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No plans to merge co with Falcon Tyres: Dunlop IndiaIn an interview with CNBCTV18, Pawan Kumar Ruia, Chairman of Dunlop India, spoke about his plans for the company.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 8:34 am See revenues at Rs 550600cr in FY11: ACE ConstructionIn an interview with CNBCTV18, Sorab Agarwal, MD, ACE Construction spoke about the company\'s business and gave his outlook.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 8:23 am No consensus at today\'s ministers meet on 3G: Telecom MinThe Telecom Ministry says there was no consensus at today\'s ministers\' meet on 3G, reports CNBCTV18. \"Some issues between the Department of Telecom and Defence Ministry are yet to be resolved.\"Source: Moneycontrol Top Headlines | 12 Jan 2010 | 8:02 am SBI to hire 20,000 clerical staff in FY11State Bank of India will hire 20,000 clerical staff in 201011 and another 5,0005,500 probationary officers in 2010, a top official saidSource: Moneycontrol Top Headlines | 12 Jan 2010 | 7:34 am IOC may import some diesel in 201011Indian Oil Corporation may import some EuroIII compliant diesel in the fiscal year that begins on April 1, Chairman Sarthak Behuria told reporters on Tuesday.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 7:34 am FY10 industry growth to be higher than FY09: Montek SinghIndia\'s industrial output growth in the fiscal year to March 2010 will be higher than 2.6% recorded in 200809, a top policy adviser said on Tuesday.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 7:34 am RIL to sell treasury shares if demand exceeds $1 bn:SourcesReliance Industries may go in for another round of treasury share sale, sources told CNBCTV18. It will sell treasury shares if demand exceeds USD 1 billion.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 6:33 am Dena Bank expects govt to infuse Rs 6 billion by March 2010Staterun Dena Bank expects government to infuse six billion rupees of additional capital by March 2010, Chairman and Managing Director D.L. Rawal said on Tuesday.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 6:25 am IDBI Bank in talks to buy a private bankIDBI Bank in talks to buy a private bank CMDSource: Moneycontrol Top Headlines | 12 Jan 2010 | 6:25 am Industrial output picks up, RBI action seenIndia\'s November industrial output grew at its fastest pace in two years, which analysts say will strengthen the case for the Reserve Bank of India (RBI) to tighten monetary stance to temper inflationary expectations.Source: Moneycontrol Top Headlines | 12 Jan 2010 | 6:23 am A380 slowdown blots record Airbus outputAirbus delivered a record 498 planes last year, up from 483 in 2008. It beat Boeing for the seventh year running.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:34 am Nokia says opens Linux version of Ovi StoreThe Linux Maemo operating system is seen as key for Nokia in its rivalry with Apple Inc's iPhone.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:30 am Government to offer more incentives to select exports: Trade ministerIndia's exports rose an annual 18.2% in November to $13.2 billion, the first rise after 13 straight months of decline.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:29 am SBI to hire 27000 staff this year - The Hindu
Source: Business - Google News | 12 Jan 2010 | 3:28 am Bank of America-Merrill Lynch raises Infosys rating to 'Buy'On Tuesday, Infosys raised its forecasts for the full year to March 2010 as an improving global economy helped its mainstay financial services clients boost orders.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:27 am SBI says to hire 20,000 clerical staff in FY11The country's largest state-run bank had hired 28,000-30,000 clerical staff in FY10.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:27 am Infosys cash pile at Rs 14449 cr on December-end - Economic Times
Source: Business - Google News | 12 Jan 2010 | 3:21 am Government yet to finalise 3G auction schedule: Telecoms ministerThe auction, scheduled to begin from January 14, looks set to be delayed as the government has not issued notice inviting applications as yet.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:14 am European Union's trade chief-designate unsure over Doha conclusion this yearWorld leaders pledged last year to conclude the Doha talks, aimed at liberalising global trade, in 2010.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 3:11 am UPDATE 1-Bharti says agrees to buy 70 pct of Warid Bangladesh - Reuters India
Source: Business - Google News | 12 Jan 2010 | 3:04 am 3G auction delayed yet again - Times of India
Source: Business - Google News | 12 Jan 2010 | 3:00 am State Bank of India to hire 27,000 staff this yearState Bank of India plans to hire more than 27,000 people this year to fill its vacancies across different divisions, a top official said.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 2:52 am DEALTALK - Mining bidding wars hint at M&A spree to comeTORONTO (Reuters) - A spate of hotly contested takeover deals in Canada's mining patch and steadily rising metal prices may drive busy dealmaking in 2010 after a lull in acquisitions last year, experts say.Source: Reuters: Money News | 12 Jan 2010 | 2:52 am Bharti says overall investment in Warid is $1 billionBharti Airtel would have board and management control after agreeing to buy 70% holding.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 2:47 am Bharti says agrees to buy 70 pct of Warid BangladeshNEW DELHI (Reuters) - Bharti Airtel said on Tuesday it had agreed to buy 70 percent of Bangladesh's Warid Telecom in its first overseas acquisition after a failed attempt for a $24 billion deal with South Africa's MTN.Source: Reuters: Money News | 12 Jan 2010 | 2:46 am EU trade chief designate backs Russia's WTO entryKarel de Gucht told a hearing in the European Parliament that much depended on Russia now and whether it wants to join the WTO as part of a customs union with Belarus and Kazakhstan.Source: Daily News & Analysis: Money News | 12 Jan 2010 | 2:45 am Industrial production grows 11 7 per centHelped by sustained domestic demand, India's industrial production grew at a better-than-expected 11.7 per cent in November compared to 2.5 per cent in the corresponding month last year, as per official figures. Source: HindustanTimes.com - Top Business News Headlines | 12 Jan 2010 | 2:38 am GLOBAL MARKETS - Stocks weaker as earnings reports come inLONDON (Reuters) - World stocks fell on Tuesday as investors digested early results from the U.S. and European earnings seasons while the dollar climbed on a Chinese view its decline has hit bottom.Source: Reuters: Money News | 12 Jan 2010 | 2:37 am Govt yet to finalise 3G auction schedule - telco minNEW DELHI (Reuters) - The government is yet to finalise the schedule for third-generation wireless spectrum auction, the telecoms minister said on Tuesday after a meeting of a ministerial panel.Source: Reuters: Money News | 12 Jan 2010 | 2:35 am American sweetens support offer as JAL shares plungeTOKYO (Reuters) - American Airlines and its partners in the Oneworld alliance sweetened their offer to Japan Airlines to $1.4 billion to keep the struggling national carrier from joining hands with rival Delta Air Lines.Source: Reuters: Money News | 12 Jan 2010 | 2:28 am Industry growth accelerates, RBI action seenNEW DELHI (Reuters) - India's November industrial output grew at its fastest pace in two years, which analysts say will strengthen the case for the Reserve Bank of India (RBI) to tighten monetary stance to temper inflationary expectations.Source: Reuters: Money News | 12 Jan 2010 | 2:19 am IDBI Bank in talks to buy a private bankMumbai: State-run IDBI Bank Ltd is in talks with a private-sector bank for a merger, chairman and managing director Yogesh Agarwal said on Tuesday. “It is a private sector bank. I am not looking at public sector space at all,” he said on the sidelines of a banking summit in Mumbai. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he added. He also said the bank’s credit is picking up, with good growth in retail and housing segment and it is confident of achieving the 20% loan growth target for FY10. The bank also does not plan to merge its home loan finance arm with itself or offload stake in it, Agarwal said. “There is no real advantage on merging it and it takes time also..We have no plans to restart process of offloading stake in it,” he said. IDBI Home Finance is a wholly-owned subsidiary of the state-run bank and it was earlier planning to sell stake to Dewan Housing Finance Corp Ltd. However, the governmet had opposed the move. The bank also planned to raise capital and said it was considering a rights issue of shares or a follow-on public offer. “It can be either rights issue or FPO (follow-on public offer) but mostly it will a rights issue. We are waiting for government approval,” Agarwal said. The bank had earlier said it planned to raise around Rs20 billion rupees through a rights issue of shares. After the rights issue the government’s stake would be maintained at 52%, he said. At 1.04 p.m., shares of the bank were up 1.04% at Rs135.65 in a choppy Mumbai market. Source: LatestNews-Home - Livemint.com | 12 Jan 2010 | 2:14 am Infosys signals sector recovery, boosts tech stocksMYSORE, India (Reuters) - Infosys Technologies, India's No.2 outsourcer, raised its annual sales forecast as big financial services clients boost orders in an improving global economy, pointing to an industry recovery.Source: Reuters: Money News | 12 Jan 2010 | 2:12 am Nifty near day's lows; Sterlite, IDEA, DLF down - Economic Times
