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Hind Rectifiers derives 60% rev from railway bizIn an interview with CNBCTV18, SK Nevatia, Chairman and Managing Director of Hind Rectifiers Ltd, spoke about his outlook for the company.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 8:38 am Vishal Retail in talks for strategic investor, debt recastDiscount retailer Vishal Retail is in talks to bring in a strategic investor to infuse capital in the company and is negotiating with lenders to recast its Rs 7.3billion debt, a top company official said.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 8:31 am Crack down: Mauritius to ensure firms meet Indian lawsMauritius will revoke the licence of Mauritiusbased entities that accept money sourced from India and then send it back to India as a way of circumventing Indian tax laws, Mauritius\'s finance minister said on Wednesday.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 8:29 am EIL cash strip: The true pictureIn an interview with CNBCTV18, Pradip Baijal, Former Secretary of Department of Divestment, spoke about his outlook on the suitable divestment process for Engineers India Limited (EIL).Source: Moneycontrol Top Headlines | 20 Jan 2010 | 8:14 am Expect sops for textile exporters in budget: Maxwell IndCotton yarn manufacturer Maxwell Industries, part of the VIP Group is a leading supplier of innerwear. With the group\'s turnover at USD 75 million and the government expected to announce more incentives for the textile sector, Maxwell Industries is poised to benefit.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 7:43 am LG Display swings to Q4 profit but misses forecastLG Display Co Ltd reported a smaller than expected quarterly operating profit on seasonal demand weakness for flat screens and a stronger local currency, but the sector is headed for a strong 2010 on robust Chinese demand.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 7:22 am Global growth to exceed 3 percent in 2010: Strauss-Kahn!The global economy is recovering more strongly than expected and the projected growth rate for 2010 is likely to beat the forecast 3 percent, the International Monetary Fund (IMF) said on Wednesday.Source: Zee News : Business | 20 Jan 2010 | 5:38 am IBM raises outlook but investors wary after rally!IBM raised its 2010 profit target and reported a stronger-than-expected, 9 percent increase in fourth-quarter earnings, as cost cuts and a shift to more profitable contracts helped it weather a slump in corporate spending.Source: Zee News : Business | 20 Jan 2010 | 5:38 am Dubai`s debt could be as much as $170 bn: Report!The total debt of cash-strapped Dubai could be as much as 170 billion dollars, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.Source: Zee News : Business | 20 Jan 2010 | 5:38 am Wipro Q3 net up 21 percent at Rs 1,217 core !IT firm Wipro Ltd today reported 21.26 percent growth in consolidated net profit at Rs 1,217.4 crore for the third quarter ended December 31, 2009.Source: Zee News : Business | 20 Jan 2010 | 5:38 am US FDA gives a clean chit to Lupin\'s Mandideep facilityCNBCTV18 learns that Mumbaibased drug firm Lupin Pharmaceuticals Mandideep facility has received a clearance from the United States Food and Drug Administration (US FDA) on the warning letter issued in May 2009 to its Mandideep site. However, the companys management declined to comment on the development.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 5:14 am Gold still on a feverish pitchHaving made a new lifetime high in recent weeks, where do gold prices go from here?Source: Moneycontrol Top Headlines | 20 Jan 2010 | 5:02 am Fasttracking justice: Law Minister\'s roadmap to reformAn ambitious plan to speed up the process, but will quality be sacrificed?Source: Moneycontrol Top Headlines | 20 Jan 2010 | 5:02 am Request for qualifications for 2 UMPPs within 15 days: GovtThe Indian government will float Request For Qualifications (RFQ) for two ultra mega power projects (UMPPs) within next 15 days, Power Minister Sushil Kumar Shinde said on Wednesday.Source: Moneycontrol Top Headlines | 20 Jan 2010 | 5:00 am Reduce Sesa Goa target of Rs 344 Angel Sec - Moneycontrol.com
Source: Business - Google News | 20 Jan 2010 | 3:15 am TVS Motor reports Rs 23.53 crore net profit - Business Standard
Source: Business - Google News | 20 Jan 2010 | 3:04 am JSW Steel back in black with Rs 430 cr profit - Business Standard
Source: Business - Google News | 20 Jan 2010 | 2:57 am Markets end flat on weak global cuesMumbai: Indian shares fell 0.2% on Wednesday, weighed down my weak global cues. Oil & Natural Gas Corp and Reliance Industries led the losses. The 30-share BSE index ended down 0.07% or 11.57 points at 17,474.49, with 17 components losing. The 50-share NSE index closed down 0.1% at 5,221.70. Source: Home - Livemint.com | 20 Jan 2010 | 2:55 am Wipro Q3 beats street, confirms outsourcing revivalBANGALORE (Reuters) - Wipro Ltd underscored the sector's recovery with an upbeat outlook and forecast-beating quarterly profit, as a global recovery boosts demand from key financial clients.Source: Reuters: Money News | 20 Jan 2010 | 2:53 am Nissan introduces 370Z coupe in India - India Infoline.com
Source: Business - Google News | 20 Jan 2010 | 2:51 am INTERVIEW - Vishal Retail in talks for strategic investorNEW DELHI (Reuters) - Discount retailer Vishal Retail is in talks to bring in a strategic investor to infuse capital in the company and is negotiating with lenders to recast its 7.3-billion-rupee debt, a top company official said.Source: Reuters: Money News | 20 Jan 2010 | 2:43 am TEXT - Fitch: JAL's bankruptcy to have less impact on Japan's banks(The following statement was released by the ratings agency)Source: Reuters: Money News | 20 Jan 2010 | 2:33 am Sony to launch PS3 motion controller in autumnTokyo: Sony Corp. said Wednesday it has pushed back the release of its highly anticipated motion controller for the PlayStation 3 game console to the fall. The device will be available in North America, Europe, Japan and other Asian countries. Sony did not say how much the controller will cost. The controller was slated for a spring launch when Sony first announced details in September. But it decided to wait several months until new games were available to accompany the release, said Makiko Noda, spokeswoman for Sony Computer Entertainment Inc. in Tokyo. “We will continue to work to have a comprehensive portfolio of attractive and innovative games for the Motion Controller,” said Sony Computer Entertainment president Kazuo Hirai in a statement. Games are being developed by SCE and third party developers, he said, Sony said it will unveil its software lineup at a later date. Used with the existing PlayStation Eye camera, the controller can track players’ voices, faces and body motion. The controller, in turn, has on its end a light-emitting sphere that can be recognized by the PlayStation Eye camera. The latest announcement comes as both Sony and Microsoft Corp., maker of the Xbox 360, take aim at Nintendo Co.’s dominance in the gaming sector. Since Nintendo launched its popular Wii console in 2006, it has consistently outsold rivals. The company was the first to introduce motion-detecting controllers, which enable users to physically interact with games. Now Sony has developed its own version, as has Microsoft Corp. with its “Project Natal.” Natal, which combines a camera, depth sensor, microphone and processor, eliminates the need for any button-mashing device. Microsoft is expected to release Natal in time for the Christmas shopping season but has not set a specific date. Although demand for the Wii has slowed in recent months, it remained the most popular console among Americans in December with 3.18 million units sold. The PS3 sold 1.4 million units, while Microsoft Corp.’s Xbox 360 came close with 1.3 million. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 2:27 am Sony to launch PS3 motion controller in autumnTokyo: Sony Corp. said Wednesday it has pushed back the release of its highly anticipated motion controller for the PlayStation 3 game console to the fall. The device will be available in North America, Europe, Japan and other Asian countries. Sony did not say how much the controller will cost. The controller was slated for a spring launch when Sony first announced details in September. But it decided to wait several months until new games were available to accompany the release, said Makiko Noda, spokeswoman for Sony Computer Entertainment Inc. in Tokyo. “We will continue to work to have a comprehensive portfolio of attractive and innovative games for the Motion Controller,” said Sony Computer Entertainment president Kazuo Hirai in a statement. Games are being developed by SCE and third party developers, he said, Sony said it will unveil its software lineup at a later date. Used with the existing PlayStation Eye camera, the controller can track players’ voices, faces and body motion. The controller, in turn, has on its end a light-emitting sphere that can be recognized by the PlayStation Eye camera. The latest announcement comes as both Sony and Microsoft Corp., maker of the Xbox 360, take aim at Nintendo Co.’s dominance in the gaming sector. Since Nintendo launched its popular Wii console in 2006, it has consistently outsold rivals. The company was the first to introduce motion-detecting controllers, which enable users to physically interact with games. Now Sony has developed its own version, as has Microsoft Corp. with its “Project Natal.” Natal, which combines a camera, depth sensor, microphone and processor, eliminates the need for any button-mashing device. Microsoft is expected to release Natal in time for the Christmas shopping season but has not set a specific date. Although demand for the Wii has slowed in recent months, it remained the most popular console among Americans in December with 3.18 million units sold. The PS3 sold 1.4 million units, while Microsoft Corp.’s Xbox 360 came close with 1.3 million. Source: Tech News - Livemint.com | 20 Jan 2010 | 2:27 am NTPC share trading to be suspended from February 3-5 - Economic Times
Source: Business - Google News | 20 Jan 2010 | 2:25 am Toyota in Argentine lithium deal for hybrid car pushSYDNEY/TOKYO (Reuters) - A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.Source: Reuters: Money News | 20 Jan 2010 | 2:24 am Rupee stays at 2-week low on shares, dollar gainsMumbai: The Indian rupee continued to trade close to its lowest level in two weeks on Wednesday afternoon tracking choppy domestic shares and the dollar’s gains against major currencies overseas. At 2:55pm, the partially convertible rupee was at Rs45.87/88 per dollar, weaker than Tuesday’s close of Rs45.78/79. The unit dropped as low as Rs45.9950, its weakest since 6 January. Indian shares turned negative on Wednesday, after having been up 0.6% earlier, with outsourcers and bank stocks leading the downturn. Dealers said the rupee had dropped mainly tracking the dollar’s moves globally. The index of the dollar against six major currencies was up 0.4%. Most Asian units also were weaker compared to the US dollar. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 4.8950 respectively, with the total traded volume on the two exchanges at about $5.2 billion. Source: Home - Livemint.com | 20 Jan 2010 | 2:16 am Oil extends losses to $78 on tight China creditLondon: Oil extended losses towards $78 a barrel on Wednesday on tighter credit policy in China, a stronger dollar and expectations that US refiners processed less crude. US crude for February delivery fell more than 1% to $78.15 a barrel by 2:35pm, on its last day as the front-month NYMEX contract. March crude fell 75 cents to $78.57. London Brent for March fell 70 cents to $76.93. Chinese banking authorities have instructed some major banks to stop new lending for the rest of January after loan growth surged in the first few weeks of the year, official media and banking sources said on Wednesday. “I expect China to continue to tighten its monetary policy over the next six months,” said Clarence Chu, an energy trader at Hudson Capital Energy in Singapore. “People expect less cash to be flowing around, so today’s news would also have a bearish impact on the market in the short run.” Separately, US crude inventories likely rose for a third straight week as imports increased and refinery utilisation fell with the start of the maintenance season, a preliminary Reuters poll of analysts showed. A stronger dollar also weighed on crude. The euro fell to its lowest level in five months against the dollar and sterling on Wednesday on concern about Greece’s fiscal problems. On Tuesday, prices hit their lowest this year at $76.76 for front-month U.S. crude futures before rising to above $79. They touched a 15-month high near $84 on 11 January. US inventory reports this week are due out a day later than usual because of Monday’s Martin Luther King Jr. holiday. The American Petroleum Institute will issue its industry report later on Wednesday. The Energy Information Administration will publish government data on Thursday at 9:00pm.. US crude stockpiles were expected to have gained 2.5 million barrels on average the week ended 15 January, a survey of eight analysts showed. Distillate stocks were projected up 400,000 barrels, with heating oil demand expected to have fallen amid moderating winter temperatures in the US Northeast. Gasoline stocks probably rose 1.9 million barrels. The country’s refinery utilization was forecast to have fallen 0.3 percentage point to 81% of capacity. Some US refineries have begun their first-quarter maintenance, with the goal of retooling for gasoline production ahead of the summer driving season. China’s move to limit credit could be interpreted as further tightening of Chinese monetary policy. Higher reserve requirements for Chinese banks last week pulled commodity prices lower as traders anticipated the phasing out of economic stimulus measures. Still, analsysts say Chinese industrial production probably grew at its fastest pace in almost four years, jumping by 20% in the year to December compared to a reading of 19.2% in November. China’s December economic indicators will be published on Thursday at 7:30am. Source: Home - Livemint.com | 20 Jan 2010 | 2:10 am Sensex volatile; ONGC, RIL, Wipro, Sterlite, DLF, SBI dip - Moneycontrol.com
Source: Business - Google News | 20 Jan 2010 | 2:09 am HDIL Q3 net profit dips 12% to Rs162 cr Mumbai: Housing Development and Infrastructure Ltd (HDIL) on Wednesday said that its net profit declined by nearly 12% to Rs162.76 crore for the quarter ended 31 December, 2009, over the same period last year. However, the company’s total income rose to Rs435.47 crore for the third quarter, against Rs334.7 crore in the same period previous fiscal, HDIL said in a filing to the Bombay Stock Exchange (BSE). For the nine-month period ended 31 December, the firm posted a net profit of Rs418.84 crore, a decline of 45.49% over the year-ago period. Shares of HDIL were trading at Rs382.90 on the BSE, down 0.88% from previous close. Source: Home - Livemint.com | 20 Jan 2010 | 2:05 am HDIL Q3 net profit dips 12% to Rs162 cr Mumbai: Housing Development and Infrastructure Ltd (HDIL) on Wednesday said that its net profit declined by nearly 12% to Rs162.76 crore for the quarter ended 31 December, 2009, over the same period last year. However, the company’s total income rose to Rs435.47 crore for the third quarter, against Rs334.7 crore in the same period previous fiscal, HDIL said in a filing to the Bombay Stock Exchange (BSE). For the nine-month period ended 31 December, the firm posted a net profit of Rs418.84 crore, a decline of 45.49% over the year-ago period. Shares of HDIL were trading at Rs382.90 on the BSE, down 0.88% from previous close. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 2:05 am CIL buys equipment worth Rs2,000 cr to improve productivityNew Delhi: State-owned Coal India has bought mining equipment worth Rs 2,000 crore from foreign firms, including Caterpillar and Atlas Copco, to improve productivity of its Chhattisgarh mines. “We bought these equipment at an investment of Rs 2,000 crore from companies like Caterpillar, Bucyrus, Atlas Copco. We have commissioned these sophisticated equipment at our leading mines in Chhattisgarh for improved mining,” Coal India chairman Partha S Bhattacharyya told PTI. The mining equipment were commissioned at Dipka and the Gevra coal mines earlier this week, which together produces about 60 million tonnes of coal. “These mines will comprise 15% of the production target of our current financial year,” he added. CIL has planned to produce 435 million tonnes of coal in 2009-10. The demand-supply gap for coal in the country is estimated at around 70 million tonnes for the current fiscal and is forecast to double in the next two years. The coal major has also lowered its annual production target for 2011-12 to 486 million tonnes from earlier 520 million tonnes on account of delays in securing certain clearances for its expansion projects. “Such equipment will help us remove the overburden on the mines, penetrate deep and help us to produce more,” he added. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 2:04 am Dr Reddy's posts $113 mln net loss in Q3MUMBAI (Reuters) - Indian drug maker Dr Reddy's Laboratories Ltd posted a 5.2 billion rupees consolidated loss ($113 million) in the December quarter, compared with a profit of 2.4 billion rupees in the year-ago period, missing forecasts.Source: Reuters: Money News | 20 Jan 2010 | 2:00 am Vishal Retail in talks for strategic investorNew Delhi: Discount retailer Vishal Retail is in talks to bring in a strategic investor to infuse capital in the company and is negotiating with lenders to recast its Rs7.3-billion debt, a top company official said. “It’s realised that fresh infusion of capital is mandatory. The company is looking at all the options including talking to strategic/financial investors,” Group president Ambeek Khemka told Reuters in an interview on Wednesday. Vishal Retail, which runs a chain of 147 stores across the country, ran into difficulty in late 2008 after it failed to raise equity amid an economic downturn which also hit its sales, leaving it with a huge debt burden. Vishal Retail’s founder Ram Chandra Agarwal holds about 60% stake in the company and, Khemka said, to help the company survive, the founder was willing to dilute his stake and bring in a strategic investor. “Just preliminary talk that we are having,” Khemka said of the strategic investor, adding a deal “may or may not” materialise this quarter. The company’s December quarter store sales fell an annual 5% to Rs3.18 billion as Vishal Retail closed some stores and it should not report a profit for the quarter and also for the next three months as well, Khemka said. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:58 am Cadbury buyout to help Kraft expand presence in developing mkts - Business Standard
Source: Business - Google News | 20 Jan 2010 | 1:56 am Mukherjee says taking steps to tame inflationNEW DELHI (Reuters) - Finance minister Pranab Mukherjee said on Wednesday the government was taking steps to contain inflation.Source: Reuters: Money News | 20 Jan 2010 | 1:54 am HDFC Bank ups India FY10 growth forecast to 7.1% Mumbai: The Indian economy may grow at 7.1% in the financial year ending March from an earlier forecast of 6.8% driven by better industrial growth prospects, HDFC Bank said in a recent note. The bank now expects industrial growth in 2009-10 fiscal year to be 9% from 8.6% earlier after industrial output grew at its fastest pace in two years in November at 11.7%. “We believe that recovery currently underway has been far more broad-based than what a purely stimulus driven recovery would entail,” the bank said, adding that growth is likely to sustain for 2010-11. It expects the economy to grow at 7.7% in 2010-11 fiscal year. HDFC Bank said that it sees inflation touching 8.5% by March and speed to 10.9% by July. Indian inflation jumped to a one-year high of 7.3% in December, reinforcing views the central bank will start increasing reserve requirements later this month to contain price pressures as the economic recovery strengthens. HDFC Bank said that it sees credit growth to pick up to 14-16% levels by March 2010 and recover substantially to 22-23% by March 2011 as recovery becomes more entrenched. It expects the central bank to hike the cash reserve ratio by 50 basis points at the 29 January policy meet. Rate hikes at this stage could derail growth momentum, it added. It sees the earliest possible rate action in April when the central bank has a clearer sense of credit growth and the government’s borrowing needs for 2010-11. A gradual hike in policy rate rates to the tune of 100-125 basis points in 2010-11 would normalise monetary condition and is unlikely to reverse the pick-up in growth momentum, it said. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:53 am HDFC Bank ups India FY10 growth forecast to 7.1% Mumbai: The Indian economy may grow at 7.1% in the financial year ending March from an earlier forecast of 6.8% driven by better industrial growth prospects, HDFC Bank said in a recent note. The bank now expects industrial growth in 2009-10 fiscal year to be 9% from 8.6% earlier after industrial output grew at its fastest pace in two years in November at 11.7%. “We believe that recovery currently underway has been far more broad-based than what a purely stimulus driven recovery would entail,” the bank said, adding that growth is likely to sustain for 2010-11. It expects the economy to grow at 7.7% in 2010-11 fiscal year. HDFC Bank said that it sees inflation touching 8.5% by March and speed to 10.9% by July. Indian inflation jumped to a one-year high of 7.3% in December, reinforcing views the central bank will start increasing reserve requirements later this month to contain price pressures as the economic recovery strengthens. HDFC Bank said that it sees credit growth to pick up to 14-16% levels by March 2010 and recover substantially to 22-23% by March 2011 as recovery becomes more entrenched. It expects the central bank to hike the cash reserve ratio by 50 basis points at the 29 January policy meet. Rate hikes at this stage could derail growth momentum, it added. It sees the earliest possible rate action in April when the central bank has a clearer sense of credit growth and the government’s borrowing needs for 2010-11. A gradual hike in policy rate rates to the tune of 100-125 basis points in 2010-11 would normalise monetary condition and is unlikely to reverse the pick-up in growth momentum, it said. Source: Home - Livemint.com | 20 Jan 2010 | 1:53 am FTSE slips as China action on lending hurts minersLondon: Weakness in miners, dented by an uncertain demand outlook in China after authorities there moved to limit lending, pushed Britain’s top share index down 0.3% early on Wednesday. By 0850 GMT the FTSE 100 was down 11.01 points at 5,502.13 having closed up 18.75 points, or 0.3%, on Thursday at 5,513.14. Sources in China said authorities had instructed major banks to stop lending for the rest of January after they went on a lending binge earlier in the month, sending stocks in the region sharply lower. Commodity prices weakened as the move clouded the demand outlook, which hit miners. Rio Tinto, Xstrata, Lonmin, Anglo American, Kazakhmys and BHP Billiton fell 1.6-2.1%. BHP Billiton, the world’s largest miner, on Wednesday gave an upbeat outlook for commodities, shipping half its record quarterly production of iron ore to China, and setting the stage for higher 2010 output. “A lot of the momentum in gold and other metals was brought on by the China recovery story, so if that is threatened that will go and other stocks will have to follow,” said Nick Serff, market analyst at City Index. Banks, sensitive to shifts in risk appetite, also retreated, with investors nervous ahead of earnings releases from Bank of America and Morgan Stanley. Barclays, Standard Chartered, Royal Bank of Scotland and Lloyds Banking Group fell 0.3-1.4%. But HSBC bucked the trend, up 0.2%. Healthy pharmas Pharmaceuticals stocks were the main support for