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RCom Special Audit: Govt may have lost Rs 250crThe Telecom Ministry says Reliance Communication misrepresented its FY07 and FY08 revenue, adding that it resulted in loss of Rs 250 crore to the exchequer.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 8:32 am New order to boost overall sales to Rs 15cr/mth: KineticIn an interview with CNBCTV18, Sulajja Firodia Motwani, Jt, Managing Director of Kinetic Engineering, spoke about the companys orders.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 8:20 am IT industry on recovery path, all cos hiring: InfosysS Gopalakrishnan, CEO and Managing Director of Infosys says information technology (IT) industry is on a recovery path and all companies are hiring.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 8:00 am RIL may file binding bid for LyondellBasell this wk:SourcesReliance Industries may submit binding bid for LyondellBasell this week, sources told CNBCTV18\'s Nayantara Rai. India\'s largest private sector refiner had submitted a nonbinding bid on November 21.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 7:28 am Expect radio biz to do much better going forward: ENILIn an exclusive interview with CNBCTV18, Prashant Pandey, CEO, Radio Mirchi (ENIL operates FM radio broadcasting stations through the brand Radio Mirchi), speaks about radio business and his outlook going forward.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 6:31 am EdServ to raise $25m via GDR/FCCB for expansionIn an interview with CNBCTV18, S Giridharan, Chairman and Chief Executive Officer of Edserv Softsystems, spoke about the companys fund raising plans.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 6:10 am GVK Power to buy LT Infra stake in BIALGVK Power Infrastructure Ltd said it plans to buy an additional 17 percent stake in Bangalore International Airport Ltd (BIAL) for 6.87 billion rupees from LT Infrastructure Development Projects Ltd.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 5:51 am State banks have to decide on mergers: Pranab MukherjeeThe government has not issued any direction to staterun banks on consolidation and it was up to the banks themselves to decide on mergers, Finance Minister Pranab Mukherjee told parliament on Monday.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 5:51 am Heineken to push in India, reorganise in AsiaHeineken NV, the world\'s thirdlargest brewer, has agreed a deal to brew and sell its own brand beer in India and will integrate its various other operations in the Asia Pacific region.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 5:51 am ICICI to get S\'pore OK for full banking operationsICICI Bank is expected to get Singapore\'s approval soon to open branches, take deposits and give loans in the city state.Source: Moneycontrol Top Headlines | 7 Dec 2009 | 5:47 am No winners if yuan rises, says China think-tank!Lifting the value of China`s yuan currency would hurt, not help, global economic recovery and threaten the country`s own financial and trade health, a Chinese state think-tank said in an essay published on Monday.Source: Zee News : Business | 7 Dec 2009 | 5:04 am Japan mulling $7.8 bn guarantee to JAL: Report!Japan is looking at guaranteeing about USD 7.8 billion in funding to Japan Airlines Corp, a government source said on Monday, easing concerns that the carrier could run out of funds and helping send its shares 8 percent higher.Source: Zee News : Business | 7 Dec 2009 | 5:04 am JSW Energy IPO fully subscribed on first day!The initial public offering of JSW Energy was subscribed fully within minutes of opening of the issue on Monday.Source: Zee News : Business | 7 Dec 2009 | 5:04 am Rupee depreciates 31 paise against dollar in opening trade!The rupee on Monday depreciated by 31 paise to 46.59 a dollar in opening trade on expectations of more capital outflows by foreign funds as market may open lower in line with weak Asian markets.Source: Zee News : Business | 7 Dec 2009 | 5:04 am Sensex gains 75 pts in opening trade!The Bombay Stock Exchange benchmark Sensex on Monday rose by 75 points in opening trade on fresh buying by funds and retail investors amid short-covering by speculators.Source: Zee News : Business | 7 Dec 2009 | 5:04 am RBI to conduct auction of Gujarat government's stock securitiesIn recent years, the Gujarat government's public debt has mounted and it stood at Rs86,511 crore as on 31 March, 2009.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 3:28 am rcom Special Audit: Govt may have lost Rs 250cr - Moneycontrol.com
Source: Business - Google News | 7 Dec 2009 | 3:20 am GMR Infra plans to raise Rs 500 cr via debentures - Business Standard
Source: Business - Google News | 7 Dec 2009 | 3:20 am Dubai World to meet creditors later on MondayDUBAI (Reuters) - State-owned Dubai World will meet its main creditors later on Monday to discuss its request to delay repayment of $26 billion that shook global markets and confidence in the Gulf business hub, bankers said.Source: Reuters: Money News | 7 Dec 2009 | 3:18 am BSE Sensex provisionally closes down 0.9 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 0.9 percent on Monday, led by a decline in Reliance Industries and metals stocks, and as weak European markets weighed.Source: Reuters: Money News | 7 Dec 2009 | 3:09 am Dubai govt ring-fences key assets, shares tumbleDUBAI (Reuters) - Dubai moved on Monday to ring-fence prized assets from the $26 billion debt restructuring of Dubai World, denting already fragile investor sentiment ahead of talks between the struggling conglomerate and key creditors.Source: Reuters: Money News | 7 Dec 2009 | 3:06 am Sensex down 142 points in afternoonA key Indian equities index was trading almost 142 points in the red Monday afternoon.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 3:05 am Tripura to set up industrial training institutesThe Tripura government will set up 25 more industrial training institutes (ITIs) in the state to provide career-oriented training to jobless youth, Industries and Commerce Minister Jitendra Chowdhury said Monday.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 3:02 am INTERVIEW - Boeing orders $600mln from India defence cosNEW DELHI (Reuters) - U.S. aircraft manufacturer Boeing Co said on Monday it has started sourcing equipment worth more than $600 million from Indian firms for submarine fighting planes it is building for India.Source: Reuters: Money News | 7 Dec 2009 | 3:02 am ABB bags Rs.506-cr order from Bangalore MetroLeading power and automation technology group ABB Monday said it has won an order worth Rs.506 crore from Bangalore Metro Rail Corp to provide power solutions for the city's proposed metro network.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 3:01 am Cruising fastest growing segment of the tourism sector: Cruise operatorsLast year about 15 to 18 million people took cruising globally and inspite of recession the industry was still doing well.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 2:55 am Heineken seals India deal, reorganises in AsiaBRUSSELS (Reuters) - Heineken NV, the world's No.3 brewer, has agreed on a deal to brew and sell its own brand beer in a growing Indian market and will integrate its various other operations in the Asia Pacific region.Source: Reuters: Money News | 7 Dec 2009 | 2:54 am Dubai govt ring-fences key assets, shares tumbleDubai: Dubai moved on Monday to ring-fence prized assets from the $26 billion debt restructuring of Dubai World, denting already fragile investor sentiment ahead of talks between the struggling conglomerate and key creditors. Bahrain’s central bank governor said the kingdom’s exposure to Dubai World was limited, echoing top monetary officials in Saudi Arabia and Oman, while the biggest lenders in Qatar and Deutsche Bank both said they had no exposure. Dubai World is expected to meet its main bank creditors this week, possibly as early as Monday, to discuss a request to delay debt payments that has shaken global markets and damaged the reputation of the Gulf’s business hub, bankers said. London-listed Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland will attend, along with local lenders Emirates NBD and Abu Dhabi Commercial Bank, an unnamed Abu Dhabi bank executive said last week. Dubai’s finance chief said on Monday that state-controlled Dubai World might sell some assets to finance its commitments, but that the emirate’s government would not chip in with any disposals of its own. “Part of obtaining finance is selling assets ... belonging to the company and not the government,” Abdulrahman al-Saleh, director general of Dubai’s department of finance, said in an interview with Al Jazeera television. “There is confusion in the media that the government plans to sell assets ... The company has foreign investments and real estate investments abroad. There is nothing to prevent selling these assets.” The struggling conglomerate on 30 November shed some light on how it planned to restructure the $26 billion debt pile, including through asset sales. It said the restructuring excluded firms on a “stable financial footing” such as Istithmar World, DP World and Jebel Ali Freezone, implying its global crown jewels would not be up for grabs. Istithmar’s portfolio ranges from US high-end retailer Barneys to the luxury W Hotel in Washington, DC as well as sought-after property in London including 10 Whitehall Place. Infinity World, another unit exempt from the plans, is a stakeholder in MGM Mirage. “They need to do this in order to support their statements about the separation between Dubai World and Dubai government ... The question is now which assets and at what price,” said John Sfakianakis, chief economist at Banque Saudi