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Sponge iron prices may inch up in few months: Monnet IspatSponge iron prices are up 5% in two days. In an interview with CNBCTV18, Ajay Bhat, Chief Financial Officer of Monnet Ispat, spoke about the factors behind it.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 8:19 am Tata Motors assures talk with JLR post Dec on plant closureCNBCTV18 learns that Tata Motors has assured dialogue with JLR post Christmas on plant closure. However, sources inform that no decision will be made on the issue without the Unions approval for which they may meet in January 2010.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 8:11 am Panasonic acquires 50.19 pct of Sanyo Electric for $4.6 BnJapan\'s Panasonic Corp, which closed its tender offer for Sanyo Electric Co Ltd on Wednesday, said it has acquired 50.19 percent of the world\'s largest rechargeable battery maker in a deal worth 403.8 billion yenSource: Moneycontrol Top Headlines | 10 Dec 2009 | 8:07 am Bajaj Auto to stop scooter productionBajaj Auto Ltd, India\'s No. 2 motorcycle maker, will stop producing scooters by March to focus on motorcycles.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 5:07 am See FY10 revenue at Rs 1,200cr: LT FoodsIn an interview with CNBCTV18, VK Arora, Chairman of LT Foods, spoke about the scope for the company.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 5:01 am To incur losses of Rs 27000 cr this year sans bonds: IOCS V Narasimhan, Director Finance at Indian Oil Company (IOC) said it was seeking an in principle nod for bonds, with the actual bond payments being made later. IOC is likely to incur losses Rs 27,000 crore this year at current prices, he added.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 4:52 am Genpact sees strong 2010, eyes acquisitionsOutsourcing company Genpact Ltd expects a robust 2010, boosted by a ramp in corporate spending and stable pricing, its top executive said.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 4:51 am JSW Energy IPO covered 1.7 times on final dayIndian power firm JSW Energy\'s initial public offering to raise about $583 million was covered 1.7 times on the final day, as institutional investors more than made up for a shortfall in retail demand.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 4:51 am Power Grid to invest Rs 1600 Cr on grid projectsPower Grid Corp said on Thursday its board approved investments worth 16.03 billion rupees for various grid strengthening projects. The central transmission utility will invest 12.17 billion rupees for system strengthening project for Sasan and Mundra ultramega power projects, to be completed withing 32 months, it said.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 4:47 am Apple, GE, CAT, among JPMorgan`s 2010 top picksThomas Lee, JPMorgan chief U.S. equity strategist, on Wednesday announced the following stocks, covering a broad range of sectors, as his team\'s top picks for 2010.Source: Moneycontrol Top Headlines | 10 Dec 2009 | 4:47 am Govt to auction only 3 slots of 3G spectrume - Press Trust of India
Source: Business - Google News | 10 Dec 2009 | 3:32 am Mahindra Satyam a good investment buy for longer term: Sajiv Dhawan , MD, JV ... - Economic Times
Source: Business - Google News | 10 Dec 2009 | 3:27 am BSE Sensex provisionally rises 0.3 pctMUMBAI (Reuters) – The BSE Sensex provisionally rose 0.3 percent on Thursday, led by private-sector lender ICICI Bank and engineering and construction firm Larsen & Toubro, as higher European peers lifted investor confidence.Source: Reuters: Money News | 10 Dec 2009 | 3:07 am World stocks still weak but Europe reboundsLONDON (Reuters) - World equities were generally weaker on Thursday, adding to five sessions of losses, although Europe rebounded after recent hits over some of the region's more vulnerable economies.Source: Reuters: Money News | 10 Dec 2009 | 2:58 am Govt may penalise Reliance Comm, says ministerNEW DELHI (Reuters) – The government may impose a penalty on Reliance Communications Ltd after examining a state audit report that found the No. 2 telecoms firm under-reported revenue for two years, the telecoms minister said on Thursday.Source: Reuters: Money News | 10 Dec 2009 | 2:56 am VW's Polo Push in India Means Fighting for Customers With Partner Suzuki - Bloomberg
Source: Business - Google News | 10 Dec 2009 | 2:52 am Bhel to recruit about 4,000 people annually for 3 years Tiruchirapalli: “As part of expansion plans and embarking on certain new joint ventures (JV), public sector BHEL is to recruit about 4,000 people, including executive engineers annually, at least for the next three years,” B. Prasada Rao, chairman and managing director said. “At present,there are 45,000 plus headcount in various BHEL units and the company plans to enhance it to 52,000-55,000 by the end of 2012,” Rao said. “The company had also plans to start industrial training institutes as a solution to overcome the diffculty in getting artisans to BHEL’s sub-contractors,” he said. The PSU had forwarded a proposal to the railway ministry, enabling them to be a partner with Indian Railways to install a manufacturing unit at the campus of railway workshop in Kalcharapar in West Bengal. The proposed JV would enable BHEL produce self propulsion vehicles along with delicate components for the Railways on an assured off-take. He said that they have received a fresh order worth about Rs990 crore from Railways to supply about 150 electric locomotives. BHEL unit at Jhansi would manufacture and supply the engines. He said that works on the JV projects for additional power generation of 2x800 MW and 3x800 MWs each in Tamil Nadu and Karnataka respectively was expected to be completed within the next two months. Rao said that talks were on with employees unions on wage revision and a new wage structure was expected to be in place within a few months. “BHEL would invest Rs235 crore on its Vishakapatnam plant to enable it produce power plant equipment and components,” Rao said. “The order position for power plant equipment is quite encouraging with pending orders worth about Rs1.3 lakh crore, which could be cleared in three or four years”, he said. Of the 78,000 MW capacity addition in the current five year plan period, BHEL had bagged orders for 44,000 MW or equivalent to 55% of the quantity. In the current year quarter, the PSU had maintained over 21% growth in revenue earnings. “The trend was expected to continue and top line growth would be more than the present one by end of this fiscal, while bottom line would range from 35-40%,” he said. Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 2:52 am Bhel to recruit about 4,000 people annually for 3 years Tiruchirapalli: “As part of expansion plans and embarking on certain new joint ventures (JV), public sector BHEL is to recruit about 4,000 people, including executive engineers annually, at least for the next three years,” B. Prasada Rao, chairman and managing director said. “At present,there are 45,000 plus headcount in various BHEL units and the company plans to enhance it to 52,000-55,000 by the end of 2012,” Rao said. “The company had also plans to start industrial training institutes as a solution to overcome the diffculty in getting artisans to BHEL’s sub-contractors,” he said. The PSU had forwarded a proposal to the railway ministry, enabling them to be a partner with Indian Railways to install a manufacturing unit at the campus of railway workshop in Kalcharapar in West Bengal. The proposed JV would enable BHEL produce self propulsion vehicles along with delicate components for the Railways on an assured off-take. He said that they have received a fresh order worth about Rs990 crore from Railways to supply about 150 electric locomotives. BHEL unit at Jhansi would manufacture and supply the engines. He said that works on the JV projects for additional power generation of 2x800 MW and 3x800 MWs each in Tamil Nadu and Karnataka respectively was expected to be completed within the next two months. Rao said that talks were on with employees unions on wage revision and a new wage structure was expected to be in place within a few months. “BHEL would invest Rs235 crore on its Vishakapatnam plant to enable it produce power plant equipment and components,” Rao said. “The order position for power plant equipment is quite encouraging with pending orders worth about Rs1.3 lakh crore, which could be cleared in three or four years”, he said. Of the 78,000 MW capacity addition in the current five year plan period, BHEL had bagged orders for 44,000 MW or equivalent to 55% of the quantity. In the current year quarter, the PSU had maintained over 21% growth in revenue earnings. “The trend was expected to continue and top line growth would be more than the present one by end of this fiscal, while bottom line would range from 35-40%,” he said. Source: Home - Livemint.com | 10 Dec 2009 | 2:52 am Fortis, Asiri deny hospital deal talksNEW DELHI/COLOMBO (Reuters) - Fortis Healthcare and Sri Lanka's Asiri Hospitals on Thursday denied reports they were in talks to sell hospitals to the Indian firm and a Fortis offical said the island nation was not a priority.Source: Reuters: Money News | 10 Dec 2009 | 2:51 am MCD's new tax schemes won't be implemented: Mayor - Sify
