Govt to dilute stake in Cochin Shipyard, SCI, DCI next fiscal!

The Shipping Ministry is planning to dilute the government`s stake in three companies under it -- Cochin Shipyard, Shipping Corp of India (SCI) and Dredging Corp of India (DCI) in the next fiscal (FY11).
Source: Zee News : Business | 24 Jan 2010 | 4:47 am

Markets to track global cues; to remain volatile!

The Dalal Street is likely to remain volatile with a downward bias following weak global cues as investors await a clear direction from the monetary policy later this week, say analysts.
Source: Zee News : Business | 24 Jan 2010 | 4:47 am

Volkswagen cuts global market sales forecast: Report!

Volkswagen revised its previous assumptions for global car market sales lower by 67 million vehicles for the period through 2018, Automobilwoche reported, citing a letter presented to VW`s top management.
Source: Zee News : Business | 24 Jan 2010 | 4:47 am

Sugar on the boil again Prices soar up to Rs 10

Ten days after the Centre announced a slew of measures to contain soaring sugar prices, instead of the retail price coming down it has surged by up to Rs 10 a kg across the country, barring in the Delhi and Bhubaneshwar markets, show the latest data from the Consumer Affairs Ministry.
Source: HindustanTimes.com - Top Business News Headlines | 24 Jan 2010 | 2:22 am

MTNL plans attractive tariffs for newly launched VDSL service

Public sector MTNL offers VDSL to customers with a high speed of 20 Mbps (2.5 Mb will be down-loaded within one second) for the first time in the country.
Source: Daily News & Analysis: Money News | 24 Jan 2010 | 2:08 am

Parliamentary panel flays AI management’s pay cut proposal

New Delhi: Air India management’s proposal to slash the pay package of over 30,000 employees in a bid to reduce costs has come under attack from a parliamentary committee, which has sought payment of all arrears with effect from January 1997.
In its latest report, the parliamentary standing committee on transport, tourism and culture noted that the prime reasons for Air India’s losses were not the employees, but “misplaced” policies of the government.
“The committee feels that employees are being made scapegoat and cut in their salaries and PLI have become tools in the hands of management in the name of cost cutting, restructuring,” it said.
“Since all parameters are laid down for PLI payment, the committee does not see any scope for reduction in PLI of employees,” the panel headed by CPM leader Sitaram Yechury said.
In a strongly-worded report, it said that “making the employees suffer (by not getting their arrear payments) due to no fault of theirs can hardly be justified.”
Referring to erstwhile Indian Airlines’ employees pay revision case, the panel said it felt that “had the wages been revised in 1997 itself, the IA workers would have now been getting what was due to them. However, it is surprising that the revision was delayed for ten years.”
“The committee, therefore, recommends that the arrears to all the employees be sanctioned with effect from 1 January 1997, and paid appropriately.”

Source: LatestNews-Home - Livemint.com | 24 Jan 2010 | 1:30 am

SBI eyes acquisitions in Indonesia, Thailand & Philippines

New Delhi: The country’s largest lender SBI is eyeing acquisitions in the south-east Asia, particularly in Indonesia where it acquired a bank way back in 2006, bolstered by Indian companies keenness of step up operations there.
“Because of India joining Asean, there could be greater synergies...So we are looking at Indonesia, Thailand and the Philippines,” SBI deputy managing director and group executive (international banking) Pratip Chaudhuri told PTI.
Chaudhuri said the top priority will be to look at the possibility of acquisition in Indonesia “then Thailand and then possibly the Philippines.”
He said Indonesia has huge reserves of coal, oil and many Indian companies are eyeing acquisitions there, which makes it a good case to acquire another bank.
Coal India Ltd, NTPC, NALCO and shipping company Mercator Lines are reported to be looking at acquiring coal assets in Indonesia.
In Indonesia, SBI has already acquired PT Bank IndoMonex in 2006. “We took a bank in Indonesia and call it SBI Indonesia. It has seven branches now. We could think of taking over another bank, bring them together and scale up quickly.”
Chaudhuri said besides Indonesia, Thailand and Philippines are priority markets. “They are on radar,” he added.
Though he did not give exact timeframe for such acquisitions, the SBI official said, “in the next two years something can happen in some of these geographies.”

