon, with the expected launch of an iPhone in China and a rumored tablet PC or Internet device in the works. Cook said the company hoped to have an iPhone in China within a year. Chief executive sSteve Jobs did not make an appearance on the company’s conference call, despite rumors that he might. Jobs recently returned from a nearly six-month medical leave, where he underwent an a liver transplant. Shares of Cupertino, California-based Apple closed at $151.51 on Nasdaq and rose to $158.34 in extended trading. Source: Home - Livemint.com | 22 Jul 2009 | 8:32 am Govt may let SBI stake fall to 55%New Delhi: The government may let its stake in State Bank of India fall by 4.4 percentage points to 55%, a top official said on Wednesday, as the country’s top lender looks to raise equity this year. At current values, the stake would be worth about Rs4,800 crore ($990 million). The government’s shareholding could be lowered through an issue of new capital that the government did not subscribe to, or it could sell of some of its shares. The government will seek Cabinet approval to dilute its 59.41% stake in India’s biggest bank, finance secretary Ashok Chawla told Reuters. “The government will have to take the approval of the Cabinet to reintroduce the Bill in Parliament,” he said. “The Bill said the government’s stake may be lowered up to 55% in SBI.” SBI chairman O P Bhatt said in January the bank, which controls a quarter of India bank loans and deposits, may need to raise between $2 billion to $4 billion in equity during 2009-10. “The move clears the way for the bank to raise capital as and when required without the government having to chip in to maintain its stake,” said Abhijit Majumder, an analyst at brokerage Prabhudas Lilladher. When SBI raised $4 billion through a rights issue in 2008, the government issued bonds to the bank in lieu of cash to maintain its stake. But such funding would be harder now, with the government facing its biggest fiscal deficit in 16 years and projecting record borrowing this fiscal year. As well, a rally of about 90% in India’s benchmark stock index from its 2009 low in mid March and rising foreign appetite for Indian assets have revived share sales. Indian firms have raised more than $7.5 billion in equity so far this year, surpassing the full-year total for 2008, according to Thomson Reuters data. Further, foreign funds have bought a net of $8.7 billion in Indian stocks since mid-March. State Bank had a capital adequacy ratio of 12.97% in March, lower than 15.5% at private sector rival ICICI Bank and an end-June level of 15.4% for HDFC Bank. At 0812 GMT shares in SBI, which the market values at $22.6 billion, were up 0.3% higher at Rs1713.70 in a Mumbai market that was down 0.8%. Source: Home - Livemint.com | 22 Jul 2009 | 8:23 am Govt may let SBI stake fall to 55 pctNEW DELHI (Reuters) - The government may let its stake in State Bank of India fall by 4.4 percentage points to 55 percent, a top government official said on Wednesday, as the country's top lender looks to raise equity this year.Source: Reuters: Money News | 22 Jul 2009 | 8:18 am Ramalinga Raju's judicial custody extended till Aug 5 - Economic Times
Source: Business - Google News | 22 Jul 2009 | 8:16 am Oil slips below $65 on build in US crude stocksLondon: Oil slipped below $65 a barrel on Wednesday after data showing an unexpected rise in U.S. crude stocks suggested demand in the world’s top energy consumer was still weak. The market is awaiting US Energy Information Administration (EIA) data later on Wednesday to see if they will confirm the American Petroleum Institute’s (API) figures. “The API numbers will likely exert pressure on the crude complex over the course of the Wednesday session, as they imply that the EIA numbers will likely follow suit,” said MF Global in its daily note to clients. US crude oil for September delivery was down 83 cents at $64.78 a barrel by 0750 GMT, off a low of $64.75. London Brent crude for September fell 44 cents to $66.43. US crude oil stockpiles rose unexpectedly last week as domestic refining activity slumped, the API said on Tuesday. Commercial oil inventories jumped 3.1 million barrels to 349.883 million barrels, reversing a stretch of weekly declines triggered by thin import levels and defying analyst expectations for a 2.1 million barrel drop. A Reuters survey of 15 analysts forecast the EIA would report a drop in crude oil inventories as slow imports countered a decline in refining activity. But refined products supplies were expected to have risen, despite the lower domestic refinery capacity use. Global oil