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\'Bonus part of RIL\'s tradition to reward shareholders\'Whenever we finish a value creation cycle, we make sure that everybody is rewarded and in this value creation cycle. We had nearly Rs 100,000 crore of assets coming on line, says Mukesh Ambani, CMD, Reliance.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 9:15 am Ramping up distribution channel in India: Liberty Shoes\"Liberty Shoes is bullish about retail. It is now ramping up retail and distribution channel in India,\" said the company\'s CEO Adesh Gupta.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 8:02 am Advanta to raise Rs 750cr for acquisitions, retire debtAdvanta India is looking to raise Rs 750 crore via various instruments, says its Managing Director V R Kaundinya. The company is raising funds to retire debt and for various acquisitions, Kaundinya says.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 6:55 am Sales to be skewed towards H2 FY10: Suzlon EnergySumant Sinha of Suzlon Energy said that FY10 would be a tough year for the company. He expects sales to be skewed towards the second half of FY10.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 6:38 am Edserve eyes 40% rev growth YoY from Rs 100cr govt orderEdserve bags a Rs 100 crore order from the government. S Giridharan Chairman and CEO of Edserve said he expected revenues of Rs 90100 crore in the next 18 months, adding that the project would contribute to around 3040% of revenues year on year.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 6:37 am Japan`s current account surplus up 10.4%!Japan`s current account surplus grew 10.4 percent in August from a year earlier as exports fell at a slower pace than imports, official data showed Thursday.Source: Zee News : Business | 8 Oct 2009 | 6:08 am Govt to sell 5 percent stake in NTPC: Report!The government plans to sell 5 percent of its stake in power producer NTPC Ltd, through a follow-on public offering in January, an Indian Financial daily reported on Thursday.Source: Zee News : Business | 8 Oct 2009 | 6:08 am Spot gold hits record above $1,050!Spot gold topped USD 1,050 per ounce to mark a record high for the third session in a row on Thursday as the dollar`s continued struggle made the precious metal more attractive to investors.Source: Zee News : Business | 8 Oct 2009 | 6:08 am Nissan`s electric vehicle tilts into corners!Nissan`s Land Glider electric vehicle tilts from side to side, sashaying into curves by up to a 17-degree angle, as though showing off in a fashion statement that it`s zero-emissions.Source: Zee News : Business | 8 Oct 2009 | 6:08 am RIL rallies on bonus plan, jumps 6% in early trade!Reliance Industries on Thursday surged more than 6 percent in morning trade as investors cheered the bonus issue of the company, which came after a 12-year hiatus.Source: Zee News : Business | 8 Oct 2009 | 6:08 am US mulls 100% import penalties on Chinese steel pipes!The United States launched a probe to consider slapping almost 100 percent tariffs on imported steel pipes from China in a move that could widen a trade spat between the two key powers.Source: Zee News : Business | 8 Oct 2009 | 6:08 am TV news channels explode in Europe, future unsure!The rising popularity of the Internet as a source of news, along with cuts in advertising, threaten Europe`s burgeoning TV news channels, industry sources said at the annual MIPCOM trade fair this week.Source: Zee News : Business | 8 Oct 2009 | 6:08 am Sugar supply to be handtomouth for Nov: Shree RenukaNarendra Murkumbi, Managing Director at Shree Renuka Sugar expects no major crop damage due to the recent floods in India. However, he adds, crushing would be delayed by November second week. Stocks in the country right now are quite tight and November, therefore, we are going to be literally handtomouth in terms of sugar availability.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 5:39 am LT dilutes 1.9% equity to raise $600m via QIP, FCCBLT has raised USD 400 million via a QIP and USD 200 million via a FCCBs issue, said YM Deosthalee, the company\'s Wholetime Director and CFO. \"The company has diluted 1.9% equity.\"Source: Moneycontrol Top Headlines | 8 Oct 2009 | 4:59 am BSE Sensex provisionally ends flat; telcos drop - Reuters India
Source: Business - Google News | 8 Oct 2009 | 4:35 am India's Ahluwalia Says No Case for Ending Stimulus - Bloomberg
Source: Business - Google News | 8 Oct 2009 | 4:22 am Gitanjali says Alliance buy to add 3 bln rupees in rev in FY10MUMBAI (Reuters) - Diamond jewellery maker Gitanjali Gems Ltd's acquisition of Alliance Jewellery will add 3 billion rupees to revenue in 2009/10, its chairman said on Thursday.Source: Reuters: Money News | 8 Oct 2009 | 4:22 am BSE Sensex provisionally ends flat; telcos dropMUMBAI (Reuters) – The BSE Sensex provisionally closed 0.04 percent lower on Thursday, as a decline in telecom shares erased early gains triggered by a surprise bonus issue from Reliance Industries.Source: Reuters: Money News | 8 Oct 2009 | 4:20 am India copper up over 2 pct on dollar, equities - Reuters India
Source: Business - Google News | 8 Oct 2009 | 4:15 am INTERVIEW - Japan's DoCoMo to ease pace of M&A in AsiaTOKYO (Reuters) - Japan's top wireless operator NTT DoCoMo Inc is easing the pace of its M&A activity in Asia as it focuses on existing acquisitions, an executive said on Thursday.Source: Reuters: Money News | 8 Oct 2009 | 4:05 am Sensex ends 0.2% down as telcos dropMumbai: Indian shares closed 0.2% lower on Thursday, as a decline in telecom shares erased early gains triggered by a surprise bonus issue from Reliance Industries. The 30-share BSE index ended down 0.02% or 36.88 points at 16,843.54 points with only nine components losing. The 50-share NSE index closed up 0.05% 16.350 points at 5002.25. Source: Home - Livemint.com | 8 Oct 2009 | 4:03 am Larsen and Toubro raises $600 mn - Sify
Source: Business - Google News | 8 Oct 2009 | 4:00 am 'Bonus part of ril's tradition to reward shareholders' - Moneycontrol.com
Source: Business - Google News | 8 Oct 2009 | 3:59 am Verizon Business in tie-up with McAfee Inc.Verizon Business and McAfee Inc announced a global strategic alliance to provide integrated security solutions to businesses and government agencies worldwide.Source: Daily News & Analysis: Money News | 8 Oct 2009 | 3:51 am SBI, State Bank of Indore merger gets inprinciple nod:SrcsCNBCTV18 learns that the State bank of India and State Bank of Indore merger has got an inprinciple okay. The merger would be completed by December. However, sources add that the government would not merge any more SBI subsidiaries with the parent company.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 3:45 am Larsen and Toubro raises $600 mnConstruction and engineering major Larsen and Toubro Thursday said it has raised $600 million through qualified institutional placements (QIP) and issue of foreign currency convertible bonds (FCCBs).Source: IndiaeNews.com: Business News | 8 Oct 2009 | 3:30 am World coffee body mulls forum to finance producersThe International Coffee Organisation (ICO) is planning a forum to arrange institutional finance to producers facing credit crunch, a top official said here Thursday.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 3:30 am Asia's wealth managers prepare for transparencySINGAPORE/HONG KONG (Reuters) - As Singapore and Hong Kong prepare to grant foreign governments unprecedented access to the financial affairs of their bank account holders, Asia's private bankers sound confident business will only improve.Source: Reuters: Money News | 8 Oct 2009 | 3:29 am Oil rallies above $70 on recovery expectationsPerth: Oil rose above $70 a barrel on Thursday, retrieving some of the previous session’s losses, supported by signs of global economic recovery and a weaker US dollar. Oil dropped almost 2% on Wednesday after US government data showed a larger-than-expected build in gasoline and distillate stocks last week, increasing doubts over the pace of fuel demand recovery in the world’s largest energy consumer. US crude for November delivery rose 62 cents to $70.19 a barrel by 2:19am. The contract closed $1.31 lower at $69.57 a barrel on Wednesday. London Brent crude gained 62 cents to $67.82. “Oil is helped by a weaker US dollar, while having a string of positive newsflow from different areas has also buoyed investors’ sentiments,” said Benson Wang, a commodities trader at Commodity Broking Services in Sydney. Wang said Alcoa’s surprise third-quarter profit, along with Australia’s better-than-expected unemployment numbers, has rekindled enthusiasm that the global recovery was gaining traction. “Alcoa’s results seems to have increased optimism that we might see some strong numbers coming out of the third-quarter results reason,” he said. Alcoa Inc posted a surprise profit on Wednesday through cost cutting and higher aluminium prices after three consecutive quarterly losses, sending its stock 6% higher. In Australia, employment surged past all expectations in September and the jobless rate dropped in what might be a turning point months earlier than anyone thought. The US dollar was again on the defensive on Thursday, supported by an overall bullishness about a global recovery. Still, some analysts have doubts on whether oil will rise beyond the $75-mark, as the market remains well supplied and the global economic recovery, along with energy demand, remains fragile. “The road to recovery is unlikely to be as smooth as some expect and will come with a few bumps along the way. The hard data (factory orders, capital goods orders) have disappointed relative to the direction suggested by the new orders’ components in the ISM manufacturing surveys,” Harry Tchilinguirian, an oil analyst at BNP Paribas said in a report. The Energy Information Administration reported gasoline stocks leapt 2.9 million barrels last week, nearly three times the build that analysts had expected. Distillate stocks -- which include diesel and heating oil -- rose by 700,000 barrels, more than double the forecast 300,000-barrel build. Investors will keep their eyes peeled for economic data due later in the United States on Thursday, including weekly jobless claims, wholesale inventories for August and chain store sales for September. Expectations of prolonged peace and increased crude production in Nigeria took a backward step after its main militant