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Nine of top-10 cos add Rs 49k cr in m-cap; BHEL lone loser!Nine of top-10 country`s most valued firms added nearly Rs 49,000 crore last week with the exception of power equipment maker BHEL.Source: Zee News : Business | 6 Dec 2009 | 5:09 am Markets to remain volatile with negative bias: Analysts!Dalal Street is likely to remain volatile with a downward bias this week and will continue to take directions from the global markets, say analysts.Source: Zee News : Business | 6 Dec 2009 | 5:09 am SIS to roll out video telephony for BSNL!IT firm Sai Info Systems has partnered with state-run telecom operator BSNL to roll out video telephony services.Source: Zee News : Business | 6 Dec 2009 | 5:09 am Indian cos` add $5.33 bn to their US m-cap in a week!Indian stocks trading on the American bourses added USD 5.33 bn to their cumulative market capitalisation, with the IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting nearly half of the gain.Source: Zee News : Business | 6 Dec 2009 | 5:09 am US sees 130 bank failures in `09!Six more US banks have been shut down, pushing the total number of failures this year to 130 or an average of nearly 11 entities every month.Source: Zee News : Business | 6 Dec 2009 | 5:09 am India, Russia reach broad agreement on aircraft carrier dealThe general agreement being worked out is to the mutual satisfaction of the two countries, who have been unable to attain a finality on the deal after India decided to buy it re-christened as INS Vikramaditya.Source: Daily News & Analysis: Money News | 6 Dec 2009 | 3:26 am Oman banks Dubai World exposure reaches $77 mlnDUBAI (Reuters) - Oman's top banks said on Sunday they had a total exposure of $77 million to troubled conglomerate Dubai World, sending their shares down nearly 6 percent.Source: Reuters: Money News | 6 Dec 2009 | 3:17 am MSMEs may get procurement preference in PSUs soonMost of the public sector units will have to source at least one-fifth of their purchases from the micro, small and medium enterprises, if the recommendation of a task force headed by Prime Minister Manmohan Singh's top aide is accepted.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 2:47 am Two key negotiators pull out of India's Copenhagen delegation - Hindustan Times
Source: Business - Google News | 6 Dec 2009 | 2:46 am BPOs to be taxed under new government codeMumbai: Business Processing Outsourcing centres in India would be subjected to taxation under the new proposed Direct Tax Code (DTC) but some clarifications, especially on double taxation, were still needed, an expert said. “The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act. There is no provision in DTC for any such extension of benefits,” tax expert and International Fiscal Association of India Branch Chairman T.P. Oswal told said. According to him, the BPOs can be taxed on the basis of the profit they make in India and also overall profit. “According to the Organisation for Economic Co-operation and Development (OECD), a France-based grouping of 30 developed nations, these BPOs can be taxed on the basis of the overall profit of the company. But according to a ruling of the Supreme Court it is not possible,” he said. BPOs can approach the government under the Advanced Price Arrangement (APA) for a clarification about the taxation process, to avoid any incident of double taxation, Oswal said. “There is a new provision called Advanced Price Agreement (APA) included in DTC. The BPOs can approach the government and ask for a clarification,“ the tax expert said. “No amendments or circular will carry retrospective effect in this regard and the vested rights of the tax-payer will not be taken away. Their agreement under APA will be unchangeable for a maximum of five years,” Oswal added. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 2:43 am Come next year, Corus may get the Tata tagThe Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 1:50 am I will now focus on tourism: Narendra Modi - Economic Times
Source: Business - Google News | 6 Dec 2009 | 1:38 am Boeing says will compensate AI, Jet for delayNew Delhi: American aircraft-maker Boeing on Sunday said that it will have to compensate Air India and Jet Airways for the “gross” delays in deliveries of the new Dreamliner jets B-787, for which orders were placed in 2005. “It is the first time in my sales career which began in 1987 in Boeing that I am paying (compensation) because we are not only late but grossly late (in delivering B-787),” Boeing India President Dinesh Keskar said. Indian carriers would start getting the new widebodied long range aircraft being developed by Boeing from 2011, after a delay of about three years, he said but declined to give any specifics on the nature and quantum of the proposed compensation. The company will deliver its first 787 to All Nippon Airways of Japan next year, marking a delay of about two years. Dreamliner’s first test-flight is, however, slated to before the end of the year. Air India placed orders for 27 of these airplanes, the delivery of which has now been scheduled to begin 2011. Similarly, Jet Airways has ordered 10 Dreamliners with delivery starting in 2014 and going on till 2016. Globally, the American aircraft major has received orders for 850 Dreamliners. Source: World Business - Livemint.com | 6 Dec 2009 | 1:32 am Boeing says will compensate AI, Jet for delayNew Delhi: American aircraft-maker Boeing on Sunday said that it will have to compensate Air India and Jet Airways for the “gross” delays in deliveries of the new Dreamliner jets B-787, for which orders were placed in 2005. “It is the first time in my sales career which began in 1987 in Boeing that I am paying (compensation) because we are not only late but grossly late (in delivering B-787),” Boeing India President Dinesh Keskar said. Indian carriers would start getting the new widebodied long range aircraft being developed by Boeing from 2011, after a delay of about three years, he said but declined to give any specifics on the nature and quantum of the proposed compensation. The company will deliver its first 787 to All Nippon Airways of Japan next year, marking a delay of about two years. Dreamliner’s first test-flight is, however, slated to before the end of the year. Air India placed orders for 27 of these airplanes, the delivery of which has now been scheduled to begin 2011. Similarly, Jet Airways has ordered 10 Dreamliners with delivery starting in 2014 and going on till 2016. Globally, the American aircraft major has received orders for 850 Dreamliners. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 1:32 am Oman's Bank Muscat has $50 million exposure to Dubai WorldThe Muscat bourse has asked all listed banks to disclose any exposure to Dubai World Group whether directly or indirectly.Source: Daily News & Analysis: Money News | 6 Dec 2009 | 1:04 am I will now focus on tourism: Narendra ModiChief Minister Narendra Modi has set his sights on marketing Gujarat as a tourism destination and is inviting private investors to develop infrastructure at major sites like the picturesque Rann of Kutch.Source: IndiaeNews.com: Business News | 6 Dec 2009 | 1:01 am Corus may adopt the Tata brand next yearNew Delhi: The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn. The rebranding exercise for the Anglo-Dutch steel maker is underway and the process will start by the middle of 2010. “I can confirm that it has always been Corus’ intention to adopt the Tata Steel brand as its visual identity,” a Corus spokesperson said. “In fact, the transition began more than a year ago when Tata Steel Europe became the legal name for Corus, and our international operations already bear the Tata Steel brand. A gradual transition for the rest of Corus could start by the middle of 2010...,” the spokesperson said, adding however, a final decision is awaited. Tata Steel had acquired Corus in 2007 for $USD 12 billion and rechristened it as Tata Steel Europe last year. Queries regarding the likely cost on this major exercise evinced no response from the company but the move, sources say, is likely to entail huge expenditure as the European arm is still widely known as Corus and therefore would require a massive exercise to change the names of offices, stationary, vehicles and locations. However, the Tata Group, sources added, sees no financial constraints for the exercise. Corus, which was formed following merger of British Steel and the Netherlands’ Koninklijke Hoogovens in 1999, is now the second largest steel producer in Europe with an annual revenue of around 12 billion pound. Corus contributes to a hefty 70% of the 28 million tonne crude steel production of the Tata Steel Group. The company has 40,000 employees. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 12:47 am Corus may adopt the Tata brand next yearNew Delhi: The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn. The rebranding exercise for the Anglo-Dutch steel maker is underway and the process will start by the middle of 2010. “I can confirm that it has always been Corus’ intention to adopt the Tata Steel brand as its visual identity,” a Corus spokesperson said. “In fact, the transition began more than a year ago when Tata Steel Europe became the legal name for Corus, and our international operations already bear the Tata Steel brand. A gradual transition for the rest of Corus could start by the middle of 2010...,” the spokesperson said, adding however, a final decision is awaited. Tata Steel had acquired Corus in 2007 for $USD 12 billion and rechristened it as Tata Steel Europe last year. Queries regarding the likely cost on this major exercise evinced no response from the company but the move, sources say, is likely to entail huge expenditure as the European arm is still widely known as Corus and therefore would require a massive exercise to change the names of offices, stationary, vehicles and locations. However, the Tata Group, sources added, sees no financial constraints for the exercise. Corus, which was formed following merger of British Steel and the Netherlands’ Koninklijke Hoogovens in 1999, is now the second largest steel producer in Europe with an annual revenue of around 12 billion pound. Corus contributes to a hefty 70% of the 28 million tonne crude steel production of the Tata Steel Group. The company has 40,000 employees. Source: World Business - Livemint.com | 6 Dec 2009 | 12:47 am Uncertainties in new tax code may hit fund inflows: Deloitte - Economic Times
Source: Business - Google News | 6 Dec 2009 | 12:35 am Pepsico seeks govt nod to use sugar alternativeNew Delhi: In what could be an effective way to overcome soaring sugar prices, Pepsico India has sought government nod for using alternative sweetener for beverages. “There are some natural sugar substitutes, which do outstandingly well in other countries. It is not allowed in India right now, but they are allowed in the US and Korea and in other countries,” Pepsico India chairman Sanjeev Chadha said. The prices of sugar, which account for a third of the input cost of carbonated beverages, have skyrocketed to Rs40 per kg from around Rs20 a year ago. Citing the example of the plant ‘Stevia´, often found in Latin America, China and Africa, Chadha said Pepsi wants to use it as a sugar substitute and grow it in India. “Stevia is the sugar of tomorrow. Its leaves are 30 times sweeter than sugar... We are talking to the regulatory people. It is allowed in other countries and should be allowed in India as well,” Chadha said. Meanwhile, the company is looking at various options like leveraging on import and hiking the prices of its products to tide over the situation. Besides, the company is entering into future trade contracts of sugar as part of the strategy to minimise cost. “Fortunately, given that import is allowed we can lock in and look in forward deals and that is what is really helping up tide over the situation,” Chadha said. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 12:33 am K’taka to grant approvals to ArcelorMittal projectNew Delhi: Karnataka is doing everything to ensure the proposed Rs30,000-crore investment in the state by steel giant ArcelorMittal, including easy clearances for mining lease and land acquisition by the end of this month. The state has formed a special screening committee to expedite regulatory clearances and has targeted to give these approvals within this month. “We welcome ArcelorMittal to set up their 6 million tonnes per annum (MTPA) venture here in the state and will clear all necessary approvals in December,” Karnataka’s commissioner for industrial development Raj Khatri said. ArcelorMittal has identified Karnataka as a possible location for their project, but is yet to disclose the size of the project in terms of capacity or investment. “A screening committee, constituted by Chief Minister B.S. Yeddyurappa for expediting the proposals of the steel giant, has cleared the mining lease application of the ArcelorMittal and we will provide all necessary clearances to it this month,” Khatri, who is also the Member Secretary of the Screening Committee, said. The steel giant had last month short-listed sites in the iron ore-rich Bellary region in north Karnataka for the integrated plant. ArcelorMittal has been facing problems in acquiring land and delays in securing regulatory approvals at its proposed Rs1lakh crore steel project sites in Jharkhand and Orissa. Earlier, it had also approached Chhattisgarh for setting up a mega project but plans did not materialise. Against such a backdrop, Karnataka welcomed the steel giant to set up operations there. The company has maintained that the proposed plant in the southern state would be in addition to its Jharkhand and Orissa projects, for which it is still to acquire land. The steel major had proposed to set up a plant in Keonjhar, Orissa, and at the tribal-dominated area between Khunti and Gumla districts of Jharkhand. The company needs about 10,000 acres in Jharkhand and about 8,000 acres in Orissa to put up these plants. While it has been allocated the Karampada mines in Jharkhand with estimated reserves of 65 MT iron ore against its needs of 600 MT to feed its 12-MTPA plant, in Orissa it is still awaiting iron ore mining lease. ArcelorMittal has meanwhile entered into an agreement with secondary steel producer Uttam Galva to become its co-promoter and mark its first operational presence in the country. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 12:15 am MNP not before April says BSNL MTNLBoth BSNL and MTNL are set to miss the mobile number portability (MNP) deadline of December 31.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 12:11 am Nine of top 10 cos add Rs 49k cr in m-cap, BHEL lone loserNine of top 10 country's most valued firms added nearly Rs 49,000 crore last week in their market capitalisation, with the exception of power equipment maker BHEL.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 12:10 am Car prices expected to rise in the new yearMumbai: A steep rise in input costs, primarily in copper and aluminium components, is likely to force car-makers to hike prices in the New Year. Several leading automobile majors, Skoda and Toyota among them, are mulling upping their prices by 1-2% to offset higher input costs, thereby passing the burden onto their consumers. Czech car-maker Skoda India has decided to hike prices of its popular brands, the hatch-back Fabia and sedans Octavia, Laura and Superb, from January by Rs10,000-20,000 on all models, SkodaAuto India’s Board Member, Sales and Marketing, Thomas Kuehl, said. “We are considering a price hike between Rs10,000- Rs 20,000 on all our models in the next month, as inflationary pressure and raw material costs have moved up recently,” Kuehl said. Toyota Kirloskar Motor, too, said it was planning to up prices of three of its key models - Innova, Corolla Altis and Fortuner - by up to 2% from 1 January. “So far, we have absorbed the increase in total costs but now we are compelled to pass on a part of it to the customer,” Toyota Kirloskar deputy managing director, marketing, Sandeep Singh, said. “We plan to raise prices by 1.5-2% from 1 January,” he said. Maruti is currently monitoring the prices of key raw materials and would decide on a rate hike “at the appropriate time,” a source close to the development said. Mercedes-Benz and Fiat India have, however, not yet decided on increasing prices. “We have not decided about it (price hike)... we will take a call at the right time,” Fiat India Automobiles Chief Executive Rajeev Kapoor said. Mercedes-Benz India general manager (corporate communication) Manas Dewan said, “we are not raising our vehicle prices this year.” Asked whether a hike was likely in early-2010, Dewan declined to comment. Mahindra & Mahindra, the country’s biggest special utility vehicle selling company, is also likely to up prices of some of its models next month and is expected to take a decision by December end, a company spokesperson said. Prices of base metal copper has risen more than 130% this year and is on course to record its biggest annual increase in more than 30 years. Aluminium rates jumped to $2,165.25 a tonne, its highest level since October 2008. Price of silver, which is also used by the automobile industry in a small way, has risen by 1.4% to $19.34 an ounce. Source: LatestNews-Home - Livemint.com | 6 Dec 2009 | 12:04 am IPO grading makes little difference to the returnsIf you are looking to participate in the string of upcoming Initial Public Offers, should you buy the ones with a high investment grading from ratingSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am