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Oversupply to impact margins in nearterm: Shree CementThe cement sector has reported decent numbers this quarter. But the question on oversupply in the sector keeps popping up. What does the road ahead look like for the sector?Source: Moneycontrol Top Headlines | 6 Nov 2009 | 7:54 am Why is it imperative for the govt to act on IFCI?In an interview with CNBCTV18, Ashvin Parekh, Partner, National LeaderGlobal Financial Services at Ernst Young and BD Narang, Former Chairman of Oriental Bank of Commerce spoke about the contours of the stake sale and what it means for the shareholders.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 7:33 am Garware Offshore gets contract worth Rs 225 mn/yrGarware Offshore Services Ltd said on Friday its platform vessel \'M.V. Mana\' won a twoyear contract approximately worth Rs 225 million a year in the north sea by an exploration and production company.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 7:23 am Sales Tax Dept freezes bank accounts of Indage VintnersThere seems to be no end to the troubles of Indage Vintners. CNBCTV18 had earlier reported about financial issues and non payment of salaries that the company was grappling with. But it is now learnt that the sales tax department has seized its bank account for alleged nonpayment of dues reports CNBCTV18s Priyal Guliani.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 7:15 am JPMorgan hires Deutsche banker for India private bankingJPMorgan\'s private bank said on Thursday that it had hired Deutsche\'s Vinay Gandhi as head of its global India business, serving ultra high net worth Indian clients around the world from Singapore.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:57 am Tata Steel India ops Oct sales up 38% yoyTata Steel Ltd, the world\'s No. 8 steelmaker by output, said on Friday steel sales at its Indian operations rose 38% in October from a year earlier to 462,000 tonnes.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:57 am Likely to achieve 30% mkt share by FY10 end: Ashok LeylandIn an interview with CNBCTV18, K Sridharan, Chief Financial Officer CEO of Ashok Leyland, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:35 am Intel in talks with India\'s ITI for JVIntel, the world\'s largest chip maker, is planning to participate in bids invited by Indian stateowned telecom equipment maker ITI Ltd to set up joint ventures, the Business Standard reported on Friday.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:28 am Auto strike ends; tough job for Rico aheadLabourers of auto component manufacturer Rico Auto have ended the strike they had undertaken in Manesar, Haryana, since October 19.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:26 am Not had any dialogue with govt on divestment: RCFIn an interview with CNBCTV18, US Jha, CMD of RCF spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 5:16 am Sensex off highs; JP Asso, SBI surge - Myiris.com
Source: Business - Google News | 6 Nov 2009 | 3:18 am GLOBAL MARKETS - Stocks, commods gain ground, payrolls eyedLONDON (Reuters) - Global stocks and commodities gained on Friday, buoyed by firm U.S. data the previous session, lifting risk appetite ahead of hotly anticipated jobs data which will give more evidence on the state of the global economy.Source: Reuters: Money News | 6 Nov 2009 | 3:13 am Tata to extend affordable housing project to more cities - Livemint
Source: Business - Google News | 6 Nov 2009 | 3:12 am Even distressed sellers in Asia get top pricesHONG KONG (Reuters) - In Asia lately, it pays to be a seller -- even if you're a company under pressure to offload an asset or two.Source: Reuters: Money News | 6 Nov 2009 | 3:08 am BSE Sensex provisionally closes up 0.7 pctMUMBAI (Reuters) – The BSE Sensex provisionally closed 0.7 percent higher on Friday, led by banks, as investors bought select stocks that were battered recently, with positive global markets helping the sentiment.Source: Reuters: Money News | 6 Nov 2009 | 3:07 am Sensex ends up 109pts - Business Standard
Source: Business - Google News | 6 Nov 2009 | 3:03 am Stocks surge 0.59%, led by banks. Mumbai: Indian shares closed 0.59% higher on Friday, led by banks, as investors bought select stocks that were battered recently, with positive global markets helping the sentiment. The 30-share BSE index ended up 94.38 points at 16,158.28 points with 19 components gaining. The 50-share NSE index Nifty closed up 0.64% at 4,796.15 points. Source: Home - Livemint.com | 6 Nov 2009 | 3:02 am Indian rupee largely steady at 1-wk highs on stocks - Reuters India
Source: Business - Google News | 6 Nov 2009 | 3:01 am New price index shortly, says commerce ministryThe wholesale price index (WPI) for October will be according to the old base year of 1993-94 and the WPI new series with base year 2004-05 will be released shortly, according to a senior commerce ministry official.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 3:00 am Tata to extend affordable housing project to more citiesMunnar: Upbeat over the good response to its affordable housing venture in Mumbai, Tata Group is planning to extend the scheme to other major cities across the country. The group is looking for housing projects in Kolkata and Bangalore in the next phase, Tata Group chairman Ratan Tata told reporters here. Tata was here to attend the silver jubilee function of the company-run High Range School. He said the company’s affordable housing projects in Mumbai had evinced keen interest from all parts of the country and some foreign countries as well. Tata said the government of Maldives had also shown interest in the company’s housing project. Tatas had in September this year announced the launch of its affordable housing project under the name of ‘New Haven’ at Boisar in Mumbai. The company is building 1,300 apartments, including 2 BHK and 3 BHK homes, prices of which starting from Rs12.73 lakh. On the company’s much-touted small car Nano, Ratan Tata said the company had plans to market localized versions of the low-priced vehicle in European markets. Asked about the group’s expansion plans in plantation sector, he said the a proposal to take up oil palm plantations in Indonesia was under consideration. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 2:35 am Jet, Kingfisher hike fuel surcharge, SpiceJet too may followDomestic private air-carriers, Jet Airways and Kingfisher Airlines, today effected a hike in fuel surcharge by up to Rs 200 on their domestic flights.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 2:33 am INTERVIEW - Monthly WPI data better for markets - officialNEW DELHI (Reuters) – The government’s move to report wholesale price index (WPI) inflation data on a monthly instead of a weekly basis will remove a source of market volatility, the country's chief statistician said in an interview on Friday.Source: Reuters: Money News | 6 Nov 2009 | 2:30 am Workers end strike at Indian supplier to GM, FordNEW DELHI (Reuters) - Workers at an auto-parts maker have ended a six-week strike, which had hit supplies to General Motors and Ford and caused the shutdown of some North American plants, an official at the Rico Auto said.Source: Reuters: Money News | 6 Nov 2009 | 2:25 am Gold traders stay away on near-record pricesMumbai: The gold traders kept to the sidelines on Friday as prices stayed near record high in the middle of the wedding season, with a strong rupee seen aiding sentiment later in the session, dealers said. “Market is very dull, there is no fresh buying happening as prices are still holding near all-time highs,” said a dealer with a state-run bank in Mumbai. The most-traded gold December contract was 0.04% lower at Rs16,589 per 10 grams at 2:36 pm, near its record high of Rs16,677, struck earlier in the week. “A strong rupee may help later, but prices internationally will have to come down for that,” said another dealer with a private bank. The rupee strengthened to its highest in more than a week on Friday as traders sold dollars on gains in the local sharemarket and watched the US unit’s moves versus majors for direction. A strong rupee makes the dollar-quoted asset cheaper. Dealers said the underlying demand is still strong on wedding season, that is expected to last till December. “We have plenty of orders in the range of $1,080-1,085 (an ounce),” said the dealer with the private bank. Source: Home - Livemint.com | 6 Nov 2009 | 2:19 am Sensex volatile; realty, metals lend supportAt 2:13 pm, Bombay Stock Exchange's Sensex was at 16154.56, up 90.66 points or 0.56%. The index touched an intra-day high of 16283.86 and low of 16075.19.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 2:18 am Tata Steel sales up 38% in October - Business Standard