group said it will resume attacks against Africa’s biggest oil and gas industry once its three-month old ceasefire expires at the end of next week. The Nigerian minister of state for petroleum told Reuters on Wednesday oil production has risen to 1.6 million barrels per day due to the decline in violence. Source: Home - Livemint.com | 8 Oct 2009 | 3:26 am Farmers in Chhattisgarh get loans worth Rs800crore for kharif seasonFarmers in Chhattisgarh have been disbursed loans worth Rs800crore by district cooperative central banks in the current kharif season.Source: Daily News & Analysis: Money News | 8 Oct 2009 | 3:23 am Asia Inc: glass now more half-full than half-empty?MELBOURNE/SINGAPORE (Reuters) - The worst is probably over for Asia's top firms as the region's stimulus-driven economic recovery gains ground, justifying markets' faith in improved company earnings.Source: Reuters: Money News | 8 Oct 2009 | 3:07 am Novartis buys global rights to antibiotic candidateZurich: Swiss drugmaker Novartis AG gained exclusive worldwide rights to a drug candidate already in late-stage trials for treatment of drug-resistant bacteria like MRSA, it said on Thursday. Novartis will share responsibility to develop the drug, called PTK 0796, with privately held Boston, Massachusetts-based company Paratek Pharmaceuticals. It is being developed in both injectable and oral forms, which is important as it would make it easier for patients to continue treatment after they have left hospital. “Bacterial resistance, including MRSA, is a growing problem and despite the extensive use of generic drugs, there is a significant opportunity for new products,” Citi analysts said in a note. Citi currently expects first sales in 2013 and sees Novartis expanding the clinical trials programme to include other diseases like community acquired pneumonia. The drug already has solid mid-stage data which show it to be equal or superior to Pfizer Inc’s Zyvox, said Kepler Capital Markets analyst Tero Weckroth. Novartis will make an upfront payment to Paratek in return for the exclusive rights to commercialise PTK 0796 worldwide. The two companies will share responsibility and costs for developing the drug and Paratek could receive future milestone payments and potentially royalties on sales. Other financial details were not disclosed. A Phase III study is already under way in complicated skin and skin structure infections, and clinical trials are planned in a number of other potential indications. The drug’s broad spectrum of activity means it could be used as a single agent against a range of bacteria, unlike other antibiotics, which may have to be used in combination, Novartis said. Some 150,000 people die each year from infections acquired in hospitals in the US and the European Union, according to Novartis. Clinical studies involving a total of more than 500 patients showed PTK 0796 had a favourable safety and tolerability profile. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 3:03 am Train services in flood-hit Andhra to be restored in a weekTrain services in the flood-hit areas of Andhra Pradesh will be restored from Oct 15, union Minister of State for Railways H.K. Muniyappa said Thursday.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 3:00 am Sensex moves up amid volatile tradeA key Indian equities index was ruling in the green amid volatile trading conditions Thursday. It was up 127 points about an hour before the closing bell.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 3:00 am Salt bags on tracks hold up trains in HaryanaSalt bags that fell on the railway tracks from an overturned truck held up rail traffic on the Ambala-Saharanpur section for several hours Thursday morning, railway authorities said.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 3:00 am Gold demand dull on record intl pricesMumbai: India gold demand stayed weak on Thursday as record international prices kept traders at bay in the middle of the festive season, dealers said. “Gold is at a record now so market is very dull. Market will take time to digest the $30 (an ounce) spurt seen in prices,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai. International gold prices, which guides the domestic market, rose above $1,055 an ounce, remaining at record highs as fund buying and new investor cash flooded the market, with a weaker dollar giving extra support. “There would be an initial psychological barrier even though rupee is supportive for traders,” said Vyas. The Indian rupee was close to fresh one-year highs on Thursday afternoon, rising for a fifth consecutive day, boosted by broad dollar sales and gains in the local sharemarket. A strong rupee makes the dollar-quoted asset cheaper. Dealers said a slight ease in prices could bring back appetite as traders sought to replenish stocks for festivals. “Every one needs a correction in prices,” said Princeson Jose, director with Prince Jewellery, which is focussed on south India. India, which accounts for more than 20% of the global demand for gold jewellery, is in the midst of a festival season which peaks with Diwali on 17 October, when weddings usually take place, pushing up the demand for jewellery. India’s gold imports in September provisionally fell 30%, the smallest year-on-year decline in five months, as steady prices and the festival season attracted more buyers. Source: Home - Livemint.com | 8 Oct 2009 | 2:52 am Gold demand dull on record intl pricesMumbai: India gold demand stayed weak on Thursday as record international prices kept traders at bay in the middle of the festive season, dealers said. “Gold is at a record now so market is very dull. Market will take time to digest the $30 (an ounce) spurt seen in prices,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai. International gold prices, which guides the domestic market, rose above $1,055 an ounce, remaining at record highs as fund buying and new investor cash flooded the market, with a weaker dollar giving extra support. “There would be an initial psychological barrier even though rupee is supportive for traders,” said Vyas. The Indian rupee was close to fresh one-year highs on Thursday afternoon, rising for a fifth consecutive day, boosted by broad dollar sales and gains in the local sharemarket. A strong rupee makes the dollar-quoted asset cheaper. Dealers said a slight ease in prices could bring back appetite as traders sought to replenish stocks for festivals. “Every one needs a correction in prices,” said Princeson Jose, director with Prince Jewellery, which is focussed on south India. India, which accounts for more than 20% of the global demand for gold jewellery, is in the midst of a festival season which peaks with Diwali on 17 October, when weddings usually take place, pushing up the demand for jewellery. India’s gold imports in September provisionally fell 30%, the smallest year-on-year decline in five months, as steady prices and the festival season attracted more buyers. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 2:52 am Tata power plans to invest in J&K power projectsTata Power is keen to invest in various renewable-energy related projects of Jammu and Kashmir and has conveyed the same to chief minister Omar Abdullah.Source: Daily News & Analysis: Money News | 8 Oct 2009 | 2:49 am Loans picking up, but cash may sustain - IBA officialMUMBAI (Reuters) - Demand for bank loans are picking up in some sectors but the cash surplus in the system is unlikely to dwindle much until December, a senior banking official said on Thursday.Source: Reuters: Money News | 8 Oct 2009 | 2:48 am Multiplex operators hike ticket prices by 1520%Multiplex operators across the country have hiked ticket prices by 1520 per cent, depending on their locations, following the turnaround in occupancy levels over the last few months.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 2:47 am SAILs coking coal imports to be lower than last fiscalStateowned steel producer Steel Authority of India Ltd (SAIL) will import about 11 million tonnes of coking coal this fiscal, lower than the imports in 200809.Source: Moneycontrol Top Headlines | 8 Oct 2009 | 2:43 am Inflation declines to 0.7 percent - Sify
Source: Business - Google News | 8 Oct 2009 | 2:37 am Inflation, currency volatility impact coffee industry: ExpertBesides the recession, high inflation, volatile currency rates and scarce finance are also posing challenges to the global coffee sector, an industry expert said Thursday.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 2:30 am L&T raises $600 mn via share sale, bondsMumbai: India’s top engineering and construction firm Larsen and Toubro Ltd on Thursday said it had raised $400 million through a share issue to qualified institutional buyers and another $200 million by issue of convertible debentures. The funds will help strengthen the company’s financial position and allow it to bid for large upcoming projects, a top official said. “This will be used for growth capital. There are opportunities coming up in infrastructure, power and surface transport, and we prefer to raise the capital and stay prepared,” Executive Vice President R. Shankar Raman said. L&T has benefited from a construction boom in the past few years as India revamps its airports, roads and adds industrial capacity, and currently holds an order backlog of around Rs80,000 ($17 billion). While the global financial crisis slowed the economy and pressured firms to scale back expansion plans, the government’s recent focus on boosting rural infrastructure and speeding up road construction has raised revival prospects for the sector. Last month, chairman A. M. Naik told shareholders the company expects to win fresh orders worth $2 billion in the next few weeks. The company had earlier guided for a 25% growth in order book for the fiscal year 2009/10. “We are adequately funded. With this round, we are pretty much done for this fiscal,” Shankar Raman said. L&T currently holds cash reserves of about $1 billion, he said. The $400 million share sale has been done at a 1% discount to Wednesday’s close of Rs1,677.40, while the bonds, which have a coupon rate of 3.5%, have been issued at a 15% premium to Wednesday’s closing. “Assuming the company continues to grow, the net realised capital is more favourable...it balances the structure,” Shankar Raman said. The bulk of the funds had been raised from foreign investors. The fund raising was handled by Citigroup, a person familiar with the deal said. Larsen has outlined capex spend of 15 billion till March 2010. In the last month, it has also agreed to buy Cholamandalam DBS Finance’s asset management company and said it plans to enter the insurance business. “We have adequate cash on our books to separately take care of the capital expenditure plans,” Shankar Raman said. Indian firms have raised about $15 billion through share sales in the past six months, encouraged by a share market that has risen 74% so far in 2009. India’s benchmark index hit a 16-month high last week. Shares in the company, which the market values at $21 billion, fell as much as 2.8% in a choppy Mumbai market after the announcement. At 11:02am, the stock was down 2.4% at Rs1,637. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 2:19 am L&T raises $600 mn via share sale, bondsMumbai: India’s top engineering and construction firm Larsen and Toubro Ltd on Thursday said it had raised $400 million through a share issue to qualified institutional buyers and another $200 million by issue of convertible debentures. The funds will help strengthen the company’s financial position and allow it to bid for large upcoming projects, a top official said. “This will be used for growth capital. There are opportunities coming up in infrastructure, power and surface transport, and we prefer to raise the capital and stay prepared,” Executive Vice President R. Shankar Raman said. L&T has benefited from a construction boom in the past few years as India revamps its airports, roads and adds industrial capacity, and currently holds an order backlog of around Rs80,000 ($17 billion). While the global financial crisis slowed the economy and pressured firms to scale back expansion plans, the government’s recent focus on boosting rural infrastructure and speeding up road construction has raised revival prospects for the sector. Last month, chairman A. M. Naik told shareholders the company expects to win fresh orders worth $2 billion in the next few weeks. The company had earlier guided for a 25% growth in order book for the fiscal year 2009/10. “We are adequately funded. With this round, we are pretty much done for this fiscal,” Shankar Raman said. L&T currently holds cash reserves of about $1 billion, he said. The $400 million share sale has been done at a 1% discount to Wednesday’s close of Rs1,677.40, while the bonds, which have a coupon rate of 3.5%, have been issued at a 15% premium to Wednesday’s closing. “Assuming the company continues to grow, the net realised capital is more favourable...it balances the structure,” Shankar Raman said. The bulk of the funds had been raised from foreign investors. The fund raising was handled by Citigroup, a person familiar with the deal said. Larsen has outlined capex spend of 15 billion till March 2010. In the last month, it has also agreed to buy Cholamandalam DBS Finance’s asset management company and said it plans to enter the insurance business. “We have adequate cash on our books to separately take care of the capital expenditure plans,” Shankar Raman said. Indian firms have raised about $15 billion through share sales in the past six months, encouraged by a share market that has risen 74% so far in 2009. India’s benchmark index hit a 16-month high last week. Shares in the company, which the market values at $21 billion, fell as much as 2.8% in a choppy Mumbai market after the announcement. At 11:02am, the stock was down 2.4% at Rs1,637. Source: Home - Livemint.com | 8 Oct 2009 | 2:19 am Vedanta Q2 zinc, iron ore output up, shares gainLONDON (Reuters) - Indian-focused mining group Vedanta Resources Plc posted stronger second quarter output of refined zinc and iron ore, the firm's two most profitable minerals, boosting its shares.Source: Reuters: Money News | 8 Oct 2009 | 2:15 am Tata Steel jumps on strong Q2 sales growth - Business Standard
Source: Business - Google News | 8 Oct 2009 | 2:05 am Tata Power plans to invest in J&K power projectsSrinagar: Tata Power is keen to invest in various renewable-energy related projects of Jammu and Kashmir and has conveyed the same to chief minister Omar Abdullah, an official spokesperson said on Thursday. The company is keen on investing on the development and strengthening of distribution and transmission system, Tata Power resident director Bharat Wakhlu told Abdullah. Welcoming such plans, Abdullah advised the company representatives to furnish a comprehensive proposal to the Power Development Department to study its advantages for the benefit of the people and the state, the spokesperson said. “We are also interested to rope in investors in the state to help speedier development of various sectors especially the power sector which is crucial”, he said adding that his endeavour at one hand was to develop vital public service infrastructure and on the other to create jobs for the young people. Chief minister’s principal secretary Khurshid Ahmad Ganai, Power Development Department principal secretary B R Sharma, Power Development Corporation managing director Pathak and Tata Power executive director Banmali Agerwal and managing director Prasad R Menon were also present at the meeting. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 2:04 am Inflation dip adds to policy outlook debateNew Delhi: India’s headline inflation rose at a slower-than-expected pace at the end of September on firm food prices, adding to the debate over when the central bank should exit from its accommodative monetary stance. The widely watched wholesale price index rose by 0.7% in the 12 months to 26 September, below both market forecasts and the previous week’s 0.83% annual rise. On Monday, Reserve Bank of India governor Duvvuri Subbarao said while there was broad agreement India needed to wind back some of its easy policy stance, there were risks if the move was mistimed. A day later, Australia become the first Group of 20 economy to raise interest rates as the global financial crisis eases. Union finance minister Pranab Mukherjee said on Wednesday India needed more time before deciding on an exit from accommodative policy, and monetary and fiscal policies needed to move in tandem. Short supply of some food items after a poor monsoon pushed the food articles index up by an annual 15.45%, although that was below the previous week’s 16.3% annual rise. “Even though this week’s number looks much lower than what was expected, inflation is set to rise at a galloping pace as the rise in food prices has been ongoing since even before the current drought,” said Rupa Rege Nitsure, chief economist of Bank of Baroda. “Once the pricing power returns to the manufacturing sector, we will see cost-push impulses getting translated into demand-pull pressures. Inflation by the end of the year will be closer to 8%,” she added. The finance minister has said inflation was a concern and it could climb to 5-6% by the end of the 2009-10 fiscal year. The WPI has already risen over 6% from 28 March, the last reading of the 2008-09 fiscal year, and annual consumer price inflation in August stood at 11.72%. Mukherjee has said he would discuss the monetary stance with Subbarao before the 27 October monetary policy review. “Demand pressures to inflation are still quite weak. The RBI should not be reacting to this because growth is still fragile,” said D K Joshi, principal economist at rating agency Crisil. The central bank expects the economy to grow about 6% in the 2009-10 fiscal year, compared with 6.7% last year and 9% or more in between 2005-06 and 2007-08. The central bank left its key policy rate unchanged at its last quarterly review, after cutting it by 425 basis points between October and April to support economic recovery in Asia’s third-largest economy. Source: Home - Livemint.com | 8 Oct 2009 | 2:04 am Jaguar Land Rover gets £175m loan - BBC News
Source: Business - Google News | 8 Oct 2009 | 2:02 am Inflation declines to 0.7 percentIndia's annual rate of inflation, based on the wholesale price index, declined marginally to 0.7 percent for the week ended Sep 26, from 0.83 percent for the week before, due mainly to a drop in prices of food articles.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 2:00 am Rupee near fresh 1-year highs as dollar dropMumbai: The Indian rupee was close to fresh one-year highs on Thursday afternoon, rising for a fifth consecutive day, boosted by broad dollar sales and gains in the local sharemarket. By 12:50pm, the partially convertible rupee was at Rs46.24/25 per dollar after touching Rs46.22, its highest level since 26 September, 2008, and 0.9% above Wednesday’s close of Rs46.66/67. At the peak, the rupee had gained 12.9% from a lifetime low of Rs52.20 hit in March, and is up 5.4% so far in 2009, the fourth-best Asian performer after the Korean won, Indonesian rupiah and the Thai baht. The US dollar was on slippery ground again on Thursday after stronger-than-expected Australian jobs data boosted the Australian dollar and fuelled general selling in the greenback. Local shares were trading up 0.7%, raising expectations for more portfolio inflows. The central bank often steps in smoothen volatility in the exchange market but K.C. Chakrabarty, deputy governor, said on Wednesday the Reserve Bank of India was happy with the local unit’s movements over a long-term perspective. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.2700 and Rs47.2675 respectively, with the total traded volume on the two exchanges at about $1.8 billion. Source: Home - Livemint.com | 8 Oct 2009 | 1:56 am Indian IT mid-cap firms to post mixed Sept-quarter resultsMumbai: Indian mid-cap technology firms are seen posting mixed quarterly results amidst reviving global demand, even as a rising rupee and easing cost controls at these firms are seen denting margins in the coming quarters. Mastek Ltd will kick off the earnings season for the sector on Thursday, with analysts predicting its net profit to fall by more than a third for the quarter ending September on lower volumes, with sales dropping by over a fifth. “We expect 2Q FY10 results to reinforce our expectation of client decision making turning orderly, improvement across verticals ... and continuation of recovery signs,” brokerage Motilal Oswal said in a note to clients. The brokerage expects a stable pricing environment to continue. MindTree is expected to post a 5.5% fall in net profit as revenue remains almost unchanged from a year earlier. KPIT Cummins is seen posting a 27% rise in profit even as revenue falls 13%. The economic slowdown put the brakes on the Indian IT sector’s scorching pace of growth as the clients of these companies slashed their technology spending and demanded price cuts in an effort to battle a liquidity crunch. Indian companies had responded by implementing a slew of cost cutting measures, including freezing new hiring, and cutting jobs and wages, helping margins. The situation, however, seems to be turning, analysts said. In recent months, Indian media has reported several IT companies, including Infosys Technologies , would give pay hikes and promotions. This, and a rupee that leapt to its highest level against the dollar in more than a year before paring gains on Wednesday is likely to presure margins, analysts said. The rupee has gained 11.9% from its record low of 52.2 against the dollar touched in early March, and is up 4.4% in 2009. While analysts agree the worst is over for the Indian IT industry, there is uncertainty about the pace of recovery. “Seasonally strong Q2 could positively surprise us; however, we maintain our cautious view for a sharp recovery,” brokerage Prabhudas Lilladher said in a note. “We believe that sales cycle has improved but (is) not in the best of its health.” IT bellwether Infosys reports earnings on 9 October. Source: Home - Livemint.com | 8 Oct 2009 | 1:37 am India's Nuclear Power Corp targets 63,000 MW by 2032With India having recently approved eight sites for new nuclear power plants, the state-run Nuclear Power Corp has set itself a target of 63,000 MW of atomic energy over the next 25 years, its top official has said.Source: IndiaeNews.com: Business News | 8 Oct 2009 | 1:31 am Inflation falls to 0.70% on easing food pricesInflation fell to 0.70% for the week ending September 26 from 0.83% in the previous week on slight easing of food prices over the week.Source: Daily News & Analysis: Money News | 8 Oct 2009 | 1:21 am Inflation dip adds to policy outlook debateNEW DELHI (Reuters) - India's headline inflation rose at a slower-than-expected pace at the end of September on firm food prices, adding to the debate over when the central bank should exit from its accommodative monetary stance.Source: Reuters: Money News | 8 Oct 2009 | 1:15 am Dell plans first US smartphone with AT&T: sourceSan Francisco/Hong Kong: Dell Inc plans to launch a smartphone with Google’s Android mobile software on carrier AT&T’s network, a source said, marking the PC maker’s first foray into a cut-throat US cellphone arena. Dell will become the latest tech manufacturer to try and establish a footprint in a fast-growing market dominated by Apple and Research in Motion. Its planned phone would also give a boost to Google’s fledgling mobile platform, which vies with Apple’s and Microsoft’s platforms. A source with direct knowledge of the matter told Reuters Dell plans to introduce a US version of its “oPhone” for China - which runs on Android - and that the device had been certified by AT&T for its domestic network. The Wall Street Journal, which broke the news on Wednesday, cited people briefed on the matter as saying Dell’s phone could be launched as soon as early 2010. Smartphones - or cellphones that come with an array of complex functions from email to multimedia - have exploded onto the corporate and consumer market as users increasingly access information and entertainment on the go. Worldwide factory shipments of smart phones are expected to rise to 235.6 million units in 2010, up 27.9% from 184.2 million in 2009, according to iSuppli. That is a far cry from a 12.3% decline projected for cellphones overall in 2009. But analysts warn that the world’s No. 2 PC maker would face a tough challenge in a market already crowded with competition. On Wednesday, South Korea’s Samsung said it would also begin selling an Android phone through Sprint Nextel’s network. Others including Taiwanese rivals Acer and Asustek Computer are moving into smartphones, which tend to offer higher margins than PCs. Dell spokesman Andrew Bowins declined comment on the AT&T tie-up but said: “We are deeply engaged with our operator partners around the world to deliver mobile broadband enabled computing devices.” He added: “We haven’t announced anything around voice or Android although we continue to explore opportunities in those areas with operators around the world.” Google declined comment, as did AT&T. But a spokesman for the telecoms giant, Michael Coe, declined comment on the tie-up: “We expect to sell Android phones in the future.” Dell has been coy about its plans, although such a move has been rumored ever since it hired Ron Garriques from Motorola Inc in 2007 to lead its consumer products division. US chip designer Marvell Technology had developed the “oPhone” platform for cellphone makers who wanted to make smartphones without investing the associated research and development costs. Dell was one of the first companies to sign up to make them. Exploring opportunities Several companies including LG Electronics, Lenovo and Philips Electronics, are also making smartphones based on the oPhone technology used by Dell, according to reports. The source said talks were underway to bring them to the United States, Japan and Europe. “Four big carriers are working with China Mobile on this platform, in the U.S., Europe and Japan,” the source said. “The top carriers in the world, representing about half of all subscribers, are working on these phones.” Forrester Research analyst Charles Golvin said a partnership between Dell and AT&T would make sense given the flurry of announcements around Android smartphones. “It’s pretty natural that these other guys are going to jump on the Android bandwagon... From AT&T’s perspective, it’s a gap that they’re looking to fill. Get an Android phone, get one that’s different than the one everybody else is offering.” But Golvin cautioned that Dell does not have a strong track record moving into areas where it has little experience. Other analysts noted that Android was generating plenty of momentum. “The goal here of Google is to make the Android operating system a real alternative to that of Apple, Research In Motion’s Blackberry and Palm,” said C.L. King and Associates analyst Lawrence Harris. Google is gaining some traction with its fledgling software. On Tuesday, it said it was partnering with Verizon Wireless to co-develop multiple phones based on Android. They plan to bring two phones to market this year. Verizon Wireless is a venture of Verizon Communications Inc and Vodafone Group Plc. Other Android phones include Motorola’s recently announced Cliq, and HTC’s Hero, slated for US release next week. Source: Tech News - Livemint.com | 8 Oct 2009 | 1:15 am Dell plans first US smartphone with AT&T: sourceSan Francisco/Hong Kong: Dell Inc plans to launch a smartphone with Google’s Android mobile software on carrier AT&T’s network, a source said, marking the PC maker’s first foray into a cut-throat US cellphone arena. Dell will become the latest tech manufacturer to try and establish a footprint in a fast-growing market dominated by Apple and Research in Motion. Its planned phone would also give a boost to Google’s fledgling mobile platform, which vies with Apple’s and Microsoft’s platforms. A source with direct knowledge of the matter told Reuters Dell plans to introduce a US version of its “oPhone” for China - which runs on Android - and that the device had been certified by AT&T for its domestic network. The Wall Street Journal, which broke the news on Wednesday, cited people briefed on the matter as saying Dell’s phone could be launched as soon as early 2010. Smartphones - or cellphones that come with an array of complex functions from email to multimedia - have exploded onto the corporate and consumer market as users increasingly access information and entertainment on the go. Worldwide factory shipments of smart phones are expected to rise to 235.6 million units in 2010, up 27.9% from 184.2 million in 2009, according to iSuppli. That is a far cry from a 12.3% decline projected for cellphones overall in 2009. But analysts warn that the world’s No. 2 PC maker would face a tough challenge in a market already crowded with competition. On Wednesday, South Korea’s Samsung said it would also begin selling an Android phone through Sprint Nextel’s network. Others including Taiwanese rivals Acer and Asustek Computer are moving into smartphones, which tend to offer higher margins than PCs. Dell spokesman Andrew Bowins declined comment on the AT&T tie-up but said: “We are deeply engaged with our operator partners around the world to deliver mobile broadband enabled computing devices.” He added: “We haven’t announced anything around voice or Android although we continue to explore opportunities in those areas with operators around the world.” Google declined comment, as did AT&T. But a spokesman for the telecoms giant, Michael Coe, declined comment on the tie-up: “We expect to sell Android phones in the future.” Dell has been coy about its plans, although such a move has been rumored ever since it hired Ron Garriques from Motorola Inc in 2007 to lead its consumer products division. US chip designer Marvell Technology had developed the “oPhone” platform for cellphone makers who wanted to make smartphones without investing the associated research and development costs. Dell was one of the first companies to sign up to make them. Exploring opportunities Several companies including LG Electronics, Lenovo and Philips Electronics, are also making smartphones based on the oPhone technology used by Dell, according to reports. The source said talks were underway to bring them to the United States, Japan and Europe. “Four big carriers are working with China Mobile on this platform, in the U.S., Europe and Japan,” the source said. “The top carriers in the world, representing about half of all subscribers, are working on these phones.” Forrester Research analyst Charles Golvin said a partnership between Dell and AT&T would make sense given the flurry of announcements around Android smartphones. “It’s pretty natural that these other guys are going to jump on the Android bandwagon... From AT&T’s perspective, it’s a gap that they’re looking to fill. Get an Android phone, get one that’s different than the one everybody else is offering.” But Golvin cautioned that Dell does not have a strong track record moving into areas where it has little experience. Other analysts noted that Android was generating plenty of momentum. “The goal here of Google is to make the Android operating system a real alternative to that of Apple, Research In Motion’s Blackberry and Palm,” said C.L. King and Associates analyst Lawrence Harris. Google is gaining some traction with its fledgling software. On Tuesday, it said it was partnering with Verizon Wireless to co-develop multiple phones based on Android. They plan to bring two phones to market this year. Verizon Wireless is a venture of Verizon Communications Inc and Vodafone Group Plc. Other Android phones include Motorola’s recently announced Cliq, and HTC’s Hero, slated for US release next week. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 1:15 am HC issues notice to Centre over pay discriminationNew Delhi: The Delhi high court on Thursday issued notices to the government and the central pension accounting office over deduction of pension from the salary of former bureaucrats appointed as members and chairman of various commission and regulators. Admitting a petition filed by the Delhi Electricity Regulatory Commission (DERC) chairman Berjinder Singh, a divivion bench comprising justice M B Lokur and justice A K Pathak today issued a notice to the government and pension office directing them to file a reply. In his petition Singh said the government rule of deducting pension received by him from his salary was against the fundamental rights. “It has led to a situation where the petitioner as chairman of DERC is getting much less salary for services rendered in the commission, in comparison to the salary drawn by the members of the commission,” said Singh in the petition. According to Singh, both members and the chairman have almost similar responsibilities and the pay discrimination violates the principle of ‘equal pay for equal work´. “If at all, the responsibilities of the chairman as chief executive officer of the organisation are more than that of the member ...then it is violative of the principle of “equal pay for equal work,” he submitted. The court has listed the matter on 12 January for next hearing. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 12:58 am Blast outside Indian embassy in Kabul kills 12Kabul: A large bomb exploded near the Indian embassy in the centre of the Afghan capital on Thursday, killing 12 people and wounding 83, the interior ministry said. The blast tore through a market building across the street from the heavily fortified embassy compound, leaving rubble and debris strewn across the road, where the Afghan interior ministry is also located. India said its embassy had been the target of the attack but that all its staff were safe. Ambulances and other emergency vehicles could be heard rushing to the blast site. A policeman at the scene told Reuters the bomb had been placed inside a car, but he could not say if it was a suicide attack. “I was busy working when the blast happened. The windows were shattered, I ran into my tent,” said a worker at a nearby building site. The Indian embassy was the scene in July last year of the deadliest attack in the capital of the eight-year-old war, when a Taliban suicide car bomber killed 58 people, including two senior Indian diplomats, and wounded a further 141. “As per reports we have received all embassy personnel are safe. There has been some damage to the embassy property. We are closely monitoring the situation,” Indian foreign ministry spokesman Vishnu Prakash said in New Delhi. He said it was too early to speculate who could be behind the attack. Indian foreign secretary Nirupama Rao said the embassy had been the target of the blast. “I believe the suicide bomb was directed against the embassy because the suicide bomber came up to the outside perimeter wall of the embassy with a car loaded with explosives obviously with the aim of targetting the embassy,” Rao told reporters. Rao said the blast was similar in size to the 2008 attack but that measures taken since then to secure the embassy had worked effectively in protecting its embassy staff. Indian authorities blamed the Pakistani intelligence service for last year’s blast. Mohammad Osman Shapor, a government employee was on his way to work when he was wounded in the blast. “I was on my way to work. Suddenly, I heard a bang near the interior ministry. The explosion threw me off my bicycle and I was unconscious,” Shapor told Reuters lying in a hospital bed in central Kabul. A spokesman for the United Nations in Kabul said two of their vehicles were damaged in the blast but that all its staff were accounted for. Violence in Afghanistan has reached its worst levels of the war with Taliban insurgents spreading their attacks to previously secure areas. This year has also been the deadliest for Western troops in the country. The mounting violence grips the country as US President Barack Obama is considering whether to send up to 40,000 more troops to Afghanistan as requested by his top commander there, General Stanley McChrystal. There are now more than 100,000 Western troops serving in Afghanistan, two-thirds of them American. Source: Home - Livemint.com | 8 Oct 2009 | 12:57 am Company update: Ranbaxy’s French unit raidedRanbaxy’s French unit was raided by European antitrust officials, as part of a probe on cozy drug settlements, which allegedly delay the launch of low-cost generic drugs. The European Commission (EC) said that there was reason to believe that certain companies may have infringed EU competition rules prohibiting restrictive business practices and abuse of a dominant market position. EC officials also inspected the French businesses of Ratiopharm, Sanofi-Aventis, Novartis and Teva Pharmaceuticals. In the recent past, the EC has been proactive in taking action on companies that delay the launch of low-cost drugs. According to EC estimates, delays in the entry of generics increased the patients’ spending on treatment by 20% between CY2000 and CY2007. On the bourses the stock is up 22.1% in the last one month, and is trading at 2.3x its CY2010E sales. We recommend a SELL on the stock, with a target price of Rs251. Source: LatestNews-Home - Livemint.com | 8 Oct 2009 | 12:43 am Walt Disney arm in content deal with Zee EntertainmentDisney-ABC International Television Asia Pacific said it has entered into a multi-year content deal with Zee Entertainment Enterprises Ltd (Zee).Source: Daily News & Analysis: Money News | 8 Oct 2009 | 12:30 am ‘HSBC, others resume talks for RBS Asia units’Hong Kong: HSBC has resumed talks with Royal Bank of Scotland over the purchase of the remaining retail and commercial units that bailed-out RBS owns in Asia, sources said on Thursday. HSBC’s re-started talks over the RBS units comes as Asia-focused HSBC is also involved in the sale of ING’s private banking assets in Asia. HSBC declined to comment. HSBC and other banks have approached RBS and its advisers about the RBS auction after Standard Chartered’s exclusive negotiations with RBS expired recently, the sources said. RBS is selling its remaining retail and commercial banking divisions in China, India and Malaysia, worth “a few hundred million” dollars, according to a source familiar with the matter. Previous reports put the value of those assets at $200 million. Sources said talks with potential buyers were in early stages, since StanChart’s exclusivity only ended within the past week or so. The retail and commercial units in Asia were identified as non-core assets back in February, prompting an auction that has seen several starts and stops. In August, Australia and New Zealand Banking Group Ltd said it agreed to buy some Asian units from RBS for about $550 million. ANZ, Australia’s fourth-largest lender, said it would buy RBS’ retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong. ANZ will also buy RBS’ institutional businesses in Taiwan, Philippines and Vietnam. RBS could sell the remaining Asia retail and commercial units separately in each country, another source said. “RBS is in ongoing discussions with bidders for the remaining assets it has decided to sell in Asia and will make further announcements, as appropriate, in due course,” said RBS spokeswoman Yuk Min Hui. The bank is retaining the wholesale and investment banking business, as well as its international wealth management group. StanChart declined to comment. Morgan Stanley, RBS’s adviser on the Asia sale, also declined to comment. Source: Home - Livemint.com | 8 Oct 2009 | 12:20 am Vedanta Q2 zinc, iron ore production upLondon: Indian-focused mining group Vedanta Resources Plc posted a 15.6% rise in second quarter output of refined zinc and a 27.3% increase in iron ore, its two most important minerals. The London-listed firm said on Thursday refined zinc production rose to 141,000 tonnes in the three months to end September while saleable iron ore output gained to 3.26 million tonnes. In the first quarter, zinc accounted for 44% of earnings before interest, tax, depreciation and amortisation (EDITDA) and iron ore for 24%. “Production in the second quarter.. was broadly in line with our expectations. Our zinc, copper and aluminium operations in India operated at their rated capacity, whilst our iron ore business performed well considering the seasonal monsoons,” a statement said. Output of copper cathodes in India rose 12.4% to 91,000 tonnes while in Zambia it fell 5.4% to 35,000 tonnes following the planned shutdown of the Nchanga smelter for maintenance. In July, Vedanta said first-quarter core earnings more than halved despite higher production after a sharp decline in metals prices. Source: Home - Livemint.com | 8 Oct 2009 | 12:20 am HCL Technologies (Rs 308.8): SellWe recommend a sell in HCL Technologies from a short-term perspective. It is apparent from the charts of the stock that after recording a multi-year low of Rs 89 in early-March, it has been on an intermediate-term uptrend. However, the stockSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am Day Trading GuideFresh short-position can be initiated if DLF dives below Rs 402 with stiff stop. ICICI Bank and SBI are witnessing selling pressure at higher levels. We recommend a sell in these twoSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am Diwali bang: Reliance Ind offers 1:1 bonus, interim of Rs 13Mumbai, Oct 7 Reliance Industries Ltd sprang a pleasant surprise