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20 private companies interested in setting up power plants in UPA majority of these companies have expressed their willingness to set up coal-based plants in the state.Source: Daily News & Analysis: Money News | 25 Dec 2009 | 2:58 am 2009: Indian auto industry in top gear despite global gloom - Economic Times
Source: Business - Google News | 25 Dec 2009 | 2:55 am Japan budget: growth to return '10/11, more deflationTOKYO (Reuters) - Japan's economy will grow for the first time in three years in the year to March 2011 as stimulus boosts domestic demand, the government said on Friday in budget forecasts, but it added that the Bank of Japan should support the economy as mild deflation will persist.Source: Reuters: Money News | 25 Dec 2009 | 2:48 am Tighter credit won't ease inflation: Finance ministerIndia's food prices rose nearly 19% annually in mid-December and a central bank deputy said food inflation could drive headline inflation as growth picks up.Source: Daily News & Analysis: Money News | 25 Dec 2009 | 2:42 am BSNL’s Rs35,000 cr expansion plan hits rough patchNew Delhi: A big controversy on procurement of Rs35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board, threatening mega expansion programme of the PSU. While the major equipment supplier Ericsson has lowered its price substantially after negotiations for the GSM expansion contract, the two government nominees — joint secretary J S Deepak and a senior DoT official P K Mittal — have raised some proprietary issues concerning the tender that was cleared early 2009. When contacted BSNL CMD declined to get into the matter raised by the government nominees but told PTI that “The Board will look into all the issues and take appropriate decision.” Cancellation or any delay in the contract could hit hard BSNL at a time when government is thinking of disinvestment, a senior official said on condition of anonymity adding that in such an eventuality only corporate rivals could be benefitted. A note given by DoT joint secretary J S Deepak has raised questions on the process followed by BSNL in evaluating the tender and is against the CVC guidelines. “It was a single bid throughout the country... and BSNL has not done a comparative analysis on the basis of total cost to the company,” the note by Deepak said. When contacted, he said “This was a comment to BSNL as a Board member and government nominee” adding that a similar note was also submitted by another nominee P K Mittal. BSNL officials said some vested interest do not want this tender to go through. Asked whether some DoT officials are interfering into the tender business of the PSU, the officials declined to comment but said that someone is working so that it (93 million GSM lines tender) does not go through. According to sources, Ericsson, who was the lowest bidder for the Northern and Eastern region, has lowered the price to a level seen in the last tender and this was the desired level. The note by Deepak, the government nominee, has said that the 93 million tender should be reconsidered indicating that it could either be scrapped or the size of the tender could be reduced. BSNL has been losing the market share to private sector due to its inability in timely adding the capacity and executing projects in view of government hurdles. On the issue that there was only one bidder throughout the country, Ericsson in the North and East and Huawei in South, BSNL CMD had said that at the time of inviting bids there were other players too. It was only after the technical evaluation that the single bidder remained in the fray. Earlier, BSNL had put on hold the Advance Purchase Order (APO) to Huawei saying conditional acceptance of orders cannot be entertained by the PSU. Source: LatestNews-Home - Livemint.com | 25 Dec 2009 | 2:23 am Tighter credit won't ease inflation - finminMUMBAI (Reuters) - India's finance minister said tightening credit would not help ease the country's soaring food price inflation.Source: Reuters: Money News | 25 Dec 2009 | 2:21 am Tighter credit won’t ease inflation: FMMumbai: India’s finance minister said tightening credit would not help ease the country’s soaring food price inflation. “If it is substantially from the supply side and if it is not from the demand side, then simply by tightening credit you are not going to get the desired result,” Pranab Mukherjee said in an interview with the Economic Times newspaper. “Therefore a balanced approach needs to be taken,” he said in the report published on Friday. India’s food prices rose nearly 19% annually in mid-December and a central bank deputy said food inflation could drive headline inflation as growth picks up and capacity constraints emerge. Mukherjee said he was not certain about the extent to which the monetary policy was influencing food prices. “Until recently, we have not resorted to strict money policy. But the liquidity available in the market... to what extent it is influencing prices particularly commodity prices in hoarding, is yet to be seen,” he said. He added that higher minimum support prices for wheat, rice and sugarcane were partly responsible for higher prices. When asked about growing concerns on capital inflows, Mukherjee said the government was monitoring the situation. “We always watch it. We want it. But there should not be a situation where volatility of the inflowing capital would cause problems. In our system it has not reached that stage where we have to be worried.” Source: Home - Livemint.com | 25 Dec 2009 | 2:21 am Disinvestment not a forgotten word in 20092009 saw the government relaxing a rule to pump proceeds from disinvestment directly for social schemes.Source: Daily News & Analysis: Money News | 25 Dec 2009 | 2:04 am DCGI asks GSK to withdraw promotional advertisement New Delhi: National health regulator Drug Controller General of India (DCGI) has asked drug maker GlaxoSmithKline (GSK) to withdraw promotional advertisement for cervical cancer vaccine, after it found the campaign to be violating certain norms. According to sources, DCGI has sent a notice to the company asking them to withdraw the promotional campaign for ‘Cervarix´—the cervical cancer vaccine as it has violated the norms prescribed under the Drugs and Cosmetics Act 1940. When contacted GSK spokesperson confirmed that the company has received a show cause notice from the DCGI. “We have received a show cause notice from the DCGI regarding our disease awareness campaign on cervical cancer. We are in the process of responding to the same suitably,” a GSK spokesperson said. The national health regulator has alleged that the campaign launched by the company for ‘Cervarix´ has violated the Drugs and Cosmetics Act 1940 norms, under which no one (neither company or any institute) can make any claim regarding prevention and cure of certain diseases. According to the act, no drug may purport or claim to prevent or cure or may convey to the intending user thereof any idea that it may prevent or cure one or more of the diseases or ailments. The act also states that before launching any campaign, prior permission of the government is needed. According to the officials in the health ministry GSK has not taken any such permission. Source: LatestNews-Home - Livemint.com | 25 Dec 2009 | 2:04 am ICICI Bank to raise up to Rs1,200 cr via bonds New Delhi: The country’s largest public sector lender, ICICI Bank, is raising up to Rs1,200 crore by issue of bonds. “The bank plans to raise at least Rs500 crore by issuing Tier-II bonds, with an option to raise a further amount if the issue is oversubscribed,” merchant bankers close to the deal said. Shares of ICICI Bank closed at Rs862.70 on the Bombay Stock Exchange (BSE), up 0.15% from its previous close at the end of Thursday’s trade. The scrip during the trade gained nearly one per cent to touch an intra-day high of Rs870. The bank yesterday sold its points of sale (POS) terminal business (debit and credit card payments) to US-based First Data Corporation (FDC) for $80 million (about Rs400 crore). The deal took place amid reports that the bank is planning to raise more funds by diluting its stakes in two firms—3i Infotech and Firstsource Solutions. ICICI Bank through its various arms holds 29.97% stake in IT firm 3i Infotech and 26.67% in BPO firm Firstsource Solutions, according to its September quarter shareholding pattern available on the BSE. Source: LatestNews-Home - Livemint.com | 25 Dec 2009 | 1:16 am China revises up 2008 growth on services strengthBEIJING (Reuters) - China on Friday revised up its 2008 growth rate to 9.6 percent, taking it well above the originally reported 9.0 percent after calculating that the service sector had been more productive than previously thought.Source: Reuters: Money News | 25 Dec 2009 | 1:04 am Asian shares soft in holiday trade, dollar steadyJapan's Nikkei average slipped 0.4 % a day after hitting a three-month closing peak, as high-tech exporters such as Canon Inc that have led recent rallies ran out of steam.Source: Daily News & Analysis: Money News | 25 Dec 2009 | 1:02 am India revs up plans to expand road networkMumbai: Manufacturers who set up shop in India in the 1990s often joke they didn’t just have to build factories back then, but also roads because it was faster than waiting for the state to build them. Today, India has the world’s second largest road network at 3.4 million km. And the national highway network, which doubled in size between 1997 and 2007, stands at an impressive 70,000km. But is that enough? Some say it isn’t: transporters complain the quality of roads isn’t up to scratch; most highways still have just two lanes and many roads are just paved and not made of concrete. “We have the best trucks, the most advanced technologies, but what is the use when our roads are so bad?” said Ashwin Agarwal, a transporter with a fleet of at least 80 trucks that criss-cross the country. “I can never accurately say when the trucks will reach. Invariably, there are delays because our roads are so bad. We need better roads, better infrastructure, it’s the need of the hour.” Agarwal’s trucks, packed with auto parts, cover about 350km a day, or roughly half the distance trucks can normally do on good roads. But he says his expenses are higher because of greater wear and tear on those roads. After years of neglect, the Congress-led government is pushing to build 20km of roads each day as part of its plans to improve infrastructure in Asia’s third largest economy. Analysts estimate poor infrastructure shaves an estimated 1 or 2 percentage points off India’s annual economic growth, which slowed to 6.7% in 2008-09 after three years of 9% or more growth.  