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Oil India fairly priced; Adani, NHPC weigh: Analysts!State energy explorer Oil India`s IPO worth up to USD570 million is fairly priced and should leave money on the table for subscribers, may be wary after the last two big Indian listings lagged expectations.Source: Zee News : Business | 4 Sep 2009 | 7:22 am IMF remains cautious about global economic recovery!The International Monetary Fund Managing Director, Dominique Strauss-Kahn on Friday said the recovery will be sluggish and that a jobless recovery remains a risk.Source: Zee News : Business | 4 Sep 2009 | 7:22 am China, India key to check the economic crisis: WB!India, China and other developing nations have played a key role in checking then economic crisis, World Bank President Robert Zoellick has said.Source: Zee News : Business | 4 Sep 2009 | 7:22 am Trade ministers pledge commitment to Doha!Ministers from over 35 countries pledged swift action to conclude a new global free-trade pact and boost the ailing world economy as they assembled on Friday for a final day of talks in New Delhi.Source: Zee News : Business | 4 Sep 2009 | 7:22 am WTO to issue landmark aircraft industry ruling!World Trade Organisation judges will rule on Friday for the first time on whether the European Union handed out illegal subsidies to Airbus in a verdict that could affect planemakers worldwide.Source: Zee News : Business | 4 Sep 2009 | 7:22 am Oil India IPO: Management, Lead Manager discuss prospectsThe current oilgas mix, which stands at 60:40, Oil Indias CMD Borah says, is likely to be maintained. On the companys forthcoming IPO issue, Atul Mehra, Investment Banker, JM Financial, says the price band for the IPO has been decided after extensive premarketing.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 5:21 am Expect PAT to be negative this fiscal: Today\'s WritingNo consensus had been reached upon the Today\'s Writing\'s CDR programme yet, said its Director, Ronnie Netto. According to him, the business was currently going through a tough phase which was likely to endure for the next 12 months. This fiscal, Netto expected the profit after tax (PAT) to be negative.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 5:01 am August sales grow by 10.8 per cent for HyundaiIndia Ltd, the country's second largest car manufacturer and the largest passenger car exporter for the first time in many months saw domestic sales outpace the growth in the overseas market.Source: Hindustan Times News Feeds 'Business' | 4 Sep 2009 | 4:44 am Nifty ends above 4670; auto, metals lead - Economic Times
Source: Business - Google News | 4 Sep 2009 | 4:12 am Gold prices rise and traders stock upMumbai: India’s physical gold prices were higher on Friday as traders bought actively ahead of an inauspicious period, dealers said. Traders expect demand to remain sluggish during Shradh, a period of paying homage to ancestors, between 5 September to 19 September. “Traders want to stock up as much as possible before the Shradh begins,” said a dealer with a state-run bank in Mumbai. “Also after the news of an expected fall in 2009 imports people think stocking up is a good idea as prices may move up further.” Futures prices however fell tracking international cues. International gold hovered a hair below $1,000 an ounce on Friday, consolidating the biggest two-day gain since March after a mix of inflation anxiety, a retreat from risk assets and a technical break stoked renewed investor interest. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 4:08 am G20 to pledge stimulus until economic recovery certainLONDON (Reuters) - The G20 will promise this weekend to keep economic support packages in place until recovery is certain and seek to reassure financial markets they have credible plans to withdraw the stimulus when appropriate.Source: Reuters: Money News | 4 Sep 2009 | 4:07 am BSE Sensex provisionally rises 1.8 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 1.8 percent on Friday, as investors sought bargains after the market dropped 3.3 percent over the past four sessions.Source: Reuters: Money News | 4 Sep 2009 | 4:05 am Japan emissions target hinges on international dealTokyo: The greenhouse gas emissions target for 2020 set by Japan’s incoming Democratic Party government is based on the premise that there will be an international agreement including China and India, a party executive said on Friday. The party, promising a more aggressive green policy than the outgoing government, has called for a reduction of greenhouse gas emissions by 25% by 2020 from 1990 levels, although the target faces resistance from industries. “This is not something Japan will do on its own,” party secretary-general Katsuya Okada said in an interview with Reuters. “The premise is an agreement that includes other countries such as China and India.” In June, Japan’s outgoing government set a target for a 15% reduction in emissions by 2020 compared with 2005 levels, which is equivalent to an 8% cut from a 1990 baseline. Okada, who will soon step down as party No.2 but is expected to take up a key post such as finance minister in the new cabinet, said the 25% target for Japan was only natural given an agreement at the G8 summit to cut developed countries’ emissions by 80% by 2050. He added that the new government would urge business groups to accept the target. “We will persuade them,” said Okada, who has long led the party’s discussions on climate policy. Top business group Keidanren is set to lobby against the Democrats’ emissions targets, a newspaper reported this week, while the auto industry lobby has said it is concerned about the feasibility of the target. Japan, the world’s fifth-largest greenhouse gas emitter, is under pressure for tougher climate policies after its emissions rose 2.3% to a record in the year to March 2008, putting the country 16% above its Kyoto Protocol target. The Democratic Party has also said a tough 2020 target is needed for Japan to play a bigger role in UN-backed climate talks in Copenhagen in December. The talks will try to work out a new agreement on reducing emissions to succeed the current Kyoto Protocol, the first phase of which ends in 2012. Asked if Japan would change its target in the absence of an international agreement, Okada said: “We are trying to reach an agreement so we are not discussing what to do in the absence of an agreement.” Industrialised nations are planning average cuts in greenhouse gas emissions of between 10 and 14% below 1990 levels by 2020 as part of a new UN climate pact, according to a compilation of national data. Analysts doubt Japan’s new ruling party will back down from its emissions target after it was featured in its campaign platform, but some are sceptical of the new government’s ability to implement an array of promised green policies. To reduce emissions, the party plans to create a domestic emissions trading market with compulsory volume caps on emitters and introduce a “feed-in” tariff for renewable energy to help expand capacity for clean energy sources. It is also considering introducing a carbon tax but other campaign pledges such as a plan to eliminate highway tolls and to end a decades-old surcharge on gasoline have drawn concern from green groups. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 4:02 am Doha trade talks to resume from Sept.14 - IndiaNEW DELHI (Reuters) - Chief negotiators from World Trade Organisation countries will meet in Geneva from Sept. 14 to resume and intensify the Doha round trade talks, Commerce Minister Anand Sharma said on Friday.Source: Reuters: Money News | 4 Sep 2009 | 3:59 am Food companies to gain as monsoon, drought maul farmsMUMBAI (Reuters) - Ironically, in a year spotty rains and drought across 278 of India's 626 districts cuts output and pushes up food prices in the world's second fastest growing major economy, food companies stand to profit the maximum.Source: Reuters: Money News | 4 Sep 2009 | 3:55 am Air India plane engine catches fire; passengers safeMumbai: Passengers and crew members had a narrow escape at the Mumbai airport on Friday after an engine of Air India’s Riyadh-bound plane caught fire while taxiing for take-off. No one was hurt in the incident as the blaze was put out immediately, spokespersons of Mumbai International Airport Limited (MIAL) and Air India said. The passengers were evacuated through emergency exit chutes of the Boeing B 747-400 aircraft which was brought to a halt on a taxiway and the emergency drill activated. All passengers of AI-829 flight are safe, they said. The incident occurred this morning at around 1050. All the stranded passengers are being sent by another aircraft to their destination, the airline spokesperson said. “One of the engines caught fire while the aircraft was taxiing to the runway. Passengers were evacuated via slides,” said the spokesman, Manish Kalghatgi. There were 213 passengers and 15 crew aboard, said a spokeswoman for Air India, the national carrier. The cause of the fire was being investigated, she said. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 3:52 am JSW Steel production up 53% in August - Livemint