on Wednesday, announcing a 1:1 bonus share issue, the first time in 12 years.Source: Business Line - Home Page | 8 Oct 2009 | 12:00 am Sales of fertiliser products fall in H1New Delhi, Oct. 7 Consumption of most fertiliser products has declined during the first half of this fiscal — the first time since 2002-03, which was a drought year like the presentSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am Rupee rallies against euro, yen tooThe wall of liquidity that has been inundating the Indian financial market over the last few weeks has made the rupee appreciate not only against the dollar but against other currency majors such as the euro, the pound and the yen too.Source: Business Line - Home Page | 8 Oct 2009 | 12:00 am Real estate key for equity markets, says ParekhMumbai, Oct. 7 Real estate could be the lynchpin for the equity markets and a failure of a large initial public offering could start a correction in the market, a veteran banker said onSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am India, Thailand FTA cover more services, investmentsNew Delhi, Oct. 7 The India-Thailand Free Trade Agreement (FTA) is set to expand into a comprehensive agreement to include more services and investments.Source: Business Line - Home Page | 8 Oct 2009 | 12:00 am Rupee pares early gains, but ends higher at 46.66Mumbai, Oct. 7 The rupee extended its gains for the fourth consecutive trading session, appreciating by 22 paise against the dollar onSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am TCS to raise guard against rupee swingsNew Delhi/Mumbai, Oct. 7 The country’s largest software exporter Tata Consultancy Services (TCS) said on Wednesday that the rupee’s movement against multiple currencies could prompt it to take some hedging calls in the coming days.Source: Business Line - Home Page | 8 Oct 2009 | 12:00 am Top 3 IT cos may grow slower than industryBangalore, Oct. 7 The top three Indian IT service firms might grow slower than the industry in the next few years as a result of the changing market dynamics due to the global economicSource: Business Line - Home Page | 8 Oct 2009 | 12:00 am Stock update: Tata SteelTata Steel has posted a 19% y-o-y jump in its saleable steel sales volume, to 1.46 million tonnes (1.22 million tonnes) for 2QFY2010. The higher sales volumes came on the back of expanded capacity, and a strong demand in the domestic market from the automobile and infrastructure sectors. On the production front, crude steel production was higher by 21% y-o-y to 1.64 million tonnes (1.36 million tonnes), while saleable steel production was higher by 14% y-o-y to 1.52 million tonnes (1.33 million tonnes). For 1HFY2010, the company’s sales have increased by 21% y-o-y to 2.9 million tonnes (2.4mn tonnes), which is in line with our estimates. We have factored in a 25% y-o-y growth in the saleable steel volume to 6.3 million tonnes. We maintain a NEUTRAL view on the stock. Source: LatestNews-Home - Livemint.com | 7 Oct 2009 | 11:58 pm Walt Disney arm in content deal with Zee EntMUMBAI (Reuters) - Disney-ABC International Television Asia Pacific, the international distribution arm of Walt Disney Company, said it has entered into a multi-year content deal with Zee Entertainment Enterprises Ltd (Zee).Source: Reuters: Money News | 7 Oct 2009 | 11:57 pm India Apr-Jul edible oils, grain imports almost double - Reuters India
Source: Business - Google News | 7 Oct 2009 | 11:50 pm Prasad Sangameshwaran, ET Bureau - Economic Times
Source: Business - Google News | 7 Oct 2009 | 11:47 pm Sensex surges 192 pts as RIL climbs 5% on bonus announcementThe BSE benchmark index Sensex today shot up by almost 192 points in opening trade on a flurry of buying by funds, bolstered by an unexpected announcement of a liberal bonus share issue by Reliance Industries Ltd.Source: Daily News & Analysis: Money News | 7 Oct 2009 | 11:32 pm Govt to sell 5% stake in NTPC: reportMumbai: The Indian government plans to sell 5% of its stake in power producer NTPC Ltd, through a follow-on public offering in January, the Economic Times reported on Thursday. “The proposal is likely to come up for approval by the Cabinet Committee on Economic Affairs at its meeting on Thursday,” the report quoted an unidentified government official, privy to the development. At current market price, the issue will fetch the government Rs8,500 crore ($1.8 billion), the report said. The stock closed up 0.2% at Rs209 on Wednesday. The government holds 89.5% stake in the company, which has a market cap of $36.9 billion. NTPC had approached the market with an initial public offering in 2004. “The details of the issue would be finalised by November and the follow-on offer may hit the market in the second half of January 2010,” the report said, quoting the official. India plans to sell stakes in at least five state-run firms by the end of the fiscal year in March 2010, with first of the stake sales being follow-on offerings in utilities Rural Electrification Corp or NTPC, a government official had said last week. Source: LatestNews-Home - Livemint.com | 7 Oct 2009 | 11:17 pm Nissan’s new concept car ‘feels like flying’Tokyo: Nissan unveiled Thursday a futuristic concept car that tilts to the side when going around bends to make drivers feel like they are gliding through the air. The zero-emission electric “Land Glider” seats two people -- one in the front and one in the back. Just 1.1 metres (3.6 feet) wide, it can easily squeeze into tight parking spaces and through narrow streets. “In the past a car used to move only in a two dimensional way but the Land Glider can move in a three dimensional way,” said Nissan’s Ryusuke Hayashi, who is overseeing the project. “Although you are driving on the road, you feel as if you are flying,” he aid at a preview of the car. Inspired by motorbikes and glider aircraft, the four-wheel car has tilting wheels and moving fenders that enable it to lean by up to 17 degrees. Special sensors calculate the best tilt for negotiating a corner. Instead of a steering wheel, it has airplane-style controls. With a cocoon-like cabin and a body designed to look like it is protected with armour, the Land Glider also aims to give motorists a sense of security. The vehicle will be on display at this month’s Tokyo Motor Show -- which opens to the public from October 24 to November 4 -- along with the electric Leaf that Nissan plans to launch late next year. Japan’s number three automaker will also display a chunky concept sports crossover, Qazana, that looks halfway between a tank and a beach buggy and aims to put some of the fun back into driving. Source: LatestNews-Home - Livemint.com | 7 Oct 2009 | 11:17 pm IT mid-cap firms to post mixed Sept-qtr resultsMUMBAI (Reuters) - Indian mid-cap technology firms are seen posting mixed quarterly results amidst reviving global demand, even as a rising rupee and easing cost controls at these firms are seen denting margins in the coming quarters.Source: Reuters: Money News | 7 Oct 2009 | 11:08 pm Mobile device makers want common plugs for earphonesSan Francisco: An international trade group representing wireless device makers announced Wednesday it was backing a drive to standardize audio and USB plugs for laptops and other mobile gadgets. CTIA Wireless Association said it is behind an initiative to make 3.5mm plugs the standard for earphones, headphones and micro-USB connections in mobile devices introduced to the market after January 2012. “By simplifying input and output features on mobile devices, economies of scale will reduce consumers’ costs,” said CTIA president Steve Largent. Members of the wireless industry came together in April to support having universal power chargers for devices. US Federal Communications Commission chairman Julius Genachowski welcomed the news, saying it bodes well for consumers, inventors and the environment. Reusing chargers and other peripherals on multiple devices could reduce electronic waste. “I strongly support these steps and I look forward to their timely implementation,” said Genachowski said. Source: Tech News - Livemint.com | 7 Oct 2009 | 11:00 pm Oil rebounds in Asia as US aluminium giant posts profitOil rebounded in Asian trade today, lifted by strong regional stocks, which rallied after US aluminium giant Alcoa said it swung to profit in the third quarter.Source: Daily News & Analysis: Money News | 7 Oct 2009 | 10:54 pm Rupee rises by 30 paise against dollar in early tradeThe Indian rupee strengthened by another 30 paise to trade at one-year high of 46.36 a dollar in opening trade today.Source: Daily News & Analysis: Money News | 7 Oct 2009 | 10:45 pm Can-Pack to invest Rs 600 cr over 4 yrs to fuel growthCan-Pack, will pump in Rs 500-600 crore to ramp up its production capacity to 2-billion cans annually over the next four years in India.Source: Daily News & Analysis: Money News | 7 Oct 2009 | 10:44 pm Sensex 94 points up in opening tradeA key Indian equities market index opened in the green Thursday and was ruling about 94 points higher than its previous close, about five minutes into trade.Source: IndiaeNews.com: Business News | 7 Oct 2009 | 10:30 pm Dell closing US plant, cutting 900 jobsNew York: US computer giant Dell announced that it was closing a desktop computer manufacturing plant in the United States next year and laying off some 900 workers. Dell said it expected the closure of the plant in Winston-Salem, North Carolina, to be completed in January 2010. The company said “approximately 905 employees” would be affected and about 600 would be released next month. “This is a difficult decision, especially for our North Carolina colleagues, but a necessary one for Dell customers and our company,” said Frank Miller, vice president of Dell’s public business unit supply chain. In a statement, Dell said the move was “part of an ongoing initiative to enhance the long-term value it delivers to customers by simplifying operations and improving efficiency.” Earlier this year, Dell shifted its Ireland-based manufacturing operation to Poland. Dell’s net profits have been on the decline recently and it has announced plans to trim four billion dollars in costs by the end of fiscal 2011. The Texas-based company is the number two personal computer maker worldwide after Hewlett-Packard and lost its top spot in the US market to HP in the first quarter of the year. Source: World Business - Livemint.com | 7 Oct 2009 | 10:05 pm