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S Korea`s October trade surplus $3.79 bn!South Korea`s trade surplus was USD 3.79 billion in October, with imports declining more sharply than exports, the government said in a preliminary report on Sunday.Source: Zee News : Business | 1 Nov 2009 | 5:43 am Recovery could be `a little choppy`: Geithner!Treasury Secretary Timothy Geithner says the economic recovery "could be a little choppy" and it`s going to take a while.Source: Zee News : Business | 1 Nov 2009 | 5:43 am Britain to create three new retail banks: Report!Britain`s government is to create three new high street banks from bailed out lenders Royal Bank of Scotland, Lloyds Banking Group and Northern Rock, according to media reports.Source: Zee News : Business | 1 Nov 2009 | 5:43 am Sops for select exporters on cards: Sharma!The government may selectively extend more sops to exporters rather than withdrawing the stimulus given to them last year in the face of global slowdown, Commerce and Industry Minister Anand Sharma has said.Source: Zee News : Business | 1 Nov 2009 | 5:43 am Indian Oil depot fire still on, death toll 10Flames continued to leap from an Indian Oil depot in Jaipur Sunday, four days after it caught fire leaving 10 people killed and 150 others injured. Officials said the fire is likely to die out by the evening or Monday morning as most of the oil stored in the huge tanks has burnt out.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 3:02 am US firm, with biggest IT team in Kerala, to expand to ManilaCalifornia-based UST Global, which has the biggest workforce in Kerala's software sector, is all set to expand operations in the Philippines by recruiting 1,000 professionals.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 3:00 am BSNL 3G service to cover all northeast urban areas by MarchThe state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) will cover all urban areas in the northeastern region through its third generation (3G) platform, a next generation mobile communications systems, company officials have said.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 3:00 am IT department to summon Koda for questioning - Press Trust of India
Source: Business - Google News | 1 Nov 2009 | 2:59 am Fraud office to discontinue probing Satyam scamNew Delhi: The government has asked the Serious Fraud Investigation Office to discontinue its enquiry into the siphoning of funds by Satyam Computer to avoid duplication of work as the CBI is trailing the funds parked abroad by the IT company. “Now, only the CBI will file a report on the money-siphoning angle in the Satyam case. The SFIO has been asked to discontinue with the probe into that matter. We don’t want any duplications. Now SFIO will file a chargesheet pertaining to company law violations,” a Corporate Affairs Ministry official said. The Ministry had in August asked its investigative arm SFIO to probe into siphoning off of funds by the promoters of Satyam and submit a report within two months. The decision to ask SFIO to stop probing the money siphioning angle in the Rs 10,000-crore accounting fraud was taken by the Coordination Committee on Satyam set up by the ministry to oversee the investigation and ensure that the case reaches its logical conclusion. The SFIO, which intially probed the scam, has given a 14,000-page preliminary report to the Ministry and is required to submit final report in the case. The SFIO report mainly dealt with violations of the provisions of the Companies Act. Another reason for asking the SFIO to dicontinue the probe was, the MCA official said, because the agency is not empowered to trail funds abroad. Sources had earlier said the SFIO could seek more time to complete the investigation into the money-siphoning angle as that would require scrutinising the balance sheets of over 350 companies and 800 bank accounts. Ever since Satyam founder B Ramalinga Raju confessed to the accounting scam in January this year, there have been suspicions about funds having been shifted overseas. Although the SFIO had sumitted a report in April, sources said the report had not been able to track down the chain of events leading to diversions of funds. They said the SFIO report did not indicate who the beneficiaries of third-party transactions of about Rs600 crore are. Similarly, the end use of funds raised through the American Depositories Receipts worth $100 million is yet to be detected. The preliminary report, however, showed violations of various provisions of the Indian Penal Code like criminal breach of trust, forgery and cheating. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 2:45 am SingTel hikes stake in Airtel; buys shares in promoter company - Economic Times