Weekly News Round upIntensifying the competition in the fast growing mobile market, Unitech Wireless Ltd has announced the launch of its GSM services. The latest mobile operator to enter the cellular segment will offer local calls at 29 paise a minute compared with anSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am PM attending Copenhagen meetThe Prime Minister, Dr Manmohan Singh, will travel to Copenhagen to attend the climate changeSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am DAE powers up nuclear generation target by 10,000 MWThe Department of Atomic Energy (DAE) has raised civil nuclear power generation to 30,000 MW by 2020 against the earlier target of 20,000 MW, said Dr S. Banerjee, Secretary, DAE, and Chairman, Atomic EnergySource: Business Line - Home Page | 6 Dec 2009 | 12:00 am Dubai financial problems manageable, says ZoellickIndia need not entertain any worry about the recent debt crisis of Dubai World adversely impacting its market, the World Bank President, Mr Robert B Zoellick, said hereSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am Rail wagon shortage pushes up cement pricesAlmost after three months, cement prices have started inching up in the southern and western regions due to distribution constraints on the back of shortage in availability of railSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am Cash-for-clunker type sop on the cardsThe Government is discussing scrappage incentives so that vehicle owners get rid of old vehicles and invest in new and more fuel-efficient vehicles, which have lowSource: Business Line - Home Page | 6 Dec 2009 | 12:00 am Saudi oil minister sees no change at OPEC meetOPEC has held its formal output targets steady all year following a decision announced last December to cut supplies by a record 4.2 million barrels per day.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:45 pm National Bank of Oman has $23 million Dubai exposureThe bank, the third-largest lender in Oman by market value, said in a regulatory filing the exposure was part of a syndicated loan.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:43 pm Uncertainties in new tax code may hit fund inflows: Deloitteertainties in the Government's proposed Direct Tax Code may affect the foreign fund flows into the Indian market, a top industry official said.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:36 pm BPOs to be taxed under new government code, says expertBPO centres in India would be subjected to taxation under the new proposed Direct Tax Code, an expert said.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:34 pm Bidders likely to lap up 3G, thanks to spectrumNew Delhi: An apparent lack of interest in the auction for high-speed third-generation (3G) and broadband wireless access (BWA) spectrum won’t stop the government from getting bidders to cough up the cash that it needs to control a burgeoning deficit. That’s because many potential bidders running 2G services, already scrambling for scarce spectrum to carry mobile phone calls, desperately want the additional frequencies that will come with a 3G licence. Mint reported on Tuesday that the pre-bid meet recently hosted by the department of telecommunications (DoT) to answer queries and resolve doubts showed that interest in the auction may have waned since 23 December, when the last such meeting was held. Listen to a podcast on why 3G has taken so long to come to India DoT, in its information memorandum, has said that the auction will be held starting on 14 January and that the government expects to raise a total of Rs35,000 crore from the sale. The government has set the reserve price for a nationwide 3G licence at Rs3,500 crore, while that for BWA spectrum is half that. Also See What’s on Offer (Graphics) “All the circles will go for much more than the reserve price. With more than 12 players in a market, spectrum is a very limited resource. The four-five major incumbent operators cannot afford to ignore 3G spectrum to assure growth. Listed firms that lose the auction will see a significant fall in their share prices as their future growth is dependent on spectrum,” said Mahesh Uppal, director with regulatory adviser ComFirst (India) Pvt. Ltd. “Auctioning of only four slots in a market where there are more than 12 domestic operators and maybe some foreign operators who may participate in the auction would mean that from the government’s point of view, there is nothing to worry about.” The government has kept its revenue expectations from the auction to a minimum. “They have added up the reserve price for all the circles from the BWA and 3G auctions and then added a minimum premium, which will be made from just the metros” of New Delhi, Mumbai, Kolkata and Chennai, said a telecom consultant with one of the foreign phone companies on condition of anonymity as he is not authorized to speak to the media. The scarcity of spectrum for telecom operators has been further worsened by DoT’s decision to freeze all additional allocation of frequencies. In an operating area such as Delhi, which is one of the most saturated telecom circles, only two 3G slots will be allocated. “Delhi alone could easily go for double or triple the reserve price,” said Kunal Bajaj, managing director with strategy analysis firm BDA Connect Pvt. Ltd. “The cost of losing spectrum is too high as the top 9% of subscribers contribute 25% of revenue.” Also Read Grey areas cloud 3G auction prospects With the advent of mobile number portability (MNP), losing in the auction could mean having to sacrifice users who yield higher average revenue as they could migrate to companies that are offering 3G, Bajaj said. “Around 25 million 3G handsets are already installed in the country,” he said, all of whom are readymade potential customers. Incumbents will try their best to get 3G spectrum to ensure that valuations aren’t