|
|
|
|
IFGL Refractories sees growth of 2530% from overseas bizIn an interview with CNBCTV18, Pradeep Bajoria, Chief Executive Officer and Director of IFGL Refractories, spoke about the company plans.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 8:37 am Prices may rise by Rs 1015/bag in 2 months: Andhra CementCement prices are seeing a resurgence in prices after remaining downbeat in the last quarter of 2009.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 7:44 am State banks buy dollars at Rs 45.30: TradersStaterun banks were seen buying dollars around 45.30 rupees on Monday after the local unit rose 1 percent to its highest in more than 15 months.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 7:38 am Don\'t see new sops for textile sector in budget: S Kumar\'sThe Union Budget will be presented in Parliament on February 26, 2010. In an interview with CNBCTV18, Nitin Kasliwal, Chairman, S Kumars, discusses what he expects from the budget.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 7:25 am Indian Bank will need to raise Rs 23 bn by FY11Indian Bank will need to raise Rs 23 billion in FY11 and it plans to pay off Rs 20 billion worth of highcost deposit by March 2010, its chairman and managing director said on Monday.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 7:01 am See 15% volume growth in FY11, 40% in FY12: JSW SteelSeshagiri Rao, Joint Managing Director and Group CFO, JSW Steel, says no major greenfield projects are in the pipeline for the next 23 years. He expects Indian demand to grow by 12% in 2010. \"We see a volume growth of 15% and 40% in FY11 and FY12, respectively.\"Source: Moneycontrol Top Headlines | 11 Jan 2010 | 6:52 am Canara Bank expects 1617% loan growth in FY10Staterun lender Canara Bank expects loans to grow by 1617% in FY10, chairman AC Mahajan told reporters on Monday on the sidelines of a conference.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 5:50 am BSE Sensex up six percent; Reliance down on share sale!The BSE Sensex was trading 0.6 percent higher on the back of firm Asian markets, but the gains were limited as RIL slid on 33 million share sales, its third big equity fund raising in under four months.Source: Zee News : Business | 11 Jan 2010 | 5:36 am Dubai commodities exchange marks record volumes in 2009!The Dubai Gold and Commodities Exchange (DGCX) recorded 1.5 million contracts in 2009 valued at $79 billion.Source: Zee News : Business | 11 Jan 2010 | 5:36 am IGNOU to train power sector employees!Aiming to enhance the quality and productivity of power sector workforce in the country, the Indira Gandhi National Open University (IGNOU) Sunday signed an agreement with the power ministry for training its employees.Source: Zee News : Business | 11 Jan 2010 | 5:36 am Sensex surges 236 points in opening trade on Asian cues!The Bombay Stock Exchange benchmark Sensex today jumped by 236 points, or 1.34 per cent, in opening trade on fresh buying in heavyweight stocks by foreign funds driven by rally on the other Asian bourses.Source: Zee News : Business | 11 Jan 2010 | 5:36 am Smaller, electric cars reign at Detroit auto show!Electric, hybrid and small cars will grab centre stage at the Detroit auto show this week, as the industry adapts to a world reshaped by the Great Recession and environmental worries.Source: Zee News : Business | 11 Jan 2010 | 5:36 am China, Saudi fail to resolve petrochemical dispute!Senior officials from Saudi Arabia and China today failed to resolve Chinese dumping charges on certain Saudi petrochemicals, although they played down the impact of the dispute.Source: Zee News : Business | 11 Jan 2010 | 5:36 am Australia warns China may hold Rio executive longer!Australia warned that China could extend the detention of Rio Tinto mining executive Stern Hu on Monday, as Chinese prosecutors faced a deadline for dealing with the case.Source: Zee News : Business | 11 Jan 2010 | 5:36 am MM +ve on 2010, sees uncertainty on interest ratesRajesh Jejurikar, Chief of Operations Automotive Sector at Mahindra and Mahindra expects 2010 to be a positive year for the company. However, he says, there would be some uncertainties coming out of interest rate and fear of stimuli package being withdrawn.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 5:17 am RIL may sell an addl 10cr shares in 23 months: SP TulsianReliance Industries has sold 3.3 crore treasury shares today. In an interview with CNBCTV18, SP Tulsian, sptulsian.com, speaks about the treasury sale and his outlook going forward.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 5:16 am POSCO sees 2010 global steel demand rising 10%South Korea\'s POSCO forecast on Monday global steel demand would rise about 10 percent in in 2010, recovering to 2008 levels.Source: Moneycontrol Top Headlines | 11 Jan 2010 | 4:59 am Heineken to buy Mexico's FEMSA for $5.4 billionHeineken said the all-share transaction, which is expected to close in the second quarter, has an enterprise value of 5.3 billion ($7.6 billion) including pension obligations and net debt.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 3:31 am State banks buy dollars at Rs45.30: TradersState-run banks were seen buying dollars around Rs45.30 on Monday after the local unit rose 1% to its highest in more than 15 months.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 3:29 am MBL Infra sparkles on debut day - Business Standard
Source: Business - Google News | 11 Jan 2010 | 3:25 am Sensex off highs; broader markets outperform - Economic Times
Source: Business - Google News | 11 Jan 2010 | 3:15 am Indian shares provisionally close down 0.04 pct - Reuters
Source: Business - Google News | 11 Jan 2010 | 3:12 am Canara Bk Q3 net seen flat on qtr; up 25 pct on year - Reuters India
Source: Business - Google News | 11 Jan 2010 | 3:08 am Airbus seen posting record 2009 deliveriesAirbus is conducting a review of the A380 production process which faces cost overruns and delays due to the high level of customisation allowed on each $328 million aircraft.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 3:07 am China sends Australian Rio Tinto Ltd case to prosecutorsFour Rio staff, including Australian citizen Stern Hu, have been in Chinese custody since July over accusations of illegally obtaining commercial secrets.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 3:01 am CORRECTED - Gold rises to 5-week high on China data, dollar(Corrects seventh paragraph to show the dollar suffered its biggest loss in six weeks on Friday, not Monday)Source: Reuters: Money News | 11 Jan 2010 | 2:56 am Markets end lower, weighed down by RILMumbai: Indian shares gave up early gains and provisionally ended little changed on Monday, weighed down by energy major Reliance Industries that fell after it raised $763 million through a share sale. The 30-share BSE index provisionally ended down 0.04%, or 7.12 points, at 17,533.17, with 16 components losing. The 50-share NSE index provisionally closed up 0.15% at 5,252.45. Source: Home - Livemint.com | 11 Jan 2010 | 2:49 am Airbus seen posting record 2009 deliveriesPARIS (Reuters) - Airbus delivered three A380 superjumbos in December, bringing deliveries last year of the world's largest airliner to 10 and total deliveries from Europe's jetmaker to a record 498 planes, industry sources said.Source: Reuters: Money News | 11 Jan 2010 | 2:44 am See rupee testing levels of 42/$ in H2 2010: StanChart - Moneycontrol.com
Source: Business - Google News | 11 Jan 2010 | 2:35 am Gold demand eases as prices revisit 17k markMumbai: Gold’s physical offtake abated on Monday as prices extended gains to cross the Rs17,000 mark to hit a three-week high, after spot demand picked-up for five sessions in a row, dealers said. “Demand is less now as prices have moved above Rs17,000. Last week ended on a good note with sales of about a tonne,” said a dealer with a state-run bullion dealing bank in Mumbai. The most-traded gold February contract on the Multi Commodity Exchange (MCX) was trading 0.89% higher at Rs17,051 per 10 grams at 2:44 pm. It hit an intra-day high of Rs17,054, a level last seen on 21 December. “We could see good demand at around (Rs)16,700/16,800,” said a dealer with a private bank in Mumbai. However, a strong rupee, which makes the dollar-quoted yellow metal cheaper, aided sentiment, they added. The rupee rose to its strongest level in more than 15 months following broad weakness in the US dollar after disappointing jobs data and helped by early gains in shares, which raised hopes for more foreign inflows. India imported 300-350 tonnes of gold in 2009, higher than the previous estimate of a little over 200 tonnes, the head of the Bombay Bullion Association said on 4 January. Source: Home - Livemint.com | 11 Jan 2010 | 2:33 am ANALYSIS - Japan tech needs M&A but patent war more likelyLAS VEGAS (Reuters) - Japanese schoolchildren often hold hanseikai, or "reflection talks," to discuss what they did wrong during a play or a sports meet.Source: Reuters: Money News | 11 Jan 2010 | 2:32 am Canara Bank expects Oct-Dec net to rise 20-25%In Oct-Dec FY09 the bank's net profit was at Rs7.01 billion while in the September-quarter of FY10 it was at Rs9.10 billion.