Source: Business - Google News | 1 Nov 2009 | 2:18 am Banks may hike rates on commercial realty loansMumbai: The Reserve Bank’s decision to up commercial real estate property loan provision of banks may force the lenders to hike lending rates to the sector in the near term, said bankers. Banks are contemplating rate hike of anywhere between 0.5 and 1% in commercial real estate loans in the near future to pass on the burden of high provision to customers, a senior official of Union Bank said. “This (high provisioning) will impact the credit flow to the real estate sector and will leave no option to banks but to increase their lending rates on commercial real estate loans by 0.5-1%,” the official said on conditions of anonymity. Reserve Bank Governor D Subbarao, while announcing the quarterly monetary policy review on 27 October, asked banks to provide 1% of the loan given to commercial real estates as provision, up from 0.4% now. These loans comprise those given to builders for construction of commercial properties like offices, malls, hotels etc. Though the RBI move is being viewed as a prudent measure to avoid asset bubbles in the system in the long term, bankers said this “extra cautiousness” may hamper the business. A top IDBI Bank official said besides an imminent hike in interest rates, banks may also turn extra cautious to lend to commercial realtors, given the indication from the RBI on asset quality to this segment. A Dena Bank senior official said the loan demand from commercial realty sector may largely get impacted with the RBI move. “Even now, there is no demand from manufacturing sector and enquiries coming mainly from the commercial realtors. This development (from RBI) may further hit the credit flow,” the official said. The apex bank also asked banks to hike their loan loss coverage ratio to 70 per cent by September 2010. As of now, banks are offering loans to commercial real estate companies at a little over to the bank prime lending rate. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 2:18 am TVS reports 12% increase in sales in OctoberThe company has sold 1.31 lakh units in October 2009 as compared to 1.17 lakh in the same month last year.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 1:55 am Power sector requires $250 bn investment in next 8 yrs: studyNew Delhi: The Indian power sector would require an investment of about $250 billion (about Rs12,50,000 crore) in the next eight years for its growth, a report highlighting the emerging opportunities in future electricity markets said. “Investments of about $250 billion will need to be made in the power sector in the next 8-9 years to fuel planned growth,” a CII A T Kearney study said, adding that there will be demand for over 1,50,000 additional skilled and semi skilled personnel in the sector. A new era of competition would emerge by the year 2014 leading to the addition 80,000-85,000 MW of new capacity, it said, while the demand for power is expected to grow at a steady rate of 7.5-8% annually till 2017. The report also highlights new business opportunities in sectors like gas, hydro and nuclear energy. According to it, the wind energy segment would continue to grow at 15-20% per annum with new opportunities in offshore capacities and large capacity turbines. “...government incentives will open up opportunities for solar power projects,” it added. The Power Ministry has set a target to add 78,700 MW of electricity generation capacity during the current five year plan. Currently, India generates about 1.50 lakh MW of power. While overall the report is cautiously ”optimistic” about the Indian power sector and its ability to support India’s growth aspirations, it states that areas like distribution, financing and manpower are some of the concerns that require immediate attention for its growth. Effective implementation of next generation reforms, addressing constraints in fuel, financing, distribution and improved access, reach of power and realisation of latent demand will ensure sustained growth of the sector. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 1:55 am Committee to submit first draft on GST next weekNew Delhi: The Empowered Committee of State finance ministers will submit its first draft to the Centre on the proposed Goods and Services Tax next week, undeterred by speculations that the implementation of the new tax regime may be delayed. The first discussion paper on Goods and Services Tax (GST) would be submitted to Finance Minister Pranab Mukherjee by the Empowered Committee of State Finance Ministers on November 10 and then placed for public comments. The preparations for the implementation of the direct tax regime is on, even though there could be delay in its introduction from scheduled date of 1 April, 2010. Even Mukherjee had recently said, “I am trying to stick to the time schedule, but I will not be surprised if there is slippage of a few months.” When asked about the finance minister’s comments on the issue, empowered committee chairman Asim Dasgupta had said, “Our collective target is 1 April, 2010, and on this we will have discussions with the Finance Minister.” Some states like Madhya Pradesh and Gujarat have suggested that there should not be any hasty implementation of GST, which would do away with most of the indirect taxes at the Centre and states. “There is a case for it getting delayed. There are many issues which have to be solved, many complications which are also there,” Madhya Pradesh Finance Minister Raghavji said after a meeting of the Empowered Committee on GST. Raghavji said there should not be a hurry to implement GST as this is