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Vikram Pandit`s Citi records $101 million profit on recovery road !The Citigroup led by its Indian American chief executive Vikram Pandit has reported a slim profit of just USD 101 million in the third quarter, indicating its road to recovery may be a little longer.Source: Zee News : Business | 16 Oct 2009 | 6:14 am SAIC, GM in talks on cooperation in India - source!SAIC Motor Corp, China`s biggest automaker, is in talks with its partner General Motors to explore new business opportunities that include India, a source with knowledge of the matter said on Friday.Source: Zee News : Business | 16 Oct 2009 | 6:14 am It`s Asia`s turn to support global trade system: ADB!Asian countries, whose resilient economies have given them new clout as the world tackles a financial crisis, need to do more to shore up the global trade and banking system.Source: Zee News : Business | 16 Oct 2009 | 6:14 am India Inc to clock 22.8% growth in PAT margins: CMIE!India Inc is likely to witness a 22.8 percent growth in the Profit-After Tax (PAT) margins in the current fiscal, an economic think-tank said in its report.Source: Zee News : Business | 16 Oct 2009 | 6:14 am Sensex up 19 pts in early trade!The Bombay Stock Exchange benchmark Sensex Friday opened moderately higher by 19 points as investors refrained from creating fresh positions on the last day of samvat year 2065.Source: Zee News : Business | 16 Oct 2009 | 6:14 am Google sees economic revival in rising revenues !Web search leader Google saw profits rise 27 percent in the third quarter to USD 1.64 billion, the company said on Thursday.Source: Zee News : Business | 16 Oct 2009 | 6:14 am GVK Power may raise $350m to hike MIAL stakeGVK Power plans to buy its partner\'s stake in Mumbai International Airport (MIAL).Source: Moneycontrol Top Headlines | 16 Oct 2009 | 5:22 am Sensex ends at 17-month high, banks gain - NDTV.com
Source: Business - Google News | 16 Oct 2009 | 4:38 am NEWSMAKER - Ambani brothers to square off in Supreme Court - Reuters India
Source: Business - Google News | 16 Oct 2009 | 4:30 am Q+A - Who are the Ambanis and what are they fighting for?MUMBAI (Reuters) - A dispute between two of India's most powerful businessmen inches closer to resolution as the Supreme Court of India begins hearings next week on a dispute over terms of a gas supply pact.Source: Reuters: Money News | 16 Oct 2009 | 4:21 am BSE Sensex provisionally closes up 0.8 pctMUMBAI (Reuters) - The BSE Sensex provisionally closed 0.8 percent higher on Friday, led by banking stocks, but gains were limited as metals maker Sterlite Industries dropped after it raised $500 million in convertibles.Source: Reuters: Money News | 16 Oct 2009 | 4:18 am NEWSMAKER - Ambani brothers to square off in Supreme CourtMUMBAI (Reuters) - India's billionaire Ambani brothers face off in the country's top court next week over a gas pricing case with all guns blazing: lined on each side are a battery of India's highest paid legal brains.Source: Reuters: Money News | 16 Oct 2009 | 4:13 am CERC draft proposal will usher in grid discipline: JSPLIs the CERC Draft proposal positive for JSPL? Sushil K Maroo, Deputy Managing Director answers.Source: Moneycontrol Top Headlines | 16 Oct 2009 | 4:13 am Brothers at war: Ambani gas hearings must clarify policyMUMBAI (Reuters) - Two of Asia's richest men, India's billionaire Ambani brothers, will slug it out next week in Delhi's sandstone Supreme Court in a row over gas pricing that highlights the political clout of powerful families and risks scaring foreign investors away from the energy sector.Source: Reuters: Money News | 16 Oct 2009 | 4:06 am BEFORE THE BELL:US Stock Futures Edge Up After Google Results - Wall Street Journal
Source: Business - Google News | 16 Oct 2009 | 4:06 am Sensex ends up 140pts - Business Standard
Source: Business - Google News | 16 Oct 2009 | 4:02 am POLL - RBI holding key rates in Oct; tightening from 2010MUMBAI (Reuters) - The Reserve Bank of India will keep its benchmark lending and borrowing rates on hold in its quarterly policy review this month, a Reuters poll shows, as pushing growth in Asia's third-biggest economy remains the bank's priority.Source: Reuters: Money News | 16 Oct 2009 | 3:42 am India gold buyers pause after festival shopping - Reuters India
Source: Business - Google News | 16 Oct 2009 | 3:38 am Suicide bomber kills 12 in Pakistan’s PeshawarPeshawar: Pakistani forces attacked a Taliban stronghold with aircraft and artillery on Friday, as a suicide bomber killed 12 people in the city of Peshawar in the latest in a wave of militant attacks. The government says a ground offensive against the Pakistani Taliban in their South Waziristan lair is imminent and the army has been stepping up its air and artillery attacks in recent days to soften up the militants’ defences. The militants have launched a string of brazen attacks in the past 11 days, striking at the United Nations, the army headquarters, police and the general public, killing about 150 people, apparently trying to stave off the army assault. Friday’s blast was outside an office of the police’s Central Investigation Agency in the capital of North West Frontier Province, a staging post for US supplies into neighbouring Afghanistan. “I was on the spot within minutes and helped remove bodies. They were really in bad shape,” said resident Mohammad Rizwan. Police said a woman appeared to have been involved in the attack, while provincial information minister Iftikhar Hussain said the bomber drove up to the police office. “His leg has been found. It is not clear if it is of a man or a woman,” Hussain told reporters, adding three policemen were among the dead. A hospital official said 12 people had been killed. A nearby mosque was damaged and about a dozen people were wounded. Television showed anxious policemen wheeling bloodied colleagues into hospital. “We could see thick smoke and flames leaping into the sky from caves in the mountains after the bombing by jet fighters,” said a resident near Shahoor who declined to be identified. Security officials said they had no information about casualties in the latest attacks. “Some fleeing” An army official in the region said some Taliban were trying to leave the area in disguise ahead of the offensive. “They are now trying to run but we have tightened controls around their areas and are checking every person leaving,” said the military official in Wana, the main town in South Waziristan, where the army has a base. About 28,000 troops are in place to take on an estimated 10,000 hard-core Taliban, army officials have said. Pakistan’s stock market slipped as the violence escalated at the beginning of the week, but the main index was 0.88% higher at 9,932.77 at 0618 GMT. Investors would be reassured by an offensive on South Waziristan, dealers say. About 28,000 troops are in place to take on an estimated 10,000 hard-core Taliban, army officials have said. Pakistan’s stock market slipped as the violence escalated at the beginning of the week, but the main index was 1.1% higher at 0800 GMT. Investors would be reassured by an offensive on South Waziristan as a sign the government was getting to grips with the militants, dealers say. Pakistani Taliban fighters made advances towards Islamabad early this year, raising fears about the stability of the US ally. But significant military gains in the Swat valley, from where militants have largely been driven out in recent months, have reassured the US and Western allies about Pakistan’s commitment to the fight. In a sign of US continuing support, president Barack Obama signed on Wednesday a $7.5 billion aid bill for Pakistan over the next five years. But Pakistan’s military has complained about the bill because the legislation ties some funds to fighting militants and is seen by critics as violating sovereignty. Source: LatestNews-Home - Livemint.com | 16 Oct 2009 | 3:20 am Sterlite to raise $500 mn for expansion - NDTV.com
Source: Business - Google News | 16 Oct 2009 | 3:15 am Sony Ericsson Q3 loss narrows on cost cuts, marginSTOCKHOLM (Reuters) - Mobile phone maker Sony Ericsson posted a smaller than expected third-quarter pretax loss on Friday, boosted by big cost cuts, but said it expected the market to remain tough for the rest of the year.Source: Reuters: Money News | 16 Oct 2009 | 3:15 am Domestic airlines see spurt in September trafficIn spite of having carried over 8 lakh more passengers this September than in the corresponding month of 2008, this is the second worst performance of the domestic airline industry over the last six months.Source: Moneycontrol Top Headlines | 16 Oct 2009 | 3:14 am HCL Infosystems raises $102m via QIP issueThe qualified institutional placement (QIP) fever doesnt break yet. HCL Infosystems has raised USD 102 million by a QIP issue. The issue is priced at Rs 155 per share with equity dilution of around 18% post the issue.Source: Moneycontrol Top Headlines | 16 Oct 2009 | 3:13 am Indian rupee extends slide on import demand; dlr rise - Reuters India
Source: Business - Google News | 16 Oct 2009 | 3:08 am Oil Reaches 12-Month High Above $78 After Gasoline Supply Falls - Bloomberg
Source: Business - Google News | 16 Oct 2009 | 3:07 am UltraTech Cement Q2 profit rises 53 pc to Rs 251 cr - Economic Times