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 2:31 am France Telecom sold 200,000 iPhones in DecemberFrance Telecom sold 200,000 of Apple's iPhones in December, its deputy chief executive said on Monday.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 2:27 am India gold demand abates as prices revisit 17,000 markMUMBAI (Reuters) - India gold's physical offtake abated on Monday as prices extended gains to cross the 17,000 rupees-mark to hit a three-week high, after spot demand picked-up for five sessions in a row, dealers said.Source: Reuters: Money News | 11 Jan 2010 | 2:26 am JK Tyres to invest Rs8 billion on plant in KarnatakaJK Tyre & Industries Ltd plans to set up a greenfield plant and a research and development centre in Karnataka.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 2:25 am Finance ministry signals Reserve Bank: No need to hike ratesMinistry backs administrative steps to tame inflation and wants hike in policy rates only if food inflation escalates into general inflation.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 2:24 am Indian Bank will need to raise Rs2-3 billion by FY11Indian Bank will need to raise Rs2-3 billion in FY11 and it plans to pay off Rs20 billion worth of high-cost deposit by March 2010.Source: Daily News & Analysis: Money News | 11 Jan 2010 | 2:23 am China tops global auto mkt in 2009, challenges aheadSHANGHAI (Reuters) - China's auto sales surged past the United States to reach record levels last year on government incentives, and automakers are poised for solid but slower growth in the world's fastest growing major auto market in 2010.Source: Reuters: Money News | 11 Jan 2010 | 2:16 am BSE Sensex briefly turns negative; Reliance dragsMUMBAI (Reuters) - The BSE Sensex erased early gains and briefly turned negative on Monday afternoon, weighed down by Reliance Industries after it raised $763 million in a share sale.Source: Reuters: Money News | 11 Jan 2010 | 2:15 am Airtel DTH ad misleading: Tata Sky complains to ASCINew Delhi: DTH major Tata Sky has approached the Advertising Standards Council of India seeking action against its competitor Airtel Digital’s ad campaign, alleging that the advertisement was misleading. The campaign ‘Dil Titli´, starring Kareena Kapoor and Saif Ali Khan, was launched in August 2009 by Bharti Airtel’s DTH arm and the ad claimed that the service provided superior picture quality because of MPEG4 and DVBS2 technologies. “We are trying to convince the media and the public at large that the claim that MPEG4 technology provides superior picture quality is false. It is just a compression technology and makes no difference to the picture quality,” Tata Sky chief marketing officer Vikram Mehra said. The ASCI in a reply to Tata Sky’s complaint said, “As per their (Consumer Complaints Council - CCC) decision, the complaint has been upheld as the advertisement contravened Chapter 1.4 of the ASCI code. The CCC concluded that the advertisement is misleading, as the viewer of the TV commercial is led to believe that Airtel Digital TV has superior picture quality because of MPEG4 or DVBS2.” When contacted, Airtel Digital spokesperson said, “We did receive some correspondence from ASCI and we have responded to that. Our stand is that MPEG4 and DVBS2 are some of the many features that we offer, that helps us offer superior picture quality in comparison to ordinary technology.” ASCI is a self-regulatory organisation of the advertising industry and deals with consumer and industry complaints against advertisements. DTH operators in the country use different compression technologies ranging from MPEG2 to MPEG4 to provide digital television signals to consumers through satellite. Compression technologies determine a service provider’s number of channels to consumers, but have no impact on video quality. Airtel Digital, which was launched in October 2008, now has pan-Indian operations. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 2:11 am Exports rise for 2nd month, up by 9.4% in DecMumbai: Exports grew by 9.4% to $14.6 billion (around Rs66,400 crore) in December over the previous month on the back of strong growth in pharma, engineering and auto components sectors, commerce and industry minister Anand Sharma said on Monday. “We have registered exports of USD 14.6 billion in December, which is a growth of 9.4% over November. Sectors which have contributed to the growth are pharma, engineering, automotive components and chemicals,” Sharma told reporters at Bancon conference here. Exports in November 2009 had increased to $13.19 billion from $11.16 billion a year ago marking a trend reversal of decline that had set in since October 2008 due to widespread recession in key global markets. Although the country’s exports have moved to a positive terrain in the past two months, the economy is yet to recover from the losses resulted from 13 months of continuous fall in exports, Sharma said, adding that export-growth is expected to maintain momentum moving ahead. However, the government cannot be complacent upon the positive numbers as this could be on account of base-effect, Sharma said. “We have to see the overall scenario,” he said. On rising food prices, Sharma said that zooming food price-inflation remains as a major concern to the government and in some cases there have been speculative build-ups. The minister, however, ruled out importing wheat and rice in the immediate future. Source: Home - Livemint.com | 11 Jan 2010 | 2:08 am Two Astra missiles successfully test firedBalasore (Orissa): Achieving a new milestone, India on Monday successfully test-fired two indigenously developed air-to-air missiles ‘Astra´ in quick succession from the Integrated Test Range at Chandipur in Orissa. The beyond visual range (BVR) missiles were test-fired from a ground launcher in the launch pad No. 2 of the ITR complex at about 9.45 am and 12.06 pm, defence sources said. Describing both the trials as “successful”, they said the data of the flight test was being thoroughly analysed. Defence Research and Development Organisation (DRDO) scientists said Astra was a futuristic missile and it could intercept targets at supersonic speeds between mach 1.2 to 1.4 (mach one is equivalent to 1236 kmph.) “The tests on the missile’s navigation, control, air frame, propulsion and other sub-system have been validated,” they said. The complex missile system would undergo some more trials before being made fully operational, they said. The single stage, solid fuel ‘Astra´ missile “is more advanced in its category than the contemporary BVR missiles and it is capable of engaging and destroying highly manoeuvrable supersonic aerial targets,” defence sources said. Though the exact range of today’s trial was not disclosed, scientists are working to ensure that ‘Astra´ performs effectively at different altitudes - one, cruising at an altitude of 15 km with 90 to 110 km range, another at an altitude up to 30,000 ft having a range of 44 km and the third, at sea level with a range of 30 km. Astra had earlier been test-fired from the ITR at the ground level several times, the sources added. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 2:03 am Posco to double its spending; sees global demand up 10%Seoul: South Korea’s Posco, the world’s No.4 steelmaker, on Monday forecast global steel demand would increase by about 10% this year, while local media said the company would double its spending on facilities and aquisitions. The company also expects iron ore and coking coal prices to recover this year, Park Myung-kil, a senior vice president at Posco, said in a document released for a parliamentary economic forum. “Global steel market recovery will depend on how much actual demand will recover in developed countries, and how supply and demand will change in China,” Park said in the document. He added that policy changes to reduce greenhouse gas emissions would be a cost burden to global steel producers. Posco plans to increase its crude steel production to 32 million tonnes this year from below 30 million tonnes in 2009. Analysts expect Posco to raise its steel product prices in the second quarter as it has yet to negotiate raw material purchase deals for the fiscal year starting in April. Last month, analysts said cost pressures would be a major driver of global steel prices this year, with bottlenecks in the steel supply chain as well as in key raw materials such as iron ore and coking coal likely to keep prices buoyant. To double investment Posco will