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Levy 10% customs duty on imported equipment: BHEL to govtBHEL has asked the power ministry to levy 10% customs duty on imported equipments. This customs duty will offset the high interest rate differential in India vs overseas.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 9:14 am About 70% of order book from govt: Hindustan DorrHindustan Dorr Oliver has gained 30% in the last one month. The companys Executive Director, SC Sekaran, said the companys current order book stood at Rs 1,460 crore. About 70% of order book comes from the government. Further he said, the company had identified land near Chennai for its second manufacturing unit.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 8:51 am See FY10 EBIDTA at more than 14%: SubexSubash Menon, founder chairman, MD and CEO of Subex has said that the comapany continues to see traction in deals and that it was looking at ways to reduce debt. Subexs order pipeline stood at USD 362 million and the conversion ratio was 2023%.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 8:00 am Inflation falls for eighth consecutive week to minus 1.58%!India`s wholesale price index fell 1.58 percent in the 12 months to July 25, compared with the previous week`s annual decline of 1.54 percent, government data showed on Thursday.Source: Zee News : Business | 6 Aug 2009 | 7:07 am European Central Bank rate to stay at 1.0% analysts!The European Central Bank was set on Thursday to leave its main interest rate steady at a record low of 1.0 percent, analysts say, despite tighter credit and concern the eurozone could be hit by deflation.Source: Zee News : Business | 6 Aug 2009 | 7:07 am US: 97,000 job cuts in July!Job cuts announced by US employers jumped 31 percent in July to over 97,000.Source: Zee News : Business | 6 Aug 2009 | 7:07 am Sensex erase early losses at midway, gains nearly 50 pointsThe Sensex, which lost over 140 points at the outset, rose by 49.80 points at 15,953.63 at 1330 hrs as heavyweights like Reliance Industries, ICICI Bank, Larsen & Toubro and BHEL recorded handsome gains.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 6:49 am Issuing direct fertiliser sops via banks runs into problemsInitial attempts by the government to use banks as the vehicle to deliver fertiliser subsidies to farmers have run into problems. It may also have sparked off a tussle between different arms involved in the process.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 6:01 am India's inflation falls to minus 1.58 per centIndia's annual rate of inflation fell marginally to minus 1.58 for the week ending July 25 from minus 1.54 the week before, according to official data released in New Delhi on Thursday.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 5:47 am Bike recall no reason for concern: Eicher MotorsSiddharth Lal, CEO of Eicher Motors said that he finds no reason of concern for Enfield vehicle recall, though recall of 600 vehicles has already done. He further adds that the problems of recall are very limited. It is restricted to 600 bikes.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 5:05 am Gas tussle: Is the govt compromising on fair pricing?The gas fight continues to gather steam, first Anil Ambani was accused of calling the petroleum ministers alleging bias towards Reliance Industries and this week he has accused the DGH (Director General of Hydrocarbons) of allowing Reliance to inflate its capital expenditure bill.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 4:55 am LT seeks regulatory approval to sell Satyam stakeLarsen Toubro is seeking regulatory approval to sell its 6.9% stake in Satyam, reports CNBCTV18.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 4:37 am Infosys pursuing deals worth $1 bnIT major Infosys Technologies is pursuing deals worth USD 1 billion in this quarter, reports CNBCTV18.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 4:37 am Market plunges; Nifty ends below 4600 - Economic Times
Source: Business - Google News | 6 Aug 2009 | 4:25 am Tata Teleservices launches GSM services in Maharashtra - Economic Times
Source: Business - Google News | 6 Aug 2009 | 4:24 am About 70% of order book from govt: Hindustan Dorr - Moneycontrol.com
Source: Business - Google News | 6 Aug 2009 | 4:15 am ANALYSIS - Emerging FX revaluation back on the tableLONDON (Reuters) - Western governments seem set on preventing currency appreciation snuffing out nascent economic recoveries, helping reignite bets on a devaluation of major currencies against those of the emerging economic giants.Source: Reuters: Money News | 6 Aug 2009 | 4:11 am BSE Sensex provisionally falls 2.45 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 2.45 percent on Thursday, as investors took profits on a near 19 percent jump over the past 3-½ weeks.Source: Reuters: Money News | 6 Aug 2009 | 4:08 am Textile industry to get Rs2,550 cr in 72 hours: MaranNew Delhi: The government on Thursday said that the textile industry will get Rs2,546 crore under the Technology Upgradation Fund Scheme (TUFS) within three working days, which is seen as a stimulus to the sector impacted by slump in global commerce. “Rs2,546 crore (under TUFS) will reach the beneficiaries in 72-hours,” textile minister Dayanidhi Maran said. He said: “During the slowdown this will help the industry and bring lot of comfort to the industry.“ He said that by releasing the amount, the dues to the industry under the scheme till 30 June, 2009 stand cleared. The fund would be transferred electronically through more than 121 financial institutions and banks to the accounts of 12,514 beneficiaries. Maran also said that the ministry would approach Prime Minister Manmohan Singh and finance minister Pranab Mukherjee for more funds for the textile sector. Under the TUFS the government provides subsidies to the industry so that it can modernise by installing new machinery. The government also announced the constitution of a 41 member working group under the textile secretary Rita Menon to form a National Fibre Policy, aimed at making India self- sufficient in fibre consumption and export requirements. “The policy would be announced by the year end,” Maran said. The group will submit its report in the next three months. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 4:03 am Caledon says has not agreed on deal with any partyReuters - Australian coal producer Caledon Resources said on Thursday that it had not reached a buyout agreement with any party, responding to reports in the Indian media that Essar Group was in talks to buy the company.Source: Reuters: Money News | 6 Aug 2009 | 3:52 am Gems, jewellery industry for removal of 2% octroi Mumbai: Seeking the removal of 2% octroi on gems and jewellery business in Maharashtra, the industry on Thursday said that the levy was forcing many to move shop to neighbouring Gujarat. “We demand the removal of 2% octroi as it would support the industry, which is undergoing a recession,” Gems & Jewellery Export Promotion Council (GJEPC) chairman, Vasant Mehta said. “Due to the Octroi, several companies have either shifted or are about to shift their business to neighbouring Gujarat,” he added. Mehta, however, said that the industry is willing to give upfront an amount equal to the octroi through cess. “The last 8-10 months were the worst for the industry. Several factories have had to shut down and topline and bottomline of companies have been affected,” Mehta said, adding that the industry expects a 20% growth in exports in FY 10. Mehta was speaking at the 26th edition of the Gem and Jewellery Trade Show in Mumbai. Nearly 18,000 domestic and 1,000 international visitors are expected to take part in the show. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:47 am Victoria Beckham to replace Abdul as "American Idol" judgeLondon: Former Spice Girl Victoria Beckham will replace pop star Paula Abdul as the judge of the popular US music talent show “American Idol”. Victoria, popularly known as Posh, has agreed to be the guest judge in at least two episodes for which she is reportedly being paid an estimated $270,000. The 35-year-old popstar-turned-designer will begin filming the new series this week after fellow judge Simon Cowell got her on board, Mirror online reported. “Victoria is hugely flattered as this is one of the highest profile gigs in America. It really is a big deal. Her husband David may be getting a bit of stick at the moment but Victoria’s profile Stateside has never been higher,” a source close to Victoria said. “Network bosses would love to give her the job full time and it looks like it’s there for her if she wants it. At the moment, Victoria’s main priority is fashion. She doesn’t really need any distractions. However, her appearance on ‘American Idol´ is sure to provide a massive ratings boost in the UK so, really, everyone’s a winner,” added the source. This news came just a day after Abdul announced her decision to quit the show after judging the show for past eight seasons. “With sadness in my heart, I’ve decided not to return. I’ll miss nurturing all the new talent but, most of all, being a part of a show that I helped from day one become an international phenomenon,” Abdul wrote on her Twitter account. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:46 am Sensex down 237 points in afternoon trade Markets were ruling in the red on Thursday with the BSE Sensex trading 237 points lower than its previous close.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 3:40 am BSNL revenue arrears stand at Rs7,483 cr for 2007-08: govtNew Delhi: BSNL’s revenue arrears for 2007-08 have touched Rs7,482.81 crore, out of which Rs4,226 crore may or may not materialise, Rajya Sabha was informed on Thursday. The biggest defaulters are private customers under basic services who owed Rs4,173.63 crore as on 31 March, 2008, minister of state for telecom & IT Sachin Pilot said in a written reply. Replying to a query, he said the government is considering a proposal of charging a one-time entry fee for spectrum allocation beyond 6.2 Mhz of spectrum. He said Trai is seeking penalty powers on telephone companies for violating its directives. “Trai has sent a consolidated revised proposal to DoT to consider various amendments in the Trai Act 1997, which provides for imposition of penalty on telephone operators for violation of its directions,” he said. The government has collected Rs26,207.11 crore as Universal Service Levy as on 30 June, 2009, since the inception of Universal Service Obligation Fund in April 2002. Out of this Rs6,948.64 crore have been reimbursed to BSNL for the payment of license fee and spectrum charges to DoT, Pilot said. About Rs6,948.64 crore have been disbursed for USO Fund activities. Pilot said the net profit of BSNL has fallen sharply from Rs7,806 crore in 2006-07 to Rs575 crore in 2008-09 due to surrender of fixed telephones, decreased tariffs and wage costs. BSNL, which has started 3G services in selected cities has 10,733 subscribers for the service, while MTNL had 902 subscribers for 3G services as on June 2009. BSNL has planned a capex of Rs2,700 crore for the first phase of 3G rollout and proposes to provide 3G services in 760 cities in the first phase covering district headquarters, commercially important towns and tourist places. The work will be completed by 2010-11. MTNL plans to spend Rs300 crore for offering 3G services in Delhi and Mumbai and is adding 7.5 lakh lines each in Delhi and Mumbai. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:36 am Drought fear deepens in Bihar as rainfall 43 percent lessThe Bihar government is considering declaring at least 12 districts drought-hit as the state has recorded 43 percent deficit in rainfall this season.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 3:30 am Tata Teleservices launches GSM services in MaharashtraTata Teleservices Maharashtra Thursday launched its GSM services under the Tata Docomo brand across the state.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 3:30 am Sensex down 237 points in afternoon tradeIndian equities markets were ruling in the red Thursday afternoon with a key index trading 237 points lower than its previous close.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 3:30 am Pakistan starts Interpol search for Mumbai suspectsParis: Pakistan has launched a global search for 13 suspects in last November’s attack on Mumbai, the international police network Interpol said on Thursday. France-based Interpol said a global alert issued from Islamabad asked member countries to assist in locating the fugitives and immediately report any leads to Pakistan, which would seek their extradition if any are arrested. The Interpol statement did not name the suspects. “The authorities in Pakistan are to be commended for making full use of Interpol’s global network and tools,” said Ronald Noble, secretary-general of Interpol, in the statement. “This demonstrates their commitment to allowing all of Interpol’s 187 member countries to benefit from and help with the investigation into the Mumbai terrorist attacks.” Pakistan has put on trial five militants accused of involvement in the attack in which 166 people were killed and released photographs of 13 other suspects who have not yet been detained. But India, which broke off peace talks with Pakistan following the attacks blamed on the Pakistan-based Lashkar-e-Taiba militant group, has complained that Islamabad is not moving fast enough in pursuing those responsible. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:26 am Kerosene, domestic LPG prices lowest in India: govtNew Delhi: Kerosene and domestic LPG prices in India are the lowest in South Asia, while the rates for petrol and diesel are comparable with its neighbours, petroleum minister Murli Deora said on Thursday. In a written reply to a question in the Lok Sabha, he said kerosene at Rs9.22 per litre in Delhi is the cheapest cooking fuel in South Asia. Kerosene in Pakistan costs Rs34.89 a litre, Rs30.53 in Bangladesh, Rs21.26 in Sri Lanka and Rs34.35 per litre in Nepal. Similarly, a 14.2 kg domestic LPG cylinder in Delhi priced at Rs281.20 is cheaper than Rs483.06 in Pakistan, Rs670.12 in Bangladesh, Rs666.31 in Sri Lanka and Rs702.72 per cylinder rate in Nepal, he said. Petrol at Rs44.63 in Delhi is costlier than Rs36.52 a litre price in Pakistan but cheaper than Rs51.36 a litre price in Bangladesh, Rs54.19 in Sri Lanka and Rs34.35 a litre in Nepal. Deisel at Rs32.87 per litre in Delhi was a shade higher than Rs30.53 rate in Bangladesh and Rs30.43 a litre price in Sri Lanka. But it was cheaper than Rs36.82 a litre price in Pakistan and Rs34.35 per litre rate in Nepal, he said. “It may, therefore, be seen that whereas prices of PDS kerosene and domestic LPG in India are the lowest, prices of petrol and diesel are quite comparable to the neighbouring countries,” he said adding prices differ because of tax rates. Deora said as the costs of primary raw material — crude oil are more or less uniform internationally, the rate of taxation in a country plays an important role in determining the retail price of petroleum products. “Taxes and duties of the Centre and state governments constitute 48.4% and 24.5% of the retail prices of petrol and diesel respectively at Delhi,” he said. States sales tax or VAT on petrol varies from 18 to 33% and from 8.80 to 26% on diesel. “The Central government on its part, has written to the chief ministers of all the state governments and the finance minister of West Bengal (who is the chairman of the empowered committee of state finance ministers) recently, requesting them to rationalise sales tax/VAT on petrol and diesel so as to reduce the incidence of tax on oil prices,” he said. Of the Rs44.63 a litre retail selling price of petrol in Delhi, Rs13.75 is because of the incidence of excise duty and Rs7.44 a litre due to sales tax. Similarly, the Rs32.87 a litre price of diesel in Delhi is made up of Rs3.90 in sales tax and Rs3.71 in excise levy. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:19 am Punj Lloyd board approves equity issue - Economic Times
Source: Business - Google News | 6 Aug 2009 | 3:11 am Midsession: Markets erase gains on profit-takingMumbai: Indian shares extended losses to more than 1% on Thursday, as investors booked profits in automakers such as Mahindra & Mahindra, Tata Motors and Maruti Suzuki after a recent rally. At 2:32pm, the 30-share BSE index was down 1% at 15,745.80 points, with 25 stocks declining, after falling to as much as 15,710.60. The 50-share NSE index was down 0.9% at 4,651.80. Markets had erased losses of as much as 0.9% and turned positive in the afternoon as a higher start for European markets lifted investor sentiment. At 1:04pm, the 30-share BSE index was up 0.1% at 15,918.44 points, with 13 stocks gaining, after falling to as much as 15,763.37 earlier. The 50-share NSE index was up 0.2% at 4,703.05. Shares today morning fell 0.6%, tracking losses overnight on Wall Street as downbeat US data cast a shadow over recent economic optimism and weighed on investor confidence. Energy giant Reliance Industries fell 0.6% to Rs2,063, while state-run explorer Oil and Natural Gas Corp retreated 0.9% to Rs1,181.15 as oil eased towards $71. Other major losers included diversified cigarette maker ITC, which slid 1.3% to Rs240.55, and No. 2 outsourcer Infosys Technologies that eased 1.1% to Rs2,071.80. Bharti Airtel, which is in exclusive talks with South Africa’s MTN aimed at a merger to create the world’s third-biggest telecoms firm, dropped 0.8% to Rs398.10. “Overall trading interest in large-cap companies is low today,” Hemant Thukral, vice president at Asian Markets Securities, said. “The market is in consolidation mode today.” The benchmark had risen 0.5% on Wednesday, climbing back from an initial fall as higher European peers lifted sentiment after investor caution across Asia had weighed on the market. The Indian market had rallied over the previous three weeks, driven by strong domestic and global corporate earnings. But worries that stocks are pricey have emerged as the main index has leapt almost 98% from a 2009 low in March and 65% this year. This year, only China’s and Indonesia’s benchmarks have outperformed the BSE index, which trades at 17.8 times one-year forward earnings. In contrast, benchmarks in other emerging markets such as Brazil, Indonesia and South Korea trade at a multiple of about 13-14, while Russia trades at 7.8 times. In the broader Indian market on Thursday, gainers led losers 1,314 to 962 on heavy volume of 174.5 million shares. Source: Home - Livemint.com | 6 Aug 2009 | 3:10 am India WPI falls on year for 8th week running - Reuters India
Source: Business - Google News | 6 Aug 2009 | 3:08 am IOC, HPCL, MRPL to purchase crude oil from Cairn’s Raj fieldsNew Delhi: The government has nominated Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Mangalore Refinery and Petrochemicals (MRPL) for purchasing crude oil from Cairn India’s Rajasthan fields. Minister of state for Petroleum and Natural Gas Jitin Prasada in a written reply to a question in the Lok Sabha said that IOC and MRPL have been allocated 0.20 million tonnes each in 2009-10, while HPCL would offtake 0.30 million tonnes of Rajasthan crude. In 2010-11, IOC would buy 1.5 million tonnes of the crude oil from the nation’s most prolific oil discovery in more than two decades, while MRPL would double its offtake to 0.40 million tonnes. HPCL would take 0.50 million tonnes next fiscal, he said. “The allocation of crude beyond the quantities of crude indicated above will be made after ascertaining the capacity of other public sector refineries to absorb the quality of crude produced from this oil field,” he said. Last month, Cairn India said that it will be ready to start crude oil production from the Rajasthan fields in August and has concluded price negotiations with the government appointed offtakers. Rajasthan is the largest onland oilfield discovered in more than two decades and will have a peak output of 8.75 million tonnes, contributing one-fifth of the nation’s current oil production. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:06 am WPI falls on year for 8th week runningNEW DELHI (Reuters) - India's wholesale price index fell in the year to July 25 for the eighth week in a row, but the Reserve Bank of India (RBI) is seen keeping to an easy monetary stance as rising food prices provide a reminder of a revival in inflation.Source: Reuters: Money News | 6 Aug 2009 | 3:03 am FOXSTAR to distribute ‘My Name is Khan’ in IndiaMumbai: FOX STAR Studios, a joint venture between 20th Century Fox and STAR today announced its tie-up with superstar Shahrukh Khan and filmmaker Karan Johar to finance and distribute their upcoming film ‘My Name is Khan´. FOXSTAR would market and distribute the film in India while Fox Searchlight Pictures, which marketed and distributed the Oscar winning ‘Slumdog Millionaire´ in the US, will release the film in United States. 