Fransi-Credit Agricole Group in Riyadh. Dubai stocks tumble Saleh’s comments sent the Dubai stock market tumbling almost 6% to a 20-week low, reversing quick gains made on Sunday with DP World, the flagship unit of Dubai World, slumping 5.5%, while property stocks were all trading limit down. “(The market) did not react well to the Dubai government news, which again cast a cloud of doubt,” said Ayman el-Saheb, Darahem Financial Brokerage’s director of operations. Since Dubai World requested a payment standstill on 25 November for $3.52 billion worth of Islamic bonds maturing this month, regional government officials and bankers have looked to downplay the impact of the measure on their economies. Bahrain’s central bank governor joined the chorus on Monday, saying the kingdom’s exposure to Dubai World was less than 0.1% of total assets or $281 million. Deutsche Bank’s Middle East’s chief executive Henry Azzam said the bank did not have any exposure, and that he did not expect the crisis to have a major impact on the region’s banking sector. Source: Home - Livemint.com | 7 Dec 2009 | 2:54 am Copenhagen talks open, world attempts climate dealCOPENHAGEN (Reuters) - The largest-ever climate talks formally opened on Monday in Denmark aiming to agree the outlines of global deal to stave off dangerous climate change, such as rising seas and more intense storms.Source: Reuters: Money News | 7 Dec 2009 | 2:52 am Heineken seals India deal, reorganises in AsiaBrussels: Heineken NV, the world’s No.3 brewer, has agreed on a deal to brew and sell its own brand beer in a growing Indian market and will integrate its various other operations in the Asia Pacific region. In a complicated series of transactions that will bring a one-off gain and trim its debt, Heineken will buy APB India from Asia Pacific Breweries Ltd (APB), its own joint venture with Fraser and Neave, and transfer it into United Breweries Limited (UBL), in which it has a stake. Heineken and UBL, 37.5% owned by Indian tycoon Vijay Mallya and his associates and 37.5% by Heineken, would seek to develop the Heineken brand throughout India, Heineken said in a statement on Monday. “Finally, Heineken has a clear growth strategy in what we consider one of the most exciting beer markets for the future 20 years,” Heineken chief executive Jean-Francois van Boxmeer said during a conference call. UBL shares were trading up 9.15% at 0910 GMT and Multi Bintang closed 14% higher. Heineken shares fell 0.6% to €34 after rising about 7% on Thursday and Friday. The DJ Stoxx European food and beverage index was 2.09% lower. “It has been a great performer over the last couple of days, I just think shares can’t continue to rise, despite the decent news,” said a trader in Amsterdam who asked not to be named. The Indian beer market, which has been experiencing double-digit volume growth, is expected to expand to 14.4 million hectolitres in 2009, Heineken said. Per capita consumption is about 1.3 litres per year, compared with more than 50 litres in the developed world. Robert-Jan Vos, an analyst at Fortis Bank Netherlands, said the deal would be good for Heineken in the longer term. “It looks like it is quite a complex deal, but it seems Heineken’s relationship with UBL will improve materially for the Indian market,” he said. “In the end it is a positive deal, they are consolidating their direct and indirect stake in India.” Wim Hoste, an analyst at KBC Securities, which held its “accumulate” and upped the target price to €35 from €33, was also positive. “We view the agreements, which were hinted at in the recent past, as good news for Heineken, as it resolves discussions with UBL and give the company a solid foothold in the very promising Indian beer market,” Hoste said. Legal Resolution Heineken took its stake in UBL when it and Carlsberg jointly bought Scottish & Newcastle for £7.8 billion in 2008, but Mallya and the other UBL joint venture partners contested the move in legal proceedings. Mallya and his associates said in a statement released on Monday that with the ABP India deal the legal process would end. Heineken, which currently exports some 10,000 hectolitres of its namesake brand to India, has now got three seats on the board of UBL, brewer of Kingfisher and the market leader in India with a 48% market share. CEO Van Boxmeer declined to say how much of its premium beer Heineken planned to produce in India in future. Separately, Heineken said it would strengthen its APB alliance by transferring its controlling interest in PT Multi Bintang Indonesia (MBI) and Grande Brasserie de Nouvelle-Caledonie SA (GBNC). The transfer of Heineken’s shareholding in MBI to APB would give rise to a mandatory cash offer for the MBI free float shares by APB, of which Heineken holds 42%. Heineken, whose chief brands are Heineken itself and Amstel, Europe’s No.1 and No.3 beers, said the overall result of the transactions would be an exceptional pretax gain of €145 million ($219 million) in 2010. Consolidated net debt would fall by €175 million. The effects would be broadly neutral at the level of net profit before one-off items. Source: Home - Livemint.com | 7 Dec 2009 | 2:52 am Heineken seals India deal, reorganises in AsiaBrussels: Heineken NV, the world’s No.3 brewer, has agreed on a deal to brew and sell its own brand beer in a growing Indian market and will integrate its various other operations in the Asia Pacific region. In a complicated series of transactions that will bring a one-off gain and trim its debt, Heineken will buy APB India from Asia Pacific Breweries Ltd (APB), its own joint venture with Fraser and Neave, and transfer it into United Breweries Limited (UBL), in which it has a stake. Heineken and UBL, 37.5% owned by Indian tycoon Vijay Mallya and his associates and 37.5% by Heineken, would seek to develop the Heineken brand throughout India, Heineken said in a statement on Monday. “Finally, Heineken has a clear growth strategy in what we consider one of the most exciting beer markets for the future 20 years,” Heineken chief executive Jean-Francois van Boxmeer said during a conference call. UBL shares were trading up 9.15% at 0910 GMT and Multi Bintang closed 14% higher. Heineken shares fell 0.6% to €34 after rising about 7% on Thursday and Friday. The DJ Stoxx European food and beverage index was 2.09% lower. “It has been a great performer over the last couple of days, I just think shares can’t continue to rise, despite the decent news,” said a trader in Amsterdam who asked not to be named. The Indian beer market, which has been experiencing double-digit volume growth, is expected to expand to 14.4 million hectolitres in 2009, Heineken said. Per capita consumption is about 1.3 litres per year, compared with more than 50 litres in the developed world. Robert-Jan Vos, an analyst at Fortis Bank Netherlands, said the deal would be good for Heineken in the longer term. “It looks like it is quite a complex deal, but it seems Heineken’s relationship with UBL will improve materially for the Indian market,” he said. “In the end it is a positive deal, they are consolidating their direct and indirect stake in India.” Wim Hoste, an analyst at KBC Securities, which held its “accumulate” and upped the target price to €35 from €33, was also positive. “We view the agreements, which were hinted at in the recent past, as good news for Heineken, as it resolves discussions with UBL and give the company a solid foothold in the very promising Indian beer market,” Hoste said. Legal Resolution Heineken took its stake in UBL when it and Carlsberg jointly bought Scottish & Newcastle for £7.8 billion in 2008, but Mallya and the other UBL joint venture partners contested the move in legal proceedings. Mallya and his associates said in a statement released on Monday that with the ABP India deal the legal process would end. Heineken, which currently exports some 10,000 hectolitres of its namesake brand to India, has now got three seats on the board of UBL, brewer of Kingfisher and the market leader in India with a 48% market share. CEO Van Boxmeer declined to say how much of its premium beer Heineken planned to produce in India in future. Separately, Heineken said it would strengthen its APB alliance by transferring its controlling interest in PT Multi Bintang Indonesia (MBI) and Grande Brasserie de Nouvelle-Caledonie SA (GBNC). The transfer of Heineken’s shareholding in MBI to APB would give rise to a mandatory cash offer for the MBI free float shares by APB, of which Heineken holds 42%. Heineken, whose chief brands are Heineken itself and Amstel, Europe’s No.1 and No.3 beers, said the overall result of the transactions would be an exceptional pretax gain of €145 million ($219 million) in 2010. Consolidated net debt would fall by €175 million. The effects would be broadly neutral at the level of net profit before one-off items. Source: World Business - Livemint.com | 7 Dec 2009 | 2:52 am JSW Energy $583 mln IPO fully subscribedMUMBAI (Reuters) - Power firm JSW Energy's initial public offering to raise up to $583 million was fully subscribed within half an hour of opening on Monday, underscoring appetite for new share issues in India.Source: Reuters: Money News | 7 Dec 2009 | 2:45 am Opposition attacks govt for stand on climate changeNew Delhi: A united opposition on Monday pilloried the government on its strategy for the Copenhagen climate summit, accusing it of buckling under US pressure and opening its card on the emission cuts announcements. As about 193 countries began their ten-day meeting in the Danish capital for a global pact on climate change, the opposition charged the Government in the Rajya Sabha with “totally altering” its consistent position that the country has been following all along. Environment minister Jairam Ramesh, who is leaving for Copenhagen on Thursday, denied the charges and said, “There is simply no compromise on India’s interest.” Also Read | Copenhagen Summit (Full Coverage) Not satisfied, almost entire opposition including BJP, CPI-M, CPI, SP and AIADMK staged a walkout. Leading the onslaught, Leader of Opposition Arun Jaitley said making a unilateral announcement of emission intensity cuts of 20-25% ahead of the summit was a bad strategy. “It is a bad strategy on the part of government. We have opened all our cards. Our disclosure has become a baseline for further negotiations. Even our negotiators appear to be sulking,” Jaitley said. Senior CPI-M leader Sitaram Yechury said the “suspicion is that it is happening under pressure”. He said this was evident from the White House statement of 4 December which said China and India have set a target to reduce carbon intensity. Yechury, who will be part of the Parliamentary delegation to the summit, wondered whether Prime Minister Manmohan Singh’s travel plans to Copenhagen was also under pressure. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 2:43 am Sensex down 142 points in afternoon tradeA key Indian equities index was trading almost 142 points in the red on Monday afternoon.Source: India Business News | Business News - Times of India | 7 Dec 2009 | 2:34 am Downturn squeezes Airbus cash pile: companyParis: The European aerospace group EADS which builds Airbus airliners said on Monday that a slowdown in activity was squeezing the group’s cash mountain but assured that the programme for the new A350 was safe. The chief executive of the European Aeronautic Defence and Space Company, Louis Gallois, told the Financial Times newspaper that the group was gearing up to begin production of the first A350 long-haul jetliner early next year. The aircraft is set to enter service in 2013. However, Gallois also said that a decision to slow down production of the group’s superjumbo A380 airliner and of some mature models, owing to the global economic downturn, together with decisions for deferred delivery of aircraft, were “creating an impact on the cash situation of Airbus.” The A350 programme is estimated to cost €12 billion ($17.9 billion). Gallois said that although he expected the governments which support EADS, those of France, Germany, Britain and Spain, to help with loans, EADS was financing most of the cost out of its own resources. However, he said that the “A350 is fine” and EADS had no intention of seeking funds from shareholders. “We have net cash of more than €8 billion,” he told the newspaper. “When you are in such a situation, you do not ask your shareholders for funds.” Source: Home - Livemint.com | 7 Dec 2009 | 2:31 am Downturn squeezes Airbus cash pile: companyParis: The European aerospace group EADS which builds Airbus airliners said on Monday that a slowdown in activity was squeezing the group’s cash mountain but assured that the programme for the new A350 was safe. The chief executive of the European Aeronautic Defence and Space Company, Louis Gallois, told the Financial Times newspaper that the group was gearing up to begin production of the first A350 long-haul jetliner early next year. The aircraft is set to enter service in 2013. However, Gallois also said that a decision to slow down production of the group’s superjumbo A380 airliner and of some mature models, owing to the global economic downturn, together with decisions for deferred delivery of aircraft, were “creating an impact on the cash situation of Airbus.” The A350 programme is estimated to cost €12 billion ($17.9 billion). Gallois said that although he expected the governments which support EADS, those of France, Germany, Britain and Spain, to help with loans, EADS was financing most of the cost out of its own resources. However, he said that the “A350 is fine” and EADS had no intention of seeking funds from shareholders. “We have net cash of more than €8 billion,” he told the newspaper. “When you are in such a situation, you do not ask your shareholders for funds.” Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 2:31 am INTERVIEW - EdServ to raise $25 mln by June to boost growthMUMBAI (Reuters) - Education services provider EdServ SoftSystems Ltd plans to raise $25 million by June 2010 to fund its expansion plans seen bumping up growth for the firm next fiscal year, its chairman said.Source: Reuters: Money News | 7 Dec 2009 | 2:28 am Bahrain bank governor confident about Gulf fundamentalsBahrain's economic growth is going to be faster next year than in 2009 and the country's exposure to debt-laden Dubai World not significant.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 2:28 am Boeing placing $600 million defence orders with India companiesIndia signed a $2.1 billion contract with Boeing in January to procure eight P-8I aircraft for its navy.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 2:23 am European stocks slip at open London down 0 25 per centEurope's main stock markets slid at the start of trading on Monday, with London's benchmark FTSE 100 index down 0.25 per cent at 5,308.88 points.Source: HindustanTimes.com - Top Business News Headlines | 7 Dec 2009 | 2:19 am Oil retreats below $75 as equities fallLondon: Oil prices dropped below $75 a barrel on Monday, tracking a parallel course with falling European equity markets and reacting to a resurgent dollar. Nymex crude for January delivery fell 54 cents to $74.93 a barrel by 0925 GMT. The contract fell 99 cents to settle at $75.47 a barrel on Friday. The spread between first and second month WTI was nearly $1.90 contango. Brent crude was down 36 cents at $77.16 a barrel, more than $2 above front month Nymex. The forward crude for WTI is steepening with the 24th month contract last traded at $90.05 versus 89.74 on 1 December, while the front month has fallen 4.3% from $79.04 this month. “As far as this week goes, a resurgent dollar will spell further weakness for crude, doubly so if gold gives up its spectacular gains,” analyst Stephen Schork wrote in the Schork Report newsletter. Gold prices fell 2% to a low of $1,135.80 an ounce in Europe on Monday, pressured by the dollar’s rise to five-week highs against the euro, a factor undermining the precious metal’s appeal as an alternative asset. European shares retreated on Monday after touching a two-week closing high in the previous session, surging 1.1% on Friday after data showed US employers cut fewer jobs in November than expected. The dollar edged up on Monday against a basket of currencies , rising 0.17% to above 76 points, its highest level since 5 November. “What we’re seeing on Monday morning is a bit of dollar strength following on from Friday and a reaction in financial markets by oil,” said broker Tony Machacek at Bache Financial. Looking ahead to the end of the week, a raft of Chinese data including import numbers will offer more guidance with expectations for crude imports to remain high. Sentiment also saw a boost after oil ministers from Arab producers said they were comfortable with current prices and several on Friday saw no need for Opec to change its output targets when it meets in Angola this month. Source: Home - Livemint.com | 7 Dec 2009 | 2:17 am Uni President denies Huiyuan investment reportTaiwan's Uni-President Enterprises Corp on Monday denied a newspaper report that the food company is considering increasing its stake in China's Huiyuan Juice.Source: HindustanTimes.com - Top Business News Headlines | 7 Dec 2009 | 2:15 am Bhel to supply equipment to APGENCO projectNew Delhi: State-run Bharat Heavy Electricals Limited (Bhel) on Monday said it has bagged an order from Andhra Pradesh Generation Company (APGENCO) to supply equipment to its Kothagudem thermal power plant. “Bhel today baged a Rs27 crore order from APGENCO for supplying Phase Shifting Transformer for the Kothagudem Thermal Power Station,” a company statement said. Phase Shifting Transformer or PST is a combination of a shunt (a device which allows electric current to pass around another point in the circuit) and a series transformer, which helps relieve the transmission lines from overloading. Bhel’s scope of work in the contract includes design, manufacture, supply, civil works, testing and commissioning of the transformer, it said. Bhel supplies power equipment to all major utilities in the country, including NTPC, PowerGrid and State Electricity Boards. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 2:15 am FTSE falls, pressured by weak banks, commoditiesLondon: Britain’s top share index fell 1.0% on Monday, pressured by weaker banks on windfall tax concerns, and with miners and energy stocks also weighing, hurt by falls in commodities prices. At 0910 GMT, the FTSE 100 was down 55.56 points at 5,266.80, having closed up 9.36 points on Friday at 5,322.36 after US employers cut a fewer-than-expected 11,000 jobs in November, the smallest decline since the start of the recession in December 2007. Banks were in the doldrums after news that Britain was still considering some kind of windfall tax on bankers’ bonuses. Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered shed 0.7 to 1.8%. A government source told Reuters on Friday that a tax on banks was one revenue-raising option being considered by finance minister Alistair Darling for his pre-budget report on Wednesday, and weekend newspapers were heavy with speculation on what form this could take. The mining sector was also on the back foot, impacted by falls in metals prices. Eurasian Natural Resources, Fresnillo, Vedanta Resources and Xstrata lost 0.5 to 1.4%. Richard Hunter, head of UK equities at Hargreaves Lansdown, said Friday’s US jobs data has had a negative impact on the miners. “I think a lot of market economists in the US are now recalculating whether the US recovery is going to be a bit quicker than expected,” he said. “If that’s the case the dollar could likely improve, and if that’s the case, that’ll put pressure on metals prices, which is potentially what we’re seeing this morning,” he said. BHP Billiton and Rio Tinto signed a $116 billion iron ore joint venture agreement on Saturday to combine their Western Australian iron ore operations. BHP fell 0.6%, while Rio was off 0.4%. Rio has sold its 50% stake in the Hydrogen Energy International joint venture to its partner BP for an undisclosed sum, it said in a statement on Monday. Energy stocks were weak, hurt by a 1% drop in the price of crude, with BP, BG Group and Royal Dutch Shell off 1.1 to 2%. Defensives retreat Defensive pharmaceutical, telecoms and tobacco stocks fell back after posting gains on Friday, with AstraZeneca and GlaxoSmithKline off 0.7 and 1.4%, respectively, Vodafone down 1.2%, and British American Tobacco 0.9% lower. Scottish & Southern Energy fell 1.6% after UK energy regulator Ofgem set new price controls. Britain’s regional electricity network companies should deliver their 2010-15 investments for less than they have proposed to minimise the impact on customer bills of grid modernisation, Ofgem said on Monday. No domestic data is due for release on Monday, so investors are likely to be focused on Wednesday’s UK pre-budget report, and after that Thursday’s Bank of England Monetary Policy Committee meeting outcome. Britain’s manufacturing sector will return to growth next year, the recovery gaining pace after a slow first quarter, the Engineering Employers’ Federation (EEF) said on Monday. Across the Atlantic, US October consumer credit numbers and November’s Employment index should be a focus this afternoon after Friday’s jobs report surprise. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 2:10 am Nifty near day's lows; Sterlite, Tata Steel, rpower down - Economic Times
Source: Business - Google News | 7 Dec 2009 | 1:56 am Hinduja Bank ups stake in Paterson to 51%New Delhi: Switzerland-based Hinduja Bank on Monday said it has increased stake in stock broking and financial services company Paterson Securities to 51 per cent, to expand its presence in India. Hinduja Bank (Switzerland) Ltd, part of Hinduja group, said in a statement that it has purchased an additional 11% in Chennai-based Paterson, in which it had acquired 40% stake in December 2008. With the latest transaction, Paterson Securities has become an Indian subsidiary of the Swiss bank. “Our close collaboration with Paterson’s leaders and employees have convinced us of the important role that the company can play in the banking group’s expansion in India. We are excited to further strengthen our global and local services together,” Hinduja Bank chief executive Ivan Schouker said. Paterson Securities will remain a separate entity and become the central partner for Hinduja Bank in India, for stock broking, corporate finance advisory, research and asset management related services. “The clear synergies and respective strengths of our institutions will enable us to expand and grow faster. The Paterson team is geared to contribute to the Banking group’s growth,” Paterson Securities CEO Maitreyan Amarnath said. The Hinduja Group-owned Amas Bank (Switzerland) Ltd, in March this year, had changed its name to Hinduja Bank. Headquartered in Geneva, Hinduja Bank has presence in Dubai, London, Paris, New York and Mauritius. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 1:50 am EdServ Softsystems to raise $25 mn - Economic Times
Source: Business - Google News | 7 Dec 2009 | 1:48 am Top 5 AIG executives may quit over pay: reportNew York: Five top executives at troubled insurer American International Group (AIG) said last week they will quit if their compensation is cut significantly by the US pay czar, says a media report. Attributing to people familiar with the matter, The Wall Street Journal said that five senior AIG executives indicated on 1 December, in written notices, that they’re prepared to leave by year-end. The threat is the latest in the running fracas between AIG and the government’s compensation czar, Kenneth Feinberg, who is charged with setting pay limits for top executives in companies receiving the most federal bailout money. AIG had received funds to the tune of overUS $180 billion at the height of the global financial crisis last year. Among AIG executives prepared to resign are its general counsel, Anastasia Kelly, and the heads of some of its largest insurance businesses, the report said, adding two of them changed their minds over the weekend to leave the firm. “The executives are worried that their 2009 pay will be clipped, and that they will be subject to even tougher restrictions in 2010, including a prohibition against collecting so-called golden-parachute severance payments that they are currently eligible for,” the daily said. The company’s recently hired chief executive Robert Benmosche threatened to quit last month reportedly amid frustrations over limitations on pay for top AIG executives. Feinberg has reduced average compensation for the 25 top earner employees at companies that received government funds and is working on pay structures for the next 75. In October, Feinberg reduced 2009 compensation for AIG’s top 13 employees by 57 per cent, including limiting most base salaries to no more than US $5,00,000. Those 13 executives were the ones who remained of the 25 top 2009 earners at AIG, whose pay Feinberg was ordered to review. Source: Home - Livemint.com | 7 Dec 2009 | 1:44 am Top 5 AIG executives may quit over pay: reportNew York: Five top executives at troubled insurer American International Group (AIG) said last week they will quit if their compensation is cut significantly by the US pay czar, says a media report. Attributing to people familiar with the matter, The Wall Street Journal said that five senior AIG executives indicated on 1 December, in written notices, that they’re prepared to leave by year-end. The threat is the latest in the running fracas between AIG and the government’s compensation czar, Kenneth Feinberg, who is charged with setting pay limits for top executives in companies receiving the most federal bailout money. AIG had received funds to the tune of overUS $180 billion at the height of the global financial crisis last year. Among AIG executives prepared to resign are its general counsel, Anastasia Kelly, and the heads of some of its largest insurance businesses, the report said, adding two of them changed their minds over the weekend to leave the firm. “The executives are worried that their 2009 pay will be clipped, and that they will be subject to even tougher restrictions in 2010, including a prohibition against collecting so-called golden-parachute severance payments that they are currently eligible for,” the daily said. The company’s recently hired chief executive Robert Benmosche threatened to quit last month reportedly amid frustrations over limitations on pay for top AIG executives. Feinberg has reduced average compensation for the 25 top earner employees at companies that received government funds and is working on pay structures for the next 75. In October, Feinberg reduced 2009 compensation for AIG’s top 13 employees by 57 per cent, including limiting most base salaries to no more than US $5,00,000. Those 13 executives were the ones who remained of the 25 top 2009 earners at AIG, whose pay Feinberg was ordered to review. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 1:44 am Markets slip into red on metal sellingMumbai: The Bombay Stock Exchange benchmark Sensex slipped into red at noon on Monday on persistent selling in metal shares from investors. Though global cues were more or less supportive in trade, marketmen have turned cautious about the valuations and they are looking to book profit at every high. Technology and software counters were receiving good response from market participants at this point of time. Among front liners, Bharti Airtel, Infosys Technologies and Reliance Communications were favoured by investors while Hindalco Industries, Sterlite Industries and Tata Steel were battered in trade. At 12:47pm, the 30-share BSE Sensex declined 31.44 points to 17070.10. The 50-share was down by 13.95 points at 5094.95 from its previous close of Among the BSE sectoral indices the main gainers were technology up 1.09%, information technology up 1.03%, capital goods up 0.22%, FMCG (FMCG) up 0.18% and auto up 0.17%. On the other hand, metal down 2.17%, oil & gas down 0.50%, public sector undertaking down 0.21%, consumer durables down 0.20% and healthcare down 0.14% were the main losers in the BSE sectoral space. Bharti Airtel up 2.45%, Infosys Technologies up 1.23%, RCom up 0.89%, Tata Motors up 0.84% and TCS up 0.83% were the major gainers on the Sensex. Hindalco Industries down 4.01 %, Sterlite Industries down 3.01%, Tata Steel down 2.21%, Jaiprakash Associates down 0.90% and Maruti Suzuki down 0.89% were the major losers on the Sensex. Among Asian markets, Nikkei added 1.49%, while on the other hand declined 0.15% and Hang Seng dipped 0.62%. Source: Home - Livemint.com | 7 Dec 2009 | 1:43 am Nigeria sees OPEC output steady, focus on complianceApart from Nigeria, most Arab oil ministers also see no change in OPEC output as they are comfortable with current crude prices.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 1:39 am Petro Min seeks Rs 20871 cr oil bonds for fuel retailers - Business Standard
