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Rainbow Papers plans GDR to raise $ 27 mnRainbow Papers is one of the leading manufacturers of paper and paper products in Gujarat India. The company is proposing to issue GDR to raise nearly USD 27 million to fund its expansion programme.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 8:46 am Reliance sees better refining margins in 2010Reliance Industries expects better refining margins in 2010, its chief financial officer Alok Agarwal said on Friday.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 6:57 am Mercator Lines Singapore arm bags $225m, 7year contractMercator Lines Singapore arm has bagged a sevenyear contract worth USD 225 million. In an interview with CNBCTV18, Harish Mittal, Chairman and Managing Director, Mercator Lines, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 5:19 am Bharti may launch tower units IPO in FY11Bharti Airtel Ltd, India\'s top mobile operator, may look at the possibility of listing its tower units in the next fiscal year that starts in April, an official said on Friday.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 4:12 am Shriram Transport Fin raises $125m via QIPIn an interview with CNBCTV18, R Shridhar, MD Shriram Transport Finance spoke about the companys capital raising initiative and the road ahead.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 4:07 am Vedanta, LT to build steel mill in east IndiaVedanta Resources Plc plans to set up a 5 milliontonne steel plant on India\'s east coast in a joint venture with Larsen Toubro Ltd.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 3:46 am Expansion focus on emerging markets now: BhartiBharti Airtel Ltd, India\'s top mobile operator, continues to explore expansion in emerging markets on a priority basis, its chief executive said on Friday.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 3:46 am OnMobile board to consider fund raising on Jan 29Mobile phone services firm OnMobile Global said on Friday its board would meet on January 29 to consider raising funds.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 3:45 am 3G auction likely to be completed in FY10: Bharti AirtelBharti Airtel Ltd, India\'s top mobile operator, expects the government\'s auction of thirdgeneration wireless spectrum to be completed before the end of the fiscal year in March, a top official said on Friday.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 3:45 am Technology, retail giants team up on \'green\' labelSome of the biggest names in technology and retailing are aiming to create what they say is a better way to identify the \"greenest\" purchases in consumer electronics.Source: Moneycontrol Top Headlines | 22 Jan 2010 | 3:45 am Sensex ends below 17k mark on weak global cuesMumbai: Indian shares fell 1.2% on Friday in line with weak global equities. Financials and Larsen & Toubro contributed the most to the losses on the main index. The 30-share BSE index ended down 1.12% or 191.46 points at 16,859.68, with only five components gaining. The 50-share NSE index closed down 1.3% at 5,036.00. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 3:02 am Analysis: Obama takes on 'too big to fail' banks - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 3:01 am Sony Ericsson Q4 in line, cautious on marketStockholm: Sony Ericsson reported progress in its turnaround plan on Friday as losses met expectations, but the mobile phone venture offered a cautious view on 2010 market conditions. Handset makers and chip firms globally had a grim time through 2009 as the global downturn made consumers hold back on buying new gadgets. Sony Ericsson has also been hampered by its weakness in the smartphone segment — the only bright spot in a shrinking market — leaving it to play catch up with rivals Apple, Nokia, LG Electronics and Samsung. Sony Ericsson, owned by Sweden’s Ericsson and Japan’s Sony Corp, reported a quarterly pretax loss of €190 million ($270 million). That nearly matched a forecast in a Reuters poll for a €194 million loss and would have been better had the firm not taken larger than expected restructuring charges. The firm said its turnaround plan, focused on cost cutting and new phones with advanced mobile Internet and networking functions was now gaining traction and the overall market should show slight growth in 2010. While analysts were positive about the transformation in Sony Ericsson’s phone portfolio, the outlook was a letdown. “I think that is slightly disappointing because other people are looking at significantly stronger growth, including Nokia,” said Nicolas von Stackelberg, analyst at Sal Oppenheim. Outlook Nokia, the world’s biggest handset maker, said in early December it expected the market to grow 10% in 2010, though competition would cap profitability. Analysts on average expect the cellphone market to grow 9.3% in 2010. Sony Ericsson, unprofitable since the second quarter of 2008, said cost cutting and its new smartphones had helped boost the gross margin to 23% against a forecast 17.7%. The average selling price for Sony Ericsson’s phones was 120 euros, higher than analysts’ forecast. “On the positive side we see that the new phones ... are well received well by the customers and they are really selling more high-end phones, and that is raising the average sales price quite a bit — a lot more than I had expected,” Sydbank analyst Morten Imsgard said. “The result ex restructuring charges is actually a lot better than I expected.” The full benefit of the cost cuts will come through in the second half of the year, but competition will remain tough. Market leader Nokia said this week it would offer users free satellite navigation on its cellphones, following the lead taken by Google. “Of course it is a strong competitive move by Nokia that they want to give this (navigation system) away for free on some of their models,” said Sydbank’s Imsgard. “It will also put pressure on Sony Ericsson to develop new software offerings and new ways to attract customers.” Ericsson’s other joint venture, ST-Ericsson, also showed improving fourth-quarter figures thanks to restructuring and an improving market. ST-Ericsson core operating losses shrank to $50 million though the chip-making venture said the overall market would see a seasonal decline in the first quarter this year. Ericsson shares were up 2.3% at 0930 GMT, outperforming the wider Stockholm market. The Tokyo market, where Sony trades, was closed. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:59 am Biocon signs MoU with Malaysia’s BiotechCorpNew Delhi: Biotechnology firm Biocon today said it has signed a memorandum of understanding with Malaysia’s biotechnology corporation (BiotechCorp) to explore the possibility of investment and collaboration in the country. Biocon is in talks with BiotechCorp to manufacture bio-pharmaceutical products and formulations in Malaysia, the company said in a statement. Biocon is keen to explore Malaysia as the destination for our expansion, Biocon chairman and managing director Kiran Mazumdar Shaw said. “The collaboration, while giving Biocon a conducive ecosystem to further its bio-pharmaceutical activities, will also enable the transfer of knowledge to Malaysia’s human capital... and directly benefit the growth of similar local industry,” the statement added. BiotechCorp is the development agency for the biotech industry in Malaysia acting as a central contact point providing support, facilitation and advisory services for biotech and life sciences companies in the country. “We are interested in learning how we can leverage this offering with our commercial plans and look forward to formalising our engagement with BiotechCorp,” Shaw added. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:55 am FTSE flat; banks drag as miners rallyLondon: Britain’s top share index was flat in early trade on Friday, with weakness in banking issues and energy stocks balanced by a recovery from miners and strength in heavyweight Vodafone. By 0925 GMT, the FTSE 100 index was up 1.52 points at 5,336.62, having fallen 1.7% in the previous session, taking its weekly decline so far to 2.3%, which would be the biggest weekly fall in 6 weeks. Banks were the biggest sector falls in early deals, echoing the performance of their US peers overnight after US President Barack Obama said banks should no longer be allowed to own, sponsor or invest in hedge funds for proprietary profit. Barclays, Royal Bank of Scotland, and HSBC fell 0.5 to 3.8%. Worries have already built up over the state of the industry following a glut of disappointing earnings news from US banks in the past week. ICAP, the world’s largest inter-dealer broker was the top FTSE 100 faller, down 6.1% on worries the move will curb its business. Oils were weaker with crude stagnating around $76 a barrel and the uncertainty over the demand outlook. Royal Dutch Shell, BP each fell 0.4%, but BG Group rose 1.6 and 0.8% respectively. Profit-takers moved in on the pharmaceutical stocks, which were among a select group of stocks in positive territory in the previous session on hopes Obama’s healthcare plan will stall and as investor risk appetite waned. AstraZeneca, boosted on Thursday by a Morgan Stanley upgrade, shed 0.4%. Miners rally Miners were mainly higher in choppy trade, bouncing back from heavy losses sustained on Thursday following news that Australian miners will face billions of dollars in new taxes. Rio Tinto, Xstrata, BHP Billiton, Anglo American and Eurasian Natural Resources were the biggest risers, up 0.1 to 0.6%. The sector has been under pressure amid fears that China could tighten fiscal policy. “There has been an element of bottom picking this morning given the clearout over the last few days,” said Manoj Ladwa, senior trader at ETX Capital. Mobile telecommunications firm Vodafone contributed the single most points to the index, up 0.8% recovering losses sustained on Thursday. Selected defensive issue were higher, with Imperial Tobacco and British American Tobacco up 0.4 and 0.1% respectively. Retailers were also in demand. Kingfisher rose 1.9% after Morgan Stanley upgraded the stock to “overweight” from “equal-weight”, and Marks & Spencer added 0.6%. No important US economic data are due on Friday, but another batch of fourth-quarter earnings will be key for investors, with General Electric and McDonalds the main features. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:52 am Navy to induct first Shivalik class stealth frigate by MarchNew Delhi: The Navy is all set to induct by March the Shivalik Class frigates to boost its surface fleet and the warship will be the highlight of the tableau for the Republic Day Parade, apart from the year-long anti-piracy operations in the Gulf of Aden. “The tableau depicts Shivalik Class of ship to be inducted in the Navy by March this year. INS Shivalik is the first of the three multi-role Project 17 class of stealth frigates of the Navy built by Mumbai-based Mazagaon Docks Limited,” Navy’s principal director (Personnel Services) commodore Sunil Jetly said at New Delhi. Shivalik class, designed by the Navy, would be India’s mainstay frigates in the first half of this century, with structural, thermal and acoustic stealth features to augment its potent capability. The ship would have an indigenous combat management system to operate the sensors and weapons including ‘Club´ long-range surface-to-surface missiles, ‘Shtil´ and ‘Barak’ air defence missiles, apart from Oto Melara and AK-630 guns. “With its ability to detect and engage surface, air and sub-surface targets at extended ranges, the ship is a virtual ‘Brahma Astra’ when unleashed,” Jetly said. Normally powered by two Pielstick diesel engines for long voyages, the ship can do over 30 knots speed when the two LM25000 Gas Turbines from US are brought into action. The ship is also equipped with defence systems against nuclear, biological and chemical attacks. It will be manned by a 250-member crew including 35 officers. The tableau would also showcase Indian warship’s anti-piracy efforts off Somali coast, where it was first deployed in October 2008. “A total of 13 navy warships have been deployed in the Gulf of Aden since October 2008 and each deployment has been for about 35 to 40 days. It has escorted 800 of both Indian merchant vessels and others flying foreign flags,” Jetly said. During the deployment, the warships prevented 15 piracy attempts and also sunk a ‘mother ship´ of the pirates in November 2008. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:52 am Are Indian cities “earthquake resistant”?The images of the past week have been dominated by the terrifying damage done by the Haiti earthquake and its aftershocks. On Just to Clarify today, we will look at the earthquake-resistant measures inherent to Indian cities, if any, and examine what makes a building impervious to earthquakes. Does such a thing as an earthquake-proof structure even exist? And what precise pattern of damage would an earthquake inflict upon a major Indian city like Mumbai or New Delhi? Our guest this week is S. K. Jain, director of the IIT at Gandhinagar and an expert in earthquake engineering. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:47 am Dish TV Q3 net loss at Rs 76.2 cr - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 2:45 am Dish TV posts loss of 762.2 mln rupees in Oct-DecMUMBAI (Reuters) - Direct-to-home operator Dish TV India Ltd said on Friday it posted a net loss of 762.2 million rupees in Oct-Dec on net sales of 2.77 billion rupees.Source: Reuters: Money News | 22 Jan 2010 | 2:42 am L&T forms JV with Malaysia’s SapuraCrest PetroleumChennai: Engineering and construction company Larsen and Toubro (L&T) Ltd on Friday formed a joint venture with Malaysia-based SapuraCrest Petroleum to undertake installation of pipelines and construction of offshore rigs and platforms in India, the middle east and south east Asia. L&T chairman and managing director MV Naik told reporters here that his company has awarded $75 million (Rs5,500 crore) contract to SapuraCrest Petroleum. “L&T will hold a majority stake of 60% in it,” he said. Company officials exchanged documents in the presence of Malyasian Prime Minister Najib Tun Abdul Razak. The JV was conceptualized in 2007 to build, own and operate the derrick lay vessel LTS 3000. Construction of the $175 million vessel was already over and it is expected to undergo trials in the last week of this month, he said. Work on the Mumbai High North Field Project would commence by mid-November 2010, involving installation of four jackets and associated structures. The work would be performed by LTS 3000 vessel and the project was expected to be completed by January 2011, he said. Company executives later told reporters that the vessel would be highly beneficial for the JV, as they have a project order book size of $500 million. An official of L&T Engineering and Construction division said the vessel would commence work in Malaysian waters by March 2010 and later undertake installation of the structures in November 2010. He said commencement of the vessel’s operations would allow both companies to address the growing demand for oil and gas engineering, procurement and construction services. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:42 am ITC Dec qtr net up 27 pct, costs a challengeMUMBAI (Reuters) - Cigarette maker and hotels firm ITC Ltd said higher prices and cost-cutting helped its quarterly profit rise 27 percent, but said rising input costs were a challenge to profitability.Source: Reuters: Money News | 22 Jan 2010 | 2:41 am GLOBAL MARKETS - Obama's plan unnerve stocks, dollarLONDON (Reuters) - Stock markets from Australia to Germany fell on Friday with many financial shares as well as the dollar, pressured by U.S. President Barack Obama proposed sweeping restrictions on banks.Source: Reuters: Money News | 22 Jan 2010 | 2:37 am ITC Q3 net up 27%; rising input cost a challengeMumbai: Cigarette maker and hotels firm ITC Ltd said higher prices and cost-cutting helped its quarterly profit rise 27%, but said rising input costs were a challenge to profitability. Growth was strongest in its retail units, but as these earn about 20% of revenues, the cigarettes business, which generates more than half of total revenues, was the biggest contributor to profits. ITC said it improved its market share in cigarettes through the launch of new premium brands. “Cigarettes are to an extent price inelastic, so price increases will not have too much of an impact on demand,” said Naresh Kumar Garg, chief executive of Sahara Mutual Fund, which manages assets of $109 million. In contrast, price changes could significantly affect demand in the fast-moving consumer-goods segment, which includes soaps, detergents and personal care products, he said. “That said, I think demand has revived and big companies will be able to ride out an increase in input costs - though they will have to take a call between how much they can absorb and how much to pass on,” Garg said. The company’s net profit for the December quarter was Rs1,140 crore, beating a ThomsonOne Estimates forecast of Rs1,078 crore. The company said it was taking steps to minimise the impact of rising commodity prices on its branded packaged food products. Though the hotels business did not grow during the quarter, ITC said it would invest more in the business, “recognising the longer-term potential of this sector and the need for increased room capacities commensurate with India’s economic growth.” Earlier this month a company executive said it would add 8-10 hotels in the next three to five years. At 3 p.m, shares in ITC, valued at $20.2 billion, were trading up 3.5% at Rs252.60 while the main market was down 0.7%. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:34 am Nifty southbound; ONGC, SAIL, L&T, TCS, Infy, SBI drag - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 2:31 am Ceat Q3 net profit at Rs 24 cr - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 2:31 am RIL Q3 beats street experts recommend buy - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 2:27 am Pakistani o/n rates flat; rupee firms - Reuters India