a radical reform in the tax structure. The Empowered Committee has already constituted a working group on suggesting Constitutional amendments and model GST Act. GST would scrap most of the indirect taxes at the Centre like excise and service tax and others at the states like VAT, octroi and others. However, the discussion paper would deal with the overall structure of the tax regime and may not talk about the rates. Infact, sources said there has been some consensus at the states level on the structure of the tax regime, while there are differences over the rates. The discussion paper may not even mention the goods and services to be covered under the new tax, the sources said. They said this issues would be proposed at later stage. In fact, the rates would be decided towards the end, after a decision is reached on the coverage of the tax. States have already decided that there would be two main rates of GST, besides a special rate on precious metals. The Centre is yet to take a call on the issue. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 1:46 am Luxury for foreigners, but why ignore Indian passengers?Indian Railways is mulling over a plan to attract foreign tourists with exclusive luxury coaches on all its major trains. But many domestic travellers say the ability to pay, and not nationality, should determine who is taken on board.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 1:02 am Consumers can check PDS shops now in Madhya PradeshAiming to bring transparency to the public distribution system (PDS), the Madhya Pradesh government is to involve the consumers in checking the quantity and quality of foodgrains in PDS shops every month, an official said.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 1:01 am Apple season almost over in Himachal, 1.2 cr crates soldWith the apple season in Himachal Pradesh almost over, 1.2 crore boxes have been despatched to markets across the country.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 1:01 am Left parties in Bihar to agitate for land reformsThe Left parties in Bihar plan to launch a state-wide agitation against the Nitish Kumar government's 'failure' to implement land reforms in the state, an official said.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 1:01 am Cobra Beer seeks 4.5 mn pound for Indian expansionLondon: Lord Karan Bilimoria, the Indian-origin founder of Cobra Beer, plans to raise 4.5 million pound to expand in India five months after the British arm of the company went into a pre-pack administration owing creditors 70 million pounds. Lord Bilimoria has hired Grant Thornton, the accountant, to work on a fund raising for the Indian business. He plans to use the fresh finance to complete the purchase of a brewery in India and to develop the brand, The Sunday Times reported today. Lord Bilimoria said “it was absolutely vital” to raise the money. He said the Indian beer market had enormous potential and he was “very confident” of being able to raise the funds. Cobra’s Indian arm generated retail sales of about 5 million pounds in the year to March but delivered losses of 4 million pound. Turnover is forecast to grow beyond 20m pounds within four years, the report said. The British arm, based in London, was put in administration in May and immediately bought out by a joint venture vehicle controlled by Bilimoria and Molson Coors, the international brewing giant. Bilimoria has promised to repay millions owed to creditors of the British business who lost out as a result of the administration. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 1:47 am Cobra Beer seeks 4.5 mn pound for Indian expansionLondon: Lord Karan Bilimoria, the Indian-origin founder of Cobra Beer, plans to raise 4.5 million pound to expand in India five months after the British arm of the company went into a pre-pack administration owing creditors 70 million pounds. Lord Bilimoria has hired Grant Thornton, the accountant, to work on a fund raising for the Indian business. He plans to use the fresh finance to complete the purchase of a brewery in India and to develop the brand, The Sunday Times reported today. Lord Bilimoria said “it was absolutely vital” to raise the money. He said the Indian beer market had enormous potential and he was “very confident” of being able to raise the funds. Cobra’s Indian arm generated retail sales of about 5 million pounds in the year to March but delivered losses of 4 million pound. Turnover is forecast to grow beyond 20m pounds within four years, the report said. The British arm, based in London, was put in administration in May and immediately bought out by a joint venture vehicle controlled by Bilimoria and Molson Coors, the international brewing giant. Bilimoria has promised to repay millions owed to creditors of the British business who lost out as a result of the administration. Source: World Business - Livemint.com | 1 Nov 2009 | 1:47 am Uttarakhand sets up expert committee on SAPThere are 10 sugar mills in the state out of which 6 are in the government and cooperative sector and rest in private hands.