Source: LatestNews-Home - Livemint.com | 24 Jan 2010 | 1:28 am

NTPC hopes to attract up to Rs6k cr from global investors

New Delhi: In a remarkable response from international roadshow, state-run NTPC on Sunday said it is hoping a subscription of up to Rs6,000 crore from the global investors to its follow-on public offer (FPO) next month.
“We met 38 global investors during the week-long global roadshow. It is sort of a record and we are overwhelmed by their response. We are expecting 50% of qualified institutional buyers (QIBs) quota to come from these investors ranging between Rs5,000-6,000 crore,” NTPC chairman and managing director RS Sharma told PTI from New York.
NTPC is offering 5% of its equity as part of government’s disinvestment programme and going by the claims of the company, the government may garner over Rs12,000 crore from the stake sale.
The QIB portion consists of 204 million shares, Sharma said, adding that most of the people they met are long-term investors and they are interested in sustainable growth of the company.
NTPC will hit the capital market with FPO on 3 February. Power major is coming out with over 41 crore (41,22,73,220) equity shares of Rs10 each at prices to be determined through an alternative book building process. The issue closes on 5 February.
Asked to name some of the investors, Sharma declined to reveal, but sources said that some of the leading financial investors, including US-based Janus Capital and Capital Group have shown keen interest in subscribing to its shares in the forthcoming public offering.

Source: LatestNews-Home - Livemint.com | 24 Jan 2010 | 1:13 am

Govt orders SFIO probe into Austral Coke

New Delhi: The government has ordered an enquiry by the Serious Fraud Investigation Office (SFIO) into the alleged financial irregularities by metallurgical coking coal producer Austral Coke.
“The Serious Fraud Investigation Office (SFIO) has been asked to submit its report on the enquiry into Austral Coke within six months and seven officers have been designated for the probe,” a corporate affairs ministry official said.
He added the ministry has found “prima facie” evidences of fund diversion, manipulation of accounts, and tax evasion by the company.
Austral Coke did not respond to calls and email queries from PTI.
Markets regulator Sebi in September 2009 had barred Austral Coke from raising fresh equity after the Income Tax Department unearthed an alleged over Rs1,000 crore fraud in the company’s transactions.
The SFIO probe, the official said, would be carried out under Section 235 of the Companies Act under which the investigating agency can call for information or explanation from the company.
The Sebi order had come ahead of Austral Coke’s board meeting on 3 September to consider raising about Rs960.22 crore through private placements with institutions.
The markets regulator had said the I-T department in June had conducted raids at the business and residential premises of Austral Coke and found “bogus” transactions to the tune of Rs1,048 crore.
The I-T department, Sebi had also pointed out, had observed that a part of the Rs142.29 crore raised by the company last year through an IPO had been used in fraudulent manner.
“Such purchases identified so far by the I-T department totalled up to Rs553 crore. The company has also shown sales of around Rs495 crore...which apparently were bogus,” the order had said.

Source: LatestNews-Home - Livemint.com | 24 Jan 2010 | 12:49 am

Inflation may trigger tighter monetary policy - Economic Times


The Hindu
Inflation may trigger tighter monetary policy
Economic Times
The credit policy review is around the corner. This time, the Reserve Bank of India (RBI) has a pretty tough task of managing growth and liquidity. The RBI would need to balance these compelling forces. According to some bankers, an interest rate ...
RBI Governor meets PranabHindu Business Line
Policy tightening expected at RBI reviewMoneycontrol.com
Ballooning inflation may prompt RBI to up CRRPress Trust of India
Business Standard -Financial Express -Economic Times
all 83 news articles »

Source: Business - Google News | 24 Jan 2010 | 12:42 am

Magma Fincorp aims to start general insurance business by H1 FY11

Magma Fincorp and its associate company, Celica Developers, have formed a joint venture with German insurer, HDI-Gerling for the business.
Source: Daily News & Analysis: Money News | 24 Jan 2010 | 12:15 am

US sees nine bank collapses in 10 five go belly in one day

With five more entities folding up, the total number of American bank failures has touched nine in 2010. Even though the national economy is slowly picking up, banks are still seeing increased defaults in the wake of high unemployment levels.
Source: HindustanTimes.com - Top Business News Headlines | 24 Jan 2010 | 12:09 am