eroded. “A national player would need to bid across the country, while a new operator may only bid for their favourite circles,” Uppal said. “Even if they don’t want to start 3G services, they might try and get the spectrum in order to increase the value of their firm for when they sell out.” In the pre-bid conference on Monday, DoT officials had said that one of the objectives of the auction was to alleviate the congestion of airwaves that is leading to poor quality of mobile services in India. Earlier this year, DoT had frozen the allocation of additional 2G spectrum, at the request of the finance ministry, until the recommendations of the committee on the subject were decided upon. The panel, headed by additional secretary (telecom) Subodh Kumar, recommended to the telecom commission in May that all spectrum be auctioned as opposed to the present system of allocation based on the number of users (subscriber-linked criteria) a phone company was able to acquire. The committee also recommended the easing of merger and acquisition rules in the telecom sector as well as spectrum trading and sharing. The report has been submitted by DoT to the Telecom Regulatory Authority of India, which will make its recommendations based on a consultation process that will include all stakeholders. The consequence of this freeze in spectrum allocation is that most of the incumbent telecom operators who have been adding subscribers by the millions will soon run out of airwaves to accommodate new users. “The artificial scarcity of spectrum in the metros would force incumbent operators like Bharti Airtel Ltd, Reliance Communications Ltd and Vodafone Essar to go after whatever spectrum there is available in the cities. They need the spectrum for their existing voice services,” a Mumbai-based analyst with an international brokerage firm said on condition of anonymity as he is not authorized to speak to the media. Analysts agree that the first thing spectrum winners, currently running 2G services, will do is improve existing networks that are highly congested. They may decide to add newer 3G data services only after this is complete. The high demand for spectrum in the metros and what are referred to as A circles won’t mean that the lower revenue generating B and C circles will get less attention. “In the rural markets, the reserve price is low (Rs30 crore for 3G), but spectrum is spectrum, which might cost higher later. The telcos will pick it up,” said Bajaj of BDA Connect. “Rural markets make twice the revenue contribution of VAS (value-added services) as compared to urban markets.” In rural markets, the revenue contribution from VAS of 18-20% is more than double that of the average revenue contribution of around 9%. “This is because rural areas have lower avenues of entertainment,” Bajaj said. “The operators don’t know when the next auction will take place and how much the spectrum will cost” when that happens, he added. Executives from Bharti Airtel, Reliance Communications and Vodafone declined to comment for this story. Graphics by Ahmed Raza Khan / Mint Source: LatestNews-Home - Livemint.com | 5 Dec 2009 | 11:23 pm Saudi oil minister sees no change at OPEC meet - reportDUBAI (Reuters) - OPEC will not change its production target when its ministers meet later this month as oil prices are at the desired levels, Saudi Arabian Oil Minister Ali al-Naimi said in remarks published on Sunday.Source: Reuters: Money News | 5 Dec 2009 | 11:21 pm Essar to add 66 Hypermarts in India, eyes SAARC regionEssar Hypermarts are one-stop shop for a wide range of flat steel products including, hot rolled, cold rolled and galvanised steel sheets and TMT Bars.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:21 pm Croma to invest Rs 40 cr to up stores to 52 by MarchTata Group's electronic retail chain, Croma, will invest over Rs 40 crore to scale up its stores to 52 by next March.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 11:19 pm South Korea lures foreign investors with merger dealsSEOUL (Reuters) - South Korea plans to step up efforts to invite foreign investors by promoting merger deals and easing regulations, the government said on Sunday.Source: Reuters: Money News | 5 Dec 2009 | 11:17 pm Nine of top-10 cos add Rs49k cr in Mcap; Bhel lone loserMumbai: Nine of top-10 country’s most valued firms added nearly Rs49,000 crore last week with the exception of power equipment maker Bhel. The country’s most valued firm Reliance Industries added a whooping Rs13,195.61 crore to its market capitalisation (m-cap), taking the total valuation to Rs3,57,924.99 crore for the week ended 5 December. Shares of RIL surged nearly four per cent to close at Rs1,089.05 on the Bombay Stock Exchange at the end of Friday’s trade. Next comes ONGC that added Rs2,737.76 crore and then power producer NTPC whose valuation rose by Rs1,401.73 crore. ONGC’s market valuation stood at Rs2,52,600.55 crore while NTPC’s at Rs1,72,866.07 crore. Trading behemoth MMTC added Rs 214 crore to its market capitalisation. At the end of the review period MMTC’s total valuation was Rs1,70,271.25 crore. Iron ore miner NMDC saw its m-cap surge by Rs8,107.81 crore with its total valuation at Rs1,64,594.52 crore. The country’s largest public sector lender SBI appears next on the list. It added Rs5,406 crore and at the end of the week its market capitalisation stood at Rs1,47,777.84 crore. IT bellwether Infosys Technologies’ m-cap grew by Rs3,110.26 crore at Rs1,36,596.36 crore. Top outsourcing firm TCS’ m-cap rose by Rs4,677.71 crore to take its total market valuation to Rs1,36,123.26 crore. Private telecom services provider Bharti Airtel inched up after adding Rs9,947.72 crore to its m-cap, while power equipment maker Bhel slipped to the 10th slot after losing Rs930.08 crore. Airtel saw its m-cap surge to Rs1,17,645.09 crore and Bhel to Rs1,08,127.63 crore. The 30-share index