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Chemmanur Jewellers mulls Rs 600-cr capex to open showrooms!Chemmanur Fashion Jewellers plans to invest Rs 600 crore to expand its operations across the country and abroad, a top company official said.Source: Zee News : Business | 23 Oct 2009 | 7:14 am High level panel calls for reforms at World Bank!A high level panel that looked into governance reforms at the World Bank Group has recommended a slew of measures.Source: Zee News : Business | 23 Oct 2009 | 7:14 am Infosys` Murthy sells shares to set up venture fund!Infosys Technologies co-founder and chairman N.R. Narayana Murthy has sold company shares worth $37 million to set up a venture capital fund, the company said on Thursday.Source: Zee News : Business | 23 Oct 2009 | 7:14 am Orissa govt to review POSCO, ArcelorMittal projects!Worried over the snail`s pace in land acqusition for POSCO and ArcelorMittal projects, the Orissa government will on Friday review the progress of the two mega steel plants.Source: Zee News : Business | 23 Oct 2009 | 7:14 am Sensex rises by 217 pts in opening trade!The Bombay Stock Exchange benchmark Sensex jumped by 217 points in opening trade on Friday on buying by funds and retail investors, driven by firming global trends.Source: Zee News : Business | 23 Oct 2009 | 7:14 am BofA to sell First Republic Bank to group of investors!Financial services major Bank of America will sell First Republic Bank to a group of investors for an undisclosed amount.Source: Zee News : Business | 23 Oct 2009 | 7:14 am Binani Sep qtr net zooms over three-fold to Rs 101.14 cr!Binani Cement on Friday said its net profit jumped over three-fold to Rs 101.14 crore in the quarter ended September 30, 2009.Source: Zee News : Business | 23 Oct 2009 | 7:14 am Pharma outlook: What\'s brewing at DRL, Lupin, Pfizer?Vikas Dandekar, India Bureau Chief, PharmAsiaNews.Com provides his outlook on some the pharmaceutical comapnies.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 6:32 am Nuclear Power Corp sees Rs 330bn outlay on Jaitapur\'s unitsTotal fund requirement for the first and second phases of Nuclear Power Corp of India Ltd\'s plant at Jaitapur is seen at Rs 330 billion, Chairman and Managing Director S.K. Jain said.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 5:42 am India\'s Sept power generation at 63.56 bn kWhIndia\'s electricity generation rose 7.5% on year in September to 63.56 billion kWh (kilowatthour), the Central Electricity Authority said. Electricity generation was 59.12 billion kWh a year ago.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 5:40 am Fin Min defers decision on Jet Airways\' QIP issue to FIIsThe Foreign Investment Promotion Board deferred decision on 14 proposals, including equity investment by foreign institutional investors through qualified institutional placement route in Jet Airways, an official release said.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 5:24 am Galleon exits Shriram EPC in 2 block deals, stk surges 13%Galleon Fund has completely sold off its stake in Shriram EPC. It has sold 19.5 lakh shares in Shriram EPC in two block deals.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 5:00 am India, Russia mulling return to rupee-rouble tradeIndia and Russia are mulling returning to the rupee-rouble trade arrangement to end the dependency on the volatile dollar and step up economic interactions.Source: Daily News & Analysis: Money News | 23 Oct 2009 | 4:24 am World stocks end 3-day losing run; dlr recoversLONDON (Reuters) - World stocks broke a three-day losing run on Friday and hovered near their 12-month high, boosted by the Dow's return above 10,000 points, while the dollar briefly touched a new low for the year against the euro.Source: Reuters: Money News | 23 Oct 2009 | 4:12 am Expect FY10 rev to grow 20-25%, order book at Rs 20Kcr: HCC - Moneycontrol.com
Source: Business - Google News | 23 Oct 2009 | 4:12 am BSE Sensex provisionally closes up 0.1 pctMUMBAI (Reuters) - The BSE Sensex provisionally closed 0.1 percent up on Friday, as a fall in energy giant Reliance Industries trimmed early gains triggered by strong overseas markets.Source: Reuters: Money News | 23 Oct 2009 | 4:10 am Volvo trucks Q3 eases capital hike worriesSTOCKHOLM (Reuters) - World number two truckmaker Volvo made a smaller third-quarter loss than expected, easing fears it would need more cash from investors, but it still expects sharp declines in its main markets.Source: Reuters: Money News | 23 Oct 2009 | 4:09 am UPDATE 1-Reliance shares hit as partner says to abandon well - Reuters India
Source: Business - Google News | 23 Oct 2009 | 4:01 am Reliance shares fall after partner says to abandon wellMUMBAI (Reuters) - Shares in energy major Reliance Industries slid 4.5 percent on Friday after partner Hardy Oil and Gas said it will stop exploring a well for gas in the D9 block off India's east coast.Source: Reuters: Money News | 23 Oct 2009 | 3:56 am Developing countries must boost broadband: UNGeneva: Developing countries risk missing out on the benefits of information technology because of their lack of broadband infrastructure, a UN agency said. Lack of broadband Internet access deprives countries of the possibility of building up offshoring industries, the United Nations Conference on Trade and Development (UNCTAD) said in a report late on Thursday. It also prevents people from tapping into all the advantages of mobile phones, whose use is exploding in poor countries. “The narrowing of the digital divide remains a key development challenge,” UNCTAD Deputy Secretary-General Petko Draganov said. “What is known as the broadband gap for example is becoming a serious handicap for companies in many poor countries,” he told a briefing to launch UNCTAD’s Information Economy Report. Companies and consumers are 200 times more likely to have access to broadband in developed countries than in the poorest Least Developed Countries (LDCs), the report shows. And the cost of broadband access varies widely - over $1,300 a month in Burkina Faso, the Central African Republic and Swaziland against less than $13 in Egypt or Tunisia. Broadband is essential for offshoring industries such as call centres and back offices, which many developing countries in Africa, the Caribbean and Asia want to develop and expand. Such industries are likely to expand despite the economic crisis because they enable companies in rich countries to cut costs, UNCTAD notes. Broadband allows consumers to make better use of their mobile phones - rapidly overtaking computers as the information and communications technology (ICT) tool of choice in developing countries. People in poor countries are using mobile phones for banking, to check markets and monitor the weather - reducing the need for travel and boosting productivity, UNCTAD noted. As a result mobile phone usage is growing. In Africa there are already 20 times more mobile subscribers than fixed lines, and India added almost 100 million new mobile subscribers in the first seven months of this year, it said. However, the economic crisis has hit sales of ICT goods such as phones and computers and trade in them declined dramatically last year, according to figures from the top six exporters - China, Singapore, Japan, Hong Kong, United States and Germany. Exports have recovered this year, especially from China, now by far the biggest ICT goods exporter. This is part of a continuing shift to dominance of the sector by Asia, which already accounted for more than half of ICT goods exports by 2007, UNCTAD said. ICT exports are not only growing faster in China than elsewhere, but are also the fastest growing sector in China. Source: Home - Livemint.com | 23 Oct 2009 | 3:55 am Developing countries must boost broadband: UNGeneva: Developing countries risk missing out on the benefits of information technology because of their lack of broadband infrastructure, a UN agency said. Lack of broadband Internet access deprives countries of the possibility of building up offshoring industries, the United Nations Conference on Trade and Development (UNCTAD) said in a report late on Thursday. It also prevents people from tapping into all the advantages of mobile phones, whose use is exploding in poor countries. “The narrowing of the digital divide remains a key development challenge,” UNCTAD Deputy Secretary-General Petko Draganov said. “What is known as the broadband gap for example is becoming a serious handicap for companies in many poor countries,” he told a briefing to launch UNCTAD’s Information Economy Report. Companies and consumers are 200 times more likely to have access to broadband in developed countries than in the poorest Least Developed Countries (LDCs), the report shows. And the cost of broadband access varies widely - over $1,300 a month in Burkina Faso, the Central African Republic and Swaziland against less than $13 in Egypt or Tunisia. Broadband is essential for offshoring industries such as call centres and back offices, which many developing countries in Africa, the Caribbean and Asia want to develop and expand. Such