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 1:46 am Indian mangoes can attain cost competitive edge in US: BARCRadiation technology has been used to overcome quarantine barriers for export of mangoes from India to US and 562 tonnes have been exported by air route in the past three years.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 1:29 am Seven of top-10 cos lost Rs23k cr in a monthMumbai: Seven of the top-10 most valued companies lost a total of over Rs23,000 crore from their market capitalisation during the result season last month, while firms including Reliance Industries and NTPC saw their valuations rise. Mukesh Ambani-led Reliance Industries’ (RIL) market valuation rose by Rs4,839.65 crore, taking its total market cap to Rs3,46,440.26 crore for the month ended 31 October. RIL had a market valuation of Rs3,41,600.61 crore at the beginning of the month, on 1 October, 2009. Second comes oil firm ONGC, which witnessed a value erosion of Rs2,277.9 crore during the month. Its market cap stood at Rs2,50,525.84 crore. State-run NTPC inched up to the third slot by adding Rs2,762.23 crore pushing trading firm MMTC that lost Rs9,636.25 crore to the fourth position. The total market valuation of NTPC surged to Rs1,76,205.48 crore, while MMTC’s dipped to Rs1,70,186.25 crore. Moving further, private telecom services provider Bharti Airtel lost Rs6,378.69 crore from its market valuation, however state-run mining giant NMDC added Rs1,129.77 crore to its market cap. Bharti Airtel’s total market cap stood at Rs1,58,916.74 crore, while NMDC’s market valuation surged to Rs1,42,055.2 crore. The country’s largest public sector lender, SBI’s total market cap dipped by Rs901.53 crore to Rs1,39,400.6 crore last month. IT bellwether Infosys Technologies saw an erosion of Rs1,008.56 crore and software company Tata Consultancy Services lost Rs2,466.07 crore from its market valuation. The total market cap of Infosys Technologies stood at Rs1,32,331.34 crore and TCS at Rs1,21,219.18 crore. Power equipment maker Bhel, witnessed an erosion of Rs1,214.01 crore from its market cap taking its total market valuation to Rs1,13,820.74 crore. During the week ended 31 October, of the top-10 companies five lost Rs18,798.93 crore, while the rest added combined Rs56,441.29 crore, resulting into a net gain of Rs37,642.36 crore. In the top-10 club, RIL is followed by ONGC (Rs2,50,525.84 crore), NTPC (Rs1,76,205.48 crore), MMTC (Rs1,70,186.25 crore), Bharti Airtel (Rs1,58,916.74 crore), NMDC (Rs1,42,055.2 crore), SBI (Rs1,39,400.6 crore), Infosys (Rs1,32,331.34 crore), TCS (Rs1,21,219.18 crore), and Bhel (Rs1,13,820.74 crore), in that order. Source: Home - Livemint.com | 1 Nov 2009 | 1:25 am Japan may backtrack on lending regulations - NikkeiTOKYO (Reuters) - Japan will consider reversing its tightening of regulations on moneylenders to help self-employed business owners following the financial crisis, the Nikkei business daily said on Sunday.Source: Reuters: Money News | 1 Nov 2009 | 1:22 am Pantaloon to hive off Big Bazaar, Food Bazaar in 3 monthsMumbai: India’s largest listed retailer, Pantaloon Retail India, plans to complete the process of hiving-off Big Bazaar and Food Bazaar into a wholly-owned subsidiary in the next two to three months. The Kishore Biyani-promoted company will approach shareholders through a postal ballot in the next two months, after its Board on Friday approved spinning-off its Big Bazaar, Food Bazaar and Fashion@Big Bazaar operations. “The process of realignment has started and should be over in the next two to three months. We will seek shareholders approval through a postal ballot in the next 60 days,” Pantaloon Retail (India) Ltd’s Managing Director, Kishore Biyani said. Pantaloon Retail aims to raise funds to fuel expansion through the new subsidiary, which would be named Future Value Retail and governed independently. “Hiving off is not the main thing. We want to unlock more value for the shareholders and be seen as a pure retail player,” Biyani said. The company operates 119 Big Bazaar stores in over 70 cities across the country and plans to expand and operate close to 275 stores by 2014. Pantaloon Retail is the flagship company of Biyani’s Future Group, which had announced raising Rs1,200-1,500 crore in April this year. It has so far raised Rs367.5 crore through preferential allotment of shares and warrants in June and plans to raise Rs 700-1,000 crore in phases, Biyani said. The company will raise about Rs190 crore by transferring investment in Future Brands and assets held by non-retail businesses through its subsidiaries like Future Knowledge Services Ltd and Future Learning and Development to PFH Entertainment as a part of the realignment. “We will raise roughly Rs200 crore by transferring the non-core business of separate group companies to PFH (Entertainment Ltd). Besides, we are in the process of raising another Rs700-1,000 crore at a group level,” Biyani said. He added that fund-raising would take time but the group was considering an IPO of Big Bazaar and was talking to various private equity firms for the same. Pantaloon Retail is also looking to consolidate investments it made in financial services business of the company, including Future Capital Holdings Limited and Insurance Joint Venture