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JFE Steel\'s stake buy in JSW a winwin for all: ExpertsJapenese steel maker JFE Steel is looking to acquire 10% stake in JSW Steel for approximately Rs 1,5602,600 crore. The Japanese steelmaker aims to build a supply base for Japanese carmakers such as Toyota Motor Corporation and Nissan Motor Company, which plan to start manufacturing in India.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 8:38 am See major production loss due to IOC depot fire:Genus PowerKailash Agarwal, Director, Genus Power Infrastructure spoke about losses incurred by the company and the road ahead.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 8:23 am Exide to raise money via QIP for future growthIn an exclusive interview with CNBCTV18, AK Mukherjee, Director of Finance and CFO of Exide Industries, spoke on its qualified institutional palcement (QIP) issue.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 8:08 am Colgate sees 47% rise in 2010 sales volumeColgate Palmolive expects sales volume to grow between 4 and 7% next year, driven largely by surging demand in emerging markets including Brazil, China, India and Russia, its chief executive said on Thursday.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 7:57 am JFE, JSW to tieup on car steel in IndiaJapan\'s JFE Steel, the world\'s sixthlargest steelmaker, said on Thursday that it will team up with JSW Steel on automotive steel production in India.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 7:57 am ICICI Bank in dollar bond sale: SourceICICI Bank, India\'s secondbiggest lender, has set price guidance of about 350 basis points over US Treasuries for dollar bonds due to mature in March 2015, a source close to the deal said on Thursday.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 7:17 am JSW Steel, JFE to consider steel plant in West BengalJSW Steel, India\'s third largest maker of the alloy, on Thursday said it would consider building a steel plant in West Bengal along with Japan\'s JFE Holdings.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 7:17 am JFE says to discuss mutual shareholding with JSW SteelJFE Holdings Inc, the world\'s sixthbiggest steelmaker, said on Thursday it has agreed with India\'s thirdbiggest steelmaker, JSW Steel, to discuss mutual shareholding.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 7:16 am Suzlon proposes to sell 35% stake in HansenSuzlon has proposed to sell 35% of its stake in Hansen. The stake sale has been valued at 375 million euros.Source: Moneycontrol Top Headlines | 19 Nov 2009 | 6:35 am ABG Shipyard gets approval for Great Offshore bidABG Shipyard gets approval for Great Offshore bidSource: Moneycontrol Top Headlines | 19 Nov 2009 | 6:16 am Singapore declares its recession over!Singapore on Thursday declared a severe recession over as data showed its economy grew for the second straight quarter in the three months to September.Source: Zee News : Business | 19 Nov 2009 | 5:02 am EU budget for 2010 to increase by 6%!Following tough negotiations, European Union (EU) governments and the European Parliament have agreed on the bloc`s budget for 2010.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Sensex down 70 pts in early trade on Asian cues!The Bombay Stock Exchange benchmark Sensex Thursday fell by around 70 points as funds and retail investors indulged in booking profits amid weak Asian markets.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Rupee down 18 paise at 46.38 a dollar in early trade!The Indian rupee Thursday depreciated by 18 paise to 46.38 against the US currency in early trade on expectations of capital outflows by foreign funds and dollar demand from importers.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Obama predicts renewed US growth in Q4!President Barack Obama predicted the United States economy would grow again in the final quarter of 2009, pulling further out of a long and crippling recession.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Mukesh Ambani tops Forbes` India rich list with $32 bn fortune!The head of Reliance Industries, Mukesh Ambani, is once again the wealthiest person in the country, according to the latest Forbes` India Rich List.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Hedge fund "king" Griffin rebounding from losses: Report!Hedge fund manager Kenneth Griffin`s Citadel Investment Group lost $8 billion in clients` money last year, but is turning things around as markets recover and has made $5 billion in profits so far this year.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Obama voices commitment to S Korea trade agreement!President Barack Obama says he is committed to resolving issues that have stalled a free trade agreement between the United States and South Korea.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Malaysia`s Maxis in SE Asia`s biggest IPO!Malaysia`s top mobile operator, Maxis, made a strong return to the bourse Thursday in Southeast Asia`s biggest ever IPO, worth 3.3 billion dollars.Source: Zee News : Business | 19 Nov 2009 | 5:02 am Oil stays above $79 amid mixed economic signs!Oil prices hovered above $79 a barrel Thursday in Asia amid mixed signals over the strength of the global economic recovery.Source: Zee News : Business | 19 Nov 2009 | 5:02 am India's annual food inflation rises to 14.55 percent - Sify
Source: Business - Google News | 19 Nov 2009 | 3:33 am Sensex ends 225 points lower; realty, banks down - Economic Times
Source: Business - Google News | 19 Nov 2009 | 3:32 am China Mobile business returns to pre-downturn levelsSHENZHEN, China (Reuters) - China Mobile, the world's biggest mobile carrier by subscribers, said on Thursday its business has recovered to levels seen before the global downturn, as a rebounding economy drives international calling.Source: Reuters: Money News | 19 Nov 2009 | 3:26 am Reliance Natural Lifts Objection to Government Role in Gas Battle - Wall Street Journal
Source: Business - Google News | 19 Nov 2009 | 3:22 am JFE Steel's stake buy in JSW a win-win for all: Experts - Moneycontrol.com
Source: Business - Google News | 19 Nov 2009 | 3:20 am OECD raises India 2010 GDP growth forecastPARIS (Reuters) - Following is a summary of what the Paris-based Organisation for Economic Co-operation and Development had to say about non-members Brazil, India, China and Russia in its semi-annual Economic Outlook released on Thursday.Source: Reuters: Money News | 19 Nov 2009 | 3:16 am India's Sensex Index Falls for Second Day; Infosys Shares Drop - Bloomberg
Source: Business - Google News | 19 Nov 2009 | 3:14 am Power Fin in pact with 3 state-run cos for equal JVMUMBAI (Reuters) - Power Finance Corp Ltd said on Thursday it has signed a pact with NTPC Ltd, Power Grid Corp of India and Rural Electrification Corp Ltd to set up a joint venture company.Source: Reuters: Money News | 19 Nov 2009 | 3:10 am Oil secy: No proposal to raise fuel pricesThe government has no immediate plan to raise fuel prices, oil secretary R.S. Pandey said on Thursday.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 3:10 am Skype in mobile push ahead of spin-offSkype is talking with mobile handset and network companies to install its trademark Internet telephony service, an executive said on Thursday.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 3:09 am Sugar protest forces parliament to shutNEW DELHI (Reuters) - Thousands of farmers protesting low state-controlled sugarcane prices forced the postponement of the first day of the parliamentary winter session on Thursday, highlighting rural discontent over government policy.Source: Reuters: Money News | 19 Nov 2009 | 3:07 am BSE Sensex provisionally closes down 1.3 pctMUMBAI (Reuters) - The BSE Sensex provisionally dropped 1.3 percent on Thursday, hurt by weak world markets as doubts resurfaced about the pace of global recovery and worries about the risk of steps to temper capital inflows.Source: Reuters: Money News | 19 Nov 2009 | 3:07 am JP Morgan lands Cazenove in 1 billion pound buyoutJP Morgan Cazenove will become a wholly owned part of JP Morgan and its UK investment banking operations will continue to operate under the same.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 3:04 am UPDATE 1-Suzlon Energy to cut stake in Hansen Transmissions - Reuters