spend 10 trillion won ($8.9 billion) this year on expanding its facilities and on acquisitions, the Korea Economic Daily reported, citing industry sources. Last year, it spent 5 trillion won. A week ago, a Posco spokeswoman said the steelmaker had earmarked up to 4.6 trillion won for 2010 capital expenditure. Posco also set its 2010 operating profit target at 6 trillion won on sales of 30 trillion won, the newspaper reported. “We expect Posco’s earnings to pick up this year on the back of recovering demand from the auto, electronics and shipbuilding industries,” said Shin Yoon-shik, analyst at Meritz Securities. Posco officials declined to comment on the report, but a spokesman said the company would release targets and spending plans along with its 2009 fourth quarter results on Thursday. Analysts see Posco’s operating profit rising to 1.6-1.8 trillion won in January-March, the highest since the third quarter of 2008. “The investment target sounds somewhat aggressive, higher than markets had expected. This probably includes Posco’s India production unit construction, and potential acquisitions this year such as Thainox,” Shin added. Posco has been tipped as a candidate to buy energy developer Daewoo International Corp and Daewoo Shipbuilding & Marine Engineering Co Ltd, which creditors are set to put up for sale this year. Posco also hopes to complete negotiations soon on its acquisition of Thainox Stainless, Southeast Asia’s top stainless steel producer, Posco president Lee Dong-hee told Reuters last week, adding the talks had been going well. Thainox shares rose nearly 6% in Bangkok on Monday, touching a near-5-year high. Posco closed up more than 3.1%, having touched its highest level since 10 December 2007, and beating the broader market’s 0.07% decline. Source: World Business - Livemint.com | 11 Jan 2010 | 1:58 am Posco to double its spending; sees global demand up 10%Seoul: South Korea’s Posco, the world’s No.4 steelmaker, on Monday forecast global steel demand would increase by about 10% this year, while local media said the company would double its spending on facilities and aquisitions. The company also expects iron ore and coking coal prices to recover this year, Park Myung-kil, a senior vice president at Posco, said in a document released for a parliamentary economic forum. “Global steel market recovery will depend on how much actual demand will recover in developed countries, and how supply and demand will change in China,” Park said in the document. He added that policy changes to reduce greenhouse gas emissions would be a cost burden to global steel producers. Posco plans to increase its crude steel production to 32 million tonnes this year from below 30 million tonnes in 2009. Analysts expect Posco to raise its steel product prices in the second quarter as it has yet to negotiate raw material purchase deals for the fiscal year starting in April. Last month, analysts said cost pressures would be a major driver of global steel prices this year, with bottlenecks in the steel supply chain as well as in key raw materials such as iron ore and coking coal likely to keep prices buoyant. To double investment Posco will spend 10 trillion won ($8.9 billion) this year on expanding its facilities and on acquisitions, the Korea Economic Daily reported, citing industry sources. Last year, it spent 5 trillion won. A week ago, a Posco spokeswoman said the steelmaker had earmarked up to 4.6 trillion won for 2010 capital expenditure. Posco also set its 2010 operating profit target at 6 trillion won on sales of 30 trillion won, the newspaper reported. “We expect Posco’s earnings to pick up this year on the back of recovering demand from the auto, electronics and shipbuilding industries,” said Shin Yoon-shik, analyst at Meritz Securities. Posco officials declined to comment on the report, but a spokesman said the company would release targets and spending plans along with its 2009 fourth quarter results on Thursday. Analysts see Posco’s operating profit rising to 1.6-1.8 trillion won in January-March, the highest since the third quarter of 2008. “The investment target sounds somewhat aggressive, higher than markets had expected. This probably includes Posco’s India production unit construction, and potential acquisitions this year such as Thainox,” Shin added. Posco has been tipped as a candidate to buy energy developer Daewoo International Corp and Daewoo Shipbuilding & Marine Engineering Co Ltd, which creditors are set to put up for sale this year. Posco also hopes to complete negotiations soon on its acquisition of Thainox Stainless, Southeast Asia’s top stainless steel producer, Posco president Lee Dong-hee told Reuters last week, adding the talks had been going well. Thainox shares rose nearly 6% in Bangkok on Monday, touching a near-5-year high. Posco closed up more than 3.1%, having touched its highest level since 10 December 2007, and beating the broader market’s 0.07% decline. Source: Home - Livemint.com | 11 Jan 2010 | 1:58 am Rupee's rally stalled by state banks dlr buyingMUMBAI (Reuters) - The rupee retreated from more than 15-month highs on Monday afternoon as state-run banks were spotted buying dollars, which created concerns the Reserve Bank may not be too happy with the sharp rally seen in the unit.Source: Reuters: Money News | 11 Jan 2010 | 1:56 am Hyundai unveils customer friendly initiativesHyundai Motor India Ltd, on Monday announced two special initiatives to increase its focus on the customers.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 1:52 am Ramesh to hold meetings on Bt brinjal across the countryNew Delhi: Environment minsiter Jairam Ramesh will from Wednesday hold a series of public meetings across the country on the controversial Bt brinjal which was cleared by the country’s bio-technology regulator last year for its commercial cultivation. Besides the first meeting on Wednesday in Kolkata, the next will be held in Bhubaneshwar on 16 January, in Ahmedabad on 19 January, Hyderabad (22 January), Bangalore (23 January), Nagpur (27 January) and in Chandigarh on 30 January, a senior environment ministry official said. The meetings will be attended by various stakeholders including scientists, agriculture experts, farmers’ organisations, consumer groups and NGOs who have been opposing the genetically modified brinjal. Genetically modified food is that which undergo genetic modification by gene transfer making it pest-resistant. The meetings are being held in view of a controversy over the decision of Genetic Engineering Approval Committee (GEAC) allowing commercial cultivation of Bt brinjal. Ramesh had after the controversy decided to hold the meetings on the issue. It is being promoted by Mahyco Monsanto biotech, joint venture between Hyderabad based Mahyco and US-based Monsanto, along with University of Agriculture Sciences, Dharawad, and Tamil Nadu Agriculture University, Coimbatore. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 1:52 am December exports up at 14 6 billionIndia's exports were $14.6 billion (Rs 73,000 crore) in December, up from $13.2 billion (Rs 66,000 crore) the month before, union Minister for Commerce and Industry Anand Sharma said.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 1:51 am ASCI upholds Airtel Digital MPEG 4 ads - Indiantelevision.com
Source: Business - Google News | 11 Jan 2010 | 1:45 am Mobile operators see VAS as major growth engine for revenuesNew Delhi: Amid fierce competition with per second tariff pulse, which is affecting their top line, the mobile operators are now focusing on value added services, such as, callertunes, ringtones and others to make up for the depleting revenues. Realising that future growth of revenues would come from value added services(VAS), telecom service provider Aircel recently tied up with software exporter Infosys Technologies to launch application store, where users can browse and download applications some for free or others at some cost. Using the service provided by the mobile application store, users would be able to browse and download applications, such as, songs, videos, games and other informations related to health, finance, entertainment, either for free or at a cost. Mobile service providers are seeing a steady shift in value from providing connectivity to monetising digital demand, an analyst said. Even the mobile handset makers, like Nokia, are also sense a great opportunity in VAS and are tying up with the operators to provide such services. The concept of application store was pioneered by Apple for its iPhone users. With tumbling voice tariffs contributing to declining Average Revenue Per User(ARPU) rates, mobile operators are actively pushing for growth of the non-voice VAS market, a report by research firm Frost and Sullivan said. The moves by Bharti and Aircel show that operators do not want to