20th Century Fox International will distribute the film outside India and US. Filmmaker Johar said “for us, this tie-up was important to find a partner who is like-minded, has a similar vision and the capability to take Indian cinema to the international market.” “This movie is about human emotions that are relevant to people across the world and I am happy that the audience which is unfamiliar with these films will get a chance to see what Indian cinema has to offer to the world,” Johar said. The film, which has been co-produced by Khan and Johar, examines how a life of a Muslim man from India, living in San Francisco, embarks on a remarkable journey across the United States and inspires people, inviting debate, creating an accidental revolution. The film, directed by Johar, stars Shahrukh Khan and Kajol in the lead. The CEO of FOXSTAR studios Vijay Singh said, “Johar and Shahrukh have been the most successful combination in Bollywood and we are delighted to be working together on this film. “This relationship will help us further build a FOXSTAR Studios presence in India and provide an opportunity to demonstrate our marketing and distribution capability,” he added. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 3:01 am Mizoram bans Chinese chocolatesThe Mizoram government has banned chocolates and chocolate products from China claiming these contained harmful ingredients, an official release said here Thursday.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 3:00 am Probe ordered into Chandigarh's 'bed and breakfast' schemeThe 'bed and breakfast' scheme of the Chandigarh administration has come under the scanner of a high-level inquiry in the wake of alleged violations of rules and regulations by the residential premises registered under this scheme.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 3:00 am Bank employees begin two-day nationwide strikeEmployees of public sector banks across the country are striking work for two days from today to push for wage hike, among other demands. The UFBU, an umbrella body of nine bank employees unions of the country, claimed that as many as 10 lakh employees are participating in the strike.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:59 am Government approves acquisition of Russian Kamov-31 choppers New Delhi: In a bid to strengthen the Navy’s capabilities to detect airborne and surface-based maritime threats, government has approved the acquisition of five Russian Kamov-31 early warning choppers. Defence ministry officials said that the Cabinet Committee of Security (CCS) at a meeting on Tuesday gave its approval for procuring these choppers, which can track 30-40 targets on ground and air simultaneously with its airborne electronic warfare radar, mounted on the underbelly of the chopper. They informed that the deal for the five choppers between India and Russia is expected to be signed in the next couple of months. Navy already has a fleet of nine Ka-31 helicopters, which are deployed on India’s only aircraft carrier INS Virat and the Talwar Class Guided Missile frigates of the Navy. They are also operated from Navy’s shore based air stations. To modernise its air arm, the Navy is on a look out for various types of helicopters including the 10 tonne class multirole helicopters for which global tenders were released last year. Source: Home - Livemint.com | 6 Aug 2009 | 2:59 am Textile exports to US slip 12% in H1Textile exports to the US have plummeted 12 per cent during JanuaryJune this year, even as order inflows position for the second half of the year also looks bleak.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 2:54 am Two-day bank strike echoed in LS - Hindu
Source: Business - Google News | 6 Aug 2009 | 2:54 am Tata Steel July sales up 18%New Delhi: Tata Steel on Thursday said it witnessed a 18% rise in its sales to 4.78 lakh tonnes in July on the back of robust demand from the auto and construction sectors. In the corresponding period last year, the steel major’s sales stood at 4.05 lakh tonnes, the company said in a statement here. The company added that in the reporting month there was a 48% increase in the sales of long steel products, primarily consumed by construction firms, over the same period a year ago. During the month under review, the company saw its crude steel output rising by 27% to 5.53 lakh tonnes as against 4.36 lakh tonnes in the same period last year. Its saleable steel production increased by 24% to 5.39 lakh tonnes last month as against 4.35 tonnes in July 2008. The company’s hot metal production too went up to 5.97 lakh tonnes as compared to 4.82 lakh tonnes produced a year ago, a growth rate of 24%. Tata Steel added that it was the best hot metal production ever recorded. The firm said that “it completed July by showing a significant increase in its hot metal, crude steel and saleable steel production” over the year-ago period,“ it said. Besides hot metal, the firm said its steel melting shops and hot-strip mill too recorded best-ever production. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 2:52 am Inflation falls for 8th week runningNew Delhi: India’s wholesale price index fell in the year to 25 July for the eighth week in a row, but the central bank is seen keeping to an easy monetary stance as rising food prices provide a reminder of a revival in inflation. Most analysts see the decline in the WPI as a temporary aberration resulting from the annual comparison to high year-earlier prices. In addition, the central bank has said price pressures are building, suggesting it sees no scope to cut interest rates again. The widely watched wholesale price index fell to -1.58% in the 12 months to 25 July eighth successive drop. It compared with a -1.54% decline in the prior week and a market forecast of a -1.5% fall. The WPI fell -1.61% in the year to 6 June, the first and steepest fall on record. In stark contrast, a food sub-index jumped 9.7%from a year earlier. On an unadjusted basis, it rose 0.8% in the latest week alone. “The fact that food and commodity prices remain firm on a de-facto basis means inflation as a whole is a risk and will only become severe as months go by,” Jyotinder Kaur, economist at HDFC Bank, said. The 10-year benchmark bond yield was little changed after the data, while the stock market turned positive and was up 0.3%. Even though the WPI shows falling prices, the central bank is focused on the longer-term inflation potential. At a policy review last week, it revised up its inflation forecast for the year to the end of March 2010 to 5% from 4%. It left its key policy rates unchanged, saying it wanted to nurture growth, but the change in the inflation forecast was taken by analysts as a sign of tightening measures to come. Analysts polled by Reuters after the policy decision expected the central bank to hold rates steady until December, and saw the possibility of an increase in early 2010. The central bank cut its lending rate by 4.25 percentage points between October and April to 4.75%, and the government slashed duties and increased public spending to stimulate the economy hit by the global slump and falling domestic demand. The economy expanded by 6.7% in 2008/09 (April/March), sharply slower than 9% in the previous year. The central bank forecast 6 percent growth in 2009/10 with an upward bias. The WPI has been rising on a weekly basis since March as price pressures slowly build up. The consumer price index, which has a greater weighting on food items, rose 9.29% in June from a year earlier, data showed on 31 July. Analysts say the government may step up measures to try to tame the rise in food prices, as monetary policy is not effective in stemming what is widely seen as resulting from supply-side pressures. Source: Home - Livemint.com | 6 Aug 2009 | 2:51 am Govt prescribed price for RIL gas lower than othersNew Delhi: Stressing that the priced fixed for gas produced by Reliance Industries was lower than rates charged by other private firms, the government said on Thursday its gas utilisation policy was aimed at operationalising idle and unutilised assets. Replying to a calling-attention motion in Rajya Sabha, oil minister Murli Deora said the $4.2 per million British thermal unit price fixed for gas produced from KG-D6 fields of RIL was lower than the average of $5.51 per mmBtu charged by UK’s BG-led consortium for Panna/Mukta and Tapti gas. It was also lower than the $4.3 per mmBtu price of gas produced from Cairn’s Ravva Satellite fields and $4.75 per mmBtu for the UK firm’s Lakshmi fields. Deora, replying to the motion moved by Tapan Kumar Sen on availability of gas for power generation, said that an empowered group of ministers had fixed the price formula as well as usage of gas. “The intention of the Government being to operationalise all gas based assets which were lying idle/unutilised due to non-availability of gas,” he said. The eGoM-approved price formula provides for a maximum gas price of $4.2 per mmBtu at $60 a barrel crude rate. If crude falls to $25, RIL gas will cost $2.5 per mmBtu. “I am confident that natural gas would fuel economic growth of the country and the government will do all in its power to ensure its use for natural priorities at reasonable price,” he said. Source: LatestNews-Home - Livemint.com | 6 Aug 2009 | 2:49 am `Govt to give Rs 2546-cr under TUFS soon' - Hindu Business Line