Source: Business - Google News | 16 Oct 2009 | 2:55 am Tech M stays away from BSNL dealTech Mahindra has pulled out of an IT tender floated by Bharat Sanchar Nigam South zone, paving the way for its newly acquired partner, Mahindra Satyam, to fight it out with Infosys and Wipro.Source: Moneycontrol Top Headlines | 16 Oct 2009 | 2:53 am UltraTech Cement Q2 profit rises 53% to Rs251 crMumbai: Aditya Birla Group company UltraTech Cement on Friday posted a profit after tax of Rs251 crore for the second quarter of this fiscal, a rise of 53% over that in the same period last year. Net sales of the cement maker increased to Rs1,541 crore in the latest quarter from Rs1,396 crore of the corresponding quarter last year, UltraTech Cement said in a statement to the Bombay Stock Exchange (BSE). Cement production of the company was higher by 12% to 3.73 MMT in the quarter ended 30 September, it said. On outlook, UltraTech said it expects industry demand to grow at 9% in FY10 given the government’s initiatives to boost rural development, infrastructure and housing. According to the cement manufacturer, the new capacities in the sector, which are at various stages of commissioning, will inevitably result in pressure on margins. It also said that the board of directors has re-appointed S. Misra as managing director of the company till 31 March 2010, subject to the approval of the shareholders. Shares of UltraTech were trading at Rs832 on BSE in afternoon trade, down by 1.51% over the previous close. Source: LatestNews-Home - Livemint.com | 16 Oct 2009 | 2:52 am Multiplexes await the big bangThis weekend Bollywood has over Rs 200 crore riding on new releases underwater adventure Blue (Rs 120 crore) which features a cameo by Kylie Minogue; UTVs Salman Khan and Kareena Kapoor starrer Main and Mrs Khanna (Rs 40 crore); and Ajay Devgans All the Best (Rs 70 crore).Source: Moneycontrol Top Headlines | 16 Oct 2009 | 2:49 am Global stocks at 1-year high; dollar, yen downLondon: World stocks held near a one-year high and the euro held firm against the dollar on Friday as optimism about the third-quarter corporate earnings season mounted, hitting bonds and the safe-haven yen. Global equities are heading towards highs last seen before the collapse of Lehman Brothers as major companies reported better than expected results, with JPMorgan setting a high bar. Google and IBM results continued a trend of beating analysts forecasts helping European stocks gain 0.7% in early trade and touch their highest level since early October 2008. The MSCI world equity index held near a 12 month high, and is up 73% since touching a six year trough in March, but it is still 6.7% below its level before Lehman Brothers collapsed last September. Investors were awaiting results from General Electric and Bank of America, looking for more evidence the global economy is quickly shaking off the recession caused by the financial crisis. “General Electric figures are seen better. But, in the banking sector there is a division between the investment and the retail banking sides,” said Justin Urquhart Stewart, director at Seven Investment Management. “As far as the investment banking side has been concerned these have been very good figures, but not sure if they are going to be repeated and on the retail side it is going to get weaker,” he said. Dollar, Yen weaken The dollar and yen, which tend to retreat as risk appetite gains, fell to a one-year low against the euro. “An increasingly positive mood on the global economy has been supporting higher-yielding currencies. While the yen is not one of these currencies, it had been firming, and now we are seeing some correction,” said Ayako Sera, market strategist at Sumitomo Trust & Banking in Tokyo. The euro was up 0.3% at $1.4896, while the greenback was 0.6% higher at ¥91.08. Sterling continued its recovery after comments from policymaker member Paul Fisher prompted speculation that the Bank of England would not extend quantitative easing. Oil rose for a seventh straight session to just below $78 per barrel, after touching a one-year high on improved demand outlook, a weaker dollar and an unexpectedly steep drop in US oil product stocks. Bund futures also suffered in the face of the increased confidence in the global economy, down 25 ticks on the day at 121.18. Source: Home - Livemint.com | 16 Oct 2009 | 2:38 am Britain keen to invest in MeghalayaBritain keen to invest in MeghalayaOpportunities for cooperation between Meghalaya and the UK to work on various sectors, particularly in education.Source: Daily News & Analysis: Money News | 16 Oct 2009 | 2:32 am Sony Ericsson Q3 loss widens on sales plungeStockholm: Mobile phone maker Sony Ericsson on Friday said its losses widened to euro164 million ($245 million) in the third quarter, mainly due to plunging sales, but reassured the market by announcing it had secured new financing from external investors. The LM Ericsson and Sony Corp. joint venture said losses in the same period a year ago came to euro25 million. Sales in the quarter fell more than 40% to euro1.6 billion, compared with euro2.8 billion in the same period in 2008. Units shipped in the July-September period amounted to 14.1 million, up 2% on the quarter, but down 45% on the year. Despite the weaker earnings, market watchers drew a breath of relief on the news the group will get fresh financing from external investors backed by parent companies Sony and Ericsson to strengthen its balance sheet and improve liquidity. The group said it signed up for euro455 million ($676 million) in external financing facilities at the beginning of the quarter, of which euro255 million have already been taken. It also includes a euro200 million two-year back-up. Sony and Ericsson have together guaranteed euro350 million of those facilities, it said. In April, Sony Ericsson announced it would slash 2,000 jobs, on top of 2,000 jobs cut last year, to lower costs. In total, it aims to cut operating costs by euro880 million, with full effect of the measures expected in the second half of next year. In Friday’s statement, it said the charges related to the cut backs would “be well within” its euro500 million estimate. In its outlook for the future, it said it expects the global handset market to shrink by around 10% from about 1.19 billion units in 2008. It’s unit market share came to around 5% in the third quarter, it said. Outgoing Sony Ericsson president Dick Komiyama said the company had worked at strengthening its image during the quarter. “Having refreshed our brand we are now better positioned to support the launch of new products,” he said. Greger Johansson, an analyst at research firm Redeye, said the financing issue was the single most important bit of news in the report. “This will give them some working peace for the next year,” he said, noting it is likely to push up Ericsson shares somewhat during the day. Although sales may have been “marginally lower” than hoped, the income line still beat analyst estimates by a bit, he said. Ericsson shares rose 1 percent to 71.90 kronor ($6.97) in early morning trading on the Stockholm stock exchange. On Thursday, world-leading mobile phone maker Nokia Corp. posted a third-quarter loss of euro559 million ($835 million), hurt by plummeting sales and one-off costs. Source: Home - Livemint.com | 16 Oct 2009 | 2:28 am VW plans cash call, could raise 10 bln eurFRANKFURT (Reuters) - Volkswagen AG said it will seek a potential further 10 billion euros from shareholders to secure its merger with Porsche and safeguard its financial stability.Source: Reuters: Money News | 16 Oct 2009 | 2:27 am Asian shares give up early gains, yen slidesHong Kong: Asian shares gave up early gains on Friday, with interest rate speculation pressuring assets in South Korea and China, while a bounce in the British pound continued to depress the yen and oil hit a one-year high above $78. European stock futures were up 0.4% and the euro hit a fresh 14-month high against the dollar at $1.4968, while US equity futures were 0.1% higher. The yen which lost more than 1% in New York trade, continued to suffer from a rebound in sterling as a short-covering squeeze on Britain’s currency spilled into cross/yen pairs. The squeeze was triggered by comments from Bank of England policy maker Paul Fisher that he felt more confident the bank’s quantitative easing programme was working well. The pound jumped to as high as 148.79, a three-week high, after rallying 3% on Thursday. “An increasingly positive mood on the global economy has been supporting higher-yielding currencies. While the yen is not one of these currencies, it had been firming, and now we are seeing some correction,” said Ayako Sera, market strategist at Sumitomo Trust & Banking in Tokyo. Upbeat US earnings reports on Thursday from financial giants Goldman Sachs and Citigroup bolstered hopes the US economy is picking up, along with results from tech stalwarts Google Inc and IBM, which reported earnings that exceeded already high expectations, showing demand from both consumers and businesses was returning. Asian shares were initially buoyed by the earnings news, but succumbed to profit taking ahead of the weekend and on growing concerns that interest rates in parts of the region could rise sooner than expected, potentially dampening a corporate earnings recovery. The MSCI index of Asia Pacific stocks traded outside Japan was down 0.3% by midafternoon, while the Thomson Reuters index of regional shares was off 0.2%. Despite a late slide in tech stocks as traders took profits from a recent rally, Japan’s Nikkei index managed a 0.2% gain as the weak yen spurred shares of exporters including Sony Corp, which rose 1.9%. Japan Airlines dove more than 11% on a Kyodo news report that the cash-strapped carrier was reconsidering plans to sell shares in its group firms. Asian shares have been trading at 14-month highs this week and some analysts say share prices have raced up too far ahead of economic fundamentals, but opinions differ on whether they will continue climbing, consolidate around current levels or retreat. “There’s a growing risk of profit-taking on a sense that US shares may be overpriced ...,” said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities in Tokyo. “Even so, the pace of economic recovery seems to be better than expected, as shown by strong US tech earnings, and global stock markets are trending upwards.” INTEREST RATE JITTERS Shanghai stocks slid