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Wall Street jumps as GDP growth spurs optimism!US stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits.Source: Zee News : Business | 30 Oct 2009 | 6:50 am Japan`s unemployment 4-mnth low amid recovery signs!Japan`s economy today showed fresh signs that it is recovering after a sharp downturn, with jobless figures hitting a four-month low, an easing in deflation and household spending edging up.Source: Zee News : Business | 30 Oct 2009 | 6:50 am Samsung Q3 profit trebles, upbeat on 2010!Samsung Electronics, the world`s top maker of memory chips and LCD screens, reported its best quarterly net profit on resurgent sales and forecast a strong 2010 despite concerns of a strengthening won.Source: Zee News : Business | 30 Oct 2009 | 6:50 am Sony posts loss for 4th straight qtr, boosts forecast!Sony Corp posted a loss for a fourth consecutive quarter, hit by sluggish cellphone sales and as it cut prices of its PlayStation 3 game console, but it narrowed its full year loss forecast.Source: Zee News : Business | 30 Oct 2009 | 6:50 am Sensex jumps by 300 points in opening trade!The Bombay Stock Exchange benchmark Sensex surged by 300 points in opening trade today on fresh buying by funds and retail investors, bolstered by firming global trends following a higher-than-expected growth in the US economy.Source: Zee News : Business | 30 Oct 2009 | 6:50 am RIL dips 1% on BSE after muted Q2 results!Shares of Reliance Industries on Friday fell by nearly 1 percent on the Bombay Stock Exchange, a day after the company reported a 6.4 percent drop in its net profit for the second quarter of the fiscal.Source: Zee News : Business | 30 Oct 2009 | 6:50 am Bharti Q2 profit up 13% at Rs 2,321 cr!In line with the expectations, telecom major Bharti Airtel posted 13 percent jump in its September quarter net profit at Rs 2,321 cr (USD 495 million).Source: Zee News : Business | 30 Oct 2009 | 6:50 am Stocks ended negative amid volatility; Nifty holds 4700 - Economic Times
Source: Business - Google News | 30 Oct 2009 | 4:24 am Sony, Samsung signal tech industry upturnTOKYO/SEOUL (Reuters) - Samsung Electronics and Sony gave a robust outlook on improving demand and cost cuts, fuelling hopes that a recovery in the global tech sector will outlive the pre-Christmas shopping season.Source: Reuters: Money News | 30 Oct 2009 | 4:19 am India gold demand abates after early week's pick-upMUMBAI (Reuters) - India gold demand abated on Friday as prices rose late on Thursday after a modest pick-up in demand in the previous four sessions, dealers said.Source: Reuters: Money News | 30 Oct 2009 | 4:14 am Clash of civilizations: Ashok Leyland\'s revival strategyUnder R. Seshasayee, truck maker Ashok Leyland became efficient but forgot how to grow. Today, a new breed of young leaders is helping him put together a survival strategy.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 4:13 am Surat\'s raw diamond production may fall short in ChristmasThe world\'s largest diamond processing zone in Surat, which is in the revival phase after a gap of nearly a year, may not be able to fulfil the export demand ahead of the Christmas season due to acute shortage of raw material arising out of a sharp fall in global major DeBeers\' output.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 4:10 am BSE Sensex provisionally closes down 1.1 pctMUMBAI (Reuters) - The BSE Sensex provisionally closed 1.1 percent lower on Friday, led by losses in key corporates such as Reliance Industries and Bharti Airtel, as their quarterly results failed to cheer investors.Source: Reuters: Money News | 30 Oct 2009 | 4:09 am Top banks fund cluster bombs as ban nears - reportLONDON (Reuters) - Leading banks have funded cluster bomb-makers to the tune of $5 billion in the past two years despite an international accord to ban the weapons, a study said on Thursday.Source: Reuters: Money News | 30 Oct 2009 | 4:08 am Indian Oil posts Rs.284.4 crore profit in second quarterState-run Indian Oil Corp Friday said it posted a net profit of Rs.284.4 crore for the second quarter, as against a net loss of Rs.7,047.1 crore for the quarter ended Sep 30, 2008.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:05 am No prepaid mobiles in Kashmir from Nov 1No new prepaid mobile connections would be issued nor would existing ones be renewed from Nov 1 in Jammu and Kashmir following reports that militant groups were getting SIM cards on fake identities, the union home ministry said Friday.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:05 am Tata Power net down 28 percentTata Power Friday reported a 28 percent fall in net profit at Rs.182.1 crore for the second quarter this fiscal as compared to Rs.252.9 crore it logged in the like period last year.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:04 am Mukherjee to meet Swiss authorities over slush fundsFinance Minister Pranab Mukherjee Friday said he would meet Swiss authorities in December about amending the double taxation avoidance treaty between the two countries.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:04 am Ansal Properties net up 35 percentRealty major Ansal Properties and Infrastructure has posted 35 percent rise in its consolidated net profit for the quarter ended Sep 30 at Rs.31.6 crore as against Rs.23.43 crore reported in the like period last year.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:04 am ICICI Bank's second quarter net up 2.6 percentThe country's largest private lender ICICI Bank Friday said its net profit increased a marginal 2.6 percent for the quarter ended Sep 30 to Rs.1,040 crore ($216 million) compared to the like quarter last fiscal.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:03 am National Aluminium net dips 64 percentState-run National Aluminium Co (NALCO) Friday said its net profit dipped 64.11 percent to Rs.159.49 crore for the quarter ended Sep 30 as compared to Rs.444.46 crore in the like quarter last fiscal.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:03 am India rushes team to Ecuador to probe Dhruv chopper crashDefence public sector undertaking Hindustan Aeronautics Ltd (HAL) Friday said it has rushed a three-member team to Ecuador to probe the crash of a Dhruv advanced light helicopter, India's flagship defence export, this week.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:03 am Tata Power, Norwegian firm sign pact on hydropower projectsTata Power Friday said it has signed an agreement with Norwegian renewable energy company SN Power to jointly develop hydropower projects in India and Nepal.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:03 am Godrej Cons Q2 net soars on volume growth, lower costsMUMBAI (Reuters) - Personal care products maker Godrej Consumer Products Ltd on Friday reported a surge in second quarter profit, way ahead of estimates, driven by volume growth and lower input costs.Source: Reuters: Money News | 30 Oct 2009 | 4:02 am UPDATE 1-India ICICI Q2 net up; balance sheet set to grow again - Reuters
Source: Business - Google News | 30 Oct 2009 | 4:01 am Sensex slips into red; energy, telecom scrips dragA key Indian equity index slipped into the red Friday after gradually moving down from its morning highs. The benchmark index was ruling 0.2 percent in the negative.Source: IndiaeNews.com: Business News | 30 Oct 2009 | 4:01 am Bharti's FY10 tower unit capex to be $700 mlnNEW DELHI (Reuters) - The tower unit of India's Bharti Airtel would spend $700 million in capex in the year to March, lower than guidance of $1 billion given earlier, deputy group CEO Akhil Gupta told analysts on a conference call.Source: Reuters: Money News | 30 Oct 2009 | 3:57 am ICICI Q2 net up; balance sheet set to grow againMUMBAI (Reuters) - ICICI Bank, India's No.2 lender, expects its loan book to grow after at least five quarters of contraction as its focus on corporate and mortgage loans gains from a rise in business confidence in Asia's third largest economy.Source: Reuters: Money News | 30 Oct 2009 | 3:56 am Govt bans pre-paid mobile connections in JK - Press Trust of India
Source: Business - Google News | 30 Oct 2009 | 3:47 am Procter and Gamble net rises 5% to Rs51.48 crMumbai: Consumer goods firm Procter and Gamble Hygiene and Health Care Ltd (PGHH) on Thursday reported an increase of 5% in consolidated net profit to Rs51.48 crore for the quarter ended 30 September, against the corresponding period last fiscal. Revenue for the quarter rose 20% to Rs225.79 crore against Rs188.84 crore in the year-ago period. Managing director Shantanu Khosla said the firm would continue to try and achiever deeper distribution, cost reductions, strong trade plans and investment in capability building to sustain the growth momentum. Source: Home - Livemint.com | 30 Oct 2009 | 3:46 am ICICI Q2 net up; balance sheet set to grow againMumbai: ICICI Bank India’s No.2 lender, expects its loan book to grow after at least five quarters of contraction as its focus on corporate and mortgage loans gains from a rise in business confidence in Asia’s third largest economy. The bank posted a small but surprise rise in quarterly profit on trading gain and lower costs that offset a rise in bad debts and analysts expected its loan growth to resume from this quarter. The unexpected net profit rise sent its shares up as much as 4.9% on day. By 3:13pm, the shares were up 2.3% at Rs789.05. Rising business confidence in Asia’s third-largest economy is expected to bring back corporate, housing, auto and retail demand helping Indian banks boost sagging loan growth. “We have been a bit skeptical but I think the worst is behind. The bank is looking a lot healthier,” said Deven Choksey, CEO of KR Choksey “The stock should get re-rated by 15 to 20%.” He manages about $120 million in the firm’s wealth management arm. ICICI has slowed lending as it tackles a jump in bad loans in its mainstay retail market. “There will not be any balance sheet contraction as we are seeing growth in the segments we like,” managing director Chanda Kochhar told reporters in a conference call. The