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To raise $20m: Suven Life SciencesVenkat Jasti, MD, Suven Life Sciences, expects the first milestone from Eli Lilly deal in the January March quarter. He says the company plans to raise USD 20 million.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 8:56 am HCL Info may raise Rs 825cr via eq to fund growth plansThe HCL Infosystems board has approved raising of Rs 825 crore via equity issuance of up to Rs 500 crore and a convertible warrants issue of up to Rs 325 crore. Sandeep Kanwar, CFO, HCL Infosystems said the company was looking to augment its resources via equity issuances and said it would use the funds thus raised for growth plans.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 8:18 am Allied Digital bags $100 million deal; stock upThe Allied Digital stock has been quite buoyant on the stock exchange of late. In an interview to CNBCTV18, CMD Nitin Shah said the company had bagged a USD 100 million deal with a USbased original equipment manufacturer (OEM) company.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 7:43 am Airtel launches wholesale services for global playersBharti Airtel on Monday launched its global wholesale service portfolio, which will enable telecom companies across 50 countries to access its services.Source: Hindustan Times News Feeds 'Business' | 17 Aug 2009 | 7:25 am No plan to go slow on H1 borrowing: Fin min!The government has no plan to go slow on its borrowing schedule for the first half of the 2009/10 fiscal year than began in April, a top finance ministry official said on Monday.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Rupee drops to near 1-mth low as stocks fall!The rupee dropped to its lowest in nearly a month of Monday, weighed down by losses in the stock market, other Asian units and the dollar`s strength against the euro and other high yielding currencies.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Oil prices slide further in Asian trade!Crude prices slid further in Asian trade on Monday as markets reacted to falling consumer confidence in the United States, analysts said.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Indian ADRs loss $1.44 bn in one week!Indian stocks trading on American bourses lost over one billion dollars last week, with IT bellwether Infosys accounting for more than half of the total loss.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Japanese economy shows growth after five quarters!Japan`s economy grew 3.7 percent in the second quarter, the first positive increase in five quarters, according to preliminary estimates released Monday by the Japanese government.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Sensex slips further at noon, down to 15,066!Indian equities markets were under selling pressure just before noon Monday, with a key index slipping further into the red to rule 2.24 percent below its last closing figure.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Ranbaxy cuts pay package to one-third for new chief!The country`s top drugmaker, Ranbaxy, has proposed an annual pay package of Rs 6 crore for its new CEO and MD Atul Sobti, but his remuneration would be less than one-third of the same for his predecessor Malvinder Mohan Singh.Source: Zee News : Business | 17 Aug 2009 | 6:56 am Sugar stks fall on fears of hike in levy sugar quota to 25%The government may mull a monthly levy sugar quota hike to 20% versus 10%, NewsWire 18 reports quoting trade sources.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 5:31 am Oversupply to impact cement ind in \'10: Sanjay LadiwalaCement prices, which saw a sudden upsurge in April started slipping last week given the weak monsoons. In Mumbai and Gujarat, cement prices fell by Rs 57 per 50 kg and cement experts fear that the southern regions would soon be seen in the southern regions on India.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 5:16 am Proposed gas price hike to add Rs 2000cr to PBT: ONGCIf a price hike in the APM comes through, it would add close to Rs 2,000 crore to ONGC\'s profit before tax, said ONGC Chairman RS Sharma. He added that he was awaiting the governments decision on the gas pricing policy.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 5:12 am Panic sales send Nifty below 4400 - Economic Times
Source: Business - Google News | 17 Aug 2009 | 4:31 am India’s water worries: a look at drought prone MarathwadaWith the monsoon falling far short of expectations, and a quarter of the country already drought hit, India’s farmers are in for a tough time. While the impacts of a drought will be felt across the nation, certain regions will be particularly affected, one of which is an area called Marathwada in the state of Maharasthra. Click here to view a slideshow about how the drought is affecting Marathwada Marathwada is a notoriously drought prone region. Even if it were to rain now, the region will see much lower production than expected,” explains Sneha Shetty of Oxfam India. Oxfam partners with local NGOs Marathwada, to help farmers develop sustainable agricultural practices, and transform barren land into land that is at least somewhat cultivatable. They primarily work with extremely poor farmers, who don’t possess a title to the land they work on and are from the scheduled castes and tribes. They call themselves the Gairandharek, which literally translates into “occupants of grazing land.” Click here to read more posts on non profits and development. These farmers will have to grapple with several issues if the monsoon fails, one being food security, as most farmers don’t have access to irrigation facilities and are entirely dependent on rainfall. The cash income they get from working as laborers on big farms will also disappear. Farmers who have taken a loan to grow cash crops like cotton will once again be sucked back into indebtedness. Although the government has announced its farm loan waiver program, Shetty points out that many of the poor farmers Oxfam helps cannot get loans from banks – instead they depend on money-lenders and hence the waiver program does not benefit them. Shetty maintains that even if the government subsidizes food, water remains a huge problem for these farmers. “The government has not invested in long-term measures, and a drought doesn’t evoke as much of a public response as an earthquake or tsunami,” she explains. She points out that despite the shortage of water in the region, sugarcane is grown in abundance due to pressure from the sugar lobby, much of which is controlled by politicians. This just exacerbates the region’s water deficit, as sugarcane requires irrigation through borewells, which further depletes the groundwater. “Managing drought needs good vision and a long term effort from the government – they should focus on conservation and improving water levels,” says Shetty. She explains that in Maharashtra there are few dams, and the ones that exist tend to benefit wealthier farmers. She states that simple measures like land leveling and bunding, which would increase the ground water level and improve soil moisture, can be carried out through schemes like the NREGA. In Marathwada, Oxfam works to train farmers in sustainable agriculture practices in order to improve the quality of their land. It also helps them file to claim ownership of the land they are cultivating, and is developing community based microfinance institutions to counter the issue of poor credit. Despite the organization’s efforts in Marathwada, if the rains fail this year however, Shetty admits that Oxfam does not have a plan and the farmer’s crops will die. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 4:12 am World stocks, oil tumble on recovery doubtsLONDON (Reuters) - World stocks fell by more than 1 percent on Monday, led by sharp drops in Asia, while government bonds and the dollar rose as doubts about the strength of a global economic recovery triggered a risk asset sell-off.Source: Reuters: Money News | 17 Aug 2009 | 4:11 am Dravid says has nothing to prove after ODI recallChennai: Former cricket captain Rahul Dravid has nothing to prove to his critics and says he is just glad to be back in the one-day side. Dravid has been recalled for next month’s tri-series in Sri Lanka, which also includes New Zealand, and the Champions Trophy in South Africa. The 36-year-old’s last one-day appearance was in October 2007 before selectors dropped him to blood a more youthful side with an eye on the 2011 World Cup. “I have never played my cricket that way, wanting to prove a point,” Dravid told Deccan Herald newspaper on Monday. “To me, it’s about trying your best to be the best you can be, day after day, in whichever format you are playing and for whichever team you are playing.” Dravid is only the second Indian after Sachin Tendulkar to score over 10,000 runs in test and one-day cricket. A young Indian batting unit struggled against short-pitched bowling at the Twenty20 World Cup in England in June, forcing Indian selectors to go back to Dravid in the one-day format with explosive Virender Sehwag injured. “It’s nice to be back, I am very happy,” Dravid said. The tri-series in Sri Lanka will be held from 8-14 September, while the Champions Trophy runs from 22 Sept-5 Oct. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 4:08 am BSE Sensex provisionally falls 4.1 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 4.1 percent on Monday, tracking a broad sell-off across equity markets worldwide on worries about the pace of global economic recovery.Source: Reuters: Money News | 17 Aug 2009 | 4:06 am NTPC may move Supreme Court on RIL gas row this week - Press Trust of India
Source: Business - Google News | 17 Aug 2009 | 4:04 am Industry offers help to ease sugar shortfallIndia's sugar industry has offered all cooperation to the government to ease its shortfall in the domestic market, Agriculture Minister Sharad Pawar said here Monday.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 4:01 am Sensex ends 637 points downThanks to weak global cues and continued profit selling, a key index of the Indian equities markets Monday shed 637 points to close below the 15,000-mark.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 4:00 am Airtel launches wholesale services for global playersBharti Airtel Monday launched its global wholesale service portfolio, which will enable telecom companies across 50 countries to access its services.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 4:00 am Close: Markets down 4% tracking heavy global sell-offMumbai: Indian shares fell 4.07% on Monday, tracking a broad sell-off across equity markets worldwide on worries about the pace of global economic recovery. Sentiment was also weighed down by concerns that poor monsoon rains - crucial for India’s domestic-demand-led economy - will dent growth. The 30-share BSE index ended down 626.71 points at 14,784.92, with all stocks declining. The 50-share NSE index closed down 4.2 %, 192.15 points at 4,387.90. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 3:57 am Sensex ends 637 points downThe BSE benchmark Sensex tumbled over 637 points to close at 14,774 points today on frantic selling by funds in line with weakening global trends.Source: Hindustan Times News Feeds 'Business' | 17 Aug 2009 | 3:52 am Govt to unveil Foreign Trade Policy on Aug 27 - Business Standard
Source: Business - Google News | 17 Aug 2009 | 3:52 am Oriflame to launch 400 new products, treble biz in 5 yearsNew Delhi: With Indians growing more beauty conscious, beauty products and direct-selling company Oriflame India is planning to double its product portfolio to over 800 this fiscal and aims to treble its Indian business in the next five years. “The fact that India is a fast-growing market for us exhorts us to launch 400 new products this year,” Oriflame India managing director Fredrik Widell said. Widell said Oriflame’s Indian business is growing by about 40% each year and the company hopes to treble its business here in the next four-five years. To a query on India’s share in Oriflame’s international business, he said, “Asia has 7% market share in Oriflame’s international business and India holds an important position in it.” Direct selling is a method whereby a network of consumers of a company’s products recommend the products to others, thus helping the company save on advertising costs, a portion which is distributed among consultants. Currently, Oriflame’s plants are situated in Sweden, Poland, China, Russia and India and the company sells its products in 61 countries worldwide. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 3:51 am Govt to set up equal opportunities commission: Salman Khurshid Nagpur: “The government is in the process of setting up an equal opportunities commission which will deal with discrimination faced by minorities in areas like employment, education and housing ,” union minister for minorities Salman Khurshid said on Monday. A draft bill to set up the commission to thwart discrimination on the basis of religion, caste, gender and language will be brought up before the next session of the Parliament. “The commission will be headed by a retired judge of either the Supreme Court or a high court with four-five members,” Khurshid told reporters here. “The government has decided to set up the commission on the recommendations of a committee headed by Mahdav Menon and it would function like any other existing 13 national level commissions,” he said. Meanwhile, talking about his ministry, Khurshid said that the centre has identified 90 districts in the country where 25% population was of a particular minority community and has earmarked Rs2,500 crores for the development of these districts in the current five-year plan. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 3:43 am Suicide bomber kills 19 in RussiaNazran, Russia: A suicide bomber detonated a truck packed with explosives at a local police headquarters in Russia’s Ingushetia region on Monday killing at least 19 people and wounding 68 others. The bombing was the latest in a series of attacks against police and politicians in Russia’s mainly Muslim North Caucasus region that authorities have blamed on Islamist insurgents, undermining the Kremlin’s control of its southern flank. Russian President Dmitry Medvedev ordered his interior minister to take additional measures to ensure security in the region, which borders Chechnya. The truck bomb exploded at the gate of the police base in Ingushetia’s biggest town of Nazran as officers lined up at the start of their working day, the region’s deputy interior ministry Zyaudin Dourbekov told Reuters. “The suicide bomber drove the Gazel truck to the building and detonated the device,” Dourbekov said. He said at least 19 people had been killed and another 68 were wounded. Thick smoke billowed from the burning building as fire-fighters fought flames near the mangled gate of the compound. ITAR-TASS quoted an unidentified investigator as saying the bomb was the equivalent of half a tonne of TNT. “The bomb could be heard throughout the city,” said resident Timur Akiyev. A 38-year-old Nazran resident who identified himself as Ilyas said he was considering moving his business to neighbouring Chechnya as he felt the situation there was safer. Police moved to increase security at other buildings in the city, said Kaloi Akhilgov, a spokesman for the region’s president. Ingush President Yunus-Bek Yevkurov was badly injured in June when a suicide bomber attacked his car. He is now recovering after intensive medical treatment and is expected to return to work soon. Critics say flourishing corruption and abuse of power by authorities are the main reasons behind tensions. Yevkurov, a former paratrooper installed by the Kremlin to restore order, has vowed to fight both rebels and corrupt officials. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 3:39 am HCL Info may raise Rs 825cr via eq to fund growth plans - Moneycontrol.com