Source: Business - Google News | 10 Dec 2009 | 2:49 am RIL in talks with IL&FS, others for stake sale in Haryana SEZNew Delhi: With an aim to rope in a strategic partner for its Haryana SEZ project, corporate giant Reliance Industries is believed to be in talks with IL&FS and a couple of other players for part-sale of its stake. The discussions are being held with infrastructure development and finance major IL&FS as also with some other potential partners for sale of a minority strategic stake by RIL in Reliance Haryana SEZ Ltd, sources said. However, it could not be ascertained how much stake RIL could offload in the venture and what was the valuation it was looking at for the stake sale, sources said, adding that the talks were still in preliminary stages. In its annual report for 2008-09, RIL had said that it was planning to bring in a strategic business partner in its Haryana SEZ project to maximise investment potential in the joint venture unit. The SEZ was to originally come up on 10,000 hectares at an investment of over Rs25,000 crore, but the size was scaled down to 5,000 hectares after the government put a cap on land acquisition for such projects. RIL and the Haryana government had entered into a deal in 2006 for setting up the multi-product SEZ, at that time billed as India’s largest and expected to attract about Rs1,00,000 crore of third-party investments. At that time, RIL chairman Mukesh Ambani had said that the JV company would be listed on the bourses. Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation (HSIIDC). “The company plans to engage a strategic business associate to help maximise the potential of the investments made so far and make the SEZ a truly global investment destination,” RIL had informed its shareholders in its annual report for 2008-09. Reliance Haryana SEZ is targetted to function as an integrated package with all the required facilities ensuring sustainable development of medium and large scale industries and service activities with sufficient provision for future growth and expansion. Source: Home - Livemint.com | 10 Dec 2009 | 2:45 am Capital inflows not a concern for now - RBIKOLKATA (Reuters) - There is no concern of capital inflows building asset bubbles in India as of now, the central bank head said on Thursday, a day after the authority had tightened foreign borrowings by companies.Source: Reuters: Money News | 10 Dec 2009 | 2:44 am Govt to auction only 3 slots of 3G spectrum, to lose revenueThe government has said the 3G telephony spectrum available with it for sale currently could accommodate only three operators.Source: India Business News | Business News - Times of India | 10 Dec 2009 | 2:43 am Indian office revival slated for Q2 2010 - DTZLONDON (Reuters) - India's office market depression will be over by summer 2010 as improving macroeconomic conditions spur tenant demand and soften downward pressure on rents, research from global property adviser DTZ showed.Source: Reuters: Money News | 10 Dec 2009 | 2:43 am SEBI issues show cause notice to Barclays Bank Plc - Moneycontrol.com
Source: Business - Google News | 10 Dec 2009 | 2:41 am Ranbaxy to launch Flomax generic in MarchMumbai: Drug maker Ranbaxy Laboratories expects to launch a generic version of Astellas Pharma’s Flomax urinary drug in March next year, its chief financial officer said on Thursday. “Going forward we are going to have lot more. One we have already launched, March there is another,” Omesh Sethi, who is also the president of India’s largest drug maker by sales, told reporters on the sidelines of an industry conference. “Then there is another big one coming in 2014, Nexium,” he said, referring to AstraZeneca’s anti-ulcer drug. Last month, Ranbaxy, majority-owned by Japan’s Daiichi Sankyo, said it launched generic version of GlaxoSmithKline’s Valtrex with a 180-day marketing exclusivity in the US. Source: Home - Livemint.com | 10 Dec 2009 | 2:37 am Food inflation rises to 19 05 pc on high vegetable ratesRising prices of potatoes, onions and pulses pushed food inflation to a high of 19.05 per cent in the fourth week of Source: HindustanTimes.com - Top Business News Headlines | 10 Dec 2009 | 2:30 am Panasonic completes bid for 50.2 pct of SanyoTOKYO (Reuters) - Japan's Panasonic Corp said on Thursday it acquired 50.2 percent of Sanyo Electric Co Ltd, the world's largest rechargeable battery maker, completing a long-delayed 403.8 billion yen ($4.6 billion) deal.Source: Reuters: Money News | 10 Dec 2009 | 2:29 am Sensex near day's highs; Bharti, RCom, ICICI Bank up - Economic Times
Source: Business - Google News | 10 Dec 2009 | 2:25 am LyondellBasell inks pact for product manufacturing in India Chennai: Global petrochemical major LyondellBasell Industries, for which Reliance Industries has made a preliminary bid, has entered into an agreement with Hyundai Engineering Plastics (HEP) for manufacturing certain products in India. The company has signed a tolling and marketing agreement with HEP for manufacturing two latest-generation compounds using LyondellBasell’s proprietary technology and formulations. The products would be manufactured at the HEP plant in Chennai, a LyondellBasell statement said. LyondellBasell would have exclusive marketing rights for these products, it added. “This cooperation enables us to supply our Indian automotive and appliance customers with locally manufactured, high-performance and high-quality compounds which will increase their competitiveness in fast-growing Indian market,” LyondellBasell vice-president (Asia-Pacific compounding business) Frank Noeltgen said. The two compounds, Hostacom and Hifax polypropylene, are used to add value in automotive applications. The arrangement expands existing cooperation between the two firms that began in 2006 and under which LyondellBasell produces, markets and sells HEP’s Supol materials in North America and Europe. Late last month, LyondellBasell and Reliance Industries disclosed a ‘preliminary non-binding offer’ by the Indian firm for a controlling stake in the chemical maker. Going by industry sources, RIL’s bid could be more than $12 billion. Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 2:23 am 'Govt needs sharp increase in farm spending' - Moneycontrol.com
Source: Business - Google News | 10 Dec 2009 | 2:20 am Grupo Mexico regains control of bankrupt AsarcoNew York: Mining giant Grupo Mexico on Thursday said it has regained control over bankrupt copper miner Asarco after winning a year-long legal battle with Vedanta group firm Sterlite Industries for acquiring the ailing company. “Grupo Mexico announced that its subsidiary, Americas Mining Corp, has consummated its bankruptcy plan for Asarco LLC, reuniting Asarco with its parent company,” the South American company said in a statement. The reunion follows the last month’s ruling of a US district court favouring Grupo Mexico’s about $2.4 billion bid over that of Sterlite Industries’ $2.5 billion offer for acquiring the US-based company. “The reintegration follows US district court Judge Andrew S Hanen’s decision last month to approve GMexico’s full payment reorganisation plan for Asarco, concluding the company’s four-year Chapter 11 proceeding,” it said. Grupo Mexico had acquired Asarco in 1999 but lost control of the subsidiary due to bankruptcy in 2005 amid a workers strike and over a billion-dollar environment and asbestos claims. Its final bid was first approved by a Texas-based bankruptcy court and later the district court confirmed the same. As per its Asarco-reorganisation plan, Grupo Mexico’s arm AMC would pay $2.2 billion in cash to Asarco’s creditors, besides guaranteeing a one-year $280 million note payable to Asarco’s asbestos creditors. Grupo Mexico said it has tied finance to fund the reorganisation plan. “To finance the plan, a syndicate of internationally recognised financial institutions has provided $1.5 billion in financing to AMC. GMexico contributed an additional $700 million to fund the $2.2 billion cash contribution.” Commenting on the completion of the court-approved plan, Asarco vice-president and general counsel Jorge Lazalde said, “With Asarco now able to operate free of its burdensome asbestos and environmental liabilities, which will be fully satisfied under our plan, we believe the combined entity will create one of the world’s strongest and most competitive copper producers.” Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 2:18 am Tighter foreign borrowing rules may boost loan growthMumbai: Reserve Bank of India may have tightened external commercial borrowing norms to indirectly boost domestic credit growth rather than to just curb capital inflows, analysts say. The RBI said late on Wednesday that some concessions on overseas borrowing for Indian firms introduced during the global credit crisis will be withdrawn from 1 January even as it eased rules for the infrastructure and telecoms firms raising funds from abroad. “This is a positive measure for banks’ credit growth because some of the corporates will return back to Indian banks and this will help improve the credit demand locally,” said Rupa Rege Nitsure, chief economist at state-owned Bank of Baroda. “As the domestic credit growth is aneamic, that could be another reason, the Reserve Bank may have taken this step.” Indian banks’ credit growth has slowed to about 10% between April and mid-November from 27% a year ago as companies opted for non-bank sources of funds amid surplus liquidity, cutting demand for commercial loans. The central bank has said it expects credit growth in the fiscal year ending March 2010 to touch 18%, a number some economists say is probably a tad optimistic. “The 18% target is quite ambitious, we may not reach there but about 15-16% looks possible,” said Indranil Pan, economist at Kotak Mahindra Bank Ltd. Wednesday’s changes in overseas borrowing rules will limit the ability of firms to borrow funds abroad and then repatriate them, as well as to buy back their foreign currency convertible bonds under the automatic route and approval route. “Whether the rule change has any significant impact or not depends on.. how much money has been raised until now above the all-in-cost ceiling. We do not have any data on that,” said Anubhuti Sahay, economist at Standard Chartered Bank. Limited impact on flows Impact on capital flows is expected to be limited as bulk of the inflows into India is through the stock market, analysts pointed out. “There aren’t many opportunities for investors except in emerging market economies like India, so they are just parking those excess funds here,” added Bank of Baroda’s Nitsure. So far in 2009, foreign funds have pumped in a net $16 billion worth of funds into the local equity market, but in contrast the debt inflows stand at just $1.4 billion. The move is unlikely to have any significant impact on the rupee, according to almost all analysts. “I don’t think this will impact the currency too much as most of the borrowing has been done and may be at rollover stage we may see its impact,” said R.K. Gurumurthy, head of treasury at ING Vysya Bank. “But honestly, in today’s world, things change so rapidly that in the next six months we could see this rolled back.” Source: Home - Livemint.com | 10 Dec 2009 | 2:18 am Cairn India plans to merge oil, gas businesses of group firmsMumbai: Cairn India, part of the UK-based Cairn Energy, on Thursday said it will merge oil and gas businesses of some of its subsidiaries with itself, a move that will improve administrative efficiencies. The company’s board, at its meeting held on 9 December, has approved a scheme of arrangement between Cairn India and some of its wholly-owned subsidiaries, oil and gas exploration major said in a statement to the Bombay Stock Exchange (BSE). Under the scheme, the company’s four subsidiaries — Cairn Energy India, Cairn Energy India West BV, Cairn Energy Cambay BV and Cairn Energy Gujarat BV — would merge their Indian oil and gas businesses with Cairn India, it said. “This will facilitate streamlining and consolidation of the multi-layered structure between Cairn India and some of its subsidiaries,” Cairn India said, adding that “once effective, this (scheme) will significantly improve administrative efficiencies”. Cairn India Group’s interests in various oil and gas businesses in India are held through various foreign subsidiaries. The company said no shares are proposed to be issued under the scheme, as these subsidiaries are wholly-owned entities and is subject to necessary regulatory approvals. Shares of Cairn India were trading lower 1.18% at Rs271.40 on BSE in the afternoon trade. Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 2:11 am Govt likely to penalise RCom for revenue misreportNew Delhi: India may impose a penalty on Reliance Communications Ltd after examining a state audit report that found the No. 2 telecoms firm under-reported revenue for two years, the telecoms minister said on Thursday. Andimuthu Raja told parliament his ministry was studying the report submitted by a special auditor earlier in the year. “The department shall raise additional demands including interest and penalty, as per licence terms, on the concerned licencees, after examination,” he said in a written reply to a question. Raja did not say how much the penalty could be or by when the government would decide on its course of action. A Reliance Communication spokesman reiterated the firm’s denial of any wrongdoing. “There is no irregularity or discrepancy whatsoever in the accounts of the company,” he said in an email. “RCOM strongly affirms that it anticipates no additional financial liability towards licence or spectrum fee.” Shares in Reliance Communications, which has a market value of over $8 billion, were up 2.4% at Rs186.20 by 2:18pm, while the Mumbai exchange was up 0.6%. The minister had said on Monday the auditor found Reliance under-reported revenue to the telecoms regulator in 2006/07 and 2007/08. Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 2:09 am Govt likely to penalise RCom for revenue misreportNew Delhi: India may impose a penalty on Reliance Communications Ltd after examining a state audit report that found the No. 2 telecoms firm under-reported revenue for two years, the telecoms minister said on Thursday. Andimuthu Raja told parliament his ministry was studying the report submitted by a special auditor earlier in the year. “The department shall raise additional demands including interest and penalty, as per licence terms, on the concerned licencees, after examination,” he said in a written reply to a question. Raja did not say how much the penalty could be or by when the government would decide on its course of action. A Reliance Communication spokesman reiterated the firm’s denial of any wrongdoing. “There is no irregularity or discrepancy whatsoever in the accounts of the company,” he said in an email. “RCOM strongly affirms that it anticipates no additional financial liability towards licence or spectrum fee.” Shares in Reliance Communications, which has a market value of over $8 billion, were up 2.4% at Rs186.20 by 2:18pm, while the Mumbai exchange was up 0.6%. The minister had said on Monday the auditor found Reliance under-reported revenue to the telecoms regulator in 2006/07 and 2007/08. Source: Home - Livemint.com | 10 Dec 2009 | 2:09 am INTERVIEW - Allahabad Bk sees loans rise on robust disbursalMUMBAI (Reuters) - State-run Allahabad Bank expects to maintain loan rise at 18 percent in 2009/10 as major part of its approved credit lines get disbursed, its new chairman said on Thursday.Source: Reuters: Money News | 10 Dec 2009 | 1:56 am Gold traders continue to pick bargainsMumbai: India’s gold traders continued to pick bargains on Thursday as prices stayed near two-week lows, even as overseas suppliers ran with thin stocks ahead of the year-end, dealers said. “There has been activity since the start of the week and it’s continuing, people are buying on dips, I filled a few orders in the range of $1,120-1,130 an ounce today,” said a