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After Sprite, Coke to take its other brands online tooAfter launching Sprite's online campaign, softdrinks major Coca-Cola is looking at leveraging the power of mobiles and the Internet to promote its brands like Limca and Fanta.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 6:52 am Indian ADRs gain USD 3 bn in a week!Indian stocks trading on American bourses gained nearly three billion dollars in one week, with IT major Wipro accounting for more than half of the gains.Source: Zee News : Business | 9 Aug 2009 | 6:27 am Maruti zips past 80-lakh-mark in 25 years!Embarking on its journey 25 years ago with just over 800 units, the country`s largest car maker ,Maruti Suzuki India, has driven past the milestone of producing 80 lakh cars.Source: Zee News : Business | 9 Aug 2009 | 6:27 am Pulses consumption decreased due to price rise!Soaring prices have forced households to cut down the intake of pulses, a study by industry body Assocham said.Source: Zee News : Business | 9 Aug 2009 | 6:27 am Religare Macquarie on a hiring spree!Religare Macquarie Private Wealth is planning to quadruple its head-count to close to 900 in the next three years in a bid to tap the increasing growth opportunities in the wealth management business.Source: Zee News : Business | 9 Aug 2009 | 6:27 am India invests in US debts worth $38.8 bn till May `09!India has invested in US debt securities worth USD 38.8 billion till May this year, nearly four-fold rise when compared to the same month in 2008.Source: Zee News : Business | 9 Aug 2009 | 6:27 am `Mkt to see volatile trade; inch towards consolidation`!Dalal Street may see small bouts of buying early this week amid volatile trade and look for directions towards global markets, analysts believe.Source: Zee News : Business | 9 Aug 2009 | 6:27 am NSE may overtake BSE in marketcap for the first timeNew Delhi: Riding on superior technology and FII preference, the National Stock Exchange is expected to surpass its older counterpart, the Bombay Stock Exchange, in market capitalisation this year for the first time in history. According to a report by global consultancy Celent, 2009 would be the first year when NSE’s market capitalisation is expected to exceed that of BSE. “NSE is expected to overtake BSE in market capitalisation in 2009. Already far ahead in turnover, NSE is expected to further its lead over its older counterpart,” the report titled, ‘Indian Exchange-Traded Securities: Poised for Further Growth´ stated. NSE’s market capitalisation stood at Rs47,01,923 crore at the end of trade on Friday last week, not far behind the Bombay Stock Exchange’s valuation of Rs50,12,966.76 crore, according to data available on the two bourses. In terms of the relative size of the two main Indian equity markets, NSE has become the exchange of choice, it added. According to Celent estimates, the market turnover of NSE for 2009 would be more than two times the turnover of BSE. On 7 August, NSE turnover in value terms was around Rs 17,650 crore as against BSE’s about Rs5,443 crore. “This is creditable considering that NSE has been functioning only since 1994 compared to more than 130 years of BSE’s existence,“ the report added. Interestingly, NSE, ranked third worldwide in terms of the number of equity trades in 2008, is preferred by foreign institutional investors (FIIs) trading in the country, while BSE is more popular with retail investors, domestic brokers, and sub brokers. The preference by FIIs to trade on the bourse makes the turnover at NSE much higher than its counterpart because foreign investors hold on to shares for a shorter period of than their local counterparts. NSE has given better performance in the fledgeling debt market as well, where it has got eight per cent compared to BSE’s less than 1%. Further, Celent report stated NSE has already cornered the exchange-based debt markets and the equity derivatives business. The country’s equity derivatives market is also dominated by NSE, which has the leading position among derivatives exchanges in the world as well. “Superior use of technology from its inception and better strategy has meant that NSE towers over its local counterpart in BSE. Also, it is expected to break into the global top five by volume in the near future,” the report added. In 2008, NSE had a trade volume of 590 million contracts which grew by 55.4% over previous year, making it the eighth largest derivatives exchange in the world. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 4:07 am NSE may overtake BSE in marketcap for the first timeNew Delhi: Riding on superior technology and FII preference, the National Stock Exchange is expected to surpass its older counterpart, the Bombay Stock Exchange, in market capitalisation this year for the first time in history. According to a report by global consultancy Celent, 2009 would be the first year when NSE’s market capitalisation is expected to exceed that of BSE. “NSE is expected to overtake BSE in market capitalisation in 2009. Already far ahead in turnover, NSE is expected to further its lead over its older counterpart,” the report titled, ‘Indian Exchange-Traded Securities: Poised for Further Growth´ stated. NSE’s market capitalisation stood at Rs47,01,923 crore at the end of trade on Friday last week, not far behind the Bombay Stock Exchange’s valuation of Rs50,12,966.76 crore, according to data available on the two bourses. In terms of the relative size of the two main Indian equity markets, NSE has become the exchange of choice, it added. According to Celent estimates, the market turnover of NSE for 2009 would be more than two times the turnover of BSE. On 7 August, NSE turnover in value terms was around Rs 17,650 crore as against BSE’s about Rs5,443 crore. “This is creditable considering that NSE has been functioning only since 1994 compared to more than 130 years of BSE’s existence,“ the report added. Interestingly, NSE, ranked third worldwide in terms of the number of equity trades in 2008, is preferred by foreign institutional investors (FIIs) trading in the country, while BSE is more popular with retail investors, domestic brokers, and sub brokers. The preference by FIIs to trade on the bourse makes the turnover at NSE much higher than its counterpart because foreign investors hold on to shares for a shorter period of than their local counterparts. NSE has given better performance in the fledgeling debt market as well, where it has got eight per cent compared to BSE’s less than 1%. Further, Celent report stated NSE has already cornered the exchange-based debt markets and the equity derivatives business. The country’s equity derivatives market is also dominated by NSE, which has the leading position among derivatives exchanges in the world as well. “Superior use of technology from its inception and better strategy has meant that NSE towers over its local counterpart in BSE. Also, it is expected to break into the global top five by volume in the near future,” the report added. In 2008, NSE had a trade volume of 590 million contracts which grew by 55.4% over previous year, making it the eighth largest derivatives exchange in the world. Source: Home - Livemint.com | 9 Aug 2009 | 4:07 am NSE may overtake BSE in marketcap - Indian Express