Source: Business - Google News | 7 Dec 2009 | 1:37 am Cadbury to respond to Kraft offer on December 14Kraft last week made its formal offer for the chocolate maker, triggering a two-month takeover fight and a frosty response from Britain.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 1:36 am Eicher November vehicle sales at 2,299 unitsNovember domestic sales came in at 2,016 units, against 538 units in the same period last year, while exports rose to 283 units from 123 units.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 1:35 am Rs18k crore to subsidise rural telephony: A RajaNew Delhi: Concerned over huge rural-urban divide with regard to tele-density, the government today said lack of proper infrastructure like electricity was stopping operators from going to rural areas. “Money is not at all a problem. The DoT is sitting on a corpus of over Rs18,000 crore for subsidising the operators to go to rural areas and set up network. Real constraints are infrastructure related especially lack of power,” telecom minister A Raja said in the Lok Sabha during Question Hour. He said the government is deeply concerned over how to improve the connectivity in rural areas even as tele-density for rural India has improved to over 19% in the last three years. Minister of State for telecom Sachin Pilot said state- owned BSNL will deploy 10,000 mobile towers in rural areas by March 2010 and another 15,000 by March, 2011. This will result in coverage of more areas and improve quality of services. The government is also in the process to amend rules for providing subsidies to operators from the Universal Service Obligation (USO) fund to speed up roll out of network. On the issue of increasing pollution due to mobile towers using diesel, Pilot said, “The ministry is trying to reduce carbon foot print and encouraging solar panel instead of use of diesel for mobile towers operation.” Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 1:34 am Govt to take action against Reliance Communication for reporting less revenueThere was an under reporting of Rs1000 crore to Rs1500 crore by the telecom firms, to avoid payment of licence fee, and the government may have lost about Rs 250 crore due to this.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 1:30 am Petroleum min seeks Rs20,871 cr oil bonds for fuel retailersNew Delhi: Petroleum ministry has sought oil bonds worth Rs20,871 crore for state-run fuel retailers to make up for the losses incurred on selling domestic LPG and kerosene below cost during the first three quarters of this fiscal. Three fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) lost about Rs26,618 crore in revenues on selling petrol, diesel, domestic LPG and kerosene below cost during the first half of the current fiscal, a ministry official said. Of this, Rs20,000 crore is revenue lost on LPG and kerosene, the remaining was on account of petrol and diesel. “We have sought Rs20,000 crore of oil bonds to cover for under recoveries on LPG and kerosene in the first three quarters,” ministry of petroleum and natural gas additional secretary S Sundareshan said. While the Government had committed to meeting the revenue loss arising from its dictate of not increasing prices for domestic LPG and kerosene in step with the cost, non-issuance of oil bonds till now has led HPCL and BPCL report net losses in the July-September quarter. “We are confident of getting the oil bonds (this time),” he said, adding finance ministry may seek approval for the oil bonds in the supplementary demands for grants to be presented to Parliament during the current session. HPCL reported a net loss of Rs 136.68 crore in the second quarter, while BPCL posted a net loss of Rs158.77 crore. IOC was slightly better off, registering a net profit of Rs84.36 crore. “We have made our demand to Finance Ministry and it is now for them to get the approval from Parliament,” he said. The government had earlier this year decided to make good all of the revenue loss on sale of domestic LPG and kerosene through issue of oil bonds, while the same on petrol and diesel would be mostly met by upstream firms like OIL and Natural Gas Corp (ONGC). The three firms currently lose Rs3.68 a litre on petrol, Rs2.90 per litre on diesel, Rs18.13 a litre on kerosene and Rs250.67 per domestic LPG cylinder as the government has not allowed them to revise retail prices in line with costs. For the full fiscal, the three firms will close with a total revenue loss of Rs45,820 crore. The government, which had last fiscal issued oil bonds worth Rs71,292 crore, has not issued any bonds to the three PSUs for revenue losses during the current fiscal. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 1:25 am Govt to take action against RCom for reporting less revenueNew Delhi: The government on Monday said in the Lok Sabha that a special audit has observed that Reliance Communication and its other subsidiaries under reported revenues during 2006-07 and 2007-08. There was an under reporting of Rs1,000 crore to Rs1,500 crore by the telecom firms, to avoid payment of licence fee, and the government may have lost about Rs250 crore due to this, Union telecom minister A Raja said during Question Hour. The Department of Telecom (DoT) had appointed special auditors to look into financial accounts of five leading telecom companies for allegedly indulging in fudging of accounts and under-reporting of revenue to the telecom regulator Trai during 2006-07 and 2007-08 to avoid payment of licence fee. Out of five auditors the one for RCom has submitted the report, the minister said. “The auditor has observed that three companies — RCom, Reliance Telecom and Reliance Communications Infrastructure Ltd (all belonging to Anil Ambani group) -- under reported their revenues to the Trai during 2006-07 and 2007-08,” the minister said. The observations are under examination of the DoT, he said adding whatever action is needed, it would be taken by the end of January next year. A committee, headed by member (Finance), DoT is looking into the nearly 900-page report. Raja said the DoT shall raise additional demands including interest and penalty, as per licence terms, on the concerned licences (RCom and others), after examination of special auditor’s report. Replying to a supplementary, minister of state for telecom Sachin Pilot said another case has been reported that a private internet service provider Tikona Private Limited was using wireless broadband even as the operator has not been assigned any spectrum. “This is being examined by the Wireless Planning and Coordination (WPC) wing of the telecom ministry,” he added. Source: Home - Livemint.com | 7 Dec 2009 | 1:16 am GVK Power buys L&T's 17% stake in Bangalore Int'l Airport - Moneycontrol.com
Source: Business - Google News | 7 Dec 2009 | 1:07 am No compromise on India’s interest at Copenhagen meet: govtNew Delhi: Government on Monday said it will not compromise India’s interest at the Copenhagen climate change summit, but a dissatisfied opposition walked out in the Rajya Sabha. “There is no dilution in our stand...There is simply no compromise on India’s national interest,” environment minister Jairam Ramesh said during Zero Hour. However, almost the entire opposition led by BJP staged a walkout stating that it was dissatisfied over the reply by the minister, who is leaving for the summit on Thursday. Ramesh described the walkout as “pre-planned”. Also Read | Copenhagen Summit (Full Coverage) Leader of Opposition Arun Jaitley said that by announcing unilateral emission intensity cut by 20-25% by 2020, India was following a “bad strategy”. He said the government was “totally altering” its stand that India would not accept any legally binding cuts and would strictly follow the per capita cut principle. CPI(M) leader Sitaram Yechury, who would be part of the Parliamentary delegation for the summit, accused the government of coming under the US pressure. He said even Prime Minister Manmohan Singh’s participation was under pressure from Washington which was evident from the White House statement. However, Ramesh rejected the charge, saying, “This was not done under any foreign pressure.” About 193 countries are participating in the summit that began today to reach an accord to cut global emissions. Source: Home - Livemint.com | 7 Dec 2009 | 1:07 am Comfortable with current oil prices: NigeriaNigeria is comfortable with the current prices of international crude, according to its key advisor on energy Emmanuel Egbogah.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 1:03 am Himachal Pradesh promoting exotic fruitsHimachal Pradesh has begun promoting cultivation of exotic varieties of fruits to ensure that farmers were not hit by a fall in production of traditional crops due to changing weather patterns, according to Horticulture Minister Narender Bragta.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 1:02 am Sensex breaches green briefly, trading flatA key Indian equities index crawled back into the green briefly post noon Monday but was ruling flat even as metal majors came under selling pressure.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 1:01 am India eyeing oil production opportunities in AfricaIndia is looking to participate in 'exploration and production opportunity' in Africa and to be a part of the continent's natural gas market, Petroluem Minister Murli Deora said Monday.Source: IndiaeNews.com: Business News | 7 Dec 2009 | 1:01 am Do not subscribe to JSW Energy IPO says Edelweiss - Economic Times
Source: Business - Google News | 7 Dec 2009 | 12:53 am Heineken to push in India, reorganise in Asia - Economic Times