Source: Business - Google News | 6 Aug 2009 | 2:45 am Sensex down 140 points in opening trade on profit-bookingThe Bombay Stock Exchange benchmark Sensex fell over 140 points in opening trade today as foreign funds and retail investors preferred to book profits amid weak US markets.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:45 am Govt prescribed price for RIL gas lower than othersRIL is selling gas to consumers on the basis of priority drawn by the eGoM approved Gas Utilisation Policy.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 2:42 am Govt prescribed price for RIL gas lower than othersThe government on Thursday said its gas utilisation policy was aimed at operationalising idle and unutilized assets.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 2:35 am PC maker Lenovo reports $16M loss amid weak demandLenovo Group, the world's fourth-largest personal computer maker, reported a $16 million quarterly loss on Thursday amid weak global demand but said its market share grew.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:32 am Bad apple harvest spells windfall for Himachal farmersPoor rainfall this monsoon and poorer snowfall last winter have hit apple production in Himachal Pradesh. But the farmers are not complaining, as the fruit's prices are shooting north.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 2:31 am 'India's tech revolution led by men and women under 27'Saying that the US needs to wake up to the reality of India's technological revolution being led by IIT-educated 'young men and women under the age of 27', President Barack Obama's nominee for deputy commerce secretary said countries like India, China, Brazil and Russia were going to pose a major challenge to American dominance in the coming years.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 2:31 am Bangalore firm plans retail chain for farm machineryAgri-tech firm Ratnagiri Impex will set up a retail chain in rural India to market farming machinery such as sprayers, a top company official said.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 2:30 am Government to release Rs.2,546 crore for textile sectorThe government Thursday said it will release a subsidy of Rs.2,546 crore ($535 million) for the crisis-hit textile sector, which will directly reach the beneficiaries in three days.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 2:30 am Rural Electrification plans share sale - officialMUMBAI (Reuters) - Rural Electrification Corp plans a follow-on public offer for 171 million shares, or 20 percent equity stake in December or January, a senior official said on Thursday.Source: Reuters: Money News | 6 Aug 2009 | 2:26 am Bank staff start strike, trading hitMUMBAI (Reuters) - Bank employees began a two-day strike on Thursday for higher wages and pension, affecting cash transaction and foreign exchange trading volumes.Source: Reuters: Money News | 6 Aug 2009 | 2:18 am Sensex erase early losses midway, gains nearly 50 pointsThe Bombay Stock Exchange benchmark Sensex rose during midsession trading, wiping off early losses to trade higher by 50 points, influenced by a better start in Europe.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 2:04 am Jharkhand wants Rs.400 crore drought packageThe Jharkhand government will seek a relief package of about Rs.400 crore from the central government since all districts have been declared drought-hit, official sources said here Thursday.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 2:02 am Aircel shortlists 4 firms for tower sale - sourcesMUMBAI (Reuters) - Indian cellular firm Aircel, 74 percent owned by Malaysia's Maxis, has shortlisted four firms including American Tower and Bharti Infratel to conduct due diligence as its looks to sell part or all of its tower holdings, two banking sources with knowledge of the deal said.Source: Reuters: Money News | 6 Aug 2009 | 1:49 am Lenovo cuts Q1 loss on China growth; outlook cautiousTAIPEI/HONG KONG (Reuters) - Lenovo, the world's No. 4 PC brand, relied on Chinese government-backed demand boost to cut quarterly losses and was wary on its outlook, underlying the fragility of its recovery.Source: Reuters: Money News | 6 Aug 2009 | 1:43 am Govt releases 25.46 bln rupees for textile fundNEW DELHI (Reuters) - The government has released 25.46 billion rupees of subsidies to textile firms to upgrade their technology, the textile minister said on Thursday.Source: Reuters: Money News | 6 Aug 2009 | 1:29 am Food-price surge to prompt more govt actionMUMBAI (Reuters) - The main inflation measure has shown prices falling from year-ago levels for seven straight weeks, but try telling that to Shobha Uttam Vadivale, a 56-year-old housewife shopping for produce in central Mumbai.Source: Reuters: Money News | 6 Aug 2009 | 1:24 am British broadcaster ITV sells Friends ReunitedLondon: ITV on Thursday said that it had agreed to sell social website Friends Reunited after Britain’s biggest commercial television broadcaster posted a first-half pretax loss of £105 million. ITV is selling the website, which has been eclipsed by more popular rivals Facebook, MySpace and Twitter, to IT group Brightsolid Limited — owned by British publisher D.C. Thomson — for £25 million in cash, subject to regulatory approvals. The broadcaster had bought the website in 2005 for £120 million ($204 million). Meanwhile ITV’s first-half pretax loss was much reduced compared with the first six months of 2008 when ITV had made a loss of £1.537 billion after writing down the value of assets. “Our financial results for the half year reflect the impact of the unprecedented downturn in television advertising,” ITV executive chairman Michael Grade said in the group’s earnings statement. “The rate of market decline has eased slightly in the second half and ITV continues to outperform the market,” he added. ITV in April announced that Grade was to step down before the end of 2009. Grade on Thursday said that ITV’s cost-cutting plans, including 600 job losses to achieve annual savings of £245 million by 2011, helped to reduce first-half losses. Source: World Business - Livemint.com | 6 Aug 2009 | 1:05 am Rupee drops amid low volumesMumbai: The Indian rupee continued to trade weaker amid low volumes on Thursday as losses in the domestic sharemarket and the dollar’s strength versus majors hurt the local unit. At 12:50pm, the partially convertible rupee was at Rs47.60/61 per dollar, off an early low of Rs47.70 but still weaker than its Wednesday close of Rs47.52/53. On Tuesday, the rupee had climbed to Rs47.43 - its highest level since 12 June. Dealers said the two-day strike called by employees of Indian banks on 6 and 7 August for higher wages and pension was affecting market volumes. Indian shares were trading down 0.2% after Wall Street lost ground overnight as weak data on the services sector and private payrolls cooled recent optimism the recession was retreating. The dollar index, a gauge of the US unit performance versus six majors, was up 0.1%. Source: Home - Livemint.com | 6 Aug 2009 | 1:05 am British broadcaster ITV sells Friends ReunitedLondon: ITV on Thursday said that it had agreed to sell social website Friends Reunited after Britain’s biggest commercial television broadcaster posted a first-half pretax loss of £105 million. ITV is selling the website, which has been eclipsed by more popular rivals Facebook, MySpace and Twitter, to IT group Brightsolid Limited — owned by British publisher D.C. Thomson — for £25 million in cash, subject to regulatory approvals. The broadcaster had bought the website in 2005 for £120 million ($204 million). Meanwhile ITV’s first-half pretax loss was much reduced compared with the first six months of 2008 when ITV had made a loss of £1.537 billion after writing down the value of assets. “Our financial results for the half year reflect the impact of the unprecedented downturn in television advertising,” ITV executive chairman Michael Grade said in the group’s earnings statement. “The rate of market decline has eased slightly in the second half and ITV continues to outperform the market,” he added. ITV in April announced that Grade was to step down before the end of 2009. Grade on Thursday said that ITV’s cost-cutting plans, including 600 job losses to achieve annual savings of £245 million by 2011, helped to reduce first-half losses. Source: Tech News - Livemint.com | 6 Aug 2009 | 1:05 am Bulls lift Asia stocks near 11-month highsHong Kong: Asian stocks edged up close to 11-month highs on Thursday on strength in resource-related shares, while the Australian dollar gained after a surprise rise in employment prompted increased bets on higher interest rates. Major European stock futures rose slightly as more company results came pouring in ahead of euro zone and British central bank meetings. Sterling was flat ahead of a policy meeting of the Bank of England, at which central bankers will decide whether to boost planned asset purchases to encourage growth. Developed markets were favoured during the Asian session, with Japanese and Australian stocks posting gains of more than 1%, while Chinese shares in Shanghai dropped on nervousness monetary authorities will take more steps to curb lending. Japan’s Nikkei share average rose 1.3%, led by Honda Motor after a report the world’s top motorcycle maker will import bikes from Thailand to sell in Japan to cut costs. Camera maker Nikon Corp saw its shares plunge 10% and was the biggest drag on the Nikkei, after it warned of a loss that would be more than double its initial forecast. Stocks in Shanghai dropped as much as 3% but then cut their losses to 1.6% though the index is still up some 83% on the year. China’s central bank late on Wednesday repeated that monetary policy will remain growth friendly, sticking with its view that the recovery was not solid, though it said it would use market tools to fine tune policy after unprecedented loan growth in the first six months of the year. That sparked fears of increasing action by authorities to rein in abundant liquidity. “Nearly every sector is overvalued and the whole market is very much excessively valued,” said Qian Qimin, deputy research head at Shenyin & Wanguo Securities in Shanghai. The MSCI index of Asia-Pacific stocks outside Japan climbed 0.7%, thanks to strength in telecommunications and materials stocks. Technology and consumer-related stocks, which have been leaders throughout the rally, were the only sectors down on the day. That suggested profit taking was on the minds of investors after the index hit 11-month highs on Tuesday. In the United States, network equipment maker Cisco Systems Inc chief executive John Chambers sounded a cautious note on recovery prospects despite giving a revenue outlook that was in line with Wall Street’s expectations. “If we continue to see these positive trends for the next one to two quarters, we believe there is a good chance we will look back and see that the tipping point occurred in Q4,” Chambers said. “While this is a very important trend, I would want to see the sequential trends continue for several more quarters before we’d be comfortable with saying that we are returning to normal business momentum,” he told analysts on a call. In currency markets, the Australian dollar remained smack within an uptrend, rising 0.5% to $0.8450. Australian employment increased by 32,200 jobs in July, surpassing forecasts for a 20,000 drop. That fueled expectations that Australia’s central bank will be the first among the Group of 10 countries to raise interest rates. The Australian 1-year overnight indexed swap, basically an instrument to speculate on where interest rates are headed, rose 11 basis points. Dealers priced in 71 basis points worth of tightening over the next 12 months. US oil for September delivery slipped 0.3% to $71.77 a barrel as fears lingered about the face of the US recovery following weak services-sector data. Still, $72 remains an