Sensex in the past week surged nearly 3% or 469.53 points to close at 17,101.54 points on the Bombay Stock Exchange (BSE) at the end of the Friday’s trade. RIL numero-uno in the list is followed by ONGC (Rs2,52,600.55 crore), NTPC (Rs1,72,866.07 crore), MMTC (Rs1,70,271.25 crore), NMDC (Rs1,64,594.52), SBI (Rs1,47,777.84 crore), Infosys Technologies (Rs1,36,596.36 crore), TCS (Rs1,36,123.26 crore), Airtel (Rs1,17,645.09 crore) and Bhel (Rs1,08,127.63), in the order. Source: Home - Livemint.com | 5 Dec 2009 | 11:10 pm Indian firms add $5.33 bn to their US McapNew York: Indian stocks trading on the American bourses added $5.33 billion to their cumulative market capitalisation, with the IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting nearly half of the gain. For the week ended 4 December, Indian entities listed on the New York Stock Exchange and Nasdaq added $5.33 billion to their market capitalisation, out of which $2.08 billion were added by Infosys and ICICI Bank. Infosys’ valuation grew by $1.07 billion to $29.93 billion, while that of ICICI Bank rose by $1.01 billion to $21.29 billion. Among the Indian 16 companies trading as American Depository Receipts (ADRs), only two online firms--Sify Technologies ($3 million) and Rediff.com ($6.7 million) saw value erosion last week. Copper producer Sterlite Industries’ market US capitalisation shot up by $862 million to $16.37 billion, while auto maker Tata Motors saw a growth of $846 million to its valuation at $7.02 billion and HDFC Bank rose up by $736 million to $19.76 billion. ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerages. The troubled Mahindra Satyam saw a value addition of $364 million to $3.26 billion, while Wipro rose by $249 million to USD 29.96 billion. During the week, BPO company Genpact’s market capitalisation remained unchanged to $2.9 billion. Among other gainers are pharma major Dr Reddy’s, Patni Computer Systems, outsourcing companies like EXLService Holdings, and WNS Holdings, telecom firms Mahanagar Telephone Nigam and Tata Communications increased in the range of $2 to 69 million. Wall Street closed in the green on Friday following an unexpected drop in the unemployment rates in November, which saw a dip of 5,000 to 4,57,000, indicating that tough labour market conditions may be slowly easing. On Friday, the Dow ended up 22.75 points at 10,388.90 and the S&P 500 rose 6.06 points to 1,105.98 and Nasdaq was up 21.21 points at 2,194.35 points. Source: Home - Livemint.com | 5 Dec 2009 | 11:04 pm Digitise land records, ease acquisition norms: CIIThe proposed Land Acquisition (Amendment) Bill, slated to be introduced in parliament this winter, needs to include provisions for easing land acquisition norms and digitising land records, according to an industry lobby report.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 11:02 pm States should compete to promote tourism: Kumari SeljaTourism Minister Kumari Selja believes state governments should 'wake up' and compete among themselves 'aggressively' abroad to promote tourism in India. And the middle class tourist is high on her list.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 11:01 pm Maoists scaring off investors from ChhattisgarhThe increasing dominance of Maoists in Chhatisgarh's iron ore-rich pockets have led to the halt of several key industrial projects in the region and scared off potential investors, say businessmen and officials.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 11:01 pm How humble paan has taken on mighty steel in OrissaIt is a simple, spade-shaped, green leaf that stands between the South Korean steel giant POSCO and its ambitions of carrying out a $12 billion mega-project in this sleepy cluster of villages in coastal Orissa.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 11:01 pm BPOs to be taxed under new government code, says expertBPO centres in India would be subjected to taxation under the new proposed Direct Tax Code but some clarifications, especially on double taxation, were still needed, an expert said.Source: India Business News | Business News - Times of India | 5 Dec 2009 | 10:25 pm Allahabad HC rules against Reliance Power land buy: Reports - Moneycontrol.com
Source: Business - Google News | 5 Dec 2009 | 10:10 pm Union Urban Development Minister S Jaipal Reddy (File photo: Express) - Express Buzz
Source: Business - Google News | 5 Dec 2009 | 9:40 pm Bomb on flight to Dhaka? Hoax call? No, it's a mock security drill at IGI Airport - Indian Express
Source: Business - Google News | 5 Dec 2009 | 5:46 pm Stimulus exit in phases - Calcutta Telegraph
Source: Business - Google News | 5 Dec 2009 | 3:41 pm Beetle hits Indian roads - Indian Express
Source: Business - Google News | 5 Dec 2009 | 3:21 pm India to add 220 mn to workforce by 2030 RBIIndia will add a whopping 220 million to its workforce by 2030, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said.Source: HindustanTimes.com - Top Business News Headlines | 5 Dec 2009 | 2:21 pm Satyam's half-truth - Chandigarh Tribune
Source: Business - Google News | 5 Dec 2009 | 1:43 pm Green signal for eco businessVinod Kala is among many businessmen who will be waiting for news from Copenhagen with bated breath.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 1:40 pm Free till FiveLast week, Google finally buckled under pressure from major news organisations and modified its ‘first click free’ policy that allowed us to read ‘subscription only’ content for free, reports Aman Sethi.Source: HindustanTimes.com - Top Business News Headlines | 5 Dec 2009 | 12:13 pm Rs 58000 cr blocked with cos suspended by BSE & NSE - Economic Times