Source: Business - Google News | 7 Dec 2009 | 12:44 am Gold futures fall on weak global cuesNew Delhi: Gold futures prices fell by 0.66% on Monday as traders indulged in reducing their holdings influenced by weakening global trend. Gold for April contract fell by 0.66% to Rs17,476 per ten gram with business turnover of 178 lots. The metal for delivery in June also declined by 0.63% to Rs17,510 per ten gram in 3 lots, while February contract traded lower by the same margin at Rs 17,428 per ten gram with business turnover of 5,242 lots. Market analysts said traders indulged in reducing their positions on the back of weakening global trend led to fall in gold prices at futures market. Meanwhile, the precious metal in Asian trade in spot trading, which touched a record 1,226.56 dollar an ounce on 3 December, dropped 1.5% to $1,144.34. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 12:44 am Coal throbs at the heart of India growth engineKORBA, India (Reuters) - A thin coat of coal dust covers everything from trees to houses in Korba, a coal mining town in central India which lies at the heart of the country's struggle to balance economic growth with climate change concerns.Source: Reuters: Money News | 7 Dec 2009 | 12:41 am Rel MediaWorks partners with US firm to make 3D filmsMumbai: Anil Ambani Group company Reliance MediaWorks on Monday said it has partnered with US-based In-Three to convert films and videos into the three-dimensional format, to cater the growing demand for such movies globally. The strategic alliance between the two companies would address the rapidly growing demand of Hollywood studios for converting both new films shot in 2D as well as older film released in cinemas and on home platforms (VCDs, DVDs) into the 3D format, Reliance MediaWorks said in a filing to the Bombay Stock Exchange. The partnership is expected to be able to cater 15-25 feature films projects per year and work on the first joint title will commence in the beginning of 2010, it added. “In order to meet the full slate of films and that In-Three has lined up for 2010 and beyond, we sought out the best possible international partner. One that could provide the level of quality our studio clients expect which made Reliance MediaWorks the natural choice for us,” In-Three CEO Neil Feldman said. The number of 3D cinema screens worldwide will rise to over 7,000 this year and 15,000 by 2013, the filing said. The number of such screens was 2,500 in 2008. “This partnership is a joint effort that combines the best in technology and artistic talent from Hollywood with the most advanced skills and large scale image processing capabilities in India,“ Reliance MediaWorks CEO Anil Arjun said. In-Three converts ordinary 2D (flat) motion pictures into high quality 3D (stereo) pictures. Shares of Reliance MediaWorks were trading at Rs 267.90, down 1.45 per cent on BSE. Source: LatestNews-Home - Livemint.com | 7 Dec 2009 | 12:36 am Citi seeks US government to repay taxpayersThe government owns a 34% stake in Citigroup and is willing to sell at least some of its shares along with a capital-raising effort by the bank.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 12:32 am Dubai World might sell assets, government won't: Finance chiefThe main goal of the restructuring of Dubai World is to guarantee its continuation in a new framework.Source: Daily News & Analysis: Money News | 7 Dec 2009 | 12:30 am India's Bharti sees short-term revenue pressure - Reuters India
Source: Business - Google News | 7 Dec 2009 | 12:08 am Tata launches low-cost water filter for rural poorMumbai: Tata Group on Monday unveiled a new low-cost water purifier, which it hopes will provide safe drinking water for millions and cut the toll of deadly diseases. The Tata Swach - named after the Hindi for “clean” - is designed to be used in rural households that have no electricity or running water, using ash from rice milling to filter out bacteria, the company said. The device, which will cost under Rs1,000 ($21.5) according to one newspaper report, also uses tiny silver particles to kill harmful germs that can lead to water-borne diseases like diarrhoea, cholera and typhoid. R. Gopalakrishnan, executive director of Tata Group, said the Swach was the “first step in a nationwide public effort to offer the consumer and the common citizen his right to have safe drinking water”. “It’s a right that public policy has sought to fulfil but not very successfully so far,” Gopalakrishnan, who is also vice-chairman of Tata Chemicals, told reporters in Mumbai. According to the UN, more than one in six people worldwide - 894 million - do not have access to clean water for their basic needs, with diarrhoea the leading cause of illness and death, particularly among children. Nearly 90% of deaths from diarrhoea are due to lack of sanitation, unsafe drinking water and water for hygiene. The UN World Water Development Report published in March said that better water supply, sanitation, hygiene and management of water resources could cut the burden of disease around the world by nearly one tenth. Tata’s device, based on a larger one that was supplied to areas affected by the December 2004 Asian tsunami, has been in development for three years and is targeted at the 85% of Indians who do not currently filter their water. It has the capacity to filter 3,000 litres, which would last an average family of five for 200 days, Tata Chemicals managing director R. Mukundan said. Tata has invested Rs1 billion in the project and aims to sell three million units in the next five years. The filter, which Mukundan said meets the highest US Environmental Protection Agency standards, has been tested in 600 rural households in four Indian states. Mukundan said the company would eventually look to sell the device in sub-Saharan Africa but “first we want to address the Indian market because the potential is quite huge”. Source: Home - Livemint.com | 7 Dec 2009 | 12:08 am Day Trading GuideSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am Nifty likely to move in narrow rangeI bought Nifty 5100 put at Rs 127 last week. What is the outlook for Nifty, Can I hold on to this position, as I expect Nifty to touch 4900 before the settlement? – Mr M. Shankaran,Source: Business Line - Home Page | 7 Dec 2009 | 12:00 am When investing at a high pays!A stock hitting a new high is often a cue for investors to begin punching in “sell” orders; but some investors who did this in the recent rally may be ruing theirSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am International funds lag domestic equity fundsIf you wanted to make the best of the recent stock market rally, equity funds investing in domestic stocks have been a better bet than funds that investSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am Current sentiment, liquidity flow likely to keep market firmDalal Street is likely to remain in the positive territory this week. A section of the market players hopes that the Sensex would reach 18,000 points before the year-end. Considering the current sentiment and inflow of liquidity, the mid- andSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am A global initiative towards clean EarthClimate change refers to changes in the concentration of the greenhouse gases (water vapour, carbon dioxide, methane, nitrous oxide, and chlorofluorocarbons), which trap infrared radiation from the Earth's surface, heating it, much like a normalSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am Bond yields firm up on profit-takingBond yields firmed sharply last week on profit-taking and expectations of an imminent exit by foreign institutional investors ahead of the calendarSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am Great Offshore: Winner's curse for Bharati Shipyard?In what is seen as a clever strategy, ABG Shipyard last week struck a deal, made a handsome gain and opted out of the race for Great Offshore. Just a day before the open offer was scheduled to commence, ABG sold its 8.22 per cent stake in GreatSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am Fortis Healthcare (Rs 120.5): BuyWe recommend a buy in Fortis Healthcare stock from a short-term perspective. It is apparent from the charts of the stock that it has bee on a long-term uptrend from its October 2008 low of Rs 45, forming higher peaks and troughs. Moreover, theSource: Business Line - Home Page | 7 Dec 2009 | 12:00 am GVK buys L&T's 17% stake in Bangalore airport co for Rs 686 crGVK Power and Infrastructure Ltd has acquired 17 per cent stake in Bengaluru International Airport Ltd (BIAL) from L&T Infrastructure Development Projects Ltd for Rs 686Source: Business Line - Home Page | 7 Dec 2009 | 12:00 am Rupee depreciates 31 paise against dollar in opening tradeThe rupee on Monday depreciated by 31 paise to 46.59 a dollar in opening trade on expectations of more capital outflows by foreign funds as market may open lower in line with weak Asian markets.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:09 pm Tata Steel hits a European roadblock - Business Standard
