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Labour unrest may affect auto production: Jagdish KhattarCommenting on the recent labour unrest in Gurgaon, Jagdish Khattar, CMD, Carnation Auto, and former Managing Director of Maruti Udyog, says the issue is a fairly serious one. \"External elements are creating havoc in Gurgaon. If things are not controlled quickly, the outlook for the sector is most likely to worsen.\"Source: Moneycontrol Top Headlines | 21 Oct 2009 | 5:51 am NW18: GoM may take up AirIndia funding proposal todayA Group of Ministers is likely to discuss funding options for the beleaguered stateowned carrier AirIndia on Wednesday, Civil Aviation Minister Praful Patel said.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 5:51 am NW18: RBI panel moots new base rate in place of banks\' PLRBanks must replace the existing benchmark prime lending rate with a base rate, and the rate will represent the bare minimum interest rate below which it would not be viable for banks to lend, said a Reserve Bank of India working group in a report.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 5:51 am NW18:TRAI to review investment norms in broadcasting sectorThe information and broadcasting ministry has asked Telecom Regulatory Authority of India to revisit foreign investment limit and linking norms in the broadcasting sector.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 5:50 am TTK Prestige eyes Rs 500cr rev in FY10Indian based kitchenware company TTK Prestige, will launch three new products in Q1FY10, said the companys Executive Chairman TT Jagannathan. Pressure cooker market is growing at 5%, he added.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 5:24 am RenaultNissan may sever tieup with one Indian partnerThere have been rumours that all is not well with RenaultNissan partnerships with Indian auto companies. The auto major has tieups with MM, Bajaj Auto, and Ashok Leyland.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 4:58 am Auto stir: CII points to babudom; Khattar sees grave impactJagdish Khattar former MD of Maruti Udyog Limited believes vehicle production would be drastically affected if ancillary supplies are delayed since most of the auto makers do not even carry one day stock surplus.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 4:37 am First phase of FPO to meet SAIL\'s expansion plans: GovtSteel Secretary PK Rastogi says the SAIL divestment proposal includes government sale and a fresh issue. \"The Centre will divest 10% in SAIL via government sale, fresh issue.\"Source: Moneycontrol Top Headlines | 21 Oct 2009 | 4:20 am Prime minister's economic council projects 6.5 percent growth - Sify
Source: Business - Google News | 21 Oct 2009 | 4:14 am Yes Bank July-Sep net up 75.6 pct, beats f'castMUMBAI (Reuters) - Private sector lender Yes Bank on Wednesday posted 75.6 percent rise in July-September net profit on sustained loan growth and non-core income, beating analyst forecasts.Source: Reuters: Money News | 21 Oct 2009 | 4:13 am Network18 Media approves deregistration of co as NBFCThe Board of Directors of the Network 18 Media Investments vide circular resolution dated October 20, 2009, considered and approved \'deregistration\' of the Company as a Non Banking Financial Company from Reserve Bank of India, subject to the requisite regulatory approvals.Source: Moneycontrol Top Headlines | 21 Oct 2009 | 4:12 am Steel min: plan 20 pct share sale in SAILNEW DELHI (Reuters) – The government has approved a follow-on public offering of 20 percent of state run Steel Authority of India Ltd, the steel minister said on Wednesday.Source: Reuters: Money News | 21 Oct 2009 | 4:12 am BSE Sensex provisionally closes down 1.2 pctMUMBAI (Reuters) – The BSE Sensex provisionally closed 1.2 percent lower on Wednesday, led by losses in banks as investors opted to book profits, while weak global cues added to the negative sentiment.Source: Reuters: Money News | 21 Oct 2009 | 4:09 am Yes Bank's Q2 FY10 net profit up 75.6% at Rs111.7 croreBuoyed by a robust growth in both its advances and non-interest income, Yes Bank clocked a 53.6% growth in its total net income at Rs311.5 crore in Q2 FY10.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 4:09 am Nifty weak, hovers around 5100; banks, FMCG tumble - Moneycontrol.com
Source: Business - Google News | 21 Oct 2009 | 3:58 am POLL - Inflation seen at 1.13 pct on Oct 10MUMBAI (Reuters) - India's annual inflation rate is forecast to have risen to 1.13 percent in the second week of October, its highest in nearly five months, a Reuters poll of 20 analysts showed on Wednesday.Source: Reuters: Money News | 21 Oct 2009 | 3:57 am Normalcy returns in Gurgaon; autoworkers end strikeNew Delhi: After a day long strike by workers’ unions, normalcy returned to the Gurgaon-Manesar- Bawal industrial belt in Haryana on Wednesday with employees of various companies reporting back for duty. Only Rico Auto Industries, whose Gurgaon plant was the epicentre of the strike after the death a worker in a group clash on Sunday, continued to be under lock-out. “Workers are now back at their duty in all places, barring Rico Auto where there is a lock-out,” All India Trade Union Congress Gurgaon District Secretary Suresh Gaud said. He said a delegation of workers’ unions is going to meet the Additional District Collector during the day to resolve the labour dispute at Rico Auto, which led to the initial flare up. Thousands of workers from various industries in the belt went for a day long strike yesterday after a 26-year-old employee of Rico Auto, Ajit Yadav, died during a group clash outside the company’s Gurgaon facility on Sunday. “We are going to raise our issues, including Rs 50 lakh compensation for the kin of the deceased, action against Rico’s management and withdrawal of false FIRs against workers. If our demands are not met, we will continue with the agitation,” Gaud said. Officials at Rico Auto could not be contacted despite repeated calls. Major auto makers, including Hero Honda Motors and Honda Motorcycle and Scooter India (HMSI), which were affected by the strike reported normal activity this morning. Source: Home - Livemint.com | 21 Oct 2009 | 3:54 am India may grow by 6.75% this fiscal: PMEACThe PMEAC said the country's economy may grow by 6.75% this fiscal despite bad monsoon affecting farm sector output.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 3:52 am Govt should retain easy monetary policy - panel headNEW DELHI (Reuters) – The government may hold off with monetary policy tightening until the end of March, a top government economic adviser said on Wednesday, joining a chorus of calls from officials for steady interest rates.Source: Reuters: Money News | 21 Oct 2009 | 3:51 am Oil Ministry to review fuel price hike in 15 daysThe Oil Ministry could review the need for a fuel price hike. Oil Secretary RS Pandey says that there has been an underrecovery of 88 paise per litre on petrol and 8 paise per litre on diesel. With the recent spurt in global prices the government will review the situation in fifteen daysSource: Moneycontrol Top Headlines | 21 Oct 2009 | 3:50 am Yes Bank's Q2 FY 10 net profit up 75.6 pc at Rs 111.7-cr - Economic Times
Source: Business - Google News | 21 Oct 2009 | 3:50 am Areva T&D India enters into Rs900 cr deal with MSETCL - Livemint
Source: Business - Google News | 21 Oct 2009 | 3:48 am SC suggests mediation to Ambanis for settlementNew Delhi: The Supreme Court on Wednesday asked the Ambani brothers’ group firms RIL and RNRL why they cannot settle their gas supply dispute through arbitration or mediation. During hearing of the dispute over supply of gas by RIL to RNRL at $2.34 per mmBtu, the bench headed by chief justice K.G. Balakrishnan said the two parties could arrive at a “suitable arrangement” through arbitration, as the Bombay High Court that approved the Reliance empire’s demerger cannot spell what is the ideal arrangement. To this, Mukesh Ambani-run RIL, which continued its arguments for the second day today, told the court that it considered the government’s gas utilisation and pricing policy as the “suitable arrangement.” Senior counsel Harish Salve also opposed RNRL’s plea for dismissing RIL’s petition, saying only his client’s creditors or members of the Board can challenge maintainability of the petition. Salve said RNRL was a third party and hence, cannot seek dismissal of RIL’s plea. RNRL has also separately challenged the government’s petition in the dispute. The Ambani gas dispute pertains to RNRL’s demand that it be supplied 28 mmscmd of gas from RIL’s KG-D6 gas fields at a price of $2.34 per mmBtu agreed in a 2005 family MoU. RIL, however, contends that it cannot do so in view of the government policy, which in 2007 approved $4.20 per mmBtu as price for gas from the KG-D6 fields. In its arguments yesterday, Reliance Industries told the Supreme Court that the 2005 family agreement to divide the Reliance empire was a pact between the Ambani brothers and Anil should sue Mukesh if he feels aggrieved. Source: Home - Livemint.com | 21 Oct 2009 | 3:40 am Rupee off lows as dollar slips again; stocks hurtMUMBAI (Reuters) - The rupee trimmed its fall in afternoon trade on Wednesday as the dollar failed to sustain gains versus majors but losses in local shares continued to weigh.Source: Reuters: Money News | 21 Oct 2009 | 3:31 am Standard Chartered sees credit growth at 13-15% over next one yearThe UK-listed lender, however, felt that the industry may not be able to meet the 20% credit growth target of the Reserve Bank (RBI).Source: Daily News & Analysis: Money News | 21 Oct 2009 | 3:31 am Areva T&D India enters into Rs900 cr deal with MSETCL Mumbai: Power generation and transmission solutions provider Areva T&D India on Wednesday said that it has entered into a deal, worth about Rs900 crore, with Maharashtra State Electricity Transmission Co Ltd (MSETCL) for the construction of substations in the state. The scope of the agreement includes setting up of total of 36 substations at various locations across Maharashtra over a period of three years, Areva T&D said in a filing to the Bombay Stock Exchange (BSE). Areva T&D will deliver this project in a consortium with Jyoti Structures, whose scope covers transmission lines worth about Rs833 crore, it said. Orders for the first 18 substations, worth Rs360 crore, have already been booked by Areva T&D, the company said. Over the three-year period of the agreement, Areva will assist MSETCL in upgrading and expanding the transmission and distribution network of the state. “The project confirms our expertise in the utility segment and significantly strengthens our leadership position in India,” Michel Augonnet, executive vice-president of Areva T&D’s Systems Business, said. Shares of Areva T&D India were trading at Rs332.50, up 0.35% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 3:17 am Re-enter in Sesa Goa at Rs 300-310: Irani - Moneycontrol.com