Source: Business - Google News | 19 Nov 2009 | 3:01 am Dutch scoring drought continues in Paraguay drawNetherlands were held 0-0 by Paraguay in a friendly on Wednesday, their third successive game without a goal.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:52 am PM heads to U.S. in test of ties with ObamaNEW DELHI (Reuters) - Prime Minister Manmohan Singh and U.S. President Barack Obama meet next week to strengthen ties, with the emerging Asian power increasingly playing a bigger role on global issues such as climate change and trade.Source: Reuters: Money News | 19 Nov 2009 | 2:48 am Slovenia claim Hollywood ending after beating RussiaSlovenia rejoiced after beating Russia in their European World Cup playoff to clinch a spot in the finals for the second time.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:48 am Ferrero, Hershey mull over Cadbury bid, Kraft seen No.1Italy's Ferrero and US-based Hershey Co are considering a bid for chocolatier Cadbury Plc, but Kraft Foods Inc is still seen as the front-runner.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:41 am Govt says has no plan to cap overseas borrowingsNEW DELHI (Reuters) - The government is not planning to cap overseas borrowing by Indian companies to stem rising foreign capital inflows but will monitor the flows closely, the finance secretary said on Thursday.Source: Reuters: Money News | 19 Nov 2009 | 2:39 am E-single window for investors soonThe facility will provide flexi time and less human intervention for those willing to sign MoUs in VGGIS 2011.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:24 am Colgate stock up on Reckitt deal talk, company mumColgate-Palmolive Co shares hit a new year high after a report suggested that the toothpaste maker could be close to linking up with Lysol maker Reckitt Benckiser Group Plc.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:20 am No proposal to raise fuel prices - oil secyNEW DELHI (Reuters) - The government has no immediate plan to raise fuel prices, Oil Secretary R.S. Pandey said on Thursday.Source: Reuters: Money News | 19 Nov 2009 | 2:17 am US Congress panel backs big bank break-up powerThe proposal would empower government regulators to break up large financial firms that threaten economic stability.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:16 am ICICI Pru Life bets on Indian banks, shuns realtyMumbai: Financial sector stocks could lead the Indian share market’s rise over the next three to five years as banks benefit from the country’s growing savings rate and a rebound in economic activity, a top fund manager said. Manish Kumar, who oversees Rs500 billion ($10.8 billion) as head of investments for ICICI Prudential Life Insurance Co, said he also favoured power and related engineering firms but is wary of real-estate companies given their lofty valuations. Among the top-10 holdings in his Maximiser Fund, are State Bank of India, the country’s top lender, HDFC Bank and Axis Bank, in keeping with the fund’s overweight stance on the financial sector. “That is a call we have maintained,” Kumar said in an interview on Thursday. He said banks’ earnings could be muted in the near term as treasury income dwindles and credit growth takes some more time to revive significantly. But they remain a structural long-term growth story as more and more savings get channelled through the banking system. India has about $400 billion in domestic savings but little is funnelled through the banking channel currently to fund the country’s huge requirements to build infrastructure. He said India’s economic growth has shown signs of strong revival and as capex spending picks up, bank lending will go up. India’s industrial output grew a faster-than-expected 9.1% in September from a year earlier and finance minister Pranab Mukherjee last week said the economy could expand between 6 and 7% in the year to March 2010. “We are going to maintain our overweight stance on financials and we are, from a long-term perspective, comfortable with the valuations,” said Kumar, who also holds stakes in Punjab National Bank and Oriental Bank of Commerce. Bets on power, wary of realty The fund manager said his portfolios were also overweight on power sector shares, which are likely to benefit from India’s plan to add large generation capacities over the coming years. “There is a huge power shortage in the country,” he said. “There is going to be a window of opportunity to make a good amount of money in merchant power,” he said, adding engineering firms supplying equipment to the sector would also benefit. The fund manager has picked stakes in Bharat Heavy Electricals and Cummins India within the sector. India estimates it needs to spend $500 billion to fix its crumbling infrastructure in its Eleventh Five-Year Plan ending in 2012 with nearly a third of that in the power sector alone. Its peak power capacity is nearly 14% short of demand, while its transmission and distribution losses are a staggering 40%, according to Planning Commission data. The Mumbai-based executive said he was shying away from real estate sector given its sharp rise and valuations that are pricing in significant increase in execution. “That is something we believe is at risk,” he said. Source: Home - Livemint.com | 19 Nov 2009 | 2:16 am Nokia Siemens, One Equity bid for some Nortel assetsNokia Siemens Networks and private equity firm One Equity Partners have jointly bid for Nortel Networks Corp's optical networking and carrier ethernet business.Source: Daily News & Analysis: Money News | 19 Nov 2009 | 2:11 am Karzai sworn in, US critical on corruptionKabul: Afghan President Hamid Karzai, battling to rebuild a tarnished reputation, was sworn into office for a second five-year term on Thursday, as he faced renewed criticism from Washington over corruption. Karzai’s inauguration came against the backdrop of a rising Taliban insurgency, doubts over his legitimacy after an election tainted by fraud and complaints his government is riddled with corruption and mismanagement. “I swear to obey and safeguard the provisions of the sacred religion of Islam, to observe the constitution and other laws of Afghanistan and supervise their implementation,” Karzai said in front of foreign and Afghan dignitaries in his palace in Kabul. Hillary Clinton, in her first visit to Afghanistan as US secretary of state, said Washington would support the new government but expected serious results in combating corruption and building an “accountable, transparent government”. “Well, we are asking that they follow through on much of what they have previously said, including putting together a credible anti-corruption governmental entity,” Clinton told reporters en route to Kabul. “They’ve done some work on that, but in our view, not nearly enough to demonstrate a seriousness of purpose to tackle corruption,” she said. Kabul announced the creation this week of a major crimes task force and anti-graft unit. A decision by US President Barack Obama on whether to send tens of thousands of extra troops to combat the Taliban partly depends on whether he can trust Karzai to press ahead seriously with reforms. Pakistani President Asif Ali Zardari, the most prominent foreign leader at the ceremony, watched Karzai’s inauguration with foreign ministers from Britain, France and Turkey. Security Lockdown Kabul’s streets were deserted early on Thursday with armoured vehicles blocking off major roads. Security officers were even stopping people from walking on the streets. The government has declared Thursday a holiday and reporters were barred from attending the swearing-in ceremony. “They should all go to hell ... What’s happened in the last five years? It will just be the same again,” said Mohammed Shah, as he struggled to make his way back home. Attention is focused on Karzai’s inauguration speech, which US and Western officials hope he will use to announce concrete steps to fight corruption and govern better. Obama’s deliberations on whether to dispatch up to 40,000 more troops to fight an increasingly unpopular war proceed as death tolls mount. He said on Wednesday he sought to bring the conflict to an end before he leaves office. General Stanley McChrystal, the top US and Nato commander in Afghanistan, wants tens of thousands of additional troops, warning that without them, the war will probably be lost. A UN-backed probe found that nearly a third of votes for Karzai in the 20 August election were fake. While Karzai had been expected to win anyway, the extent of the fraud in his favour severely damaged his credibility at home and among Western and other nations with troops fighting to support his government. He has since faced tough pressure from Western leaders to clamp down on widespread corruption and replace former guerrilla leaders and cronies with able technocrats in his new government. Reports have emerged that US ambassador to Afghanistan, Karl Eikenberry, warned Obama in leaked memos not to commit more troops unless Karzai’s government demonstrates a willingness to attack corruption and mismanagement aggressively. Karzai was installed by the US and its Afghan allies in 2001. He won a full term in the country’s first democratic presidential election in 2004. Source: Home - Livemint.com | 19 Nov 2009 | 2:02 am Indian rupee extends losses as shares fall; dollar gains - Economic Times