loose market to handset makers or third party content developers. Nokia has already launched its applications store in 2009. Another handset maker Motorola has formed a joint venture with IT firm Tech Mahindra called CanvasM to offer VAS services. The firm is currently, chasing deals worth about $30 million in the space. “The market for value-added services (VAS) will grow. We are chasing deals worth $30 million in India and overseas and expect to close two such deals by the first quarter of 2010,” CanvasM CEO Jadgish Mitra said. Currently, VAS which includes services such as ringtones, call back tones, games, music, astrology and others form 10 per cent of the revenues earned by the telcos. Voice still forms 90% of the Average Revenue Per User for any mobile service provider. However, this equation is going to change, feel the analysts and industry officials. Source: Home - Livemint.com | 11 Jan 2010 | 1:45 am Rupee’s rally stalled by state banks’ dollar buyingMumbai: The Indian rupee retreated from more than 15-month highs on Monday afternoon as state-run banks were spotted buying dollars, which created concerns the central bank may not be too happy with the sharp rally seen in the unit. At 2 pm, the partially convertible rupee was at Rs45.34/35 per dollar, off a high of Rs45.2850, its strongest since 22 September 2008 and above its Friday’s close of Rs45.75/76. At the day’s high the rupee was up 1% on day. Five dealers said state-run banks were continuously buying dollars around the 45.30 mark, preventing further sharp gains in the rupee. The US dollar dropped on Monday, suffering its biggest fall in six weeks in the wake of disappointing US jobs data, while the Australian dollar soared on the back of strong export numbers from China. The index of the dollar against six majors was down 0.6%. Most Asian currencies were stronger against the dollar. Indian shares were trading 0.3% higher on the back of firm Asian markets. One-month offshore non-deliverable forward contracts were quoted at 45.32, marginally stronger compared to the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 45.4050 respectively, with the total traded volume on the two exchanges at a high $4.9 billion. Source: Home - Livemint.com | 11 Jan 2010 | 1:39 am Airtel DTH ad misleading Tata Sky complains to ASCIDTH major Tata Sky has approached the Advertising Standards Council of India seeking action against its competitor Airtel Digital's ad campaign, alleging that the advertisement was misleading.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 1:34 am Dec exports surge to $14.6 bn on growth in key sectors: Sharma - The Hindu
Source: Business - Google News | 11 Jan 2010 | 1:30 am Tata Sky complains to ASCI over Airtel DTH adDTH major Tata Sky has approached the Advertising Standards Council of India seeking action against its competitor Airtel Digital's ad campaign, alleging that the advertisement was misleading.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 1:05 am PM for creation of Solar Valleys across the countryNew Delhi: As part of efforts to combat climate change, Prime Minister Manmohan Singh today advocated creation of Solar Valleys in India on the lines of Silicon Valleys and asked industrial houses to view the Solar Mission as a huge business opportunity. Launching the Jawaharlal Nehru National Solar Mission “Solar India”, he said its success has the potential of transforming India’s energy prospects, while contributing to national as well as global efforts to combat climate change. The role of industry in this Mission that set an ambitious target to generate 20,000 MW of solar generating capacity by the end of 13th Five Year Plan, would be critical. “Eventually, if the ambitious roll out of the Mission is to become a reality, we will have to create many Solar Valleys on the lines of the Silicon Valleys that are spurring our IT industry across the four corners of the country,” Singh told the gathering which included Union ministers Sharad Pawar, Farooq Abdullah and Jairam Ramesh. Noting that these valleys would become hubs for solar science, engineering and research, fabrication and manufacturing, the Prime Minister urged the Indian industry to see the Solar Mission as the “huge business opportunity that it is”. Referring to Jawarharlal Nehru’s vision to create world-class scientific and technological capabilities in the atomic energy and space sectors, he said it was these strengths that created the Information Technology revolution in the country and made it a global player. “I am convinced that solar energy can be the next scientific and industrial frontier in India after Atomic Energy, Space and IT”, he said. The Prime Minister said though the Mission’s target of 20,000 MW was ambitious, it was “doable and we should work single-mindedly to achieve it as a priority national endeavour”. He said various ministries and authorities would have to work in tandem in order to make the Mission a success. The Mission should evolve as a single national platform for coordination among scientific, industrial and regulatory establishments in a synergetic manner. Increased use of solar energy was a central component of government’s strategy to bring about a strategic shift from the current reliance on fossil fuels to a pattern of sustainable growth based on renewable and clean sources of energy, Singh said. He hoped that the Mission would also establish India as a global leader in solar energy, not just in terms of solar power generation but also in solar manufacturing and technology. Noting that solar energy in its decentralised and distributed applications is already beginning to light the lives of tens of millions of India’s energy-poor people, he said the rapid spread of solar lighting systems, solar water pumps and other solar power-based rural applications could change the face of rural energy sector. “We intend to significantly expand such applications through the Mission”, he said, adding the regulatory and incentive framework would encourage technological innovation and generate economies of scale and lead to steady lowering of costs. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 12:50 am Asia stocks at 17-month high on China tradeHong Kong: Asian stocks hit a 17-month high on Monday as a strong rebound in China’s exports raised investor optimism about Asia’s economies while the dollar suffered its biggest loss in six weeks after poor US jobs data. European shares were expected to gain, financial spreadbetters said, as the dollar’s weakness pushed the euro to a three-week high. US stock futures were up 0.4%. China’s exports and imports last month blew past expectations, with exports surging 17.7% from a year earlier to break 13 months of declines. The trade data, released on Sunday, triggered a shift into Asian assets as investors shrugged off Friday’s disappointing US non-farm payrolls data. Gold pushed up to a five-week high at $1,157.65 an ounce at one point as the data showed a sharp rise in China’s commodities imports and sent the Australian dollar to a 26-month peak against the euro. Chia-Liang Lian, a senior vice president at bond fund PIMCO, said Asia’s fundamentals made it highly attractive. “We have seen how Asia has navigated successfully through a tough year with a score card that is nothing short of spectacular,” Lian told Reuters in an interview. The MSCI index of Asia Pacific stocks traded outside Japan hit its highest level since July 2008, gaining 1.2%. The Thomson Reuters index of Asian shares was 0.8% higher. Japanese financial markets were closed for a public holiday. Australia’s leading share index climbed 0.8% to a 15-month high as the China data lifted resource companies that benefit from Chinese demand. “People are gradually getting more comfortable with the recovery story. You have seen some reasonably good data out of China, and there have been no disasters, no more Dubais,” said Greg Goodsell, equity strategist at RBS Australia. The Australian dollar soared to its highest in more than two years against the euro and to a five-week high against the dollar. Oil tops $83 Resource-related shares gained in Hong Kong, including Aluminum Corp of China (Chalco), the country’s top aluminum company, which surged 5%, and Jiangxi Copper, China’s top metals producer, which rose more than 3%. Chinese brokerage shares gained in Shanghai after news late last week that Beijing had decided to allow stock index futures and margin trading. The dollar, however, extended losses stemming from the jobs report, which dampened expectations of an early rise in US interest rates. A member of the US Federal Reserve monetary policy committee, James Bullard, said on Monday that rates may remain low for quite some time, reiterating the central bank’s long-standing position. The dollar dropped 0.5% against a basket of currencies and was