more than 1% as investors were unnerved by comments from China’s central bank late on Thursday that its ultra-loose monetary policy would have a time limit. Stocks in South Korea were also hit by interest rate fears and concerns that the won’s recent strength will undermine exporters’ sales. The main index fell 1%. Foreigners dumped Korean treasuries after the central bank governor told lawmakers late on Thursday that once rates start rising, the hikes would probably be bigger than usual. Korea is expected to be the next G20 nation to raise interest rates, following Australia’s surprise rate rise last week, as the country seeks to stave off a potential property bubble. Korean liquid crystal display panel maker LG Display saw its shares drop 4.2% despite it posting record quarterly profits as the market worried about earnings prospects heading into 2010. Elsewhere in the region, energy stocks got a lift from surging oil prices, pushing shares such as PetroChina, the world’s most valuable oil and gas producer, up 1%. Thailand’s stock market bounced back 2%, after shedding 5% on Thursday in its biggest drop in a year on concern over the health of the 81-year-old king. The palace said on Thursday that the king’s health was improving but he needed time-consuming physical therapy. The shift to high-yielding currencies sent the Australian and New Zealand dollars to fresh highs for the year against the dollar. Oil rose for the seventh straight session, gaining 48 cents to a one-year high of $78.06 per barrel, after data showed unexpectedly steep declines in US inventories. Oil is heading for a gain of nearly 9% this week, buoyed by signs that a global economic recovery is slowly gathering steam and by persistent weakness in the dollar. However, as is the case in stock markets, some analysts believe some profit-taking may be on the cards after the steep price run-up in recent months. Gold steadied around $1,050 an ounce, after falling more than $10 the previous day, as the precious metal consolidated from record highs hit earlier this week. Source: Home - Livemint.com | 16 Oct 2009 | 1:48 am BASF India okays sale of Dadra site, stock up - Moneycontrol.com
Source: Business - Google News | 16 Oct 2009 | 1:43 am Oberoi hotel chain head in stake sale talksMumbai: The founding family of India’s Oberoi hotel chain is in talks to sell a part of its stake to Analjit Singh, who controls healthcare services and insurance firm Max India , the chairman of the hotel group said. “The matter is under deliberation. No decision has been taken,” P.R.S. Oberoi, the head of EIH Ltd that owns the hotel chain, said in a statement late on Thursday. He was responding to a report in the Economic Times newspaper that the Oberoi family plans to sell a little over 17% to Singh for up to Rs12.5 billion ($270.6 million). The Oberoi family owns about 43% of EIH, the paper said. The report had lifted EIH shares more than 7% to Rs136.25 on Thursday. On Friday, the Economic Times said diversified tobacco firm ITC that also runs a hotel chain and owns nearly 15% in EIH was evaluating the situation. The paper said bankers close to ITC indicated that the firm may raise its holding to 15% and trigger an open offer for another 20%. “We have no comments to make on this,” an ITC spokesman told Reuters. Source: Home - Livemint.com | 16 Oct 2009 | 1:19 am Fingerprinting or iris scan during 2011 census for UID schemeNew Delhi: The upcoming 2011 census will see the government capturing all your 10 fingerprints or do an iris scan for the National Population Register that will come in handy for the ambitious Unique Identification Number (UID) project. The UID scheme, which is expected to roll out the first number in 12-18 months, will be first conferred on the beneficiaries of the the centre’s flagship programme under the National Rural Employment Guarantee Act (NREGA). But the specific 16-digit number, which will be unique to an individual, will not confer on anyone any rights including citizenship, Unique Identification Authority of India (UIDAI) chairman Nandan Nilekani said. He said “several thousand crore” will be required to fund the scheme but details of who exactly will do the financing are yet to be finalised. He dismissed reports that the project would cost about 1.5 lakh crore. The UID is a concept designed mainly as an inclusive scheme for the benefit of the poor and the marginalised and for better targeting of anti-poverty and developmental programmes which are now plagued by inadequacies like duplicate and anonymous beneficiaries, he said in an interview to PTI. Nilekani said a biometrics committee under the leadership of Dr B K Gairola, Director General of National Informatics Centre, has been set up which will figure out the options. “These are all designs choices that we will freeze in the next 3-4 months,” he said. Talking about the project, Nilekani said the UID number will give an identity to all people, especially the poor and marginalised and will help curb duplication of people in various development schemes of the government besides those who avail subsidies. He said the task is very challenging as the largest database in the United States of this kind is of 120 million people and here it is about 1.2 billion people. Nilekani said the first phase of the UID would roll out in about 18-24 months and his office aims to cover 600 million people in the next four years after that. Source: LatestNews-Home - Livemint.com | 16 Oct 2009 | 1:15 am Banks see muted Sept qtr profits on sedate loan growthMUMBAI (Reuters) - India's mid cap lenders are likely to post a muted net profit growth in the July-September quarter owing to a sluggish increase in loans and lower treasury gains from government bonds, analysts said.Source: Reuters: Money News | 16 Oct 2009 | 1:09 am Markets up as banks gain; Sterlite dipsMumbai: Indian shares were up 0.7% on Friday as financial stocks gained as fears of an imminent rate hike by the central bank eased, while strong quarterly corporate results so far also kept the sentiment positive. Sector leader State Bank of India was up over 4% and private bank ICICI Bank was more than 2% supported by a view the Reserve Bank of India would not change its key interest rates at an 27 October review. By 11:59am, the 30-share BSE Index was trading up 0.73% at 17,320.41, with 17 of its components gaining. “The momentum is on as the fund flow is continuing. Most companies have delivered results which are better than expectations. So, the sentiment is positive,” said Gajendra Nagpal, CEO of Unicon Financial. Metals maker Sterlite Industries fell as much as 9% after it raised $500 million in senior notes, which are convertible into American depositary shares at $23.33 per share. The stock was trading 6% lower at Rs816. “Sterlite Industries is fairly liquid. Market is at a loss to understand as to why would they need to tap the market for funds so frequently,” added Nagpal Dealers said concerns over equity dilution also pulled down the stock. Sterlite Industries’ ADS dipped 10.5% on Thursday. The software services companies, which draw a huge portion of their revenue from North America, recouped some of the previous session’s losses, after rupee weakened against the US dollar. Top outsourcer Tata Consultancy, was up 1.4% at Rs590.45, ahead of its quarterly results announcement. Wipro gained 0.5% at Rs578. TCS is likely to report a 20% rise in its net profit, a Reuters poll showed. Reliance Industries, which has the highest weight on the Sensex, was trading 1.4% higher at Rs2,201. In the broader market, gainers were nearly double the number of losers with 143 million shares changing hands on the Bombay Stock Exchange. The 50-share NSE index was up 0.53% at 5,136. Source: Home - Livemint.com | 16 Oct 2009 | 12:44 am SAIC, GM in talks on cooperation in India - sourceSHANGHAI (Reuters) - SAIC Motor Corp, China's biggest automaker, is in talks with its partner General Motors to explore new business opportunities that include India, a source with knowledge of the matter said on Friday.Source: Reuters: Money News | 16 Oct 2009 | 12:34 am SAIC, GM in talks on cooperation in IndiaShanghai: SAIC Motor Corp, China’s biggest automaker, is in talks with its partner General Motors to explore new business opportunities that include India, a source with knowledge of the matter said on Friday. The Economic Times reported that the Shanghai-based automaker was close to taking a stake in General Motors India but did not provide further details. The source told Reuters that discussions between SAIC and GM were aimed at expanding their ties, including opportunities in India, one of the world’s fastest growing auto markets. The US automaker produces Cadillac, Buick and Chevrolet models in Shanghai with SAIC. The partners also manufacture Wuling-brand minivans and pick-up trucks in south China. “GM’s discussions with SAIC include business opportunities in India, but no final decision has been made on how they will cooperate,” the source said. SAIC said only that it was continuing discussions on further business opportunities with GM, while GM had no comment on the matter. Good partnership The GM-SAIC partnership is one of the most successful tie-ups between a foreign and local automaker, helping both be dominant players in a market where Volkswagen AG, Toyota Motor, Ford Motor are also competing fiercely. SAIC, the maker of Roewe sedans popular with the young Chinese business elite, forecast a more than 70% jump in its net profit in the first nine months, after reporting a 47% rise in vehicle sales. GM sold 55.6% more vehicles in China during the period, leading a 34.24% gain of the overall market. Its China chief Kevin Wale said this week the Detroit automaker aimed to outpace the growth of the market again in 2010. Analysts are positive about a further expansion of SAIC and GM’s partnership, especially