Source: Business - Google News | 19 Nov 2009 | 1:58 am ABG Shipyard gets approval for Great Offshore bid - Moneycontrol.com
Source: Business - Google News | 19 Nov 2009 | 1:55 am Rupee extends losses as shares fall; dollar gainsMumbai: The Indian rupee extended its fall in afternoon trade on Thursday weighed by losses in domestic shares and tracking the dollar’s rise versus major currencies overseas. At 1:40pm, the partially convertible rupee was at Rs46.57/58 per dollar, weaker than its previous close of Rs46.20/21. Shares fell on Thursday as Asian markets weakened on doubts about the pace of global recovery and worries about the risk of steps to temper capital inflows weighed on sentiment. Dealers said there were concerns over imposition of capital controls in Asia after Brazil took another step on Wednesday aimed at containing the appreciation of its currency, unveiling a 1.5% tax on certain trades involving American Depositary Receipts issued by Brazilian companies. The dollar and the yen rose on Thursday as investors, watching soft equities performances and capital controls in emerging markets, closed out positions in riskier currencies and bought back the two low-yielders. One-month offshore non-deliverable forward contracts were quoting at Rs46.60/70, weaker than the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 46.5625 and 46.5650 respectively, with the total traded volume on the two exchanges at about $1.7 billion. Source: Home - Livemint.com | 19 Nov 2009 | 1:52 am JFE, JSW to tie-up on car steel in IndiaTokyo: Japan’s JFE Steel, the world’s sixth-largest steelmaker, said on Thursday that it will team up with JSW Steel on automotive steel production in India. JFE and JSW, India’s third-biggest steelmaker, will also discuss mutual shareholding and will consider expanding their partnership to cover the production of other steel and material purchases in India and abroad, JFE said in a statement. A spokeswoman for JFE, a unit of JFE Holdings, denied a report by the Nikkei business daily earlier on Thursday that JFE is set to buy a stake of about 10% in JSW for an estimated ¥30 billion yen to ¥50 billion. JSW’s project to build a steel plant in West Bengal is among the other areas of possible cooperation that will be considered in the future, the Japanese firm said. Major Japanese carmakers, such as Toyota Motor Corp and Nissan Motor Co, are planning to launch full-fledged production in India, targeting growing demand there. Source: LatestNews-Home - Livemint.com | 19 Nov 2009 | 1:46 am JFE, JSW to tie-up on car steel in IndiaTokyo: Japan’s JFE Steel, the world’s sixth-largest steelmaker, said on Thursday that it will team up with JSW Steel on automotive steel production in India. JFE and JSW, India’s third-biggest steelmaker, will also discuss mutual shareholding and will consider expanding their partnership to cover the production of other steel and material purchases in India and abroad, JFE said in a statement. A spokeswoman for JFE, a unit of JFE Holdings, denied a report by the Nikkei business daily earlier on Thursday that JFE is set to buy a stake of about 10% in JSW for an estimated ¥30 billion yen to ¥50 billion. JSW’s project to build a steel plant in West Bengal is among the other areas of possible cooperation that will be considered in the future, the Japanese firm said. Major Japanese carmakers, such as Toyota Motor Corp and Nissan Motor Co, are planning to launch full-fledged production in India, targeting growing demand there. Source: Home - Livemint.com | 19 Nov 2009 | 1:46 am Parliament adjourned over sugar price protestNew Delhi: Thousands of Indian farmers protesting low state-controlled sugarcane prices forced the postponement of the first day of the parliamentary winter session on Thursday, highlighting rural discontent over government policy. Some 5,000 farmers from Uttar Pradesh, India’s biggest cane producing state, marched to the opening of the parliament to demand higher state-set prices for sugarcane. Parts of the capital was disrupted by the protests, that were backed by opposition parties. The Congress-led coalition won re-election with a stronger mandate in May, raising hopes of quick reforms, but it has moved slowly and is still answerable to a reform-shy rural base. It faces political opposition to rapid change and deregulation as protests on Thursday highlighted. The federal government has given the states greater autonomy in fixing sugarcane prices, one of India’s biggest cash crops, in order to lift restrictions on a heavily-regulated sugar sector. But many farmers are unhappy with those state-set prices, saying they benefit sugar firms. India’s government has set a series of reforms ranging from the financial sector to law and order and gender equality as priorities for the winter parliament session. Investors are following whether Prime Minister Manmohan Singh will follow up on his pledge to push ahead with difficult financial reforms, particularly in the insurance and pension sectors. The state government has fixed the price the mills must pay to farmers at Rs165-170 rupees ($3.55-$3.66) per 100 kg, and farmers have been seeking a higher price that corresponds more to the rise in retail prices. “We demand at least Rs215 as the cane price,” Anil Singh, national secretary of the National Alliance of Farmers’ Associations, told Reuters. Sugar output in Uttar Pradesh is likely to fall below estimates as the weakest monsoon in more than three decades has hit sucrose content in cane. Source: Home - Livemint.com | 19 Nov 2009 | 1:17 am US wants India to raise FDI cap in defence, insurance to 49%The Obama administration wants India to lift the cap in both defence and insurance sectors, a top US official said.Source: India Business News | Business News - Times of India | 19 Nov 2009 | 1:09 am Lok Sabha adjourned over sugarcane priceThe Lok Sabha was adjourned Thursday, the opening day of the winter session of parliament, when the entire opposition united to oppose the new sugarcane pricing policy.Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:04 am Sensex 111 points down early afternoonA key Indian equities index was 111 points in the red early Thursday afternoon on weak sentiments in other Asian markets.Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:04 am Lok Sabha adjourned for the day over sugarcane pricesThe winter session of parliament got off to a chaotic start Thursday with the Lok Sabha being adjourned for the day as the entire opposition united to stage noisy protests against the new sugarcane pricing policy.Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:02 am Chhattisgarh farmers call for shutdownFarmers in Chhattisgarh Thursday called a statewide shutdown Nov 25, accusing the state's ruling Bharatiya Janata Party (BJP) of not living up to its pre-election promise of a bonus of Rs.270 per quintal of paddy it procured.Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:01 am Sipping coffee, at Leopold Cafe unafraid and undeterredIt's breezy and, oh yes, bustling with people. Over a lunch of roast chicken and cold coffee, Leopold Cafe regular Wesley Paul says casually, 'There are gunmen at the door.'Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:00 am India won't accept legally binding emission cuts: Jairam RameshDo not expect anything much from next month's climate summit in Copenhagen, Environment Minister Jairam Ramesh said Thursday, reiterating that India is not going to accept any legally binding cuts on its greenhouse gas emissions.Source: IndiaeNews.com: Business News | 19 Nov 2009 | 1:00 am JFE, JSW to tie-up on car steel in IndiaTOKYO (Reuters) - Japan's JFE Steel, the world's sixth-largest steelmaker, said on Thursday that it will team up with JSW Steel on automotive steel production in India.Source: Reuters: Money News | 19 Nov 2009 | 12:53 am Food inflation rises to 14.55% for the week ended 7 NovemberNew Delhi: Food inflation shot up to 14.55% for the first week of November as pulses, mutton and spices turned costlier. Against this, food inflation stood at 13.68% for the week ended 31 October. Prices of urad rose by 9%, mutton and moong by 4% each, while condiments & spices, barley, wheat and bajra turned dearer by 3% each compared to the previous week. Besides, raw jute prices increased by 7%, fodder by 5% and raw cotton by 3%. However, on the weekly basis, poultry chicken and fruits & vegetables became cheaper by 1% each. Among fuels, prices of aviation turbine rose by 11% while that of furnace oil was up 1%. On an annual basis, prices of potatoes have more than doubled, while onions have become expensive by about 40%. Source: LatestNews-Home - Livemint.com | 19 Nov 2009 | 12:46 am Gold demand falls 34% in Q3: World Gold CouncilLondon: Gold demand fell 34% in the third quarter as high prices weighed on investment flows and led to a slump in jewellery buying in key markets like India and the Middle East, a World Gold Council report showed on Thursday. But speculation in gold futures and expectations for more official sector bullion buying are keeping prices elevated despite a dearth of physical demand, according to the WGC’s investment research manager Rozanna Wozniak. “For most of last year, the buying was very physical,” said Wozniak. “(Now), it seems to be more financial market-driven, by some of those other less visible instruments -- derivatives, futures, over-the-counter transactions.” “In terms of why it is happening, we have had some good news coming out from the central bank sector, as well as the fall in the US dollar,” she said. “That says something about potential future demand.” A 200-tonne gold purchase by India’s central bank pushed gold prices sharply higher in early November. Prices hit a record above $1,150 an ounce on Wednesday as momentum buying pushed prices through key technical resistance levels. But high prices have pressured physical offtake this year as consumers shied away from the metal, even as large investors and central banks bought gold as a portfolio diversifier. Indian jewellery demand tumbled 42% to 111.6 tonnes in the third quarter from a year earlier, though it inched up from extremely low levels earlier in the year. In the Middle East, jewellery buying was down 34% at 69 tonnes. Greater China, however - which comprises China, Hong Kong and Taiwan - saw a 10% rise in overall demand to 128.6 tonnes, while jewellery demand rose 7%. Chinese consumers have seen less of an impact on local gold prices from currency fluctuations, and their economy has been more resilient than many. The market also remains relatively immature in terms of consumer buying, Wozniak said. “The Chinese market was regulated for some time, so the Chinese consumer is still very much in the process of accumulating (gold),” said Wozniak. Investment demand for gold also slipped from high levels in the third quarter of 2008. Retail investment in products such as coins and bars was down 31% year-on-year, while ETF inflows tumbled 72% to 41.4 tonnes. Levels of ETF buying were exceptionally high in the third quarter, the World Gold Council said, with a dip in prices boosting interest in gold in all its forms. Total gold supply edged down 5% in the third quarter, meanwhile, the WGC said. Mine production rose, but a dearth of sales from central banks -- which turned net buyers of gold in the quarter -- and producer dehedging cut into total supply. Central banks bought 15 tonnes of gold in the third quarter, their second straight quarter as buyers. In the third quarter of last year, they sold 13 tonnes of gold. Supply of recycled gold to the market rose 31% to 283 tonnes, but was still significantly down on the 569 tonnes it hit in the first quarter of 2009 as prices powered through $1,000 an ounce. “Scrap does tend to come in waves, and it appears that for another wave, we would need a higher price to generate it,” Wozniak said. Source: Home - Livemint.com | 19 Nov 2009 | 12:37 am Noon: Markets led down by Infosys and ICICIMumbai: Indian shares fell on Thursday morning as Asian markets weakened on doubts about the pace of global recovery and worries about the risk of steps to temper capital inflows weighed on sentiment. Infosys Technologies, ICICI Bank and Reliance Industries, which together account for more than 30% of the main index, led the fall. “Fatigue seems to be taking a toll on the bulls,” brokerage India Infoline said in a note to clients. “The trouble is there are no great events in the near term that could trigger a big push towards new highs,” it said. Anxiety over economic recovery and not-so-compelling valuations of leading stocks after the market’s 75%-plus gain this year could lead to some cooling, the brokerage said. At 1:11pm, the 30-share BSE Index was down 0.8% 16884.94 , with 23 components declining, after a flat start. The 50-share NSE index was 0.63% down at 5020.05. “If stocks have to go up, dollar has to stay weak. But that does not seem to be the case, which is hurting the stocks,” said Deven Choksey, managing director of K. R. Choksey Shares, who did not expect a sharp fall. Foreign fund inflows of more than $15 billion have powered the market’s rise this year, but there could be some slowdown into the end of the year, analysts said. Other emerging markets have also seen a surge in inflows, prompting some, including Brazil and Taiwan, to impose controls. Finance Secretary Ashok Chawla said India was not planning to cap overseas borrowing by corporates, and while flows were being monitored they were not yet a concern. Top lenders State Bank of India was down 1.1% and second-ranked ICICI Bank fell 1.7%. “For banks, there have been concerns over the credit growth outlook. Also the overall weak market is adding to the negative sentiment,” Choksey said. Energy giant Reliance Industries fell 0.5% to Rs2,093, while Infosys lost 1.6% to Rs2,395. In the broader market, 1,268 gainers led 1,105 losers, with 120 million shares changing hands on the Bombay Stock Exchange. Source: Home - Livemint.com | 19 Nov 2009 | 12:25 am Food inflation rises to 14.55%Food inflation shot up to 14.55% for the first week of November as pulses, mutton and spices turned costlier.Source: India Business News | Business News - Times of India | 19 Nov 2009 | 12:18 am Day Trading GuideDLF is moving sideway in a narrow range. Avoid trading in this counter for the session. Utilise rallies to sell ICICI Bank with tight stop-loss at Rs 918. As long as Infosys trades above RsSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am India-focused hedge funds lose steamHedge fund investments in India lagged global hedge fund benchmarks last month, with the EurekaHedge India index recording negative returns after consecutive months ofSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am CAT online: Testing time for IIMs, Promteric tooAhmedabad, Nov. 18 The Indian Institute of Managements (IIMs) and Prometric, global provider of comprehensive testing and assessment services, are leaving no stone unturned in ensuring that students are able to successfully appear and completeSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am Govt mulling rice importsNew Delhi, Nov. 18 For the first time in 21 years, the Government is considering importing rice.Source: Business Line - Home Page | 19 Nov 2009 | 12:00 am Manmohan, Obama to iron out pending issues on nuke dealNew Delhi, Nov. 18 The Prime Minister, Dr Manmohan Singh, and the US President, Mr Barack Obama, will attempt to resolve