inventories are at historically high levels, equivalent to around 62 days of forward demand by the industrialised countries of the Organisation for Economic Cooperation and Development (OECD). “Energy demand remains weak,” MF Global said. “We would also conclude that the recent price rises we are seeing in energy are more attributable to exogenous variables as opposed to any noticeable improvement in the complex’s basic fundamentals.” Data showing apparent oil demand in the world’s second-largest energy user rose for the third month in a row could help limit oil’s losses. China’s implied oil demand in June rose 1.8% over a year ago, Reuters calculations from official data showed on Wednesday. Asian equities markets also supported sentiment. Asian shares climbed to a 10-month peak on Wednesday, but gains were limited as investors locked in profits in the belief that the run-up had become overstretched. On the supply front, Royal Dutch Shell said on Tuesday it had resumed oil output at its EA oilfield in Nigeria, a rare bright spot for an industry reeling from a string of militant attacks in the last two months. Militants have devastated the Opec member’s oil output and kept Nigeria from pumping above two-thirds of its installed capacity, costing it billions of dollars in lost revenue. Source: Home - Livemint.com | 22 Jul 2009 | 8:09 am Gold futures flat on rupee, inflationary concernsMumbai: Gold futures price recovered by 0.11% on the Multi Commodity Exchange today as traders indulged in increasing their positions on scattered buying in the physical market. On the MCX counters, gold for the most active August contract gained 0.11% to Rs14,886 per ten gram with an open interest of 13,223 lots. It lost 0.16% in the previous day’s trading. Similarly, the metal for delivery in October contract traded higher by the same margin with an open interest of 4,790 lots. Marketmen said scattered buying by speculators in view of pick up in demand in the spot market led to recovery in gold prices at futures market here. Source: Home - Livemint.com | 22 Jul 2009 | 8:03 am Wipro Q1 net rises 13 pct; cautious on growthBANGALORE (Reuters) - Wipro Ltd, India's No.3 software services firm, beat estimates with a 13 percent rise in quarterly profit, but joined its bigger rivals in giving a cautious forecast due to uncertainty in the global economy.Source: Reuters: Money News | 22 Jul 2009 | 8:00 am Fujifilm bullish on digicams, to launch 3D modelTokyo: Fujifilm Holdings said on Wednesday that it was on course to beat its own digital camera sales target for the current financial year on brisk demand in emerging markets, and that it planned to launch the world’s first 3D digital camera. The Japanese camera and office equipment maker is certain to sell more than nine million digital cameras in the year to March 2010 and aims to sell as many as 10 million, Fujifilm Corp said senior vice president Takeshi Higuchi. “We will achieve the (9 million) level even if the economy remains as it is. If the economy recovers in the second half (of the business year), we will do even better,” Higuchi told reporters on the sidelines of a news conference. The company originally estimated sales of 8.3 million units for the current business year, compared to actual sales of 8.2 million units a year earlier. Fujifilm Corp is a Fujifilm Holdings subsidiary that handles cameras, photographic film, medical equipment and electronic components. In a bid to beat fierce competition and to turn around its loss-making digital camera operations, Fujifilm plans to launch a new model capable of capturing 3D images in August. The new machine, which comes with two lenses and two image sensor chips to make 3D pictures possible, will likely sell for about ¥60,000 ($641) in Japan, a Fujifilm spokeswoman said. Fujifilm, the world’s eighth-largest digital camera maker competing with larger rivals such as Canon Inc and Sony Corp, aims to sell 100,000 units of the new model, called FinePix Real 3D W1, in a year. Following Higuchi’s comments and the announcement of the 3D camera, shares in Fujifilm closed up 0.2% at ¥2,890, underperforming the benchmark Nikkei average, which gained 0.7%. Source: Tech News - Livemint.com | 22 Jul 2009 | 7:54 am RCom bags Etisalat's Rs 10,000 cr tower dealEtisalat Dynamix Balwas, a telecom joint venture between the Dynamix Balwas group and the Etisalat group, has entered into a long-term revenue-share agreement.Source: Daily News & Analysis: Money News | 22 Jul 2009 | 7:43 am Will use GDR funds for capex: Tata Power - Moneycontrol.com
