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Current capital outlay at Rs 10000cr: Gammon InfraGammon would like to enhance its networth by March end, its MD Pervez Umrigar says. The current capital outlay stands at Rs 10,000 crore, he added.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 8:27 am Experts say auto cos can clock doubledigit growth in FY10The Indian automobile industry is in top gear. Almost all auto majors clocked surge in sales in August. Experts feel that they do not see any valid reason as to why the auto industry cannot clock doubledigit growth.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 8:14 am Cos auto sales to be strong in Q3 Q4: MMMM may introduce discounts in the festive period. Sales growth of the company will be strong in Q3 and Q4, Rajesh Jejurikar said adding \"no slowdown in sales due to poor monsoons.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 8:13 am Expect to maintain 20% EBITDA in FY10: Jubilant OrganosysJubilant Organosys has an order book of USD 850 million and is confident of meeting its debt obligations ahead, its Chairman and Managing Director Shyam Bhartia told CNBCTV18. The company doesnt have any capital raising plan as of now, he added.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 8:10 am Singapore's DBS Group appoints Citi's Piyush Gupta as CEOSingapore's DBS Group Holdings Ltd, the biggest bank in South-East Asia, said that it has appointed Piyush Gupta from Citibank Inc as its chief executive officer, about five months after the death of its previous CEO.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 7:53 am Maruti sales up 41.56% in August!Car maker Maruti Suzuki India Ltd on Tuesday reported a 41.56 percent jump in sales for August at 84,808 units.Source: Zee News : Business | 1 Sep 2009 | 7:42 am TVS motorcycle sales dip 2.25% in August!TVS Motor on Tuesday reported 2.25 percent fall in motorcycle sales to 51,127 units in August.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Boeing executive quits after Dreamliner delays!The Boeing executive in charge of the aerospace giant`s much delayed 787 Dreamliner project will step down, the company has said.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Plan panel for raising gas prices by oil PSUs!The Planning Commission on Tuesday called for linking petrol and diesel prices with international markets and made a case for raising gas prices by public sector companies.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Oil rebounds in Asia after overnight declines!Oil rebounded modestly in Asian trade on Tuesday after overnight declines on new worries about the global economic recovery, analysts said.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Planning Commission sees 2009-10 GDP growth at 6.3%!The plan panel expects the economy to grow 6.3 percent in the year to March 2010 and at a faster pace in the following years, it said in a background paper which will be presented in a meeting with the Prime Minister.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Sensex rises 152 pts in opening trade, NHPC lists at premium!The Bombay Stock Exchange benchmark index Sensex surged by 152 points in opening trade on Tuesday on emergence of buying by funds and retail investors amid firming trends in other Asian bourses.Source: Zee News : Business | 1 Sep 2009 | 7:42 am `Rel Comm, Aircel close to tower deal`!Reliance Communications, is close to a telecoms tower sharing deal with local peer Aircel that could fetch India`s No. 2 mobile operator revenues of about USD 300 million over 10 years, newspapers reported on Tuesday.Source: Zee News : Business | 1 Sep 2009 | 7:42 am NHPC gets listed on BSE at premium of over 8%!State-run hydro power firm NHPC on Tuesday got listed on the Bombay Stock Exchange at a premium of over eight percent over its original issue price.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Manufacturing growth falters in August: PMI!Indian manufacturing activity expanded at its slowest pace in five months in August as companies struggled to raise selling prices despite higher costs, a survey showed on Tuesday.Source: Zee News : Business | 1 Sep 2009 | 7:42 am Malay Mukherjee steps down from ArcelorMittal boardMalay Mukherjee, a leading expert in steelmaking, has stepped down from the board of directors of ArcelorMittal, the company announced today. Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 7:40 am Expect sales to pick up in September: TVS MotorsTVS Motors has declared its auto sales figure for August. The companys twowheeler sales stood at 1.27 lakh versus 1.14 lakh in the previous month. In an interview to CNBCTV18, HS Goindi, the companys President Marketing, said sales are expected to pick up from September.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 7:31 am US online giant eBay to sell Skype: reportUS online auction giant eBay will announce today a plan to sell its Web communication service Skype to an investment group, ending a troubled relationship, the New York Times reported.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 7:27 am World airlines lose two bln dlrs in Q2: IATAMore than 50 global airlines lost $2.021 billion during the second quarter, bringing industry losses for the first half to over $6.0 billion, airline industry association IATA said on Tuesday.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 7:13 am Will pay more for sugar purchased from millers: Govt to HCThe government today informed the Delhi High Court that it has decided to pay more for sugar it purchases from millers, but said it was working on the details.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 6:54 am Tata Motors to return Singur land if compensatedTata Motors is willing to return the original site for its ultra-cheap Nano car if the West Bengal government compensates for the investment on the land, its chairman said today.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 6:41 am See crude at $100/bbl in foreseeable future: ONGCRS Sharma of ONGC said crude oil prices were likely to again touch the threedigit levels in future and does not see oil prices to go lower than the current levelsSource: Moneycontrol Top Headlines | 1 Sep 2009 | 6:14 am ILFS\' 37% stake in Maytas adequate for control: JR VarmaILFS\' Maytas takeover was within existing guidelines, JR Varma, a former SEBI member, said, adding that Maytas needed a company with deep pockets to save it.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 5:32 am Manmohan calls for ways to arrest slowdown, secure energyPrime Minister Manmohan Singh today set the agenda for the Planning Commission to find ways and means to ensure that India gets back to the high economic growth path and secures its rising appetite for energy.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 5:24 am Maruti reports 41.6 per cent jump in August salesPassenger car leader Maruti Suzuki India today reported sales of 84,808 vehicles in August, registering a growth of 41.6 per cent over that in the corresponding month last year.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 4:26 am Maruti sales up 41%; Co sees production constraints in OctMaruti Suzuki sold a total of 84,808 vehicles in August 2009 and registered 41.6% growth on YoY basis. The company posted exports of 14,847 units, the highest ever monthly export in the company\'s history. RC Bhargava said domestic sales were up 29% while exports, which grew on the back of Astar sales, were up 156% (YoY).Source: Moneycontrol Top Headlines | 1 Sep 2009 | 4:25 am Tata Motors to return Nano land if co... - Reuters India
Source: Business - Google News | 1 Sep 2009 | 4:24 am BSE Sensex provisionally falls 0.8 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 0.8 percent on Tuesday, as weak European peers weighed on investor confidence.Source: Reuters: Money News | 1 Sep 2009 | 4:24 am Reuters Summit - UBS says time is ripe for equity raising in ChinaBEIJING (Reuters) - UBS has a series of Chinese equity-raising deals in the pipeline and expects a strong third quarter despite the recent plunge in the Shanghai stock market, a senior investment banker told Reuters on Tuesday.Source: Reuters: Money News | 1 Sep 2009 | 4:22 am Nifty closes above 4600; realty, meta... - Economic Times
