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The Great Recession: The numbers tell the story!A year ago this weekend, the Dow Jones industrial average had just finished a slow-motion crash. Over eight days, it fell 2,400 points, or 22 percent, and stood at 8,451.Source: Zee News : Business | 11 Oct 2009 | 7:20 am CEOs` salaries be left to market: Consultancy firms !Warning that any regulation of CEOs` pay by the government could breed "corrupt practices", leading global consulting firms have said decisions on salaries of top executives should better be left to the market.Source: Zee News : Business | 11 Oct 2009 | 7:20 am ICICI Pru EPFO`s top fund manager; provides 8.77% returns!ICICI Prudential has retained the top position among the Employees` Provident Fund Organisation`s (EPFO) fund managers giving 8.77 percent return during the one-year period ending September 2009.Source: Zee News : Business | 11 Oct 2009 | 7:20 am JK Tyre, Ceat raise tyre prices up to 4%!Tyre makers, including JK Tyre and Ceat Ltd, have hiked prices of their products by two to four percent from October 1 due to a substantial rise in rates of key raw material natural rubber in the last six months.Source: Zee News : Business | 11 Oct 2009 | 7:20 am LIC invests Rs 90,000-crore in first half of this fiscal!Public sector life insurance major LIC has pumped in around Rs 90,000 crore into the markets, of which Rs 16,000 crore was into equities during the first-half of this fiscal, a top company official said.Source: Zee News : Business | 11 Oct 2009 | 7:20 am RIL directors` claim a breach of trust: ADAG!Anil Ambani Group has alleged that actions of RIL Chairman Mukesh Ambani were breach of criminal trust.Source: Zee News : Business | 11 Oct 2009 | 7:20 am IDBI Fortis Life to hire 7,500 agents in next 5 months!Private sector insurer IDBI Fortis Life Insurance plans to double the number of its advisers to 15,000 in the next 5 months.Source: Zee News : Business | 11 Oct 2009 | 7:20 am India set to be global leader in tech svcs: Forbes chief!India is set to become a global leader in technology services as software companies move up in the value chain, while the weak dollar has hurt the US economic recovery, the Chairman and CEO of Forbes said.Source: Zee News : Business | 11 Oct 2009 | 7:20 am Six of top-10 firms lose Rs 68k cr in m-cap last week!Of the top-10 most valued firms, six lost a combined sum of over Rs 68,000 crore from their market capitalisation last week, while the rest including the country`s most valued firm RIL and ONGC saw rise in their valuation.Source: Zee News : Business | 11 Oct 2009 | 7:20 am Worst over for economy, price situation to improve: PMMumbai: Attributing the rising food prices to specific reasons like drought, Prime Minister Manmohan Singh on Sunday exuded confidence that worst was over and situation would improve with the ensuing winter crop. “Till now it seems the worst (on the price front) is indeed over,” he said while replying to questions on the impact of drought on the prices of essential goods at a press conference here. “Prices of some items have gone up due to specific reasons like drought. I am hopeful that we would have normal rabi (winter) crop ... and if it is normal it would surely have its impact on the situation,” Singh said. Although the overall inflation is below 1%, the prices of essential goods, especially vegetables like potato and onion, have continued to rise relentlessly causing pain to common man. Answering questions on the possibility of another farm debt waiver scheme, the Prime Minister said, “It will not be proper.” Pointing out that loan waiver scheme was a one-time measure, Singh said the government would try to find out meaningful solutions to the problems of farmers if they continue to face problems after implementation of the debt waiver scheme. As regards the implementation of the Goods and Services Tax (GST), Singh said efforts were on to build consensus and introduce the new tax regime. The government is proposing to implement the GST, which will subsume various taxes like excise, service tax and octroi, with effect from 1 April, 2010. Earlier, while addressing a conference of state food processing ministers, Singh had said, “The states should work towards early implementation of the GST while removing subjectivity in treatment and classification of food products.” Source: Home - Livemint.com | 11 Oct 2009 | 4:08 am NTPC insures a whole village in UttarakhandNational Thermal Power Corporation (NTPC) has insured a whole village for five years against any disaster or mishap while carrying out a hydro-power project.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 4:03 am Worst over, price situation to improve with rabi crop: PMAttributing the rising food prices to specific reasons, PM Manmohan Singh today exuded confidence that worst was over and situation would improve with the ensuing winter crop.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 4:03 am HLL Lifecare turns to overseas marketsKerala-based contraceptive manufacturer HLL Lifecare Ltd is targeting overseas markets including Europe, Indonesia and Russia to boost sales, its officials said.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 4:00 am NTC mills workers to go on strike from Oct 13Around 5,000 workers in National Textile Corporation mills in Tamil Nadu would go on strike from October 13.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 3:54 am Despite downturn, PNB in UK doubles deposits - Economic Times