Source: Business - Google News | 4 Sep 2009 | 3:44 am RBI grants PD licence to NomuraBangalore: Nomura Fixed Income Securities Private Ltd (NFIS) on Friday anounced it has been granted a Primary Dealer (PD) licence by the Reserve Bank of India. “The PD licence will enable our strong fixed income team to leverage their expertise for the benefit of our clients in India, where we offer clients end to end financial solutions,” Vikas Sharma, president and CEO of Nomura India, said. “This important milestone in the buildout of Nomura’s Indian operations adds significant fixed income activities to our burgeoning franchises in equities, investment banking and asset management,” he added in a statement. Pankaj Vaish, Nomura’s head of Equities and Fixed Income, Liquid Markets for India, said “India is a very important market for Nomura.” That is why we are launching our fixed income business with a very strong team that had a large market share in the past. Using our global technical expertise, we expect to the market leaders in the new products being rolled out in India,“ he said. NFIS would be Nomura’s flagship entity in India to pursue trading and client related activities in the Indian fixed income market, which is arguably the second largest in Asia (after Japan) it added. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 3:43 am Srithai sees net profit up, Indian expansionBangkok: Srithai Superware PCL, Thailand’s largest plastic tableware maker, expects higher net profit in 2009 as it advances into the high-margin food and beverage packaging industry, its president said on Friday. Anticipating growing demand from Asian consumers, Srithai will build a melamine production plant in India next year and plans another four melamine and plastics plants there later as part of a long-term expansion, Sanan Angubolkul said in an interview. “Our net profit will definitely increase from last year,” he told Reuters. “Our gross margin has increased because we shifted to the food and beverage packaging industry early this year. This industry has good margins and is growing globally. It’s a promising industry,” he said. The company was on track to achieve its revenue target of 5.1 billion baht for the year, he said. Its 2008 revenue was 4.9 billion baht and net profit for the year was 99 million baht. The firm’s average gross profit margin should increase about 2 percentage points to 20-21% this year and rise further next year, Sanan said. The higher margin was partly due to the company’s recent upgrade of production technology and its cutback of low-margin auto parts and electricity products, he said. Asian Demand Srithai has planned 2 billion baht in capital expenditure for three years to 2010 to cut costs and beef up production efficiency. It spent a combined 1.2 billion baht in 2008 and 2009. “We still have no big spending plan for next year. Our investment will focus more on the production process to cut waste and improve gross margins,” he said. The new 70% owned plant in India would cost about 200 million baht in investment and the company expected a similar size of investment for the other plants, he said. The new plant will start operations in 2011. Sanan hopes that domestic consumption in Asia will continue to get a boost from stimulus spending by governments. Apart from India, its 90% owned melamine plant in Vietnam was contributing good profits, he said. “We will expand melamine businesses in both India and Vietnam. These two markets have good potential,” he said. Plastic products contribute about two-thirds of total revenue, with the majority of them in the food and beverage field. Melamine tableware makes up the rest of its revenue. Srithai, whose main clients include IKEA and Sony Corp, earns about 20% from exports. On Friday, shares in Srithai were unchanged at 5.15 baht, while the main Thai stock index rose 0.43%. Source: Home - Livemint.com | 4 Sep 2009 | 3:42 am Food companies to gain as monsoon, drought maul farmsMumbai: Ironically, in a year spotty rains and drought across 278 of India’s 626 districts cuts output and pushes up food prices in the world’s second fastest growing major economy, food companies stand to profit the maximum. Sugar firms, grain suppliers, breweries and diversified agri businesses will see their fortunes rising in FY10 as prices of key commodities soar, analysts said. Brokerages have upgraded FY10 profit estimates for sugar firms, Tata Tea, rice producer Lakshmi Energy and Foods and the diversified Jain Irrigation Systems , among others. “Realisations will definitely rise due to higher commodity prices,” Ajay Parmar, head of research at Emkay Share and Stock Brokers said. “If prices are higher, earnings per unit will grow too.” Jain Irrigation is a favourite of brokerages with its micro-irrigation segment and fruit processing businesses seen posting 20-30% growth on year on higher demand. Nomura Equity, which upgraded rating on Jain to ‘buy’ last month, sees orders from state governments for its irrigation business from the second half of FY10 and continue into FY11. “Jain will be a major beneficiary of the drought,” said Sageraj Bariya of Angel Broking, which has ‘accumulate´ on the stock. “Its fruit division has been performing very good. We might re-rate it upwards depending upon the Q3 results.” Sugar stocks are also winners, with refineries that imported raw sugar cheaper standing to make a killing. Paddy and sugarcane crops are the hardest hit by this year’s rains, which are running about a quarter below normal this year. Rice producer Lakshmi Energy, which won an export order worth Rs300 crore in mid-June for a premium variety, PUSA-1121, is set to gain too, analysts said. “Their margin is definitely going to expand and that will be due to the pricing and volume growth after they changed their product mix to produce more PUSA grade rice,” Sangeetha Saranathan, analyst with India Infoline, said. A global surge that saw tea prices up a third in India will help shore up profits of Tata Tea, McLeod Russel and Harrisons Malayalam. “Margins for Tata Tea is likely to expand as it is in marketing and packaging of tea, so there’s scope it can benefit from the price rise,” Neha Pathak, an analyst with KR Choksey, which has a ‘buy´ rating on Tata Tea, said. Edible oils, which missed the rally with its agri-peers, too stand to gain later in the year because of cheaper imports that account for almost half the country’s consumption. “Domestic edible oil demand is rising every year. We can see upside in prices in 2009 due to festival demand and poor kharif crop,” said an analyst at Angel Commodities Broking Pvt Ltd. Source: Home - Livemint.com | 4 Sep 2009 | 3:39 am U.S. says fill in the gaps on Doha, don't reopen dealNEW DELHI (Reuters) - The United States believes World Trade Organisation members must work hard to fill in the remaining gaps to clinch a Doha deal, not reopen what has been agreed so far, the top U.S. trade official said on Friday.Source: Reuters: Money News | 4 Sep 2009 | 3:38 am Video Special: Delhi Book Fair 2009Yesterday, Mint paid a visit to the Delhi Book Fair, running at Pragati Maidan until September 6th. With over 230 exhibitors -- including big publishing houses like Penguin, relatively new names like graphic novels company Campfire, religious institutions, stationers and manufacturers of learning aids -- the fair is attracting a large and varied turn out. We asked publishers and vendors about what they have on sale, what books are doing well, and whether the economic crisis is affecting them. Watch the video to hear their responses, and get a look at some of the fair’s more interesting exhibits. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 3:37 am ‘PSA Peugeot Citroen eyes Mitsubishi tie up’Paris: French auto maker PSA Peugeot Citroen is considering a tie-up with Mitsubishi of Japan, the financial newspaper La Tribune reported on Friday, and the price of PSA shares jumped. The paper, citing no source, said that Peugeot head Philippe Varin was “actively considering an alliance with Mitsubishi.” The two groups have already joined forces to develop an electric vehicle and have a partnership in Russia. The paper described a Peugeot-Mitsubishi alliance as “technically and geographically ideal.” The price of shares in PSA Peugeot Citroen jumped by 6.57% to €19.87 here. The overall market as measured by the CAC 40 index was showing a gain of 0.53%. Shares in rival French group Renault rose by 3.72% to €29.87, and stock in French tyre maker Michelin by 3.89% to €51.44. At Natixis Securities, analysts said in a note to clients: “The idea (of an alliance with Mitsubishi) is not new and could make sense for several reasons, particularly since BMW has totally ruled out any idea of a capital alliance.” Natixis said, “Peugeot sells mainly in Europe while Mitsubishi is present mainly in Japan.” Mitsubishi also had a presence in the United States. At CM-CIC Securities, analyst Guillaume Angue said that the purpose was to make the French group more international and to “strengthen its presence on growing markets” and he thought that an alliance was probable. Currently Europe accounts for 66% of PSA Peugeot Citroen sales, he said. Mitsubishi seemed to be a reasonable target for PSA in terms of size because it had sold 1.06 billion vehicles last year compared to 3.26 billion by PSA. He said that PSA had limited financial means but that a deal could be arranged via an exchange of paper. Peugeot, Mitsubishi to launch electric car Both companies have agreed to launch an electric car in Europe by the end of 2010, the companies said on Friday. The French and Japanese car makers said the as-yet unnamed vehicle will be based on Mitsubishi’s i-MieV, which was launched on the Japanese market in June. The car will be built in Japan and the carmakers target eventual annual global sales of 50,000 vehicles, PSA Peugeot Citroen spokesman Jean-Marc Sarret said. Half of these sales will be made by Peugeot and Citroen in Europe, the rest by Mitsubishi in Japan and elsewhere, Sarret said. Peugeot and Citroen will announce the names of their respective electric cars in the coming days, Sarret said. The car will be able to drive for 130 kilometers (81 miles) between charges, with a battery that can be fully recharged in six hours, Sarret said. Source: Home - Livemint.com | 4 Sep 2009 | 3:35 am Sensex soars in afternoon trade, up 234 pointsMetals, auto and capital goods stocks sent a key index of the Indian equities markets soaring in afternoon trade Friday to around 255 points higher than its last closing figure about 80 minutes before end of trade.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 3:30 am India chana erases losses on demand hopes; guar down - Reuters India
Source: Business - Google News | 4 Sep 2009 | 3:29 am TCS to open 6 passport offices in October - Sify
Source: Business - Google News | 4 Sep 2009 | 3:29 am Analysis: Mkt's IPO fervour cools down - Moneycontrol.com
Source: Business - Google News | 4 Sep 2009 | 3:18 am MTN seeks SA treasury nod for 2.9mn rand cash transferThe BhartiMTN deal may well be drawing to a close, but MTN will have to clear the last minute hurdles till the deal actually materialises. MTN has applied to the South African Treasury for approval for overseas cash transfer of as much as 2.9 billion rand.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 3:17 am 'End game' may be long for reaching trade pact, says Brazil - Business Standard
Source: Business - Google News | 4 Sep 2009 | 3:13 am Tata Motors to compensate Singur Nano vendors by DecNano vendors who lost money in Singur may finally get their much awaited compensation from Tata Motors by the end of this year. In an exclusive interview with CNBCTV 18, Deepak Jain of Lumax said talks should conclude by December or soSource: Moneycontrol Top Headlines | 4 Sep 2009 | 3:04 am H1N1 has killed 2,837, virus has not mutated: WHOGeneva: H1N1 flu has killed at least 2,837 people but is not causing more severe illness than previously and the virus has not mutated, the World Health Organisation (WHO) said on Friday. The WHO is carefully monitoring the virus to detect any mutation which might signal that it has become more deadly. “There is no sense that the virus has mutated or changed in any sense,” WHO spokesman Gregory Hartl told a news briefing. “We are continuing to see increased number of deaths because we are seeing many, many more cases.” About a quarter of a million cases have been laboratory-confirmed worldwide, but this is far fewer than the true number according to the United Nations agency which has stopped requiring countries to report individual cases. A WHO weekly statement on the latest strain, commonly known as swine flu, is expected later on Friday. The agency’s previous update of 28 August showed at least 2,185 deaths. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 3:01 am FDI in micro, small units subject to sectoral caps: Press noteNew Delhi: The government on Friday came out with a new press note stipulating that foreign direct investment in micro and small enterprises (MSE) will be governed by sectoral caps and other regulations instead of the earlier 24 per cent ceiling on the foreign equity holding. The new press note 6 follows enactment of the micro, small and medium enterprises development act, 2006, which removed ceiling for equity participation, both domestic and foreign, in these units. The act defined micro and small enterprises solely on the basis of investment in plant and machinery for units engaged in manufacturing and equipment for those engaged in services. “Thus, the present policy on FDI in MSE permits FDI subject only to the sectoral equity caps, entry routes and other relevant regulations,” the press note issued by department of industrial policy and promotion (DIPP) said. Earlier, press note 18 of 1997 had stipulated that for foreign collaboration, maximum equity participation for small scale units was 24 per cent. As such, proposals for inducting foreign equity of more than 24% was subject to the condition that the company would get itself de-registered as small-scale unit. The press note 18 stands modified by press note 6, which allows FDI in MSE as per sectoral equity caps and other sectoral regulations. There are about 2.61 crore units in the MSME sector employing 5.97 crore people. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 2:57 am JSW Steel production up 53% in AugustNew Delhi: JSW Steel, the country’s largest private sector steel maker by domestic capacity, on Friday said its production rose 53% to 5.21 lakh tonnes in August on robust demand from consumers like the automobile sector, construction and white goods. The company said crude steel production for August was the highest monthly output in the segment since inception. In the same period last year, crude steel production stood at 3.41 lakh tonnes, JSW Steel said in a statement. The production of flat-rolled products, mainly used by auto and consumer durable industry, surged 8% to 3.02 lakh tonnes in August compared with the same period last year. JSW Steel produced 2.80 lakh tonnes of flat-rolled products in August 2008. The production of long-rolled steel products, primarily consumed by the construction sector, increased by 159% to 74,000 tonnes in August 2009 compared with the same period a year ago, when production stood at 28,000 tonnes. JSW Steel had earlier this year enhanced the capacity of its Vijaynagar plant in Karnataka to 6.8 million tonnes and is hopeful of achieving a 70-72% jump in output in 2009-10. Source: Home - Livemint.com | 4 Sep 2009 | 2:50 am India July gold imports up 7.6 pct y/y to 41 T-WGC - Reuters India
Source: Business - Google News | 4 Sep 2009 | 2:45 am Air India likely to rejig team of directorsAir India is likely to rejig its team of directors shortly in view of retirement of some of its top officials, sources said.While Air India Express Head, P P Singh, whose contract ended in August, has been given another extension for a month, Executive Director (Personnel) V A Ferreira is retiring on September 30. Source: Hindustan Times News Feeds 'Business' | 4 Sep 2009 | 2:43 am G20 finance ministers meet begins todayThe G20 Finance Ministers meeting opens today in London ahead of the G20. With spending and sales still down across the developed world, western governments are looking for inroads into new markets such as India.