Source: Business - Google News | 22 Jan 2010 | 2:24 am Posco-India signs pact with OPTCL to avail powerBhubaneswar: As the first move towards begining of construction work for its proposed mega steel plant near Paradip, Posco-India signed an agreement with Orissa Power Transmission Company Limited (OPTCL). The South Korean steel major entered into an agreement with the state PSU after receiving stage-II clerance from the ministry of environment and forest. As part of the agreement, the company would receive 24 MW of power from OPTCL to avail of power required to undertake activities at the proposed plant site. The bilateral agreement, supposed to have been signed with OPTCL in 2007, was delayed because of hiccups in implementation of the project, a company release said. After making the detailed design and getting approval from OPTCL, Posco India will commence the Tower construction work to draw power from the end of this year for its 12 MTPA steel plant. The power supply will be operational from March 2012, it said. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:22 am Reliance's strong Q3 points to gas sales boostMUMBAI (Reuters) - Reliance Industries' first quarterly profit increase in five quarters shows a ramp up in output from its gas fields is paying off for India's largest company, and will be a major profit driver in coming quarters.Source: Reuters: Money News | 22 Jan 2010 | 2:20 am RBI seen holding rates, raising CRR next week - Economic Times
Source: Business - Google News | 22 Jan 2010 | 2:18 am Gold buying enters to third day; rupee weighsMumbai: India’s gold traders continued to pick bargains for a third day in a row on Friday as prices remained at their 2-“ month low, but a weaker rupee weighed on sentiment, dealers said. “There is activity in the market at around $1,100 (an ounce), it started on Wednesday late-evening... they are not buying in full force as the rupee is weak,” said a dealer with a state-run bank in Mumbai dealing in bullion. The most-traded gold February contract was 0.54% lower at Rs16,440 per 10 grams at 2:13pm, extending losses for a third consecutive session. The contract struck an intra-day low of Rs16,403, a level last seen on 3 November. Gold had shed 2.4% in the previous two sessions. The Indian rupee hit its lowest level in more than two weeks, tracking a sharp drop in the domestic stock market, but some dollar selling emerged from exporters helping prevent a further decline. A weak rupee makes the dollar-quoted asset expensive. International spot gold was trading at $1,095.95/1,096.75 an ounce as against the previous close of $1,094.20/1,095.00. “Traders mostly will look at buying below $1,070 levels..,” said another dealer with a private bank in Mumbai. “Most of the forward traders are looking at $1,080 levels to cover their short positions,” said the state-run bank dealer. India imported 300-350 tonne of gold in 2009, higher that the previous estimate of a little over 200 tonne, the head of the Bombay Bullion Association said on 4 January. Source: Home - Livemint.com | 22 Jan 2010 | 2:17 am Tata Teleservices launches cheaper call planNew Delhi: Mobile operator Tata Teleservices said on Friday it had launched a new call plan, a move that would intensify competition for market share in the world’s fastest-growing wireless market. Tata Teleservices, 26% owned by Japan’s NTT DoCoMo, said the new bill plan would charge Re1 (US 2 cents) for five-minute local call and Rs2 for long-distance calls of same duration. The company said the plan was valid for its CDMA users. For local or long-distance calls of less than one minute, users would have to pay 25 paise under the new billing plan, the company said. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 2:17 am Sunil Mitra becomes Revenue SecretaryDisinvestment Secretary Sunil Mitra will be the new Revenue Secretary in place of P V Bhide, who retires on January 31.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:13 am Reserve Bank seen holding rates, raising CRR next weekA Reuters poll found 24 out of 25 economists expected the RBI to raise the cash reserve ratio by up to 50 basis points in its January 29 policy review.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 2:09 am Reliance Q3 net up at Rs4,008 cr; refining margins fallMumbai: Reliance Industries’ quarterly profit rose for the first time in five quarters as higher gas production from its fields off India’s east coast helped offset weak oil refining margins. Analysts say Reliance, controlled by billionaire Mukesh Ambani, should benefit as refining margins recover after almost halving in the December quarter, and as gas output from its field in the Krishna Godavari (KG) basin reaches a peak of 80 million standard cubic metres a day (mmscmd) by April. Reliance, India’s largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, and retail, is looking to buy bankrupt petrochemicals maker LyondellBasell for around $13.5 billion to give it greater access to lucrative Western markets. The company’s outlook will be determined by how that bid progresses, and also by the outcome of a long-running dispute with Reliance Natural, led by Mukesh’s younger brother Anil, over the terms of a deal to sell gas to Reliance Natural at below the price set by the government. Reliance Industries, India’s top refiner and petrochemicals producer, posted October-December net profit of Rs4,008 crore versus Rs3,462 crore a year earlier. Reliance said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. A Reuters poll had forecast net profit of Rs3,960 crore. Last year, Reliance had pumped at only about 60% of its current 60 million standard cubic metres a day (mmscmd) capacity from its KG basin find, as the government, which has the power to decide who buys gas and at what price, initially selected customers for only 40 mmscmd of gas. The government has since allocated more supplies from India’s biggest gas find, helping Reliance boost output. On Friday, Reliance said production had risen to 60 mmscmd. Reliance’s refining margins fell to 5.9 per barrel in its fiscal third quarter, from $10 a year earlier. Analysts had expected $5.3 per barrel. Shares in Reliance, India’s biggest listed firm worth about $79 billion, rose more than 1% on the news, after being down more than 2% earlier, in a Mumbai market that was down 0.8%. Source: Home - Livemint.com | 22 Jan 2010 | 2:03 am L&T vs BHEL vs Punj Lloyd: Which one should you buy now? - Moneycontrol.com