Source: Business - Google News | 11 Oct 2009 | 3:26 am Eight telecos lose Rs54,000 cr in market-capNew Delhi: Eight publicly-listed telecom firms lost over Rs54,000 crore in their total market valuations past week, amid concerns that Trai’s proposal to make it mandatory for telcos to introduce an option of per second call rates would hit their profitability. Shares of all major telecom firms tanked on the bourses past week, led by private sector firm Reliance Communication, which fell 21% over the week, as investors feared that bottomlines of companies would be affected in future if the telecom regulator’s proposal on tariff plan is implemented. On 5 October, at the sidelines of the International Telecommunication Union conference in Geneva, Trai had said it may make it mandatory for telcos to introduce an option of per second pulse along with other tariff plans for clients. “We may ask all the operators to consider per second pulse as a mandatory tariff option along with their other tariff plans,” Telecom Regulatory Authority of India (TRAI) chairman J S Sarma had said. Following the announcement, the next day telecom stocks tumbled on the stock market and the mood in general remained downcast during the week. The market cap of eight telecom service providers plunged by Rs54,397.68 crore to Rs2,31,196.16 crore at the end of the week on 9 October, from Rs2,85,593.84 crore on 1 October. A significant decline was also witnessed by Bharti Airtel whose valuation dropped by over Rs 35,000 crore to Rs 1,30,288 crore at the end of trade on Friday. Bharti Airtel, the country’s largest telecom operator in terms of subscriber, was ranked as the seventh most valued firm in the country. Besides, Anil Ambani group firm Reliance Communication lost Rs14,169 crore from its market-cap after its share lost 21% over the week. Last week the company’s valuation stood at Rs51,466 crore, down from Rs 65,635 crore it had at the end of trade on 1 October. “Telecom stocks have witnessed corrections in the past few days. However, there would be no immediate buying in the counter. Market would wait for the next 2-3 quarters to see the impact on profitability. Till then it would remain range- bound,” Unicon Financial chief executive G Nagpal said. Marketmen feels that the scrip would consolidate at the current level as the telecom stocks have been beaten quite a lot in the past few days. Other major losers in the telecom counter include Idea Cellular, which lost Rs3,534 crore in market-cap after its shares dropped 15% during the week. Marketmen said though the announced plans indicates good news for customers, it would increase competition among operators and affect their profitability. The share price movement is a reflection of concerns of earnings pressure on these telecom companies, they added. Other major losers include MTNL ,which lost Rs 522 crore from its valuation, Tata Teleservices Maharashtra (Rs531 crore), Tata Communication (Rs370 crore), Spice Communication (Rs227 crore) and HFCL Infotel (Rs35 crore). Source: Home - Livemint.com | 11 Oct 2009 | 3:21 am INTERVIEW - Unicorn eyes Dubai's Bank Islam stakeMANAMA (Reuters) - Bahrain's Unicorn Investment Bank is interested in buying Dubai Group's stake in Malaysia's Bank Islam and plans to issue sukuk in Saudi Arabia before the end of the year, its chief executive said on Sunday.Source: Reuters: Money News | 11 Oct 2009 | 3:18 am Typhoons seen to push up 2009 Philippine remittancesMANILA (Reuters) - Remittances to the Philippines could grow 5 percent this year, higher than earlier estimates, as Filipinos overseas send more money home to help their families recover from typhoon wreckage, a senior government official said at the weekend.Source: Reuters: Money News | 11 Oct 2009 | 3:16 am Aircel to introduce unlimited dialer tune cardsAircel, has launched 'unlimited dialer tune cards' bringing to its customers an exciting experience in the world of music at no extra cost.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 3:12 am IT major, HCL, to hire 110 pros for its Polish operationsIT major, HCL, plans to hire over 100 IT professionals for its Polish operations in the next one-year as a part of its overseas expansion strategy.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 3:11 am Worst is over: PM on inflationPrime Minister Manmohan Singh Sunday said he expected a good rabi crop and added that the 'worst is over' vis-a-vis the spiralling prices.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 3:00 am Diwali shines bright for corporate gifts once againAfter a dim Diwali last year due to the economic downturn and an overhang of business uncertainty, the upcoming festival of lights is shining brighter for the $1.2- billion corporate gift market in India.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 2:30 am Himachal apple concentrate production hitThe decline in apple cultivation in Himachal Pradesh has left apple concentrate production by the state's horticulture department high and dry.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 2:30 am Gulf Arab econ growth to slow to 0.7 pct in '09 - IMFDUBAI (Reuters) - Economic growth of Gulf Arab oil exporters is set to slow to 0.7 percent this year but will rebound in 2010 to grow by 5.2 percent on rising oil revenue, the International Monetary Fund said on Sunday.Source: Reuters: Money News | 11 Oct 2009 | 2:11 am Govt to lose Rs22,600 cr if RNRL demands are met: RIL to SCNew Delhi: Mukesh Ambani group firm RIL told the Supreme Court that the government will lose Rs22,600 crore in revenues if RNRL was supplied gas at a price of $2.34 per mmBtu, while the Anil Ambani group firm will make a windfall profit of Rs23,800 crore. In its reply to the RNRL’s SLP, RIL said that RNRL was “misleading” the court by alleging that it will gain Rs50,000 crore as the difference in revenue between the governmnet approved price of $4.2 and $2.34 for 28 MMSCMD of gas over 17 years. In the affidavit, RIL said that the life of gas field was 12 years and Anil Ambani group can receive gas for maximum of eight years as it would take a minimum of three years to set up the power plant at Dadri in Uttar Pradesh. “The dfference in net revenue (net of