LT arm sees more investments in power gen, TD ahead

AlstomSchneider combined have taken over Areva TD business globally. The deal is expected to change the Indian landscape with more competition expected in the power space. In an interview with CNBCTV18, industry veteran Ravi Uppal, MD CEO of LT Power, gave his outloon on the sector.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 8:17 am

ABG Ship sells stake in Great Offshore; ends price war

ABG Shipyard said on Wednesday it has sold stake in Great Offshore, boosting chances of rival Bharati Shipyard to acquire a controlling stake in the offshore services provider.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 7:44 am

SEL Mfg plans to raise $4050m via GDR issue

In an interview with CNBCTV18, Neeraj Saluja, MD, SEL Manufacturing spoke about the company’s capital raising plans and the road ahead.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 7:44 am

Bharati Ship raises open offer price for Great Offshore

Bharati Shipyard said it has raised the open offer price for a stake in Great Offshore to 590 rupees a share, a move that will intensify the battle for the oil rigs and offshore services provider.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 6:32 am

Usha Martin plans to raise Rs 350cr via QIP to fund capex

Steel wirerope maker Usha Martin is planning to raise Rs 300350 crore through qualified institutional placements (QIP) by the end of this fiscal.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 6:26 am

Provision coverage ratio to rise post RBI regulation: BoB

In an interview with CNBCTV18, MD Mallya, Chairman and Managing Director, Bank of Baroda, spoke on the issue of provision coverage ratio.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 6:18 am

ABG Shipyard exits race for Great Offshore

ABG Shipyard exits race for Great Offshore as it sells its entire 8.27% stake in the company.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 6:10 am

Expect industry to grow at 21% this year: Bajaj Auto

Bajaj Auto November total sales were at 2.77 lakh units versus 1.6 lakh units on yearonyear basis (YoY) and versus 2.8 lakh units monthonmonth (MoM).
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 5:49 am

Oil mixed in Asian trade amid Iran tensions!

Oil was mixed Wednesday in Asian trade amid renewed tensions over Iran`s nuclear programme, analysts said.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

GM board, CEO Henderson split over pace of change!

GM`s board and CEO Fritz Henderson parted ways Tuesday, the board upset that the automaker was changing too slowly and Henderson frustrated with second-guessing, two people close to Henderson said.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

Eurozone ministers, IMF see euro as overvalued: Juncker!

Eurozone finance ministers and the International Monetary Fund see the euro currency as too highly priced, Eurogroup chief Jean-Claude Juncker has said.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

Trade round hangs in balance as ministers wind up WTO talks!

The troubled global trade round is hanging in the balance as ministers and officials of the 153-member World Trade Organisation (WTO) gather in Geneva Wednesday for the final day of talks aimed at reviewing the WTO`s work.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

Sensex up 131 pts on global cues!

Extending its gains for the third day in a row, the BSE benchmark Sensex rose over 131 points in opening trade today, with shares of auto sector leading the rally, on continued foreign capital inflows amid firm global cues.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

US auto sales edge up in Nov, led by Hyundai boom!

US auto sales edged higher in November, led by an outsized gain for Hyundai Motor Co (005380.KS) and mixed results for rivals in a trend automakers said pointed to a grudging recovery in the U.S. economy.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

US manufacturing sector grows in Nov, but recovery fragile!

The US manufacturing sector grew for the fourth straight month in November, though at a slower pace, and questions remain about the staying power of the incipient economic recovery.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

Google to let publishers limit free website access !

Google, under fire from Rupert Murdoch and some other newspaper owners, said it will let publishers set a limit on the number of articles people can read for free through its search engine.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

US stocks rally as Dubai debt fears ebb, dollar sinks!

US stocks posted solid gains, on the heels of a rebound in global share prices, helped by upbeat economic news and fading fears about Dubai debt crisis.
Source: Zee News : Business | 2 Dec 2009 | 4:58 am

Media needs to look at global linkages, says President

The President, Ms Prathibha Patil, has said globalisation has created a situation where issues such as financial integration, terrorism, climate change and rapid communication could not be seen in isolation.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 4:57 am

Pharma buzz: Sector outlook, cos to look at

Vikas Dandekar of pharmasianews.com believes Templeton\'s move would provide tremendous boost to Sun Pharma.
Source: Moneycontrol Top Headlines | 2 Dec 2009 | 4:49 am

Dubai Worlds' lenders to meet firm next week

The committee includes two United Arab Emirates banks (UAE) and four British banks -- Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland.
Source: Daily News & Analysis: Money News | 2 Dec 2009 | 3:24 am

Motorola sees set-top business profit growth

According to reports, the set-top box business is part of Motorola's home and networks business unit, for which Motorola is looking for a buyer.
Source: Daily News & Analysis: Money News | 2 Dec 2009 | 3:19 am

Dubai debt woes to boost neighbours' Islamic bank biz

KUALA LUMPUR (Reuters) - As investors flee debt-laden Dubai, neighbouring Bahrain, Qatar and Saudi Arabia are likely to pick up much of its Islamic banking business, though the financial hub is expected to bounce back eventually.

Source: Reuters: Money News | 2 Dec 2009 | 3:11 am

BSNL's Zain acquisition plan on hold

State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) Wednesday said its plan to acquire Kuwait-based Zain Telecom has been put on hold.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:06 am

Gold hits record high as investors bet on more gains

London: Gold hit record highs at $1,216.75 an ounce in Europe on Wednesday as investors bet on higher prices, with funds lengthening positions due to expectations for a fresh leg of dollar weakness and more central bank buying.
The metal also reached all-time highs in euro and sterling terms, according to Reuters data, indicating independent gold strength. Spot gold was bid at $1,213.20 an ounce at 3:17pm, against $1,196.00 late in New York on Tuesday.
US gold futures also hit a record at $1,218.40 an ounce. Gold for December delivery on the COMEX division of the New York Mercantile Exchange was later up $14.40 at $1,214.60.
The dollar edged up slightly against the euro on Wednesday, but analysts say with US interest rates likely to remain depressed and risk appetite improving, the US currency is set for further losses.
“Investors are sailing out of the safe havens into more risky assets, and this is weakening the U.S. dollar,” said Peter Fertig, a consultant at Quantitative Commodity Research.
“The fact that stock markets are performing better and we have weakness in the US dollar are supportive for precious metals, and from that perspective I believe this rally remains sustainable.”
Investment interest in gold remained firm, with the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, saying its holdings rose 0.61 tonnes or 0.05% to 1,130.604 tonnes on Tuesday.
The holdings are approaching a record marked in June of 1,134.03 tonnes. Gold also hit record highs in sterling terms and when priced in the euro.
Traders are looking ahead to key US data due later in the week for its influence on currencies and the wider markets. “The market is focusing on Friday’s non-farm payroll and other data from the US and any good news from west Asia ... and then of course the US dollar,” Ronald Leung, director of Hong Kong’s Lee Cheong Gold Dealers, said.
Demand is buoyed by persistent hopes for central banks to diversify reserves, particularly China, after a report that India could buy more of the gold being sold by the International Monetary Fund.
After India’s first purchase of 200 tonnes in November, central banks in Mauritius, Russia and Sri Lanka also bought gold.
The world’s biggest gold miner, Barrick Gold Corp, said on Tuesday it had completed the elimination of all of its gold hedge-selling positions as planned.
De-hedging has represented a significant source of demand in recent years. The rate at which gold miners cut their hedging positions rose to 3.18 million ounces in the third quarter, up from 980,000 oz in the second, driven by Barrick’s decision to eliminate its entire hedge book, Societe Generale and metals consultancy GFMS Ltd said in a quarterly report.
The sharp reduction left the global gold hedge book at 11.55 million ounces, the report said, adding there had not been strong signs of a return to outright hedging to lock in historically high prices.
Strength in gold has lifted other precious metals, with silver and palladium rallying to their strongest levels since July 2008.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 3:06 am

After n-deal, Canadian uranium supplier sets up India office

Canada's Cameco, the world's biggest mining company and a principal uranium supplier, has entered India with an office in Hyderabad.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:05 am

Lithuanian delegation talks trade with FICCI

A 30-member delegation from trade associations of Lithuania Wednesday met the Federation of Indian Chambers of Commerce and Industry (FICCI) to work out ways to strengthen business ties with India.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:04 am

Lithuania seeks business tie-ups in India

Lithuanian foreign minister Vygaudas Usackas, who is on his maiden visit to India, is looking at forging strong ties between the two nations, especially in tourism, business and infrastructure. He is scheduled to meet the Indian foreign minister S.M. Krishna Thursday evening.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:04 am

Trading still lacklustre, Sensex up 23 points - Sify


Thaindian.com
Trading still lacklustre, Sensex up 23 points
Sify
Lacklustre trading was continuing at Indian equities markets Wednesday afternoon, with a key index ruling almost 23 points up about 40 minutes before the closing bell. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at ...
Sensex lacklustre; Infosys, TCS slipBusiness Standard
Sensex rally continues, regains 17200-markTimes of India
Sensex ends volatile session flat (Second Lead)Thaindian.com
Press Trust of India -Sify -Press Trust of India
all 34 news articles »

Source: Business - Google News | 2 Dec 2009 | 3:03 am

Motorola sees set-top business profit growth

NEW YORK (Reuters) - Motorola Inc expects its television set-top box business operating earnings to expand in 2010 even if the housing market recovery is muted, Co-chief Executive Greg Brown said on Tuesday.