industries are likely to expand despite the economic crisis because they enable companies in rich countries to cut costs, UNCTAD notes. Broadband allows consumers to make better use of their mobile phones - rapidly overtaking computers as the information and communications technology (ICT) tool of choice in developing countries. People in poor countries are using mobile phones for banking, to check markets and monitor the weather - reducing the need for travel and boosting productivity, UNCTAD noted. As a result mobile phone usage is growing. In Africa there are already 20 times more mobile subscribers than fixed lines, and India added almost 100 million new mobile subscribers in the first seven months of this year, it said. However, the economic crisis has hit sales of ICT goods such as phones and computers and trade in them declined dramatically last year, according to figures from the top six exporters - China, Singapore, Japan, Hong Kong, United States and Germany. Exports have recovered this year, especially from China, now by far the biggest ICT goods exporter. This is part of a continuing shift to dominance of the sector by Asia, which already accounted for more than half of ICT goods exports by 2007, UNCTAD said. ICT exports are not only growing faster in China than elsewhere, but are also the fastest growing sector in China. Source: Tech News - Livemint.com | 23 Oct 2009 | 3:55 am UK still in recession after shock Q3 contractionLondon: Britain’s economy contracted unexpectedly in the third quarter of this year, squashing hopes of an end to the downturn and instead making the current recession the longest on record, official data showed on Friday. The Office for National Statistics said British gross domestic product fell by 0.4% between July and September, meaning the economy has contracted for six successive quarters for the first time since records began in 1955. This was much worse than analysts’ expectations of a 0.2 % rise. Not a single analyst out of the 35 polled by Reuters before the data had expected a negative reading. “Third quarter GDP is awful, with no positive news within the report,” said James Knightley, economist at ING. “More worryingly from sterling’s perspective is the fact that the UK may be the only major economy to have contracted in the third quarter.” With an election due by next June, the length of the downturn will be an embarrassment to Prime Minister Gordon Brown’s ruling Labour Party, particularly as Germany and France are already out of recession. Markets reacted predictably to the data with sterling falling by more than a cent against the dollar and gilt futures surging as traders bet the Bank of England was likely to keep monetary policy loose for longer. Year-on-year, output shrank by 5.2%, only marginally better than the record 5.5% annual fall registered in the second quarter. The quarterly decline between April and June was unrevised at 0.6%. The government has forecast growth will resume by the end of the year and is counting on a stronger rebound in the coming years than most independent forecasters. The ONS said there had been a peak-to-trough GDP fall of 5.9% during the current recession, compared to 6% between the second quarter of 1979 and the first quarter of 1981 - a period when there were some quarters of growth. Analysts had been pinning their hopes for recovery on months of survey evidence that had pointed to a sharp rise in confidence and activity in the services sector, which makes up three quarters of Britain’s economy. “What is most striking is the still-weak contribution from the services sector,” said Stephen Lewis, economist at Monument Securities. Services contracted by 0.2% over the quarter, with the distribution, hotels and catering sub-sector leading the decline with a 1% quarterly drop. Economists had already expected industrial output to be weak, following a sharp monthly drop in August, and the GDP data bore this out. Industrial production fell by 0.7% over the quarter, taking its annual decline to 10.4%. Source: Home - Livemint.com | 23 Oct 2009 | 3:54 am Fin secy: Hope accommodative policy continuesNEW DELHI (Reuters) – The Finance Secretary on Friday said he hopes the Reserve Bank of India (RBI) will keep its accommodative monetary policy unchanged.Source: Reuters: Money News | 23 Oct 2009 | 3:53 am Bharat Forge Q2 net profit at Rs 26.83 cr - Sify
Source: Business - Google News | 23 Oct 2009 | 3:48 am India gold may hit fresh recordThe dollar ground to its latest low for the year against the euro as the market took aim at options barriers.Source: Daily News & Analysis: Money News | 23 Oct 2009 | 3:46 am Rupee to snap 2-day fall as Asian stocks upThe rupee is expected to snap a two-day losing streak and rise on Friday.Source: Daily News & Analysis: Money News | 23 Oct 2009 | 3:40 am Fin min not pushing to raise HTM cap - officialMUMBAI (Reuters) - The government's borrowing programme has been going on smoothly in a non-disruptive manner and the finance ministry was not pushing to raise the hold-to-maturity cap for banks, an official said on Friday.Source: Reuters: Money News | 23 Oct 2009 | 3:39 am Sensex trips on profit booking; RIL, L&T weigh - Economic Times
Source: Business - Google News | 23 Oct 2009 | 3:36 am RBI chief, finmin meet ahead of policy - Reuters India
Source: Business - Google News | 23 Oct 2009 | 3:35 am Gold futures turn soft as demand easeMumbai: India’s gold futures were softer, after hitting a new high late on Thursday on the back of firm overseas markets, as high festive-season demand seen last week eased in the world’s biggest market. Gold futures opened slightly down on Friday on the Multi Commodity Exchange of India Ltd (MCX) after striking a new high at 16,050 rupees ($345.5) per 10 grams the previous day. Gold’s previous record was Rs16,048 on 13 October. On the continuation chart, gold futures traded at Rs16,006, down 0.05% from Thursday’s close. On Friday the local price rose on cues from the international markets where the metal was firm owing to a weak outlook for the dollar with which it has an inverse relationship. A drop in the rupee against the dollar on Thursday, also helped push local gold to its new high. Physical demand was weaker after heavy buying last week for the Dhanteras and Diwali festivals. “Demand is low due to the high prices and festive demand of Diwali is over,” said a senior dealer in a private bank. “It can come back if the rupee remains stable or appreciates to cap gold prices.” Source: Home - Livemint.com | 23 Oct 2009 | 3:35 am Narayana Murthy sells Infy sh to raise funds for VC fundNarayan Murthy has sold 800,000 Infosys shares to raise USD 37 million, reports CNBCTV18. The money will be used to launch the Catamaran Venture Fund.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 3:28 am BSNL, MTNL to Begin Due Diligence on Zain, Vavasi Soon - Wall Street Journal
Source: Business - Google News | 23 Oct 2009 | 3:25 am Infosys' Murthy sells shares to set up venture fundMurthy, an icon for India's emerging middle class, has informed Infosys that the proceeds of the sale would be used as seed capital for a venture capital fund.Source: Daily News & Analysis: Money News | 23 Oct 2009 | 3:25 am UK still in recession after shock Q3 contractionLONDON (Reuters) - Britain's economy contracted unexpectedly in the third quarter of this year, squashing hopes of an end to the downturn and instead making the current recession the longest on record, official data showed on Friday.Source: Reuters: Money News | 23 Oct 2009 | 3:24 am Dr Reddy's Q2 net zooms 107% at Rs 106 cr - Business Standard
Source: Business - Google News | 23 Oct 2009 | 3:18 am Markets pare gains as Reliance fallsMumbai: Indian shares turned negative on Friday afternoon, dragged by energy giant Reliance Industries which tumbled as partner Hardy Oil said a D9 well will be plugged and abandoned. Reliance Industries shed 3.45% to Rs2,060. At 2:03pm, the 30-share BSE index was up 0.01% at 16,790.81 points, with 13 of its components losing. The 50-share NSE Index was up 0.3% at 5,002.75. Indian shares rose 0.8% on Friday, helped by a rise in their regional peers, and leading lenders ICICI Bank and State Bank of India recouped some of their losses from the three prior sessions. Banks bounced back, after being battered in the last four sessions and the sector index was up 1.3%. State Bank was up 1.3% at Rs2,355, while ICICI Bank climbed 1.7% to Rs905.80. By 11:35am, the 30-share BSE Index was trading up 0.68% at 16,904.10, with 25 of its components gaining. It rose to as much as 17,006.77 in early deals. The 50-share NSE index was up 0.67% at 5,021.95. “I think the market should rest for some time. There is no clarity on FY11 earnings. It is all guesswork that’s happening,” said Nilesh Doshi, president of equities at Techno Shares. “In the near term, market could either be rangebound or we may see a downward bias, as post earnings there is no major trigger to drive it up,” he said. Engineering and construction major Larsen & Toubro, extended its losses, and was down 1.9% at Rs1,577.95, as its