capex and opex) adjusted for eight years (even on the erroneous basis of RNRL) works out to be approximateley Rs23,800 crore,” it stated. Out of this Rs23,800 crore, approximately 95% (Rs22,000 crore), which included royalty, taxes and profit share, would be lost by the government and around 5 percent i.e, Rs1,200 crore would be lost by contractors (RIL and NIKO). “If RIL were to sell 28MMSCMD of gas to RNRL at USD 2,34 mmBtu for 17 years while the government adopted $4.2 for purpose of valuation (for tax and other levies), RIL would incur a cash loss of Rs 50,000 crore. This would result in RIL’s not even recovering its investments,” it further added. “... all the actions of RNRL are clearly motivated by commercial greed, with the goal of pocketing trading profits (by selling gas to the power plants of Releiance Energy Ltd and RPPL) far in excess of the alleged Rs50,000 crore without making any effort or investment, all to the detriment of the government and the common man,” RIL said in its reply. Refuting RNRL’s stand, RIL said that the gas supply under the MoU of 2005 was conditional to the government approval and the government had in July 2006 rejected the price of $2.34 per mmBtu as not being on arms length. Besides, RIL reiterated that the family MoU was not binding on it as its board had not approved it. “RIL’s shareholders and creditors knew nothing of the contents of the MoU. The MoU was not referred to in the scheme (demerger Reliance empire) document. Nor is it referred to in the explanatory circulars. When the Bombay High Court sanctioned the scheme, it knew nothing of the contents of the MoU,” RIL stated. Denying RNRL’s argument that the high court had sanctioned the entire demerger scheme, including its formation, RIL said that the demerger was not in any way linked to the gas-supply agreement. RIL further argued that if RNRL’s demands for gas supply were acceded, then it require RIL to breach the Production Sharing Contract which stipulated that the contractor can sell gas only at government approved price. “One of the consequences of the breach of the PSC could be its termination, and any such breach would thus place in jeopardy the entire investment made by RIL,” the affidavit stated, adding that RIL being the contractor to the government had an obligation to sell all the gas at arms length price and can’t create a preferential class of customers. Meanwhile, RNRL shareholders and RIL shareholders have also moved the apex court seeking to be made parties in the gas supply dispute between Ambani brothers. A Supreme Court three-judge bench will commence hearing in the gas supply dispute case on 20 October. Source: Home - Livemint.com | 11 Oct 2009 | 2:10 am Saudi Mobily telecom refinances $400 mln loanRIYADH (Reuters) - Saudi mobile operator Etihad Etisalat (Mobily) said it would refinance a 1.5 billion riyal ($400 million) Islamic loan at a time when banks are more cautious to lend following trouble at two large Saudi conglomerates.Source: Reuters: Money News | 11 Oct 2009 | 2:05 am CEOs’ salaries be left to market say consultancy firmsNew Delhi: Warning that any regulation of CEOs’ pay by the government could breed “corrupt practices”, leading global consulting firms have said decisions on salaries of top executives should better be left to the market. “It (cap on salaries of CEOs) would lead to companies finding ingenious ways to circumvent regulation, resulting in undesirable opacity and in extreme cases corrupt practices,” PricewaterhouseCoopers executive director R Sankar said. Joining the debate on CEOs’ salaries, Ernst and Young partner and national head, Human Capital, Advisory Services, N.S. Rajan said, “the market itself is a good judge on what needs to be paid.” Similarly, Deloitte’s senior director, Management Consultancy Services P Thiruvengadan said, “international talent is willing to be employed in India...unthinkable a few years back. Any artificial cap (on salaries) would lead to flight of talent.” The debate on the pay packets of industry honchos was triggered by remarks of corporate affairs minister Salman Khurshid who had said, “When we are working on this (austerity), we can hardly say that we (will) shut our eyes on what salary the CEOs are going to take.” PwC’s Sankar further said while the government should have no role in fixing remunerations of CEOs, “better disclosure of CEO pay, non-biding shareholder votes on CEO pay can be considered for devising a way to keep a check”. The independent directors, Deloitte said, should take the right approach to remunerations related to performance and be held accountable by shareholders when apparent and clear violations emerge. The government should give freedom to the boards to operate and have faith in their capabilities, E&Y said. “CEO compensation remains to be the acid test of corporate governance,” the consultant added. Source: Home - Livemint.com | 11 Oct 2009 | 1:46 am Haryana No.1? It's a hot poll issueIt might sound like a David Dhawan film title, but actually 'Haryana No.1' is the one poll issue that has ignited the passions of most political parties in the state ahead of the Oct 13 assembly elections.