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 2:41 am Nato strikes fuel tankers in Afghanistan, many deadKunduz, Afghanistan: Nato forces in Afghanistan were investigating on Friday whether civilians were among scores of people burned to death when they carried out an air strike against two hijacked fuel tankers. Nato said it believed the dead were all Taliban fighters, but angry relatives in northern Kunduz province said villagers were collecting fuel from the hijacked trucks and caught in the blast. If the civilian deaths are confirmed, the incident could reignite outrage against foreign troops two months after the new US and Nato commander in the country announced measures to reduce civilian casualties undermining the war effort. Kunduz province governor Mohammad Omar said as many as 90 people were feared killed, burned alive in a giant fireball. Lieutenant-commander Christine Sidenstricker, press officer for the US and Nato-led International Security Assistance Force (ISAF), said Afghan authorities had reported two fuel trucks hijacked. Nato aircraft spotted them on a river bank. “After observing that only insurgents were in the area, the local ISAF commander ordered air strikes which destroyed the fuel trucks and killed a large number of insurgents,” she said. “The strike was against insurgents. That’s who we believe was killed. But we are absolutely investigating” reports of civilian deaths, she said. Asked how pilots could know whether a crowd around the trucks included civilians, she said: “Based on information available at the scene, the commanders believed they were insurgents.” The incident highlights the mounting insecurity in the north of the country, an area that had been seen as safe but where Taliban attacks have become increasingly frequent. The Kunduz area is patrolled mainly by Nato’s German contingent, barred by Berlin from operating in combat zones. Under new orders issued in July by the ISAF commander, US army general Stanley McChrystal, aircrafts are not supposed to open fire unless they can confirm there is no chance civilians might be hurt or friendly forces are in immediate danger. Provincial officials, who also could face a public backlash over civilian deaths, said both fighters and civilians were killed. Omar, the province’s governor, said he believed half of those killed were militants, while provincial police chief Abdul Razzaq Yaqubi said a majority of the dead were fighters. “My brother was burnt when the aircraft bombed the fuel tankers. I don’t know whether he is dead or alive,” said weeping villager Ghulam Yahya, one of dozens of relatives gathered outside Kunduz Central Hospital in the provincial capital. Mohammad Sarwar, a tribal elder in the province, said Taliban fighters had hijacked the tankers and were offering fuel to a crowd of villagers when the tankers were bombed. “We blame both the Taliban and the government,” he said. Dead too burnt for morgue Mohammad Humayun Khamosh, a doctor at the Kunduz hospital, said 13 people with burns were brought there for treatment, but none of the dead had been taken to the hospital’s morgue because the bodies were too badly burnt. “It is very hard to collect dead bodies or remains from the blast because the fuel they were collecting was highly flammable,” he said. A Taliban spokesman, Zabihullah Mujahid, said fighters had captured the two fuel tankers. One had become stuck in mud by a village, and the fighters went to try to tow it when residents gathered to take the fuel and the crowd was struck.. US President Barack Obama has made stabilising Afghanistan a foreign policy priority although public support for the war has eroded as US combat deaths have risen to record levels. Obama has ordered 21,000 extra troops to Afghanistan this year, continuing an escalation begun under outgoing President George W. Bush. More than 103,000 Western troops are in Afghanistan, including 63,000 Americans. US defense secretary Robert Gates signaled on Thursday that he would be open to sending additional troops, asserting the war was not “slipping through the administration’s fingers”. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 2:40 am BSE Sensex extends gains to 1 pctMUMBAI (Reuters) - The BSE Sensex extended gains to 1 percent on Friday afternoon as investors sought bargains after the market dropped 3.3 percent over the past four sessions.Source: Reuters: Money News | 4 Sep 2009 | 2:38 am HC asks DCGI to grant licence to Cipla’s anti-cancer drugNew Delhi: The Delhi high court on Friday directed the drug regulator of the country to go ahead with the process of granting a licence to Cipla for producing a generic version of the anti-cancer medication ‘Nexavar´ against which global drug maker Bayer Corp is fighting a legal battle. However, the court has asked Cipla not to launch its product without its permission. The court’s direction comes in response to Bayer’s petition before the court challenging an earlier single bench order that had rejected its plea to restrain Cipla from producing the generic version of Nexavar. A division bench headed by chief justice A P Shah directed the drugs controller general of India (DCGI) to proceed with its process of granting licence to Cipla for the cancer drug, but said the licence would be subject to the outcome of its order. Meanwhile, the High Court has directed all parties, including Bayer, Cipla and the government, to file their written submission in two weeks. The court has also allowed the application of the Indian Pharmaceutical Alliance for making it a party in the ongoing case. The matter will come up for hearing on 6 October.In its petition Bayer had said it was granted the sole patent right to manufacture, sell and distribute the cancer drug Nexavar and that the Indian patent authorities in March 2008, had also granted it exclusive rights for manufacturing. Bayer had requested the court to direct DCGI not to give a licence to Cipla to manufacture, sell and distribute the drug. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 2:38 am European shares gain after 4-day losing run; banks upLondon: European equities rose on Friday after four sessions of losses, with financial and commodity shares gaining ground ahead of keenly-watched US non-farm payrolls data. At 0818 GMT, the FTSEurofirst 300 index of top European shares was 0.8% higher at 957.08 points. It is up 48% since a record low in March, but still down about 17% on a year ago just before the collapse of Lehman Brothers accelerated the global credit crisis. Banks were among top gainers, with Standard Chartered, HSBC , Barclays, Lloyds, Royal Bank of Scotland, Swedbank and KBC up 1 to 4.8%. Miners got strength from higher metals prices, with zinc jumping 5% to 13-month high on renewed confidence in the global economy. Gold has gained about 5% in two days to trade near $1,000 an ounce, copper rose 0.6%, and aluminium was up 0.5%. BHP Billiton, Anglo American, Antofagasta, Rio Tinto, Xstrata and ENRC rose 1.7-2.8%. Among energy shares, Tullow Oil was up 1.4%, while Total rose 1%. “A poor week is in desperate need of a good finish. Having enjoyed a stellar run over the past few weeks, it is now a test of nerve for the market bulls,” said John Murphy, analyst at ODL Securities. The index is down 2.2% this week after gaining in six of the seven previous weeks. Investors awaited US jobs data, due at 1230 GMT. Employers are likely to have cut 225,000 jobs in August, according to the median forecast of 81 economists polled by Reuters, down from 247,000 in July, while the unemployment rate was forecast to have inched up to 9.5% from 9.4%. Across Europe, Britain’s FTSE 100 index, Germany’s DAX and France’s CAC 40 rose 0.5-0.8%. ANALYSTS RAISE FORECASTS Some analysts raised forecasts for stock markets on continued improvement in macro-economic conditions. Goldman Sachs raised its year-end target for the DJ STOXX 600 to 260 points from 235 and lifted its estimates of net income growth pre-exceptionals for European corporates in 2010 to 40% from 34% on the back of higher global economic growth forecasts. UBS raised estimates of EPS growth for European corporates in 2010 to 25% from 15% and increased its 2009 year-end target for the FTSEurofirst 300 index by 10% to 1,100 points. “In the very near term we are fully aware that the equity market looks somewhat overbought and appears likely to have some form of modest correction,” Nick Nelson, European equity strategist at UBS, said in a note. “However, given our view on the bounce back in earnings growth next year and increasing conviction that the economic cycle has turned, we feel the fundamental backdrop remains supportive.” G20 policymakers will this weekend promise to keep economic support packages in place until recovery is certain and seek to reassure financial markets they have credible plans to withdraw the stimulus when appropriate. Among individual shares, French carmaker PSA Peugeot Citroen rose 5.7% after French daily La Tribune reported that the carmaker was mulling an alliance with Japanese Mitsubishi Motors Corp. When asked to comment on the story, a PSA Peugeot Citroen spokesman said: “There is nothing new”, and added: “I am not confirming anything.” Deutsche Telekom was up 1.9%. The Financial Times said in its on-line edition the company was in talks with Vodafone, France Telecom and Telefonica about selling its British unit T-Mobile UK. T-Mobile UK was not available for comment. Source: LatestNews-Home - Livemint.com | 4 Sep 2009 | 2:37 am Apollo may take in partner for pharma bizThe Apollo Hospitals group may consider taking in a strategic partner for its vast and growing pharmacy business, according to the groups Executive Director (Operations), Ms Sangita Reddy.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 2:35 am Rupee extends rise as stocks gain nearly 2%Mumbai: The Indian rupee extended gains in afternoon trade on Friday, supported by a more than 1.7% rise in local shares but demand for dollars from oil importers weighed on the local unit. At 2:15pm, the partially convertible rupee was at Rs48.82/83 per dollar, stronger than the previous close of Rs48.92/93. On Wednesday, the rupee had fallen to Rs49.21, its lowest since 13 July. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.2%, helping the rupee, dealers said. Indian shares extended gains to near 2% on Friday afternoon as investors sought bargains after the market dropped 3.3% over the past four sessions. Oil companies, the largest consumer of dollars in the local currency market, had stepped up their purchases, preventing the rupees from rising too much, dealers said. One-month offshore non-deliverable forward contracts were quoting at Rs48.84/94, weaker than the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs48.8925 and Rs48.89 respectively, with the total traded volume on the two exchanges at about $920 million. Source: Home - Livemint.com | 4 Sep 2009 | 2:32 am Spice, Virgin may bid to be MTNLs 3G franchiseeA number of players including the B. K. Modipromoted Spice Group and the UKbased Virgin Mobile have shown interest in rolling out 3G mobile services on a franchisee basis for Stateowned Mahanagar Telephone Nigam Ltd.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 2:30 am TCS to open 6 passport offices in OctoberTata Consultancy Services (TCS) will open six offices across India in October to provide passport services, a company official has said. The much-delayed Passport Seva Project is expected to take off with this move.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 2:30 am India yet to tap diaspora well, unlike China: StudyIndia has only now begun to tap its 25-million diaspora in 130 countries to boost its growth, unlike China that owes much of its economic miracle to the overseas Chinese, says a study released Friday.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 2:30 am Adlabs Films to be Reliance MediaWorksMedia and entertainment company Adlabs Films, part of the Reliance Anil Dhirubhai Ambani Group, Friday said it would change its name to Reliance MediaWorks subject to necessary approvals.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 2:30 am SBI announces special drought relief schemesState Bank of India has announced special drought relief schemes for farmers availing themselves of minor irrigation and crop loans, in view of the weak monsoon and drought conditions, a press release issued on Thursday said.Source: Moneycontrol Top Headlines | 4 Sep 2009 | 2:28 am IMF still cautious about global economic recoveryWashington: Acknowledging that the global economy appears to be emerging from the worst financial and economic crisis in the post-war period, the International Monetary Fund managing director, Dominique Strauss-Kahn on Friday said the recovery will be sluggish and that a jobless recovery remains a risk. Delivering the 2009 Bundesbank Lecture in Berlin, Strauss Khan argued that the stimulus measures adopted by countries to combat the global crisis should be withdrawn only when the economic recovery has taken hold and unemployment is set to decline. “I am concerned about the social and economic costs of high unemployment, which will persist even as financial markets and output stabilizes,” the IMF managing director said. Given the fragility of the recovery, Strauss-Kahn warned that “Policymakers should err on the side of caution as they decide when to exit from their crisis response policies.” However, governments should develop their exit plans now so that they are able to build public support and act when the time is right, he said. Strauss-Kahn underlined that international policy coordination has been an essential part of the response to the crisis and that “coordination of exit strategies will be just as important.” Source: Home - Livemint.com | 4 Sep 2009 | 2:22 am Buy art via SMS, jeans on instalments in IndiaMUMBAI (Reuters Life!) - Some retailers in India are using convenience and technology to woo shoppers, whose enthusiasm appears to have been dimmed by the economic downturn and an impending drought.Source: Reuters: Money News | 4 Sep 2009 | 2:17 am Noon: Markets extend gains to 1% on fresh buyingMumbai: Indian shares extended gains to 1% on Friday afternoon as investors sought bargains after the market dropped 3.3% over the past four sessions. At 2:03pm, the 30-share BSE index was up 1.1% at 15,573.96 points, with 26 stocks gaining. The 50-share NSE index was up 1.2% at 4,649.75. “Even though there is a rise today, there is not much conviction,” Ambareesh Baliga, vice president at Karvy Stock Broking, said. “There are no triggers to lead the market significantly higher.” Tata Steel, the world’s 8th largest steel maker, rose 1.9% to Rs428.75, and top utility vehicle maker Mahindra & Mahindra gained 2.8% to Rs836.50, leading the main index higher. Energy giant Reliance Industries, which has the most weight in the main index, climbed 0.6% to Rs1,943. Top power-equipment maker Bharat Heavy Electricals advanced 0.3% to Rs2,203.95 after its chairman told Reuters it expects to tie up orders worth about $2.5 billion in the next 4-6 weeks as private firms step up investment in the power sector. By 11:20am, the 30-share BSE index was up 0.2% at 15,435.81 points, with 22 stocks advancing, after briefly turning negative earlier. The 50-share NSE index was up 0.2% at 4,604.70. Profit-taking in equity markets worldwide had dragged down the benchmark in the first four days of this week, its longest losing run since mid-July, after it rallied in the previous seven sessions. Excess funds flowing into emerging markets are expected to support stocks in the near term as investors look to buy on dips despite concerns about the impact of poor rainfall on farm output and economic growth, analysts said. Economic data from several countries including the United States have produced some upbeat news, indicating that a recovery from the deepest global downturn since World War Two is slowly gaining traction. But some analysts are worried the recovery leans too heavily on expensive government efforts, and that investors have gotten ahead of themselves in pricing in a recovery. In the broader market, gainers led losers 1,293 to 995 on relatively moderate volume of 120 million shares. Asian shares were mixed, with Japan’s Nikkei down 0.3%, while MSCI’s measure of other Asian markets rose 0.5%. Source: Home - Livemint.com | 4 Sep 2009 | 2:17 am GLOBAL MARKETS - Equities rise ahead of jobs data, dollar slipsLONDON (Reuters) - World equities climbed higher on Friday, although investors were cautious about U.S. jobs data due later in the day, while the dollar slipped against a basket of major currencies.Source: Reuters: Money News | 4 Sep 2009 | 2:13 am Engine of Riyadh-bound Air India plane on fire, all safeOver 215 passengers and crew of a Riyadh-bound Air India flight had a narrow escape here Friday morning when they were evacuated quickly after one of the aircraft's engines caught fire while proceeding for take-off.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 2:00 am Toshiba plans $5 bn bid for Areva unit: sourcesTokyo: Japan’s Toshiba Corp plans to bid for French nuclear group Areva’s power distribution and transmission equipment unit, four sources with direct knowledge of the situation said, in a deal that could cost it more than $5 billion. Toshiba, which runs a far-flung electronics conglomerate, is focusing on its power generation equipment business, including nuclear power, for growth as it reins in investment in its chip operations. Toshiba shares fell 2.3% after news broke of the planned bid. French engineering groups Alstom and Schneider Electric are planning a joint bid, while Axa Private Equity is looking at whether to make an offer. The sources, who declined to be identified because the bid has not been made public, said Toshiba planned to participate in the first round of bidding on 18 September. One source said the deal could be worth more than 500 billion yen ($5.4 billion), while another said the unit could fetch as much as 700 billion yen. “Local players dominate the transmission and distribution market in Europe, and Toshiba’s presence is limited,” Deutsche Securities analyst Takeo Miyamoto said. “It is good that Toshiba is considering the opportunity, and if it manages to buy it for the right price, it would be a positive development.” Toshiba, which remains heavily in debt from its $5 billion acquisition of US nuclear firm Westinghouse in 2006, hopes to become a one-stop full-service nuclear power business, spanning uranium procurement in Kazakhstan to plant maintenance. Some investors and analysts expressed concern about the health of Toshiba’s balance sheet, which had just been shored up by a $5 billion capital boost in May. “Toshiba needs to carry out aggressive restructuring before tackling M&As,” said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. “So far there’s no clear sign that Toshiba is cutting off unnecessary operations.” Toshiba, which is also the world’s No.2 maker of NAND-type flash memory chips, is still reeling from a