Source: Business - Google News | 22 Jan 2010 | 1:55 am ANALYSIS - Spain debt to struggle in 2010 after easy rideMADRID (Reuters) - Spain's government is likely to face problems funding its ballooning fiscal deficit once the European Central Bank shuts off its abundant liquidity flow and massive domestic unemployment thwarts efforts to cut spending.Source: Reuters: Money News | 22 Jan 2010 | 1:53 am Mukesh Ambani-led RIL turnover up 92.7% at Rs 58,848-cr in Q3 FY 10Mukesh Ambani-led Reliance Industries Limited has clocked a 92.7% increase in its turnover at Rs 58,848 crore in Q3 FY 10.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 1:43 am Sony Ericsson Q4 in line, cautious on marketSTOCKHOLM (Reuters) - Sony Ericsson reported progress in its turnaround plan on Friday as losses met expectations, but the mobile phone venture offered a cautious view on 2010 market conditions.Source: Reuters: Money News | 22 Jan 2010 | 1:42 am RIL's net profit rises first time in five quartersReliance Industries reported its first increase in net profit in five quarters -- a 15.8 per cent rise to Rs 4,008 crore in the period ended December 31, as higher natural gas sales outweighed lower earnings from oil refining.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 1:32 am Options risk gauge surges after Obama's banking planThe Chicago Board Options Exchange Volatility Index jumped 19.22 percent to 22.27, capping its biggest two-day run in 14 months as investors feared president Barack Obama's plans could hobble bank profits.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 1:25 am RIL Q3 net up 14 pc at Rs 4 008 crThe country's largest private sector firm, Reliance Industries, today said its October-December quarter net profit jumped 14.48 per cent to Rs 4,008 crore on higher revenues from gas sales. Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 1:25 am RBI seen holding rates, raising CRR next weekREUTERS - A Reuters poll found 24 out of 25 economists expected the RBI to raise the cash reserve ratio (CRR), the proportion of deposits banks need to keep with the Reserve Bank of India, by up to 50 basis points in its Jan. 29 policy review.Source: Reuters: Money News | 22 Jan 2010 | 1:18 am Red alert at Indian airports following hijack threat - Economic Times
Source: Business - Google News | 22 Jan 2010 | 1:16 am Sensex pulls up, but still down 84 pointsA benchmark index of Indian equities recovered from its morning low around noon Friday on the back of gains in heavyweight scrip Reliance Industries. But it was still about 84 points in the red.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 1:08 am Obama moves to rein in banks in Wall StreetWashington: President Barack Obama unveiled plans Thursday to limit the size and scope of US banks and financial firms in a new offensive against Wall Street excesses laid bare by the financial crisis. “Never again will the American taxpayer be held hostage by a bank that is too big to fail,” vowed Obama, flanked by former Federal Reserve chief Paul Volcker who advised the president on the rules. The plans aim to limit “excessive” risk taking and to “protect” taxpayers by preventing banks or financial institutions from owning, investing in or sponsoring hedge fund or private equity funds. They will effectively force financial firms to choose between proprietary activities -- trading in stocks and sometimes risky financial instruments for their own benefit -- and traditional activities, like making loans and collecting deposits. The initiative, which must be approved by Congress, includes a new proposal to limit the consolidation of the finance sector, placing broader limits on “excessive growth of the market share of liabilities” at the largest financial firms. Obama blamed banks for sparking the worst economic crisis since the Great Depression with “huge reckless risks in pursuit of quick profits and massive bonuses” in a “binge of irresponsibility.” “My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform; and when I see record profits at some of the very firms claiming that they cannot lend more to small business, cannot keep credit card rates low, and cannot refund taxpayers for the bailout,” the president said. He vowed to enact the reforms in Congress, even if Wall Street deployed an army of lobbyists to kill them. “If these folks want a fight, it’s a fight I’m ready to have,” he vowed defiantly. The announcement was the latest attempt by the White House to harness public rage at Wall Street bonuses and the financial crisis. Wall Street gave an immediate thumbs down to Obama’s plans as US stocks plunged, with the blue-chip Dow Jones Industrial Average down more than 200 points or 2%. The news also sent shockwaves though Asian stock markets on Friday, with the region’s financial centers suffering heavy losses. Tokyo’s Nikkei dived 2.56%, Hong Kong was 2.54% down by the break and Singapore was 1.60% lower. David Easthope, analyst with Celent, a research and consulting firm, said the effort could hit the banks in one of their most profitable areas. Proprietary trading “has been the sweet spot for leading investment banks over the last few years, and executives will be concerned that Washington will be taking away the frosting,” he said. The Financial Services Roundtable, which represents 100 of the largest integrated financial firms, said the proposal would do little to improve risk management or protect consumers from irresponsible loans and trades. “The proposal will restrict lending, increase risk, decrease stability in the system, and limit our ability to help create jobs,” said Steve Bartlett, president and chief executive for the Roundtable. The group represents 100 top financial services firms providing banking, insurance, and investment products and services. Obama’s first year in office was dominated by efforts to rescue a handful of banks that threatened to topple the US economy after being exposed to massive losses on the subprime mortgage market. According to Treasury officials, about $20500 billion was pumped into 707 banks under the government rescue plans. Obama has sounded a tougher tone towards banks in recent weeks as he faced widespread voter anger at the massive government bailout, which came as Americans faced surging unemployment, home foreclosures and national debt. Top Obama economic aide Austan Goolsbee sought to counter criticism that the plan is returning to the Depression-era law creating a wall between investment and commercial banks. “It’s not returning to Glass-Steagall,” Goolsbee said. While the act repealed in 1999 forbid underwriting securities or investing in securities by any commercial bank, Goolsbee said, “This is not that. This says a bank cannot own a hedge fund, cannot own a private equity fund or do trading for its own account that is not related to its client business.” He added that the goal is “to get back to the fundamental nature of the bank, which is serving its clients, rather than investing for its own profit.” Source: Home - Livemint.com | 22 Jan 2010 | 12:53 am Lenovo Android phones unaffected by Google-China spatLenovo plans to launch the LePhone in China this May in cooperation with China Unicom, China's second-largest mobile carrier.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 12:15 am Asia tracks US tumble after Obama bank proposalHong Kong: Asian stock markets tumbled on Friday after President Barack Obama proposed a sweeping overhaul of Wall Street banks to avert future financial crises. Losses spread across most markets and sectors across the region, following an overnight retreat in the US. Oil prices rose after trading below $76 a barrel while the dollar lost ground against the yen and euro. Obama said he would seek to limit the size and complexity of large financial companies so their collapse wouldn’t imperil the broader financial system and economy, leading to more bailouts at taxpayers’ expense. The move comes amid growing public frustration with Wall Street and bank rescues. As in the US, bank stocks fell in Asia but other industries also suffered steep drops as investors scaled back their riskier bets. The announcement and Wall Street’s reaction spooked a market already on edge over China’s recent moves to curb bank lending, said Mark Matthews, strategist at Macquarie Capital Securities in Hong Kong. Adding to the uncertainty are questions about whether this year’s economic prospects justify more gains after the run-up in stock prices that began in early 2009. Last year “was such an amazing ride and people are starting to wonder if the recovery that we’re seeing in 2010 was already priced in,” Matthews said. Japan helped lead Asia’s declines, with the Nikkei 225 stock average diving 277.86 points, or 2.6%, to 10,590.55. Hong Kong’s Hang Seng dropped 301.84 points, or 1.5%, to 20,550.17 and Korea’s main market index lost 2.2% to 1,684.35. Elsewhere, China’s Shanghai benchmark fell 0.6%, India’s market shed 0.5% and Australian stocks retreated 1.6%. US futures pointed to slight gains Friday on Wall Street. S&P futures rose 1.5, or 0.1%, to 1,112.60. In the U.S. Thursday, Wall Street was yanked lower by heavy selling in bank stocks. The Dow fell 213.27, or 2%, to 10,389.88, its biggest point and%age drop since Oct. 30. The broader Standard & Poor’s 500 index fell 21.56, or 1.9%, to 1,116.48. The Nasdaq composite index fell 25.55, or 1.1%, to 2,265.70. Oil prices rose in Asia after early losses, with benchmark crude for March delivery up 11 cents at $76.19 a barrel. The contract dropped $1.66 to settle at $76.08 overnight. The dollar weakened to 90.27 yen from ¥90.49. The euro was higher at $1.4135 from $1.4082. Source: Home - Livemint.com | 22 Jan 2010 | 12:04 am Google profit rises but rev misses some forecastsShares of Google fell about 4% after the leading Internet search provider posted a higher-than-expected profit but its revenue growth lagged some of Wall Street's most bullish expectations -- even though it was Google's strongest performance in a year.