Source: Business - Google News | 12 Jan 2010 | 1:51 am Sensex up 67 pts in opening trade IT stocks rallyThe Bombay Stock Exchange benchmark Sensex on Tuesday rose by 67 points, or 0.38 per cent, in early trade as stocks led by technology sector strengthened despite software major Infosys Technologies announcing a 3.6 per cent dip in its third quarter net profits.Source: HindustanTimes.com - Top Business News Headlines | 12 Jan 2010 | 1:46 am SBI says to hire 20,000 clerical staff in FY11MUMBAI (Reuters) - State Bank of India will hire 20,000 clerical staff in 2010/11 and another 5,000-5,500 probationary officers in 2010, a top official said.Source: Reuters: Money News | 12 Jan 2010 | 1:34 am Asian stock markets mixed ahead of earningsBangkok: Asian markets were mixed Tuesday as investors held back ahead of a slew of earnings and oil tumbled below $82 a barrel, knocking commodity stocks. The region’s lackluster performance was despite modest gains on Wall Street where stocks rose on signs that global manufacturing is on the mend. The dollar was slightly higher against the yen and the euro while oil fell on expectations a frigid cold spell in parts of the US, Europe and Asia will ease in coming weeks, weakening crude demand. Japan’s Nikkei 225 stock average rose 104.54 points, or 1% to 10,902.86 after being closed for a public holiday Monday. Hong Kong Hang’s Seng, meanwhile, was down 100.69, or 0.5%, to 22,310.83 and South Korea’s Kospi was fractionally lower at 1,693.30. Elsewhere, Australia’s benchmark retreated 1% as mining giants like BHP Billiton fell amid the lower oil price while China’s Shanghai index jumped 1% to 3,245.17. Singapore’s stock measure was flat. A raft of quarterly earnings reports are due from the US, European and Asian companies in the coming weeks and will give investors further insight into the strenght of the global recovery. Optimism about the upturn was boosted Monday by news that China’s exports surged nearly 18% in December after 13 months of declines, helping the country to edge past Germany as the world’s biggest exporter. In the US on Monday, the Dow rose 45.80, or 0.4%, to 10,663.99. The S&P 500 index rose 2.00, or 0.2%, to 1,146.98, while the Nasdaq fell 4.76, or 0.2%, to 2,312.41. In oil, benchmark crude for February delivery was down 57 cents to $81.95 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, a weakening US dollar helped push the contract to a 15-month high near $84 a barrel before it settled down 23 cents at $82.52. In currencies, the dollar rose to ¥92.26 from ¥92.13. The euro fell to $1.4487 from $1.4514. Source: Home - Livemint.com | 12 Jan 2010 | 1:26 am Govt not to force bank mergers - The Hindu
Source: Business - Google News | 12 Jan 2010 | 1:25 am Oil dips below $82 from 15-month high as cold easesSingapore: Oil slid further to below $82 a barrel on Tuesday from 15-month highs a day earlier, as forecasts showing milder temperatures in the US Northeast signalled lower fuel consumption in the world’s largest heating oil market. Icy weather in the United States so far had drawn down US inventories of distillates, including heating oil. Stocks fell by 1.7 million barrels last week, a Reuters survey showed, their fifth-straight weekly drop. US crude for February delivery fell 55 cents to $81.97 a barrel at 0539 GMT, after hitting $83.95 on Monday, the highest intraday level since Oct. 2008. London Brent crude fell 62 cents to $80.35 a barrel. “The market got a little bit ahead of itself after it broke $82 a barrel quite easily,” said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp. “With the February contract going off the board next week, we will soon be looking ahead to the end of the winter. Refineries should be going back into maintenance soon in preparation for the gasoline season.” US Northeast temperatures were expected to average below normal through Wednesday, then average near to above normal through Friday, with the six- to 10-day forecast for near to above normal, according to DTN Meteorlogix. Along with this, US heating oil demand was forecast to be normal this week, after surging to 12% above normal last week, the National Weather Service said. Refiners are also limiting their intake of crude, aiming to reduce a glut in oil products that has prevailed for more than a year despite the recent freeze. The Reuters poll found that crude oil inventories rose 1.0 million barrels for their second consecutive week of gains. US gasoline supplies also probably climbed 900,000 barrels, ahead of data from industry group American Petroleum Institute (API) at 2:00am on Tuesday. Data from the US government’s Energy Information Administration (EIA) will be released on Wednesday. Oil futures also fell with Asian stock markets amid concern that a monetary policy tightening in China would curb demand for energy as economic stimulus measures are withdrawn. China’s central bank on Tuesday signalled in its open market operations that it was tightening short-term liquidity at a faster-than-expected pace in response to rising concerns about the economy overheating. US and global oil demand will increase in 2010 and 2011, but the growth rate in petroleum consumption will not be as strong as in years past, according to advance details provided to Reuters on a US government monthly energy supply and demand forecast. The EIA expects the US economy to grow about 2% this year and nearly 2.7% next year, leading to higher demand for oil. Some support came from tensions in Nigeria’s main oil-producing region, which have removed supplies from the market. Chevron said on Saturday it had been forced to shut down 20,000 barrels per day (bpd) of crude production in Nigeria, a day after security sources said gunmen had attacked a pipeline operated by the US firm. “The situation in Nigeria has not improved that much and it is a matter of time before it becomes a problem again,” Nunan said. “We have had a year of reprieve from these geopolitical issues because the collapse in demand had created a cushion of supplies, but now that the economy looks like it will stabilise and return to growth this year, geopolitics is back in the market.” Source: Home - Livemint.com | 12 Jan 2010 | 1:24 am Industry growth accelerates, RBI action seenNew Delhi: India’s November industrial output grew at its fastest pace in two years, which analysts say will strengthen the case for the Reserve bank of India (RBI) to tighten monetary stance to temper inflationary expectations. Industrial output rose 11.7% in November from a year earlier, higher than the median forecast of an annual rise of 10% in a Reuters poll and an unrevised 10.3% rise in October, data showed on Tuesday. The growth was the fastest since October 2007, when the industry grew an annual 12.2%. Factory output in November, which had expanded just 2.5% in the same month last year, is riding a revival in consumer demand following aggressive rate cuts by the central bank and stimulus through tax breaks after the global downturn. “This number combined with an expected 7.3% WPI inflation for December, would strengthen the case for monetary tightening by the RBI,” said Gaurav Kapur, senior economist at ABN Amro Bank. “The central bank may wait until the 3Q GDP release due end of February for hiking policy rates, but is likely to start withdrawing liquidity through a 50-basis points CRR (cash reserve ratio) hike in the 29th January policy review.” Back pay of about Rs18,000 crore ($3.96 billion) to central government workers