prolonged slump in the semiconductor sector, and now seeks to shift its focus to stable and long-term growth through its power business. Toshiba President Norio Sasaki, who took the helm in June and had led the firm’s acquisition of Westinghouse, has said that profit from its power and infrastructure business will be double the level of profit from its devices in three years. French Economy Minister Christine Lagarde said this week she hoped that Areva, a state-controlled nuclear reactor maker, would reach a decision on the possible sale of the unit by the end of 2009. Toshiba spokesman Keisuke Ohmori declined to comment on whether Toshiba was making an offer. But he said: “This deal has the potential to affect the power balance in the sector, and we are watching how it unfolds with interest.” The unit is No.3 in its field after ABB and Siemens. A spokesman for Areva declined to comment. Source: World Business - Livemint.com | 4 Sep 2009 | 1:43 am Toshiba plans $5 bn bid for Areva unit: sourcesTokyo: Japan’s Toshiba Corp plans to bid for French nuclear group Areva’s power distribution and transmission equipment unit, four sources with direct knowledge of the situation said, in a deal that could cost it more than $5 billion. Toshiba, which runs a far-flung electronics conglomerate, is focusing on its power generation equipment business, including nuclear power, for growth as it reins in investment in its chip operations. Toshiba shares fell 2.3% after news broke of the planned bid. French engineering groups Alstom and Schneider Electric are planning a joint bid, while Axa Private Equity is looking at whether to make an offer. The sources, who declined to be identified because the bid has not been made public, said Toshiba planned to participate in the first round of bidding on 18 September. One source said the deal could be worth more than 500 billion yen ($5.4 billion), while another said the unit could fetch as much as 700 billion yen. “Local players dominate the transmission and distribution market in Europe, and Toshiba’s presence is limited,” Deutsche Securities analyst Takeo Miyamoto said. “It is good that Toshiba is considering the opportunity, and if it manages to buy it for the right price, it would be a positive development.” Toshiba, which remains heavily in debt from its $5 billion acquisition of US nuclear firm Westinghouse in 2006, hopes to become a one-stop full-service nuclear power business, spanning uranium procurement in Kazakhstan to plant maintenance. Some investors and analysts expressed concern about the health of Toshiba’s balance sheet, which had just been shored up by a $5 billion capital boost in May. “Toshiba needs to carry out aggressive restructuring before tackling M&As,” said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. “So far there’s no clear sign that Toshiba is cutting off unnecessary operations.” Toshiba, which is also the world’s No.2 maker of NAND-type flash memory chips, is still reeling from a prolonged slump in the semiconductor sector, and now seeks to shift its focus to stable and long-term growth through its power business. Toshiba President Norio Sasaki, who took the helm in June and had led the firm’s acquisition of Westinghouse, has said that profit from its power and infrastructure business will be double the level of profit from its devices in three years. French Economy Minister Christine Lagarde said this week she hoped that Areva, a state-controlled nuclear reactor maker, would reach a decision on the possible sale of the unit by the end of 2009. Toshiba spokesman Keisuke Ohmori declined to comment on whether Toshiba was making an offer. But he said: “This deal has the potential to affect the power balance in the sector, and we are watching how it unfolds with interest.” The unit is No.3 in its field after ABB and Siemens. A spokesman for Areva declined to comment. Source: Home - Livemint.com | 4 Sep 2009 | 1:43 am Sensex reverses to show losses in afternoonWiping off early gains, the Sensex turned weak in afternoon trade today by losing over 38 points on emergence of profit selling by funds.Source: Daily News & Analysis: Money News | 4 Sep 2009 | 1:29 am AXIS IT&T to take majority stake in Cades Digitech - Hindu Business Line
Source: Business - Google News | 4 Sep 2009 | 1:04 am Weatherman predicts heavy rain in Uttar Pradesh, farmers hopefulThe weatherman's prediction of heavy rains in Uttar Pradesh for three days beginning Friday has raised hopes among farmers that they can still grow something this kharif season.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 1:01 am UTV Software to raise Rs 100 cr by issuing warrants to LIC - Business Standard
Source: Business - Google News | 4 Sep 2009 | 12:47 am Thousands of tearful mourners bid adieu to YSRHyderabad: Thousands of mourners today swarmed the city to bid a tearful adieu to Y.S. Rajasekhara Reddy, who was killed in a helicopter crash on Wednesday, on his final journey to his native Kadapa district. The body of 60-year-old YSR, the man who revived the Congress party’s fortunes in Andhra Pradesh in 2004 after a 10-year hiatus, will be laid to rest in his hometown of Pulivendula in Kadapa at 5 pm on Friday. The last journey began from his house in Begumpet here after Prime Minister Manmohan Singh, Congress president Sonia Gandhi and top Congress leaders paid homage and placed wreaths on his body. Union ministers P Chidambaram, A.K. Antony, V.Veerappa Moily, Prithviraj Chavan, AICC general secretary Rahul Gandhi besides chief ministers Sheila Dixit, Ashok K Gehlot and several senior politicisns of different parties consoled the family members of the late chief minister including his son Jagan Mohan Reddy. Wrapped in tri-colour and kept in a bedecked open army truck, the body was taken first to Gandhi Bhavan-the state headquarters of Congress-in Nampally here to chants of ‘YSR amar rahe´. YSR and four others-the principal secretary, the chief security officer and two pilots, died when the chopper they were travelling in crashed on a hill in Nallamala forest ranges in Kurnool district on Wednesday and exploded a few hours after take off from here. The vehicle moved at a snail’s pace with the surging crowds, many among them sobbing uncontrollably, trying to get near it. Jagan Mohan, Rajya Sabha MP K V P Ramchandra Rao, a close aide of YSR, Congress MP and former cricketer Mohammad Azharuddin were among those who stood near the casket carrying Reddy’s mortal remains. All state and central government offices, schools, shops and commercial establishments in Andhra Pradesh remained closed in view of the state mourning. YSR’s body will be kept for public homage at the Lal Bahadur Shastri stadium. It will be taken to Pulivendula on Friday afternoon. The national flag is being flown at half mast during the seven-day state mourning. The charred remains of YSR and four others on board the twin-engine Bell 430 helicopter was spooted on the Rudrakonda Hill, about 70 kms east of Kurnool by IAF helicopters at around 8.30 am yesterday, nearly 24 hours after it lost contact with the Air Traffic Controller at Bengumpet Airport here. The helicopter had deviated 18 kms from its path, hit a cliff of a hillock, crashed and exploded. Source: Home - Livemint.com | 4 Sep 2009 | 12:45 am Asia shares edge up, wary of US job dataHong Kong: Asian stock markets mostly edged higher on Friday, underpinned by encouraging US retail sales but cautious ahead of a US payrolls report, while the Aussie dollar was supported by a spike in gold prices. Chinese shares wobbled, but by midafternoon had extended gains from Thursday’s near 5% surge, which came after reassuring remarks from a top securities regulator raised hopes for policy support. Major European stock futures were up 0.5%, while US equity futures slipped 0.1%. The dollar dipped against the yen although at ¥92.62 it was still above this week’s seven-week low of ¥91.94 as the market was uncertain about how it would react to the payrolls data. Hopes that a long-awaited revival in US consumer spending has begun lent some support to Asian share markets, but gold prices remained near $1,000 an ounce after an overnight rally that indicated investors may be becoming more risk averse amid a still uncertain global economic environment. “There is a bit of de-risking ahead of the payrolls data and the long weekend in the States, people are pretty happy to take some money off the table and just wait and see what the weekend brings,” said Daniel Manley, a dealer at Burrell & Co. Dallas Federal Reserve Bank President Richard Fisher, in remarks published during Asian trade, said the US economy was set for a long period of slow growth and that it was too early to guess at the timing or pace of any US interest rate rises. “We are likely to see a prolonged period of sluggish economic performance and uncomfortably high unemployment as businesses reallocate capital and labour to fit the new