the index, after a Republican win in the US Senate race in Massachusetts robbed Democrats of the crucial 60th Senate vote needed to pass healthcare reform. “The odds of major US healthcare reform, or something that’s not to the Republicans liking, is now looking less than 50% -- and that’s going to help the pharmaceutical companies,” said Jefferies analyst Jeffrey Holford. AstraZeneca and GlaxoSmithKline added 0.3% and 1% respectively, while Shire gained 1.7%, also boosted by an upgrade to ‘overweight’ from ‘neutral’ by JP Morgan. British jobless numbers will be the main economic focus on Wednesday, with the claimant count forecast to have fallen 2,500 in December after a 6,300 drop in November, and the unemployment rate seen up to 8% from 7.9%. Average earnings were seen rising 1.6% in November, after a 1.5% rise previously. Minutes from the first Bank of England Monetary Policy Committee meeting of 2010 will also be released at 0930 GMT, with all nine members expected to have backed the decision to leave interest rates and the central bank’s quantitative easing policy unchanged. Confederation of British Industry director general Richard Lambert said on Wednesday the best outlook for the country’s economy was a fragile recovery this year that extended into 2011, in a Financial Times interview. Imperial Tobacco was the top blue-chip loser, down 3.3% after the stock went ex-dividend on Wednesday, taking 2.05 points off the FTSE 100 index. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:51 am Dr Reddy’s posts $113 mn net loss in Q3Mumbai:Drug maker Dr Reddy’s Laboratories Ltd posted a Rs5.2 billion consolidated loss ($113 million) in the December quarter, compared with a profit of Rs2.4 billion in the year-ago period, missing forecasts. A Reuters poll had forecast an average net profit of Rs1.45 billion. Dr Reddy’s, India’s second-biggest drug maker by sales, said in September it had voluntarily recalled four products from its key US market as they had been observed to contain some oversized tablets. Shares in Dr Reddy’s, which is valued at $4.5 billion, rose 16% in the December quarter, outperforming a 14% surge in the sector index and a 2% rise in the benchmark index. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:42 am Budget 2010 - what the media is sayingBusiness Standard In a story titled ”Chaturvedi panel report on co-ops likely today”, Business Standard reports that budgetary allocation for this sector may fall by 3000 Crore in view of the financial assistance given to co-operatives under the agricultural debt waiver and debt relief scheme of 2008. For all Mint’s budget coverage visit our budget site The Hindu Business Line The Hindu Business Line has carried a PTI story which quotes veteran economist Suresh Tendulkar as saying that the Reserve Bank of India (RBI) may consider withdrawing excess liquidity in the system to tame high inflation at its monetary policy review. The Hindu Online In its story ”MCD proposes increase in property tax rates”, the Hindu reports that in a meeting to finalize the revised MCD budget estimate for 2009-10 and budget estimates for 2010-11, the Standing Committee of the Municipal Corporation of Delhi proposed some modifications in the existing rates of property tax and mooted several new taxes and surcharges. Times of India In a story titled ”Exporters want easier tax norms”, TOI reports that the Indian Export Organisations president will present a wishlist looking at simpler tax norms and continued stimulus from the government in 2010-11 during a budget-making discussion today (Wednesday). Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:42 am Dr Reddy’s posts $113 mn net loss in Q3Mumbai:Drug maker Dr Reddy’s Laboratories Ltd posted a Rs5.2 billion consolidated loss ($113 million) in the December quarter, compared with a profit of Rs2.4 billion in the year-ago period, missing forecasts. A Reuters poll had forecast an average net profit of Rs1.45 billion. Dr Reddy’s, India’s second-biggest drug maker by sales, said in September it had voluntarily recalled four products from its key US market as they had been observed to contain some oversized tablets. Shares in Dr Reddy’s, which is valued at $4.5 billion, rose 16% in the December quarter, outperforming a 14% surge in the sector index and a 2% rise in the benchmark index. Source: Home - Livemint.com | 20 Jan 2010 | 1:42 am Budget 2010 - what the media is sayingBusiness Standard In a story titled ”Chaturvedi panel report on co-ops likely today”, Business Standard reports that budgetary allocation for this sector may fall by 3000 Crore in view of the financial assistance given to co-operatives under the agricultural debt waiver and debt relief scheme of 2008. For all Mint’s budget coverage visit our budget site The Hindu Business Line The Hindu Business Line has carried a PTI story which quotes veteran economist Suresh Tendulkar as saying that the Reserve Bank of India (RBI) may consider withdrawing excess liquidity in the system to tame high inflation at its monetary policy review. The Hindu Online In its story ”MCD proposes increase in property tax rates”, the Hindu reports that in a meeting to finalize the revised MCD budget estimate for 2009-10 and budget estimates for 2010-11, the Standing Committee of the Municipal Corporation of Delhi proposed some modifications in the existing rates of property tax and mooted several new taxes and surcharges. Times of India In a story titled ”Exporters want easier tax norms”, TOI reports that the Indian Export Organisations president will present a wishlist looking at simpler tax norms and continued stimulus from the government in 2010-11 during a budget-making discussion today (Wednesday). Source: Home - Livemint.com | 20 Jan 2010 | 1:42 am Radio Mirchi sees margin improvement going ahead - Moneycontrol.com
Source: Business - Google News | 20 Jan 2010 | 1:40 am Gold demand abates as rupee weakensMumbai: India’s gold demand abated on Wednesday as the rupee weakened against the dollar, making the dollar-quoted yellow metal expensive, dealers said. “It (gold demand) is quiet today, yesterday we did deals at around $1,133/1,135 (an ounce),” said a dealer with a private bank in Mumbai. International gold was trading at $1,129.45/1,130.25 an ounce as against $1,137.95/1,138.75 at the close of the previous session. Domestic gold demand had picked up late in the previous session. The Indian rupee dropped to its lowest in two weeks as weakness in other Asian currencies weighed, but gains in the stockmarket helped stem further losses. Dealers said the traders were awaiting a reversal in the rupee and also a slight ease in prices overseas to enter into fresh deals. “I have my orders lined up at $1,118-1,125,” said another dealer with a bullion dealing private bank. India imported 300-350 tonnes of gold in 2009, higher that the previous estimate of a little over 200 tonnes, the head of the Bombay Bullion Association said on 4 January. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:38 am Price of milk to increase: Sharad Pawar - Times of India