in fast-growing emerging markets, such as India, where demand may match China, which topped the United States as the world’s largest auto market in January. “It makes sense for SAIC and GM to forge closer ties and explore new opportunities in other markets,” said Qin Xuwen, an analyst with Orient Securities. “I won’t be surprised if they join hands in India which is only next to China in terms of growth potential.” Source: World Business - Livemint.com | 16 Oct 2009 | 12:28 am SAIC, GM in talks on cooperation in IndiaShanghai: SAIC Motor Corp, China’s biggest automaker, is in talks with its partner General Motors to explore new business opportunities that include India, a source with knowledge of the matter said on Friday. The Economic Times reported that the Shanghai-based automaker was close to taking a stake in General Motors India but did not provide further details. The source told Reuters that discussions between SAIC and GM were aimed at expanding their ties, including opportunities in India, one of the world’s fastest growing auto markets. The US automaker produces Cadillac, Buick and Chevrolet models in Shanghai with SAIC. The partners also manufacture Wuling-brand minivans and pick-up trucks in south China. “GM’s discussions with SAIC include business opportunities in India, but no final decision has been made on how they will cooperate,” the source said. SAIC said only that it was continuing discussions on further business opportunities with GM, while GM had no comment on the matter. Good partnership The GM-SAIC partnership is one of the most successful tie-ups between a foreign and local automaker, helping both be dominant players in a market where Volkswagen AG, Toyota Motor, Ford Motor are also competing fiercely. SAIC, the maker of Roewe sedans popular with the young Chinese business elite, forecast a more than 70% jump in its net profit in the first nine months, after reporting a 47% rise in vehicle sales. GM sold 55.6% more vehicles in China during the period, leading a 34.24% gain of the overall market. Its China chief Kevin Wale said this week the Detroit automaker aimed to outpace the growth of the market again in 2010. Analysts are positive about a further expansion of SAIC and GM’s partnership, especially in fast-growing emerging markets, such as India, where demand may match China, which topped the United States as the world’s largest auto market in January. “It makes sense for SAIC and GM to forge closer ties and explore new opportunities in other markets,” said Qin Xuwen, an analyst with Orient Securities. “I won’t be surprised if they join hands in India which is only next to China in terms of growth potential.” Source: Home - Livemint.com | 16 Oct 2009 | 12:28 am It’s Asia’s turn to support global trade system: ADBWashington: Asian countries, whose resilient economies have given them new clout as the world tackles a financial crisis, need to do more to shore up the global trade and banking system, the chief economist of the Asian Development Bank said on Thursday. “Now the role of Asia in the global forum increased significantly and is recognized by global leaders,” said Jong-Wha Lee of the Manila-based ADB. “The power balance has been changing from the West to East Asia -- perhaps this is the first step,” he said in an interview with Reuters in Washington. Lee, a South Korean academic, was referring to the new prominence of his country and fellow Asian economic heavyweights China, India and Indonesia in the G20, formed last year amid the global financial crisis. “We see this as a way to promote the peaceful rise of Asia as a new economic power and to integrate East Asian countries together and to let Asian countries contribute to the world economy,” he said. The ADB, which wants to achieve “open regionalism” in Asia by reducing trade barriers and boosting interregional trade in finished goods, sees bolstering trade openness in these uncertain times as a key contribution Asia can make, Lee said. “Asian countries got a lot of benefit from international integration. Now is the time to preserve the international trade openness as well as financial globalization,” he said. “We need to contribute more,” added Lee. More stable growth in Asia coming out of the global crisis will require China and other economies to shift from export-led growth to domestic demand, both to cushion it from external shocks and reduce the huge current account surpluses that contributed to the global financial meltdown, he said. “Asian countries also contributed to global imbalances and so we need to try to readjust our export-oriented strategy,” Lee said, underscoring one of the main messages from last month’s G20 summit in Pittsburgh. “Further exchange-rate flexibility is very important. because artificial intervention to keep currencies competitive, undervalued, is what we want to avoid,” he said. Source: Home - Livemint.com | 16 Oct 2009 | 12:19 am Google’s growth accelerates as Q3 profit risesSan Francisco: Google Inc. shifted into a higher gear in the third quarter and began to leave the recession behind as the 11-year-old Internet search leader recorded its biggest profit yet. Revenue growth also accelerated for the first time since the US recession began in December 2007. The results released Thursday are the strongest indication yet that the Internet advertising market is bouncing back from its worst funk since the dot-com bust at the start of the decade. Google is considered a good barometer for the state of online commerce because its search engine serves as the hub of the Web’s largest advertising network. “The worst of the recession is clearly behind us and because of what we have seen, we now have the confidence to be optimistic about our future,” Eric Schmidt, Google’s chief executive, told analysts in a conference call. Schmidt’s optimism echoed his public remarks leading up to the earnings release. That sentiment has helped propel Google to a succession of new 52-week highs this week, a rally that continued after the company put out its third-quarter numbers. Google’s shares rose $17.13, or 3.2%, to $547.04 in extended trading. In regular trading earlier, its shares fell $5.41, or 1 percent, to close at $529.91. The stock remains well below its peak of nearly $750 reached almost two years ago, but has more than doubled from its 52-week low of $247.30. Google earned $1.64 billion, or $5.13 per share, in the three months ended in September. That represented a 27% increase from $1.29 billion, or $4.06 per share, at the same time last year. Excluding expenses for employee stock compensation, Google said it would have made $5.89 per share above the average estimate of $5.42 per share among analysts polled by Thomson Reuters. Revenue for the three months ending in September climbed 7% to $5.94 billion. That is Google’s fastest growth rate so far this year. In a telling sign that things are picking up again, Google’s third-quarter revenue rose 8% from the second quarter. That’s the biggest sequential quarterly increase since the end of 2007. After subtracting commissions paid to Google’s advertising partners, the company’s revenue totaled $4.38 billion about $140 million above analyst estimates. Schmidt and other Google executives left no doubt that they believe the Mountain View-based company is poised to scale even greater financial heights in the next year or two. Among other things, they said the company’s popular video service, YouTube, is getting closer to making money three years after Google bought it for $1.76 billion. Feeling more emboldened, Schmidt said Google will start spending more liberally again after skimping on its expenses for the past year. The commitment includes hiring more employees after Google pruned its payroll for the past two quarters, paring its work force to 19,665 people at the end of September. Google could be further along the comeback trail than other companies that depend on Internet advertising. Part of the reason is because Google is such a dominant force; it process nearly two-thirds of the Internet search requests in the US. Advertisers are more likely to invest in search marketing because it only costs them when Web surfers click on their commercial messages. Spending on online billboards the kind of visual advertising that’s Yahoo Inc.’s specialty isn’t expected to pick up until the economy gets even healthier. Yahoo is scheduled to report its third-quarter earnings next week. Source: Home - Livemint.com | 16 Oct 2009 | 12:07 am Aviation sector’s reinsurance premiums may climb 5%Bangalore, Oct. 15 The domestic aviation sector may have to face more turbulence as reinsurance premiums are expected to escalate by 5 per cent.Source: Business Line - Home Page | 16 Oct 2009 | 12:00 am Multiplexes await the big bangMumbai, Oct. 15 Multiplexes are hopeful that Diwali will light up the box-office onceSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Dow outpaced by Sensex, trades at a discountIt is a reversal in fortunes that no one could have foreseen a year ago. Not only has the Indian market staged a much stronger rebound than the US from the credit crisis, it has also come to enjoy premium valuations over the latter in theSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Day Trading GuideWe reiterate our prior view that fresh long-position can be initiated only if DLF exceeds Rs 442, with stiff stop-loss. Utlise rallies to sell ICICI Bank with tight stop at Rs 955. The near-term outlook isSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Auto loans moving into top gearMumbai, Oct. 15 The lacklustre auto loan market seems to be on course for a revival thanks to lower interest rates and a turnaround in customerSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Govt allows Coal India to hike prices by 11%Kolkata, Oct. 15 The Union Government today allowed Coal India to hike prices by 11 