September quarter sales lagged forecasts and it said funding delays were still slowing some projects Energy giant Reliance Industries, dragged 0.7% lower to 2,118.40, after a Citigroup report raised concerns that rupee strength may impact its earnings “meaningfully”, dealers said. “Strength in INR (rupee) poses downside risks to earnings through refining exports, landed cost benchmarking of domestic petchem sales, and dollar-denominated KG (Krishna-Godavari) revenues,” Citigroup Global Markets said in a note on Thursday. The country’s third-largest software services exporter Wipro climbed 1.6% to Rs586 after it said late on Thursday it won a 10-year technology outsourcing contract from the airport in national capital New Delhi. Around 135 million shares changed hands, with gainers beating losers in the ratio of 2.4:1. Source: Home - Livemint.com | 23 Oct 2009 | 3:08 am Pfizer taps Indian drug cos for alliances: reportMumbai: US drug firm Pfizer has approached several Indian drugmakers for possible alliances to bolster its revenues, the Economic Times reported on Friday. Pfizer has tapped Cadila Healthcare, Emcure, Intas Pharma and Mankind Pharma, but the Indian companies have not responded favourably to the offers, the report said citing an unidentified senior industry executive with direct knowledge of the matter. “Pfizer approached Mankind Pharma with a lucrative offer, valuing the India company at $1 billion,” the report quoted another person familiar with the matter as saying. Mankind’s founder and managing director R.C. Juneja, however, denied that any multinational firm had approached it with an offer, the report said. Intas and Cadila did not respond to emailed queries from the paper and Emcure officials could not be contacted, it said. A spokeswoman for Pfizer Ltd when contacted by Reuters said, “We do not comment on rumours or speculation.” Some of Pfizer’s popular products are set to go off-patent in the next three years, exposing it to competition from cheaper copycat versions, the report said. Source: World Business - Livemint.com | 23 Oct 2009 | 3:00 am Pfizer taps Indian drug cos for alliances: reportMumbai: US drug firm Pfizer has approached several Indian drugmakers for possible alliances to bolster its revenues, the Economic Times reported on Friday. Pfizer has tapped Cadila Healthcare, Emcure, Intas Pharma and Mankind Pharma, but the Indian companies have not responded favourably to the offers, the report said citing an unidentified senior industry executive with direct knowledge of the matter. “Pfizer approached Mankind Pharma with a lucrative offer, valuing the India company at $1 billion,” the report quoted another person familiar with the matter as saying. Mankind’s founder and managing director R.C. Juneja, however, denied that any multinational firm had approached it with an offer, the report said. Intas and Cadila did not respond to emailed queries from the paper and Emcure officials could not be contacted, it said. A spokeswoman for Pfizer Ltd when contacted by Reuters said, “We do not comment on rumours or speculation.” Some of Pfizer’s popular products are set to go off-patent in the next three years, exposing it to competition from cheaper copycat versions, the report said. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 3:00 am Interest rates may not harden this fiscal: BhattThe Chairman and Managing Director of State Bank of India, Mr O.P. Bhatt, does not foresee any hardening of interest rates in the second half of the fiscal due to the high liquidity in the system.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 2:43 am BSNL to set up tower operations centre soonBharat Sanchar Nigam Ltd (BSNL), which is targeting annual revenues of Rs 1,000 crore from infrastructure sharing with competitors, will set up an exclusive Tower Operations Centre soon. The TOC will manage onefourth of the 40,000 centres it owns across the country.Source: Moneycontrol Top Headlines | 23 Oct 2009 | 2:40 am Poor countries may need to curb CO2 by 15%: UN official - Economic Times
Source: Business - Google News | 23 Oct 2009 | 2:38 am Pranab yet to see report on CBI raid on DoTNew Delhi: Finance minister Pranab Mukherjee declined to comment on the CBI raids on the office of Department of Telecom (DoT) in connection with alleged irregularities in allocation of 2G spectrum to new players. “I have only read in papers ... Let me get the report, then I will form my view,” the minister told reporters when asked to comment on the developments. The CBI raided the DoT offices on Thursday to look into the documents relating to the award of licenses in January 2008 to new telecom operators. Telecommunications minister A Raja, however, ruled out his resignation on Thursday saying all the procedures laid down by the Trai were followed and the decisions were taken after consultation with the Prime Minister. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 2:32 am Sensex slips gradually after morning gainsA key Indian equity index was on a gradual downward slide after rising more than 217 points in early trade Friday. It was ruling 107 points in the green a little before noon.Source: IndiaeNews.com: Business News | 23 Oct 2009 | 2:04 am India hoping to take 'Look East' policy to new level : PMIndia was hoping to take its 'Look East' policy to another level in terms of cooperation and economic growth, Prime Minister Manmohan Singh said Friday before leaving for Thailand to attend the 7th India-ASEAN Summit and the 4th East Asia Summit.Source: IndiaeNews.com: Business News | 23 Oct 2009 | 2:03 am ITC net profit up 25.81 percentTobacco, hospitality and paper products giant ITC posted a 25.81 percent increase in net profits at Rs.1,009.91 crore for the quarter ended Sep 30, compared to Rs.802.72 crore in the corresponding quarter the last fiscal.Source: IndiaeNews.com: Business News | 23 Oct 2009 | 2:03 am MNS wins 13 seats; eats into Shiv Sena’s vote bankMumbai: For a three-year-old party to diminish the aura surrounding a four-decade-old outfit that has been synonymous with ‘Marathi pride´ so far, was a mammoth task but Raj Thackeray and his Maharashtra Navanirman Sena did just that. The MNS dashed the hopes of Raj’s estranged cousin and Shiv Sena executive president Uddhav, who has to carry forward his father Bal Thackeray’s legacy, by winning 13 seats in their maiden assembly poll foray. Sena citadels in Mumbai and Thane have crumbled under Raj’s assault. The ruling combine beat incumbency blues, just one short of the magic figure of 145 in the 288-member House. In Mumbai alone, where the MNS scored around 24% votes, leaving Sena (18%) behind, Raj’s outfit, in its maiden foray in the assembly polls, prevented the Shiv Sena-BJP alliance from winning 11 seats. The MNS marred Sena’s prospects by not only splitting the “Marathi” vote but also emerging as the second largest party in Mumbai with six seats, ahead of Sena’s tally of 4. Before the elections, Raj had announced that no government could be formed without his support. That did not happen but the MNS chief can take solace in the fact that the results of the assembly polls indicate the true inheritor of Bal Thackeray’s legacy. With two seats behind BJP’s tally of 46, the Sena may now have to concede the Opposition Leader’s post to its saffron ally. The MNS polled around 5.7 per cent of the state’s vote, eating into Sena, and in some places, the NCP vote share as well. The Sena was the worst hit, losing 3.7% of its support since the May Lok Sabha polls. The NCP also lost 2.4% of its votes compared to the Lok Sabha elections. With 13 MLAs in the new House, the MNS, many believe, may become the rallying point of non-Congress forces in days ahead, replacing the slot hitherto held by Sena. The MNS mauled Sena candidates in its traditional bastions in Lalbaug-Parel-Dadar-Mahim. For over three decades, the Assembly constituencies of Parel, Dadar and Mahim were held by the Sena. After delimitation, the constituencies were merged and renamed Sewri and Mahim. In Mahim, MNS nominee Nitin Sardesai defeated Sena’s Aadesh Bandekar and Congress candidate Sada Sarwankar, a Sena man who defected to Congress a day before filing nomination. In Sewri, MNS nominee Bala Nandgaonkar defeated sitting Sena MLA Dagdu Sakpal by over 6,000 votes. The MNS also ensured the defeat of Sena-BJP candidates in 11 of the 36 constituencies in Mumbai. But for the MNS, the Sena-BJP combine would have swept Mumbai, winning 26 of the 36 seats. The MNS also made inroads into traditional Sena areas like Dombivli, Thane and Ovala-Majiwada, where its candidates ended up as runners-up. Though Raj Thackeray could not emerge as the ‘kingmaker´ as he had wished, he has successfully taken over the Sena’s agenda of the sons-of-the-soil and has succeeded in projecting himself as an alternative to Sena executive president Uddhav Thackeray, who did not fit into his father’s oversized shoes. After Raj, the enfant terrible of Maharashtra politics, dashed the saffron combine’s prospects in the Lok Sabha polls, the Sena-BJP leaders had said it was a temporary phase and that the MNS would put up a flop show in the assembly polls. Uddhav went to the extent of saying that voters had regretted siding with the MNS as it meant victory of Congress. BJP leader Gopinath Munde and Sena leader Manohar Joshi have finally admitted that the MNS ate into their vote bank. NCP leader Chhagan Bhujbal said by winning 13 seats, the MNS has shown that Raj Thackeray has arrived in Maharashtra politics. Even NCP chief Sharad Pawar said, “The MNS has dented our win in Maharashtra.” The Congress vote share remained almost intact, while that of the BJP went up by 0.3% compared to Lok Sabha polls. Source: Home - Livemint.com | 23 Oct 2009 | 1:54 am JAL faces $8.8 bln excess debt if liquidated - sourceTOKYO (Reuters) - Liabilities at Japan Airlines Corp would exceed its assets by as much as $8.8 billion if Asia's largest airline by revenues were liquidated, a source with direct knowledge of the matter said on Friday.Source: Reuters: Money News | 23 Oct 2009 | 1:53 am Raja Rules out Resignation, Spectrum in Consultation with PM - Outlook