economic landscape,” Fisher said. The MSCI index of Asia Pacific stocks traded outside Japan was up 0.5% by mid-afternoon. A rally in Asian shares has sputtered in recent weeks amid fears that a global economic recovery could longer than expected. But the MSCI Asia ex-Japan index is still up 47% since the start of the year and some markets, such as Hong Kong, Korea and Shanghai, have recaptured levels seen before the collapse of US investment bank Lehman Brothers last September. Shanghai’s main index rose 0.7% after dipping into negative territory in morning trade. Signs of market stability in China and the better-than-expected US retail sales data pushed up Hong Kong’s Hang Seng index 0.6%. Hynix slumps Japan bucked the firmer regional trend as its second-biggest brokerage Daiwa Securities fell 6.1% on news it plans to buy out Sumitomo Mitsui Financial Group, the country’s third-largest bank, from their investment banking joint venture. Shares in electronics maker Toshiba Corp slid 2.3% on reports it will bid for the power distribution and transmission equipment unit of French nuclear group Areva in a deal that could cost it more than $5.4 billion. The Nikkei index ended down 0.3% at a five-week closing low, but exporters including electronics parts maker Kyocera Corp, which rose 2.2%, were supported by the US retail sales data and Japanese capital expenditure data for April-June, which suggested the worst of the decline in capex spending may be over. The Aussie dollar was firm, trading at $0.8402 by 5:32am, slightly off an earlier high of $0.8407 in the wake of gold’s overnight rally. Korean stocks dipped 0.3% with Hynix Semiconductor Inc, the world’s second-largest memory chip maker, slumping 5.7% on a downgrade by Daewoo Securities. Commodities prices were firm, though. As gold prices flirted with $1,000 an ounce, NYMEX crude oil edged up to $68.23 a barrel, from just under $68 in late New York trade. LME lead hit a 19-month high at $2,345 a tonne. Traders attributed its strength to growing concern about lead supplies from China, which is clamping down on pollution following lead poisoining incidents Source: Home - Livemint.com | 4 Sep 2009 | 12:43 am Air India plane engine catches fire in Mumbai, passengers safeNearly 215 passengers and crew of a Riyadh-bound Air India flight had a narrow escape here Friday morning when they were evacuated quickly after one of the plane's engines caught fire while proceeding for take-off.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 12:32 am Amway to invest Rs.550 mn in its Himachal plantAmway India Enterprises will invest Rs.55 crore (Rs.550 million) to treble capacity at its Himachal Pradesh manufacturing unit by the end of this year, a senior company official said here Friday.Source: IndiaeNews.com: Business News | 4 Sep 2009 | 12:31 am Flight safety: When will we ever learn?Political demises in air crashes seem to take place with sickening regularity and our aviation system may have got the biggest jolt with the accident that took the life of the Andhra Pradesh Chief Minister, Y. S. Rajasekhara Reddy, and fourSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am Sugar users must produce CA certificate on offtakeChennai, Sept 3 Any industry or person using more than 10 quintals or 1,000 kg of sugar will be covered under the sugar stocks limit. The users will have to produce a certified copy from a chartered accountant on the average use or consumptionSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am SEBI gets tough on promoters issuing preferential warrantsMumbai, Sept 3 The Securities and Exchange Board of India is turning a stricter eye on company promoters who have been issued preferential warrants, saying that they will have to forfeit the upfront payment made on unexercised warrants.Source: Business Line - Home Page | 4 Sep 2009 | 12:00 am Bajaj Auto Finance (Rs 224.5): BuyWe recommend a buy in Bajaj Auto Finance from a short-term horizon. It is evident from the charts that the stock has been on an intermediate-term uptrend, forming higher peaks and troughs since March low of Rs 43. In mid-July, the stock tookSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am Day Trading GuideInitiate fresh short-position if DLF drops below Rs 400, with tight stop-loss. Fresh short-position can be initiated only if ICICI Bank plunges below Rs 724 and SBI slips below Rs 1,729 with stiff stop-loss. On the other hand, fresh long portionSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am Fiat Group to source components worth $1 b from IndiaNew Delhi, Sept. 3 Italian carmaker Fiat will source more than $1 billion worth components for its global businesses in 2010 from India.Source: Business Line - Home Page | 4 Sep 2009 | 12:00 am Domestic consumption holds the key to India’s turnaroundNew Delhi, Sept 3 India’s domestic consumer goods and services market is now close to half of China’s in terms of sheer size, even though India’s GDP is well below a third of China’s — a tempting proposition forSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am Ad industry growth will come from new markets: WPP chiefBangalore, Sept. 3 The growth for the advertising industry will come from the new markets in Asia and Latin America, said Sir Martin Sorrell, CEO, WPP, the advertising and marketing communications conglomerate.Source: Business Line - Home Page | 4 Sep 2009 | 12:00 am Lamy hopes Delhi meet will map out closure of Doha RoundNew Delhi, Sept. 3 The World Trade Organisation Director-General, Mr Pascal Lamy, on Thursday hoped that the Delhi mini-ministerial meeting will be the “beginning of the endgame” for the protracted Doha Round of multi-lateral talks toSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am The truth about rising pricesIt has become something of a ritual. Statistics showing that inflation is yet in negative territory; and predictions telling us that this scenario will come to an end once the base effect have peteredSource: Business Line - Home Page | 4 Sep 2009 | 12:00 am WTO to issue landmark aircraft industry rulingGENEVA (Reuters) - World Trade Organisation judges will rule on Friday for the first time on whether the European Union handed out illegal subsidies to Airbus in a verdict that could affect planemakers worldwide.Source: Reuters: Money News | 3 Sep 2009 | 11:47 pm Air India likely to rejig team of directorsAir India is likely to rejig its team of directors shortly in view of retirement of some of its top officials, sources said.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 11:16 pm Oil India fairly priced; Adani, NHPC weigh - analystsMUMBAI (Reuters) - State energy explorer Oil India's IPO worth up to $570 million is fairly priced and should leave money on the table for subscribers, analysts said, but some investors may be wary after the last two big Indian listings lagged expectations.Source: Reuters: Money News | 3 Sep 2009 | 10:28 pm Only Virgin, Spice pick up MTNL's 3G bid call - Economic Times
Source: Business - Google News | 3 Sep 2009 | 9:12 pm Despite debts, Air India lives it upAt a time when national carrier Air India is trying to cut costs to bring down expenses and come back from the brink of financial disaster, it will spend an additional Rs 1.7 crore to provide accommodation to crew members at lay-over stations — from where pilots and cabin crew go on an onward journey, reports Samiran Saha.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 4:44 pm I want to buy a car. Should I get it financed or pay upfront?Adesh Gupta, a scientist with the central government, has been trying to buy a car since he was transferred to Delhi two years ago. Sandeep Singh advices.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 4:33 pm Surviving seamlesslyJindal Saw cut wastage and de-bottlenecked operations during the downturn. Now, it’s looking forward to better times.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 4:28 pm AP CM YSR Reddy dies, what will he be best remembered for?The Chief Minister of Andhra Pradesh, YS Rajasekhar Reddy is dead. His body along with four others on board his helicopter were recovered this morning from a hilltop in the Nallamalla forests after a massive search operation.Source: Moneycontrol Top Headlines | 3 Sep 2009 | 3:31 pm Nestle India\'s mantra to beat slowdown, post profitsNestle India has weathered the slowdown storm in style. Nestle\'s managed to achieve over 20% growth in the past 7 8 quarters. What\'s the sucess mantra?Source: Moneycontrol Top Headlines | 3 Sep 2009 | 3:14 pm Rs 70-crore service tax rap on MicrosoftIn the first case of its kind, the Customs Excise and Service Tax Appellate Tribunal has directed the Indian arm of software giant Microsoft Corp to deposit Rs 70 crore as service tax after it was charged with evading the tax last year.