Tirupur industrialists fined Rs.55 crore for polluting riverThe Supreme Court has imposed a steep Rs.556 million (Rs.55.6 crore) fine on industrialists engaged in dyeing and bleaching work in Tamil Nadu's Tirupur town, known for fine cotton T-shirts and hosiery, and polluting the Noyyal river.Source: IndiaeNews.com: Business News | 7 Oct 2009 | 10:00 pm Toyota to drive in Prado diesel next yearTKM is looking at strengthening its position in the SUV category by introducing the diesel variant of Prado by mid-next year.Source: Daily News & Analysis: Money News | 7 Oct 2009 | 4:41 pm Ranbaxy’s French unit raided in antitrust probeBrussels: The French unit of Ranbaxy Laboratories Ltd, India’s biggest drug maker, was raided on Tuesday by European Union (EU) officials as part of an antitrust investigation of generic drug practices. “We had a visit yesterday (Tuesday) and we’re cooperating with the European Commission,” Anne Baille, managing director of Puteaux, France-based Ranbaxy Pharmacie Génériques, said over the phone. Source: World Business - Livemint.com | 7 Oct 2009 | 1:17 pm Essar, Jindal in bid battle for Australian coal minerRuia-controlled Essar Group and Jindal Steel & Power (JSPL) are competing to take over a coal mining company in Australia, a battle that reflects Indian steel makers expanding search for global raw material assets.Source: Business Standard | Front Page Headlines | 7 Oct 2009 | 12:47 pm After 12 years, RIL announces 1:1 bonusIn a Diwali gift for its shareholders, the Reliance Industries (RIL) board today recommended one bonus share for every share held and a dividend of Rs 13 a share.Source: Business Standard | Front Page Headlines | 7 Oct 2009 | 12:45 pm Marketing for basic brands gains in US as people spend lessReaders of this week’s People magazine could be excused for believing they were leafing through a Look magazine from 1959. Of the 44 full-page ads in the issue, half are for brands such as Campbell Soup and Co.’s Jell-O, Kraft cheese, Lipton tea and Post cereal. Familiar packaged foods that were once dismissed as dowdy or out of date are regaining their puissance as Americans spend less and eat at home more.  Changing preferences: A file photo of a customer at a supermarket in New York, US. Familiar packaged foods are regaining their stature as Americans spend less and eat at home more. Daniel Acker / Bloomberg “There’s a strong opportunity for these well-known brands, and they’re capitalizing on it,” said George Belch, chairman of the marketing department at San Diego State University. “You’re seeing less of Ford and GM and more of Oscar Mayer and Kellogg.” The campaigns are another sign that marketeers—in this case food firms—are still scrambling to keep up with the profound changes in consumer behaviour caused by the recession. “Manufacturers see the new DNA of shoppers,” said Thom Blischok, president for consulting and innovation at Information Resources Inc., a market research firm in Chicago. “In hundreds of surveys over the past two years, people have told us about subtle but dramatic changes like ‘I’m buying less toothpaste because I’m putting less on my brush,’” Blischok said. At the same time, consumers reported buying more products such as basic food ingredients. In other words, goodbye to costly gourmet meals and hello to traditional dishes such as that green bean casserole made with Campbell’s cream of mushroom soup. In many cases, suddenly budget-conscious consumers are switching from more expensive foods and “are discovering the difference they’ve been paying for is not worth it”, said Phil Lempert, editor of The Lempert Report, a daily food industry newsletter. The sharp cheddar cheese sold by Kraft “is a dollar or two less than the exotic brand”, he added, and “they are not that different”. The growing power of middlebrow meal items was apparent in a decision of Conde Nast to close the more upscale of its two food magazines,Gourmet, and keep publishing the more mainstream Bon Appetit. “Gourmet was a tough sell to packaged goods advertisers,” said George Janson, managing partner at the GroupM Print unit of GroupM, a division of WPP Group devoted to helping marketeers make media decisions. “People are now looking for recipes and ingredients that are more accessible,” he added. Venerable foodstuffs are not only looming larger in the media in which they typically appear, they are turning up in unexpected places. The episode of Saturday Night Live broadcast by NBC last week featured commercials for a Kellogg’s cereal and Tabasco hot sauce. It is no wonder, then, that homey brands such as Birds Eye, Bumble Bee, Betty Crocker, Del Monte, Hunt’s, Mott’s, Spam and Velveeta are seeking to reclaim a place in the front ranks of marketing. Typically, Birds Eye runs one campaign each year, said Matt Park, chief marketing officer at Birds Eye Foods in Rochester, New York, but currently three are running, including ads that begin this week for the brand’s Steamfresh product line. “We want to put as much money and resources as possible into marketing and product innovations,” he added, “because all the research we’ve seen indicates that consumers will be spending more time at home and less time eating out at restaurants.” Not only are these brands regaining presence in media outlets, but new products are being introduced under mainstay names such as French’s, Hormel, Quaker, Ritz and Wheaties. For instance, Hormel Foods Corp. has introduced what Scott Aakre, the firm’s vice-president for marketing of grocery products in Austin, Minnesota, described as “a more premium chili” under the Hormel Chili Master name. Although priced higher than the Hormel Chili brand, which made its debut in 1937, the newcomer offers value because “it’s an opportunity to have a great meal at home”, Aakre said. There are also new ads for Spam—another Hormel brand that made its debut during the Great Depression—suggesting Spam as an ingredient in easy-to-make dishes like macaroni and cheese or grilled cheese sandwiches. In January 2010, said Elliott Penner, president at the French’s food division of Reckitt Benckiser in Parsippany, New Jersey, “We plan launches in mustard and hot sauce, innovative new products that extend the categories”. The expansions of the French’s mustard and Frank’s RedHot brands received approval after recent campaigns for both, centred on offering larger bottles at regular prices, produced “some pretty great growth”, Penner said, in revenue and market share. “We work hard to create a point of difference between our products and competitors’,” he added, “and between our products and private label,” which typically cost less than name brands, “and make sure that point of difference is relevant.” Other marketeers of kitchen favourites agree that as nice as it is to capitalize on nostalgic feelings, they must also meet contemporary needs. As for the future, experts say they believe the back-to-basics shift in consumer sentiment could become permanent even after the economy improves. “This new consumer will shop the rest of her life differently,” said Blischok of Information Resources. “Behaviour has been modified as a result of this recession.” ©2009/THE NEW YORK TIMES Source: World Business - Livemint.com | 7 Oct 2009 | 12:05 pm JLR secures $277.7 mn loanLondon: Loss-making car manufacturer Jaguar Land Rover (JLR) said on Wednesday it had secured a £175 million ($277.7 million) loan from the State Bank of India. The company, which is owned by Tata Motors, said it had also recently agreed a new $90 million committed export financing facility with ABC International Bank. Both are part of £500 million of new facilities the company has completed this year as part of a plan to enhance its funding. “We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business,” Jaguar Land Rover chief financial officer Kenneth Gregor said in a statement. In August Tata said JLR made a pretax loss of £62 million during the fiscal first quarter, and that the unit’s sales had fallen about 52% in the quarter from a year ago. JLR announced last month it was planning to merge two of its three auto plants in England by 2014 as part of a business plan to tackle the impact of the economic downturn, which has seen car sales slump. Source: World Business - Livemint.com | 7 Oct 2009 | 7:27 am ABN AMRO postpones RBS asset split-offGeneva: Nationalised Dutch bank ABN AMRO postponed the legal separation of some assets owned by Royal Bank of Scotland, setting back a key step in its restructuring to months past what it had initially expected. The bank said it now expects the separation - part of the process of merging it with the local operations of Fortis before a planned flotation - to occur at the earliest in the first quarter of 2010 instead of by the end of this year. An ABN AMRO spokesman said the process was complex and had never been tried before, which is why the bank could not meet its long-held original target for completing the separation. RBS did not return a call seeking comment. In 2007 a consortium that included Fortis, Santander and RBS acquired ABN AMRO with the intent to split it up. But before the allocation of RBS’s pieces could be completed, the Dutch state nationalised ABN in October 2008. The legal separation of the RBS-owned, ABN-controlled assets is part of the government’s overall restructuring plan for the bank, which it plans to merge with also-nationalised Fortis Bank Nederland and then privatise in 2011 or later. “It is envisaged that the legal demerger will take place in the first quarter of 2010 followed by the legal separation within two months (after that),” ABN said in a statement. The legal demerger is the process by which the state-owned assets are transferred to a newly created bank entity and the remaining entity is renamed Royal Bank of Scotland NV. The legal separation is the process by which the shares of the new state-owned bank are transferred from ABN AMRO Holding into full state control. ABN said in a separate statement the group is in compliance with capitalisation and liquidity requirements and the group’s shareholders would ensure adequate capital and liquidity levels for the banks once split. The Dutch finance ministry warned in June that it may need to pump more money into the ABN assets it owns when they are split from the group. It increased ABN’s capital by 2.5 billion euros at the time. Another hurdle The delayed separation is the