Source: Business - Google News | 6 Dec 2009 | 11:03 pm China think tank sees faster GDP growth in 2010China's economy will grow 9.1 per cent next year, speeding up from an 8.3 per cent pace this year, as exports recover, a government think-tank said. Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:03 pm Sensex moves 75 points up at opening bellA key Indian equities index rose 75 points into the green soon after the opening bell Monday.Source: IndiaeNews.com: Business News | 6 Dec 2009 | 11:03 pm Ayurveda drawing distant Lithuanians to IndiaLike the neighbouring Russians, Lithuanians are flocking to India. Lured first by the sun kissed beaches of Goa and now by the goodness of ayurveda in Kerala, there has been a sudden jump in the inflow of tourists from this tiny Baltic state.Source: IndiaeNews.com: Business News | 6 Dec 2009 | 11:00 pm Shimla gets special buses for women'Only for women' special buses have been started in this Himachal Pradesh capital for the convenience of the fairer sex, an official said Monday.Source: IndiaeNews.com: Business News | 6 Dec 2009 | 11:00 pm PM in Russia for arms and nuclear dealsMoscow: Prime Minister Manmohan Singh arrived in Moscow on Sunday to ink billions of dollars of weapons deals and for talks on a landmark nuclear deal that could significantly widen atomic fuel imports from Russia. India, along with China, is one of Russia’s biggest clients for arms sales but New Delhi has been upset in recent years by long delays in the delivery of a refurbished Soviet-era aircraft carrier under a $1.6 billion contract. The signing of arms deals and talks on a civilian nuclear deal to widen uranium fuel deliveries are set to take centre stage in the three-day visit, officials said. Singh met Russian President Dmitry Medvedev for an informal dinner after arrival on Sunday and is also set to meet Russia’s powerful prime minister, Vladimir Putin. “Cooperation in the field of defense has been a very important aspect of our cooperation with Russia,” Singh told the Russia Today English-language television channel. “We have been able to get equipment and technologies from Russia which were not available to us from any other countries.” Russia and India, which in October agreed the outlines of a 10-year weapons deal that could be worth at least $10 billion, are building a modern supersonic fighter aircraft invisible to radars like the US F-22 Raptor stealth fighter. Singh may sign weapons orders including a $1 billion deal for 80 Russian Mi-17 helicopters and contracts for fitting Brahmos missiles onto Russian-made Sukhoi fighter planes, Indian officials have said. Long delays to the Admiral Gorshkov aircraft carrier have soured ties with some of India’s military top brass. In July Medvedev took the rare step of publicly scolding the Russian shipbuilder for the delays. Cold War Ally Russia sees India, a Cold War ally, as an important partner whose influence will expand in Asia, though trade lags far behind Moscow’s economic ties with the European Union and China. Trade rose to $5.1 billion in the first nine months of 2009, though that accounts for just 1.6% of Russia’s external trade, according to Russian state figures. Indian energy companies including state-run company ONGC have been trying to boost their position in Russia, the world’s biggest energy producer, though it was unclear if any deals would be reached during Singh’s trip. Russia is seeking to strengthen its foothold on the Indian nuclear market before a deal with Washington gives major US companies access to the Indian market. The 2005 civil nuclear deal that Singh signed with former US president George W. Bush, ended the long nuclear isolation imposed on India after it tested an atom bomb in 1974. But several issues need to be cleared up before US businesses including General Electric Co and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp, can compete for billions of dollars in new reactor agreements. Press Trust of India said India and Russia were set to sign a new civilian nuclear pact that could ensure uninterrupted uranium supplies from Moscow, but gave no further details. Russia is building nuclear reactors at the Kudankulam nuclear power plant in the southern Indian state of Tamil Nadu and plans to build additional plants. Source: Home - Livemint.com | 6 Dec 2009 | 10:55 pm U.S. cuts estimate of bank bailout costs by $200 blnWASHINGTON (Reuters) - The projected long-term cost of the U.S. government's bailout of the nation's big banks is going to be at least $200 billion less than previously thought, a Treasury Department official said on Sunday night.Source: Reuters: Money News | 6 Dec 2009 | 10:44 pm Sensex erases early gains falls 80 pts at mid sessionThe Bombay Stock Exchange Sensex erased early gains in the mid-session today to trade lower by over 80 points on profit selling in heavy-weight stocks in the metal sector.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 10:29 pm Rupee depreciates 31 paise against dollarThe rupee on Monday depreciated by 31 paise to 46.59 a dollar in opening trade on expectations of more capital outflows by foreign funds.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 9:34 pm Oil prices rise in Asian trade on weakening US dollarOil prices rose in Asian trade, riding the weakening US dollar and indications from OPEC that the cartel was satisfied with current crude prices, analysts said. Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 8:02 pm India to invest Rs 74,000 cr in CO2 emission cutbacksCoal-based generators plan upgrades, clean tech over 5 years.Source: Business Standard | Front Page Headlines | 6 Dec 2009 | 12:29 pm English films desi deliveryEnglish films dubbed in Indian languages are finding many takers. Often, dubbed versions do better at the box-office than their English originals, reports Rachit Vats.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:45 am Small cars make a big deal of IndiaFord Motor Company, the iconic American carmaker, is on its way back from the brink of bankruptcy. Faced with such critical times, it decided to launch what many call its most eagerly awaited product in years, the small car Figo, at this year’s Delhi Auto Expo, which happens every other year in India, reports Suprotip Ghosh.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:42 am Rosa power to go on stream by Dec-endThe first 300 MW unit of Rosa Power plant in Uttar Pradesh will go on stream by the end of this month, ahead of April 2010 schedule, said JP Chalasani, CEO of Reliance Power.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:40 am DoT moves SC against HC order on 2GStung by Delhi High Courts verdict that slammed the DoT for arbitrarily advancing the cut-off date for release of 2G spectrum to new telecom operators, the government has challenged the order before the Supreme Court.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:39 am Cinepolis to invest around Rs 1 600 cr over 7 yearsMexico-based international multiplex operator Cinepolis plans to invest around Rs 1,600 crore over the next seven years to set up 500 movie screens across India, reports Vivek Sinha.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:37 am Tata Nano is impressive, says ZoellickWorld Bank president Robert Zoellick has expressed his fascination for the worlds cheapest car the Tata Nano, even as he cited infrastructure as the major bottleneck for the countrys growth.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:35 am ITC reaps growth benefits from its green capitalWhen US Secretary of State Hillary Clinton said on her visit to ITCs Green Centre in Gurgaon that it was a monument to the future, she was emphasising what ITC had seen long before most of the world did.Source: Business Standard | Front Page Headlines | 6 Dec 2009 | 11:35 am No portability before April: BSNL, MTNLBoth BSNL and MTNL are set to miss the mobile number portability (MNP) deadline of December 31.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:34 am Content is king carriage is his chariotHindustan Times marked a milestone when it became India’s first newspaper to be available on Kindle, the digital reading device made by online retailer Amazon, N Madhavan reports.Source: HindustanTimes.com - Top Business News Headlines | 6 Dec 2009 | 11:33 am Fixed deposits back in limelightUncertainties in the bond market are giving risk-averse clients the jiiters. The advice given by some investment consultants to these clients, who want to park their money in debt instruments: Go back to traditional products like FDs, postal saving schemes and senior citizen schemes.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:33 am ADAG eyes alternative locations for power plant if Dadri failsThe governments of Maharashtra, Gujarat and Andhra Pradesh have startedtalks with the Anil Dhirubhai Ambani Group (ADAG) for a possible relocation of the 8,000-Mw Dadri gas-based power plant from Uttar Pradesh.Source: Business Standard | Front Page Headlines | 6 Dec 2009 | 11:32 am Dubai Holding next in line to default?Fears are growing among Western banks that Dubai Holding, the personal investment vehicle of the emirates ruler, Sheikh Mohammed bin Rashid al-Maktoum, will be the next state-owned Dubai company to default.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:31 am GVK buys L&Ts stake in BIALGVK Power and Infrastructure has acquired L&Ts 17% stake in Bangalore International Airport Limited (BIAL) for a total consideration of Rs 686 crore.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:29 am Tatas Swach water planA few years ago, the sight of four members of a family precariously balanced on a two-wheeler on Indian roads, moved Ratan Tata enough to come up with Nano, a peoples car.Source: India Business News | Business News - Times of India | 6 Dec 2009 | 11:28 am Global depository receipts: the next generation derivativeGlobal depository receipts (GDRs) as tradable instruments are becoming increasingly popular in the hands of institutional investors worldwide and an accepted option for companies to access global equity markets. India is no exception, and a number of Indian companies have spread their presence to foreign bourses through GDRs and gained access to investment capital overseas. So why are GDRs so popular? The answer is simple. In essence, GDRs represent an equity-linked financial instrument deriving value from the underlying shares of the issuer company, and a GDR holder can convert his GDRs to receive a proportionate number of shares in the issuer company. GDRs are capable of carrying many attributes of a share; that is, they can have economic rights (including to receive dividends), and if so provided in the GDR arrangements, voting rights in a company. At the same time, GDRs have the advantage of being a security tradeable in a more investor-friendly currency (most GDRs are denominated in dollars, pounds or euros) in possibly a more developed market offering greater liquidity. From the perspective of an institutional investor eyeing the stock of an Indian company, GDRs of such a company would be a natural choice considering, in addition to the aforesaid reasons, that GDRs are exempt from the Indian tax regime (until they are exchanged with the shares of the company).  