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To recover KGD6 cost in 5 years at $4.2/mmbtu: RIL counselThe prelunch session of the court battle between Reliance Industries (RIL) and RNRL has been a dominated by the gas utilisation policy as well as the cost recovery that Reliance Industries can make as per the production sharing contract at the KGD6, reports CNBCTV18s Nayantara Rai.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 8:33 am Patel Engg raises $75m via QIP, not to dilute further stakePatel Engineering had raised USD 75 million or Rs 345 crore via a qualified institutional placement (QIP). In an interview with CNBCTV18 Managing Director, Rupen Patel said he was not looking to raise money further, despite having an enabling resolution to raise USD 500 million.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 6:01 am Govt to pay Rs 550 bn fertiliser subsidy in cash this FYThe government has estimated fertiliser subsidy for the current financial year ending March at Rs 550 billion, which will be paid to companies entirely in cash alongwith the carry forward amount from last fiscal, Fertiliser Secretary Atul Chaturvedi said today.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 5:15 am Lancor Holdings to raise $14m via QIP routeRV Shekar, MD, Lancor Holdings, says the company is looking to raise $1314 million via the QIP route to acquire land.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 5:13 am Allied Digital raises $50m via QIP route for capex, buyoutsAllied Digital has raised USD 50 million via a qualified institutional placement (QIP) for acquisitions and capital expansion (capex), said the companys CMD Nitin Shah.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 5:13 am Why is Zee News, Zee Entertainment restructuring?Zee Entertainment and Zee News have their board meeting scheduled on October 23 to discuss the proposal for restructuring the business. According to street, Zee News could hive off its general entertainment channel (GEC) business into Zee Entertainment which is basically all its regional channels.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 5:13 am Sensex ends 200 points lower; JP Assoc, DLF down - Economic Times
Source: Business - Google News | 22 Oct 2009 | 4:32 am KEC International bags orders worth Rs470 cr - Livemint
Source: Business - Google News | 22 Oct 2009 | 4:28 am Stocks Decline in Europe, Asia; Ericsson, China Unicom, Credit Suisse Drop - Bloomberg
Source: Business - Google News | 22 Oct 2009 | 4:22 am BSE Sensex provisionally closes down 1.16 pctMUMBAI (Reuters) - The BSE Sensex provisionally closed 1.16 percent lower on Thursday, tracking the fall in global markets, with banks such as State Bank of India and ICICI Bank leading the losses.Source: Reuters: Money News | 22 Oct 2009 | 4:08 am Kobelco to set up excavator plant near ChennaiJapanese earthmoving equipment company Kobelco Construction Machinery will invest around Rs.46 crore ($9.85 million) to set up a hydraulic excavator factory in the Sri City industrial estate, 55 km from here.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:06 am India o/n rate eases ahead of reporting Friday - Reuters India
Source: Business - Google News | 22 Oct 2009 | 4:06 am Bond trading to rev up SBI Q2; ICICI eyes H2 recoveryMUMBAI (Reuters) - State Bank of India, the country's top lender, is likely to say quarterly profit rose nearly 9 percent, helped by bond trading income, but rival ICICI Bank will post lower profits as it cut back on loans.Source: Reuters: Money News | 22 Oct 2009 | 4:06 am Delhi's abattoir shut amid protestsThe raging five-year battle between the civic agency and meat trader associations in the national capital saw its final turn Thursday when the centuries old Eidgah slaughterhouse near the walled city was closed down on Supreme Court's directives.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:06 am Sensex ends 197 points downA key Indian equity index closed 197 points in the red Thursday as investors continued to sell stocks across the board.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:05 am Biocon's second quarter net at $13.85 mnBangalore-based biotech major Biocon posted a net profit of $13.85 million (Rs.62.36 crore) in the quarter ended Sep 30 compared to $7.45 million (Rs.33.5 crore) earned in the like period of the previous year, the company said in a filing Thursday.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:05 am Reliance Industries also objects to 17-year gas supply tenureThe Mukesh Ambani-led Reliance Industries Thursday told the Supreme Court that both the 17-year tenure for gas supply from Krishna-Godavari basin to younger sibling Anil Ambani's firm and the price of $2.34 per unit were unacceptable.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:04 am Larsen and Toubro net up 26 percentThe net profits of construction and engineering major Larsen and Toubro (L and amp;T) rose 26 percent to Rs.580 crore ($124.92 million) in the quarter ended Sep 30, as compared to Rs.460 crore ($99 million) posted in the corresponding quarter last fiscal.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:03 am Sensex moves down further, 1.17 percent in redA key Indian equity index moved further into the red an hour before closing bell Thursday and was ruling 1.06 percent lower than its previous close owing to widespread selling pressure.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:03 am Coming up, renewable energy revolution in IndiaRenewable energy is the way of the future and the government is planning a major thrust in the sphere of solar and wind to meet the energy needs of India and also reduce environmental hazards, union Minister for New and Renewable Energy Farooq Abdullah said.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:02 am Piramal's second quarter net at $25.39 mnHealthcare firm Piramal Healthcare has posted a net profit of $25.39 million (Rs.114.22 crore) for the quarter ended Sep 30 as compared to $15.5 million (Rs.69.44 crore) earned in the like period last year, the company said Thursday.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:02 am China, U.S. leaders push climate change cooperation - Reuters