Source: Business - Google News | 9 Aug 2009 | 4:03 am Jaiprakash Hydro-Power to add 2,000MW capacityMumbai: Jaypee Group firm Jaiprakash Hydro-Power has plans to add 2,000MW power generation capacity comprising hydro and thermal in the current five-year plan period ending 2012. “Jaiprakash Hydro-Power will be the only company in private sector which will contribute 2,000MW in the 11th plan to the nation,” claimed company’s founder chairman Jaiprakash Gaur in the annual report. Jaiprakash Hydro-Power has a total capacity of 300MW. It is a hydro power plant in Himachal Pradesh. The company has plans to add over 13,520MW with a mix of thermal and hydro in less than seven years, Gaur said, adding that the company’s 1,000MW Karcham Wangtoo project in Himachal Pradesh would be implemented by 2011. “In addition, with 3,200MW projects coming up in Arunachal Pradesh and 720MW in Meghalaya, the Group will have total hydropower generation capacity of over 5,000MW by 2016,” he said. The company projects to have 2,300MW of generation capacity with a 77:23 hydro and thermal mix by 2012. The ratio would just be the reverse-77% thermal and 23% hydro in FY’14 when Jaiprakash Hydro-Power would have a total capacity of 7,520MW. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 3:50 am Tata Sky re-negotiates contracts to reduce costs by 30%New Delhi: Direct-to-home service provider Tata Sky is renegotiating contracts with vendors and distributors as part of its cost-cutting drive that could bring down operational costs by 30%. “We have introduced an internal programme called ‘slim fit´ to improve productivity and bring down our operational cost by a minimum of 30%. This will improve and increase productivity and we will therefore reduce our costs drastically through every means,” Tata Sky chief executive officer Vikram Kaushik said. The programme includes renegotiation of all contracts and aggressive outsourcing of services, including installation, he said. He, however, did not specify the amount to be saved. “Project ‘slim fit´ has been running for the past 4-5 months and the availability of free cash and funding from banks will help us in building our infrastructure and projects,” Kaushik said. He said that though the company had introduced low-cost packages, it is currently selling at a premium (compared to others) and its average revenue per user (ARPU) is higher than the industry’s. Tata Sky has crossed the 40-lakh-subscriber mark and plans to add another 10-15 lakh users this year. Source: Home - Livemint.com | 9 Aug 2009 | 3:47 am Bharti working on revised MTN dealNew Delhi: Bharti Airtel is working on a revised offer for a possible deal with South Africa’s MTN, which may entail higher cash outgo and additional debt to be raised by the Indian company to fund the transaction, sources said. While there is still no certainty about the closure of the deal, the two sides are believed to be working on finalising the terms and conditions over next few weeks. After their earlier exclusive talks period ended on 31 July, the two companies extended it by a month and now have time till 31 August. Bharti Airtel is in talks with MTN group for a share-swap deal to create a $23 billion telecom entity is likely to seek more bank loans to fund the transaction, said sources. Bharti, which had earlier stated that the terms of the potential deal may be adjusted, is learnt to be working out the revised terms on MTN share price increase and raising the cash component in the deal. The source said in both cases the outgo are likely to be much higher than the originally estimated four billion dollar for which Bharti has already approached the PSU bank State Bank of India for $2 billion. When contacted a Bharti spokesperson said, “Beyond what we have already communicated in our press statement, we have no further comment to offer at the moment.” Source: Home - Livemint.com | 9 Aug 2009 | 3:39 am Milk to get costlier by Re1 in Delhi and NCRNew Delhi: Dairy chain majors Amul and Mother Dairy have increased the prices of milk by rupee one in Delhi and NCR with effect from Sunday, on the back of a rise in the prices of milk procurement. Mother Dairy has increased the prices of its three variants, whereas Amul has revised the price of double toned milk only. Double toned milk of Mother Dairy will now be available at Rs19 per litre and toned and bulk vended milk (token milk) would now cost Rs20. Skimmed milk of Mother Dairy will now cost Rs17 a litre. “Due to the cumulative impact of increase in procurement price of milk and milk commodities, Mother Dairy is compelled to increase the prices of these three milk variants,” Mother Dairy said in a statement today. The prices of these variants have not been revised for the last 22 months. “The prices of full cream and toned milk in poly packs, increased last year, will however remain unchanged,” Mother Dairy said. The country’s largest dairy cooperative, Amul, has also hiked the price of its double toned milk by rupee one to Rs19 a litre in Delhi and National Capital Region, the company officials said. However, prices of other milk variants of Amul would remain unchanged, the officials said. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 3:23 am Rio Tinto mulls $100 mn in exploration projectMumbai: UK-based diamond producer Rio Tinto Diamonds plans to invest $75-100 million on a pre-feasibility study of its diamond mines project in Madhya Pradesh, a top company official said. “We plan to start a pre-feasibility study at the Bunder Diamond project in Madhya Pradesh and invest $75-100 million by early 2010,” Rio Tinto diamonds managing director Bruce Cox said. If the study shows that the project is viable, then the company would consider further investments, Cox said.“We could then invest a further USD 300-400 million over the next 4-5-years,” he said. The company is currently working for prospecting and mining licences with several Indian states, Cox said. The most advanced exploration project is at Bunder in Madhya Pradesh where Rio Tinto has discovered a cluster of eight diamondiferous lamproites. Rio Tinto has spent more than $25 million over the last five-years on diamond exploration in India and is the first foreign company to be granted prospecting licences. The reconnaissance work has resulted in the discovery of more than 15 pipes with Rio Tinto’s Bunder project, the first of its kind in India, and set to be a world-class diamond mine. “We would be delighted to be mining and marketing Indian diamonds in the not-too-distant future,” Cox said. ”The world is also looking to India as a driver of future growth in the diamond industry, be that through their highly innovative and flexible manufacturing sector, or as an end consumer of diamonds,“ Rio Tinto general manager for sales and marketing Jean-Marc Lieberherr said. “We will continue to work collaboratively with our partners and the industry, including the Gem and Jewelery Export Promotion Council to create demand for diamonds throughout the distribution pipeline,” Lieberherr said. Long-term diamond fundamentals suggest at the aggregate level, diamond demand will exceed supply resulting in a robust price outlook, he said. Rio Tinto is one of the world’s major diamond producers through its 100% control of the Argyle mine in Australia, 60% of the Diavik mine in Canada and a 78% interest in the Murowa mine in Africa. More than 90% of the Argyle production is cut and processed in India while more than 60% from its Diavik mine is cut and polished in India. Rio Tinto is also celebrating 20-years of diamond business in India this year. It had opened its office in Mumbai in 1989 in recognition of the growing importance of India as a major trading partner and diamond cutting centre. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 3:09 am Rio Tinto mulls $100 mn in exploration projectMumbai: UK-based diamond producer Rio Tinto Diamonds plans to invest $75-100 million on a pre-feasibility study of its diamond mines project in Madhya Pradesh, a top company official said. “We plan to start a pre-feasibility study at the Bunder Diamond project in Madhya Pradesh and invest $75-100 million by early 2010,” Rio Tinto diamonds managing director Bruce Cox said. If the study shows that the project is viable, then the company would consider further investments, Cox said.“We could then invest a further USD 300-400 million over the next 4-5-years,” he said. The company is currently working for prospecting and mining licences with several Indian states, Cox said. The most advanced exploration project is at Bunder in Madhya Pradesh where Rio Tinto has discovered a cluster of eight diamondiferous lamproites. Rio Tinto has spent more than $25 million over the last five-years on diamond exploration in India and is the first foreign company to be granted prospecting licences. The reconnaissance work has resulted in the discovery of more than 15 pipes with Rio Tinto’s Bunder project, the first of its kind in India, and set to be a world-class diamond mine. “We would be delighted to be mining and marketing Indian diamonds in the not-too-distant future,” Cox said. ”The world is also looking to India as a driver of future growth in the diamond industry, be that through their highly innovative and flexible manufacturing sector, or as an end consumer of diamonds,“ Rio Tinto general manager for sales and marketing Jean-Marc Lieberherr said. “We will continue to work collaboratively with our partners and the industry, including the Gem and Jewelery Export Promotion Council to create demand for diamonds throughout the distribution pipeline,” Lieberherr said. Long-term diamond fundamentals suggest at the aggregate level, diamond demand will exceed supply resulting in a robust price outlook, he said. Rio Tinto is one of the world’s major diamond producers through its 100% control of the Argyle mine in Australia, 60% of the Diavik mine in Canada and a 78% interest in the Murowa mine in Africa. More than 90% of the Argyle production is cut and processed in India while more than 60% from its Diavik mine is cut and polished in India. Rio Tinto is also celebrating 20-years of diamond business in India this year. It had opened its office in Mumbai in 1989 in recognition of the growing importance of India as a major trading partner and diamond cutting centre. Source: World Business - Livemint.com | 9 Aug 2009 | 3:09 am Who will get to keep the gunmen, who will notAfter the government sought to assure senior leaders Mulayam Singh Yadav, Lalu Prasad and Murli Manohar Joshi that there would be no scaling down of their security cover, former bureaucrats and ministers have been lobbying to ensure that their security too remains untouched.Source: IndiaeNews.com: Business News | 9 Aug 2009 | 3:00 am Assess tax dues after accounts restatement: Mahindra SatyamNew Delhi: Mahindra Satyam on Sunday said the government should not assess the income tax liability of the IT firm before the restatement of financial accounts is completed. Reacting to a government statement which says that Satyam Computer, which is now rebranded Mahindra Satyam, owes Rs532 crore to the income tax department, a Mahindra Satyam official said, “Our accounts are still being restated and the assessment must be subject to the final outcome and any tax liability calculated based on the previous financial may not be accurate.” The person added that “the parallel process of the investigation by the regulatory authorities and the ongoing forensic auditing, once completed will provide the true picture on the financial performance and related amounts payable if any, to the authorities.” KPMG and Deloittee were mandated to restate financial accounts after Satyam’s disgraced founder B Ramalinga Raju confessed to fudging the books in January this year. The restatement of accounts of Mahindra Satyam is expected to be completed by December, 2009. In a written reply to the Lok Sabha last week, minister of state for finance S S Palanimanickam had said that Satyam Computer owes a hefty Rs532 crore to the I-T department. Palanimanickam had also confirmed that the income tax authorities have re-opened the income tax assessment in respect of Raju and all other companies in which he was associated along with Satyam Computer. However, the minister had maintained that all the cases in which assessment have been re-opened are pending to be finalised by 31 December, 2009. “The position regarding the amount of tax leviable in such cases can be quantified only on the completion of assessments, which would be finalised by 31 December,” Palanimanickam said. Satyam Computer plunged into a crisis following admission by its founder B Ramalinga Raju in January of overstating the firm’s profits. Source: Home - Livemint.com | 9 Aug 2009 | 2:55 am ExlService eyes acquisitions in BFSI, utilitiesNew Delhi: Nasdaq-listed BPO firm ExlService Holdings is eyeing acquisitions globally in the financial services segment, which currently contributes a major part to its revenue. “We have close to $115million on the balance sheet. We are very actively engaged in terms of taking a look at some of these opportunities and I would hope over the next few months, we would do some acquisitions as such,” ExlService chief executive officer and president Rohit Kapoor said. “The target company could be in the $5-20 million in size or even bigger,” he said. The company has chosen to dominate certain industry verticals like insurance, utilities and select areas within banking and finance services (BFS) like credit cards and mortgage and so the acquisitions would really be fitting in with these categories, he said. About 50% of ExlService’s revenue come from the insurance vertical, while utilities contributes 26% BFS and transportation and logistics comprise 9% and 7% of the company’s revenues respectively. “We would always want to keep $40-50 million cash on the balance sheets. What this allows us to do is use somewhere between $50-75 million of cash to be able to do an acquisition and that would be the sweet spot for us in terms of deal size,” Kapoor said. He, however, did not divulge names of target companies. The company recently announced the acquisition of the BPO unit of US-based Schneider Logistics in Czech Republic as a part of a multi-year outsourcing agreement with the logistics firm. The facility serves as EXL’s third outsourcing service delivery location outside of India and Philippines. ExlService has 13 delivery centres globally and employs about 9,500 people. The company also said it expects to save about $5 million this year through some cost-saving measures. “We have done a lot of work in our cost associated with transportation, facilities and infrastructure, travel and entertainment. We have chosen not to cut salaries but have rationalised costs, which would not impact the customer or the employee,” he said. “This year, we think the total cost saving measures that we have implemented will give us close to about $5 million of cost saving,” he added. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 2:50 am CAG seeks access to RIL books from Oil MinistryNew Delhi: Unable to access RIL’s books for two years for auditing the government’s gas contract with the Mukesh Ambani-led firm, the country’s apex audit institution CAG has sought the Petroleum Ministry’s help in the matter. The Comptroller and Auditor General has written to the ministry as it has not been able to access the accounts of RIL to conduct the audit of the government’s production-sharing contract with the company for Krishna-Godavari basin gas, a top official associated with the matter said. The Ministry, in turn, has favoured a meeting “very soon” between the CAG and the contractor, RIL, the official added. “Audit has gone into a limbo, so we cannot share much detail,” a top CAG official said on condition of anonymity, when asked if the audit on the capital expenditure of Rs45,000 crore by RIL in its KG basin blocks has been done. Another official, who did not want to be named, said that the CAG was trying to work out a solution to take forward the audit that started about two years ago, and accordingly it had written to the Ministry of Petroleum and Natural Gas. Earlier this week, oil and gas regulator Directorate General of Hydrocarbons (DGH) director general V K Sibal had said that “the CAG team has carried out the audit work”. Sibal’s comments, published on the DGH’s official website, came after industrialist Anil Ambani, fighting a bitter gas battle with elder brother Mukesh, alleged that RIL had overstated its expenditure, and demanded a probe by the Central Vigilance Commission and audit by the CAG. The CAG official said the special audit was being done on the government’s request under the New Exploration Licensing Policy (NELP) for finding natural gas and other petroleum products. Auditing was being done not only of the production-sharing contract between the government and RIL, but also of at least six other deals. But the books of accounts of these contractors were not accessible, he added. In his comments, Sibal had rejected Anil Ambani’s charge that the DGH had approved RIL’s Rs45,000-crore “exorbitant capital expenditure” plan for the gas fields, saying that three audits, including one by the CAG, were done for the expenditure. The production-sharing contract provides for auditing the expenditure by three sets of auditors - the auditors appointed by the management committee, those mandated by the government to do the job, and the CAG. “The idea of gold plating betrays a lack of knowledge of business economics. Inflating the expenditure does not benefit any stakeholder -- neither the contractor nor the government. No company would like to increase its investment unproductively. Every additional dollar of wasteful investment dents the profit of the contractor,” Sibal had said without naming Anil. Source: Home - Livemint.com | 9 Aug 2009 | 2:44 am Price rise forces Indians to cut pulse consumptionOwing to 'alarmingly' spiralling prices, Indian households reduced pulse consumption to less than 11 kg in the first half of 2009, according to a report by an industry body.Source: IndiaeNews.com: Business News | 9 Aug 2009 | 2:30 am Premier Inn to set up 80 hotels in IndiaNew Delhi: United Kingdom hotel chain Premier Inn is planning to open about 80 hotels in the country in the next 10 years. The hotel chain will invest Rs4,000 crore to build 3-star hotels at various locations in the country with a combined capacity of 9,700 rooms. “We have planned 18 hotels in the first five years and 80 in 10 years with a total investment of Rs3500-4000 crore,” Premier Inn India managing director Aly Shariff said. He said the company has formed a joint venture (JV) with real estate player Emaar MGF, which will bring in the initial investment. “Our JV partner will bring in the investment initially, however, we will raise money through debt later,” Shariff said. The hotel chain would begin with the metros and gradually expand to cover leisure destinations as well. Source: LatestNews-Home - Livemint.com | 9 Aug 2009 | 2:27 am Maruti zips past 80-lakh-mark in 25 yearsEmbarking on its journey 25 years ago with just over 800 units, the country's largest car maker, Maruti Suzuki India, has driven past the milestone of producing 80 lakh cars.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 2:26 am ISRO chief takes IITians on journey to future - Press Trust of India
Source: Business - Google News | 9 Aug 2009 | 2:22 am High taxes bane for aviation industry: Jet AirwaysNew Delhi: Over capacity in the Indian aviation market, high airport charges and sales tax on aviation turbine fuel (ATF) are responsible for the poor state of the airline industry, according to Jet Airways chief. “The current crisis in the aviation industry has nothing to do with the global slowdown...capacities (deployed by domestic carriers) exceeded the demand and that started irrational pricing in the last almost three years and (airlines) started selling below cost “And then these charges--navigation, landing and (taxes on) aviation fuel has compounded the problem of the aviation world,” Jet Airways chairman Naresh Goyal said in an interview to CNBC TV18 news channel. He also said if the airlines get jet fuel at international prices, the industry will become “sustainable and viable”. The price of jet fuel in India is about 70% more than international prices. ATF is subjected to sales rax by states, which average around 26%. The combined loss of all the airlines in the country stood at Rs10,000 crore for the last fiscal. Source: Home - Livemint.com | 9 Aug 2009 | 2:21 am Indians to refine business skills at 'finishing schools'The traditional image of finishing schools is of the Swiss Alps, where elegant young ladies from well-to-do families learn to walk, talk and make conversation before entering polite society. Now India is looking to the model for the three million or so graduates it produces every year to refine the skills they need to succeed in business and give the country a sharper edge in the global marketplace.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 1:59 am Compelling need for real estate regulator:ParekhAccording to HDFC chairman Deepak Parekh, regulators should monitor the affordable housing agenda, promote real estate reforms, and ensure transparency.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 1:52 am Gems and Jewellery workers see rise in wages despite layoffs - Hindu