bank, which focused largely on the fast-growing retail market dominated by unsecured personal loans, consumer finance and credit cards, is shifting focus to the stable corporate, mortgage and auto sectors. Kochhar expected the bank to post a single digit loan growth for the year ending March 2010, while analysts estimate it to be between 5-8%, still a far cry from a more than 30 percent surge over the past few years. Analysts expect a full-fledged recovery in the year to March 2011, in line with a banking industry that is expanding its loan book at about 13%. ICICI’s positive outlook comes amidst the world’s leading banks warning bad debts would continue to weigh and signs of recovery were not clear. ICICI said its total loan book fell 3.6% to $39.7 billion in July-September from the June quarter. Gross bad debts rose to 4.7% of advances from 4.2%, but Kochhar said going forward bad Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 3:41 am ICICI Q2 net up; balance sheet set to grow againMumbai: ICICI Bank India’s No.2 lender, expects its loan book to grow after at least five quarters of contraction as its focus on corporate and mortgage loans gains from a rise in business confidence in Asia’s third largest economy. The bank posted a small but surprise rise in quarterly profit on trading gain and lower costs that offset a rise in bad debts and analysts expected its loan growth to resume from this quarter. The unexpected net profit rise sent its shares up as much as 4.9% on day. By 3:13pm, the shares were up 2.3% at Rs789.05. Rising business confidence in Asia’s third-largest economy is expected to bring back corporate, housing, auto and retail demand helping Indian banks boost sagging loan growth. “We have been a bit skeptical but I think the worst is behind. The bank is looking a lot healthier,” said Deven Choksey, CEO of KR Choksey “The stock should get re-rated by 15 to 20%.” He manages about $120 million in the firm’s wealth management arm. ICICI has slowed lending as it tackles a jump in bad loans in its mainstay retail market. “There will not be any balance sheet contraction as we are seeing growth in the segments we like,” managing director Chanda Kochhar told reporters in a conference call. The bank, which focused largely on the fast-growing retail market dominated by unsecured personal loans, consumer finance and credit cards, is shifting focus to the stable corporate, mortgage and auto sectors. Kochhar expected the bank to post a single digit loan growth for the year ending March 2010, while analysts estimate it to be between 5-8%, still a far cry from a more than 30 percent surge over the past few years. Analysts expect a full-fledged recovery in the year to March 2011, in line with a banking industry that is expanding its loan book at about 13%. ICICI’s positive outlook comes amidst the world’s leading banks warning bad debts would continue to weigh and signs of recovery were not clear. ICICI said its total loan book fell 3.6% to $39.7 billion in July-September from the June quarter. Gross bad debts rose to 4.7% of advances from 4.2%, but Kochhar said going forward bad Source: Home - Livemint.com | 30 Oct 2009 | 3:41 am Bharti Airtel sees price war hurting growth; shares diveBharti Airtel gave a downbeat outlook due to a nasty price war after posting its slowest pace of profit growth in at least six years, sending its shares down nearly 7%.Source: Daily News & Analysis: Money News | 30 Oct 2009 | 3:40 am Indian Oil: 1.4-1.5 bln rupees products burnt in fireNEW DELHI (Reuters) - An official at state-run refiner and oil marketing firm Indian Oil said initial estimates indicate products valued at 1.4-1.5 billion rupees were burnt in a fire that broke out at its terminal in north-western India.Source: Reuters: Money News | 30 Oct 2009 | 3:38 am Vascon bags Rs 200 cr HDIL contractThe Punebased Vascon Engineers has bagged a Rs 200 crore contract from Housing Development and Infrastructure Ltd, to design and build two million sq ft of commercial space at Kurla in Mumbai.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:33 am Labour issue at Honda Manesar plant resolvedHonda Motorcycles and Scooters India (HMSI) announced on Thursday that the ongoing negotiations on wages with the labour union at its Manesar plant are now over and daily production will begin at the normal level.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:20 am Dharani Sugars to complete Rs 335cr mill complexDharani Sugars and Chemicals Ltd is set to complete its Rs 335crore integrated sugar mill complex with the launch of a 100 kilolitre a day (klpd) distillery.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:16 am Volvo delinks from Ford IndiaVolvo in India will no longer be a subsidiary of Ford India, but a separate company. Volvo Cars India has changed its name to Volvo Auto India Pvt Ltd, with effect from October 1.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:13 am CESC scouting for coal assets abroadCESC is scouting for acquiring coal mines in Indonesia and South Africa. The company will source 30% of its total requirement for coal for the proposed 600 MW thermal power plant at Haldia from the international market.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:09 am Audi Q3 operating profit falls 54%Frankfurt: German carmaker Audi AG said Friday its profit fell 54% in the third quarter as the global downturn affected demand for its cars. Audi, based in Ingolstadt, reported an operating profit of euro348 million ($515 million) compared with an operating profit of euro760 million in the July-September period of 2008. The company did not immediately release net profit figures. Audi generated revenue of euro7.2 billion between July and September, compared with euro8.4 billion in the third quarter of 2008, a near 15% decrease. Audi is a unit of Volkswagen AG, Europe’s biggest automotive group by revenue. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 3:09 am Citi expands relationship with Wipro to BPO workSince selling its captive technology unit to Wipro Technologies last December, Citigroup has expanded its engagement with the Indian vendor by also offering business process outsourcing contracts.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 3:00 am Bajaj Hindustan may take over Balrampur Chini: SourcesThe promoters of Balrampur Chini may sell their stake in the company and sources say Indias largest sugar company Bajaj Hindusthan may buy the stake.Source: Moneycontrol Top Headlines | 30 Oct 2009 | 2:59 am ICICI Bank Q2 net profit at Rs1,040 croreIndia's second largest lender, ICICI Bank has posted a net profit of Rs1,040 crore in the second quarter ended September 30 as against Rs1,014 crore in the year-ago period.Source: Daily News & Analysis: Money News | 30 Oct 2009 | 2:49 am ICICI Bank Q2 net up 76% at Rs1,144.57 crMumbai: The country’s largest private sector lender, ICICI Bank, reported a 76% growth in consolidated net profit on Friday at Rs1,144.57 crore during the second quarter ended 30 September, 2009. Total income declined to Rs14,595.85 crore during the July-September quarter from Rs15,590.46 crore in the same period a year ago, ICICI Bank said in a filing to the Bombay Stock Exchange. Lower losses in life insurance business and higher profits in other subsidiaries were reflected in the surge in net profit of the company. The bank has cut down heavily its operating expenses although its net interest income has come down. The bank’s interest income declined 15% to Rs6,656.94 crore during the quarter under review, and the interest expenditure stood at Rs4,620.87 crore, down 19% over the year-ago period. On a standalone basis, ICICI Bank posted a net profit of Rs1,040.13 crore during the September quarter, a 2.56% increase over the year-ago period. The bank’s standalone total income declined to Rs8,480.73 crore during the July-September quarter of the current fiscal, from Rs9,712 crore in the corresponding period a year ago. Shares of ICICI Bank were trading at Rs772.80, up 0.20% over previous close on the BSE. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 2:45 am Rupee trims rise as stocks fall over 1%Mumbai: The Indian rupee trimmed gains in afternoon session on Friday as domestic shares dropped more than 1% after a higher start, but gains in other regional currencies versus the dollar, prevented a further slide. At 2pm, the partially convertible rupee was at Rs47.10/11 per dollar, off a high of Rs46.84 but still stronger than its close of Rs47.21/22 on Thursday, when it had dropped to as low as Rs47.6250, its weakest since 5 October. The South Korean won and Indonesian rupiah bounced back sharply from multi-week lows as the dollar retreated broadly after better-than-expected US growth data revived appetite for risky assets. Shares turned negative in afternoon trade on Friday, with Reliance Industries and Bharti Airtel leading the losers. Foreign portfolio inflows into local shares are a key driver for the rupee. Foreigners have bought a net $14.4 billion of local equities so far this year, after being sellers of more than $13 billion in 2008. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs47.1875 and Rs47.1850 respectively, with the total traded volume on the two exchanges at about $1.9 billion. Source: Home - Livemint.com | 30 Oct 2009 | 2:43 am HT Summit | India to aim for 9-10% growth rate per year: PMNew Delhi: India will push forward with reforms and needs to increase investment in rural education, health and infrastructure to raise the economic growth rate up to 10%, Prime Minister Manmohan Singh said on Friday. The unexpectedly strong re-election of a coalition led by Singh’s Congress party at national elections in raised hopes of sweeping reforms, but apart from stake sales in some government firms no major steps have been taken yet. Speaking at the Hindustan Times Leadership Summit, Manmohan Singh said: “We need to push forward the reform process ... and we will do so.” “We have to create an environment conducive to growth of entrepreneurship in our urban economy. At the same time we must ensure government’s greater involvement in rural development,” Singh said. India’s primary challenge in the next decade was to sustain high growth and ensure it was equitable, he said. “We should aim to sustain annual growth rate of 9-10% per annum,” Singh said. Making it clear that development of rural areas and uplift of social classes would be crucial to building the “India of tomorrow,” he said his government had taken a series of initiatives aimed at investing in rural and urban infrastructure, generating maximum employment and improving productivity of farm economy. To a question about reforms, particularly in labour, insurance and financial sector, being stalled, he said, “We need to push forward the reforms process in the areas you mentioned and we will do so.” Among the challenges he listed were the building of modern, efficient and environment-friendly infrastructure and ensuring that government and public services are efficient and responsive to people’s needs and function transparently. Singh pitched for increased investments in physical and social infrastructure, paying particular attention in the needs of agriculture and the rural areas. Growth in Asia’s third-largest economy slowed to a six-year low of 6.7% in 2008-09 (April-March) from rates 9% or more in the previous three years. Earlier this week, the Reserve Bank of India forecast growth for 2009-10 at 6% with an upward bias. Congress and its allies won three state polls held earlier this month, giving it more power to push reforms. Government officials have said sweeping reforms, including removing fuel subsidies, were need to return India to a high growth path. ‘India’s stand on climate talks not unreasonable’ Ahead of the climate change talks in Copenhagen, India on Friday said its stand on greenhouse gas emissions was not “unreasonable” and it would fulfil its obligations to nature while being consistent with commitment to the welfare of its people. “We will approach the international negotiations on global warming, climate change and carbon emissions as responsible global citizens,” Manmohan Singh said at the summit here. He said India would fulfil its obligations to nature and to humanity consistent with its commitment to the welfare and well being of its people and the poor of the world. “Equally, we expect the developed nations, and those who have so far drawn unduly on nature’s bounty to bear their due share of the burden. “Ours is not an unreasonable stance. It is based on our worldview that the ‘whole world is one family´ and on our commitment to the principles of inclusive growth,” Singh said. PM wishes Pak success in tackling terror Seeking a neighbourhood of peace, Prime Minister Manmohan Singh has wished Pakistan, grappling with many internal problems, success in tackling terrorism. Reaching out to Pakistan for the third consecutive day, Singh said destinies of the two countries and that of other south Asian countries were closely interlinked. “Pakistan is grappling with many internal problems. Rise of terrorism is one of them. I wish them success (in combating terrorism),” Singh said. Source: Home - Livemint.com | 30 Oct 2009 | 2:40 am Fiscal sops rollback to depend on growth ahead: Pranab Mukherjee - Hindustan Times
Source: Business - Google News | 30 Oct 2009 | 2:35 am Panasonic posts Q1 profit in a yearTokyo: Panasonic posted a quarterly profit for the first time in a year, buoyed by recovering demand for home electronics and appliances. Osaka-based Panasonic Corp. said Friday it booked a 6.1 billion yen ($67 million) profit for the July-September fiscal second quarter, down 90% from the previous year. Recovering demand for electronics and appliances such as refrigerators and washing machines at home and overseas contributed to the return to profit, company spokeswoman Kyoko Ishii said. The Japanese electronics maker said its quarterly sales dropped 20% to 1.7 trillion yen ($19 billion) from the previous year. For the fiscal first half, the company booked a net loss of 46.9 billion yen ($515 million). Panasonic, like many other Japanese electronics makers, has been battered by the global economic slump and competition from rivals. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 2:33 am Bharti sees price war hurting growth; shares diveNEW DELHI (Reuters) - Bharti Airtel, India's top mobile operator, gave a downbeat outlook due to a nasty price war after posting its slowest pace of profit growth in at least six years, sending its shares down nearly 7 percent.Source: Reuters: Money News | 30 Oct 2009 | 2:22 am Ansal Properties Q2 net up 35.82% to Rs31.24 crNew Delhi: Real estate developer Ansal Properties & Infrastructure said on Friday its consolidated net profit rose by 35.82% to Rs31.24 crore for the second quarter ended 30 September, against the same period previous fiscal. Total income rose to Rs186.34 crore in the latest quarter ended 30 September, against Rs159.34 crore in the same period corresponding year, Ansal Properties said in a filing to the BSE. On standalone basis, the company’s net profit rose by 38.67% to Rs33.74 crore for the second quarter ended 30 September against the same period last fiscal. Shares of Ansal Properties & Infrastructure were trading at Rs68 on Friday on the BSE, up 3.82% form its previous close. Allcargo Global Sept quarter net down 19.12% to Rs38.31 cr. Logistics services provider Allcargo Global Logistics said its consolidated net profit declined by 19.12% to Rs38.31 crore for the quarter ended 30 September, against the same period last previous fiscal. Income from operations declined to Rs497.86 crore in the latest quarter ended 30 September, against Rs631.51 crore in the same period corresponding year, Allcargo Global Logistics said in a filing to the BSE. Shares of the compnay were today trading at Rs850 on BSE, up 1.46% from its previous close. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 2:17 am Video: Containing the TalibanOn Wednesday, over 100 people were killed in a suicide car bomb attack in Peshawar in Pakistan. Similar attacks have killed hundreds of people in recent weeks, as the army carries out an operation against Taliban militants in South Waziristan. Siddharth Singh, Deputy Editor of Mint’s Views Section, offers his analysis of the terror threat in Pakistan: what Pakistan’s motives are, how the instability could affect India, how the West perceives the situation, and what the resolution is likely to be. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 2:16 am Noon: Markets turn negative on Reliance, Bharti fallMumbai: Indian shares turned negative in afternoon trade on Friday, with Reliance Industries and Bharti Airtel leading the losers. At 1.33pm, the 30-share BSE Index was down 0.05% at 16,045.18 points, with 11 components losing. The 50-share NSE Index was up 0.05% at 4,754.15 points. Markets edged higher in the morning, buoyed by a rally in global markets after US gross domestic product data showed the world’s biggest economy returned to growth last quarter. Banks led the gains, after being battered earlier this week after the central bank raised their provision ratio for bad debts, a move which could hurt its profits, dealers said. However, the gains were limited as Reliance Industries, Oil & Natural Gas Corp, Bharti Airtel and Tata Power dragged, after they announced September quarter results. A sluggish global economy has slashed oil refining margins of energy giant Reliance Industries, leading to a fourth straight fall in profit and adding to concerns for investors already unnerved by a gas-pricing dispute. “RIL still faces uncertainties on three counts taxation on oil & gas business (clarity still awaited), gas pricing including the court case with RNRL; and global refining margins,” Edelweiss Securities said in a note. The stock, which has the heaviest weight on the Sensex, was down 1.7% at Rs1,970. By 11:58am, the 30-share BSE Index was trading up 1.06% at 16,223.53, with 23 of its components gaining. The 50-share NSE index was up 1.6% at 4,824. “Its more like a relief rally,” said R. Ganesh, director of Systematix Shares. “I don’t think we are ready to go to earlier highs. Market (Nifty) will find it difficult to move beyond 5,000 Nifty level, as valuations are still stretched,” added Ganesh. The banking sector index rose nearly 3% after falling 7.7% in previous three sessions, as the central bank announced its quarterly monetary policy. Sector leader State Bank of India rose 3.5% to Rs2,272 while private lender ICICI Bank climbed 2.6% to Rs791.35. Sterlite Industries rose 6.8% to Rs797, after it said its unit Sterlite Energy filed to raise up to Rs5,100 crore though an initial public offer. Top mobile operator Bharti Airtel was down 3.9% at Rs299.95, after it reported a 13% rise in quarterly profit that lagged analysts’ estimates as an increasing number of low-paying users and price competition weighed. State-run explorer Oil & Natural Gas Corp was down 0.2% at Rs1,163.15, after it reported a lower-than-expected 5.8 percent rise in quarterly net profit. Power producer Tata Power shed 1.5% to Rs1,383, after it said its September quarter net profit dropped by 28%. In the broader market, gainers were more than thrice the losers in a volume of 145 million shares. Source: Home - Livemint.com | 30 Oct 2009 | 2:15 am Bharti Airtel hits 1-year low; plunges by 7%Mumbai: Shares of Bharti Airtel on Friday hit their one-year low level, nosediving nearly 7% on the bourses after the company reported a drop in its average revenue per user, signalling an intensification of competition in the telecom sector. After opening firm on the bourses, shares of Bharti Airtel dropped 6.89% to a low of Rs290.55 in noon trade on the BSE. On the NSE, the shares fell nearly 7% to Rs290.10 during the intra-day trade. During the quarter, Bharti’s blended average revenue per user (ARPU) was at Rs252, down from Rs278 in the first quarter of this fiscal. In the same quarter a year ago, ARPU was at Rs331. Bharti Airtel Deputy Group CEO and MD Akhil Gupta said, “with intense competition and irrational pricing in some pockets in the short term, we could see some impact on the top and bottom lines.” Analysts said despite the BSE benchmark Sensex surging 300 points, shares of the country’s largest private sector telecom operator dropped on concerns of rising competition in the telecom sector and dirt-cheap tariff being offered by some of the existing as well as new players. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 2:07 am Mint Exclusive | Bush says India-US ties will progress despite disagreementsNew Delhi: President George Bush had one of the most controversial stints as the President of the United States. He is also credited for taking the relationship between India and the United States to an entirely new level. On his second visit to India, as a private citizen, to partake in the annual Hindustan Times leadership summit, he took some time to speak to Mint on a range of issues, including the future of the bilateral relationship that he had fostered, dealing with the vexing issue of Pakistan and the direction of a new climate change treaty. Edited excerpts. During your first to India you set the stage for the bilateral relationship between India and the United States. Now you return as a private citizen. What are your thoughts? First of all the bilateral relationship forged with previous prime ministers is important for America and I believe it is good for the region and good for the world. India is an important country and it is one with which America shares values. India is a multi-ethnic society where groups of people can practice religion as they see fit and there is a vibrant free press. It has a representative government and hence there is a natural bond. Secondly, India its importance is becoming more relevant as the world recovers from the economic downturn. I think historians will look back and say that isn’t it interesting that one of the reasons behind the recovery is India and other emerging countries like her. That would not have been said 20 or 30 years ago. So, India is a country of vital importance. It is important for peace and prosperity. By far you are one of the most popular US presidents in India. That is primarily because of the kind of initiatives you undertook to take the relationship between the two countries to an entirely new level. Do you think this intensity can be sustained? I do. President (Barack) Obama has made this clear in some of his comments. I believe that US-India relations will be based upon mutual respect and we will find areas that we can move forward and obviously there will be some areas of disagreement—but it will be done in a very respectful way. Your visit also comes at a time when Pakistan is in the throes of an unprecedented internal crisis. What are your thoughts, especially since a key focus of your foreign policy was the sub-continent? First of all, I thought it was in India’s interests that she have a good bilateral relationship with the United States and that the United States also had a good bilateral relationship with Pakistan. In other words the era of where you can’t be friends with some or zero-sum is gone. Secondly, it is very important for the United States to help Pakistan deal with the extremists within its border; those who can be extremely dangerous outside the border and also within Pakistan itself. And, Afghanistan is an important part of making sure that there is regional stability and it is important for the United States to help that democracy succeed. Do you believe the Taliban problem spill over into India? I think I would speak in a broader sense. Extremists, people who murder innocent people to further their ideology, are not only dangerous in this region but also worldwide. Because I believe that we are involved in an ideological conflict. That is why India is so important to the world stage; because it is an example of where people of different religions can live peacefully. And, I believe democracies yield peace as well and India is a great democracy. I believe extremist movements to be dangerous to societies that embrace a different ideology, one based upon human rights and dignity and freedom. You did touch upon the need to stabilize Afghanistan. Even in your own country there is a big ongoing debate on whether you need more boots-on-the-ground as it were. Your thoughts? First of all I can only tell you as to what I did as President. At the end of the liberation—and, I view it as liberation –America doesn’t seek territory; in the sense that we delivered an ultimatum to people who provide safe haven to people who killed 3,000 of our (United States) citizens; and, the Taliban chose to ignore us. So we liberated 25 million people with about 9,000 troops at the end of 2001. By the the time I left office the troop levels had signficantly increased, not only by ourselves but also by NATO (North Atlantic Treaty Organization). I did believe that more troops were necessary. The President (Obama) will have to weigh the decisions and I understand that. He is weighing out the alternatives. I believe the United States will continue to help the Afghan democracy. Obviously Afghanistan will have to help itself and show the world that it is capable of self-government. I think most people in Afghanistan want democracy to succeed. It is obviously a difficult period; it takes awhile, freedom is difficult. Particularly when you have people murdering to stop the advance of democracy. It is in our interests, all our interests, that we help Afghanistan succeed. Do you believe there is a bigger role for India in Afghanistan? I applaud India’s help in Afghanistan. It has been very admirable that the Indian people have helped this young government stabilize and succeed. But it is also a source of tension for Pakistan? Well, it shouldn’t be a source of tension. Because, I believe that a stable Afghanistan is in Pakistan’s interests. Going back to the issue of Pakistan, especially since it was as mentioned a large part of the foreign policy focus, in your own experience what is the way out of this logjam? I think the way out is for the United States to help the Pakistan government in dealing with these extremists. Not only to help them militarily but also develop a more hopeful future for people living in the remote regions of Pakistan; to help with jobs, education. It is a very difficult period. I know the Pak government knows that these extremists target them as well as others; so, it is in their interest to deal with these extremists. I think it is very difficult to negotiate with people who want to murder innocent people to advance an ideology that is opposite of democracy. Being updated live. Refresh for more Source: Home - Livemint.com | 30 Oct 2009 | 2:03 am UPDATE1-India's Sterlite Energy plans $1.1 bln IPO - Reuters India
Source: Business - Google News | 30 Oct 2009 | 2:01 am Bharti Profit Growth Slows as docomo Expands in India - Bloomberg
Source: Business - Google News | 30 Oct 2009 | 2:00 am Indiabulls Power slumps on stock market debutMumbai: Utility Indiabulls Power Ltd, which raised about $380 million in a heavily subscribed IPO, slumped as much as 22% on debut and could hit investors appetite for a long and growing IPO pipeline. The poor debut of Indiabulls Power, a unit of Indiabulls Real Estate and which counts billionaire L.N. Mittal as an investor, comes as a nearly $100 million IPO from cable television firm Den Networks is struggling to be covered, data with the stock exchanges showed. It also follows tepid openings by Adani Power and NHPC in recent months, although neither fell anywhere near as much as Indiabulls Power. “Buyers are hurt, have a negative frame of mind as listings so far are far from attractive. I would not recommend them to invest in IPOs,” said Chetan Bhatt, a trader at Pragya Securities. At 0703 GMT the shares in the company, whose IPO was covered nearly 22 times, were at Rs40, 11.1% below the IPO price of Rs45. It listed at Rs44.95 and hit a low of Rs35. The broader BSE index was up 1.4%. On Friday, Sterlite Energy, a unit of Sterlite Industries, filed papers for a Rs51 billion IPO. Indian firms have raised $17 billion in share sales so far this year and a clutch of firms have filed regulatory applications to raise more than $10 billion trying to cash in on a stock market rally that has seen the benchmark index rise around 70%. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 1:38 am Gitanjali Gems profit up 8% to Rs 53 cr - Business Standard
Source: Business - Google News | 30 Oct 2009 | 1:23 am Indiabulls Power lists at Rs 45, loses 16% in early trade - Moneycontrol.com
Source: Business - Google News | 30 Oct 2009 | 1:16 am KPIT Cummins buys US' Sparta Consulting for $38 mln - Reuters India