Feeling optimistic: Ajit Gulabchand, chief executive of Hindustan Construction Co., says road construction targets are achievable. Santosh Harhare / Hindustan Times Power and roads are expected to lead infrastructure growth, but road construction has been hamstrung by bureaucratic red tape, funding difficulties and land acquisition hassles, which have put off investors and slowed movement of goods and people in a country where roads carry 70% of freight and passengers. “Building 20km a day is highly ambitious, given the lack of an enabling ecosystem, and especially when considering even China fell short of that with decades of building experience,” said analyst Nitin Bhasin at Noble Group, which rates state highways and roads a better investor bet because of better planning and execution The World Bank says infrastructure limitations are India’s most serious constraint to growth, and the most serious limitation to rapid poverty reduction. About a decade ago, about 40% of India’s 825,000 villages lacked all-weather roads. Under a $34-billion programme partly funded by the World Bank, some 375,000km of new rural roads will be built until 2010 and nearly the same length improved. The results are showing already, said Ashok Kumar, senior highways engineer of the World Bank in India: household incomes have jumped by half or even doubled, crop yields have nearly tripled and literacy rates have improved. For every Rs10 lakh spent on rural roads, 163 people are lifted out of poverty, the World Bank estimates. “Rural roads are a primary requirement for overall growth and development. We cannot afford to neglect them,” Kumar said. But the roads sector is plagued by poor planning and execution, corruption, and huge time and cost overruns. About 40% of road contracts have cost overruns of 25-50%, and about Rs9,000 crore are locked up in disputes and arbitration. There is also a shortage of labour: India has 110,000 highway engineers compared to more than 500,000 in China in 1989-97. Land acquisition is a big challenge, with most tracts of land in India lacking clear title deeds, and growing opposition from farmers against use of land for industrial purposes. The other major issue is funding; India needs $70 billion for building roads over the next three years, the government says. About half of that is expected to come from foreign investors. After a series of roadshows abroad, the National Highways Authority aims to get in bids for 6,563 km of road projects worth $12 billion in the year to March. An improving economy and revived interest from foreign and local investors augur well, and developers will gain in experience and confidence as they build more roads, said Tushar Poddar, economist at Goldman Sachs. Transport minister Kamal Nath has announced a slew of measures including reviewing the process of offering and bidding, changes to the concession and land acquisition agreements, faster approvals and more public-private partnerships. These have gone down well with Ajit Gulabchand, chief executive of Hindustan Construction Co. Ltd, which has built more than 2,300km of highways and 300 bridges, including a cable-stayed bridge in the sea off Mumbai. “I feel optimistic. I think the targets are achievable,” said Gulabchand, whose company is bidding for new road projects. “The money will come. And barring a severe downturn or other unforeseen hiccups, the plan should work.” feedback@livemint.com Source: LatestNews-Home - Livemint.com | 25 Dec 2009 | 12:54 am Big week ahead on Wall Street, stocks to end 2009 with a flourishNew York: Wall Street is likely to make a strong showing in the final week of 2009 as the bulls gear up to toast the first annual advance for US stocks in two years on hopes of more economic stability in 2010. The US stock market’s resiliency since the March bottom has put investors in the mood to celebrate. The trading week will be cut short by the New Year’s Day holiday on Friday, when US financial markets will be closed. The S&P 500 is poised for what could possibly be its best year since 2003 -- in sharp contrast to a year ago, when stocks plummeted in the fallout from the mortgage crisis and panic rocked investors as 2009 got under way. Even though no “all clear” has been sounded for the US economy, equity strategists said stocks were poised to add to recent gains next week and build a base for a solid start to 2010 as optimism about the recovery grows. There’s an expectation now that economic indicators will keep showing improvements in key areas like housing and the labour market. “There’s an upward bias,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm, based in Toledo, Ohio. “Economic numbers have been good. It’s been an ideal situation for equities as there aren’t that many other alternatives. I think the smarter money is going into equities.” After starting out November in a tight range, the benchmark Standard & Poor’s 500 vaulted on Thursday to a 14-month closing high as investors bet that the recovery will be strong enough to justify loftier stock valuations. Trading ended at 1800 GMT on Thursday in a session cut short for Christmas Eve. US financial markets will be closed on Friday for Christmas Day. The S&P 500 is up 66.5% from a 12-year closing low set on 9 March. Its trading levels now imply a forward price/earnings ratio of 15.5, according to Thomson Reuters data. And oh, what a difference a year makes. The S&P 500 ended 2008 down 38.5%. But for 2009, the S&P 500 is up 24.7% -- a gain that puts the broad market index on track for what could be its best year since 2003. An even stronger advance next week could put the S&P 500 in position for its best year since 1998. For 2009, the Dow is up 19.9% and the Nasdaq is up 45%. Room to run higher “The market is telling us that the economy is a lot stronger than people are giving it credit” for, said Cleveland Rueckert, market analyst at Birinyi Associates in Stamford, Connecticut. Although there might be some profit-taking in the final days of the year, the stock market’s underlying tone should still be positive, Reuckert added. “In our view, the market is going to go higher.” The ritual of window dressing should also support the stock market in the coming week, according to analysts. That strategy involves selling stocks with large losses and buying winners near the end of the year or quarter to improve a portfolio’s performance. “The fact that it’s year-end is going to cause a fair amount of volatility on probably relatively light volume,” said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles. “I would expect the bias would be to the upside toward the end of the week.” Volatility may be enhanced in a holiday-shortened week, when the US stock market will be open for only four days. And volume may be exceptionally light, with many market participants taking time off through New Year’s Day. Consumer data and debt auctions Economic and corporate calendars are light next week. But there are a few items worth keeping an eye on, including the US Treasury’s $118 billion auction of two-year, five-year and seven-year notes. Investors will watch for how much demand there is for US government debt as efforts to revive the economy pump up government spending. As the holiday shopping season comes to a close, the Conference Board’s index of December consumer confidence will merit Wall Street’s attention on Tuesday. The forecast calls for a December reading of 52.3, up from 49.5 in November, according to economists polled by Reuters. Investors will note the October S&P/Case-Shiller home price index, also due on Tuesday. On Wednesday, the Institute for Supply Management-Chicago’s December index of business activity in the US Midwest region is set for release. The median forecast of economists polled by Reuters puts the ISM-Chicago index at 55.0 in December, down from 56.1 in November. A reading above 50 indicates expansion. The government report on weekly jobless claims is set for release on Thursday. Reports on the labour market are being scrutinized closely as investors seek to determine when job growth might resume. November’s surprisingly upbeat non-farm payrolls report showed the US unemployment rate dipped to 10% from 10.2%. That slight improvement in the job market led investors to wonder about the potential removal of some of the US Federal Reserve’s stimulus measures and the prospects for interest-rate hikes next year. But to keep the fledgling recovery going, the Fed pledged again on 16 December at the end of its last policy meeting to keep interest rates low for an extended period of time. The Fed is hard-pressed to prevent the economy from sliding back into a slump, which would result in a double-dip recession. The policy of near-zero interest rates has let investors to borrow dollars cheaply in order to invest in higher-yielding assets like stocks. “We think it’s a good time to be invested in equities, and equities continue to offer the best risk-reward (ratio) among the major financial assets,” said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. Source: Home - Livemint.com | 25 Dec 2009 | 12:49 am Realty firms find friends in bankers in 2009New Delhi: Wiser from last year’s free-fall, realty firms discovered a new mantra in ‘affordable housing’ and found help from banks who offered low interest home loans to build their businesses in 2009. Prices continued to fall by 25-30% even this year and the virtual shutdown in the property market that began in late 2008 forced cash-starved realty firms to go for distress sale of assets and shares to repay their mounting debts. Yet, the appetite to raise funds was so high that as soon as the stock market bounced back to a reasonable level, about 10 realty firms announced their plans to launch initial public offer (IPO) to raise over Rs12,000 crore together. “Property prices fell by 25-30% in all the three segments (homes, offices and retail) compared to last year,” global property consultant Jones Lang LaSalle Meghraj chairman and country head Anuj Puri said. The market reality caught up with the realtors, including the country’s top two realty firms- DLF and Unitech, and their strategy of concentrating only on luxury and high-end housing projects was proved to be wrong. “Our focus will be on the mid-income homes and commercial complexes, with deferment of high-margin launches in luxury homes and retail space,” DLF Ltd vice chairman Rajiv Singh had said in January. Unitech managing director Sanjay Chandra also conceded that “we made a mistake of only focusing on top 2-3% of India’s population. Now we want to reach the masses... enter into budget and affordable houses”. Even the Centre was keen in incentivising only low-cost housing, which is evident from the fact that public sector banks were asked to lower the interest rates for home loans up to Rs20 lakh as part of a stimulus measure to revive the economy reeling under global meltdown. Private banks too made their entry and towards the second half of the year the home loan market was buzzing with activity with the race to provide low interest loans got hotter and rates came down to as low as 8%. While Unitech announced it wants to become numero uno in the housing category with plans to construct 20,000 affordable houses in two years, DLF also threw its hat into the ring of low-cost housing by planning to build one lakh units at a price below Rs20 lakh in major cities across the country. Other developers, too, were not lagging behind. Soon, the property market was flooded with affordable housing projects starting from as low as Rs4 lakh from Tatas. Lower margins and cut in sizes of apartments helped developers in offering the flats at an affordable rates. Even as they found a way out to revive housing demand, developers had no option but to wait and watch for commercial segment (office and retail space). With corporates holding their expansion plans, office space absorption fell by 29% this year. With demand continuing to be sluggish, debt-ridden realty firms had to look for other avenues to improve their cash flows as pressure from mounting debts rose. Developers resorted to selling of shares and assets, besides approaching banks for restructuring of their loans. Unitech set the trend by raising about Rs4,400 crore in two rounds through private placement of shares (QIP) besides selling office building in south Delhi for Rs500 crore. DLF promoters, too, sold nearly 10% stake in the company to raise Rs3,860 crore. It also decided to sell its non-core businesses like wind energy. IndiaBulls, Parsvnath and HDIL were among others which raised money via QIP route. Those who could not raise funds had to back out from projects, like BPTP, the Delhi-based firm partly surrendering the largest ever land deal in the country, valued at Rs5,006 crore after failing to make payments. Towards the second half of the year, with the country’s ecomonic situation seeing recovery, the real estate market also saw glimpses of hope. Demands trickled in and with a