Commexes turnover rises 55% in first fortnight of 2010

New Delhi: Commodity exchanges started the year 2010 on a good note with total turnover surging by 55.24% to Rs3,64,893 crore in the first fortnight of the current month.
The exchanges had registered a total turnover of Rs2,35,048 crore in the year-ago period.
MCX clocked the highest turnover of Rs2,86,953 crore (till 15 January) among 23 commodity exchanges, the data released by commodity market regulator Forward Markets Commission (FMC) showed.
While the turnover of leading agri-commodity bourse NCDEX stood at Rs46,648 crore, Ahmedabad-based NMCE made a business of Rs8,884 crore during the period. New entrant ICEX generated a turnover of Rs18,927 crore in the period.
Higher turnover came from bullion, energy and few farm commodities such as guarseed, soya oil and chana, FMC said.
The total business from agri-commodities more than doubled to Rs58,857 crore, while that from bullion rose by 16.31% to Rs1,55,959 crore till 15 January. Turnover from other commodities such as energy also more than doubled to Rs1,50,077 crore in the review period, it said.
Commodity exchanges had closed the year 2009 with record turnover of Rs70,90,442 crore, up by 40.85% from Rs50,33,872 crore in the previous year. Last year, the average turnover in a fortnight has stood at Rs2,95,435 crore.

Source: Home - Livemint.com | 24 Jan 2010 | 12:06 am

4G prospects won't keep off telecom cos from bidding for 3G, says Raja

The Centre hopes to garner Rs 25,000 crore from the auction of 3G spectrum for mobile telephony, which is expected to be completed by next month, according to Mr A. Raja, Union Minister for Communications and Information
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Nuclear generation up on improved uranium supplies

With uranium supplies perking up, nuclear power generation surged 39 per cent in December 2009 and 19 per cent for the April-December period this fiscal.
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Weekly news round up

Reliance Industries announced that its net profit rose for the first time in five quarters as higher gas sales more than made good the declining profits from its principal business of refining. Net profit rose 15.8 per cent for the third
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Q4 export numbers will make up for earlier shortfall

Export growth has turned positive in end-2009 and the last quarter of 2009-10 will see the numbers “cover the gap” against last May's negative performance, according to Mr Anand Sharma, Minister of Commerce and
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Regulators clash over nod for ULIPs

The Insurance Regulatory and Development Authority plans to seek legal views on SEBI's power to issue notice to insurance companies for not seeking the capital market regulator's approval for their unit linked insurance products or
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

RBI Governor meets Pranab

Ahead of the quarterly credit policy review slated for January 29, the Reserve Bank of India (RBI) Governor, Dr D. Subbarao, met the Finance Minister, Mr Pranab Mukherjee, at North Block on
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Maruti to invest Rs 1,700 cr on second line at Manesar

The country's largest carmaker, Maruti Suzuki, announced on Saturday that it would invest Rs 1,700 crore in a second line at its Manesar factory. The new line would start operations by April 2012.
Source: Business Line - Home Page | 24 Jan 2010 | 12:00 am

Parliamentary panel plays at AI management on salary cut proposal

Air India management's proposal to slash the pay package of over 30,000 employees in a bid to reduce costs has come under attack from a parliamentary committee, which has sought payment of all arrears with effect from January 1997.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 11:53 pm

Eyeing good buys in consumer durables, lighting: Shekhar Bajaj

The company, which is targeting a Rs2,300-crore turnover this fiscal, also plans to enter the solar-powered products business.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 11:42 pm