quoted at a three-week low at around $1.4533 against the euro. The US economy shed 85,000 jobs in December, confounding expectations that the job market was finally stabilising. Still, analysts argued the outcome was consistent with economic recovery because the pace of job losses had dropped sharply since the height of recession. Oil jumped more than 1%, topping $83 a barrel, on the back of the weak dollar, extremely cold weather in the northern hemisphere and a surge in China’s crude oil imports last month. China’s export rebound fuelled expectations China could soon let the yuan start rising again and helped push Asian currencies higher as a stronger yuan would benefit pricing for fellow Asian exporters. The high-yielding Indonesian rupiah jumped 1% to 9,120 to the dollar, despite suspected intervention by the central bank. It has gained 3.3% so far this year as investors have sought out higher-yielding assets. South Korean authorities were also seen intervening to curb the won which touched a 15-month high of 1,117.5 to the dollar. PIMCO’s Lian said Asian currencies were still undervalued on a trade-weighted basis and cited the yuan, the won and the Singapore dollar among his top currency picks. He also likes Indonesian debt which offers better yield than other Asian debt. Source: Home - Livemint.com | 11 Jan 2010 | 12:44 am Suzlon bags wind energy project from GACLMumbai: Wind power major Suzlon Energy today said it has bagged an order from Gujarat Alkalies and Chemicals Ltd (GACL) for setting up a wind energy project in Gujarat. The company has bagged a repeat order from GACL to set up, operate and maintain a 21 MW wind energy project in Rajkot district of Gujarat, Suzlon Energy said in a filing to the Bombay Stock Exchange(BSE). “We take pride in our association with GACL and look forward to strengthening this relationship in future,” Suzlon president business development (India) I C Mangal said. The project would comprise Suzlon’s 14 units of 1.5 MW wind turbines, the filing said The company, however, did not disclose any financial detail about the contract. The project, GACL’s third with Suzlon, is scheduled for completion by the end of 2010, it added. Shares of Suzlon Energy were trading at Rs93.55 on BSE, up 1.08% from its previous close. Source: Home - Livemint.com | 11 Jan 2010 | 12:43 am China systematically killing Indian manufacturing: L&TPrivate sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing sector and sought 25 per cent anti-dumping duty on Chinese goods.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:35 am No Hope for Infinite Gains - Economic Times
Source: Business - Google News | 11 Jan 2010 | 12:10 am Gold futures may test resistanceComex gold futures ended the year higher in choppy trade as the dollar fell sharply after a report showed US employers cut more jobs than expected in December. The dollar plunged against the euro in volatile trade after the weak job report. TheSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am TVS Motor hopes to ride on Jive, Wego for growthTVS Motor Company is betting big on its new auto clutch motorcycle (Jive) and gearless scooter (Wego) as key growth drivers for its two-wheeler business inSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Chart Focus Jyoti Structures: BuyInvestors with medium-term perspective can consider buying the stock of JyotiSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Focus shifts to mid-capsThis week Dalal Street may see the Sensex move within a range, but mid-cap stocks maySource: Business Line - Home Page | 11 Jan 2010 | 12:00 am JBF Industries (Rs 111.9): BuyWe recommend a buy of JBF Industries stock from a short-term perspective. It is apparent from the charts that in December 2008 the stock had bottomed out and has since been on a longer-term uptrend, forming higher peaks and higher troughs. WhileSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Bharti Airtel likely to move in a narrow rangeI have purchased 350 call of Bharti Airtel @ Rs 6.30 & Nifty 5200 call @ Rs 128.40. Please advise me what to do. – Mr Harkishan JK,Source: Business Line - Home Page | 11 Jan 2010 | 12:00 am Cement demand picks up in APDefying logistics problems and other disruptions due to the month-long agitation for a separate Telangana state, the cement dispatches in Andhra Pradesh have shown goodSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Bank staff productivity doubles in five yearsEmployees of Indian banks have become more productive over the last fewSource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Extreme South doused, North awaits warm hug by westerlyAn easterly wave is impacting the extreme southern peninsular India while a counterpart wave from west across the border is about to impact the north and northwest promising some respite from the variously freezing and foggySource: Business Line - Home Page | 11 Jan 2010 | 12:00 am Oil rises above 83 amid strong China demandOil prices jumped above $83 a barrel in Asia amid signs of strong Chinese demand for crude and rebel attacks on Nigerian supplies.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 11:47 pm Posco sees 2010 global steel demand rising 10%South Korea's POSCO forecast on Monday global steel demand would rise about 10% in in 2010, recovering to 2008 levels.Source: Daily News & Analysis: Money News | 10 Jan 2010 | 11:46 pm Business hotels hoping to ring in good timesBangalore: With the industry gradually emerging from recession, business hotels are hoping to ring in the good times with more travellers demanding “smart hotels” with prompt service and good communication systems sans the luxury frills. “The forecast is very encouraging. We can expect a steady increase in occupancy level for the year ahead and can see a 20% growth from the third quarter. Business travellers are looking for smart hotels with prompt service standard and good communication levels. Luxury is not the major concern for a large number of travellers”, Rupam of Radha Regency says. Prakash Ryon, corporate general manager, Nandhana Grand Koramangala and Nadhana Hometel, which runs a chain of business hotels, agrees, saying “We are seeing an uptake of 15% in occupancy compared to last year.” He said there has been a lot of corporate movement, with recession receding and recovery of the market. “The luxury market and increase in domestic travellers in December also added to numbers”. “We are seeing corporate negotiations from existing firms which use our hotel for middle management and senior management executives. These corporates are negotiating for our high end suites now”, he said while explaining the flow of senior management from five star hotels to business hotels. Prakash said business hotels make sense to corporates as they have begun offering good facilities minus huge cost tags, which include complimentary wi-fi facilities, dinner coupons, free pick up and drop to airports and a more lavish and elaborate breakfast spread. “The price difference between the upper end and mid-market segment is around 50%,” he said. Explaining the move towards business hotels, S. Raghunath, who handles marketing for India for Electra Polymers (UK) and a frequent business traveller, said, “Most travellers are middle management. Hence business hotels suit our requirements”. “Nobody has time to go around for a spa or sauna. Basically most businessmen are off for their business meeting by 8am and return late. What they look for is basically the bed and breakfast concept, which is what these hotels offer”, he said. “Moreover, hotels in India are overpriced with average pricing being around $200 while in Thailand the best hotel room comes at an average of $80”, he said. Company Guest houses have their own maintenance issues, says Raj Rajkumar, managing director ADC, whose firm has turned to business hotels to lodge overseas customers. “Company guest houses also means hiring personnel. Keeping such guest houses no longer makes sense on account of high rents, power bills and housekeeping tabs,” he said. A leading multinational recently ceased using serviced apartments as it found business hotels more economical, sans operational costs. A business hotel makes more sense as it offers basic requirements-- lodging and food. The price factor of a business hotel also makes it a better value proposition than running a company guest house, Rajkumar said. Corporates who scout for business hotels look for hotels that have two or three restaurants in the premises or near it so that visitors can have options to dine. Restaurants that are open till late night and ones that provide good breakfast score high on corporate cards. Additional facilities like ensuring pick up at airports, booking cab services, those located near airports and those offering concessions like half-day booking charges for overseas visitors