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 1:30 am Return of the native: Assam's youth head back homeIn Paulo Coelho's 'Alchemist', a shepherd wanders all over in search of treasure only to find the gold in his own backyard. The fable seems to be coming true in Guwahati, which is witnessing a reverse migration of its youth who had travelled to greener pastures.Source: IndiaeNews.com: Business News | 11 Oct 2009 | 1:30 am IIP likely to rise over 9% in August: expertsNew Delhi: Industrial recovery may well be back as economists projected factory production to grow by a whopping over 9% in August against 6.8% in the previous month, on the back of robust activities in core sector. The government will come out with data on Index of Industrial Production (IIP) on Monday. “There has been strong support from mining and electricity coupled with growth in manufacturing sector. I expect IIP to be 9.9% in August,” Yes Bank chief economist Shubhada Rao said. In July, factory production expanded at a greater pace for the second month in a row growing by 6.8% against 6.4% a year ago, signalling an industrial recovery. It was for the first time in June that the industry grew by a high rate of 8.2%, after it was hit hard by the global financial crisis in the middle of September last year. Axis Bank economist Saugata Bhattacharya said the factory production is likely to breach 9% mark in August mainly due to base effect. “I expect Industrial growth at 9.2% in August. The rise from July is mainly due to base effect,” he said. According to HDFC Bank economist Jyotinder Kaur, industry could grow by 8.8 per cent in August. “The rise of IIP is mainly due to base effect. The core sector is also high and exports have also picked up on the sequential basis,“ Kaur said. Economic think-tank Institute of Economic Growth (IEG) has recently said as the economy is showing signs of recovery the industry would pick up further momentum with a growth of more than seven per cent in August and nearly nine per cent in October. “The Index for Industrial Production (IIP) has shown an impressive growth of 6.8 per cent (in July). This figure was slightly higher than the last year’s growth. It is definitely a pointer towards the revival of industrial growth,” the IEG had said in its monthly monitor for the economy. Indian industry came under adverse impact after US financial services icon Lehman Brothers collapsed, deepening the financial crisis across the world. Source: Home - Livemint.com | 11 Oct 2009 | 1:21 am Over 50% firms listing in 2 yrs trading below issue priceMumbai: In sharp contrast to the euphoria in the primary market, more than half of the companies, which got listed on bourses in the past two years, are trading well below their issue prices. According to an analysis of the performance of companies listed on the Bombay Stock Exchange in the past two years, as many as 27 out of the 40 stocks studied are trading much below their issue prices, which are fixed after their initial public offers. Meanwhile, a host of companies are rushing in to file their draft prospectus’ with market regulator Sebi for launching their IPOs as they think this is an appropriate time to enter the capital market. Analysts said that firms in need of funds are making a beeline for the capital markets as this is a right time to raise funds with the rise in investor confidence. On the issue that after getting listed on the bourses many of the companies are unable to sustain their issue price levels, an analyst said, “investors are still cautious and do not want to keep their funds invested in one place for a long-time and thus shuffle their portfolios after making some profits.” Amid the stock market moving northwards and the 30-share Sensex crossing the psychological 17,000 level, the recently-launched IPO index settled down 0.41% at 1,965.70 points on the Bombay Stock Exchange on Friday last week. The BSE IPO index tracks the performance of those companies which got listed in the past two years on the bourse. Some of the companies which are performing poorly as compared to their issue prices include Anil Ambani group firm Reliance Power, which is currently trading at Rs160.05 or 35% below its issue price of Rs450 a share. Other stocks which are trading below their issue prices are state-run NHPC (down 8.19% at Rs33.05 from its issue price of Rs36), Raj Oil Mills (down 37% at Rs75.45 as against issue price of Rs120). Meanwhile, some companies have been able to sustain the high levels after listing and are currently trading above their respective issue prices. Some examples of such stocks are Oil India (up 13.81% at Rs1,195.1 from its issue price of Rs1,050), REC Ltd (at Rs202.75, up 93% from the issue price of Rs105) and Mundra Port (which is up 22% at Rs538 against an issue price of Rs440). Other firms which are trading higher than their issue prices are Adani Power, BGR Energy, Burnpur Cement, Gokul Refoil, Jindal Cotex and Resurgere Mines. The IPO pipeline is flush with companies and some of the firms which have filed their draft prospectus recently include Emaar MGF land Ltd, Sahara Prime City, Glenmark Generics, Reliance Infratel, DQ Entertainment, Ambience Ltd and Lodha Developers. Source: Home - Livemint.com | 11 Oct 2009 | 12:51 am South Korea's capital investment improving - KDISEOUL (Reuters) - South Korea's capital investment is improving and the country's exports are expected to continue to grow, a top research agency said on Sunday, adding to hopes for a sustained recovery in Asia's fourth-largest economy.Source: Reuters: Money News | 11 Oct 2009 | 12:33 am Kuwait's Securities says eyes KIA's stake in ZainKUWAIT (Reuters) - Kuwait's Securities Group Co said on Sunday that it was studying the possibility of buying part or all of the Kuwait Investment Authority's stake in telecoms firm Zain.Source: Reuters: Money News | 11 Oct 2009 | 12:32 am Widening broadband reach by 50% can boost India’s GDP: CiscoMumbai: India needs to bridge the urban-rural digital divide by deepening broadband penetration by 40-50% if it wants to increase GDP growth, Internet network management firm, Cisco Systems, said. “From a broadband point of view, India is extremely low on the list of technology penetration. You would need an average penetration of about 40-50% in broadband (to be at par with) leading countries like Sweden, Netherlands and Korea... that is the world-wide average,” Cisco Systems Inc, Chief Globalization Officer and Cisco Services Executive Vice President, Wim Elfrink said. Elfrink said there was a