Source: Business - Google News | 22 Jul 2009 | 7:02 am Hyundai to invest $3.3 bn in eco projects by 2013Seoul: Hyundai Motor Group, the world’s No. 5 automaker, said on Wednesday it plans to invest 4.1 trillion won ($3.3 billion) in developing eco-friendly cars and reducing carbon dioxide by 2013. The plan came after Samsung Electronics Co Ltd announced a 5.4 trillion won investment plan in green research and development and facilities. Source: World Business - Livemint.com | 22 Jul 2009 | 5:30 am Apple's smashes profit forecasts, iPhone shinesSAN FRANCISCO (Reuters) - Apple Inc's quarterly profit blew past Wall Street forecasts thanks to strong sales of Macs and iPhones and higher-than-expected gross margins, boosting its shares 4 percent on Tuesday.Source: Reuters: Money News | 22 Jul 2009 | 4:57 am Adani poised for a turnover triple-jumpThis is quite possible as Adani Power Ltd and Mundra Port and Special Economic Zone (MPSEZ) are likely to be fully operational by the end of 2013.Source: Daily News & Analysis: Money News | 22 Jul 2009 | 3:46 am SAT orders BSE to release compensationMumbai, July 21 The Securities Appellate Tribunal has passed an order upholding a retail investor’s entitlement to Rs 11.84 lakh. The entitlement was awarded to him by the Arbitral Tribunal of the BSE and was to be paid out of the InvestorSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Land acquisition: NHAI draws a blank in 8 States in Q1New Delhi, July 21 The National Highways Authority of India (NHAI) has not been able to acquire any land in eight States in the first quarter of the current fiscal.Source: Business Line - Home Page | 22 Jul 2009 | 12:00 am Govt raises 2008-09 foodgrain output estimates by 4 mtThe Centre has revised upwards its foodgrain production estimates for 2008-09 by over four millionSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Interest rates: The ‘unimportance’ of inflationThe Government has announced its borrowing programme for the first half of the current financial year, frontloading the market resource-raising exercise. Early days yet, but there has been no strong adverse reaction in bondSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Bata India (Rs 159.3): BuyWe recommend a buy in the Bata India stock from a short-term trading horizon. It is evident from the charts of Bata India that the stock has been on an intermediate-term uptrend, forming higher peaks and troughs since February low of Rs 76. TheSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Day Trading GuideWe re-affirm our buy recommendation in DLF with stiff stop at Rs 333. ICICI Bank and SBI are witnessing selling interest at higher levels. We recommend a sell in these two counters. FreshSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Customers now drive to public sector banks for vehicle loansKolkata, July 21 Mr Sanjay Mukherjee, a government employee based in Kolkata, got his four-wheeler loan sanctioned in a couple of hours by United Bank of India and that too at a more competitive interest rate than that offered by many privateSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Tata Steel, Suzlon raise $600 m thru GDR issueMumbai, July 21 Tata Steel and Suzlon Energy have together raised over $600 million through issue of global depository receipts, while Tata Power plans to raise $250 million through GDRs, with an option to retain a higherSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am Infra cos securitise future receivables for current spendsInfrastructure companies are warming to the idea of securitising their future receivables from already established projects to marshal resources for setting up new projects.Source: Business Line - Home Page | 22 Jul 2009 | 12:00 am Rupee faces resistance at 48The rupee reversed from the low of 49.4 against the dollar to appreciate towards 48. This rally was aided by unrelenting strength in equity markets that made Sensex gain 13 per cent in just five sessions. Other global equity markets wereSource: Business Line - Home Page | 22 Jul 2009 | 12:00 am 'Commercial flying activity is flat now from negative'The economic slowdown's impact on the aviation industry has hurt aircraft engine manufacturers, too. Pratt & Whitney hasn't remained immune.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:26 pm Healthcare infra spends to doubleRising income levels, changing demographics and shift in disease profiles from chronic to lifestyle diseases are set to propel the growth of Indian healthcare industry.