Source: Business - Google News | 6 Nov 2009 | 2:17 am BA sees improved outlook, swings to H1 lossLONDON (Reuters) - British Airways Plc fell to a worse than expected first-half loss and forecast annual revenue would be 1 billion pounds lower than last year, but said traffic volumes and yields had stabilised.Source: Reuters: Money News | 6 Nov 2009 | 2:10 am BSNL starts conversion of pre-paid connections in J&KBharat Sanchar Nigam Limited, JK circle, has started conversion of its pre-paid cell phone connections into post-paid.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 2:10 am Rico Auto strike ends, 8 suspended workers to be taken back - Economic Times
Source: Business - Google News | 6 Nov 2009 | 2:08 am Jet, Kingfisher hike fuel surcharge; SpiceJet may followMumbai: Domestic private air-carriers, Jet Airways and Kingfisher Airlines, on Friday raised their fuel surcharges by up to Rs200 on domestic flights. The hike comes into force with immediate effect, both said. “Effective today, the fuel surcharge levied by Kingfisher Airlines for travel on domestic sector stands revised upward,” a Kingfisher Airlines statement said. The fuel surcharge on flights below 1,000 kilometres has been hiked by Rs100 while for flights above 1,000 kilometres it would be Rs200, the statement said. A Jet Airways spokesperson said, “We have increased the fuel surcharge by up to Rs200 on all our domestic flights across Jet Airways, JetLite and Jet Konnect with immediate effect.” Budget carrier SpiceJet said that it was mulling a similar hike to partially offset increasing operating costs. “We are contemplating a nominal Rs100-200 increase to partially offset the recent nine per cent increase in fuel price,” SpiceJet’s chief executive officer Sanjay Aggarwal said. Source: Home - Livemint.com | 6 Nov 2009 | 1:58 am RBS Q3 loss halves but more bad debts to comeLondon: Royal Bank of Scotland (RBS) more than halved its operating losses to £1.5 billion ($2.5 billion) in the third quarter as impairments fell, but less favourable trading battered investment banking profits. Part-nationalized RBS said impairment losses totalled £3.3 billion, down 30% from £4.7 billion in the second quarter and were showing signs of leveling off. But the bank cautioned bad loans were expected to “remain at elevated levels for the next few quarters”. RBS said operating profit for its global banking and markets business shrunk to £375 million in the latest quarter, from 1.1 billion in the second quarter, as “exceptionally strong conditions” seen in the first and second quarters eased. Its UK corporate profit climbed to more than four times its level at the second quarter, but the bank saw worsening losses at its Ulster Bank and US retail and commercial business as impairments rose and operating conditions remained tough. “I have repeatedly said this is a marathon, not a sprint, and so it is proving,” chief executive Stephen Hester said of the banks’ performance over the past three months. RBS had warned in August that investors should not expect a “miracle cure” for the battered bank, where investment banking profits, which have lifted the bottom line for most of its rivals, have failed to offset the impact of bad debts. Earlier this week RBS secured a further £25.5 billion capital injection from the government as part of a deal that will make the terms of a government-sponsored insurance scheme for bad debts more flexible, but will also see dramatic disposals and increase the state’s stake to over 84%. Both RBS and bailed-out rival Lloyds Banking Group agreed to cut back their business to meet EU state aid rules, but RBS was particularly badly hit, forced to sell chunks of its retail bank, its RBS Insurance arm and to shrink its investment bank. Both also agreed to drastic bonus caps. Hester said on Tuesday the decision would make it harder to turn round the bank, one of the top recipients of bailout funds. Analysts have highlighted concerns for the bank’s Global Banking and Markets arm, which after Tuesday’s decision has been ordered not to rise above number five in the global all-debt markets league table for three years, as well as agreeing to cap cash bonuses - morale-sapping decisions that could make it even harder to retain staff. RBS has said it would consider a rights issue to refinance part of the government’s extra investment. In a trading statement released alongside Tuesday’s shake-up, Lloyds said it continued to expect a loss before tax for 2009 but confirmed that it had seen a reduction in the run-rate of overall impairment provisions in the third quarter, compared to the first half. Source: Home - Livemint.com | 6 Nov 2009 | 1:47 am Affordable housing project by Tata to be extended to more citiesThe group was looking for housing projects in Kolkata and Bangalore in the next phase, according to Tata group chairman Ratan Tata.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 1:42 am Japan govt, BOJ clash over risk of return to recessionTOKYO (Reuters) - Japan's government dismissed the central bank's view that there was little chance of the economy slipping back into recession, saying instead that Tokyo will need to stimulate the economy next year to prevent such a dip.Source: Reuters: Money News | 6 Nov 2009 | 1:38 am Rico Auto strike ends, 8 suspended workers to be taken backGurgaon: Workers at Rico Auto Industries ended their about 50-day strike following an agreement with the management on reinstation of some employees. A employee of the company had lost his life during the deadlock when a clash broke out between the two groups of workers last month. As per the agreement, out of the total 16 workers, who were suspended after the strike started, the management has agreed to revoke the suspension of eight, while one worker will be taken back after one month, Rico Auto senior vice-president (HR Corporate) Surinder Singh Chaudhary said. He said the agitating workers decided late last evening to end the strike. “Seven workers who indulged in indiscipline will be investigated by State (Haryana) Labour Department and action will be taken accordingly,” Singh added. Chaudhary said incentives and other issues like salary hike will be decided after comparing with those of other leading firms located in and around the Gurgaon-Manesar belt. Asked about losses suffered by the company, he did not disclose any exact figure but said Rico Auto had been making components worth Rs1.5 crore per day before the workers went on strike. The workers went on strike from 17 September demanding, among other things, hike in salary and recognition of their union. The strike turned violent on 18 October as clashes broke out between two groups of workers that lead to the death of a 26-year-old employee. The company’s plant was shut down completely for three days afterwards. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 1:36 am Aurobindo Pharma gets US nod for seizure drug - Reuters India
Source: Business - Google News | 6 Nov 2009 | 1:29 am Fed's new dashboard signals no rate hike soonNEW YORK (Reuters) - The guideposts the U.S. central bank provided this week on what could drive an eventual move away from its extraordinarily easy monetary policy bolster the case for interest rates to stay low for a long time.Source: Reuters: Money News | 6 Nov 2009 | 1:29 am ANALYSIS - Japan Airlines survival hinges on pension cutsTOKYO (Reuters) - Five years after retiring from Japan Airlines Corp, former pilot Tsutomu Watanabe is fighting to protect the pension he was promised but that the airline can no longer afford to pay.Source: Reuters: Money News | 6 Nov 2009 | 1:25 am Left parties to resist privatisation movesCondemning the union cabinet's decision to disinvest 10 percent shares in all profitable public sector, the Left parties Friday said it would 'organise strong resistance' to the move.