Source: Reuters: Money News | 2 Dec 2009 | 3:02 am

Sensex ends volatile session flat

A key index of Indian equities markets closed flat Wednesday after volatile trading.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:02 am

Trading still lacklustre, Sensex up 23 points

Lacklustre trading was continuing at Indian equities markets Wednesday afternoon, with a key index ruling almost 23 points up about 40 minutes before the closing bell.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:02 am

Sensex trading flat early afternoon

A key index of the Indian equities markets, which soared almost 132 points soon after starting trade Wednesday, shed most of its gains on weak buying interest and was trading flat early afternoon and ruling only 0.32 percent in the green.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:01 am

Court agrees high gas price will push power, fertiliser costs

The Supreme Court Wednesday agreed with the argument by Reliance Natural Resources Ltd (RNRL) that the high price for the Krishna-Godavari gas will add to the costs of power and fertiliser units, and even burden the government with extra subsidies.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:01 am

Dunlop resumes production at Sahaganj after a year

Dunlop India Wednesday resumed the 'production process' of its tyres at its Sahaganj unit in West Bengal after more than a year.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 3:00 am

India gold buying cools off as prices hit record

Mumbai: India’s gold buying cooled off on Wednesday as prices jumped to hit a fresh record high, helped by a weak dollar overseas, while the flow of scrap eased, dealers said.
“Demand is dull till now... We saw good activity from the south until Monday... but all our centers are quiet after that,” said a dealer with a private bank in Mumbai.
The most-traded February contract struck a fresh record high of Rs18,240, before trading 1.24% higher at Rs18,179 per 10 grams at 2:37pm.
Dealers said physical offtake sustained until early this week as traders stocked up for the wedding season, that is expected to last till December-end.
“If gold drops some $10 (an ounce) from here then people would buy again,” said another dealer with a state-run bank in Mumbai.
India’s gold imports so far in November were around 15-18 tonnes, lower than 34 tonnes in November 2008, the head of a leading trade body said.
Dealers said the flow of scrap eased as sellers sought higher prices.
“I collected only 3 kgs yesterday... but it is very quiet now,” said Jitendra Kantilal, partner, Jugraj Kantilal & Co, which offered to buy scrap at Rs18,300.

Source: Home - Livemint.com | 2 Dec 2009 | 2:58 am

Obama’s Afghan war plan heaps pressure on Pakistan

Islamabad: US President Barack Obama’s new Afghan war plan will heap pressure on Pakistan to dismantle Taliban and Al-Qaeda sanctuaries, but the embattled government fears the surge could spark further instability.
Announcing his strategy for turning around the eight-year war in Afghanistan, Obama pledged to send 30,000 more troops to the battlefield, but set a timetable for a gradual US withdrawal starting in July 2011.
He said in his speech that success in Afghanistan was “inextricably linked” to Pakistan, which saw a flood of militants enter its lawless borderlands after the Taliban were ousted from Afghanistan in 2001.
There was no immediate official government reaction, but speaking to reporters in Europe hours before Obama’s speech, Pakistan’s foreign minister Shah Mehmood Qureshi expressed caution over the fresh deployment of US forces.
“Our issue is not that the United States is increasing its troops in Afghanistan or not, but how they deploy them,” he was quoted as saying in The News, an English-language daily newspaper.
The Pakistani Prime Minister last week said that an influx of new US troops in southern Afghanistan could push more militants across the border into Pakistan, further destabilizing its already-troubled border regions.
“There will be a negative effect of this surge in Pakistan as militants will drive into the border region and create problems in Pakistan,” echoed retired Brigadier Saad Khan, a former defence attache in Afghanistan.
The party of main opposition leader Nawaz Sharif -- traditionally cool towards America -- welcomed news of a timetable for withdrawal of US troops from the region, where many people liken the foreign presence to an occupation.
“Obama has given an exit strategy and if this is implemented in one-and-a-half years it is a welcome move,” Raja Zafar ul-Haq, chairman of the Pakistan Muslim League-N, told AFP.
Islamabad has this year launched multiple offensives against Taliban militants across its northwest, sparking a wave of retaliatory suicide bombings and attacks that have killed hundreds of people this year.
But Washington and London have said the government must do more to stamp out Al-Qaeda sanctuaries and stem the flow of Taliban rebels hiding out in Pakistan and slipping into Afghanistan to attack foreign troops.
This has created frustration in Pakistan, where security has drastically deteriorated since Islamabad joined the US-led “war on terror”, with militant attacks soaring and thousands of soldiers and civilians killed.
Both the Al-Qaeda and Pakistani Taliban leadership have declared jihad -- or holy war -- against Islamabad over its partnership with the US.
“Pakistani soldiers are already sacrificing their lives and there has always been a demand for more sacrifices from Pakistan, but efforts are not made to strengthen its capacity to fight,” Zafar ul-Haq said.
Since taking office, Obama has approved a massive aid package to try and combat extremism here through development, but military aid still comes on the condition that Pakistan achieve measurable success in tackling militancy.
For years Pakistan’s security agencies supported Islamist groups, at first openly in a US-backed campaign to oust the Soviets from Afghanistan in the 1980s, then covertly in an effort to counter their arch-rival India.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 2:53 am

ABG Shipyard soars 19%; Great Offshore slid 6% on BSE - Economic Times


ABG Shipyard soars 19%; Great Offshore slid 6% on BSE
Economic Times
2 Dec 2009, 1501 hrs IST, PTI MUMBAI: Shares of ABG Shipyard today surged over 19 per cent in the afternoon trade on the Bombay Stock Exchange after the company sold 8.27 per cent stake in Great Offshore. The move by ABG Shipyard triggered selling of ...
Sensex trades flat; ABG Shipyard sells Great Offshore stakeMoneycontrol.com
Bharati Ship extends gains after ABG exitBusiness Standard
Bharati Shipyard revises open offer for Great OffshoreHindu Business Line
NDTV.com -Bloomberg -Equity Bulls
all 37 news articles »

Source: Business - Google News | 2 Dec 2009 | 2:41 am

BSNL puts Zain acquisition plan on hold

New Delhi: State-run telecom firm Bharat Sanchar Nigam Ltd (BSNL) has put on hold its plan to acquire a stake in Kuwaiti mobile telephone operator Zain, BSNL chairman Kuldeep Goyal said on Wednesday.
Shares in Zain, the largest listed company on the Kuwait benchmark by market capitalization, were down 4.1% at 01:23 pm, as the news added to the uncertainty surrounding Zain’s stake sale.
“The plan is on hold,” Goyal told reporters on the sidelines of a news conference.
BSNL and state-run Mahanagar Telephone Nigam Ltd (MTNL) have been considering partnering India’s little-known Vavasi Group and Malaysian billionaire Syed Mokhtar al-Bukhary to acquire a 46% stake in Zain.
Goyal said BSNL took the decision because Vavasi did not respond to certain specific information sought by the Indian firm.
He also said he expects to sign a deal on GSM lines with Swedish network gear maker Ericsson for northern and eastern regions shortly.
BSNL, India’s No. 4 mobile operator, last year sought bids for 25 million GSM lines each for its domestic operation in the north, south and west and 18 million lines in the east.
Goyal said the firm has earmarked Rs14,000 crore in fiscal 2009-10 for its capex programme, for which it will utilize its cash reserves.

Source: Tech News - Livemint.com | 2 Dec 2009 | 2:39 am

BSNL puts Zain acquisition plan on hold

New Delhi: State-run telecom firm Bharat Sanchar Nigam Ltd (BSNL) has put on hold its plan to acquire a stake in Kuwaiti mobile telephone operator Zain, BSNL chairman Kuldeep Goyal said on Wednesday.
Shares in Zain, the largest listed company on the Kuwait benchmark by market capitalization, were down 4.1% at 01:23 pm, as the news added to the uncertainty surrounding Zain’s stake sale.
“The plan is on hold,” Goyal told reporters on the sidelines of a news conference.
BSNL and state-run Mahanagar Telephone Nigam Ltd (MTNL) have been considering partnering India’s little-known Vavasi Group and Malaysian billionaire Syed Mokhtar al-Bukhary to acquire a 46% stake in Zain.
Goyal said BSNL took the decision because Vavasi did not respond to certain specific information sought by the Indian firm.
He also said he expects to sign a deal on GSM lines with Swedish network gear maker Ericsson for northern and eastern regions shortly.
BSNL, India’s No. 4 mobile operator, last year sought bids for 25 million GSM lines each for its domestic operation in the north, south and west and 18 million lines in the east.
Goyal said the firm has earmarked Rs14,000 crore in fiscal 2009-10 for its capex programme, for which it will utilize its cash reserves.