correlation between broadband penetration and the productivity of a nation. “A ten percentage-point increase in broadband penetration for an average nation results in an acceleration of economic growth of 1.3 percentage point,” he said citing a World Bank report. High-speed networks have become part of the basic infrastructure of any country enabling growth. “So, I think the new Government now having embraced the plan for broadband penetration, there would be more and more people connected over the next few years,” Elfrink said. As part of the Government’s National Broadband Penetration Program (NBPP), HCL Infosystems and BSNL have decided to provide personal computers to rural masses. India’s Broadband Policy 2004 targets a total of 20- million broadband connections by 2010, whereas penetration stands at a meagre 6.8-million, the data from the Telecom Regulatory Authority of India said. Industry body CII is pushing a broadband adoption plan with the aim of having 214-million connections by 2014. Elfrink said that emerging countries like India could capitalise on opportunities created by an increasing broadband user base. “Three-billion people will be connected to the Internet and there will be 14-billion devices connected to the Internet by 2010. These market transitions are creating new opportunities. The emerging countries can lead the innovation here,” he said. Source: Tech News - Livemint.com | 11 Oct 2009 | 12:32 am Widening broadband reach by 50% can boost India’s GDP: CiscoMumbai: India needs to bridge the urban-rural digital divide by deepening broadband penetration by 40-50% if it wants to increase GDP growth, Internet network management firm, Cisco Systems, said. “From a broadband point of view, India is extremely low on the list of technology penetration. You would need an average penetration of about 40-50% in broadband (to be at par with) leading countries like Sweden, Netherlands and Korea... that is the world-wide average,” Cisco Systems Inc, Chief Globalization Officer and Cisco Services Executive Vice President, Wim Elfrink said. Elfrink said there was a correlation between broadband penetration and the productivity of a nation. “A ten percentage-point increase in broadband penetration for an average nation results in an acceleration of economic growth of 1.3 percentage point,” he said citing a World Bank report. High-speed networks have become part of the basic infrastructure of any country enabling growth. “So, I think the new Government now having embraced the plan for broadband penetration, there would be more and more people connected over the next few years,” Elfrink said. As part of the Government’s National Broadband Penetration Program (NBPP), HCL Infosystems and BSNL have decided to provide personal computers to rural masses. India’s Broadband Policy 2004 targets a total of 20- million broadband connections by 2010, whereas penetration stands at a meagre 6.8-million, the data from the Telecom Regulatory Authority of India said. Industry body CII is pushing a broadband adoption plan with the aim of having 214-million connections by 2014. Elfrink said that emerging countries like India could capitalise on opportunities created by an increasing broadband user base. “Three-billion people will be connected to the Internet and there will be 14-billion devices connected to the Internet by 2010. These market transitions are creating new opportunities. The emerging countries can lead the innovation here,” he said. Source: LatestNews-Home - Livemint.com | 11 Oct 2009 | 12:32 am Govt to lose Rs 22600 cr if RNRL demands are met: RIL - Times of India
Source: Business - Google News | 11 Oct 2009 | 12:31 am Airbus confident A400M to fly by year-endPARIS/FRANKFURT (Reuters) - Airbus is confident its delayed A400M military transport plane will fly by the end of the year but dismissed a magazine report that its maiden flight could come as soon as Nov. 30 as "fantasy".Source: Reuters: Money News | 11 Oct 2009 | 12:18 am JK Tyre, Ceat up tyre prices by up to 4%Tyre manufacturers have hiked their prices to 4% from October 1 due to a substantial escalation in the price of its key raw material, natural rubber.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 12:11 am Union Bank gets Sebi nod to set up mutual funds businessUnion Bank of India has received the approval from the Securities and Exchange Board of India (Sebi) to start its JV mutual fund company with Belgium-based KBC Group.Source: Daily News & Analysis: Money News | 11 Oct 2009 | 12:04 am Indiabulls Power gets anchor investors for IPOMumbai: Indiabulls Power Ltd, whose 390.7 million share initial public offering opens on Monday, will issue shares to 5 anchor investors, two sources with direct knowledge of the deal said. Halbis, Nomura Holdings, Norges, CLG and Tosca will subscribe to 18% of the issue at the top end of the Rs40 to 45 price band, the sources said. Morgan Stanley India is the lead manager to the issue, which closes 15 October. Indiabulls Power, a unit of Mumbai-based developer Indiabulls Real Estate, is developing five thermal power plants in western and central India, with total capacity of 6,600 megawatts, and will use the issue proceeds to fund two projects. It expects equity investment of about Rs4,000 crore for the 1,320 megawatts Amravati Phase I project and 1,335 MW Nashik project, of which it holds liquid funds of Rs2,000 crore. Source: Home - Livemint.com | 11 Oct 2009 | 12:04 am Indiabulls Power gets anchor investors for IPOMUMBAI (Reuters) - Indiabulls Power Ltd, whose 390.7 million share initial public offering opens on Monday, will issue shares to 5 anchor investors, two sources with direct knowledge of the deal said.Source: Reuters: Money News | 11 Oct 2009 | 12:02 am Trade credit at your doorstepMumbai, Oct. 10 Taking doorstep banking one step further, Standard Chartered Bank is now