in October, the second instalment of a wage pact agreed in 2008, has also helped shore up consumers’ purchasing power. A private survey found last week the December purchasing managers’ index showed the pace of manufacturing activity jumped to its highest since May on sharp rises in new work and output, while car sales in December rose an annual 40.3%. India’s industrial output, which grew for the 11th consecutive month exceeded South Korea’s but lagged the figure for neighbouring China. Output in China grew 19.2% in November, while it rose 1.4% in South Korea. The benchmark 10-year bond yield rose to 7.81% from 7.78% before the data, while the rupee pared some of its loss to be at 45.38/39 per dollar from 45.41/42 before the data. Ending Stimulus Consumer durables goods output continued to surge, growing an annual 37.3% in November. Manufacturing production rose 12.7% on year, while mining output was up 10% and power generation rose 3.3%. Analysts say the rising trend in India’s industrial output may lose momentum when the government begins to pull back fiscal and monetary stimulus starts this year and the low statistical base begins to fade from June. “The headline IP (industrial production) number is much higher than expected, but it may be the last double-digit growth number for the current financial year,” said ABN’s Kapur. India’s economy grew an annual 7.9% in the quarter through September, its fastest in 18 months, prompting the finance minister to raise the growth forecast for the current fiscal year to end-March to around 8% from 7.0%. However, a robust economic rebound and rising prices have put pressure on the central bank to tighten monetary policy. India’s annual food price inflation rose 18.22% on supply shortages in the week to 26 December. Broader annual wholesale price inflation is expected to have risen to 7.31% in December, higher than 4.78% in November, the median forecast in a poll of 22 economists showed. The December data, which is due on 14 January will be the last important data for the RBI to gauge price pressures before its policy review on 29 January. The RBI is widely expected to increase the cash reserve ratio, the level of deposits that banks must keep with it as cash, at its policy review. But economists are divided when it will start hiking rates. Source: Home - Livemint.com | 12 Jan 2010 | 1:24 am Nikkei hits 15 month closing high JAL tumblesJapan's Nikkei stock average climbed to a 15-month closing high as resource and machinery shares gained after China reported record imports of some commodities and stronger-than-expected exports, bolstering hopes for the global economy.Source: HindustanTimes.com - Top Business News Headlines | 12 Jan 2010 | 1:23 am Airtel announces acquisition of Warid Telecom for $300 mnNew Delhi: Sunil Mittal-owned Bharti Airtel today said it will acquire 70% stake in Warid Telecom of Bangladesh for $300 mn (about Rs1,363 crore). Warid Telecom, a wholly-owned subsidiary of the Dhabi Group, offers mobile telecom services with a user base of over 2.9 million in Bangladesh. This is Bharti’s first international buyout after it failed to clinch multi-billion dollar deal with South Africa’s MTN last year. “This landmark deal underlines our intent to further expand our operations to international markets ... we would like to thank the Government of India and Bangladesh for their support and encouragement,” Mittal said shortly after announcing the deal. This will be Bharti Airtel’s second operation outside India. The company had launched mobile services in Sri Lanka in January last year. The company said in a statement that the acquisition would be partly by purchase of existing shares held in Warid Telecom International by Dhabi Group for a nominal consideration and balance by way of issue of fresh shares at par. The new funding will be utilised for expansion of the network both for coverage and capacity and introduction of new products and services. As a result of this additional $300 million, the overall investment in the company would be around $1 billion. Source: Home - Livemint.com | 12 Jan 2010 | 1:21 am Cadbury rejects Kraft, reports robust tradingLONDON (Reuters) - Cadbury showcased robust 2009 results and an upbeat outlook on Tuesday in its last move to rebuff U.S. food giant Kraft Foods' 10.5 billion pound ($17 billion) hostile takeover bid.Source: Reuters: Money News | 12 Jan 2010 | 1:19 am RIL to sell treasury shares if demand exceeds $1 bn:Sources - Moneycontrol.com
Source: Business - Google News | 12 Jan 2010 | 1:15 am Airbus hopes to double A380 production in 2010 reportPlane maker Airbus aims to double output of its new A380 superjumbo in 2010, the company's chief operating officer Fabrice Breguier said in an interview published.Source: HindustanTimes.com - Top Business News Headlines | 12 Jan 2010 | 12:50 am Japan Airlines shares drop 45% as bankruptcy fears grow - BBC News
Source: Business - Google News | 12 Jan 2010 | 12:49 am Tiger Airways advances aircraft deliverySingapore budget carrier Tiger Airways said it had brought forward the delivery of five Airbus A320 aircraft to boost its expansion into Asia and Australia.Source: HindustanTimes.com - Top Business News Headlines | 12 Jan 2010 | 12:46 am Industry grows by robust 11.7% in NovemberIndustrial growth has gathered pace as factory production rose by 11.7% in November 2009, fuelled by stimulus-backed demand for manufactured goods, particularly consumer goods.Source: India Business News | Business News - Times of India | 12 Jan 2010 | 12:45 am Industrial output for Nov up 11.7% y-o-yNew Delhi: India’s industrial output rose at a faster-than-expected 11.7% in November from a year earlier, helped by stimulus measures that boosted domestic demand, data showed on Tuesday. The median forecast in a Reuters poll was for an annual rise of 105. Manufacturing production rose 12.7% in November from a rise of 2.7% a year earlier. The final figure for October’s annual industrial growth rate was unchanged at 10.3%. Industrial output rose 2.6% in the 2008/09 fiscal year (April-March), slower than 8.5% in 2007/08 as the global economic downturn hit Asia’s third-largest economy. Source: LatestNews-Home - Livemint.com | 12 Jan 2010 | 12:45 am IDBI Bank in talks to buy a private bank - CMDMUMBAI (Reuters) - State-run IDBI Bank Ltd is in talks with a private-sector bank for a merger, Chairman and Managing Director Yogesh Agarwal said on Tuesday.Source: Reuters: Money News | 12 Jan 2010 | 12:42 am Industrial production jumps 11.75% in November - NDTV.com
Source: Business - Google News | 12 Jan 2010 | 12:03 am India November Industrial Output Up 11.7% on Year - Wall Street Journal
Source: Business - Google News | 12 Jan 2010 | 12:03 am 3G spectrum enough only for 3 slotsAfter going back and forth on the issue, the Government may finally allow only three private players to offer 3G mobileSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Rising NPAs may hit bank profits: SBI chiefEven as India is poised for 8 per cent plus growth, the banking sector will face pressures on profitability and interest margins, and rising non-performing assets, especially in the SME segment, said Mr O.P. Bhatt, Chairman, State Bank ofSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Aries Agro (Rs 89.8): BuyWe recommend buying the stock of Aries Agro from a short-term perspective. It is apparent from the charts that the stock has been on a steady longer-term uptrend since its March 2009 low of Rs 24.5, forming higher peaks and higher lows. It brokeSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Auto component cos bet on exports to drive growthAs auto companies worldwide search for ways to cut costs to remain competitive, the domestic auto component industry is expecting huge business. It is now targeting a six-fold growth in exports by 2016, versus just a doubling of domesticSource: Business Line - Home Page | 12 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 | 12 Jan 2010 | 12:00 am L&T to invest Rs 5,000 cr in Gujarat on seven new plants; Rs 2,000 cr in Chennai shipyardEngineering giant Larsen & Toubro Ltd plans to invest Rs 5,000 crore on setting up seven new factories in Gujarat and another Rs 2,000 crore at Chennai on a shipyard in the next two years, said Mr A.M. Naik, Chairman and ManagingSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Grain-based alcohol on a high as molasses price soarsThe Maharashtra Government's offer of a Rs 10 subsidy for every litre of alcohol produced from grain has led to a virtual scramble for setting up