Source: Home - Livemint.com | 2 Dec 2009 | 2:39 am

Weak dollar forces Mercedes to build more in US

Frankfurt: Daimler is moving roughly a fifth of the production of its upcoming C-Class volume model from its Sindelfingen plant in Germany to its US factory in Alabama starting in 2014 to compensate for a weak dollar.
“From a strategic and economic point of view, this step is absolutely necessary for Mercedes-Benz to remain competitive in the future and utilise its chances for growth,” Daimler chief executive Dieter Zetsche said in a statement on Tuesday.
In addition to the current Mercedes-Benz SUV models built in Tuscaloosa, the Alabama plant will manufacture nearly 20% of the future C-Class volumes.
Production of the next C-Class for European markets will be concentrated in its northern German plant in Bremen, which in exchange will lose the SL-Class niche model to Sindelfingen to partly compensate its southern German rival plant in near Stuttgart.
As a result, Daimler will offer “attractive job opportunities” to the remaining 1,800 workers in Sindelfingen to secure employment in Germany.
Roughly 10% of future C-Class production will be built in Mercedes’ South African plant of East London, where the model is produced for right-hand markets.
Another 10% will be built at Beijing Automotive’s (BAIC) site in China.
By comparison, about a half of current C-Class production is in Bremen, while another third comes from Sindelfingen. The rest is built in South Africa and China.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 2:38 am

Banking: RBI to the rescue - Business Standard


Banking: RBI to the rescue
Business Standard
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. ...
Provision coverage ratio to rise post RBI regulation: BoBMoneycontrol.com
PCR...Banks told to meet RBI norm by Sept-endIndia Infoline.com
RBI asks banks to maintain 70% provisions for npas by Sep '10Economic Times

all 5 news articles »

Source: Business - Google News | 2 Dec 2009 | 2:37 am

bsnl's proposed acquisition of Zain on hold - Business Standard


TelecomTiger
bsnl's proposed acquisition of Zain on hold
Business Standard
PTI / New Delhi December 2, 2009, 14:05 IST Telecom major Bharat Sanchar Nigam (BSNL) today said its proposed acquisition of Kuwait's Zain Telecom is on hold, as the state-run firm has not got the required information from domestic company Vavasi, ...
UPDATE 1-India's BSNL puts Zain acquisition plan on holdReuters
BSNL: Zain Buy Plan on HoldWall Street Journal
BSNL awaiting information about Vavasi; puts Zain acquisition on holdTelecomTiger
Hindu Business Line -Thaindian.com
all 28 news articles »

Source: Business - Google News | 2 Dec 2009 | 2:35 am

Dubai World lenders to meet firm next week

Abu Dhabi: Dubai World’s creditors have formed a committee comprising six banks that will meet with the troubled state-controlled conglomerate next week, a bank executive familiar with the matter said on Wednesday.
The committee includes two United Arab Emirates banks (UAE) and four British banks -- Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland.
“Emirates NBD and Abu Dhabi Commercial Bank are (also) part of the creditors’ committee,” said the executive, who asked not to be identified.
“There is a meeting next week,” he told Reuters by telephone, without giving further details.
Emirates NBD and Abu Dhabi Commercial could not be immediately reached for comment during a holiday in the UAE. HSBC, Standard Chartered and RBS could also not be immediately reached for comment, while Lloyds declined to comment.
Dubai World asked creditors of two of its flagship firms for a standstill last week on debt worth billions of dollars as part of a restructuring plan.
Earlier this week, the conglomerate said it would restructure about $26 billion of debt owed by its main property firms, Nakheel and Limitless.
The most pressing issue facing Dubai World and debt holders is Nakheel’s $3.52 billion Islamic bond, which matures on 14 December.
The International Monetary Fund said on Tuesday that banks from Britain have the most exposure to the debt of Dubai World.
“It typically tends to be the case that those on the table are those who are most exposed - we see the committee as a proxy to who’s most exposed,” said an Asia-based banking analyst.
“The UAE banks will be under pressure next week to disclose their exposures.”
Moody’s said on Tuesday that possible multiple defaults related to Dubai World’s debt restructuring could lead to downgrades in UAE bank ratings, but international banks exposed to the conglomerate are unlikely to be affected.
The ratings agency estimated the Dubai government and its related entities have debt of $100 billion -- higher than the market estimate of around $80 billion.

Source: Home - Livemint.com | 2 Dec 2009 | 2:25 am

Dubai World lenders to meet firm next week

Abu Dhabi: Dubai World’s creditors have formed a committee comprising six banks that will meet with the troubled state-controlled conglomerate next week, a bank executive familiar with the matter said on Wednesday.
The committee includes two United Arab Emirates banks (UAE) and four British banks -- Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland.
“Emirates NBD and Abu Dhabi Commercial Bank are (also) part of the creditors’ committee,” said the executive, who asked not to be identified.
“There is a meeting next week,” he told Reuters by telephone, without giving further details.
Emirates NBD and Abu Dhabi Commercial could not be immediately reached for comment during a holiday in the UAE. HSBC, Standard Chartered and RBS could also not be immediately reached for comment, while Lloyds declined to comment.
Dubai World asked creditors of two of its flagship firms for a standstill last week on debt worth billions of dollars as part of a restructuring plan.
Earlier this week, the conglomerate said it would restructure about $26 billion of debt owed by its main property firms, Nakheel and Limitless.
The most pressing issue facing Dubai World and debt holders is Nakheel’s $3.52 billion Islamic bond, which matures on 14 December.
The International Monetary Fund said on Tuesday that banks from Britain have the most exposure to the debt of Dubai World.
“It typically tends to be the case that those on the table are those who are most exposed - we see the committee as a proxy to who’s most exposed,” said an Asia-based banking analyst.
“The UAE banks will be under pressure next week to disclose their exposures.”
Moody’s said on Tuesday that possible multiple defaults related to Dubai World’s debt restructuring could lead to downgrades in UAE bank ratings, but international banks exposed to the conglomerate are unlikely to be affected.
The ratings agency estimated the Dubai government and its related entities have debt of $100 billion -- higher than the market estimate of around $80 billion.

Source: World Business - Livemint.com | 2 Dec 2009 | 2:25 am

Jaiprakash starts ops at new cement plant

BANGALORE (Reuters) - Jaiprakash Associates has started operations at a new 2.4 million tonne a year cement plant, adding to its current annual capacity of 14.7 million tonnes, the company said on Wednesday.

Source: Reuters: Money News | 2 Dec 2009 | 2:19 am

Gold prices surge to Rs 18400 in opening trade - Economic Times


Gold prices surge to Rs 18400 in opening trade
Economic Times
2 Dec 2009, 1438 hrs IST, PTI NEW DELHI: Gold prices ontoday touched a new peak at Rs 18400 per ten gram in the national capital gaining Rs 430 in the opening trade on heavy buying for the marriage season amid firming global cues. ...
Gold futures at new high on global cues, weak dollarPress Trust of India

all 9 news articles »

Source: Business - Google News | 2 Dec 2009 | 2:19 am

India gold buying cools off as prices hit record

MUMBAI (Reuters) - India's gold buying cooled off on Wednesday as prices jumped to hit a fresh record high, helped by a weak dollar overseas, while the flow of scrap eased, dealers said.

Source: Reuters: Money News | 2 Dec 2009 | 2:18 am

ISRO earned Rs101.60 cr from foreign satellite launches

New Delhi: ISRO earned Rs101.60 crore in the last three years by launching satellites of other countries, minister of state in PMO Prithviraj Chavan told the Lok Sabha on Wednesday.
The space agency launched 12 foreign satellites during the last three years, including six nano satellites at a cost of Rs101.60 crore, he said.
In reply to a separate query, Chavan said ISRO also plans to launch a Naval satellite in 2010-11, which would provide communication facility to various naval vessels.
He said the ISRO plans to send human beings in space and undertake planetary exploration within the next decade.
“The overall thrust of the space programme for the future is to sustain and strengthen space-based services in a self-reliant manner towards national development and develop space technology capabilities in the areas of advanced satellites,” Chavan said.
The space programme also envisages enhancing capabilities in the areas of satellite communications, navigation, earth observation and human space flight in addition to pursuing research in space science, astronomy and planetary exploration, he said.
ISRO’s Geosynchronous Satellite Launch Vehicle (GSLV) is capable of putting into orbit a 500 kg payload to undertake a mission to Mars.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 2:14 am

Rupee almost steady, shaky shares weigh

Mumbai: The Indian rupee continued to trade largely steady on Wednesday afternoon as see-sawing shares failed to provide a clear direction on fund flows but stronger Asian units supported sentiment.
The Philippine peso and South Korean won led the Asian currency rally on Wednesday as investors gradually resumed buying of risky assets, with concerns easing over Dubai’s debt problems that dimmed dollar’s safe-haven allure and boosted the yen and gold.
At 2:45pm, the partially convertible rupee was at Rs46.26/27 per dollar, off an early Rs46.1375 which was its highest since 26 November. It had closed at Rs46.31/32 on Tuesday.
Indian shares were trading almost flat.
The rupee is nearly 13% above a record low of Rs52.2 hit in early March, helped by foreign portfolio flows of $15.4 billion into Indian equities this year.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs46.3375 each, with the total traded volume on the two exchanges at about $2.5 billion.