Source: Business - Google News | 1 Sep 2009 | 4:20 am NHPC draws Rs 30000-cr capex for 12th... - Business Standard
Source: Business - Google News | 1 Sep 2009 | 4:19 am Nagarjuna bags Rs 481-crore orders - Business Standard
Source: Business - Google News | 1 Sep 2009 | 3:57 am Sony PCs to offer Google Web browserSan Fransisco: Google Inc is shipping its Chrome browser with Sony Corp PCs, sealing the Internet company’s first such deal since it introduced the Web browser last year to compete with Microsoft. The deal could expand the reach of Google’s fledgling product which lags behind browsers offered by Microsoft Corp and the Mozilla foundation in market share. Google spokesperson Eitan Bencuya said the deal with Sony went into effect this summer, but declined to discuss terms of the deal, such as which Sony PC models come pre-installed with the Chrome browser, or any financial terms. Google said the company was now exploring ways to make Chrome accessible to more people. “We are in the process of testing one such channel with Sony,” according to a statement. The deal with Sony was first reported by the Financial Times. Sony trails PC giants like Hewlett-Packard Company and Dell Inc , and did not rank among the top five PC vendors by worldwide shipments in the second quarter, according to research firm IDC. But Bencuya said Google was looking at striking similar deals with other PC makers. Google introduced the Chrome browser in September 2008 and remains a distant number four player in the browser market, with a 2.59% worldwide share in July according to market research firm Net Applications. Microsoft’s Internet Explorer dominates the browser market with 67.7% market share, followed by the Mozilla Foundation’s Firefox, with 22.5%, and Apple Inc’s Safari, with 4%. Source: Tech News - Livemint.com | 1 Sep 2009 | 3:55 am Govt payout acts as stimulus, sparks consumptionNEW DELHI (Reuters) - Life has changed for Deepika Chatterjee. She plans to buy a house, travel in a chauffeur-driven car and no longer hesitates before buying expensive airline tickets.Source: Reuters: Money News | 1 Sep 2009 | 3:50 am IRFC appoints banks for $400 mln loan - sourcesMUMBAI (Reuters) - State-owned Indian Railway Finance Corp (IRFC) has appointed a consortium of six banks to raise a $400 million loan, two sources directly involved in the transaction said on Tuesday.Source: Reuters: Money News | 1 Sep 2009 | 3:48 am S.Africa govt in principle supports MTN, Bharti dealJOHANNESBURG (Reuters) - South Africa's communications department said on Tuesday it supported in principle a proposed tie-up between MTN Group and Bharti Airtel, aimed at creating the world's No. 3 mobile operator.Source: Reuters: Money News | 1 Sep 2009 | 3:35 am World airlines lose $2 billion in Q2: IATAGeneva: More than 50 global airlines lost $2.021 billion during the second quarter, bringing industry losses for the first half to over $6.0 billion, airline industry association IATA said on Tuesday. But while European and Asian-Pacific carriers were worse off than a year ago, North American airlines managed to trim their losses while Latin American and Middle Eastern carriers reported a rise in profits, IATA said. The International Air Transport Association had earlier forecast that losses for the full year would reach about $9 billion. Sixteen Asian-Pacific carriers posted losses of $1.29 billion during the second quarter, compared to losses of $958 million a year ago. Twelve European airlines recorded $1.101 billion of losses during the period, slipping into the red from a profit of $439 million a year ago. Twenty North American airlines however trimmed their losses from $419 million a year ago to $134 million for the second quarter this year. Latin American carriers also improved profits from $5 million in the second quarter last year to $485 million this year, while Middle Eastern carriers saw profits rise from $7 million to $20 million. The association warned jet fuel prices were rising and had reached over 80 dollars a barrel—a level last seen in 2007, adding pressure to earnings. Pointing to improving passenger and freight volumes, IATA said however that they were still below levels recorded last year. “Travel only began to stabilise at the end of the first quarter. There was a material improvement in July but the future path is likely to be volatile and weaker than normal recoveries,” it said. IATA had said in August that international air passenger traffic showed an improvement in July but the industry remains in “intensive care.” Passenger traffic fell 2.9% in July compared to the same month last year, a “relative improvement” from the 7.2% fall recorded for June. Source: World Business - Livemint.com | 1 Sep 2009 | 3:34 am World airlines lose $2 billion in Q2: IATAGeneva: More than 50 global airlines lost $2.021 billion during the second quarter, bringing industry losses for the first half to over $6.0 billion, airline industry association IATA said on Tuesday. But while European and Asian-Pacific carriers were worse off than a year ago, North American airlines managed to trim their losses while Latin American and Middle Eastern carriers reported a rise in profits, IATA said. The International Air Transport Association had earlier forecast that losses for the full year would reach about $9 billion. Sixteen Asian-Pacific carriers posted losses of $1.29 billion during the second quarter, compared to losses of $958 million a year ago. Twelve European airlines recorded $1.101 billion of losses during the period, slipping into the red from a profit of $439 million a year ago. Twenty North American airlines however trimmed their losses from $419 million a year ago to $134 million for the second quarter this year. Latin American carriers also improved profits from $5 million in the second quarter last year to $485 million this year, while Middle Eastern carriers saw profits rise from $7 million to $20 million. The association warned jet fuel prices were rising and had reached over 80 dollars a barrel—a level last seen in 2007, adding pressure to earnings. Pointing to improving passenger and freight volumes, IATA said however that they were still below levels recorded last year. “Travel only began to stabilise at the end of the first quarter. There was a material improvement in July but the future path is likely to be volatile and weaker than normal recoveries,” it said. IATA had said in August that international air passenger traffic showed an improvement in July but the industry remains in “intensive care.” Passenger traffic fell 2.9% in July compared to the same month last year, a “relative improvement” from the 7.2% fall recorded for June. Source: Home - Livemint.com | 1 Sep 2009 | 3:34 am Ranbaxy unit to market osteoporosis drugMumbai: Pharma firm Ranbaxy Laboratories today said its Romanian arm will market Evista, a drug used for treating osteoporosis. Terapia SA (Terapia Ranbaxy), a subsidiary of the company would market the osteoporosis medication drug in Romania, Ranbaxy Laboratories, which was acquired by Daiichi Sankyo last year, said in a filing to the Bombay Stock Exchange. “The launch of Evista by Terapia Ranbaxy in Romania marks our first international endeavour as a global partnership. Terapia Ranbaxy is a strong player in Europe, and we will provide a unique platform to Daiichi Sankyo for the launch of Evista, and many more new products in the future,” Ranbaxy CEO and managing director Atul Sobti said. Terapia Ranbaxy is the largest generic pharmaceutical company. “We continue to explore other collaborations with Ranbaxy that will help optimise our growth,” Daiichi Sankyo president and CEO Takashi Shoda said. In 