non-molasses based distilleries in theSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Another commodity price surge ahead?Well before the financial crisis broke out so violently in the US and caused ripple effects all over the world, most people in developing countries were already reeling under the effects of dramatic volatility in global food and fuelSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Rupee hits 15-month highThe rupee continued its rally against the dollar on Monday as the greenback weakened globally on disappointing US non-farm payroll data, said dealers.Source: Business Line - Home Page | 12 Jan 2010 | 12:00 am Nano trial production starts at SanandA little over a year after Tata Motors announced that it would relocate the Nano manufacturing facility to Sanand in Gujarat from Singur in West Bengal, trial production of the small car has begun at the newSource: Business Line - Home Page | 12 Jan 2010 | 12:00 am Infosys cheers with bright outlookMysore: Infosys Technologies, India’s second-biggest software services exporter, raised its annual sales forecast as an improving global economy helps its mainstay financial services clients boost orders. Infosys, a trendsetter for the $60 billion outsourcing sector, jumped 3.5% and pushed up software stocks in a flat broader market after the company’s quarterly earnings fell for the first time but still topped market forecasts. “The numbers point out that the environment has eased quite a bit. Confidence in business momentum looks like coming back,” said Tejas Doshi, analyst at brokerage Sushil Finance. Recent orders and stable prices have improved the outlook for Infosys and bigger rival Tata Consultancy Services after the world recession hit the sector last year. Tata Consultancy is set to report profit rose 18.6% on the year when it unveils its results on Friday. The country’s showpiece outsourcing sector, which manages complex computer networks and maintains technology operations for global firms, has re-started hiring after the downturn and is raising salaries. The rupee, which rose 3.4% in October-December, the higher salaries and tough competition from firms such as IBM and Accenture are seen as key risks for a sector that earns more than half its revenue from the United States. “Infosys is a company which gives conservative guidance and usually performs better than that, but this time the results are much better than expectations,” said A N Sridhar, a fund manager at Sahara Mutual Fund, which owns Infosys shares across three of its funds. Nasdaq-listed Infosys said in a statement it expects information technology budgets to be flat in 2010, but it is optimistic the global recovery will boost demand for outsourcing. “The contribution to our revenues from our top clients grew 12.2% during the quarter,” said chief operating officer S D Shibulal. “Our clients are taking decisions much faster.” Infosys, which counts Goldman Sachs, BT Group and BP Plc among its clients, expects earnings per share to rise 0.4% for the full year, compared with its previous forecast for a 6.7-7.1% drop. It expects revenue in dollars for the year to March 2010 to rise 1.8-2.0%, reversing its October forecast for a drop of 1.0-1.3%. Infosys announced its results on Tuesday at its global training centre in Mysore, about 170 km from its Bangalore headquarters. The 337-acre campus boasts an 8-lane bowling alley, cricket ground, tennis courts and running track, highlighting the perks offered by big Indian tech firms to retain young jobseekers in a fiercely competitive market where job-hopping is the norm. Valued at $32 billion, Infosys shares more than doubled in 2009, outperforming the broader market. Numbers Beat Market Estimates Quarterly profit at Infosys, which develops applications, designs supply chains and offers backoffice services, fell 3.6% to Rs1,580 crore ($351 million) under Indian accounting standards, from Rs1,641 crore a year ago. This was the first-ever year-on-year decline for Infosys. A Reuters poll had estimated a profit of Rs1,479 crore. Revenue dropped an annual 0.8% to Rs5,741 crore, even as it added 32 new clients in the quarter. Under international accounting standards, net profit fell 4.9% to Rs1,560 crore. The shares rose 13% last quarter, matching gains in the sector index and outperforming a 2% rise in the broader market. Source: Home - Livemint.com | 11 Jan 2010 | 11:42 pm IT stocks zooms nearly 4 pc on Infy earningsShares of IT companies on Tuesday gained over three per cent in the morning trade buoyed by good quarterly results of Infosys, despite a weak broader market.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 11:37 pm Bangladesh vows not to allow anti-India terror, gets $1 bnNew Delhi: Bangladesh on Tuesday promised not to allow its territory to be used for terror against India as they signed three agreements to jointly combat the menace while India announced a one-billion dollar line of credit to that country. The significant Line of Credit offered by Prime Minister Manmohan Singh during talks with his Bangladesh counterpart Sheikh Hasina marked the highest one-time grant by India to any country. India decided to give 250MW of power to Bangladesh from the central grid while they signed a power-sharing agreement. New Delhi sought to address Dhaka’s concerns with regard to non-tariff barriers by agreeing to remove these on more items and assured that India will not take any step on Meghalaya-based Tapaimukh dam which would hurt Bangladesh’s interests. At the wide-ranging talks here between Singh and Hasina, the two sides reached a number of decisions to revive the traditional links of connectivity, which included Akhaura-Agartala railway line. The discussions covered the entire gamut of bilateral ties, with particular focus on terrorism, security, connectivity, trade and investment, border-related issues and sharing of water and power resources. During the discussions, Hasina told Singh that her government will not allow Bangladesh to be used for terrorism directed at India, an assurance aimed at addressing a major concern here about North East insurgents taking shelter there. The two leaders discussed ways in which the countries could cooperate in checking the menace of terrorism. After the talks, the two sides signed an agreement on mutual legal assistance in criminal matters, an agreement on transfer of sentenced persons and an agreement on combating international terrorism, organised crime and illicit drug trafficking. Singh and Hasina noted that terrorism and extremism respect no boundaries and agreed on the need for cooperation between the two countries. They expressed their commitment to solve all their issues through discussions and decided to put in place a comprehensive framework for cooperation in development. The Line of Credit has been extended for infrastructure development of Bangladesh, including construction of railway lines and bridges and manufacture of coaches. Singh told Hasina that India attaches “highest priority” to it ties with Bangladesh and wants to be a partner in its development. He said the visit was an opportunity for laying foundation for “forward-looking” relationship. India also agreed to give transit facility to Nepal and Bhutan to Mongla and Chittagong ports. The Rohapur-Singabad transit corridor will also be revived to give access to Nepal. It was agreed that Ashuganj in Bangladesh and Silghat in India would be port of calls for transportation of over dimensional cargo for a power plant in Tripura. Later, speaking at the banquet hosted for Hasina, Singh said India was ready to “pursue a bold vision” for its ties with Bangladesh, based on mutual respect and mutual benefit. Contending that India seeks to build ”a new future” with Bangladesh, Singh said, “The time has come to chart a new path. Our two peoples want peace, security and prosperity... Your visit will open a new chapter in our relations. Singh said India “stands ready to be a full and equal partner in the realisation of your vision of social change and economic development for Bangladesh.” In turn, Hasina said “Bangladesh shall not allow its territory to be used for launching terrorist activities against any country in the neighbourhood or around the world”, seeking to address India’s concerns with regard to North East insurgents taking shelter in her country. Noting that “serious collaboration” was essential for countering terrorism to ensure sustained peace in the region, she said “I can give you this assurance that Bangladesh is committed to eliminating all forms of