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Maruti rolls out small car Estilo at Rs 3.123.95 lakhMaruti Suzuki has launched its new small car Estilo at Rs 3.123.95 lakh. Shinzo Nakanishi, MD, Maruti Suzuki India, says the new Estilo launch price is only introductory.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 9:26 am Eyeing acquisitions of tea gardens to up output: JayshreeA fundamental rally in tea prices has kept tea stocks extremely active. DP Maheshwari, Senior VP, Jayshree Tea expects to improve the operating profit margins (OPMs). We are looking at acquisition of tea gardens to improve our production level, he said.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 9:18 am Need to up fares further if crude boils: SpiceJetAjay Singh, Director, SpiceJet, says airlines need to up fares if crude prices rise further. He expects load factor to improve despite higher fares. However, he was quick to caution that the environment for aviation remains challenging.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 8:48 am Exploration success ratio at 6070%: Oil IndiaN M Borah, CMD, Oil India Limited said that the companys exploration success ratio was at 6070% and added that he planned to undertake exploratory drilling in Libya by November. Oil India currently produces 3.55 MTPA of crude, Borah informed.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 8:33 am End users coming back to buy property: JLLMEven as it is premature to say the real estate industry is on the road to recovery, end users are coming back into the markets, believes Anuj Puri, Chairman and Country Head of Jones Lang LaSalle Meghraj, a real estate consultancy.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 7:38 am RILRNRL case: Govt makes amendments to SLPThe final interministerial gas panel meet took place today (August 25) to decide on the governments stance in the Reliance Industries (RIL)Reliance Natural Resources (RNRL) case. Law Minister Veerappan Moily said the government had made amendments to the governments special leave petition (SLP).Source: Moneycontrol Top Headlines | 25 Aug 2009 | 7:30 am Indian firm to invest $44 mn in IndonesiaBEML Limited, India-based second largest heavy equipment producer in Asia, will invest $44 million in Indonesia to support its business expansion in the country, the business daily Bisnis Indonesia quoted the company's top official as saying on Tuesday.Source: Hindustan Times News Feeds 'Business' | 25 Aug 2009 | 7:16 am AI employees on three-day strike over salary payment!Angry over delay in payment of their salaries by cash-strapped Air India management, over 20,000 members of airlines` employee`s unions have decided to go on a three-day hunger strike from on Tuesday.Source: Zee News : Business | 25 Aug 2009 | 6:20 am Economy to grow at 7-8% next financial year: C Rangarajan!The economy is expected to grow between 7-8 percent in the 2010-11 fiscal year, a top policy adviser said on Tuesday.Source: Zee News : Business | 25 Aug 2009 | 6:20 am GM may try to keep Opel!General Motors, which for months has been trying to sell Opel, reportedly is now trying to keep the ailing German brand, a move that would drive a stake in Berlin`s favored option: a takeover by Magna.Source: Zee News : Business | 25 Aug 2009 | 6:20 am North East`s biggest real estate project announced!Emaar MGF Land, one of the largest real estate developers in the country, would set up a residential complex here at an initial investment of Rs 400 crore.Source: Zee News : Business | 25 Aug 2009 | 6:20 am `Post eco crisis, focus on monsoon impact`!Economy seems to have weathered meltdown and deficient monsoon is a top priority for now, FM said.Source: Zee News : Business | 25 Aug 2009 | 6:20 am India`s security council wants more FDI scrutiny!The government is considering strict laws for scrutinising foreign direct investments to thwart security risks, officials said on Tuesday, a move experts say could further slow FDI inflows into the country.Source: Zee News : Business | 25 Aug 2009 | 6:20 am HCL Tech Q4 profit at Rs 193 cr; FY`09 net up 25%!Software exporter HCL Technologies on Tuesday reported a standalone net profit of Rs 192.94 crore for the quarter ended June 30, 2009, while it had a net loss of Rs 13.54 crore in the corresponding period previous fiscal.Source: Zee News : Business | 25 Aug 2009 | 6:20 am Sensex falls 154 points in opening trade!The Bombay Stock Exchange benchmark Sensex on Tuesday fell by 154 points in opening trade as foreign funds and retail investors preferred to book profits amid weak Asian markets.Source: Zee News : Business | 25 Aug 2009 | 6:20 am Fed`s Bernanke picked for second term: Sources!Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term.Source: Zee News : Business | 25 Aug 2009 | 6:20 am Yahoo! vows to fight Microsoft on new front!Yahoo! vowed to fight Microsoft on a new frontier, saying that having the software giant power its online searches won`t stop it from battling for the devotion of Web surfers.Source: Zee News : Business | 25 Aug 2009 | 6:20 am Delhi mishap: GMR rectifies roof overnight, ops on scheduleOn August 21, strong winds and a heavy rainfall blew off part of the Delhi airports Terminal 1Ds roof. In an interview to CNBCTV18, GMR Infra, which heads the consortium that is constructing the airport, said the firm had used specialised technology for the airport.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 5:41 am Anil Ambani group seeks proper audit of Reliance gas costsAnil Ambani group today questioned Mukesh Ambani-led RIL's explanation on over three-fold jump in costs to $ 8.83 bn for developing gas fields, and asked the Govt to expedite the CAG audit and appoint an international expert to revalidate the expenses.Source: Hindustan Times News Feeds 'Business' | 25 Aug 2009 | 5:36 am See double digit revenue growth in FY10: TVS MotorsHS Goindi, President Marketing, TVS Motors, said the company is seeing a growth of 1618% in scooters segment. TVS Motors, he added, is hoping to clock double digit revenue growth in FY10.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 5:09 am AI employees to get salary on time - Rediff
Source: Business - Google News | 25 Aug 2009 | 4:32 am RBS talks on Asian assets in "full swing" - sourcesLONDON/SYDNEY (Reuters) - Royal Bank of Scotland's talks to sell some of its Asian assets to Standard Chartered remain "in full swing", sources familiar with the matter said on Tuesday after a report they were on the rocks.Source: Reuters: Money News | 25 Aug 2009 | 4:26 am Maruti to launch New Estilo todayAutomaker Maruti will launch a new model of the Zen Estilo today (August 25). The model, priced between Rs 3.06 lakh and Rs 3.32 lakh exshowroom Delhi, will have the latest KB series engine.Source: Moneycontrol Top Headlines | 25 Aug 2009 | 4:22 am Cairn says India targets challengingLONDON (Reuters) - Cairn Energy said its large Indian oilfields would begin producing oil this week, but warned on Tuesday that meeting targets for the next stages of the development was becoming "increasingly challenging".Source: Reuters: Money News | 25 Aug 2009 | 4:13 am Maruti rolls out small car Estilo at ... - Moneycontrol.com
Source: Business - Google News | 25 Aug 2009 | 4:09 am BSE Sensex provisionally rises 0.3 pctMUMBAI (Reuters) – The BSE Sensex provisionally rose 0.3 percent on Tuesday, led by top vehicle maker Tata Motors after a brokerage upgrade, and IT-services exporters as the rupee weakened.Source: Reuters: Money News | 25 Aug 2009 | 4:07 am Markets rebound from negative, but end flatMumbai: Indian shares rose 0.3% on Tuesday, led by top vehicle maker Tata Motors after a brokerage upgrade, and IT-services exporters as the rupee weakened. The 30-share BSE index ended up 59.72 points at 15,688.47, with 12 stocks gaining. The 50-share NSE index closed up 0.3% or 16.55 points at 4,659.35. Source: Home - Livemint.com | 25 Aug 2009 | 4:04 am BhartiMTN: Cash may be upped; deal value to remain sameThe cash component in the BhartiMTN deal may be hiked, if required, though the deal value would not changeSource: Moneycontrol Top Headlines | 25 Aug 2009 | 3:53 am AI employees to get salary on timeNew Delhi: With its staffers staging hunger strike, Air India management said on Tuesday, there would be no delay in disbursal of salaries and wages this month. “Air India will disburse the August wages/salaries to its employees on schedule, that is on the last day of the month, as is the practise,” an airline spokesperson said. The announcement came as unions began negotiations with the management here on issues like productivity-linked incentives (PLI), flying and other allowances. Earlier in the day, several unions jointly began a three-day hunger strike over delay in payment of salaries and other issues. Protesting employees raised slogans and carried placards at the IGI airport, where they were addressed by their leaders. The unions, including the Aviation Industry Employees Guild (AIEG) and Air Corporation Employees Union (ACEU), launched the protest action with ACEU General Secretary J B Kadian saying “the management is rigid over payment of our salaries”. He also warned that they would launch protest action again on 31 August if their negotiations with the management failed. “For the past two months, we have been working for betterment of the airlines, but the management is adamant on the 50% cut in our salaries. It is not acceptable to us,” Kadian said. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 3:53 am Reforms key to push econ to high growth - MukherjeeNEW DELHI (Reuters) - Economic reforms are needed to steer the Indian economy to a 9 percent growth path, while the immediate challenge is to tackle poor monsoon rains, Finance Minister Pranab Mukherjee said on Tuesday.Source: Reuters: Money News | 25 Aug 2009 | 3:52 am European shares slip back from 10-month highLondon: European shares fell back in early trade on Tuesday from the 10-month closing highs they hit in the previous session as investors took profits and after declines in Asia. At 2:00pm, the FTSEurofirst 300 index of top European shares was down 0.4% at 971.54 points. The European benchmark index is still up 50% from its lifetime low of 9 March, as investors have become more confident on the prospects for worldwide economic recovery. Data on Tuesday confirmed that Germany, the region’s biggest economy, exited recession in the second quarter. “We’ve enjoyed the euphoria. (The fall in shares) is profit-taking and worries about China,” said David Buik, senior partner at BGC Partners. “And the US Budget deficit has reared its ugly head again. But I don’t see it as a serious correction, which won’t happen till people get back from holiday.” The sell-off was across the board, but the heavyweight banking sector took most points off the index. BNP Paribas, Banco Santander, UBS and UniCredit fell between 1 and 1.7%. Shares in France’s Natixis, which reports on Thursday, have been suspended from trading for the day, following a report that majority owner BPCE will guarantee some of its toxic assets. Miners fell as metals prices retreated from recent highs. Anglo American, Antofagasta, BHP Billiton, Lonmin, Rio Tinto and Xstrata fell between 1.5 and 3.7%. Crude prices slipped 0.8% to less than $74 a barrel, impacting oil shares. Total, ENI, BP, Royal Dutch Shell and StatoilHydro fell between 0.7 and 1.2%. British oil explorer Cairn Energy fell 2.7% after warning that meeting targets for the next stages of the development was becoming “increasingly challenging”, as it reported a first-half loss after tax. Across Europe, Britain’s FTSE 100, Germany’s DAX and France’s CAC-40 were down between 0.4 and 0.5%. Defensives gain Defensive sectors, notably pharmaceuticals and telecoms, were among the small number of risers. Mobile telecoms firm Vodafone gained 1.45 after JPMorgan upgraded the telecoms sector to “overweight”, and advised exposure to the stock. The broker said the telecoms sector is favoured by cheap valuations and seasonal trading patterns that have led the sector to consistently outperform in the final months of most years since 1995. It was also “overweight” in France Telecom, which rose 1.8%, and KPN, up 1.6%. Among drugmakers, GlaxoSmithKline and Sanofi-Aventis rose 0.6 and 0.7% respectively. Beauty products giant L’Oreal, which reports results on Thursday, rose 1.5% after Jefferies upgraded it to “buy” from “hold”. In other broker-inspired moves, German tourism group TUI surged 7.5% after Morgan Stanley upgraded it to “overweight” from “equal weight”. Irish building materials group CRH fell 1.4% after posting a sharp drop in first-half pretax profit and saying the rate of decline would ease in the second half due to cost-cutting and improvements in its core US market. Japan’s Nikkei 225 closed 0.8% lower. China’s benchmark Shanghai Composite was down 2.6%, having been down more than 5% earlier. Analysts pointed to the volatility in the Chinese market, which has enjoyed a strong run, and said that in the longer term, it is not correlated to other markets. Later in the session, investors’ attention will switch to key macroeconomic data from the United States on house prices and consumer confidence. Source: Home - Livemint.com | 25 Aug 2009 | 3:51 am Obama reappoints Bernanke as Fed chairmanJackson: Ben Bernanke began as Federal Reserve chairman by meekly promising to maintain the status quo. He ended up facing the worst downturn since the Great Depression and changing central banking in ways that will reverberate for decades. Bernanke took office promising to follow in the footsteps of his storied predecessor, Alan Greenspan, and to bring greater transparency to a historically secretive institution. But as a devastating financial crisis hit, he went on to deploy daring policy maneuvers never before attempted by central bankers in what seems to have been a successful effort to tame the credit market meltdown. While a participant in the hands-off regulatory consensus that prevailed before the crisis, his imaginative thinking during the financial break-down and painful recession that followed earned him a respect that makes President Barack Obama’s decision to renominate him seem unsurprising. “Given the challenges still ahead, we need a chairman who has the experience and the demonstrated good judgment and leadership to navigate the economy to a sustained recovery and then to smoothly make an exit from the Fed’s extraordinary ... policies,” former Fed Governor Laurence Meyer said. Criticized for initially being slow to acknowledge and react to the crisis, the Fed began an aggressive series of actions in the summer of 2007. By the end of 2008, the Fed had cut benchmark overnight interest rates to near zero for the first time in the central bank’s modern history. In addition, Bernanke threw open emergency lending programs to financial firms beyond depository banks to bolster other financial firms that were critical to the flows of money in the economy. He opened currency swap lines with central banks around the world to ease bottlenecks for banks overseas trying to access U.S. dollars in global markets. Bernanke also showed his mastery of monetary policy tricks by opening a dizzying array of lending and other programs to give life support to small business, consumers, and housing markets. But Bernanke’s chairmanship so far may best be defined by the emergency bailouts of investment bank Bear Stearns and insurer American International Group, the decision to let Wall Street icon Lehman Brothers fail, which fueled a vicious slump in global markets, and his pressure on Congress to write a $700 billion blank check to the Treasury Department to stave off economic meltdown. Bernanke has faced gale-force blowback from Congress and other critics over those actions, many of which were midnight decisions taken only with a handful of trusted advisers in chaotic situations. So withering has some of the criticism been that some believed that a second Bernanke term would be a tough political sell for Obama. But, taking his transparency pledge farther than anyone could have expected, Bernanke has made his case to the public in ways rarely attempted by anyone at the helm of the US central bank, giving interviews on television, writing opinion pieces in newspapers and taking questions from the press. Bernanke will face tough questioning when he appears before the Senate Banking Commission, which will consider his renomination before sending it to the full Senate for a final confirmation vote. The chairman of that committee, Connecticut Democrat Christopher Dodd, and the top Republican, Richard Shelby of Alabama, have criticized the Obama administration’s proposal to give the Fed greater power to set rules and oversee financial system risks. Bernanke will also be closely watched by financial markets who want details on the Fed’s plans to eventually dismantle or “exit” its emergency measures. Some critics fear all the cash pumped into the US system could trigger inflation. What may have tipped the balance in Bernanke’s favor for Obama, and what may see him through his Senate confirmation, is mounting evidence the Fed’s aggressive actions may be paying off with a recovering economy. Bernanke was plucked from Princeton University by President George W. Bush to fill a vacancy on the Fed’s board in 2002. His only prior political experience was on a local school board. After a later stint on the White House Council of Economic Advisers, Bush picked Bernanke to succeed Greenspan, who had won lavish praise during his lengthy tenure for overseeing the longest economic expansion in US history. Bernanke pledged to bring greater transparency to the Fed, the “temple” in a marble edifice that controls the economy by manipulating monetary policy levers few understood. Following in the footsteps of the famously opaque Greenspan, Bernanke’s plain talk was refreshing. Still, a push to establish a set target for inflation at the central bank — a centerpiece of Bernanke’s transparency effort — was abandoned in the face of political opposition. Source: Home - Livemint.com | 25 Aug 2009 | 3:49 am Anil Ambani group seeks proper audit ... - Times of India