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 12:03 am ICICI Bank net profit down 13% on treasury lossesICICI Bank's net profit fell by 13 per cent to Rs 1,101 crore for the quarter ended December 31, 2009 from Rs 1,272 crore in the year ago quarter mainly due to treasury losses.Source: Business Line - Home Page | 22 Jan 2010 | 12:00 am ONGC net rises 23% on high price realisation, lower subsidyHigh price realisation from oil production and lower fuel subsidy has helped ONGC register a 23.4 per cent jump in its third quarter profit for the current fiscal. For the third quarter ONGC has posted a net profit of Rs 3,054 crore up from RsSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Food inflation eases to 16.81%Annual food inflation based on the Wholesale Price Index (WPI) eased marginally to 16.81 per cent for the week ended January 9, even as price rise in items such as potato and pulses continued to remain high. Food inflation for the previousSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Moser Baer (Rs 84.5): SellWe recommend a sell in the stock of Moser Baer India from a short-termSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Why this controversy over Pakistan?: Lalit ModiThe third round of the Indian Premier League auction is better remembered for the fact that the Pakistani cricketers were left high and dry with no team ready to pick them. Even as this is threatening to snowball into a political controversy,Source: Business Line - Home Page | 22 Jan 2010 | 12:00 am Venture capital investments make recovery in Q4 after 43% drop in calendar 2009Venture capital (VC) investment declined 43 per cent to $475 million over 92 deals in India in calendar 2009 from $836 million across 153 deals in 2008, according to a study by the Chennai-based Venture Intelligence in partnership with theSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am New Companies Act will be the thematic law for this decadeIn the third week of December 2009, about a year after the shocking Satyam fraud broke out, the Corporate Affairs Ministry organised nationwide events billed as the first ever ‘India Corporate Week'. It was to highlight the Ministry'sSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Day Trading GuideThe near-term outlook is negative for DLF. We recommend a sell in this counter. Utilise rallies to sell ICICI Bank and SBI while maintaining tight stop-loss at Rs 864 and Rs 2,144 respectively. Initiate fresh short position if Infosys drops belowSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Sensex tanks on lacklustre Q3 corporate showAfter a fortnight of moving uncertainly within a narrow range, the stock market finally gave way on Thursday, with the Sensex and the Nifty falling 2.4 perSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Panel for Rs 50,000-cr soft loan to fund Air India's fleet buyThe Parliamentary Standing Committee on Transport, Tourism and Culture has recommended that the entire aircraft purchase of National Aviation Company of India (NACIL) — the entity created by the merger of Air India and Indian — beSource: Business Line - Home Page | 22 Jan 2010 | 12:00 am Wall Street drops on Obama bank limits planMajor banks slid, with Goldman Sachs falling 4.1% despite posting stronger-than-expected fourth-quarter results, and JPMorgan Chase & Co shed 6.6%, after Obama proposed limiting how banks invest their own money.Source: Daily News & Analysis: Money News | 21 Jan 2010 | 11:59 pm Why Google finally saw red in ChinaThere's no polite way to put this. China is a rogue nation, a military dictatorship masquerading as a people's government. It's an apparent economic success in the short term, but its aspiration to become an economic superpower is not compatible with its political model.Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 11:55 pm Oil at 1-month low below $76 on US bank curbsSingapore: Oil fell on Friday to one-month lows below $76 a barrel after refiners in top consumer the United States processed the least crude in decades, reacting to a fuel demand slump, while talk of bank trading curbs upset speculators. Proposals by US President Barack Obama to cut proprietary trading at large banks sent Asian stock markets and commodities tumbling. Japan’s benchmark index lost almost 3%, and the dollar slipped to its lowest in five weeks against the yen. US refinery utilization, the proportion of total capacity at which refiners operate, fell 2.9 percentage points to 78.4% last week, a government report showed on Thursday. That was the lowest since the 1980s, barring occasional periods of hurricane-related disruptions, Department of Energy data showed. “For the refinery run rates, it’s a bit on the surprise side,” said Serene Lim, a Singapore-based oil analyst at ANZ. “At this time of year they shouldn’t be dropping that much. With low demand, refiners don’t find an incentive to produce more.” March-settlement US crude touched $75.62 a barrel, the lowest intraday price since 23 December, and was trading down 26 cents at $75.82 by 11:00am. Prices have dropped more than $8 from a 15-month low of almost $84 on 11 January. London Brent crude for March declined 18 cents to $74.40. US regulator Commodities and Futures Trading Commission (CFTC) on 14 January announced proposals to put a cap on the size of positions dealers can hold, aiming to limit speculation. Most traders considered the proposals to be not as strict as feared. “With last week’s CFTC proposals, I thought this would be over, but then Obama came out yesterday to increase controls,” Lim said. “Speculators have been very concerned about it.” Prices were also under pressure from concerns that China would take further measures to temper its booming economy, Lim said, after China on Thursday reported fourth quarter growth of 10.7%, its first double-digit figure since 2008. “Any efforts by the Chinese government to slow the economy would affect demand for raw materials,” Lim said. China’s apparent demand for oil products will grow by about 4% this year, the National Energy Administration (NEA) said on Friday, a slower pace than the 6.3% growth for 2009, according to Reuters calculations based on official figures. NEA also estimated that an annual total of 20 million tonnes of refining capacity, or 400,000 barrels per day (bpd), will be added this year, adding to a supply surplus of the main refined oil products. South Korea, the world’s fifth-largest crude buyer, imported 5.9% less crude in December from a year earlier, state-run Korea National Oil Corp said on Friday. US gasoline inventories rose a larger-than expected 3.9 million barrels the week ended 15 January, despite the reduced operating rates at refineries. Total demand for oil products over the past four weeks slid by 1.8% from a year earlier. Demand for distillates, a fuel category that includes heating oil and diesel, plunged 6.8% from a year earlier following the return of warmer weather to the US Northeast last week. Temperatures in the region were forecast to stay above normal through Tuesday next week, according to Telvent DTN. And analysts said even another cold snap following unseasonably cold conditions in late December and early January would have a limited and temporary effect on prices. “While a return to cold conditions in the US next week should be enough to trigger a brief rebound to $80, we must remember that the clock is ticking on the weather trade and that demand typically falls by 1-2 million barrels per day in the second quarter,” JP Morgan said in an e-mailed note. Source: Home - Livemint.com | 21 Jan 2010 | 11:55 pm Gujarat favourite of investors in 2009In the previous year, state attracted investments worth Rs2.45 lakh crore.Source: Daily News & Analysis: Money News | 21 Jan 2010 | 11:40 pm Bharti profit growth stalls on price warNEW DELHI (Reuters) - Bharti Airtel, India's