terrorism from within its territory.” She pressed for conclusion of agreements on water sharing of Teesta river and other common rivers in the spirit of 1996 Ganges Water Treaty. On this “very important issue”, she sought Singh’s support. The two leaders decided to call the ministerial-level meeting under the format of Joint Commission. Hasina, who came to power in January last and is on her first visit here since then, said with democratic governments in place in both the countries, relations would “no doubt reach a new height”. She hailed the assurance given by Singh that India would give duty-free access to more Bangladeshi items and remove non-tariff barriers besides improving trade infrastructure on Indian side of the borders. India and Bangladesh also decided to reactivate the Sabrum-Ramgarh and Taparmukh land borders. The Akhaura-Agartala railway line will be built by India as a grant. For working out modalities on implementation of the power-sharing MoU, power secretaries of the two countries will meet here tomorrow. India also decided to give 300 scholarships annually to students from Bangladesh. Hasina said the agreements signed and decisions taken at their talks were “very significant achievements” which would have favourable impact on people of the two countries. “What now is required is activation of institutional mechanisms for promoting the two-way trade, removal of avoidable hindrances, initiation of long-pending trade facilitation measures, easy travel of businessmen and creation of mechanisms to settle disputes that may arise from differences on specific trade related issues,” Hasina said. She invited Singh to undertake a visit to Bangladesh at the earliest possible occasion. Hasina, whose official three-day visit began today, met President Pratibha Patil, finance minister Pranab Mukherjee, external affairs minister S M Krishna, UPA chairperson Sonia Gandhi and leader of the Opposition in the Lok Sabha Sushma Swaraj before holding wide-ranging talks with Singh. Source: Home - Livemint.com | 11 Jan 2010 | 11:33 pm Airtel announces acquisition of Warid Telecom for $300 mnSunil Mittal-owned Bharti Airtel on Tuesday said it will acquire 70% stake in Warid Telecom of Bangladesh for $300 mn (about Rs 1,363 crore).Source: India Business News | Business News - Times of India | 11 Jan 2010 | 11:30 pm Rupee drops on strong dollar; factory data eyedMumbai: MUMBAI, The Indian rupee dropped on Tuesday, retreating from more than 15-month highs reached in the previous session, following the dollar’s rise versus major units and tracking a choppy sharemarket. At 10:55am, the partially convertible rupee was at Rs45.45/46 per dollar, 0.2% weaker than its previous close of Rs45.34/35. It rose to Rs45.2850 on Monday, its strongest since 22 September, 2008. “In the short run, the rupee appreciation appeared overdone and some of it was for positioning. We could move towards Rs45.75 before another leg down,” said R.K. Gurumurthy, head of treasury at ING Vysya Bank. “The next few weeks are ‘corporate results season´ so you have more of domestic news/factors in play. Factory data may not be a big rupee driver but it provides a secondary impact and a strong number will fuel rate hike talks again and affect rupee sentiment,” he added. Industrial output is seen rising 10% in November from a year earlier, the median forecast in a poll of 23 economists showed, close to an annual rise of 10.3% in October. The dollar jumped against the yen and the euro on Tuesday after an official from China’s sovereign wealth fund said the US currency has hit bottom. Most Asian currencies were also weaker against the dollar. Indian shares were choppy in early trade, as mostly weak Asian stocks kept sentiment subdued, even as Infosys Technologies rose after posting a smaller-than-expected drop in December-quarter profit. One-month offshore non-deliverable forward contracts were quoted at Rs45.45/48, little changed from 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 Rs45.5175, with the total traded volume on the two exchanges at about $1.2 billion. “The current momentum in the INR could last for a while but is likely to give way to ranged trading. Market expectations that emerging economies are likely to be the primary growth engines over the next two years are supporting most emerging currencies, including the INR,” economists at HDFC Bank said in a note. “However, RBI (Reserve Bank of India) intervention, equity market fatigue on the back of stretched valuations could limit the current rally,” they said, adding that the next major breakout could come around the budget. Source: Home - Livemint.com | 11 Jan 2010 | 11:21 pm Gold futures almost steady; dollar eyedMumbai: India gold futures were almost flat on Tuesday as traders continued to watch the currency movements overseas for direction, analysts said. The most-traded gold February contract was 0.03% higher at Rs17,036 per 10 grams at 10:47am. The dollar initially rose against the yen and the euro, after an official at China’s sovereign wealth fund said the US currency had little room to fall further. However, it later reversed those gains after the official said his comments reflected only his personal view. “Selling pressure could be seen on reversal in dollar, selling could be done at Rs17,020/17,030, with a stop loss of Rs17,105 and targeting Rs16,900,” said Abhishek Chauhan, an analyst with Angel Commodities. Open interest for February gold on MCX was at 16,272 lots, down from 16,394 a day earlier. Gold may trade in the range of Rs16,850-17,050, said Murukesh Kumar, an analyst with JRG Wealth Management. Source: Home - Livemint.com | 11 Jan 2010 | 11:18 pm Infosys Q3 net profit down; raises forecast for 2010Mysore: India’s second largest software services firm, Infosys Technologies Ltd said third quarter (Q3) profit dropped 3.6% % to Rs1582 crore and raised forecast for the year ahead on improved business from customers in the US, which is seeing an economic revival Revenue for the quarter dropped 0.8% to Rs5,741 crore year-on-year. Infosys raised its full year guidance to Rs22,473 crore and Rs22,519 crore, an yearly growth of 1.2% to 1.7%. The results, which was better than expected by analysts, lifted IT stocks with the IT index increasing by 3.3% or 159.50 points in early trade on the benchmark Bombay Stock Exchange. Infosys stock went up 3.4% or Rs84.65 at 9:30am. “Global economic recovery seems to be led by the US and the financial services,” said S Gopalakrishnan, chief executive officer at Infosys said in a statement. “Even though IT budgets are expected to be flat in 2010, offshore outsourcing is expected to benefit from this recovery” The US accounts to nearly 60% of India’s software exports. A Mint analysis of forecasts by eight brokerages showed Infosys’ average profit of Rs1,471 crore on sales of Rs5,585 crore. Infosys added 32 new clients. It added 4,429 net employees to take its total strength to 1,09,882 employees. “The contribution to our revenues from our top ten clients grew by 12.2% during the quarter. Our clients are taking decisions much faster,” said S D Shibulal, chief operating officer. “ “The rupee appreciated by 3.7% during the quarter,” said V. Balakrishnan, chief financial officer. “We maintained our margins while our cash and cash equivalents reached $3.1 billion.” raghu.k@livemint.com Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 10:46 pm Markets trade flat; banks fall, Infosys ralliesMumbai: Indian shares flip-flopped on Tuesday, weighed down by banks and metals, while Infosys Technologies rallied after it raised full-year forecast and reported a smaller-than-expected drop in quarterly profit. Investors were also cautious ahead of November factory output data, due by noon. A Reuters poll expects the output to rise 10% from a year earlier, close to an annual rise of 10.3% in October. By 9:56am, the 30-share BSE index was trading down 0.01% at 17,524.21, with 21 of its components declining. The 50-share NSE index was down 0.1% at 5,242. ICICI Bank led the losses, falling 1.7%, while top lender State Bank of India eased 0.9% on market expectations the sector’s December quarter earnings could be muted due to sluggish loan growth. “In our view, banks might underperform the market over next six months, with worries like lower December quarter performance, impending rate hike and slow credit growth,” said Vaibhav Sanghavi, director of Ambit Capital. Infosys was trading 3.5% higher after the No. 2 outsourcer raised its full-year forecast, underscoring a recovery in demand for outsourcing. “The