Source: Business - Google News | 20 Jan 2010 | 1:27 am Glaxo offers free malaria research, vaccine nearsNew York/London: GlaxoSmithKline Plc hopes to seek approval by 2012 for its experimental malaria vaccine and said on Wednesday it would seek only a small profit and ensure it is widely available in hard-hit countries. Chief executive Andrew Witty also said the company would give away access to a stock of 13,500 potential malaria treatments for others to test and develop further if they show promise against the disease. Glaxo will likely derive a “small 5% return” on the vaccine, Witty said, enough to help encourage other drugmakers to continue their own research against diseases that remain big killers in least developed countries. “(Its) sales in dollars will be a very small number,” he told reporters ahead of a planned speech on Wednesday to the Council on Foreign Relations in New York. “We must ... ensure that we do not do anything which would discourage other companies from entering into this field,” he said, adding that Glaxo’s return would be reinvested into research on medicines for diseases in poor countries. “If we set a precedent of not-for-profit (pricing), we could discourage others from doing research into malaria or other neglected tropical diseases.” The Mosquirix vaccine is expected to complete late-stage trials in 2011 involving 16,000 people. If proven effective, and approved by regulators, it would be the first to protect against infection with mosquito-borne parasites that cause malaria. “If it lives up to its promise, I think it’s incredible,” Witty said. He said it could be a major weapon in the battle against the disease, which kills more than 1 million people a year worldwide, most of them children in Africa and Asia. Free malaria research Five researchers at Glaxo have spent a year testing 2 million molecules to identify any that might be developed into a treatment against malaria. Witty said the 13,500 they had come up with would now be offered free to the scientific and research community, and other companies, to investigate further. “This is the furthest anybody has gone,” he said. “Nobody has put into the public domain the product of a 2 million screen (of molecules). These are essentially the building blocks from which all of our drugs eventually come.” As long as any results helped in the battle against malaria, he said, there would be “no strings attached” and Glaxo would not expect to receive payment of royalties for the initial work. Glaxo last year said it would grant researchers in developing countries access to 800 related patents and patent applications -- known as a patent pool -- on tropical diseases. Witty said the firm would likely be inclined at some point to also allow researchers access to patents involving possible treatments for HIV, the virus that causes AIDS, which has taken an especially heavy toll in Africa. “We want to be part of constructive engagement,” he said, referring to a possible HIV-drug patent pool. In the meantime, he said Glaxo had already granted eight voluntary licences in Africa that allow others to produce generic forms of the company’s HIV treatments without paying royalties to the London-based drugmaker. “Last year, those people who took those licences from us actually manufactured and delivered into least developed countries four times more product than we did,” Witty said. The British-based drugmaker is also setting up an “open lab” in Tres Cantos, Spain, for scientists to pursue work against tropical diseases using Glaxo’s equipment and setting up an $8 million not-for-profit foundation to help fund the project. Source: Home - Livemint.com | 20 Jan 2010 | 1:26 am Glaxo offers free malaria research, vaccine nearsNew York/London: GlaxoSmithKline Plc hopes to seek approval by 2012 for its experimental malaria vaccine and said on Wednesday it would seek only a small profit and ensure it is widely available in hard-hit countries. Chief executive Andrew Witty also said the company would give away access to a stock of 13,500 potential malaria treatments for others to test and develop further if they show promise against the disease. Glaxo will likely derive a “small 5% return” on the vaccine, Witty said, enough to help encourage other drugmakers to continue their own research against diseases that remain big killers in least developed countries. “(Its) sales in dollars will be a very small number,” he told reporters ahead of a planned speech on Wednesday to the Council on Foreign Relations in New York. “We must ... ensure that we do not do anything which would discourage other companies from entering into this field,” he said, adding that Glaxo’s return would be reinvested into research on medicines for diseases in poor countries. “If we set a precedent of not-for-profit (pricing), we could discourage others from doing research into malaria or other neglected tropical diseases.” The Mosquirix vaccine is expected to complete late-stage trials in 2011 involving 16,000 people. If proven effective, and approved by regulators, it would be the first to protect against infection with mosquito-borne parasites that cause malaria. “If it lives up to its promise, I think it’s incredible,” Witty said. He said it could be a major weapon in the battle against the disease, which kills more than 1 million people a year worldwide, most of them children in Africa and Asia. Free malaria research Five researchers at Glaxo have spent a year testing 2 million molecules to identify any that might be developed into a treatment against malaria. Witty said the 13,500 they had come up with would now be offered free to the scientific and research community, and other companies, to investigate further. “This is the furthest anybody has gone,” he said. “Nobody has put into the public domain the product of a 2 million screen (of molecules). These are essentially the building blocks from which all of our drugs eventually come.” As long as any results helped in the battle against malaria, he said, there would be “no strings attached” and Glaxo would not expect to receive payment of royalties for the initial work. Glaxo last year said it would grant researchers in developing countries access to 800 related patents and patent applications -- known as a patent pool -- on tropical diseases. Witty said the firm would likely be inclined at some point to also allow researchers access to patents involving possible treatments for HIV, the virus that causes AIDS, which has taken an especially heavy toll in Africa. “We want to be part of constructive engagement,” he said, referring to a possible HIV-drug patent pool. In the meantime, he said Glaxo had already granted eight voluntary licences in Africa that allow others to produce generic forms of the company’s HIV treatments without paying royalties to the London-based drugmaker. “Last year, those people who took those licences from us actually manufactured and delivered into least developed countries four times more product than we did,” Witty said. The British-based drugmaker is also setting up an “open lab” in Tres Cantos, Spain, for scientists to pursue work against tropical diseases using Glaxo’s equipment and setting up an $8 million not-for-profit foundation to help fund the project. Source: LatestNews-Home - Livemint.com | 20 Jan 2010 | 1:26 am Glaxo offers free malaria research, vaccine nearsNew York/London: GlaxoSmithKline Plc hopes to seek approval by 2012 for its experimental malaria vaccine and said on Wednesday it would seek only a small profit and ensure it is widely available in hard-hit countries. Chief executive Andrew Witty also said the company would give away access to a stock of 13,500 potential malaria treatments for others to test and develop further if they show promise against the disease. Glaxo will likely derive a “small 5% return” on the vaccine, Witty said, enough to help encourage other drugmakers to continue their own research against diseases that remain big killers in least developed countries. “(Its) sales in dollars will be a very small number,” he told reporters ahead of a planned speech on Wednesday to the Council on Foreign Relations in New York. “We must ... ensure that we do not do anything which would discourage other companies from entering into this field,” he said, adding that Glaxo’s return would be reinvested into research on medicines for diseases in poor countries. “If we set a precedent of not-for-profit (pricing), we could discourage others from doing research into malaria or other neglected tropical diseases.” The Mosquirix vaccine is expected to complete late-stage trials in 2011 involving 16,000 people. If proven effective, and approved by regulators, it would be the first to protect against infection with mosquito-borne parasites that cause malaria. “If it lives up to its promise, I think it’s incredible,” Witty said. He said it could be a major weapon in the battle against the disease, which kills more than 1 million people a year worldwide, most of them children in Africa and Asia. Free malaria research Five researchers at Glaxo