enticing obstacle for traders after the contract closed at $71.97 overnight. A gauge released on Wednesday of the US services sector, the biggest part of the economy, surprisingly reflected weakness in July, contrasting with upbeat manufacturing and investment readings. Source: Home - Livemint.com | 6 Aug 2009 | 12:59 am PSU bank staff begin 2-day strike, trading hitMumbai: Employees of public sector banks across the country began a two-day strike on Thursday for higher wages and pension, affecting cash transaction and foreign exchange trading volumes. Bank unions representing about 900,000 employees in state-run banks and old generation private sector banks went on strike after talks with Indian Banks’ Association, the apex body representing bank management, failed on Tuesday. ”The strike is total and has affected cash transactions,” C H Venkatachalam, convenor of the United Forum of Bank Union, told Reuters. India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. State-run banks as a sector, the employees of which are on strike, corner 55% of all assets. “ATMs are full with cash and I hope common people would not be affected for these two days,” said M D Mallya, chairman and managing director at state-run Bank of Baroda. Volumes in the stock market were average but trading in bond and currency markets were hit as state-run banks, the biggest players in the market, stayed away from active participation. “The major players are out of the market today, there is only back to back merchant covering happening,” said Naveen Raghuvanshi, associate vice president at Development Credit Bank. Source: Home - Livemint.com | 6 Aug 2009 | 12:57 am Inflation falls for eighth consecutive week to -1.58%Inflation fell for the eighth consecutive week to -1.58% for the week ended July 25.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 12:50 am Food-price surge to prompt more govt actionMumbai: India’s main inflation measure has shown prices falling from year-ago levels for seven straight weeks, but try telling that to Shobha Uttam Vadivale, a 56-year old housewife shopping for produce in central Mumbai. “The cost of my food basket has gone up twice in the last two to three months. What used to cost Rs35 a kilo two months back is now Rs60 a kilo,” she said as she bought aubergines and cauliflower at a market in the Dadar neighbourhood. The surging price of food in India, even as other prices are flat or falling, is unlikely to push the Reserve Bank of India to raise interest rates in the near term as it looks to nurture growth and accommodate a record $90 billion government borrowing programme. But it is likely to spur action from a government already worried a weak monsoon will hamper growth just as the economy tries to pull out of the global downturn and in the knowledge that high food prices have brought past governments down. Since the rise in food prices in India is largely a factor of supply constraints, such as poor infrastructure, the vagaries of annual monsoons, and this year the driest June in more than eight decades, tighter monetary policy would do little to help. “Hiking interest rates is not going to do anything for the price of rice,” said Macquarie economist Rajeev Malik. Indeed, analysts don’t expect rates to start rising until January-March 2010 when a recovery in the economy will revive inflation pressures more broadly. Government Intervention Instead, the government is likely to add further measures to ease food price pressure. It has already limited exports of wheat, wheat products and rice this year to cap domestic prices. Its first move is often to cut import duties, which it did on Monday when it extended tax-free sugar imports, and the next step is likely to be further trade controls, such as crackdowns on grain exports, economists say. India is also taking steps to curb hoarding. Already, authorities in Maharashtra state, where Mumbai is located, have seized sugar as well as small quantities of oil seeds and legumes from traders suspected of hoarding, sources have told Reuters. Last year, India temporarily banned futures trading in commodities including wheat, rice, vegetable oils and potatoes. If prices rise further, pressure from leftist politicians is likely to grow for a renewed clampdown on futures trading. Among fiscal moves, India can increase subsidies paid to farmers, but that would add pressure to the government deficit, already expected to be the biggest in 16 years this fiscal year. It can also dip into grain stockpiles to boost supplies and so cut prices, but that is typically a last resort because it would be seen as undermining the country’s food security. D K Joshi, principal economist at ratings agency Crisil, said limited fiscal firepower means India would be reluctant to use fiscal measures unless absolutely necessary. “They would want to wait and watch and see the severity of the situation before using any fiscal policy instruments,” he said. It won’t be the first time that the government has had to intervene to offset soaring food prices. Wheat imports in 2007-08 were earmarked for India’s poorest families, ensuring food supplies to the neediest, but market prices only came down after supplies picked up. When inflation hit double-digits in 2008, the government cut import duties on edible oils and other food products to ease supplies, and banned grain exports. It took two to three months for consumers to see lower prices, however, in part because other prices, fuel in particular, remained high. The monsoon is critical. A Reuters poll last month found below-normal rains could lower economic growth this year to 6%, while normal and well-distributed rains could promote growth of 6.5% or more. GDP rose 6.7% last year. Volatility The cost of lentils, a staple legume, has doubled in India in recent months. Sugar is up 40% since the start of the year and potatoes have doubled. High food prices have felled Indian governments in the past. Food accounts for 60% of most Indians’ disposable incomes and so with elections looming in some states, lawmakers are clamouring for government intervention. For financial markets, food prices add to the difficulty of tracking inflation. Food makes up just 18% of the most-closely watched wholesale price index but 45% to 60% of the less-followed consumer price indexes. While the WPI has been falling on a year earlier for seven straight weeks, high food prices have driven up the CPIs between 8% and 11%. Efforts to come up with a more inclusive measure have been slow and a gap between rural and urban incomes and spending patterns adds to the challenge. “We also need a good index which is representative of the average Indian, but because of the rural/urban divide this is very difficult,” said Rupa Rege Nitsure, chief economist at Bank of Baroda. For now, many hope the monsoon will improve and bring food prices down. That may mean little near-term relief for consumers. “Rains are good now. If it continues like this for the next two to three months, prices will come down,” said a vegetable seller in Mumbai surnamed Hande. But for now, he said, “I can’t buy vegetables for my own family, it’s so expensive.” Source: Home - Livemint.com | 6 Aug 2009 | 12:31 am California Pizza Kitchen to expand into IndiaNew York: California Pizza Kitchen Inc, a casual dining chain with 252 restaurants, said it plans to open its first restaurant in India in the summer of 2010, after signing franchise agreements with two partners. The Los Angeles-based chain, known for unconventional menu items such as Thai Chicken pizza, said on Wednesday it expects to open a minimum of 15 restaurants in India over the next decade. It said its partners are JSM Corporation Pvt Ltd, a Mumbai-based group that franchises the Hard Rock Cafe across India, and Daud Arabian Trading, a unit of Oman’s Daud Group, which has opened restaurants under US brand names such as McDonald’s in the Middle East. California Pizza Kitchen said 27 of its existing restaurants are located in China, Guam, Indonesia, Japan, Malaysia, Mexico, the Philippines, Singapore, South Korea, and the United Arab Emirates. The company’s shares closed Wednesday up 10 cents or 0.6% at $16.14 on the Nasdaq. Source: Home - Livemint.com | 6 Aug 2009 | 12:04 am Drip irrigation saves the day for medium farmers in GujaratSabarkantha, Aug 5 Mohammad Ali Hasambhai Patel of Mahepura village in Sabarkantha district in North Gujarat has been forced to go in for a second round of sowing. This is because the first crop failed due to the delayed monsoon. The 50 kg ofSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am Day Trading GuideDLF is experiencing selling interest, initiate fresh short-position if it tumbles below Rs 380, with stiff stop-loss. Desist trading in ICICI Bank as the stock is trading sideways. Contrary to our expectations,Source: Business Line - Home Page | 6 Aug 2009 | 12:00 am L&T seeks SEBI nod to exit Mahindra SatyamMumbai, Aug. 5 Engineering and construction major Larsen and Toubro has sought the Securities and Exchange Board of India’s approval to sell its stake in IT services company MahindraSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am Dishman Pharma (Rs 204.30): BuyWe recommend a buy on the stock of Dishman Pharmaceuticals and Chemicals from a short-term horizon. It is apparent from the charts that since its March low of Rs 87 (52-week-low), the stock has been on an intermediate-term upturn. AfterSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am US and BFSI still the key to IT cosBL Research Bureau The US remains the predominant geography that contributes to the revenues of offshore IT vendors and BFSI (Banking Financial Services and Insurance) the main outsourcing vertical, suggests a comparison of June 2009 numbers ofSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am CAG audit on RIL capex must be made public: RNRLMumbai, Aug. 5 Anil Ambani-led Reliance Natural Resources Ltd has demanded that the CAG audit on Reliance Industries Ltd’s capital expenditure for developing gas fields in KG-D6 should be madeSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am Top 100 tax defaulters owe Rs 1.4 lakh croreNew Delhi, Aug. 5 Just 100 tax defaulters owed the Government a whopping Rs 1.4 lakh crore as on March 31, 2009.Source: Business Line - Home Page | 6 Aug 2009 | 12:00 am Bank strike stands despite IBA’s revised offerA revised package offer by the Indian Banks’ Association (IBA) notwithstanding, the bank unions have decided to go ahead with their two-day strike from Thursday.Source: Business Line - Home Page | 6 Aug 2009 | 12:00 am Great Offshore flares up on boursesIn May, when promoter Vijay Sheth lost control of Great Offshore, not many would have thought the company’s share price would almost double in less than three months — from Rs 295 on May 7 to Rs 579 on AugustSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am Textile exports to US slip 12% in H1New Delhi, Aug. 5 Textile exports to the US have plummeted 12 per cent during January-June this year, even as order inflows position for the second half of the year also looks bleak. The drop in India’s exports comes at the expense of gainsSource: Business Line - Home Page | 6 Aug 2009 | 12:00 am Infy, Wipro having second thoughts on Bengal plans - Economic Times