Source: Business - Google News | 25 Aug 2009 | 3:41 am Mitsubishi gets 5% of Iraq gas projectBaghdad: Royal Dutch Shell Plc said Tuesday that Japan’s Mitsubishi will take a 5% stake in a planned joint venture it has with Iraq to produce natural gas in the south of the country. Financial terms were not disclosed. Shell and the Iraqi oil ministry’s South Gas Company agreed in September to set up the South Gas Utilization Project joint venture to invest in gas production in the southern oil-rich province of Basra. The deal was Iraq’s second with a foreign company since the US-led invasion in 2003. Iraq flares about 700 million cubic feet of gas every day from its oil production sites. Projects like the Shell venture aim to capture and commercialize the fuel for domestic use and export. The country estimates it loses about $40 million worth of natural gas each day, partly because of a lack of infrastructure. Iraq has the world’s third-largest known oil reserves with an estimated 115 billion barrels, but its production is far below its potential due to decades of war, UN sanctions, lack of foreign investment and insurgent attacks. It also sits on an estimated 112 trillion cubic feet of natural gas reserves, according to the ministry. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 3:35 am Mitsubishi gets 5% of Iraq gas projectBaghdad: Royal Dutch Shell Plc said Tuesday that Japan’s Mitsubishi will take a 5% stake in a planned joint venture it has with Iraq to produce natural gas in the south of the country. Financial terms were not disclosed. Shell and the Iraqi oil ministry’s South Gas Company agreed in September to set up the South Gas Utilization Project joint venture to invest in gas production in the southern oil-rich province of Basra. The deal was Iraq’s second with a foreign company since the US-led invasion in 2003. Iraq flares about 700 million cubic feet of gas every day from its oil production sites. Projects like the Shell venture aim to capture and commercialize the fuel for domestic use and export. The country estimates it loses about $40 million worth of natural gas each day, partly because of a lack of infrastructure. Iraq has the world’s third-largest known oil reserves with an estimated 115 billion barrels, but its production is far below its potential due to decades of war, UN sanctions, lack of foreign investment and insurgent attacks. It also sits on an estimated 112 trillion cubic feet of natural gas reserves, according to the ministry. Source: World Business - Livemint.com | 25 Aug 2009 | 3:35 am GM may make Opel plans clear within 24 hrs - unionFRANKFURT (Reuters) - General Motors may make clear, within the next 24 hours, whether it wants to keep its European carmaker Opel rather than sell it, a German labour representative said on Tuesday.Source: Reuters: Money News | 25 Aug 2009 | 3:34 am India invites Canadian firms for oil explorationIndia has invited Canadian oil companies to take part in the latest round of auction of hydrocarbon assets.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 3:31 am NTPC, oil ministry to file petitions on Reliance gasState-run power utility NTPC and the oil ministry will file separate petitions in the Supreme Court on the ongoing legal battle over natural gas at $2.34 per unit from the Krishna-Godavari basin awarded to Mukesh Ambani's Reliance Industries.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 3:30 am McLeod Russel's unit acquires 75 percent stake in US firmBorelli Tea Holdings Ltd, the Britain-based subsidiary of Indian tea producer McLeod Russel, has acquired 75 percent equity stake in Olyana Holdings LLC of the US for $2.75 million.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 3:30 am Jet Airways says pilots' strike illegalPrivate carrier Jet Airways Tuesday said the decision of its newly constituted pilots' guild to go on indefinite strike from Sep 7 in protest against sacking of their colleagues was illegal. It also said there would be no disruption in its operations.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 3:30 am Anil Ambani group seeks proper audit of Reliance gas costsThe Reliance Anil Dhirubhai Ambani Group has asked the oil ministry to appoint an expert panel to revaluate the high capital expenses claimed by Mukesh Ambani-led Reliance Industries for the Krishna-Godavari gas basin.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 3:30 am World stocks retreat after run up, dollar firmsLONDON (Reuters) - World stocks fell back after five days of gains on Tuesday and the dollar firmed as investors waited for more clues on whether the global economic recovery was truly picking up steam.Source: Reuters: Money News | 25 Aug 2009 | 3:27 am Lethal dose of propofol killed JacksonHouston: Pop star Michael Jackson died from a lethal dose of the powerful anesthetic propofol given in a cocktail of drugs, leading authorities to suspect his doctor of manslaughter, court documents showed on Monday. The “Thriller” singer suffered cardiac arrest and died on 25 June at age 50. Since then, an investigation by state and federal agencies have focused on Conrad Murray, Jackson’s personal doctor who was at his bedside the day he died. The findings, contained in a warrant to search Murray’s home and offices, paint a picture of an insomniac pop star who could not sleep without heavy medication. Jackson sought out propofol — routinely used to sedate patients and anesthetize them before surgeries such as a colonoscopy — and called it his “milk.” “The Los Angeles chief medical examiner-coroner, Dr (Lakshmanan) Sathyavagiswaran, indicated that he had reviewed the preliminary toxicology results and his preliminary assessment of Jackson’s cause of death was due to lethal levels of propofol (diprivan),” according to a warrant to search Murray’s offices issued by California. The document was unsealed and released by the Harris County District Clerk in Houston, where Murray has an office. US agents raided the office on 22 July. In an affidavit seeking the warrant, Houston police officer EG Chance said US agents had gathered “items constituting evidence of the offense of manslaughter that tend to show that Dr Conrad Murray committed the said criminal offense.” Murray’s attorney, Ed Chernoff, was not available to comment. In a statement, a representative said Jackson’s family has “full confidence in the legal process, and commends the ongoing efforts of the LA County Coroner, the LA District Attorney and the LA Police Department.” Murray, who was with Jackson on 25 June administering drugs to ease the pop star to sleep, gave him a range of medication including a 25-milligram dose of propofol via an intravenous drip, the state search warrant said. Jackson was “very familiar” with propofol and referred to it as his “milk” because of its milky appearance, the warrant said. Murray, who had been treating Jackson for about six weeks leading up to his death, was worried that Jackson was addicted to propofol. Murray was trying to wean him off the drug by giving him smaller doses, it said. Jason Hymes, an assistant clinical professor at the University of Southern California who is not associated with the case, said the drug was a true anesthetic. “You administer it to somebody and then operate on them ... This concept of giving somebody a general anesthetic for sleep disturbance strikes me as just bizarre and astoundingly inappropriate.” In the early hours of 25 June, Murray also gave Jackson doses of anti-anxiety medications Valium and Ativan and sedative Versed, the filing said. Jackson went to sleep after Murray gave him the propofol, and Murray stayed by his side for about 10 minutes, then left “to go to the restroom and relieve himself,” the search warrant said. Murray was out of Jackson’s room for about 2 minutes and when he returned, Jackson was no longer breathing, the warrant said. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 3:02 am Sensex up 62 points at mid-sessionErasing early losses, the Bombay Stock Exchange benchmark Sensex recovered 62 points at mid-session on Tuesday on emergence of buying by funds.Source: Hindustan Times News Feeds 'Business' | 25 Aug 2009 | 2:35 am Retired armed force personnel train for corporate jobsThey were earlier men in olive green protecting the country. After bidding farewell to arms, these retired armed forces personnel are honing their skills at India's premier management institutes to equip themselves for crack civilian jobs in the corporate sector.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 2:32 am Himachal approves 311 mini-hydro projects since December 2007Himachal Pradesh has approved 311 mini-hydroelectric power projects with a combined generation capacity of 608 MW since December 2007, Chief Minister Prem Kumar Dhumal said Tuesday.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 2:31 am Bollywood on self-healing path with four hitsEnergetic openings to Bollywood's four recent releases, 'New York', 'Kambakkht Ishq', 'Love Aaj Kal' and 'Kaminey', have succeeded in getting the business perk up. Wounded by a long strike earlier this year, the film industry is perhaps on a self-healing path now, say trade pundits.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 2:31 am Sensex crawls into green in post-noon tradeA key index of the Indian equities markets climbed back into the green Tuesday afternoon and was ruling 57 points points higher than its previous close.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 2:30 am See Sensex slipping to 13600, Nifty t... - Moneycontrol.com