Source: Business - Google News | 21 Oct 2009 | 3:12 am Government to allow telcos to set up towers in border areas New Delhi: The government on Wednesday said that it will allow private and public telecom players to set up towers in the border areas to improve mobile connectivity. “The government has recently lifted the restriction on telecom firms for setting up of telecom towers near international borders. Other than some areas in LoC, we will allow telecom players to set up towers near the borders,” minister of state for IT and communications Sachin Pilot said at a FICCI event. Earlier, telecom service providers were not allowed to install towers to receive signals within 500 metres near the international border. Allaying concerns over interference, he said that the use of technology would help check interference from a foreign telecom network. State-run BSNL is already planning to erect 10,000 towers across the country, many of which would be installed in villages bordering Bangladesh and Pakistan. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 3:08 am It's good if Ambanis can resolve differences amicably: FMFinance minister Pranab Mukherjee hoped that Mukesh and Anil Ambani would be able to sort out their differences amicably for the Indian market's sake.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 3:03 am Satyam gets NYSE warning for late filing of accountsMumbai: The New York Stock Exchange has warned Satyam Computer (now rebranded as Mahindra Satyam) that it might initiate delisting procedures against the company for late filing of financial statements. “NYSE Regulation will closely monitor the status of the company’s late filing and related public disclosure for up to an initial six-month period from the report’s original due date.” NYSE Regulation could commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant,“ Mahindra Satyam said in a disclosure to the US Securities and Exchange Commission. The US Regulator added that the company would be included in the late filers list of the NYSE with effect from 22 October as it failed to submit its annual report by 15 October. “The letter indicated that the NYSE Regulation, may, in its sole discretion, allow the company’s securities to trade for up to an additional six months depending on specific circumstances,” the filing added. Meanwhile, India’s Company Law Board (CLB) in its order dated 15 and 16 October had extended “to 30 June, 2010 the time for filing of document required to be filed by the company with the various statutory authorities in India, including the financial statements for financial years 2008 and 2009 and the quarterly financial reports as required under the company’s listing agreements with the stock exchanges.” In January, Satyam founder B Ramalinga Raju had confessed to cooking up the company’s account books for several years, leading to a multi-crore scam. Following the announcement on 7 January, the New York Stock Exchange halted trading in Satyam Computer at its bourses in the US as well as in Amsterdam in Europe, after in pre-market trade in the US, Satyam stock plunged by over 90 per cent to $0.85. In April the NYSE Euronext approved the delisting of the company’s American Depository Shares (ADS) from the exchange. However, the company’s shares continue to remain listed on the Bombay Stock Exchange and the National Stock Exchange and its ADSs continue to be traded on the NYSE. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 3:02 am India to top Asia salary growth in 2010 - surveyHONG KONG (Reuters) - Companies in Asia are set to offer bigger pay rises next year as the region continues to rebound from global recession, notably in India where base salary levels are poised to jump nearly 10 percent, a survey showed on Wednesday.Source: Reuters: Money News | 21 Oct 2009 | 2:44 am Yes Bank plans to raise $150-250 mn via equity Mumbai: “Private sector lender Yes Bank plans to raise $150-250 million via equity by March 2010 to meet expansion targets,” Yes Bank’s deputy chief financial officer Jaideep Iyer said on Wednesday. “We are yet to decide on the mode of fund raising via equity but it would be most likely be QIP (qualified institutional placement) route,” Iyer said. “It is also looking at net interest margin of 3-3.2% in the next two quarters,” he said adding: “The net interest income is likely to grow over 30 percent in the December quarter.”. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 2:44 am Rupee off lows as dollar slips againMumbai: The Indian rupee trimmed its fall in afternoon trade on Wednesday as the dollar failed to sustain gains versus majors but losses in local shares continued to weigh. At 2:05pm, the partially convertible rupee was at Rs46.38/39 per dollar, off an early low of Rs46.52, its weakest since 12 October and below its Tuesday’s close of Rs46.11/12. The dollar edged lower against the euro and higher-yielding currencies on Wednesday as a brief recovery from a 14-month low versus a currency basket fizzled out, helped by equity market gains which encouraged risk-taking. Shares were trading down 0.4%, on subdued Asian markets as disappointing U.S. economic data dampened sentiment. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.4175 and Rs46.42 respectively, with the total traded volume on the two exchanges at about $1.9 billion. Source: Home - Livemint.com | 21 Oct 2009 | 2:41 am Why can't you go for 'arbitration', SC asks AmbanisSenior counsel Harish Salve opposed RNRL's plea for dismissing RIL's petition, saying only his client's creditors or members of the Board can challenge maintainability of the petition.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 2:34 am Maintain Market Performer on Tech Mahindra: India Infoline - Economic Times
Source: Business - Google News | 21 Oct 2009 | 2:26 am First phase of FPO to meet SAIL's expansion plans: Govt - Moneycontrol.com
Source: Business - Google News | 21 Oct 2009 | 2:25 am Trains collision in Mathura kills over 10 peopleMatuhra: Thirteen passengers were killed and around 20 injured when the Delhi-bound Goa Samparkranti Express rammed into a packed unreserved compartment of the stationary Mewar Express near here in the wee hours on Wednesday. The unreserved compartment, which was a second class cum luggage rake, at the end of the train bore the brunt of the accident that took place between Mathura and Vrindavan. The pantry car of the Goa Express was also damaged. The fate of the guard is not known. “Bodies of 13 passengers have been shifted to two hospitals in the city,” District Magistrate Dinesh Chandra Shukla said. SSP, Mathura, B.D. Paulson said 18 people have been rescued from the coach which was packed with women passengers and children. The luggage part of the coach probably prevented heavier casualties, he said. Railway officials said the driver of the Goa Express was either over-speeding or may have jumped the signal and hit the Mewar Express from behind at 4:50am. “Prima facie the driver of the Goa Express disregarded the signal...either he did not stop the train at the signal or did not proceed on a cautious speed,” DRM, Agra zone, R.D. Tripathi told reporters. Railway Minister Mamata Banerjee, who is in Kolkata, has ordered an inquiry into the mishap.The Commissioner of Railway Safety has been asked to conduct the probe. Railway authorities were using gas cutters and foam cutters to extricate the trapped passengers from the damaged bogey. Army personnel have also reached the spot and are helping in the rescue work. “Fifteen injured passengers have been taken out from the general coach of Mewar Express after cutting the bogey,“ district magistrate Dinesh Chandra Shukla said. Banerjee has announced an ex-gratia of Rs5 lakh to the next of the kin of the deceased. The seriously injured passengers will receive Rs one lakh and those with minor injuries will get Rs10,000. UP Agriculture minister Laxminarain Choudhry also announced a compensation of Rs 10 lakh for the family of the deceased besides a job. Giving an account of the mishap, a passenger said, “We felt a strong impact. We were sitting and people from the upper berth fell upon is and we ran out of the train”. Railways have set up helpline numbers at Mathura and Agra for the convenience of the public - 0565-2402008 and 0562-24211041. The damaged coach of the Mewar Express was detached and the train left with the passengers for Delhi about five hours after the accident. Some of the passenges were also accommodated in buses. The rescue operations were carried out with the help of the army. All the trapped passengers have been extricated, Sri Prakash, Member (Traffic) Railway Board said. Giving an account of the mishap, a passenger of the Mewar Express said, “There was a loud bang. We were suddenly thrown out of our seats. People and luggage from the upper berths fell on us and there was panic all around”. Train services were disrupted on this sector for sometime. One track has been cleared for train operations, Tripathi said. Source: Home - Livemint.com | 21 Oct 2009 | 2:18 am Why can't you go for 'arbitration', SC asks Ambanis - Press Trust of India