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 3:07 pm NTPC poohs RIL claim in gas rowRubbishing claims by Mukesh Ambani-led RIL, state-owned NTPC Ltd has reiterated to the power ministry that RIL never mentioned in its global bid that the price of its KG-D6 gas from the Krishna-Godavari basin was subject to government approval.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 3:04 pm Lamy raises global warming bogeyThe WTO exuded hope that the ongoing ministerial meeting would help draw out the broad contours for successful conclusion of the global trade negotiations that have been stuck on several contentious issues for over 8 years now.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 3:01 pm ‘Now it is about letting the consumer decide’Yahoo, once an undisputed Internet media giant, faces competition from the likes of Google after losing its edge in search and facing a challenge in e-mail. It is trying to bounce back, aided by a redesigned portal. Arun Tadanki, managing director, Yahoo! India spoke to Hindustan Times on why he thinks the game has only just begun.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 2:56 pm India pushes for global trade talks, end to protectionismHosting some 40 trade ministers from across the world for a two-day meeting in New Delhi, India on Thursday made a strong plea for an end to protectionism by some countries while it pushed for early resumption of multilateral trade talks and building a consensus on the way forward.Source: Hindustan Times News Feeds 'Business' | 3 Sep 2009 | 2:15 pm G-20, WTO should report to UN: LamyNew triangle of global governance needed, says Director-General. Taking the World Trade Organisation and G-20 beyond the realm of trade and economics,WTO Director-General Pascal Lamy today said it was important to have both the G-20 and international agencies such as WTO reporting to the parliament of United Nations in the long term.Source: Business Standard | Front Page Headlines | 3 Sep 2009 | 1:38 pm Road panel says NHAI loans should get govt guaranteeThe B K Chaturvedi committee set up to recommend ways to implement road projects faster and more efficiently, has recommended that the National Highways Authority of India (NHAI) be given sovereign guarantees on the loans it raises from the market.Source: Business Standard | Front Page Headlines | 3 Sep 2009 | 1:37 pm YSR's death puts question mark over AP's growthAndhra Pradesh Chief Minister Y S Rajasekhara Reddy was today confirmed killed in a helicopter crash in the states dense Nallamala forest area, potentially weakening the Congress as well as investor sentiment.Source: Business Standard | Front Page Headlines | 3 Sep 2009 | 1:34 pm Government ups price, quota of levy sugarSugar prices, already at record highs, are set to rise further. The food ministry has decided to raise the levy price at which it buys sugar from mills to supply the public distribution system (PDS) by 50 per cent in Maharashtra and 63 per cent in Uttar Pradesh (UP) for the new sugar season starting next month. The two states account for 55 per cent of Indias sugar output. Prices have also been revised for other sugar purchasing states.Source: Business Standard | Front Page Headlines | 3 Sep 2009 | 1:32 pm Dunlop to resume production in Sahaganj factoryKolkata-based tyre manufacturer Dunlop India will resume production at its Sahaganj factory in West Bengal around the Durga Puja festival in late September after remaining closed for 10 months, a top company official said Thursday.Source: IndiaeNews.com: Business News | 3 Sep 2009 | 12:31 pm Free online city tours and moreNew Delhi: There is no dearth of online resources for the avid tourist. But an experimental product from the Google stable might be worth a watch. City Tours helps you plan out detailed multi-day itineraries for many cities. The plans include a list of places, walking routes and times, and even a suggested time to be spent at each destination. Particularly useful is the ability to tailor these plans by number of days. While City Tours is still a Google Labs product, it has huge potential for public particiption. Also this week, in light of the recent Gmail outage, e profile a website that tells you if something is down for everyone or just you. See the video to see demos of both services. Source: Tech News - Livemint.com | 3 Sep 2009 | 12:15 pm Ford India doubling capacityCar manufacturer Ford India Pvt Ltd, which is doubling its production capacity to 200,000 units a year and setting up a 250,000 units engine-and-power train plant near here at an outlay of $500 million has started hiring fresh hands, said a top company official Thursday.Source: IndiaeNews.com: Business News | 3 Sep 2009 | 10:30 am Are trade talks nearing conclusion? Not quite, says IndiaTrade ministers from 35 key WTO member countries are meeting here for two days from today to push for a global trade pact, talks for which began in Doha in 2001.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 8:03 am Sensex loses 69 points; RIL down 2%A significant drop in heavyweight Reliance Industries pulled the benchmark Sensex down by nearly 70 points amid uncertain global trends.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 5:38 am IT exports to see double digit growth next fiscal: NasscomChandigarh: Signs of recovery in the US and the European economies makes IT and software industry body National Association of Software and Service Companies (Nasscom) hopeful of seeing double-digit growth in the country’s IT exports sector. “We feel that IT software and service exports will attain growth in double digit in next financial year on the back of revival of economies of US and Europe which were hit by meltdown,” Nasscom chairman Pramod Bhasin told reporters on the sidelines of an event. Nasscom had earlier projected that the country’s software and IT exports would grow merely by 4-7% to $48-50 billion in 2009-10 in view of sluggish demand for outsourcing in the US and Europe, which are the largest markets for the Indian IT vendors. In 2008-09, the industry grew by over 16% at $46.3 billion. Bhasin further said the country had the potential to achieve IT exports of $225-300 billion while the total direct employment in IT sector expected to reach from 4 million to 14 million in the next five years. However, he found the lack of suitable human skills for the IT sector a major hindrance in its growth. “Only a small faction of graduates are employable in the industry as our curriculum is outdated,” he said while stressing on addressing this issue expeditiously. Source: Tech News - Livemint.com | 3 Sep 2009 | 5:09 am Inflation rises to -0.21% on higher food pricesRising prices of food items like pulses, sugar and vegetables pushed up inflation to minus 0.21% for the week ended August 22.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 4:48 am DGCA convenes meeting to discuss rules for safety operationsSources said concerns were expressed over the limited number of cabin crew on board these flights, with many of them being busy selling these items on flight.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 4:29 am Ranbaxy partners with Validus to sell calcium drug in USNew Delhi: Ranbaxy Laboratories today said it has entered into an agreement with the US-based Validus Pharma for selling low cost versions of its calcium drug Rocaltrol. The company’s US-based subsidiary Ranbaxy Pharmaceuticals Inc (RPI) and Validus Pharmaceuticals LLC have entered into an agreement for marketing and distribution of a generic version of Rocaltrol (calcitriol), Gurgaon-based Ranbaxy Lab said in a statement. Under the agreement, Rambaxy would market and distribute an authorized generic version of Rocaltrol in both softgel capsules and an oral liquid formulation. According to industry estimate, overall market sales for calcitriol softgel capsules and oral liquid is about $70 million. Ranbaxy will launch the product immediately in the United States and expects to be the only generic company offering all forms and strengths of generic Rocaltrol. “Ranbaxy was very pleased to be selected by Validus as their distribution partner for an authorized generic version of Rocaltrol,” RPI’s Sales and Distribution Vice-President Jim Meehan said. We look forward to a long and prosperous partnership with Validus, Meehan added. Rocaltrol is the brand name for a synthetic form of calcitriol, a metabolite of vitamin D, which occurs naturally in the human body. Calcitriol is used to manage low levels of calcium in the blood of patients whose kidneys or parathyroid glands (glands in the neck that release natural substances to control the amount of calcium in the blood) are not working normally. Source: World Business - Livemint.com | 3 Sep 2009 | 3:44 am Government forms panel on fuel pricing reformsThe government has formed a five- member committee headed by Kirit S Parikh to suggest reforms in pricing of auto and cooking fuels.Source: Daily News & Analysis: Money News | 3 Sep 2009 | 3:37 am
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