Source: Business - Google News | 9 Aug 2009 | 1:44 am Maruti zips past 80-lakh-mark in 25 yearsNew Delhi: Embarking on its journey 25 years ago with just over 800 units, the country’s largest car maker ,Maruti Suzuki India, has driven past the milestone of producing 80 lakh cars. Since the rollout of the first ‘Maruti 800´ from its Gurgaon plant on 14 December, 1983, the company has so far produced a total of 81,05,228 cars of its 14 models as on 31 July from its Gurgaon and Manesar facilities. Maruti 800 alone accounts for over 27 lakh units, of which more than 25 lakh units were sold in the domestic market and the rest exported. “It is very good to see that Maruti has been achieving many milestones in recent months. Twenty five years ago when we set out our journey, the objective was to modernise the Indian automotive industry and I think we have achieved that,” Maruti Suzuki India (MSI) chairman R C Bhargava said. The company has passed through many memorable moments in these years and overall it was a “steady and satisfactory” journey, although with some “bumps” on the way, he added. “Delivery of the first car by then prime minister Late Indira Gandhi was the happiest moment for me,” said Bhargava, who has been associated with the company since its inception in 1981. In the first year of operation in 1983, the company had produced just 844 units of M800. At that time, it had an installed capacity of only 40,000 units a year. MSI crossed the one lakh production figure in September, 1986, and touched the 40 lakh mark 20 years after in 2003. However, the next 40 lakh units were produced within just 6 years from the two plants, which currently drive out 10 lakh cars a year from an installed capacity of just 6.5 lakh units per annum. “In July this year, we produced 86,630 units, which is the highest ever in a month,” Bhargava said. Over the past 25 years, MSI has contributed about Rs50,000 crore to the national exchequer. The company is currently undertaking a Rs 9,000 crore investment programme which includes adding a new facility at Manesar and increasing the capacity of the Gurgaon plant, besides ramping up R&D activities and launching new models. The company has also seen changes within itself. From being a joint venture called Maruti Udyog Ltd, between the government and Japan’s Suzuki Motor Corp with the latter holding a minority stake of 26 per cent, it is now Maruti Suzuki India controlled by the Japanese firm. Source: Home - Livemint.com | 9 Aug 2009 | 1:38 am Patel wants a GoM to solve aviation problemsNew Delhi: Civil aviation minister Praful Patel has suggested setting up a Group of Ministers (GoM) to solve the problems faced by the aviation industry, especially on account of high taxes on jet fuel. Patel said he suggested the appointment of a high-level committee or “even a Group of Ministers to understand how we can remedy the issues of the aviation sector, primarily with focus on ATF.” His suggestion came a week after private airlines withdrew their strike call to protest the high sales taxes on aviation turbine fuel (ATF) and high airport charges. Asked when this committee or GoM, if formed, should come out with its recommendations, he said, “we will push for an early resolution”. “Though I can’t decide on a time-frame but may be a month or two. I hope so but I cannot speak on behalf of everybody,” he told Karan Thapar on the Devil’s Advocate programme. He said the issues raised by the private carriers had been taken up at the levels of the Prime Minister and the finance minister. Patel said a presentation had also been made by the civil aviation ministry before the Empowered Group of State Finance Ministers, headed by West Bengal finance minister Asim Dasgupta. The minister had earlier said the option of issuing an ordinance to reduce sales tax on aviation turbine fuel was considered but not accepted as the Centre could not take away a major source of revenue from the state governments. Maintaining that the government “sees reason” in the demand for lowering taxes on ATF, he said, “we have tried our best to convince the states but not succeeded as yet. That does not mean we will not do it again. State governments should understand that it is beneficial to them.” Patel said when the industry was badly hit last year due to the hike in global petroleum prices to $140 a barrel, the government had helped the industry by cutting the 5% customs duty and asking oil companies to extend credit line to the airlines for six months. On airport charges, Patel did not agree with suggestions that these were higher by 60% than the international rates, saying this was “an absolute myth”. “I can show you airports where these charges are far higher as also those where charges are lower than in India.... Now many airports those are being built are world class.” He said now that the Airports Economic Regulatory Authority (AERA) had come into being, all issues relating to airport charges would be decided by it and the government “will remain at arms length from it”. AERA would determine tariffs for aeronautical services at all airports, like air navigation, landing and parking, and resolve disputes among stakeholders. Source: Home - Livemint.com | 9 Aug 2009 | 1:33 am CAG writes to Oil Ministry to access RIL books - Press Trust of India
Source: Business - Google News | 9 Aug 2009 | 1:09 am India invests in US debts worth $38.8 bnNew York: India has invested in US debt securities worth $38.8 billion till May this year, nearly four-fold rise when compared to the same month in 2008. Even as the world’s largest continued to reel under one of the worst recession in 80 years, India has been steadily increasing its exposure to American debt since May last year, when the holdings were worth just $10.3 billion. According to data available with the US Treasury Department, India bought American debt worth $38.8 billion till May 2009. India has purchased more American debt since October 2008, when the financial turmoil turned for the worse with the failure of then Wall Street major Lehman Brothers. India’s exposure has jumped more than two-fold till May this year, in comparison with just $18.3 billion in October last year. Till April this year, India’s holding stood at $38.5 billion. India has foreign exchange reserves of more $260 billion. Neighbouring China continues to be the biggest buyer of American debt, with holdings worth $801.5 billion till May 2009. At the second spot is Japan, with holdings to the tune of $677.2 billion. Among the Bric (Brazil, Russia, India and China) nations, India has the least exposure. As on May 2009, Brazil and Russia purchased US debt of $127.1 billion and $124.5 billion, respectively. To battle the economic crisis, the Federal government has pumped in billions of dollars into the system including a mammoth $787 billion stimulus package. In addition, the US has come up with various plans to ensure steady credit flow. After several months of financial turbulence, the US economy is slowly showing possible signs of stabilisation. In the second quarter of 2009, the US GDP shrank less than expected at one per cent while the unemployment rate slipped to 9.4% in the month of July. Further, many of the corporates have reported better second quarter results, spurring hopes of an economic turnaround by the end of this year. Source: Home - Livemint.com | 9 Aug 2009 | 12:43 am SC notice to Moser Baer on alleged tax evasionNew Delhi: The Supreme Court has issued a notice to Moser Baer India Ltd why it should not be asked to pay income tax to the tune of Rs2,978 crore. A bench headed by justice S H Kapadia sought the reply from the manufacturer of computer-related products, including floppies and compact discs, on the income tax department’s plea alleging that the company had evaded tax in 2000-01. The department said that the company was not entitled to deduction even though the value of export of CDs was less than 75% of the total sales made during 2000-01. It said the Delhi High Court should have appreciated that the assessing officer was right in observing that Moser Baer under its export obligations under the EXIM policy was treating the stock transfer as export and FOB invoice value as sales whereas the stock transferred to its Rotterdam branch remained part of its closing stock, thus increasing its gross profit. Additional