buoyant stock market, realtors sensed the opportunity to tap the capital markets. Major realty firms, including Emaar MGF and Sahara, filed prospectuses with SEBI for their initial public offer (IPO) to raise collectively an over Rs12,000 crore. Godrej Properties raised Rs500 crore from its IPO. “As we step out from 2009, we see confidence, stability and improvement in demand,” Puri of JLLM said, but cautioned that prices should remain reasonable. Source: Home - Livemint.com | 25 Dec 2009 | 12:42 am Asian shares soft in holiday trade, dollar steadyTokyo: Shares in Tokyo slipped on Friday as investors took profits in trade thinned by the Christmas break in many other markets, while Shanghai fell and the dollar hung near its highs of the month after goods and jobless claims data. The Shanghai Composite Index had eased 0.2% by 0640 GMT, weighed down by caution over new share supply after Anhui Xinhua Media Co said it would launch an initial public offering next week, but stocks in Taiwan edged up. Japan’s Nikkei average slipped 0.4% a day after hitting a three-month closing peak, as high-tech exporters such as Canon Inc that have led recent rallies ran out of steam. But the benchmark, which closed at 10,494.71, still ended 3.5% up on the week and has risen 18.5% so far this year. “Investors are taking profits as Japanese stocks have rebounded sharply in a short period of time and amid investor caution, with stock markets closed overnight around the world,” said Kenichi Hirano, operating officer at Tachibana Securities. Shares in Kirin Holdings rose 1.6% after a newspaper reported the previous day that the beer maker and rival Suntory Holdings are close to agreeing to a merger ratio. Copier and digital camera maker Canon fell 1.7% to ¥3,950 after surging on Thursday following approval from EU regulators for its takeover of Dutch firm Oce. Tokyo Electron Ltd, the world’s No.2 semiconductor equipment maker, slipped 1.7% to ¥5,880 while auto maker Toyota Motor Corp shed 1% to ¥3,850. Venezuela’s president Hugo Chavez this week threatened to expel Toyota unless it produces an all-terrain model of a 4x4 vehicle used for public transport in poor and rural areas. Japan’s broader Topix retreated 0.5% to 909.39. Shares in Taiwan rose 0.11% to an 18-month closing high, led by DRAM chip maker Nanya Technology and other memory chip makers on hopes of a demand pickup and after the central bank kept interest rates at a record low of 1.25% on Thursday. Analysts said a fall in US jobless claims had also supported gains in some tech stocks. New orders for long-lasting US manufactured goods excluding transport items surged in November and new applications for jobless aid hit the lowest level in 15 months last week, pointing to a firmly entrenched economic recovery. The data helped US stocks to close at 2009 highs on Thursday. The Dow Jones industrial average gained 0.51%, the Standard & Poor’s 500 Index 0.53%, and the Nasdaq Composite Index 0.71%. The dollar was steady at ¥91.41 having hit a two-month high of ¥91.88 this week as year-end closing of short positions gave it a boost. The rally has run out of steam but the dollar is still on course for its best monthly performance against the yen since February after hitting a 14-year low of ¥84.82 last month. The euro steadied at $1.4380, after falling as far as $1.4218 this week, its lowest since early September, and is heading for its worst monthly performance against the greenback since January. “After corporations’ and hedge funds’ dollar repatriation has run its course, the dollar could weaken again next week,” said Jun Kato, a senior chief analyst at Shinkin Central Bank Research Institute in Tokyo. The US Treasury Department auctions a total of $118 billion worth of two-, five- and seven-year notes next week and yield moves could give some direction to the dollar. “If there is no major turbulence in longer-dated US Treasury yields next week, the dollar could fall to the lower end of ¥90. But if yields spike, the dollar could rise to ¥92,” Kato said. Japanese government bond futures ended down 0.15 point at 139.74 after touching their lowest levels for the week ahead of expected approval by Japan’s cabinet of a draft budget for the fiscal year from next 1 April. Sources said this week that bond market issuance for fiscal 2010 was likely to be a record ¥145 trillion ($1.58 trillion), posing a test for a market already forced to digest ever increasing supply. Source: LatestNews-Home - Livemint.com | 25 Dec 2009 | 12:36 am Asian shares soft in holiday trade, dollar steadyTOKYO (Reuters) - Shares in Tokyo slipped on Friday as investors took profits in trade thinned by the Christmas break in many other markets, while Shanghai fell and the dollar hung near its highs of the month after goods and jobless claims data.Source: Reuters: Money News | 25 Dec 2009 | 12:12 am BSE brokers decide to approach PMO on timingBSE Brokers Forum has decided to approach Prime Ministers' office (PMO) and the Ministry of Finance to represent their case against extension of stock market hours to 9 a.m. from JanuarySource: Business Line - Home Page | 25 Dec 2009 | 12:00 am Telangana issue mars AP's business climateThe political imbroglio over the issue of statehood for Telangana has severely impacted business across sectors in Andhra Pradesh, even as the Centre is trying to find a waySource: Business Line - Home Page | 25 Dec 2009 | 12:00 am Core sector grows 5.3% in NovemberThe six ‘core' infrastructure industries have recorded a 5.3 per cent year-on-year growth during November, compared to the 3.8 per cent, 4.5 per cent and 6.5 per cent levels of the preceding three months and the 0.8 per cent for NovemberSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am Great Offshore shares up 15% on talk of second open offerShares of Great Offshore shot up nearly 15 per cent on Thursday on speculation that Bharati Shipyard may make a second open offer. The first open offer by the company for a 20 per cent stake in the target company concluded onSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am Foreign equity minuscule in public-private projectsEven as the Centre is aggressively pushing the public-private partnership (PPP) formula in virtually every sector, official data show a minuscule one per cent share of foreign equity in total investments under thisSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am FDI inflows soar 60% in Nov at $1.74 bIndia attracted foreign direct investment (FDI) inflows of $1.74 billion during November 2009, a 60 per cent increase over the $1.08 billion notched in same month lastSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am US regulator raps Ranbaxy arm for manufacturing violationsRanbaxy Laboratories' wholly owned subsidiray Ohm Laboratories Inc (Ohm) received a warning letter from the United States Food and Drug Association (USFDA) for violations of good manufacturingSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am Potatoes, pulses keep food inflation at 18.65%The annual food inflation rate at the wholesale level held near an 11-year high as items such as potato, onions and pulses showed a big surge in priceSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am I&B Ministry seeks 10-year tax holiday for animation sectorThe Information and Broadcasting (I&B) Ministry has urged the Finance Ministry to rationalise the duty structure for digital head-end equipment and set-top boxes, and sought a 10-year tax holiday for the animation, gaming and visual effectsSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am 2010 may bring no cheer in sugar pricesSource: Business Line - Home Page | 25 Dec 2009 | 12:00 am China revises up 2008 growth on services strengthChina's economy grew at 7.7% in the first three quarters of 2009 compared with the same period a year ago.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 11:52 pm Venezuela's Chavez threatens to oust ToyotaHugo Chavez has threatened to expel Japanese carmaker Toyota unless it produces an all-terrain model of 4x4 vehicles used for public transport in poor and rural areas.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 11:50 pm Japan mired in deflation, keeping pressure on Bank of JapanWhile the pace of falling prices slowed in the year to November as the effect of oil price falls faded, that offers little solace to policymakers worried about the risk of another recession.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 11:50 pm Pollution in 10 industrial hubs alarming: Study - Economic Times
Source: Business - Google News | 24 Dec 2009 | 11:24 pm Gems and jewellery exports up 55% up in November New Delhi: Christmas sales have brought sheen back to Indian gems and jewellery units with exports growing by about 55% at $2.1 billion in November 2009 compared with the same period last year. “We have got good orders for the festive season from Western markets like the US and the EU,” Gems and Jewellery Export Promotion Council (GJEPC) chairman Basant Mehta said. However, in April-November 2009, exports fell 1.02% to $17.62 billion compared to the same period last fiscal, according to GJEPC data. Segments like coloured gemstones and gold jewellery fell 20% and 2%, respectively. However, cut and polished diamonds registered healthy growth of 122%. The exporters hoped the positive trend would continue as there are signs of recovery in various economies resulting in improvement in inventories. The UAE is the main destination for India’s gems and jewellery, accounting for 31% of the total exports, followed by Hong Kong and the US. Source: LatestNews-Home - Livemint.com | 24 Dec 2009 | 11:19 pm Christmas Eve funeral for Brittany MurphyLos Angeles: American actress Brittany Murphy, who died at age 32, was buried on Christmas Eve with a private ceremony at a cemetery in the Hollywood hills, local media reported. The star of hit films such as “Clueless,” “Just Married” and “8 Mile” died on Sunday of apparent cardiac arrest, but an official cause of death will not be released for several weeks as coroners await the results of toxicology tests. Also See Celebrity Deaths 2009 Murphy was laid to rest in a “strictly private” service on Thursday at Forest Lawn Memorial Park with only a handful of family and friends, RadarOnline.com reported. Murphy’s husband, screenwriter Simon Monjack, has shot down suggestions that drugs were responsible for his wife’s demise, in an interview on Tuesday with People magazine. He said instead that she had been ill for several days before her death. TMZ.com, the entertainment website that broke the news earlier this year of the death of Michael Jackson -- who is also buried at Forest Lawn -- reported that multiple prescription drugs were found at Murphy’s home on Sunday. The website cited notes made by an investigator from the Los Angeles County Coroner’s office as the source of the information. According to the notes, a check of nightstands at Murphy’s home “revealed large amounts of prescription medication in the decedent’s name,” as well as in the names of her husband, her mother and others. The medications included painkillers, anti-depressants and anti-anxiety drugs, the report said. The cemetery where Murphy was interred is the final resting place of several Hollywood legends, including actors Bette Davis, Lucille Ball, Gene Autry and Buster Keaton. Source: LatestNews-Home - Livemint.com | 24 Dec 2009 | 11:14 pm Foreign varsity’s consultancy income not taxable in India: AAR New Delhi: The income foreign universities earn by providing consultancy services to industry chambers or other non-profit organisations in India is not taxable, a tax authority ruled. UT(IC2) (a wing of University of Texas) is not liable to pay income tax in respect of the payments received by it from Ficci as per the agreement entered into between Ficci and the University of Texas, the Authority of Advance Ruling (AAR) said. This means industry body Ficci is not required to deduct tax at source while making payments to the University of Texas for the consultancy services the university provided to it. Ficci had sought the ruling of the AAR to know the tax liability of the university and the amount of tax which the chamber had to deduct while making payments to the foreign university. The industry chamber had entered into an agreement with a wing of the University of Texas for certain work and services to complete a Defence Research and Development Organisation (DRDO) project. Ficci is assisting DRDO laboratories in identification and business development of competitive global technologies from its inventory of existing defence-related innovations. The authority pointed out that the payment made in this respect by Ficci to the University of Texas cannot be treated as fee for technical services, which are taxable under the Income Tax Act, 1961. They cannot be subjected to tax as business profits in view of the undisputed and undeniable fact that Texas University has no permanent establishment (PE) in India and the services were not carried out through a PE in India, the AAR ruling said. Ficci, a leading industry chamber is a non-profit company registered under the Companies Act, 1956 and its income is not taxable in India while the University of Texas has been granted exemption from tax under the provisions of Internal Revenue Code (IRC). Although the AAR decision is binding only on the applicant seeking an order on a tax query, it does set a persuasive precedence for similar cases. Source: LatestNews-Home - Livemint.com | 24 Dec 2009 | 11:05 pm Tightening Credit May Not Slow Inflation in India, Times Says - Bloomberg