Source: Business - Google News | 25 Aug 2009 | 2:28 am Maruti Suzuki launches new EstiloNew Delhi: The country’s largest car maker, Maruti Suzuki India, on Tuesday launched a new version of its small car Estilo with a fuel efficient engine at an introductory price between Rs3.12 lakh and Rs3.95 lakh (ex-showroom, Delhi). The new 998 CC petrol car is equipped with the latest K-series engines, on the lines of the company’s other small cars — A-Star and Ritz. “Product upgradation is an integral part of Maruti Suzuki’s business strategy and future plans. This is a way to include feedback from the customers and offer better products that match their tastes,” Maruti Suzuki India Managing Director and CEO Shinzo Nakanishi told reporters here. According to the Automotive Research Association of India (ARAI), Estilo would run 18.2 km in every litre of petrol. The company has dropped the very successful brand name ‘Zen’ from the car as it views that it does not suit the current taste of Indian youth, to whom this car is targeted. The new Estilo would be produced from MSI’s Gurgaon plant, which also manufactures the A-Star and the Ritz. The existing Zen Estilo comes with a 1.1 litre petrol engine. The company currently produces Bharat Stage-III, Bharat Stage-IV and Euro-V emission norms compliant K-series engines. It produces two different petrol engines — 1 litre (A-Star) and 1.2 litre (Ritz) — from the fully integrated engine manufacturing facility, located at MSI’s Gurgaon plant. MSI had announced plans to bring the K-series engines in other existing as well as new models. It had set a target to gradually introduce this light-weight fuel efficient engine series on other models over a period of next 3-5 years. The engine facility with a production capacity of 2.4 lakh units per annum was a part of the Rs9,000-crore investment plan announced earlier by Suzuki Motor Corp, MSI’s parent. Source: Home - Livemint.com | 25 Aug 2009 | 2:17 am Gold demand abates; traders eye fallsMumbai: India’s gold demand abated on Tuesday after picking up in the previous session, as traders anticipated further falls ahead, dealers said. “We filled in some orders in between $940-945 (an ounce) yesterday, but now they want lower prices,” said a dealer with a private bank in Mumbai. The most-traded October contract was 0.13% lower at Rs14,978 per 10 grams at 1:47pm. “Traders don’t want to fill in orders at prices near Rs15,000 levels,” said the dealer. Dealers said the underlying demand is strong at lower levels, as traders would seek to replenish stocks to meet festive demand. “We have some orders lined up in between $930-940,” said another dealer with a state-run bank. India is scelebrating Ganesh Chathurthi, the first in a series of festivals, which is expected to revive gold’s physical offtake. Source: Home - Livemint.com | 25 Aug 2009 | 2:13 am Rupee trims fall as stocks gainMumbai: The Indian rupee trimmed losses on Tuesday afternoon, helped by a recovery in local shares, but month-end dollar demand from refiners continued to weigh. At 1:50pm, the partially convertible rupee was at Rs48.71/72 per dollar, off an early low of Rs48.85 but still weaker than its Monday’s close of Rs48.62/63. Shares were trading up 0.4% after having dropped 1.3% earlier in the session. Traders said there was dollar demand from importers and oil refiners seen in the market, which was exerting a downward pressure on the local unit. Oil, which was trading just below $74 per barrel, is India’s biggest import and refiners are the largest buyers of dollars in the local currency market, with their demand tending to peak at month-end when they make payments. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs48.7175 each, with the total traded volume on the two exchanges at about $1.2 billion. Source: Home - Livemint.com | 25 Aug 2009 | 2:09 am Punjab’s Buffalo project to help raise farmers’ incomeChandigarh: In an initiative to increase the income of the state’s dairy farmers, Punjab government has finalised a Rs60-crore project to increase the milk-giving capacity of buffaloes. “The main motive of this exercise (project) is to jack up the earnings of over 3 lakh small and marginal farmers by improving the milk-giving capacity of their buffaloes through artificial insemination,” said PS Rangi, Marketing Economist, Punjab State Farmers’ Commission. The project, which has been titled Buffalo Breeding and Management Programme, will be funded through Rashtriya Krishi Vikas Yojna (RKVY) and is expected to start by October this year. It will cover 600 villages in several districts like Amritsar, Gurdaspur, Tarn Taran, Ferozepur, Ludhiana, Kapurthala, Hoshiarpur, Ropar and Nawanshehar. Rangi said that Punjab government has already sanctioned Rs9 crore for the project for the current year. The Commission’s Dairy Consultant Anil Kaura said that the project aims to increase the milk giving capacity of buffaloes from the present 1200litres per lactation to at least 2600litres per lactation in next 4 years. “At present, buffaloes owned by these farmers give only 3 to 4litres per day and we want it to raise to 7 to 8litres a day, which will ultimately increase their income from dairy business,” he said. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 2:09 am Obama to renominate Bernanke as Fed chief, scrutiny vowedOAK BLUFFS, Mass (Reuters) - U.S. President Barack Obama will nominate Ben Bernanke to a second term as chairman of the Federal Reserve on Tuesday, seeking to keep him in place to steer the world's largest economy out of its deepest downturn since the Great Depression.Source: Reuters: Money News | 25 Aug 2009 | 2:05 am Govt may allow repos in corp bonds sh... - Reuters India
Source: Business - Google News | 25 Aug 2009 | 2:02 am Hospital sale to help Khorakiwala rep... - Business Standard
Source: Business - Google News | 25 Aug 2009 | 2:00 am Sensex up 62 points at mid-sessionThe Sensex fell by 154 points in opening trade as foreign funds and retail investors preferred to book profits amid weak Asian markets.Source: Daily News & Analysis: Money News | 25 Aug 2009 | 1:56 am Govt may divest stake in Satluj Jal Vidyut NigamNEW DELHI (Reuters) - The government may sell 10 percent of its stake through a public offering in power producer Satluj Jal Vidyut Nigam Ltd, a senior company official said on Tuesday.Source: Reuters: Money News | 25 Aug 2009 | 1:55 am Oil falls below $74 on equities dipSingapore: Oil fell below $74 a barrel on Tuesday in a drop on broader global stock markets from 10 month highs hit in the previous session. US crude fell 51 cents to $73.86 a barrel by 1:34pm. On Monday, it settled at $74.37 after hitting $74.81, the highest closing and intraday prices since mid-October. Brent crude was down 67 cents at $73.59. “The drop is probably due to the decline in equities markets today,” said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. Commodities markets have closely tracked equities indexes in recent months, as dealers view stocks as a lead indicator of economic performance, which would boost or reduce energy and commodities demand. European shares fell in early trade from their 10 month highs struck on Monday. Asian shares slid, led by China as investors awaited more clues for sustained economic recovery. The Shanghai stock index plunged more than 5% after Premier Wen Jiabao said Beijing would keep its monetary policy loose as the economy faces new difficulties, including trouble boosting domestic consumption. Global investors will watch US housing, consumer confidence and retail sales data due later on Tuesday as pointers to the health of the world’s biggest economy. and largest energy consumer. The oil market’s focus will shift to weekly oil data on inventories in the United States. Analysts in a Reuters survey forecast a 900,000 barrel drop in US crude inventories. Gasoline inventories were forecast for a drop, while middle distillate stocks, including heating oil, were seen increasing. Last week’s data showed a large fall and the crude inventories on week-on-week basis and the level dipped below a year earlier. Data from the industry body the American Petroleum Institute will be released at 2:00am on Tuesday, while the equivalent US government data is due out on Wednesday. Source: Home - Livemint.com | 25 Aug 2009 | 1:54 am HCL Tech Q4 beats street; co promises... - Moneycontrol.com
Source: Business - Google News | 25 Aug 2009 | 1:54 am Air India employees on three-day hunger strikeAbout 20,000 employees of cash-strapped national carrier Air India Tuesday began a three-day hunger strike across various airports to protest delayed salaries.Source: IndiaeNews.com: Business News | 25 Aug 2009 | 1:31 am Aviation workers to go on hunger strikeAviation workers to go on hunger strikeSource: Hindustan Times News Feeds 'Business' | 25 Aug 2009 | 1:24 am Daihatsu to India? - Business Standard