Source: Business - Google News | 17 Aug 2009 | 3:38 am Rupee Testing 'Key' Level, Signaling Losses: Technical Analysis - Bloomberg
Source: Business - Google News | 17 Aug 2009 | 3:37 am Sensex tumbles 671 pts, biggest fall in 3 mthsStock markets plunged on Monday in line with weakening global trends. The Sensex fell over 600 points below 15,000, while the Nifty was down 200 points.Source: India Business News | Business News - Times of India | 17 Aug 2009 | 3:27 am Rupee at 1-month low on stock weaknessMumbai: The Indian rupee fell to a one-month low in the afternoon session on Monday as a sharp drop in local shares weighed on sentiment while gains in the dollar versus high-yielding currencies also hurt. At 2:30pm, the partially convertible rupee was at Rs48.73/74 per dollar, its weakest traded since 17 July and below its Friday’s close of Rs48.24/25. Shares fell more than 3% tracking a broad sell-off across equity markets worldwide on worries about the pace of global economic recovery. The currency market is closely influenced by share movements as foreign portlio inflows into the stock market also drive the rupee. Foreigners have bought a net $7.4 billion worth of stocks so far in 2009, helping the rupee claw back from record lows of 52.2 hit in early March. The dollar index, a gauge of its performance versus six majors, was up 0.4%. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs48.78 each, with the total traded volume on the two exchanges at about $1.3 billion. Source: Home - Livemint.com | 17 Aug 2009 | 3:18 am Provogue India to buy back shares worth Rs50 cr - Livemint
Source: Business - Google News | 17 Aug 2009 | 3:14 am Gold buying picks up as prices fallMUMBAI (Reuters) - India gold demand picked up slightly as prices fell for a second day on Monday as traders continued to replenish stocks to meet festive demand, dealers said.Source: Reuters: Money News | 17 Aug 2009 | 3:12 am India's FY10 growth could slow to 5.5 pct on rains - NomuraMUMBAI (Reuters) - India's economic growth could slow to around 5.5 percent in 2009/10 hurt by a poor monsoon, but rates may start rising in early 2010 as inflation expectations increase, Nomura said in a note.Source: Reuters: Money News | 17 Aug 2009 | 3:06 am Sensex goes below 15,000 markContinued selling pressure at Indian equities markets Monday pushed a key index further into the red. The index was ruling 2.9 percent below its last closing figure in afternoon trade.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 3:02 am Airtel launches wholesale services for global telcosNew Delhi: Telecom major Bharti Airtel today unveiled its wholesale service portfolio that will enable telecom operators across 50 countries access its services. Bharti Airtel’s wholesale portfolio will offer MPLS, ethernet, IP and International Private Leased Circuit (IPLC) services to global carriers through its global network with a reach to 50 countries, Bharti Airtel said in a statement. The portfolio includes solutions for voice and data connectivity, collaboration services, co-location, carrier outsourcing and content distribution through its high speed submarine network, it added. The connectivity has come on the back of investments of over $500 million made on building cable capacity, network infrastructure and international points of presence, it said. “The launch is another step in our journey of becoming a global network solutions provider. From being a regional partner for foreign carriers, Bharti is now uniquely poised to serve global carriers to and from any part of the globe,” Bharti Airtel President (Enterprise Services) David Nishball said. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 2:59 am CanBank to raise up to Rs 600 cr via bonds - Business Standard
Source: Business - Google News | 17 Aug 2009 | 2:52 am India’s FY10 growth could slow to 5.5% on rains: NomuraMumbai: India’s economic growth could slow to around 5.5% in 2009-10 hurt by a poor monsoon, but rates may start rising in early 2010 as inflation expectations increase, Nomura said in a note. Rainfall was 29% below normal as of 12 August, government data shows. This is a concern for agriculture production as only 40% of India’s farmland is irrigated. Nomura said it was too early to assess how much growth will be affected as it depends on the severity of damage done, farmers’ ability to shift to shorter-duration crops and post-monsoon showers that will determine soil moisture. It has therefore retained its 2009-10 growth forecast of 6.3% and 2010-11 estimate of 7.5%, said Sonal Varma, economist at Nomura, who authored the report. Nomura said although agriculture is a drag, signs of global recovery, strong industrial output growth in June could act as tailwinds to growth. Decline in rural incomes could be partly offset by alternate rural job opportunities under the National Rural Employment Guarantee Act (NREGA), which did not previously exist, it said. The rural sector will also benefit from government spending on rural infrastructure, last year’s increase of minimum support prices for food grains and diversification into higher-value products such as fruits, vegetables, milk, meat and fish, the note said. The drought could push inflation to 6.5-7% by end-March 2010 from the current forecast of 5.5%, Nomura said. Drought-related spending is likely to negate the upside to the central fiscal deficit estimate of 6.8% of gross domestic product that it had expected due to higher revenues, it said. Nomura expects the central bank to allow the rupee to appreciate to curb inflation and sees it at 44 to the dollar by March 2010 from around 48 currently. While the central bank may postpone its first rate hike by a quarter in the case of a severe drought, it may hike rates at a faster pace as inflation picks up and growth rebounds next year. it said. Source: Home - Livemint.com | 17 Aug 2009 | 2:50 am Gold buying picks up as prices fallMumbai: India gold demand picked up slightly as prices fell for a second day on Monday as traders continued to replenish stocks to meet festive demand, dealers said. “We did a few deals since morning, but dollar/rupee is not acting in favour,” said a dealer with a private bank in Mumbai. The most-active October gold contract was 0.36% lower at Rs14,841 per 10 grams at 2:05pm, extending Friday’s fall of 0.3%. A weak rupee makes the dollar-quoted asset expensive locally. The Indian rupee dropped to its lowest in nearly a month, weighed down by losses in the stock market, other Asian units and the dollar’s strength against the euro and other high yielding currencies. Dealers said India’s buying appetite would be boosted if prices declined further. “We have 20-25 orders at $920 (an ounce),” said another dealer with a state-run bank. “If rupee also favours, then it could boost buying.” Source: Home - Livemint.com | 17 Aug 2009 | 2:37 am Bhel’s Tiruchirapalli unit eyeing Rs10,000 cr turnoverTiruchirapalli: The Tiruchirappalli unit of state-run power equipment maker Bharat Heavy Electricals targets a Rs10,000 crore plus turnover this year, a senior official has said. Bhel Tiruchirappalli complex executive director A V Krishnan, while addressing the employees on Sunday, said the targeted turnover of Rs9,500 crore would be surpassed comfortably and he was confident that the turnover would cross the Rs10,000 crore mark by the end of the financial year. He announced that the third phase of capacity augmentation at the complex at an investment of Rs485 crore would be completed by 2011, taking the capacity to 15,000 MW per annum. Under the phase II expansion, work on the second unit of high pressure boiler plant at an expenditure of Rs732 crore had been completed and it would be commissioned soon. The company would recruit more engineers and artisans, he said. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 2:37 am METALS-Shanghai copper and zinc fall; LME extends losses - Reuters India
Source: Business - Google News | 17 Aug 2009 | 2:33 am Sugar industry to help ease shortage: govtNew Delhi: India’s top sugar industry officials have promised to help the government ease the domestic shortfall in the commodity, agriculture minister Sharad Pawar told reporters on Monday. “Industry’s attitude was quite constructive. They are ready to find a solution to do away with shortage,” he said after meeting top industry officials. He did not say what steps the government or industry may take to reduce the shortage. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 2:33 am Provogue India to buy back shares worth Rs50 crMumbai: Garments maker Provogue India on Monday said it will buy back shares worth Rs50 crore from its shareholders through open market route. “The directors have approved to repurchase 50 lakh shares at Rs100 a piece, aggregating to Rs50 crore,” Provogue India said in a filing to the Bombay Stock Exchange (BSE). The buy-back is subject to necessary regulatory approvals, the filing added. Shares of Provogue India were trading at Rs66.50 on the BSE, up 1.99% from previous close. Source: LatestNews-Home - Livemint.com | 17 Aug 2009 | 2:30 am Staterun oil firms hike ATF prices; aviation stocks downStaterun oil firms have hiked ATF prices by 4.5%. Indian Oil, BPCL and HPCL hiked rates in Delhi by Rs 1,662 per kilolitre. This is the second instance of a price hike within a month. The move is intended to get Indian ATF prices in line with the global oil rates.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 2:24 am Noon: Markets extend fall to 3% on recovery worriesMumbai: Indian shares extended losses to 3% on Monday afternoon, tracking a broad sell-off across equity markets worldwide on worries about the pace of global economic recovery. Concerns that poor monsoon rains - crucial for India’s domestic-demand-led economy - will dent growth also weighed on sentiment. At 1:45pm, the 30-share BSE index was down 3% at 14,941.94 points, with all stocks declining. The 50-share NSE index was down 3.2% at 4,435.65. Markets had shed more than 2% in the morning, tailing weak Asian peers as concerns grew a global economic recovery may be rockier than expected after data showed US consumer confidence fell to its lowest since March. Energy giant Reliance Industries dropped 2.65 to Rs1,981.60, while state-run explorer Oil and Natural Gas Corp lost 1.5% to Rs1,201.75 as oil prices dipped below $67 a barrel, extending the previous session’s 4.3% fall. Non-ferrous metals producer Sterlite Industries eased 4.1% to Rs635.05 and leading aluminium producer Hindalco Industries slid 3.2% to Rs104.70 as metal prices retreated. Private-sector lender ICICI Bank, which slipped 2.8% to Rs723, and engineering and construction firm Larsen & Toubro that shed 2.5 percent to Rs1,449 were the other major losers. “The feeling that the worst is not over for the world is looming large in the minds of investors,” Arun Kejriwal, strategist at research firm KRIS, said. By 10:50am, the 30-share BSE index was down 2.1% at 15,098.97 points, with 28 stocks declining, after falling as much as 2.2% in early trade. The 50-share NSE index was down 2.05% at 4,485.85. The benchmark has also been weighed down by worries that poor monsoon rains - crucial for India’s domestic-demand-led economy - will pose a hurdle to a rapid recovery. Returning to a high growth rate is the greatest challenge facing India, with a weak monsoon making the task harder, but the economy may improve by year-end, Prime Minister Manmohan Singh said in his Independence Day speech on Saturday. The economy is likely to grow by 6.5-7% in the year to March 2010, a top policy adviser said last week, matching the 6.7% growth in 2008/09, and well below the growth rates of 9% or more in the previous three years. Traders said the market would be choppy till clarity emerged on the government’s response to the weak monsoon. In the broader market, losers led gainers 1,236 to 759 on relatively heavy volume of nearly 100 million shares. Asian shares were lower, with Japan’s Nikkei down 2.9%, while MSCI’s measure of other Asian markets fell 2.8%. The Reuters/University of Michigan Surveys of Consumers said on Friday its preliminary reading of the index of US confidence fell to 63.2 from 66.0 in July, well below market expectations for a reading of 68.5. Source: Home - Livemint.com | 17 Aug 2009 | 2:14 am MTN directors meet today to take stock of $23bn Bharti dealAn empowered group of MTN directors are expected to meet today to take stock of the USD 23 billion dollar proposed deal with Bharti. The meeting was supposed to take place in New Delhi but may now to be held in Mumbai.Source: Moneycontrol Top Headlines | 17 Aug 2009 | 2:11 am Sensex tumbles over 412 points at midsessionThe Bombay Stock Exchange benchmark Sensex tumbled over 412 points at midsession today on frantic selling by funds in line with weakening global trends.Source: Daily News & Analysis: Money News | 17 Aug 2009 | 2:03 am India's cane region gets heavy rains too late - Reuters India
Source: Business - Google News | 17 Aug 2009 | 1:59 am Govt to unveil foreign trade policy Aug 27 - Anand SharmaNEW DELHI (Reuters) - The government will announce on Aug. 27 its foreign trade policy for the next five years starting from FY10, Trade Minister Anand Sharma said on Monday.Source: Reuters: Money News | 17 Aug 2009 | 1:45 am Govt has no plan to go slow on H1 borrowingNew Delhi: The Indian government has no plan to go slow on its fiscal first-half borrowing schedule and the details of the next auction would be announced later in the day, a top official said on Monday, pushing bond yields higher. The government usually announces on Fridays its bond auction schedule for the following week but the lack of an annoucement last week had buoyed sentiment in early trade as it raised expectations that the government may pare its borrowing needs. But a top finance ministry official, who declined to be named, said the scheduled borrowing for the first half of 2009/10, that began in April, would go ahead as planned. “There is no thinking of slowing down on borrowing. We will follow the (H1) calendar,” the official said. On 7 August, the government rejected all bids at a Rs12,000 crore auction, in the backdrop of a bank strike. The official said a matching amount would be borrowed in the first half itself. The government has