Source: Home - Livemint.com | 2 Dec 2009 | 2:11 am

India’s provisional CO2 cut target at 24% by 2020

New Delhi: India thinks it is possible to cut its carbon intensity by 24% by 2020 compared with 2005 levels, according to provisional government figures .
Carbon intensity is the amount of carbon dioxide emitted for each unit of gross domestic product.
By 2030, India estimates it could achieve a reduction in its carbon emissions by 37% from 2005 levels. The figures were arrived at after an analysis by various government departments.
A senior government official who declined to be named said India’s final targets, likely to be presented at next week’s global climate change talks in Copenhagen, could reflect a broad range rather than a specific figure.
India’s carbon intensity cut figures are based on a projection that the country would achieve 20% energy efficiency by 2020 from 2007 levels.
India, the world’s fourth highest emitter, is under pressure to announce details of how it will control its growing carbon emissions, and issuing targets will likely strengthen New Delhi’s hands at the Copenhagen negotiations.
China and the US, the top and second largest emitters in the world, have unveiled plans to curb greenhouse gas emissions, leaving India the only major polluter still to issue any targets.
Government sources said environment minister Jairam Ramesh will make a statement in Parliament on Thursday in which he could announce the targets.
The 7-18December UN talks in the Danish capital were aimed at settling a legally binding deal after arguments between rich and poor nations about who should cut emissions, by how much and who should pay.
But the negotiations have run out of time and hopes are growing that a substantive political pact can be agreed at the meeting instead.

Source: Home - Livemint.com | 2 Dec 2009 | 2:07 am

Satyam's ex- CFO made 32 cr - Times of India


SINDH TODAY
Satyam's ex- CFO made 32 cr
Times of India
NEW DELHI: As always speculated it was not just B Ramalinga Raju, his brothers B Rama Raju and B Suryanarayana Raju, and their kin who made crores out of the Satyam scam. Many of the company's top officials too were a part of the multi-crore scam. ...
Financial reports not necessarily true: Mahindra SatyamBusiness Standard
Satyam: Media Reports on Fraud Don't Reflect Financial PositionWall Street Journal
RPT-Mahindra Satyam says yet to assess refund claims impactReuters
Equity Bulls -Financial Express -AFP
all 76 news articles »

Source: Business - Google News | 2 Dec 2009 | 2:03 am

BSNL puts Zain acquisition plan on hold

NEW DELHI (Reuters) - Bharat Sanchar Nigam Ltd has put on hold its plan to acquire a stake in Kuwaiti mobile telephone operator Zain, BSNL Chairman Kuldeep Goyal said on Wednesday.

Source: Reuters: Money News | 2 Dec 2009 | 2:00 am

WB loans to India seen at $7 bln this year - Mukherjee

NEW DELHI (Reuters) - The World Bank has committed to increase its lending to India to about $7 billion this year from an average $2.3 billion in the previous four years, the finance ministry said in a statement.

Source: Reuters: Money News | 2 Dec 2009 | 1:45 am

ABG Ship sells stake in Great Offshore; ends price war

MUMBAI (Reuters) - ABG Shipyard said on Wednesday it has sold stake in Great Offshore, boosting chances of rival Bharati Shipyard to acquire a controlling stake in the offshore services provider.

Source: Reuters: Money News | 2 Dec 2009 | 1:42 am

ABG Ship sells stake in Great Offshore; ends price war

Mumbai: ABG Shipyard said on Wednesday it has sold stake in Great Offshore, boosting chances of rival Bharati Shipyard to acquire a controlling stake in the offshore services provider.
ABG and Bharati Shipyard had been locked in a six-month-long battle for a bigger stake in Great Offshore, with both shipbuilders revising bids several times.
ABG along with its unit, Eleventh Land Developers Pvt Ltd, sold 3.08 million shares of Great Offshore, or about 8.27% of equity, through a stock market sale.
ABG and the unit together now hold just 571 shares of the firm.
ABG Shipyard shares surged over 19%, while Bharati Shipyard rose as much as 16.4% after the announcement.
Great Offshore shares, which were up more than 7% earlier in the day, fell as much as 6.24% after the announcement.
ABG’s surprise announcement comes after Bharati Shipyard raised its open offer price for Great Offshore to Rs590 a share earlier in the day, from Rs560.
ABG officials could not be reached for comment despite repeated attempts.
At Rs590 a share, Bharati Shipyard would have to spend Rs462 crore to acquire 7.8 million shares of Great Offshore, a Bharati statement said.
The higher offer price has been approved by Bharati’s board, it said.
The open offer will commence on 3 December and will end on 22 December.
Bharati Shipyard currently holds 23.17% in Great Offshore through its subsidiary companies - Dhanashree Properties Pvt Ltd and Natural Power Ventures Pvt Ltd.
Earlier on Wednesday, Great Offshore Ltd saw four block deals on the Bombay Stock Exchange in which 2.47 million shares, or 6.65% of equity, changed hands at a weighted average price of Rs571.39.
It also witnessed three block deals of 355,050 shares, or 0.96% of equity, at a weighted average price of Rs566 on the National Stock Exchange.

Source: Home - Livemint.com | 2 Dec 2009 | 1:31 am

Asia stocks up on recovery bet

Hong Kong: Asian stocks advanced on Wednesday as investors chased higher returns confident that Dubai’s debt woes, which sparked a sell-off last week, will be contained. European and US equity markets were set for a flat opening.
Investors pumped money back into equities across most of Asia as fears eased about potential global contagion from Dubai’s debt repayment problems and after data showed pending US home sales reached a three-and-a-half year high in October.
The MSCI index of Asia Pacific stocks traded outside Japan was 1.3% higher while the Thomson Reuters index of regional shares was up 0.6%.
“With investors more assured that fears about Dubai are continuing to ease, coupled with alleviating economic concerns on the back of solid US data, markets are making a more meaningful rebound today,” said Choi Seong-lak, an analyst at SK Securities in Seoul where shares jumped 1.4%.
Japan’s Nikkei share index rose 0.4% to a two-week closing high but underperformed much of Asia on disappointment over the BOJ actions and the country’s shaky economic outlook, while Japanese government bond futures fell.
A Reuters Tankan survey showed Japanese manufacturers’ confidence gauge was at a one-year high but still reflecting pessimism with the pace of economic recovery expected to slow.
The commodities rally lifted shares in Australia where copper miner Kagara Ltd rallied 7% and gold miner Newcrest Mining jumped 5%, while the benchmark index climbed 0.9%.
Shares of Asian car makers also gained after data showed US car sales rose in November, another sign that the world’s biggest economy is recovering.
Japan’s Nissan Motor, which reported a 31% jump in US sales last month, saw its share price rise 2.5%. Shares of Toyota Motor Co, the world’s biggest car maker and best-selling brand in the US, gained 1.1%.
Gold Surges
Gold scaled another all-time high above $1,200 an ounce on Wednesday, helped by a weaker dollar as it lost some of its safe-haven appeal due to upbeat US home sales and renewed appetite for riskier assets.
Spot gold rose to as high as $1,210.15 after pushing past the $1,200 level for the first time in New York trade, amid a broad rally in commodities on expectations of rising global demand, fuelled by strong US home sales report and analysts’ forecasts that China’s economy could grow by 10% or more this quarter.
Copper touched its highest level in 15 months.
The dollar was again on the defensive while the euro and high-yielding currencies extended gains as risk appetite showed little sign of waning as it usually does heading into the year end.
The dollar was flat against a basket of major currencies, while the yen came off earlier lows amid disappointment that emergency steps announced by the Bank of Japan on Tuesday, primarily short-term funding for banks, did not go further to tackle deflation or help alleviate upward pressure on the yen.
“The BOJ’s new market operation may help financing toward the year-end, but it may be difficult to push up the economy and inflation expectations,” said Satoru Ogasawara, an economist at Credit Suisse in Tokyo.
Banking minister Shizuka Kamei said he was deeply unhappy with the BOJ’s action, calling the central bank “sleepy-headed.”
The yen was trading at 86.99 to the dollar, up from Tuesday’s low of 87.54. It has gained more than 4% this year, raising concerns that exports are growing less competitive, threatening to tip Japan back into recession.
Some analysts had expected the BOJ to signal a return to a form of quantitative easing seen in 2001-06, when it slashed interest rates to zero and flooded markets with cash in a bid to spur growth.
Oil prices were flat at around $78.50 a barrel, recovering after slipping in early Asian trade on data showing US crude stocks rose much more than expected last week.
“Inventories are still high while demand is relatively subdued, but the downside is limited ... when prices decline it attracts new buying supported by the view on macro economic recovery,” said David Moore, commodities strategist at Commonwealth Bank in Sydney.