have spent a year testing 2 million molecules to identify any that might be developed into a treatment against malaria. Witty said the 13,500 they had come up with would now be offered free to the scientific and research community, and other companies, to investigate further. “This is the furthest anybody has gone,” he said. “Nobody has put into the public domain the product of a 2 million screen (of molecules). These are essentially the building blocks from which all of our drugs eventually come.” As long as any results helped in the battle against malaria, he said, there would be “no strings attached” and Glaxo would not expect to receive payment of royalties for the initial work. Glaxo last year said it would grant researchers in developing countries access to 800 related patents and patent applications -- known as a patent pool -- on tropical diseases. Witty said the firm would likely be inclined at some point to also allow researchers access to patents involving possible treatments for HIV, the virus that causes AIDS, which has taken an especially heavy toll in Africa. “We want to be part of constructive engagement,” he said, referring to a possible HIV-drug patent pool. In the meantime, he said Glaxo had already granted eight voluntary licences in Africa that allow others to produce generic forms of the company’s HIV treatments without paying royalties to the London-based drugmaker. “Last year, those people who took those licences from us actually manufactured and delivered into least developed countries four times more product than we did,” Witty said. The British-based drugmaker is also setting up an “open lab” in Tres Cantos, Spain, for scientists to pursue work against tropical diseases using Glaxo’s equipment and setting up an $8 million not-for-profit foundation to help fund the project. Source: World Business - Livemint.com | 20 Jan 2010 | 1:26 am Wipro Q3 beats street, confirms outsourcing revival - Reuters
Source: Business - Google News | 20 Jan 2010 | 1:23 am HDFC Oct-Dec net up 23 pctReuters - Three months ended Dec 31. (Versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 20 Jan 2010 | 1:02 am Wipro zooms to decade high on robust Q3 earningsShares of Wipro on Wednesday jumped over 2 per cent to a 10-year high in early trade on the Bombay Stock Exchange, after the company reported 21 per cent growth in net profit, beating street estimates.Source: HindustanTimes.com - Top Business News Headlines | 20 Jan 2010 | 12:55 am IBM offers clues on tech recovery boosts guidanceGoing into IBM Corp's fourth-quarter earnings report, a key concern was whether the technology company could eke out higher revenue after a year and a half of declines.Source: HindustanTimes.com - Top Business News Headlines | 20 Jan 2010 | 12:51 am Yes Bank quarterly net beats f'cast on loan growthMUMBAI (Reuters) - Private sector lender Yes Bank on Wednesday posted a 19 percent rise in Oct-Dec net profit, helped by higher loan growth that pushed up interest income for the bank.Source: Reuters: Money News | 20 Jan 2010 | 12:42 am Yes Bank quarterly net beats forecast on loan growth Mumbai: Private sector lender Yes Bank on Wednesday posted a 19% rise in October-December net profit, helped by higher loan growth that pushed up interest income for the bank. Net profit for the quarter rose to Rs125 crore, up from Rs105 crore a year ago, beating a Reuters poll estimate of Rs99.43 crore. “Record profits were on the back of higher loan growth, resulting in higher interest income,” Rana Kapoor, its managing director and chief executive officer, said. Loans rose 71.1% on year in the December quarter, while net interest income rose 69.5% to Rs210 crore in the same period. Its non-interest income comprising transaction banking, financial advisory and third party distribution of products rose 32.5% on year. “The results were largely on expected lines,” said Alpesh Mehta, analyst at Motilal Oswal. “Profit was mostly led by rise in loans and expansion of margins,” Mehta said. The bank’s cost of funds fell to 6.6% from 9.6% a year ago, helping net interest margins rise to 3.1%, from 2.8% a year ago. The bank’s non-performing assets as a proportion of net advances was at 0.9%, compared to 0.15% on year. The bank’s loan loss coverage ratio stood at 270%. The bank’s capital adequacy ratio was at 16.2%. At 12.14 pm, shares in the bank fell 2.45% at Rs277 in the Mumbai market that was up 0.1%. Source: Home - Livemint.com | 20 Jan 2010 | 12:23 am Citigroup Q4 loss narrows, loans seem to stabiliseCitigroup Inc posted a $7.6 billion quarterly loss on Tuesday, but the bank's shares rose as declining loan losses raised hopes that the worst might soon be over.Source: Daily News & Analysis: Money News | 20 Jan 2010 | 12:22 am Wipro Q3 net jumps 19%, says demand positiveWipro added 4,855 employees during the December quarter, its biggest pace of staff addition in more than two years.Source: Daily News & Analysis: Money News | 20 Jan 2010 | 12:20 am Advani Hotels sells 50.99% in unit to Delta CorpAdvani Hotels & Resorts (India) Ltd said on Wednesday its board approved the sale of 50.99% stake in a unit, Advani Pleasure Cruise Co Pvt Ltd, to Delta Corp Ltd.Source: Daily News & Analysis: Money News | 20 Jan 2010 | 12:18 am Day Trading GuideInitiate short position if DLF falls below Rs 374 with stiff stop-loss. Utilise rallies to sell ICICI Bank and SBI with tight stop-loss at Rs 875 and Rs 2187 respectively. We recommend a sell in Infosys with stop at Rs 2652. The near-term outlookSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am ONGC-Mittal consortium surrenders block in TurkmenistanONGC Mittal Energy Ltd (OMEL), along with its consortium partners, is understood to have surrendered its offshore exploration block in the Caspian Sea in Turkmenistan. The consortium comprised OMEL, German company Wintershall, and Denmark'sSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Pollard, Bond costliest catch of IPL 3 auctionThe newly opened Trident at the Bandra-Kurla Complex played host to the third round of player auctions for the Indian PremierSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Economics needs intellectual honestyListen to a scientist or technocrat on the one hand and an economist on the other and you more or less know how far economics as an academic subject and application has toSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Govt preparing new subsidy sharing mechanism for fuelsThe Government will prepare a new subsidy sharing mechanism for fuels that would help the public sector oil marketing companies (OMCs) and upstream companies such as ONGC, Oil India and GAIL (India). The mechanism is expected to be in place bySource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Cadbury board accepts sweetened Kraft offerA new global confectionary powerhouse is set to emerge as the board of Cadbury Plc, the London-based chocolate maker, unanimously recommended a raised 840-pence-a-share (Rs 630 a share) offer from US rival Kraft to itsSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Rupee to test 46-markRupee moved with a mild negative bias over the past week. It could not move emphatically above the 45 mark as weakness in the equity market and selling by foreign institutional investors dragged it lower. Rupee forwards in the non-deliverableSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Bajaj Hindusthan (Rs 211): SellWe recommend a sell in the stock of Bajaj Hindusthan from a short-term perspective. It is apparent from the charts that after taking support at around Rs 40 in March 2009, the stock began to trend upwards. However, it encountered significantSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Tata Power Q3 profits up 40% on lower fuel costsTata Power has posted a 40 per cent higher net profit at Rs 141 crore for the third quarter of this fiscal, up from Rs 101 crore in the same period last year, thanks to lower fuel expenditure and cheaper power from otherSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am RBI allows futures trading in euro, yen, pound sterlingThe Reserve Bank of India on Tuesday allowed futures trading in three more currencies — the euro, the pound sterling and the yen – with immediateSource: Business Line - Home Page | 20 Jan 2010 | 12:00 am Rupee down 10 paise at 45 91 a dollar in early tradeThe rupee on Wednesday declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 11:58 pm Tesco plans to open 1st Cash amp Carry outlet in India this yrTesco, the third largest retailer in the world, is planning to open its first wholesale Cash & Carry outlet in India this year, its senior official said in London.