Source: Business - Google News | 24 Dec 2009 | 10:53 pm RIL Haryana SEZ among 11 others asked to seek fresh licenceThe Centre has refused to extend the in-principle approvals to as many as 11 SEZ projects, including the Mukesh Ambani-promoted Reliance Haryana SEZ, Posco India and Indiabulls Infrastructure.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 10:45 pm Fiscal-end may see inflation touch double digitsIndia's inflation is likely to touch 8% by the end of this fiscal, with an increasing risk that it may even reach double digits due to soaring food prices.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 10:26 pm RIL Haryana SEZ among 11 others asked to seek fresh licence New Delhi: The Centre has refused to extend the in-principle approvals to as many as 11 SEZ projects, including the Mukesh Ambani-promoted Reliance Haryana SEZ, Posco India and Indiabulls Infrastructure, stating that the rules do not allow giving them more time for implementation. Earlier this month, the Inter-ministerial board of approval (BoA) asked these developers to apply afresh along with recommendations of the respective state governments, an official said, adding the SEZ rules do not permit giving third extensions. The Reliance Haryana SEZ was given an in-principle approval way back in March 2006. Subsequently, two more extensions were given and the proposals were valid till March 2009. The SEZ was to originally come up on 10,000 hectares at an investment of over Rs25,000 crore. Then the project size was subsequently scaled down to 5,000 hectares after the Government capped the size of SEZs. Posco India had approached the BoA for third extension to implement its Rs54,000-crore SEZ project in Orissa. “Both these projects could not acquire land,” the official said. Indiabulls Infrastructure Development has also been asked to approach the BoA again for its 2,429-hectare multi-product SEZ in Maharashtra. The other developers which have to file fresh applications include Quippo Infrastructure Equipment and Nanded Gems SEZ in Maharashtra, India Steel Corporation SEZ in Gujarat, and Rockman Projects in Punjab. Source: LatestNews-Home - Livemint.com | 24 Dec 2009 | 10:24 pm Greenpeace will keep up pressure on global warming Johannesburg: “Greenpeace will keep up the pressure on leaders it believes let the world down on global warming,” Greenpeace’s executive director Kumi Naidoo said. Naidoo spoke yesterday in an interview in Johannesburg on a visit to his home country after last week’s UN climate change summit in Copenhagen. Back in Copenhagen, four Greenpeace activists will spend Christmas in a Danish jail facing trespassing charges because of a summit protest. Greenpeace had pushed for a legally binding agreement to reduce global warming and give poor countries money and technology to cope with climate change. The Copenhagen talks fell short of those ambitions, producing a nonbinding political agreement that has been denounced even by some of its key drafters. Naidoo said that the flurry of criticism since the talks concluded over the weekend is going to put more pressure on leaders. “One thing our political leaders have learned is that they have to up their game,” he said adding: “We hope they’ve learned that they have to come, in the month to follow, with more specific commitments and that they have to do more political work back home.” Source: LatestNews-Home - Livemint.com | 24 Dec 2009 | 9:44 pm Apple shares rise as tablet anticipation buildsThe tablet is believed to be a touch-screen device that resembles a larger iPhone or iPod touch and could cost anywhere from $500 to $1,000, analysts have said.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 8:12 pm RBI may revisit projections in Jan: Gokarn - Economic Times
Source: Business - Google News | 24 Dec 2009 | 7:49 pm Venezuela's Chavez threatens to oust ToyotaCARACAS (Reuters) - Venezuela's President Hugo Chavez has threatened to expel Japanese carmaker Toyota unless it produces an all-terrain model of 4x4 vehicles used for public transport in poor and rural areas.Source: Reuters: Money News | 24 Dec 2009 | 7:13 pm Apple shares rise as tablet anticipation buildsSAN FRANCISCO (Reuters) - Shares of Apple Inc reached their all-time high on Thursday, as excitement builds over the expected release of its tablet computer.Source: Reuters: Money News | 24 Dec 2009 | 6:08 pm December 2527: Events to watch out forDecember 2527: Events to watch out forSource: Moneycontrol Top Headlines | 24 Dec 2009 | 4:38 pm 'LIC will not alter agent remunerations'The insurance behemoth made a good decision of offering a capital guarantee product, when people were hearing just bad news from stock markets.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 4:08 pm Defence gets charge of Vizag shipyard - Times of India
Source: Business - Google News | 24 Dec 2009 | 4:06 pm Core industries grow 5.3% in November - Economic Times
Source: Business - Google News | 24 Dec 2009 | 3:55 pm Now on, FDI policy to be updated every six months - Economic Times
Source: Business - Google News | 24 Dec 2009 | 3:40 pm Supply squeeze to keep sugar prices on the boilRestoration in the demand-supply balance and the resultant weakening of prices could be a possibility once cane crushing starts for the new season in October.Source: Daily News & Analysis: Money News | 24 Dec 2009 | 3:28 pm CCEA nod puts Jet expansion plan on runway - Economic Times
Source: Business - Google News | 24 Dec 2009 | 2:14 pm Ranbaxys US unit Ohm Labs gets FDA warningRanbaxy is in the US FDA\'s cross hairs yet again. The pharma major\'s whollyowned unit Ohm Laboratories has received a warning letter relating to violations of good manufacturing practices.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 1:30 pm Core sector grows 5.3% in NovemberThe country's infrastructure sector expanded 5.3% in November on the back of robust growth in steel and cement, indicating revival in the industrial growth will continue to be strong.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:29 pm Maharatna status for mega PSUs gets nodMega PSUs ONGC, SAIL and NTPC will get greater financial and operational autonomy with the government on Thursday approving a policy for creating a 'Maharatna' category of top performing state-owned firms.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:27 pm RBI hikes limit on payment via mobilesRBI on Thursday increased the cap on transferring funds or payments through mobile phones to Rs 50,000.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:26 pm US FDA warns Ranbaxy armRanbaxy's US unit Ohm Laboratories has received a warning letter from the US Food and Drug Administration (FDA), about violating manufacturing practices at its plant.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:25 pm Now, Sun gets RMG backing in Taro battleSun Pharma on Thursday got another shot in the arm in its takeover battle against drug firm Taro, with proxy advisory firm RiskMetrics Group asking shareholders of Israeli company to vote against the re-election of directors.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:24 pm Govt to review FDI policy soonThe government will review the foreign direct investment (FDI) policy to remove ambiguity in the banking sector, said commerce and industry minister Anand Sharma.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:22 pm Some relief: Food inflation dips to 18.65%Government data on Thursday showed food inflation at 18.65% in the second week of December, down from 19.95% in the week to December 5Source: India Business News | Business News - Times of India | 24 Dec 2009 | 1:21 pm U.S. durable orders up, jobless claims at 15-mth lowWASHINGTON (Reuters) - New orders for long-lasting U.S. manufactured goods, excluding transportation items, surged in November and new applications for jobless aid hit the lowest level in 15 months last week, pointing to a firmly entrenched economic recovery.Source: Reuters: Money News | 24 Dec 2009 | 1:19 pm Govt lifts staterun cos\' spend cap on investment in JVsThe cabinet on Thursday lifted the cap on the investment some staterun firms can make to set up joint ventures and buy assets in India or overseas to help them expand operations and establish global footprints.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 1:16 pm Data lifts Wall St to 2009 highs on Christmas EveNEW YORK (Reuters) - U.S. stocks rallied in a brief pre-holiday session on Thursday, closing at 2009 highs, after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was picking up steam.Source: Reuters: Money News | 24 Dec 2009 | 12:32 pm Nov refinery output up 4.9% YoYIndia\'s oil refiners enjoyed a prosperous November as profits bounced back on renewed local and overseas demand for fuel, government data showed on Thursday.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 12:05 pm JAL seeks bailout; juggles offers from Delta, AAA decision on whether Japan Airlines will be kept afloat with taxpayers\' money or allowed to go bankrupt will be made over the next few weeks.