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 1:04 am European stocks rise in early trade; jobs data eyedLondon: Europe shares rose in early trading on Friday, ahead of a key US employment report, with banks and miners gaining. At 0813 GMT, the FTSEurofirst 300 index of top European shares was up 0.3% at 993.48 points. The European benchmark is up more than 53% from its lifetime low of 9 March, as investors have become more confident on the prospects for economic recovery. Miners rose as gold prices hovered around $1,090 an ounce and copper prices rose. Anglo American, Antofagasta, BHP Billiton and Vedanta rose between 0.7 and 1.3%. Royal Bank of Scotland rose 2.2%. The bank reported an operating loss of £1.5 billion ($2.5 billion) in the third quarter as it took £3.3 billion of bad debts and profits at its investment bank arm more than halved from the previous quarter. BNP Paribas, HSBC and Credit Suisse rose between 0.3 and 1.7%. US stocks jumped on Thursday, with the Dow Jones industrial average closing above 10,000 for the first time in two weeks, as economic data boosted confidence in the recovery and strong results from Cisco Systems suggested a rebound in technology spending. At 1330 GMT, investors’ attention will switch to the United States, where the key nom-farm payrolls data is due. According to a Reuters poll, 175,000 jobs were lost in October, down from 263,000 in September. “It’s going to get tougher for the market to rise further as economic surprises lessen,” said Bernard McAlinden, investment strategist at NCB Stockbrokers. “But a good labour report today could see the market testing post-recovery highs soon. Cisco showing top-line growth was a major factor. People already know about cost-cutting.” Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 1:03 am Protesters block train traffic in PunjabRail traffic on the busy Amritsar-New Delhi section was severely affected Friday morning as protesters, who are seeking justice for the victims of the 1984 anti-Sikh riots, stopped trains at various places. Hundreds of railway passengers were stranded.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 1:01 am Jet, Kingfisher hike fuel surcharge, SpiceJet too may followDomestic private air-carriers, Jet Airways and Kingfisher Airlines, today raised their fuel surcharges by up to Rs 200 on domestic flights.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 12:59 am Jet, Kingfisher hike fuel surcharge, SpiceJet too may follow - Economic Times
Source: Business - Google News | 6 Nov 2009 | 12:54 am Tata Steel India October sales up 38%The Indian operations contribute about a quarter of the group's total annual global capacity of 30 million tonnes.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 12:36 am Intel in talks with India's ITI for JVThough interested parties have been asked to participate before Jan. 29, 2010, the telecoms ministry is holding a pre-bid conference before selecting them.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 12:33 am Foreign exchange earning from tourism rises 3%Kolkata: In spite of foreign tourist inflow adversely hit in aftermath of 26/11 terror attacks and economic slowdown, the foreign exchange earning from the sector has witnessed a 3% increase this year, Union minister of state for tourism Sultan Ahmed has said. Foreign tourist arrivals (FTA) declined since November 2008 Mumbai terror attacks and was further affected by the economic downturn. Despite the fall, foreign exchange earning for the period January to September this year was Rs37,589 crore as against Rs36,464 crore in previous year during the same period, Ahmed told PTI. The minister said the slump in the tourism sector is showing a reversal in the trend. The FTA during September, 2009 was 3.17 lakh, which is 4.1% less compared to 3.31 lakh during the corresponding month of 2008. Also, the total FTA between January to September 2009 was 35.75 lakh as against 38.71 lakh during the same period in 2008, he said. “However, an improvement has been observed in recent months,” the minister said. Ahmed said the Centre is concentrating on niche tourism products which included Heliport Tourism aimed at promoting tourism in hilly and remote areas. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 12:27 am Watch/Listen: Mint in Multimedia 6 NovVideo: India’s Competitiveness on a Weak Foundation In the India report, the good news is India’s ranking moved by one place over the previous year to 49th of 133 countries studied in the Global Competitiveness Index 2009-10. Video: Mint Report for 5 November Government unveils scheme for greater disinvestment; GVK buys stake in Bangalore International Airport Limited. Video: More Than Just a Messenger An online instant messenger client that is loaded with goodies. Slideshow: Beyond IT: Wipro’s Diverse Portfolio Watch a slideshow of Wipro’s non-IT acquisitions. Podcast: Nanoparticles may lead to irreparable damage Listen to an interview with Rajiv Saxena, a professor of Immunology at JNU who has got a grant to study nanoparticles. Podcast: Understanding Mental Illness Listen to a podcast with Dr. Vijay Nagaswami, a Chennai based psychiatrist and a former deputy director of the Schizophrenia Research Foundation explain what constitutes bipolar disorder, schizophrenia and Multiple Personality disorder. Source: Home - Livemint.com | 6 Nov 2009 | 12:09 am Directive on PSU listing opens disinvestment tapNew Delhi, Nov. 5 Giving its disinvestment programme a big push, the Centre has asked all listed, profitable central public sector enterprises (CPSEs) to meet the mandatory listing norm of at least 10 per cent public ownership.Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Wipro Consumer buys Yardley for Rs 214 crBangalore, Nov. 5 Wipro Ltd has brought the iconic Yardley London brand into its fold.Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Inflation surges 8.94% for primary articlesNew Delhi, Nov 5 The annual Wholesale Price Index-based inflation in primary articles rose 8.94 per cent for the week ended October 24, up from the previous week’s yearly rise of 8.67 per cent, with the index for food items up 13.39 perSource: Business Line - Home Page | 6 Nov 2009 | 12:00 am GVK Power to buy Zurich’s 12% stake in Bangalore Airport coBangalore, Nov.5 GVK Power & Infrastructure Ltd is buying a 12 per cent stake in airport operator Bangalore International Airport Ltd for Rs 484.5 crore.Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Realty cos: Slow build-up in sales, even as profits deconstructThe September quarter results of 25 listed realty companies suggest that the sector’s recovery is painfully slow. Only nine realty companies managed an expansion in sales on a year-on-year basis.Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Day Trading GuideFresh long position can be initiated only if DLF moves above Rs 380, with stiff stop-loss. ICICI Bank is facing key resistance around Rs 860. Initiate fresh long position if the stock breaches this level,Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Maytas Infra bags Rs 790-cr orderHyderabad, Nov. 5 Maytas Infra Ltd has won the Pune-Sholapur road contract worth Rs 790 crore from IL&FS Transportation Networks Ltd (ITNL).Source: Business Line - Home Page | 6 Nov 2009 | 12:00 am Bharat Forge (Rs 266.1): BuyWe recommend a buy in Bharat Forge stock from a short-term perspective. It is perceptible from the charts of the stock that after recording a multi-year low of Rs 69 in January, it began to trend upwards. Since then it has been on anSource: Business Line - Home Page | 6 Nov 2009 | 12:00 am Govt raises wheat MSP by Rs 20 over 2008-09 cropNew Delhi, Nov. 5 The Centre has fixed the minimum support price (MSP) for the current year’s wheat crop (to be harvested from April next) at Rs 1,100 aSource: Business Line - Home Page | 6 Nov 2009 | 12:00 am Madras SE-NSE tie-up takes off with 10 listingsChennai, Nov. 5 The Madras Stock Exchange (MSE) has tied up with the National Stock Exchange (NSE) to enable its members to trade directly on the NSE platform. On the first day today, 10 companies were listed. In stages, more companies listedSource: Business Line - Home Page | 6 Nov 2009 | 12:00 am DBS Q3 net profit surges 49%Singapore: DBS Group, Southeast Asia’s biggest bank, led a surge in quarterly profits among Singapore’s three listed banks, all of which beat forecasts and are better positioned than global peers for post-crisis growth. DBS, whose new CEO and former Citibanker Piyush Gupta will join the bank this month, said net interest income was at a quarterly record and fee income at its highest since the onset of the global financial crisis. Earnings at Singapore’s banks are poised to improve further next year with bad debts peaking, a recovery in Asian economies boosting loan demand and rising fees from a buoyant capital market. “You will continue to see the same momentum going forward,” said Thilan Wickramasinghe, a bank analyst at CLSA. “If you are talking about recovery and demand returning in the region, they are geared towards some of the high-growth geographies.” JPMorgan analyst Harsh Wardhan Modi, who maintained its ‘overweight’ on DBS, said Singapore bank stocks should outperform the broader market going into 2010. “The key drivers for these stocks would be across-the-board estimate revisions,” he said. Analysts had predicted strong results from DBS after rivals