Source: Business - Google News | 30 Oct 2009 | 12:40 am RIL dips 1% on BSE after muted Q2 resultsMumbai: Shares of Reliance Industries on Friday fell by nearly 1% on the Bombay Stock Exchange, a day after the company reported a 6.4% drop in its net profit for the second quarter of the fiscal. At 10:32am, the scrip of RIL was quoted at Rs1,984 on BSE, down by 0.99% over the previous close. In early trade RIL had fell by 1.89% to Rs1,966. On the National Stock Exchange, RIL fell by 0.93% to Rs1,963. It had declined by 1.82% to Rs1,963 in early trade. On the volume front, over 14.82 lakh shares were traded on both the bourses. RIL, after the close of the market yesterday, reported a 6.4% drop in net profit at Rs3,852 crore for the second quarter, as refining margins tumbled following crude oil’s fall from a record. “With the refining margins continuously showing signs of volatility and weakness in the past few months, we need to review our estimates,” domestic brokerage firm Sharekhan said in its research note. The company earned $6 on processing of every barrel of crude oil at its giant refining complex at Jamnagar, less than half of $13.3 per barrel gross refining margin (GRM) in the second quarter of previous fiscal. The stock markets were trading higher by 300 points at 16,353 points, riding on the back of optimism of a recovery in the US economy, index heavyweight RIL lagged. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 12:37 am PM says need to push ahead with reformsNEW DELHI (Reuters) - India will push forward with reforms and needs to increase investment in rural education, health and infrastructure to raise the economic growth rate up to 10 percent, Prime Minister Manmohan Singh said on Friday.Source: Reuters: Money News | 30 Oct 2009 | 12:36 am Bharti Q2 net up 13%, lags forecastNew Delhi: Bharti Airtel Ltd, India’s top mobile operator, reported a 13% rise in quarterly profit that lagged analysts’ estimates as increasing number of low-paying users and competition from rivals weighed. Bharti, whose tie-up talks with South Africa’s MTN failed in September for a second time, denying it access to vast new markets and revenue streams, is facing tremendous competition at home. “In the near-term, we are ready to face challenges posed by heightened competition,” Bharti chairman Sunil Mittal said in a statement. “We are confident of emerging winners.” Four new firms, including ventures of Telenor and Etisalat are set to start operation this year and existing firms are scrambling to sign up users before then by drastically dropping call charges. Analysts say Bharti, which has more than 23% of India’s 470 million-plus mobile subscribers, will be forced to match rival’s prices to retain its market share but any such move would mean sacrificing revenue and earnings growth. A new per-second billing plan from sixth-ranked Tata Teleservices helped it add more users than Bharti in the September quarter, and a move by second-ranked Reliance Communications to cut all call charges to 50 paise (US 1 cent) a minute is seen disrupting sector’s growth. Shares in Bharti, India’s seventh-most valuable firm with a market value of about $25 billion, were down 0.2% at Rs311.50 by 11.30 am, having risen as much as 3.5% earlier, in a Mumbai market that had gained 1.6%. New Delhi-based Bharti, in which Southeast Asia’s top phone firm SingTel owns more than 30%, said net profit rose to Rs2,321 crore ($495 million) under US accounting rules in its fiscal second-quarter ended September from Rs2046 crore reported a year earlier. Revenue rose 9% to Rs9,846 crore from Rs9,020 crore. A Reuters poll of 11 brokerages had forecast a net profit of Rs2,441 crore on revenue of Rs10,355 crore for Bharti, which added 8.1 million mobile users in the quarter to reach a total of 110.5 million at end-September, 43% higher from the year-ago quarter. Average revenue per user fell 24% to Rs252 in the September quarter from a year earlier, as more than half of its new users came from rural areas, where customers tend to spend less than in urban areas. Average minutes of usage fell an annual 15% to 450 minutes. EBITDA (earnings before interest, taxes, depreciation and amortisation) margin, a key gauge of profitability, was at 42.1%, compared with 41 in the year-ago quarter. Bharti shares have lost nearly a quarter in October, while second-ranked Reliance Communications is down by almost a third in the face of the price war. Bharti shares gained 4.4% in the September quarter, underperforming the broader market. Source: Home - Livemint.com | 30 Oct 2009 | 12:29 am HT Summit | Expect to return to 9% growth in 2 years: FMNew Delhi: Growth in India was likely to pick up from the October-December quarter of FY10 and the country can return to 9% growth in the next two years, Union finance minister Pranab Mukherjee said at the HT Leadership Summit on Friday. He said: “We must grow by 9% in two years ... I am optimistic.” Economic recovery was there but it was halting and slow, Mukherjee said. The government has also sought broad political consensus to clear the crucial legislations, including the labour and the insurance bills, to push forward the reforms. “We don’t have the required majority in the two Houses (of Parliament) to clear the bills ... a broad political consensus is needed,” Mukherjee said. He said fiscal deficit must be contained and brought back to 5.5% by 2011-12 from 6.8% now. Stressing on fiscal consolidation, he said the target must be to “bring back fiscal deficit within prudent limits.” Agriculture growth this year would be negative at minus 2% as a result of adverse impact of drought particularly on kharif crop which would be down 15-16 million tonnes. Source: Home - Livemint.com | 30 Oct 2009 | 12:16 am Sony posts loss for 4th quarter on sluggish salesTokyo: Sony Corp posted a loss for a fourth consecutive quarter, hit by sluggish cellphone sales and as it cut prices of its PlayStation 3 game console, but it narrowed its full year loss forecast. Sony, which vies with Samsung Electronics Co in LCD TVs and Canon Inc in digital cameras, swung to an operating loss of 32.6 billion yen ($357.5 million)in July-September from a profit of 11.05 billion yen. The result is better than the consensus of a 59.2 billion yen loss in a poll of five analysts by Thomson Reuters I/B/E/S. Last month, Sony launched a cheaper version of the PS3 to better compete with Microsoft Corp and Nintendo Co Ltd. The move put pressure on the company’s profitability, but spurred console sales ahead of the key holiday season, brightening long-term prospects of the game operation. For the year ending March 2010, Sony cut its operating loss forecast to 60 billion yen from 110 billion yen. That compares with the consensus estimate of a 77.5 billion yen loss and a 227.78 billion yen loss a year earlier. Shares in Sony, which offers Cyber-shot digital cameras and Bravia flat TVs, have gained 41 percent since the start of the year through Thursday, outperforming a 28% rise in the electrical machinery index. Source: Home - Livemint.com | 30 Oct 2009 | 12:15 am Sony posts loss for 4th quarter on sluggish salesTokyo: Sony Corp posted a loss for a fourth consecutive quarter, hit by sluggish cellphone sales and as it cut prices of its PlayStation 3 game console, but it narrowed its full year loss forecast. Sony, which vies with Samsung Electronics Co in LCD TVs and Canon Inc in digital cameras, swung to an operating loss of 32.6 billion yen ($357.5 million)in July-September from a profit of 11.05 billion yen. The result is better than the consensus of a 59.2 billion yen loss in a poll of five analysts by Thomson Reuters I/B/E/S. Last month, Sony launched a cheaper version of the PS3 to better compete with Microsoft Corp and Nintendo Co Ltd. The move put pressure on the company’s profitability, but spurred console sales ahead of the key holiday season, brightening long-term prospects of the game operation. For the year ending March 2010, Sony cut its operating loss forecast to 60 billion yen from 110 billion yen. That compares with the consensus estimate of a 77.5 billion yen loss and a 227.78 billion yen loss a year earlier. Shares in Sony, which offers Cyber-shot digital cameras and Bravia flat TVs, have gained 41 percent since the start of the year through Thursday, outperforming a 28% rise in the electrical machinery index. Source: LatestNews-Home - Livemint.com | 30 Oct 2009 | 12:15 am Aurobindo Pharma (Rs 775.4): SellWe recommend a sell in the stock of Aurobindo Pharma from a short-term perspective. It is perceptible from the charts of the stock that it has been on a long-term uptrend from November 2008 low of Rs 101.6. It was on an intermediate-term uptrendSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Centre fixes cane fair price at Rs 129.84/quintalNew Delhi, Oct. 29 The Centre has fixed a “fair and remunerative price” (FRP) of Rs 129.84 a quintal payable by sugar mills for the cane to be procured from farmers during the current 2009-10 crushing seasonSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Export decline deceleratingNew Delhi, Oct. 29 From a peak 39 per cent decline in May this fiscal, the country’s export fall seems to beSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Reliance Ind net down 6.4%Mumbai, Oct. 29 Reliance Industries has posted a profit of Rs 3,852 crore for the second quarter ended September 30, a fall of 6.4 per cent from Rs 4,116 crore in the corresponding period last year.Source: Business Line - Home Page | 30 Oct 2009 | 12:00 am Day Trading GuideThe near-term outlook of DLF is bearish. We recommend a sell. Utilise dips to buy ICICI Bank with tight stop-loss at Rs 756. Avoid trading in Infosys as the stance is cautious for theSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Utility vehicles, tractors drive M&M to record Rs 703-cr profitMumbai, Oct. 29 Higher sales volumes, lower raw material costs and excise duty helped Mahindra & Mahindra post its highest ever net profit of Rs 703 crore for the second quarter of this fiscal compared with Rs 206 crore in the same periodSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Inflation rate surges to 1.51%New Delhi, Oct. 29 The wholesale price inflation rose at its fastest pace in six months, with the annual Wholesale Price Index-based inflation rate surging 1.51 per cent during the week ended October 17, up from the previous week’s annualSource: Business Line - Home Page | 30 Oct 2009 | 12:00 am Citi expands relationship with Wipro to BPO workBangalore Oct. 29 Since selling its captive technology unit to Wipro Technologies last December, Citigroup has expanded its engagement with the Indian vendor by also offering business process outsourcing contracts.Source: Business Line - Home Page | 30 Oct 2009 | 12:00 am Treasury gains, high interest income lift PNB profit 31%New Delhi, Oct. 29 Punjab National Bank on Thursday announced a 31 per cent rise in net profit at Rs 927 crore for the quarter ended September 30, 2009 against Rs 707 crore in the corresponding quarter last year.Source: Business Line - Home Page | 30 Oct 2009 | 12:00 am ONGC net profit rises 6% in Q2 on lower subsidy outgoNew Delhi, Oct. 29 ONGC has reported its first gain in five quarters by registering a 5.9 per cent increase in its net profit during the second quarter of 2009-10.Source: Business Line - Home Page | 30 Oct 2009 | 12:00 am IPhone comes to China with missing featureBeijing: Apple’s iPhone is making its long-awaited formal debut in the world’s most populous mobile phone market, without a key feature and at higher prices than widely available black market models. Apple’s local service provider, China Unicom Ltd., hopes the iPhone will give it an edge against giant rival China Mobile Ltd., the world’s biggest phone company by subscribers. Unicom was to start selling iPhones equipped for third-generation service Friday night at 2,000 stores in areas as farflung as Tibet. Chinese news reports say Unicom hopes to sell 5 million in three years, but the company declined to confirm that. Unicom’s first iPhones lack WiFi, a possible handicap with sophisticated, demanding Chinese buyers. The technology, a key part of the iPhone’s appeal, allows the phones in other markets to use wireless networks in cafes and offices to download e-mail and the latest applications for free. “There’s going to be a perception that the phone they have is dumbed down from the one that somebody has in California,” said Duncan Clark, chairman of BDA China Ltd., a Beijing-based technology research firm. “We’ve seen before that Chinese consumers don’t like to be treated like second-class citizens.” Apple Inc. and Unicom also could face competition from an unusual source: unlocked iPhones brought in from abroad that have WiFi. There are already an estimated 1.5 million to 2 million such phones in China using China Mobile 3G service that allows Internet access and other features. Unicom’s prices range from 4,999 yuan ($730) to 6,999 yuan ($1,025) for the high-end, 32-gigabyte iPhone 3GS. That is 20 percent above the 5,700 yuan ($835) charged by merchants at Chinese street markets for a 3GS with WiFi. The iPhone’s awkward, delayed entry into China reflects the regulatory and technical hurdles of a fast-changing market where other global technology companies have struggled to establish themselves. Unicom’s iPhones lack WiFi because it was temporarily banned by Beijing, which was promoting a rival Chinese system, according to BDA. The ban was relaxed in May after manufacturing had begun. A Unicom spokesman, Yi Difei, said the company hopes to have WiFi in the next batch of phones. “We are talking with Apple and expect the problem to be solved by the end of this year,” Yi said. The iPhone debuted in the United States in June 2007 but its formal arrival in China was delayed as Apple carried on talks with service providers that Chinese media said snagged on disagreements about how to divide revenues. China has more than 650 million mobile phone accounts, despite an average annual income of $3,000 per person. Consumers trade in phones as often as several times a year to get the latest models and features. China Unicom has 143 million mobile accounts, which would be an impressive figure in any other market but lags far behind China’s Mobile’s 508 million accounts. Global technology companies that dominate other markets have struggled to get a foothold in China. Search engine Google Inc. has less than 30% of the market, versus more than 60 percent for local rival Baidu Inc. Yahoo Inc. turned over its China operation to a local partner after failing to expand its market share. China’s state-owned phone companies were restructured by the communist government into three groups last year in hopes of reviving competition after the explosive popularity of mobile service turned China Mobile into a behemoth. Unicom, China Mobile and the third company, China Telecom Ltd., all emerged with mobile and fixed-line services. China Mobile has announced its own smart phone, dubbed the OPhone, and says seven models will be available by next year. Chinese news reports in August said Unicom’s deal with Apple called for buying 5 million handsets for 10 billion yuan ($1.5 billion). Chairman Chang Xiaobin denied that but refused to give financial details. The lack of WiFi means Unicom iPhone customers will have to pay to connect to the phone network for every function. BDA’s Clark said that could alienate users if it leads to high monthly bills. Source: Tech News - Livemint.com | 29 Oct 2009 | 11:54 pm Hebrew, Hindi, other scripts get Web domain nodSeoul: The non-profit body that oversees Internet addresses approved on Friday the use of Hebrew, Hindi, Korean and other scripts not based on the Latin alphabet in a decision that could make the Web dramatically more inclusive. The board of the Internet Corporation for Assigned Names and Numbers or ICANN voted to allow such scripts in so-called domain names at the conclusion of a weeklong meeting in Seoul, South Korea’s capital. The decision follows years of debate and testing. The decision clears the way for governments or their designees to submit requests for specific names, likely beginning 16 November. Internet users could start seeing them in use early next year, particularly in Arabic, Chinese and other scripts in which demand has been among the highest, ICANN officials say. “This is absolutely delightful news,” said Edward Yu, CEO of Analysys International, an Internet research and consulting firm in Beijing, emphasizing that the Internet would become more accessible to users with lower incomes and education. Yu spoke ahead of the approval, which had been widely expected. Domain names, the Internet addresses that end in “.com” and other suffixes are the key monikers behind every Web site, e-mail address and Twitter post. Since their creation in the 1980s, domain names have been limited to the 26 characters in the Latin alphabet used in English A-Z as well as 10 numerals and the hyphen. Technical tricks have been used to allow portions of the Internet address to use other scripts, but until now, the suffix had to use those 37 characters. That has meant Internet users with little or no knowledge of English might still have to type in Latin characters to access Web pages in Chinese or Arabic. Although search engines can sometimes help users reach those sites, companies still need to include Latin characters on billboards and other advertisements. Now, ICANN is allowing those same technical tricks to apply to the suffix as well, allowing the Internet to be truly multilingual. Many of the estimated 1.5 billion people online use languages such as Chinese, Thai, Arabic and Japanese, which have writing systems entirely different from English, French, German, Indonesian, Swahili and others that use Latin characters. Source: Tech News - Livemint.com | 29 Oct 2009 | 11:38 pm Rupee soars 32 paise to 46.88 against dollarThe Indian rupee strengthened by 32 paise at 46.88 a dollar in early trade today following dollar's weakness against other Asian currencies.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 11:20 pm Sensex jumps 300 points in opening trade on global cuesThe BSE benchmark Sensex surged by 300 points in opening trade today on fresh buying by funds and retail investors, bolstered by firming global trends.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 11:19 pm Oil steadies below $80 after jumping on US GDP dataPerth: Oil paused from the previous session’s 3% jump and steadied at below $80 a barrel on Friday, as lingering concerns over the pace of the economic recovery and energy demand prevented investors from pushing prices higher. Oil prices jumped on Thursday, while US stocks logged their best one-day percentage gain in three months, as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits and oil demand. US crude for December delivery inched up 11 cents to $79.98 a barrel by 0430 GMT, after settling up $2.41 at $79.87 on Thursday. London Brent crude was unchanged at $78.04. “Risk appetite improved after better-than-expected third quarter US GDP numbers,” said Natalie Robertson of Australia & New Zealand Bank. “But poor earnings reports from key oil producers...that have flagged continued uncertainty over economic recovery and energy demand are weighing on the market.” The world’s largest economy grew at an annualised rate of 3.5% in the July-September period, beating forecasts of a 3.3% rise and ending a deep slump. In another sign that demand in the world’s largest fuel consumer could rise, the number of US workers filing new claims for jobless benefits dipped by 1,000 last week. However, Exxon Mobil Corp, Royal Dutch Shell Plc and Eni SpA dashed hopes for an imminent turnaround for the oil industry, saying sluggish economic recovery was weighing on energy demand and prices. Bearish comments from the trio also followed government data on Wednesday that showed a surprise build in US gasoline inventories. Analysts said traders are also awaiting more economic data to gauge if the pace of recovery in the US was sustainable. “More US data is due later this day and positive numbers could provide a fillip to commodities and stocks,” said Tony Beiber, an analyst at Suncorp Bank. Friday’s data includes the University of Michigan consumer sentiment survey for October and the Institute of Supply Management Chicago’s October index for manufacturing activity. Still, analysts said oil prices are expected to find support from the US dollar. The dollar, which tends to decline when doubts about a global recovery fade, was back on the defensive on Friday as a bout of profit taking in growth-linked currencies and the euro seemed to have run its course with investors piling back into risk. Separately, OPEC seaborne oil exports, excluding Angola and Ecuador, will rise 40,000 barrels per day (bpd) in the four weeks to 14 November, an analyst who tracks future shipments said on Thursday. Qatar, one of OPEC’s smallest producers, has notified at least two Asian term buyers that it will supply crude oil at full contracted volumes for December, steady with November levels, trade sources said on Friday. Source: Home - Livemint.com | 29 Oct 2009 | 11:04 pm Oil above $80 a barrel on US growthOil prices surged back above $80 a barrel in Asian trade today on news the United States has emerged from a long and painful recession after posting its strongest growth in two years.