Source: Business - Google News | 5 Aug 2009 | 11:58 pm Gold futures steady on crude, rupeeMumbai: India gold futures were steady on Thursday as pressure from weak crude was offset by a weak rupee, analysts said. The most-traded October contract was 0.17% lower at Rs14,887 per 10 grams at 11:20am. Oil took a cue from falling equities and eased towards $71, paring gains of nearly 1% in the previous session that came after US government data showed a surprise decline in distillate supplies. Weak crude oil allays prospects of rising prices and dims gold’s appeal as an inflation hedge. The Indian rupee weakened in low volume trade on Thursday, weighed by losses in other regional currencies, but traders were awaiting the local sharemarket open for further direction. A weak rupee makes the dollar-quoted asset expensive. “The upside would be capped at Rs14,980,” said Kunal Shah, assistant vice-president with Nirmal Bang Commodities. Gold may trade in the range of Rs14,850-14,950, said Pranav Mer, an analyst with India Infoline. Source: Home - Livemint.com | 5 Aug 2009 | 11:53 pm ING Vysya Bank appoints Shailendra Bhandari as MD, CEO - Business Standard
Source: Business - Google News | 5 Aug 2009 | 11:43 pm India’s outsourcing sector hits tough timesNew Delhi: These are tough times for India’s flagship outsourcing industry whose skilled, low-cost workforce helped plant the country on the global business map. With the world in the grip of the worst economic slump since the 1930s, revenue growth from outsourcing — subcontracting work to a third-party company — is slowing sharply after years of posting scorching double-digit increases. “IT budgets are still being cut and consumers will need a lot more persuading before they can feel confident enough to loosen purse strings,” Richard Gordon, head of global forecasting at Gartner consultancy, said. “The full impact of the global recession on the IT services and telecommunications sectors is still emerging,” he added in a recent outlook. Now, the National Association of Software and Service Companies, or Nasscom, India’s top outsourcing body, projects the sector’s export revenues will rise by just 4-7% this year to at most $50 billion. That’s down sharply from the 16% logged in the last financial year to March and the 30% rise the industry clocked annually for most of the decade as the country became a back office to the world. Nasscom says global companies are showing reluctance to authorise new spending — even cash that reduce costs by taking advantage of India’s cheaper English-speaking educated labour force. “Worldwide information technology spending growth is expected to come down further in 2009 and 2010,” Som Mittal, head of Nasscom, said. The outsourcing sector has been particularly hard hit by the recession in the US, which accounts for 60% of the Indian industry’s revenues. The industry has made India a top business destination by offering software development and information technology, engineering and design, and business process outsourcing (BPO). But with the global slump hitting spending, there are fewer credit card transactions and airline tickets to process and lower demand for software design, sales calls, help desks, accounting and legal services. India’s largest software exporter, Tata Consultancy Services (TCS), and other companies forecast a difficult business climate despite announcing better-than-expected quarterly profits. Their profits increased, helped by tight cost management, even though revenue growth slowed. “Global conditions are weak,” TCS chief executive S. Ramadorai said after the results. He said: “Recovery isn’t something that’s going to happen very soon.” And Amitabh Chaudhry, chief executive of Infosys BPO, in a recent interview admitted the business environment was much tougher than in past years. Technology Partners International, a global sourcing advisory firm, said that the international banking, oil and gas, food and drink and other sectors have all slowed their outsourcing. According to Nasscom, the industry is also facing other challenges such as rising protectionist sentiment — especially in the US. Indian outsourcing companies have already started focusing on the home market to drive growth. The domestic market is still dwarfed by the export market but it is growing at a much faster pace as India’s relatively closed economy has been less hard hit by the global slowdown. In the last financial year, the outsourcing industry racked up exports of $47 million while the domestic business added another $11.8 billion in revenue. Domestic outsourcing industry revenues are expected to grow by up to 18 % this year to reach $14 billion. “The focus is definitely on the domestic segment and unexplored markets like South America, West Asia and blocks of Europe”, said Nasscom’s Mittal. The sector, which accounts for nearly six percent of India’s GDP, has played a key role in fuelling the country’s new middle class affluence, employing two million people directly and eight million indirectly. Longer term, the industry is still upbeat about its prospects. Nasscom and management consultancy firm McKinsey said in a joint report that the outsourcing industry could quadruple its revenues to $225 billion by 2020 with the majority coming from exports. Source: Home - Livemint.com | 5 Aug 2009 | 11:26 pm India’s outsourcing sector hits tough timesNew Delhi: These are tough times for India’s flagship outsourcing industry whose skilled, low-cost workforce helped plant the country on the global business map. With the world in the grip of the worst economic slump since the 1930s, revenue growth from outsourcing — subcontracting work to a third-party company — is slowing sharply after years of posting scorching double-digit increases. “IT budgets are still being cut and consumers will need a lot more persuading before they can feel confident enough to loosen purse strings,” Richard Gordon, head of global forecasting at Gartner consultancy, said. “The full impact of the global recession on the IT services and telecommunications sectors is still emerging,” he added in a recent outlook. Now, the National Association of Software and Service Companies, or Nasscom, India’s top outsourcing body, projects the sector’s export revenues will rise by just 4-7% this year to at most $50 billion. That’s down sharply from the 16% logged in the last financial year to March and the 30% rise the industry clocked annually for most of the decade as the country became a back office to the world. Nasscom says global companies are showing reluctance to authorise new spending — even cash that reduce costs by taking advantage of India’s cheaper English-speaking educated labour force. “Worldwide information technology spending growth is expected to come down further in 2009 and 2010,” Som Mittal, head of Nasscom, said. The outsourcing sector has been particularly hard hit by the recession in the US, which accounts for 60% of the Indian industry’s revenues. The industry has made India a top business destination by offering software development and information technology, engineering and design, and business process outsourcing (BPO). But with the global slump hitting spending, there are fewer credit card transactions and airline tickets to process and lower demand for software design, sales calls, help desks, accounting and legal services. India’s largest software exporter, Tata Consultancy Services (TCS), and other companies forecast a difficult business climate despite announcing better-than-expected quarterly profits. Their profits increased, helped by tight cost management, even though revenue growth slowed. “Global conditions are weak,” TCS chief executive S. Ramadorai said after the results. He said: “Recovery isn’t something that’s going to happen very soon.” And Amitabh Chaudhry, chief executive of Infosys BPO, in a recent interview admitted the business environment was much tougher than in past years. Technology Partners International, a global sourcing advisory firm, said that the international banking, oil and gas, food and drink and other sectors have all slowed their outsourcing. According to Nasscom, the industry is also facing other challenges such as rising protectionist sentiment — especially in the US. Indian outsourcing companies have already started focusing on the home market to drive growth. The domestic market is still dwarfed by the export market but it is growing at a much faster pace as India’s relatively closed economy has been less hard hit by the global slowdown. In the last financial year, the outsourcing industry racked up exports of $47 million while the domestic business added another $11.8 billion in revenue. Domestic outsourcing industry revenues are expected to grow by up to 18 % this year to reach $14 billion. “The focus is definitely on the domestic segment and unexplored markets like South America, West Asia and blocks of Europe”, said Nasscom’s Mittal. The sector, which accounts for nearly six percent of India’s GDP, has played a key role in fuelling the country’s new middle class affluence, employing two million people directly and eight million indirectly. Longer term, the industry is still upbeat about its prospects. Nasscom and management consultancy firm McKinsey said in a joint report that the outsourcing industry could quadruple its revenues to $225 billion by 2020 with the majority coming from exports. Source: Tech News - Livemint.com | 5 Aug 2009 | 11:26 pm Automakers’ shutdowns drive suppliers’ Q2 losses New York: With global auto production still in a slump and two of the US automakers in bankruptcy protection, it wasn’t a big surprise that the second quarter was another tough one for auto suppliers. But at the same time, the losses almost seemed trite considering that at least two major suppliers have filed for bankruptcy protection in recent months, blaming the continued