Source: Business - Google News | 23 Oct 2009 | 1:50 am Toyota to hike SUV Fortuner output by 60% in India from JanTokyo: Buoyed by good response to its newly launched sports utility vehicle Fortuner in India, Toyota Motor Corp will increase output of the vehicle by 60% from January 2010. Toyota, which runs Indian operations with the Kirloskar Group in a joint venture, Toyota Kirloskar Motors, had initially planned a production of 500 units a month. “Fortuner is doing very good and we had to modify our plan for increasing production. We will increase it to 800 units every month by January next year,” Toyota Kirloskar Motor (TKM) deputy managing director (sales and marketing) Sandeep Singh told PTI at the ongoing Tokyo Auto Show here. The company had earlier planned to increase output of the SUV to 600 units every month by January next year, he added. Since its launch on 24 August, TKM has so far sold about 1,200 units of the Fortuner in the Indian market. It was introduced at a price of Rs18.45 lakh (ex-showroom, Delhi). The Indian premium and mid-category SUV market was estimated at 12,000 units in 2008. TKM had earlier this year said that it expects to capture 50% share of the mid-SUV market. The company, last year, sold about 51,800 units of all of its models in India and is expecting to sell about 53,500 units this year. It sells sedans Corolla Altis, Camry and utility vehicle Innova along with the Fortuner in India. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 1:48 am Volvo reports quarterly loss of 285 mn eurosStockholm: The world’s second-biggest truck maker Volvo Group on Friday posted a lighter than expected third-quarter net loss and said that the market was looking up, particularly in Asia, after several tough months. It reported a net loss of 2.92 billion kronor (€285 million, $429 million) for July to September, down from profits of two million kronor in the corresponding period last year. “There are some positive signs indicating that the decline in demand has bottomed out and that we are now beginning a gradual recovery,” particularly in Asia, the company’s chief executive Leif Johansson said. The result was better than expected, after analysts polled by Dow Jones Newswires had forecast a net loss of 3.3 billion kronor. Net sales were 48.5 billion kroner, slightly less than expected. The group also ‘significantly reduced’ its operating loss—a measure of profits before tax and interest—to 3.3 billion kronor from 6.8 billion in the second quarter, it said, as a result of cost cutting measures. Volvo Group—which makes trucks, buses and boat engines but does not include the Volvo Cars brand—posted its biggest-ever quarterly net loss, 5.57 billion kronor, in April to June this year. The economic crisis has sharply reduced auto demand, prompting massive job cuts and losses by some of the biggest companies in the sector. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 1:35 am Festival week gold sales up 5.7%Mumbai: Indians bought 56 tonnes of gold for Dhanteras and Diwali festivals last week, up 5.7% on year, even as prices struck a record high, the World Gold Council (WGC) said on Friday. WGC said the figure took into account sales from 12-19 October, when people bought gold to celebrate the two festivals. “This increase in demand can be attributed to consumer’s belief of gold being the only safe investment in the current global market scenario,” Ajay Mitra, managing director of the WGC India was quoted as having said in the statement. Western India accounted for the largest share in sales, with 19.6 tonnes, followed by the north, which was placed at 16.8 tonnes. Sales in the south and the east were at 11.2 tonnes and 8.4 tonnes respectively. Mitra also said the gold promotion undertaken by a large part of the trading community helped push sales. Retaliers have spoken about a strong consumer demand ahead, he added. “We are confident that the current trend will continue for the rest of the year,” said Mitra. Last year, India imported 712.6 tonnes of gold compared to 769.2 tonnes imported in 2007, according to data from WGC. In the local market, gold struck a new high on Thursday at Rs16,050 ($345.5) per 10 grams, breaking its earlier high of 16,048 rupees on 13 October. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 1:25 am BSNL chairman: to start Zain due diligence soonBANGALORE (Reuters) - Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd will soon start due diligence of Kuwaiti telecom Zain, BSNL's Chairman Kuldeep Goyal said on Friday.Source: Reuters: Money News | 23 Oct 2009 | 1:19 am Oil edges up, defies firmer dollar; earnings supportSingapore: US crude futures ticked higher on Friday, holding above $81 a barrel as the market settled into its new trading range, bolstered by more strong third quarter earnings data from the United States. The strong third quarter earnings season may be emboldening oil bulls looking for signs of rising demand from the United Statex, ANZ’s senior commodities analyst Mark Pervan said, adding that recent drawdowns in gasoline stocks were also supportive. Solid earnings on Thursday from companies including Dow components 3M, AT&T and McDonald’s Corp lent credence to the idea that corporate profitability has stabilized. But Pervan also noted US refiners were operating in low gear, and were likely to continue to do so until distillate stocks, up 43% from a year ago, start to come down. “There are some warning signs. There hasn’t been any hurricane impact this year but refineries are running historically slow,” he said. NYMEX crude for December delivery rose 6 cents to $81.25 a barrel by 12:00pm, after settling down 18 cents on Thursday. London Brent crude rose 12 cents to $79.63 a barrel. Crude is heading for a gain of 3.5% this week, its fourth rise in as many weeks. Focus remains on the dollar, which earlier on Friday dipped below 75 against a basket of currencies. But the greenback later pared losses to 75.082, more or less steady from Thursday. In the next couple of weeks, oil was expected to trade around $80, tracking changes in the dollar as the market’s oversold relative strength indicator, currently at 73 but off recent highs above 80, became more neutral. “We think the market is transitioning to a higher range But we don’t think an explosive move will be sustained,” Barclays Capital analyst Yingxi Yu said. “We have broken the $65-$75 range seen in most of the third quarter and we now see prices consolidating.” In the longer term the market is seen pushing higher, with some suggesting crude will trade in treble digits for the first time since the start of October 2008. “We feel confident that any dips back to S75 can be looked at as a buying opportunity,” said Jonathan Barratt managing director of Commodity Broking Services, He said technical indicators suggested the market needed a couple of weeks of consolidation, but could eventually rally towards $102 with a successful break of resistance. That could prompt Opec to raise oil output in December if prices top $100 in coming months, a source close to Opec president Angola said. Source: Home - Livemint.com | 23 Oct 2009 | 1:08 am Indian Bank Q2 net up 31% to Rs 372 cr - Business Standard