Source: Business - Google News | 21 Oct 2009 | 2:16 am Dell sees Windows 7 boost starting mid 2010 Hong Kong: “Demand for computers from large companies is likely to pick up by as soon as mid-2010 as a result of Microsoft’s launch this week of its Windows 7 operating system,” Dell’s president for large enterprise Stephen Schuckenbrock said on Wednesday. “Dell was also looking to the services capability and virtualisation software sectors for future acquisition possibilities,” Schuckenbrock said. “Windows 7 is the best quality product launch that Microsoft has had in a very long time,” Schuckenbrock said adding: “When you consider that Vista was a bust, Windows 7 is a capability upgrade on a scale that has really never been seen before.” Microsoft will launch its next-generation Windows 7 on Thursday, with many PC companies hoping that it will energise corporate replacement cycles as companies running on older versions of Windows buy new computers and servers. The world’s No.3 PC company recently completed the acquisition of software services provider Perot Systems, as it looks to expand into higher-margin businesses at a time when PCs are becoming increasingly commoditised and margins are thinning rapidly. “The company would continue to expand its services capabilities, and would continue to be open to acquisition opportunities to achieve that,” Schuckenbrock said. “I would look for services capability as we drive to help customers save. Software that helps them exploit all the advantages of virtualisation is always something we are interested in,” he said. Dell and smaller rival Lenovo have both seen total PC unit sales fall in the past year, largely because of their reliance on corporate spending, and are looking to diversify their businesses to arrest declining sales. Acer overtook Dell as the world’s No.2 PC brand in the third quarter, research firms IDC and Gartner said earlier this month, helped by its success in the low-cost netbook PC segment. Schuckenbrock said that Dell was less focused on taking back the No.2 spot from Acer at any cost, and more interested in running the most profitable business possible. “We’re not unit focused,” he said. “We’re focused on the healthy balance of our business. We don’t want to chase things that don’t make sense,” he said. Source: Tech News - Livemint.com | 21 Oct 2009 | 2:10 am Dell sees Windows 7 boost starting mid 2010 Hong Kong: “Demand for computers from large companies is likely to pick up by as soon as mid-2010 as a result of Microsoft’s launch this week of its Windows 7 operating system,” Dell’s president for large enterprise Stephen Schuckenbrock said on Wednesday. “Dell was also looking to the services capability and virtualisation software sectors for future acquisition possibilities,” Schuckenbrock said. “Windows 7 is the best quality product launch that Microsoft has had in a very long time,” Schuckenbrock said adding: “When you consider that Vista was a bust, Windows 7 is a capability upgrade on a scale that has really never been seen before.” Microsoft will launch its next-generation Windows 7 on Thursday, with many PC companies hoping that it will energise corporate replacement cycles as companies running on older versions of Windows buy new computers and servers. The world’s No.3 PC company recently completed the acquisition of software services provider Perot Systems, as it looks to expand into higher-margin businesses at a time when PCs are becoming increasingly commoditised and margins are thinning rapidly. “The company would continue to expand its services capabilities, and would continue to be open to acquisition opportunities to achieve that,” Schuckenbrock said. “I would look for services capability as we drive to help customers save. Software that helps them exploit all the advantages of virtualisation is always something we are interested in,” he said. Dell and smaller rival Lenovo have both seen total PC unit sales fall in the past year, largely because of their reliance on corporate spending, and are looking to diversify their businesses to arrest declining sales. Acer overtook Dell as the world’s No.2 PC brand in the third quarter, research firms IDC and Gartner said earlier this month, helped by its success in the low-cost netbook PC segment. Schuckenbrock said that Dell was less focused on taking back the No.2 spot from Acer at any cost, and more interested in running the most profitable business possible. “We’re not unit focused,” he said. “We’re focused on the healthy balance of our business. We don’t want to chase things that don’t make sense,” he said. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 2:10 am Areva, Maharashtra transmission firm sign Rs.900-crore pactFrench energy major Areva Wednesday signed an energy procurement and construction (EPC) alliance agreement worth Rs.900 crore with the Maharashtra State Electricity Transmission Co for turnkey design and construction of 220 KV and 132 KV sub-stations.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 2:07 am Chhattisgarh towns to be connected by airMajor towns in Chhattisgarh will soon be connected by intra-state air services.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 2:05 am Night train services resume in terror-hit section of northeastNight train services on the militancy-hit Lumding-Badarpur rail section that connects southern Assam as well as Tripura, Mizoram and Manipur to the rest of the country have resumed after more than 16 months.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 2:04 am PM economic panel sees 2009-10 GDP growth at 6.5%New Delhi: India’s accommodative monetary policy may continue until the end of March, with the need for tightening once inflation picks up, a government panel that advises the prime minister said on Wednesday. Former central bank governor C. Rangarajan, who heads the panel, said growth in the fiscal year that ends in March 2011 would accelerate to 7 to 8% after growing by about 6.5% in 2009/10, with inflation at around 6 percent by the end of March 2010. “The stance of monetary policy will have to change from its highly accommodative position. But that has to wait. It will depend on the growth prospects of the economy and also inflationary pressures,” Rangarajan told a news conference. The Reserve Bank of India is expected to keep interest rates on hold when it meets for its quarterly policy review on 27 October, with many economists predicting a tightening in rates starting in early 2010. The Reserve Bank of India slashed its key interest rate by 425 basis points to 4.75% between October 2008 and April and the government cut import and factory gate duties and boosted spending to shield India from the worst of the global downturn. India’s wholesale price inflation rose by 0.92% in the year through 3 October, below forecasts, but economists expect it to accelerate quickly in coming months as the base effect from last year’s high energy and commodities prices recedes and food prices remain high. The Prime Minister’s economic advisory council also forecast a consolidated fiscal deficit, which includes shortfalls at the state level, of 10.09% of GDP in the current fiscal year, compared with 8.6% last year, and the influential panel urged a return to fiscal consolidation. The Indian economy grew by 6.7% in the fiscal year that ended in March, slower than the 9% or more in the previous three years, and top government officials have repeatedly stressed the need to maintain pro-growth policies until a recovery gains momentum. The Reserve Bank of India is independent but consults with the government on policy. The central bank’s comfort zone on inflation is seen to be roughly 5%. On Tuesday, Prime Minister Manmohan Singh said the economy could grow between 6 and 6.5% in the year to March 2010, despite uncertainty over global economic recovery. The panel of advisers said on Wednesday growth in the current fiscal year would be at least 6.25% and could reach 6.75%. The panel said the recently poor summer monsoon would erode farm output in the current fiscal year by 2%, although 8.2% growth in both the industrial and services sectors would help offset that. Source: Home - Livemint.com | 21 Oct 2009 | 2:04 am INTERVIEW - Galleon Asia stays liquid as eyes redemptionsSINGAPORE (Reuters) - Galleon Asia is keeping its $500 million Asia hedge fund highly liquid ahead of likely calls from investors to withdraw money, after the founder of its U.S.-based parent was charged with insider trading.Source: Reuters: Money News | 21 Oct 2009 | 2:03 am Prime minister's economic council projects 6.5 percent growthThe Prime Minister's Economic Advisory Council Wednesday projected a lower growth of 6.5 percent for the Indian economy during the current fiscal year due mainly to a two-percent decline anticipated in farm output over the previous year.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 2:03 am Madhya Pradesh allows electricity board to buy coal abroadThe Madhya Pradesh government has given a green signal to the state electricity board to import coal from other countries for meeting the increasing demand of power in the state.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 2:03 am Deutsche Bank Q3 profits more than tripleBerlin: Deutsche Bank on Wednesday said that its net income more than tripled in the third quarter, the latest in a string of positive results from banks more than a year after the collapse of Lehman Brothers. Germany’s biggest bank said according to preliminary estimates, net profit was €1.4 billion ($2.1 billion), up from €440 million in the same period a year ago. Pretax profit was €1.3 billion, up from just €93 million in the year-earlier period, and that its bottom line was boosted by a number of tax credits. Full results were due on 29 October. The Frankfurt-based lender said that all its business segments posted positive results, and that its tier one ratio, a closely watched measure of its financial soundness, improved to 11.7% from 10.3%. Just over a year after the failure of US investment banking giant Lehman Brothers sent the global financial system close to collapse, sector bellwethers like Goldman Sachs and Citigroup last week posted strong results. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 1:28 am Econ panel:No need to raise local fuel pricesNEW DELHI (Reuters) – The government does not need to raise fuel prices, if global oil prices remain in the range of $70 to $75 a barrel, a government panel member said on Wednesday.Source: Reuters: Money News | 21 Oct 2009 | 1:25 am Cadbury Q3 revenue rises 7% London: British chocolate and gum maker Cadbury PLC on Wednesday upgraded its full-year outook as it reported a 7% rise in third-quarter revenue. The firm said that it does not need to be taken over by a conglomerate like Kraft to deliver results. Cadbury, which has rejected a takeover approach from Kraft Foods Inc., said that it expected full-year revenue growth to be in the middle of a range between 4% and 6%. In its first-half report on 9 July, the company had forecast revenue growth at the lower end of that range. Cadbury also forecast an improvement of 1.35 percentage points in its profit margin for the year, up from the half-year guidance of a 0.80-1 percentage point increase. Kraft faces a 9 November ‘put up or shut up’ deadline set by London’s takeover panel to make a firm offer for Cadbury or walk away for six months. Cadbury said that its revenue from chocolate rose 7% on a constant currency basis, candy rose 11% and gum 4%. Revenue from South America was up 18% and Asia-Middle East-Africa produced a 14% gain. “The strength of our operating performance continues to underpin the board’s confidence in both our growth prospects and the potential for creating further, material shareholder value as a pure play standalone confectionery business,” said Cadbury chairman Roger Carr. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 1:10 am Motorola rises ahead of next Android phone launchShares in Motorola Inc rose over 8% on Monday on investor anticipation that its second phone powered by Google Inc's Android system would be a hit at Verizon Wireless.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 12:57 am Noon: Markets down 0.2%; banks top losersMumbai: Indian shares flip-flopped and edged 0.2% lower on Wednesday, on resistance after a steep rally so far this year, while lower Asian shares added to the weak sentiment. Profit booking in select stocks, such as State Bank of India and ICICI Bank, also weighed on the market. The benchmark 30-share Sensex has more doubled from its 2009 lows seen in March, and rallied more than 78% so far this year, as foreign funds infused nearly $14 billion in Indian equities. By noon, the 30-share BSE Index was trading down 0.24% at 17,181.55, with 21 of its components declining. The 50-share NSE index was down 0.3% at 5,100.40. “Resistance is coming in at these levels and people are booking profits in some stocks which have risen a lot,” said Rajen Shah, chief investment officer at Angel Broking. “Investors are churning their portfolios. They are exiting the stocks which seem to have peaked and entering those which missed out on participating in the rally,” added Shah. Reliance Industries, which has the highest weight on the Sensex, recouped some of Tuesday’s losses, and rose 0.7% lower to Rs2,199. The stock had declined 1.8% on Tuesday. The country’s Supreme Court which began a hearing in the gas supply dispute between the energy and petrochemical major with Reliance Natural Resources on Tuesday, will continue to hear the case in the day. Billionaire Mukesh Ambani-led Reliance Industries and Reliance Natural, controlled by younger brother Anil Ambani, are fighting over terms of a deal to sell natural gas to Reliance Natural at a rate below the price set by the government. Top lender State Bank of India fell 1.6% to Rs2,426. The stock is up around 88% so far in 2009. Private lender ICICI Bank also shed 1.7%. This stock has more than doubled since the start of this year. Software services firms firmed on increased optimism over the growth outlook for the sector. “With significant pent-up demand, we expect 2010 IT budgets to be strong,” Citigroup Global Markets analysts Surendra Goyal and Vishal Agarwal said in a note. “We believe that consensus estimates will continue to inch up over the next 6-9 months and recommend investors to participate in the recovery through TCS/Wipro,” Citigroup Global Markets said. Top software services firm Tata Consultancy Services rise 2.5%, while rivals Infosys Technologies and Wipro climbed 1.3% and 1.5% respectively. In the broader market, 1,333 gainers led 1,1172 losers, with 186 million shares changing hands. Source: Home - Livemint.com | 21 Oct 2009 | 12:56 am Labour unrest may affect auto production: Jagdish Khattar - Moneycontrol.com
Source: Business - Google News | 21 Oct 2009 | 12:51 am Twitter optimistic despite slowing US growthSan Francisco: Twitter chief executive Evan Williams spoke optimistically on Tuesday about the popular microblogging service’s future despite slowing US growth and no clear plan for making money. “The number of interesting things we can do with Twitter is just endless,” Williams said during an on-stage chat with John Battelle on the opening day of a Web 2.0 Summit in San Francisco. “It just blows my mind,” he said. Williams was upbeat during the talk, saying that while use of Twitter’s website is slowing in the US, it is gaining big internationally and with smart phone users. “Our US Twitter growth has slowed temporarily and there are some things we will be launching that we think will pick that back up,” Williams said. Williams sidestepped questions about Twitter’s plans for cashing in on its popularity, saying the San Francisco-based company’s priority is to improve its technology and reliability. “It’s not like we are spending our days looking under couch cushions for the elusive revenue model,” Williams said. “Obviously, we are thinking about it.” “Restaurants use Twitter to fill empty tables. Masseuses use Twitter to fill empty slots between appointments. Shops use Twitter to sell overstocked merchandise. Food carts use Twitter to guide customers to street corners,” he said. “That is all happening today,” Evans said adding: “If we are driving that value for businesses, I am not worried about us driving some of that value for ourselves.” Williams said that it would be a mistake to get distracted from improving Twitter’s ability to deliver the freshest and most relevant information because that will be a key to Twitter making money. “Twitter is considering hiring a sales force and is considering making money from advertising,” the chief executive said. Williams said that there are a large number of companies interested in working with Twitter to promote brands. “We are optimistic about revenue,” he said adding: “I can’t tell you want the mode is.” Twitter is working on making it easier for newcomers to the microblogging service to immerse themselves in a world of followers, following, and expressing thoughts in text messages of no more than 140 characters. Twitter’s top five growth areas are Britain, Brazil, Indonesia, Japan and the US. Launches of mobile Twitter services in India and Japan last week are expected to cause use in those countries to surge. “I’m not as concerned as I used to be about Twitter’s ability to scale,” Williams said. Twitter has released a test, or beta, version of a Lists feature for organizing microblogging feeds and is building search tools so users can more easily sift torrents of commentary for tidbits of interest. “We’re putting a ton of effort into search and discovery on Twitter,” Williams said. “We have millions of nodes collecting information but we need to get much more intelligent in how we search that,” he said. Twitter is also crafting rules for the outside developer that craft programs for users of the microblogging service. “We need to get a lot better about assuring developers they can invest in our platform,” Williams said. Improved relations with developers and enhanced search tools can be woven into ways to make money from Twitter services or features. “Twitter’s battle against spam resulted in some overactive spam-killing scripts, or automated programs, suspending accounts of non-offenders and in those cases it was our screw-up and we apologize,” he said. Williams said that he had no regrets about rejecting an offer by Facebook to buy Twitter in a $500 million stock deal. “I just didn’t see a reason to sell,” Williams said. “Because that is not the point. The point is to see what we can build. We believe Twitter with an open exchange of information is a good thing for the world,” he added. Williams said that Twitter’s goal has never been to attract a hefty offer and then cash out. “We think of Twitter as not a social network but an information network,” he said. Williams said that he admires Facebook’s agility when it comes to adapting its features and offerings but that Twitter isn’t cowering before the might of the social-networking powerhouse. “I’m pretty sure that the world is big enough for Facebook and Twitter,” Williams said. “I think they are good for different things. I’m pretty sure the open exchange of information will prevail in the end,” he said. Source: Tech News - Livemint.com | 21 Oct 2009 | 12:51 am Twitter optimistic despite slowing US growthSan Francisco: Twitter chief executive Evan Williams spoke optimistically on Tuesday about the popular microblogging service’s future despite slowing US growth and no clear plan for making money. “The number of interesting things we can do with Twitter is just endless,” Williams said during an on-stage chat with John Battelle on the opening day of a Web 2.0 Summit in San Francisco. “It just blows my mind,” he said. Williams was upbeat during the talk, saying that while use of Twitter’s website is slowing in the US, it is gaining big internationally and with smart phone users. “Our US Twitter growth has slowed temporarily and there are some things we will be launching that we think will pick that back up,” Williams said. Williams sidestepped questions about Twitter’s plans for cashing in on its popularity, saying the San Francisco-based company’s priority is to improve its technology and reliability. “It’s not like we are spending our days looking under couch cushions for the elusive revenue model,” Williams said. “Obviously, we are thinking about it.” “Restaurants use Twitter to fill empty tables. Masseuses use Twitter to fill empty slots between appointments. Shops use Twitter to sell overstocked merchandise. Food carts use Twitter to guide customers to street corners,” he said. “That is all happening today,” Evans said adding: “If we are driving that value for