industry downturn. Richard E. Dauch, American Axle & Manufacturing Holdings Inc.’s co-founder, chairman and CEO, told analysts on Wednesday that 2009 continues to be a most difficult and challenging year for his company and the entire auto industry. “On top of rising unemployment, weak consumer confidence and higher raw material costs, the unprecedented bankruptcy protection filings at General Motors (GM) and Chrysler were devastating to the suppliers,” he said. Detroit-based American Axle, which still derives the vast majority of its revenue from sales to GM, on Wednesday said that it posted a loss of $288.6 million for the second quarter and saw its sales drop by nearly half to $245.6 million. The company said that it lost about $203.6 million in sales during the period as a result of the drawn-out shutdowns at GM and Chrysler. Industry observers have speculated that American Axle could be the next to follow in the footsteps of Visteon Corp. and Lear Corp., along with privately held Cooper-Standard Holdings Inc., and file for bankruptcy. But the company recently negotiated an extension on the waiver of its revolving credit facility to 20 August. In addition, American Axle said that it has sped up its efforts to cut costs and capacity in order to bring itself more in line with demand, while also working to diversify its product and customer bases. “We believe bankruptcy is far too extreme and far too destructive for our company and our shareholders,” Dauch said. Dauch said that completing its restructuring outside of bankruptcy protection remains American Axle’s top goal, but added that there are no guarantees. Others weren’t optimistic. Kip Penniman Jr., an analyst for KDP Investment Advisors, said that in a blog entry Wednesday that he still thinks that the company will be unable to make an August payment on its senior notes and is in the midst of negotiating a prepackaged bankruptcy protection filing with its lenders. Other companies managed to do better than Wall Street expected despite posting substantial losses. TRW Automotive Holdings Corp. on Tuesday reported a second-quarter loss of $11 million, or 11 cents per share, well below average analysts’ predictions for a loss of 83 cents per share. The Livonia, Michigan-based company reached a deal during the quarter with its secured lenders to access more than $1 billion in liquidity and help it ride out the industry downturn. Also on Tuesday, ArvinMeritor Inc., which makes truck axles, brakes and transmissions, said it posted a $162 million loss Tuesday for its fiscal third quarter but beat Wall Street predictions. The Troy, Michigan-based company added that it still expects to be in compliance with debt agreements next month and plans to sell its wheels business to a Brazilian company for $180 million. Source: World Business - Livemint.com | 5 Aug 2009 | 11:23 pm L&T seeks regulatory approval to sell Satyam stake - Moneycontrol.com
Source: Business - Google News | 5 Aug 2009 | 11:18 pm Sensex down 140 points in opening trade on profit-booking The BSE's Sensex fell over 140 points in opening trade as foreign funds and retail investors preferred to book profits amid weak US markets.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 11:08 pm Bank employees begin 2-day nationwide strikeEmployees of public sector banks across the country are striking work for two days from today to push for a wage hike, among other demands.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 10:53 pm Bank employees begin 2-day nationwide strike 10 lakh employees are participating in the strike and services in about 60,000 bank branches in the country have been affected.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 10:42 pm Password plague frays memoryRemembering code words is becoming a problem in itself as there are so many passwords to remember.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 9:18 pm 5 airports for Rs 63cr: Anil lands a deal Reliance Airport Developers Ltd is on its way to picking up five airports in rural Maharashtra on a 95-year lease for a total of only Rs 63 crore from the MIDC.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 3:41 pm Karimnagar plant may go thermalUncertainty over gas supply forces Andhra govt to change plans.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 3:29 pm RILRNRL case: Govt to file revised SLP on Fri or MonAdditional Solicitor General Mohan Parasaran, who is also the government\'s counsel in the RILRNRL gas case has said the revised Special Leave Petition will be filed either on Friday or on Monday.Source: Moneycontrol Top Headlines | 5 Aug 2009 | 3:27 pm Allied Digital close to $100 mn buyAllied Digital Services Ltd is evaluating firms in Europe and Australia and expects to close $100 million buys by the next quarter.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 2:56 pm 'Myths delaying IPTV adoption in India'Vijay Yadav, managing director, South Asia, UTStarcom, says IPTV in India is associated with myths.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 2:54 pm Africa a bright continent for tractor cosM&M sees area lending a third of its exports; TAFE is going full-tilt, too.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 2:52 pm 'India may get its first novel drug by 2014'From the last few years, almost every Indian company worth its name is talking of having novel molecules -- new chemicals entities (NCEs) and a few new biological entities (NBEs) -- in its kitty.Source: Daily News & Analysis: Money News | 5 Aug 2009 | 2:44 pm CAG denies completing RIL audit!Some documents not yet provided, a spokesperson tells DNA. Petromin says report submitted!Source: Daily News & Analysis: Money News | 5 Aug 2009 | 2:38 pm Kingfisher posts Rs.1,608 crore lossPrivate carrier Kingfisher Airlines has reported a net loss of Rs 1,608.09 crore ($338.5 million) for 2008-09, but said it has plans to raise Rs 500 crore from the equity market. Source: Hindustan Times News Feeds 'Business' | 5 Aug 2009 | 2:34 pm Italy probes Unicredit, Barclays for tax fraud: reportsItaly has opened an inquiry into an alleged four-billion-euro (5.8-billion-dollar) tax fraud committed by Unicredit bank through British lender Barclays, Italian newspapers reported on Wednesday.Source: Hindustan Times News Feeds 'Business' | 5 Aug 2009 | 1:35 pm Citi plans to sell 20 consumer fin businessesCitigroup plans to sell 20 businesses in consumer finance area, many of them located in Europe, its CEO Vikram Pandit said in an interview.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 1:22 pm Nurture child's future through MF investmentRetirement and childrens education are the biggest worry of young parents in metros these days. Financial advisors say most queries they receive are related to these two crucial issues.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 1:20 pm Infosys plans buyouts, sets aside $450-500mInfosys Technologies is looking to acquire IT companies serving energy and health care sectors in geographies as diverse as Latin America, Europe and Australia and has set aside $450-500 million for the purchase.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 1:15 pm Dadri on stream: RPower to invite contracts soonAnil Ambani’s Reliance Power Ltd (RPL) has decided to kick start the process of awarding contracts for equipment supplies to its power project at Dadri in Uttar Pradesh.Source: Hindustan Times News Feeds 'Business' | 5 Aug 2009 | 1:15 pm Murli Deora avoiding real issues: CPICommunist Party of India slammed Petroleum Minister Murli Deora for avoiding the main issues involved in the gas dispute between Ambani brothers and asked Prime Minister Manmohan Singh to clearly spell out the government stand on the issue.Source: Hindustan Times News Feeds 'Business' | 5 Aug 2009 | 1:13 pm L&T wants to sell Satyam stakeL&T has 12% stake in Mahindra Satyam, earlier known as Satyam Computer Services Ltd, before sale of the company, which was rattled by India's biggest corporate fraud.Source: India Business News | Business News - Times of India | 5 Aug 2009 | 1:13 pm PSU banks fret over dormant no-frill a/csPublic sector banks which have run up crores of “no-frill” accounts as part of a financial inclusion policy to bring the unbanked into the banking system are facing a headache that might bleed them — about 40 per cent of these customers are yet to acquire the habit of parking their funds in banks.Source: Hindustan Times News Feeds 'Business' | 5 Aug 2009 | 1:11 pm Three ex-SC judges to decide Balco stake sale arbitrationV N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company (Balco) to Sterlite Industries.Source: Business Standard | Front Page Headlines | 5 Aug 2009 | 12:35 pm Govt stiffens terms for large road projectsMove could eliminate most bidders, says industry.Source: Business Standard | Front Page Headlines | 5 Aug 2009 | 12:33 pm L asks Sebi to relax Satyam stake sale lock-inAt current market price, its 6.9% stake is valued at Rs 900 crore.Source: Business Standard | Front Page Headlines | 5 Aug 2009 | 12:31 pm HSBC first in line for return as China prepares to open marketBeijing: China is stepping up preparations to allow foreign companies to sell shares in the world’s second largest equity market, and HSBC Holdings Plc may be first in line for a listing. The China Securities Regulatory Commission (CSRC) held an internal meeting in July to discuss setting up an international board on the Shanghai exchange on which overseas companies will trade for the first time, said a person with knowledge of the plans. The bank’s Hong Kong traded stocks dropped 1.1% to HK $82.15 (Rs39,186) at 2.58pm local time after closing almost 7% higher on Tuesday.  