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:24 pm Billions of dollars waiting to enter educationIt is the last frontier, and the most lucrative opportunity for business. After changing the face of the the Chinese education sector, international education giants are waiting for the government to give them the go-ahead.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:24 pm Mopeds take the slow road to extinctionIt does not quite fit the bill as the archetypal dinosaur of the auto sector, but industry insiders acknowledge that mopeds are on the road to extinction.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:22 pm Kelkar sees Andhra fiscal management worseningAndhra Pradesh chief minister YS Rajasekhara Reddy has sought more funds from the Centre to fuel the state's welfare programmes.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:22 pm St pauses for breath, and consolidationAfter hiking up Mount 15K, marketmen took a breather on Tuesday. It still left the Sensex on its swiftly-gained but hard-fought summit.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:20 pm It's NCD season for non-banksOn Tuesday, Shriram Transport Finance Company became the second non-banking finance company (NBFC) to offer non convertible debentures (NCDs) to retail investors.Source: Daily News & Analysis: Money News | 21 Jul 2009 | 10:17 pm Environment for IT cos still challenging: iGatePhaneesh Murthy, CEO, Igate said that the operating environment may have seen marginal improvement but the climate is still challenging for IT companies.Source: Moneycontrol Top Headlines | 21 Jul 2009 | 9:36 pm Barnes & Noble plans mega e-bookstoreFour months after acquiring an e-book retailer, Barnes and Noble Inc. (B&N), the world’s largest chain of bookstores, is starting its own mega e-bookstore on its website, BN.com. In an announcement on Monday, B&N said that it would offer nearly 700,000 books that could be read on a wide range of devices, including Apple’s iPhone, the BlackBerry and various laptop or desktop computers. When B&N acquired Fictionwise in March, that online retailer had about 60,000 books in its catalogue.  New vistas: A Barnes & Noble store in New York. Nearly 500,000 of the books offered electronically on its website can be downloaded for free. Adam Rountree / Bloomberg B&N is promoting its e-bookstore as the world’s largest, an implicit stab at Amazon.com, which offers about 330,000 for its Kindle device. Currently, Google’s public domain books cannot be read on a Kindle. The number of e-books available on BN.com compares with 1.2 million in stock that can be bought in print form from the company’s website. An additional one million books can be ordered from BN.com in the print-on-demand format. William J. Lynch, president of BN.com, said the company would continue to sell e-book versions of best-sellers and new releases—defined as a new e-book for the first six months of its availability—for $9.99 (Rs482.52). That charge has become the de facto e-book price since Amazon.com set it for Kindle sales. E-book pricing has become one of the most delicate topics in book circles. Publishers are concerned that by selling new books at such low prices, e-book retailers will undercut sales of hardcover editions, which average about $26, and eventually erode publisher margins. “The pricing policies won’t remain static,” Lynch said in an interview. “We’re working with our publishers on various pricing models. As the pricing model evolves over time, we will adjust.” David Young, chief executive of the Hachette Book Group, the publisher of blockbuster authors such as James Patterson and Stephenie Meyer, was cautious about B&N’s latest step. “I’m thrilled that another major player is entering the fast-emerging e-book market,” Young said. “But I remain deeply concerned that our most valuable front-list titles are being sold at mass-market paperback prices,” he said, referring to the small format paperbacks that usually come out a year after a hardcover is released. B&N also announced an upgraded version of its eReader software that users could download free from its website, making it possible to read any e-book bought on BN.com on various devices. Electronic books bought at BN.com cannot be read on Sony’s Reader or on the Kindle. The retailer also said that when Plastic Logic Ltd released its electronic reading device in early 2010, B&N would operate a bookstore for e-books that would work on the new device. Lynch declined to say whether B&N would sell the actual device. Sales of e-books remain small, but are growing fast. According to a survey by the Codex Group, a book marketing research firm, 4.9% of books sold in May were in digital form, up from 3.7% in March. Sarah Rotman Epps, a