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 10:52 pm Web marketer ordered to pay Facebook $711 mn damagesLos Angeles: Facebook said Thursday a California court has awarded the social networking Web site $711 million in damages in an anti-spam case against Internet marketer Sanford Wallace. Facebook sued Wallace for accessing users’ accounts without their permission and sending phony posts and messages. The company said on its blog that in addition to the damage award, the San Jose, California, court referred Wallace to the US Attorney’s office for prosecution for criminal contempt of court meaning he could face jail time. Wallace earned the monikers “Spam King” and “Spamford” as head of a company that sent as many as 30 million junk e-mails a day in the 1990s. In May 2008, the online hangout MySpace won a $230 million judgment over junk messages sent to its members when a federal judge in Los Angeles ruled against Wallace and his partner, Walter Rines, in another case brought under the federal anti-spam law known as CAN-SPAM. In 2006, Wallace was fined $4 million after the Federal Trade Commission accused him of running an operation that infected computers with software that caused flurries of pop-up ads, known as “spyware.” “While we don’t expect to receive the vast majority of the award, we hope that this will act as a continued deterrent against these criminals,” said Sam O’Rourke, associate general counsel for Facebook, in a blog posting Thursday. “This is another important victory in our fight against spam.” There was no phone number listed for Wallace in Las Vegas, where he is believed to be living, according to the ruling. The company said the judgment marks the second-largest anti-spam award ever. In November 2008, Facebook won an $873 million judgment against Adam Guerbuez and his business, Atlantis Blue Capital, who bombarded users with sexually explicit spam messages. Source: Tech News - Livemint.com | 29 Oct 2009 | 10:41 pm RIL Q2 net down; stock opens flat - Moneycontrol.com
Source: Business - Google News | 29 Oct 2009 | 10:36 pm House hunt: Ahmedabad tops big citiesMore Amdavadis will buy property this year than metro, tier-II city residents, says survey.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 10:13 pm Big companies tap Twitter to boost businessHonchos of businesses houses were among the first to realise the huge advertising potential of social networking sites such as Facebook, LinkedIn, Twitter and Orkut.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 10:09 pm Sensex sheds 1,274 pts after DiwaliRealty, banking, metal stocks take a beating.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 10:06 pm To invest about Rs 50,000cr in equity in FY10: LICInsurance giant LIC continues to be a net buyer in the markets and stands strong on the India growth story. In an interview with CNBCTV18, TS Vijayan, Chairman, LIC spoke about the companys plans for significant investments in the equity markets in the months ahead.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:22 pm Accumulating gold little by littleUse a gold savings scheme to buy the metal over time and avoid a lumpsum payment.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 2:57 pm CESC scouting for coal mine overseasRPG is in talks with three private equity players for sale up to 20% in its retail venture, Spencer's Retail. All the three funds the company is talking to have a presence in India.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 2:40 pm Green technologies can be profitable, say global CEOsThe public discourse on climate change has tended to frame the issue as a tradeoff between development and greening; as a choice between generating wealth and creating a less carbon-intensive environment.Source: Business Standard | Front Page Headlines | 29 Oct 2009 | 1:14 pm Sweden’s Axis to tap digital surveillance market in IndiaBangalore: Thirteen years after Axis Communications AB built the world’s first network camera, one that digitizes video signals and transmits them over Internet protocol (IP), the Swedish company is looking at India to help it propel the global shift in technology. India, where video surveillance is limited to closed environments, is poised to jump the curve—analog (closed circuit television, or CCTV) technology to digital—from closed spaces to public places.  New market: Axis’ India country manager Prakash Prabhu (left) and Axis president and chief executive Ray Mauritsson. Axis is currently deploying a city surveillance project in Kolkata. Hemant Mishra / Mint With over a dozen corporate and government customers in India including a few international airports, the Reliance-Anil Dhirubhai Ambani Group, D.Y. Patil Stadium in Mumbai, Bharat Petroleum Corp. Ltd, Wipro Ltd and ITC Welcomgroup, Axis is now eyeing large infrastructure projects in the country. The projected $10 billion (Rs47,500 crore) cumulative spend on homeland security in India by 2017, according to the market research firm Frost and Sullivan (F&S), is the market that “intelligent” surveillance providers are eyeing. Having deployed at least 15,000 cameras in one of the most advanced security installations of the world at Moscow Metro, Axis is looking for tenders in the Indian transportation sector, which F&S estimates, will spend $3.6 billion in security by 2017. With India being a victim of terrorist attacks, there is a surge in the awareness and demand for electronic security, said Dhiraj Wali, vice-president and head, Bosch Security Systems India. Moreover, due to the Commonwealth Games next year, the whole infrastructure needs to be beefed up to meet the security standards, he adds. Axis, which leads the global market with 31.2% market share according to an IMS 2009 report, is currently deploying a city surveillance project in Kolkata. It intends to add significantly to the 200 system integrators in India it already works with since it made its direct entry into the country in 2007. Cameras comprise only 40-50% of the networked security system, information technology comprises the remaining 60-50%, said Brijesh Vijh, national head for security at HCL Security Ltd, a year-old subsidiary of HCL Infosystems Ltd. HCL provides system integration to Axis and other vendors including Sony and Bosch. Vijh estimates the “exponentially growing” Indian IP surveillance market to be at Rs1,000 crore. Most of the requirement today is from the government, he said, having recently completed a city surveillance project in Bhopal that uses about 500 cameras. “Several cities and critical infrastructure managers are seeking IP surveillance.” Axis’ India country manager Prakash Prabhu likes to draw an analogy from the GSM (global system for mobile) communication adoption in India, which though late, has proven spectacular. “We expect the IP surveillance sector to witness the same acceptance,” said Prabhu, whose job right now is as much selling Axis technology as educating the end customers and surveillance sales channels that security is not a cost. Apart from the traditional sectors, retail holds promise in India, said Mauritsson, since outlets can use analytics in network video to create “heat maps” and analyse customer behaviour to optimize space utilization and promotion. He speaks from experience, having deployed thousands of cameras across the US retail stores of Target Corp. For around 50 years, the world has relied on analog systems, where the technology has pretty much remained static. Now, IP video is transforming CCTV surveillance, Wali said. The digital medium allows added functionality and reduction in system cost, he said. In fact, claims Axis, IP-based systems of 40 cameras have a lower total cost of ownership than analog-based systems, and 32 cameras is the breakeven point for IP systems versus analog. Any IP-based technology has found good acceptance in India, said Parminder Kaur Saini, program manager, information communication and technology, F&S. So far it’s been gaining ground in large enterprises and governments because of the initial cost but as volume picks up, costs will dip. Users should choose the applications that suit them, she said. “IP surveillance is out of the test and trial period but people should choose applications and accompanying technologies with care.” In the fragmented global security market, Axis, Sony and Bosch, are currently driving the adoption of open standards through the Open Network Video Interface Forum Alliance to address interoperability issues. “Some 100 vendors, representing 60% of the market, are part of this but we aim to make it pervasive within a few years,” Mauritsson said. Incidentally, HCL’s Vijh worries not about interoperability but the entry of inferior technology to India. “We have to be careful about not allowing obsolete technology, for instance from China or Taiwan, to enter India,” he said. seema.s@livemint.com Source: Tech News - Livemint.com | 29 Oct 2009 | 1:13 pm Retail investors give IPOs the cold shoulderIndiaBulls Power IPOs charged-up performance (the issue was subscribed 21.84 times) earlier this month had only one jarring note: the retail portion of the initial public offer (IPO) barely scraped through, with a subscription of 1.09 times.Source: Business Standard | Front Page Headlines | 29 Oct 2009 | 1:11 pm RIL net drops 6.4% on refining margin pinchReliance Industries Ltd (RIL), Indias largest private sector company, reported a fourth straight decline in quarterly profits on shrinking refining margins and reduced exports due to a global economic downturn.Source: Business Standard | Front Page Headlines | 29 Oct 2009 | 1:05 pm New chief positions Motorola for a rebound with DroidLibertyville, Illinois: Sanjay Jha’s honeymoon as co-chief executive at Motorola Inc. lasted just a few minutes into his first meeting with employees in 2008. “Why should we trust you?” one employee blurted. The frustration was understandable. Motorola, which pioneered cellphones and built such consumer favourites as the StarTac and the Razr, had not had a hit phone in years, and a succession of leaders could not find one.  