offering trade finance services at its clients’ work sites, instead of making them come to the branch.Source: Business Line - Home Page | 11 Oct 2009 | 12:00 am Ford India slips deeper into red; Hyundai’s profits dentedChennai, Oct. 10 Ford India’s loss for 2008-09 was higher than that of the previous year, while its turnover dipped on fewer vehicles sold during theSource: Business Line - Home Page | 11 Oct 2009 | 12:00 am Few takers for interest rate futures tradingThe Insurance Regulatory and Development Authority has allowed the insurance companies to trade in interest rate futures (IRF).Source: Business Line - Home Page | 11 Oct 2009 | 12:00 am Private sector powers up electricity generationNew Delhi, Oct. 10 The private sector, which had been consistently falling back on targets, has been driving the new power generation capacity this fiscal.Source: Business Line - Home Page | 11 Oct 2009 | 12:00 am PowerGrid arm in broadband talks with SingTel, BTThe telecom unit of the state-owned PowerGrid Corporation of India is in discussion with global telecommunication majors such as SingTel and British Telecom (BT) for leasing out broadband capacity on its optical fibreSource: Business Line - Home Page | 11 Oct 2009 | 12:00 am Russia may get Bengal site for second N-power plantRussia is likely to get land in West Bengal for a second nuclear power project in the country. The Haripur site in the Communist-ruled State has been earmarked for Russian participation and could house up to eight Russian `VVER'-series reactorSource: Business Line - Home Page | 11 Oct 2009 | 12:00 am Indian ADRs gain $2.37 bn last weekNew York: Indian stocks trading on American bourses gained more than $2 billion last week led by copper producer Sterlite Industries. For the week ended 9 October, Indian entities listed on the New York Stock Exchange and Nasdaq added $2.37 billion to their total market capitalisation. Sterlite Industries alone accounted for $858 million and its market valuation stood at $12.07 billion. Private sector lenders ICICI Bank and HDFC Bank together added $1.18 billion to their market capitalisation. While the valuation of ICICI Bank rose by $685 million to $21.77 billion, HDFC Bank’s market cap grew by $497 million to $16.62 billion. Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was pharma firm Dr Reddy’s Laboratories whose valuation jumped by $257 million to $3.47 billion. Besides, Tata Communications too witnessed a significant rise in its market capitalisation. The company saw an increase of $128 million to its valuation. Some companies including, IT bellwether Infosys Technologies, telecom firm Mahanagar Telephone Nigam Ltd (MTNL) and BPO firm Genpact also declined. The market capitalisation of IT major Wipro ascended by $73 million, while that of another IT firm Mahindra Satyam grew by $41 million. ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms. Infosys was the biggest loser during the week, with the IT firm witnessing a value erosion of USD 63 million from its market capitalisation. During the week, Infosys reported a 7.5% growth in profit to Rs1,540 crore for the second quarter from Rs1,432 crore in the same period previous fiscal. The valuations of Genpact and MTNL also fell by $49 million and $41 million, respectively. The market cap of IT major Patni Computer System declined by $36 million. Other ADR gainers were auto maker Tata Motors, BPO company EXLService Holdings, internet firms Sify Technologies and Rediff.com. On Friday, the US markets ended in the green, with Dow Jones Industrial Average closing higher by 78.07 points at 9,864.94 and S&P 500 rising by 6.01 points to 1,071.49. Besides, tech heavy Nasdaq was up 15.35 points at 2,139.28. Source: Home - Livemint.com | 10 Oct 2009 | 11:51 pm Australia sets A$8 bln in mortgage-backed securitiesSYDNEY (Reuters) - Australia's government is set to double its investment in mortgage-backed securities by making A$8 billion ($7.2 billion) in new funds available to support the market, Treasurer Wayne Swan said on Sunday.Source: Reuters: Money News | 10 Oct 2009 | 11:47 pm EID parry buys 76% in Karnataka plant for Rs 50 cr - Economic Times
Source: Business - Google News | 10 Oct 2009 | 6:23 pm Foodgrain prices will ease by April: FM - Times of India
Source: Business - Google News | 10 Oct 2009 | 4:49 pm Govt mulls rider to 3G auction - Calcutta Telegraph
Source: Business - Google News | 10 Oct 2009 | 3:19 pm SEBI issues show cause notice to Raju - Economic Times
Source: Business - Google News | 10 Oct 2009 | 2:36 pm EID Parry gulps Sadashiva Sugars for Rs 50 croreEID Parry (India) of the Chennai-based Rs 15,646-crore Murugappa Group has acquired a 76 per cent equity stake in Bangalore-based Sadashiva Sugars for Rs 50 crore.Source: Business Standard | Front Page Headlines | 10 Oct 2009 | 12:54 pm Rivals gain market share on Honda strikeThe 45-day-long labour unrest at the Honda Motorcycle & Scooter India factory at Manesar in Haryana has doubled the waiting period for its scooters to two months and given market share on a platter to rivals.Source: Business Standard | Front Page Headlines | 10 Oct 2009 | 12:52 pm Lupin pills hit legal wall in United StatesTeva Women's Health of Israel and Warner Chilcott of Puerto Rico have sued Indias Lupin in separate patent infringement cases in the US. This is being seen as an attempt to block the Indian companys plans to tap the $3.3 billion (Rs 13,860 crore) oral contraceptive market in the US.Source: Business Standard | Front Page Headlines | 10 Oct 2009 | 12:49 pm Indiabulls Power raises Rs 270 crore from anchor investors - Business Standard