businesses, I am not worried about us driving some of that value for ourselves.” Williams said that it would be a mistake to get distracted from improving Twitter’s ability to deliver the freshest and most relevant information because that will be a key to Twitter making money. “Twitter is considering hiring a sales force and is considering making money from advertising,” the chief executive said. Williams said that there are a large number of companies interested in working with Twitter to promote brands. “We are optimistic about revenue,” he said adding: “I can’t tell you want the mode is.” Twitter is working on making it easier for newcomers to the microblogging service to immerse themselves in a world of followers, following, and expressing thoughts in text messages of no more than 140 characters. Twitter’s top five growth areas are Britain, Brazil, Indonesia, Japan and the US. Launches of mobile Twitter services in India and Japan last week are expected to cause use in those countries to surge. “I’m not as concerned as I used to be about Twitter’s ability to scale,” Williams said. Twitter has released a test, or beta, version of a Lists feature for organizing microblogging feeds and is building search tools so users can more easily sift torrents of commentary for tidbits of interest. “We’re putting a ton of effort into search and discovery on Twitter,” Williams said. “We have millions of nodes collecting information but we need to get much more intelligent in how we search that,” he said. Twitter is also crafting rules for the outside developer that craft programs for users of the microblogging service. “We need to get a lot better about assuring developers they can invest in our platform,” Williams said. Improved relations with developers and enhanced search tools can be woven into ways to make money from Twitter services or features. “Twitter’s battle against spam resulted in some overactive spam-killing scripts, or automated programs, suspending accounts of non-offenders and in those cases it was our screw-up and we apologize,” he said. Williams said that he had no regrets about rejecting an offer by Facebook to buy Twitter in a $500 million stock deal. “I just didn’t see a reason to sell,” Williams said. “Because that is not the point. The point is to see what we can build. We believe Twitter with an open exchange of information is a good thing for the world,” he added. Williams said that Twitter’s goal has never been to attract a hefty offer and then cash out. “We think of Twitter as not a social network but an information network,” he said. Williams said that he admires Facebook’s agility when it comes to adapting its features and offerings but that Twitter isn’t cowering before the might of the social-networking powerhouse. “I’m pretty sure that the world is big enough for Facebook and Twitter,” Williams said. “I think they are good for different things. I’m pretty sure the open exchange of information will prevail in the end,” he said. Source: World Business - Livemint.com | 21 Oct 2009 | 12:51 am Twitter optimistic despite slowing US growthSan Francisco: Twitter chief executive Evan Williams spoke optimistically on Tuesday about the popular microblogging service’s future despite slowing US growth and no clear plan for making money. “The number of interesting things we can do with Twitter is just endless,” Williams said during an on-stage chat with John Battelle on the opening day of a Web 2.0 Summit in San Francisco. “It just blows my mind,” he said. Williams was upbeat during the talk, saying that while use of Twitter’s website is slowing in the US, it is gaining big internationally and with smart phone users. “Our US Twitter growth has slowed temporarily and there are some things we will be launching that we think will pick that back up,” Williams said. Williams sidestepped questions about Twitter’s plans for cashing in on its popularity, saying the San Francisco-based company’s priority is to improve its technology and reliability. “It’s not like we are spending our days looking under couch cushions for the elusive revenue model,” Williams said. “Obviously, we are thinking about it.” “Restaurants use Twitter to fill empty tables. Masseuses use Twitter to fill empty slots between appointments. Shops use Twitter to sell overstocked merchandise. Food carts use Twitter to guide customers to street corners,” he said. “That is all happening today,” Evans said adding: “If we are driving that value for businesses, I am not worried about us driving some of that value for ourselves.” Williams said that it would be a mistake to get distracted from improving Twitter’s ability to deliver the freshest and most relevant information because that will be a key to Twitter making money. “Twitter is considering hiring a sales force and is considering making money from advertising,” the chief executive said. Williams said that there are a large number of companies interested in working with Twitter to promote brands. “We are optimistic about revenue,” he said adding: “I can’t tell you want the mode is.” Twitter is working on making it easier for newcomers to the microblogging service to immerse themselves in a world of followers, following, and expressing thoughts in text messages of no more than 140 characters. Twitter’s top five growth areas are Britain, Brazil, Indonesia, Japan and the US. Launches of mobile Twitter services in India and Japan last week are expected to cause use in those countries to surge. “I’m not as concerned as I used to be about Twitter’s ability to scale,” Williams said. Twitter has released a test, or beta, version of a Lists feature for organizing microblogging feeds and is building search tools so users can more easily sift torrents of commentary for tidbits of interest. “We’re putting a ton of effort into search and discovery on Twitter,” Williams said. “We have millions of nodes collecting information but we need to get much more intelligent in how we search that,” he said. Twitter is also crafting rules for the outside developer that craft programs for users of the microblogging service. “We need to get a lot better about assuring developers they can invest in our platform,” Williams said. Improved relations with developers and enhanced search tools can be woven into ways to make money from Twitter services or features. “Twitter’s battle against spam resulted in some overactive spam-killing scripts, or automated programs, suspending accounts of non-offenders and in those cases it was our screw-up and we apologize,” he said. Williams said that he had no regrets about rejecting an offer by Facebook to buy Twitter in a $500 million stock deal. “I just didn’t see a reason to sell,” Williams said. “Because that is not the point. The point is to see what we can build. We believe Twitter with an open exchange of information is a good thing for the world,” he added. Williams said that Twitter’s goal has never been to attract a hefty offer and then cash out. “We think of Twitter as not a social network but an information network,” he said. Williams said that he admires Facebook’s agility when it comes to adapting its features and offerings but that Twitter isn’t cowering before the might of the social-networking powerhouse. “I’m pretty sure that the world is big enough for Facebook and Twitter,” Williams said. “I think they are good for different things. I’m pretty sure the open exchange of information will prevail in the end,” he said. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 12:51 am Twitter may eliminate ‘suggested users’ list San Francisco: If you’re trying to figure out who to follow on Twitter, you might soon be turning to fellow users for help, rather than the company itself. Evan Williams, the CEO and co-founder of the short-messaging site on Tuesday said that he desperately wants to retire or evolve the company’s suggested user list, which offers suggestions of people to follow. The list, which was launched early this year and is available to anyone logged in to Twitter, includes people and companies ranging from the actress Kirstie Alley to musician John Mayer to Southwest Airlines. Just being on the list can provide an enormous boost to the number of followers a Twitter user has. Williams, who was speaking at the Web 2.0 Summit in San Francisco, said that the feature was initially rolled out as a way to help new Twitter users find people to connect with on the site. “It has been controversial for a while, though,” he said. He hopes that it can be eliminated when Twitter rolls out an upcoming feature that will let people build their own lists of suggested users to follow. According to a company blog post written in late September, the feature is being tested with a small group of users and is meant to allow the creation of lists of friends, businesses, and more. There will be an option to make the lists private, but they will be visible to other Twitter users by default. It is unknown when the feature will launch publicly. “If Twitter does get rid of the suggested user list, it could be eliminating a potential moneymaking tool,” Jason Calacanis, who runs search engine Mahalo, wrote in a March post on his blog that he offered Twitter $250,000 to add him to the roster. Twitter has yet to generate any meaningful revenue, and has largely kept quiet about how it may eventually do so. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 12:49 am Twitter may eliminate ‘suggested users’ list San Francisco: If you’re trying to figure out who to follow on Twitter, you might soon be turning to fellow users for help, rather than the company itself. Evan Williams, the CEO and co-founder of the short-messaging site on Tuesday said that he desperately wants to retire or evolve the company’s suggested user list, which offers suggestions of people to follow. The list, which was launched early this year and is available to anyone logged in to Twitter, includes people and companies ranging from the actress Kirstie Alley to musician John Mayer to Southwest Airlines. Just being on the list can provide an enormous boost to the number of followers a Twitter user has. Williams, who was speaking at the Web 2.0 Summit in San Francisco, said that the feature was initially rolled out as a way to help new Twitter users find people to connect with on the site. “It has been controversial for a while, though,” he said. He hopes that it can be eliminated when Twitter rolls out an upcoming feature that will let people build their own lists of suggested users to follow. According to a company blog post written in late September, the feature is being tested with a small group of users and is meant to allow the creation of lists of friends, businesses, and more. There will be an option to make the lists private, but they will be visible to other Twitter users by default. It is unknown when the feature will launch publicly. “If Twitter does get rid of the suggested user list, it could be eliminating a potential moneymaking tool,” Jason Calacanis, who runs search engine Mahalo, wrote in a March post on his blog that he offered Twitter $250,000 to add him to the roster. Twitter has yet to generate any meaningful revenue, and has largely kept quiet about how it may eventually do so. Source: Tech News - Livemint.com | 21 Oct 2009 | 12:49 am LG Elec Q3 beats estimates on strong handsets, TVLG Electronics Inc posted better-than-expected results thanks to strong sales of key handsets and TVs, but faces weakening earnings momentum.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 12:39 am Obama scolds Wall Street over reforms, lendingNew York: US President Barack Obama chastised Wall Street firms on Tuesday for resisting tighter regulations of their industry and said that they had not done enough to boost lending to small businesses. Lashing out at the reckless speculation and shortsightedness he said: “We re behind the 2008-2009 financial crisis.” The US President also expressed frustration at criticism he has taken over the unpopular $700 billion bailout of the financial industry. Obama told a Democratic party fund-raiser that his administration backed the bailout program, begun in the Bush administration, because it was necessary to prevent a financial collapse that could have devastated the economy. “We also know we should never again have to face potential calamity because of reckless speculation and shortsightedness and self-interestedness from a few,” Obama said adding: “So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms.” The remarks were the latest in a series from Obama and his aides urging the financial industry to get behind a package of proposals under consideration in Congress that would tighten rules for derivatives trading and other activities while establishing a new consumer watchdog for financial products. The administration is increasingly focusing on the disconnect between Wall Street, where the Dow Jones industrial average recently again rose about the 10,000 mark after collapsing in late 2008 and early 2009, and the rest of the weak economy, where small business are having difficulty getting credit and job losses are continuing. Hefty profits and plans for big bonuses at firms like Goldman Sachs and other Wall Street firms that benefited from the bailout are fueling outrage on main street. Obama plans to address the need for credit on Wednesday by unveiling a new set of initiatives that will increase credit flows to small businesses, partly by giving smaller banks better access to the bailout funds. “When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being profitable, that tells me people aren’t thinking about their obligations,” Obama said, chastising bigger banks. He said that his regulatory-reform plans would ensure all financial institutions followed a similar set of rules. “It’s good for our country and in the long run it will be good for the financial industry to have a level playing field in which everybody knows that the rules will be enforced and people are competing,” he said. Source: LatestNews-Home - Livemint.com | 21 Oct 2009 | 12:35 am Obama scolds Wall Street over reforms, lendingNew York: US President Barack Obama chastised Wall Street firms on Tuesday for resisting tighter regulations of their industry and said that they had not done enough to boost lending to small businesses. Lashing out at the reckless speculation and shortsightedness he said: “We re behind the 2008-2009 financial crisis.” The US President also expressed frustration at criticism he has taken over the unpopular $700 billion bailout of the financial industry. Obama told a Democratic party fund-raiser that his administration backed the bailout program, begun in the Bush administration, because it was necessary to prevent a financial collapse that could have devastated the economy. “We also know we should never again have to face potential calamity because of reckless speculation and shortsightedness and self-interestedness from a few,” Obama said adding: “So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms.” The remarks were the latest in a series from Obama and his aides urging the financial industry to get behind a package of proposals under consideration in Congress that would tighten rules for derivatives trading and other activities while establishing a new consumer watchdog for financial products. The administration is increasingly focusing on the disconnect between Wall Street, where the Dow Jones industrial average recently again rose about the 10,000 mark after collapsing in late 2008 and early 2009, and the rest of the weak economy, where small business are having difficulty getting credit and job losses are continuing. Hefty profits and plans for big bonuses at firms like Goldman Sachs and other Wall Street firms that benefited from the bailout are fueling outrage on main street. Obama plans to address the need for credit on Wednesday by unveiling a new set of initiatives that will increase credit flows to small businesses, partly by giving smaller banks better access to the bailout funds. “When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being profitable, that tells me people aren’t thinking about their obligations,” Obama said, chastising bigger banks. He said that his regulatory-reform plans would ensure all financial institutions followed a similar set of rules. “It’s good for our country and in the long run it will be good for the financial industry to have a level playing field in which everybody knows that the rules will be enforced and people are competing,” he said. Source: World Business - Livemint.com | 21 Oct 2009 | 12:35 am Renault hints on severing ties with partner M&MTokyo: Hinting the biggest drop that all is not well in its partnership with Mahindra & Mahindra, French auto major Renault on Wednesday said if things did not work out, it can sever ties and may even drive in its new product in India with a different partner. Renault, which has a joint venture with M&M that sells entry level sedan Logan, has been a subject of speculation over its relationship with the Indian partner and declining sales of the car had put a question mark over the future of the JV - Mahindra Renault Pvt Ltd, in which the French firm has 49% stake. Renault has other alliances with Bajaj Auto for a small car project and Ashok Leyland through Nissan for light commercial vehicles in India. “I am not saying we will, I am saying we can. I don’t want anybody to be surprised. We have today three partners (in India). Our intention is to continue with the three partners, but if it is not possible, I can tell you that we need at least one,” Renault president and CEO Carlos Ghosn said here at the Tokyo Motor Show. He was responding to a query if Renault was unhappy with any of its Indian partners, particularly with M&M, following the dismal performance of Logan in India. “It is a matter of concern, every time your sales go down on any model not only in India, we always check why ... We are going to try sometime, if it does not work we will go for second time with a decent car and eventually with a different partner, does not matter. We are in India to stay,“ he said. Logan has failed to live up to expectations and sales have been on a down slide. In September only 510 units of the car were sold compared to 1,752 units in the same month last year. In the first six months of this fiscal, the JV sold 2,901 units of Logan compared to 9,217 units in the same period last year. He said the failure of Logan was because “it is more expensive than we hoped it would be in India, the Indian market is extremely sensitive to the price. Another reason is we don’t have enough localisation in India.” Renault is learning from its current experiences in India and “we are going to come with a second wave of products”, he said without specifying details. The company is speculated to drive in its sedan Sandero, to India in the near future. Ghosn said while Renault is on a learning curve through its partnerships with M&M, Bajaj Auto and Ashok Leyland and in the long run it is going to stay put with at least one of the three partners. “What I can tell you is that we are certainly going to stay with at least one of them. “We may on the long run severe the relationship with one of them, so and so with another one. I can’t tell you what’s going to happen but we need at least one partner in India,” he said. Source: Home - Livemint.com | 21 Oct 2009 | 12:09 am Sensex ruling flat after sombre openingA key index of the Indian equities markets started trade on a sombre note Wednesday and was ruling flat about 30 minutes after opening bell.Source: IndiaeNews.com: Business News | 21 Oct 2009 | 12:02 am Indian rupee falls to 1-wk low on dlr rise, weak shares - Reuters India