who depart from hotels in wee hours are welcome, said Raj. “Innovation is the buzz word. Hotels need to keep the menu as per travellers’ needs but they also ought to keep changing the menu every three months,” Rupam said. Business Hotels offering technology was welcome but adding a price tag to every technology offer was not one that went down well with travellers, he opines. For business hotels that are ready to invest on innovation, upgrade facilities and keep prices competitive, future prospects appear bright. Source: Home - Livemint.com | 10 Jan 2010 | 11:45 pm Diminished Detroit auto show set to shed theatrics as it opensDetroit, Michigan: A diminished Detroit auto show is expected to shed its traditional theatrics as it opens in the Motor City Monday, with badly battered automakers working to make more out of less. Much of the glitz and glam will be gone from the press preview days as automakers cut back their marketing budgets in the wake of a collapse in sales to levels not seen since 1983. But the overall mood is significantly more upbeat than a year earlier when the very existence of General Motors and Chrysler was in doubt as Congress sparred over providing billions in emergency loans. While the restructuring of GM and Chrysler under bankruptcy protection was extremely painful, it has left Detroit in a much stronger position, GM vice chairman Bob Lutz said Sunday. “I’m genuinely optimistic about the future,” Lutz told the Society for Automotive Analysts’ annual conference. The Detroit Three, which also include Ford, have dramatically reduced their fixed costs after years of painful cuts and Lutz said GM’s balance sheet is in the strongest position in decades. “Detroit, the American auto industry and the Detroit auto show are going to experience in the next three to five years a prestige renaissance,” Lutz said. “It is kind of the phoenix rises from the ashes because this is the first time when we can deploy the full power of GM without the burden of all those horrible legacy cost and the crushing debt load that’s all gone now. Now we’re under a new ownership and a much, much healthier company.” GM’s new owner - the US government which holds a 60% stake - will have a substantial presence at the show. Transportation secretary Ray LaHood is hosting a press conference before the show opens on Monday and House Speaker Nancy Pelosi will speak to the press at the end of the day after touring the show with a Congressional delegation. They will see a strong emphasis on small cars and fuel efficiency, with a 37,000 square foot display of 20 different electric vehicles which they can test on an indoor track. There will also be plenty of luxury vehicles on display despite the poor economy and a host of trucks and sport utility vehicles to tempt consumers who aren’t as environmentally conscious. “Despite the poor shape of the domestic auto industry, we do see some signs of hope from the Big Three,” said Cars.com editor in Chief Patrick Olsen. “A string of model introductions and redesigns could bring them back to solvency and beyond if done well — or mean disaster if they don’t win over consumers.” There is no doubt that 2010 will be a challenging year and the competition will be fierce. Most analysts are forecasting a moderate rebound in US auto sales to between 11 and 12.5 million vehicles this year after dropping to 21% to 10.4 million vehicles in 2009. But that will still be drastically below the 15 to 17 million vehicle range posted in each of the previous 15 years and sales could be sharply hit should the economy take another bad turn. The Detroit Three - which held a 60% share of the US market as recently as 2004 and a 70% stake a decade ago - ended 2009 with a 44.2% stake. Asian automakers captured a 47.4% share in 2009, up from 44.6% in 2008, Autodata said. “It’s still a market suffering and trying to recover,” said Karl Brauer, editor in chief of the automotive website Edmunds.com. “Everybody’s think we’ve hit bottom but nobody expects to get out” quickly. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 11:08 pm Bad loans in India s SME sector rising SBI chiefNon-performing loans (NPAs) in the small and medium enterprise sector (SME) are on the rise, the chairman of the country's largest lender, State Bank of India said on Monday.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 10:38 pm Reliance raises $763 mn in block deal, eyeing LyondellBasell buyMumbai: Energy major Reliance Industries Ltd raised $763 million on Monday, its third big equity fund raising in under four months, as it readies to buy bankrupt petrochemicals firm LyondellBasell. Reliance, controlled by India’s richest man, Mukesh Ambani, sold 33 million existing treasury shares at about 5% discount to a clutch of foreign institutional investors, the arranger to the deal said. The deal follows a $577 million share sale last week to state-run Life Insurance Corp of India and a $660 million share sale by India’s largest listed company in September. The deals are seen as part of Reliance’s bid to take control of Luxembourg-based LyondellBasell. Last week, a source told Reuters Reliance had sweetened its offer to buy a controlling stake that valued LyondellBasell at $13.5 billion compared to its earlier bid of $12 billion. But Lyondell’s board had rejected Reliance’s sweetened offer, the Wall Street Journal reported. “They need the funds for acquisitions - it could be either Lyondell or any other company,” said Prayesh Jain, oil & gas analyst at brokerage India Infoline. “They do not want to stretch their balance sheet too much... They are obviously thinking of keeping their balance sheet as clean as possible in case they need to raise debt further.” 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. Acquiring LyondellBasell would also give Reliance a leg up in its efforts to gain greater access to the US and European markets. Its bid comes as petrochemical and refining asset prices have fallen globally in the wake of the financial crisis. The latest share sale was priced at Rs1,050, or 5% below Reliance’s closing price on Friday. Shares in the company, valued by the market at $79.3 billion, lost 1 percent at 1,091.55 by 0439 GMT, after sliding as much as 4.8 percent after the block deal. UBS was the sole arranger for the trade. Its India country head Manisha Girotra told Reuters the share sale would be the last of block trades by the company for a while. 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. In December, LyondellBasell filed an amended reorganisation plan with a US court, proposing a $2.8 billion rights issue, to simplify its corporate structure and exit bankruptcy protection with significantly less debt. A court hearing on the amended reorganisation plan will not be held until after a February hearing on the validity of a settlement with a US unit’s creditors. Source: Home - Livemint.com | 10 Jan 2010 | 10:38 pm Gold reclaims Rs17,000 markMumbai: India gold futures revisited the psychological Rs17,000 mark as a weaker dollar overseas enhanced the yellow metal’s appeal as an alternative investment, analysts said. The most-traded gold February contract on the Multi Commodity Exchange (MCX) was 0.66% higher at Rs17,012, after hitting a high of Rs17,039, a level last seen on 21 December. “Euro has gained, and is supporting gold, range for the day would 16,900-17,100,” said Aurobinda Prasad, head of research, Karvy Comtrade. The US dollar fell, extending its biggest loss in six weeks on Friday after US jobs data disappointed. The dollar index, a gauge of its value against a basket of currencies, fell 0.6%. Buying could be done at Rs16,980, with a target of Rs17,050/17,100, with a stop loss of Rs16,935, said Murukesh Kumar, an analyst with JRG Wealth Management. Open interest for February gold on MCX was at 16,885 lots, down from 17,224 a day earlier. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 10:22 pm Reliance raises $763 mln in block deal, eyeing buyMUMBAI (Reuters) - Energy major Reliance Industries Ltd raised $763 million on Monday, its third big equity fund raising in under four months, as it readies to buy bankrupt petrochemicals firm LyondellBasell.Source: Reuters: Money News | 10 Jan 2010 | 10:20 pm Rupee at 15 month high gains 37 paise against dollarThe rupee on Monday appreciated by 37 paise to rise to a 15-month high in early trade, tracking other firming Asian currencies.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 10:20 pm MBL Infra jumps more than a fifth after listingMUMBAI (Reuters) - Shares of MBL Infrastructures gained as much as 21 percent after listing on the BSE on Monday at 190 rupees, at a premium of 5.55 percent over the issue price of 180 rupees.Source: Reuters: Money News | 10 Jan 2010 | 9:58 pm Sensex surges 236 pts in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex on Monday jumped by 236 points, or 1.34 per cent, in opening trade on fresh buying in heavyweight stocks by foreign funds driven by rally on the other Asian bourses.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 9:37 pm Rupee at 15-month high, gains 37 paise against dollarThe rupee today appreciated by 37 paise to rise to a 15-month high in early trade, tracking other firming Asian currencies.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 9:25 pm Sensex surges 236 pts in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex on Monday jumped by 236 points, or 1.34%, in opening trade on fresh buying in heavyweight stocks by foreign funds driven by rally on the other Asian bourses.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 9:05 pm Protecting margins a big worry for tech firmsBANGALORE (Reuters) - 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.Source: Reuters: Money News | 10 Jan 2010 | 8:29 pm British banks to see recovery falter surveyBritish banks fear their fragile recovery will grind to a halt over the next few months, according to a survey by employers' organisation the Confederation of British Industry (CBI).Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 8:12 pm Nifty facing resistance around 5300 mark: An analysis - Moneycontrol.com