Source: Business - Google News | 22 Oct 2009 | 4:01 am India to fall short of power generation targetOut of the 78,000 MW of capacity addition during the 11th Five-Year Plan, India will fall short by as much as 17 percent, a member of the country's top policy making body said Thursday.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 4:00 am P&G eyes parts of Sara Lee unit - BloombergReuters - Procter & Gamble Co is eyeing parts of Sara Lee Corp's international household products unit, Bloomberg reported on Thursday, citing people familiar with the discussions.Source: Reuters: Money News | 22 Oct 2009 | 3:54 am To recover KG-D6 cost in 5 years at $4.2/mmbtu: RIL counsel - Moneycontrol.com
Source: Business - Google News | 22 Oct 2009 | 3:52 am Biocon Q2 cons net up 196.8%; see 20-30% rev growth in FY10 - Moneycontrol.com
Source: Business - Google News | 22 Oct 2009 | 3:52 am Microsoft mulls new corporate software - AcerMicrosoft is working on a new operating system that will be targeted at corporate customers, as the software giant launches its next-generation Windows 7.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:47 am Higher sales, margins to boost auto earningsMUMBAI (Reuters) - Higher passenger car sales in the quarter ended September is likely to boost Maruti Suzuki India earnings, while Tata Motors will benefit from a recovery in truck sales, say analysts.Source: Reuters: Money News | 22 Oct 2009 | 3:46 am RIL had opposed govt role in gas sale: Counsel to SCReliance Industries today told the Supreme Court it had vehemently protested against the government taking away its freedom to market gas.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:43 am PM seeks global hub for climate tech researchNEW DELHI (Reuters) - The prime minister on Thursday called for a global centre to coordinate research on clean-energy technology, saying innovations should be viewed as "public goods" that poorer countries could afford.Source: Reuters: Money News | 22 Oct 2009 | 3:29 am Rupee at 2-week lows; dollar gains hurtMumbai: The Indian rupee extended its drop to two-week lows in afternoon session on Thursday weighed by losses in domestic shares, which could fuel foreign fund withdrawals and pressured by the dollar’s rise versus majors. At 1:46pm, the partially convertible rupee was at Rs46.68/69 per dollar, its weakest since 7 October, and below its previous close of Rs46.485/495. Traders said lower Asian units were weighing on rupee sentiment. The dollar index, a gauge of the US unit’s performance versus six majors, was up 0.6%. The dollar bounced off a 14-month low against a basket of currencies and the Australian dollar eased on Thursday as investors locked in profits after Chinese economic data offered no major surprise. Shares were trading down 0.6% on Thursday, led by a decline in banks, as weak overseas cues prompted investors to book profits. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.6925 and Rs46.69 respectively, with the total traded volume on the two exchanges at about $2.02 billion. Source: Home - Livemint.com | 22 Oct 2009 | 3:27 am Inflation up, but no rate hike seenIndia's headline inflation rose at a faster-than-expected pace by mid-October to its highest level in 20 weeks.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:24 am Rolta India July-Sept net more-than-doubles(versus the same period a year earlier, in million rupees unless stated)Source: Reuters: Money News | 22 Oct 2009 | 3:23 am Congress heading towards simple majority in HaryanaChandigarh: The ruling Congress is heading for a simple majority in the 90 member Haryana Assembly winning 11 of the 23 seats which were declared and leading in 29 others much less than 67 seats in 2005 which made the party come back to power with over two third majority drubbing the INLD. INLD, which had yielded power to the Congress five years back, was set to improve its 2005 performance of nine having won seven seats even as the Om Parkash Chautala led party was leading in 22 others. Parkash Singh Badal led SAD would be making its maiden entry in the Haryana assembly with its candidate Charanjit Singh winning from Kalanwali defeating his nearest rival Sushil Kumar Indora, who contested as a ruling Congress nominee after deserting Chautala’s INLD shortly before the elections. BJP nominee Anil Vij, who was an Independent nominee five years back, was elected from Ambala Cantt defeating his nearest rival former agriculture minister Nirmal Singh by a margin of 6338 votes. Prime Minister Manmohan Singh had addressed his only election meeting at Ambala Cantt in support of Nirmal Singh and other party nominees in the district. The saffron party nominees were leading in three other constituencies even though the party after breaking its alliance with Om Parkash Chautala led INLD had contested all the 90 seats. Independents had won three seats and were leading in five others while HJC-BL and BSP nominees were leading in five and three constituencies respectively. Haryana Congress President Phool Chand Mullana lost to Rajbir Barara (INLD) from Mullana by a margin of 2938 votes. Mullana was seeking re-election from Mullana. In Kaithal district the party could retain only Kaithal out of the four constituencies. The sitting MLAs of the party lost from Guhla, Pundri and Kalayat. Source: Home - Livemint.com | 22 Oct 2009 | 3:22 am Garmin, Reliance Retail tie up to launch navigation products New Delhi: Global satellite navigation device maker Garmin on Thursday said that it has entered into a tie-up with Reliance Retail to launch its car navigation products in India. Under the agreement, Reliance Retail’s automotive arm Reliance Autozone would market the products at its speciality stores and shop-in-shops across the country, Garmin said in a statement. “Through co-operation with Reliance Autozone and its affiliated companies as strategic partners in India, Garmin has jumped a bigger step to be closer to the Indian market,” Garmin Corporation director (sales and marketing) Tony An said. Garmin, which is incorporated in The Cayman Islands, operates in Asia through its Taiwan-based subsidiary Garmin Corporation. Reliance Autozone stores showcase more than 50 brands and 1,500 products catering to cars from various segments. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 3:21 am Air India must take up cost cutting measures: Praful PatelThe Maharaja will have to wait a while longer for government support. The first Group of Ministers (GoM) meet on the aviation sector, headed by Finance Minister Pranab Mukherjee, ended without any decision being taken for equity infusion into the airline.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 3:19 am Markets extend losses to 1% on bank lossesMumbai: Indian shares extended losses to 1% on Thursday afternoon, led by losses in banks, mirroring the decline in world equities. At 2:16pm, the 30-share BSE index was down 1.07% at 16,828.02 points, with 22 components in the red. The 50-share NSE Index was down 1.25 percent at 5,000.20. Asian market were weak with China’s growth data failing to surprise, and a late-sell off in financial shares led to an overnight decline on the Wall Street. Leading banks State Bank of India and ICICI Bank, which saw a steep rise recently, fell as investors locked profits. Meanwhile, Moody’s Investors Service on Wednesday downgraded the supported ratings of 13 Indian commercial banks after its global review of systemic support indicators for individual banking systems. India’s wholesale price index rose 1.21% in the 12 months to 10 October, higher than previous week’s annual rise of 0.92 percent, government data showed. By 1:13pm, the 30-share BSE Index was trading down 0.6 percent at 16,906.61, with 16 of its components declining. The 50-share NSE index was down 0.74% at 5,026.10. “We had raced to 17-month highs. So, this kind of profit booking is only fair to the market,” said Gajendra Nagpal, CEO of Unicon Financial. “A severe fall is not likely, but we may see such bouts of profit sales,” he added. State Bank dropped 1.27% while ICICI Bank declined 2.2%. Energy giant Reliance Industries was down 1.14% at Rs2,157.50 while the Supreme Court continues to hear its arguments in its gas supply dispute with Reliance Natural Resources. Engineering and Construction firm Larsen & Toubro was down 3.3% at 1,618.10 rupees, as it reported its September quarter net profit rose 26% to Rs580 crore. Rival Jaiprakash Associates declined as much as 6.5% to Rs239.10 as dealers said its second-quarter results disappointed even though it declared a bonus share issue. “On the bottom-line front, the performance was below our expectations, due to the hit in margins and the increase in interest cost,” Angel Broking, which has a ’reduce’ rating on the stock, said in a note. The stock was trading 5.7% lower at Rs241.20. Source: Home - Livemint.com | 22 Oct 2009 | 3:05 am Inflation rate rises to 1.21% - Sify
Source: Business - Google News | 22 Oct 2009 | 3:03 am Galleon to unwind hedge funds, may selloff India holdingsBillionaire hedge fund manager Raj Rajaratnam has written a letter to its employees and investors asking them to wind down the funds in an orderly manner.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 3:00 am L&T Q2 profit rises 26% at Rs 580 cr - Business Standard
Source: Business - Google News | 22 Oct 2009 | 2:57 am Toshiba launches portable fuel-cell for mobilesTokyo: For people fed up with their mobile telephone or iPod batteries running out, Japan’s Toshiba Corp announced the launch of a portable fuel-cell on Thursday that can power up digital gadgets on the move. With an injection of methanol, the fuel-cell generates electricity through a chemical reaction with oxygen to recharge mobile digital electronic devices via a USB cable. The high-tech giant, which sees a bright future for fuel cells, said battery exhaustion had become a “major concern” due to the rising power consumption of mobile electronic devices. It said the palm-sized fuel-cell, called Dynario, “delivers almost instant refuelling that untethers electrical equipment from AC adapters and power outlets.” A single refill of methanol from a dedicated cartridge can generate enough power to charge two mobile telephones, said Toshiba, which describes itself as a world leader in the development of fuel-cells for handheld gadgets. The company will put 3,000 of the devices on sale in Japan through its direct-order website at a price of 29,800 yen ($326) each. The fuel cartridges cost an additional 3,150 yen for a set of five. Source: Tech News - Livemint.com | 22 Oct 2009 | 2:52 am Toshiba launches portable fuel-cell for mobilesTokyo: For people fed up with their mobile telephone or iPod batteries running out, Japan’s Toshiba Corp announced the launch of a portable fuel-cell on Thursday that can power up digital gadgets on the move. With an injection of methanol, the fuel-cell generates electricity through a chemical reaction with oxygen to recharge mobile digital electronic devices via a USB cable. The high-tech giant, which sees a bright future for fuel cells, said battery exhaustion had become a “major concern” due to the rising power consumption of mobile electronic devices. It said the palm-sized fuel-cell, called Dynario, “delivers almost instant refuelling that untethers electrical equipment from AC adapters and power outlets.” A single refill of methanol from a dedicated cartridge can generate enough power to charge two mobile telephones, said Toshiba, which describes itself as a world leader in the development of fuel-cells for handheld gadgets. The company will put 3,000 of the devices on sale in Japan through its direct-order website at a price of 29,800 yen ($326) each. The fuel cartridges cost an additional 3,150 yen for a set of five. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 2:52 am India and developing nations must act to check emissions: PM New Delhi: Making it clear that the country will not compromise on development in the fight against global warming, Prime Minister Manmohan Singh on Thursday said that India and other developing nations must do their bit to keep their emissions footprint within sustainable and equitable levels. Inaugurating the New Delhi High Level Conference on Climate Change: Technology Development and Transfer, he made a strong pitch for diffusion of technology which will be a key element in meeting the challenge of climate change. “Developing countries cannot and will not compromise on development. But, as responsible members of the global community, we also do recognise that we, along with other members of the global community, must do our bit to keep our emissions footprint within levels that are sustainable and equitable,” Singh said. Singh said that India was acting in its own limited capacity in pursuing its commitment to sustainable growth and a comprehensive, balanced and equitable outcome of the climate change talks at Copenhagen will enable the country to do much more. “We need to work towards a significantly enhanced and scaled-up set of arrangements for technology under a multilaterally supervised mechanism,” he said. “We need to act across all the stages of the technology cycle from research leading to new breakthroughs, to the development and adoption of new technologies and to the transfer of existing and mature technologies,” Singh said. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 2:50 am BSNL deal: HCL Info is lowest bidder for east zoneThe $5billion HCL Infosystems has once again emerged the lowest bidder for an IT implementation deal with Bharat Sanchar Nigam Ltd, sources said.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 2:42 am Credit Suisse makes $2.4 bn profit in Q3Geneva: Swiss bank Credit Suisse Group reported Thursday a net profit of 2.4 billion Swiss francs ($2.4 billion) for the third quarter, helped by strong returns on financial market trading and investment banking. The figure exceeded analysts’ predictions and compared with a 1.26 billion franc loss during the same period a year ago. The bank said its return on equity attributable to shareholders was 25.1% in the quarter and that it attracted total net new assets of 16.7 billion francs in the period. “Our third-quarter performance, including our strong return on equity...shows that our approach continues to work well and is providing the foundation for sustainable, high-quality, lower volatility earnings,” said chief executive Brady W. Dougan. Dougan said Credit Suisse has accelerated since last year the implementation of its client-focused business model that reduces risk. The company has a Tier 1 ratio of 16.4% and is positioned to prosper in the new competitive landscape, he said. Brady and chairman Hans-Ulrich Doerig said in a letter to shareholders that the bank’s capital position was among the best in the industry. “Our third-quarter performance complemented a strong first half of the year,” said Dougan and Doerig. The bank said its net revenues for the quarter were 8.9 billion francs, 195 percent higher than the 3 billion francs for the same period last year. Credit Suisse’s share price nevertheless dropped in early trading Thursday, sliding 2.25% to 58.7 francs. It said its private banking business had a pretax income of 867 million in the quarter, with inflows in international and Swiss businesses. That is down 7% from the second quarter this year, due to a 4% drop in net revenues to 2.8 billion francs, mainly due to lower net interest income. The private banking pretax income was up 10% on the year. Private banking had 902 billion francs of assets under management, it said. The investment banking division reported income before taxes of 1.7 billion francs in the quarter, compared with a loss of 3.2 billion francs in the third quarter of 2008. The current result was a 5% improvement over the previous quarter of this year. The sector’s net revenues were 5.05 billion francs, driven by good results in global fixed income markets, cash equities, and investments in the US. The bank said its asset management unit reported income before taxes of 311 million francs in the third quarter compared with a 109 million franc loss in the same quarter of last year. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 2:41 am Essar Group\'s bond issue closes, oversubscribed 3 timesCNBCTV18 learns that Essar Group\'s Rs 2,250 crore bond issue has closed. The issue was oversubscribed three times. The company will decide on exercising the greenshoe option by today.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 2:37 am Toyota to hire 2,000 workers in IndiaTokyo: The world’s largest car maker by volumes, Toyota Motor Corporation said on Thursday it will hire 2,000 more people in India as the auto maker gears up to launch a small car in the country by 2011. Toyota Motor Corp, which runs its Indian operation through a joint venture -- Toyota Kirloskar Motor -- with the Kirloskar Group, is constructing the second plant at its Bangalore facility with an investment of Rs3,200 crore to manufacture the small car. “We will require a strong manpower to roll out our small car from India. We will have an additional 2,000 people in our second plant which is currently under construction,” Toyota Kirloskar Motor (TKM) managing director Hiroshi Nakagawa told PTI at the ongoing Tokyo Motor Show here. He said the company has started the recruitment process and it will be completed by the time the plant is commissioned in 2011. The plant will have an initial annual production capacity of 70,000 units, which could be expanded up to two lakh units. TKM has an existing facility in Bangalore with an annual installed capacity of 80,000 units. The existing plant has about 4,000 people, which include staff from the sales and marketing division also. Besides hiring new employees, TKM is also planing to shift some of its employees to the upcoming plant from the existing one, Nakagawa added. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 2:22 am Tata mulls checks on world’s cheapest carNew Delhi: The world’s cheapest car, the Nano, launched by Indian maker Tata earlier this year, faces possible checks after owners complained of fires apparently caused by short circuits. But Tata Motors said that it would not order a recall of the Nano, at least 7,500 of which have been delivered since the car hit the streets three months ago. “A pre-emptive audit check may be carried out on cars that are to be handed over or those that are with customers, purely as a precautionary measure,” said Tata spokesman Debasis Ray. “No recall is being considered,” he said. The statement came after Indian newspapers reported three cases of fire involving the sporty-looking hatchback, which retails for around $2,500. There was were no reports of injury in any of the incidents. Tata Motors denied there had been any fire in two of the cars and said it had not had a chance to examine the third vehicle. The spokesman blamed the incidents on a minor short-circuit in the electrics handling the windscreen wipers and lights. Tata Motors said that the two cars that its engineers had examined had some minor smoking—not fire and a localised melting of some of the fire-retardant plastic parts. The Economic Times newspaper quoted one Nano owner as saying a car park attendant had told him the car was on fire. There was thick smoke in the cabin. Earlier this month, Tata Motors said that it had boosted monthly Nano production by 20% to more than 3,000 vehicles to clear an order backlog. Tata Group chief Ratan Tata predicted the no-frills vehicle would revolutionise travel for millions of poorer Indians, getting them off Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 2:18 am Further rise in inflation may trigger RBI rate hike: HDFC BankThe RBI is likely to wait for a further rise in inflation before it raises its benchmark lending and borrowing rates, HDFC Bank said.