Illustration: Jayachandran / Mint As the equity shares are issued to the depository bank, the depository bank is recorded as the registered owner of the equity shares in the books of the Indian company. The GDR holders have the right to exchange the GDRs with the underlying equity shares, and upon the exercise of such right, the GDR holder is registered as the owner of the equity shares of the company. As the depository bank is initially the registered owner of the equity shares, legally, all voting rights attached to the said equity shares are exercisable only by the depository bank. However, typically, GDR issuances are structured in a manner to either require the depository bank to contractually agree to vote on the said equity shares in accordance with the voting instructions of the GDR holder or in accordance with the voting instructions of the board of the issuer company. GDR issuances could also involve the depository bank contractually agreeing to abstain from voting on the underlying equity shares held by the depository bank. Till 2005, even unlisted Indian companies were permitted to make GDR issuances (subject, of course, to the eligibility criteria and other conditions laid down under the relevant guidelines). However, post-2005, as a consequence of certain amendments made to the relevant guidelines, only listed companies are now permitted to make GDR offerings in markets abroad. Issuer companies have the option to structure their GDR offering as a public issue or as a private placement to a small select group of persons. GDR issuances have certain pricing and timing benefits under Indian law, which are not available to ordinary preferential allotments made by listed companies. Ordinary preferential allotments by listed companies are required to be at a minimum price of the preceding six months’ average or two weeks’ average stock price (whichever is higher), calculated with reference to a date which falls 30 days prior to the date of the general meeting of the issuer company authorizing such preferential allotment. Further, an ordinary preferential allotment by a listed company is required to be closed within a period of 15 days from the date of the aforesaid general meeting. Considering that the convening of a general meeting of a listed company requires a minimum notice of three weeks, the 15-day limit for allotment of shares leaves very little flexibility to an issuer company. In contrast, for a GDR offering, the minimum price prescribed is the two weeks’ average stock price preceding the date of the board meeting of the issuer company wherein the board decides to open the proposed issue. Further, the completion of a GDR issuance, upon receipt of the necessary corporate approvals, is not restricted to any prescribed time period. Accordingly, the board of the issuer company, vis-à-vis a GDR issuance, has been granted that extra elasticity, so it can determine the date of opening of the GDR issuance and freeze the price of the GDR issuance based on the market conditions as a reflection of investor appetite. Last but not the least, certain kinds of GDRs issuances also enjoy an exemption from the open offer requirements under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, so long as the GDRs acquired are not converted into the underlying equity shares carrying voting rights. Until 9 November, all GDRs issuances (including those where the GDR holders could give voting instructions on the underlying equity shares to the depository bank) were exempt from the applicability of the open offer obligations. However, following the amendments to the takeover code on 9 November, where the GDR holders are entitled to issue voting instructions to the depository bank, such GDRs are subject to the takeover code. A number of Indian companies (including Sterlite Industries India Ltd, Tata Steel Ltd, Suzlon Energy Ltd and Tata Power Co. Ltd) have recognized the potential of GDRs as a means of raising foreign direct investment in the past year, and this number can realistically be expected to increase in future. This column is contributed by Sachin Mehta and Divyata Budhalakoti of AZB & Partners, Advocates & Solicitors. Send your comments to lawfullyyours@livemint.com Source: World Business - Livemint.com | 6 Dec 2009 | 10:05 am So you want to start something newOne of the most exhilarating things about being in business is starting something new from inside being old—launching a product line or service, for example, or moving into a new global market. Not only is it a blast, it is one of the most rewarding paths to growth. Now, starting something new from within an established company is easier said than done for one good reason: It requires managers to act against their instincts. Few have a burning desire to invest research and development (R&D) dollars in a risky new technology or to send their best people to start up a manufacturing facility halfway around the world. Nor do many have an urge to give new ventures a lot of leeway.  Here are three guidelines for making organic growth a winning proposition: • Spend plenty up front, and put the best, hungriest and most passionate people in leadership roles. Companies tend to size their investments in new ventures according to the venture’s initial revenues or profits. That’s short-sighted, to be polite about it. Investments in R&D and marketing should be sized as though the venture is going to be a big winner. People choices should be made with the same mindset; instead of sending expendable bodies to run new ventures, you should put the best people in charge. Forget the guy from manufacturing who’s just looking for an adventure. You want a star employee at the helm. One thing is for certain: New businesses with limited resources and only good enough people stay small. • Make an exaggerated commotion about the potential and importance of the new venture. Start-ups need constant cheerleading. Cheerleading, however, isn’t just about senior managers making noise. It is also about giving new ventures sponsorship, even if this means breaking old bureaucratic norms. For a new venture, organizational visibility is critical. They should report at least two levels higher than their sales would justify. If possible, they should report directly to the chief executive. At the very least, they should always be high on the CEO’s priority list. Admittedly, making a huge scene about a new venture also means you risk looking dumb if it fails. Ultimately, that’s part of the gamble. Despite the risk, go ahead and make a scene. You’ll doom the venture if you don’t. If it fails anyway, take responsibility, and don’t point fingers. You believed in it, but it didn’t work out. If the venture wins, relish the team’s success. It will feel great. • Err on the side of freedom; get off the new venture’s back. There is no formula when it comes to how much autonomy to give a new venture; it is an iterative process. Just remember: Throughout that process, give a new venture more freedom than you might like, not less. Finding the right balance between supporting, monitoring and micromanaging a new venture is similar to the process you go through when you send a son to college. Now that he’s on his own, you want nothing more than for him to take full responsibility for his life. You also don’t want him to flunk out or carouse too much. And so you begin a game of give-and-take. At first, you visit and call a lot. You frequently inquire about tests, new friends and weekend activities. When everything seems to be running smoothly, you don’t supervise him quite as much. When you receive news of a low grade, you return to your former vigilance. That’s how it goes with new ventures, except that you can—and should—replace a new venture’s leaders if too much oversight is required. Ultimately, you want this iterative process to lead to a new venture’s having more and more autonomy. Now, we all know that in large companies, brand new ventures have neither the results nor the political capital to get their own shops. And in small companies, it’s too easy to fold a new business into the core. But autonomy gives people ownership and pride. Ideally, new ventures with strong leaders should have all their own tools, including their own R&D, sales and marketing teams. They should be allowed to place their own audacious bets on people and strategies. In each of your companies, opportunities of every size and variety await. Grab them. Pick passionate, driven people to lead these initiatives, help them in every way possible and then give them room to breathe. Growth is great, and in business, it doesn’t always have to start in a garage. There is nothing like the fun and sheer thrill of starting something new—especially from inside something old. Adapted from Winning (HarperBusiness Publishers, 2005) by Jack Welch with Suzy Welch.) Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller, Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com Please include your name, occupation and city. Only select questions will be answered. ©2009/by NYT Syndicate Source: World Business - Livemint.com | 6 Dec 2009 | 9:31 am
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