dealer with a private bank in Mumbai. Gold February contract on the Multi Commodity Exchange traded near their two-week low at Rs17,096 per 10 grams. The contract had struck a two-week low of Rs17,035 in the previous session, a level last seen on 27 November. A weak rupee, which makes the dollar-quoted asset expensive, weighed on sentiment, they added. Dealers said overseas gold suppliers were running with thin stocks before the year-end, but still had enough to cater to Indian demand in case of a price drop. “Suppliers have been cautious, they are minimising stocks to reduce risk levels before their closure of books,” said another dealer with a private bank in Mumbai. “They don’t want to provide provisioning to mark-to-market margins for the hugely priced stocks,” said a third dealer with a private bank. Source: Home - Livemint.com | 10 Dec 2009 | 1:54 am Sensex rebounds midway on revival of buyingThe Bombay Stock Exchange benchmark Sensex gained 72.42 points at mid-session today on a revival of buying by funds of heavy-weight stocks available at attractive levels, wiping off early losses.Source: HindustanTimes.com - Top Business News Headlines | 10 Dec 2009 | 1:51 am HMSI forays into entry level bike segment with CB Twister New Delhi: Two-wheeler maker Honda Motorcycle and Scooter India on Thursday launched its 110 cc bike CB Twister, marking the company’s foray into the entry level bike segment. While the company has not disclosed the exact price, the new bike is expected to be tagged around Rs42,000 (ex-showroom, Delhi). The new bike will available in three variants and will be marketed from February 2010. “The introduction of this bike will create a new segment and expand the two-wheeler market in India,” HMSI managing director S. Aoyama said. “The exact price of the bike will be announced during next month’s Delhi Auto Expo,” he added. HMSI sells bikes in the higher engine performance segment of 125cc to 150cc segment and models include the Unicorn, Shine and the Stunner. Source: LatestNews-Home - Livemint.com | 10 Dec 2009 | 1:49 am Panasonic acquires 50.19% of Sanyo ElectricThe takeover makes Panasonic a dominant player in the fast-growing market for hybrid car batteries.Source: Daily News & Analysis: Money News | 10 Dec 2009 | 1:48 am Food inflation rises to 19.05% on high vegetable rates - Times of India
Source: Business - Google News | 10 Dec 2009 | 1:46 am Food price index up 19.05% on November 28: GovernmentThe driest spell in nearly four decades and floods in some parts of the country have trimmed farm output and pushed up food prices.Source: Daily News & Analysis: Money News | 10 Dec 2009 | 1:46 am Tighter forex borrowing rules may boost loan growthMUMBAI (Reuters) – The Reserve Bank of India (RBI) may have tightened external commercial borrowing norms to indirectly boost domestic credit growth rather than to just curb capital inflows, analysts say.Source: Reuters: Money News | 10 Dec 2009 | 1:45 am Barclays says cooperating with SEBI on derivativesBarclays is a registered foreign institutional investor in India and has to provide SEBI information about offshore derivative instruments that it transacts.Source: Daily News & Analysis: Money News | 10 Dec 2009 | 1:41 am Food inflation rises to 19.05% on high vegetable ratesRising prices of potatoes, onions and pulses pushed food inflation to a high of 19.05 per cent in the fourth week of November, mounting pressure on the government to rein in rates of essential items.Source: India Business News | Business News - Times of India | 10 Dec 2009 | 1:38 am Fortis not in talks with Sri Lanka's Asiri HospitalsFortis has said it would buy hospitals in India and neighbouring countries as it looks to expand its chain beyond its northern India home-base.Source: Daily News & Analysis: Money News | 10 Dec 2009 | 1:37 am Bajaj electrical post QIP promoter stake at 66%The proceeds will be deployed to fulfil working capital requirements, to fund capital expenditure and future acquisitions.Source: Daily News & Analysis: Money News | 10 Dec 2009 | 1:35 am Panasonic nabs 50.2% of Sanyo for $4.6 bnTokyo: Japan’s Panasonic Corp said that it acquired 50.2% of Sanyo Electric Co Ltd, the world’s largest rechargeable battery maker, for ¥403.8 billion ($4.6 billion), as shares of Sanyo jumped the most in six months on the completion of the deal. The bid had been widely expected to hand Panasonic a majority stake as Sanyo’s top three shareholders agreed to sell part of their shareholdings into the tender for a premium to ensure that Panasonic obtained more than half of Sanyo. Panasonic paid ¥131 for each common share, handing a hefty profit to Goldman Sachs, Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp, which bought preferred shares priced at ¥700 and convertible to 10 common shares each in 2006. Daiwa Securities SMBC is a joint venture (JV) between Daiwa Securities Group Inc and Sumitomo Mitsui Financial Group (SMFG), while Sumitomo Mitsui Banking is Sanyo’s main bank and part of SMFG. Customers for Sanyo’s hybrid car batteries include Honda Motor Co Ltd, Ford Motor Co and PSA Peugeot Citroen, while Panasonic runs a JV with Toyota Motor Corp to develop and make hybrid and electric car batteries. Sanyo is also a major manufacturer of solar cells and Panasonic offers fuel cells, enabling the new Panasonic group to offer a wider lineup of energy-producing and energy-storage alternatives to petroleum. The takeover makes Panasonic, which was sitting on cash and cash equivalent of ¥1.46 trillion as of 30 September, a dominant player in the fast-growing market for hybrid car batteries. Prior to the announcement, shares in Sanyo closed up 10.7% at ¥176, in the biggest single-day jump in 6 months, following the closure of the deal on Wednesday. Panasonic, maker of Viera flat TVs and Lumix digital cameras, fell 1.9% to ¥1,226. The benchmark Nikkei average lost 1.4%. Source: Home - Livemint.com | 10 Dec 2009 | 1:22 am Hawkish Asia rate views hit bonds; stocks offHong Kong: Government bonds in Australia and South Korea fell on Thursday as investors pushed forward expectations for interest rate rises in 2010 because of bullish growth views, while Asian stocks slid on year-end profit taking. Major European stocks were seen broadly higher as investors take a breather after the recent selling streak. Britain’s FTSE 100 was seen down 4 points to up 1 point at open, Germany’s DAX up 4 to 6 points, and France’s CAC-40 up 7 to 8 points. A deluge of Chinese economic data on Friday is expected to underscore that Asia’s growth rate will continue to lead the global economy and support a premium on regional asset prices. However, sovereign credit rating risks in other parts of the world bubbled below the surface. Standard & Poor’s cut its outlook on Spain to negative, after Fitch cut Greece’s debt rating and Moody’s reminded this week that the United States could lose its top rating in 3-4 years if its fiscal situation deteriorates. The 3-year December Australian government bond future fell 0.1 point to 95.12 after hitting a 4-month high last week Tuesday. The prospect of a greater interest rate advantage attracted dealers looking for yield to the Australian dollar, which rose as high as US$0.9175 before settling back to $0.9125, up 0.5% on the day. The New Zealand dollar also was up 0.5% to $0.7227 on hawkish comments from its central bank, which signalled it may start raising rates in April, pulling back from an earlier pledge to stand pat until late 2010. Australia’s economy has generated nearly 100,000 jobs in the last three months, a standout among advanced economies that makes a fourth consecutive central bank base rate increase in February increasingly likely. “All the jobs were full-time, the participation rate is holding strong and it increasingly looks like the unemployment rate has peaked,” said Brian Redican, senior economist with Macquarie. “A hike in February looks more and more likely.” Shorter-maturity bonds were also hit in South Korea, where the head of the Bank of Korea said rates were too low given economic growth prospects and the central bank could not wait for employment to pick up before lifting borrowing costs. Eight of 11 analysts polled on Thursday expect Korean policy rates to rise in the first quarter of 2010, compared with earlier this week when another poll showed the majority expecting a rate increase in the second quarter or later. In Japan, investors snapped up medium-term