Seven of top-10 firms lose Rs73k cr in m-cap

Mumbai: A whopping Rs73,000 crore was eroded from the market capitalization (m-cap) of seven of the top 10 firms last week and during the period the BSE benchmark Sensex fell below the psychologically crucial 17,000-mark.
However, NMDC, Bharti Airtel and BHEL added Rs23,053.89 crore to their market valuation for the week ended 23 January.
The country’s largest iron ore producer NMDC, which will come out with a follow-on public offer (FPO) to divest 8.3%, was the biggest gainer. It jumped to the third place from fourth in the list of top 10 companies going by their market valution. NMDC added Rs21,429.21 crore to its valuation to end the week at Rs2,11,120.28 crore.
State-run oil firm ONGC saw the biggest fall of Rs21,035.79 crore, bringing its total valuation to Rs2,38,451.92 crore. It reported a 23% jump in third quarter profit at Rs3,053 crore.
Mukesh Ambani-led Reliance Industries (RIL), the biggest company by m-cap, also lost Rs18,421.28 crore. Its valution stood at Rs3,46,126.17 crore at the end of of the week.
The state-run power behemoth NTPC slipped to fourth place from third after losing Rs8,245.46 crore. Trading firm MMTC down by Rs8,733.75 crore is at the fifth place. Its total valuation declined to Rs1,83,461.49 crore.
Another PSU MMTC’s m-cap dipped to Rs1,75,675.25 crore.
Software giants TCS and Infosys Technologies together lost Rs13,053.11 crore.
TCS is at the sixth place with m-cap of Rs1,47,788.17 crore and Infosys with m-cap of Rs1,47,574.71 crore is at seventh place.
Country’s largest public sector lender SBI, eighth in the list, witnessed an erosion of Rs3,415.65 crore, bringing its total valution to Rs1,32,702.62 crore.
Private telecom services provider Bharti Airtel stood at ninth spot with a total valuation of Rs1,21,996.32 crore. It posted 2.3% rise in third quarter profit at Rs2,210 crore.
Power equipment maker BHEL at tenth spot with a m-cap of Rs1,16,123.93 crore. The PSU declared a 35.67% increase in profit at Rs1,072.5 crore for December quarter.
During the past week, the 30-share index Sensex of the Bombay Stock Exchange saw a decline of nearly 4%, or 694.62 points, to close at 16,859.68 points at the end of Friday’s trade.

Source: Home - Livemint.com | 23 Jan 2010 | 11:41 pm

Par panel plays at AI mgt on salary cut proposal

Air India management's proposal to slash the pay package of over 30,000 employees in a bid to reduce costs has come under attack from a parliamentary committee, which has sought payment of all arrears with effect from January 1997.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 11:39 pm

Big Bazaar aims for over Rs210 crore sales on Republic Day sale

Big Bazaar will hold its special Republic Day offer of 'Sabse Saste 4 Din' from January 23 to 26, 2010, at its all 120 Big Bazaar pan-India.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 11:28 pm

Ballooning inflation may prompt Reserve Bank to up policy rates

SBI chairman, OP Bhatt, said recently that this would not be the right time for a CRR hike as credit growth is likely to pick-up in coming months.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 11:21 pm

To stop tax evasion finmin overhauls I-T intelligence

New Delhi: The finance ministry has overhauled its income tax intelligence wing in order to speed up investigation of high value cases of Rs10 lakhs and above and stop new methods of tax evasion.
Commissioners of income tax (CITs) of the central information branch (CIB) will now report to the intelligence wing headquartered in the national capital.
The CIB and the intelligence wing, which were till now performing support role for the conduct of search and survey operations for the investigation arm of the department, will henceforth independently probe cases of tax evasion, official sources said.
The CIB is the nodal office in the department to gather all documents pertaining to transactions in relation to which permanent account number (PAN) or general index register number are given during sale and purchase of property and monetary deposits.
“The re-structuring of the central information branch will ensure current, constant and consolidated reporting and delivery of information on transactions, including high value financial ones which are around Rs10 lakhs or more,” sources said.
Under the new arrangement, commissioners (CIB) have been now designated as the directors of income tax (DITs) who will be reporting to the director general of income tax intelligence.
The intelligence wing will also feed exhaustive taxpayer information to the tech-based database of the department called 360 degree profiling, sources said.
360 degree profiling enables the I-T department to track all PAN card based transactions of a taxpayer, including those done by debit and credit cards.
According to official I-T department guidelines, the intelligence wing “takes up intensive investigation of selected cases or class of cases and develop them for further action or specialized operation. The wing also studies and analyses emerging trends in tax evasion, new modus operandi, create an economic offence data base both in traditional and non traditional fields.”
The I-T department has found that evaders have tried reviving dormant accounts and have duplicated PAN cards to skip paying taxes.
The wing will have enhanced liaison with other enforcement agencies such as financial intelligence unit (FIU), enforcement directorate (ED), directorate of revenue intelligence (DRI), among others.
The directorate also has access to all the information received by the department pertaining to annual information return (AIR), tax deducted at source (TDS), banking cash transactions tax (BCTT) and securities transaction tax (STT).

Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 11:15 pm

Bajaj Finserv eyes banking biz, to start advisory biz by end-2010

Mumbai: The Bajaj Group is gearing up to enter the banking business and considering applying for a licence through its financial services arm-Bajaj Finserv, a top company official said.
Bajaj Finserv’s keenness to enter banking stems from the fact that the Union finance ministry is understood to be considering allowing high-performance NBFCs to convert themselves into banks.
“We are keen to enter the banking business and will consider applying for a licence once the Reserve Bank comes out with regulations allowing non-banking finance companies (NBFCs) to convert themselves into banks,” Bajaj Finserv’s managing director Sanjiv Bajaj told PTI here on Sunday.
Presently, all Bajaj group financial services businesses are conducted under the Bajaj Finserv umbrella with Bajaj Auto Finance being its NBFC.
“The banking entity will either be a subsidiary of Bajaj Finserv or an independent company-we will take a call on this once the guidelines are released,” Bajaj said.
Funding for the banking business would not be a problem as “we are sitting on Rs900 crore of cash and investments and zero-debt,” he said, adding “having a bank will transform Bajaj Finserv into a financial one-stop shop for customers.”
Bajaj Finserv, through its subsidiaries-Bajaj Allianz in the life and general insurance businesses and Bajaj Auto Finance (its NBFC)-has a huge pan-India retail presence with a strong footprint in Tier II and III towns.
“We can leverage these strengths to our bank’s advantage. Besides, we have plans to enter the mutual funds and financial advisory businesses. A bank will perfectly complement all this,” Bajaj said.
The proposed bank will have a strong retail focus and would aim to garner a significant number of low-cost deposits. We are looking at a strong footprint in Tier II and III destinations,” he said.
On its advisory business, Bajaj said that he hoped to start the business by the third-quarter of this calendar year. A company, Bajaj Financial Solutions, has already been set-up and it is a subsidiary of Bajaj Finserv.
Here again, there would be a strong retail focus and the customer-target would be the upper middle-class and above, he said.
For mutual funds, Bajaj Finserv has tied-up with Allianz (just like it has for its two insurance businesses) and has applied for regulatory approval. “As and when we receive the nod, we will start to build a business model,” Bajaj said.
In Q3 FY10, Bajaj Auto Finance’s gross income grew from Rs158 crore to Rs250 crore and PAT from Rs11 crore to Rs27 crore. “It has assets under management of Rs3,600 crore which is similar to many small banks,” Bajaj said.
NPAs which were always under control over the life of the company except between 2005-07, are once again showing a declining trend and are now just a little over 4%, he said, adding “they will fall still further by end of this fiscal.”
Bajaj’s life and general insurance businesses too have a deep penetration in Tier II and III destinations. While premiums in its life insurance business in Q3 FY10 rose from Rs2,400 crore to Rs2,750 crore, profit vaulted from Rs30 crore to Rs150 crore, he said.
In general insurance, its topline stood at Rs583 crore while its bottomline expanded from Rs17 crore to Rs29 crore.
With a strong presence already in the financial services segment, the Bajaj group is confident of leveraging its capabilities effectively in banking as well, Bajaj said.

Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 10:59 pm

China now world's second largest diamond market

BEIJING (Reuters) - China last year overtook Japan to become the world's second largest diamond market behind the United States with trade on the Shanghai diamond exchange rising 16.4 percent to more than $1.5 billion, state media said.

Source: Reuters: Money News | 23 Jan 2010 | 10:57 pm

BRPSE to again take up Air India losses assessment issue

New Delhi: Taking on the civil aviation ministry over the financial health of Air India, the Board for Reconstruction of Public Sector Enterprises (BRPSE) will again press for assessing balance sheet of the state-owned carrier and declare it sick if need be.
The civil aviation ministry has already rejected an earlier proposal from the Board for Reconstruction of Public Sector Enterprises, an advisory body that suggest measures for strengthening and reviving public sector companies, to check the balance sheet of cash-strapped National Aviation Company of India Ltd (Nacil), which runs Air India.
Notwithstanding the response from the ministry, BRPSE chairman Nitish Sengupta confirmed to PTI that the matter is being taken up on the meeting of BRPSE board scheduled to be held on 4 February, without specifying details.
The civil aviation ministry had rejected a proposal from BRPSE to study the balance sheet of cash-strapped Nacil saying the matter is pending before a group of ministers (GoM).
“We don’t have any comments to make on this issue. We are currently working closely with the group of ministers, headed by finance minister Pranab Mukherjee, on a revival plan for the national carrier,” civil aviation secretary M Madhavan Nambiar told PTI.
He said Air India’s turnaround plan was being implemented on the basis of the recommendations of the GoM.
Nacil was formed after the merger of Air India and Indian Airlines in 2007 and has been incurring losses every year. It had a loss of around Rs5,500 crore in the last fiscal and Rs2,226 crore in 2007-08.
As per norms, BRPSE take up the matter of checking the sickness of the central public sector unit on its own or with the reference of administrative ministry if the firm incurred loss for two consecutive years.
Also, BRPSE can declare a central public sector unit sick if a CPSE had accumulated losses in any financial year equal to 50% or more of its net average worth during four years immediately preceding the year when the loss is reported.
Sengupta had earlier said that when BRPSE wrote to Air India seeking to study its balance sheet, both the Prime Ministers’s office and the finance ministry were informed.

Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 10:33 pm

Multiplexes are eating away good cinema

Bollywood producer Pahlaj Nihalani, credited with launching actors like Govinda, Chunky Pandey and Suniel Shetty, says the profit-driven attitude of multiplexes is leading to the downfall of quality cinema.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 10:29 pm

Big Bazaar aims for over Rs 210 cr sales from R Day sale offer

Big Bazaar, the largest chain of hypermarkets under the Kishore Biyani-led Future Group umbrella, is eyeing a 25-30 per cent rise in sales during a special sale offer it plans to hold between January 23-26.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 10:27 pm

Bajaj Finserv eyes banking biz, says advisory biz by end-2010

The Bajaj Group is gearing up to enter the banking business and considering applying for a licence through its financial services arm--Bajaj Finserv, a top company official said.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 10:21 pm

Kraft vows investment in Cadbury after takeover

London: The strategy director of US giant Kraft Foods vowed on Sunday to invest in British chocolate maker Cadbury and create more jobs in the business here as it seeks to head off concern about its takeover.
Michael Osanloo told The Sunday Telegraph newspaper that Kraft would respect the “history of Cadbury and the integrity of the brands” after it agreed to buy the British firm in a deal worth £11.5 billion ($18.9 billion).
“As far as Cadbury in the UK goes it is our hope, desire and our plan to invest in Cadbury,” he said.
“I would fully expect that once we can actually look at what is going on and have a more informed perspective that this should, down the road, increase manufacturing jobs in the UK.
“I genuinely believe that we can create a tremendous amount of savings in things like procurement, on how we source cocoa, dairy, sugar, packaging and advertising.
“I am very optimistic that the vast majority of our synergy savings will come from things that do not affect jobs.”
British Prime Minister Gordon Brown said this week his government had sought assurances from Kraft about the future of the more than 5,000 workers at Cadbury amid public dismay at the sell-off of such an iconic British brand.
Osanloo said it was “unfortunate” that Cadbury had previously been cutting jobs at its two major plants in Britain, adding: “I would love to be able to figure out a way to do something other than what the current plan is.”

Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 10:04 pm

Kraft vows investment in Cadbury after takeover

London: The strategy director of US giant Kraft Foods vowed on Sunday to invest in British chocolate maker Cadbury and create more jobs in the business here as it seeks to head off concern about its takeover.
Michael Osanloo told The Sunday Telegraph newspaper that Kraft would respect the “history of Cadbury and the integrity of the brands” after it agreed to buy the British firm in a deal worth £11.5 billion ($18.9 billion).
“As far as Cadbury in the UK goes it is our hope, desire and our plan to invest in Cadbury,” he said.
“I would fully expect that once we can actually look at what is going on and have a more informed perspective that this should, down the road, increase manufacturing jobs in the UK.
“I genuinely believe that we can create a tremendous amount of savings in things like procurement, on how we source cocoa, dairy, sugar, packaging and advertising.
“I am very optimistic that the vast majority of our synergy savings will come from things that do not affect jobs.”
British Prime Minister Gordon Brown said this week his government had sought assurances from Kraft about the future of the more than 5,000 workers at Cadbury amid public dismay at the sell-off of such an iconic British brand.
Osanloo said it was “unfortunate” that Cadbury had previously been cutting jobs at its two major plants in Britain, adding: “I would love to be able to figure out a way to do something other than what the current plan is.”