top mobile operator, plans to muscle into emerging markets to grow further, as stiff competition and a vicious price war hits earnings growth in its home market.Source: Reuters: Money News | 21 Jan 2010 | 11:40 pm Bharti profit growth stalls on price warNew Delhi: Bharti Airtel, India’s top mobile operator, plans to muscle into emerging markets to grow further, as stiff competition and a vicious price war hit earnings growth in its home market. India, the world’s fastest-growing mobile services market, is signing up over 14 million users a month, but competition is getting fiercer as new entrants slash call rates to grab subscribers. Global players such as NTT DoCoMo and Telenor are pushing down call rates to as low as 0.7 US cents a minute as they seek a foothold in a market expected to double to 1 billion users by 2014. “The war for market share in the Indian telecom industry has only begun and its only going to intensify as more players enter the market,” Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services, said on Friday. “The companies will have to take a hit in terms of reduced level of profitability because of the price war. This is not going to abate in the near future,” said Rawal, who advises his clients to “keep-off” telecom stocks. Bharti reported a small rise in quarterly profit growth, broadly in line with market expectations, as new subscriber additions remained strong but the price war crimped margins. The company, which last week agreed to buy 70% of Bangladesh’s Warid Telecom in its first overseas acquisition, will continue to focus on expanding in emerging markets on a priority basis, chief executive officer Manoj Kohli said. “I think this phase of hyper competition will continue for couple of quarters,” he said, adding the cut-throat competition was expected to stabilise in the second half of this year. “By next year, industry will see early signs of consolidation.” Shares in Bharti, valued at about $27 billion, rose as much as 2.4% after the results in a weak Mumbai market. By 0536 GMT, the stock was up 0.4%, while the benchmark index was down 1.5%. Last week, New Delhi-based Bharti set up a new unit to drive its foreign expansion, signalling its growth ambitions are intact despite twice failing to reach a deal with South Africa’s MTN. As per the plan, Kohli will head the new international business group that will focus on expansion in emerging markets beyond South Asia. Bharti, in which Southeast Asia’s top phone firm SingTel owns more than 30%, continues to focus on robust market share despite the “hyper competition” in the market, Chairman Sunil Mittal said in a statement. Bharti said net profit rose 2% to Rs2,210 crore ($478 million) under US counting rules in its fiscal third quarter ended December from Rs2,159 crore a year ago. Revenue rose 1% to Rs9,772 crore from Rs9,633 crore. A Reuters poll of 12 brokerages had forecast a fall in net profit to Rs2,096 crore on revenue of Rs9,710 crore. Bharti added 8.4 million mobile users in the quarter to reach a total of 119 million by end-December. EBITDA (earnings before interest, taxes, depreciation and amortisation) margin, a key gauge of profitability, was at 40%, down from 42.1 in the preceding quarter as a result of the tariff war. Average revenue per user fell 29% to Rs230 in the December quarter from a year ago as more than half of new users came from rural areas, where spending is lower, and average minutes of usage also fell 12% to 446 minutes. Bharti shares fell 21% in Oct-Dec underperforming the broader market that rose 2%. Bharti and rival Reliance Communications were the only two stocks that fell in 2009 in the main index, which jumped 81%. Reliance Communications, which has been more aggressive in cutting call prices, is expected to be the worst-hit by the price competition and may report its quarterly profit has almost halved. Source: Home - Livemint.com | 21 Jan 2010 | 11:36 pm Asia stocks track US lower after Obama bank reformAsian stock markets tumbled Friday after President Barack Obama proposed a sweeping overhaul of Wall Street banks to avert future financial crises. Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 11:30 pm Rupee down 23 paise at 46 27 a dollar in early tradeThe rupee today depreciated by another 23 paise to 46.27 against the US dollar in early trade, extending its slide for the fourth straight day, in line with other weakening Asian currencies.Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 11:27 pm Bharti Airtel Q3 net at Rs 2 209 8 crTelecom service provider Bharti Airtel on Friday reported a low net profit growth of 2.3 per cent at Rs 2,209.80 crore for the quarter ending December 31, 2009, weighed down heavily by low tariff and severe competition.Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 11:25 pm Hijack threat puts Air India planes on high alertNew Delhi: Government has put all Air India planes operating in the country’s neighbourhood on high security alert and directed the airlines to deploy sky marshals following intelligence inputs that Pakistan-based LeT and other terror groups were planning to hijack a flight. A directive has been issued to all Indian missions abroad to sensitise the staff of the airlines, official sources said. According to intelligence inputs, terrorist groups having allegiance with Al-Qaeda, Lashker-e-Taiba and Jamat-ul-Dawa were planning to hijack an Air India plane especially operating in or from SAARC countries — Nepal, Bangladesh, Sri Lanka, Bhutan, Maldives, Afghanistan, Pakistan and India as well. Hijacking could be attempted by the terrorists from airports located at Yangon, Dhaka and Colombo. Security of planes operating to Bhutan has also been beefed up, the sources said. Following this input, the civil aviation ministry has directed all the airlines especially Air India to take extra steps besides asking bureau of civil aviation security to deploy sky marshals on aircraft operating on such routes, the sources said. On its part, the external affairs ministry has asked Indian missions, particularly in SAARC countries, to brief the staff of the Air India and other Indian carriers about the threat. Source: Home - Livemint.com | 21 Jan 2010 | 11:12 pm Rupee at over 2-week lows; share losses weighMumbai: The Indian rupee hit its lowest level in more than two weeks on Friday morning, tracking a sharp drop in the domestic stock market, but some dollar selling emerged from exporters helping prevent a further decline. At 11:40am, the partially convertible rupee was at Rs46.16/17 per dollar, weaker than its close of Rs46.04/05 on Thursday. The unit fell as low as Rs46.2750 in early deals, its lowest since 5 January. “The market is panicky due to global equity markets going haywire. However, Rs46.30-32 levels look like the top-side for the dollar-rupee today,” said Naveen Raghuvanshi, an associate vice president, at Development Credit Bank. “The medium-term trend is still bullish for the rupee, the unit is unlikely to breach the 46.50 mark in the near or medium term,” he added. Dealers said some trimming of losses in the local stock market helped the rupee recover from the day’s lows along with some exporters selling dollars. Traders now await the central bank’s policy review on 29 January for cues on interest rate moves. “No rate hike is expected at the policy, even a reserve ratio hike seems unlikely, but if there are any hikes, the knee-jerk reaction would be rupee negative,” Raghuvanshi said, adding that the longer term would still be positive. Economists are widely expecting the central bank to raise at least banks’ cash reserve requirement at the review, but are equally divided on the possibility of a rate hike. A recent poll conducted by Reuters shows the rupee is expected to rise to 43 per dollar by end- March 2011. Traders were also eyeing the dollar’s index against six major units, which was down 0.2% for cues on the unit’s move against majors. The dollar’s softening was helping avert further fall in the local unit. Indian shares were trading down just about 1% after having dropped over 2% earlier, after sharp falls in global markets. Foreign fund investments into local shares are a key factor fuelling the rally in stocks as also the rupee. Foreigners have bought a net $1.6 billion so far in 2010, adding to the net purchases of over $17 billion last year. One-month offshore non-deliverable forward contracts were quoted at Rs45.26/36, little weaker than 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 