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 11:53 pm State Bank of India, ICICI Q3 net seen hit by bond movesBANGALORE (Reuters) - State Bank of India, the country's top lender, and rival ICICI Bank are likely to post lower quarterly net profit on sluggish credit demand and a fall in treasury incomes as bond yields rose.Source: Reuters: Money News | 19 Jan 2010 | 11:51 pm China orders some banks to lift reserve ratio: SourcesThe People's Bank of China has instructed CITIC Bank, the country's seventh-largest bank, and China Everbright Bank, a Beijing-based medium-sized lender, to increase their required reserves by 50 basis points.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 11:50 pm 45,000 properties to face Ahmedabad Municipal Corporation's wrathAMC officials kicked off their drive to seal buildings across the city on Tuesday. They sealed around 128 buildings in four zones of the city -- with 103 sealed properties in the West Zone alone.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 11:36 pm LG Display swings to Q4 profit, result below forecastSeoul: South Korea’s LG Display Co Ltd swung to a quarterly operating profit thanks to healthy demand for flat screens, but results weakened from a peak in the previous quarter due to a seasonal slump. The world’s No. 2 maker of liquid crystal display (LCD) screens reported on Wednesday a 357 billion won ($315.2 million) operating profit in the October-December quarter. It marked a turnaround from a year-earlier operating loss of 288 billion won, but fell sharply from a record 904 billion won in July-September as weak seasonality dented panel prices and the stronger Korean won weighed. Despite the slowdown, the LCD industry is headed for a strong first half this year thanks to strong Chinese demand for flat-screen televisions and the improving global economy. Shares of LG Display, which competes with home rival Samsung Electronics Co Ltd and Taiwan’s AU Optronics Corp, rose 16% in the fourth quarter, against the wider market’s 0.6% gain, unperpinned by the bright sector outlook. Source: Home - Livemint.com | 19 Jan 2010 | 11:00 pm Wipro Q3 net up 21 pc at Rs 1 217 crIT firm Wipro Ltd reports 21.26 per cent growth in consolidated net profit at Rs 1,217.4 crore for the third quarter ended December 31, 2009.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 10:36 pm BSE Sensex up 0.3 pct; Wipro beats street viewMUMBAI (Reuters) – The BSE Sensex was trading 0.3 percent higher on Wednesday morning, as mostly better-than-expected December quarter earnings kept sentiment upbeat, with Wipro hitting decade highs as quarterly results beat forecast.Source: Reuters: Money News | 19 Jan 2010 | 10:36 pm Sensex up over 104 pts in opening tradeThe Bombay Stock Exchange benchmark Sensex on Wednesday moved up by nearly 105 points in early morning trade on emergence of buying by funds, triggered by overnight gains on the US market.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 10:15 pm US stocks jump, led by health industryUS stocks posted strong gains on Tuesday on the back of health and pharmaceutical companies that are hoping a special election in Massachusetts will derail major reforms of the health-insurance system.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 10:12 pm Sensex up over 104 pts in opening tradeThe Sensex moved up by nearly 105 points in early morning trade on emergence of buying by funds, triggered by overnight gains on the US market.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 10:10 pm NY court refuses Lyondellbasell creditors' motion to file new rescue plan with RILRIL's chances worsen as it will have to negotiate with Lyondell management, which will have the exclusive right to come up with rescue plans till April 15.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 9:55 pm Wipro Q3 net up 21% at Rs 1,217 croreIT firm Wipro Ltd today reported 21.26% growth in consolidated net profit at Rs 1,217.4 crore for the third quarter ended December 31, 2009.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 9:54 pm Sensex up over 104 points in opening tradeThe Sensex today moved up by nearly 105 points in early morning trade on emergence of buying by funds, triggered by overnight gains on the US market.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 9:48 pm Rupee down 10 paise at 45.91 a dollar in early tradeThe rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 9:45 pm Artha offers money mgmt applicationMoney Manager automatically updates information about the accounts linked with it, helping users access latest information in real time.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 2:40 pm India's voice BPO segment falling silentThe traditional voice calls that tried to sweet-talk Americans into buying everything from credit cards to computers and which catapulted India to fame as the world's back-office, is fading out.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 2:32 pm Zee Entertainment Enterprises Ltd's advertising revenues growZee will acquire the stakes in an all-cash deal for a sum $44.15 million. It will fund the acquisition via free cash and internal accruals.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 2:27 pm Money-lender gambit pays for Shriram TransportThe company is bullish on its construction equipment financing business and plans to hive it off into a separate subsidiary.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 2:25 pm Cairn will treble Rajasthan outputProduction will go up to one lakh barrels per day in FY11; Gujarat pipeline to be ready in a few days.Source: Daily News & Analysis: Money News | 19 Jan 2010 | 2:21 pm 'Mauritius not a tax haven nation'Denying the charges that double tax avoidance agreement (DTAA) has enabled some people to use Mauritius for reinvesting Indian money back in India to save taxes, vice-PM of Mauritius Rama SITHANEN dismissed the allegation that Mauritius is a tax-haven nation.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 2:19 pm Cadbury deal to give us a meaningful entry into India KraftThe US-based Kraft Foods on Tuesday said its proposed acquisition of the British confectionery major Cadbury would give it a meaningful entry into the Indian market.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 1:33 pm Kraft buys cadbury for 19 6 billionKraft Foods sealed a friendly deal to buy British candy maker Cadbury for about $19.6 billion after frantic last-minute talks broke an impasse over price.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 1:20 pm Radio Mirchi Q3 net rises 121% to Rs 11 croreEntertainment Network (India), the countrys leading private FM Radio operator, popularly known as Radio Mirchi, reported a net profit of Rs 10.7 crore for the quarter ended December 31, a rise of 121% from Rs 4.9 crore it earned during the corresponding quarter of previous fiscal.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 1:10 pm Sugar stocks fall as prices go southwardWith the government extending duty free imports of raw sugar to calm sugar prices, the reaction has been felt at various commodity markets with spot prices easing for the fifth day in a row.