Crucial milestone: Motorola Inc co-chief executive officer Sanjay Jha. Motorola’s Droid is the first phone to use the latest release of Google’s mobile operating system Android, dubbed Eclair. Ryan Anson / Bloomberg Jha knew he had to act fast to slash costs and prune dozens of phones that were based on dead-end technology that simply were not profitable. That made the last several months of 2008 a financial disaster—losses doubled as sales fell by one-third. “If I didn’t have smart phones in the market for Christmas of ’09, this business wouldn’t have a runway,” he said. Jha does not have Motorola flying again, but he at least has it poised for a takeoff. On Wednesday, Verizon Wireless introduced Motorola’s new Droid smart phone, which is nearly as thin as an iPhone but with a bigger screen and a slide-out keyboard. T-Mobile has started selling another Motorola smart phone called the Cliq. “Motorola is a different place than it was a year ago,” said Paul E. Cole, T-Mobile’s vice-president for product development. “Sanjay has done a spectacular job.” Looking back, Jha said that Motorola was in worse shape than he knew when he took the job, largely because of a dysfunctional management culture that missed the shift in consumer preferences from phones designed primarily for talking to those that do nearly everything a computer can do. The firm’s engineering talent, which had once developed great phones, remained intact, he said. As luck would have it, one of those engineers, Rick Osterloh, grabbed Jha just as he stepped off the stage at that first town meeting in August 2008. Jha had mentioned Google’s Android operating system for smart phones. Osterloh rushed the stage to tell him he was working on an Android phone in Motorola’s Silicon Valley outpost that would bring together text messages, email and social-network updates. By the end of that week, Osterloh was sitting on the corporate jet, flying with Jha back to California and explaining the Android concept in detail. “He was able to understand what we were doing at such a detailed level. I was very impressed,” Osterloh said. In the weeks after, as Jha scrutinized Motorola’s other product groups, he found that the group making phones with Nokia’s Symbian operating system was staffed almost entirely by outside contractors. The entire project appeared to lack coordination and it was constantly months late in delivering phones. Even worse, Motorola was not making money on its Symbian phones. Jha soon decided to axe the entire Symbian product line as well as phones using several other operating systems. He wanted to simplify product development to standardize on one or two core systems. It came down to a Microsoft Windows mobile operating system and Android. When Microsoft said that a crucial release of its mobile operating system would be delayed, Jha gave Microsoft the stiff arm and bet on Android. At the same time, Jha had to pick which microprocessors and radio chips would be at the core of its new line. He chose a custom design Motorola had been developing with Texas Instruments Inc. In the fall of 2008, Jha received an email from Verizon, asking for ideas for a “long ball play for the fourth quarter” of 2009, Jha recalls. That meant a smart phone that could take on the iPhone. He flew to the carrier’s headquarters in Basking Ridge, New Jersey, bringing with him models of several of the company’s latest designs. Verizon executives seemed partial to one thin, angular handset that had been designed in London. Even without a firm order, Jha immediately assigned Iqbal Arshad, who had been the project manager for the Verizon version of the Razr, to transform the mockup into a smart phone Verizon could sell a year later. “Sanjay said, ‘Burn the ships and focus on Android,’” Arshad recalled. That meant rearranging the existing, tightly packed interior to accommodate the larger chips needed to connect to Verizon’s network. They found a way to fit a slide-out keyboard into a phone that was only 1.5mm thicker than the iPhone. And they used a 3.7 inch touchscreen, noticeably bigger than the 3.5 inch screen on the iPhone. To take advantage of the higher resolution of that screen, Motorola, working with Google, developed new software that would support high-definition video and 3D graphics. Motorola’s Droid is the first phone to use the latest release of Android, dubbed Eclair, which features free turn-by-turn directions from Google and sophisticated speech recognition. Verizon worried that the angular design of what was to be the Droid appealed more to men than women. Motorola quickly rounded some of the phone’s edges and added a rubberized backing to create a softer feel. By March, T-Mobile had placed a firm order for the social-networking phone that it would name the Cliq. But Verizon was still sceptical, remembering many times in the past when Motorola had missed important deadlines. So Jha hand-delivered a working prototype to Lowell C. McAdam, the chief executive of Verizon Wireless. A few weeks later, emails started arriving with purchase orders from Verizon for what it decided to call the Droid. Jha was back on stage Wednesday morning, this time at a news conference to formally introduce the Droid, which will go on sale next week for $199 (Rs9,452). Analysts in the audience said that the Droid, which will be backed by the biggest ad campaign by Verizon Wireless, is a crucial milestone in Motorola’s recovery. ©2009/The New York Times Source: World Business - Livemint.com | 29 Oct 2009 | 11:28 am Air travel, freight improving but still fragile: IATAGeneva: Airline passenger demand ticked up slightly in September but freight demand continued to fall, the International Air Transport Association said on Thursday. IATA data showed passenger demand was 0.3% higher in September than a year earlier, while freight demand fell 5.4%. But the year-on-year increase in passenger demand reflected a particularly weak September 2008, it said. “It is far too early to call this a recovery. The worst may be over in terms of the fall in demand, but (average fare) yields continue to be a disaster, and costs are rising,” IATA Director-General Giovanni Bisignani said. “The airline industry remains firmly in the red, with a fragile business environment.” Passenger demand is now 5% above the low reached in March this year, but 6% below its peak in early 2008. Cargo traffic is 12% above its December 2008 low, but 17% below the peak early last year, IATA said. Air freight, a barometer of the strength of world trade, tends to pick up early in the economic recovery cycle when businesses start to replenish their inventories. IATA represents 230 airlines including British Airways, Qantas, United Airlines, Cathay Pacific and Emirates. It forecasts the sector will lose $11 billion on a net basis this year and $4 billion in 2010. Source: World Business - Livemint.com | 29 Oct 2009 | 4:17 am Japan Airlines turns to govt for bailoutTokyo: Japan Airlines Corp said it would apply for assistance from a state-backed corporate turnaround body, setting the stage for a large injection of public funds into the troubled airline. The government has been scrambling to secure financing and map out a restructuring plan for JAL, which is headed for its fourth annual loss in five years, weighed down by $15 billion in debt and crippling legacy costs. JAL, Asia’s largest airline by revenue, said it started preliminary talks with the Enterprise Turnaround Initiative Corp, a body of turnaround specialists established by the government this month to buy debt of and invest in struggling but viable firms. “JAL will need huge money, huge public money, through both capital and loans,” said Shinjiro Takagi, the head of a transport ministry taskforce trying to rescue JAL. “We have decided the ETIC will be suitable for the public money.” The ETIC, which can draw on up to 1.6 trillion yen ($17.8 billion) in state-guaranteed funding, will decide on whether it can help JAL after studying its assets and its restructuring plan - a process that could take a few months. “The government is expected to accept JAL’s request for turnaround assistance, as the airline is a special case in view of the heavy industry regulation by the transport ministry and the oligopolistic market,” said Junko Nishioka, chief economist at RBS Securities. Transport Minister Seiji Maehara said that reviving the airline was very important to the Japanese economy. “JAL’s operation covers more than a half of Japan’s sky and considering its global network and how it connects regional economies, its revival is extremely important for Japan’s economy as well as for our policy,” Maehara told parliament. JAL shares closed Thursday up 2.7% at 115 yen, outperforming a 1.8 percent fall in the Nikkei average. The Nikkei business daily reported the government was considering a new law forcing the reduction of pension benefits to retirees of the struggling airline if it received public funds, which would address a key hurdle to its survival. A JAL official said the airline is not in a position to comment on the Nikkei report. Japanese media have said JAL may need some 800 billion yen ($8.8 billion) for future retirement and pension payments, double the 408 billion yen balance in its corporate pension system. Senior vice finance minister Naoki Minezaki said the government could not guarantee bridge loans to the troubled carrier without assurances it would cut costs. The government plans to submit legislation to parliament next year, though differing views within the government make it unclear what provisions the bill will contain, the Nikkei said. Another proposal is for the state-owned Development Bank of Japan - already JAL’s biggest lender - to loan JAL a further 200 billion yen this year and for the state to guarantee the loans once the legislation is passed, the Nikkei said. The proposal would also likely to include plans to support the overall aviation industry such as a reduction in airport landing fees, the newspaper said. Source: World Business - Livemint.com | 29 Oct 2009 | 3:02 am
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