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Uttam Galva may hike prices by Rs 10002000/t in few mthsIn an interview with CNBCTV18, Ankit Miglani, Director of Uttam Galva spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 8:25 am Cords Cable Industries plans Rs 85cr expansionIn an interview with CNBCTV18, Naveen Sawhney, Managing Director, Cords Cable Industries, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 8:13 am New avenues: Sona Koya eyes aerospace bizIn an interview with CNBCTV18, Surinder Kapur, Chairman and Managing Director of Sona Koyo Steering Systems, spoke about the companys future plans.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 8:00 am See 15% growth in CV industry in FY11: CEBBCOIn an interview with CNBCTV18, Ajay Gupta, Managing Director, Commercial Engineers Body Builders Co (CEBBCO), speaks about the commercial vehicle industry and gives his outlook going forward.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 7:45 am Alok Ind expects PAT of over Rs 200cr in FY10In an interview with CNBCTV18, Dilip Jiwrajka, Managing Director of Alok Industries spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 7:18 am Mahindra sees 5% production loss/mth on supply woesMahindra Mahindra, India\'s largest utility vehicles and tractor maker, expects a monthly production loss of 5 percent since October 2009 due to supplier constraints, a top official said on Friday.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 6:56 am Another round of exodus at PwC?About sevennine partners from the audit arm of PriceWaterhouseCoopers have resigned, CNBCTV18 reports quoting sources. This follows a recent round of exodus when 17 partners quit the firm recently.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 6:49 am To raise Rs 70cr via issue of shares: Viceroy HotelsViceroy Hotels plans raising Rs 70 crore. In an interview with CNBCTV18, Prabhakar Reddy, Managing Director of Viceroy Hotels, spoke about his plans for expansion and fund raising.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 5:44 am Unitech gets Rs 1493cr from Telenor for Uninor stake saleReal estate major Unitech, which had sold 67% in its telecom arm Unitech Wireless (now Uninor) to Norway\'s Telenor, has received Rs 1,493 crore towards payment for the stake sale.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 5:37 am JP Morgan picks 49% stake in Viceroy Hotels unitViceroy Hotels, a midsized hotel and resort chain, said the real estate investment arm of JP Morgan has picked up 49% equity in one of its units for Rs 700 million.Source: Moneycontrol Top Headlines | 8 Jan 2010 | 5:37 am Lakshmi for Karnataka - Daily News & Analysis
Source: Business - Google News | 8 Jan 2010 | 3:29 am Samsung says revenue from India likely to double this yearOn the back of a reviving economy, the company expects a significant pick-up in sales in the Indian market moving ahead. It plans to launch atleast 24 products here by early March.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 3:17 am Kodak plans to open 100 stores in India by 2012Kodak is the market leader in retail printing, and recently became the second-largest player in digital cameras category with 21% market share in India.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 3:07 am SBI says 18 pct loan growth possible in FY10MUMBAI (Reuters) - Loan growth at State Bank of India, the country's largest lender, could reach 18 percent in the current financial year to end-March, its chairman said on Friday.Source: Reuters: Money News | 8 Jan 2010 | 3:07 am Sensex ends down 75 pts - Business Standard
Source: Business - Google News | 8 Jan 2010 | 3:07 am Telenor ups stake in India phone firm to 60.1 pctNEW DELHI (Reuters) - Norway's Telenor has put 14.93 billion rupees ($327 million) in its third round of investment in Indian telecoms firm Unitech Wireless, taking its holding to 60.1 percent.Source: Reuters: Money News | 8 Jan 2010 | 3:05 am Dubai Shopping Festival from Jan 28 - Feb 28Gold, discounts and promotional offers are expected to be the main attractions for Indian customers thronging the premier shopping event.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 3:02 am UPDATE 1-Telenor ups stake in India phone firm to 60.1 pct - Reuters India
Source: Business - Google News | 8 Jan 2010 | 3:02 am Indian Sugar Makers Delay Imports, Wait for Prices to Drop - Bloomberg
Source: Business - Google News | 8 Jan 2010 | 2:52 am Police probe TV5 channel; Mukesh, Anil Ambani groups deny hand - Hindustan Times
Source: Business - Google News | 8 Jan 2010 | 2:39 am DEALTALK - Geely's next challenge: selling a made-in-China VolvoHONG KONG (Reuters) - Now that Geely Automotive has won the bidding for Sweden's Volvo car unit, China's No. 1 private auto maker is making plans to set up a local production base, according to sources familiar with the company.Source: Reuters: Money News | 8 Jan 2010 | 2:33 am Total auto sales jump 68% to 1 mn units in Dec - Business Standard
Source: Business - Google News | 8 Jan 2010 | 2:21 am JAL shares drop as bankruptcy looms largerTokyo: Share prices in Japan Airlines (JAL) took another dive on Friday following news reports that the government is finalising a bankruptcy option for the debt-ridden carrier. Asia’s biggest carrier sank 10.53% to end the morning session at ¥68 on the Tokyo Stock Exchange. The Japanese government is now finalising a plan to have JAL file for bankruptcy with a guarantee of public support so that the airline can continue operations, Jiji Press and Kyodo News said. Transport minister Seiji Maehara and newly-appointed finance minister Naoto Kan held a closed-door meeting Friday morning with the state-backed Enterprise Turnaround Initiative Corp., which is overseeing JAL’s restructuring. Japan’s government has pledged to avoid a collapse of the former state-owned carrier, but has refused to rule out bankruptcy proceedings, which could aid JAL’s restructuring but would likely leave investors out of pocket. Asked if the government is ready to provide support in case JAL filed bankruptcy, Kan told reporters the government was “fully considering such a situation.” Maehara separately said: “Our stance is that we would like the Enterprise Turnaround Initiative Corp. to rebuild (JAL) with public funds.” The body will decide on the carrier’s rescue plan on 19 January, likely using a prepackaged bankruptcy, the Asahi Shimbun reported on Friday. Earlier reports said the turnaround body is preparing a ¥300 billion investment if the airline files for bankruptcy while intending to ask JAL’s creditors to waive a further ¥300 billion in loans to the airline. The carrier is seeking its fourth government bailout since 2001 to enable it to keep flying in the face of mounting debts. The airline, which lost about $1.5 billion in the six months to September, has said it plans thousands of job cuts and a drastic reduction in routes as part of its efforts to return to profitability. JAL has been offered financial assistance by both American Airlines and Delta Air Lines, which are competing to take a stake in the Japanese company and increase their share of the lucrative Asian market. Source: LatestNews-Home - Livemint.com | 8 Jan 2010 | 2:15 am Boeing says India keen to acquire 10 C-17 aircraftNEW DELHI (Reuters) - U.S. aircraft manufacturer Boeing Co said on Friday the Indian Air Force is keen to acquire 10 C-17 Globemaster III aircraft and the U.S. government has received a letter of request from New Delhi.Source: Reuters: Money News | 8 Jan 2010 | 2:02 am Sabo-Hema range of shock absorbers showcased at Auto ExpoSabo-Hema Automotive Pvt Ltd showcased its complete range of shock absorbers for commercial vehicles, trailers and buses at the Auto Expo 2010 in New Delhi.Source: India Business News | Business News - Times of India | 8 Jan 2010 | 2:00 am Govt pledges better infrastructure to aid growthNEW DELHI (Reuters) - Prime Minister Manmohan Singh promised that his government would improve infrastructure in Asia's third-largest economy to keep up economic growth that he said could reach 7 percent in the year ending in March.Source: Reuters: Money News | 8 Jan 2010 | 1:56 am Gold buying extends to fifth dayMumbai: India gold buying continued for a fifth day on Friday in moderate quantities as the yellow metal extended losses, with a weak rupee weighing on sentiment, dealers said. “Normal buying is happening in the market, I must have done about 60 kgs since morning at about $1,122-1,126 (an ounce)... we may have done about 400-500 kgs since Monday,” said a dealer with a state-run bullion dealing bank in Mumbai. At 2:12pm, international spot gold was $1,124.95/1,125.75 an ounce as against 1,131.40/1,132.20 in the previous session, extending the previous day’s 0.6% fall. “My order sheet is showing about 150 kgs of orders in between $1,105-1,115 (an ounce),” said the state-run bank dealer. “We could see good buying below $1,110 (an ounce),” said another state-run bank dealer. The Indian rupee fell, tracking weakness in most major currencies against the dollar, with a choppy share market failing to provide clarity on the direction of foreign fund flows. [INR/] A weak rupee makes the dollar-quoted asset expensive. India imported 300-350 tonnes of gold in 2009, higher that the previous estimate of a little over 200 tonnes, the head of the Bombay Bullion Association said on Monday. Source: Home - Livemint.com | 8 Jan 2010 | 1:56 am Nikkei leads Asian shares higher, dollar firmerThe MSCI index of Asia Pacific stocks outside Japan rose inched up 0.2% but were still off 17-month highs hit earlier this week.