Source: Business - Google News | 5 Dec 2009 | 12:06 pm Indians cast net for expat CEOsRatan Tatas recent revelation that his successor could be a foreigner may have been too much for other Indian businessmen to swallow. Few, after all, are ready to turn their business over to a professional to run, let apart a foreigner. Yet, many of them have begun to appoint foreigners in key leadership positions.Source: Business Standard | Front Page Headlines | 5 Dec 2009 | 11:50 am Tea gardens breathe easy after Rajkhowa surrenderWith the insurgency led by the United Liberation Front of Assam (ULFA) headed for a political solution after the surrender of its chairman, Arabinda Rajkhowa, Assams large tea industry is hoping for better days ahead.Source: Business Standard | Front Page Headlines | 5 Dec 2009 | 11:49 am RBI hints at phased end to easy moneyThe reversal of easy monetary policy would be a gradual process as the central bank is focusing on striking a balance between growth and inflation, Reserve Bank of India (RBI) Deputy Governor said here today.Source: Business Standard | Front Page Headlines | 5 Dec 2009 | 11:47 am Mamata flags of two ladies' specials in BengalRailway Minister Mamata Banerjee Saturday flagged off two trains exclusively for women in West Bengal.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 11:04 am Yash Raj Films to produce 5 shows for Sony EntertainmentYash Raj Films said it is venturing into production of serials for the small-screen through its subsidiary, YRF TV.Source: Daily News & Analysis: Money News | 5 Dec 2009 | 10:16 am Banks have an image problemHave any of your cheques been returned or dishonoured by your banker in recent times on grounds of ‘signature not tallying?’ Well, most likely, the problem is not your signature, but a glitch in the Cheque Truncation System(CTS) adopted by banks for faster cheque clearance.Source: HindustanTimes.com - Top Business News Headlines | 5 Dec 2009 | 9:57 am Singur to Sanand Such a long journeyA year ago, politics drove the Nano out of Singur in West Bengal to Sanand in Gujarat. Now we drive the car down this 2,500 km route.Source: HindustanTimes.com - Top Business News Headlines | 5 Dec 2009 | 8:33 am Lowe Lintas: Juggling between ads and cinemaIn an inetrview with CNBCTV18, R Balakrishnan, Chief Creative Officer and Chairman of Lowe Lintas, spoke about his latest initiative.Source: Moneycontrol Top Headlines | 5 Dec 2009 | 8:08 am Dubai debt crisis can be contained, manageable - World BankNEW DELHI (Reuters) - Dubai's debt crisis will be contained and manageable, World Bank President Robert Zoellick said on Saturday.Source: Reuters: Money News | 5 Dec 2009 | 7:30 am Why HUL is getting aggressive with its ad campaignsHindustan Unilever (HUL) is upping the ante in categories where its brands are positioned as challengers. It is showing some aggressive spirits in some of its advertising.Source: Moneycontrol Top Headlines | 5 Dec 2009 | 7:17 am Delhi airport bomb scare turns out to be security drillThe passengers were seated and the plane was readying for takeoff when the panic button was pressed - there was a bomb on board! Security agencies swung into action and passengers were made to disembark but in the end, it turned out to be a mock drill.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 7:04 am GM exec expects Germany to contribute Opel aidFRANKFURT (Reuters) - General Motors will not cut more jobs at Opel in Germany if the German government refuses to give state aid although the U.S. carmaker said it remains confident that Berlin will soften its current stance.Source: Reuters: Money News | 5 Dec 2009 | 7:03 am India to add 220 million to workforce by 2030: RBIIndia will add a whopping 220 million to its workforce by 2030, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said Saturday.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 7:01 am High food prices may raise inflationary worries - RBINEW DELHI (Reuters) - A persistent rise in India's food prices may raise broader inflationary expectations and the central bank is looking to strike a balance between supporting growth and taming inflationary worries, a central banker said.Source: Reuters: Money News | 5 Dec 2009 | 6:18 am Consumers being cautious on spending: UnileverGrowing jobless list for over a year has now eaten American consumers ability to spend. With US consumption being the engine of global growth, the last two years recession has altered the equation forever.Source: Moneycontrol Top Headlines | 5 Dec 2009 | 5:45 am ANALYSIS - Emerging stock bull run fuels hunt for laggard tradesLONDON (Reuters) - Signs this year's emerging equity bull run may extend into 2010 are prompting investors who missed the rally to seek out so-called laggard trades -- stocks that are still relatively cheap but may outperform in future.Source: Reuters: Money News | 5 Dec 2009 | 5:29 am Work to create National Population Register starts next yearAhead of the India's gigantic 2011 census operation, data collection for creation of the National Population Register (NPR) along with house listing and housing census will be taken up in May next year, officials said here Saturday.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 5:02 am Governments flouting law making seafaring dangerous: SailorsGovernments around the world flouting international maritime law and conventions and arresting sailors on criminal charges has turned sailing into a dangerous profession, a mariners' body said Saturday.Source: IndiaeNews.com: Business News | 5 Dec 2009 | 5:00 am Dubai crisis manageable, not to hurt India: World Bank chief"I personally think that the Dubai financial problem would be contained and is manageable. I don't think it to have an effect on Indian markets," Robert Zoellick said.Source: India Business News | Business News - Times of India | 5 Dec 2009 | 4:45 am PM to attend Copenhagen SummitNew Delhi: Prime Minister Manmohan Singh will attend the Copenhagen Summit on climate change on 18 December, reflecting the seriousness attached by India to the meet where it is expected to play a crucial role. Singh will undertake a two-day