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 12:01 pm Business upturn buzz in season's extravagant showsFor filmstar Bipasha Basu, the New Year festivities will be a hugely rewarding experience. As she spreads cheer among fellow Mumbaikars, Basu will get a whopping Rs 2.47 crore for a 15-minute song-and-dance appearance at Mumbais Sahara Star, a suburban hotel next to the airport.Source: Business Standard | Front Page Headlines | 24 Dec 2009 | 11:51 am $400 mn QIP nod for JetJet Airways today received clearance from the Cabinet Committee on Economic Affairs (CCEA) to raise $400 million (Rs 1,850 crore) from foreign investors through Qualified Institutional Placement (QIP). The proposal was made to the Foreign Investment Promotion Board (FIPB), which referred it to the Cabinet as the QIP was for over Rs 600 crore. The airline has raised Rs 1,000 crore by selling its land in Mumbai.Source: Business Standard | Front Page Headlines | 24 Dec 2009 | 11:49 am Govt in pre-Xmas reforms driveDrops 177 press notes in draft FDI policy.Source: Business Standard | Front Page Headlines | 24 Dec 2009 | 11:47 am Cong seeks to contain Telangana falloutNew Delhi: The ruling Congress party sought to limit the damage on Thursday as protesters took to the streets in Andhra Pradesh in an immediate political backlash over the Centre’s decision to put the creation of a separate Telangana state on the backburner. Congress chief Sonia Gandhi’s political secretary, Ahmed Patel, assured a delegation of 11 party members of Parliament (MPs) from Telangana who submitted their resignations that there would be no going back on the decision to create a separate state. Patel “assured us that there will be no deviation on the party’s stand on Telangana and there is no going back,” Madhu Yaskhi, one of the MPs, told reporters after the meeting, which took place shortly after they had handed their resignations to Gandhi. The resignations, however, won’t be taken back, Yaskhi said. “Resignations are a small step. We have an obligation to fulfill the aspirations of the people of Telangana,” he said. In Andhra Pradesh, around 70 members of the state assembly cutting across party lines, two opposition Telugu Desam Party MPs and a state minister resigned to protest home minister P. Chidambaram’s statement on Wednesday night that indicated the Centre was backtracking on a 9 December announcement that steps would be initiated to create a separate Telangana state. Chidambaram said the situation in Andhra Pradesh “has altered” since his initial announcement promising the creation of Telangana. “A large number of political parties are divided on the issue,” he said. “There is a need to hold wide-ranging consultations with all political parties and groups in the state.” Soon after Chidambaram’s comments, hundreds of angry pro-Telangana protesters took to the streets, torching and damaging dozens of buses. On Thursday, police with bamboo batons clashed with crowds of protesters as outrage over the delay in creating Telangana erupted into violent demonstrations in several cities across Andhra Pradesh. Advocates of the new state, led by the Telangana Rashtra Samithi (TRS), staged a general strike that paralyzed much of the region. TRS chief K. Chandrasekhar Rao, the politician whose 11-day hunger strike to demand the new state forced the 9 December announcement by the Centre, called the delay “a betrayal of the people of Telangana.” “This is an attempt to put Telangana into cold storage. He (Chidambaram) has used the words ‘wide-ranging consultation with all political parties’ without giving any timeframe. How long this will go on?” Rao said about Chidambaram’s statement. Businesses and shops were shut and vehicles stayed off the roads during Thursday’s strike. However, Rao told reporters that organizers agreed to call off Friday’s planned second day of the strike in response to a call from Christian leaders to respect the Christmas holiday. Rao rejected suggestions for the creation of a States Reorganisation Commission to look into the Telangana issue and other demands for the creation of separate states. Such a proposal is “not at all acceptable”, he said. In New Delhi, the Central government said “one-sided” decisions cannot be taken because consensus was required on the issue. Information and broadcasting minister Ambika Soni expressed confidence that the people will “accept it” after some time. According to a senior Congress leader based in New Delhi who didn’t want to be named, Andhra Pradesh chief minister K. Rosaiah hadn’t been able to manage the situation and the central leadership may eventually be forced to bring the state under President’s Rule. If President’s Rule has to be imposed, senior Congress leaders at the central level want the assembly dissolved and fresh elections to be held, he said. Meanwhile, Union cabinet secretary K.N. Chandrasekharan arrived in Hyderabad on Thursday and met state governor N.D. Tiwari to assess the situation. Chief minister Rosaiah held an emergency meeting with ministers to take stock of the situation. “The chief minister did not rule out the possibility of President’s Rule following deteriorating law and order situation in the state,” a cabinet minister who did not want to be named said. Mint’s Liz Mathew and AP contributed to this story.feedback@livemint.com Source: Home - Livemint.com | 24 Dec 2009 | 11:42 am Maruti to unveil its designed-in-India car at auto showNew Delhi: The Auto Expo 2010 in January will see India’s largest car maker, Maruti Suzuki India Ltd, showcase the concept version of its first vehicle designed in the country. The 6-seater multi-purpose vehicle, named R3, was designed in just nine months, the company said in a statement.  New launch: The SX4 hatchback will be showcased at Auto Expo 2010. This is the second time, after its A-star small car, that Maruti is premiering its car in the country, reflecting the growing importance of the Indian auto market to the company. Maruti Suzuki accounts for about a fourth of its parent Suzuki Motor Corp.’s profits. With smaller rivals set to showcase their latest models for the Indian market at the auto show, Maruti, too, is planning a strong line-up of launches. As in the past, Maruti’s exhibit is expected to be the largest at the expo. India’s largest maker of small cars plans to showcase 17 vehicles, but on display this time will be a multi-utility vehicle and a new large family car. It will also showcase a hatchback version of the SX4, its most expensive sedan. The SX4 has been rapidly losing ground to rival cars like the Honda City. A company spokesperson, however, said Maruti does not plan to launch the hatchback version in India. Maruti also plans to unveil the Suzuki Kizashi, a 2.4-litre sedan that would be imported from the US, to test the appetite of Indian consumers for the car. The company’s attempt at entering the premium segment with its Grand Vitara has been less than successful. Maruti sold 67 units of the Grand Vitara in the first eight months of fiscal 2009, compared with 238 the year before, according to the Society of Indian Automobile Manufacturers. samar.s@livemint.com Source: Home - Livemint.com | 24 Dec 2009 | 11:30 am RIL’s refineries losing competitive edgeMumbai: The gap between the refining margins reported by Reliance Industries Ltd (RIL) and global benchmarks has been narrowing since January 2008, an indication that India’s largest private sector firm could be losing the efficiency-led edge it once had over competitors. Refining margins measure the difference between the cost of crude oil that goes into a refinery and the price at which the refiner sells fuels such as petrol and diesel to customers. RIL has traditionally benchmarked itself against Singapore gross refining margins, or GRMs. Also See Changing Dynamics (Graphics) A Mint analysis shows that RIL has seen its superior margins gravitate towards the Singapore benchmark in recent quarters: from a huge $8.5 (Rs398) a barrel lead in the January-March quarter of 2008 to $4.4 in the same quarter of 2009 to $2.7 a barrel in the September quarter of this fiscal, the last for which reported numbers are available. Analysts say this narrowing gap is due to the changing dynamics of the global energy sector, especially the fact that the price of crude oil variants that RIL uses in its two refineries at Jamnagar fell at a slower rate than the inputs used by many other global refiners. An emailed questionnaire sent to an RIL spokesman on Wednesday did not get an answer till Thursday evening, but in a presentation to its investors in October, the company had pointed to the same set of market factors as being drags on its performance. “The deltas between light and heavy crude have been coming down for sometime now to the point that they are non-existent now. In fact, heavy crude is commanding a slight premium sometimes,” said Deepak Pareek, sector analyst at Mumbai-based domestic brokerage Angel Broking Ltd, pointing to one of the two major factors that have snipped RIL’s margin lead. Heavy or dirtier crude goes relatively cheap and is hence more profitable to process into various fuels. Fewer refiners globally demand it, RIL being one of this minority. Light and sweet crude varieties cost more and yield lower profits. The global recession reduced demand for fuels and walloped Western refiners that used light crude, forcing them to either cut production or completely shut down refineries. Light crude prices tumbled, thus lowering the “profit leverage” of refiners such as RIL which used heavy crude as feedstock for their refineries. An analyst with the Indian arm of a foreign brokerage, who did not want to be named, said the “profit leverage that was playing out because of higher complexity (of RIL’s Jamnagar refinery) had vanished” since the “light-heavy crude arbitrage was out of the picture”. Also, the so-called diesel crack spreads—the difference in the selling price of diesel over the crude it was refined out of—have plummeted and RIL’s product portfolio has a fairly large proportion of diesel in it, explained the analyst quoted above. “About a third”, he estimated, adding that the Singapore index had a lower proportion of diesel. This meant that whenever diesel cracks rose, RIL’s gross refining margins, or GRMs, would rise faster than the benchmark and when they fell, RIL’s margins would fall faster. “In 2007 and 2008, diesel margins were so good, they were touching $35-40 a barrel over Dubai (crude levels). It is now down to $5-5.5 a barrel. So RIL’s leverage has been taken,” said another Mumbai-based sector analyst with a foreign brokerage firm, in addition to the “feedstock advantage they had earlier”. In a 29 October investor presentation, RIL had stated that its refineries—the older refinery at Jamnagar with a capacity of 660,000 barrels a day and the adjacent new refinery with a capacity of 580,000 a barrels a day—with their “higher complexity”, or ability to use the dirtiest of crudes, had “enabled the premium to benchmark refineries, despite the impact of poor light-heavy differentials”. “Light-heavy differentials remain narrow at levels significantly lower than 5-year average (and) Opec crude cuts on heavy crudes has further worsened the situation”, it said. RIL also made a reference to “demand for middle distillates (that were) yet to show revival despite economic recovery—inventories are 39% above year-ago levels”. Diesel is one of the mid-distillates. Analysts were divided on whether the closing gap between RIL’s refining margins and the regional benchmark was because of strategic errors or economic trends beyond the control of the company. “How can one know that for sure? How does one know what they are doing wrong now when we didn’t know what they were doing right earlier? And even if one guesses, the quantum cannot be determined. It is possible to only analyze the sectoral reasons,” explained a Mumbai-based analyst with a domestic brokerage, who did not want to be quoted on this subject. “Let me put it this way. Heavy crude is in short supply. A smart (RIL) team can’t change that,” said one of the analysts with a foreign brokerage quoted before. Besides a very efficient pack of refineries, RIL is also one of the smartest buyers of crude and sellers of its refined products globally but much of its trading desk activities, and the mode of operation, is strictly kept under wraps. Angel’s Pareek pointed to another possible reason: “Their new refinery is still being ramped up and in the process, may be trying several feedstock combinations. That may be part of the teething problems” and could be depressing the combined GRMs being reported by RIL. Analysts were, however, divided on whether RIL will reclaim the lead over Singapore GRMs that it once had or whether it is likely to languish or even veer closer to the industry averages. While one said the small