Source: Business - Google News | 23 Oct 2009 | 1:07 am India for new initiatives with Asean on economic meltdownNew Delhi: India will make a strong pitch for new initiatives with Association of Southeast Asian Nations (Asean), countries to collectively respond to challenges thrown up by the global economic meltdown and climate change during the two day India-Asean and East Asia Summits beginning in Thailand on Saturday. In a statement before his departure for Bangkok, prime minister Manmohan Singh said on Friday he will discuss with Asean leaders new initiatives to accelerate the process of engagement in areas such as greater economic integration. The other areas include agriculture, human resource development, education, science and technology and information and communications technology, he said. The Thai beach resort of Hua Hin, known for its quiet coastal villages, will host 16 Asia Pacific leaders to discuss ways for increased economic and strategic engagement among themselves. Leaders from the 10-member Asean, India, China, Japan, South Korea, New Zealand and Australia would be attending the twin meets which were twice postponed since December 2008 in the wake of anti-government protests in Thailand. Singh said he would be having bilateral meeting with his Chinese counterpart Wen Jiabao. The talks will take place against the backdrop of war of words in recent weeks on Arunachal Pradesh. Source: Home - Livemint.com | 23 Oct 2009 | 12:52 am Despite Doha, India pushes ahead with free tradeNEW DELHI (Reuters) - India's rising number of free trade agreements signals a commitment to more open markets, but the question remains whether such deals will smooth the way for Asia's third-largest economy to sign a global trade pact.Source: Reuters: Money News | 23 Oct 2009 | 12:50 am Oil mixed in Asian trade ahead of US housing dataThe bottom line is that home sales are accelerating rapidly, inventories of unsold homes are falling rapidly and starts/construction are now on the rise.Source: Daily News & Analysis: Money News | 23 Oct 2009 | 12:40 am Railways to go for JVs to enhance rolling stock Tiruchirapalli: “Railways is embarking on public private model joint venture (JV) partnership to produce 1,000 units each of diesel and electric locomotives over 10 years to enhance their rolling stock,” Praveen Kumar, member of railway board (mechanical) said. “It was also planning another JV to produce rolling stock concentrating on self-propelled vehicles on surplus land near Kancharpara Railway Workshop in West Bengal,” Kumar said. “Partners for these JVs have been shortlisted among global contenders,” he said, adding that the JVs would be among world leaders in the respective product development. Kumar said that railways had taken these steps to maintain the steep growth in passenger and freight traffic. He said that more funds were needed for production and maintenance of rolling stock. He said that in-house production of locomotives had reached optimum level, with diesel locomotive works at Varanasi and Chitranjan Locomotives in West Bengal producing at their capacity of 250 units each a year. “However, modernisation and expansion of these units was not in the pipeline,” he said. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 12:33 am Maoists have to abjure violence for talks: Chidambaram New Delhi: “The Centre can advice the state governments to talk to Maoists if the ultras abjure violence,” home minister P. Chidambaram said on Friday. “CPI (Maoist) must abjure violence.They have to abjure violence and then we can work out the process (of talks) and then we will advice the state governments to talk to them,” he said. “We can help the state governments to talk to them.But first they have to abjure violence,” he said on the sidelines of the 48th raising day of ITBP. On terror funding, he said: “You can’t have a plan to restrict terror funding. We have tracked three to four cases where we suspect funds have been used to finance the terrorists. They are under investigation. I can’t disclose anything more”. Asked about the quitting of a judge in Pakistan dealing with the Mumbai attacks cases, Chidambaram shot back: “Why are you surprised? I am not surprised”. On bail to women Maoists leading to the release of abducted police officer Atindranath Dutta in West Bengal, Chidambaram said: “This is a decision that the West Bengal government is competent to take”. “I am not required to advice the Bengal government one way or the other,” he said, when asked about the state government’s decision to not oppose the bail application of women Maoists. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 12:08 am India get first international cruise from home portMumbai: Louis Cruises India, a subsidiary of Cyprus-based 12-ship Louis Cruises, will operate its cruising activities from 2 December to 25 April 2010 from Kochi, Kerela. M V Aquamarine luxury liner from Loius Cruises will sail from Kochi to Maldives and Sri Lanka for five months in the Indian ocean with a carrying capacity of 1200 passengers on board. Louis Cruises’ CEO Oniel Khosa said, Aquamarine will operate for three days and two days to Maldives and Sri Lanka respectively during the period, which he said, was the most conducive time to cruise in the Indian Ocean. When asked about why the company chose Kochi as its home port, Khosa said the Kerala government was proactive in making the state a world class destination. “Besides the distance from Kochi to Colombo and Maldives was the shortest as compared to other ports like Goa and Mumbai as Indians are generally not inclined towards long sailing,” he said. He also said the company expected over 60,000 travellers every year. With amenities available on board, Aquamarine also has a mini golf course and a space for cricket. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 12:07 am Why is India’s new climate stance a problem?As weeks remain for the climate talks in Copenhagen in December, a debate has arisen about what India’s specific stance should be. People both within and outside the government have accused union environment minister Jairam Ramesh of compromising India’s long-held position and shifting its stance on climate change. So what exactly was this long-held position; what did it involve, and how did it impact negotiations like Copenhagen? What is the contrarian position, and what will that involve when negotiations get under way? To talk about these questions, we have with us Dr. Biswajit Dhar, director general of Research and Information Systems for Developing Countries, a policy research institute based in New Delhi. Source: LatestNews-Home - Livemint.com | 23 Oct 2009 | 12:06 am L&T net rises 26% on ‘other income’ boostMumbai, Oct. 22 Engineering and construction major Larsen & Toubro has posted a 26 per cent rise in net profit at Rs 580 crore for the quarter ended September 30 against Rs 460 crore logged during the corresponding period lastSource: Business Line - Home Page | 23 Oct 2009 | 12:00 am Microsoft rolls out Windows 7New Delhi/Bangalore, Oct. 22 Want your PC to instantly hide everything on the screen when boss peeps over your shoulder? Microsoft’s new Operating System Windows 7, released on Thursday, allows you to do that, and more. You could be aSource: Business Line - Home Page | 23 Oct 2009 | 12:00 am The story of Pusa-1121In early 1998, the then Director-General of the Indian Council of Agricultural Research (ICAR), Dr R.S. Paroda, convened a meeting of top rice exporters at the Indian Agricultural Research Institute (IARI) in Pusa, New Delhi.Source: Business Line - Home Page | 23 Oct 2009 | 12:00 am Domestic institutions turn cautiousDomestic mutual funds and insurance companies which had a strong hand in the market rally post-elections seem to have turned cautious of late. Domestic institutional investors have, for the first time after May, turned net sellers in the stockSource: Business Line - Home Page | 23 Oct 2009 | 12:00 am 3-in-a-row for Cong-NCP in MaharashtraNew Delhi, Oct. 22 The Assembly elections saw the Congress Party retain power in the States of Maharashtra and Arunachal Pradesh. In Haryana it fell short of a simple majority, but may still be able to form the Government.Source: Business Line - Home Page | 23 Oct 2009 | 12:00 am IFCI (Rs 52.5): SellWe recommend a sell in the stock of IFCI from a short-term perspective. It is perceptible from the charts of IFCI that it has been on an intermediate-term uptrend from its March low of Rs 15 till the early September peak of Rs 61. However, afterSource: Business Line - Home Page | 23 Oct 2009 | 12:00 am MoU not worth the paper written on: RelianceNew Delhi, Oct. 22 Stating that the private MoU between Mr Mukesh Ambani and Mr Anil Ambani was not legally binding on it, Reliance Industries Ltd (RIL) told the Supreme Court - hearing the gas supply dispute involving the Ambani brothers –Source: Business Line - Home Page | 23 Oct 2009 | 12:00 am Day Trading GuideWe notice formation of bearish engulfing candlestick pattern in DLF. We recommend a sell in this counter. ICICISource: Business Line - Home Page | 23 Oct 2009 | 12:00 am CBI searches DoT officeThe Central Bureau of Investigation (CBI) on Thursday searched the office of the Department of Telecommunications to investigate corruption charges against some officials for allegedly showing favour in awarding mobile licences to certain newSource: Business Line - Home Page | 23 Oct 2009 | 12:00 am New Ordinance may hit sugar industryChennai, Oct. 22 The Centre has amended the Essential Commodities Act, 1955, through an Ordinance providing for fixing the levy price of sugar on a ‘fair and remunerative price’ to be announced by the Centre.Source: Business Line - Home Page | 23 Oct 2009 | 12:00 am Rupee retreats from 2-week lowsMumbai: The Indian rupee snapped a two-day fall and rose on Friday boosted by gains in regional peers and a higher start to the domestic sharemarket, which could