Source: Home - Livemint.com | 2 Dec 2009 | 1:29 am

European shares rise as telcos, miners gain

London: European shares edged higher on Wednesday after notching up their biggest one-day gain in 4-1/2 months in the previous session, with telecommunication and mining stocks featuring among the biggest gainers.
By 1:44pm, the pan-European FTSEurofirst 300 index of top shares was up 0.2% at 1,012.66 points.
Investors awaited the US ADP Employment report, due at 6:45pm. Economists in a Reuters survey expected a loss of 155,000 jobs versus an October job loss of 203,000.
“With the ADP report, it is going to be fascinating to see if the level of unemployment is continuing to increase or if there are any signs it is bottoming out,” said Justin Urquhart Stewart, director at Seven Investment Management.
“The expectation is that is going to be weak so any improvement will be an encouraging sign.”
Telecommunication stocks featured among the biggest risers. Nokia gained 1.5%, while Vodafone was up 1.8%.
Miners were higher as gold surged to an all-time high above $1,200 an ounce.
Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation, Rio Tinto and Xstrata gained 0.5 to 2%.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 1:28 am

Afghans unimpressed by Obama’s troops surge

Kabul: Thirty thousand more US troops for Afghanistan? Esmatullah only shrugged.
“Even if they bring the whole of America, they won’t be able to stabilise Afghanistan,” said the young construction worker out on a Kabul street corner on Wednesday morning. “Only Afghans understand our traditions, geography and way of life.”
US president Barack Obama’s announcement of a massive new escalation of the eight-year-old war seemed to have impressed nobody in the Afghan capital, where few watched the speech on TV before dawn and fewer seemed to think new troops would help.
Obama said his goal was to “disrupt, dismantle and defeat” al Qaeda in Afghanistan and “reverse the Taliban’s momentum”.
The extra US forces, and at least 5,000 expected from other Nato allies, would join 110,000 Western troops already in the country in an effort to reverse gains made by the Islamist militants, at their strongest since being ousted in 2001.
Shopkeeper Ahmad Fawad, 25, said it would not help.
“The troops will be stationed in populated areas where the Taliban will somehow infiltrate and then may attack the troops,” he said. “Instead of pouring in more soldiers, they need to focus on equipping and raising Afghan forces, which is cheap and easy.”
For many, the prospect of more troops meant one thing: more civilian deaths.
“More troops will mean more targets for the Taliban and the troops are bound to fight, and fighting certainly will cause civilian casualties,” Ahmad Shah Ahmadzai, a former Afghan prime minister, told Reuters.
“The civilian casualties will be further a blow to the US image and cause more indignation among Afghans.”
“Nothing really new”
By late morning, the Afghan government had yet to issue an official response to Obama’s statement. President Hamid Karzai has in the past said he favours additional Western troops, although he wants Afghan forces to take over security for the country within five years.
Although Obama pointedly addressed Afghans, telling them the United States was not interested in occupying their country, parliamentarian Shukriya Barakzai said she was disappointed because the speech contained little talk of civilian aid.
“It was a very wonderful speech for America ... but when it comes to strategy in Afghanistan there was nothing really new which was disappointing,” she told Reuters.
“It seems to me that president Obama is very far away from the reality and truth in Afghanistan. His strategy was to pay lip-service, and did not focus on civilians, nation-building, democracy and human rights.”
Other Afghans, hardened by decades of war and wary of foreign forces whom have for years fought proxy battles in Afghanistan, were sceptical of the United States’ intentions.
Kabul money changer Ehsanullah wondered why US forces had managed to find former Iraqi president Saddam Hussein, but had yet to locate Al Qaeda head Osama bin Laden or Taliban leader Mullah Mohammad Omar, who both fled US troops in Afghanistan in 2001.
“This is part of America’s further occupation of Afghanistan,” he said. “America is using the issue of insecurity here in order to send more troops.”

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 1:21 am

Govt says arrangement for NTPC can’t be equated with private accord

New Delhi: Government on Wednesday filed its affidavit in the Supreme Court on the ongoing gas row between the Ambani brothers saying that the arrangement for public sector NTPC cannot be equated with any agreement between RIL and RNRL.
The apex court had sought the response after Anil Ambani-led RNRL had consented to government being made a party in the dispute.
RNRL contended that it was entitled to receive the gas at $2.34 per unit from Mukesh Ambani group RIL which had entered into an arrangement for supplying gas to NTPC at that rate.
“The rights and obligation of NTPC and RIL cannot be regarded as similar in status to the private arrangement as in the case of RIL and RNRL because NTPC is not only a PSU but the process involved for price determination in the case of NTPC gas was by international competitive bidding,” the government said in the affidavit.
However, the government said the price offered by the contractor to the NTPC will require scrutiny and approval of the government under the production sharing contract (PSC).
“The central government will take an appropriate decision in the case of NTPC as and when a need arises. Such a decision based on public interest, if in favour of NTPC cannot be termed as discriminatory or arbitrary,” the affidavit placed before a bench headed by KG Balakrishnan said.

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 1:05 am

Dubai debt crisis overshadows UAE national day

Dubai: Dubai’s debt problems clouded national day celebrations in the United Arab Emirates on Wednesday -- at least for a shaken financial community trying to work out whether any of their loans enjoy government protection.
Flags, fairy lights and fanfare marked the UAE’s 38th anniversary at a moment when Dubai’s request for a payment delay on $26 billion of debt owed by government-owned Dubai World has exposed the frailties of “quasi-sovereign” lending.
It has also provoked questions about whether Abu Dhabi, the oil-producing powerhouse of the seven-emirate federation, will rescue its ambitious neighbour, perhaps exacting a political price.
Abu Dhabi’s ruler, who is also the president of the UAE, said on Tuesday that the national economy was in good shape, but made no comment on the debt woes disclosed by Dubai on 25 November.
UAE markets, battered in two days of trading this week, were closed on Wednesday, but other Gulf bourses were expected to fall as the impact of Dubai’s debt restructuring continues to send ripples across the region.
Anshuman Jaswal, an analyst with Celent, a Boston-based financial research and consulting firm, said Dubai World’s planned restructuring had shown the need for transparency.
“The panic caused could have been at least partly averted if there was clarity about the fact that debt worth $26 billion needed to be restructured,” Jaswal said.
“Secondly, companies such as Dubai World can no longer be seen as having the protection of their respective governments. This is true all over the region and not just in Dubai.”
Dubai World said on Monday that it had started negotiations with its lenders over $26 billion of debt owned by its main property firms, Nakheel World and Limitless World, that matures before the standstill deadline of 30 May 2010.
This indicates a staggered approach to solving the Emirate’s debt problems -- tackling bond and loan maturities as they fall due -- which will do little to reassure loan and bondholders who are scrambling to assess support for their debt, bankers said.
“If banks are put into a Dubai World restructuring, they will have to decide whether to cut their lines to Dubai and if they would be prepared to refinance other Dubai debt,” one London-based banker said.
The $26 billion of debt affected under the standstill includes a $3.52 billion sukuk bond for Nakheel that matures in December and another 3.6 billion dirham bond due May 2010.
Spooked markets recover
Global markets were alarmed when news first broke that Dubai World, which led Dubai’s transformation into a regional hub for finance, investment and tourism, could not meet its debt commitments.
But fears of contagion have eased despite further falls in Gulf stock markets, and European finance ministers said on Tuesday that Dubai’s debt troubles would have little impact on their region, which is emerging from recession.
“What we understand today is there is no systemic risk,” said French economy minister Christine Lagarde. “It’s not a drama for the world of finance and the impact seems to be essentially regional.”
Dubai’s government has made clear it will not guarantee the debts of Dubai World -- the group has almost $60 billion in liabilities overall -- including those of units not included in the restructuring.
“It seems likely that an arrangement will be found with the creditors,” said Baldwin Berges, in a note for Silk Invest, a British fund manager, arguing that market reaction could have been less severe had expectations been managed better.
“Dubai is a maturing economy and it is now confirmed that there is room for success and failure,” he wrote.
“By the initial reaction on markets, it seems that many foreign investors actually believed that businesses were ‘bullet proof’ in Dubai and that they could count on unconditional financial support from the local authorities.”
Legal documentation showed the government did not guarantee Dubai World’s debt, something investors receiving a spread above governmental debt should have realised, Berges wrote.
“In contrast to some developing countries which have stepped up state aid in the last months, Middle Eastern governments are choosing to not to so,” he added. “In essence, they are sending out a message that companies and their investors must understand they are fully accountable for their actions.”

Source: LatestNews-Home - Livemint.com | 2 Dec 2009 | 1:04 am

Gold prices surge to Rs 18,400 in opening trade

Gold prices today touched a new peak at Rs 18,400 per ten gram in the national capital gaining Rs 430 in the opening trade on heavy buying for the marriage season amid firming global cues.
Source: India Business News | Business News - Times of India | 2 Dec 2009 | 1:03 am

Defence, trade on agenda during Indian PM's Russia visit

Indian Prime Minister Manmohan Singh leaves for Russia Sunday for the annual summit talks with President Dmitry Medvedev, with expansion of civil nuclear ties, new defence deals and boosting trade high on the agenda.
Source: IndiaeNews.com: Business News | 2 Dec 2009 | 1:01 am

High-frequency trading surges across the globe

In some major markets in Asia, it can take seconds to execute an equities order. That's a lifetime for a trader who uses sophisticated algorithms to trade thousands of shares in a millisecond.
Source: Daily News & Analysis: Money News | 2 Dec 2009 | 12:58 am

Markets pare early gains; autos gain on sales

Mumbai: Indian shares dropped slightly at noon from 0.7% rise on Wednesday morning, with banks and autos amongst major gainers as this week’s better-than-expected growth data and strong November auto sales figures underpinned bullish market sentment.
Positive global markets, as the world shrugged off worries about Dubai debt, also supported the move. “Dubai did not have the intensity to put the world into a doomsday scenario again,” said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services.
Banks gained the most as investors upgraded their outlook after Monday’s unexpectedly strong 7.9% annual rise inGDP in the September quarter.
“In a growing economy, growth for banking sector is inevitable. Investors are placing their bets on the long-term outlook,” said Rawal.
Leading banks State Bank of India and ICICI Bank rose 1.7% and 2.5% respectively.
At 1:42pm, the 30-share BSE Index was up 0.3% at 17252.93, with 17 components gaining. The 50-share NSE index was up 0.5% at 5,144.10.
Shortly after midday the market had turned negative for a brief period.
The benchmark has rallied nearly 80% in 2009, driven by foreign fund buying of more than $15 billion of equities.
“Sensex should grow by 15 percent in 2010, tracking EPS growth in companies,” said Rawal. “Also, the extent of negativities in the world markets may come off in 2010. If that happens, it could help the Sensex grow further. It can grow by ... maybe even 25%.”
Top vehicles maker Tata Motors touched a 18-month high of Rs730, after it said its sales in November rose 65%. Other auto stocks such as Maruti Suzuki and Bajaj Auto up 1.7% and 2.2% respectively after reporting strong November sales.
Top engineering and construction firm Larsen & Toubro fell 0.7% to Rs1,617.90, after the government rejected its proposed tie-up with Europe’s EADS for defence equipment production.
In the broader market, gainers were more than double the number of losers, on volume of 144 million shares.