Source: Business - Google News | 25 Aug 2009 | 1:09 am LG Display in non-binding deal for China LCD plantSeoul: LG Display on Tuesday said it had signed a non-binding agreement to build an LCD panel plant with the Chinese city of Guangzhou, and would like to see a Chinese television maker come on board for the project. Although LG Display did not disclose details, a local newspaper reported that the company was poised to invest 5 trillion won ($4.03 billion) in the facility. The plant would be an eighth-generation facility, LG Display said, capable of making large-size panels for television sets. “It would be good if a Chinese TV maker could become a shareholder” in a potential joint venture, LG Display CEO Kwon Young-soo told a press event, citing companies such as Hisense, Haier and Skyworth . Asked if Samsung Electronics’ had plans to build an LCD plant in China, Samsung LCD unit president Chang Won-kie also expressed interest in the possibility of having a seventh or eighth generation facility there, but added that nothing had been decided. Deal Between Rivals Separately, South Korea’s Ministry of Knowledge Economy said in a statement that Samsung Electronics, the world LCD leader, would supply LG Display with 17-inch computer monitor screens, while LG Electronics would deliver 22-inch monitor panels to Samsung. It said the total value of the deal would be 105.6 billion won ($83.5 million). The Ministry said it expected the scope of the deal to be expanded to include other types of LCD screens, although an immediate deal involving television panels would be difficult as the two sides used different technologies. The ministry said the computer monitor cross-sourcing agreement would save about $83 million in import costs as these products are usually bought from Taiwan. The deal is also aimed at opening the way for more cross-purchasing agreements between the rival groups. Shares in Samsung Electronics fell 1% to close at 775,000 won, while LG Electronics was down 3.1% LG Display, a part of the LG Group, rose 2.6%, while the wider market posted a 0.67% drop. The outlook for South Korean and Taiwanese LCD makers has brightened recently as fears of second-half oversupply have faded because of a shortage in glass substrates, and on growing demand from China boosted by a government stimulus package. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 1:06 am Cairn Energy to start pumping India oil this weekLondon: Cairn Energy, the Scottish exploration group, said on Tuesday it will begin pumping its first oil this week from Rajasthan in western India, five years after discovering crude there. “We are delighted that production from Mangala (oil field) in Rajasthan is due to commence this week at a government of India inauguration ceremony,” Cairn chief executive Bill Gammell said in a statement. The announcement came as Cairn also said it had swung into a loss during the first half of 2009. Edinburgh-based Cairn aims to pump 175,000 barrels per day — accounting for close to 25% of India’s current oil output — from its fields in the desert state of Rajasthan by 2011. Some industry experts believe that figure could climb to at least 205,000 bpd. The company plans to pump 30,000 bpd initially. “The significant milestone of first oil production from Rajasthan will soon be achieved, five years after the discovery of the Mangala field,” Cairn chairman Norman Murray said. The new fields — from which Cairn expects to extract one billion barrels over 40 years — are important as India imports 70% of its oil needs. Already among the world’s top 10 oil importers, India, with its fast-growing economy, is expected to become the world’s fourth-largest oil importer by 2025, according to US government energy data. Oil accounts for 31% of India’s energy consumption. Chief executive Gammell, a former Scottish rugby star, took a gamble in the late 1990s when he sold off Cairn’s North Sea assets and bet — to the bemusement of many industry watchers — on Rajasthan, which he believed was underexplored. Rajasthan, better known for its royal palaces and princes, had not seen any “gushers” when Gammell started buying the rights in 1997 to Anglo-Dutch giant Shell’s oil blocks in the state. Shell had drilled 10 wells but had little to show for it and wanted an exit. It sold its final 50% stake to Cairn for just $7.25 million in 2002. Gammell, nicknamed Scotland’s JR Ewing after the oil baron in the hit US TV show Dallas, refused to be discouraged when things did not go right. Even in 2003 when Cairn had spent $100 million digging 15 wells that turned out to be dry, he insisted the company would strike “black gold” in Rajasthan’s Thar desert. Gammell’s belief was vindicated when Cairn struck oil in 2004 with its Mangala discovery in the remote Barmer district. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 12:55 am Oil Search to sell stake in LNG projectPerth: Oil Search Ltd, partnering with ExxonMobil Corp to build a liquefied natural gas (LNG) project in Papua New Guinea, said is in talks to sell a 3.5% stake in project, sending its shares up over 6%. Oil Search, which is realigning its business to focus on the booming LNG sector, said on Tuesday it was also making its first foray into coal seam gas in Papua New Guinea, with hopes that discoveries could combine with existing gas resources to help expand its LNG business. Oil Search said it was in advanced talks to finalise the sale of a stake in the Papua New Guinea LNG (PNG LNG) project to Abu Dhabi government-owned International Petroleum Investment Co, and expects to announce details shortly. Analysts said Oil Search was likely to get more for the sale than the implied A$8 per share AGL Energy Ltd received when it sold its 3.6% stake in the project for $800 million last year, given the significant progress the project has made since then. “The move would provide the balance sheet required to fund the PNG LNG capital expenditure commitments and further growth projects being targeted, whilst negating fears of a capital raising,” Citigroup’s analyst Di Brookman said in a note. Shares in Oil Search climbed as much as 6.7% to a 13-month high of A$6.19. It was up 5.9% at A$6.14 by 10:46am, compared with a 0.1% slide in the broader index. With its revenue hit by a steep fall in oil prices, analysts have previously questioned Oil Search’s ability to fund its near-30% equity position in the PNG LNG project, with some investors speculating it would need to conduct an equity raising. The total cost of developing the project is estimated at between $11-$12.5 billion. Oil Search managing director Peter Botten said the stake sale would substantially boost its balance sheet and doused speculation it would have to go to the market for more cash. Botten didn’t rule out a potential further equity sale in the LNG project, adding that it may consider it in future if it needs more money to support a growing exploration programme or a possible expansion of the LNG project. Oil Search reiterated that the two-train PNG LNG project, which will have an annual output of 6.3 million tonnes, was on track for a final investment decision in the fourth quarter and for first gas in late 2013 or early 2014. The other partners in the project are Santos Ltd, Nippon Oil Corp and PNG landowners. In a surprise move to boost its gas reserves, Oil Search said it had acquired exploration licenses, covering a total area of 17,500 square kilometres, to explore for coal seam gas in Papua New Guinea. “The acreage acquired provides us with a dominant position in this new play type in PNG and complements the company’s strong position in conventional gas,” Botten said. Coal seam gas is methane gas that can be found within coal deposits and can be extracted when pressure on the coal seam is reduced, usually by removal of water from the seam. Botten said venture partners for the PNG LNG project are now studying the economics of third-train expansion, focusing on timing, cost synergies and gas requirements. Although Botten conceded that there are too many LNG projects in the region that are targeting development in the 2015-2020 timeframe, he said some could be put on a backburner because they can’t secure buyers for the gas. “If we’re able to put together a good package for gas expansion, then PNG LNG would be a lot more competitive than anybody else’s in the region,” he said. The company posted a 73.3% fall in half-year net profit to $35.6 million, its first profit decline in seven years, due to lower production and a steep fall in oil prices. Source: World Business - Livemint.com | 25 Aug 2009 | 12:54 am Oil Search to sell stake in LNG projectPerth: Oil Search Ltd, partnering with ExxonMobil Corp to build a liquefied natural gas (LNG) project in Papua New Guinea, said is in talks to sell a 3.5% stake in project, sending its shares up over 6%. Oil Search, which is realigning its business to focus on the booming LNG sector, said on Tuesday it was also making its first foray into coal seam gas in Papua New Guinea, with hopes that discoveries could combine with existing gas resources to help expand its LNG business. Oil Search said it was in advanced talks to finalise the sale of a stake in the Papua New Guinea LNG (PNG LNG) project to Abu Dhabi government-owned International Petroleum Investment Co, and expects to announce details shortly. Analysts said Oil Search was likely to get more for the sale than the implied A$8 per share AGL Energy Ltd received when it sold its 3.6% stake in the project for $800 million last year, given the significant progress the project has made since then. “The move would provide the balance sheet required to fund the PNG LNG capital expenditure commitments and further growth projects being targeted, whilst negating fears of a capital raising,” Citigroup’s analyst Di Brookman said in a note. Shares in Oil Search climbed as much as 6.7% to a 13-month high of A$6.19. It was up 5.9% at A$6.14 by 10:46am, compared with a 0.1% slide in the broader index. With its revenue hit by a steep fall in oil prices, analysts have previously questioned Oil