United Overseas Bank and Oversea-Chinese Banking Corp beat forecasts last week. DBS said on Friday its July-September net profit rose 49% to S$563 million ($404 million) from S$379 million year ago, and beat analysts’ forecasts for S$480 million, according to an average of six forecasts in a Reuters survey. Its shares opened 3.2% higher, outperforming a 1.5% rise in the benchmark Singapore index. “I believe DBS is well positioned to take advantage of the nascent economic recovery - we will emerge fitter and stronger,” said DBS chairman Koh Boon Hwee in a statement. Pulled out of ING race DBS has been focusing on a strategy to grow its existing business in Indonesia, India and China to lower its reliance on Singapore, which accounted for more than half of January-September net profit. It has shied away from expensive acquisitions, recently pulling out of a race to buy ING’s Asia private banking business, which was bought instead by OCBC. Investors want to know if DBS will adopt new strategies to expand aggressively in the region, though the bank did not make any references to acquisitions when announcing its results. Koh, who has been running the bank since January, told Reuters in September that DBS plans to double its branch network in Indonesia over the next three years as it seeks expansion in Southeast Asia’s biggest economy. DBS, 28% owned by state investor Temasek, saw loan growth of 1% in the third quarter from a year ago. Quarterly net interest income rose 6% to S$1.1 billion as net interest margins rose to 2.03% from 1.99%, and fee and commission income climbed by 14%. Bad debt charges fell 17% to S$265 million. Shares of DBS are up about 58% this year, outperforming the benchmark index’s 52% gain and beating UOB, though on a par with OCBC. Source: Home - Livemint.com | 5 Nov 2009 | 11:56 pm Two nabbed in Pak following Headley’s arrest: ChidambaramHyderabad: At least two persons have been arrested in Pakistan on FBI advice, home minister P Chidambaram said on Friday, indicating an “obvious Pakistan link” to David Coleman Headley, nabbed by the American agency for plotting a major attack in India at terror group LeT’s behest. “There is a Pakistan link. Dave Headley visited Pakistan a number of times and I think on the advice of the FBI, two or perhaps more people have been arrested in Pakistan,” he told reporters here. He was replying to a question if there was any input on Pakistan link to the plot to attack the prestigious National Defence College in New Delhi in which FBI has arrested Headley and Tahawwur Hussain Rana, a Pakistan-born Canadian citizen and a resident of Chicago. “There is an obvious Pakistan link,” he said, referring to the affidavits filed by the FBI in a Chicago court. On whether the Indian government was informed about it, Chidambaram replied in the affirmative. “If you are asking whether I was informed about it, the answer if yes. If the question is whether you will be informed about it, the answer in no,” he quipped. Details of conversation between Headley and Rana, submitted by prosecutors to the Chicago court, indicates that Lashkar-e-Taiba was giving priority to its attack on the National Defence College over other targets. The reference to the National Defence College as a target was made by the duo during their conversation on 7 September, which was recorded by the FBI. Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 11:17 pm GM readies Opel plan, workers strikeDETROIT/RUSSELSHEIM, Germany (Reuters) - General Motors Co on Thursday said it was readying a plan to restructure Opel and could pay off debt due this month as German workers went on strike to protest the automakers decision to keep the European unit.Source: Reuters: Money News | 5 Nov 2009 | 11:09 pm Two hot Goa night clubs to be demolishedThe Goa coastal zone management authority (GCZMA) has ordered the partial demolition of arguably the state's most popular night spots -- Club Tito's and Mambos -- for violating coastal regulatory zone (CRZ) norms.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 11:02 pm Indian equities up on government's divestment planIndian equities opened decisively higher at all bourses Friday with sentiment lifted by the government's decision a day before to ensure at least 10 percent divestment in all profitable state-run enterprises and their subsequent listing.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 11:01 pm Trinamool opposes 10% PSU selloff - Economic Times
Source: Business - Google News | 5 Nov 2009 | 10:58 pm Oil rises above US$ 80 amid stock market surgeCrude investors are watching signs in recent weeks of a drop in US oil supplies, which increased sharply this year as demand shrank.Source: Daily News & Analysis: Money News | 5 Nov 2009 | 10:38 pm Sensex surges 208 points in opening tradeThe 30-share BSE index shot up by 208.47 points to 16,272.37 in opening trade as all the sectoral indices were trading in positive zone.Source: Daily News & Analysis: Money News | 5 Nov 2009 | 10:36 pm Global unemployment up despite economic recoveryParis: Despite signs of an economic revival gathering pace around the globe, the millions of people laid off during the worst recession in 70 years are unlikely to see relief any time soon as joblessness is still climbing in many of the world’s largest economies. Unemployment data typically lags other indicators of economic health as companies hold off adding staff in the early stages of a rebound. The upturns recorded recently in the United States, France, Germany and elsewhere have been largely driven by temporary factors such as industry restocking following spending freezes, as well as the billions spent on stimulus programs. This week the European Union (EU) forecast unemployment in the Eurozone will rise to 10.7% in 2010 from 9.5% this year. Unemployment rates in the 30 wealthy countries that belong to the Organization for Economic Cooperation and Development (OECD) range from a low of 3.5% in the Netherlands to 18.3% in Spain, according to September figures. And Eurozone unemployment rose to a 10-year high of 9.7% in September. In the developing world, the downturn has also taken its toll. Unemployment in Brazil appears now to be stabilizing, but in Mexico, after hitting a 13-year high in August, unemployment has continued to rise, reaching 6.4% in September. In the United States, economists expect the unemployment rate will tick up to 9.9% when October’s figure is reported on Friday. The jobless rate hit a 26-year high of 9.8% in September. Here is a look at unemployment rates around the world: Germany: German unemployment fell for a second month in October, but the effects of the financial crisis lingered and it is still too early to expect a turnaround in the economy, the country’s labor ministry said. The unadjusted jobless rate in Europe’s biggest economy was 7.7%, down from 8% the previous month and below the 8.3% in August, the Federal Labor Agency said. The dip in unemployment comes nearly two weeks after the German government raised its growth forecast and predicted that Europe’s biggest economy will expand by 1.2% in 2010, up from an earlier prediction of 0.5%. France: The increase in French jobless lines has been somewhat tempered by government incentives such as exempting payroll taxes for some workers. The unemployment rate rose to 9.8% in September from 7.8% in 2008, according to the OECD. It is expected to hit 10% by the end of the year. Britain: Britain’s Office for National Statistics says unemployment in the United Kingdom was 7.9% in the three months to August. The rate held although the number of people out of work was 88,000 higher than in the previous three months, the report said. The number of jobless looks on course to pass the three million mark next year as the impact of the recession translates to rising dole queues. Japan: Japan’s unemployment rate fell for the second straight month in September as companies gained more confidence in the stimulus-fueled global recovery but prices continued to tumble, underscoring weak demand at home. The jobless rate stood at a seasonally adjusted 5.3% in September, down from 5.5% the previous month and a record high of 5.7% in July, the government said on Friday. The figures suggest job losses in the world’s second-biggest economy are easing as companies gain more confidence that global demand for Japan’s cars, electronics and other mainstay exports is picking up. Japan’s factory output posted its seventh consecutive rise in September. China: The official urban unemployment rate was 4.3% for the three months ended 30 September, unchanged from the previous three month period. But the actual level could be more than double that because the government system ignores millions of migrant workers and employees who are furloughed by state companies but not recorded as laid off. As of 30 September there were 9.15 million registered unemployed people in an urban workforce of 210 million. As many as 30 million migrants are believed to have lost jobs in export-oriented factories in late 2008, government officials said. Brazil: The government says the unemployment rate was 8.1% in August, virtually unchanged from the previous month. Brazil emerged from recession in the second quarter. Analysts predict the economy will expand slightly in 2009. Source: Home - Livemint.com | 5 Nov 2009 | 10:29 pm Govt may allow foreign carriers in airlinesA committee of secretaries chaired by Cabinet secretary KM Chandrasekhar will take up the proposal on November 17.Source: Daily News & Analysis: Money News | 5 Nov 2009 | 10:18 pm GVK Power up on stake buy in BIAL - Business Standard