government bonds ahead of new money market operations to increase liquidity in the banking system. The 5-year Japanese government bond fell to the lowest since July 2005 at 0.45% before edging back up to 0.465%. The Nikkei share average in Tokyo tumbled 1.4%, with investors finding sovereign credit risk was a good reason to take profits. The Nikkei, though, remains up 3.6% on the month compared with the S&P 500, which is flat in December. A 6.5% fall in the shares of Suzuki Motor, was the fourth-largest drag on the Nikkei as dealers questioned the stock’s high valuation despite optimism surrounding an alliance with Volkswagen. Indeed, Suzuki is trading at about 1.5 times its 12-month forward book value, above the industry average of 1 times, Thomson Reuters Starmine shows. “We believe the firm will benefit from the technology alliance with Volkswagen, but anticipation of tie-up news has already driven its valuation... considerably higher (than those of its Japanese rivals),” said Morgan Stanley analyst Noriaki Hirakawa. The MSCI index of Asia Pacific stocks outside Japan eased 0.3%, with the consumer discretionary and technology sectors the biggest drags on the index. The Thomson Reuters index of Asia ex-Japan equities was down 0.5%. US crude for January delivery shed small gains during the session as equities declined, to trade down 0.2% at $70.56 a barrel. Oil has fallen now for six straight sessions. Source: Home - Livemint.com | 10 Dec 2009 | 12:46 am No more scooters from Bajaj - Business Standard
Source: Business - Google News | 10 Dec 2009 | 12:40 am PM cites need to increase farm spendingNew Delhi: Indian Prime Minister Manmohan Singh said on Thursday the country needs to sharply increase public spending on agriculture, particularly on irrigation and technology, to raise farm output. Growth in India’s farm sector, which depends heavily on erratic monsoon rains, has lagged the rapid growth in the industrial and services sectors, which have gained from two decades of liberal reforms. India’s Eleventh Five Year Plan, which began in 2007, aims to double annual agricultural growth to 4%, and the target was the government’s top priority, the prime minister said. “To achieve this we are sharply increasing public investment in agriculture. The most important area of investment in agriculture relates to water and its efficient use,” he said. Singh said investment in agricultural technology should increase. “We need to increase investments in agricultural technologies, particularly those related to improved crop practices,” he told a conference on irrigation. This year, the worst monsoon in 37 years ravaged India’s rice and cane crop, making the world’s second-most populous country a big importer of sugar and helping New York raw sugar futures surge to the highest in nearly three decades. India is also considering rice imports to ensure the country has adequate grain stocks. Source: Home - Livemint.com | 10 Dec 2009 | 12:34 am Food price index up 19.05% y-o-y on 28 NovNew Delhi: India’s food price index rose 19.05% in the 12 months to 28 November, while the fuel index was up 0.06%, the government said on Thursday. The driest spell in nearly four decades and floods in some parts of the country have trimmed farm output and pushed up food prices. On Wednesday, Reserve Banks Governor Duvvuri Subbarao said rising food price could fuel inflationary expectation and monetary policy would have to take a nuanced view. India’s annual wholesale inflation rose 1.34% in October from a year earlier, compared with 0.5% in September and 11.06% a year ago. Source: Home - Livemint.com | 10 Dec 2009 | 12:05 am Agri-biz cos weathered the slowdown betterIf you wanted to shield your portfolio from the worst effects of the market meltdown last year, you should have held the stocks of agri-business companies. Companies that either make agricultural inputs or manufacture products such as sugar, teaSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am VW pact with Suzuki opens new roads in IndiaThe Volkswagen-Suzuki decision to team up through a cross-holding of equity comes at a time when PSA Peugeot Citroen of France is zeroing in on picking up a substantial stake in MitsubishiSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Export growth likely to improve soon: SharmaIndia's exports growth is likely to improve in the coming months as measures taken by the Government have contributed to arresting the rate of decline in the last few months, said the Commerce and Industry Minister, Mr AnandSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am H-1B visa surge indicates growth in USCompanies looking to file H-1B visa applications need to act quickly. Less than 4,000 visas are now available under the Congressionally-mandated cap of 65,000 for theSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Food Corpn's open e-sale of wheat from Dec 16The Centre's open market sale of wheat from the stocks held by the Food Corporation of India (FCI) is likely to begin from December 16 through an online spot trading platform run by the Multi Commodity ExchangeSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Bajaj decides to ride out of scooter marketAs part of its strategy to become the largest bike maker in the world in terms of volumes, Bajaj Auto said on Wednesday that it will exit the scooter market after phasing out 100 cc Kristal by the end of theSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Idea Cellular (Rs 57.8): BuyWe recommend a buy in the stock of Idea Cellular from a short-term perspective. It is evident from the charts of the stock that after encountering a key resistance in June at around Rs 90 the stock began to decline. It was on an intermediate-termSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Day Trading GuideFresh long position can be initiated only if DLF surpasses Rs 390 with stiff stop-loss. Initiate fresh short if ICICI Bank slips below Rs 845 and SBI declines below Rs 2267 with tight stop-loss. We recommend a buy in Infosys with stop at Rs 2440.Source: Business Line - Home Page | 10 Dec 2009 | 12:00 am Paramount Airways back to full operationsThe Chennai based Paramount Airways, which returned to full operations this week, is evaluating the option of seeking financial and legal compensation from GE Capital Aviation Services (GECAS). The compensation would be for the losses it incurredSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am VW, Suzuki could create auto powerhouse in IndiaVolkswagen and Suzuki could end up becoming an automobile powerhouse in India in the coming years following their decision to go in for a global cross-holding ofSource: Business Line - Home Page | 10 Dec 2009 | 12:00 am Tata aims to buy stake in Swaraj Mazda: reportNew Delhi: Tata Motors, India’s biggest commercial vehicle maker, is in talks to buy Japanese conglomerate Sumitomo’s majority stake in Indian truck and bus maker Swaraj Mazda, Economic Times newspaper reported on Thursday. The report comes as Tata aims to boost its position in the light commercial vehicle market, which is set to see the entry of new players such as General Motors and its Chinese partner SAIC. The deal under which Tata would acquire Sumitomo’s 53.5% stake in Swaraj Mazda could be worth up to $54 million, the newspaper said. A Tata Motors spokesman called the report ‘speculation’. US auto giant GM and China’s SAIC last week said that they were forming a new alliance focused on India that will sell small cars and light trucks in the country’s fast-growing vehicle market. India’s light commercial vehicle market is growing at 40% a year while new car sales in the country rose 61% year on year in November. The Economic Times said that the acquisition of a majority stake in Swaraj Mazda would also provide Tata Motors access to technology from Japan’s Isuzu for commercial vehicle and buses. Isuzu holds a 1.99% stake in Swaraj Mazda. Tata Motors, India’s third-largest car manufacturer, recently acquired Spain’s Hispano Carrocera, a global leader in bus and coach making. Source: LatestNews-Home - Livemint.com | 9 Dec 2009 | 11:58 pm Cooperating with India regulator on derivatives: Barclays Mumbai: Barclays on Thursday said that it was cooperating with the Securities and Exchange Board of India (Sebi), a day after the Indian regulator barred the British bank from transacting new offshore derivative instruments. Sebi said in an order on Wednesday that Barclays