fuel more foreign capital inflows. At 10:40am, the partially convertible rupee was at Rs46.45/46 per dollar, 0.6% stronger than its close of Rs46.735/745 on Thursday, when it had dropped as low as Rs46.82, its lowest since 7 October. Dealers said there were good flows coming from offshore markets helping the rupee. One-month offshore non-deliverable forward contracts were quoting at Rs46.44/54 with the spread between onshore and offshore markets having narrowed from over 20 points on Thursday to just about 2 points. “There are no major negative factors for rupee weakness beyond Rs46.75-47.00. The offshore flows are good; pipe-line inflows from companies raising monies abroad are good,” said J. Moses Harding, head of global markets, at IndusInd Bank. “EUR/USD is expected to hold above 1.4950 for extension of gains into 1.51-1.52 and supply driven mode in the forward segment. All these factors would guide the rupee towards the strong support at Rs46.20,” he wrote in a daily note. The dollar ground to its latest low for the year against the euro on Friday as the market took aim at options barriers, while sterling, a laggard in the broad rally against the dollar, rose ahead of UK growth data. Indian shares gained over 1% early, tracking rise in its regional peers, but investors are likely to take further cues from quarterly corporate earnings announcements. Foreign funds have bought a net $14.2 billion worth of local shares so far in 2009, a sharp reversal from last year’s net outflows of over $13 billion. Source: Home - Livemint.com | 22 Oct 2009 | 11:55 pm JAL faces $8.8 bn excess debt if liquidated: sourceTokyo: Japan Airlines Corp’s liabilities would exceed its assets by as much as 800 billion yen ($8.8 billion) if the struggling airline, Asia’s largest by revenues, were liquidated, a source familiar with the matter said. The estimate of JAL’s negative net worth, calculated by a government-led task force in charge of its restructuring, underscores the depth of the problems facing the airline as it seeks aid from banks and the state to avoid bankruptcy. The task force, which is led by turnaround specialists and reports to Transport Minister Seiji Maehara, is seeking a bridge loan of about 180 billion yen by November to prevent JAL from running out of cash, the source said. Maehara told a news conference he met Prime Minister Yukio Hatoyama and Finance Minister Hirohisa Fujii earlier on Friday to discuss the state’s role in supporting JAL, but no concrete decisions were made. “There are various options regarding public support for JAL and we will put together these options. The prime minister will make a final decision,” Maehara said. Shares of JAL, which have lost more than 40% so far this year, were down 1.6% at 120 yen by early afternoon. The benchmark Nikkei average was up 0.7%. JAL is headed for its fourth annual loss in five years, weighed down by roughly $15 billion in debt and a bloated cost base that makes it less efficient than domestic rival All Nippon Airways Co. The task force is seeking 300 billion yen in fresh capital from the government and the private sector to bolster JAL’s battered finances, the source said, confirming a report earlier in the week by the Nikkei newspaper. The source, who spoke on condition of anonymity, has direct knowledge of the task force’s discussions. A JAL spokesman said: “We have not decided anything. We are crafting a revival plan from various viewpoints.” The task force also wants to use a recently created scheme called “Alternative Dispute Resolution” under which a third party would mediate between JAL and its creditors on an out-of-court debt restructuring, according to the source. But JAL’s creditors, which include the country’s top three lenders and the state-owned Development Bank of Japan, have so far rebuffed the plans presented by the task force, arguing they are being asked to carry too much of the burden to revive JAL. The task force, which has asked creditors for 250 billion yen in loan waivers and debt-for equity swaps, needs to offer details on the use of public funds and map out a better plan to cut pension obligations and boost margins, bankers have said. “There are problems from the perspectives of the viability of the restructuring plan and the fairness of who shoulders the burden,” a banker involved in the discussions told Reuters. The task force’s plan also includes JAL halving the number of subsidiaries and affiliates from 290 and about 8,000 job cuts, a little less than a fifth of its work force, the source said. The negative net worth figure of 800 billion yen is significantly higher than a 600 billion yen estimate reported by the Nikkei this week and the 250 billion yen assumed by Citigroup Global Markets Japan in evaluating JAL’s shares. Citigroup halved its target price on JAL to 80 yen on Thursday. It rates the stock “sell/high risk”. “It is not certain whether JAL will go through a private reorganization or file for bankruptcy, but even if it stays clear of bankruptcy, we think value for existing shareholders will be substantially reduced on dilution accompanying a big capital increase,” analyst Naoko Matsumoto wrote in a note to clients. The task force believes its restructuring plan would allow JAL to cut its negative net worth to 270 billion yen and enable creditors to collect on 20-30% of their loans, as opposed to just 2 to 3% in a bankruptcy, the source said. Despite its woes, JAL’s extensive network in Asia and access to the Chinese market has made it attractive to US airlines. JAL, a member of the Oneworld airline alliance, has held separate talks about business ties and possible capital injection with AMR Corp’s American Airlines, its alliance partner, and Delta Air Lines of the rival SkyTeam group. AMR chairman Gerard Arpey and other American Airlines executives met with JAL executives in Tokyo last week to continue discussions about bolstering their ties, a person with knowledge of the meeting said. Source: World Business - Livemint.com | 22 Oct 2009 | 11:54 pm JAL faces $8.8 bn excess debt if liquidated: sourceTokyo: Japan Airlines Corp’s liabilities would exceed its assets by as much as 800 billion yen ($8.8 billion) if the struggling airline, Asia’s largest by revenues, were liquidated, a source familiar with the matter said. The estimate of JAL’s negative net worth, calculated by a government-led task force in charge of its restructuring, underscores the depth of the problems facing the airline as it seeks aid from banks and the state to avoid bankruptcy. The task force, which is led by turnaround specialists and reports to Transport Minister Seiji Maehara, is seeking a bridge loan of about 180 billion yen by November to prevent JAL from running out of cash, the source said. Maehara told a news conference he met Prime Minister Yukio Hatoyama and Finance Minister Hirohisa Fujii earlier on Friday to discuss the state’s role in supporting JAL, but no concrete decisions were made. “There are various options regarding public support for JAL and we will put together these options. The prime minister will make a final decision,” Maehara said. Shares of JAL, which have lost more than 40% so far this year, were down 1.6% at 120 yen by early afternoon. The benchmark Nikkei average was up 0.7%. JAL is headed for its fourth annual loss in five years, weighed down by roughly $15 billion in debt and a bloated cost base that makes it less efficient than domestic rival All Nippon Airways Co. The task force is seeking 300 billion yen in fresh capital from the government and the private sector to bolster JAL’s battered finances, the source said, confirming a report earlier in the week by the Nikkei newspaper. The source, who spoke on condition of anonymity, has direct knowledge of the task force’s discussions. A JAL spokesman said: “We have not decided anything. We are crafting a revival plan from various viewpoints.” The task force also wants to use a recently created scheme called “Alternative Dispute Resolution” under which a third party would mediate between JAL and its creditors on an out-of-court debt restructuring, according to the source. But JAL’s creditors, which include the country’s top three lenders and the state-owned Development Bank of Japan, have so far rebuffed the plans presented by the task force, arguing they are being asked to carry too much of the burden to revive JAL. The task force, which has asked creditors for 250 billion yen in loan waivers and debt-for equity swaps, needs to offer details on the use of public funds and map out a better plan to cut pension obligations and boost margins, bankers have said. “There are problems from the perspectives of the viability of the restructuring plan and the fairness of who shoulders the burden,” a banker involved in the discussions told Reuters. The task force’s plan also includes JAL halving the number of subsidiaries and affiliates from 290 and about 8,000 job cuts, a little less than a fifth of its work force, the source said. The negative net worth figure of 800 billion yen is significantly higher than a 600 billion yen estimate reported