Source: Business - Google News | 5 Nov 2009 | 10:14 pm Megha Mittal to buy luxury fashion house EscadaEscada, once one of the world's top fashion labels, filed for insolvency in August after years of diminishing sales took their toll.Source: Daily News & Analysis: Money News | 5 Nov 2009 | 10:05 pm Rupee at one-week high, up 20 paise at 46.80 a dollarExpectations of increased capital inflows into domestic equities by foreign funds helped the domestic currency appreciate.Source: Daily News & Analysis: Money News | 5 Nov 2009 | 9:59 pm Rupee strengthens to over one-week highAt 9:30 am, the partially convertible rupee was at 46.78/79 per dollar, off an early high of 46.7650, its strongest since October 27 and half a per cent above its previous close of 47.0150/0250.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 9:53 pm Global equity fund flows fall on economic worries: EPFRHong Kong: Global fund flows into equities fell in the week ended 4 November as policymakers shifted focus to unwinding stimulus measures, while unemployment continued to rise, making investors question what will drive economic growth next year, fund tracker EPFR Global said on Friday. Outflows from equity funds totalled $5.42 billion during the week and outflows from all emerging market equity funds were at an 11-week high. Fixed-income funds drew net inflows of $3.63 billion - their worst showing since early July. Only six of 24 major global funds and fixed-income fund groups tracked by EPFR Global registered inflows during the week, despite additional liquidity resulting from another week of heavy outflows from money market funds. Global bond funds drew fresh money for a 30th week. US bond funds remained attractive, absorbing $2.1 billion, and short-term debt funds led the way. Outflows from money market funds rebounded to $27.3 billion for the week. Global emerging market equity funds surrendered $539 million as fresh doubts about the health of Western European banks, whose subsidiaries financed East European and Baltic economies, weighed on sentiment across Europe. East European equity funds saw outflows for the first time in 16 weeks and redemptions from Russian equity funds hit a year-to-date high. BRIC - Brazil, Russia, India, China - equity funds overall drew inflows for an eighth week but Brazil funds saw outflows for the first time in eight weeks. US equity funds posted outflows for the fifth time in six weeks, with US small cap funds hit hardest. US growth funds outperformed value funds, however. In Japan, weak domestic demand and renewed deflation posed questions about Japan’s economic recovery and Japan equity funds saw outflows for a seventh week. As deflation makes holding cash more attractive, regional money market funds benefited. Sector funds Financial sector funds saw $798 million in outflows, the biggest outflow since the fourth week of March, amid concern about further recapitalization of UK banks and bad results from Europe. The bankruptcy of US lender CIT and a rate rise in Australia also discouraged investors. Commodity funds continued to attract money for a ninth straight week, helped by India’s $6.7 billion gold purchase to hedge its foreign reserves. Technology funds and consumer goods funds posted outflows of $226 million and $216 million respectively. Source: Home - Livemint.com | 5 Nov 2009 | 9:48 pm Sensex surges 208 points in opening tradeThe 30-share BSE index shot up by 208.47 points to 16,272.37 in opening trade as all the sectoral indices were trading in positive zone with gains up to 3.22%.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 9:46 pm Overseas students hit by Australia college closureMelbourne: Australia’s image as a top destination for foreign students suffered another setback on Friday after four bankrupt colleges closed, leaving more than 2,000 students stranded. Australia’s A$13 billion ($12 billion) international student sector, the country’s third-largest export earner behind oil and coal, has come under fire after reports some colleges had taken payments for certificates and residency visas. The issue has caused diplomatic discomfort for Australia, with Indian officials expressing concern over the treatment of Indian students, who make up the largest number of overseas students in Australia. A spate of attacks on Indian students in Australia earlier this year also sparked angry protests in India and prompted prime minister Kevin Rudd to call his Indian counterpart to assure him of student safety. Global Campus Management Group, which owns four private colleges in Sydney and Melbourne, was placed into voluntary administration on Thursday. India’s deputy high commissioner to Australia, V.K. Sharma, said an estimated 300 or so of the affected students were Indians and that the recent collapse of some colleges had led to a sharp fall in student arrivals from India. “There was also a lot of fraud going on in the system,” he added. He said the current shake-out of Australia’s education system was necessary to restore the confidence of overseas students, a process that could take a couple of years. The Australian Education Union said greater regulation of the private colleges was needed. “There are a growing number of private colleges collapsing and it’s the students who pay the price,” said union president Angelo Gavrielatos. “The scrutiny of new and existing operators has not been adequate to ensure that they are financially viable and delivering a quality education to international and domestic students.” Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 9:38 pm 14 charged in insider trading probeNew York: The FBI has charged 14 people, out of which five have already pleaded guilty, in a case related to the $20 million hedge fund insider-trading scam, the largest ever such case in the US. Besides hedge fund managers, lawyers and corporate insiders, the newly charged persons included former employee of Moody’s Investor Service Deep Shah who has been charged with conspiracy and securities fraud, the FBI said in a statement. Of the 14, eight were arrested on Thursday while a ninth was being sought. Five other defendants had already been charged and have pleaded guilty in federal court in New York to insider trading crimes. Atheros Communications Inc executive Ali Hariri has been charged with passing on confidential information to a hedge fund manager Ali Far who has pleaded guilty of fraud and is now reportedly cooperating with the investigators. “People will probably ask just how pervasive is insider trading these days? Is this just the tip of the iceberg? We aim to find out,” said Preet Bharara, the US attorney for the Southern District of New York. Besides Tamil-origin billionaire Raj Rajaratnam, the founder of Galleon Group, the two Indian Americans identified as Anil Kumar and Rajiv Goel (both 51) were arrested in October for allegedly committing the fraud. Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 9:18 pm Rupee at over 1-week high; stocks eyedMumbai: The Indian rupee strengthened to its highest in more than a week on Friday as traders sold dollars on expectations of gains in the local sharemarket and watched the US unit’s moves versus majors for direction. At 9:30am, the partially convertible rupee was at Rs46.78/79 per dollar, off an early high of Rs46.7650, its strongest since 27 October and half a percent above its previous close of Rs47.0150/0250. “Stocks are up globally, which is supporting sentiment for the rupee as well,” a senior dealer at a private bank said, predicting a range of Rs46.70-46.90 for the day. At 0400 GMT, the MSCI index of Asian stocks ex-Japan was 1.7% higher, while the Nifty India stock futures traded in Singapore were up 0.9%. Local shares opened higher, mirroring the rise in world equities after better-than-expected US jobs data bolstered investor confidence in the global economy. Foreign funds have so far this year purchased a net $14.2 billion worth of Indian shares, helping the rupee recover from a record low of 52.2 in early March. Last year, they had sold more than a net $13 billion, pushing the rupee down by a fifth. The dollar held steady on Friday with investors consolidating positions ahead of October non-farm payrolls data due later in the session, a report that would highlight the durability of an economic recovery. One-month offshore non-deliverable forward rupee contracts were quoting at Rs46.74/84, marginally stronger than the onshore spot rate, suggesting a bullish outlook in the near term. Source: Home - Livemint.com | 5 Nov 2009 | 9:04 pm Oil rises toward $80, eyes on US Oct jobs dataPerth: Oil rose slightly on Friday, supported by positive US economic data, but wariness ahead of monthly jobs data from the United States limited gains and kept its price below the psychologically key $80 level. Despite data showing jobless claims in the US fell to a 10-month low last week and non-farm productivity rose at its fastest pace in six years in the third-quarter, oil prices fell nearly 1% on Thursday as high fuel inventories in the United States raised worries about a recovery in oil demand. US crude for December delivery crept up 12 cents to $79.74 a barrel by 0025 GMT, after shedding 78 cents to settle at $79.62 on Thursday. London Brent crude rose 31 cents to $78.30. The labour market is being closely watched as analysts try to gauge the strength and durability of a government stimulus-driven recovery that started in the third quarter and probably ended the worst US recession since the 1930s. “There’s not much news in the market. Traders are still looking to the US unemployment report for directions,” said Clarence Chu, a trader at Hudson Capital Energy in Singapore. US employers in October are expected to have cut payrolls by the smallest amount in 14 months as the economy’s resumption of growth boosted optimism, but the jobless rate still rose to a fresh 26-year high of 9.9% in October, a Reuters survey predicts. A higher-than-expected jobless rate or a bigger loss of jobs than forecast could rattle investors on Wall Street and the energy complex, and send them fleeing into the safe haven of US government bonds and the US dollar. Oil prices are set to gain 3.8% this week, clawing back some of the previous week’s 4.4% losses, thanks to a series of solid economic data that have helped investors regain some confidence about the pace of the economic recovery. However, analysts said most of the economic optimism has already been priced in and persistently sluggish energy demand in the United States, the world’s largest energy consumer, could limit oil’s gains. Weekly inventory data on Wednesday showed that US distillate stocks -- often taken as a more faithful snapshot of demand than crude oil -- fell 400,000 barrels compared to analyst expectations for a 1 million-barrel decline. They remain near 26-year highs and analysts said this would cap price rises in the event of a cold winter. “The deluge of global liquidity has contributed to lifting oil prices since February. With the end of easing approaching, we envision a harder grind ahead -- one where fundamentals will matter more,” Morgan Stanley said on Friday in a research note led by energy analyst Hussein Allidina. “We think upside in crude will be rather limited as supportive macro factors start to fade and physical markets remain weak.” Separately, the US dollar held steady on Friday with investors consolidating positions ahead of October non-farm payrolls data due later in the session. Source: Home - Livemint.com | 5 Nov 2009 | 8:52 pm Wall Street rallies on encouraging economic data, CiscoNew York: US stocks jumped on Thursday, pushing the S&P 500 up for a fourth day, as economic data boosted confidence in the recovery and strong results from Cisco Systems suggested a rebound in technology spending. The market’s advance was broad-based, and the Dow ended above 10,000 for the first time in two weeks. Shares of Cisco, which makes computer network equipment, rose 2.8% to $23.93 and helped lead the session’s gains, a day after it posted a stronger-than-expected profit and said business was recovering. Data showed US non-farm productivity rose more than expected in the third quarter as companies squeezed more output from a smaller pool of labour. A separate report showed fewer US workers filed new jobless insurance claims than forecast last week -- hitting a 10-month low. The claims report boosted investor sentiment, and created “some anticipation that maybe tomorrow’s employment report may be better than expected,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. The US government is scheduled to release its key monthly jobs report Friday morning, with economists polled by Reuters forecasting a loss of 175,000 jobs in October, sharply below the 263,000 jobs cut in the previous month. But the US unemployment rate is forecast to rise to 9.9% in October from September’s rate of 9.8%, which was a 26-year high. The Dow Jones industrial average jumped 203.82 points, or 2.08%, to end at 10,005.96. The Standard & Poor’s 500 Index gained 20.13 points, or 1.92%, to 1,066.63. The Nasdaq Composite Index rose 49.80 points, or 2.42%, to close at 2,105.32. CAFFEINE SHOT AFTER THE BELL After the bell, shares of coffee chain operator Starbucks Corp rose 1.5% to $20 as it posted quarterly results. During the regular session, tech stocks climbed across the board, with the NYSE Arca Network index up 2.1%, while the PHLX Semiconductor index advanced 2.6%. Shares of DuPont rose 3.7% to $33.38 after its chief executive outlined plans for growth in 2010 and after. In deal news, IMS Health Inc agreed to be bought by TPG and CPP Investment board and helped lift the S&P Healthcare index 1.6%. The deal was valued at $5.2 billion, including the assumption of debt. IMS Health shares surged 23.3% to $20.73. On the downside was CVS Caremark Corp, which tumbled 20.1% to $28.87 after comments from chief executive Tom Ryan on weakness in the pharmacy benefit management business. US retail chains reported October sales that rebounded from the lows in the previous year, but more than half missed Wall Street’s increased expectations as consumers spend selectively headed into the holiday season. The S&P retail index rose 1.8%. Volume was below average on the New York Stock Exchange, with 1.30 billion shares changing hands, below last year’s estimated daily average of 1.49 billion, while on the Nasdaq, about 2.25 billion shares traded, just below last year’s daily average of 2.28 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of 5 to 1, while on the Nasdaq, about seven stocks rose for every two that fell. Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 8:20 pm Rel Comm forays into handset distribution biz!Reliance Webstore, the retail arm of Reliance Communications, on Thursday said it has forayed into handset distribution and plans to have a network of 10,000 outlets across the country in the next three years.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Barista launches liqueur coffees; looks at Rs 300 cr sales!Italian coffee chain Lavazza on Thursday launched liqueur coffees in India and said it will expand its cafe outlets Barista as part of plans to clock Rs 300 crore revenue from the country by next year.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Genpact reaffirms outlook; net profit dips marginally!The country`s top Business Processing Outsourcing firm Genpact on Thursday reported a 1.7 percent dip in its net profit for the third quarter ended September 2009.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm CEOs salary cap removed in new Companies Bill: Khurshid!The existing 11 per cent cap on salaries of CEOs of corporates has been removed in the new Companies Bill-2009.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Maruti mulls assembling SUV Grand Vitara in India by next year!The country`s largest carmaker Maruti Suzuki is mulling to locally assemble its sports utility vehicle Grand Vitara by next year, as it looks to bring an advanced version of the SUV to arrest falling sales.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm India gold futures almost steady near record highs!India gold futures were held steady on Thursday near their record highs as support from a weak rupee was offset by lower crude oil, analysts said.