the remaining issues on the Indo-US nuclear deal during the forthcoming visit of the Prime Minister to Washington, the USSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am Strong local demand to drive commercial vehicle salesIndustry expects the strong growth momentum posted by the commercial vehicle (CV) segment in October to improve over the next half of theSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am Glittering gold sees no sellers for old jewelleryMumbai, Nov. 18 The record prices of the yellow metal may gladden many hearts, but that appears to be little incentive for people to plough back their holding to either buy new jewellery or encashSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am Essar Shipping (Rs 70.4): BuyWe recommend a buy in the stock of Essar Shipping Ports and Logistics from a short-term perspective. The stock’s 11.5 per cent jump accompanied with heavy volume on November 18 strengthened its bullish momentum. Following a medium-term upSource: Business Line - Home Page | 19 Nov 2009 | 12:00 am IndianOil climbs onto the nuclear power bandwagonIndian Oil Corporation Ltd (IOC) is looking to invest up to Rs 1,500 crore in its maiden nuclear venture in partnership with Nuclear Power Corporation of India Ltd (NPCIL).Source: Business Line - Home Page | 19 Nov 2009 | 12:00 am Low-cost car: For Ghosn doing it right, not delays, is keyMumbai, Nov. 18 Mr Carlos Ghosn, Chairman and Chief Executive Officer of Renault-Nissan, is not too worried about the delay in the launch of the ultra-low cost car planned with Bajaj Auto.Source: Business Line - Home Page | 19 Nov 2009 | 12:00 am Minsheng gets $3.9 bln; Maxis, Longfor Asia IPOs soarHONG KONG/KUALA LUMPUR (Reuters) - Two big initial public offerings in Asia made double-digit gains on Thursday, while a third IPO raised $3.9 billion, showing demand holding up strongly in the face of a flood of new issues.Source: Reuters: Money News | 18 Nov 2009 | 11:56 pm Nasa signs agreement with Isro for use of Indian satelliteWashington: US space agency Nasa has signed an agreement with Isro to use data from Indian satellite Oceansat-2, for various American agencies for research activities, including weather forecasting. Launched on 23 September 2009 using the Polar Satellite Launch Vehicle from Sriharikota, Oceansat-2; is designed to provide service continuity for operational users of the Ocean Colour Monitor (OCM) instrument on Oceansat-1. The agreement with the Indian Space Research Organisation will lead to the use of data from Oceansat-2 for various US agencies for research, education and other activities of public good including weather forecasting. The letter of intent in this regard was signed by Michael H Freilich, director earth science division, National Aeronautics and Space Administration; Mary E Kicza assistant administrator for satellite and information science of the oceanic and atmospheric administration; and R R Navalgund, director, space application centre, Isro. The signing ceremony was done in Washington on the sidelines of Sixth Plenary Session of the Group on Earth Observations (GEO). The deputy chief of mission, Indian Embassy, Arun K Singh; and Deviprasad Karnik, Counsellor (Space) were also present on the occasion. The letter of intent signed between Isro, Nasa and NOAA under the overall joint civil space cooperation agreement promotes opportunity for receiving Oceansat-2 data by the US agencies for research, education and activities of public good. The joint activities would include calibration, validation, algorithm development, scientific investigations and operational applications. While ocean colour data is envisaged to be useful for fisheries, monitoring of harmful algae and in studying global carbon cycles, wind vectors from scatterometer would be useful in facilitating better weather forecasting. Oceansat-2 carries three instruments like the eight band Ocean Color Monitor (OCM) to study Ocean biology, Ku band pencil beam Scatterometer to measure sea surface wind vectors and Radio Occultation Sounder for Atmosphere (Rosa). While the first two instruments are Isro built, Rosa has been contributed by the Italian Space Agency. All the three payloads have been switched on and are working satisfactorily, providing valuable data, said a statement from the Indian Embassy. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 11:45 pm India not planning quota on external borrowing: govtNew Delhi: India is not looking at putting a quota on external commercial borrowings (ECBs) by corporates, finance secretary Ashok Chawla said on Thursday. “There is no such proposal,” he said when asked if any quotas were planned on ECBs. “As of now it is not a cause of concern. As the situation evolves we will see what needs to be done,” Chawla said when asked if the government plans to tax capital inflows. The Economic Times reported, citing an unnamed senior finance ministry official, that India was finalising plans to auction corporate entitlements to borrow abroad, a move that could make such borrowing costlier. The finance minister said on Wednesday that India had tools to deal with an influx of foreign capital inflows if they become disruptive, but they are not a concern yet. With Western economies still crawling out of recession and interest rates at or near historic lows, funds have been flooding into faster-growing emerging markets, prompting some, including Brazil and Taiwan, to impose controls. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 11:37 pm Mukesh Ambani tops Forbes India rich list with $32 bnNew York: Reliance Industries Chairman Mukesh Ambani is the richest man in India with $32 billion in net worth followed by steel tycoon Lakshmi Mittal and younger brother Anil Ambani, according to the Forbes annual rich list for the country. NRI steel baron Mittal has been ranked at the second position with a net worth of $30 billion, while Mukesh’s sibling Anil Ambani, whose wealth stood at $17.5 billion was ranked third. Wipro chairman Azim Premji and Essar Group’s Shashi & Ravi Ruia are ranked fourth and fifth with net worth of $14.9 billion and $13.6 billion, respectively. The magazine said the combined fortune of India’s 100 richest is $276 billion, almost one-fourth of the country’s GDP. “Happier days are here again for India’s super rich, thanks to a rebounding stock market, up two-thirds in the past year, and a still buoyant economy that’s growing at least 6% a year,” the US business magazine said. The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007. Overall, the top three billionaries of India are worth $79.5 billion, which is $25.7 billion more than their combined sum a year ago. However, Forbes said that the amount is “still far shy of their record total of $145 billion in 2007”. The magazine noted that the nation’s richest beat their Chinese counterparts when it came to their fortunes. The top-10 Indian billionaires are worth $155 billion, a 60% increase over last year and four times that of China’s top 10. The India top-10 list includes-- realtor KP Singh ($13.5 billion), Savitri Jindal, chairperson of OP Jindal group ($12 billion), telecon czar Sunil Mittal ($8.2 billion), Birla Group sirector Kumar Birla ($7.8 billion), and Adani Enterprises chief Gautam Adani ($6.4 billion). Source: Home - Livemint.com | 18 Nov 2009 | 11:27 pm Skype in talks to install svc in mobile phonesHong Kong: Skype said on Thursday that it is in talks with mobile handset and network companies to install its trademark Internet telephony service as it seeks growth drivers before being spun off by parent eBay. Skype had formed a strategic alliance with Hutchison Whampoa’s 3 Group and was seeking similar tie-ups with other mobile operaters and handset makers, Russ Shaw, Skype general manager for mobile, told Reuters in an interview. “We’ll have some really good things to share about additional carrier relationships. That will be around next year,” he said. He added that the list of potential partners included wireless network operators in China, but declined to be more specific. Established in 2003, Skype has more than 500 million users and the company aims to nearly double annual revenue to $1 billion in two years from $551 million in 2008. eBay is selling Skype to a group of investors in order to focus on its core online auction and payments business. Shaw said the transaction was proceeding smoothly and could close on schedule in the fourth quarter. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 11:24 pm Skype in talks to install svc in mobile phonesHong Kong: Skype said on Thursday that it is in talks with mobile handset and network companies to install its trademark Internet telephony service as it seeks growth drivers before being spun off by parent eBay. Skype had formed a strategic alliance with Hutchison Whampoa’s 3 Group and was seeking similar tie-ups with other mobile operaters and handset makers, Russ Shaw, Skype general manager for mobile, told Reuters in an interview. “We’ll have some really good things to share about additional carrier relationships. That will be around next year,” he said. He added that the list of potential partners included wireless network operators in China, but declined to be more specific. Established in 2003, Skype has more than 500 million users and the company aims to nearly double annual revenue to $1 billion in two years from $551 million in 2008. eBay is selling Skype to a group of investors in order to focus on its core online auction and payments business. Shaw said the transaction was proceeding smoothly and could close on schedule in the fourth quarter. Source: Tech News - Livemint.com | 18 Nov 2009 | 11:24 pm Ambanis, Mittal in Forbes' list of richest Indians - Times of India
Source: Business - Google News | 18 Nov 2009 | 11:16 pm Ambanis, Mittal in Forbes' list of richest IndiansMukesh Ambani is the wealthiest Indian with a net worth of $32 billion, as the number of Indian billionaires in Forbes' India Rich List this year doubles to 52.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 11:09 pm Ambani brothers, Mittal lead Forbes' India Rich ListMukesh Ambani has emerged the wealthiest person in India with a net worth of $32 billion, as the number of Indian billionaires in Forbes' 'India Rich List' this year has nearly doubled to 52, thanks to the rebound in stock markets.Source: IndiaeNews.com: Business News | 18 Nov 2009 | 11:05 pm Farmers gather in New Delhi to protest sugarcane pricesHolding sugarcane stems and shouting slogans, hordes of farmers from Uttar Pradesh arrived in Delhi Thursday to voice their protest against the new sugarcane pricing policy announced by the central and state governments.Source: IndiaeNews.com: Business News | 18 Nov 2009 | 11:03 pm Indian equities drop after opening marginally higherA key Indian equities index opened marginally higher Thursday but soon registered a decline, in line with the sentiments in other Asian markets on worries over the pace and depth of of economic recovery.Source: IndiaeNews.com: Business News | 18 Nov 2009 | 11:01 pm Rupee down 18 paise at 46.38 a dollar in early tradeThe Indian rupee today depreciated by 18 paise to 46.38 against the US currency in early trade on expectations of capital outflows by foreign funds and dollar demand from importers.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 10:24 pm Sensex down 70 pts in early trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex today fell by around 70 points as funds and retail investors indulged in booking profits amid weak Asian markets.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 10:19 pm Wall St dips as tech outlook and housing take tollNew York: US stocks broke three days of gains on Wednesday following worrisome outlooks from two major software makers and a surprising drop in home construction last month. But stocks sharply cut the session’s losses just before the closing bell as many investors pointed to a strong uptrend in equities that have pushed major indexes to 13-month highs in recent days. The S&P 500 has ended down only three times in the last two weeks Business software maker Autodesk Inc was cautious about the outlook for the current quarter, while sector peer Salesforce.com Inc reported a slowdown in new business. The news was a setback to investors looking for signs of a pickup in demand. The government said housing starts declined to their lowest level in six months, weighed down by a sharp fall in construction activity for both single-family and multi-family dwellings, a sign the housing market is still under pressure. Henry Smith, chief investment officer at Haverford Trust Co in Philadelphia, said that despite these setbacks, the equity market was experiencing tailwinds from low interest rates, government stimulus spending and signs of economic recovery. “We are of the continued belief that right now, the tailwinds propelling the market are still outweighing the headwinds,” he said. The Dow Jones industrial average dropped 11.11 points, or 0.11%, to 10,426.31. The Standard & Poor’s 500 Index dipped just 0.52 of a point, or 0.05%, to finish at 1,109.80. The Nasdaq Composite Index lost 10.64 points, or 0.48%, to end at 2,193.14. Autodesk shares slid 10.4% to $24.20 and weighed on the Nasdaq, a day after the company, which licenses software to companies on a per-user basis, warned its recovery could be hindered by more job losses. Meanwhile, Salesforce fell 3.1% to $63.61 on the New York Stock Exchange. “Technology has been a strong area of the market, and those two results broke the momentum,” said Nick Kalivas, vice president of financial research and senior equity index analyst at MF Global in Chicago. The Dow Jones US Home Construction index climbed 0.8%, bolstered by a Citigroup upgrade of Pulte Homes Inc “buy” from “hold.” Pulte rose 4.6% to $10.04. While the decline in new construction raised concerns about the recovery, it could bode well for removing remaining inventory from the market, something analysts say must happen for the housing sector to recover. Losses were kept in check by advances in the financial sector. The S&P financial index added 0.9% after hedge fund billionaire John Paulson said Bank of America Corp stock could double in two years. Bank of America’s shares rose 3.7% to $16.35. Paulson made his comments in an investor note that was reported by Bloomberg News. Analysts said the inverse correlation between the dollar and equities - which has helped to boost natural resource stocks by lifting the price of dollar-denominated commodities - appeared to break down. A bevy of mining and energy shares declined, even as the dollar fell and gold hit a record high above $1,150 an ounce. Freeport McMoRan Copper & Gold Inc was off 0.8% at $84.69, while ConocoPhillips slipped 0.2% to $53.58. Oil rose 0.7%, while the dollar fell 0.4% to a basket of currencies. Volume was light, with about 1.06 billion shares changing hands on the New York Stock Exchange, below last year’s estimated daily average of 1.49 billion. On the Nasdaq, about 2 billion shares traded, below last year’s daily average of 2.28 billion. On the NYSE, declining stocks outnumbered advancers by about 8 to 7. On the Nasdaq, eight stocks fell for every five that rose. Source: Home - Livemint.com | 18 Nov 2009 | 9:13 pm Crude drifts below $80; watching dollarSingapore: US crude futures edged down just below $80 a barrel on Thursday, trading in the middle of recent ranges and taking cues from the dollar and weather in the United States. The greenback was steady against a basket of currencies, while unseasonably warm weather in the northeastern United States implied soft demand for heating oil. “The dollar is flat and there is nothing else that really stands out as a major influence. Temperatures are unseasonably mild in the United States and crude is holding the range between the high $70s and low $80s,” said Peter McGuire, managing director of CWA Global Markets. “Opec said they wanted $80 and they are getting it. I can’t see a surge in demand unless things turn much colder in the United States.” The Organization of the Petroleum Exporting Countries should hold its oil output steady when it meets in December as current prices do not suggest the need to change supply, the head of Libya’s National Oil Corporation said on Wednesday. NYMEX crude for December delivery fell 21 cents to $79.42 a barrel by 8:40am, after settling up 44 cents on Wednesday, when a drop in US oil and fuel inventories was overshadowed by wider economic concerns. Implied oil volalities are at their lowest since February 2008, back near levels before last year’s surge to a record high. “In the last five or six months the market has found a range and that range is closing in on itself,” said Jonathan Kornafel, director, Asia at Hudson Capital. He noted trading bands had narrowed from $10 between $65 and $75 to a $4-range between $76 to $80, capped by technical resistance at $80 and $82 as well as worries about fundamental demand, while ultra-accomodating monetary policy would encourage investors to buy on dips. Commercial crude oil stocks in the United States fell 900,000 barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than analyst projections for a 300,000 barrel draw. But the fall was much smaller than the 4.4 million-barrel drop reported earlier this week by the industry group American Petroleum Institute. Also in the EIA report, gasoline stocks were down 1.7 million barrels against a forecast for no change, while distillate stocks also fell, by 300,000 barrels versus expectations for a 700,000-barrel drop. Source: Home - Livemint.com | 18 Nov 2009 | 8:58 pm Centre asks psbs to hunt for mergers and acquisitions - Economic Times