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 12:53 pm Kraft can re-enter India on a stronger footingKraft Foods' acquisition of Cadbury is expected to enable the US foods major to return to the Indian market seven years after its exit.Source: India Business News | Business News - Times of India | 19 Jan 2010 | 12:52 pm FSI hike to boost Maha realty bizThe Maharashtra government has decided to increase floor space index (FSI) to 3 from the current 2.5 for buildings which have come up between 1940 and 1960. The decision opens up the possibility for redeveloping 16,461 old buildings.Source: Business Standard | Front Page Headlines | 19 Jan 2010 | 11:59 am 3rd edition of IPL fails to attract big bucksLalit Modis high-profile auction of international players for the domestic Indian Premier League Twenty20 tournament failed to attract the big bucks today. Eight teams ignored the star-studded Pakistan players. They were expected to be sold at fancy prices.Source: Business Standard | Front Page Headlines | 19 Jan 2010 | 11:57 am Cadbury accepts $19.7bn Kraft offerThe board of UKs leading confectioner Cadbury Plc today accepted the final takeover offer of US-based Kraft Foods Inc at 11.9 billion ($19.7 billion), ending a six-month resistance and putting on course the creation of the worlds largest confectioner. According to the final offer, Cadbury shareholders will get 840 pence a share, including 500 pence in cash and rest in stock.Source: Business Standard | Front Page Headlines | 19 Jan 2010 | 11:54 am Sebi nod to yen, euro & poundWider basket for currency futures trading to raise volumes on exchange platform manifold.Source: Business Standard | Front Page Headlines | 19 Jan 2010 | 11:52 am Citigroup loses 7 8B in 4QCitigroup Inc became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 fourth-quarter loss due to failed loans and the costs of repaying government bailout money.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 11:06 am US tech sector job cuts highest since 2005 reportThe number of job cuts in the US technology sector rose for the second year in a row last year hitting the highest level since 2005, according to a report released.Source: HindustanTimes.com - Top Business News Headlines | 19 Jan 2010 | 10:52 am Posco says Buffett wants to hike stakeSeoul: Warren Buffett wants to increase his stake in Posco, Asia’s most profitable steel maker, the company said, citing a discussion between chief executive officer Chung Joon Yang and the chairman of Berkshire Hathaway Inc. Berkshire has 3.9-4 million shares of Posco and will increase the holding, the firm said on Tuesday in an emailed statement, citing Buffett. “I should have bought more Posco shares when the stock price dropped during the economic crisis,” Posco cited Buffett as saying. World steel demand will rise 10% this year, Posco said last week when it announced a 77% jump in fourth quarter profit, and plans to push ahead with $30 billion (Rs1.36 trillion) of overseas expansion. Source: World Business - Livemint.com | 19 Jan 2010 | 10:16 am JAL files for $25 bn bankruptcy; to cut 15,700 jobs, routesTokyo: Japan Airlines Corp (JAL) filed for bankruptcy protection on Tuesday, owing more than $25 billion, and vowed to slash 15,700 jobs and unprofitable routes as it tries to survive volatile fuel costs and fickle flyers. JAL, Asia’s largest airline by revenues, will remain in the skies thanks to nearly ¥1 trillion ($11 billion) in state-backed support and must go through a sweeping restructuring under a new board and management. Shareholders will be wiped out and creditors will forgive ¥730 billion in debt, including a ¥350 billion debt waiver from banks, as part of the deal with the fund, the Enterprise Turnaround Initiative Corp of Japan (ETIC). Bankruptcy will only be the beginning for an airline with depleted capital, facing headwinds such as rising fuel prices and shrinking passenger numbers, on top of hefty restructuring costs. JAL, which has now been bailed out by the Japanese government four times in the past 10 years, will replace many of its older and less fuel-efficient planes. It also faces tough decisions about foreign capital and alliances. “We’re now finding out that things were a bit worse than expected,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. “What this shows is that the nation won’t just take total care of a company. They’ve now said they’ll let badly-run companies fail. JAL’s ¥2.3 trillion bankruptcy ranks as Japan’s fourth-largest ever and its biggest by a non-financial firm. The airline’s debt figure was as of the end of September, meaning the actual number could be higher. Its core airline business had at least ¥1.5 trillion in debt as of the same period. Shares of JAL, which have fallen more than 90% since the start of the month, closed flat at ¥5 after trading down ¥2 to ¥3. They will be delisted on 20 February, according to the stock exchange. With a market value of about $150 million, JAL is now smaller than minor carriers Croatia Airlines and Jazeera Airways and is worth less than one Boeing 747. “I thought that there was no way that JAL would fail,” said Akiko Saito, a 63-year-old retiree returning from Sydney to Tokyo’s Haneda Airport. “Even when the value of my JAL shares fell from ¥800,000 to below ¥120,000, I was convinced that it would recover, and I held on to my stock.” JAL bonds maturing in 2013 were priced at the equivalent of just 27.8 cents on the dollar, versus around 70 cents last month, but traders said there was little trading appetite for the bonds on Tuesday. The dollar fell to its session low against the yen on the news. The move could make rival All Nippon Airways Co Japan’s new flagship carrier, according to some analysts. Shares in ANA fell 4.2% after rallying to a six-month high last week. “I am confident that we will win against intensifying competition and once again become the airline that represents Japan,” JAL president Haruka Nishimatu told a press conference. “We have received a last chance from the government, financial institutions, shareholders and the people.” Debt-laden The “tough love” for JAL by Prime Minister Yukio Hatoyama’s four-month-old Democratic Party-led government signals a shift from previous governments under the long-dominant Liberal Democratic Party, which had authored the previous JAL bailouts. Hatoyama’s government said it would provide the necessary support for JAL during its restructuring. Following similar bankruptcies by overseas airlines such as Delta Air Lines and United Airlines, JAL plans to slash its 51,862 workforce to 36,201 and to cut 14 international routes and 17 domestic routes in three years. The ETIC will support the carrier with about ¥300 billion in capital. The ETIC and the Development Bank of Japan will together provide a ¥600 billion credit line. Fuel hedging contracts may also be affected by a bankruptcy filing. JAL uses mostly Brent forward contracts and about ¥40 billion is estimated to be exposed in the event of an automatic termination, a source familiar with the matter said. JAL needs to do what it has long put off: Focus on its main business and cut operations it doesn’t need, said Andrew Miller, chief executive officer of CAPA Consulting. “I would have a fire sale - get rid of the family silver, sell everything that is non-core and focus in on the core and make that work efficiently,” he said. Alliance in question JAL will also need to make a decision about competing aid offers from Oneworld alliance partner American Airlines and rival Delta, which wants to woo JAL to its SkyTeam group. The carrier has spent two decades trying to recover public trust following a 1985 crash that became the world’s worst single aircraft disaster in history, claiming 520 lives. Kazuo Inamori, the 77-year-old founder of electronics maker Kyocera Corp, was tapped last week to become JAL’s new chief executive officer to oversee its restructuring. JAL’s restructuring plan also calls for increasing fuel-efficiency in its fleet, replacing all 37 of its B747-400 jets and 16 MD90s, both supplied by Boeing, with 33 small jets and 17 regional ones. “I think a revival of JAL will be good for manufacturers such as Mitsubishi Heavy industries which is developing new regional jets,” said Yasuhiro Matsumoto, credit analyst at Shinsei Securities. Source: World Business - Livemint.com | 19 Jan 2010 | 5:47 am
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