Source: Home - Livemint.com | 2 Dec 2009 | 12:53 am

Daimler in talks with India s Bajaj TVS report

Daimler, the world's biggest truckmaker, is talking to India's Bajaj Auto and TVS group to make commercial vehicles in Asia's third-largest economy, the Economic Times reported.
Source: HindustanTimes.com - Top Business News Headlines | 2 Dec 2009 | 12:50 am

Expect industry to grow at 21% this year: Bajaj Auto - Moneycontrol.com


Expect industry to grow at 21% this year: Bajaj Auto
Moneycontrol.com
Bajaj Auto November total sales were at 2.77 lakh units versus 1.6 lakh units on year-on-year basis (yoy) and versus 2.8 lakh units month-on-month (mom). In an exlcusive interview with CNBC-TV18, S Sridhar, Chief Executive Officer (CEO), Bajaj Auto, ...
Bajaj motorcycle sales rise 84% in NovBusiness Standard
Bajaj Auto accelerates on robust November salesIndia Infoline.com
Daimler in talks with India's Bajaj, TVS: reportReuters
Equity Bulls -Economic Times -Myiris.com
all 24 news articles »

Source: Business - Google News | 2 Dec 2009 | 12:30 am

Bharati Ship raises open offer price for Great Offshore

MUMBAI (Reuters) - Bharati Shipyard said it has raised the open offer price for a stake in Great Offshore to 590 rupees a share, a move that will intensify the battle for the oil rigs and offshore services provider.

Source: Reuters: Money News | 2 Dec 2009 | 12:18 am

Templeton Backs Sun Pharmaceutical Bid for Taro - Bloomberg


Templeton Backs Sun Pharmaceutical Bid for Taro
Bloomberg
Dec. 2 (Bloomberg) -- Mark Mobius, chairman of Templeton Asset Management Ltd., backed Sun Pharmaceuticals Ltd.'s year- long bid to buy Israeli drugmaker Taro Pharmaceutical Industries Ltd., saying he wants the deal ...
Templeton backs Sun in Taro bidEconomic Times
Taro investor reverses stance, backs SunBusiness Standard
Sun Pharma up on Templeton's Taro standLivemint
Moneycontrol.com -Stock Markets Review -Press Trust of India
all 14 news articles »

Source: Business - Google News | 2 Dec 2009 | 12:08 am

Govt says arrangement for NTPC can't be equated with a private accord

The apex court had sought the response after Anil Ambani-led RNRL had consented to the government being made a party in the dispute.
Source: Daily News & Analysis: Money News | 2 Dec 2009 | 12:08 am

Banks, autos lead morning gains in BSE Sensex

MUMBAI (Reuters) – The BSE Sensex rose on Wednesday morning, with banks and autos amongst major gainers as this week's better-than-expected growth data and strong November auto sales figures underpinned bullish market sentiment.

Source: Reuters: Money News | 2 Dec 2009 | 12:03 am

CAT catch —Technical or virus?

Amidst reports that viruses such as Conflicker and Nimda disrupted the conduct of the online version of the Common Admission Test (CAT), software security experts say “the complaints are different. Some talk of system crash, some of
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Cos may need to disclose cost of climate change effort

Soon, Indian companies will have to compulsorily follow a cost-accounting standard on climate
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Economy may grow close to 7%: Rangarajan

The Indian economy might grow close to 7 per cent this fiscal riding on the back of a good showing in manufacturing and services sectors, Dr C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council (PMEAC), has
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Day Trading Guide


Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Snail mail gathers speed after 6 years


Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Govt betting big on private power projects


Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Finolex Industries (Rs 51.5): Buy

We recommend a buy in Finolex Industries from a short-term perspective. It is apparent from the charts of the stock that after recording a multi-year low of Rs 25 in early March, the stock changed direction. Since then the stock has been on an
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

No strategic stake sale in Central power undertakings

The Finance Minister, Mr Pranab Mukherjee, today said that the disinvestment process in three power CPSEs (Central public sector enterprises) - NTPC, Satluj Jal Vidyut Nigam Ltd (SJVNL) and Rural Electrification Corporation (REC) - would be
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Auto cos race to record monthly sales


Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Pace of export drop slows; imports falter in Oct

On the heels of encouraging second quarter gross domestic product (GDP) growth numbers, the foreign trade scenario continues to remain lacklustre, even as the pace of decline in the growth of exports and imports slowed in October, the latest
Source: Business Line - Home Page | 2 Dec 2009 | 12:00 am

Bharati Shipyard raises open offer price for Great Offshore

Mumbai: Bharati Shipyard said it has raised the open offer price for a stake in Great Offshore to Rs590 a share, a move that will intensify the battle for the oil rigs and offshore services provider.
Bharati Shipyard and rival ABG Shipyard Ltd are competing for a controlling stake in Great Offshore, with both companies revising bids several times over the past six months.
Bharati, India’s second largest shipmaker, had earlier quoted Rs560 a share for a 20% stake in Great Offshore.
At Rs590 a share, Bharati Shipyard would have to spend Rs462 crore to acquire 7.8 million shares of Great Offshore, Bharati Shipyard said in a statement.
The higher offer price has been approved by Bharati’s board, it said. The open offer will commence on 3 December and closes 22 December.
Bharati Shipyard holds 23.17% in Great Offshore through its subsidiary companies - Dhanashree Properties Pvt Ltd and Natural Power Ventures Pvt Ltd.
Earlier on Wednesday, Great Offshore Ltd saw four block deals on the Bombay Stock Exchange where 2.47 million shares, or 6.65% of equity, changed hands at a weighted average price of Rs571.39.
It also witnessed three block deals of 355,050 shares, or 0.96% of equity, at Rs566 on the National Stock Exchange.
However, it could not be immediately confirmed whether ABG Shipyard would also raise its open offer price from its current offer of Rs520 a share. ABG officials could not be reached for comment despite repeated attempts.
ABG Shipyard is looking to acquire 32.1% in Great Offshore. As of 30 September, the company held 6.84% in Great Offshore, stock exchange data showed.
Great Offshore shares, which were up more than 7% earlier in the day, pared gains to trade 1.39% lower at Rs537.50.
ABG Shipyard shares were up 7.18% at Rs202.25, while Bharati Shipyard was up 4.58% at Rs167.95 in the Mumbai market.

Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 11:58 pm

New BMW 5 series limousine weighs in

The car, which was unveiled at the sports stadium in Munich where the city hopes to host the 2018 Olympic Games, is crucial to the Bavarian maker which has seen sales dented by the global recession.
Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 11:55 pm

Sensex up 131 pts on global cues

Extending its gains for the third day in a row, Sensex, rose over 131 points in opening trade today with shares of auto sector leading the rally, on continued foreign capital inflows amid firm global cues.
Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 11:42 pm

Japan's Takeda eyeing acquisition in India: Report

Takeda Pharmaceutical, Japan's largest drugmaker, may look for acquisitions in India to boost its presence in Asia's third-largest economy.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 11:42 pm

India gold hits record highs tracking global leads

India gold struck a fresh record high of 18,083 rupees per 10 grams on Wednesday tracking global leads and a weaker dollar.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 11:38 pm

Direct tax receipts up 5.5% in April-Nov

New Delhi: India’s direct tax receipts for April-November have grown by 5.5% and stood at Rs1.87 trillion, compared with about Rs1.77 trillion in the same period last year, a finance ministry offical said.
The figures are provisional.
If the present trend continues, the government hopes to meet the budget estimate of Rs3.7 trillion by March end and the trend was expected to pick up from the third quarter, the official who did not want to be named said.

Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 11:19 pm

Ben Kingsley seeks Indian money for ‘Taj’ in downturn

Panaji: British actor Ben Kingsley, best known for his Oscar-winning role as Mahatma Ghandi, is looking to India again, this time for financing another historic Indian role -- Mughal emperor Shah Jahan.
Kingsley, 65, told Reuters that the film, titled Taj, was a dream project for him, but one that would cost up to $27 million -- money he hopes Indian producers will put up despite the global economic downturn.
“I am hoping that Indian investors will show some interest in the film,” he said in an interview in Goa, where he is attending the International Film Festival of India 2009.
“The reception I have got here in Goa since I arrived has convinced me that this country is special. Increasingly, I think a lot of Western directors are looking for funds in India, China and the East.”
The global economic downturn has not affected Asian economic powerhouses such as India and China as much as the rest of the world, which Kingsley said meant Indian producers were likely to move faster on the project than counterparts in Britain or the United States.
“I don’t expect a Western producer to understand the subject of the Taj the way an Indian producer might. Also, the Indian economy is growing at a fast pace, and I think a lot of people will now look to India for money,” he added.
Taj, which is being produced by Kingsley’s company SBK Pictures, is about Shah Jahan and his quest to build the monumental Taj Mahal in memory of his third and favourite wife, Mumtaz Mahal, who died giving birth to their 14th child.
Kingsley said he hoped Bollywood star Aishwarya Rai Bachchan, the former Miss World and wife of Bollywood actor Abishek Bachchan, would play the role of Mumtaz.
The film is set to be shot around the area of the Taj Mahal which was build in Agra in southern India between 1632 and 1635. It is expected to be released in 2011.
Kingsley said India “has a very special place” in his heart, adding that he revelled in playing historic characters, as they “magnify the human scale -- it’s the condition itself, not the person, that fascinates me.”
The actor, an established name in Britain and Hollywood, will also make his debut in Bollywood this year, with a movie called Teen Patti, which also stars Bollywood icon Amitabh Bachchan.

Source: Home - Livemint.com | 1 Dec 2009 | 11:15 pm

General Motors to consider Saab sale until year end

General Motors Co said on Tuesday that it would consider offers for its Saab brand until the end of the month.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 11:11 pm

Obama announces 30,000 more troops to Afghanistan

West Point, New York: US President Barack Obama said on Tuesday he is ordering 30,000 more troops to Afghanistan by next summer to counter a resurgent Taliban and plans to begin a troop withdrawal in 18 months.
The goal, Obama said in a prime-time televised address, is to speed the battle against Taliban insurgents, secure key population centers and train Afghan security forces so they can take over and clear the way for a US exit.
Bruce Riedel, a former CIA analyst, called Obama’s approach “shock therapy for Afghanistan.”
“It is a bold approach and there is no guarantee of success,” he said. “Wars tend to consume presidencies and this is now Obama’s war.”
The accelerated timetable that Obama unveiled, after a three-month strategy review, surprised some Pentagon planners who had expected a 12- to 18-month period for deploying forces to bolster the 68,000 US troops already in the war zone.
“As commander-in-chief, I have determined that it is in our vital national interest to send an additional 30,000 US troops to Afghanistan. After 18 months, our troops will begin to come home,” Obama said.
His exit strategy appeared to be an attempt not only to sell his shift in strategy to war-weary Americans but also to put pressure on Afghan President Hamid Karzai to fight corruption in his government.
Under his 2011 timeframe, US troops would begin returning home before Obama’s expected re-election bid in 2012.
US allies France and Canada welcomed Obama’s speech but some Afghans expressed disappointment.
“President Obama is very far away from the reality and truth in Afghanistan,” said parliamentarian Shukriya Barakzai. “His strategy was to pay lip service and did not focus on civilians, nation-building, democracy and human rights.”
Kabul resident Sayeed Sharif said: “I don’t think the increase of military force will be helpful for the people of Afghanistan.”
‘Blank check’ days are over
In a 34-minute address, Obama recalled the spirit of unity among Americans after the 11 September attacks on the United States by al Qaeda in 2001 and warned that the militants were plotting fresh attacks.
“I do not make this decision lightly. I make this decision because I am convinced that our security is at stake in Afghanistan and Pakistan,” he told cadets at the US Military Academy at West Point, New York.
Republicans zeroed in on Obama’s vow that some troops will start coming home in 2011, saying it sent the wrong signal.
“A withdrawal date only emboldens al Qaeda and the Taliban, while dispiriting our Afghan partners and making it less likely that they will risk their lives to take our side in this fight,” senator John McCain, the senior Republican on the Senate Armed Services Committee, told Reuters.
Obama defended his decision and promised any pullout would be done responsibly.
“The absence of a timeframe for transition would deny us any sense of urgency in working with the Afghan government,” he said.
Obama’s review was slowed by uncertainty that surrounded Karzai’s re-election. The vote in August was marred by fraud and cast a fresh cloud over Karzai, who has been unable to provide security and basic services to many of Afghanistan’s 28 million people.
Obama briefed Karzai by secure video hookup on Monday night to outline the plan. In his speech and a White House statement, he made clear Karzai is expected to take on corruption and has 18 to 24 months to make progress.
“This effort must be based on performance. The days of providing a blank check are over,” Obama said.
Anthony Cordesman of the Center for Strategic and International Studies said the July 2011 deadline sent an important signal around the world.
“I think that was a deadline to send to our allies that we are not asking for open-ended commitments and to send a warning to the Afghans and the Pakistanis that they have to make a serious effort,” he said.
More NATO troops
Major US troop movements from the new deployment are likely to begin in January and all 30,000 troops should be in place by the end of August, defence officials said.
The vanguard of the US buildup is expected to be the swift deployment of 9,000 Marines into some of the most dangerous parts of the country - Taliban strongholds in southern Afghanistan, including Kandahar and Helmand.
The head of NATO, Anders Fogh Rasmussen, said after Obama’s speech that he expected “at least 5,000 more forces from other countries in our alliance and possibly a few thousand more.”
Beyond the United States, members of the alliance now have about 42,000 soldiers in Afghanistan.
Canada, which has more than 2,800 soldiers on the ground, welcomed Obama’s decision, with foreign affairs minister Lawrence Cannon saying the “additional US resources will help to provide a more secure environment for the Afghan people.”
French President Nicolas Sarkozy said Obama’s speech was “courageous, determined and lucid, giving new impetus to the international commitment” but he did not immediately commit to adding to France’s nearly 3,100 troops now in the war zone.
The new US deployment fell short of the recommendation for 40,000 troops made in August by US Army General Stanley McChrystal, the top commander in Afghanistan.
McChrystal said after Tuesday’s speech that Obama’s decision “has provided me with a clear military mission and the resources to accomplish our task.”
Obama’s plan also attempted to satisfy concerns on both sides of the US political divide and represented a middle ground between conflicting options advocated by some of his senior advisers.
Sending more troops addresses demands from his generals and Republicans, while stressing that the US commitment is not open-ended is an attempt to placate anti-war Democrats.
Democrats gave Obama a mixed review. Some expressed disappointment that he did not give a final date for a US withdrawal after eight years of inconclusive war.
“While I appreciate that the president made clear we won’t be in Afghanistan forever, I am disappointed by his decision not to offer a timetable for ending our military presence there,” said senator Russ Feingold, a liberal Democrat.
The cost of the troop increase, estimated at $30 billion for fiscal 2010, could set off a battle in Congress, with some Democrats calling for a temporary war surtax to pay for it.
A long-term commitment “could cost anywhere from $500 billion to $900 billion over the next decade, which could devour our ability to pay for the actions necessary to rebuild our own economy,” said Democratic representative David Obey.
Obama sought to reassure NATO allies he was not abandoning the war effort, while insisting they need to do their part.
“For what’s at stake is not simply a test of NATO’s credibility,” he said. “What’s at stake is the security of our allies and the common security of the world.”
Obama also focused on Pakistan in his speech, saying a cancer had taken root in its border region with Afghanistan and promised US help to end it.
The pledge comes as Pakistan’s civilian government is teetering. Some officials in Islamabad fear the US surge in Afghanistan will further destabilize their country.
“We will strengthen Pakistan’s capacity to target those groups that threaten our countries and have made it clear that we cannot tolerate a safe-haven for terrorists whose location is known and whose intentions are clear,” Obama said.