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Air India pilots stick to strike threat!Air India pilots on Thursday renewed their threat to go on strike from November 24, if their demands for incentives and allowances were not met in the next five days.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm CEOs expect pre-crisis level revenue in year`s time: PWC survey!Majority of Indian CEOs expect revenues of their companies to increase to pre-crisis level in a year`s time with a turnaround in economic recovery, says a PricewaterhouseCoopers (PwC) survey.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Axis Bank lowers GDP growth forecast to 6.2% for 2009-10!Private sector lender Axis Bank on Thursday lowered India`s economic growth projection to 6.2 per cent for the current fiscal from earlier estimate of 6.4 per cent, mainly on account of lower farm output.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm UK agency fines UBS; asks to pay 8 mn pounds!UK`s Financial Services Authority has imposed a fine of eight million pounds on Swiss banking major UBS, for failing to stop its employees from carrying out unauthorised transactions.Source: Zee News : Business | 5 Nov 2009 | 4:53 pm Govt okays up to 10% selloff in all PSUs making profitFaced with a growing fiscal deficit, the Union Cabinet on Thursday gave its approval to divest stakes of up to 10% in all profitable central public sector enterprises (PSEs), including those which will be listed fresh.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 12:43 pm Buoyant markets augur well for brokerages Since at least 70% of revenue for such firms comes from the broking business, stock market sentiment plays a big role in their overall performance. Along with the rally in share prices over the past eight months, traded volumes too have risen sharply. According to a report by Prabhudas Lilladher Pvt. Ltd, the agency business of these three companies grew by 23% over the year-ago period and 15.7% sequentially. Agency business comprises broking, investment banking and financial products distribution. What’s more, margins have improved and profits have grown at a faster pace than revenues. During the September quarter, the three brokerages’ operating profit margin (OPM) grew in the region of 8-10% on a year-on-year basis. Sequentially, too, OPM expanded by 3-5%. The Prabhudas Lilladher report points out that OPM of the brokerage companies stood at 47.5%, close to the highs the industry achieved in the second half of fiscal 2008. It’s interesting to note that broking revenues of firms have grown at a faster pace compared with the growth in average daily volumes. In fact, in some cases, daily volumes have fallen and still broking revenues have risen. Brokerage houses are reorienting themselves to focus on value rather than volume, which is good news for their investors. For instance, compared with futures and options trading, the cash market is relatively better and fetches better returns for brokers. The broking business is becoming more competitive, with new players entering the field. Most large broking firms have been taking steps to diversify and have added other revenue streams such as investment banking and distribution of financial products. But most of these ventures are at relatively nascent stages. For instance, for Motilal, Edelweiss and India Infoline, the investment banking business is still a negligible portion of the business at around 9%, 3% and 1%, respectively. The momentum of the past two quarters is expected to be maintained in the next two quarters, although the right business mix will determine the extent to which profits will grow. Shares of brokerage firms have fallen between 66% and 75% from their peak in January, although financial parameters are steadily approaching what they were around at the peak of the bull run in end-2007. Besides, considering that current valuations are at an average of around 1.5 times book value, these stocks may have some room for an upside. Write to us at marktomarket@livemint.com Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 12:21 pm Is Infosys lagging in IT recovery? Results of other top-tier IT services companies, such as Tata Consultancy Services Ltd (TCS), Infosys Technologies Ltd and Wipro Ltd, also showed that the worst is over, but almost seemed to miss out on the sharp turnaround in sentiment Cognizant talked of. The highest rate of growth was reported by TCS, which grew revenue by 3.9% in dollar terms, followed by 3.2% in the case of Wipro and 2.9% for Infosys. India-based players are exiting the slowdown phase with margins that are at multi-year highs. While this is largely a commendable effort, it also raises some concerns on the outcome of a lack of adequate investments in selling and marketing expenses. Cognizant, in contrast, has increased its selling and marketing investments.  Graphics: Ahmed Raza Khan / Mint Among India-based companies, TCS and Wipro seem to be pulling ahead of Infosys in the past two quarters—a time when the Indian IT industry has been slowly clawing back from the depths of the post-Lehman crisis period. TCS has done much better in garnering volumes, with 3.6% and 5% growth, respectively, in the June and September quarters. In comparison, Infosys’ volumes fell by 1% and rose by 2.3% in the corresponding quarters. That’s a considerable difference, and if the trend continues in the December quarter, TCS shares could trade at a premium to Infosys, according to an analyst. Wipro hasn’t outperformed Infosys in terms of volume growth, but has contained costs aggressively. It reported an improvement in margins for the third successive quarter—a feat both TCS and Infosys haven’t achieved. Its margins in the IT services segment are now fast catching up with peers. With TCS outperforming in terms of volumes and Wipro in terms of cost containment, earnings estimates of both these firms have been revised by analysts. But those of Infosys have been left untouched, as results have broadly been on expected lines. For instance, Edelweiss Securities Ltd has increased the earnings estimates of TCS and Wipro by 7-10% for fiscal 2010 and fiscal 2011, but hasn’t changed those of Infosys, pointing out in a recent report that even consensus estimates for the firm haven’t been changed. This underperformance has been reflecting in its stock price as well this year. Of course, Infosys shares had outperformed those of others by a large margin in 2008, and it seemed that TCS and Wipro shares are playing catching up. But with their financial performance picking up a considerably better pace, the divergent movement may well continue. Write to us at marktomarket@livemint.com Source: LatestNews-Home - Livemint.com | 5 Nov 2009 | 12:19 pm Panel reviews India's broadband woesThe DoT has confessed to abysmal performance in broadband and Internet penetration to the newly appointed Parliamentary Standing Committee on Information Technology in a recent meeting.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 12:03 pm India in recovery phase, US, Europe to take longer: Ratan TataThe Tata Group chairman said on Thursday that he felt that India was on the way to recover from the economic slowdown, though it may take more time for the US and UK to achieve the same.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 12:02 pm Sensex regains 16k markA sudden spurt of buying towards the fag end of trading pushed the benchmark sensex up by more than 150 points to regain the 16,000-level after three days.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 11:59 am Ram Jethmalani's 3 o' clock factorWhen the clock approaches 3 pm every day, there is a sense of expectation among lawyers as they expect RNRL's counsel Ram Jethmalani to interrupt RIL's counsel Harish Salve.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 11:57 am Can't violate PSC: RIL to SCMukesh Ambani's RIL on Thursday told the Supreme Court that breach of PSC could result in cancellation of gas exploration contract.Source: India Business News | Business News - Times of India | 5 Nov 2009 | 11:54 am Trai mulls fixing SMS termination chargesIn the next few months new operators offering a large number of free short messaging service (SMS) deals to attract mobile subscribers might soon find it difficult to do so. Telecom operators that have contracted bulk deals with companies to send unsolicited messages to operators in other networks might also find it more expensive.Source: Business Standard | Front Page Headlines | 5 Nov 2009 | 11:39 am Profitable unlisted PSUs to head to marketThe United Progressive Alliance (UPA) government today announced a bold disinvestment policy that could see unlisted companies with a positive net worth going to the stock market and the proceeds from sale of government equity being used entirely for social sector programmes for a three-year period.Source: Business Standard | Front Page Headlines | 5 Nov 2009 | 11:37 am World Bank official meets Karunanidhi, reviews projectsWorld Bank's country director Roberto Zagha met Tamil Nadu Chief Minister M. Karunanidhi here Thursday and reviewed the progress of the six bank-assisted projects in the state.