Search’s ability to fund its near-30% equity position in the PNG LNG project, with some investors speculating it would need to conduct an equity raising. The total cost of developing the project is estimated at between $11-$12.5 billion. Oil Search managing director Peter Botten said the stake sale would substantially boost its balance sheet and doused speculation it would have to go to the market for more cash. Botten didn’t rule out a potential further equity sale in the LNG project, adding that it may consider it in future if it needs more money to support a growing exploration programme or a possible expansion of the LNG project. Oil Search reiterated that the two-train PNG LNG project, which will have an annual output of 6.3 million tonnes, was on track for a final investment decision in the fourth quarter and for first gas in late 2013 or early 2014. The other partners in the project are Santos Ltd, Nippon Oil Corp and PNG landowners. In a surprise move to boost its gas reserves, Oil Search said it had acquired exploration licenses, covering a total area of 17,500 square kilometres, to explore for coal seam gas in Papua New Guinea. “The acreage acquired provides us with a dominant position in this new play type in PNG and complements the company’s strong position in conventional gas,” Botten said. Coal seam gas is methane gas that can be found within coal deposits and can be extracted when pressure on the coal seam is reduced, usually by removal of water from the seam. Botten said venture partners for the PNG LNG project are now studying the economics of third-train expansion, focusing on timing, cost synergies and gas requirements. Although Botten conceded that there are too many LNG projects in the region that are targeting development in the 2015-2020 timeframe, he said some could be put on a backburner because they can’t secure buyers for the gas. “If we’re able to put together a good package for gas expansion, then PNG LNG would be a lot more competitive than anybody else’s in the region,” he said. The company posted a 73.3% fall in half-year net profit to $35.6 million, its first profit decline in seven years, due to lower production and a steep fall in oil prices. Source: LatestNews-Home - Livemint.com | 25 Aug 2009 | 12:54 am IIT-Delhi professors go on mass casua... - Economic Times
Source: Business - Google News | 25 Aug 2009 | 12:46 am GM looks at shelving Germany's Opel plan: reportGeneral Motors is considering shelving a German-backed bailout of its European arm Opel amid fears that long-running talks on the deal will end in failure, a report said on Tuesday.Source: Hindustan Times News Feeds 'Business' | 25 Aug 2009 | 12:39 am Oil India plans IPO to raise as much as $570 mnNew Delhi: Explorer Oil India Ltd plans to raise as much as Rs2,780 crore ($570 million) through an IPO next month, a senior official said, making it the second state-run firm to offer new shares to the public this year. Oil India, which deferred an IPO last year amid the global financial crisis, has set a price band of Rs950 to Rs1,050 a share, director for finance T. K. Ananth Kumar said by phone on Tuesday. “We have set an exploration and production programme for the next two years where we will use the IPO proceeds,” he said. Oil India, which is tasked with scouting for oil and gas along with larger state-run rival Oil and Natural Gas Corp, has planned to invest Rs4,500 crore in exploration and production over the next two years, he said. The IPO is scheduled to open on 7 September and close on 10 September, Kumar said. The government will separately sell 2.41 million shares to state-run oil refiners Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum Corp to raise Rs2,530 crore, he added. After the IPO and stake sale to the oil refiners, the government’s holding in Oil India will fall to 78.43% from 98.13%. Oil India’s IPO follows strong appetite for state utility NHPC Ltd’s $1.25 billion IPO, which closed subscribed more than 23 times. Indian firms have raised nearly $10 billion in share sales so far this year, surpassing 2008 volumes, helped by a 94% rally in the main share index from its 2009 lows in March. Source: Home - Livemint.com | 25 Aug 2009 | 12:32 am SBI unlikely to raise rates for 6 monthsNEW DELHI (Reuters) - State Bank of India, the country's top bank, is unlikely to raise lending rates in the next six months, its chairman said on Tuesday.Source: Reuters: Money News | 25 Aug 2009 | 12:28 am Air India employees commence hunger strikeEmployees of Air India joined their counterparts from other parts of the country on a three-day hunger strike.Source: Daily News & Analysis: Money News | 25 Aug 2009 | 12:18 am Reforms key to push economy to high growth: FMNew Delhi: Economic reforms are needed to steer the Indian economy to a 9% growth path, while the immediate challenge is to tackle poor monsoon rains, Union finance minister Pranab Mukherjee said on Tuesday. The economy will grow at around 6% in the current financial year that began in April 2009, he told a gathering at an event organised by channel ET Now. “Mitigating the impact of the deficient monsoon and the rural economy is a high priority,” he said. Growth has fallen sharply to 6.7% in 2007-08 from rates of around 9% seen in recent years as the global financial crisis hit exports and dented consumer confidence. On reforms, Mukherjee said the government was moving ahead with setting up an autonomous debt management office and all efforts were being made to implement a goods and services tax from next year. The new tax reform bill will be presented in Parliament after public debate and the government would soon introduce repos in the corporate debt market. Presently, only repos in the government bond market are allowed. Mukherjee declined to mention a timeframe by when these reforms, which have been mentioned earlier by government officials, would be implemented. Source: Home - Livemint.com | 25 Aug 2009 | 12:06 am Punjab Govt scraps deal with Reliance RetailNew Delhi, Aug. 24 The farm-to-fork initiative of Reliance Retail seems to have hit a roadblock with the Punjab Government terminating its agreement following non-compliance with terms of the memorandum ofSource: Business Line - Home Page | 25 Aug 2009 | 12:00 am Chicken, egg prices shoot up on hopes of demandChennai, Aug. 24 Egg prices have increased 10 per cent in the past fortnight, while chicken prices have gone up by over 30 per cent during the same period on hopes of rise inSource: Business Line - Home Page | 25 Aug 2009 | 12:00 am New Code: Taxing time for charitable trustsNew Delhi, Aug. 24 Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.Source: Business Line - Home Page | 25 Aug 2009 | 12:00 am Fortis Healthcare to acquire 10 Wockhardt hospitals for Rs 909 crMumbai, Aug. 24 After about eight months of “ironing out details,” Fortis Healthcare Ltd is set to acquire 10 hospitals from the Wockhardt Hospitals chain for a consideration of Rs 909 crore.Source: Business Line - Home Page | 25 Aug 2009 | 12:00 am CESC (Rs 345.8): BuyWe recommend a buy in CESC from a short-term perspective. The stock has been on a medium-term up-trend from its July trough of Rs 261. It has conclusively penetrated its 50-day moving average and is also holding well above the intermediate-termSource: Business Line - Home Page | 25 Aug 2009 | 12:00 am Banks may see rise in NPAs from micro-financeBangalore, Aug. 24 With the monsoon in deficit in most parts of the country, public sector banks have braced themselves for a rise in stressed accounts (delays in repayments of principal and/or interest). Top bank officials, however, said thatSource: Business Line - Home Page | 25 Aug 2009 | 12:00 am Oil India IPO price band at Rs 950-1,050New Delhi, Aug. 24 The Government has fixed a price band of Rs 950-1,050 a share for Oil India Ltd’s (OIL’s) initial public offering (IPO).Source: Business Line - Home Page | 25 Aug 2009 | 12:00 am Positive global mood lifts Sensex tooStocks rose sharply on Monday, backed by positive global cues coupled with strong buying support from institutionalSource: Business Line - Home Page | 25 Aug 2009 | 12:00 am DoT wants Govt’s rights in Tata Comm protectedThe Department of Telecom has decided to seek the views of the Ministry of Corporate Affairs on whether the Government can stop Tata Communications Ltd (formerly, Videsh Sanchar Nigam Ltd) from increasing the authorised share capital as it maySource: Business Line - Home Page | 25 Aug 2009 | 12:00 am India plans gas-based power plant in IranNew Delhi, Aug. 24 India is working on a proposal to build a gas-based power plant in Iran, with a capacity of at least 4,000 MW.Source: Business Line - Home Page | 25 Aug 2009 | 12:00 am Suven Life Sciences in demand on Alzh... - Economic Times