2006, Daiichi Sankyo acquired the marketing and distribution rights for Evista, an osteoporosis treatment, in six European countries from Eli Lilly and Company, it said. In 2008, Daiichi Sankyo acquired additional rights for the drug covering all remaining countries in Europe, with the exception of Greece, the filing said. Shares of Ranbaxy Laboratories were trading at Rs332 on the BSE, up 1.34% from previous close. Source: Home - Livemint.com | 1 Sep 2009 | 3:26 am Ranbaxy unit to market osteoporosis drugMumbai: Pharma firm Ranbaxy Laboratories today said its Romanian arm will market Evista, a drug used for treating osteoporosis. Terapia SA (Terapia Ranbaxy), a subsidiary of the company would market the osteoporosis medication drug in Romania, Ranbaxy Laboratories, which was acquired by Daiichi Sankyo last year, said in a filing to the Bombay Stock Exchange. “The launch of Evista by Terapia Ranbaxy in Romania marks our first international endeavour as a global partnership. Terapia Ranbaxy is a strong player in Europe, and we will provide a unique platform to Daiichi Sankyo for the launch of Evista, and many more new products in the future,” Ranbaxy CEO and managing director Atul Sobti said. Terapia Ranbaxy is the largest generic pharmaceutical company. “We continue to explore other collaborations with Ranbaxy that will help optimise our growth,” Daiichi Sankyo president and CEO Takashi Shoda said. In 2006, Daiichi Sankyo acquired the marketing and distribution rights for Evista, an osteoporosis treatment, in six European countries from Eli Lilly and Company, it said. In 2008, Daiichi Sankyo acquired additional rights for the drug covering all remaining countries in Europe, with the exception of Greece, the filing said. Shares of Ranbaxy Laboratories were trading at Rs332 on the BSE, up 1.34% from previous close. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 3:26 am India's Growth May Falter as Drought ... - Bloomberg
Source: Business - Google News | 1 Sep 2009 | 3:24 am Poland marks anniversary of World War II beginningGdansk, Poland: Leaders from both sides in World War II gathered Tuesday for ceremonies marking the 70th anniversary of the start of the conflict in Europe, when a German ship fired on a Polish base on the Baltic. At 4:45am, Poland’s President Lech Kaczynski and Prime Minister Donald Tusk, joined by diplomats and veterans, paid tribute to the victims of the conflict which was to claim an estimated 50 million lives, including six million Jews who perished in the Holocaust. At events later on Tuesday, leaders of some 20 nations including German Chancellor Angela Merkel and Russian Prime Minister Vladimir Putin - were to join them in remembering history’s bloodiest conflict, whose legacy endures and divides to this day. “We are here to remember who in that war was the aggressor and who was the victim, for without an honest memory neither Europe, nor Poland, nor the world will ever live in security,” Polish Prime Minister Donald Tusk declared at the pre-dawn ceremony. Memorial events centre on Westerplatte, a peninsula on the edge of Gdansk (then the Free City of Danzig) and home in 1939 to a small Polish base. For Poles it symbolises heroic resistance against overwhelming odds: its 180 soldiers held out for seven days against 3,500 Germans. It was attacked on Friday, 1 September, 1939 by the German battleship Schleswig-Holstein, which was on a purported goodwill visit. The ship had been ordered by Nazi dictator Adolf Hitler to open fire at 4:45am, which is seen as the start of the conflict. The Nazis, however, bombed Wielun, a town in central Poland close to the former border with Germany, at 4:40am. The battleship’s gunners received their captain’s order at 4:47am, and opened up at 4:48am, according to Polish historians. Putin’s speech at the ceremony is hotly awaited by Poles, after a string of Russian publications and a film justifying the 23 August, 1939 Nazi-Soviet Non-Aggression Treaty, known as the Molotov-Ribbentrop Pact, which led to the partition of Poland between Germany and the Soviet Union. In an article published Monday in top Polish daily Gazeta Wyborcza, Putin condemned the pact but added that the Soviet Union had no other option. He noted that in 1938, Britain and France signed the infamous Munich agreement with Nazi Germany, “destroying all hope of creating a united front to fight against fascism”. However, he made no reference to the Red Army invasion of Poland of September 17, 1939. Kaczynski underlined Poland’s viewpoint in his speech, saying that in 1939, the Soviets had “stuck a knife in the back of Poland”. The conflict remained a German-Polish affair until 3 September, 1939 when Britain and France, bound to Poland by military pacts, declared war on Germany, pulling in their vast empires. For Russia, meanwhile, what is known as the “Great Patriotic War” started on June 22, 1941. The Nazis turned on their erstwhile allies, launching a bloody invasion. For West Europeans, it remained the so-called “Phoney War” until 1940. That year, Nazis swept through Denmark, Norway, Belgium, Holland and France and attacked Britain from the air, and Germany’s ally Fascist Italy entered the war. The United States found itself at war on 7 December , with the Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 3:20 am Tata Tele going slow on Aircel tower dealNEW DELHI (Reuters) - Tata Teleservices' telecoms tower joint-venture has not yet begun due diligence to buy some or all of unlisted Aircel's tower holdings, its managing director said on Tuesday.Source: Reuters: Money News | 1 Sep 2009 | 3:17 am US files for disclosure of 4,500 Swiss accountsThe US tax agency on Monday filed with Swiss authorities for administrative assistance on information related to 4,500 bank accounts, following a deal reached between the two governments earlier this month.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 3:16 am Tata Motors to return Nano land if compensatedKOLKATA (Reuters) - Tata Motors is willing to return the original site for its ultra-cheap Nano car if the state government compensates for the investment on the land, its chairman said on Tuesday.Source: Reuters: Money News | 1 Sep 2009 | 3:12 am US online giant eBay to sell Skype: reportWashington: US online auction giant eBay will announce on Tuesday a plan to sell its Web communication service Skype to an investment group, The New York Times reported. The group of private investors would likely include Andreessen Horowitz, a venture capital firm headed by Netscape co-founder Marc Andreessen, the newspaper said, citing two people briefed on eBay’s plans. London-based venture capital firm Index Ventures, an early investor in Skype, and private equity firm Silver Lake Partners were also involved in the arrangement, whose value was not disclosed. But the Times noted that eBay has said it wants about two billion dollars for Skype, which could take in over $600 million in revenue this year. eBay purchased Skype in 2005 for a price tag that eventually exceeded $3.1 billion, including payouts to Web entrepreneurs Niklas Zennstrom of Sweden and Janus Friis of Denmark, who founded the company in 2003. But eBay found it difficult to integrate the company with its core auction business and later wrote down $900 million of Skype’s value. The auction company said in April it had planned an initial public offering for the Skype division next year, but the Times noted eBay has since been in talks with companies and investment groups interested in making the purchase. Last month, eBay negotiated with Internet giant Google over Skype, which bypasses the standard telephone network by channeling voice and video calls over the Web, the newspaper said. But Google walked away from the deal. Since the sale to eBay, the number of Skype users has exploded from 53 million to 405 million. Skype allows users to call each other free of charge and to connect with land lines or mobile devices at low rates. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 3:05 am US online giant eBay to sell Skype: reportWashington: US online auction giant eBay will announce on Tuesday a plan to sell its Web communication service Skype to an investment group, The New York Times reported. The group of private investors would likely include Andreessen Horowitz, a venture capital firm headed by Netscape co-founder Marc Andreessen, the newspaper said, citing two people briefed on eBay’s plans. London-based venture capital firm Index Ventures, an early investor in Skype, and private equity firm Silver Lake Partners were also involved in the arrangement, whose value was not disclosed. But the Times noted that eBay has said it wants about two billion dollars for Skype, which could take in over $600 million in revenue this year. eBay purchased Skype in 2005 for a price tag that eventually exceeded $3.1 billion, including payouts to Web entrepreneurs Niklas Zennstrom of Sweden and Janus Friis of Denmark, who founded the company in 2003. But eBay found it difficult to integrate the company with its core auction business and later wrote down $900 million of Skype’s value. The auction company said in April it had planned an initial public offering for the Skype division next year, but the Times noted eBay has since been in talks with companies and investment groups interested in making the purchase. Last month, eBay negotiated with Internet giant Google over Skype, which bypasses the standard telephone network by channeling voice and video calls over the Web, the newspaper said. But Google walked away from the deal. Since the sale to eBay, the number of Skype users has exploded from 53 million to 405 million. Skype allows users to call each other free of charge and to connect with land lines or mobile devices at low rates. Source: Tech News - Livemint.com | 1 Sep 2009 | 3:05 am Bank of Baroda becomes a registered bank in New ZealandBank of Baroda may open its first branch in Auckland's Mt Roskill. It's local operations are going to target all ethnic communities, not only Indian residents.Source: Daily News & Analysis: Money News | 1 Sep 2009 | 3:05 am 91 Goa mines under government scannerNinety-one out of the 103 operators of leased mines in Goa are under the government scanner for possible violation of environmental norms, a senior official said Tuesday.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 3:01 am Sensex plummets sharply, wipes out gainsA key index of the Indian equities markets fell sharply in afternoon trade Tuesday, wiping out a 1.6 percent gain garnered in previous sessions.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 3:01 am Alcohol worth Rs.34 crore sold in a single day in KeralaAlcohol sales in Kerala Monday reached a record single-day high to touch Rs.34.13 crore.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 3:00 am Tata Motors may return Singur land if compensatedTata Motors group chairman Ratan Tata Tuesday said the company was prepared to return the land it was given at Singur for its Nano car factory to the West Bengal government provided it was repaid the money it had spent to develop the plot.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 3:00 am Growth to slow in coming quarters - AhluwaliaNEW DELHI (Reuters) - India's economic growth in the coming two quarters will be lower than April-June, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Tuesday.Source: Reuters: Money News | 1 Sep 2009 | 2:55 am Sensex rises 152 pts in opening tradeThe Bombay Stock Exchange benchmark index Sensex surged by 152 points in opening trade today on emergence of buying by funds and retail investors amid firming trends in other Asian bourses.Source: Hindustan Times News Feeds 'Business' | 1 Sep 2009 | 2:53 am Tata Motors to return Nano land if compensatedKolkata: Tata Motors is willing to return the original site for its ultra-cheap Nano car if the state government compensates for the investment on the land, its chairman said on Tuesday. The company was forced to pull out its factory from Singur in West Bengal last October following violent protests by farmers who lost land, after investing about $350 million. “We do not wish to sit on the land for an indefinite period and we are willing to co-operate with the state government if any proposal suits us,” Ratan Tata told reporters on the sidelines of a shareholders meeting of group company Tata Tea. “We are willing to transfer the land to the state government only if they compensate us with the investment we have made on the ground,” he said. Ratan Tata is scheduled to meet the state’s industry minister, Nirupam Sen, on Tuesday. Tata Motors is now building the Nano factory in Gujarat. Source: Home - Livemint.com | 1 Sep 2009 | 2:51 am Tata Motors to return Nano land if compensatedKolkata: Tata Motors is willing to return the original site for its ultra-cheap Nano car if the state government compensates for the investment on the land, its chairman said on Tuesday. The company was forced to pull out its factory from Singur in West Bengal last October following violent protests by farmers who lost land, after investing about $350 million. “We do not wish to sit on the land for an indefinite period and we are willing to co-operate with the state government if any proposal suits us,” Ratan Tata told reporters on the sidelines of a shareholders meeting of group company Tata Tea. “We are willing to transfer the land to the state government only if they compensate us with the investment we have made on the ground,” he said. Ratan Tata is scheduled to meet the state’s industry minister, Nirupam Sen, on Tuesday. Tata Motors is now building the Nano factory in Gujarat. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 2:51 am Interest rate futures off to solid st... - Reuters India
Source: Business - Google News | 1 Sep 2009 | 2:45 am BSNL launches Nova net PC in BiharPatna: With a view to popularise the use of internet in the country, Bharat Sanchar Nigam Ltd (BSNL) has launched a multi-featured computing service Nova net PC which can be used both for accessing internet and for computing. “BSNL has been constantly striving to have broadband penetration in the country, especially in rural areas. With our huge connectivity and infrastructure, BSNL hopes to give a new wind to the computing and broadband revolution in the country, chief general manager, Bihar Telecom Circle S C Mishra said. The Nova net PC, launched in association with Noavtium Solution Private Limited, can be used for both internet access and computing applications at economical prices, Mishra said. In urban areas, Nova Net PC would be delivered at a one-time payment of Rs2,999 and tax while in rural areas, the system would be made available to the broadband users under USOF (Universal Service Obligation Fund) scheme which means that rural users would have to pay a refundable security deposit of Rs1900. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 2:45 am Midsession: Markets turn negative after rising 1.6%Mumbai: Indian shares erased gains of as much as 1.6% and turned negative on Tuesday afternoon following a retreat by European peers. At 1:47pm, the 30-share BSE index was down 0.7% at 15,550.55 points, with 21 stocks declining. The 50-share NSE index was down 0.7% at 4,631.30. Markets rose 1.3% in the noon, supported by firm Asian peers and as long-term investors looked to enter the market after it fell 1.6% in the previous session. State-run hydropower generator NHPC Ltd was up 4.2% at Rs37.50 on its debut. The utility’s IPO for up to $1.25 billion was subscribed more than 20 times and was priced at Rs36 per share, the top end of the indicated band. “India is looking to other markets for support. There are no real domestic triggers to move the market,” Arun Kejriwal, a strategist at research firm KRIS, said. “A lot will depend on how European markets open today and NHPC performs in the afternoon. Right now, NHPC is a bit of a disappointment as expectations had been sky high,” he said. Private-sector lender ICICI Bank rose 2.9% to Rs771 and No. 2 outsourcer Infosys Technologies advanced 2.1% to Rs2,176.50 to lead gains in the main index. Energy giant Reliance Industries, which has the most weight in the main index, climbed 0.9% to Rs2,023. Top telecoms firm Bharti Airtel, which is in exclusive merger talks with South Africa’s MTN, added 0.8% to Rs428.20. Non-ferrous metals producer Sterlite Industries fell as much as 2.8%, but trimmed losses to trade down 0.1% at Rs674.50 as London copper futures pared early declines. A US federal judge recommended Mexican miner Grupo Mexico’s bid to take control of US copper miner Asarco LLC. Sterlite had made a bid for the miner as it emerges from bankruptcy. Judge Richard Schmidt of the US Bankruptcy Court in Corpus Christi, Texas, said Grupo Mexico’s was the better of two plans, as it was more likely to pay Asarco’s creditors in full. Analysts have said investors were not pricing in a possible acquisition of Arasco into Sterlite’s stock, and so the latest court ruling was not expected to significantly impact the Indian firm’s shares. “The recommendation of the US Bankruptcy Court, which in our view is not binding but is expected to provide guidance, would now move to US District Court Judge for final confirmation,” JPMorgan analyst Pinakin Parekh said. “We are currently not building in Asarco into our financials,” said Parekh, who has an “overweight” rating on Sterlite’s stock. By 11:55am, the 30-share BSE index was up 1.3% at 15,876.36 points, with 27 stocks advancing. On Monday, the benchmark had fallen for the first time in seven days as equity markets worldwide slid on profit-taking after a recent rally. Analysts say a rush of liquidity pouring into emerging markets will support stocks in the near term as investors look to buy on dips even though worries about a weak monsoon, high valuations and looming inflation weigh. Drought has affected 278 Indian districts, increasing its spread despite higher rainfall in the past two weeks and making the rising prices of sugar and lentils the big worry for the country, the government said on Monday. Indian manufacturing activity expanded at its slowest pace in five months in August as companies struggled to raise selling prices despite higher costs, a survey showed on Tuesday. India’s economy grew 6.1% in the June quarter from a year earlier, roughly in line with forecasts as government stimulus helped spur demand, but the poor monsoon threatens to erode growth later in the year even as it drives prices higher. In the broader market, gainers led losers by almost 3 to 1 on relatively heavy volume of 327.8 million shares. Source: Home - Livemint.com | 1 Sep 2009 | 2:44 am Gold demand abates after pick-upMumbai: India gold demand abated on Tuesday after a slight pick-up the previous evening as traders kept to the sidelines anticipating falls ahead, dealers said. “Yesterday, there was quiet good demand when prices were below $950 (an ounce), but today it is quiet as traders want lower prices,” said a dealer with a state-run bank in Mumbai. “We had some bookings at $945 (an ounce), we hardly sold around 50 kgs,” said Mayank Khemka, managing director, Khemka International, a large gold importer. Spot gold was quoted at $951.65/952.20 an ounce as against the previous day’s $949.65/952.65 at 2:15pm. Gold had hit a low of 943.80 in the previous session. Dealers said gold’s offtake would remain subdued until the inauspicious period to buy gold. Shradh, a period of paying homage to ancestors, is from 5 September to 19 September. “I don’t have any advance orders,” said another dealer with a private bank. Gold imports in August provisionally slumped to between 12-14 tonnes from 98 tonnes in the same month last year as high prices and weak monsoon rains dented demand, Suresh Hundia, president of the Bombay Bullion Association, said on Tuesday. Source: Home - Livemint.com | 1 Sep 2009 | 2:33 am NTPCBHEL unit to be completed by 201112The first phase of the NTPCBHEL power equipment project at Mannavaram in Chittoor district of Andhra Pradesh will be completed by 201112.Source: Moneycontrol Top Headlines | 1 Sep 2009 | 2:32 am Interest rate futures off to solid start, outlook brightMUMBAI (Reuters) - Interest rate futures in India got off to a solid start this week and investors are optimistic that it will be more successful than an earlier edition launched six years ago, that fizzled out within weeks of its launch.Source: Reuters: Money News | 1 Sep 2009 | 2:31 am Govt to appoint regulator for coal sector soonNew Delhi: The coal sector will soon get a regulator of its own, like the ones for insurance and telecom, to oversee key issues such as price for long-term fuel supply and e-auctioning. “A cabinet note for appointment of a coal regulator has been approved by the ministry of coal...It is planned to send the same to Cabinet along with concerned Bill, which will then, after approval, be introduced in Parliament shortly,” a Planning Commission presentation before the full Plan panel chaired by Prime Minister Manmohan Singh said. Stressing the need for coal sector reforms, the presentation said, “Independent regulation of coal sector becomes essential to ensure that e-auction remains competitive, to fix formulae for price revision for long-term fuel supply, to fix trading margins and to improve exploitation and allocation of available resources. “The coal regulator will come up after the Bill is passed. There is a need to review the existing functioning of the regulators to identify specific measures which can promote competition and develop markets,” it added. The need for a regulator for the sector has been raised earlier too Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 2:25 am Rupee reverses gains as stocks fall over 1%Mumbai: The Indian rupee reversed early gains and was trading marginally lower in afternoon trade on Tuesday as losses in local shares raised concerns foreigners may pull out funds from the local market. At 2:05pm, the partially convertible rupee was at 48.84/85 per dollar, off an early high of 48.6750 and marginally weaker than its previous close of 48.83/84. The unit had fallen 2.1% in August, its biggest decline since its 4.4% drop in February that came just before it hit a record low of 52.2 in early March. Local shares were trading more than 1% lower tracking a weaker start to European shares. The Sensex had risen as much as 1.6% earlier. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.1%. The yen held near a seven-week peak on the dollar on Tuesday, while the Australian dollar slipped after its central bank sounded less hawkish than some had anticipated. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at 48.9225 and 48.92 respectively, with the total traded volume on the two exchanges at about $787 million. Source: Home - Livemint.com | 1 Sep 2009 | 2:22 am Maruti sells nearly 85000 vehicles in... - Sify
Source: Business - Google News | 1 Sep 2009 | 2:21 am Expect sales to pick up in September:... - Moneycontrol.com
Source: Business - Google News | 1 Sep 2009 | 2:08 am Further decline in Indian exports - BBC News