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 1:54 am Rupee steady tracking shares; mixed peersMumbai: The Indian rupee continued to stay marginally weaker in afternoon trade on Friday tracking some losses in the domestic sharemarket and weighed by the dollar’s gains against some major currencies. At 2:24pm, the partially convertible rupee was at Rs45.75/76 per dollar, weaker than its close of Rs45.68/69 on Thursday, when it rose to a high of Rs45.55, its strongest since 23 September, 2008. The dollar hit a four-month high against the yen on Friday on growing expectations that a key US jobs report would point to an improving economy. One-month offshore non-deliverable forward contracts were at Rs45.75, little changed from the onshore spot rate. Indian shares were trading 0.4% lower on Friday, as fears of rupee appreciation pulled down outsourcers and energy giant Reliance Industries slid after report it has sweetened its offer to buy a controlling stake in LyondellBasell. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs45.8175 respectively, with the total traded volume on the two exchanges at about $3.6 billion. Source: Home - Livemint.com | 8 Jan 2010 | 1:52 am Toyota U Trust set to expand across India - Wheels Unplugged
Source: Business - Google News | 8 Jan 2010 | 1:50 am Govt pledges better infrastructure to aid growthNew Delhi: Prime Minister Manmohan Singh promised that his government would improve infrastructure in Asia’s third-largest economy to keep up economic growth that he said could reach 7% in the year ending in March. Speaking a day after his government was criticised by Lakshmi Mittal, chairman of top global steelmaker ArcelorMittal, for slow progress on realising projects, Singh pledged that his government would remove infrastructure constraints. The prime minister said his coalition government would address bottlenecks in infrastructure, farming and healthcare, which are priorities for the Congress-led government that took power last year. “I recognise the frustration well-wishers feel when they lament why things don’t work faster or why well-formulated plans and policies don’t get implemented as well as they should be,” Singh told a conference of expatriate Indians. “It is probably true that we are a slow-moving elephant but it is equally true that with each step forward we leave behind a deep imprint.” On Thursday, Mittal berated Center and state governments for slow progress on steel projects. “We have to blame the whole country for this. We have not experienced this kind of growth and we did not experience this kind of interest in investments in India,” Mittal, who lives in London but carries an Indian passport, said in New Delhi. “The states were not prepared. Neither the central government nor the states were prepared for this kind of interest in the steel industry,” Mittal told reporters. Infrastructure And Growth India’s development has failed to meet fast economic growth. Foreign investors complain about slow progress in shoring up infrastructure and have called for less bureaucracy. With an economy that grew at least 9% annually in the three years through March 2008, India is choking on overcrowded roads and railways, with large and small businesses forced to self-generate power to ensure supply. Infrastructure investment is seen as a driver to ensuring growth and meeting rising expectations in a democracy where a large share of its 1.2 billion population remains poor. Singh’s growth forecast of 7% was slightly below previous forecasts by his policymakers. Speaking at the same function later, finance minister Pranab Mukherjee was more upbeat and said growth would be around 7.75% in the year to March 2010. But Singh said he was optimistic that India, which along with China is helping pull the world out of recession, could return to annual growth rates of 9-10% in a few years. Indian policymakers, including the finance minister, have said they expect the economy to grow around 8 percent this fiscal year, after it slowed to 6.7% in 2008/09. Singh urged Indians living abroad to look at long-term investments in India and help the government to accelerate growth and social development. “Oversees Indians, however, while being good savers tend to be somewhat conservative investors. Most remittances are placed in bank deposits. Foreign direct investment in India by overseas Indians is low and far short of potential,” Singh said. Source: Home - Livemint.com | 8 Jan 2010 | 1:37 am Protecting margins a big worry for tech firmsLeading software services companies are set to report a fall in profit margins for the last quarter due to a firmer local currency, though demand for outsourcing is improving in a global economy on the mend.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 1:30 am Hockey players revolt against non-payment of duesPune: Indian hockey plunged into a fresh crisis on Friday with revolting hockey players deciding to boycott the ongoing World Cup preparatory camp here for an indefinite period in protest against non-payment of their dues. The players took the unprecedented step to stay away from the camp after Hockey India, the interim body which is governing the game in the country, failed to respond to two of their letters asking the authorities to make the payments. “We have decided to boycott the camp indefinitely till we are paid our money. We took such a decision in a meeting of players last night”, captain Rajpal Singh told PTI. “Earlier we used to be paid after every tournament but it is not the case now. We had reminded the HI officials a few times, but nothing has been done. We will now report to the camp only after we are paid”, Rajpal said. The players’ revolt comes barely a month before the hockey World Cup in New Delhi and is bound to have a bearing on the preparations for the high-profile event scheduled from 28 February to 13 March. The senior players were annoyed by the delay in payment and had written a letter to Hockey India president A K Mattoo demanding that money be paid within seven days. The letter had no mention about the pullout but sources said that the players had actually made up their mind to withdraw from the camp if the payment was not made in a week’s time. Source: Home - Livemint.com | 8 Jan 2010 | 1:28 am Anil Kumar pleads guilty in insider trading caseNew York: A former director of McKinsey & Co told a court on Thursday that Galleon hedge fund founder Raj Rajaratnam paid him $1.75 million in exchange for tips on clients of the consulting firm, giving prosecutors potentially more ammunition in the insider-trading case. Anil Kumar, the former McKinsey executive, pleaded guilty to fraud and conspiracy in Manhattan federal court. Prosecutors told how Kumar arranged to have an overseas entity receive payments from Rajaratnam through a Swiss bank account. The money was then invested in Galleon under the name of a worker in Kumar’s household. Kumar made $2.6 million in illicit profits from this arrangement, including the $1.75 million paid by Rajaratnam, the prosecutors said. Based on information from Kumar, the Galleon manager traded in Advanced Micro Devices Inc in 2006 and 2008 and eBay Inc in 2008, prosecutors said. Rajaratnam’s lawyer, John Dowd, said in a statement that his client “did not make payments to Mr Kumar or anyone else in return for providing inside information.” Rajaratnam and Kumar met in the 1980s when they both attended the Wharton School of Business at the University of Pennsylvania. Later a star at McKinsey, whose ranks have produced some of the best-known executives in corporate America, Kumar had been advising technology clients on business strategies, including potential acquisitions, since 1997. Kumar, who is free on $5 million bail posted when he was arrested on 16 October said in court on Thursday that he had conversations with Rajaratnam from 2003 to 2009. Some of those discussions were recorded in wiretaps by the FBI, tactics usually used in organized crime investigations. “I understood Mr Rajaratnam was going to trade securities. I understood that my conduct was unlawful,” Kumar told US District Court Judge Denny Chin, pausing at times