Source: Business - Google News | 24 Aug 2009 | 11:49 pm That T-shirt you’re wearing cost 2000 litres of waterFor a country facing extreme water shortages right now, India’s water consumption levels are suprising. For one thing, the nation’s water footprint is the highest in the world: as of data released in 2005, India consumes a whopping 13% of the world’s water. What’s a water footprint anyway? The water footprint of a country is defined as the total volume of freshwater used to produce goods and services consumed by the people of that country. A country’s water footprint is generally determined by four major factors: volume of consumption, consumption pattern, climate, and agricultural usage. In a study called the “Water footprint of nations: Water use by people as a function of their consumption patterns,” Hoestra and Chapagain explain that a country’s water footprint has two aspects: an internal component (the domestic water resources used to produce things consumed by the people in India) and an external water component (water resources used in other countries to produce things consumed in India.)  Image Credit: Saabira Chaudhuri While in rich countries, people generally use more water, this isn’t always the case as it’s the composition of the consumption package that counts. Climate also plays a significant part: countries with more evaporative climates use more water, as do agricultural practices: inefficient practices naturally amount to more water usage. Why should a country like India care? The water footprint concept originated from the notion of virtual water trade that attempts to explain global water flows between regions and countries through the trade of mostly agricultural commodities. These global flows lead to water dependencies between countries and are eventually related to local water scarcity situations. Click here to read more posts related to nonprofits and development According to Derk Kuiper, executive director of the Water Footprint Network, determining a country’s water footprint can therefore “shed light through data on important issues like inefficiencies in agriculture, pollution and also be related to socio-economic issues like competition for water between different uses. If we look at the social agenda, most competition is not for drinking water though but for irrigation water.” This is particularly relevant for a country like India, whose economy is so heavily dependant on agriculture. Reducing your water footprint: Hoestra and Chapagain point out that it’s essential to break the link between economic growth and higher water usage—agricultural efficient practices (like rain water harvesting) are one way. A nation could shift to consumption patterns that require less water. While consumers are becoming more aware of energy usage, due to government’s practice of subsidizing water, they aren’t as concerned. A table below, extracted from Hoestra and Chapagain’s paper shows the virtual water usage for (or water used in the production of) certain goods/services: A third possible method could be to shift production from areas with low water to productivity to those with high productivity. A case study of India argues that “the existing pattern of inter-state virtual water trade is exacerbating scarcities in already water scarce states, with virtual water flows moving from water scarce to water rich regions and running in the opposite direction to the proposed physical transfers. Rather than being dictated by water endowments, virtual water flows are influenced by many other factors such as per capita availability of arable land and more importantly by biases in food and agriculture policies of the Government of India as indicated by the Food Corporation of India’s procurement patterns… In order to have a comprehensive understanding of virtual water trade, non-water factors of production need to be taken into consideration.” To calculate your own water footprint, click here. Source: LatestNews-Home - Livemint.com | 24 Aug 2009 | 11:48 pm Money Market UpdateG-sec Market: The 10-year G-sec 6.90% GOI 2019 opened at a yield of 7.30% compared to previous closing levels of 7.34%. The yields eased tracking movement of US Treasury yields. The 10-year US Treasury yield eased from 3.56% to 3.48%. The markets would look forward to cut-offs in State Development Loan auctions worth Rs 4,500 cr. The 10-year G-sec 6.90% GOI 2019 is likely to trade in the range of 7.28% - 7.34%. Money Market: The Call Rate and CBLO rate opened at 3.25% and 2.00%. The money market rates are expected to remain soft tracking comfortable liquidity in the system. Swap Market: The 5Y OIS swap rate traded in the range of 6.42% - 6.47%, compared to previous closing levels of 6.50%. The OIS swap rates are expected to trade rangebound, tracking G-sec yields. Forex Market: The INR opened at Rs48.80 against the USD compared to previous closing level of Rs 48.61. Rupee is expected to trade in the range of 48.50 – 49.00. Source: LatestNews-Home - Livemint.com | 24 Aug 2009 | 11:25 pm Sector Update: TeaMassive crop failure in Kenya and Sri Lanka due to dry weather has led to significant shortfall of tea in international markets. Tea production in Kenya and Sri Lanka in January-July 2009 has fallen by 11.5% year-on-year (y-o-y) and 24% y-o-y respectively. This along with increase in international demand has led the demand outstrip supply, leading to surge in international tea prices. This was largely reflected in tea prices at various international auctions, where tea prices were 18-20% higher y-o-y in July 2009. The significant drop in tea production in some of the key tea-exporting nations has resulted in increased demand for Indian tea in international markets. However, with unfavourable weather conditions, Indian tea production during the period January-June 2009 was down by 3.4% y-o-y to 333.9 million kg (as against 345.7 million kg in January-June 2008). Auction prices Increase in demand for Indian tea, production shortfall in domestic markets and spiraling tea prices in international markets have resulted in huge surge in the price of (raw) tea at Indian auctions. Auction tea prices stood at Rs108.8/kg in July 2009 as against Rs88/kg in July 2008. This has resulted in the firming of the export realization price, which stood at Rs131.98/kg during the period January-June 2009 (as against Rs102.76/kg in January- June 2008). Consequently, domestic tea companies saw a similar increase in their realisations. The spike in tea prices has been a boon for tea plantation companies in India. We believe McLeod Russel, being one of the largest tea companies in India, is a good trading idea on the back of current up-trend in tea prices. Source: LatestNews-Home - Livemint.com | 24 Aug 2009 | 11:20 pm Mukherjee says immediate challenge to tackle deficient rainMUMBAI (Reuters) - Immediate challenge for the Indian economy is to tackle the deficient monsoon situation, the finance minister told news channel ET Now on Tuesday.Source: Reuters: Money News | 24 Aug 2009 | 11:07 pm Apple’s Snow Leopard in stores on FridayCupertino: Apple Inc.’s latest operating system software, Snow Leopard, will go on sale on Friday. The Mac OS X version 10.6 software will debut at Apple’s retail stores and authorised resellers nationwide. Apple’s online store is now taking pre-orders. Snow Leopard’s release comes days before its promised September launch. It precedes by two months the launch of Microsoft Corp.’s next operating system, Windows 7. Among Snow Leopard’s improvements is built-in support for Microsoft’s Exchange Server software, so Apple programs for e-mail, calendars and contacts could become more useful in corporate settings. Apple said Snow Leopard is half the size of the previous version, freeing up to 7 gigabytes of storage space when installed. It requires a minimum of 1 gigabyte of RAM and runs on Macs using an Intel processor. Users of Mac OS X Leopard, or version 10.5, can upgrade to the latest version for $29 for single users and USD 49 for a family pack of five users. For Apple owners using the Tiger operating system, or version 10.4, on an Intel-based Mac, switching to Snow Leopard costs $169 for single users and $229 for a family pack. Consumers who buy a qualifying Mac from 8 June to 26 December can purchase the Snow Leopard upgrade for $9.95. Users must request an upgrade within 90 days of purchase or 26 December, whichever comes first. Source: Tech News - Livemint.com | 24 Aug 2009 | 11:04 pm Rupee down 20 paise at 48.81 a dollarThe Indian rupee on Tuesday fell by 20 paise against the US currency in early trade on expectation of heavy capital outflows and increased dollar demand from importers.Source: India Business News | Business News - Times of India | 24 Aug 2009 | 10:01 pm AI employees to go on three-day hunger-strikeNew Delhi: Angry over delay in payment of their salaries by cash-strapped Air India management, over 20,000 members of airlines’ employee’s unions have decided to go on a three-day hunger strike from Tuesday. “Over 20,000 members of Aviation Industry Employees Guild (AIEG) and Air Corporation Employees Union (ACEU) and some other unions from across the nation have decided to go on hunger strike from today, as the management is rigid over payment of our salaries,” J.B. Kadian, General secretary ACEU told PTI. The employees threatened that they would again strike work on 31 August if their negotiations with the management fail. “For the past two months, we have been working for betterment of the airlines, but the management is adamant on the 50% cut in our salaries. It is not acceptable to us,” Kadian said, adding “salary is our right and it is government’s duty to pay us and no CMD or Minister can unilaterally decide on a cut.” Some airports in the country could face disruption in movement of the flights due to the strike. Earlier, in July the employees had gone on a strike for two hours and staged demonstrations over the issue. The meeting of the unions with the Air India CMD last Friday at the Air India headquarters in Mumbai failed and the next round of meeting is scheduled on Tuesday afternoon. Source: Home - Livemint.com | 24 Aug 2009 | 9:56 pm 'Don't make excuses for poor quality Made-in-China'As a fix-it man for overseas importers and retailers sourcing from China, Paul Midler, a Chinese-speaking Wharton MBA grad, gained a unique perspective into the Made-in-China story.