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 11:06 am Tata Chemicals to commission new plant next yearTata Chemicals Thursday said its fertiliser plant in Babrala, Uttar Pradesh, will start production by middle of next year.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 11:05 am Chunk of hotel rooms coming up in Haryana for GamesIndia expects over 100,000 tourists during the Commonwealth Games next year and the government is working overtime to ensure that the required number of hotel rooms are ready, with many hotels being constructed in Haryana, adjoining the national capital, an official said.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 11:01 am Sops for green power in Delhi climate planEncouraging use of solar power, increase in use of energy-saving lighting, setting up of an electronic waste facility, more CNG buses, promoting use of bio-fuel and shutting down coal-fired power plants form the highlights of the Delhi government's 65-point three-year agenda to fight climate change.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 9:08 am Parliament to mull over shareholders deciding executive payCorporate Affairs Minister Salman Khurshid Thursday said a proposal to allow shareholders decide the salaries of company executives was before parliament.Source: IndiaeNews.com: Business News | 5 Nov 2009 | 9:07 am Lenovo Q2 net more than doubles, beats forecastsTaipei/Hong Kong: Lenovo, the world’s No.4 PC brand, on Thursday blew past market expectations for quarterly profit on strong China sales, recording its first profit after three straight quarters of losses as technology spending rebounded. Lenovo’s results top off a string of better-than-expected results from peers such as Microsoft and Google, reaffirming a return in technology demand and raising hopes that consumer and corporate spending is picking up again. “Lenovo expects the market environment (to) continue to pose challenges for the group during the second half of the fiscal year as commercial demand remains soft,” the company said in a statement filed to the Hong Kong stock exchange. Lenovo, which is cutting jobs and consolidating its divisions, has been one of the main beneficiaries of China’s move to encourage consumer spending. China again provided the biggest chunk of Lenovo’s revenue, accounting for 49% of total sales, slightly higher than the 48% reported in the previous quarter. This comes even as rivals such as Dell, Acer and Asustek aim to expand in China and step up marketing efforts. Lenovo reported a $53.08 billion net profit for July-September, beating market expectations for $24.5 million, according to a poll by Thomson Reuters. It was also almost double the $23.4 million net profit reported for the same period a year earlier. Quarterly revenue fell about 5% to $4.1 billion, as corporate demand remained crippled. Lenovo remains the biggest PC brand in China by market share, according to research firm IDC, taking a 28% share and ranking ahead of larger global rivals HP and Dell. It has also been the biggest beneficiary of China’s massive $600 billion stimulus package announced earlier this year, which saw government-backed programmes encourage the public-sector and rural consumers to buy electronic products. The company’s results came after the Hong Kong stock exchange closed on Thursday. Its shares were up 1.37% in a broader market down 0.63%. Lenovo’s shares have more than doubled this year, easily outpacing a 50% raise for the Hang Seng Index, on hopes the company will return to profit as it seeks to return to its roots as a specialist in developing markets. Source: Tech News - Livemint.com | 5 Nov 2009 | 7:56 am More than just a messengerImo.im, yes that is a website, is the answer to most of your online instant messaging troubles. The client works in many places where IM clients are normally blocked and is not too clunky eventhough it is entirely a browser based application. What’s more the application allows you to connect not just to a Gmail or a Yahoo Messenger but also to AIM, ICQ and that new darling Facebook chat. (Yes, without logging into Facebook.) Even if Imo.im did nothing else just this unified messaging ability is enough to recommend it. But there is more, the client also adds multi-platform file sharing and video/audio chat that works irrespective of clients. Which means that even if your favourite IM service doesn’t let you share files, Imo.im will still allow you to do that. But there is more. Imo.im has now unveiled a whiteboard service that let’s you share an interactive, real-time online whiteboard with your chat friends. Great for sharing thoughts of both the business and pleasure varieties. For more on the Imo.im platform see the latest edition of the PlayStream video series. Source: Tech News - Livemint.com | 5 Nov 2009 | 7:36 am Unilever recovery continues as beats forecastsLondon: Consumer goods giant Unilever beat forecasts with a 3.6% rise in third-quarter underlying volume sales and pledged its turnaround under chief executive Paul Polman’s will continue into the fourth quarter and 2010. Polman’s second successive quarter of volume growth came as he spends more on marketing and cuts selective prices to drive growth in the current downturn, and he is being helped by falling prices for commodities like edible oils and packaging. Anglo-Dutch Unilever Plc/NV, the world’s third-biggest food and consumer goods group, said all regions and categories showed growth while it was on track to restore volume growth for 2009, without hitting margins or cash flow. “We expect volume growth in the fourth quarter and we don’t see anything to slow up our underlying momentum,” said finance director Jim Lawrence at a quarterly results briefing. He added conditions for the maker of Ben & Jerry’s ice cream, Knorr soup and Dove soap remained challenging with world unemployment still rising and consumer confidence low, but he said it sells affordable products to a range of consumers. “A good third-quarter for volumes, margins and cash flow. The results provide further evidence of Unilever’s improved performance,” said Panmure Gordon analyst Graham Jones. Unilever Plc shares dipped £2.8 to 17.78 by 0940 GMT after a strong run up to results over the last month, and after outperforming the DJ European Food and Beverage index by 3% this year since starting 2009 around £15.50. “Excellent Q3 results indicate that Unilever is doing what it said it would do. This is our favourite stock in the consumer sector and increasingly looks to be leaving the old Unilever shortcomings behind,” said James Edwardes Jones at Execution. Polman, who took over in January, having previously worked at larger rivals Procter & Gamble and Nestle has targeting reigniting volume growth after the group relied on price rises for all its sales increase in its first-quarter. The quarterly 3.6% volume rise beat the consensus forecast for a 2.8% rise in a survey of 12 analysts by Reuters, while underlying sales in July-September rose 3.4% compared with the consensus of 3%, showing that Unilever cut average prices slightly across the quarter. Lawrence said volumes were boosted by 0.5 percentage points due to an extra trading day in Western Europe and a systems change in Canada which would unwind in the fourth quarter. Quarterly sales were buoyed by strong European ice cream sales and emerging market growth, as underlying profit margins rose despite a rise in advertising and promotion spend. Sales volumes rose 2.6% in its West European region, hard-hit by the downturn, as prices were cut 2.3% to entice cash-strapped consumers and came after a 1% rise in volumes in the second quarter. Unilever’s volume rise beat the 2% seen at the world’s largest food group Nestle in its third-quarter, while France’s Danone saw a big 7.1% leap in its sales volumes due largely to big cuts in its yoghurt prices. Unilever, whose 400 brands include Hellmann’s mayonnaise, Omo detergent and Sunsilk shampoo, posted underlying quarterly earnings of €0.43 per share, beating a consensus forecast of €0.38 collated by Thomson Reuters. The half-year dividend was set at €0.2695 a share. Source: World Business - Livemint.com | 5 Nov 2009 | 3:38 am
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