Companies. Source: LatestNews-Home - Livemint.com | 1 Nov 2009 | 1:15 am Indian ADRs lose $10 bn in a month; ICICI leadsNew York: Indian stocks trading on American bourses lost over $10 billion last month, with private sector lender ICICI Bank accounting for almost 40% of the total loss. For the month ended 30 October, Indian entities listed on two US bourses - the New York Stock Exchange and Nasdaq - together lost $10.25 billion from their total market capitalisation, with ICICI Bank’s valuation coming down by $3.95 billion to $17.51 billion. IT majors Infosys Technologies and Wipro together lost $2.6 billion from their market capitalisation. The valuation of Infosys fell by $1.42 billion to $26.24 billion, while that of Wipro declined by $1.17 billion to $25.12 billion. Another major loser was private sector lender HDFC Bank whose valuation plunged by $1.10 billion to a market capitalisation of $15.68 billion. Apart from them, IT firm Mahindra Satyam (earlier known as Satyam Computer Services) and telecom company Tata Communications Ltd too witnessed a significant erosion in their valuations. The market capitalisation of Mahindra Satyam tumbled by $868 million to $3.56 billion, while TCL saw a fall of $768 million to $2.17 billion. Tata Communication is followed by auto maker Tata Motors whose valuation declined by $711 million to $5.12 billion. On the other hand, pharma major Dr Reddy’s Laboratories and IT firm Patni Computer Systems saw rise in their valuations. Dr Reddy’s Laboratories’ market capiatalisation grew by $377 million to $3.67 billion, Patni Computer Systems grew by $48 million to $1.23 billion. The market capitalisation of Mahanagar Telephone Nigam Ltd (MTNL) and copper producer Sterlite Industries fell by $265 million and $172 million respectively. Among other ADRs, Internet firms Sify Technologies and Reddif.com and outsourcing companies Genpact, WNS Holdings and EXLService Holdings also suffered losses ranging from USD seven million to $100 million in their valuations. After contracting for four straight quarters, the American economy expanded 3.5% in the three months ended September on the back of increased consumer spending and higher government expenditure. The news somewhat gave a fillip to the otherwise lackluster market on Thursday. However, the downtrend returned the very next day. On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 249.85 points at 9,712.73 and S&P 500 fell by 29.93 points to 1,036.18. Besides, tech heavy Nasdaq was down 52.44 points at 2,045.11. Source: Home - Livemint.com | 1 Nov 2009 | 1:03 am Pantaloon to hive off Big Bazaar, Food Bazaar in three monthsPantaloon Retail aims to raise funds to fuel expansion through the new subsidiary, which would be named Future Value Retail and governed independently.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 12:55 am Thomas Cook to launch 10 new products in IndiaTravel and financial services company, Thomas Cook India plans to make 'significant' investments in the country this year.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 12:53 am China survey suggests sustained industrial expansionBEIJING (Reuters) - China's vast manufacturing sector expanded in October at the fastest rate in 18 months, a survey showed on Sunday, and economists said they expected the momentum to be sustained in the coming months.Source: Reuters: Money News | 1 Nov 2009 | 12:17 am Stockmarket likely to be volatile in November: AnalystsAfter a below par performance in the last two weeks, analysts are predicting another month of volatility for the Indian bourses, despite their firm belief in its long-term potential.Source: Daily News & Analysis: Money News | 1 Nov 2009 | 12:16 am Power sector needs investments worth $250 bn: CIIIndia's power sector will require about $250 billion investments over the next eight-nine years if it wants to grow at a moderate 7.5-8 percent compound annual rate, according to a CII report.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 12:01 am Job creation dips in small towns: AssochamJob creation dipped by 12.1 percent in India's tier III cities in the first seven months this fiscal, indicating that the benefits of the government's stimulus measures are yet to reach such areas, according to an industry lobby survey.Source: IndiaeNews.com: Business News | 1 Nov 2009 | 12:00 am India Inc manages to make profits on lower sales in Q2BL Research Bureau Corporate India managed a strong rebound in net profit for the September quarter, but that wasn’t backed by healthy sales.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am Why Bajaj Hindusthan is interested in Balrampur ChiniNew Delhi, Oct 31 Does size matter beyond a point in sugar? Some industry watchers are asking this in the context of Bajaj Hindusthan Ltd’s reported in-the-works acquisition of a 36.67 per cent stake in Balrampur Chini MillsSource: Business Line - Home Page | 1 Nov 2009 | 12:00 am PowerGrid plans Rs 3,000-cr follow-on offer in April/MayNew Delhi, Oct. 31 Power Grid Corporation of India Ltd (PGCIL), the country’s largest electricity transmission utility, is expected to come out with a follow-on public offer (FPO) in the first quarter of the next fiscal.