Source: Business - Google News | 1 Sep 2009 | 1:48 am PM warns on inflation at plan panel meetNew Delhi: India’s planning commission warned on Tuesday that wholesale price inflation could end the fiscal year above the central bank’s forecast of 5%, as a poor monsoon drives up food prices. The influential government panel’s caution on inflation follows last week’s statement by the Reserve Bank of India saying this season’s lacklustre monsoon was more likely to drive inflation than erode growth. “It is evident that if we project the underlying movement in the WPI (wholesale price index) in the current year... we will end the fiscal year with inflation above the comfort zone of 4-5%,” the panel said in a report. “The situation could become worse if agriculture outcome turns out to be worse than projected in the base case,” it said in a paper prepared for a meeting with the Prime Minister, who heads the planning commission. “Management of inflation expectations in the course of the year will pose important challenges. Food prices especially will come under pressure if the demand-supply situation is not managed effectively,” it said. The central bank has projected WPI inflation of around 5% at the end of 2009/10 (April/March). The WPI, India’s main inflation measure, has fallen in annual terms for 11 weeks, partly because of the high base effect last year of energy and other commodity prices. On Monday, the consumer price index for industrial workers showed a surge of 11.89% in July from a year earlier. The panel also said it expected the economy to grow 6.3% in the year to March 2010 and at a faster pace in the following years, but warned the poor monsoon could hit growth. “In the worst-case scenario of farm-sector GDP declining by 6%, overall GDP growth could be limited to 5.5%,” it said, referring to the current fiscal year. The panel, which charts out five-year plans for India, said it expected 8% economic growth in fiscal year 2010/11 and 9% in 2011/12, it added. In the current fiscal year, it saw farm growth down 2.5% with foodgrain output down 18 million tonnes, industry growth at 7.8% and services growth at 8.2%. It added the better industrial performance projected for 2009/10 compared to 2008/09 was crucially dependent on an increase in investment demand. India’s economy grew at 6.1% in the June quarter from a year earlier as government stimulus measures helped spur demand. Source: Home - Livemint.com | 1 Sep 2009 | 1:45 am Maruti sales up 41.56% in AugustNew Delhi: Car maker Maruti Suzuki India Ltd on Tuesday reported a 41.56% jump in sales for August at 84,808 units. In the domestic market, Maruti sold 69,961 units from 54,113 units in August last year, an increase of 29.29%, while exports more than doubled at 14,847 units from 5,795 units in the year-ago period, Maruti Suzuki India (MSI) said in a statement. During the month, the company crossed the 50,000-units mark in cumulative exports this fiscal, with A-Star, which was launched in January this year, being the main export driver, including to countries like Germany, UK and France. Sales of the company’s once bread-and-butter model M800 declined by 26.45% at 2,734 units compared to 3,717 units in August last year, while A2 segment (comprising Alto, Wagon R, Estilo, Swift, A-Star and Ritz) witnessed a growth of 39.31% at 52,473 units compared to 37,667 units in the same month of 2008. A3 segment sales (consisting of SX4 and DZiRE) increased 44.11% to 7,821 units compared to 5,427 units in the corresponding period last year, the company said. Maruti’s passenger car sales rose by 30.51% at 69,629 units against 53,351 units in the same month in 2008, the statement said. Source: Home - Livemint.com | 1 Sep 2009 | 1:39 am Global economy slowly returning to normalcy: PMThe PM said the global economic downturn which had affected Indian economy as well, is now coming to an end with slow return to normalcy.Source: Daily News & Analysis: Money News | 1 Sep 2009 | 1:34 am TVS Motor sales jump 11 percent in AugustTwo-wheeler manufacturer TVS Motor Tuesday reported an 11 percent growth in August, totting up sales of 126,842 units as against 114,321 units sold in the corresponding month last year.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:33 am Rising prices put potatoes out of commoner's reachRising prices of essential items seem to be taking their toll on the common man here. First it were the pulses and now it is the king of vegetables - potatoes - that is burning a hole in the pocket of the consumers.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:32 am Tata Tea plans expanding overseas distributionTea major Tata Tea will be focusing on global distribution expansion in the Middle East, South America, South Africa and the Commonwealth of Independent States including Russia, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:31 am Sensex extends gains, up 1.31 percentA key index of the Indian equities market built on its early morning gains around noon Tuesday to rule 1.31 percent higher than its previous close.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:31 am Govt payout acts as stimulus, sparks consumptionNew Delhi: Life has changed for Deepika Chatterjee. She plans to buy a house, travel in a chauffeur-driven car and no longer hesitates before buying expensive airline tickets. Chatterjee is among millions of government employees in India who are enjoying a substantial hike in pay after the federal government last year approved a larger-than-expected wage hike. “I am thinking this is the best time to buy a house, I never thought I will have this much of money,” said Chatterjee, 51, an associate professor at Delhi University, after her monthly salary jumped by more than half after the wage revision. Chatterjee and 4.5 million other federal government workers will receive about Rs180 billion in backpay in October, the second installment of a wage increase implemented last year. The government implemented the recommendations of a pay panel in 2008, doling out about Rs290 billion in arrears, as well as a monthly pay hike, a move analysts say may act as a small stimulus package, boosting demand and spending. The payout, which will also benefit 3.8 million pensioners, has been staggered over a one-year period. “If you accept this as one of the fiscal stimulus packages, I would say this is a prudent measure under current situation,” said NR Bhanumurthy, an economist with New Delhi-based National Institute of Public Finance and Policy. “This is a right time to do that”. The pay rise came at a time when the private sector in India was buckling under the effect of the global financial meltdown. Robust domestic demand, thanks to cash-rich government workers, has boosted output in India’s factories and latest data showed India’s industrial output expanded at its fastest pace in 16 months in June, beating forecasts by a wide margin. The pay rise came into effect with backpay to January 2006 and employees received the first part of their arrears in 2008-09. The remaining 60% of the arrears will be paid in October, a finance ministry official said last month. The pay panel recommendations have prompted public sector companies, state-funded organizations and certain private sector institutions to also increase salaries. Nira Talwar, a school clerk in New Delhi, whose salary also rose substantially, has bought gold jewellery, paid for her daughter’s education and saved the rest for her daughter’s marriage. Domestic consumption accounts for almost 60% of India’s economy, which was spared the worst of the global downturn because of robust domestic demand. The corporate sector has also benefited as government employees have gone on a shopping spree. “Consumer durables, automobiles and FMCG companies have been the major beneficiaries,” said V.K. Sharma, head of research at Anagram Capital. He said these companies would continue to benefit as the backpay for employees is to be paid out soon. Several automakers like Hyundai Motor India Ltd (HMIL) wooed cash-rich government employees when the first arrears were paid out, boosting their sales. “The promotion continued for six months with huge success and contributed more than 25% of HMIL’s retail sales,” said Arvind Saxena, senior vice-president (marketing & sales). “We propose to give similar offers along with service benefits like extended warranty during the scheme period,” he said. Source: Home - Livemint.com | 1 Sep 2009 | 1:31 am India's merchandise exports slip for 10th straight monthIndia's merchandise exports fell for the 10th straight month in July and were valued 28.4 percent lower at $13.62 billion against $19.04 billion during the corresponding month last year, latest trade data showed Tuesday.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:30 am Jet Airways begins operation on Kochi-Sharjah routeJet Airways Tuesday launched services to the Gulf emirate of Sharjah, with the introduction of a daily service from here.Source: IndiaeNews.com: Business News | 1 Sep 2009 | 1:30 am Exports for July down by 28.4% y-o-y: GovtNew Delhi: India’s exports fell an annual 28.4% in July to $13.62 billion, their 10th straight monthly fall, the government said on Tuesday, as the global slump trimmed demand for Indian goods. Imports dropped 37.1% to $19.62 billion in July. The trade deficit shrunk to $6 billion in July from $12.15 billion a year earlier. Exports for April-July, the first four months of the 2009/10 fiscal year, were down 34.1% to $49.65 billion from the same period in the previous year. Last week, India said it plans to cut transaction costs for exporters and ensure the availability of dollar finance as it looks to reverse a decline in exports and double outbound sales of goods and services over the next five years. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 1:20 am New season sugar stock "much smaller"... - Reuters India