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 2:15 am Inflation up, but no rate hike seenNEW DELHI (Reuters) - India's headline inflation rose at a faster-than-expected pace by mid October to its highest level in 20 weeks, but government officials and analysts expect the Reserve Bank to leave rates unchanged at its policy review next week.Source: Reuters: Money News | 22 Oct 2009 | 2:09 am Further rise in inflation may trigger RBI rate hike: HDFC Bank Mumbai: The Reserve Bank of India (RBI) is likely to wait for a further rise in inflation before it raises its benchmark lending and borrowing rates around December or January, HDFC Bank said on Thursday. The private sector lender, however, expects RBI to hold key rates in its monetary policy review due next week. “Our bet is that the RBI will wait until December-January period when inflation actually spikes up before changing policy rates. However, we continue to believe that the policy will maintain status quo (on 27 October),” HDFC Bank chief economist Abheek Barua said. He said that it was unlikely for the RBI to embark on an ‘aggressive rate hike cycle’, even if it were to move rates upward. “If the central bank is indeed looking for reasons to delay its exit from its super-accommodative monetary stance, the recent inflation prints certainly gives it one,” he said. India’s wholesale price index (WPI) inflation rose to 1.21% for the week ended 10 October from 0.92% in the previous week. HDFC Bank expects WPI inflation to moderate in the second half of FY10. Barua said that a robust industrial production data for August at 10.4% has raised the probability of a rate hike in the 27 October policy. “RBI may, however, need more confirmation that India has climbed out of the bottom of the industrial cycle before it takes a decision on rates,” he added. “The central bank may also carry out some ‘indirect monetary tightening´ over the next two months to drain out excess liquidity from the system,” he said. “Some indirect monetary tightening is likely over the next couple of months. For one, the RBI could reduce the quantum of OMO purchases form the market. Second, the RBI is unlikely to intervene aggressively in the forex markets as intervention would add to local liquidity,” Barua said. He said that the apex bank would also needs to be vigilant as demand may drive up pricing pressures before 2011. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 1:56 am Will form govts in Maha rashtra, Haryana: CongNew Delhi: Congress on Thursday exuded confidence it will form the government for the third time in a row in Maharashtra and for the second consecutive time in Haryana, where the party is scrambling for numbers to get a majoirty. “Our government is being formed for the third time in a row in Maharashtra and second consecutive time in Haryana after 40 years. This is an achievement,” AICC General Secretary B K Hariprasad told reporters here. Asked abut the party getting fewer seats in both the states, he said the government was being formed for the third time in Maharashtra. “Some anti-incumbency was there in both these states,” Hariprasad said. To a query about the strategy of the party in Maharashtra if it fell short of the numbers, he said, “independents are in touch with state and central leadership”. Asked whether status quo will be maintained in all the three states, the AICC general secretary said “party leadership will decide. MLAs will decide.” “There was a bit of overconfidence in Haryana. This leads to complacency and one has to sometime pay a price for it,” he said. Asked if chief minister Bhupinder Singh Hooda will pay the price, he said, “I don’t know what is in store”, adding that the MLAs and the party leadership will decide the chief ministership. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 1:51 am CBI searches DoT officesNew Delhi: The CBI searched offices of the Department of Telecom on Thursday in connection with alleged irregularities in allocation of 2G spectrum to some of the new players. CBI sources said a team of its sleuths were conducting searches at the Sanchar Bhawan here after registering a case in this connection last evening. The sources said that all records pertaining to the allocation of spectrum to new players in January 2008 will be taken to see if there were irregularities in the process. None of the DoT official was available for comments. In 2008, eight new players were given licences along with bundled 4.4 MHz spectrum to start mobile services. The telecom ministry had come under attack for doling out spectrum very cheap compared to its actual market value. CVC had recommended a CBI probe into the procedures followed for selecting companies for giving 2G spectrum. Eyebrows were raised when two of the new players -- Unitech Wireless Services and Swan Telecom -- sold part of their stake at huge premium within days of getting the licences. The government had given telecom licence along with start up spectrum at Rs 1,651 crore for pan-Indian services. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 1:40 am Biocon posts robust earnings; net jumps three-fold to Rs74 crMumbai: Biotechnology major Biocon said on Thursday its consolidated net profit stood at Rs74.19 crore in the second quarter, a nearly three-fold jump over the same period last year on robust results posted mainly by its clinical research organisations -- Syngene and Clinigene. Consolidated total income increased to Rs592.35 crore during the September quarter from Rs457.73 crore in the year-ago period, the company said in a filing to the BSE. Biocon Group chairman and managing director Kiran Mazumdar Shaw said: “MTM (mark-to-market) losses are behind us. We have delivered strong earnings in the first half and are confident of sustaining the performance for the remainder of the year.” “Both Syngene and Clinigene have posted strong results and we believe that our investments are delivering good returns. The operations are strong and the investments made thus far assure good future profitability,” Shaw added. On a standalone basis, the company posted a whopping 86% jump in second quarter net profit at Rs62.36 crore. The total income during the period increased to Rs312.44 crore from Rs268.27 crore a year ago. Shares of the company surged 3.50% in morning trade on BSE after the company announced robust earnings. The scrip, later, was trading at Rs278.65, up 2.86% on BSE. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 1:32 am Tata Motors slides as 3 Nanos catch fire - India Infoline.com
Source: Business - Google News | 22 Oct 2009 | 1:27 am L&T Q2 net up 26 pct, meets forecastMUMBAI (Reuters) - Larsen & Toubro quarterly profit met forecast on Thursday and reported a rise in fresh orders in the September quarter as infrastructure and construction activity picked up in Asia's third largest economy.Source: Reuters: Money News | 22 Oct 2009 | 1:22 am Inflation rises to 1.21% on firming food pricesInflation rose to above one percentage mark after remaining below one per cent for five consecutive weeks and before that below-zero levels for 13 weeks in a row.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 1:22 am Hyundai humbles Japanese rivals with record Q3SEOUL (Reuters) - Hyundai Motor Co beat forecasts with a record quarterly profit as government incentives fuelled strong sales of its cheap, fuel-efficient models, setting the bar impossibly high for its struggling Japanese rivals.Source: Reuters: Money News | 22 Oct 2009 | 1:16 am L&T Q2 net up 26%, meets forecastMumbai: Larsen & Toubro Ltd, India’s largest engineering and construction firm, on Thursday reported its July-September profit rose 26%, meeting street estimates. Net profit rose to Rs5.80 billion ($124 million) in its fiscal second quarter ended June from Rs4.60 billion a year ago. Net sales rose to Rs78.66 billion from 76.82 billion. A Reuters poll of 10 brokerages had forecast net profit of Rs5.81 billion, on net sales of 88.7 billion. Shares in the company, valued at $21.7 billion, have doubled so far in 2009, outperforming the benchmark index that has risen nearly 76% in the same period. Source: Home - Livemint.com | 22 Oct 2009 | 1:07 am Inflation rises to 1.21% on 10 Oct from 0.92% New Delhi: India’s wholesale price index rose 1.21% in the 12 months to 10 October, higher than previous week’s annual rise of 0.92%, government data showed on Thursday. It compared with a median forecast of a 1.13% rise in a Reuters poll. The annual inflation rate was 11.30% during the corresponding week of 2008. On Wednesday, the prime minister’s economic advisory council forecast inflation at around 6% by the end of March, higher than the central bank’s estimate of 5%, but lower than 8% pegged by some private analysts. The panel’s chairman C. Rangarajan said that the Reserve Bank of India (RBI) is expected to leave interest rates unchanged when it reviews policy at its quarterly meeting on 27 October, and the easy monetary stance could continue until end of March. The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly. On Monday, the Indian cabinet approved the launch of a new monthly inflation data series with 2004 as the base year. Source: Home - Livemint.com | 22 Oct 2009 | 12:39 am Shiv Sena-BJP combine concedes defeat in MaharashtraMumbai: With the Maharashtra poll verdict indicating a lead for Congress-NCP combine, BJP-Shiv Sena on Thursday conceded defeat and blamed the Raj Thackeray-led MNS for cutting their votes resulting in their poor-showing. “We accept defeat...We lost in Mumbai, we lost miserably in western Maharashtra and we could not achieve our aim,” BJP vice president BJP Gopinath Munde said. “MNS appears set to win about 13 seats after garnering around 5-6% votes. After all, these were our votes,” he said. Expressing disappointment over the poll verdict, Shiv Sena leader Manohar Joshi said, “we never expected these results...if it is a defeat, it has to be accepted by everybody.” Refuting suggestions of fighting between him and BJP Maharashtra chief Nitin Gadkari, Munde said, “we campaigned unitedly. There is no question of fighting between us. The MNS is the only one reason.” There have been reports of differences between Munde and Gadkari on various issues concerning the functioning of the state party unit. Munde rubbished suggestions that infighting in the BJP’s state unit or at the centre had cost it dearly in Maharashtra. “This talk about differences are wrong. It is only in public perception,” Munde’s whose relations with state BJP chief Nitin Gadkari has been under severe strain, said. The ruling Congress-NCP alliance in Maharashtra appears set to retain power with its candidates leading in 119 of the 288 Assembly constituencies in the state. Trends available from 267 constituencies showed that Opposition Shiv Sena-BJP combine is leading in 92 seats. In the prestigious Amravati seat, Congress nominee and President Pratibha Patil’s son Raosaheb Shekhawat was trailing behind party rebel Sunil Deshmukh by 2,532 votes at the end of the first round of counting. “This victory is the victory of Congress-NCP team,” Chief Minister Ashok Chavan, who is leading from Bhokar in Nanded district, said. Some of Chavan’s cabinet colleagues were trailing when reports last came in. They include Babanrao Pachpute (Shrigonda), Vijaysinh Mohite Patil (Pandharpur), Shobha Bachhav (Nashik) and Satish Chaturvedi (Nagpur East). Source: Home - Livemint.com | 22 Oct 2009 | 12:28 am Hyundai Motor Q3 net profit over triples to recordSeoul: Hyundai Motor Co, South Korea’s top automaker, said on Thursday its quarterly profit more than tripled to a record high, beating market expectations, fueled by higher sales on government incentives and a lack of strike activity. Hyundai, the world’s No.4 car