to compose himself. He could face up to 25 years in prison when he is sentenced on 26 March. Trust Betrayed Kumar said he was suffering from anxiety and depression and apologized to his colleagues at McKinsey, a company he worked from 1986 until he was let go in December. “To all my colleagues whose trust I have betrayed, I am sorry,” said Kumar, of Saratoga, California. When Kumar was arrested in October, the firm said it was “distressed.” On Thursday, a spokesman for McKinsey & Co said it had “no further comment at this time.” Kumar’s cooperation with prosecutors comes on top of former traders who have struck plea deals that may spell trouble for Rajaratnam’s defence. The Sri Lankan-born US citizen has pleaded not guilty and vowed to fight the charges and go to trial. He is free on $100 million bail. Twenty-one people, including employees of some of America’s biggest companies including IBM Corp and Intel Corp, have been criminally or civilly charged in the complex case involving at least two insider trading networks. According to US prosecutors and a civil complaint by the US Securities and Exchange Commission, Kumar shared inside information in August 2008 about transactions involving Advanced Micro Devices and two Abu Dhabi entities with Rajaratnam, who then traded on the information. On 7 October 2008, AMD said it would spin off manufacturing operations through a multibillion dollar venture with the Advanced Technology Investment Co of Abu Dhabi. AMD stock opened 25% higher that day, resulting in millions of dollars of illegal profits for Rajaratnam, Kumar and others, prosecutors said. Kumar also tipped the hedge fund manager over an acquisition of ATI Technologies Inc by AMD in 2006, prosecutors said in court on Thursday. In court papers, Rajaratnam’s lawyers have said information on that deal was public knowledge. In October 2008, Kumar learned from an unidentified McKinsey client, a subsidiary of eBay Inc, that eBay planned layoffs and told Rajaratnam, the office of the Manhattan US Attorney said in a statement. Galleon shorted eBay stock and then made about $500,000 after the layoffs were announced. Rajaratnam Bail Hearing On Tuesday, prosecutors said they plan to file more charges against 52-year-old Rajaratnam, saying he made $36 million in illegal profits from insider trading, more than double the amount previously alleged. A bail hearing is set for 12 January. The government wants to detain Rajaratnam, who has asked for his bail to be reduced to $20 million from $100 million. In a court filing on Thursday, his lawyers called “far-fetched” and “preposterous” the government’s claim that he poses a serious risk of flight. The cases are USA v Rajaratnam et al, US District Court, Southern District of New York, No. 09-01184; USA v Goffer et al in the same court, No. 09-mj-02438, and SEC v Galleon Management LP et al in the same court, No. 09-cv-08811. Source: Home - Livemint.com | 8 Jan 2010 | 1:18 am India can achieve 9-10 percent growth: Mukherjee - Sify
Source: Business - Google News | 8 Jan 2010 | 1:15 am Protecting margins a big worry for Indian tech firmsBangalore: India’s leading software services companies are set to report a fall in profit margins for the last quarter due to a firmer local currency, though demand for outsourcing is improving in a global economy on the mend. The country’s $60 billion sector, which manages complex computer networks to maintaining technology operations for clients such as General Electric and Citigroup, is back to its hiring ways and is also boosting salaries. “All the negatives in the world economy are not out of the system, but the confidence level in the IT sector is better now compared to the beginning of last year,” said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services. “The companies are now expected to come back on the growth path, but the key challenge is the currency rate.” A global recovery, recent deal wins and stable prices have brightened the outlook for Tata Consultancy Services and Infosys Technologies India’s top two IT exporters, after the global recession hit the sector last year. The rupee, which rallied to a 15-month high on Thursday, surging wages, and intense competition from global firms such as IBM, Accenture and Hewlett-Packard are seen as key risks for the sector. The rupee is set to rise another 4% this year on top of its 4.7% increase last year, with gains driven mainly by inbound portfolio investment, according to a Reuters poll. Indian tech firms are a magnet for thousands of young jobseekers with their sprawling campuses offering pizza and Subway outlets, golf courses and fitness centres to retain employees. The software services sector gets more than half its revenue from the United States but companies are furiously expanding in Asia Pacific, Latin America and the Middle East to reduce dependency in the market and boost growth. Infosys, India’s No. 2 software exporter, a trendsetter in the showpiece industry, kicks off the earnings parade on Tuesday, followed by sector leader Tata Consultancy on Friday and third-ranked Wipro on 20 January. Infosys is expected to post its first year-on-year drop in October-December profit, as wage rises, a stronger rupee and higher sales and marketing costs dent margins. Valued at $32 billion, Infosys, which had previously frozen salary hikes and promotions for this fiscal year, said in October it would raise pay by an average of 8% this year for its employees in India. Markets will be keen on the company’s comments on business and pricing trends, hiring and IT budgets of its overseas clients in 2010. Last month, Accenture reported a fall in first quarter earnings and gave a sales outlook for the current quarter that was weaker than analysts’ expectations. Margin Pressures Infosys expects revenue growth in the fiscal year starting in April to be better than this year as a recovery in the global economy spurs investments by its clients, a senior official told Reuters last month. Consultant Gartner said major British and US firms are focusing on a return to revenue growth in 2010 over cost-cutting, and information technology was central to their recovery strategies. Brokerage Angel Securities said Infosys profit margins are set to drop 245 basis points in Oct-Dec from the preceding quarter due to a 3.4% rise in the rupee and salary hikes. Tata Consultancy and Wipro should report margins fell 62 basis points and 38 basis points, respectively, it said. In the quarter, Tata Consultancy shares gained 21% and Infosys rose 13% versus a 14% jump in the sector index and a 2% rise in the broader market. Source: Home - Livemint.com | 8 Jan 2010 | 1:15 am Nikkei hits 15-month high but gains limited; Japan Airlines fallsThe benchmark Nikkei rose 1.1 percent or 116.66 points to 10,798.32 and marked a weekly gain of 2.4 percent. The broader Topix rose 1 percent to 941.29.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 1:10 am Yahoo expands Web connected TV pushYahoo! announced partnerships with television and other device manufacturers as the Internet company joins others seeking to jump from the computer to the TV screen.Source: HindustanTimes.com - Top Business News Headlines | 8 Jan 2010 | 1:08 am PM confident of 9 10 pc economic growth in couple of yearsExpressing confidence that the country will return to 9-10 per cent economic growth within a couple of years, Prime Minister Manmohan Singh today invited the Indian diaspora to participate in the development of the country of their origin.Expressing confidence that the country will return to 9-10 per cent economic growth within a couple of years, Prime Minister Manmohan Singh today invited the Indian diaspora to participate in the development of the country of their origin.Source: HindustanTimes.com - Top Business News Headlines | 8 Jan 2010 | 1:05 am Oil steady near $82, eyes US jobs dataSINGAPORE (Reuters) - Oil was steady on Friday, following losses the previous day on worries about tighter Chinese monetary policy, with traders eyeing U.S. jobs data due later for the next clue on economic growth and potential oil demand.Source: Reuters: Money News | 8 Jan 2010 | 12:43 am To raise Rs 70cr via issue of shares: Viceroy Hotels - Moneycontrol.com