Source: Business - Google News | 10 Oct 2009 | 12:39 pm Revamp PDS to tide over price rise: PranabPranab Mukherjee today expressed concern over rising prises but said there is no need to panic as the country has enough food stocks and an improved PDS would ease the situation.Source: Daily News & Analysis: Money News | 10 Oct 2009 | 11:37 am Auto hub proposal in WB with Railway Ministry : MamataThe Railways have recently received a proposal for setting up the first automobile hub in West Bengal bordering Howrah and Hooghly districts.Source: Daily News & Analysis: Money News | 10 Oct 2009 | 11:06 am Designer duo backs out, couture week opener offMegastar Amitabh Bachchan will not be seen on the HDIL India Couture Week ramp as designer duo Abu Jani-Sandeep Khosla who were to stage the show opener Sunday have backed out at the last minute, apparently over the seating arrangements, forcing the cancellation of the show.Source: IndiaeNews.com: Business News | 10 Oct 2009 | 11:01 am 'Gandhian engineering' vital for 21st century: MashelkarWhat engineering stream would be most crucial for the 21st century? Electrical, aeronautical or computer engineering? None except 'Gandhian engineering', according to eminent scientist and National Innovation Foundation chief R.A. Mashelkar.Source: IndiaeNews.com: Business News | 10 Oct 2009 | 10:30 am Industry body seeks changes in new direct tax codeAn industry body Saturday urged the government to remove some provisions in the Direct Tax Code draft, especially those taxing capital gains arising on indirect transfer of Indian assets.Source: IndiaeNews.com: Business News | 10 Oct 2009 | 10:00 am Potential blowing in the windPotential blowing in the windSource: Moneycontrol Top Headlines | 10 Oct 2009 | 9:32 am Bonus for cooperative textile mills sought in Tamil NaduMarumalarchi Labour Front (MLF), the trade union wing of MDMK, today urged Tamil Nadu chief minister M Karunanidhi to pay 20 per cent bonus.Source: Daily News & Analysis: Money News | 10 Oct 2009 | 9:11 am Govt seeks to clear apprehensions over D6 gas outputNW18: Govt seeks to clear apprehensions over D6 block gas outputSource: Moneycontrol Top Headlines | 10 Oct 2009 | 9:08 am Should bankers\' salaries be capped? An exCiti exec answersIn the US, there was a demand for a cap on financial sector salaries especially after the government came and bailed out banks. Commenting on that, Victor said, the salaries in the banking industry were always under discussion.Source: Moneycontrol Top Headlines | 10 Oct 2009 | 8:53 am NW18: BSE Notice: Neyveli Lignite Strike withdrawnNW18: BSE Notice: Neyveli Lignite Strike withdrawnSource: Moneycontrol Top Headlines | 10 Oct 2009 | 8:24 am IRDA implements tougher disclosure norms for insurersInsurance regulator IRDA has put in place the muchawaited disclosure norms for insurance companies. These guidelines will be effective from November 1, 2009. Insurers will be required to make data for the last fourfive years available and will have to provide disclosures on a quarterly basis.Source: Moneycontrol Top Headlines | 10 Oct 2009 | 8:13 am MindTree sets up mobile ventureMindTree has entered the mobile products business by kickstarting a new vertical Nimo Next in Mobility to deliver readytobrand mobile sets. This is expected to bring in revenues to the tune of USD 9 million this fiscal.Source: Moneycontrol Top Headlines | 10 Oct 2009 | 8:07 am Air India to deploy more wide-bodied planes on global routesAir India will deploy the wide-bodied Boeing aircraft B777 on all its seven west-bound destinations as well as Tokyo from Oct 25, the national carrier said Saturday.Source: IndiaeNews.com: Business News | 10 Oct 2009 | 8:01 am NW18:Reliance Infra relents, agrees to pay mktg margin to RIL for D6 gasNW18:Reliance Infra relents, agrees to pay mktg margin to RIL for D6 gasSource: Moneycontrol Top Headlines | 10 Oct 2009 | 7:46 am NW18: Neyveli Lignite: Nonexecutive staff withdraw strikeNW18: Neyveli Lignite: Nonexecutive staff withdraw strikeSource: Moneycontrol Top Headlines | 10 Oct 2009 | 7:43 am Reliance Infra agrees to pay marketing margins to RILRound one of the marketing margin tussle goes to Mukesh Ambani\'s Reliance Industries (RIL). CNBCTV18 learns that Anil Ambani\'s Reliance Infra has agreed to pay the marketing margin but under protest.Source: Moneycontrol Top Headlines | 10 Oct 2009 | 7:28 am A New Retail MakeoverA New Retail MakeoverSource: Moneycontrol Top Headlines | 10 Oct 2009 | 7:16 am India set to be global leader in tech svcs, says Forbes chiefMUMBAI (Reuters) - India is set to become a global leader in technology services as software companies move up in the value chain, while the weak dollar has hurt the U.S. economic recovery, the Chairman and CEO of business publisher Forbes said on Saturday.Source: Reuters: Money News | 10 Oct 2009 | 7:01 am PNB eyeing acquisition of bank in KazakhstanChennai: Punjab National Bank was scouting for acquisition of a bank in Kazakhstan as part of its plans to expand its presence, a top bank executive said on Saturday. “There are lot of opportunities (in Kazakhstan). A high level delegation has visited the place and it is very much on our radar (for acquisitions)” Punjab National Bank executive director Nagesh Pydah told reporters. Presently, Punjab National Bank has a representative office at Almaty in Kazakhstan. The bilateral trade between India and Kazakhstan stood at $5.5 billion, he said. To a query,Pydah said it would have a controlling stake in any bank which it was planning to acquire. “We will acquire 51% stake in a bank (when we acquire),” he said. In addition to this, the bank would open a 100% subsidiary in Vancouver and would convert its representative office at Dubai to a branch. Punjab National Bank, which entered the credit card businesses in February this year, has managed to issue 70,000 cards.However,PNB was doing businesses of Rs4,000 crore from 40 million customers and many areas in credit card business were “untapped”. For this purpose,Punjab National Bank has shortlisted a vendor to offer end-to-end solutions and by February