by the Nikkei this week and the 250 billion yen assumed by Citigroup Global Markets Japan in evaluating JAL’s shares. Citigroup halved its target price on JAL to 80 yen on Thursday. It rates the stock “sell/high risk”. “It is not certain whether JAL will go through a private reorganization or file for bankruptcy, but even if it stays clear of bankruptcy, we think value for existing shareholders will be substantially reduced on dilution accompanying a big capital increase,” analyst Naoko Matsumoto wrote in a note to clients. The task force believes its restructuring plan would allow JAL to cut its negative net worth to 270 billion yen and enable creditors to collect on 20-30% of their loans, as opposed to just 2 to 3% in a bankruptcy, the source said. Despite its woes, JAL’s extensive network in Asia and access to the Chinese market has made it attractive to US airlines. JAL, a member of the Oneworld airline alliance, has held separate talks about business ties and possible capital injection with AMR Corp’s American Airlines, its alliance partner, and Delta Air Lines of the rival SkyTeam group. AMR chairman Gerard Arpey and other American Airlines executives met with JAL executives in Tokyo last week to continue discussions about bolstering their ties, a person with knowledge of the meeting said. Source: Home - Livemint.com | 22 Oct 2009 | 11:54 pm IDFC Q2 net up 25.64% to Rs291.84 crMumbai: Infrastructure Development Finance Company (IDFC) said on Friday its consolidated net profit rose by 25.64% to Rs291.84 crore for the second quarter ended 30 September, 2009. Total income rose to Rs1,034.35 crore in the latest quarter from Rs946.51 crore in the same quarter last fiscal, IDFC said in a filing to the BSE. On the standalone basis, the company has posted a net profit of Rs250.72 crore in the quarter under review, up 19.14% from Rs210.43 crore in the same quarter previous fiscal. Total income rose to Rs896.76 crore in the latest quarter from Rs848.77 crore in the same quarter last year. Shares of IDFC were trading at Rs158.60 on BSE, up 1.47% from its previous close. Source: Home - Livemint.com | 22 Oct 2009 | 11:48 pm Manappuram Finance to raise Rs400 cr Mumbai: “Manappuram General Finance and Leasing Ltd (MAGFIL), the only listed gold loan company in India, is planning to raise Rs400 crore before the end of this financial year through short-term debt instruments (commercial papers),” a top company official has said. “According to our fund raising plan, we have already raised Rs125 crore from banks and mutual funds. Our target is to raise Rs400 crore before the financial year ending through commercial papers,” chairman and managing director of MAGFIL, V.P. Nandakumar said. Many leading private equity (PE) firms have evinced interest in the company which has already received FDI of Rs140.75 crore in the last fiscal from leading PE firms like Sequoia Capital, India Equity Partners (Hudson Equity Holdings)and Ashmore Alchemy which amounts to 35% of stake holding in the company. “Considering the growth rate of the company, we may require some funding next year. Many parties have shown interests,” Nandakumar said, refusing to divulge more details. According to Nandakumar, Indians together own 20,000 tonnes of gold which amounts to two third of the country’s GDP and the total size of mortgaged gold is 1,500 tonnes. MAGFIL is managing 15.6 tonnes of mortgaged gold assets. “It means our business has a vast area to grow, where as the risk factor is very less,” Nandakumar said. Source: LatestNews-Home - Livemint.com | 22 Oct 2009 | 11:44 pm Chemmanur Jewellers mulls Rs600 crore capex to open showroomsKerala-based Chemmanur Fashion Jewellers plans to invest Rs600 crore to expand its operations across the country and abroad, a top company official said.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 9:50 pm Microsoft introduces Windows 7: A better version of VistaHelp is finally at hand for those who have been cribbing about the faults of the Windows Vista Operating System loaded on their computers in the form of Windows 7the latest operating system from the Microsoft stable. So will Window 7 be a game changer?Source: Moneycontrol Top Headlines | 22 Oct 2009 | 3:22 pm Global automakers ready hybrid vehicles for IndiaIndia has a rather insignificant presence on the global original equipment manufacturers' alternate fuel/hybrid vehicle roadmap.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:19 pm Deccan's small-parcel foray delayed by a fortnightDeccan Cargo and Express Logistics Pvt Ltd that runs Deccan 360, has postponed plans to enter small parcel express business by a fortnight.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:18 pm Rey going out of Gujarat NRE's reachShare price of Australian firm has jumped 178% since the Gujarat NRE offer.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:17 pm Jubilant hives off two non-core businessesJubilant Organosys, a specialty chemicals company, will hive off its two non-core businesses.Source: Daily News & Analysis: Money News | 22 Oct 2009 | 3:12 pm Will SC consider family MoU in RILRNRL row? Experts debateWill the Supreme Court also take into the consideration the commercial inviability of a failed family memorandum of understanding (MoU) in the RILRNRL dispute? Supreme Court Advocate Gopal Jain and Lawyer Hitesh Jain of ALMT discuss the various aspects of the case.Source: Moneycontrol Top Headlines | 22 Oct 2009 | 2:56 pm DoT comes under CBI scannerCriminal conspiracy alleged on award of telecom licences in 2008??Communications Minister A Raja found himself at the centre of yet another storm with the Central Bureau of Investigation (CBI) searching the offices of the Department of Telecommunications (DoT), which he heads, in response to complaints of irregularities in the way 2G (second-generation) licences were awarded to nine new operators in 2008.??In a press release, CBI said it had registered a case on October 21 againstSource: Business Standard | Front Page Headlines | 22 Oct 2009 | 12:48 pm Mumbai makeover may be back on trackRs 37,000-crore infrastructure projects may come up.Source: Business Standard | Front Page Headlines | 22 Oct 2009 | 12:46 pm Murthy sells Infosys shares to fund young entrepreneursInfosys Technologies chief mentor and chairman N.R. Narayana Murthy has sold 800,000 shares, valued at Rs.177 crore (Rs.1.77 billion/$37.9 million), from his holding in the company to fund young entrepreneurs with brilliant ideas.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 12:03 pm Britannia faces eviction from its Taratala premisesThe Kolkata Port Trust (KoPT) has issued notice to Britannia Industries Limited to vacate the premises leased out to the biscuit major at Taratala in the southern outskirts of the city, but the company said it would take necessary steps to protect it.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 12:00 pm US firm to start pumping out oil from sunken shipThe US firm, Resolve Marine Group, which has been given the work to pump out oil from the ship MV Black Rose that sank off the Paradip coast in Orissa, will start pumping out the oil from Friday, officials said Thursday.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 12:00 pm Nestle to help cocoa growers as prices soarVevey, Switzerland: Nestle SA, one of the world’s biggest buyers of cocoa beans, said on Thursday it would help cocoa farmers produce more beans to confront a sharp climb in global market prices. The Swiss maker of Smarties, Raisinets, Kitkat bars and Nesquik chocolate milk said a fourth consecutive year of global cocoa bean shortages had driven up costs, as it announced third quarter results that were helped by good sales.  Social responsibility: Nestle SA headquarters in Vevey, Switzerland. The firm plans to spend 110 million Swiss francs for the cocoa sector. Christophe Bosset /Bloomberg Chocolate consumption has doubled in the past two decades, and over the past five years alone global consumption has risen by 14%. But most cocoa farmers in key producing countries, mainly in West Africa, are seeing their yields fall because of ageing trees that are vulnerable to blights and small, unproductive plots, Heynike said. “Production and grinding of the cocoa beans is not meeting the consumption, and that is leading to the very high prices that we have seen,” she said at a press conference. The company—whose other top-selling chocolate bars include Butterfinger and Aero—said it would spend 110 million Swiss francs ($109 million) on “sustainability initiatives” for the cocoa sector in the next decade. Those include providing millions of disease-resistant plantlets to cocoa producers which Nestle said can yield 50- 200% more than the trees in use on many farms. It also plans to train producers in “modern best practices which could lead to significant improvements in the quality of the cocoa they produce”, said the firm, which is forecasting 2% inflation for its main raw materials which also include sugar and milk in 2009 and 2010. The cocoa ventures are in addition to the 350 million Swiss francs ($346 million) the Nescafe and Nespresso maker has pledged to spend on sustainable coffee in the coming decade. Nestle invested a smaller amount to help farmer output—60 million Swiss francs ($59 million) for cocoa and 200 million Swiss francs ($198 million) for coffee—in the past 15 years. “We want to up the ante in what we are doing in this area,” Heynike explained. “We want to increase productivity and sustainability.” Nestle’s chocolate and confectionary sales rose 4% in the first nine months of 2009, outperforming the company’s overall 3.6% sales gain. The company wants to make inroads into emerging markets including India, where it is selling new bars including Munch Guru, while also targeting high-end consumers who are turning to dark chocolates including those with the Nespresso brand. Source: World Business - Livemint.com | 22 Oct 2009 | 11:58 am Microsoft’s Windows 7 20% cheaper in IndiaBangalore: Software maker Microsoft Corp. on Thursday launched Windows 7 operating system in India, pricing it at least 20% cheaper than in the US to tackle piracy. Windows 7 can, however, hit stores only after the firm resolves a tax dispute with the customs department over the interpretation of tax rules introduced in July on imported packaged software.  