Source: Business - Google News | 8 Jan 2010 | 12:40 am Boeing 2009 orders dropped to 142Chicago: Boeing Co. said its customers ordered just 142 commercial airplanes last year as the recession forced airlines to shrink. The net total reported on Thursday was Boeing’s lowest since at least 2003 and just one-tenth of the 1,413 orders in 2007. Meanwhile, Boeing delivered 481 commercial planes last year, up 28% after a massive strike in 2008 slowed production. Boeing had predicted 480 to 485 deliveries for the year. The deliveries were “a solid achievement,” wrote Jeffries & Co. analyst Howard A. Rubel, an achievement he said was not adequately valued by investors. Boeing delivered four more widebodies than he had expected and three fewer 737s. By delivering more of the higher-priced widebodies, as well as setting an annual record by delivering 88 of its 777s, “the results were a slightly richer mix than we had expected.” The biggest seller was Boeing’s workhorse 737. The company delivered 372 of those last year, and has orders for another 2,076. Boeing’s total backlog for all commercial aircraft is 3,375 planes. The big issue for Boeing has been its 787, a new widebody long-range jet that flew for the first time last month _ more than two years late. Boeing got through December without any additional 787 cancellations, and finished the year with 83 net cancellations. Boeing said it has orders for 851 of the planes, and it expects to begin deliveries by the end of this year. The company expects to provide commercial airplane delivery guidance for 2010 on 27 January, when it reports fourth-quarter financial results. Competitor Airbus will report its 2009 orders and deliveries on Tuesday. Through the end of November it had 194 net orders and 437 deliveries. That included 4 of its new A380 superjumbo jets and 22 of its widebody A350s. Like Boeing, the bulk of its orders came from smaller single-aisle planes. Boeing shares rose $2.23 or 3.7%, to $62.01 in afternoon trading. Source: LatestNews-Home - Livemint.com | 8 Jan 2010 | 12:26 am Ex-McKinsey exec: Rajaratnam paid $1.75 mln for tipsNEW YORK (Reuters) - Anil Kumar, a former director of McKinsey & Co told a court on Thursday that Galleon hedge fund founder Raj Rajaratnam paid him $1.75 million in exchange for tips on clients of the consulting firm, giving prosecutors potentially more ammunition in the insider-trading case.Source: Reuters: Money News | 8 Jan 2010 | 12:22 am Economy could grow 7.75% in FY10: Pranab MukherjeeThe economy grew an annual 7.9% in the quarter through September, its fastest in 18 months.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 12:20 am Economy to grow at 7% in 2009-10: Prime ministerSingh said he was optimistic that India, which along with China is leading the drive out of a global recession, could return to annual growth of 9-10% in a few years time.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 12:20 am Japan's Nikkei set to gain as yen helps, jobs data eyedWith shares of exporters helped by a weaker yen, but gains may be limited on investor caution before a three-day weekend and US jobs data due later in the day.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 12:18 am Mahindra sees 5% production loss per month on supply woesSupplier constraints are expected to continue till April, Pawan Goenka, Mahindra's automotive head, told reporters.Source: Daily News & Analysis: Money News | 8 Jan 2010 | 12:18 am Auto sales seen up 12-13 pct in FY11 - industryNEW DELHI (Reuters) - Automobile sales are expected to rise 12-13 percent in the year to March 2011, Pawan Goenka, president of industry body Society of Indian Automobile Manufacturers (SIAM) said on Friday.Source: Reuters: Money News | 8 Jan 2010 | 12:01 am Maruti rIII concept could become reality by mid-2012Maruti Suzuki's concept MPV ‘rIII', may see production by mid-2012, a company official said onSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Karnataka offers ArcelorMittal 2 sites for Rs 30,000-cr steel plantKarnataka has rolled out a red carpet welcome to the world's largest steel maker, ArcelorMittal, which would like to invest Rs 30,000 crore for setting up a six-million-tonne-a-year integrated steel plant in theSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Consumer goods sector moves slowlyThe fast-moving consumer goods industry that escaped the slowdown almost unscathed when other industries were hurting, is now beginning to feel theSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Hedging pushes currency futures volumes to record $7 bThe combined currency futures turnover on the NSE and MCX-SX reached a record high $7 billion (Rs 32,024 crore) on Thursday as exporters, importers, bullion and commodity traders, banks and arbitrageurs moved in to hedge their positions in a bigSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am BSNL-MTNL merger back on the menuThe merger talks between Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd could be back on the menu. The two PSUs discussed the issue at a meeting with the Prime Minister on Wednesday as part of a plan to revive the company'sSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Pfizer to license, sell 40 Strides drugs in USThe Bangalore-based Strides Arcolab has announced a major licensing and supply deal with Pfizer by which the world's largest drug maker would source 40 patent-free medicines, mostly cancer therapies, for sale in theSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am JK Paper (Rs 49.4): BuyWe recommend buying the stock of JK Paper from a short-term perspective. It is apparent from the charts of the stock that after recording an all-time low of Rs 14 in March 2009, the stock made a turnaround. Since then, it has been consistentlySource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Teaser rate home loans may spell troubleThere is a possibility that the recent home loan schemes offering fixed-cum-floating rates could lead to a ‘payment shock' forSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Food inflation eases to 18.22% on drop in vegetable pricesEven as such essential items as potatoes, pulses and vegetables remained expensive, food inflation dropped slightly to 18.22 per cent for the week ended December 26, from the previous week's 19.83 perSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendationSource: Business Line - Home Page | 8 Jan 2010 | 12:00 am PM optimistic of 7% economic growth in 2009-10New Delhi: Indian Prime Minister Manmohan Singh said on Friday Asia’s third-largest economy was expected to grow by around 7% in 2009/2010 fiscal year, slightly below previous forecasts by his policy makers. But Singh said he was optimistic that India, which along with China is leading the drive out of a global recession, could return to annual growth of 9-10% in a few years time. Indian policymakers, including the finance minister, have said they expect the economy to grow around 8 percent in the fiscal year ending March, after slowing to 6.7% in 2008/09 as the global economic crisis shaved off growth. “We hope to achieve a growth rate of around 7% this year, which is one of the fastest in the world,” Singh told a conference of expatriate Indians. Singh pledged that his administration would work to address key constraints in the infrastructure and the agriculture sectors as these were key priorities of the Congress-led government which swept to power last year. India’s infrastructure development has failed to meet rapid economic growth in recent years and foreign investors complain about the slow progress in shoring up infrastructure and called for cutting bureaucratic red-tape. The government needs to address this concern as infrastructure investment is a key driver to ensure strong economic growth in coming years and meet the demands of the world’s largest democracy with a population of around 1.2 billion. On Thursday, ArcelorMittal chairman Lakshmi Mittal slammed the government for the slow progress in implementing projects. “We have to blame the whole country for this. We have not experienced this kind of growth and we did not experice this kind of interest in investments in India,” Mittal told reporters in New Delhi. “The states were not prepared. Neither the central government nor the states were prepared for this kind of interest in the steel industry.” Source: Home - Livemint.com | 7 Jan 2010 | 11:56 pm Reliance ups offer for Lyondell, valuing it at $13.5 bln - sourceNEW YORK/MUMBAI (Reuters) - Reliance Industries Ltd has sweetened its offer to buy a controlling stake in LyondellBasell Industries that values the bankrupt chemicals firm at $13.5 billion, a source familiar with the situation told Reuters.Source: Reuters: Money News | 7 Jan 2010 | 11:47 pm Reliance ups offer for Lyondell, valuing it at $13.5 bn: sourceNew York / Mumbai: Reliance Industries Ltd has sweetened its offer to buy a controlling stake in LyondellBasell Industries that values the bankrupt chemicals firm at $13.5 billion, a source familiar with the situation told Reuters. But Lyondell’s board has rejected Reliance’s sweetened offer, said the Wall Street Journal, which first reported the raised offer. Reliance now probably has until sometime in February to make another offer, the paper said, citing people familiar with the matter. A restructuring plan proposed by Lyondell that would keep the company independent would, by comparison, value it at about $15.5 billion, the Wall Street Journal said. Lyondell’s senior creditors are running the bankruptcy process. Lyondell