already announced auctions of Rs6,500 crore of treasury bills on Tuesday. The central bank’s indicative calendar showed it would auction 120 billion rupees of bonds between 21 August and 28 August. The benchmark bond yield which had fallen to as low as 7.04% in early trade, rose to 7.08% after the news but is still trading below Friday’s close of 7.11%. The government had announced it would borrow a total of Rs2.99 trillion in the first half, 66 percent of its full-year borrowing target of a record Rs4.51 trillion. The cut-off yields of Friday’s 12,000 crore auction were higher than market expectations and two of the three bonds on sales partly devolved on primary dealers, indicating a waning investor appetite for government debt. Source: Home - Livemint.com | 17 Aug 2009 | 1:31 am Sensex tumbles over 412 points at midsessionSensex tumbled over 412 points at midsession on Monday on frantic selling by funds in line with weakening global trends.Source: India Business News | Business News - Times of India | 17 Aug 2009 | 1:29 am What recession? Economic crisis passes teens by - studySYDNEY (Reuters Life!) - The world may be slowly emerging out of recession, but the global financial crisis appears to have gone unnoticed to a whole swathe of people: teenagers.Source: Reuters: Money News | 17 Aug 2009 | 1:28 am Investors upbeat about economic prospects: surveyMumbai: Indian investors were upbeat about economic and investment prospects, a survey launched by JP Morgan Asset Management and Valuenotes said on Monday. The index, published on a quarterly basis, aims to measure confidence levels of retail, corporate and financial advisers on the economic and investment environment in India and values are assigned between zero and 200, with zero denoting a very negative outlook and 200 the highest value. The investment confidence Index was at 135.9 at the end of July 2009 indicating a high degree of confidence among investors and was calculated by averaging the values of three sub indices. Retail investors are more confident of making additional investments than financial advisers and investors expect the benchmark stock index to rise to 16,000-17,000 by December 2009. It was down 2.6% at 15,000 on Monday. Half the firms surveyed said the rupee will likely gain in the next six months while 76% of respondents said interest rates will rise. The survey follows similiar indices launched in Britain, Germany, France, Japan and Hong Kong, the release said. Source: Home - Livemint.com | 17 Aug 2009 | 1:24 am Indian investors upbeat about econ prospects - surveyMUMBAI (Reuters) - Indian investors were upbeat about economic and investment prospects, a survey launched by JP Morgan Asset Management and Valuenotes said on Monday.Source: Reuters: Money News | 17 Aug 2009 | 1:14 am Muthoot Finance on an expansion driveThe company already had branches in Dubai and UK under the banner of Muthoot Global and very soon more branches would opened in UK and UAE.Source: Daily News & Analysis: Money News | 17 Aug 2009 | 1:12 am No plan to go slow on H1 borrowing - officialNEW DELHI (Reuters) - The government has no plan to go slow on its fiscal first-half borrowing schedule and the details of the next auction would be announced later in the day, a top official said on Monday, pushing bond yields higher.Source: Reuters: Money News | 17 Aug 2009 | 1:03 am Oil falls to 2-week low as economic gloom returnsPerth: Oil fell to a two-week low above $66 a barrel on Monday, extending the previous session’s decline, as weak consumer sentiment in the US raised worries that oil’s recent rally has run ahead of the global economic recovery. Oil on Friday fell by $3.01, or 4.27% - the biggest loss since 29 July - after the Reuters/University of Michigan Survey of Consumers showed consumer confidence in early August dropped to the lowest level since March. US crude oil futures fell 96 cents to $66.55 a barrel by 12:00pm, its lowest since 31 July, while London Brent crude fell 66 cents to $70.78. “Oil prices are still suffering from the hangover of last week’s poor US consumer sentiment and high crude inventory data. A fall in equities markets has further weighed on oil,” said Ben Westmore, a commodities analyst at the National Bank of Australia. Asian stocks slid after a further deterioration in US consumer confidence cast doubts about the pace of the global economic recovery and soured appetite for risky assets, with the MSCI benchmark for Asia-Pacific shares outside Japan down 3% and the Shanghai Composite index dropping by more than 5% to its lowest in nearly eight weeks. Analysts say investors are torn between hopes China will help to pull the world economy out of recession and worries about a major correction in its red-hot stocks, stirring volatility in a market. Oil’ steep decline on Friday brought it to a weekly loss of 4.8%, snapping a four-week streak of gains that were largely fuelled by optimism that the global economy had turned a corner and recovery later this year would boost energy demand. While economy growth returned to Japan in the second quarter, ending its longest recession since World War II, analysts warned of a rocky road ahead as the nascent recovery in the world’s third-largest energy consumer was based on short-term stimulus efforts around the world. Key housing data and producer prices due to be released on 18 August will offer further clues on the health of the US economy, analysts said, although US stocks could extend last week’s retreat after four weeks of gains as the earnings season winds down. Although the hurricane season has arrived in the Atlantic, analysts say swelling crude stockpiles that are at their multi-year highs would limit the impact of a storm on oil prices. US Gulf of Mexico offshore oil patch output was unaffected by Tropical Storm Claudette, which was quickly passing far to the east of main production areas, oil companies said on Sunday. The hurricane season has taken on a particularly ominous feel in the Gulf Coast region because two of the past four years have brought intense and destructive storms that disrupted operations at offshore platforms and coastal refineries, but many forecasts are for a mild hurricane season this year. Separately, Iran’s Opec governor Mohammad Ali Khatabi said on Friday crude output increase is not on Opec’s agenda because of high levels of oil storage by consumer countries. Source: Home - Livemint.com | 17 Aug 2009 | 1:01 am Delhi-bound Jet flight skids at Dhaka runwayA Delhi-bound Jet Airways flight skidded on the runway while taking off from Dhaka's Zia International Airport at about 11 a.m. Monday, a senior airport official here said.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 1:00 am Sensex slips further, down 2.24 percentIndian equities markets were under selling pressure just before noon Monday, with a key index slipping further into the red to rule 2.24 percent below its last closing figure. Indian traders also took cues from other Asian bourses, which were in the negative terrain.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 1:00 am Pak terror groups planning new attacks: PMNew Delhi: Prime Minister Manmohan Singh said on Monday there was “credible information” that Pakistan-based terrorist groups were planning fresh attacks on India. Singh’s statement was the latest attempt by India to pile more pressure on Pakistan to act against anti-India terrorists that New Delhi blames for last November’s Mumbai attacks. “Coming to specific challenges, cross-border terrorism remains a most pervasive threat,” Singh said while addressing a conference of the chief ministers on internal security. “There is credible information of ongoing plans of terrorist groups in Pakistan to carry out fresh attacks.” India suspended a 2004 peace process with Pakistan after last November’s attack on Mumbai that killed 166 people, saying it could be resumed only if Pakistan acted to dismantle the “terrorist network” on its soil. New Delhi blamed the attack on Pakistan-based terrorists who it said were supported by some official agencies. Pakistan denied official involvement, but accepted that the attack was partly planned on its soil. It arrested five people who India said were behind the attack. “The areas of operation of these terrorists today extends far beyond the confines of Jammu and Kashmir and covers all parts of the country,” the Prime Minister said. Source: Home - Livemint.com | 17 Aug 2009 | 12:52 am Aurobindo Pharma to acquire Trident Life Sciences - Business Standard