Source: Business - Google News | 21 Oct 2009 | 12:01 am Rupee nears key resistanceA deluge of overseas funds entering the capital market and unrelenting weakness in dollar made rupee strengthen and reach the peak of 45.8 last week. Foreign institutional investors have been largely responsible for the spike in stock prices and theSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am Day Trading GuideThe near-term outlook remains positive as long as DLF trades above Rs 460. We recommend a buy with tight stop at Rs 460. Initiate fresh short-position if ICICI Bank declines below Rs 935 and SBI tumbles below Rs 2435, with stiff stop-loss. TheSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am Grasim Industries (Rs 2345.8): SellWe recommend a sell in the stock of Grasim Industries from a short-term perspective. It is evident from the charts that the stock was on an intermediate-term uptrend from December 2008 low of Rs 872 to July 2009 high of Rs 2,938. However, afterSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am Gas row: Sue Mukesh, don’t involve shareholders, says RILNew Delhi, Oct. 20 The Mukesh Ambani-led Reliance Industries Ltd (RIL) told the Supreme Court that the ongoing legal battle with the Anil Ambani group company, Reliance Natural Resources Ltd (RNRL), should not be construed as one betweenSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am NMDC drops new diamond exploration projectsHyderabad, Oct. 20 National Mineral Development Corporation (NMDC) is ramping up production of diamond at its existing mines, but will stop new exploration projects due to economicSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am PSU refiners face Rs 5,000-cr monthly losses as crude oil hits $80New Delhi/Mumbai, Oct. 20 Public sector oil refiners are worried that losses on subsidised fuels could touch Rs 5,000 crore a month in the third quarter of this fiscal if the crude oil price spiral continues.Source: Business Line - Home Page | 21 Oct 2009 | 12:00 am FIIs hike stake even as promoters cut holdingsChennai, Oct. 20 The momentum in the Indian stock markets with favourable currency movements appears to be a big draw for foreign investors. Of the companies that have so far released their September shareholding pattern, every second company sawSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am Coke wins case against Bisleri for Maaza brand nameThe Delhi High Court has asked the Ramesh Chauhan-led Bisleri International to stop selling the mango flavoured soft-drink under the trade name Maaza in India, giving Coca-Cola a victory in a trademark case.Source: Business Line - Home Page | 21 Oct 2009 | 12:00 am Retail interest tepid despite flurry of IPOs, market surgeMumbai, Oct. 20 Despite the spate of initial public offerings and the surge in the equity market, demat accounts have not shown any acceleration in growth in August or September.Source: Business Line - Home Page | 21 Oct 2009 | 12:00 am Tech Mahindra Q2 net down 44%Mumbai, Oct. 20 Tech Mahindra has recorded a 44 per cent fall in its second quarter consolidated net profit largely due to interest costs incurred on borrowings for acquiring Satyam Computer Services, coupled with declining revenues from its topSource: Business Line - Home Page | 21 Oct 2009 | 12:00 am LG Electronics Q3 beats forecasts on strong handset sales Seoul: South Korea’s LG Electronics Inc posted third-quarter net profit that beat expectations thanks to a soft local currency that boosted its price competitiveness and a strong line-up of mobile phones. LG reported a global-basis operating profit of 850 billion won ($732.9 million) in the third quarter, up from 571 billion won a year ago. This was above a consensus forecast of 757.8 billion won, according to analysts polled by Thomson Reuters I/B/E/S. Quarterly net profit was 807 billion won, up sharply from a year ago when it was hit hard by currency-related losses. The figure also beat a consensus forecast for a 667 billion won net profit from Thomson Reuters I/B/E/S. The world’s No. 3 mobile phone maker is headed for a weaker fourth quarter on higher marketing costs and price competition for its bread-and-butter handsets and flat-screen TV sets. The recent recovery in the South Korean won is also posing a threat, as the local currency’s weakness has helped LG to weather the global downturn. Still, analysts are upbeat about a strong recovery in 2010 thanks to strong sales of new premium products, such as smartphones and TVs using light emitting diodes. Shares in LG, which trails Nokia and Samsung Electronics Co Ltd in mobile phones, have risen 58% so far this year compared with a 47% rise in the broader market. Source: Home - Livemint.com | 20 Oct 2009 | 11:29 pm Sensex down 48 points in early trade on profit bookingThe barometer had lost 103 points yesterday. The wide-based National Stock Exchange index Nifty dipped by 21.25 points to 5,093.20 points.Source: Daily News & Analysis: Money News | 20 Oct 2009 | 11:11 pm Oil falls 0.6% to below $79 as stocks weighSingapore: US crude futures dropped half a percent to below $79 a barrel on Wednesday, extending the previous session’s losses away from a 1-year peak after a bigger-than-expected rise in US crude oil inventories. “There is plenty of oil around at the moment and the current price is associated with tight supply so I am a little bearish and I suspect it will adjust lower,” said David Moore, commodities strategist at Commonwealth Bank in Sydney. “However the market sentiment is still very positive and it’s hard to dispel that without a trigger. The API data showed a large stock build and if confirmed by the Energy Information Administration, that could be bearish in the very short term.” NYMEX crude for the new front month December fell 42 cents to $78.70 a barrel by 8:09am, after the American Petroleum Institute said late on Tuesday that crude stocks rose 3.8 million barrels, far more than the 1.8 million barrel build forecast in a Reuters poll. On Tuesday, the November contract hit $80.05, a 12-month high for the front month on a continuation basis. Brent crude lost 22 cents to $77.02. The Energy Information Administration, a US government agency, will issue its own report later on Wednesday. But pullbacks should be seen as buying opportunities as crude heads back to $100 a barrel, Richard Ross, global technical strategist at Auerbach Grayson in New York, said. The persistent weakness in the US dollar, global strength in equities, absence of overhead resistance, powerful momentum and mounting evidence of real economic recovery pointed to a bullish outlook for crude, he said in a research note. That view was echoed by BP’s chief economist, who also saw strong prices over the coming months, driven by expectations of growing demand and a relatively high level of Opec output discipline. In the short term, sentiment was also knocked by a steadier tone to the dollar, which retreated from 14-month lows and weakness in US equity markets, both of which have been key drivers in lifting oil by 11% so far in October. On the supply side, the dramatic slide in Mexico’s oil production since 2004 has come to an end and the country wi;; maintain output at 2.5 million barrels per day for the coming years, energy minister Georgina Kessel said on Tuesday. “I am convinced this is a reasonable baseline and that we can work with it for the coming years,” Kessel told Reuters in an interview. The rapid decline in Mexican production and a dearth of promising new fields to offset Cantarell had led to fears the number four supplier of crude to the United States will soon be an importer itself. Source: Home - Livemint.com | 20 Oct 2009 | 11:05 pm Sun cutting up to 3,000 jobs as awaits Oracle dealSan Francisco: Sun Microsystems Inc. plans to eliminate up to 3,000 jobs, or 10% of its worldwide work force, as it awaits a takeover by Oracle Corp., a deal being held up by antitrust regulators in Europe. The layoffs Sun outlined Tuesday in a regulatory filing are the latest in a series of job cuts at the world’s No. 4 server maker. Sun, a dot-com-era star, was banking on the $7.4 billion deal with Oracle as a lifeline after a decade of financial struggles. As delays have mounted, Sun has had to fend for itself, losing ground to rivals, including IBM Corp. and Hewlett-Packard Co., which have exploited uncertainty about the deal to poach customers. Sun’s losses are mounting too: It lost $2.2 billion in the last fiscal year, which ended 30 June. Sun said the job cuts will happen over the next year and affect all of Sun’s major regions, including North America, Europe, Asia and emerging markets. Sun has already cut about 7,600 workers in the past three years in three rounds of layoffs, according to the company’s filings with the Securities and Exchange Commission. Santa Clara-based Sun said it expects to incur $75 million to $125 million in restructuring charges over the next several quarters. Oracle’s purchase of Sun is being held up by European antitrust authorities who are concerned about possible harm to the database-software market. Oracle makes the world’s leading proprietary database software; Sun’s MySQL is the leading open-source database. They have until Jan. 19 to approve the deal or block it. The deal has been approved by US regulators. Oracle wants to buy Sun primarily because it wants more control over the development of Sun’s Java software, which is a key ingredient in building Web sites. Oracle also claims that having Sun’s hardware and Oracle’s software teams working together will make the products work better together. Oracle and Sun are longtime partners. The deal may also have been partly a strategic ploy to keep Sun out of the clutches of IBM, an Oracle and Sun rival that was also bidding on the company. Source: Home - Livemint.com | 20 Oct 2009 | 11:00 pm Sun cutting up to 3,000 jobs as awaits Oracle dealSan Francisco: Sun Microsystems Inc. plans to eliminate up to 3,000 jobs, or 10% of its worldwide work force, as it awaits a takeover by Oracle Corp., a deal being held up by antitrust regulators in Europe. The layoffs Sun outlined Tuesday in a regulatory filing are the latest in a series of job cuts at the world’s No. 4 server maker. Sun, a dot-com-era star, was banking on the $7.4 billion deal with Oracle as a lifeline after a decade of financial struggles. As delays have mounted, Sun has had to fend for itself, losing ground to rivals, including IBM Corp. and Hewlett-Packard Co., which have exploited uncertainty about the deal to poach customers. Sun’s losses are mounting too: It lost $2.2 billion in the last fiscal year, which ended 30 June. Sun said the job cuts will happen over the next year and affect all of Sun’s major regions, including North America, Europe, Asia and emerging markets. Sun has already cut about 7,600 workers in the past three years in three rounds of layoffs, according to the company’s filings with the Securities