filed for bankruptcy protection last January after being unable to meet its debt obligations when demand dropped for petrochemical products during the global economic downturn. Two people familiar with the matter told Reuters that Reliance, India’s biggest conglomerate, controlled by billionaire Mukesh Ambani, had sent Lyondell a letter in late December with the raised offer. The new offer compares with Reliance’s initial bid in November, which valued Lyondell at $12 billion, said the source, who was not authorised to speak to the media and thus did not want to be identified. Reliance has interests in petrochemicals, refining, oil and gas exploration and retail, and a deal with Lyondell would catapult it into the ranks of top petrochemical makers such as Saudi Arabia’s SABIC, Germany’s BASF and US-based Dow Chemical Co. As per the new proposal, Reliance would purchase about $2.2 billion in new stock and support a separate $2.8 billion rights offering by Lyondell to take the company out of bankruptcy, the source said. It would also seek voting control to implement synergies with Reliance even if it only holds a minority stake, the source said. Reliance declined to comment in Mumbai. Lyondell also declined to comment on its discussions with Reliance, saying it is bound by a confidentiality agreement. “Our focus is at this point on having our disclosure statement approved by the court,” Lyondell spokesman David Harpole said, noting its current reorganisation plan which would have existing senior creditors take control of the company after its emergence from bankruptcy. Fund-raising Earlier this week, Reliance Industries raised $577 million through a share sale, its second big equity fund-raising in under four months, which was seen as part of its efforts to buy Lyondell. Lyondell’s current deal with creditors led by investors Ares Management, Apollo Management and billionaire Len Blavatnik’s Access Industries, does not prohibit the company from considering other “bona fide offers,” Harpole said. At 9.40 am on Friday, shares in Reliance were down 0.6% at Rs1,099 in a Mumbai market down 0.1%. Lyondell’s official committee of unsecured creditors has said in court filings that it is encouraging the company to look at Reliance’s earlier offer. But Reliance’s earlier proposal may be inadequate to win over senior creditors, who may incur a hefty loss under terms of the $12 billion offer and would gain more from an independent Lyondell, analysts have said. Luxembourg-based LyondellBasell was created after a 2007 buyout led by Blavatnik through New York-based Access. The case is In re: Lyondell Chemical Co, US Bankruptcy Court, southern district of New York, No. 09-10023. Source: Home - Livemint.com | 7 Jan 2010 | 11:34 pm Orchid receives Tentative US FDA nod for Memantine Tablets - The First Reporter
Source: Business - Google News | 7 Jan 2010 | 11:23 pm PM sees 2009-2010 growth at 7%Prime Minister Manmohan Singh said on Friday Asia's third-largest economy was expected to grow by around 7 percent in 2009/2010 fiscal year.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 11:18 pm Nikkei leads Asian shares higher, dollar firmSingapore: Japanese stocks hit a 15-month high on Friday as the yen eased against the dollar, leading Asian shares higher, while gold and oil prices fell amid lingering concerns over possible central bank policy tightening in China. The MSCI index of Asia Pacific stocks outside Japan rose inched up 0.2% but were still off 17-month highs hit earlier this week. A similar Thomson Reuters index rose nearly 0.7%. Japan’s Nikkei average rose 0.8%, with exporters such as Honda Motor Co buoyed by the yen’s weakness, while memory chip-related stocks climbed on growing global demand for high-tech products. “Shares of exporters will likely continue to fare well for a while, helped by the weakening yen,” said Kenichi Hirano, operating officer at Tachibana Securities. US shares edged higher overnight on optimism about the economy, though traders were cautious ahead of the non-farm payroll data later in the day. The latest Reuters poll suggested the US economy stopped shedding jobs in December. The dollar hit a fourth-month high against the yen on Thursday on growing expectations for an upbeat US jobs report, but it later gave up gains after new Japanese finance minister Naoto Kan said markets should decide exchange rates. Kan said on Thursday he wanted the yen to weaken to help the country’s exporters, raising the possibility of intervention by Japanese authorities and sparking a sell-off in the currency. The dollar edged up 0.1% to 77.977 against a basket of six major currencies The U.S. dollar also got help from US regulators urging banks to protect themselves against hikes in interest rates, supporting views that the Federal Reserves will start raising interest rates this year. Chinese shares fell 0.9%, extending Thursday’s near 2% drop after a surprise move by China’s central bank to raise the interest rate on its three-month bills. The move sparked fears that policymakers were getting ready to use more forceful measures to cool growth and fight inflation, and also prompted a sell-off in commodities as traders feared policy tightening would curb China’s appetite for resources from metals to crude oil. Global investors are increasingly focused on when central banks will unwind emergency growth-stimulus measures put in place during the global financial crisis. Withdrawing them too soon could undermine still fragile economic recoveries, while leaving them in place too long could trigger inflation and potentially sow the seeds of another crisis. Central banks in South Korea, India and the Philippines have all talked explicitly this week about exit strategies. Shanghai copper prices fell 1 percent, following weakness in London in the previous session on fears of China’s policy tightening. Spot gold shed 0.6% to $1,124.75 per ounce, extending Thursday’s losses. Prices climbed 4 percent in the first three trading sessions of 2010 to a three-week. Crude oil for February delivery was down 40 cents, or 0.5% to $82.26 a barrel, falling further from a 15-month high hit on Wednesday. Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 10:23 pm Markets down slightly; Techs, Reliance weakMumbai: Indian shares were trading 0.1 percent lower on Friday, as fears of rupee appreciation pulled down outsourcers and energy giant Reliance Industries slid after report it has sweetened its offer to buy a controlling stake in LyondellBasell. Export focussed software companies edged lower, on expectations the rupee may strengthen further this year, on the back of high foreign inflows. Infosys Technologies was down 1.4% while Tata Consultancy and Wipro dropped 1.1% each. According to a Reuters poll, the Indian unit is seen picking up where it left off in 2009, rising another 4% on top of its 4.7% increase last year, its appreciation driven mainly by inbound portfolio investment. “Rupee appreciation is clearly hitting IT stocks. This is a big negative for the pack,” said Ambareesh Baliga, vice-president of Karvy Stock Broking. By 09:56am, the 30-share BSE Index was trading down 0.07% at 17,603.14, with 17 of its components declining. The 50-share NSE index was down 0.1% at 5,289.85. “Valuations are looking expensive, and we have reached dangerous levels. It is liquidity more than fundamentals, that is driving the market,” said Baliga. “Investors should start exiting and book profits.” Energy major Reliance Industries was down 0.2% at Rs1,103. Reliance’s has recently made a new offer has pushed its valuation of Lyondell to about $13.5 billion, up from $12 billion in an initial bid made in November, the Wall Street Journal reported, citing people familiar with the matter. Metals stocks dipped in line with a decline in base metal prices, which were hit by fear of tighter Chinese monetary policy. Sterlite Industries dropped 1.3% while Hindalco and Tata Steel declined 0.5% and 1% respectively. In the broader market, gainers led losers in a ratio of 2.5:1 in a volume of 130 million shares. Source: Home - Livemint.com | 7 Jan 2010 | 10:19 pm Sensex gains 32 points in early tradeThe Bombay Stock Exchange benchmark Sensex rose by 32.32 points to 17,648.04 points in the first five minutes of trading.Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 10:05 pm No porn please we re IndianIndia may be the second most populous nation on earth, but the world feels Indians aren’t ready for sex yet. Several Internet companies have put filters in their websites to prevent users in India from accessing sexual content through them, reports Mayank Austen Soofi.Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 10:05 pm BSE Sensex down slightly; Techs, Reliance weakMUMBAI (Reuters) – The BSE Sensex was trading 0.1 percent lower on Friday, as fears of rupee appreciation pulled down outsourcers and energy giant Reliance Industries slid after report it has sweetened its offer to buy a controlling stake in LyondellBasell.Source: Reuters: Money News | 7 Jan 2010 | 10:03 pm Rupee falls by 8 paise in opening tradeThe rupee depreciated by 8 paise to 45.75 a dollar in early trade on Friday as the US currency strengthened against major global currencies.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 9:49 pm Oil extends losses towards $82, eyes US jobs dataSingapore: Oil edged lower on Friday, extending losses made the previous day on worries about tighter Chinese monetary policy, with traders eyeing US jobs data due later for the next clue on economic growth and potential oil demand. The US non-farm payrolls report could show the end of two years of uninterrupted job cuts in the world’s largest economy, signalling a gradual recovery in oil demand from the world’s largest energy consumer is on the cards. “Everyone is a little bit nervous about the US jobs data tonight. It is a major factor in the outlook for the U.S. economy and the global recovery,” said Peter McGuire, Managing Director of Commodity Warrants Australia in Sydney. US crude for February delivery was down 32 cents at $82.34 a barrel by 8:15am, after settling down 52 cents at $82.66 the previous day. London Brent crude fell 36 cents to $81.15. Crude is on track to post a gain of 3.7% this week. Oil broke a a 10-day winning streak on Thursday, falling from a 15-month high on a stronger dollar and as signs of tighter monetary policy in China stoked worries about demand in the world’s No. 2 oil user, and one of the main engines in oil demand growth last year. China’s central bank surprised investors by raising the interest rate in a three-month bill auction on Thursday, which the markets took as a signal of policy tightening, putting pressure on commodities. “Oil has had a very strong rally in the last two weeks, and I think it will be tied around $83-$84 in the near term, depending on how the data turns out. The cold weather factor appears priced in, and there’s definitely no shortage on the supply side out there,” McGuire said. Frigid weather in the United States, Europe and parts of northern Asia remains a supportive factor. Temperatures should remain well below normal throughout much of the US into the weekend, before moderating readings push eastward, according to private forecaster DTN Meteorlogix. US heating fuel demand has surged some 21% above normal, while European energy demand has also risen, especially in Britain and France. Heavy snow and record low temperatures in China have prompted cities across eastern and central parts of the country to begin rationing power. Two days of talks between Russia and Belarus on resolving an oil spat that had raised the prospect of disruptions to the European Union ended with no result, both sides said on Thursday. Russia briefly cut oil supplies to Belarussian refineries in a dispute over pricing that raised the prospect of supply disruptions for European Union customers, helping to lift oil prices this week. Source: Home - Livemint.com | 7 Jan 2010 | 9:18 pm Sensex eases by 10 pts amid volatile marketThe benchmark Sensex eased by nearly 10 points in a volatile trade due to mild selling mainly in auto and IT stocks despite higher Asian advices.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 9:07 pm Toyota unveils hybrid Prius; Maruti brings Eeco at Rs 2.5LIt was the day for the economical and ecological at the Auto Expo 2010. Countrys largest auto maker Maruti Suzuki launched on Thursday its multi-purpose vehicle, Eeco, at an introductory price between Rs 2.5 lakh and Rs 2.8 lakh.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:27 pm German car makers press the indian pedalMinutes before a press conference of a leading German company was to start, company officials were busy checking out that every pen that would be given as part of the press information material worked.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:25 pm Multiple auto businesses a secure bet, says MahindraMahindra & Mahindras (M&M) growing presence across the entire product spectrum of the automobile industry does not make the company defocussed but rather more stronger and secure, feels Anand Mahindra, MD of the company, that is expanding into the two-wheeler and heavy commercial vehicle segments.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:22 pm Outcome budget mandatory nowPerhaps to bring in more accountability among departments and authorities so far exempted from preparing the Outcome Budget, the finance ministry on Thursday issued revised guidelines making it mandatory for them to conduct this exercise for internal use from this year.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:20 pm State FMs unhappy with GST formulaThe Empowered Group of State Finance Ministers (EGSFMs), that met here on Thursday, expressed serious reservation over the recommendations of the task force set up by 13th Finance Commission on Goods and Services Tax (GST) on the revenue-sharing model.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:20 pm Raise tax sop on home loan interest paymentThe Budget 2010-11 should increase the tax exemption limit against the interest payment on home loan and rental income, said real estate compamies on Thursday.Source: India Business News | Business News - Times of India | 7 Jan 2010 | 1:15 pm Analysts predict better sales for HULNew Delhi: India’s biggest maker of home and personal care products, Hindustan Unilever Ltd (HUL) will turn around a recent slump to post higher growth in sales volume for the quarter ended December, but that won’t be sufficient to stem the slide in its market share and profitability, analysts said. HUL is likely to post nearly 4% growth in volumes for the three months to 31 December compared with only a 1% increase in the September quarter, according to a report by brokerage firm Motilal Oswal Financial Services Ltd.  Better prospects: A customer looks at an HUL product. Amit Bhargava/Bloomberg Amnish Agarwal, an analyst at Motilal Oswal, said the overall effect would be in HUL’s favour. “In the last one year, the volumes have been slipping, but the efforts made by the company to arrest them will show some impact,” he said. HUL declined to comment on the prediction as it is yet to announce its third quarter results. The company has taken a series of steps in recent months to drive up sales of key products such as shampoo, soaps and detergents. It splurged on sponsorship of television shows and product placements in programmes. For the quarter ended 30 September, the company spent Rs570 crore on advertising and promotions, up 38% from the same quarter the prevoius year. HUL also relaxed margins and launched Vijeta, an incentive programme under which wholesalers earn points on every purchase and redeem them for rewards such as better margins, foreign holidays and valuable gifts. Several dealers, as a result, have exceeded the targets set for them, said an HUL distributor on condition of anonymity, as he is not authorised to speak to the media. “The winter sales of personal care products such as face creams, moisturisers and soaps have also been very good this time,” he said. But analysts warned value growth and decline in market share would continue to worry HUL. In the quarter ended December 2008, the company had posted value growth of 17%, thanks to price hikes. But for 2009, price cuts and downtrading would restrict value growth to about 7-8%, they said. “If the company takes more price cuts, it will impact profitability and any increase in trade margins will also squeeze overall margins,” said Sameer Deshmukh of non-banking financial company Tata Capital Ltd. Anand Shah, analyst, Angel Broking Ltd, said the competition was also getting tougher. “Procter and Gamble and Godrej Consumer Products Ltd have become aggressive in terms of new launches and pricing,” he said. “Volume growth might be more this quarter, but inflation in raw material prices, consumer downgrading and value growth would remain a cause of concern.” Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:45 pm Re1 air ticket gets groundedLured by that ridiculous Delhi-Mumbai Re1 air ticket, how many of us have hit the BUY NOW button, only to find that the final bill was 3,50,000% more expensive at around Rs3,500. We thought the government was the culprit, charging us so much tax. But the truth was different. Yes, the tax to be paid to the government was there, but the big bite of charges came from airline fuel and congestion charges. Also See Graphics Cost was being stuffed under these heads and the basic ‘low low fare’ was kept at Re1. In 2009, the government shut this door to consumer cheating. Airlines can now charge under one head and need to bundle everything into it. The base fare charge is what you pay the airline to fly you from point A to point B. Additionally, your ticket consists of cost heads that go to external agencies other than the airline. For instance, the passenger service fee goes to the government as taxes and airport fee is retained by the airport. Compiled by Deepti Bhaskaran Illustration by Jayachandran, Graphic by Yogesh Kumar Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:45 pm BSA Motors launches electric scooter designed for disabledNew Delhi: While luxury sedans, small cars and hybrid vehicles have hogged the limelight at the Auto Expo, it was also the platform for the launch of an electric scooter designed in India specially for the disabled. BSA Motors, a recently formed division of the Chennai-based Tube Investments of India Ltd, promoted by the Murugappa Group, unveiled its four-wheel scooter, Roamer Able, on Thursday.  Thoughtful: Electric scooter Roamer Able on display at Auto Expo 2010. Ramesh Pathania / Mint The Roamer Able has thoughtful touches such as a holder for crutches and a rear break lock so that the scooter does not roll back on a slope. The rider can also engage reverse with a flick of a switch. “We have been developing the technology for this vehicle since the last eight months along with a Japanese design consultancy firm, which has advised us on the design of the scooter,” said Srinivasan. The scooter is priced at Rs35,300 before taxes and other charges in Delhi, but the state government has extended BSA Motors a subsidy so it can sell the scooters at a 30% discount. The company is talking with other states as well for similar subsidies. BSA Motors, formed in July 2008, is targeting a 20% share of the electric scooters market, currently pegged at Rs1.1 lakh, by the end of fiscal 2011. The company sells around 1,500 scooters a month and expects to end 2010-11 at around 15,000 units. Hero Electric Ltd, a subsidiary of the Hero Group, is the largest firm in India’s highly disorganized electric scooters market, which has around 80 firms importing containers of Chinese electric scooters and selling them locally. BSA Motors also faces competition from Electrotherm India Ltd, which sells its electric two-wheelers under the Yobykes brand. There were the good old bicycles on display as well, although some had a Rs3 lakh price tag. A range of cross-country, mountaineering and racing bicycles were introduced in India around six months back by BSA Motors, which has secured exclusive rights for marketing bicycle brands such as Ducati, Cannondale, Bianchi and Schwinn in the country. Abhishek P. Sareen, manager, performance bikes division, BSA Motors, says the company sells around 100 of these imported bicycles every month. “Ninety per cent of the sales have come from bikes ranging between Rs20,000 and Rs50,000 and we are expecting to sell around 7,000 bicycles this fiscal,” said Sareen. Samar Srivastava contributed to the story. aveek.d@livemint.com Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:26 pm The Mint Report for 7 January 2010The obstacles ahead for the goods and services tax got tougher on Thursday after talks between state governments and the center ended with little progress made. States don’t want to give up their powers that let them levy taxes unilaterally. And there are now indications the eventual rate for GST may be greater than the target of 12%. The government has promoted GST a major tax reform initiative that will incorporate several taxes levied at both the state and central levels. Food prices have increased again, but at a slower rate. The food price index rose 18.22% in the week ending 26 December. That’s a slight fall from the previous week, when food inflation stood at 19.83%. Food prices have been driven up in recent months by a drought, floods in parts of India and also higher government prices for farmers. ArcelorMittal could shift the locations of some of its steel projects in India. The company is asking the Karnataka government for a green light to set up a steel plant in that state. ArcelorMittal already has plans to build plants in Orissa and Jharkhand, but has faced problems over land acquisition. Maruti Suzuki unveiled a brand new car on Thursday, the third day of the Auto Expo in Delhi. The multi-purpose vehicle, which is called Eeco, was conceived and designed specifically for the Indian market. Maruti also said it would make a decision on increasing the prices of its cars after completing negotiators with its vendors… Companies like Fiat India and Toyota Kirloskar have already announced price hikes to cope with rising prices of raw materials like steel. Toyota launched its hybrid car the Prius in India at the Auto Expo. The Prius is world’s most commercially successful hybrid car with more than 1.5 million units sold worldwide. Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:25 pm Quick Edit | Not investment gradeIt has been common knowledge for some time now that India is not ready for land- and capital-intensive projects. So it is hardly surprising that steel king Lakshmi Mittal reiterated that sentiment on Thursday. He was speaking against the backdrop of his stalled efforts to set up mega steel projects in Orissa and Jharkhand. Wags will, of course, say that he was proven wrong the same day when Karnataka government opened its arms to him. Mittal may be given 4,000 acres of land. A PTI report said a state government committee had cleared the mining lease application of his company, ArcelorMittal. He may yet be proven right about India not being project-ready, this time in Karnataka. Acquiring 4,000 acres of land in that part of Karnataka where iron ore is not far away only spells trouble, given the state’s recent political turbulence at the hands of iron ore barons. The ore lobby calls the shots in the state and the chief minister’s efforts may come to naught. There is more than mere investment that’s at stake here. Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:22 pm Sensex lifeline: high beeps and pratfallsStrides Arcolab (8.1% up) Shares of Strides Arcolab Ltd ended 8.1% up after Pfizer Inc. agreed to sell the company’s cancer treatments in the US. The company told CNBC-TV18 that product licence for sterile injectibles is specific to the US and the deal with Pfizer is mainly in oncology space. SREI Infra (8.8% up) The SREI Infrastructure Finance Ltd stock rose 8.8% on talks that the firm is planning a qualified institutional placement. SREI recently raised $200 million through an external commercial borrowings issue and expects to raise another Rs2,000-2,500 crore in the next financial year. Hindustan Copper (10% up) Shares of public sector enterprise, Hindustan Copper Ltd, ended 10% up following reports that the government is considering to sell its stake in the Kolkata-based miner. The government holds a 99.59% stake in the company. CNBC-TV18 was the first to report about the deal. CHI Investments (10% up) Shares of CHI Investments Ltd, an investment company of RPG group, rose 10% on the back of value in investment held by the company. The company holds 4.15 million shares of KEC International Ltd and 2.05 million shares of CESC Ltd which are valued at Rs335 crore at CMP. Time Technoplast (6.7% up) The Time Technoplast Ltd stock ended 6.7% up on reports that the company is looking at acquisitions in Europe and South-East Asia next fiscal. The target company will have revenues of $20-30 million (Rs91.8-137.7 crore) and talks were still in the preliminary stage. Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:17 pm 'Stimulus withdrawal will drive up car prices'Leading car makers are considering to raise prices of their vehicles across the board, if the government withdraws the excise duty benefit in the coming Budget. The benefit was given as part of a stimulus package in December 2008, following the onset of the global economic meltdown.Source: Business Standard | Front Page Headlines | 7 Jan 2010 | 12:16 pm Plan panel assured of 15% more budgetary supportThe Ministry of Finance has assured the Planning Commission of at least 15 per cent increase in gross budgetary support (GBS) for 2010-11, over the 2009-10 budget estimates.Source: Business Standard | Front Page Headlines | 7 Jan 2010 | 12:14 pm States question 12% GST rateNew date for introduction of tax likely today.Source: Business Standard | Front Page Headlines | 7 Jan 2010 | 12:13 pm Govt decided within hours to save SatyamNew Delhi: Anurag Goel, the then secretary of the ministry of corporate affairs, is widely seen as the man behind the government’s unprecedented effort to rescue Satyam Computer Service Ltd. A year after Satyam promoter B. Ramalinga Raju confessed to masterminding India’s biggest corporate fraud at what was then India’s fourth largest information technology (IT) firm, Goel, a 1972-batch Uttar Pradesh cadre officer, has broken his silence to explain in an interview how the government rescued Satyam and its 