solicitor general Mohan Parasaran and Gaurav Dhingra said the high court was wrong in holding that the stock transfer to the company’s Rotterdam unit was to be treated as deemed export sales out of India. According to both, there was no actual sale and no realisation in convertible foreign exchange during the year took place. Citing Moser Baer’s profit and loss statement account, the government said if there was a sale to a foreign branch, then why was the stock transferred entry reversed in the books of account at the end of the financial year. “This doubt was supported by the fact that the assessee had deliberately furnished the information regarding the amount of remittance received in foreign exchange. “This logically leads to the conclusion that no actual sales have been made by the company to its Rotterdam unit and the assessee was wrongly claiming exemption under Section 10A/10B merely on the basis of entries of stock transfer,” the petition stated. Moser Baer had claimed deduction under Section 10B of the Income Tax Act in all its three units. Out of total sales of Rs148.75 crore, the assessee had claimed export sales amounting to Rs73.45 crore and the entries in respect of stocks export transferred to Rotterdam office were shown reversed in its books. Thus, Moser’s direct export sales were only Rs73.45 crore and the remaining sales of the exempted units were only on account of stock transfer to a foreign unit. While the assessing officer had disallowed the claim of the transfer of the stock from one branch to another on the ground that no actual sales were made for this amount, the Commissioner of Income Tax (Appeals) had held in favour of the assessee, holding that deduction should be given if the stock transfer was made by one branch to another and should be treated as export sales. The Income Tax Appellate Tribunal had upheld the Commissioner’s order holding that the goods transferred by the Indian branch to its foreign branch was a transfer to a separate entity and hence eligible for exemption. Source: Home - Livemint.com | 9 Aug 2009 | 12:09 am Aviation issues: Praful to make presentation to CabinetNew Delhi, Aug. 8 The Minister for Civil Aviation, Mr Praful Patel, is to make a detailed presentation on the issues facing the domestic aviation sector at the next meeting of the Union Cabinet slated for Thursday. This follows the sector makingSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am Weekly News Round UpThe much-awaited initial public offer of state-run NHPC allured investors and was fully subscribed within an hour of the opening of the issue on Friday. The NHPC IPO, which is the first stake sale by a PSU company in the last one and a half years,Source: Business Line - Home Page | 9 Aug 2009 | 12:00 am RBI survey sees agriculture growth slowing downMumbai, Aug. 8 Agricultural growth in the current fiscal could slow down to 2.5 per cent from 3 per cent, according to the latest Survey of Professional Forecasters by the Reserve Bank ofSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am Significant rise in Indian investments in tax havensOutflow of investment from India in 2008-09 fell by 11.2 per cent to $16.07 billion in 2008-09 from $18.1 billion in the previous fiscal.Source: Business Line - Home Page | 9 Aug 2009 | 12:00 am No change in NELP policyMumbai, Aug. 8 The fundamentals of the New Exploration Licensing Policy (NELP) will remain unchanged for the eighth round of the auction of oil and gas blocks, according to Mr R.S. Pandey, Secretary, Ministry of Petroleum and NaturalSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am Retail business did not set bank cash registers ringing in Q1Chennai, Aug. 8 Banks made robust profits in the first quarter of this fiscal but were not helped much by the retailSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am Walls from waste gypsum, strong and cheapMumbai, Aug. 8 Industrial waste has always been a burden, more so when the quantity is large and heavy without any means ofSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am States must enforce stockholding limits effectively: PMNew Delhi, Aug. 8 The Prime Minister, Dr Manmohan Singh, on Saturday asked States to ensure effective enforcement of stockholding limits and action against black marketers as part of the contingency measures to tackle the effect of the deficientSource: Business Line - Home Page | 9 Aug 2009 | 12:00 am Maruti zips past eighty-lakh-mark in 25 years - Press Trust of India
Source: Business - Google News | 8 Aug 2009 | 11:38 pm Ambani MoU has mother's views on gasIt appears the MoU between the Ambani brothers actually notes Kokilaben's views on the supply of gas from Mukesh's Reliance to Anil's Reliance Natural Resources.Source: India Business News | Business News - Times of India | 8 Aug 2009 | 9:20 pm IITs to create quality faculty - Times of India
Source: Business - Google News | 8 Aug 2009 | 7:01 pm Ambani MoU has mother's views on gas - Times of India
Source: Business - Google News | 8 Aug 2009 | 5:14 pm Pawar asks States to check hoarding, blackmarketing - Hindu
Source: Business - Google News | 8 Aug 2009 | 3:25 pm Ambani row won't affect NELP auction: Centre - Economic Times
Source: Business - Google News | 8 Aug 2009 | 3:12 pm Where beggars can be choosersThe sound of chainmail clinks in your ears, drowning out the merrymaking behind you. A gauntlet covered hand digs hard into your arm, and you stifle a whimper. Read on...Source: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 1:57 pm The StrikebustersThree airlines broke the back of the aviation strike called for August 18. They are also India’s only profitable airlines. The stories of SpiceJet, IndiGo and Paramount Airways...Source: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 1:33 pm Bollywood finds reason to smileAfter a lull of three months, good times seem to have returned for Bollywood. Three recent films Love Aaj Kal, Kambakht Ishq and New York have done well at the box-office and have together collected over Rs 150 crore from ticket sales.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:39 pm PM hints at state intervention to hold food grain pricesPrime Minister Manmohan Singh today indicated that the government is ready to undertake open market intervention to prevent the rise in grain prices caused by deficient and delayed monsoon rains.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:38 pm Air India looks at new revenue streams - Business Standard