maker along with its affiliate Kia Motors Corp based on first half sales, reported a net profit of 979.1 billion won ($832.2 million) in the third quarter, well above a 616.3 billion won forecast by 11 analysts in a Reuters poll. That compared with a 264.8 billion won net profit a year earlier and a 811.9 billion won profit in the second quarter of this year. The maker of the Elantra compact car posted a 586.8 billion won operating profit in the July-September period, beating a forecast for a 561.2 billion won profit. Hyundai is expected to keep outpacing its rivals with a growing reputation for low-cost and high-quality vehicles and new models, analysts said. Still, its outlook is growing gloomier with a rising won and as global governments phase out measures to boost car demand, they added. Reflecting the concerns, shares in Hyundai have fallen 7.2% so far this quarter, underperforming a 1.2% loss in the wider market, although Hyundai shares have more than doubled so far this year. Source: Home - Livemint.com | 22 Oct 2009 | 12:08 am Nestle 9-month sales slip, hurt by strong Swiss francGeneva: Global food giant Nestle said Thursday its nine-month sales slipped 2.3% to 79.5 billion francs (52.6 billion euros, $78.9 billion), hurt by a strong Swiss franc. The currency impact took 5.2% off its sales for the first nine months of the year, it said, while divestitures added an impact of 0.6%. Organic growth -- which excludes effects from acquisitions and currency fluctuations -- stood at 3.6% for the period, it added. Paul Bulcke, chief executive of Nestle confirmed the group’s outlook, saying that he expected that “volume-driven organic growth will further accelerate.” The food giant posted full year profits of 18 billion francs in 2008. Source: Home - Livemint.com | 22 Oct 2009 | 12:07 am Boeing posts $1.6 bn loss in 3Q on plane faultsPittsburgh: Boeing’s ambitions seem to have outflown its abilities, as the company’s plans to reinvent the way jetliners are built keep faltering, forcing it to post a big loss in the third quarter. The airplane maker has struggled to get its 787 passenger plane and a revamped version of the 747 jumbo jet off the ground. Delays, parts shortages and last-minute fixes have cost it billions in extra expenses and lost years. That’s on top of weak demand for aircraft as air travel and freight shipments take a hit during the economic downturn. But Boeing’s troubles have arisen partly from a new approach to plane building. In recent years, the company has outsourced manufacturing and engineering work to suppliers around the world. It’s also started using carbon composite parts to reduce weight and improve fuel efficiency. Those technological leaps have proved popular in the marketplace the 787 has more orders than any other new plane but troublesome for the Chicago-based company. “We experienced a bridge too far, leading-edge kind of development, which is what we are trying to recover from right now,” Boeing chief executive Jim McNerney said in a conference call following the company’s earnings announcement. During the quarter, Boeing’s sales edged up 9%, but charges of more than $3.6 billion for the 787 and 747-8 programs resulted in a loss of $1.56 billion, or $2.23 per share. It was a disappointing shift from a year earlier when the company earned $695 million, or 96 cents per share. The charges also led Boeing to cut its 2009 profit forecast to $1.35 to $1.55 per share from $4.70 to $5 per share. Matt Collins, an analyst Edward Jones, said he wasn’t surprised by Boeing’s results. “Right now, there’s not much they can say to regain investor confidence,” he said. “They just need to execute. The third quarter is almost a non-issue. It’s what’s going to happen with the 787 and 747-8.” Both the new 747 and 787 have had their original test flights and deliveries to customers pushed back by years. That’s partly because suppliers have botched certain work, such as the installation of fasteners that hold the plane together. The revamped 747 was unveiled in 2005 and is designed to be larger and more fuel-efficient. The passenger version of the 250-foot plane seats 467 passengers. Boeing’s other big worry has been the 787, a mid-size aircraft built for fuel efficiency with carbon composite parts. While popular, with 840 orders, the plane was delayed for the fifth time in June. Boeing said parts of the aircraft needed to be reinforced. The aircraft designed to carry up to 330 passengers in wider seats and aisles is more than two years behind schedule. The company must improve the two plane programs by setting more realistic goals and tightening oversight by technicians and engineers, McNerney said. Problems surfaced when Boeing started shipping work from its longtime manufacturing base in Washington state to suppliers worldwide, from South Carolina to Italy to Japan. “We need to bring some more of the engineering ... back into Boeing,” McNerney said. On Wednesday, the company seemed to move in that direction. It announced it will choose a second assembly line for the 787 in “the next couple of weeks,” having narrowed the choices to Charleston, South Carolina where Boeing is buying a plant once owned by a supplier and Everett, Washington, where its commercial aircraft business is based. The problems with the 787 and new 747 appear to have cost some executives their jobs. In August, Boeing said the chief of its commercial aircraft division was leaving. And last week, Boeing announced the president of its finance business planned to retire at the end of the year. Airline customers and Wall Street have grown skeptical of the company’s timetable for the aircraft’s delivery. Shares of Boeing fell $1.26, or 2.4%, to close at $50.63 on Wednesday. After hours, they gained 7 cents to $50.70. Quarterly revenue rose to $16.69 billion from $15.29 billion a year earlier. But the comparison was relatively easy. Last year’s revenue was knocked down by $2.1 billion because of a labor strike and supplier problems. In the latest quarter, sales from Boeing’s defense business, which makes fighter jets, satellites and security systems, rose 3%. Commercial aircraft revenue rose 13%. Source: Home - Livemint.com | 22 Oct 2009 | 12:04 am Proportion of sub-PLR loans comes down in 2008-09BL Research Bureau Commercial banks in India have a