premium was likely to stay, another said it was part of a cycle, that light-heavy differentials will jump again as Opec increases output. The third was ambivalent saying it was dependent on how fast the demand came back up and how fast and what kind of refinery capacity was added in the future. RIL, on the other hand, is understandably sanguine. Its October presentation predicted that “as production grows, light-heavy differentials (will) improve and benefit complex refineries” and “improvement in middle distillates (was) imminent as growth in demand (was) being led by non-OECD countries and emerging markets”. Graphics by Sandeep Bhatnagar/Mint Source: Home - Livemint.com | 24 Dec 2009 | 11:25 am Markets hit a new high for 2009Mumbai: Indian shares rose to their year-high on Thursday and closed at their highest in 19 months as investors rushed to buy stocks on renewed optimism, after foreign direct investment into the nation jumped 60% in the first eight months of this fiscal year and the government on Thursday gave large state-run companies more operating freedom to help them become globally competitive. The 30-share Sensex, the benchmark index of Bombay Stock Exchange, gained 129.50, or 0.8%, to close at 17,360.61. The broad-based 50-stock Nifty of the National Stock Exchange rose 0.7% to 5,178.40. Also See Markets Surge (Graphics) With Thursday’s gain, the Sensex has risen 80% this year, and is set to log its best yearly gains since 1991. It has outperformed a 71.6% rise in MSCI’s Emerging Market index and a 31.5 % rise in the MSCI world equity index. From the year’s low of 8,069 in March, the Sensex has surged nearly 113%. Only Russia, Sri Lanka, Indonesia and Brazil have given better returns to investors in 2009. With the government projecting 7.5-8% economic growth in current fiscal and analysts expecting handsome corporate earnings in the third quarter ending December, the growth momentum in markets may continue in 2010, said analysts. Core infrastructure industries grew by 5.3% in November against a meagre 0.8% a year ago, in line with the recovery in industrial growth. “The corporate earnings growth for the third quarter is expected at 30-35%. The earnings could be even higher for the fourth quarter. This will keep the growth momentum up for equity markets,” said Manish Sonthalia of Motilal Oswal Financial Services Ltd. Infosys Technologies Ltd, the infotech bellwether, will kick off the earnings season on 12 January. Continued short covering and fresh buying from large institutional investors took the Sensex to its year high on Thursday after a 3.23% gain on Wednesday. Short covering is a phenomenon where traders buy equities to close an open short position. This is done by buying the same type and number of securities that were sold short. Most often, traders cover their shorts whenever they speculate that the securities will rise. Foreign institutional investors or FIIs bought stocks worth Rs707 crore, according to provisional figures from the National Stock Exchange. FIIs have bought Indian shares worth $17.13 billion during the year, approaching the record $17.78 billion (Rs83,210 crore) of net inflow in 2007. According to V K Sharma of domestic brokerage HDFC Securities Ltd, the growth numbers of India appear more realistic than that of China and other emerging markets, and this will help in attracting more foreign fund flows into Indian equities during 2010. Money always chases opportunity and now the opportunity is in India, said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. “There are not many options left for the global investors.” Even domestic institutional investors such as mutual funds have pumped in big money this year, buying stocks worth Rs26,606 crore so far. Such buying has pushed the prices of smaller stocks higher, with the BSE Midcap index returning 105.29% year to date, and the small cap index rallying 120.5%. But every fund manager is not comfortable with the phenomenal rise of stocks this year. On a cautious note, Anand Shah, head of equities, Canara Robeco Asset Management Ltd that manages Rs8,193 crore worth of assets, said: “After a 100% rise, we have to be cautious. People are getting into low quality, highly leveraged companies and making money. But the margin of safety is very limited.” The Sensex is currently trading at a price to earnings or P-E multiple of 22.25 times, against its historic average P-E of 13.8 times. A recent Credit Suisse report mentioned that if earnings growth were to accelerate further, there could be a P-E rerating to 17.5, which would see the return of a “growth premium”. This could mean Indian markets touching 22,000 levels by 2010 end. Despite the prospects of withdrawal of the government stimuli in the forthcoming Budget and a rise in interest rates, optimism is ruling the street. Better earnings growth outlook, implementation of government’s divestment policy and rush of more foreign funds are the factors behind the optimism. FDI into India increased to $19.4 billion in the eight months starting April, according to government data released on Thursday. Foreign investors have been attracted by India’s economic growth. Indian state-run companies will be able to make purchases in the country or overseas of as much as Rs5,000 crore, the government said in a statement on Thursday. Listed state-run companies with average annual sales of more than Rs25,000 crore in the last three years will become eligible, the government said. “We expect 2010 to be a positive year for Indian equities, driven by improving GDP (gross domestic product) and earnings growth and supportive government action on the reform front,” said the Credit Suisse report dated 16 December. “Accelerated divestment of public sector enterprises, partial deregulation of the oil sector, and insurance/pension sector reform are some of the key agenda items that are expected to be addressed in 2010. This would send a positive signal to investors and can attract significant capital flows into the country,” added the report. The most critical challenge that the Indian market will face in 2010 is rising inflation. A recent Deutsche Bank report on India’s 2010 outlook said, “Three major themes for 2010 would be—supporting acceleration in growth while managing inflation, bringing the fiscal position under control and pursuing growth critical structural reforms.” Global rating and research agency, Standard and Poor’s, sees 2010 as a turning point, characterized by overall prudence among market participants amid a tepid recovery in mature economies and guarded optimism among emerging markets.” With the market rising three days in a row, the gains in a holiday-shortened week has been 3.8%, its biggest weekly gain in six weeks. Markets are shut on Friday and Monday for holidays. Graphics by Sandeep Bhatnagar/Mint anirudh.l@livemint.com Ami Shah of Reuters and Rajhkumar K. Shaaw of Bloomberg contributed to this story. Source: Home - Livemint.com | 24 Dec 2009 | 11:23 am Ranbaxy’s US plant faces heat for violations; India sales dropMumbai: Drug maker Ranbaxy Laboratories Ltd has again run foul of the US drugs regulator for violating norms of good manufacturing practices at a US factory owned by its subsidiary Ohm Laboratories Inc. Ranbaxy, India’s largest pharmaceutical firm by revenue, told the Bombay Stock Exchange on Wednesday that Ohm Laboratories received a warning letter dated 21 December from the US Food and Drug Administration (FDA) for its liquid manufacturing facility in Gloversville, New York, one of its three US-based factories.  Graphics: Ahmed Raza Khan / Mint Ranbaxy, a subsidiary of Japanese drug maker Daiichi Sankyo Co. Ltd, has been struggling to respond adequately the previous two warning letters issued by the FDA in September 2008 for similar deviations at its factories in Dewas in Madhya Pradesh and Paonta Sahib in Himachal Pradesh. The FDA had blocked the import of 30 generic drugs from these two facilities to the US. In February, the regulator invoked its application integrity policy (AIP) to the Paonta Sahib plant, halting the review of all pending drug applications from this facility. Ranbaxy begun expanding its manufacturing units at Ohm Laboratories to cater to its US business after these warning letters were issued. Ohm Laboratories has three plants, two of which were inspected by the FDA earlier this year and were found to adhere to rules. “These plants manufacture most of the products supplied in the US market,” Ranbaxy said in a statement. According to a company spokesperson, the US facilities supply products only to that country’s market. An analyst familiar with the company’s US operations said that the Gloversville facility had marginal or single-digit contribution to Ohm Laboratories’ US sales. “Gloversville contributes less than 10% of the US sales. So, that means this will affect less than 3% of the overall revenues. Ranbaxy has a handful of products from this site. So the financial impact is not that grave,” the Mumbai-based analyst with a foreign brokerage said on condition of anonymity as he was not allowed to speak on the matter. “But there will be a sentimental impact on the stock due to the company history of warning letters but that will stabilise. The stock might even crash, but it will come back again,” he added. The company’s revenue loss in the US in the three quarters ending September is almost 40% compared with the year-ago period owing to the US import alert and invoking of the AIP. Local woes In India, too, the company has been plagued by declining growth in 2009 after Daiichi Sankyo took over management control. In the three months ended 30 September, Ranbaxy posted a stand-alone net profit of Rs13.76 crore on sales of Rs1,352.4 crore. While the company posted a year-on-year growth of 2% compared with an industry average of 14% in the September quarter, its show has been worse in the fourth quarter so far with a record drop of 8.8% in sales in November. This has pushed Ranbaxy’s market share down to fourth position after Cipla Ltd, Piramal Healthcare Ltd and GlaxoSmithKline Pharmaceuticals Ltd. Domestic sales account for 20% of the Delhi-based firm’s sales. It has a dominant position in medicines that treat infections, pain and cardiac ailments. While anti-infectives, which contribute 37% to Ranbaxy’s local revenue, grew only 4.5% in the last six months compared with an industry growth of 11%, sales grew 20.1% and 13.4% in the pain killer and cadiology segments that contributes 10% and 13%, respectively, to its local sales. According to drug retail market data released by PharmaTrac, a pharma market research service by All India Organisation of Chemists and Druggists Ltd and Pharma Softtech Awacs, Ranbaxy has been an exception in the market, which has seen all top companies posting high single-digit to double-digit growth in the past six months. A PharmaTrac release last week stated that “all top companies, except Ranbaxy, have reported a growth (in November), and six of the top 10 companies have also reported higher than the average industry growth of 8.7%”. The companies that posted higher growth in November included Cipla, Sun Pharmaceutical Industries Ltd, Lupin Ltd, Mankind Pharma Ltd and Aristo Pharmaceuticals Ltd. Sector analysts say that the company has not been aggressive in new launches in the local market while others such as Piramal, Lupin and even foreign drug makers such as Aventis Pharma Ltd had introduced several products. A company spokesman said his company does not respond to market reports. Two analysts from a Mumbai-based brokerage said Ranbaxy’s domestic sales was affected mainly because of a change in focus after the change in the management. The company has been focusing more on other emerging markets as it faced severe loss in revenue in the most important US market, they said on condition of anonymity. Rajesh Vora, a pharmaceutical sector analyst with ICICI Securities Ltd, said the domestic market was not a critical part in Ranbaxy’s consolidated revenue. “Since the local market is stable and contributes only about 20% to its total income, a drop in sales here may not make a big difference,” he said. Ranbaxy shares fell 1.55% to close at Rs 520 on a day when the BSE rose 0.75% to close at 17360.6. Since March, the stock has risen some 285.22%, the second best among listed drug makers. The bourse’s benchmark Sensex has risen by 112.74% during this time. ch.unni@livemint.com Source: Home - Livemint.com | 24 Dec 2009 | 11:23 am Species change habits, habitats in their struggle for survivalNew Delhi: On average, a mosquito has three “blood feeds” during its 21-day life cycle. But, as temperatures rise, the life cycle of these cold-blooded creatures has speeded up, increasing their feeding rate, or general bloodthirstiness, alarmingly.  