and Exchange Commission. Santa Clara-based Sun said it expects to incur $75 million to $125 million in restructuring charges over the next several quarters. Oracle’s purchase of Sun is being held up by European antitrust authorities who are concerned about possible harm to the database-software market. Oracle makes the world’s leading proprietary database software; Sun’s MySQL is the leading open-source database. They have until Jan. 19 to approve the deal or block it. The deal has been approved by US regulators. Oracle wants to buy Sun primarily because it wants more control over the development of Sun’s Java software, which is a key ingredient in building Web sites. Oracle also claims that having Sun’s hardware and Oracle’s software teams working together will make the products work better together. Oracle and Sun are longtime partners. The deal may also have been partly a strategic ploy to keep Sun out of the clutches of IBM, an Oracle and Sun rival that was also bidding on the company. Source: World Business - Livemint.com | 20 Oct 2009 | 11:00 pm Sun Microsystems to cut 3,000 jobs as Oracle deal delayedRivals IBM and Hewlett-Packard Co are taking advantage of the uncertainty by poaching Sun's customers with steep discounts.Source: Daily News & Analysis: Money News | 20 Oct 2009 | 10:19 pm Toyota may spend $440 mn on US recall: mediaTokyo: Toyota Motor Corp may need to spend about 40 billion yen ($440 million) to fix the accelerator pedals on 3.8 million cars being recalled in the United States, the Tokyo Shimbun newspaper reported on Wednesday. Toyota announced last month that it would recall some 3.8 million vehicles in the US because of a risk that a loose floormat could force down the accelerator, a problem suspected of causing crashes that killed five people. Toyota has not given an estimate of the cost. The world’s largest carmaker has been urging vehicle owners to remove the floor mats, but is now considering stepping up its response to fix the accelerator pedals, a move that could cost it about 40 billion yen, the Tokyo Shimbun reported. A Toyota spokeswoman said it has not made any decisions to change how it handles the recall. Shares of Toyota rose 0.6% to 3,600 yen, outperforming a 0.3% fall in the benchmark Nikkei average. The recall includes the hot-selling Prius hybrid and is the largest ever for Toyota, which has built a reputation for safety and quality that helped it surpass General Motors as the world’s top automaker last year. Toyota will start discussions with the National Highway Traffic Safety Administration on which models and how many cars will need the fix, the Tokyo Shimbun said. The recall comes at a critical time for Toyota as it scrambles to squeeze spending to bounce back from record losses amid an industry-wide slump in car sales. Toyota is forecasting a net loss of 450 billion yen for the financial year to March. Source: World Business - Livemint.com | 20 Oct 2009 | 9:19 pm Yahoo triples profit, beats expectationsSAN FRANCISCO (Reuters) - Yahoo Inc beat Wall Street's profit and sales expectations as spending by advertisers showed signs of life in the third quarter and as months of cost-cutting and restructuring boosted the Internet company's bottom line.Source: Reuters: Money News | 20 Oct 2009 | 9:17 pm Apex court to hear Ambani gas dispute case TuesdayThe Supreme Court will Tuesday begin hearing of the dispute between the Mukesh Ambani-led Reliance Industries and Anil Ambani-led Reliance Natural Resources Ltd over supply of gas from the Krishna-Godavari basin.Source: IndiaeNews.com: Business News | 20 Oct 2009 | 4:04 pm No trade barriers please in climate change talks: Shyam SaranAs India positions itself as a proactive player in the climate change discourse saying it is part of the solution, the real worry within industry and government is that negotiations should not be used to erect barriers to free trade and investment, says Shyam Saran, the prime minister's special envoy for climate change.Source: IndiaeNews.com: Business News | 20 Oct 2009 | 4:04 pm Madhya Pradesh amends sugar control orderMadhya Pradesh has amended the State Sugar Trade Order 2009 to exempt institutions, hospitals, state-run working women's hostels and educational institutions, local bodies and registered trusts from its ambit, officials said Monday.Source: IndiaeNews.com: Business News | 20 Oct 2009 | 4:04 pm Raman Singh warns Chhattisgarh's polluting industriesUpset over a flurry of complaints by villagers against pollution, Chhattisgarh Chief Minister Raman Singh has asked industries in the state to act swiftly to check the problem and strictly follow the pollution control norms.Source: IndiaeNews.com: Business News | 20 Oct 2009 | 4:03 pm Subex says FCCB issue held up at RBI doorsBangalore-based telecom software company, Subex said its move to resolve its foreign currency debt burden of $180 million (Rs 850 crore) has been held up due to "regulatory issues".Source: Daily News & Analysis: Money News | 20 Oct 2009 | 3:12 pm Indonesian shock for Indian power plantsIndias ambitious plans to generate an additional 180,000 Mw of power in the next seven years will face hurdles if Indonesia, the second largest supplier of thermal coal, goes ahead with plans to cap coal exports to serve domestic demand.Source: Business Standard | Front Page Headlines | 20 Oct 2009 | 1:28 pm Strike paralyses Gurgaon auto hubOver 70 factories disrupted by labour unrest in RICO plant. Over 100,000 workers in more than 70 auto factories, including some of Indias largest automobile companies such as Munjal-promoted Hero Honda and Honda Motorcycle and Scooters India Ltd (HMSI), joined a one-day strike, impacting production in the countrys largest auto hub.Source: Business Standard | Front Page Headlines | 20 Oct 2009 | 1:26 pm GI protection: Gain for some, pain for othersEarly next month, the Madras High Court will hear a unique case a petition challenging the geographical indications (GI) protection given to the famous Tirupati laddu, produced by the Tirumala Tirupati Devasthanam (TTD).Source: Business Standard | Front Page Headlines | 20 Oct 2009 | 12:34 pm Galleon under Sebi watchThe Securities and Exchange Board of India (Sebi) said it is closely watching investments made by New York-based hedge fund Galleon, whose Sri Lankan founder Raj Rajaratnam was arrested for alleged insider trading on Friday.Source: Business Standard | Front Page Headlines | 20 Oct 2009 | 12:33 pm Essar out of contest for stake in RocklandsMelbourne: Essar Group withdrew from a bidding contest with Jindal Steel and Power Ltd for Australian coal explorer Rocklands Richfield Ltd. Rocklands has written to Essar asking why it’s dropping the 144 million Australian dollar (Rs574 crore) bid, and to determine whether it may wish to continue the takeover on amended terms, the Sydney-based firm said in a statement on Tuesday. The Jindal offer of 42 Australian cents a share remains on track with the New Delhi-based firm continuing its due diligence, Rocklands said on Tuesday. Jindal’s offer is preliminary, non-binding and conditional, the Australian company said. Jindal owns 12.75% of the coal explorer, a 9 October statement to the Australian stock exchange shows. Source: World Business - Livemint.com | 20 Oct 2009 | 11:34 am Toyota enters Korea, ups challenge for HyundaiSeoul: The world’s biggest auto maker Toyota Motor Corp. began sales of its namesake brand in South Korea, challenging Hyundai Motor Co. and affiliate Kia Motors Corp. in a country where they have a 72% market share. Toyota will sell Camry sedans, Camry hybrids, Prius hybrids and RAV4 sport utility vehicles, the Japanese company said on Tuesday in a statement from Seoul. The car maker has been selling its luxury Lexus brand in the country since 2001. Source: World Business - Livemint.com | 20 Oct 2009 | 11:26 am Chandrayaan scientist held on spying charges in the USWashington: A US scientist who was part of the Chandrayaan lunar mission that found water on the moon was caught trying to sell classified secrets to an agent of the Federal Bureau of Investigation posing as an Israeli intelligence agent, the US justice department said.  Security breach: Nozette was a co-investigator of the M3 instrument in Chandrayaan. Hemant Mishra / Mint The National Aeronautics and Space Administration’s (Nasa) M3 instrument found traces of water on the moon’s surface. The findings were announced in September. Nozette, 52, had visited the Indian Space Research Organisation (Isro) in Bangalore before the Chandrayaan launch. “Isro had followed strict security protocols and like any other foreign national, he was not allowed access to critical installations,” said S. Satish, Isro’s spokesman. Nozette has worked for Nasa and the US energy department. In 1989 and 1990, he worked for the White House’s National Space Council. At the energy department, he held a special security clearance equivalent to the US defence department’s top secret and “critical nuclear weapon design information” clearances. ‘feedback@livemint.com’ (Mint’s K. Raghu in Bangalore contributed to this story.) Source: Tech News - Livemint.com | 20 Oct 2009 | 11:24 am Puma opens development center in VietnamFrankfurt: German sporting goods company Puma AG opened a new product development center in Vietnam on Tuesday, part of an effort to streamline the creation of new apparel and reduce costs. Puma said the center in Ho Chi Minh City pulls together suppliers, researchers and developers under one roof. The concept “will increase Puma’s speed to market, reduces our cost base and makes sure that our products are of excellent quality,” chief executive Jochen Zeitz said in a statement. “It underpins Puma’s current restructuring efforts to streamline our business operations throughout all steps of the value chain,” he added. Footwear and apparel will be developed at the new complex. Herzogenaurach, Germany-based Puma is the world’s third largest sporting goods company after crosstown rival Adidas AG and Nike Inc. of the US. Shares of Puma were up 1.6% at euro231.70 ($345.23) in Frankfurt morning trading. Source: World Business - Livemint.com | 20 Oct 2009 | 3:24 am
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