media analyst with Forrester Research in Cambridge, Massachusetts, said BN.com was unlikely to dent Amazon.com’s Kindle sales. “I don’t think they will be stealing market share from Amazon,” she said. “If anything I think they are contributing to the growth of the whole category of digital reading.” Rotman Epps added that as more consumers begin reading digital books on phones and other mobile devices, it made sense to market to those readers as opposed to those who are buying dedicated reading devices such as the Kindle or the Sony Reader. ©2009/THE NEW YORK TIMES Source: Tech News - Livemint.com | 21 Jul 2009 | 7:45 pm India commits Rs 180k cr to nuclear tradeIndia is committing Rs 1,80,000 crore for the production of 30,000 Mw of nuclear power by three countries Russia, France and the US a significant bait that New Delhi has cast in the interests of gaining access to sensitive Enrichment and Reprocessing technologies (ENR) and stabilising its fears over energy insecurity.Source: Business Standard | Front Page Headlines | 21 Jul 2009 | 6:39 pm India Inc back on GDR expresswayTata Steel, Suzlon mop up $700 million; Tata Power to raise $250 million.Source: Business Standard | Front Page Headlines | 21 Jul 2009 | 6:38 pm 'Relationship managers' enter I-T deptThirty large corporate taxpayers get personalised attention.Source: Business Standard | Front Page Headlines | 21 Jul 2009 | 6:35 pm Been preferred bidder in Rs 15000cr projects: Rel InfraSpeaking at Reliance Infras annual general meeting, Anil Ambani, said that the company currently has a cash of Rs 10,000 crore. He added that the company will maintain promoter holding in all group companies to over 50%.Source: Moneycontrol Top Headlines | 21 Jul 2009 | 3:54 pm Deora hints at fuel price cut if global rates fallThe government Tuesday indicated that retail prices of fuel could be reduced if international crude prices fell.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:32 pm Businessman slapped Rs.1 mn fine for pirating softwareCounterfeiting licensed software products of global giants Microsoft Corp and Adobe Systems proved costly for a businessman here as the Delhi High Court Tuesday asked him to pay Rs.1 million in compensation to the two firms.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:32 pm India's insurance penetration lower than world average: ReportDespite achieving a healthy 16 percent annual growth rate, India's general insurance business accounts for just 0.6 percent of the gross domestic product (GDP), compared to the world average of 2.14 percent, says a report released here Tuesday.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:31 pm Bill Gates to visit India this weekMicrosoft co-founder Bill Gates will arrive in India this week to oversee the various programmes initiated by the philanthropic organisation that he has set up.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:31 pm Sachin Pilot visits Delhi, NCR post offices to see upgradationMinister of State for Communications and Information Technology Sachin Pilot Tuesday visited post offices in Delhi and NCR which had undergone upgradation under Project Arrow.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:02 pm Malaysian firm keen to invest in Himachal PradeshMalaysia-based TJ Harmoni Worldwide is interested in investing in infrastructure and hydropower projects in Himachal Pradesh, Chief Minister Prem Kumar Dhumal said Tuesday.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:02 pm Coca-Cola sees 33 percent growth in IndiaCoca-Cola has registered a 33 percent growth in sales in India during the second quarter ended July 3, the soft drink major said Tuesday.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 2:00 pm Radico Khaitan to launch whisky, brandy brandsLiquor manufacturer Radico Khaitan, which Tuesday reported a 56 percent jump in its net profit for the quarter ended June 30, is planning to launch two brands in the brown spirits category.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 1:30 pm Profit booking pulls down SensexA key index of the Indian equities markets lost over 128 points Tuesday as investors booked profits, especially in IT, power and PSU stocks.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 1:01 pm Deutsche Welle to broadcast educational programmes in KeralaDeutsche Welle, Germany's international broadcaster, Tuesday signed an agreement with the Kerala government to telecast educational programmes for school children in the state.Source: IndiaeNews.com: Business News | 21 Jul 2009 | 1:01 pm
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