had not correctly disclosed details of the derivatives that are used by foreign investors to buy Indian equities. The order will stand until Barclays shows it has adequate systems and controls in place for disclosing transactions in offshore derivative instruments, Sebi said. Since receiving Sebi’s original e-mail request of 24 September 2009, we have been and will continue to cooperate fully with Sebi as it examines certain offshore derivative transactions, Barclays said in a statement. Barclays is a registered foreign institutional investor in India and has to provide Sebi information about offshore derivative instruments that it transacts. Sebi has said that its order may also be treated as a show cause notice, and Barclays could reply to it before 18 December. The regulator said that it had sought information in late September from Barclays about four offshore derivative instruments that had been issued between January 2006 and January 2008. Source: LatestNews-Home - Livemint.com | 9 Dec 2009 | 11:36 pm Bajaj Electricals raises Rs160.79 cr via QIP Mumbai: Bajaj Electricals on Thursday said that it has raised Rs160.79 crore by issuing shares to qualified institutional buyers. The issue committee at its meeting held on 9 December had approved the allotment of 20.48 lakh shares, at Rs785 a piece to qualified institutional buyers (QIB), aggregating to Rs160.79 crore, Bajaj Electricals said in a filing to the Bombay Stock Exchange (BSE). The issue opened on 7 December and closed on 9 December, 2009. Shares of Bajaj Electricals were trading at Rs797 on the BSE, up 0.70% from its previous close. Source: LatestNews-Home - Livemint.com | 9 Dec 2009 | 11:18 pm Rupee depreciates 10 paise against dollar in opening tradeThe rupee on Thursday depreciated by 10 paise to 46.63 a dollar in opening trade on fears that capital inflows would be impacted adversely after the Reserve Bank tightened the guidelines for external commercial borrowings.Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 11:10 pm POLL - Oct industrial output seen up 10.3 pctNEW DELHI (Reuters) - India's annual industrial output growth probably surged in October on robust consumer demand and government spending, but is unlikely to change the central bank's near-term monetary stance.Source: Reuters: Money News | 9 Dec 2009 | 11:09 pm BHEL to recruit about 4,000 persons annually for 3 yrsAs part of expansion plans and embarking on certain new joint ventures, public sector BHEL is to recruit about 4,000 persons, including executive engineers annually, at least for the next three years, a top company official said today.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 11:07 pm Bharti Heavy Electricals Ltd to recruit about 4,000 persons annually for 3 yrsBHEL is to recruit about 4,000 persons, including executive engineers annually, at least for the next three years.Source: Daily News & Analysis: Money News | 9 Dec 2009 | 10:52 pm India’s annual industrial output seen up 10.3%New Delhi: India’s annual industrial output growth probably surged in October on robust consumer demand and government spending, but is unlikely to change the central bank’s near-term monetary stance. The median forecast in a Reuters poll of 21 analysts was for industrial output to have risen an annual 10.3%, accelerating from a provisional 9.1% rise in September. “Strong consumer demand and capital goods sector are likely to be growth drivers in October.” said Madan Sabnavis, chief economist at a Mumbai-based commodity exchange NCDEX. Factory output in the year-ago period had crept up 0.1% as the global downturn contracted demand in Asia’s third-largest economy, and the lower base would also help. Aggressive rate cuts by the central bank and heavy doses of government spending have revived output and the economy grew the fastest in 18 months in the September quarter. Car sales surged 61% on year in November, highlighting an improvement in consumer confidence. MONETARY TIGHTENING The strong growth data, along with persistently higher food prices, have stoked expectations of monetary tightening. Over the weekend, a central banker said growth alone would not determine the monetary stance, but noted that a persistent rise in food prices could raise broader inflationary expectations. Analysts do not expect Friday’s data to have any immediate impact on the central bank’s policy. “We still need to see the demand-pull triggers coming in. Inflation’s main cause remains on the supply side,” Sabnavis said adding: “So, it may not concern the monetary policy as of now.” On Monday, central bank Governor D. Subbarao said food price inflation was a supply-side issue and monetary policy was an inefficient tool to rein it in. Source: LatestNews-Home - Livemint.com | 9 Dec 2009 | 10:48 pm Boiler components for Krishnapatnam power project flagged offBharat Heavy Electricals Ltd unit here has achieved a major milestone when it despatched its first consignment of supercritical boiler components.Source: Daily News & Analysis: Money News | 9 Dec 2009 | 10:45 pm Asarco exits bankruptcy under Grupo Mexico dealAsarco, based in Tucson, Arizona, filed for bankruptcy protection in 2005 amid a strike and more than $1 billion of asbestos and environmental claims.Source: Daily News & Analysis: Money News | 9 Dec 2009 | 10:43 pm American Tower may buy Essar unit for $400millionThe deal may be announced in the first week of January and Barclays Capital is advising Essar on the transaction.Source: Daily News & Analysis: Money News | 9 Dec 2009 | 10:41 pm Sensex down 66 pts in early trade on weak Asian cuesThe Bombay Stock Exchange benchmark Sensex on Thursday fell by 66 points, or 0.31 per cent, in early trade on increased selling by foreign funds driven by weak Asian markets.Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 10:40 pm Hershey trust nears decision on Cadbury bidHowever, no announcement or decision is imminent as Hershey is still weighing its choices.Source: Daily News & Analysis: Money News | 9 Dec 2009 | 10:38 pm Sensex down 66 pts in early trade on weak Asian cuesSensex on Thursday fell by 66 points, or 0.31 per cent, in early trade on increased selling by foreign funds driven by weak Asian markets.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 10:08 pm Rupee depreciates 10 paise against dollar in opening tradeThe rupee today depreciated by 10 paise to 46.63 a dollar in opening trade on fears that capital inflows would be impacted adversely after the Reserve Bank tightened the guidelines for external commercial borrowings.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 10:04 pm Hershey Trust nears decision on Cadbury bid: paperNew York: Hershey Co and the trust that controls it are close to deciding whether to bid for rival candy maker Cadbury PLC, The Wall Street Journal (WSJ) reported Wednesday evening, citing sources close to the matter. However, no announcement or decision is imminent as Hershey is still weighing its choices, a source familiar with the situation said. The Pennsylvania-based company is wary of sacrificing its investment-grade credit rating should it buy the British company, a move that would add $10 billion in debt, according to a story on the newspaper’s web site. However, Hershey’s management and the trust are both leaning toward bidding for Cadbury, which owns the Trident gum brand, the paper said. Hershey’s managers and the trust have been meeting to discuss the bid, the WSJ reported. A Hershey Trust spokesman declined to comment on the article late Wednesday, but did note the trust held its regular annual meeting last week. The Hershey Trust uses proceeds from the famed chocolate maker to run the Milton Hershey School, which serves underprivileged children. Source: World Business - Livemint.com | 9 Dec 2009 | 9:31 pm Brown Sarkozy in united front on bank bonusesBritish Prime Minister Gordon Brown and French President Nicolas Sarkozy urged other leaders to impose a tax on bankers' bonuses, in a united front amid tensions between London and Paris. Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 8:02 pm Anti social network aims to be Facebook killer applicationFacebook makes you despair? Social networking makes you want to end it all? You may be ready for online ritual suicide with the aid of a new website that helps you kill your virtual identity. Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 7:54 pm Oil prices up in Asia tradeOil rose in Asian trade on Thursday as traders invested in cheap crude on the back of sliding prices, analysts said. Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 7:52 pm Online testing cos knock iims' door to replace Prometric - Economic Times