Rs46.1750, with the total traded volume on the two exchanges at about $2.1 billion. Source: Home - Livemint.com | 21 Jan 2010 | 11:00 pm Google profit rises but revenue misses some forecastsSan Francisco: Google Inc was among the first technology companies to shake off the recession last year, but the Internet giant’s fourth-quarter report could not satisfy investors’ increasing demand for stronger growth. Shares of Google fell about 4% after the leading Internet search provider posted a higher-than-expected profit but its revenue growth lagged some of Wall Street’s most bullish expectations — even though it was Google’s strongest performance in a year. Expectations “got higher as they came closer to reporting and they delivered fundamentally sound numbers, but did not deliver a blowout,” said Martin Pyykkonen, senior analyst at Janco Partners. “I think the stock will recover. I don’t think it will fall through the floor. Google, whose total revenue increased 17% from a year earlier to $6.67 billion, is the latest major tech firm to close out 2009 with improved financial results. Others include Intel Corp, International Business Machines Corp and eBay Inc. But investors had sold off tech stocks to lock in profits this week, including that of IBM, which has risen roughly 10% in three months. Google’s problems in China have also been an overhang on the stock, which is down about 12% since hitting a 52-week high in early January. The company said last week that it might have to close its China operations after a cyber attack and its decision to stop censoring search results. Chief executive Eric Schmidt said in a conference call on Thursday that the China business is unchanged but the company expects to make changes in a “reasonably short time from now.” Google executives said on Thursday that the company would invest heavily in 2010 as it seeks to stay ahead in the search business that delivers the lion’s share of its revenue and as it spends on initiatives to expand into new markets. Google is facing increasing competition from Microsoft Corp, which has struck a deal to provide Yahoo Inc’s search technology. And Google’s efforts to expand into the mobile phone market, including the recent move to sell the Nexus One smartphone directly to consumers, has put it in greater competition with Apple Inc. Schmidt said Google’s “business structures” with Apple were quite stable, but he declined to comment on media reports that Apple was in talks with Microsoft about replacing Google as the iPhone’s search engine. Schmidt cited mobile as the business outside of search advertising that was most likely to deliver the sharpest growth on a%age basis going forward, though he said display advertising represented the largest growth opportunity in absolute dollars. Google’s fourth-quarter profit per share, excluding items, was $6.79, above the year-earlier period’s $5.10 and beating analysts’ average forecast of $6.48, according to Thomson Reuters I/B/E/S. Net revenue, which excludes the traffic acquisition costs Google paid to partners, rose 13% to $4.95 billion, which was at the low end of some estimates for 13% to 15% growth. The average forecast was $4.92 billion. “Earnings were much ahead of expectations, but top-line fell slightly below expectations,” said Sameet Sinha, analyst at JMP Securities. “I think that is because cost per click was up about 2% sequentially, and we had been expecting closer to 5% growth.” Cost per click is the price that advertisers pay Google when a Web surfer clicks on an ad. Google said its headcount increased to 19,835 employees in the quarter, reversing three quarters of declines. And the company said it spent more money on marketing campaigns during the fourth quarter. “Spending is always a wild card at Google,” said Andy Miedler, senior technology analyst at Edward Jones. But he noted that Google “proved their cost-cutting stripes” during the downturn, and that any uptick in spending going forward will come as revenues rise. Net income was $1.97 billion, or $6.13 a share, in the three months ended Dec. 31, compared with $382.4 million, or $1.21 a share, in the year-earlier period when the company took charges for its investments in AOL Inc and Clearwire Corp. Total revenue at Google rose 17% to $6.67 billion. Revenue from outside the United States was 53% of the total. Google does not disclose the size of its business in China, where it lags home-grown search powerhouse Baidu Inc, but analysts peg Google’s annual China revenue at between $200 million and $600 million. Google shares fell about 4% to $556.26 in after-hours trade following the earnings report. Source: Home - Livemint.com | 21 Jan 2010 | 10:50 pm Markets slip to 1-month lows; L&T, RIL declineMumbai: Indian shares slipped more than 2% lower in early trade on Friday to touch their lowest level in a month, with frontline stocks such as Larsen & Toubro, Reliance Industries and financials leading the decline. The fall was in line with a sell off in global equities, with Asian markets tumbling after US President Barack Obama threatened tough new restrictions on banks, sending jitters across markets. “The market was showing fatigue at the top. There are plenty of negatives on market’s mind right now. L&T was disappointing as it is a play on the domestic economy,” said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries. Top engineering and construction firm Larsen & Toubro extended losses for the second straight session and was down 4.1% at Rs1,462.20. The stock had fallen the most in over six months on Thursday, after it lowered full-year revenue guidance citing project delays. “Though order inflows for the quarter were strong, poor execution seen over 1HFY10 continues to be a key challenge for L&T,” Goldman Sachs said in a note. By 10:19am, the 30-share BSE Index was trading down 1.48% at 16,799.60, with only two of its components gaining. The 50-share NSE index was down 1.6% at 5,011.90. In the broader market, decliners outnumbered advances in a volume of 148 million shares. Energy major Reliance Industries is expected to report a rise in quarterly profit for the first time in five quarters on higher gas production from its fields off India’s east coast, but markets were jittery ahead of the announcement, due mid-day. The stock, which has the highest weightage in the main index, was down 1.3% at Rs1,039.65. Bharti Airtel, India’s top mobile operator, rose early but slipped to the negative despite beating forecasts with a 2.4% rise in quarterly profit, as strong subscriber additions helped offset an intense price war in the market. The stock was down marginally, but had risen more than 2% after the results were announced. “We may see weakness for a few more sessions. But buying has emerged from institutional investors on earlier occasions and may happen again. There is a lot of liquidity in the market,” Nagpal said. Source: Home - Livemint.com | 21 Jan 2010 | 10:47 pm BSE Sensex slips to 1-mth lows; L&T, RIL declineMUMBAI (Reuters) – The BSE Sensex slipped more than 2 percent lower in early trade on Friday to touch its lowest level in a month, with frontline stocks such as Larsen & Toubro, Reliance Industries and financials leading the decline.Source: Reuters: Money News | 21 Jan 2010 | 10:43 pm Sensex tanks more than 350 pts nosedives below 17k markThe BSE Sensex tanks 351 points to trade below 17,000 points in early trade on hefty sell-off by foreign funds amid the meltdown on the global markets on fears that China may further tighten its monetary policy.Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 10:26 pm Bharti expects 3G auction in FY10Manoj Kohli, CEO of Bharti Airtel, said the company expected to see signs of consolidation in the crowded telecom industry by next year.Source: Daily News & Analysis: Money News | 21 Jan 2010 | 10:11 pm Rupee down 23 paise at 46.27 a dollar in early tradeForex dealers said dollar's gains against other Asian units and continued capital outflows by the foreign funds from the equities, mainly weighed on the rupee's sentiment.Source: Daily News & Analysis: Money News | 21 Jan 2010 | 10:01 pm Sensex nosedives below 17,000 level; Nifty below 5,000 pointsAll the sectoral indices were trading in the negative zone with losses up to 3.14%, with capital goods and metal sectors leading the fall.Source: Daily News & Analysis: Money News | 21 Jan 2010 | 9:40 pm Sensex nosedives below 17k level; Nifty below 5k pointsThe BSE benchmark Sensex today tanked by 351 points to trade below 17,000 points in early trade on hefty sell-off by foreign funds amid the meltdown on the global markets on fears that China may further tighten its monetary policy.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 9:33 pm Obama threatens fight with banks on new risk rulesWASHINGTON (Reuters) - U.S. President Barack Obama threatened to fight Wall Street banks on Thursday with new proposals to limit financial risk taking, sending stocks and the dollar tumbling.Source: Reuters: Money News | 21 Jan 2010 | 9:32 pm Bharti Q3 net up 2.4%, beats forecast - Economic Times