Source: Business - Google News | 18 Nov 2009 | 3:00 pm First time in 2 decades, India to import riceThe Centre on Wednesday said it may have to import rice the first time in 20 years to make up the shortfall in kharif crop even though it has surplus stock in godowns.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 2:32 pm India driving global auto majors' growth wheelThe midas touch of India is clearly visible on the financials of global auto majors like Suzuki and Honda making major profits from Indian subsidiaries.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 12:59 pm Listing time should come down to 7 days: BhaveSebi wants companies going public to list their shares within seven days after closing the IPO subscription process.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 12:52 pm Pantaloon Retail eyes small food cosThe Future Group-owned Pantaloon Retail is looking at acquiring small foods companies in India to bolster its portfolio in the category.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 12:49 pm Record FII inflow not a matter of concern: FMBig money flowing into the stock market from foreign institutional investors is not a matter of concern, says finance minister Pranab Mukherjee.Source: India Business News | Business News - Times of India | 18 Nov 2009 | 12:47 pm Anti trust and IndiaNew Delhi: Yet again, one of the world’s premier technology companies, Intel, is facing severe antitrust regulation, particularly in Europe. This news emerges even as India’s own Competition Commission prepares to create an environment of regulated competition in the country. The mechanics of lopsided competition are clear: If a giant company crushes all of its smaller competitors, we as the consumers lose out. But how does an authority decide when a company is violating competition law? How do you differentiate the advantage derived from simply having a better product from that derived from anti-competitive policies? And with the antitrust environments in Europe and the US already being so different, what sort of environment can we expect to emerge in India? Our guest on Just to Clarify today is Vinod Dhall. Dhall is the former chairman of the Competition Commission of India. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 12:45 pm The Mint Report for 18 NovemberNew Delhi: Air India may be struggling with its massive debt and losses, but at least 140 people have applied to become the airline’s chief operating officer. Mint has learned that the applicants include several non-resident Indians as well as senior managers from airlines around the world. Air India had published advertisements for a COO who would turn around the troubled airline over a three-year term. Ratan Tata, the chairman of the Tata group, has indicated his successor might not be an Indian. Speaking to the Wall Street Journal Tata said that while it would be easier of his successor was an Indian, he was looking for a replacement all over the world. Ratan Tata’s tenure will end in 2012. The Tata group currently makes 65% of its revenues from outside India. The government has revamped its norms for air quality. For the first time, India will have uniform air pollution limits for both industrial and residential areas. Speaking to the media in Delhi, the minister of state for environment said the new standards were long overdue. Two major telecom companies are under government scrutiny over Cenvat credit. The Uttar Pradesh government has commissioned professional auditors to look into the books of Bharti Airtel and Vodafone Essar Digilink. Auditors will look into whether the two companies wrongly claimed Cenvat credit for some operations in the state. Service providers in India are allowed to claim Cenvat credit for capital goods they buy to provide their services. BHEL says it has signed a joint venture to build a 1,600MW thermal power plant in Madhya Pradesh. BHEL and its joint venture partner Madhya Pradesh Power Generation Corporation will initially have equal stakes in the power project but will cut them down to 26% each. BHEL has already entered similar joint ventures in Tamil Nadu and Karnataka. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 12:26 pm Sensex lifeline: high beeps and pratfallsPantaloon Retail (5.4% up) The shares of Pantaloon Retail (India) were up 5.4% after CNBC-TV18 reported that the company is in the final stages for a tie-up for Big Bazaar with an international player. The firm is restructuring itself, which includes acquiring consumer goods business, and demerger of investment firm. Electrosteel (10.1% up) Electrosteel Castings gained 10.1% after the company’s Rs600 crore foreign direct investment proposal was approved by the Foreign Investment Promotion Board. The firm plans to issue and allot eligible securities, including equity shares and non-convertible debt instruments. Mercator Lines (7.9% up) The Mercator Lines stock gained 7.9% after the Baltic Dry Index, which tracks transport costs on international trade routes, gained in excess of 90% in the last one month, reaching a 14-month high. The rise in the index is led by tighter ship availability, port congestion in China and coal ports along eastern Australia. Hindustan Zinc (0.5% up) The shares of Hindustan Zinc were up 0.5%, reaching a 52-week high on the back of firm zinc prices. After Asarco fallout, analysts expect Sterlite Industries to buy the government’s stake in the zinc manufacturer soon. Sterlite holds 65% in Hindustan Zinc and the government holds 29.5%. Pratibha Industries (17.2% up) The shares of Pratibha Industries gained 17.2% after the firm got a Rs294 crore order from Uttar Pradesh water board. The project is around 12% of the firm’s existing order book, which stands at around Rs2,400crore. The project has to be executed in 24 months, including four months of trial run. Madhucon Projects (6.8% up) Madhucon Projects gained 6.8% on reports that its subsidiary, TN (DK) Expressways Ltd, has started collecting toll since the beginning of this month. Madhucon Agra–Jaipur Expressways Ltd, one of the firm’s build-operate-transfer project, is collecting toll of around Rs70 lakh per day since May. BOC India (6.1% up) BOC India gained 6.1% after the firm signed long-term gas-supply deals with Moser Baer India, Euro Multivision, Solar Semiconductor and Indo Solar. The current orders are likely to add Rs300 crore to the company’s revenue and see turnover growing by 30-33% in 2009-10. JSW Steel (4% up) The shares of JSW Steel were up 4% on reports that the firm is in talks to sell a 7-11% stake to Japan’s Nippon Steel. The stake sale could fetch the company around $300-500 million. JSW Steel declined to comment, saying that it does not respond to speculation. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 12:12 pm A difficult quest for peaceBargaining with an armed opponent is a nightmare for any negotiator. Indian Maoists, who control a big chunk of territory and have plenty of guns, know this well. In a recent letter in the Economic and Political Weekly, their spokesperson, Azad, put a high price on any talks with the Union government. The Union government had only one condition for discussions, that of giving up arms. Azad pointedly rejected this: “Asking Maoists to lay down arms as a precondition for talks shows the utter ignorance regarding the historical and socio-economic factors that had given rise to the Maoist movement.” This is the least of it. There are other demands that are nearly impossible to meet. These include scrapping of mining projects in tribal-dominated areas and withdrawing police and paramilitary camps from violence-affected areas. The icing, however, is yet to come: the government’s stand that they abjure violence is irrational.  Illustration: Jayachandran / Mint These demands have been justified in phraseology for which Maoists are well known. Explanations are peppered with expressions such as “people’s rights”, and “liberation from exploitation”. These words cannot hide the simple truth that extremist control of people and territory depends on gun power. The logic is simple and was explained many decades ago by economist Mancur Olson Jr. Labour unions, special interests, agricultural and industrial lobbies and other pressure groups have to offer inducements to keep their flock together. Otherwise, many members will be tempted to a free ride. They will partake of all the gains while not contributing money, time and other resources for achieving collective goals. In many cases, the threat of violence is a good adhesive for an otherwise fractious collection of persons. In far-flung areas where dangerous and armed men abound, tribals dare not say anything that will endanger their lives. Unless the government grasps this truth, all efforts at engagement will turn into appeasement. And appeasement does not work. It is here that the other track of Maoist strategy takes over (track II, petty bourgeois edition). Prime-time liberals warn the government that any police action will result in “genocide” and that India will be a sham democracy if the government tries to restore order. This has weakened the resolve of the government. Contrary to Leftist speculation about a powerful and intolerant state, the government of India is prone to dithering in the face of adverse public opinion. In this case, it should not waver. Offensive operations are the only way to silence the guns. Why is the government hesitant to fight Maoists? Tell us at views@livemint.com Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 12:10 pm Big back in fashion for retailersSmall is no longer beautiful for retailers. With customers returning to the shops, almost all retailers are now focusing on large format stores (15,000 to 20,000 sq ft or above) that allow them to sell a larger number of items and trigger higher consumer spending compared to the smaller, convenience formats where its becoming increasingly difficult to make money.Source: Business Standard | Front Page Headlines | 18 Nov 2009 | 11:57 am Govt kicks off talks on bank consolidationThe government today started the process of consultation for the consolidation of public sector banks.Source: Business Standard | Front Page Headlines | 18 Nov 2009 | 11:56 am Airlines may get reprieve in expat pilot phase-outThe year-old controversy over hiring expatriate pilots is likely to intensify, with the Directorate General of Civil Aviation (DGCA) considering an extension of the deadline for their phase-out.Source: Business Standard | Front Page Headlines | 18 Nov 2009 | 11:55 am My successor may be from outside India: Ratan TataTells Wall Street Journal formal search has begun.Source: Business Standard | Front Page Headlines | 18 Nov 2009 | 11:53 am Great Offshore battle set for next roundMumbai: The takeover battle for Great Offshore Ltd is set to go into the next round as the capital market regulator, the Securities and Exchange Board of India, or Sebi, cleared the much-awaited open offers by rival bidders for a controlling stake in the country’s largest integrated offshore services provider late on Wednesday. The market regulator sent a note at 8pm to both companies in the race for Great Offshore to go ahead with open-offer proceedings, according to a person in the know, who did not want to be identified. ABG Shipyard Ltd, the country’s largest private shipbuilder, and the nation’s second-largest ship maker Bharati Shipyard Ltd are competing to acquire a controlling stake. V. Kumar, managing director of Bharati Shipyard, said he was told by his office that Sebi had cleared open-offer proceedings. A senior ABG Shipyard executive, who did not want to be identified, confirmed the development. Sebi will shortly fix the schedule for the completion of the open offers. Both firms have raised their offers several times since May, when Bharati Shipyard acquired a 14.89% stake in Great Offshore after Vijay Sheth forfeited shares pledged with the company, which paid Rs315 each for the stock. Since then, Bharati Shipyard has been buying shares from the market through negotiated deals. Most recently, it bought a 3.01% stake in Great Offshore in mid-September, taking its stake to 22.48%. The average price for the deal was Rs558.81 a share, but the price paid for some stock was as high as Rs560, making that the floor price for shares bought from the market. Under Indian capital market laws, an investor acquiring a minimum 15% stake in a company needs to make an open offer to public shareholders for an additional 20% stake. The shares of Great Offshore rose marginally by 0.39% to close at Rs519.20 on the Bombay Stock Exchange on Wednesday. Meanwhile, Bharati Shipyard’s shares rose 3.66% to close at Rs164.20 and ABG Shipyard’s stock rose 1.53% to close at Rs201.85. Source: LatestNews-Home - Livemint.com | 18 Nov 2009 | 11:49 am Norwest raises $1.2 bn Venture FundNew York: Norwest Venture Partners raised a $1.2 billion (around Rs5,550 crore) venture-capital fund, the biggest to be completed this year, to expand in Israel and India while broadening the range of companies it backs. The fund, Norwest’s 11th since its founding almost 50 years ago, will give the firm more money to fund larger companies, managing partner Promod Haque said in an interview. Source: World Business - Livemint.com | 18 Nov 2009 | 9:46 am Honeywell to open new technology centre in IndiaUS-based multinational company Honeywell plans to set up a new technology centre in India with an investment of $34 million.Source: IndiaeNews.com: Business News | 18 Nov 2009 | 9:04 am Microsoft told to stop some Windows sales in ChinaBeijing: A Beijing court has ordered Microsoft Corp. to stop selling some versions of its Windows operating system in China in a licensing dispute with a local supplier. The order Monday said Microsoft exceeded its rights under licensing agreements with Zhongyi Electronic Ltd., a Beijing company that developed Chinese character fonts used in the software. Microsoft must stop selling versions of Windows 98, Windows 2000, Windows XP and Windows Server 2003 with Zhongyi’s fonts, the Beijing People’s No. 1 Intermediate Court said in its ruling, a copy of which was released by Zhongyi. Microsoft said it would appeal. “Microsoft respects intellectual property rights. We use third party IPs only when we have a legitimate right to do so,” the company said in a statement. “We believe our license agreements with the plaintiff cover our use of the fonts.” Microsoft did not respond to a question about what proportion of its products sold in China use Zhongyi fonts or how many copies might be affected. Zhongyi said its agreement with Microsoft allowed the Seattle-based software producer to use its fonts only in Windows 95 and they were added to later products without permission. China is a leading source of pirated copies of software, movies and other goods and its government has long been accused of failing to do enough to stop the thriving underground industry. China’s small but ambitious technology companies say they are among the biggest victims of piracy and are turning to the courts to help defend their intellectual property. In December, a group of 11 people who were convicted of selling unlicensed copies of Microsoft software were sentenced by a Chinese court to up to 6 1/2 years in prison. Source: World Business - Livemint.com | 18 Nov 2009 | 2:59 am
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