per cent on an average with effect from October 16. The price rise comes after nearly two years.Source: Business Line - Home Page | 16 Oct 2009 | 12:00 am IT sector heads for new round of acquisitionsChennai, Oct. 15 In what could be the head of a fresh round of acquisition, two Chennai-centred companies — Polaris and Cognizant Technologies — today announced mergers and acquisitionsSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am CCL Products India (Rs 170.6): BuyWe recommend a buy in CCL Products India from a short-term perspective. It is apparent from the charts of the stock that since March low of Rs 51, it has been on an intermediate-term uptrend, shaping higher peaks and troughs. While trendingSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Bajaj posts record profit, sales in Q2Pune, Oct. 15 Bajaj Auto has just had its best quarter ever in its history with net profit up 118 per cent to Rs 402.83 crore from Rs 184.91 crore in the same period lastSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Delayed monsoon a dampener for fireworks sectorChennai, Oct. 15 Harendra Doshi, a Chennai-based jewellery maker, drove about an hour-and-a-half to a company-owned fireworks depot in T. Nagar, among Chennai’s top business districts, and blew up close to Rs 3,500 on fireworks for hisSource: Business Line - Home Page | 16 Oct 2009 | 12:00 am Rupee weakens in choppy trade; stocks eyedMumbai: The Indian rupee seesawed in choppy trade on Friday as domestic shares failed to provide a clear direction, while dollar demand from importers and mostly lower Asian units also weighed on sentiment. At 10:35am, the partially convertible rupee was at Rs46.29/30 per dollar, weaker than its previous close of Rs46.225/235. On Thursday, the rupee had risen to Rs45.80, its highest since 24 September 2008. “Importers have been buying dollars after the rupee rose to Rs46.10 levels early,” a senior dealer with a foreign bank said predicting a range of Rs46.10-46.40 for the day. Early in the session, the rupee rose to Rs46.06 helped by a stronger close in the offshore non-deliverable forwards. One-month offshore NDF’s were quoting at Rs46.24/34, marginally higher than the onshore spot rate. Dealers said they would watch the share market and the dollar’s performance versus majors for further direction. Indian shares were choppy in early trade on muted cues from Asian peers as traders awaited further cues from corporate quarterly earnings. The euro and high-yielding currencies such as the Australian and the New Zealand dollars hit new highs for the year against the dollar after positive US data and encouraging corporate earnings prompted investors to further build long positions, dealers said. Most Asian units were trading weaker against the dollar. Traders would also be looking out for the central bank’s monetary policy review due on 27 October. “Exchange rate management versus inflation management, this is key question that the RBI will need to address. Rising capital inflows are commensurate with sterilization costs which tend to augment domestic liquidity,” Shubhada Rao and Bhavana Mahajan, economists at Yes Bank wrote in a weekly note. “Given persistent liquidity overhang, the dilemma for monetary policy will lie in managing exchange rate pressures with ‘incipient´ inflationary pressures which are already building up,” they said. Source: Home - Livemint.com | 15 Oct 2009 | 11:56 pm Corporate India to clock 22.8% PAT growth this fiscal: CMIEMumbai: Corporate India is likely to witness 22.8% growth in its Profit After Tax (PAT) in the current fiscal, an economic think-tank said in its report. “Corporate sales growth will average at a meagre 4.1% in 2009-10. At the same time, PAT will rise by a robust 22.8%,” the Centre for Monitoring Indian Economy (CMIE) said in its latest report on the state of the Indian economy. The manufacturing sector (excluding petroleum sector) would report a 24.3% PAT growth mainly on account of low raw material prices and soft interest rates, CMIE said, adding that the PAT of the financial and non-financial services would rise by 32.2% and 20.4%, respectively. According to the report, corporate India took a hit on its sales due to fall in commodity prices, drying up of export demand and postponement of purchases by the domestic consumer following the global liquidity crisis. “From 35% in the first-half of 2008-09, India Inc’s sales growth slumped to 12.1% and 0.1% in December 2008 and March 2009 quarters, respectively,” CMIE said. However, the corporates managed to protect their profits from the impact of the global liquidity crisis as PAT rose by 16% in the March-2009 quarter and its growth further accelerated to 19.9% in the June-2009 quarter, CMIE said. Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 11:34 pm Gold glitters in diamond city on DhanterasOn Thursday, people were seen flocking to the markets for purchasing on the occasion of Dhanteras. Despite high prices of gold, people purchased the yellow metal in huge quantity.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 11:21 pm Surat's diamond industry downs shutters for DiwaliIt is vacation time for the diamond industry, as diamond cutting and polishing units and the trading markets in Surat down shutters for the annual Diwali vacation.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 11:17 pm Sensex up 19 pts in early tradeThe Bombay Stock Exchange benchmark Sensex today opened moderately higher by 19 points as investors refrained from creating fresh positions on the last day of samvat year 2065.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 11:12 pm Indian rupee drops as importers buy dollarsThe Indian rupee was marginally weaker after a higher start on Friday as importers sought to buy dollars close to the 46 levels, while mostly lower Asian units also weighed on sentiment.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 10:19 pm Oil up to year high above $78 on dollar, inventoriesSingapore: Oil rose for a seventh session to a one-year high above $78 a barrel on Friday, after an unexpectedly steep drop in US oil product stocks and further weakness for the dollar. Year highs for US stocks also helped oil power towards its best week of gains in nearly two months, even though investors were disappointed by results from top US banks Goldman Sachs and Citigroup. The release of US September industrial production and capacity utilisation data, and a report on consumer sentiment for October, will offer more insight into the strength of the world’s largest economy and top oil user. US crude for November delivery rose 48 cents to $78.06 a barrel by 0215 GMT, after settling $2.40 higher at $77.58 on Thursday. London Brent crude was up 40 cents at $76.63. Oil is headed for a gain of 8.75% this week, and is its longest winning streak since July, but there are some worries about how long the rally can be sustained. “A correction is on the cards. I would expect profit taking to set in next week, and oil to retreat to the mid- to low-$70s,” said Ben Westmore, commodities analyst with the National Australia Bank. “Fundamentals remain weak. Global inventories are still pretty high, and unless we see the supply overhang being worked off, an oil price in the high-$70s is really not justified.” Oil’s 3.2% gain on Thursday came after US Energy Information Administration data showed gasoline inventories fell by 5.2 million barrels last week, against analyst expectations for an increase. Distillate stockpiles also fell unexpectedly, while crude stocks rose 400,000 barrels, smaller than the forecast of a 700,000-barrel build. Stronger US weekly jobless claims suggested the job market might be stabilising, which together with positive earnings results pushed the dollar to a 14-month low against the euro on Friday. After results from JPMorgan and Goldman Sachs earlier this week, earnings from Bank of America and General Electric are due on Friday. Industrial production and capacity utilisation data for September is expected to show a 0.2% rise in production, while the Reuters/University of Michigan Surveys of Consumers will release its October preliminary consumer sentiment index. Source: Home - Livemint.com | 15 Oct 2009 | 9:39 pm Google, IBM round out strong tech results weekSAN FRANCISCO (Reuters) - Google Inc and IBM rounded out a strong week of technology results, outstripping already high expectations and providing further evidence that a recovery is brewing.Source: Reuters: Money News | 15 Oct 2009 | 9:10 pm Sterlite in Tuticorin ramp-upSterlite Industries Ltd plans to double copper smelting capacity at Tuticorin in Tamil Nadu to 8 lakh tonnes at a cost of Rs 2,300 crore.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 5:17 pm 'The phone'll be your life's remote control'CDMA technology pioneer Qualcomm looks upon the phone as the most personal device, for communications, entertainment, computing and productivity.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 4:28 pm Hyundai mulls expansionHyundai Motor India, the country's largest exporter of cars, is considering creation of fresh capacity to meet demand upsurge.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 4:28 pm UCO Bank follow-on offer by JanUCO Bank is expecting the approval of the RBI for its proposed general insurance joint venture by November this year.