Source: Business - Google News | 10 Jan 2010 | 8:10 pm HNIs look beyond gold, diversify investmentsSmall investors may have woken up to the glitter of gold in 2009 thanks to the exceptional run the yellow metal had, especially in patches, during the year.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 1:15 pm Satyam files caveat against Maytas InfraThe ongoing tussle between Maytas Infra and Mahindra Satyam over refund claims of Rs 392 crore that Maytas alleges were made to Satyam during Raju's reign, has taken an interesting turn.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 1:12 pm Only 30% of licences see tele service launchAfter a spectacular innings, the telecom sector is now beginning to reveal a troubled scorecard as a result of two years of turbulence, controversy and litigation in the area of public policy.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 12:51 pm NTPC in dock for delaying imports of coalA draft coal ministry note for cabinet secretariat says CIL had informed Central Electricity Authority on October 26, 2009 that it was geared up for importing coal for NTPC.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 12:47 pm NTPC selloff to raise Rs 11,000 croreThe government plans to raise around Rs 11,000 crore by divesting 5% stake in NTPC, making it the second largest public offer in the financial year 2009-10.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 12:41 pm Puneites head south to watch annular solar eclipse - Indian Express
Source: Business - Google News | 10 Jan 2010 | 12:22 pm Taking stock for 10 January 2010Monday, 4 January 2010 The Sensex rose to its highest close since May 2008 led by carmakers, after sales for December climbed. Mahindra & Mahindra and Tata Motors surged over 4% after both companies reported that sales doubled in December. Tata Steel also rose after they increased prices as a result of growing demand. Tuesday, 5 January 2010 The benchmark index extended to a 21-month high on Tuesday. Metal producers jumped, leading the gains after prices of raw materials rose and as demand continued to rise. Lenders also rose after the Prime Minister’s economic advisor C Rangarajan said a rate hike was not warranted now. Wednesday, 6 January 2010 The sensitive index rose slightly on Wednesday, after news that India’s tax collection rose adding to the notion that the economic recovery is getting stronger. The country’s indirect tax collection for the April to December period rose 8.5% to Rs2.5 trillion while corporate tax collections surged 13.5% to Rs1.7 trillion. Companies across sectors gained on the news. IT service providers, however, fell on concern that a weakening dollar might hurt earnings. Thursday, 7 January 2010 Stocks fell for the first time in 5 days on Thursday, led by IT service providers and pharmaceutical companies, on concerns that the weakening dollar could hurt income. Friday, 8 January 2010 The sensitive index fell again on Friday after a volatile day of trading, with the market swinging between gains and losses at least 30 times. Top gainers were DLF, Grasim, Sun Pharma, Jaiprakash Associates, and NTPC. Top losers included Infosys, TCS, HDFC, Reliance Communications, and Maruti Suzuki. Sector indices ended the day mixed. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 12:18 pm Bajaj Hindusthan: a bumper year aheadSugar manufacturers are set for a bumper year, with the first quarter results of Bajaj  Anticipating a lower sugar cane crop, sugar companies have imported sizeable quantities of raw sugar. Apart from crushing cane, raw sugar will be processed to meet the shortfall. During the December quarter, Bajaj Hindusthan sold around 176,000 tonnes of sugar in the market and has an inventory of 250,000 tonnes for sale in the current quarter. Also See Sugar Trail (Graphics) The management said that it expects to produce around 1.35 million tonnes of sugar during the year, of which 1 million tonnes will come from processing raw sugar and the rest from sugar cane. Bajaj Hindusthan had an inventory of 700,000 tonnes of raw sugar as of December; it plans to process one-third of this by March and the rest when the crushing season ends. Sugar realizations are at around Rs43 per kg levels at present for some of Bajaj Hindusthan’s Uttar Pradesh factories and the company expects realizations to reach Rs50 per kg in the March quarter. Also Read Stronger dollar hurts emerging markets Sugar cane prices are rising too, but a substantial inventory of raw sugar will protect its average raw material costs. Average cost for raw sugar, at the profit-before-tax level, was around Rs27 per kg during the quarter and Rs29 per kg for cane sugar. Sugar cane is being sourced on average at Rs220 per quintal, which may rise to as much as Rs275 per quintal. The next three quarters will see sales and profits continue rising due to higher output and prices. Margins may moderate, however, during quarters when the proportion of cane sugar increases. Consensus estimates for the fiscal year ending September put its earnings per share at Rs18.6, which translates to a price-earnings multiple of around 12 times. Its share price has risen by 10% in a month. It has no capital expenditure plans in sugar, but is investing Rs1,600 crore to set up power plants on land adjoining its units. It has a net debt of around Rs2,041 crore, which it plans to lower using the current fiscal’s higher cash flows. It recently got shareholder approval to issue up to Rs2,000 crore of equity or convertible securities. The prospects of a sizeable equity issuance (it has a market capitalization of Rs4,100 crore), though this may happen through separate issues, may act as a counter-weight to the enthusiasm generated by rising sugar prices. Graphics by Yogesh Kumar / Mint Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 12:10 pm Bisleri eyes markets with Indian diasporaNew Delhi: Bisleri International Pvt. Ltd, which claims to be the market leader in India’s packaged water industry, is in talks with beverage makers and bottlers in countries such as Sri Lanka, Bangladesh, Oman and the United Arab Emirates to franchise its brand name “Bisleri”. “We are in talks with several players and would finalize some of them very shortly,” said Anjana Ghosh, director, Bisleri, which recently began exporting packaged water to Singapore. She said she was eyeing markets with large Indian diaspora to cash in on the 45-year-old brand’s recall value. “Water is a bulky product...so the best thing is to make it locally. But the most important thing is to find the right partner.” As per industry research body Beverage Marketing Corp.’s 2008 estimates, Asia consumes 26.2% of total packaged and mineral water produced, while West Asia consumes 3.5%. Retail consultants said going international was the ideal growth model for a company that expects a turnover of Rs600 crore for 2009-10 fiscal, “Getting the right international partners and franchising is a good way as it does not even require capital investment,” said Purnendu Kumar, associate vice-president of retail consultancy Technopak Advisors Pvt. Ltd. Bisleri is also looking aggressively at domestic growth After launching mineral water brand Vedica recently, it is test marketing flavoured water in Mumbai. “It should be in the market this summer,” Ghosh said. vijaya.r@livemint.com Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 12:08 pm Novartis gets patent for cancer drugSwiss drug manufacturer Novartis AG has been granted patent protection in India for Nilotinib, a superior version of blood cancer drug Gleevec (imatinib mesylate). It has been engaged in a legal battle with the government on the latters decision to deny patent protection for Gleevec.Source: Business Standard | Front Page Headlines | 10 Jan 2010 | 11:51 am FMCGs hire local talent to boost rural businessWhen in Rome, do as the Romans do... goes the phrase, which is partially what consumer goods companies are adhering to. They are hiring local talent to target rural sales.Source: Business Standard | Front Page Headlines | 10 Jan 2010 | 11:50 am Policy to promote clean industriesThe Delhi government has come out with an industrial policy for the Capital after over two decades. The policy aims to catapult Delhi into a hub of industries. In an interview Chetan Sanghi, Commissioner of Industries spells out how the government will act as a facilitator. Excerpts.