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am Cos may have to separate posts of Chairman, CEONew Delhi, Oct. 31 Companies may soon have to separate the posts of Chairman and Chief Executive Officer/Managing Director and go for a ‘one-man one-post’ policy.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am SBI net rises 10% to Rs 2,490 cr on non-interest income spikeMumbai, Oct. 31 A robust jump in non-interest income helped State Bank of India post a net profit of Rs 2,490 crore in the second quarter ended September 30, 2009, up 10 per cent compared with Rs 2,260 crore in the corresponding period last year.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am RCom net halves to Rs 740 cr on provisions for forex lossesMumbai, Oct. 31 Anil Ambani-led Reliance Communications’ net profit halved to Rs 740 crore for the second quarter ended September against Rs 1,531 crore for the same period a year ago.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am Weekly News Round UpGrowth in key infrastructure sectors slipped in September after a strong showing in August. This could contribute to a possible moderation in the industrial recovery story. The core infrastructure sector growth dropped to 4 per cent in September,Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am Hind Unilever net down 21.6% on forex loss, rejigMumbai, Oct 31 Hindustan Unilever Ltd (HUL) has reported a 21.6 per cent drop in net profit for the quarter ended September 2009 due to mark-to-market forex losses and restructuring costs.Source: Business Line - Home Page | 1 Nov 2009 | 12:00 am DTC plans commercial complexes to tide over revenue lossThe transport department of the city government has already sent a proposal to the Union Urban Development ministry seeking its permission to use DTC bus terminals for commercial purposes.Source: Daily News & Analysis: Money News | 31 Oct 2009 | 11:59 pm Rel Comm posts 51% decline in profits due to forex losses - Economic Times
Source: Business - Google News | 31 Oct 2009 | 11:11 pm Port Pipavav ties-up with France's CMA CGM for container cargoPort Pipavav will be added as a major port destination in India for CMA CGM. The port will now have 'Europe Service', a leading carrier operating from Europe to India.Source: Daily News & Analysis: Money News | 31 Oct 2009 | 10:35 pm S.Korea Oct exports underscore global recovery woeSEOUL (Reuters) - South Korean exports fell less than expected in the first month of the fourth quarter, but weak U.S. demand reinforced concerns a broad-based recovery in the global economy is not fully secured.Source: Reuters: Money News | 31 Oct 2009 | 10:33 pm HNG scouting for acquisitions in Africa, Middle-EastHindusthan National Glass and Industries (HNG), is scouting for overseas acquisitions, especially in Africa and the Middle-East and hopes to seal a few by mid-2010.Source: Daily News & Analysis: Money News | 31 Oct 2009 | 10:17 pm Mukand plans to sell-off land to reduce debt by around 50%Specialty steel major, Mukand Limited, plans to reduce to its debt of around Rs1,500 crore over the next one year through sale of its land-bank, a top company official said.Source: Daily News & Analysis: Money News | 31 Oct 2009 | 10:07 pm Service exports recovery likely by year-end: FICCIIndia's exports of services, which declined in the first two quarters of 2009, will return to growth by the year-end, according to a report by the the Federation of Indian Chambers of Commerce and Industry (FICCI).Source: IndiaeNews.com: Business News | 31 Oct 2009 | 10:00 pm Madoff documents reveal incredulous, unfocused SECNEW YORK/WASHINGTON (Reuters) - U.S. securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, but never followed through on the many red flags they uncovered.Source: Reuters: Money News | 31 Oct 2009 | 9:36 pm INTERVIEW - Suzlon sees delays hitting ordersNEW YORK (Reuters) - Delays in sealing new orders forced Indian wind power company Suzlon Energy Ltd to cut its sales forecast, but the company will still see full-year profits near last year's level, an executive said on Saturday.Source: Reuters: Money News | 31 Oct 2009 | 9:15 pm Delaware beats Swiss as most secretive financial centerWASHINGTON (Reuters) - Move over Switzerland. The tiny U.S. state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said on Saturday.Source: Reuters: Money News | 31 Oct 2009 | 8:59 pm Reliance Comm Q2 net plunges more than halfNEW DELHI (Reuters) - Reliance Communications, India's No. 2 mobile operator, said quarterly net profit fell more than half, as network expansion costs, derivative losses and low-paying users weighed.Source: Reuters: Money News | 31 Oct 2009 | 8:53 pm Smoother land talks expected in Rajarhat - Times of India