benchmark prime lending rate (BPLR) meant to reflect lending rates for top-notch borrowers. But the RBI’s recently released report on BPLR rates says that more than two-thirds of theSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am Indian Overseas Bank (Rs 133): SellWe recommend a sell in the stock of Indian Overseas Bank from a short-term perspective. It is evident from the charts the stock has been on an intermediate-term uptrend from its March low of Rs 37. After taking support at Rs 80 in August, theSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am Is Renault looking for a strategy shift in India?Mumbai, Oct. 21 Renault’s multi-partner strategy in India came under the scanner on Wednesday following a statement made by its President and CEO, Mr Carlos Ghosn, at the Tokyo MotorSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am No shift in India’s stand on climate change: PranabNew Delhi, Oct. 21 The Finance Minister, Mr Pranab Mukherjee, reiterated the country’s commitment to multilateral negotiations under the United Nations Framework Convention on Climate Change (UNFCCC).Source: Business Line - Home Page | 22 Oct 2009 | 12:00 am Hero Honda zips to record net profitsNew Delhi, Oct. 21 On the back of rising demand and strong market position across regions, Hero Honda Motors Ltd on Wednesday announced a 95 per cent increase in net profit for the quarter ended September 2009.Source: Business Line - Home Page | 22 Oct 2009 | 12:00 am ULIPs post average returns of 56%Chennai, Oct. 21 If equity mutual funds have gotten their act together in the recent market rally, unit-linked insurance plans (ULIPs) have not been too far behind.Source: Business Line - Home Page | 22 Oct 2009 | 12:00 am Court stops cane diversion from sugar firm’s reserved areaNew Delhi, Oct. 21 In what may set a precedent ahead of the new crushing season, a sugar mill in Uttar Pradesh (UP) has managed to secure a Court order restraining the operation of kolhus (manufacturers ofSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am Food inflation is the key policy worry, says PM’s advisory panelThe Prime Minister’s Economic Advisory Council has termed food price inflation the key policy concern for the Government.Source: Business Line - Home Page | 22 Oct 2009 | 12:00 am Apex Court asks RIL about profit marginsNew Delhi, Oct. 21 The Supreme Court, hearing the Ambani brothers’ dispute on the KG basin gas supply, sought to know from Mukesh Ambani-led Reliance Industries Ltd (RIL) whether it would gain “huge profits” as it gets to sellSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am Day Trading GuideDLF is witnessing sell pressure at higher levels. Utilise rallies to sell the stock with tight stop at Rs 490. The near-term outlook is bearish for ICICI Bank and SBI. We recommend a sell inSource: Business Line - Home Page | 22 Oct 2009 | 12:00 am Trans Stadia plans to build 12 stadia in five yearsSports infrastructure company, Trans Stadia, plans to set up stadia in various parts of the country with the first one slated to come up in Ahmedabad, a top company official said.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 11:59 pm Ericsson profits drop 71% in Q3Stockholm: Wireless equipment maker LM Ericsson AB says its third-quarter profits dropped 71% partly due to a lower demand from customers amid the global financial crisis. Ericsson says net profit in the July through September period was 810 million kronor ($117.6 million), down from 2.84 billion kronor in the same three months last year. Sales fell 5.65 to 46.4 billion kronor, from 49.2 billion in the third quarter of 2008. Sony Ericsson, a joint venture with Sony Corp., last week posted a loss of euro164 million ($245 million) in the third quarter. Ericsson’s outgoing CEO Carl-Henric Svanberg said Thursday that sales of network equipment declined due to “lower demand in the current tougher market environment.” Source: Home - Livemint.com | 21 Oct 2009 | 11:50 pm China's growth quickens but policy stays on holdBEIJING (Reuters) - China's economic growth picked up last quarter as expected as a combination of breakneck investment and buoyant bank lending more than made up for a slump in exports.Source: Reuters: Money News | 21 Oct 2009 | 11:49 pm Sensex tanks 101 points, dips below 17K level in early tradeThe Sensex had lost over 315 points in the past two sessions. The wide-based National Stock Exchange index Nifty fell by 32.20 points to 5,031.40 points.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 11:20 pm MFs set to deploy Rs13,957-crore in the marketOf the Rs13,045.4 crore lies with the existing MFs, while the remaining Rs 912-crore has been mobilised through the NFOs.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 11:16 pm Rupee weakens further; down 15 paise in early tradeExtending losses for the second day the Indian rupee today depreciated by another 15 paise to 46.63 against the US currency.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 10:55 pm Japanese shares slide 1.19% in morning tradeJapanese stocks fell 1.19% in morning trade today, tracking overnight losses on Wall Street.Source: Daily News & Analysis: Money News | 21 Oct 2009 | 10:50 pm India, China sign 5-yr pact to tackle climate changeIndia and China today signed a five-year agreement to jointly fight climate change and negotiate international climate deals. The two countries also set up a Joint Working Group (JWG) that will hold annual meetings alternately in China and India to discuss respective domestic policies and measures and implementation of related cooperative projects.Source: Business Standard | Front Page Headlines | 21 Oct 2009 | 12:51 pm Toyota developing sub-Innova product for IndiaToyota Kirloskar Motors Limited (TKML) is looking to make further inroads into the Indian market as it puts its strategy into overdrive.Source: Business Standard | Front Page Headlines | 21 Oct 2009 | 12:50 pm Ghosn puts Renault and Nissan's India ties on trialAfter announcing partnerships with three of Indias top auto makers Bajaj Auto, Mahindra & Mahindra and Ashok Leyland Carlos Ghosn, head of Renault and Nissan, today said he was keen on continuing with just one of them.Source: Business Standard | Front Page Headlines | 21 Oct 2009 | 12:49 pm
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