External imbalances: A vast number of creatures in the food chain, including the tiger, have been affected due to changes in the climate. Hindustan Times Higher temperatures have also made it easier for species such as anopheles that breed in fresh water to move to stagnant water and spread faster in urban areas. The implications? Fatter mosquitoes and more diseases through the year. Everybody, it seems, is trying to live with climate change. While the mosquitoes are feasting, at the other end of the food chain, the Royal Bengal tiger is scrounging. The mosquito and the tiger are just the two ends of the spectrum of creatures impacted by increasing temperatures, erratic rainfall, and various other vagaries of climate change. A vast number of creatures that lie in between have been equally affected. As has an army of naturalists, biologists, entomologists and ornithologists, who are suddenly dusting off their binoculars, resurrecting old projects and embarking frenetically on new ones. India’s new-found prominence in the global climate change debate in Copenhagen has given their work a certain urgency and impetus. Cobra-eating tigers Pranabes Sanyal, an advisor at the School of Oceanographic Studies, Jadavpur University, has been tracking the tigers in the mangroves and tidal creeks of the Sunderbans for 30 years. “The last 10 years have been bad,” he says. “The tigers have been migrating north to the densely populated areas of the delta.” Global sea levels have been rising at 2mm a year, but in the Sunderbans, the increase has been 3.4mm a year, according to Sanyal. Low-lying sea facing islands in the southern Sunderbans have already disappeared, and salinity at the mouth of the delta has increased from 17 parts per 1,000 in 1994 to 26 parts per 1,000 in 2009. It’s an increase the tigers are finding difficult to adapt to. The tigers have been left with no alternative but to migrate north, where increasing competition for food has not only led to some radical changes in their diet, but has also brought them in conflict with humans. Just how scarce food is is evident from recent incidents where they’ve been spotted eating king cobras. “It’s unheard of,” says Sanyal. “I’ve never seen it in 30 years.” Tigers living on dry land have also been moving northwards to escape rising temperatures. In West Bengal, they have been migrating from the Buxa Tiger Reserve to the Bhutan hills, and from the Gorumara National Park to the 10,000ft high Neora Valley National Park. Aggressive langurs In the dusty scrub forests near Jodhpur, L.S. Rajpurohit, an assistant zoology professor of Jai Narain Vyas University, is studying the increasing aggressiveness of the Hanuman langur. He’s been tracking the creatures for the last 25 years and is familiar with the 32 troops that live in the area.  Troubled: A langur at the Sariska Tiger Reserve in Alwar, Rajasthan Rajpurohit and a few colleagues recently presented a paper on the subject at a conference in Nainital. They’re now looking to explore the possible connection between climate change and the increasing frequency of infanticide in Hanuman langurs. In another part of the country, Arun Pratap Singh, a scientist at the Forest Research Institute, Dehradun, has been studying butterflies. The changes in the climate of the foothills and lower reaches of the western Himalayas has been very severe, he says. Not only have temperatures increased drastically, but humidity levels too have gone up. The most dramatic indicator of this change is the invasion of the Red Pierrot butterfly. Once confined to peninsular and eastern India, this species is now commonly found in the lower western Himalayan ranges, Shivalik foothills and even in Delhi. Its favourite food source, the Kalanchoe plant, is also now found in abundance in degraded forest patches in the area. Changing habits Another species that has spread far beyond its original habitat is the Brown Gorgon. “It was once found only in the north-east and Sikkim, but I recently found it breeding at Kedarnath,” says Singh. Along with changes in distribution, butterfly habits are also changing. Longer summers have meant that they hibernate late and emerge early. It’s too early to say what its long term effect will be, but Singh is sure it will be severe. The worst impact of climate change has, however, been reserved for birds. Most scientists agree they are the most susceptible group, and a good indicator of the severity of the change. Singh, who has also been studying birds, observes that species which usually descended to the foothills by late October now remain in the mountains until mid-December. Egrets and Cormorants have moved to higher altitudes, appearing in a place such as Uttarkashi where they were never found. Similar anomalies have been found by the scientists of bird migration study centre of the Bombay Natural History Society (BNHS) at Point Calimere, Tamil Nadu. According to S. Balachandran, assistant director of the centre, migrants such as Seagulls and Terns at Point Calimere normally leave for the Persian Gulf in winter, but haven’t done so this year. The arrival of migrants into India has also been delayed, often by up to a month. A recent field trip to West Bengal and Assam, says Balachandran, revealed not a single one of the species, such as Shovellers and Pintails, that usually come to the area. Distressing data Suhel Quader, editor of Forktail, a journal of Asian ornithology, adds another example to the list. The Great Crested Grebe, he says, found on the border of Gujarat and Diu, used to be a completely migratory species, breeding in its summer home in northern Eurasia. But for the last many years, it has been staying back and nesting in India. The main fear of this disruption of migratory patterns, he says is that “the time when birds migrate and the time when their food is most abundant may get out of sync, in which case the birds may suffer.” This is apparently already happening in a species of flycatchers in northern Europe. Despite the effect climate change has had on birds, Quader complains that few systematic studies have been done in India. “There’s no shortage of funding, and there’s no reason for us not to do detailed studies,” he says. Quader has started a citizens’ initiative called MigrantWatch that gathers observation data for migratory species from around the country. The idea is to build a baseline of information on migration, so that future patterns can be compared with it. “Projects like this are long overdue,” he says. “If we had baseline information from 20 or 30 years ago, we would be in a much better position to say how India’s birds and other animals are responding to climate change.” Source: Home - Livemint.com | 24 Dec 2009 | 11:23 am Glodyne Techno targets revs of Rs 700cr in FY10Glodyne Technoserve has initiated implementation of the government NREGS plan. The project involves automation of wage disbursement and distribution of smart cards to workers. In an interview with CNBCTV18, Annand Sarnaaik, MD CEO of Glodyne Technoserve spoke about the companys plans.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 11:12 am Have enabling resolution to raise upto Rs 1200cr: IRB InfraIn an exclusive interview with CNBCTV18, VD Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 11:11 am Lyondell Chemical creditors seek to expand examiner’s probeNew York: Creditors of bankrupt Lyondell Chemical Co. asked a US judge on Wednesday to expand an investigation by a court-appointed examiner to ensure the petrochemicals firm is fairly evaluating proposals from potential suitors. Lyondell’s official committee of unsecured creditors said the examiner should ensure that potential bidders such as Reliance Industries Ltd (RIL) have a chance to compete against a reorganization plan offered by a group of the company’s senior creditors, which includes current owner Access Industries and private investment firms Ares Management and Apollo Management Lp. RIL has offered up to $12 billion (Rs56,160 crore) to acquire Lyondell, according to people familiar with the matter.  Hard times: A Lyondell Chemical Bayport Choate plant in Texas. F Carter Smith / Bloomberg Lyondell’s unsecured creditors said in court papers they believe RI’s offer is superior to the one proposed by Access, Ares and Apollo. In the court document, the creditors said the senior lenders, Access, Ares and Apollo have “threatened to block” confirmation of any reorganization plan that does not meet their requirements, and were using their “influence to deter proposals from strategic investors”. Spokesmen for Access and Apollo declined to comment and a representative for Ares was not immediately available. The unsecured creditors also questioned the propriety of $440 million of “adequate protection” payments made to the company’s senior lenders since the company filed for bankruptcy in January. They argued the examiner should investigate why Lyondell is paying the money, which cannot be recovered. “We are progressing toward emergence from bankruptcy protection and we are doing so in a fair and independent manner,” Lyondell spokesman David Harpole said in a statement. “We believe that assertions to the contrary are ill-founded and inconsistent with the interests of all stakeholders.” The unsecured creditors have argued that the deal set the company up to fail and sued the banks and advisers responsible for putting the deal together. The court is expected to hear the creditors’ request on 12 January. feedback@livemint.com Source: World Business - Livemint.com | 24 Dec 2009 | 10:45 am Burj Dubai to be world's tallest building, how tall?CHICAGO (Reuters) - In the annals of tall skyscrapers, there is no doubt that the soon-to-open Burj Dubai will be the world's tallest. But how tall is known to only a few.Source: Reuters: Money News | 24 Dec 2009 | 10:10 am KEC Intl\'s current order book at Rs 6300crKEC International recently won orders from Abu Dhabi in the Middle East aggregating to Rs 401 crores. In an interview with CNBCTV18, Ramesh Chandak, Chairman of KEC International spoke about the order and his outlook for the company.