Strategic move: HSBC has hired advisers for a Shanghai stock sale that may surpass $5 billion, say people familiar with the matter. Jerome Favre / Bloomberg Foreign firms will be able to tap a stock market that’s rallied 91% this year and is home to two of the world’s five largest companies by capitalization. Companies such as HSBC, which plan to expand in China, will be able to facilitate that target through investors’ awareness and local cash in Shanghai, said Ji Lei, who helps oversee the equivalent of about $1 billion at Hartford Fund Management Co. So-called red-chip companies, those based in China and incorporated outside the nation, will also be allowed to list in China, the people said. Beijing-based China Mobile Ltd, the world’s biggest cellphone operator by users, will be the first red-chip firm allowed to go public on the mainland, the people said. China Mobile is traded and incorporated in Hong Kong. Foreign and red-chip companies will be required to have market value of at least 50 billion yuan ($7.3 billion) to list in China, the people said. A CSRC spokeswoman, who declined to be identified citing official policy, did not comment. China Mobile, whose parent is based in Beijing, may sell shares in Shanghai by the end of the year and has picked China International Capital Corp. (CICC) to arrange the offering, the people said. The carrier went public in Hong Kong in 1997 and has a market value of $210 billion, making it the world’s fifth largest company by that measure after Microsoft Corp. Cnooc Ltd, the publicly traded unit of China’s third largest oil company, may be the second red-chip company to sell so-called A-shares, the people said. CICC, Goldman Sachs Group Inc.’s local securities joint venture and Citic Securities Co. have been selected to manage the sale, they said. China Mobile is interested in seeking a share listing in China, said spokeswoman Rainie Lei in an interview. The company hasn’t filed an application for a stock sale as it’s still waiting for regulators to issue listing rules, she said. Lei declined to comment on the CICC appointment. Xiao Zongwei, a Beijing-based spokesman for Cnooc, declined to comment. HSBC, Europe’s largest bank by market value, would likely be allowed to list in Shanghai next year, the people said. The company, founded in 1865 as Hongkong and Shanghai Banking Corp. Ltd, has been traded in Hong Kong since at least 1891, according to spokesman David Hall. “We are working towards an A-share listing,” HSBC Asia-Pacific chief executive officer Sandy Flockhart said in an interview on Tuesday. “With our brand name and strength in China and the size of our investment in China, it’s appropriate that we have the ability to offer Chinese shareholders an easier way to buy into HSBC.” The bank hired CICC and Citic Securities for the offering, two people with knowledge of the matter said. Hall said the bank has hired advisers. He declined to identify them or comment on the size of the sale. HSBC operates the biggest network among foreign banks in China with 87 outlets. It plans to increase the number to 100 this year. Flockhart said HSBC got about 8% of revenue from China in the first half after certain adjustments. Letting foreign companies sell stock may help the securities regulator cool a stock rally that has fuelled concern that a bubble is forming. The benchmark Shanghai Composite Index trades at 38 times earnings, compared with 17 times for the Standard and Poor’s 500 Index. The CSRC is doing this partly to stabilize the market with large companies, said Leo Gao, who helps oversee the equivalent of $1 billion at APS Asset Management Ltd in Shanghai. It’s good for the market in the long term, but it will have an immediate negative impact. China ended a nine-month moratorium on domestic IPOs in June as the stock market recovered. The five companies that went public since then gained an average 112% on their debuts, even after selling stock at the top end of ranges they marketed to investors. China’s attractiveness as a fund raising centre may be limited by its capital controls, which restrict companies’ ability to take funds out of the country. “Without free flow of capital, the appeal of China’s capital market will be lacklustre as it means you can’t divert the proceeds to where the money is most needed,” said Zhang Ming, secretary general of the international finance research centre at the Chinese Academy of Social Sciences in Beijing. It’s time for China to open its capital market on a step-by-step basis. Jun Luo, Kelvin Wong and Mark Lee contributed to this story. feedback@livemint.com Source: World Business - Livemint.com | 5 Aug 2009 | 11:59 am Infosys looking at non-US acquisitionsKolkata: India’s second biggest software exporter, Infosys Technologies Ltd, is evaluating potential acquisitions of non-US companies roughly one-tenth its size by revenue to shore up earnings from other geographies, chief executive and managing director S. Gopalakrishnan said. The firm is also pursuing 12-15 business deals worth $1 billion (Rs4,770 crore) in the ongoing quarter, he said, signalling that momentum in technology spending by clients would continue. But he added that pricing would remain under pressure for some time.  Wider focus: The Infosys campus in Bangalore. Companies such as Infosys, Tata Consultancy Services and Wipro have been expanding into new markets to reduce their dependence on the US. Madhu Kapparath / Mint The firm is now looking to buy information technology (IT) firms in Europe, South America, Japan, West Asia and Australia that earn $450-500 million a year in revenue and cater to the healthcare and energy sectors, Gopalakrishnan said on Wednesday on the sidelines of a seminar organized by the Confederation of Indian Industry (CII), an industry lobby. “We have a dedicated team looking at opportunities,” he said. Many of Infosys’ clients are based in the recession-hit US, which accounted for 63% of its revenue in fiscal 2009. Europe came second, contributing to 26% of the firm’s revenue. Australia, Japan, West Asia and South America, which Infosys classifies in its financial statements as “Rest of the World”, contributed to 9% of its revenues. “We want to increase the share of our global revenues from markets such as Europe and the Rest of the World,” Gopalakrishnan said, adding Infosys is looking to increase revenue from Europe and the other geographies to 30% each. Companies such as Infosys, Tata Consultancy Services Ltd, India’s largest software exporter, and third-ranked Wipro Ltd have been expanding into new markets to reduce their dependence on the US. Separately, Wipro chief financial officer Suresh Senapaty said the company was also looking at similar regions as Infosys for acquisitions. “We are looking at companies with revenues of around $30 million, but there’s no upper cap,” he said, adding that Wipro was pursuing some outsourcing deals mostly in the government sector in India. India’s software and services exports are seen rising 4-7% in the year to March 2010, sharply slower than the 16.3% they grew at in 2008-09, on sluggish demand for outsourcing services, the National Association of Software and Service Companies (Nasscom), an industry lobby, said last week. Infosys shares jumped 2.49% to end Wednesday at Rs2,094.55 on the Bombay Stock Exchange, and Wipro’s stock went up 3.25% to Rs498.05, on a day the bourse’s benchmark index, Sensex, rose a mere 72.85 points to close at 15,903.83. Gopalakrishnan also said that Infosys, which employs around 104,000 people, has “deferred” pay hikes and promotions this year to contain costs. Staff costs accounted for 49.2% of Infosys’ expenses in fiscal 2009, a tad lower than in the previous year. Typically, the company announces pay hikes and promotions in April. The company has, however, honoured job offers it made in April 2008 to some 18,000 engineering graduates, he added. Reuters contributed to this story. aveek.d@livemint.com Source: Tech News - Livemint.com | 5 Aug 2009 | 11:42 am GE to pay $50 mn penalty as part of SEC settlementNew York: Diversified conglomerate General Electric (GE) will pay a penalty of US$50 million to the US market regulator Securities and Exchange Commission (SEC) as part of a settlement related to alleged accounting irregularities. The settlement concludes the market regulator’s investigation of accounting issues at the company. GE on Tuesday said it has reached a settlement with the SEC, “without admitting or denying allegations of any wrongdoing.” “Under the terms of the settlement, the company consented to the entry of a judgement requiring it to pay a civil penalty of USD 50 million and to comply with the federal securities laws,” GE said in a statement. The issue pertains to four accounting matters in 2002 and 2003, including those related to GE’s since-discontinued commercial paper hedging programme. Rest of the things were about certain swap derivatives, a change in accounting for profits on spare parts in the commercial aviation engine business and certain year-end transactions in the rail business. “The complaint alleges two of these errors, those relating to commercial paper hedging and rail transactions, were intentional violations of the anti-fraud provisions of the securities laws, and the remaining two errors were negligent violations of the securities laws,” the statement noted. Source: World Business - Livemint.com | 5 Aug 2009 | 6:06 am Toshiba eyes new businesses for recoveryTokyo: Toshiba Corp. said on Wednesday it aimed to expand its energy, healthcare and environment-related businesses as it targets a strong recovery in earnings within the next three years. Under its new leadership, Japan’s largest chipmaker signalled an increased focus on nuclear plants, solar energy systems and medical devices to offset the impact of falling semiconductor prices. Toshiba expects social infrastructure -- which includes nuclear energy systems -- to be its most profitable division by early 2012, president Norio Sasaki told a news conference, outlining his business strategy. “Expanding into new businesses such as health care, the environment and energy security will provide a basis for strong growth,” said Sasaki, an expert in atomic power technology who took the helm of Toshiba in late June. The group, which owns US nuclear power plant maker Westinghouse, is targeting an operating profit of 350 billion yen ($3.7 billion) by the business year ending March 2012, compared with a 343.6-billion-yen loss last year. The company also plans to cut fixed costs by 330 billion yen in the current business year to March 2010 and reduce capital spending and investment in research and development in a bid to return to the black. Facing tough competition from foreign rivals such as Samsung and LG Electronics that has sparked dramatic falls in NAND memory chip prices, Toshiba aims to expand its footholds in less volatile industries. The company is also aiming to tailor its products more for local markets. “Our business success model until now is proving insufficient. We need to adjust our focus on emerging markets and develop and produce products accordingly,” said Sasaki. In a step in that direction, Toshiba’s LCD-making unit Toshiba Mobile Display Co. said Wednesday it would take a 20% stake in a joint venture with a Chinese company to harness demand for mobile phone displays. Source: World Business - Livemint.com | 5 Aug 2009 | 5:16 am
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