guidance has been slightly above our expectations. This shows that revenue growth is definitely happening. Only their margins will be under some pressure because of the rupee appreciation,” Neeraj Dewan, director of Quantum Securities. Sector leader Tata Consultancy was up 3.6% and Wipro climbed 3.4%. Metals dropped on the back of a decline in base metals prices. Sterlite Industries and Hindalco shed 2.7% and 1.2% respectively. In the broader market, gainers led losers in a ratio of 1.5:1 on volume of 162 million shares. Source: Home - Livemint.com | 11 Jan 2010 | 10:11 pm China data helps Wall Street, Alcoa falls lateNew York: US industrial shares lifted the Dow and the S&P 500 on Monday to new 15-month highs after China bolstered expectations the world economy would strengthen, but Nasdaq fell on profit-taking in tech stocks. China reported record imports of some commodities and stronger-than-expected exports, boosting US companies with large international operations like construction machinery maker Caterpillar Inc. Caterpillar shares rose 6.3% to $64.13 to post their largest daily advance since late July. “There’s definitely a China effect on US stocks today,” said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. Aluminum producer Alcoa Inc rose 2.5% to $17.45 in regular trading, but the Dow component reported earnings below Wall Street estimates after the closing bell, and its stock fell 4%. Alcoa was the first Dow component to announce results, unofficially launching the earnings season that will show whether profits and outlooks will be strong enough to fuel further gains in stocks. Large technology shares dragged the Nasdaq lower, with Apple Inc down 0.9% to $210.11 and Microsoft Corp down 1.3% to $30.27. International Business Machines Corp fell 1.2% to $129.30. “A lot of the high-profile technology names that have had extraordinary runs are taking a breather,” Boockvar said. The Dow Jones industrial average gained 45.80 points, or 0.43%, to 10,663.99. The Standard & Poor’s 500 Index rose 2.00 points, or 0.17%, to 1,146.98. The Nasdaq Composite Index fell 4.76 points, or 0.21% to 2,312.41. The S&P 500 has risen every trading day so far in 2010, the second-longest streak starting a year since 1987’s seven straight days of gains. Data from China showed the country ended 2009 with record monthly imports of crude oil and soybeans and a strong appetite for iron ore and copper, while its exports rose 17.7 percent year-over-year. United Parcel Service rose 4.4% to $62.82 and FedEx Corp was up 2.7% to $87.25. An analyst at Stifel Nicolaus said both rose on expectations the unusually cold weather will drive US consumers to shop online, increasing shipment volumes. The S&P industrial sector rose 1.2%, making it the best performing group during the session. Citigroup upgraded some energy companies, including Chevron Corp, whose shares rose 1.8 percent to $80.88. But the oil company’s shares fell more than 1% after the bell following Chevron’s fourth-quarter earnings update. Decliners in the regular session included Procter & Gamble , down 0.4% to $60.20 after BMO Capital Markets cut its rating on the stock on concern Friday’s devaluation in Venezuela could hurt sales and revenue. Walt Disney Co lost 2% to $31.25 after it was downgraded by Janney Capital Markets. After the closing bell, video game publisher Electronic Arts Inc cut its fiscal 2010 outlook, sending its shares down 8%. Volume on the New York Stock Exchange was just below 1 billion shares, less than last year’s estimated daily average of 2.18 billion. On the Nasdaq, about 2.09 billion shares traded, above last year’s daily average of 1.63 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 3 to 2, while on the Nasdaq nearly the same number of stocks fell as rose. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 10:06 pm US Fed earned $45 billion in 2009Washington: The US Federal Reserve made record profits in 2009 and will return $45 billion to the US Treasury, after its efforts to prop up the economy created a windfall for the government, the Washington Post reported. The $45 billion reflects the highest earnings in the 96-year history of the US central bank, the newspaper reported on its website late on Monday. The figure was obtained by calculations based on public documents, the Post said. The Fed funds itself from its own operations and returns its profits to the Treasury. The largest previous refund to the Treasury was $34.6 billion in 2007, the Post said. The report said much of the Fed’s higher earnings were sparked by the central bank’s aggressive program of buying bonds to push interest rates down and stimulate growth. “By the end of 2009, the Fed owned $1.8 trillion in U.S. government debt and mortgage-related securities, up from $497 billion a year earlier,” the newspaper reported. It said interest income on the investments was a major source of Fed profits. The central bank also made money on its emergency loans and on special programs to prop up lending. Even though it had reported billions of dollars of decline in the value of loans made to bail out investment bank Bear Stearns and insurer American International Group, the Fed received $4.7 billion in interest payments from those loans in 2009, the Post said. The report said the Fed was due to release its estimate of 2009 earnings on Tuesday. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 10:04 pm Obama considers new fee on banksWashington: With Wall Street firms expected to announce bonuses running into billions for top executives, the Obama administration is contemplating levying new fees on financial companies and banks as part of efforts to recover the full cost of the bailout package to the banking sector. The provision in this regard is expected to be included by US President Barack Obama when he rolls out his annual budget next month, media reports said. Both The New York Times and The Washington Post reported quoting unnamed White House officials that such idea is on the menu of the President however details were not forthcoming. “While we have made great progress in recouping a large portion of the investment, consistent with the law... the President will propose a way to recoup additional funds and one of the options is a levy on financial institutions,” the official told The Washington Post. He said the general idea is to devise a levy that would help reduce the budget deficit, which is now at a level not seen since World War II. “This would also discourage the kinds of excessive risk-taking among financial institutions that led to a near collapse of Wall Street in 2008,” officials told The Times. According to The Post the idea of a fee on the nation’s biggest banks could be politically popular. Such a fee would also demonstrate the administration’s eagerness to decrease the soaring federal deficit, according to aides familiar with the developing plan, it said. However, the White House refused to comment on this. “I don’t have specifics to talk about what will be in the budget. We’ll do that certainly later in the month as we get closer to the budget,” Gibbs said when asked about it. “I can simply say that the President has talked on a number of occasions about ensuring that the money taxpayers put up to rescue our financial system is paid back in full,” Gibbs told reporters. He said Obama is against giving hefty bonuses to corporate executives under the present circumstances. “Absolutely,” Gibbs said when asked if Obama gets visibly angry on hearing such news. “I don’t know anybody, save for a few that work for those banks, that don’t get visibly angry and in reading those stories,” he said. Gibbs said Obama has repeatedly pushed, and the House passed as part of their financial reform, a say on pay. “We have greatly encouraged anybody that’s giving out bonuses and executive compensation to tie it not to short-term risk-taking but to long-term health of the company,” he said. He said the administration favoured compensation in stock, that is vested over a series of years so that the health of the firm is first and foremost, “not short-term risks that might have people making different actions”. However, there is a limit to what the President can do for firms that don’t receive assistance from the American government, he noted. When asked is it fair to say they are just not listening to Obama, Gibbs said: “I think they are not listening to the American people”. Gibbs said the President strongly believes that the financial straits the firms “was in many ways of their own doing”. “... And the reason why the President has pushed financial reform is to ensure that we have rules of the road that doesn’t let the type of activity that caused this to happen to ever happen again,” he said. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 9:47 pm Rupee down 16 paise at 45.50 a dollar in early tradeThe rupee on Tuesday depreciated by 16 paise to 45.50 a dollar in early trade as the US currency strengthened against major world currencies.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 9:36 pm Sensex up 74 pointsA benchmark index of the Indian equities markets was trading 74 points higher around noon on Tuesday, helped by the robust third quarter results of IT giant Infosys.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 9:24 pm Infosys Q3 net beats estimates stock jumpsIndia's second largest software services exporter, reported a 4.9 per cent drop in quarterly profit, smaller than market estimates, sending its stock up 2.5 per cent in a flat market.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 9:18 pm Infosys Q3 net dips 3.6% to Rs 1,582 crSoftware major Infosys Technologies on Tuesday reported a 3.6% decline in consolidated net profit at Rs 1,582 crore for the third quarter ended December 31, 2009.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 9:07 pm Recession has significant effect on education: UNESCO!The global financial crisis has had a significant effect on education, particularly in Least Developed Countries where rates of drop-outs have increased, a top UNESCO official said on Monday, terming it a cause of worry.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Chinese officials flee to the West with huge govt funds!Thousands of Chinese officials have fled overseas with a staggering USD 50 billion in their pockets, stolen from the exchequer.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm GBS may be increased by 15 per cent in 2010-11!The government is likely to raise the Gross Budgetary Support (GBS)-- the amount of assistance provided by the Centre for Plan schemes-- by 15 per cent to Rs 2.60 lakh crore during 2010-11.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm JAL to cut 15,600 jobs, faces 860 billion yen in liabilities!Japan Airlines Corp is expected to cut 15,600 jobs, or about 30 percent of its group workforce, by the business year through March 2013 under a rehabilitation plan being compiled by a government-backed body.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Interest rates may go up: Bhatt!SBI Chairman O P Bhatt on Monday hinted at an increase in interest rates and further said loan defaults would continue to rise, particularly in the SME sector, for the next six months.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Single FDI document by end-fiscal: Sharma!The government plans to introduce a single FDI document, which will help to simplify the foreign direct investment process.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm DoT to ask auditors to submit report on telcos by Feb 7!The Department of Telecom is likely to ask auditors of three telcos-- Vodafone Essar, Idea Cellular and Bharti Airtel -- to submit their reports by February 7, 2010.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Reliance keen on Lyondell; sells 33 million shares !Keen to acquire troubled European petrochemical major LyondellBasell, Mukesh Ambani-led Reliance Industries on Monday sold a block of shares worth $786 million to bankroll the purchase.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Volkswagen`s Polo to come with customised features!German auto major Volkswagen on Monday said it will offer package options to customers of its soon-to-be launched small car Polo, which will include features like accessories, safety and sports.Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Two former Satyam directors summoned!A local court on Monday issued fresh summons on Ram Mynampati and Krishna G Palepu, former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO).Source: Zee News : Business | 11 Jan 2010 | 4:04 pm Weak dollar takes rupee to 16 month highThe rupee rose to a 16-month high on Monday, closing at 45.33 against the US dollar, on the back of strong foreign institutional investment (FII) inflow over past months and the weakening of the dollar against major currencies.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 1:51 pm ET Awards: In growth rideWhile the Ambani handshake was the talking point, the show stealer of the evening, however, was Nitish Kumar, who regaled the audience with crisp one liners.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:43 pm Now, CEOs will also take oathDrafted by the Harvard Business School in association with the forum of Young Global Leaders of the World Economic Forum oath is aimed to instil moral and ethical values.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:38 pm Chanda Kochhar on board of ISBThe Indian School of Business has brought on board ICICI Bank CEO Chanda Kochar, Cognizant Technologies vice-chairman Lakshmi Narayanan and Citigroup's south Asia CEO Mark Robinson as directors.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:33 pm Consumer durable makers pin hope on better 2010Buoyed by resurgence in demand, all major consumer durable makers are shoring up their production levels this year.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:25 pm RIL sells treasury stocks againIn the largest block deal in recent times, RIL on Monday sold 3.3 crore of its treasury stocks to a clutch of institutional investors at an average price of Rs 1,050 and raised Rs 3,565 crore.Source: India Business News | Business News - Times of India | 11 Jan 2010 | 12:22 pm Rangnekar confirmed as ISB dean, gets 5-yr termHyderabad: The executive board of the Indian School of Business (ISB) has confirmed the appointment of Ajit Rangnekar as dean of the management school for a five-year term, ISB said in a statement on Monday. Rangnekar had been acting dean since the position fell vacant in January last year when M. Rammohan Rao, who was an independent director on the board of fraud-hit Satyam Computer Services Ltd, stepped down. Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 12:14 pm Posco’s plans for Orissa plant hit another roadblock New Delhi: In another setback to South Korean company Posco’s plan to build a steel plant in Orissa, India’s environment ministry has said a clearance granted to the domestic unit of the Korean steel maker depends upon it settling the rights of the local tribal people.  Stuck again: Posco’s steel production facility in South Korea. Seokyong Lee / Bloomberg In a letter dated 8 January, the ministry has now asked the Orissa government to ensure that the company complies with the rights issue and 15 other condition before implementing the project. Under the Act, it is the state government’s responsibility to ensure consent from all concerned village councils for any project that might infringe on their forest rights. Posco, the world’s fourth largest steel maker, signed a deal with the state government in June 2005 to build a steel plant near Paradip port in the coastal district of Jagatsinghpur by 2016. The project has already been delayed for at least two years due to local protests. Lawyers and activists said the ministry was not giving the right signal by giving such “in-principle” clearances. “This is not sending the right signal. It is like saying we give an environmental clearance and the public hearing can be held later,” Ritwick Dutta, a Supreme Court lawyer who specializes in environmental clearances, said of the approval granted last month. “It gives an impression that people are not really the decision-makers and only have a compensatory role.” Environment minister Jairam Ramesh was unavailable for comment. Tribal rights activists welcomed the move. “It is finally an acknowledgement,” an activist said on condition of anonymity. “Till August, this was missing, when Jairam Ramesh said that all clearances will be conditional. But by giving final clearance, they had directly violated their own order.” Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 12:09 pm Three slots to be auctioned for 3G licenceThe Department of Telecommunications (DoT) will auction three slots of third generation (3G) spectrum for all 22 telecom circles.Source: Business Standard | Front Page Headlines | 11 Jan 2010 | 12:07 pm Bonus stripping under I-T lensAfter taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping.Source: Business Standard | Front Page Headlines | 11 Jan 2010 | 12:06 pm Bankers see status quo on interest rates, hike in CRRMumbai: The Reserve Bank of India (RBI), the central bank, could stay away from raising interest rates in its third quarter monetary policy review on 29 January, but a hike in cash reserve ratio (CRR) cannot be ruled out, many bank chief executives said in response to a Mint poll conducted at Bancon, the annual banking event of the industry. Also See Mint Poll (Graphic) The hike in CRR, or the portion of a bank’s deposits that has to be maintained in cash with RBI, could go up by 25-50 basis points as a “symbolic” action, said a majority of the bankers polled, though that would not translate into rate hikes by banks at least in the first half of this calendar year. One basis point is one-hundredth of a percentage point. A 50 basis points hike in CRR will suck out about Rs21,000 crore of liquidity from the system. Banks have been parking about Rs90,000 crore of their excess funds with RBI at its reverse repo window. RBI sucks out excess liquidity from the system through its reverse repo window, offering 3.25%. CRR is now 5%. The previous time RBI made a change in its policy rate and CRR was in April. In its last policy in October, RBI kept the policy rate and CRR unchanged, but withdrew the special refinance facilities it had opened for a few sectors, including mutual funds that were hurt by the liquidity crunch in the aftermath of the fall of US investment bank Lehman Brothers Holdings Inc. The bankers do not expect RBI to hike rates even as inflation continues to rise. India’s food price index rose 18.22% in the year to 26 December. Although it is lower than the annual rise of 19.83% in the previous week, it poses serious risk for the economy. The wholesale price-based inflation index is at 4.78% for November and analysts expect it be around 7% in December. According to the bank CEOs, the rise in inflation is a problem of supply and not because of a rise in domestic demand. A rate hike at this point is not warranted to curb inflation, they said. “Rates are to be kept stable this time,” said State Bank of India chairman O.P. Bhatt. Mint spoke to chiefs of 12 banks, public and private, including Bank of Baroda, Canara Bank, Indian Bank, Oriental Bank of Commerce, Andhra Bank, Indian Overseas Bank, Vijaya Bank, Corporation Bank, Yes Bank Ltd and Federal Bank Ltd. anup.r@livemint.com Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 12:04 pm RIL eyes Lyondell co-promotershipReliance Industries Ltd (RIL) is wooing the LyondellBasell management, especially Russian promoter Leonid Blavatnik, to become co-promoter in the bankrupt Dutch chemical company.Source: Business Standard | Front Page Headlines | 11 Jan 2010 | 12:04 pm The Mint Report for 11 January 2010There’s another twist to India’s much-awaited 3G spectrum auction. The government has now decided to auction only three slots of 3G spectrum instead of four. Under the new plan, even parts of India that previously had less spectrum to auction, like Rajasthan and Delhi, will now have three slots to put on the block. Analysts say the government is unlikely to overall lose revenue because of this uniformity. Last year, an empowered group of ministers had earlier decided on auctioning four slots and raising Rs25,000 crore in the process. Reliance Industries Limited has once again raised cash for what could be a move to acquire the bankrupt petrochemicals company LyondellBasell. On Monday, RIL sold 33 million treasury shares, raising $763 million in the process. In September it sold shares worth $660 million and last week it raised another $577 million. Also last week, The Wall Street Journal reported that RIL had increased its offer price for controlling stake in LyondellBasell to $13.5 billion from the earlier $12 billion. New government data shows India’s exports shot upwards last month. Overseas shipments in December increased 18.2% to reach $14.6 billion, the highest it has been at in 14 months. The rise in exports has been aided by government stimulus packages put in place to combat 2008’s downturn. In the period between September of 2008 and April of 2009 alone, the government deployed stimulus measures worth more than 12% of India’s GDP. The government is trying to address opposition to the new genetically modified crop, Bt Brinjal. Environment minister Jairam Ramesh plans to hold public meetings all across India with scientists, farmers’ organisations and others opposed to the use of the crop. Government regulators approved the use of Bt Brinjal last yea Source: LatestNews-Home - Livemint.com | 11 Jan 2010 | 12:01 pm ‘3 Idiots’ looks to cash in on TV rightsNew Delhi: The makers of 3 Idiots are looking to make a killing on the idiot box but television executives aren’t having any of it. After earning Rs240 crore in the first 10 days of its release, Aamir Khan-starrer 3 Idiots is hawking satellite television rights of the movie for a record Rs20 crore, said senior executives of at least three Hindi entertainment channels eager to buy rights to broadcast the film. “The price we hear is prohibitive but broadcasters expect it to come down in the next two weeks,” said Gaurav Gandhi, executive vice-president, business operations, NDTV Imagine. A senior Colors executive agreed that the current price is “unheard of”. “I haven’t taken a call yet,” the film’s producer Vidhu Vinod Chopra told Mint in a text message. If Chopra manages to sell the film for Rs20 crore, it would be the highest price for satellite TV rights of any film in India. To be sure, satellite TV rights for blockbuster films do not come cheap. Some of the earlier box-office hits sold at a premium include films such as Om Shanti Om, Krrish, Dhoom and Taare Zamin Par, which were sold at between Rs10 crore and Rs15 crore exclusively to TV channels for a specified number of years and broadcasts. Kamal Gianchandani, chief operating officer of Reliance Big Pictures, which distributed 3 Idiots in India and abroad, isn’t surprised by the price tag. “Considering the success of the film, the producer can demand a much higher price,” he said. Gandhi said that although television channels are keen to get the TV premiere rights, 3 Idiots may not appear on the small screen in a hurry since it is a smash hit and is still running in theatres. However, over the years, the lead time between the release of a film at cinema halls and its television premier has reduced dramatically. “The rights are often sold with a clause which allows television premiere within 45 days of a film’s theatrical release,” the Colors executive pointed out. He spoke on condition of anonymity. The reason is that a producer makes his money in the theatrical release in a much shorter time thanks to an increased number of prints (1,000 prints now instead of a couple of hundred earlier), digital or otherwise, that are released. As a result, the film reaches the smaller towns much faster, Gandhi said. Since the film has been already seen widely in theatres, it could affect its television viewership. Gianchandani, who has also worked extensively in the multiplex business, disagrees. “Such films are watched again and again on different formats. Besides, even the most successful film is seen by 6.5 crore people in theatres,” he said. Cable and satellite TV has some 400 million viewers in India. So are the television channels open to picking up the rights for such a high price? “One has to see if it makes financial sense,” said the Colors executive, who may be encouraged by the high television rating that Ranbir Kapoor and Katrina Kaif-starrer Ajab Prem Ki Gazab Kahani delivered for the channel. A senior executive at Sony, however, said the price of the film would come down. “The producer is fishing. There’s no serious discussion yet,” he said, declining to be named. Source: Home - Livemint.com | 11 Jan 2010 | 11:20 am Gold regains 17 K Re gains 42 paiseA sustained weakness in dollar value overseas has the gold in domestic markets surging by Rs 170 per 10 grams to regain the psychologically important Rs 17,000 level and the rupee soaring by 42 paisa against the US currency.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 10:07 am Canara Bank to expand in UKCanara Bank will soon become the sixth major Indian bank to open a branch in the East Midlands town of Leicester, which has a large population of Indian origin and has close business links with India.Source: HindustanTimes.com - Top Business News Headlines | 11 Jan 2010 | 9:44 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
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