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 10:10 am Power firms may face funding worries, fuel shortage next yearMumbai: Power companies, which have raised close to $6 billion (Rs28,080 crore) in less than two years, will need to find more money to keep their projects going next year while making sure they line up enough fuel and struggle for critical resources such as land and water. The sector raised a substantial Rs11,862 crore through initial public offers (IPOs) and institutional placements this year, but analysts said that lenders, who provide the bulk of the money for power projects, will become more demanding next year. “This will be the single biggest challenge for power companies next year and will separate the men from the boys,” said A.V. Kameswara Rao, executive director at audit and consulting firm PricewaterhouseCoopers. Power projects have long gestation periods, typically taking three-five years before they begin generating electricity. Initial investments run into several hundred crores of rupees, forcing companies to be constantly on the lookout for funds. But lenders, said Rao, are turning more cautious as a number of inexperienced private companies have jumped into the power generation market over the past year. “Earlier, you could just put up a retired person and get some clearances to kick-start a project,” Rao said. “But lenders are now keen to see well-structured project bids. They will demand better homework from the developers, failing which they will be hesitant to put in money.” Chaula Desai, associate director at consulting firm Ernst and Young, said power projects usually have a 70:30 debt-equity ratio. “Term lending institutions are constrained by prudential norms and are subject to sectoral and group exposure limits,” Desai said in an email. “With developers already taking large amounts of debt to fund their current projects, these norms may inhibit their ability to borrow in the long term.” The reality check has been reflected in the markets, which have shed some of their early exuberance over the sector, with all the five companies that have listed since February 2008—Reliance Power Ltd, Adani Power Ltd, Indiabulls Power Ltd, National Hydroelectric Power Corp. Ltd (NHPC) and KSK Energy Ventures Ltd—below their list price as of the Thursday close. Power companies have managed to raise in excess of Rs27,000 crore from the public since February 2008 through IPOs. That cash won’t be enough to fund the projects in the pipeline, Desai said. Companies would thus have to raise the balance through follow-on issues, he said, pointing out that state-run power generator NTPC Ltd. had already announced plans for a follow-on issue next year. Three power companies raised money through IPOs this year, including the government-owned hydel company NHPC (Rs6,038.55 crore) and private sector firms Adani Power (Rs3,016.52 crore) and Indiabulls Power (Rs1,529.10 crore). Earlier this month, Jindal Power Ltd announced plans to raise Rs10,000 crore through an IPO, likely to take place sometime in 2010. But generating funds won’t be the only worry for the power sector companies next year. Experts say companies would struggle to arrange for coal to power their plants— both at home and abroad. At least 80% of India’s coal requirements are met by domestic mines, but delays in local mining clearances have forced the private sector to turn to foreign shores. Just 14 of the 200 mines allocated for captive mining have started production because “securing environmental and forestry clearances is extremely complex and time-consuming,” said a July report from Crisil Infrastructure Advisory, an economic policy consultancy. As a result, Indian companies are buying stakes in mines in Indonesia, South Africa, Mozambique and Australia to ensure continuous supply. But looking abroad makes the companies vulnerable to protectionist measures, such as a recent proposal before the Indonesian government to cap coal exports at 150 million tonnes a year. Besides fuel, power companies will also have to grapple with increasing competition for land and water in coming years, said a report from Edelweiss Securities Ltd. “Access to fuel, land and water are critical to complete projects on time... These three elements are available at nominal costs today,” Edelweiss said. “Our interactions with industry sources, however, highlighted that their requirement is likely to significantly increase” in the 12th Plan period, which starts in the 2012-13 fiscal. “Sourcing them at reasonable prices could be a key hurdle. Any delay in execution may not only result in higher project costs, but could also risk penalty payments, since tariffs are predetermined, returns could be significantly hit,” it said. Does this mean investor interest in the sector is going to decline next year? Not really, said Krishnamurthy Vijayan, chief executive of JPMorgan Asset Management. Vijayan is “continuously bullish” about power and said it will remain a sunrise sector. “True, there are concerns of fuel, land and water resources. The sector also faces political challenges,” he said. “But we are still positive about the long-term direction of the sector.” Source: Home - Livemint.com | 24 Dec 2009 | 10:10 am GDR issue results in equity dilution of 10%: AshtavinayakIn an interview with CNBCTV18, Dhilin Mehta, Chief Executive Officer of Shree Ashtavinayak Cine Vision, spoke about the releases of the production house.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 9:52 am Tata Motors admits problem with brake systems in DTC busesRubbishing earlier reports stating that Delhi bad roads, and not faulty maintenance, was causing fires and smokes in its buses, Tata Motors, supplier of lowfloor Delhi Transport Corporation (DTC) buses, admitted that the vehicle had a problem with the brake system.Source: Moneycontrol Top Headlines | 24 Dec 2009 | 9:46 am Shriram Transport acquires some assets of GE transport fin biz - Economic Times
Source: Business - Google News | 24 Dec 2009 | 9:29 am Business is migrating from MFs to insurersU K Sinha, chairman and managing director of the UTI Asset Management Company spoke to Hindustan Times about the challenges being faced by the industry. Excerpts.Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:14 am China recovery not solid yet govt panelThe basis for China's economic recovery is still not solid enough, and central government investment will remain large next year, a government work group that oversees stimulus spending said on Thursday. Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:11 am Dabur goes green in war on carbonConsumer goods major Dabur India has chalked out plans to emerge as a carbon-neutral enterprise. The company is setting up new boilers, gasifiers and biogas generators at its manufacturing units in India and Nepal to re-use wet herbal waste from the facility as fuel.Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:10 am Sun gets support in Taro takeover bidSun Pharma on Thursday got another shot in the arm in its takeover battle against drug firm Taro, with proxy advisory firm RiskMetrics Group asking shareholders of Israeli company to vote against the re-election of directors in the upcoming annual general meeting.Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:07 am Games give Facebook weary employers more headachesFor many employers, Facebook, MySpace and other social networking sites are already a scourge that cut into productivity. Now they have something else to worry about -- the games hosted by these sites. Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:04 am Miffed BSE brokers to move PMO on trade hoursThe tussle between sections of brokers and the stock exchanges over extended trade timing, seems headed towards the Prime Minister’s Office (PMO).Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:03 am Sensex Nifty hit 19 month highs on growth hopesThe enthusiasm in the market that caught up on Wednesday sustained on Thursday as the two premier indices—Sensex at the BSE and Nifty at the NSE — rose further to close the day at 19-month highs.Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 9:01 am Mobile Number portability set to miss dateMobile number portability (MNP), which allows consumers to change their mobile operator without having to give up their phone number, is unlikely to roll out from January 1. Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 8:58 am New document aims to simplify FDI regimeThe government on Thursday set in motion a comprehensive document governing foreign direct investment (FDI) to simplify the clutter built up over decades and consolidate a plethora of rules and norms. Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 8:55 am Economy to expand by 7 75 despite bad agriculture PranabFinance Minister Pranab Mukherjee on Thursday said the economy would expand by 7.75 per cent during the current financial year despite the adverse impact of drought and floods on agriculture.Source: HindustanTimes.com - Top Business News Headlines | 24 Dec 2009 | 8:48 am ICICI Bank sells POS business to First Data for $80 millionICICI Bank has sold its points of sale terminals that accept the debit and credit card payment to First Data Corporation for $80 million, about Rs 400 crore.Source: India Business News | Business News - Times of India | 24 Dec 2009 | 7:57 am Govt lifts state-run cos' spend cap on investment in JVsNEW DELHI (Reuters) - The cabinet on Thursday lifted the cap on the investment some state-run firms can make to set up joint ventures and buy assets in India or overseas to help them expand operations and establish global footprints.Source: Reuters: Money News | 24 Dec 2009 | 7:18 am Games give Facebook-weary employers more headachesBangalore: For many employers, Facebook, MySpace and other social networking sites are already a scourge that cut into productivity. Now they have something else to worry about—the games hosted by these sites. This new genre of social gaming is called ‘asynchronous’ or ‘appointment’ gaming and allows people to play with their friends without having to be online at the same time. The low-intensity engagement has made games such as FarmVille, Cafe World, Restaurant City, Pet Society, and Happy Aquarium—developed by firms Zynga, Playfish, Crowdstar and Slashkey—popular among employees who often log on during office hours. According to a recent survey conducted by the Associated Chambers of Commerce and Industry (Assocham) of India, about 12.5% of productivity in the corporate sector is misappropriated each day by social networking sites. “What we are seeing is that more and more people and organisations are recognising the productivity lost so probably more chief information officers are blocking Facebook applications,” Rebecca Wettemann of Nucleus Research said. Boston-based Nucleus Research, which conducted a recent study into the effects of social networking sites on productivity, said nearly half of office employees in the US access social networking sites at work, which leads to an average loss of 1.5% of total office productivity. Facebook, which has 350 million users, says at least 20% of its members play games online. Sebastien de Halleux, CEO officer and co-founder of online game creator Playfish said that Asia is growing at a faster pace than other regions. “We had no idea that it would spread so fast when we had 100,000 users after one month, we thought it was the biggest success ever. Now with 60 million users we think this is only the beginning of something much bigger,” he added. Playfish is behind Pet Society and Restaurant City. Zynga’s FarmVille, the best known with over 70 million active users till date, allows players to own a virtual farm where they can grow crops, raise animals and build a farm house. While companies try to curb access to social networking sites, not everyone sees the games as harmful. Anand Tatambhotla, a consultant at an advisory firm in Bangalore, says playing online games is akin to taking a break to chat or smoke a cigarette, only better. Psychiatrist Santosh Chaturvedi of the National Institute of Mental Health and Neuro Sciences in Bangalore agrees. “Playing these games is like a break, without actually taking a physical break. It changes the mindset and when the person comes back to their original work, it might actually improve their concentration and productivity,” he said. Source: Tech News - Livemint.com | 24 Dec 2009 | 4:00 am India Food Inflation Rate Holds Near 11-Year High - Bloomberg
Source: Business - Google News | 24 Dec 2009 | 2:07 am
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