Source: Business - Google News | 17 Aug 2009 | 12:41 am Rupee drops to near one-month lowThe rupee dropped to its lowest in nearly a month of Monday, weighed down by losses in the stock market, other Asian units and the dollar's strength against the euro and other high yielding currencies.Source: India Business News | Business News - Times of India | 17 Aug 2009 | 12:39 am Japan pulls out of recession, but outlook shakyTOKYO (Reuters) - Japan's economy returned to growth in the second quarter, ending its longest recession since World War Two, but analysts warned of a rocky road ahead as the nascent recovery was based on short-term stimulus efforts around the world.Source: Reuters: Money News | 17 Aug 2009 | 12:07 am Goa to host gay group tour in OctoberGoa will host a group tour for gays this October, a few months after homosexuality was decriminalised in India by a Delhi high court ruling.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 12:01 am Torrent starts output from final phase of Gujarat power unitThe $1 billion power and healthcare major Torrent group has started commercial production of electricity under the final phase of the Rs.3,600 crore Sugen power plant in Gujarat that will cater to its customers in Ahmedabad, Gandhinagar and Surat.Source: IndiaeNews.com: Business News | 17 Aug 2009 | 12:01 am Domestic airlines see rise in biz class travellersThere has been an uptick in the number of business class passengers carried by Jet Airways and Air India (domestic) on their domestic flights in recent times. Frequent fliers on Kingfisher have noticed a similar trend. So are domestic airlinesSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Comex gold to consolidate, riseComex gold futures fell lower on Friday as oil prices slid lower and the dollar strengthened amid lack- lustre US consumer confidence data, dampening gold’s appeal as a hedge against inflation. Market participants took profits ahead of theSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Centre mulls bonus on cane above statutory priceNew Delhi, Aug. 16 The Centre is mulling granting sugarcane growers a bonus over and above its already announced statutory minimum price (SMP) of Rs 107.76 a quintal for the ensuing 2009-10 crushing seasonSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Fresenius Kabi Oncology (Rs 66.4): BuyWe recommend a buy in the stock of Fresenius Kabi Oncology (earlier Dabur Pharma) from a short-term perspective. It is evident from the charts of the stock that the share has been on an intermediate-term uptrend from its October 2008 low of RsSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am D6 gas may flow to ready-to-start power plantsNew Delhi, Aug. 16 The Government may soon take a decision on further allocation of gas from the Reliance Industries Ltd-operated Krishna Godavari Basin D6 block.Source: Business Line - Home Page | 17 Aug 2009 | 12:00 am Gold to trade range-bound; crude has upward biasWith growing evidence that recession is nearing its end and the phase of recovery would soon begin, growth-sensitive assets such as industrial metals and energy are likely to hog the limelight.Source: Business Line - Home Page | 17 Aug 2009 | 12:00 am Corporate Affairs Ministry reaching out to aam aadmiNew Delhi, Aug. 16 Ever since the Satyam scam broke out, the Ministry of Corporate Affairs has been under pressure to prevent similar incidents. Mr Salman Khurshid, holding independent charge of the Ministry, told Business LineSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Auto component suppliers bet on spare parts marketMumbai, Aug. 16 The auto component industry, which has just started seeing revival after a lull in the business, relies on the retail market of auto spare parts for betterSource: Business Line - Home Page | 17 Aug 2009 | 12:00 am Deposits continue to swell; PSBs grab major chunkBL Research Bureau Indians poured Rs 7,28,078 crore into the banking system by way of deposits in the year ended July 31, 2009, 27 per cent more than in the preceding year.Source: Business Line - Home Page | 17 Aug 2009 | 12:00 am China's CIC to buy U.S. mortgages - sourcesHONG KONG (Reuters) - China Investment Corp (CIC), the country's $200 billion sovereign wealth fund, is set to pour up to $2 billion soon into the U.S. mortgage system by hiring mandates under the U.S. Treasury-backed Public-Private Investment Plan (PPIP), sources told Reuters.Source: Reuters: Money News | 16 Aug 2009 | 11:39 pm Sensex plunges over 300 points in opening tradeSensex fell by over 300 points in the opening trade today on selling by foreign funds and retail investors in heavyweight stocks, taking cues from other weak Asian markets.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 11:06 pm Haryana will dig lakes to fight droughtNew lakes will be dug and reservoirs built, while old ones will be renovated by the Haryana government to fight drought in the future, the state's finance minister has announced.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 10:30 pm Sensex starts week in red, down 1.6 percentA key index of the Indian equities markets started the week's trade in the red, and was 1.6 percent below its previous close about five minutes after the opening bell.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 10:30 pm Asian stocks fall as investors cut recovery betsHong Kong: Asian stocks slid after a further deterioration in US consumer confidence cast doubts about the pace of the global economic recovery and soured appetite for risky assets. Investors sought the safety of US Treasuries after data from the world’s largest economy showed consumer confidence fell more than expected in early August, dropping to its lowest level since March. Even after data released on Monday showed Japan’s economy became the third G7 country after Germany and France to pull out of recession, investors continued to shun growth-linked currencies such as the Australian and New Zealand dollars. Japan’s economy grew 0.9% in the three months to June, ending its longest recession since World War Two as expected, but analysts say recovery in the world’s No.2 economy could lose steam when a temporary boost from government stimulus peters out. Japan’s Nikkei share average, slumped 2.2%, pulling away from a 10-month high struck on Friday which also boosted government debt prices with the September 10-year JGB futures hitting their highest since end-July. “Today’s data was driven by stimulus steps in Japan and overseas, so Japan’s economy is far from self-sustaining growth,” said Kyohei Morita, chief economist for Japan at Barclays Capital. Commodity bulls