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 11:49 am Raw sugar sale outside UP likelyThe Centre may allow Uttar Pradesh millers to sell imported raw sugar in other states, since it has failed to persuade the Mayawati government to lift ban on the commoditys entry to UP.Source: Business Standard | Front Page Headlines | 10 Jan 2010 | 11:48 am The sorry saga of sugar pricesThe sugar situation in India—a combination of high prices in the retail and wholesale markets and lower output—will continue to be complicated unless the Union government takes remedial steps quickly. Globally, sugar prices have touched new highs, making imports an expensive option. The problem began in November after an agitation by farmers in north India about sugar cane pricing. The Union government amended certain pricing laws to placate the strong lobby of cane farmers. This, however, was not enough. The Uttar Pradesh government banned the import of raw sugar. The result: some 1.5 million tonnes (mt) are stuck at various ports. It took the step after farmers argued that refining of raw sugar by mills would hit them as mills would not like to purchase farm produce if raw sugar processing was allowed.  Illustration: Jayachandran / Mint The results of this short-sighted political meddling in the sugar markets became obvious in January, two months later. Wholesale sugar is trading around Rs3,900-4,100 per quintal. In comparison, six to eight months earlier, trades could be settled at the Rs2,200-2,300 level. This has had an almost immediate spillover in the retail market. Sugar is now close to Rs50 per kg. This is a price reminiscent of the festival season and that too during a shortage scenario. India, the world’s biggest sugar consumer, requires 23 mt every year. Current output is estimated at 16 mt—a gap of 7 mt. Hardening of prices is a foregone conclusion. Part of the problem is that of low acreage under sugar cane this year and poor rains hitting the crop. The way out of this situation was clear: going in for imports, at least six months before retail prices hardened. This route was blocked due to political considerations. Today, after many delays, there are reports that import of refined and raw sugar may be allowed. But even if this change comes about tomorrow, its effects will take some time to materialize. Spot prices in places such as New York are at a 29-year high. European markets are no better. If imports are ordered now, they will be expensive. Two months earlier, this was something that did not require much thinking. The farmers certainly did not gain anything out of this ban. As to speculation, one should distinguish between policymaking mistakes that lead to drastic demand-supply gaps and speculation at the level of traders. Prices going north due to a shortage of 7 mt are not the domain of petty traders. The blame lies elsewhere. Are poor policy decisions responsible for high sugar prices? Tell us at views@livemint.com Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 11:48 am Bank charges may be cappedBanks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions.Source: Business Standard | Front Page Headlines | 10 Jan 2010 | 11:47 am Signs of speed limits on the growth pathWhile Delhi’s Auto Expo was excited at India’s coming of age as the hub of small cars, the nearest metro station was closed for some time at 3 pm on Friday. Sumant Banerji reports.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 11:39 am China s 2009 revenue to cross 1 trillionChina's fiscal revenue for the year 2009 was estimated at 6.85 trillion yuan, an increase of 11.7 per cent over the previous year, Finance Minister Xie Xuren said in Beijing Sunday.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 10:47 am Ex-Samsung chief says won’t return soonSeoul: Former Samsung Group chairman Lee Kun-hee, who last month was granted a pardon from a conviction for tax evasion, said he would not return to a management role any time soon. Lee, who appeared at the Consumer Electronics Show in Las Vegas where Samsung Electronics unveiled its latest TVs and other gadgets, also said Samsung did not fear, but should be mindful of, Japanese competition. Samsung and its home rival LG Electronics Co. have taken away market share from Japan’s Sony Corp. and others to post a robust recovery from the global downturn. “It’s still far away,” Lee was quoted in media pool reports as telling reporters asking when he could return to running Samsung Group. His comments were confirmed by a company spokesman. Lee, one of South Korea’s most influential businessmen, stepped down from his chairmanship in 2008 after being embroiled in a scandal where executives in Samsung Group were indicted on suspicion of brokering a sweetheart deal to give his children a greater ownership of a de facto holding firm of the group. He was cleared of the charge, but handed a suspended three-year jail term for tax evasion. South Korea pardoned him in late December to help its bid to land the Winter Olympics, raising speculations that Lee could also return to lead the country’s top conglomerate. Source: World Business - Livemint.com | 10 Jan 2010 | 9:35 am RBS starts sale process of over 300 branchesLondon: Part-nationalized Royal Bank of Scotland (RBS) has started the sale process for over 300 of its British branches, people familiar with the matter said on Sunday. RBS has sent out a “teaser” document to interested parties and appointed UBS to handle the process, the sources said. Potential bidders have been given until the end of the month to express an interest, one source said. RBS is being forced to sell RBS-branded branches in England and Wales and NatWest branches in Scotland by the Europe Union’s competition body for receiving government support, but has been given up to four years to do so. One banking source not connected to the deal said National Australia Bank and Spanish bank Santander could be interested. RBS sold part of its asset management business last week and is close to selling its majority stake in its RBS Sempra commodities joint venture. RBS declined to comment. UBS could not be reached. Source: World Business - Livemint.com | 10 Jan 2010 | 6:03 am JP Morgan to pay $29 bn in salaries and bonusesLondon: World’s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system. “JP Morgan Chase is set to defy calls for constraint over bankers’ bonuses this week when it delivers an expected $29 billion compensation pot for its executives,” the Sunday Telegraph reported. JP Morgan’s 220,861 employees are on average set to earn $131,300 for the year, against $100,000 in 2008. However, top performers in its investment banking arm will be much more highly remunerated. Quoting analysts, the report said the world’s biggest banks will pay more than $65 billion to their staff over the next fortnight despite efforts by governments in Europe and the US to restrict excessive remuneration. “The investment bank’s (JP Morgan Chase) refusal to rein back bonuses is likely to be seen as an act of defiance both by the US and the UK governments,” the newspaper said. Chancellor Alistair Darling had previously told the Sunday Telegraph that “bonuses have been a symptom of the excessive behaviour of some banks over the last few years and even over the last few months.” Wall Street’s year-end bonus season is likely to re-ignite fears that the financial services sector wants to go back to “business as usual” and has put behind it its role in bringing the global economy to the brink of a major depression. JP Morgan had received $25 billion of capital from the US Treasury’s Troubled Assets Relief Programme (TARP). Citing Andrew DeSouza, of Sifma, the US investment banking body, the report said, “while the numbers will appear big, the story behind those numbers reflects changes many companies have made. These include a kind of ‘pay for performance´ that more closely links compensation practices to the long term success of the company.” Source: World Business - Livemint.com | 10 Jan 2010 | 4:10 am
|