Source: Business - Google News | 21 Jan 2010 | 9:32 pm Rupee down 23 paise at 46.27 a dollar in early tradeThe rupee on Friday depreciated by another 23 paise to 46.27 against the US dollar in early trade, extending its slide for the fourth straight day, in line with other weakening Asian currencies.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 9:31 pm Bharti Q3 net up 2.4%, beats forecastBharti Airtel, India's top mobile operator, reported a forecast-beating 2.4 percent rise in quarterly profit, as strong subscriber additions helped offset the impact of an intense price war in the mobile market.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 9:24 pm Oil dips below 76 dollars a barrelOil prices dipped below 76 dollars in Asian trade Friday, extending losses on data showing weaker demand in the United States, the world's biggest energy-consuming nation. Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 9:21 pm Google to stop censoring China Web results CEOGoogle chief executive Eric Schmidt has said the Internet giant is still censoring Web search results in China but that will change in a "reasonably short time from now." Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 8:51 pm Sensex tanks 423 on FII sellingChinese jitters, fresh weakness in markets around the globe and investors' disappointment with government's divestment plan pulled the sensex down to its lowest close in over a month.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 12:38 pm ICICI Q3 net profit dips 13% to Rs 1101crICICI Bank, the country's largest private sector bank, reported a 13.4% drop in net profit for the quarter ended December 2009 to Rs 1,101 crore from Rs 1,272 crore it earned during the corresponding quarter in the previous year.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 12:37 pm L&T profit falls 50%Engineering and construction major Larsen and Toubro said its net profit declined by 50% to Rs 759 crore for the third quarter ended December 31, 2009, over the same period last year.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 12:35 pm S Tel sells 11% stake to GB Corp for $50 millionGB Corp has routed this investment through Batelco Millenium India Company (BMIC), which already holds a 42.7% stake in the telco. After fresh issue of shares, BMIC will now hold 49% stake in Sivasankaran-promoted GSM service provider.Source: India Business News | Business News - Times of India | 21 Jan 2010 | 12:27 pm Govt to start 3G auction on Feb 25The announcement comes within a few days of Finance Minister Pranab Mukherjee directing Communications Minister Andimuthu Raja to complete the bid by February-end for the revenue collected from it to get reflected in the Budget for 2009-10. The government had fixed a target of Rs 30,000 crore from the auction and had budgeted for the current financial year to bridge the fiscal deficit.Source: Business Standard | Front Page Headlines | 21 Jan 2010 | 12:11 pm Brokerage, MF top bosses go placesLeading brokerages and mutual fund (MF) houses are busy churning their portfolios, with the markets coming back to life. But they are also seeing churning at the top.Source: Business Standard | Front Page Headlines | 21 Jan 2010 | 12:09 pm Overheating China melts Indian marketDomestic 3rd quarter news weigh on sentiment.Source: Business Standard | Front Page Headlines | 21 Jan 2010 | 12:07 pm Unilever withdraws Lux gold coin ad campaignHindustan Unilever (HUL) has withdrawn an advertising campaign for its leading soap brand Lux following allegations that it had indulged in unfair trade practices.Source: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 10:50 am Let insurance battle cost of medical treatmentOn emergency duty Health insurance is a must-have cover and the earlier you buy, the better. Go for a regular plan and top it up with a family floater, then look at a benefit plan. Tax benefits will, of course, come along, writes Deepti Bhaskaran. See graphicsSource: HindustanTimes.com - Top Business News Headlines | 21 Jan 2010 | 10:44 am Oracle wins unconditional EU approval for Sun buyBrussels:US software company Oracle won unconditional European Union regulatory approval on Thursday for its $7 billion acquisition of computer maker Sun Microsystems. World No. 2 business software maker Oracle had in August last year received the green light from the US Department of Justice for its takeover of Sun, developer of Java software, among the world’s most widely used computer languages. The European Commission started an in-depth investigation of the deal in September, citing concerns about the competition impact on Sun’s MySQL database. “I am now satisfied that competition and innovation will be preserved on all the markets concerned. Oracle’s acquisition of Sun has the potential to revitalise important assets and create new and innovative products,” EU Competition Commissioner Neelie Kroes said in a statement. Source: World Business - Livemint.com | 21 Jan 2010 | 3:12 am Nokia to offer free navigationHelsinki: Nokia will follow Google, offering free maps on its cellphones, in a move to boost handset sales but one that will hit other satnav players, the San Francisco Chronicle reported on Thursday, citing the Finnish company. “Nokia used to charge for navigation packages that included turn-by-turn directions. That all goes away now. Now you can get turn-by-turn directions covering 74 countries in 46 languages,” the report said. A spokesman for Nokia declined to comment. The firm is scheduled to hold news conferences related to its services offering around the world from 0930 GMT onwards. In 2008 Nokia bought for $8.1 billion digital mapping firm Navteq — a rival to navigation specialist TomTom’s Tele Atlas unit. Analysts said free navigation could enable Nokia to support its flagging position in the global smartphone market. It still sells more smartphones than any of its rivals, but it has lost ground to Apple and RIM. “Nokia wants to maintain a high market share in devices, and this is one way of doing it, by linking them to services,” said Nordea analyst Martti Larjo. “Navigation originally was one of the services they thought they could get money from, but Google is coming (with turn-by-turn navigation), as are other competitors, so they have to do it,” he said. Google started in late 2009 to offer free navigation on Motorola’s Droid model smartphones in the North American market. Nokia offering free navigation on some 20 million smartphones is set to hurt key players on the global navigation market, including TomTom and Garmin. Shares in TomTom fell 3.5% by 0830 GMT, while Nokia stock was up 1.2%, inline with stronger stock markets. Turn-by-turn navigation has been one of the key revenue sources for Nokia’s services offering, and the company had said it expected one third of its targeted 2 billion euros ($2.84 billion) services revenue next year to come from navigation. “The big question is — can Nokia generate revenue enough to compensate for the revenue streams they kill,” said John Strand, chief executive of Danish telecoms consultancy Strand Consult. “The only way to do that short-term is through extra hardware sales and a higher average sales prices. It will take time to develop all the new revenue streams — years,” he said. Writedown Coming? But one analyst said the move, when looked at alongside the moves of Google, could mean Nokia is readying to write down Navteq goodwill when reports fourth quarter results on 28 January. “Looking at what has happened in the last 12 months ... the environment has become more challenging for Nokia and navigation services,” said FIM analyst Michael Schroder. “There is a risk that they will make a writedown on Navteq when they report fourth-quarter data next week, but it is impossible to speculate on the size,” Schroder said. Source: World Business - Livemint.com | 21 Jan 2010 | 1:50 am
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