Source: Home - Livemint.com | 1 Dec 2009 | 10:59 pm

GM board fires CEO Fritz Henderson in shakeup

General Motors Co's board of directors fired chief executive Fritz Henderson, saying it wanted to chart a new course.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 10:46 pm

General Motors CEO Fritz Henderson resigns

Detroit: General Motors Co’s chief executive Fritz Henderson abruptly resigned on Tuesday, after the company’s board decided the automaker needed to push its restructuring faster under new leadership.
Henderson was asked by the board to step down at a meeting in Detroit after being on the job for just eight months, according to a person with direct knowledge of the matter.
GM chairman Ed Whitacre, 68, will become interim chief executive as the automaker begins an immediate search for a replacement, the company said.
The announcement of Henderson’s sudden departure underscored the tough oversight being exerted by a slate of new GM directors led by Whitacre and selected by the automaker’s majority shareholder, the US Treasury.
General Motors’ chief executive Frederick Henderson (left), and company chairman of the board Ed Whitacre. Carlos Osorio / AP (File photo)
General Motors’ chief executive Frederick Henderson (left), and company chairman of the board Ed Whitacre. Carlos Osorio / AP (File photo)
Henderson, 51, became CEO in March after his predecessor, Rick Wagoner, was forced out by the Obama administration as part of the US government-funded restructuring of GM.
“The board decided -- and Fritz agreed -- that given where we are, it was time to make some changes,” GM spokesman Chris Preuss said at a hastily arranged news conference.
Whitacre, a former AT&T chief executive, became chairman of GM in July as part of a new board vetted by the US Treasury and intended to safeguard the government’s $50 billion investment in the automaker.
The US government has a 60% common equity stake in GM with $10 billion in debt and perpetual preferred shares, but the Obama administration has repeatedly said that it is leaving oversight of the company to Whitacre and the board.
“This decision was made by the board of directors alone. The administration was not involved in the decision,” a White House spokeswoman said.
Whitacre, who became the public face of GM in its first ad campaign after bankruptcy, appeared briefly before reporters at GM’s headquarters in Detroit but did not take questions on why the board had chosen to part ways with Henderson.
“While momentum has been building over the past several months, all involved agree that changes needed to be made,” Whitacre said.
Whitacre, a plain-spoken Texan who said he knew nothing about the auto industry when he became GM chairman, has surprised GM insiders by making unannounced plant visits and putting blunt questions to workers at all levels.
With his move to become GM’s acting CEO, all three US automakers are now headed by outsiders to Detroit.
Ford Motor Co CEO Alan Mulally left Boeing Co in 2006. Chrysler is now run by Fiat SpA CEO Sergio Marchionne.
Whitacre has complained that pay restrictions imposed on GM have made it hard to hire external talent, but the board will likely look for an outsider who can better sell the vision of a revived GM, analysts and industry executives said.
“Whitacre wants an outside CEO. He’s looking for another Alan Mulally,” said Logan Robinson, a longtime auto industry executive and professor at the University of Detroit Mercy School of Law.
Henderson, a career GM executive, had vowed when he became CEO to reform the slow-moving culture that contributed to the automaker’s collapse.
But GM’s faltering efforts to sell off its laggard brands dominated Henderson’s short tenure and tarnished his reputation as a dealmaker and raised questions about the company’s strategy.
First, Detroit-based dealership group Penske Automotive Group pulled out of a deal that would have had it acquire GM’s Saturn brand in late September.
Then last month, GM’s board shifted course on a planned sale of the company’s European Opel unit, rejecting a deal that Henderson had backed and helped broker.
In the most recent setback, Swedish luxury car builder Koenigsegg dropped a planned acquisition of GM’s Saab brand.
Last month, in statements that some read as an implicit rebuke of Henderson, Whitacre seemed to question the aggressive timetable for an initial public offering of GM stock that had been outlined by Henderson.
“At the end of the day, it seems a little bit inevitable,” said David Bitterman, managing director at Huron Consulting. “Obviously, Whitacre and Fritz didn’t envision the new GM in the same way.”
GM’s board said on Tuesday it would consider other potential deals to sell Saab over the next month but wind down its operations if it concluded that none could be reached.

Source: World Business - Livemint.com | 1 Dec 2009 | 10:43 pm

Sensex up 131 points on global cues

The Sensex, rose over 131 points in opening trade today, with shares of auto sector leading the rally, on continued foreign capital inflows amid firm global cues.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 10:39 pm

GM CEO Henderson departs in shakeup by board

DETROIT (Reuters) - General Motors Co's chief executive Fritz Henderson abruptly resigned on Tuesday, after the company's board decided the automaker needed to push its restructuring faster under new leadership.

Source: Reuters: Money News | 1 Dec 2009 | 10:36 pm

Daimler in talks with India's Bajaj, TVS: Report

The German company, also the second-biggest premium carmaker including Mercedes-Benz, will initially produce light, medium trucks by 2010 and heavy-duty commercial vehicles by 2012.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 10:34 pm

Sensex up 131 points on global cues

Brokers said market sentiments were bullish on the back of continued buying by foreign funds on strong global cues and better-than-expected GDP data for the September quarter.
Source: Daily News & Analysis: Money News | 1 Dec 2009 | 10:24 pm

Rupee up 17 paise at 46.14 against US dollar

Continuing with its gaining streak for the third straight day, the rupee today appreciated by 17 paise to touch one-week high at 46.14 against the US currency in opening trade on hopes of continued capital inflows into equity market.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 10:02 pm

If virus hit CAT test, will it hit results too? - Economic Times


Indian Express
If virus hit CAT test, will it hit results too?
Economic Times
NEW DELHI: Prometric may have found refuge in the two viruses 'Conflicker' and 'w32nimda', to wriggle out of the CAT online test controversy. But that has, by the end of day four of online CAT 2009, left over 50000 students who managed to take the test ...
iims wash hands of CAT hiccupsTimes of India
PRESS STATEMENT by Prometric & IIMs - 1st Dec, 2009TestFunda - MBA Test Prep
CAT day 4 sees less turmoilBusiness Standard
Hindu Business Line -Hindu -Livemint
all 735 news articles »

Source: Business - Google News | 1 Dec 2009 | 9:43 pm

CBI defends Tytler closure report, says '84 riots witness 'unreliable' - Indian Express


CBI defends Tytler closure report, says '84 riots witness 'unreliable'
Indian Express
Justifying its clean chit to former Union minister Jagdish Tytler in a 1984 anti-Sikh riots case, the Central Bureau of Investigation (CBI) on Tuesday cited statements of witnesses, including an eye-witness Surinder Singh, to claim there was nothing ...

and more »

Source: Business - Google News | 1 Dec 2009 | 7:08 pm

Stimulus should continue: Montek

The Planning Commission on Tuesday pitched for continuation of the stimulus provided to the industry till the end of March, notwithstanding the robust 7.9% growth recorded in the second quarter.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:47 pm

ONGC, Hindujas ink Iran projects deal

ONGC and the Hinduja group signed preliminary deals to pick up stakes in two major Iranian projects. ONGC inked MoA for an over 20% share in Iran LNG.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:45 pm

Govt-approved RILs gas price daylight robbery

Anil Ambanis RNRL sought to trash govt approval to a formula allowing Mukesh Ambani-owned RIL to inflate unit sale price of gas by alleging that it was akin to daylight robbery.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:45 pm

Developing nations must unite at WTO

India on Tuesday urged developing countries to stand united at WTO negotiations stating that the global trade deal must reflect the aspirations of the vast majority of people.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:43 pm

Analjit, Ghosh can sell stake in Vodafone

Government on Tuesday cleared 17 FDI proposals worth Rs 4,551 crore, including a proposal by Analjit Singh and Asim Ghosh to part-sell their stakes in the second largest GSM operator Vodafone.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:43 pm

Not over 10% selloff in PSUs

FM Pranab Mukherjee on Tuesday said the government had no intention to disinvest more than 10% in profit making PSUs in the present scenario.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:41 pm

Indian banks in dock for FEMA violations

RBI is investigating Foreign Exchange Management Act violations by several banks in India, which in 2007-08, sold those exotic contracts to gullible companies, importers and exporters, resulting in huge losses.
Source: India Business News | Business News - Times of India | 1 Dec 2009 | 1:34 pm

11 digit mobile phone numbers from January

More than 480 million subscribers of mobile telephony services will have 11-digit number from January 1.
Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 12:13 pm

Auto sales in November in top gear

Alok Ranjan got married last month and treated himself to an SX4. The Jaipur-based stockbroker wasn’t the only one to splurge on new wheels in November. He was one of 76,359 people who brought home a Maruti.


Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 12:12 pm

Dubai crisis may push up cost of overseas credit

The Dubai crisis may increase the cost of funds for India companies, particularly those with business interests in West Asia.
Source: Business Standard | Front Page Headlines | 1 Dec 2009 | 11:49 am

Taro investor reverses stance, backs Sun

Sun Pharma's share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel's Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun's bid.
Source: Business Standard | Front Page Headlines | 1 Dec 2009 | 11:47 am

Car sales see record November surge

Fears of an imminent price rise, production spillovers owing to spare parts shortages plus a low base effect saw sales of the country's major car makers grow a record 63 per cent in November.
Source: Business Standard | Front Page Headlines | 1 Dec 2009 | 11:46 am

Gaps persist as India pushes for development agenda at WTO

Differences among the developed world and the emerging markets continued at the seventh WTO Ministerial, as India pleaded for brining back "development" on the agenda of the world trade body and expedite conclusion of the Doha Trade talks by 2010.


Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 11:41 am

HDFC offers easier home loans 8 25 p c for two yrs

Making housing loans more attractive, HDFC Ltd has offered special home loan at fixed rate of 8.25 per cent per annum up to 31.3.2012 and the applicable floating rate for the balance term.
Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 11:38 am

West should break Doha deadlock India

India has asked the developed world to modify their stand on market access to the developing countries to make progress on the Doha Round.


Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 9:27 am

Stimulus paying off

The country’s obsession with cars and two wheelers hit a new high in November, with at least three auto biggies —Maruti Suzuki India Ltd, Hyundai Motor India Ltd and Hero Honda Motors Ltd — posting all-time high monthly sales figures during the month.  See graphic
Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 9:16 am

Newspaper sales highest in India China and Japan WAN IFRA

The newspaper sales in India, China and Japan, at 60 per cent in terms of circulation, are highest in the world.


Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 9:00 am