System upgrade: Microsoft India chairman Ravi Venkatesan speaks during the launch of Windows 7 in New Delhi on Thursday. Dar Yasin / AP Microsoft is working with software lobby group National Association of Software and Services Companies to end the dispute, she said. Windows 7 is designed to be lighter and with more features than the Windows Vista operating system, the company said in a statement. Microsoft expects the new system, launched globally on Thursday, to revive sales after Vista flopped due to bugs and technical problems. A basic home version of Windows 7, available only in emerging countries such as India, is priced at Rs5,899, excluding taxes, while the high-end version, named Ultimate, will cost Rs11,799. In the US, the high-end version costs $320 (Rs15,000). “Some emerging countries have a differential price, basically to tackle piracy,” Mehra said. Microsoft did not reveal the price of Windows 7 bundled with personal computer makers. India has alarming rates of software piracy pegged at 68%, Rakesh Bakshi, a counsel for Microsoft India, had said in an email interaction in July on intellectual property and piracy. Nearly 90% of Windows software is sold by bundling it with a laptop or a computer in India. The company said 16 computer makers such as Hewlett-Packard Co. and HCL Infosystems Ltd will introduce Windows 7 in about 100 laptop and personal computer models within a month. At least 1,500 Indian firms, including Infosys Technologies Ltd and Wipro Ltd, are changing over to Windows 7, according to Microsoft. The new software is being priced one-third lower than Vista in India, the company said in a statement. “We have launched Windows 7 in six editions, targeted at specific user groups,” Microsoft India chairman Ravi Venkatesan told reporters in New Delhi. PTI contributed to this story. Source: Tech News - Livemint.com | 22 Oct 2009 | 10:37 am Tata Steel, MMTC join hands for mining developmentSteel major Tata Steel Limited and MMTC Limited signed an agreement Thursday to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals, a statement said here.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 10:08 am DCM Shriram earnings up 5.6 percentDCM Shriram, a major player in the fertiliser and chemicals business, Thursday reported a 5.6 percent increase in its earnings before income, depreciation and tax at Rs.80.31 crore for the quarter ended Sep 30.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 10:08 am Government sanctions Rs.300 crore to develop leather parkThe Cabinet Committee on Economic Affairs (CCEA) Thursday sanctioned Rs.300 crore to develop a leather park to provide the industry with infrastructure at one place and attract foreign investments.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 10:07 am Himachal Pradesh to issue show-cause notice to BrakelThe Himachal Pradesh government Thursday decided to invite fresh bids for a multi-million-dollar hydropower project and decided to issue a show-cause notice to Dutch firm Brakel Corp for causing financial loss to the state, a senior official said.Source: IndiaeNews.com: Business News | 22 Oct 2009 | 10:07 am Microsoft launches Windows 7, eyes PC sales reboundNew York: Microsoft Corp launched Windows 7 on Thursday in its most important release for more than a decade, aiming to win back customers after the disappointing Vista and strengthen its grip on the PC market. The world’s largest software company, which powers more than 90% of personal computers, has received good reviews for the new operating system, which it hopes will grab back the impetus in new technology from rivals Apple Inc and Google Inc. “It’s the first really significant release of Windows in a decade,” analyst Brendan Barnicle of Pacific Crest Securities told Reuters Television. “Given the missteps around Vista, people really questioned Microsoft’s relevancy in the technology space. So this is a critical first step for Microsoft regaining that credibility.” The new system -- which is faster, less cluttered and has new touch-screen features -- comes almost three years after the launch of Vista, whose complexity frustrated many home users and turned off business customers. The success of Windows -- which accounts for more than half of Microsoft’s profit -- is crucial for Chief Executive Steve Ballmer to revive the company’s image as the world’s most important software firm. “I have to say I’m chomping at the bit,” Ballmer told an audience of Microsoft customers and partners in Toronto on Wednesday, adding that he is ready to make sales calls himself on Windows 7. Sales won’t immediately impact the bottom line of Microsoft, which is expected to post a lower quarterly profit on Friday. CHEAPER THAN VISTA Microsoft is charging $199.99 for the Home Premium version of Windows 7, or $119.99 for users seeking to upgrade from older versions of the operating system -- well below comparable prices for Vista. It also has a range of offers in conjunction with retailer Best Buy and PC makers such as Dell Inc and Acer Inc. For the first time, shoppers will be able to buy PCs loaded with the software direct from a branded Microsoft store, with the first of a planned chain set to open on Thursday in Scottsdale, Arizona. The US holiday season will soon reveal whether consumer PC sales get a kick from Windows 7, but success with corporations -- the key to Microsoft’s financial power -- won’t be clear until next year, analysts say. “Come June of next year, we are going to get the real indication of the business-to-business marketplace,” said Mark Simons, chief executive of the US arm of Toshiba Corp, the world’s No. 5 PC maker, on Wednesday. Early indications are that companies are getting ready to switch to Windows 7. “People like it,” said Michael Capone, chief information officer for payroll services firm ADP, pointing out its quick start-up time and good user interface. “There is a line outside my door from people wanting to get into the pilot program,” said Capone, at a technology conference in Orlando, Florida, on Wednesday. His company typically waits at least 18 months to begin broad deployment of a new version of Windows, said Capone, but this time he could be more aggressive. “In the surveys that we’ve done about half the CIOs (chief information officers) indicated that they would just use Windows 7 on existing PCs as opposed to replace the entire hardware,” said Barnicle. “That would be very positive for Microsoft but maybe not so positive for the PC manufacturers.” SHARES UP Good reviews, and a surge in technology stocks across the board, have lifted Microsoft shares about 80% since March. They hit their highest level in just over a year on Wednesday, closing at $26.58 on Nasdaq. “This is a better operating system -- it does the job,” said Lance Ulanoff, editor-in-chief of PCMag.com. “They’ve certainly got it a lot more right than they did with Vista.” A range of new PCs incorporating the software in all shapes and sizes from Hewlett-Packard Co, Dell and others are set to be unveiled on Thursday, in the hope of reigniting consumer spending before the holiday shopping season. Global PC sales rose 2.3% in the third quarter compared to a year ago, according to research firm IDC, after two quarters of declines. Market-watchers are betting on further recovery of computer sales next year, as the economy improves and businesses replace old machines, but opinion is divided on how strong the impact of Windows 7 will be. “What’s going to be really interesting is whether this spurs a hardware replacement cycle or it’s just a Windows replacement cycle,” said Barnicle, who estimates that more than 820 million PCs across the world run Windows. Source: Tech News - Livemint.com | 22 Oct 2009 | 5:05 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
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