Source: Business - Google News | 31 Oct 2009 | 7:06 pm Pharma club seeks protection from foreign predatorsThe Indian Pharmaceutical Alliance (IPA), the association of the country's leading domestic drug producers, has sounded the alarm bells against foreign companies acquiring homegrown players. In fact, it has sought financial assistance from the government to make business more sustainable for domestic entrepreneurs.Source: Business Standard | Front Page Headlines | 31 Oct 2009 | 1:27 pm Vishal promoter to exit in debt recastValue retailer Vishal Retail's founder chairman and managing director, Ram Chandra Agarwal, will step down, according to a settlement reached with the companys lenders. The company today decided to go for corporate debt restructuring. Agarwal owns 62 per cent of the company.Source: Business Standard | Front Page Headlines | 31 Oct 2009 | 1:25 pm SBI net rises 28%State Bank of India (SBI), the countrys largest lender, today said that its consolidated net profit rose 28.29 per cent to Rs 3,133.16 crore for the quarter-ended September 30 from Rs 2,458.04 crore in the same quarter of the previous year.Source: Business Standard | Front Page Headlines | 31 Oct 2009 | 1:24 pm HUL profit dips 22% on exceptional item loss - Economic Times
Source: Business - Google News | 31 Oct 2009 | 1:10 pm Godrej Ind net trebles to Rs 66.7 cr - Business Standard
Source: Business - Google News | 31 Oct 2009 | 12:34 pm SBI net rises 10% to Rs 2490 cr on non-interest income spike - Hindu Business Line
Source: Business - Google News | 31 Oct 2009 | 12:18 pm Galleon case portrays a world of corporate leaksNEW YORK (Reuters) - The Galleon insider trading case reveals a world where corporate secrets are thrown around with cavalier disregard for regulations on how public company information should be disclosed.Source: Reuters: Money News | 31 Oct 2009 | 10:42 am India will need 1000 airplanes in next 20 yrs: Boeing IndiaIndia will need about 1,000 airplanes in the next 20 years, says Dinesh Keskar, the President of Boeing India.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 9:32 am State Bank of India sees loan growth revivalMUMBAI (Reuters) - State Bank of India, the country's top lender, expects loan growth and margins to revive as corporate confidence in Asia's third largest economy boost credit demand.Source: Reuters: Money News | 31 Oct 2009 | 8:13 am RPG Cables to merge with KEC InternationalRPG group company KEC International has decided to merge group company RPG Cables with itself. Shareholders of RPG Cables will get one share of KEC for 20 shares of RPG Cables. KEC, which buys 30% of cables produced by the RPG Cables, says that in the future it hopes to buy 100% of cables produced by RPG Cables.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 7:18 am Are we all militants, ask Kashmir's pre-paid mobile subscribers - Sify
Source: Business - Google News | 31 Oct 2009 | 5:43 am Tata Steel, Riversdale to invest in MozambiqueTata Steel and Australian Stock Exchangelisted Riversdale Mining have proposed to invest USD 270 million (Rs 1,279 crore) to undertake the initial stageone development of the Benga Coal project in Tete province of Mozambique.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 5:22 am SEBI mulls 15day futures contractsThe secondary markets advisory committee of the SEBI, which met on Friday, has recommended the introduction of fortnightly futures contracts on the stock exchanges, it is learnt.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 5:13 am Essar Oil close to buying out Shell\'s European refineriesRoyal Dutch Shell PLC has selected Essar Oil as the preferred bidder for its three European refineries.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 5:10 am General Motors gears up for new ChinaIndia linkGeneral Motors is putting in place a growth strategy for the AsiaPacific region which will see huge synergies between its Chinese and Indian operations. In the process, its ally in China, SAIC Motor Corporation, will get a comfortable foothold in India, which could only get stronger in the coming years.Source: Moneycontrol Top Headlines | 31 Oct 2009 | 5:07 am Unilever Sept qtr net drops 21.6pctMUMBAI (Reuters) - Hindustan Unilever, India's largest consumer goods maker, on Saturday reported a 21.6 percent drop in net profit for the September quarter, below forecasts, due to mark-to-market forex losses and restructuring costs.Source: Reuters: Money News | 31 Oct 2009 | 5:05 am Hindustan Unilever Sept quarter net drops 21.6%Mumbai: Hindustan Unilever, India’s largest consumer goods maker, on Saturday reported a 21.6% drop in net profit for the September quarter, below forecasts, due to mark-to-market forex losses and restructuring costs. The company, which makes popular soaps such as Lux, Dove and Surf detergent, expects growth in volumes to be sustained but expressed concerns over the lag effect of the poor monsoon rains, thew rise in commodity prices, inflation and interest rates. “We would expect the FMCG (fast moving consumer goods) sector to continue to grow but we have yet to ascertain what impact the poor monsoons will have and the rise in consumer prices,” chief financial officer R Sridhar told reporters on a conference call. Hindustan Unilever does not provide any forward looking statements. The company, a unit of Anglo-Dutch firm Unilever Plc reported a net profit of Rs429 crore ($91.35 million) down from Rs547 crore a year ago. Net sales rose to Rs4,228 crore from Rs4,028 crore a year earlier. A Reuters poll of 10 brokerages forecast net profit at Rs485 crore on net sales of Rs4,390 crore. The company has stepped