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 4:22 pm Impax deal may hurt RanbaxyRanbaxy Laboratories may have to make do with lower sales from the generic version of the blockbuster drug Flomax during its 6 month exclusivity period.Source: Daily News & Analysis: Money News | 15 Oct 2009 | 4:20 pm FIPB again rejects ByCell Telecom\'s pleaThe Foreign Investment Promotion Board (FIPB) has again rejected ByCell Telecoms plea for approval, reports CNBCTV18 quoting sources. Earlier, FIPB had revoked approvals granted to ByCell on security groundsSource: Moneycontrol Top Headlines | 15 Oct 2009 | 2:36 pm PepsiCo pumps in $210mn in India; revenues zoomPepsiCo India is on a high. The beverage major has pumped in a whopping USD 210 million in India this year and the results are already showing. Last quarter, PepsiCo\'s revenues grew 30% while carbonated beverages grew 50%. This is the highest for PepsiCo India in a decade.Source: Moneycontrol Top Headlines | 15 Oct 2009 | 2:35 pm UBS\' BPO buy to broaden services: CognizantLakshmi Narayanan of Cognizant said that the company\'s is a leader as far as the financial services industry is concerned and that UBS is a very strategic fit for its business.Source: Moneycontrol Top Headlines | 15 Oct 2009 | 2:20 pm India’s car market just got more excitingNew Delhi: With the festive season in full swing, car fanatics can look forward to a slew of new domestic launches. The market has bounced back: car makers are trying to notch up their volumes by offering more value to the consumer, with sophisticated features at much lower prices than before. What new cars are available, what features do they have to offer, and what can we expect to see in the coming months? Mint talks to Siddharth Patankar, host of NDTV’s Car & Bike Show to learn more. Listen to Siddharth Patankar talk about new cars on the market this season Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:45 pm Bajaj Auto continues to gain volume and mkt shareOn to the earnings corner, twowheeler major Bajaj Auto has come out with strong second quarter numbers. Profits doubled to Rs 402 crore against Rs 185 crore clocked in the corresponding quarter last year.Source: Moneycontrol Top Headlines | 15 Oct 2009 | 1:37 pm New York Stock Exchange shrinks as rivals take over tradesNew York: For most of the 217 years since its founding under a buttonwood tree on Wall Street, the New York Stock Exchange (NYSE) was the high temple of American capitalism. Behind its Greco-Roman facade, traders raised a Dante-esque din in their pursuit of the almighty dollar. Good times or bad, the daily melee on the cavernous trading floor made the Big Board the greatest marketplace for stocks in the world.  Increased competition: Traders at the BATS Exchange in Lenexa, Kansas, on 8 October. The BATS Exchange is a world away from the shouting on the floor at the New York Stock Exchange. Ed Zurga / The New York Times Young, fast-moving rivals are splintering its public marketplace and creating private markets that, their critics say, give big banks and investment funds an edge over ordinary investors. Some of the new trading venues—dark pools, the industry calls them—are all but invisible, even to regulators. These stealth markets enable sophisticated traders to buy and sell large blocks of stock in secrecy at lightning speed, a practice that has drawn scrutiny from the Securities and Exchange Commission. These upstarts are utterly unlike the old-school Big Board, which is struggling to make its way as a for-profit corporation after centuries of ownership by its seat-holding members. Last year, its parent company, NYSE Euronext, lost $740 million (nearly Rs3,400 crore today). Wall Street’s judgement has been swift and brutal. Since January 2007, the share price of NYSE Euronext has lost nearly three-quarters of its value, even though stock trading overall has soared. While the exchange has been under assault since the beginning of the decade, its decline has accelerated in recent years as aggressive competitors have emerged. Today, 36% of daily trades in stocks that are listed on NYSE are actually executed on the exchange, down from about 75% nearly four years ago. The rest are conducted elsewhere, on new electronic exchanges or through dark pools. The old Big Board was far from perfect. Its floor brokers —who occupy a privileged, and potentially lucrative, niche between buyers and sellers—have sometimes enriched themselves at their customers' expense. But changes inside the exchange’s grand Main Hall are startling. For decades, NYSE was the kind of place where sons followed their fathers onto the trading floor. But half of the jobs there have disappeared over the past five years. Many of the 1,200 or so remaining workers retreat quietly to their computers shortly after the opening bell clangs at 9.30am. The Big Board has been forced to close one of its five trading halls, and it has repopulated two others with business from the American Stock Exchange, which NYSE Euronext bought last year. The Main Hall—the soaring, gilded room that opened in 1903—can seem little more than a colourful backdrop for CNBC. “It has not been pretty,” said Benn Steil of the Council on Foreign Relations in New York. “All the big established exchanges around the world have experienced the same phenomenon, but the New York Stock Exchange has taken the biggest beating.” It is a remarkable comedown for NYSE, and for New York. Once the undisputed capital of capital, the city is struggling to retain its dominance in finance as the industry globalizes. Wall Street seems to be no longer a place, but a vast, worldwide network of money and information. ©2009/THE NEW YORK TIMES feedback@livemint.com Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:25 pm Commercial cultivation of Bt brinjal may take a yearNew Delhi: Bt brinjal, or the country’s first genetically modified food crop, is unlikely to be available for commercial cultivation before late next year, and still requires mandatory clearances from three government ministries, say key officials involved with the regulatory process. On Wednesday, the genetic engineering approval committee (GEAC), a biotechnology regulatory authority ruled that genetically modified, or GM, brinjal was safe for commercial cultivation. This was after a GEAC subcommittee, constituted on the Supreme Court’s directive, reviewed the scientific data from two-year-long field trials in farmers’ fields. However, apart from environment minister Jairam Ramesh’s nod, commercial cultivation of the genetically modified vegetable will require approvals from the ministries of agriculture and health and family welfare. Even if a GM crop is not an environmental threat, it had to prove itself better than its naturally produced counterpart to be allowed for commercial cultivation. “A genetically modified fish may be safe, but you have to prove it’s beneficial too. You can’t have a genetically modified crop just for the sake of it,” said M.K. Bhan, secretary, department of biotechnology. “So stakeholders such as the ministry of agriculture and health, etc., have to clear it before it reaches the field.” Bhan is involved with the GEAC’s decision-making process. Minister of state for agriculture K.V. Thomas emphasized that though the agriculture ministry would take a “scientific” view on the need for GM crops, Bt brinjal was unlikely to make an appearance on dining tables anytime soon. “We are not going to have a negative approach. Neither are we blindly objecting or supporting it. Our decision will be on the basis of advice from scientists,” he said over the phone, adding that commercial cultivation of the vegetable is not “likely before another year”. Jairam Ramesh, minister of state in the ministry of environment and forests (MoEF), said since there were “strong” views both for and against genetically modified food crops, more consultation was required. “I have studied the recommendations and have decided that a series of consultations with scientists, agricultural experts, farmers’ organizations, consumer groups and NGOs will be held in January and February 2010,” he said. Activists and farmers’ organizations have protested against approvals to genetically modified crops, largely on grounds of its allegedly toxic health effects. Several European countries have banned GM crops. “Clearance of such a crop requires the authorities to practice extreme caution. Currently in India there is no labelling regime for genetically modified foods which will give consumers a choice to make a decision whether they want to consume genetically modified food or not. Till the time this is done regulators should not clear edible GM crops,” said Sunita Narain, director, Centre for Science and Environment, a Delhi-based environmental activist group. Currently, Bt cotton is the only genetically modified crop allowed for commercial cultivation. Its use was prompted by pests becoming increasingly resistant to traditional insecticides—in some cases, a pest that could have once been killed with a single dose of insecticide needed 21,000 doses. The use of Bt cotton in India has increased cotton yield from 308kg per hectare in 2001 to 508kg per hectare in 2006, according to Cotton Corp. of India Ltd, a state-owned company that helps in the marketing of cotton. Like Bt cotton, the transgenic brinjal contains a gene, artificially introduced into its genome, mainly from a soil bacterium called bacillus thuringienesis. Research into Bt brinjal is part of a USAID programme called Agri-Biotechnology Support Programme (ABSP) under a private-public partnership where three Indian institutions—the Indian Institute of Vegetable Research (Varanasi), the University of Agricultural Sciences (Dharwad) and the Tamil Nadu Agricultural University (Coimbatore)—are working with Monsanto and Mahyco. Bt Brinjal has been under trial for the past nine years and was first sent to the GEAC for approval in 2004. It was cleared by a panel led by Delhi University vice-chancellor Deepak Pental, but a GEAC review committee was constituted in 2007 when civil society groups and NGOs raised doubts over health safety and environmental concerns. jacob.k@livemint.com Liz Mathew and Seema Singh in Bangalore contributed to this story. Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:24 pm Inflation at 0.92%, most since MayNew Delhi: Wholesale prices rose the most since May as the weakest monsoon rain in almost four decades caused shortages and pushed up costs of vegetables, lentils and other food products. The benchmark Wholesale Price Index, or WPI, climbed 0.92% in the week to 3 October from a year earlier, after gaining 0.7% in the previous week, the commerce ministry said on Thursday. Economists had expected a 1.46% increase. Reserve Bank of India (RBI) governor D. Subbarao, who says India may need to act before developed economies to curb incipient inflationary pressures, next reviews the central bank’s monetary policy on 27 October. “Food inflation is bound to push inflation above the Reserve Bank’s comfort zone,” said Samiran Chakraborty, an economist at Standard Chartered Bank in Mumbai. feedback@livemint.com Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:24 pm Quick Edit | Mukesh Ambani, take a bowWhile there can be no risk of Reliance Industries Ltd chairman Mukesh Ambani not being able to make ends meet after he decided to take a 66% pay cut in 2008-09, his decision to practise some moderation needs to be seen in the right context. Sure, Ambani still got paid Rs15 crore last year, and stands to earn dividend on his holding in Reliance (in 2008-09, he and other promoters earned at least Rs1,100 crore as dividend income), but his decision to take a pay cut is still welcome —even though it does come at a time when he and his estranged brother Anil Ambani are in the midst of a bitter legal and media battle where every bit of positive news helps. Mukesh Ambani, one of the richest men in India—he owns a cricket team and once gifted his wife an Airbus 319 corporate jet—has decided to react to the ongoing debate on executive pay by pruning his own significantly. This makes his salary lower than those of CEOs at some lesser companies—ones that aren’t doing as well as Reliance. Will they follow suit? Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:22 pm Bajaj Auto net up a hefty 117%Mumbai: India’s second largest two-wheeler maker Bajaj Auto Ltd on Thursday reported its best operating margins for the quarter ended September, signalling that managing director Rajiv Bajaj’s strategy of focusing on high-end bikes and premium segment entry-level motorcycles is paying off. Bajaj Auto’s net profit vaulted 117% to Rs403 crore, beating Street expectations for the second quarter in a row as it sold more Discover motorcycles and exports rose.  Graphics: Yogesh Kumar / Mint Bajaj sells the Discover 100cc, introduced in mid-July, at a premium of Rs800-8,000 to rival Hero Honda’s CD Dawn and Splendor models. The company sold 160,000 units of Discover and a greater contribution of bigger displacement bikes from the Pulsar range also helped margins. In October 2006, Bajaj had announced plans of exiting from the 100cc segment as it was not “making money”. The new Discover is produced at the firm’s unit in Uttarakhand that offers excise duty benefit. As volumes grow, the firm will be able to leverage the benefit better. It gained from lower expense on raw materials such as steel and aluminium. The quarter has been by far the best for Bajaj Auto in terms of sales, export volume, net profit and operating margin, the firm said. With 81,000 units exported in September, it’s likely to exceed the annual target of 800,000, the firm said. Despite the stellar performance, Bajaj Auto shares lost 3.37% on the Bombay Stock Exchange to close at Rs1,554 apiece as investors booked profits. The bellwether equity index, the Sensex, lost 0.21%. The company attributed the success to the strategy of focusing on the more profitable category of “bigger and sportier” motorcycles, reflecting in higher operating margins. Sales of the “newly launched Discover have been surprising”, said Joseph George, analyst at BNP Paribas Securities Ltd. Bajaj Auto’s sales grew 7% to 686,727 units in the quarter. Of this, exports made up 224,334 units, up 8% from a year ago. Exports typically offer better realization than the domestic market. Though the firm believes sequential improvement in volumes backed by newer products will help it offset the impact of rising steel and aluminium prices, not all analysts are convinced that it can do so. “Margins might come under some pressure due to higher raw material costs,” said Umesh Karne, analyst at Brics Securities Ltd. “After the third quarter, they will have to re-negotiate their contracts.” Mahantesh Sabarad, an analyst at Centrum Broking Ltd, doubts whether the volumes are sustainable as “what we are seeing now is a function of postponed demand from last year”. First Global Securities Ltd believes the second half will be better for Bajaj Auto on the volume and margin fronts. “The company will benefit from lower input costs and also record an increase in export revenues on the back of its new launches,” First Global said in a report released on Thursday after the firm announced its earnings. George said with Bajaj Auto’s forward contract booking concluding by the end of fiscal 2010 and the rupee appreciating, margins will taper off from fiscal 2011. The rupee appreciated 0.42% to Rs48.11 in September from June. On Thursday, it closed at 46.24 a dollar, after hitting 45.81. While Hero Honda has adopted a volume strategy to retain its leadership position in the two-wheeler market, Bajaj Auto has been operating in the higher-end segment to have a competitive edge. Hero Honda, which reports earnings on 21 October, is also expected to report a much better margin than the previous quarter. Reuters contributed to this story. shally.s@livemint.com Source: LatestNews-Home - Livemint.com | 15 Oct 2009 | 1:22 pm Congress starts to feel the Trinamool heatWhen Mamata Banerjee registered strong, vocal and public objections over the proposed Land Acquisition (Amendment) Bill, it was dismissed by the other allies in the United Progressive Alliance (UPA) as another one of her eccentricities.Source: Business Standard | Front Page Headlines | 15 Oct 2009 | 12:47 pm 'Made in India' dominates US AIDS schemeIndian drug companies have cornered an overwhelming majority of drug approvals under the US President's Emergency Plan for AIDS Relief (Pepfar).Source: Business Standard | Front Page Headlines | 15 Oct 2009 | 12:45 pm Govt may defer stake sale fundFacing a fiscal deficit of 6.8 per cent of Gross Domestic Product for the current financial year, the government is likely to delay for a year or two the National Investment Fund (NIF), a move that will enable it to keep disinvestment proceeds in the Consolidated Fund of India (CFI).Source: Business Standard | Front Page Headlines | 15 Oct 2009 | 12:44 pm Anil says he'll complain to Sebi, ICAIOur report is independent, say auditors.Source: Business Standard | Front Page Headlines | 15 Oct 2009 | 12:42 pm Foreign bond market hums again as spreads declineThe 18-month drought is about to end, with several Indian companies and financial institutions planning to tap the foreign bond markets, now that spreads have declined 200 to 300 basis points.Source: Business Standard | Front Page Headlines | 15 Oct 2009 | 12:40 pm Aggregate data with a new Google experimentNew Delhi: Think of it as a cross between the vast WolframAlpha database (www.wolframalpha.com) and Wikipedia. Google Squared lets you pull together information on lists of items — African countries, Indian states, German chancellors--and then display the information in the form of a table. it does this by scouring the internet for information and then neatly pulling together everything into an easily edited table. You can easily add rows and columns to pull in information if the default fields are not adequate. The tool is by no means robust enough for academic or journalistic work, but it is a good place to start if you are making lists and basic databases. You can also start from a blank table and keep adding rows and columns as you go along. Google Squared has plenty of bugs and it doesn’t always pull in the most up-to-date or even correct information. But on the whole it is a tool well worth keeping an eye on. For a quick demo on how Google Squared works see the latest episode in our PlayStream video tutorial series. For tips, cribs and feedback send email to playstream@livemint.com Source: Tech News - Livemint.com | 15 Oct 2009 | 12:37 pm Assam employees likely to get central pay scalesThe sixth Assam Pay Commission is understood to have Thursday recommended central pay scale for the state's nearly 500,000 employees, officials said.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 11:37 am Cognizant buys UBS’ India arm for $75 mnMumbai: New Jersey, US-based Cognizant Technology Solutions Corp. has agreed to buy UBS AG’s India back-office operations for $75 million (Rs344 crore) to strengthen its financial services business, the latest is a lineup of such deals by other firms in India since last year. Analysts expect more such deals involving the outsourcing units of global financial services firms caught in the slowdown and looking to re-focus on core operations. But they warn time may be running out as the global recession recedes. As part of the agreement, Cognizant, an information technology (IT) consulting and services firm, has won a five-year contract worth at least $440 million from the Swiss financial services firm to provide it outsourcing, IT and remote infrastructure management services globally.  