Source: Business - Google News | 8 Aug 2009 | 12:37 pm Oil India IPO on September 7OIL, which produces 3.5 million tonnes of oil annually, will offer 26.4 million equity shares (11 per cent equity) to the public, while the government will simultaneously sell 10 per cent of its stake at the IPO price to state refiners Indian Oil Corporation (5 per cent), Hindustan Petroleum Corporation and Bharat Petroleum Corporation (2.5 per cent each). The price band of the issue, which will be open from September 7 to 11, was likely to be fixed on August 25, said a source close to the development.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:37 pm Govt kicks off NELP, expects $3-billion commitmentThe government today flagged off the eighth edition of the New Exploration and Licensing Policy (Nelp-VIII) and the fourth round of bidding for Coal Bed Methane (CBM-IV) in Mumbai, expecting a commitment of around $3 billion. This is a third of the $9 billion that has been committed in the first seven rounds of Nelp so far.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:34 pm Rio Tinto brings home the world's costliest diamondRio Tinto, one of the worlds largest diamond mining companies, has launched the pink diamond in India. Proposed to be sold through tender, the diamonds were opened for public viewing today.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:32 pm Air India looks at new revenue streamsPlans to rake in Rs 900 crore from marketing engineering, cargo & training services.Source: Business Standard | Front Page Headlines | 8 Aug 2009 | 12:31 pm Air India's demand for equity infusion finds favour with PMCash-strapped Air India's demand for equity infusion today received support from Prime Minister Manmohan Singh, who also lent a 'sympathetic' ear to the problems faced by the Indian aviation industry. Three-year planSource: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 12:29 pm Yields spike forces RBI to pull auctionRising bond yields and low volumes due to a public sector bank strike seem to have given the Reserve Bank of India the jitters.Source: Daily News & Analysis: Money News | 8 Aug 2009 | 12:01 pm PM okay with equity infusion into Air India: Praful PatelCivil Aviation Minister Praful Patel met Prime Minister Manmohan Singh to discuss problems faced by the aviation sector. Patel discussed with the prime minister about a possible board rejig in case of Air India and said the PM was supportive of equity infusion in Air India.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 11:55 am Prime minister's nod sought for Air India revivalNational carrier Air India, struggling to stay afloat after accumulating losses worth $1.5 billion, can soon expect a fresh lease of life with PM Manmohan Singh positively disposed for fresh government equity into the carrier. The meeting came a day after Arvind Jadhav, chairman and managing director of National Aviation Co of India, briefed the media on a proposed turnaround plan.Source: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 10:45 am Patnaik assures action against mining scam guiltyOrissa Chief Minister Naveen Patnaik said Saturday stern action would be taken against those involved in a multi-crore mining scam that has come to light.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 9:30 am Forbes India show: Tata Steel MD walks down memory laneB Muthuraman, MD, Tata Steel said the company had launched a programme called weather in the storm programme at Tata Steel Europe (Corus) in OctoberNovember 2008, he said. This year during 200910, we expect a saving of about 850 million pounds in weather in the storm programme, he added.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 9:13 am NTPC to invest over Rs 9,000 crores in two projects: SolankiThe NTPC will invest more than Rs 9,000 crore in its two new expansion projects located at Jhanor and Kawas in Gujarat.Source: Daily News & Analysis: Money News | 8 Aug 2009 | 8:43 am Minister rejects Orissa's demand for revising coal royaltyCoal Minister Shriprakash Jaiswal Saturday rejected Orissa's demand for revising its coal royalty, saying the existing rate was 'more than sufficient'.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 8:30 am Sanlam channel to propel Shriram Life's growthShriram Life Insurance Saturday said its minority stakeholder, South Africa-based Sanlam, will take care of the marketing of company products in all parts of the country except the south.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 8:00 am Praful meets PM on airlines' demandsPM Manmohan Singh on Saturday lent a "sympathetic" ear to the problems faced by airlines, but no decision on helping them was taken at a meeting he had with civil aviation minister Praful Patel.Source: India Business News | Business News - Times of India | 8 Aug 2009 | 7:45 am PM asks states to act on poor rainsNEW DELHI (Reuters) - Prime Minister Manmohan Singh asked state governments on Saturday to take first steps to deal with poor monsoon rains that have hit sowing of important crops, leading to a sharp rise in prices of food items like sugar.Source: Reuters: Money News | 8 Aug 2009 | 7:41 am Montek meets PM, reviews price situationPlanning Commission deputy chairman Montek Singh Ahluwalia met PM Manmohan Singh and is believed to have discussed the price situation and impact of delayed monsoon on farm sector output.Source: India Business News | Business News - Times of India | 8 Aug 2009 | 7:06 am PM asks states to act on poor rainsNew Delhi: The Prime Minister Manmohan Singh asked state governments on Saturday to take first steps to deal with poor monsoon rains that have hit sowing of important crops, leading to a sharp rise in prices of food items like sugar. Monsoon rains in India, where only 40% farmland is irrigated, were 25% below normal since the start of the season in June and 64% below normal in the week to 5 August. Forecasts of scanty rains in the next five days and low water levels in reservoirs have stoked concerns of a sharp fall in sugarcane and soybean output, and a larger economic fallout for Asia’s third biggest economy. “Agricultural operations have been adversely affected in several parts of the country, causing distress to farmers and their families,” Singh said. “I would urge that wherever there is need, the states should immediately commence relief operations. The states may also monitor the availability of seeds, fodder and cattle health requirements.” The central government usually asks the state governments to ensure farmers get seeds in the event that they have to replant important crops. Farm minister Sharad Pawar last month said India had enough grain stocks for 13 months and his government might free some wheat for open market sale. “We should not hesitate to take strong measures and intervene in the market if the need were to arise,” Singh added. The Prime Minister said output of winter-sown crops must be raised to compensate for the loss of this season. “While the current food stock position is comfortable, we need to ensure that this position continues in the next year as well,” Singh told senior government officials who have gathered here to study the impact of patchy rains. India, the world’s biggest consumer of sugar and the second-biggest importer of vegetable oils, is buying the commodities in large quantities to overcome shortages. Singh said prices of sugar, lentils and some vegetables have shot up and the federal and state governments would have to work together to enforce limit on stocks that can be held by traders. Source: LatestNews-Home - Livemint.com | 8 Aug 2009 | 6:42 am Not favouring Mukesh: oilmin to PMONew Delhi: The oil ministry has informed Prime Minister Manmohan Singh that it was not favouring Mukesh Ambani in his ongoing tussle with younger brother Anil and it had moved Supreme Court only to protect its rights on natural gas. Responding to queries raised by the Prime Minister’s Office on the basis of a letter to Singh from Anil Ambani, the petroleum ministry said in a communication that it has not shown any favouritism to Mukesh-led Reliance Industries. Lawyers had advised that the only way out was to go to Supreme Court to protect sovereign rights on gas, given the Bombay high court judgement that gave effect to the Ambani brothers’ agreement on gas, the petroleum ministry reply said. Anil had written to the Prime Minister on 15 July seeking direction to the oil ministry to stop favouring Reliance Industries in a commercial dispute between them. The oil ministry has filed a special leave petition in the Supreme Court challenging the high court ruling of 15 June that asked RIL to supply gas to Anil group firm RNRL at a committed price of $2.34 per mmBtu and work out a suitable agreement for it. The government’s SLP will be considered for admissibility by the apex court on 1 September, the same day when the cross-appeals by the group firms of the two brothers is to come up for hearing. Source: LatestNews-Home - Livemint.com | 8 Aug 2009 | 6:34 am IGNOU to teach bankers how to recover loansCriticised for using force and unfair means to recover loans, personnel from several cooperative banks will get training on how to recover loans legally at the Indira Gandhi National Open University (IGNOU) here.