up brand investments by 320 basis points, while it is relaunching several of its products including Lux, all of which are expected to take effect in future quarters, Sridhar said. Profit in the September quarter were hit by charge of Rs91.3 million on account of a mark-to-market loss on forward covers and restructuring cost of Rs166 crore incurred as settlement for workers of one of its closed units, the company said. The growth in sales was largely driven by personal products and food products categories, both of which increased 13 percent from year ago, Sridhar said. Soaps and detergents rose at a lower rate as consumers opted for cheaper priced products. Operating margin rose 140 basis points due to competitive pricing, better product-mix and better cost management. The fast-moving-consumer-goods sector in India, estimated to be valued at more than $17 billion, has seen double digit growth in sales in the last couple of years. Last week cigarettes, hotels and lifestyle apparels firm ITC Ltd, which competes with Hindustan Unilever in toiletries and branded foods segment, reported a 26% rise in September quarter net profit to Rs1,010 crore, above forecasts. HLL shares, valued at $13.1 billion, have risen about 13% so far this year, against a 65% rise in the main index and 41% rise in the sector index On Friday the company’s shares closed down marginally at Rs282.95. Source: Home - Livemint.com | 31 Oct 2009 | 4:53 am HT Summit | Bush favours Security Council seat for IndiaNew Delhi: Former US President George W Bush on Saturday favoured a United Nations Security Council (UNSC) seat for India, saying it has “arrived” as a strong democratic country in the world. He also wanted India and the US to work together to win the war on terror in Afghanistan to bring peace and stability in the region. “We must see the possibility of a seat for India in the United Nations Security Council,” Bush said, speaking at the HT Leadership Summit here. HT Leadership Summit (Full Coverage) “India has arrived as a strong democratic country in the world. It is a tolerant, peaceful and multi-religious democracy,” he said. Bush, who visited India in 2006 when the two sides chartered out the road map for further strengthening Indo-US strategic partnership, said the two countries shared the same values of freedom and democracy. On Afghanistan, he said, “America and India must work together to win the war in Afghanistan. The mission in Afghanistan has been long and difficult and costly. I believe it is necessary for stability and peace.” He wholeheartedly agreed with US President Barack Obama that the US-India relations were not only one of the most important ties in the world, but they should also be one of the best. But he cautioned that it would not happen automatically and the two nations would have to make important choices, including cooperation in the war in Afghanistan. “The Taliban, Al Qaida and their extremist allies are trying to take over Afghanistan again. If they would have safe havens, the Afghan people, particularly women, would face a return to brutality. The region and the world would face serious threats,“ Bush warned. Appreciating the Indian development aid to the Afghan government, the former US president said: “The US and India must continue to stand together to support the young democracy for the sake of security and peace.” Bush said that the US-India strategic cooperation has further been strengthened following the 9/11 terror attacks in the US in 2001, the Tsunami in 2004 and the Mumbai terror attacks in 2008. On the growing Indo-US relations, the former US president joked that by the time he left office, American presence in India was the second largest after Iraq, where it is waging a bloody battle against insurgents. Expressing hope that India would continue to pursue economic reforms, Bush called for further opening up of trade and business, particularly in the financial, agriculture, health and energy sector. “After the financial downturn of last year, the economic stage has shifted from Europe-Atlantic to Asia-Pacific,” he said. He said that government intervention during last year’s economic crisis, be it in the US, India or in other world economy, was necessary to prevent the situation from getting worse. Source: Home - Livemint.com | 31 Oct 2009 | 3:09 am Godrej Industries Q2 net profit at Rs66.67 cr Mumbai: FMCG major Godrej Industries on Saturday reported a consolidated net profit of Rs66.67 crore for the second quarter ended 30 September. The company had recorded Rs 9.4 crore net profit in the same period last year. “The figures are not comparable pursuant to the business restructuring by the company,” Godrej Industries said in a filing to the Bombay Stock Exchange (BSE). Total income stood at Rs896.17 crore in the quarter ended 30 September, however it had a total income of Rs965.27 crore in the same period last year. On standalone basis, the company reported a net profit of Rs36.43 crore in July-September quarter, while it had a net loss of Rs9 crore in the same period previous quarter. Source: LatestNews-Home - Livemint.com | 31 Oct 2009 | 2:53 am
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