Source: Business - Google News | 9 Dec 2009 | 2:08 pm Bajaj scooter rides into the sunsetIn March 2010, the last of “Hamara Bajaj” scooters will roll out of the Bajaj factory at Waluj, Aurangabad. The Kristal, which is now safely the last of an illustrious line up of scooters from the Bajaj family, will meet the end of its life cycle by the close of this financial year, reports Sumant Banerji.Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 1:20 pm Railways agrees in principle to set up factory in SingurThe railways Wednesday in principle agreed to set up a coach factory on the land abandoned by Tata Motors in Singur, and asked the West Bengal government to furnish all details about the plot.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 1:02 pm RBI concerned over food price inflationReserve Bank of India (RBI) Governor D. Subba Rao Wednesday expressed concern over the food price inflation in the country, saying that it could fuel 'inflationary expectations'.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 1:01 pm 'Exports to grow by 15% in 2010-11'Government said the country's exports, which have been falling for over a year now due to the global slowdown, would grow by 15% next fiscal.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 12:54 pm PNB sells 26% in arm for Rs 79 crorePunjab National Bank said it has sold 26% stake in its fully-owned home loan arm, PNB Housing, to Destimoney Enterprises for Rs 79.2 crore.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 12:52 pm Sebi bans Barclays from issuing P-NotesSebi has issued a show-cause notice to Barclays Bank Plc for its complicity in issuing participatory notes to UBS AG with Reliance Communications shares as underlying.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 12:47 pm Lure of Indian market a trigger behind VW-Suzuki dealThe booming Indian car market is a big reason behind Volkswagen's deal with Suzuki, that holds 54% controlling stake in Indian car leader Maruti Suzuki, analysts and experts said.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 12:44 pm Mahindras settle Upaid row for $70mMahindras, the new owners of the scam-hit Satyam, have managed to settle the company's dispute with British mobile and online payments services provider Upaid Systems Ltd.Source: India Business News | Business News - Times of India | 9 Dec 2009 | 12:39 pm Tiger's TV ads vanish after affairs come out in openAdvertisements featuring Tiger Woods have disappeared from prime-time broadcast television and many cable channels following reports of his extramarital affairs, according to data from Nielsen Co.Source: Business Standard | Front Page Headlines | 9 Dec 2009 | 11:59 am Central GST threshold likely at Rs 10 lakhBusinesses with more than Rs 10 lakh turnover may end up paying the central goods and services tax (CGST), with the Centre not agreeing to states suggestion of keeping the threshold at Rs 1.5 crore.Source: Business Standard | Front Page Headlines | 9 Dec 2009 | 11:58 am Bajaj to exit scooter bizBajaj Auto, whose name has been synonymous with scooters in India for decades, will stop producing the vehicle in the next three months. The company sells 300 automatic scooters every month under the brand name, Kristal.Source: Business Standard | Front Page Headlines | 9 Dec 2009 | 11:56 am Volkswagen eyes indian small car for europeGerman automobile giant Volkswagen, which has picked up almost 20 per cent stake in Japanese car major Suzuki Motor Corporation, may source small cars from Maruti Suzuki (in which Suzuki has 54 per cent stake) for the European market and sell them under its own brand name.Source: Business Standard | Front Page Headlines | 9 Dec 2009 | 11:55 am Ministry moves to boost listing of firmsThe Ministry of Corporate Affairs (MCA) is out to boost the listing of public limited companies in the country, reports Mahua Venkatesh.Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 11:31 am Tighter norms ahead for big highway biddersThe National Highways Authority of India (NHAI) plans to set tough criteria to select bidders to build mega road projects of 400 km or more each in a new round of road building that involves high costs. In all the government plans to build 10 such projects involving a total of 4,800 km and an estimated budget of Rs. 45,000 crore, reports Samiran Saha.Source: HindustanTimes.com - Top Business News Headlines | 9 Dec 2009 | 10:50 am Buddhadeb slams UPA on price rise, privatisationWest Bengal Chief Minister Buddhadeb Bhattacharjee Wednesday slammed the United Progressive Alliance (UPA) government for failing to control rising prices of essentials and its pro-privatisation policies.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 9:03 am Price bids for supply of TV sets to be opened Dec 15The Tamil Nadu government will open Dec 15 the price bids submitted by select companies to supply four million 14-inch colour television sets for the government's free TV distribution scheme.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 9:03 am Visa on arrival in India -- from five countriesIndia has decided to introduce visa on arrival on a pilot basis for citizens of Singapore, Finland, New Zealand, Luxembourg and Japan, a tourism ministry official said Wednesday.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 9:02 am CPI-M furious over management awards against 'Stalinists'A private management institute's decision to give awards Trinamool Congress chief Mamata Banerjee and some intellectuals for their efforts to free West Bengal from 'Stalinists' has raised the hackles of the ruling Communist Party of India-Marxist (CPI-M).Source: IndiaeNews.com: Business News | 9 Dec 2009 | 9:02 am Micro-credit programmes beat global meltdown: Muhammad YunusMicrocredit programmes were able to weather the global meltdown as compared to the big conventional banks that were on the verge of collapse, Nobel laureate and noted economist Muhammad Yunus said here Wednesday.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 9:00 am Haryana to import cattle semenTo produce cattle of the desired sex, the animal husbandry and dairying department in Haryana has decided to import cattle semen.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 7:07 am SJVNL donates Rs.1 cr for relief fund in HimachalHydropower major Satluj Jal Vidyut Nigam Ltd (SJVNL) Wednesday presented a draft for Rs.1 crore to the Himachal Pradesh government as contribution towards the Chief Minister's Relief Fund.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 7:06 am Sensex down 0.59 percent, metals, banking scrips loseA benchmark index of the Indian equities markets Wednesday shut shop 0.59 percent lower amid volatility even as banking and metal stocks came under selling pressure.Source: IndiaeNews.com: Business News | 9 Dec 2009 | 7:01 am Now, a TV that streams websites direct to the screenLondon: Imagine a television set that allows you to search video clips from YouTube or BBC iPlayer — now you can bring this cutting-edge TV home this Christmas. The advanced LCD set manufactured by British manufacturer Cello called the iViewer, which is to be sold through Marks & Spencer, links into the home’s wireless Internet service through a dongle, the sort of device used to connect laptops to the web. It also doubles as a digital photo-frame, allowing instant access to any pictures stored on the home computer when connected by wireless link. There is also a USB port, which means video and images saved to a USB memory stick can also be viewed, Daily Mail reported. The TV is priced at £399 for the 26-inch option and £499 for the higher-specification 32-inch version, which offers full high definition images. The TV is the first set to have its own web link and software that is built-in to the technology. Currently, cable TV customers with Virgin can access the BBC iPlayer direct on their sets, however this service comes as part of a monthly package. It is also possible to stream the iPlayer to existing TV sets via games consoles such as the Nintendo Wii. North England-based Cello Electronics has been identified as one of the fastest growing UK technology companies. Source: Tech News - Livemint.com | 9 Dec 2009 | 6:21 am Suzuki sells stake to