visit from 17 December, the Prime Minister’s Office said on Saturday. The decision of the Prime Minister to attend the Summit comes against the backdrop of insistence by the world leaders, including US President Barack Obama and French President Nicolas Sarkozy, that he should be there. Earlier, India had decided that it will be represented by environment minister Jairam Ramesh at the meeting. Singh, during his meeting with Obama last week, was asked by the US President to attend the Summit. Subsequently, when Sarkozy met Singh in Port of Spain, he also requested him to join him at Copenhagen. The French President later told a press conference, “If India is to be heard, it needs to be present”, apparently referring to the need for Singh’s presence. Some 80 Presidents and Prime Ministers are expected to attend the two-day Summit on 17-18 December. Obama might drop-by at the Copenhagen conference on 9 December on his way to receive the Nobel Peace Prize in Oslo, Norway, and announce a US offer on financing. Source: LatestNews-Home - Livemint.com | 5 Dec 2009 | 4:34 am EPFO defers decision on investment optionsNew Delhi: Retirement fund manger EPFO’s apex decision making body Central Board of Trustees (CBT) on Saturday deferred a decision on investing 3-5% of its Rs2.57 trillion corpus in stock indices. The Board also postponed till next meeting a decision on increasing the minimum wage limit to Rs15,000 per month for mandatory deduction in provident fund by employers. At present, the cap is set at Rs6,500 a month. “We have not scheduled the next meeting of the CBT. But surely in the next two or three months, we would meet again to take up remaining issues,” labour minister Mallikarjun Kharge, who also heads the CBT, told reporters after the meeting. Trustees also put off a decision on the issue of allowing EPFO to purchase government-backed bonds with maturity period of more than 10 years from the secondary market. “Since the members wanted a detailed discussion on various investments of Employees Provident Fund Organization (EPFO) corpus, the matter of making investments in stock indices, government-backed bonds and increasing the minimum wage limit for the purpose of provident fund have been postponed,” Kharge said. Investment of 3-5% of EPFO corpus means a flow of up to Rs13,000 crore into stock indices. Source: LatestNews-Home - Livemint.com | 5 Dec 2009 | 4:32 am Gold nosedives on heavy sellingGold prices nosedived by a whopping Rs 500 per ten grams to Rs 17,600, the steepest fall ever since the yellow metal started its record breaking journey here, on aggressive selling triggered by a sharp plunge in its prices in the overseas markets.Source: India Business News | Business News - Times of India | 5 Dec 2009 | 4:20 am RBI rejects Asit C Mehta`s bid for NBFCThe Reserve Bank of India Friday rejected brokerage firm Asit C. Mehta\'s application for starting a nonbanking finance company.Source: Moneycontrol Top Headlines | 5 Dec 2009 | 4:20 am Mundra Port says $520 mln JV to set up in SEZMundra Port and Special Economic Zone Ltd said on Friday a joint venture between Alstom and Bharat Forge will set up an equipment manufacturing facility at its special economic zone.Source: Moneycontrol Top Headlines | 5 Dec 2009 | 4:19 am Obama vows steps to restart job growthWASHINGTON (Reuters) - President Barack Obama pledged on Saturday to do all he could do reignite U.S. job growth as he defended his handling of the economy amid Republican attacks.Source: Reuters: Money News | 5 Dec 2009 | 4:09 am Gold plunges on heavy sellingMumbai: Gold prices nosedived by a whopping Rs500 per ten grams to Rs17,600, the steepest fall ever since the yellow metal started its record breaking journey here, on aggressive selling triggered by a sharp plunge in its prices in the overseas markets. Silver too witnessed high amount of selling by stockists. “Domestic gold bore the brunt of a sharp fall in the yellow metal in the international markets as the dollar took a sudden u-turn by appreciating against basket currencies,” traders said. Ever since gold crossed the psychological 18k level, the market started experiencing nervousness and resistance at higher levels due to its astronomical value, they added. Pure gold (99.9 purity) tanked by a margin of Rs500 (like standard gold) per ten grams to end at Rs17,690 from Rs18,190 on Friday. Silver ready (.999 fineness) dropped by Rs265 per kg to finish at Rs29,445 as against Rs29,710 earlier. In New York, gold futures crashed by 4% on Friday sustaining their first major loss in a run that began early in November as the US dollar rose sharply after an upbeat US jobs data. Gold for December delivery fell by $48.60 to end at $1,168.80 an ounce on the Comex Division of the NYMEX. December silver fell by 60.6 cent to $18.496. Source: LatestNews-Home - Livemint.com | 5 Dec 2009 | 4:02 am U.S. recovery appears firmer as unemployment dropsWASHINGTON (Reuters) - U.S. employers cut far fewer jobs than expected last month in the best showing for the labor market since the recession began, lifting the beleaguered U.S. dollar as investors bet a sustainable recovery was building.Source: Reuters: Money News | 5 Dec 2009 | 3:35 am Allahabad High Court rules against Reliance Power land buy - reportsMUMBAI (Reuters) - Allahabad high court has quashed an order by Uttar Pradesh government that allowed Reliance Power to buy land for its planned Dadri power project without hearing landowners' grievances, domestic media reported on Saturday.Source: Reuters: Money News | 5 Dec 2009 | 3:07 am India emerges as UAE s top trading partnerIndia was the UAE's top trading partner last year with non-oil trade totalling USD 32.11 billion, the data by the UAE Ministry of Foreign Affairs has showed.Source: HindustanTimes.com - Top Business News Headlines | 5 Dec 2009 | 2:36 am
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