53,000 employees. Edited excerpts:  Looking back: Former corporate affairs secretary Anurag Goel. When the day dawned on 7 January last year, Satyam was India’s fourth largest (IT) company... At 11.32am that day, I received a phone call and email from Sebi (market regulator Securities and Exchange Board of India) chairman C.B. Bhave, informing me about the communication that Raju had sent to a lot of people. Everybody was in a state of shock that this could happen in Satyam. I was also shocked.... I immediately informed my minister (corporate affairs minister) Prem Chand Gupta and went over to him. Then we got cracking in sync and hands-on. So by lunch, a plan of action was already being put in place? Well, we were fast, but not that fast honestly.... By the evening we had some idea of the kind of dimensions (of the unfolding scandal). To be honest with you, it was only at midnight that I got the time to sit down quietly by myself and think it through. A lot of factors (were at play). It was a hit on an IT company—a Rs7,300 crore firm—that had the potential to impact India Inc. in general and Indian IT in particular. Remember this was also the time of the economic meltdown and we were very concerned over that. We were also concerned over the impact on the 53,000 employees... There were mission-critical things being done by the company for many people. In fact, this was the reason that during the day, the minister and I had agreed that apart from investigating, we also needed to save the company. Was it decided in the first few hours itself that the government will save the company? Yes. I think a lot of factors like the ones I have mentioned and also the impact on India’s image abroad as an investment destination (came into play)... When I thought it through at midnight, three things became clear to me. First, the then board of Satyam had to be suspended. Second, a new board with persons of the highest credibility and competence (had to be appointed), and third, the new government-appointed board and the government itself would need to work together very closely to make it work. cnbctv18@livemint.com Source: LatestNews-Home - Livemint.com | 7 Jan 2010 | 12:11 pm Priority in India is greenfield projectsNew Delhi: French cement maker Lafarge SA has completed a decade of operations in the Indian market, and reached an estimated $1 billion (Rs4,590 crore) in annual revenue. The company is now looking at building cement plants in Himachal Pradesh, Rajasthan, Karnataka and Meghalaya. Bruno Lafont, global chairman and CEO, Lafarge, said in an interview that while the company’s focus is on new projects, it continues to keep an eye out for any acquisition opportunities in the cement market. Edited excerpts: What brings you to India? I’m coming regularly to India and what I’m doing is, from time to time I spend almost half of my time in the operations and India is an important country for Lafarge—not only because it is large already, but it has growth potential and it’s important for me to see how the strategy is developing and how the landscape is changing. Are you satisfied with the performance of the firm in India so far? I do not measure market share nationally. When you are talking about a (sub)continent, you have to look at it regionally. So market share is important regionally and it is even more true for us as we are in a local business. It’s a large country we are in, so we are looking at it regionally—it’s true for the US, it’s true for Russia, it’s true for China—and if I look back, to 1999, I think we have invested very wisely and we have continuously improved the operation and continuously invested. We are achieving the results which we were expecting, may be more, and we are looking at opportunities, I think, wisely. Our goal is to be best building materials company in India. That requires a beginning and 10 years is not too much to create the roots, to make sure that your way to do business in the place is the right way and with that, having built strong teams and relying on strong and profitable assets then we can envisage growth with much more confidence. Tell us about your regional performance and strategy. We are present in India with our three businesses. So when you look at cement, it is true that the selected region in the beginning was the North-East. Our future developments will take us to other regions and we have selected one or two for the time being and we will grow through greenfield (projects) first. For ready-mix concrete, we made an acquisition last year and acquired the L&T concrete business, which has a national coverage with 78 different ready-mix concrete plants. With this, we have a base to tap the construction market, and the last business we are in is plaster board. Plaster board is a new product for India; we are at the beginning of the penetration of the new product. It is lighter and offers more insulation and is also more aesthetic. It’s also easy to install. We have started off our plant last year, around Delhi. Hasn’t there been a delay in your expansion to other regions?  Creating roots: Lafont says it’s important not to waste capital, and maximize efficiency to be able to earn higher returns. Rajkumar/Mint You have said that you expect consolidation in the Indian cement industry—are you looking at acquisitions yourself? Lafarge, now worldwide, has a 70% of its capacity in growing markets and our first goal is to serve those markets and to increase capacity when needed, and that is what we say an internal development programme on a very well diversified and well-balanced portfolio. Our strategy is to give priority to cement in emerging markets so if we want to develop, we will use the money for cement in emerging markets. That means that for India we have selected to grow further through greenfields. Why? Because consolidation was not happening or was not happening in the way that would make sense for us. But that doesn’t mean that we will never take part in consolidation. Taking part in consolidation when you have a cement position somewhere is an opportunity because you can create synergies; because you can have economies of scale; you can optimise your network of production plants. You can spend more money to develop an efficient approach to customers and leverage also on innovation. That’s where it makes sense. I would say consolidation is always a quest. It doesn’t mean big acquisitions all the time but we do not define the timing of consolidation. So, are acquisitions part of your growth plans in India? It’s not our priority today. Our priority is greenfield (projects), but it doesn’t mean that if consolidation opportunities happen, we will not look them and take part in them. What is important for us is to extend our position and that can be by all ways. What I look at in the end is “what type of asset do I get?”. And an asset is one cement plant at least, with enough reserves with a potential to deliver (to) its market within a set cost and with a potential for us to improve the operations. Are there any offerings in the market which you are looking at? No, not right now. In fact, I do not expect a lot to happen very soon. Source: World Business - Livemint.com | 7 Jan 2010 | 11:22 am ICICI Bank Axis cut car loan rates for new customersThe competition in the car loan market is hotting up with ICICI Bank, country's largest private sector lender and Axis Bank slashing their car loan rates for new customers.Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 10:56 am BMW hikes prices up to Rs 4 3 lakhGerman luxury carmaker BMW on Thursday increased the prices of its various models in India by up to Rs 4.30 lakh.Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 10:23 am Mittal s 6 6 bn Karnataka plant set for June pactThe government of Karnataka said on Thursday that it would sign an agreement with leading global steelmaker ArcelorMittal in June for the company to build a 6-million tonne steel plant. Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 9:18 am Disinvestment may return from 6 year budget exileThe one issue in the last budget that gave the stock market a nasty turn—a missing disinvestment time-table—could well turn out to be next big trigger for equity markets to extend their current bull run. Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 9:17 am E Spark to hit market in OctCome October and General Motors will commercially launch its electric car ‘e-Spark’ in India. The car was showcased at the 10th Auto Expo in New Delhi on Thursday. Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 9:15 am Eeco a Versa remixMaruti launched its multi purpose vehicle (MPV) Eeco on Thursday at the 10th Auto Expo with an introductory price of between Rs 2.59 lakh and Rs 2.89 lakh. Source: HindustanTimes.com - Top Business News Headlines | 7 Jan 2010 | 9:13 am
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