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 4:10 pm Fortis buys 10 Wockhardt hospitals in win-win dealWockhardt Hospitals Ltd sold ten of the 17 hospitals it owns to New Delhi-based Fortis Healthcare, India's biggest hospital chain by market value, for Rs 909 crore.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:59 pm 'Cost down' Alto to replace 800, dare NanoMaruti also planning an upgraded version of its best-selling car the Alto to compete against the Tata Nano.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:46 pm TechM bets on Satyam for BPO gainsTech Mahindra is banking on subsidiary Mahindra Satyam's strengths for its BPO business to take off.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:45 pm TechM, Satyam seem to juggle a millstoneAfter slashing costs and manpower, Mahindra Satyam may have to do an encore to keep the boat afloat.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:43 pm Is Bond Street freaking out?The ten-year 6.90% 2019 bond touched a nine-month high of 7.38% on Monday before closing out at 7.34%.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:41 pm HDFC holds turf amid SBI attackState Bank of India's (SBI) special home loan scheme may have scared its private sector competitors somewhat, but it hasn't quite propelled the bank ahead of them yet.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:34 pm Mumbai realty prices begin ascentRealtors have hiked prices of Mumbai developments by 5-15%, depending upon the location.Source: Daily News & Analysis: Money News | 24 Aug 2009 | 3:25 pm Wockhardt sells 10 hospitals to FortisIn the biggest deal in the healthcare sector, Fortis Healthcare Ltd has moved to acquire 10 hospitals, including two still being built, for Rs 909 crore from Wockhardt Hospitals, a subsidiary of pharmaceuticals group Wockhardt, which has been going through a financial upheaval.Source: Hindustan Times News Feeds 'Business' | 24 Aug 2009 | 1:18 pm Toyota launches a big bully for Indian roadsIn a span of two days, world’s top two passenger carmakers have revised the tenure of achieving identical sales targets in India. After General Motors said that it would achieve 10 per cent market share in India only by 2011 and not 2010 as earlier targeted, Toyota Kirloskar Motor India on Monday said it would hit the same mark only by 2015.Source: Hindustan Times News Feeds 'Business' | 24 Aug 2009 | 1:14 pm RIL lashes out at ADAG for gas propaganda warHitting back at the Anil Dhirubhai Ambani Group for unleashing a “malicious, mischievous, baseless and ill-informed” campaign against its KG-D6 gas field costs, Mukesh Ambani’s RIL said the campaign by people with little experience of large projects should be nipped in the bud.Source: Hindustan Times News Feeds 'Business' | 24 Aug 2009 | 1:09 pm Jet pilots to go on strike from Sept 7 midnightJet Airways pilots on Monday served a 14-day notice to the management to go on strike from September 7 midnight. This is for the first time in its sixteen years of existence that Naresh Goyal’s Jet Airways is facing a rebellion from its pilots union.Source: Hindustan Times News Feeds 'Business' | 24 Aug 2009 | 1:06 pm Toyota mulls small car launch under Daihatsu brandToyota Motor Corporation, the worlds largest car-maker, is evaluating the Indian market to launch its Daihatsu range of compact cars.Source: Business Standard | Front Page Headlines | 24 Aug 2009 | 12:35 pm Fortis to buy 10 Wockhardt hospitals in Rs 909-cr dealIn the largest acquisition in the Indian healthcare businesses, Fortis Healthcare, promoted by the former owners of drug maker Ranbaxy, has acquired some of rival Wockhardt Hospitals assets comprising eight operational and two greenfield projects for Rs 909 crore.Source: Business Standard | Front Page Headlines | 24 Aug 2009 | 12:35 pm Loop Tele case goes back to corporate affairs minThe Department of Telecommunications (DoT) is planning to refer the issue of possible violations in telecom crossholding restrictions by the Essar Group back to the Ministry of Corporate Affairs (MCA), which had suggested licensing transgressions some months ago.Source: Business Standard | Front Page Headlines | 24 Aug 2009 | 12:33 pm ‘We are acquiring every fourth new customer’Bharti Airtel has been one of the late entrants in the direct-to-home industry. In an interview, Ajai Puri, director and CEO, Bharti Telemedia, said that the DTH industry has a potential to revolutionise the Indian market just like the telecom industry did., reports Saurabh Turakhia.Source: Hindustan Times News Feeds 'Business' | 24 Aug 2009 | 12:22 pm Nokia to enter PC industry with its first netbookHelsinki: The world’s top cellphone maker, Nokia Corp., said on Monday it would start to make laptops, entering a fiercely competitive, but fast-growing market with a netbook running Microsoft Corp.’s Windows operating system. Nokia had earlier this year said it was considering entering the laptop industry, crossing the border between two converging industries in the opposite direction to Apple Inc., which entered the phone industry in 2007 with the iPhone. The company has seen its profit margins drop over the last quarters as handset demand has slumped, and analysts have worried that entering the PC (personal computer) industry, where margins are traditionally razor-thin, could hurt Nokia’s profits further. “We are fully aware what has the margin level been in the PC world. We have gone into this with our eyes wide open,” Kai Oistamo, head of Nokia’s phone unit, told Reuters. “There’s really an opportunity to bring fresh perspective to the PC world,” he said, adding that Nokia would introduce extended battery life and continuous connectivity. Nokia’s first netbook, the Nokia Booklet 3G, will use Microsoft’s Windows software and Intel’s Atom processor to offer up to 12 hours of battery life while weighing 1.25kg. Netbooks are low-cost laptops optimized for surfing the Internet and performing other basic functions. Pioneered by Asustek Computer Inc. with the hit Eee PC in 2007, netbooks have since been rolled out by other brands such as Hewlett-Packard Co. and Dell Inc. “The question is: How will Nokia differentiate? This is already a crowded market. If they manage to differentiate, it’s going to give them competitive advantage,” said Gartner Inc. analyst Carolina Milanesi. Research firm Interactive Data Corp. expects netbook shipments this year to grow at least 127% from 2008 to over 26 million units, outperforming the overall PC market that is expected to remain flat and a phone market that is shrinking some 10%. “Nokia will be hoping that its brand and knowledge of cellular channels will play to its strengths as it addresses this crowded, cut-throat segment,” said Ben Wood, director of research at CCS Insight. “At present we see Nokia’s foray into the netbook market as a niche exercise in the context of its broader business.” Nokia said it would unveil detailed specifications, market availability and pricing of its new device on 2 September. A person close to Nokia said the new netbook would use the Windows 7 operating system. Microsoft says a stripped-down version of Windows 7 will be introduced to netbooks the same time as its general release on 22 October. Local media reports in Taiwan have said that Compal, the world’s No. 2 contract laptop PC maker, has pitched netbook models to Nokia, but there has been no official confirmation from either side. Nokia declined to comment on the manufacturer it uses. Most of the world’s top electronics brands typically do their own design work, but outsource the manufacturing process to contract manufacturers such as Compal and its larger rival Quanta. Kelvin Soh in Taipei contributed to this story. Source: Tech News - Livemint.com | 24 Aug 2009 | 11:31 am Corus to restart steel production at UK plantLondon: British steel-maker Corus said Monday it would restart production at its Llanwern works in Wales, encouraged by a rise in the price of steel as the global economic downturn eases. The company, Europe’s second-biggest steel concern, said it would restart production at the hot rolling mill, which was shut down in January due to lack of demand. According to The Times of London, however, the reactivation will not restore the more than 500 jobs cut by Corus at the time because operating costs have since risen. Steel-makers have suffered as the economic crisis battered large customers in the construction, automotive and equipment industries. Corus, owned by Indian firm Tata Steel, announced in June that it would shed more than 2,000 jobs or 10% of its UK work force, in response to the slump in demand. However, world steel prices and production have risen recently, though from very low levels compared to a year ago. Source: World Business - Livemint.com | 24 Aug 2009 | 3:57 am
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