retreated, ending the sizzling rally in oil and copper prices, which were largely fuelled by optimism the global economy had turned a corner. Oil prices extended their steep losses made on Friday, when they fell by the biggest margin since end-July, to trade below $67 to a barrel and Shanghai copper futures was limit down, ending last week’s four-day rally. Oil had rallied for four straight weeks, while copper prices had their biggest weekly rise in over two months last Friday. The sell-off in Asian stocks was broad-based with financials, industrials and materials providing the biggest drag on the MSCI index of Asia Pacific shares traded outside Japan which was down 2.2% and within striking distance of the month’s low. Still, the index is up 75% since 9 March, when the global equity rally began on hopes the worst of the economic slump was over and that the growing signs of recovery would lead to a brighter outlook for corporate earnings. China stocks, which have been driven in recent weeks by the optimism the world’s third biggest economy would pull the rest of the world out of the economic slump, fell to a 7-week low. The Shanghai Composite Index fell to 2,946.068 points, down 3.3% and extending last week’s 6.6% drop, as investors worried that this year’s rally had been overdone. Still it up 63% year to date. The decline comes on the back of its biggest weekly drop in five months on Friday with worries about additional share supplies from IPOs adding to concern over monetary policy and bank lending. Monday’s wave of risk aversion also hurt demand for higher yielding currencies like the Australian and New Zealand dollars, which are closely linked to commodity prices. The Aussie was well off an 11-month high of $0.8479 struck on Friday, trading around $0.8229, while the kiwi hovered around $0.6710. Safe havens like US Treasuries extended last week’s gains with the 10-year Treasury notes yielding 3 basis points (bps) lower at 3.54% as enthusiasm about the economic recovery waned and confidence grew the Federal Reserve will keep interest rates near zero and maintain its quantitative easing policy for a long time. Source: Home - Livemint.com | 16 Aug 2009 | 10:18 pm How many pages does the new direct tax code run into?How many pages does the new direct tax code run into?Source: Daily News & Analysis: Money News | 16 Aug 2009 | 5:30 pm Hiring goes up, employees ebullientAfter nearly a year in the doldrums, employment prospects seem to be improving again. A survey carried out by the Labour Minisrty has shown majority of non-exporting units have created additional 35,000 jobs during the period April-June as compared to March 2009.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 4:22 pm Code puts firms on the MAT againThe proposed reduction in corporate tax rate from 30% to 25% in the new direct tax code is only one side of the story.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 4:10 pm 'There are still a lot of bargains to be found the mid-market space'Setting up a successful asset management company in India can be a taxing affair for new entrants, believes Nimesh Shah, the managing director of ICICI Prudential AMC.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 4:07 pm Ministry plans to amend Chart'd Accountants ActThe move will come after the ministry receives ICAI's report on the Satyam Computer Services scandal, which was expected last month.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 4:04 pm For infra majors, nothing drives like the metroMetro rail projects have suddenly become one of the most attractive businesses in the country.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 3:55 pm Market's worried about the unknownThe bond market is worried. But what it is worried about is a mystery. The worry shows in the volumes where even the benchmark ten-year paper traded very thin volumes.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 3:49 pm 'Why not allow 74% FDI in retail?'Dayanidhi Maran is best known for his 'One India' phone tariff and for triggering the manufacturing wave in the country for telecom equipment companies.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 3:49 pm Realtors turn malls and office plans into homesWith developers forced to return to the drawing board to make projects financially viable, the landscape is, indeed, changing.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 3:47 pm Deo ad too hot for TV?The tag line of the advertising film is ‘Ignite the Fire’ and the voice over says huskily, “Sometimes all you need is a little Fuel to ignite the fire.” Remember this commercial that has been running recently on television across a large number of channels? Has anyone objected? Saurabh Turakhia reports.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 3:23 pm Opportunity vs opportunismSuccess in business is often the result of spotting an opportunity before someone else does. But it is important to recognise the difference between opportunity and opportunism.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 3:14 pm It’s the show, stupid!Television viewers watch programmes, not channels. So advertisers and their media agencies chase programmes, not channels. Channels themselves say monetisation for them depends on programme viewership. So why is there so much noise about rankings in the general entertainment channel (GEC) space?Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 3:03 pm Tax code must allow investment switchingThere’s a lot that is genuinely new in the new direct tax code that has been proposed, but it also says that when the income tax department sells a defaulter’s property, it shall do so by ‘by beat of drum.’Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 2:59 pm Realty clearance sale nets Rs 90 crThe first of its kind ‘inventory clearance sale’ in real estate fetched over Rs 90 crore for a Mumbai-based property developer in nine days, indicating appetite of buyers for the right-priced residential units.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 2:54 pm Ranbaxy slashes CEO’s payThe country’s top drugmaker, Ranbaxy, has proposed an annual pay package of Rs 6 crore for its new CEO and MD Atul Sobti, but his remuneration would be less than one-third of the same for his predecessor Malvinder Mohan Singh.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 2:48 pm Domestic-focused sectors lead return to hiringWith exports struggling to stay afloat, the domestic economy, led by the jobs market, is leading the economic rebound. According to a labour ministry survey, the majority of non-exporting units have created additional jobs during the April-June period compared to the end of March 2009.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 2:45 pm Freight costs rise in Haldia’s shallow watersBangalore: State-owned Indian Oil Corp. Ltd (IOC) and Steel Authority of India Ltd (SAIL) are paying more in freight costs to import raw materials because of insufficient depth at the Haldia dock of the Union government-owned Kolkata port. Recently, when IOC’s mooring facility at Paradip port in Orissa was shut for repairs for a few days, the refiner had to revert to an older system of importing crude to feed its refinery at Haldia.  