Source: Business - Google News | 1 Sep 2009 | 1:13 am Global economy slowly returning to normalcy: PMNew Delhi: Prime Minister Manmohan Singh on Tuesday said the global economic downturn which had affected Indian economy as well, is now coming to an end with slow return to normalcy. “We have been through a difficult year because of the global economic downturn which is only now coming to end with a slow return to normalcy in the months that lie ahead,” Singh said in his opening remarks chairing the meeting of the full Planning Commission, which is assessing the economy and status of Integrated Energy Policy (IEP). “The country has also seen poor monsoon,” he said, adding it would be useful for the Planning Commission to present its assessment of the overall economic situation. Besides, members of the Planning Commission and its deputy chairman Montek Singh Ahluwalia, the first meeting of the full panel in the second term of UPA government is being attended by more than a dozen ministers including finance minister Pranab Mukherjee, agriculture minister Sharad Pawar and home minister P Chidambaram. Facing the ripple effects of global financial crisis, India’s economic growth slipped to 6.7% in 2008-09 from about 9% in the previous fiscal. The growth, according to the Planning Commission, is expected to fall further to 6.3% in 2009-10. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 1:07 am Steel makers may hike prices in SepMumbai: Indian steel makers are considering a price hike in September after global prices rallied in the past month, and a decision would be taken in a couple of days, industry officials said. “People are sending out feelers in the market, today being the first. There is practicality in price hike but it is not frozen yet,” Ankit Miglani, director-commercial of Uttam Galva Steels, said. “Internationally, there have been movements in the past two months. We are just trying to see if there is scope for a revision,” Jayant Acharya, president of sales and marketing of JSW Steel, said. Secondary steel maker Uttam Galva, which makes cold-rolled and value-added products, had raised galavanised steel prices by Rs4,000 a tonne in August. JSW Steel raised prices of flat products, used in automobiles and white goods, by 2-3% last month. Prices could rise Rs1,000-3,000 in September helping maintain a parity between domestic and international prices, Miglani said. Global hot-rolled coil prices including import duty, freight and other costs, averaged around $620 a tonne compared with $600-$610 in India, a spokesman of Ispat Industries said. Chinese spot steel prices rose to a 10-month high in early August, but has dropped nearly 6.5% since. However, secondary steel maker Bhushan Steel is still waiting to hear from the hot-rolled coil makers about any price hikes, Nittin Johari, chief financial officer said. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 1:02 am State-run NHPC makes tepid debutMumbai: Shares in India’s state-run NHPC Ltd rose by 5% in their trading debut, lagging market expectations after the power company’s $1.25 billion IPO was heavily oversubscribed. The muted debut is the second in a row from a major Indian company and may dampen enthusiasm for future listings. Last month, shares in private-sector utility Adani Power gained less than 1% on their first trading day after the firm raised $630 million. NHPC, a hydropower company, saw its offering subscribed more than 20 times in the first new listing by a state company in 18 months. India’s deficit-wracked government is planning further stake sales in state firms in order to help raise money. “The listing is fairly below market expectations which was around Rs40-42,” said Ambareesh Baliga, vice-president at Mumbai-based Karvy Stock Broking. “Promoters of forthcoming IPOs would have to ensure that pricing is not as aggressive as it was in this case. It is a clear signal to them that they should leave something on the table for investors.” At 10:02am, shares in NHPC were up 5.3% at Rs37.85, compared with the IPO price of Rs36, which was the top end of the indicated band. The stock touched a high of Rs39.75 after having made a debut at Rs37. The benchmark Mumbai index was up 1.4%. “Pricing was a bit stiff and pressure is coming from people who borrowed money to invest in the IPO,” said V.K Sharma, head of research at Anagram Stock Broking. NHPC chairman S.K. Garg told reporters the listing was in line with the company’s expectations and the firm was confident about its growth prospects. The company expects net profit to rise to more than 11 billion rupees ($226 million) in the fiscal year to March 2010 from Rs1,075 crore last year as it focuses on new projects, he said. NHPC’s capital expenditure in this fiscal year is likely to be Rs4,600 crore, Garg said, adding the company had already spent about Rs2,000 crore this year on new hydropower projects. Long term investment It has has developed 13 hydroelectric power plants with total installed capacity of 5,175 megawatts. It is building 11 projects with a total installed capacity of 4,622 megawatts. Deven Choksey, chief executive of brokerage K.R Choksey, said capital intensive companies such as NHPC tend to give good returns to long-term investors, and was a favourite with insurance firms and pension funds. “NHPC is reaching a capacity of 9,000 MW of capacity in 2014, So I think it will become attractive when it comes closer to its full capacity,” he said. Analysts said a lukewarm response for the first IPO by a state-run firm since Rural Electrification Corp tapped the market in February 2008 might prompt the government to re-work its stake sale plans in more firms. At least a dozen state-run firms are considering either IPOs or follow-on offerings as they gear up for expansion in Asia’s third-largest economy and the government looks to trim its deficit. State-run explorer Oil India Ltd plans to raise as much as Rs2,780 crore through an IPO, making it the second state-run firm to offer new shares to the public this year. The IPO will open on 7 September and close on 10 September. Private shipbuilder Pipavav Shipyard Ltd is likely to raise about Rs500 crore through an IPO, a person close to the deal said on Monday, after it had deferred plans to raise funds last year due to poor market conditions. Indian firms have raised nearly $10 billion in share sales so far this year, surpassing 2008 volumes, helped by a 62% rally in the main BSE index this year. However, the index inched down 0.02% in August after it rose 8.1% in July. Source: Home - Livemint.com | 1 Sep 2009 | 12:59 am State-run NHPC makes tepid debutMUMBAI (Reuters) - Shares in state-run NHPC Ltd rose by 5 percent in their trading debut, lagging market expectations after the power company's $1.25 billion IPO was heavily oversubscribed.Source: Reuters: Money News | 1 Sep 2009 | 12:56 am Maytas gains 5%; hits upper circuit for 3rd dayMumbai: Shares of Maytas Infra on Tuesday surged 5% in the opening trade to hit its upper circuit, a day after the management of the company was transferred to infrastructure major IL&FS. Maytas Infra gained 4.96% in the opening trade to hit its upper circuit at Rs118.40 on the BSE. The scrip has been on an upside since the past eight trading sessions and for the third consecutive day in a row it reached its upper limit. Since 20 August the scrip has advanced over 39% on the bourses. On the National Stock Exchange Maytas surged 5.01% to a high of Rs118.40. Nearly 64 lakh shares changed hands on both the bourses. IL&FS, which indirectly holds 37.1% shares of Maytas Infra, would be the new promoter and pump in Rs 55 crore in the crisis-hit firm. Besides, IL&FS Investment Managers Ltd, the listed subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), dipped nearly 3% to Rs257.45 on the BSE. Maytas, which was promoted by the founders of Satyam, has reported a net loss of Rs490 crore for the fiscal ended 31 March 2009, against a net profit of Rs99.64 crore a year ago. Source: LatestNews-Home - Livemint.com | 1 Sep 2009 | 12:46 am Just SMS for LPG refillKeeping pace with the changing lifestyle, the Petroleum Ministry launched two value added services on Monday – a common toll free number across the country for customers’ complaints, and short messaging services (SMS)/integrated voiceSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am Day Trading GuideFresh long position can be initiated if DLF moves above Rs 435, with tight stop-loss. Utilise rallies to sell ICICI Bank and SBI, while maintaining stiff stop-loss at Rs 762 and Rs 1,760Source: Business Line - Home Page | 1 Sep 2009 | 12:00 am Maytas Infra handed over to IL&FS; Rs 55-cr infusion on cardsHyderabad/New Delhi/Mumbai, Aug. 31 The Union Government has decided to hand over the reins of management and promoter status of Maytas Infra Ltd (MIL), promoted by Mr B. Teja Raju (son of Mr B. Ramalinga Raju), toSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am Nokia Siemens questions BSNL panel findings on GSM dealNew Delhi, Aug. 31 Nokia Siemens has questioned the credibility of the findings of the independent panel set up by Bharat Sanchar Nigam Ltd for investigating allegations of impropriety in the tendering process for Rs 30,000-crore GSM project.Source: Business Line - Home Page | 1 Sep 2009 | 12:00 am Intel Cap may bid for stake in ITI unitsNew Delhi, Aug. 31 US-based Intel Capital may emerge as one of the bidders for a stake in the factories owned by ITI Ltd, as part of its strategy to spread WiMax technology in India.Source: Business Line - Home Page | 1 Sep 2009 | 12:00 am The hightailing of retailingFor four annoyingly noisy years between 2005 and 2008, Urban India was subject to a new sort of din from the Government: Let us allow large foreign shopkeepers (known as retail chains) to enter the Indian market. An equal and opposite dinSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am Godrej Group looking to exit non-core bizNew Delhi, Aug. 31 The Godrej Group is looking at selling its non-core businesses, including the foodSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am NSE re-launches interest rate futures tradingMumbai, Aug. 31 Interest rate futures (IRF), an exchange traded derivative instrument for protecting or hedging interest rate risk, was launched on the National Stock Exchange onSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am JLR pushes Tata Motors into the red in Q1Mumbai, Aug. 31 The steep fall in Jaguar Land Rover sales has pushed Tata Motors into the red in the first quarter of this fiscal with a consolidated loss of Rs 329 crore. The company had reported a standalone net profit of Rs 514 crore for theSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am Amtek Auto (Rs 154.9): BuyWe recommend a buy in the stock of Amtek Auto from a short-term perspective. It is evident from the charts of Amtek Auto that it has been on an intermediate-term uptrend since its November 2008 low of Rs 42, forming higher peaks and troughs. InSource: Business Line - Home Page | 1 Sep 2009 | 12:00 am Sensex rises 152 pts in opening trade, NHPC lists at premiumThe Bombay Stock Exchange benchmark index Sensex surged by 152 points in opening trade today on emergence of buying by funds and retail investors.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 11:15 pm Thailand's Absolute Hotel to set up shop in IndiaAfter hotel brands from the West, hospitality companies from the Asia Pacific (APAC) region are making inroads into the Indian hospitality market.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:29 pm Knitting a fashion yarn for you, me et al"Roberto Cavalli does not speak English, nor does Giorgio Armani. So why should it be a barrier for someone in Batala in Punjab aspiring to be a fashion designer?"Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:28 pm Finance St wizards stress ethics at Sathya Sai's feetIt's not known if all of them are Sai devotees. In an hour-long discourse to the bankers, Sathya Sai Baba used stories from the Mahabharata to drive home the ethics imperative.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:28 pm Economy does pretty well in Q1, GDP gallops 6.1%The economy had fared reasonably well during the first quarter of the current fiscal year, with a better-than-expected growth of 6.1%.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:27 pm Maytas a case of collateral damage, say analystsWhile in Satyam's case, it was all about fudged accounts and an effort to unearth the truth besides protecting the interests of the employees and shareholders.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:24 pm ADAG exiting Wall Street Fin a year after taking reinsReliance Capital had structured a strategy whereby its arm Reliance Money Express Ltd would have almost become a non-cheque issuing bank through this acquisition.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:24 pm China moves to 'globalise' yuanChina has signalled a seriousness of intent in 'internationalising' the yuan by appointing a high-profile task force to draw out a roadmap to that ambitious goal.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 4:22 pm Maytas says no pref allotment to ILFS if open offer failsIt\'s a new dawn for Maytas Infrastructure. The Company Law Board approves ILFS as the new promoter. ILFS will make an open offer as per Sebi guidelines and will bring in Rs 55 crore as liquidity for Maytas in three months.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 3:23 pm Deora for reconstituting EGoM for allocation of RIL gasNot willing to take chances, the Union petroleum ministry has sought a revival of the Empowered Group of Ministers (EGoM) on the allocation of gas from the Reliance Industries Ltd- (RIL) operated KG-D6 fields beyond 40 million metric standard cubic metres a day (mmscmd).Source: Business Standard | Front Page Headlines | 31 Aug 2009 | 1:05 pm Govt hands over Maytas Infra to IL&FSMumbai firm to raise stake to 37%, make open offer.Source: Business Standard | Front Page Headlines | 31 Aug 2009 | 12:45 pm Whirlpool to take $51 mn charge on plant closingBangalore: Whirlpool Corp said on Monday that it would take $51 million of charges in connection with the closing of its Evansville, Indiana, facility. The world’s biggest appliance maker said the charges include $21 million in employee termination costs, $13 million in equipment relocation costs, $5 million in asset impairment costs and $12 million in other associated costs. Whirlpool expects to recognize about $21 million of these costs in fiscal 2009, $27 million in fiscal 2010 and the rest in fiscal 2011. On Friday, the appliance maker said it would shut a plant in Evansville and move some production to Mexico next year, a change that will eliminate about 1.6% of its work force. Source: World Business - Livemint.com | 31 Aug 2009 | 7:30 am
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