next “it will be operational”, he said. Pydoh was in Chennai to announce the bank’s tie-up with Ernst and Young Foundation to offer scholarship loans for about 5,000 economically weak students. Under this scheme,loans will be extended by Punjab National Bank at various centres while Ernst and Young would assist the recovery of loans. Around 350 students were given loans by the bank, he said. The bank’s total provisional business figures as of 30 September, stood at Rs3.95 crore with deposits of Rs2.30 crore and advances of Rs1.64 crore. Source: LatestNews-Home - Livemint.com | 10 Oct 2009 | 6:30 am Japan suspends US plant’s beef amid mad cow fearsTokyo: Japan has suspended beef shipments from an American meatpacking plant after finding cattle parts banned under an agreement to prevent the spread of mad cow disease, the agriculture ministry said on Saturday. Japanese quarantine inspectors found bovine spinal columns in one of 732 boxes sent by Tyson Fresh Meats, Inc., which arrived in Japan last month, the ministry of agriculture, forestry and fisheries said in a statement. The box contained 35 pounds (16 kg) of chilled short loin with spinal bones, which were not released commercially, said ministry official Goshi Nakata. The suspension only affects Tyson’s factory in Lexington, Nebraska, one of 46 meatpacking plants approved to export beef to Japan. It was the second suspension for the Lexington factory, Nakata said. Japan slapped a four-month ban on beef shipments from the same plant in February 2007 after finding two boxes of beef lacking verifications to show they came from cattle that met Japan’s safety standards. The Japanese ministry also asked the US department of agriculture to investigate how the box containing the banned parts ended up in Japan. Japan will await results of a US investigation to determine the penalty for the Tyson factory, the ministry said. Japan banned all US beef imports in 2003 after the first case of mad cow disease was discovered in the US. Japan resumed buying American beef in 2006 after a bilateral trade agreement setting new safety standards. Mad cow disease, formally known as bovine spongiform encephalopathy, is a degenerative nerve disease in cattle. In humans, eating meat products contaminated with the illness is linked to variant Creutzfeldt-Jakob disease, a rare and fatal malady. Under the bilateral trade agreement, US exporters must remove spinal columns, brain tissue and other parts considered linked to mad cow disease. US beef shipments to Japan must also come only from cattle age 20 months or younger, which are believed to pose less of a risk. Washington has repeatedly criticized Japan for its tough import restrictions, which authorities say have no scientific basis. US officials have urged Japan to allow imports of beef from cattle aged up to 30 months, a widely used safety standard elsewhere. Source: LatestNews-Home - Livemint.com | 10 Oct 2009 | 4:03 am Gunmen attack Pakistani army HQ, 8 deadRawalpindi: Four suspected militants dressed in army uniforms attacked Pakistan’s army headquarters on Saturday, killing four guards and triggering a gun battle in which the gunmen died, military officials said. The brazen attack on the tightly guarded headquarters in the city of Rawalpindi came as the army prepares a major offensive against Pakistani Taliban militants in their northwestern stronghold on the Afghan border. The gunmen drove in a white van to a main gate at the sprawling complex, and opened fire and threw at least one grenade when challenged, security officials said. The gunmen then exchanged fire with soldiers for about 40 minutes. “The situation is under control ... all the gunmen have been killed”, army spokesman Major-General Athar Abbas later told Geo Television. Four guards at the gate’s checkpost were killed, he said. Television pictures showed the white van, its doors open, where the gunmen abandoned it by concrete barriers outside the gate. Abbas and other military officials said all four gunmen had been killed but a security official said two had been captured. Al Qaeda-linked Islamist militants have launched numerous attacks in Pakistan over the past couple of years, most aimed at the security forces and government and foreign targets. The militants have attacked military targets in Rawalpindi before. Offensive looms The attack came a day after a suspected suicide car-bomber killed 49 people in the city of Peshawar in an attack the government said underscored the need for the all-out offensive. Early this year, the militants pushed to within 100 km (60 miles) of Islamabad, raising fears for nuclear-armed Pakistan’s stability. An exasperated US Secretary of State Hillary Clinton said the government appeared to be “abdicating” to the militants. The United States needs Pakistani help against militants crossing into Afghanistan to battle US-led forces there. But in late April the security forces launched a sustained offensive in the Swat valley, 120 km northwest of Islamabad, largely clearing Taliban from the region. The militants suffered another big blow on 5 August, when their overall leader, Baitullah Mehsud, was killed in an attack by a missile-firing US drone aircraft in South Waziristan. Mehsud’s death and reports of infighting about who would take over as leader raised hopes that the militants were in disarray. But in recent weeks violence has been picking up after a relative lull following Mehsud’s killing. The government ordered the army to go on the offensive in South Waziristan in June and security forces have been launching air and artillery strikes, while moving in troops, blockading the region and trying to split off factions. The army has declined to say when it would send in ground troops. Source: LatestNews-Home - Livemint.com | 10 Oct 2009 | 3:31 am
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