Port constraints: A supertanker at sea. Indian Oil Corp. has had to use smaller tankers to ship crude as supertankers can’t dock at Haldia. A mooring point is used by oil tankers to offload crude that is transported through pipes to the shore. IOC used to earlier import crude oil to Kakinada, Andhra Pradesh, on supertankers that can carry as much as 280,000 tonnes of the fuel. From Kakinada, the crude was unloaded on smaller tankers and taken to Haldia since supertankers cannot call directly at Haldia, where the depth is 7.5-7.8m depending upon the tide. IOC prefers to bring the crude on supertankers to save on freight. It pays about Rs1,500 crore a year in shipping bills. When the Paradip mooring point was closed for repairs, IOC had to hire three smaller tankers to take the crude arriving on supertankers from Kakinada to Haldia. Though each of these tankers can carry 95,000 tonnes of crude, they could load only 35,000-45,000 tonnes because of the insufficient depth at Haldia. The freight cost to bring crude on supertankers from West Africa to Kakinada is about $3 million (Rs14.49 crore). This works out to about $11 per tonne, according to two ship brokers who did not want to be named. To unload the crude oil from one supertanker, smaller tankers hired by IOC have to make six-seven trips from Kakinada to Haldia. For each trip, IOC paid about $4.5 lakh per vessel. So, while IOC imported crude oil from West Africa to Kakinada at a rate of $3 million, it was paying the same amount to ship it from Kakinada to Haldia. “This is a very costly affair,” said one of the brokers. An IOC executive said on condition of anonymity that the firm had to resort to the older system to keep feeding the Haldia refinery. The mooring facility at Paradip has since started functioning. Similarly, out of 10 million tonnes (mt) of coking coal SAIL imports every year for its steel plants, it wants to ship about 6 mt directly to Haldia. But it can ship only 3-4 mt because of depth constraints. As a result, SAIL imports coking coal first to Visakhapatnam in Andhra Pradesh, from where about half the quantity is unloaded and taken to the steel mills by rail. This entails higher freight costs compared with transporting it to plants from Haldia. Although the load is reduced at Visakhapatnam and the ship becomes lighter, the remaining cargo is shipped from Visakhapatnam to Haldia at an extra cost ranging from $1.5 to $2.5 per tonne on the entire quantity. For instance, assume SAIL transports about 70,000 tonnes of coking coal on a ship to Visakhapatnam at a rate of about $10 per tonne. At Visakhapatnam, about 40,000 tonnes are unloaded and taken to the mills by rail. To ship the rest to Haldia, the steel maker has to pay $1.5-2.5 over the base freight of $10 per tonne on the entire 70,000 tonnes and not on the balance 30,000 tonnes of coal. “Thus, SAIL has to pay more on freight to ship coking coal to Haldia because of insufficient depth at the port,” said the second ship broker. SAIL pays about Rs1,200 crore a year to ship raw materials. The Haldia port needs dredging throughout the year to maintain the current depth, for which the Union government pays about Rs500 crore a year. Source: Home - Livemint.com | 16 Aug 2009 | 1:45 pm Will weak monsoon hit GDP, fuel inflation?As monsoon data trickled in and raised fears of a drought, spot market prices for most-consumed food items shot up.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:26 pm Gilt funds slip into red zone againNearly half of the 50-odd medium and long term gilt funds have slipped into the negative zone in the last six months, data shows.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:22 pm Tax exemptions cost govt Rs 4.2 lakh cr in '08-09The govt 'lost' a whopping Rs 4.2 lakh crore in 2008-09 as revenue foregone on account of various tax exemptions, a sum almost equivalent to the budget deficit for the current financial year.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:22 pm Sensex bettered returns after poor rains in 21st CenturyA poor monsoon is rattling markets, raising fears it could hurt economic prospects of corporates and consequently result in lower stock prices.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:19 pm Foreigners hold 23% in BSE-500Foreign ownership in BSE 500 companies which represent nearly 93% of the total market capitalisation on BSE is a tad higher than of the government, data from stock exchanges and think-tanks shows.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:17 pm ET Awards jury to meet on Aug 20The chairman of the Jury this year is Nokia Corporation's president & CEO, Olli-Pekka Kallasvuo.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:15 pm Banks reaching limit for govt bond buysThe government may face fresh problems for its mammoth borrowing programme, with several major banks, especially public sector players, expressing difficulty in buying more long-tenure bonds during the auctions owing to growing mark-to-market risks to their balance sheet.Source: Business Standard | Front Page Headlines | 16 Aug 2009 | 12:37 pm ‘Chandrayaan-2’ design completed, says IsroBangalore: India has completed the design of ‘Chandrayaan-2’, its next mission to the moon—this time in collaboration with Russia—that would have a lander and rover, which can collect samples of the lunar soil and analyse them and send back the data. “Right now, the design has been completed. We had a joint review with Russian scientists here,” chairman of Indian Space Research Organisation (Isro) G. Madhavan Nair said. According to Isro, the mission would have an orbital flight vehicle constituting an orbital craft and a lunar craft that would carry a soft landing system up to lunar transfer trajectory. While Isro will be developing the orbiter, it will be Russia’s job to make the lander and the rover. Additional scientific payloads would be acquired from the international scientific community. Source: Tech News - Livemint.com | 16 Aug 2009 | 11:52 am Hackers make the most of the bleak job scene New Delhi: Identity thieves and hackers are turning the bleak employment situation to good account by attacking job portals and obtaining information about applicants, for which a subterranean market is in operation. Amid the current recession, hackers are attacking corporate job sites and also setting up fake ones for collecting applicants’ personal information, Internet security firm Trend Micro said. “Continued rising unemployment has led more people to apply online for jobs, both through online job aggregators and individual corporate sites, thus turning the job portals into a gold mine for collecting personal data,” Trend Micro Product marketing manager Abhinav Karnwal said. Karnwal further added that in a difficult hiring climate, applicants may feel constrained to give a potential employer whatever information asked for — even if it’s her/his social security number or bank account number. An analyst tracking the sector feels that identity thieves and hackers are setting increasingly sophisticated traps to dupe the jobless, who are evidently off guard. The hackers usually sell the important data collected from resumes, like mobile numbers, addresses, email IDs and other personal details, in the underground economy. Moreover, the hackers are also targeting job seekers by sending fake ‘work from home’ offers. While the leading job portal Monster.com was not available for comment, Naukri.com said that it has not faced any incident of hacking recently. To avoid falling prey to hacking, Trend Micro suggested that applicants should contact employers directly rather than posting resumes on a large career site that can be easily trolled by hackers. It further suggested that if applicants do get a call, they should do some research before calling them back. Source: Tech News - Livemint.com | 16 Aug 2009 | 5:16 am
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