Volkswagen for $2.5 bnTokyo: Japan’s Suzuki Motor on Wednesday said that it will sell a 19.9% stake to Volkswagen for $2.5 billion and use half the proceeds to buy shares in the German automaker, as the two firms form a formidable force in the auto industry. Shares in Suzuki bucked a sharp fall in other Japanese auto stocks to end up 3.5% at ¥2,370 on Wednesday in Tokyo, a day after sources informed of Volkswagen’s impending stake purchase. “Two of the world’s leading carmakers are joining forces and preparing to meet the growing challenges that lie ahead,” Volkswagen CEO Martin Winterkorn said in a statement. “Together we can maximise our opportunities for growth,” Winterkorn said. Winterkorn and Suzuki chief executive Osamu Suzuki will hold a news conference at 1.30pm in Tokyo. Suzuki will allocate 19.9% of itself to Volkswagen from its treasury stock. Executives at Volkswagen, the world’s third-largest automaker, have publicly said over the past half year that Suzuki would be an interesting target given its expertise in small cars—a key segment to compete in emerging markets. “Financially speaking, it’s helpful for Suzuki to have a partner to invest in future technologies,” said Chizuko Satsukawa, an autos analyst at Standard & Poor’s. News of the Volkswagen-Suzuki alliance comes days after PSA Peugeot Citroen and Mitsubishi Motors Corp said that they were exploring deepening their ties, which have been limited to a project-based partnership so far. Reports that the French carmaker could take a controlling stake in ailing Mitsubishi Motors have triggered the inevitable question of ‘who’s next’, as the industry faces fragile demand, chronic overcapacity and mounting pressure to join hands to tackle stricter environmental regulations. Suzuki lost its equity ties to General Motors Co. a year ago, having bought back the US automaker’s 20% stake in it, now worth about ¥257 billion ($2.9 billion). Volkswagen, with its 10 brands including Audi, Skoda, Seat and now Porsche, has said that it wanted to become the world’s no.1 automaker by 2018—a goal it would reach with relative ease if Suzuki became a subsidiary. In the first six months of 2009, Volkswagen sold 3.265 million vehicles and Suzuki sold 1.15 million. Their combined sales of 4.415 million units would be larger than top-ranked Toyota’s 3.564 million. In contrast to a potential pair-up between PSA and Mitsubishi Motors, which many regard as a union of the weak, Volkswagen and Suzuki are both regarded as being amongst the strongest automakers thanks to their big exposure to the fast-growing markets of China and India, respectively. The other Franco-Japanese alliance, between Renault SA and Nissan Motor Co, is stepping up its push to achieve bigger synergies after 10 years of partnership, considered one of the few success stories in the industry. “This (Volkswagen-Suzuki negotiations) comes right after the Mitsubishi Motors deal and shows that foreign carmakers are coming to take stakes in Japanese firms, raising expectations of a reorganisation in the autos sector,” said Noritsugu Hirakawa, a strategist at Okasan Securities. The bankruptcy of Chrysler this year was twinned with a link-up with Italy’s Fiat SpA, while Chinese automakers are looking to buy into brands on sale from General Motors Co and Ford Motor Co. Still, Suzuki’s agreeing to join hands with Volkswagen comes as a surprise after its chief executive officer had categorically denied any talks as recently as November. Analysts said that the move could benefit Suzuki by giving it cash and a partner to develop clean-car technology, where it lags, while giving Volkswagen a minicar platform, as well as a foothold in emerging markets such as India and Southeast Asia. “It is probably a good move for both parties,” said Koji Endo, an autos analyst at Advanced Research Japan. Japan’s Mazda Motor Corp has also come under some scrutiny given its diminished equity ties with Ford, whose stake has dropped to 11% from one-third. But Mazda is fresh from raising about $1 billion in a share sale to fund the development of hybrid and other technologies, indicating that it could maintain the status quo. Analysts are particularly upbeat about a new generation of fuel-efficient engines and transmission to be rolled out from 2011 as a cost-effective technology that could contribute immediately to Mazda’s bottom line. Source: World Business - Livemint.com | 9 Dec 2009 | 3:34 am Google bundles coverage from NYT, Washington Post Mountain View, California: Internet search leader Google Inc. is teaming up with The New York Times and The Washington Post in an attempt to help out the ailing newspaper industry. The new project, called ‘Living Stories’, debuted Tuesday in the experimental labs section on Google’s web site. The service is supposed to make it easier for readers to follow evolving news stories. It will package stories from both the Times and the Post so the coverage can be more easily updated to include new developments. Some of the initial topics featured on the service Tuesday included health care reform, executive pay and the Washington Redskins football team. “Google isn’t paying the newspapers to feature the content, and there aren’t any immediate plans to sell advertising alongside the material,” said Josh Cohen, a Google product manager overseeing the project. Still, Google thinks Living Stories can help newspapers adapt to a shift that is causing millions of people to get their news from online sources instead of print. That’s a huge problem for newspapers because they make most of their money from ads appearing in print. As print advertising has been crumbling, some newspaper publishers have lashed out against Google, which is based in Mountain View. They depict Google as a leech that has profited by showing snippets of their online stories and photographs. Rupert Murdoch, chief executive of News Corp., has been among the most outspoken critics. He has even threatened to block Google from listing News Corp.’s publications, including The Wall Street Journal, in its search index. The New York Times, though, regards Google as an ally, according to Martin Nisenholtz, who oversees the newspaper’s online operations. “We have a very successful, significant relationship with Google,” Nisenholtz told investors and analysts on Tuesday at a media conference in New York. Source: Tech News - Livemint.com | 9 Dec 2009 | 1:50 am Google bundles coverage from NYT, Washington Post Mountain View, California: Internet search leader Google Inc. is teaming up with The New York Times and The Washington Post in an attempt to help out the ailing newspaper industry. The new project, called ‘Living Stories’, debuted Tuesday in the experimental labs section on Google’s web site. The service is supposed to make it easier for readers to follow evolving news stories. It will package stories from both the Times and the Post so the coverage can be more easily updated to include new developments. Some of the initial topics featured on the service Tuesday included health care reform, executive pay and the Washington Redskins football team. “Google isn’t paying the newspapers to feature the content, and there aren’t any immediate plans to sell advertising alongside the material,” said Josh Cohen, a Google product manager overseeing the project. Still, Google thinks Living Stories can help newspapers adapt to a shift that is causing millions of people to get their news from online sources instead of print. That’s a huge problem for newspapers because they make most of their money from ads appearing in print. As print advertising has been crumbling, some newspaper publishers have lashed out against Google, which is based in Mountain View. They depict Google as a leech that has profited by showing snippets of their online stories and photographs. Rupert Murdoch, chief executive of News Corp., has been among the most outspoken critics. He has even threatened to block Google from listing News Corp.’s publications, including The Wall Street Journal, in its search index. The New York Times, though, regards Google as an ally, according to Martin Nisenholtz, who oversees the newspaper’s online operations. “We have a very successful, significant relationship with Google,” Nisenholtz told investors and analysts on Tuesday at a media conference in New York. Source: World Business - Livemint.com | 9 Dec 2009 | 1:50 am
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