latest hurdle for ABN AMRO, which has been torn and tossed for more than two years but ABN reiterated the merger with Fortis Bank Nederland would continue. ABN and Fortis Bank Nederland need to sell some assets before the Dutch government is allowed to integrate them, after a European Commission order on preserving competition in the Dutch small and medium enterprise banking market. Fortis holding struck a deal in July 2008 to sell some assets, including commercial bank HBU, to Deutsche Bank AG. When the Dutch government nationalised Fortis’s local operations in October 2008, it inherited the EU competition order. It subsequently tried to negotiate with Deutsche Bank to avoid a loss of 300 million euros on the original terms. The government received three extensions on the talks, but they collapsed last month. The EU subsequently gave the government another extension to 2 October to find a new deal. However on 2 October the EU granted one last extension up to 19 October, citing the “imminent” sale of HBU and the other assets that Deutsche Bank was originally slated to buy. The Dutch government now says it is once again talking to Deutsche Bank about a deal, but sources familiar with Deutsche Bank’s thinking have cautioned a deal was by no means certain. Wednesday’s news on the delayed separation came in a statement related to a consent solicitation on 1 billion euros of 4.31% perpetual capital securities. ABN is offering 1 euro per 1,000 euros principal amount of the securities for consent to change the contracting party to the state-owned business. Source: World Business - Livemint.com | 7 Oct 2009 | 4:49 am Gold spike gives Asian consumers pause, not feverSydney / Mumbai: Gold consumers across Asia greeted bullion’s run to a record high cautiously on Wednesday, with a few moving to cash in gains but the majority opting to wait for the rest of a rally they believe has only just begun. In contrast to a second day of busy trade on global gold markets, the scene at shops and jewellery merchants from Sydney to Hong Kong to Mumbai was marked by a distinct lack of occasion, suggesting that the wave of retail scrap selling that greeted gold’s record run in March 2008 may not be quick to recur. “Today’s been like any other day,” said David Carr, of KJC Coins Australia in Sydney, which deals in precious metal coins and bars. “No one’s coming in to sell gold because the price jumped overnight, it’s more wait and see, business as usual.” The Australian outback gold mining town of Kalgoorlie, home to a nearly Times Square-sized electronic ticker tape broadcasting up-to-the-minute bullion prices, also was quiet. “There’s nothing going on that’s out of the ordinary,” said John Horner, editor of the Kalgoorlie Miner newspaper. Profit taking -- read selling -- replaced gold purchases that in New York and across Europe on Tuesday had swept spot bullion more than $10 above its previous March 2008 peak, and carried through on Wednesday to a record $1,048.20 an ounce. The issue of scrap supply in the gold market -- generated largely from the resale of jewellery to merchants -- has taken on greater importance in recent years, as the advent of physically backed Exchange Traded Funds (ETFs) attracts new investors. The biggest such fund now holds more than 1,000 tonnes of gold, equivalent to the world’s fifth-largest central bank, and analysts had said that only the flow of scrap material into the market had prevented gold from soaring much sooner, much higher. While there was some evidence of retail sales, it wasn’t overwhelming. “It is simple, buy low and sell high -- I am making a 10% profit already so I am selling,” said Nguyen Duc Hung while waiting to sell five taels of gold at a shop on Hanoi’s Ha Trung street. Vietnam is Asia’s second-biggest gold buyer. To date, there have been no reports of gold hoarders burying stashes in secret spots as was the case in 1980, when gold zoomed above $800 an ounce for the first time, or about double today’s level when adjusted for inflation. “Both buyers and sellers are coming to the shop today, they are more or less evenly balanced,” said Osamu Ikeda, general manager at Tanaka Kikinzoku Kogyo, Japan’s top bullion retailer. Rival Tokuriki Honten Co. Ltd. saw a similar scene. “There are no queues outside our shops,” said general manager Fumio Yamamoto. “For the Japanese, the (yen-based) price is too high to buy, but too low to sell.” Dollar Effect One of the biggest reasons Asian consumers may not be rushing to sell is that gold’s record high is limited to those trading in the US dollar, whose steady decline since March has been the biggest factor in bullion’s rise. In the Australian dollar, gold prices are down 20% since March; in the yen, they’re still far from their peaks. The next focus for the market will be India, where consumer demand typically peaks next week for the Dhanteras and Diwali festivals, and the strong rupee kept the local price of gold under the psychological level of Rs16,000 ($342) per 10 grams. “Buying was very strong in the last couple of weeks, but it has been affected now even though the rupee has given a good cap to local prices,” said Pinakin Vyas, assistant vice president, treasury at IndusInd Bank, a private bank in Mumbai that imports gold to sell to local traders and jewellers. “Investors will not buy at these levels though need-based buying from jewellers will continue. People will wait for some time and then come back to the market.” Amid speculation about the long-term prospects for the dollar, the outlook for inflation, the economic recovery and the fate of the financial system, some of the smaller players in the global gold story had a much simpler view. “The price is high and I don’t wear them,” said a 60-year-old Hong Kong housewife standing outside a downtown jewellery store, who only gave her surname of Fung, after selling a gold ring and a gold pandan purchased more than 20 years ago. “So I sold.” Source: World Business - Livemint.com | 7 Oct 2009 | 4:05 am Google, Microsoft, Palm rev up smartphone raceSan Francisco: Google Inc, Microsoft Corp and Palm Inc stepped up efforts to bolster their smartphone line-ups, as the tech industry’s key players increasingly move to challenge Apple Inc’s popular iPhone. In a flurry of announcements on Tuesday ahead of the holiday shopping season, the companies introduced new phones, wireless carrier partnerships and efforts to boost the availability of new applications for the phones. The moves underscore the extent to which the smartphone market has emerged as a prime battleground encompassing a variety of technology businesses and one of the few markets experiencing rapid growth in a rough economic environment. “Everyone wants to build up and bolster their smartphone portfolio, because that’s what drives more dollars for the carrier and that’s where the market is going,” said Avian Securities analyst Matthew Thornton. Google, the world’s largest Internet search company, said it was teaming up with Verizon Wireless to co-develop multiple phones based on its Android operating system. They plan to bring two phones to market this year, and Verizon Wireless CEO Lowell McAdam said the partnership could result in the introduction of multiple devices per year going forward. The partnership with Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, is a boost for Google’s efforts to gain a foothold in the smartphone market. It caps a string of Android phone announcements, including Motorola Inc’s recent introduction of the Cliq phone and HTC’s Hero phone, slated for US release next week. Google does not charge a licensing fee for Android but hopes to benefit by serving highly targeted mobile ads to users. Microsoft, whose software is used in the majority of the world’s PCs, unveiled on Tuesday a new version of its smartphone software, Windows Mobile 6.5, and promised more than 30 new devices with the software would be available in more than 20 countries by year’s end. According to research firm IDC, smartphones running Microsoft software accounted for 11% of the worldwide market in the first half of 2009, compared to 11.7% share for Apple’s iPhone and 19.9% share for Research in Motion’s Blackberry. Nokia’s Symbian operating system had the largest share with 46.4% share. iPhone the one to beat But analysts say that Apple’s iPhone, despite its modest share of the market, is the product to beat. “It may not be reflected in the numbers, but everyone is playing catch-up” with Apple, said CL King analyst Lawrence Harris. In addition to the technological innovations ushered in by the iPhone, such as its multi-touch screen, Harris said that Apple is the clear leader when it comes to the software apps created by third-party developers to work with a smartphone. Apple has 85,000 apps available through its iPhone Apps store. “The fact that a particular app is available can help drive the purchasing decision,” said Harris. In a sign of how critical apps have become in the smartphone race, Microsoft also announced the launch of a new marketplace for Windows Mobile applications. And Palm announced it was making its “WebOS” smartphone software more open for outside developers to create applications. Google said there are more than 10,000 free and paid apps available for Android smartphones. Verizon Wireless and Google sought to play up the open nature of Android apps compared to the tight control that Apple exercises over its software. The first Android phones from Verizon Wireless will support the Google Voice software application, which allows consumers to make low-priced international calls and which Apple has yet to approve for its iPhone. “You either have an open device or not. This will be open and we expect to bring that application to market when we bring the first device out,” said Verizon’s McAdam, referring to Google Voice. Google has said that Apple rejected Google Voice, while Apple contends it is still evaluating the software, in a high-profile spat that has attracted the attention of the US Federal Communications Commission. On Tuesday, AT&T Inc, which has the exclusive rights to the iPhone in the US, said it will allow third-party Internet telephone calls to be on the iPhone using AT&T’s third generation network, reversing a previous position to ban such calls due to revenue concerns. Source: Tech News - Livemint.com | 7 Oct 2009 | 3:38 am
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