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 6:31 am Prime minister's nod sought for Air India revivalNational carrier Air India, struggling to stay afloat after accumulating losses worth $1.5 billion, can soon expect a fresh lease of life with Prime Minister Manmohan Singh positively disposed for fresh government equity into the carrier.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 6:30 am Singapore PM warns of more retrenchments in 2009SINGAPORE (Reuters) - Singapore's Prime Minister Lee Hsien Loong warned the city state to brace for further job retrenchments in 2009, although he said the economy did better than expected in the first half of the year.Source: Reuters: Money News | 8 Aug 2009 | 6:19 am Lithuania under pressure, may turn to IMFLithuania's increasingly desperate economic situation may make it the next country in Eastern Europe to ask the International Monetary Fund for emergency loans.Source: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 6:06 am Not favouring Mukesh: Oil ministry to PMO The Oil Ministry has informed PM that it was not favouring Mukesh Ambani in his ongoing tussle with younger brother Anil on natural gas.Source: India Business News | Business News - Times of India | 8 Aug 2009 | 6:05 am Pro-Kannada activists held ahead of Thiruvalluvar statue unveilingHundreds of pro-Kannada activists have been detained in and around Bangalore after their plan to protest the unveiling of Tamil saint-poet Thiruvalluvar here Sunday.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 6:01 am Essar Shipping plans expansion, targets Rs,4,000 crore turnoverIntegrated logistics service provider Essar Shipping Ports and Logistics, which has plans to invest $1.5 billion for capacity expansion, hopes to achieve a turnover of Rs.4,000 crore ($836 million) by 2012.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 6:01 am Travel agents' Dubai meet to promote Indian tourismThe annual conference of the Travel Agents Association of India (TAAI), the country's largest travel trade body, to be held in Dubai this year, will showcase the key features of India's medical tourism.Source: IndiaeNews.com: Business News | 8 Aug 2009 | 6:00 am If Satyam & Maytas diverted funds, will be prosecuted: KhurshidNew Delhi: The government is investigating whether Satyam and Maytas siphoned off funds from their respective companies and whosoever is found guilty would be prosecuted according to the law. Revealing this, corporate affairs minister Salman Khurshid on Saturday said, “any aspect, any dimension relating to their (Maytas and Satyam) relationship is under investigation... reports would be made available whether money has been siphoned off and then the law will take its own course.” Reports have been doing rounds that Maytas Properties and Maytas Infra, the firms promoted by the founder of Satyam, B Ramalinga Raju, had diverted money. Speaking to reporters on the sidelines of a Assocham event, the minister said prosecution in the multi-crore Satyam fraud case would be carried on an urgent basis. “The core issues are accountability of people in Satyam and we now want to give undivided attention to prosecution...you can treat it as highest urgency,” he added. The CBI has already filed a chargesheet in the Satyam scam which came into light early this year when Raju confessed to manipulating books of accounts of the company for several years. However, the Serious Fraud Investigation Office, which investigated the case, is yet to file a charge sheet. Source: LatestNews-Home - Livemint.com | 8 Aug 2009 | 5:41 am Krishna says Australia will provide adequate security to IndiansMelbourne: External affairs minister S M Krishna on Saturday told members of the Indian community here that Australian leadership has assured him of providing adequate security to Indian students and said he was satisfied with Canberra’s response. Krishna, who met with the Indian community members, including some of the students who were subjected to racial attacks, said Prime Minister Kevin Rudd and his counterpart Stephen Smith had on Friday assured him that the well being and security of Indians will be taken care of. “We appreciate the fact that they have stepped up police patrolling in the problematic areas and have taken several other measures to deal with the safety issue,” he said. “I have underlined that these things should be kept in place as long as they are needed. The two task force that have been set up is examining the various issues related to the well-being of international students in Australia, including those from India,” Krishna said. The minister said a specially designated student welfare officers will be available in Indian High Commission and Consulates in Australia who will focus on issues related to Indian students. “The officers will also be available every Friday for Indian students. The students and community members can discuss any issues with them,” he said. Source: LatestNews-Home - Livemint.com | 8 Aug 2009 | 5:32 am Market retreat on monsoon worries, Sensex down 3 %Below the normal rainfall so far this year has halted a strong bull run on the bourses pulling down the key indices Sensex and Nifty by more than 3 per cent amid a sudden pullout by foreign institutional investors.Source: Hindustan Times News Feeds 'Business' | 8 Aug 2009 | 4:30 am Interest rates may go up next year: DSP MerrillAs the Indian economy starts to recover, the Reserve Bank of India might look at reversing the interest rate cuts over the last year, said Mr Jyotivardhan Jaipuria, Managing Director and Head of Research (India) at DSP Merrill Lynch.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 3:04 am Bharti Airtel seeks $1billion loan from SBIBharti Airtel has approached State Bank of India for loans of $1 billion and Rs 5,000 crore, according to the Minister of State for Finance, Mr Namo Narain Meena.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 3:02 am Matrix launches costeffective AIDS drug regimenDrug costs to fight HIV/AIDS are set to go down further thanks to the launch of a new, second line regimen by Matrix Labs and the Clinton Foundation.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 3:00 am SBI unveils new home loan schemeState Bank of India on Friday introduced a new home loan scheme whereby a borrower can take a home loan up to Rs 5 lakh at 8 per cent (fixed interest rate) for five years.Source: Moneycontrol Top Headlines | 8 Aug 2009 | 2:58 am
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