Upper hand: Cognizant’s Chennai office. According to analysts, the US-based IT company has closed the deal at a reasonable price. Madhu Kapparath / Mint The company disclosed the value of the deal and the contract in a filing to US market regulator, the Securities Exchange Commission. “This acquisition deepens our relationship with UBS and extends our leadership position in financial services,” Cognizant chief executive Francisco D’Souza said in a statement on Thursday. “The acquisition gives Cognizant a good presence in the European market besides giving it BPO (business process outsourcing) capabilities, both of which were areas that the company needed to strengthen,” said Sid Pai, managing director of the India arm of global outsourcing advisory TPI. More such deals are likely, he said. “(But) the window period for such deals are fast closing as we are getting out of recession and the valuations will now start going up.” According to analysts, Cognizant has closed the deal at a reasonable price, especially when compared with other recent deals. “At $440 million, the annual revenue run rate from this acquisition comes to nearly $90 million, which is more than the cost of the acquisition,” said Nitin Padmanabhan, an analyst with Mumbai-based Centrum Broking Pvt. Ltd. Last December, Wipro Ltd, the country third largest IT firm, acquired Citi Technology Services Ltd, Citigroup Inc.’s technology arm in India, for $127 million. As a part of that deal, Wipro won a six-year software services and infrastructure management contract worth nearly $500 million. It also took on board Citi Technology’s 2,050 associates. Similarly, Tata Consultancy Services Ltd, India’s largest IT firm, bought Citigroup Global Services Ltd (CGSL), Citigroup’s back-office centre in India, for $500 million with assured outsourcing revenues of $2.9 billion over nearly 10 years. Earlier, in July 2008, WNS Global Services, one of India’s largest outsourcing firms, bought Aviva Global Services, the outsourcing arm of British insurer Aviva Plc, for $228 million. WNS had acquired nearly 5,800 personnel with the deal. Source: Tech News - Livemint.com | 15 Oct 2009 | 10:56 am Homebuyers logging in to make realty choicesNew Delhi: Indian homebuyers are now browsing through online protest forums to make choices about property. Tina Goyal, an IT professional working in Gurgaon on the outskirts of New Delhi, decided against buying an apartment in Omaxe Ltd’s Nile project based on what she read about it on the Internet.  Status report: DLF’s Belaire project in Gurgaon. Prospective customers are looking online to check which projects are being delayed. Rajkumar/Mint The groups came into being over the past year as developers started to delay deliveries because of a credit squeeze. In most cases, buyers had made substantial payments and were awaiting possession. Goyal eventually bought a three-bedroom apartment in Unitech Ltd’s Fresco project in Gurgaon for around Rs69 lakh although she was aware that it was delayed. Even that decision was taken after online feedback. “In April-May, Unitech was in a bad shape, but then things changed,” she says. “Buyers kept updating on the progress in construction on forums.” Unitech has also faced the ire of groups that have taken their virtual protests to the real world. Members of an online buyer forum for its Habitat project in Greater Noida recently staged a protest in front of the company’s corporate headquarters in Gurgaon. “Since we believed in Unitech’s track record, we had agreed to a time-linked payment plan,” says Devesh Wadhwa, a Habitat forum member. “But the project has been stalled and there has been no construction for a year.” The firm didn’t respond to the demand for a refund, says Wadhwa. Unitech declined comment on Habitat. Omaxe officials were unavailable for comment. DLF Ltd has been more responsive to protests. In April, around 150 buyers of DLF’s New Town Heights and Express Greens projects in Gurgaon, brought together by an online forum, protested against delays. Those who cancelled their New Town bookings have been promised refunds. Buyers who formed an online buyer forum to protest against the delay in construction at DLF’s Garden City project in Chennai were also given a refund of their booking amount. “We like genuine end-users to stay with us,” DLF group executive director Rajiv Talwar said. Some of the brokers say online complaints are making an impact. “There have been instances where buyers have searched online about a developer or a project and when they found something negative, they changed their decision to buy such properties,” says Sanjay Sharma, a Gurgaon-based property dealer. Source: Tech News - Livemint.com | 15 Oct 2009 | 10:20 am Wipro plans to hire more workers in USNew York: India’s third largest software-services provider, Wipro Ltd plans to hire more workers in the US to take advantage of a rebounding technology market. “We are seeing signs of stability, signs of decision-making coming back,” chairman and chief executive officer Azim Premji, 64, said in an interview at Bloomberg headquarters in New York on Thursday. “So overall positive, but still cautious.” Premji is betting that the US employees will help the Bangalore-based company win local orders, including contracts with the federal government, as the world’s largest economy starts to recover from the worst recession since the 1930s. Wipro gets about half its revenue from the US. The company plans to hire about 500 US employees for a new services centre by June, he said. He declined to name possible locations, saying he is talking to different state governments. The company already has a centre in Atlanta. “Everybody wants employment,” said Premji. “That’s the trump card today.” Larger rival Infosys Technologies Ltd reported second quarter profit that beat analysts’ estimates last week after winning more business from current customers. Wipro designs and builds software programs, maintains computers, and provides product-engineering services and back-office support to General Electric Co., Cisco Systems Inc., Citigroup Inc. and other customers. It will report results on 27 October for the three months ended 30 September. Wipro’s shares fell 1.06% to Rs575 on the Bombay Stock Exchange. The stock has more than doubled this year, compared with a 79% increase for the benchmark Sensex index. feedback@livemint.com Harichandan Arakali in Bangalore and Connie Guglielmo in San Francisco contributed to this story. Source: Tech News - Livemint.com | 15 Oct 2009 | 10:08 am Students' blockade against uranium mining turns violentA two-night blockade in Meghalaya, called by the Khasi Students Union (KSU) to protest a proposed uranium mining project, turned violent Wednesday night with many vehicles set on fire by protesters, police said Thursday.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 10:03 am Orissa drawing up plan to battle power shortageOrissa is faced with a grim power situation due to the scanty rainfall this year. The state government Thursday said it was drawing up a plan to meet the power shortfall in the coming days.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 10:01 am Critical appraisal: Gogoi focuses on midday meals, roads, waterFor the second straight day, Assam Chief Minister Tarun Gogoi Thursday made a critical appraisal of his government's performance, specifically targeting the midday meal scheme in schools, road construction and drinking water facilities in rural areas.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 10:01 am India, Russia to continue negotiations on aircraft carrierIndia and Russia have failed to reach agreement on the revised cost of the aircraft carrier Admiral Gorshkov that the Indian Navy has purchased and negotiations on this are to continue, it was announced Thursday.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:31 am No decision on Bt Brinjal release before FebruaryA series of consultations will be made before taking any decision on the release of Bt Brinjal in India, Minister of State for Environment and Forests Jairam Ramesh said here Thursday.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:31 am On Dhanteras, it's gold that glitters in DelhiRising gold prices had kept buyers away from stores for a long time, but shopkeepers here have a reason to celebrate, as sales have shown an upward curve on Dhanteras, two days before Diwali when people traditionally buy gold and utensils.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:30 am UCO Bank's second quarter net at Rs.207.7 croreState-owned UCO Bank has posted a net profit of Rs.207.72 crore for the second quarter of the current fiscal, it said Thursday.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:30 am Harsher penalty on cards for states drawing excess powerThe Central Electricity Regulatory Commission (CERC) is planning to double the penalty on states for drawing more power from the central grid than they are entitled to.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:03 am Don't allow Bt Brinjal without labelling: CSEIndia's environment and forests ministry should not clear any genetically modified (GM) food crop without strict provisions for labelling, the NGO Centre for Science and Environment (CSE) said Thursday, a day after the biotechnology regulator gave its nod to Bt Brinjal.Source: IndiaeNews.com: Business News | 15 Oct 2009 | 7:03 am Google to launch Google Editions platformFrankfurt: An executive with Google says the company will launch a new platform next year that lets readers buy books that can be accessed from anywhere, be it a personal computer, cell phone or other platform. Tom Turvey, the head of Google Books partnership program in North America, Southern America and Asia, said Thursday that the search giant, which launched Google Books in 2004, is “moving to a platform allowing users to buy a book.” Speaking at the 61st Frankfurt Book Fair, Turvey said Google Editions would be launched during the first half of 2010 and the publisher would set the price. “It will be a browser-based access,” he said. “The way the e-book market will evolve is by accessing the book from anywhere, from an access point of view and also from a geographical point of view.” Turvey said the company will start with between 400,000 and 600,000 books. Source: Tech News - Livemint.com | 15 Oct 2009 | 5:44 am
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