Source: World Business - Livemint.com | 23 Jan 2010 | 10:04 pm

Ballooning inflation may prompt RBI to up CRR, policy rates

Zooming inflation, a build-up of inflationary pressures and cues from global markets could impel the Reserve Bank to further tighten its monetary policy stance by hiking the cash reserve ratio (CRR) and policy rates, bankers said.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 9:50 pm

Big Bazaar aims for over Rs 210 cr sales from R-Day sale offer

Big Bazaar, the largest chain of hypermarkets under the Kishore Biyani-led Future Group umbrella, is eyeing a 25-30 per cent rise in sales during a special sale offer it plans to hold between January 23-26.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 9:25 pm

Mukesh Patel gets best Guj professional award

Mukesh Patel, a well-known tax consultant and author has been given the 'Outstanding Professional of Gujarat Award' by All Gujarat Federation of Tax consultants.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 9:12 pm

Eyeing good buys in consumer durables, lighting: Shekhar Bajaj - The Hindu


The Hindu
Eyeing good buys in consumer durables, lighting: Shekhar Bajaj
The Hindu
PTI The Hindu Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals at a press conference in Chennai. File Photo: Bijoy Ghosh Bajaj Electricals Limited (BEL) which recently raised Rs. 160 crore through a QIP is eyeing acquisitions, ...
Bajaj Elec exploring options in solar cell manufacturingMoneycontrol.com
Bajaj Electricals Q3 net profit grows 76% yoyIndia Infoline.com
Bajaj Electricals expresses interest in solar energy segmentTopNews
Press Trust of India
all 16 news articles »

Source: Business - Google News | 23 Jan 2010 | 8:51 pm

Obama checks on Bernanke prospects, senators say secure

WASHINGTON (Reuters) - U.S. President Barack Obama called lawmakers on Saturday to check that Federal Reserve Chairman Ben Bernanke had enough support for a second term and two key senators said the nomination was on track.

Source: Reuters: Money News | 23 Jan 2010 | 8:47 pm

Indian Bank net profit up - Times of India


Fresh News
Indian Bank net profit up
Times of India
CHENNAI: Indian Bank has posted a net profit of Rs 441.38 crore for the quarter ending December 2009 as compared to Rs 350.70 crore during the corresponding period last year, recording a growth of 25.86%. Net interest income improved by 21.31% to Rs ...
Indian Bank's third quarter net profit up 26 % at Rs. 441 croreThe Hindu
Indian Bank Q3 net up 25.86%Economic Times
Cost control, quality credits boost Q3 profit: Indian BankMoneycontrol.com
Deccan Herald -Equity Bulls -The Hindu
all 428 news articles »

Source: Business - Google News | 23 Jan 2010 | 6:38 pm

Bharat Forge net zooms 760% to Rs 37.99 cr - Economic Times


Hindu Business Line
Bharat Forge net zooms 760% to Rs 37.99 cr
Economic Times
PUNE: In a sign reflecting an uptick in the manufacturing sector, Bharat Forge, a leading forgings manufacturer, has reported a rise of over 760% in its net profit to Rs 37.99 crore (Rs 4.35 crore) for the quarter ended December 31, 2009. ...
Bharat Forge Q3 net surges on new order flowsHindu Business Line
See better 2010 for all European arms: Bharat ForgeMoneycontrol.com
Bharat Forge Q3 net soars 773%Business Standard
mydigitalfc.com -Myiris.com -Economic Times
all 12 news articles »

Source: Business - Google News | 23 Jan 2010 | 4:07 pm

Panel seeks strict regulation of rating agencies

A committee appointed by financial regulators has recommended an overhaul of regulatory norms governing credit rating agencies (CRAs) and sought a host of disclosures from them to make the system more transparent.
Source: Business Standard | Front Page Headlines | 23 Jan 2010 | 12:27 pm

IPL snub pinches Pak cricketers hard

Shahid Afridi, others could have doubled income in 45 days.
Source: Business Standard | Front Page Headlines | 23 Jan 2010 | 12:09 pm

Maruti to invest Rs 1700 cr on second line at Manesar - Hindu Business Line


The Hindu
Maruti to invest Rs 1700 cr on second line at Manesar
Hindu Business Line
The country's largest carmaker, Maruti Suzuki, announced on Saturday that it would invest Rs 1700 crore in a second line at its Manesar factory. The new line would start operations by April 2012. The second line, which would have a capacity of around ...
Maruti posts Rs 688-cr net in Q3Economic Times
Three-fold rise in Maruti profitThe Hindu
Maruti Q3 net zooms 221.9% on high salesFinancial Express
Calcutta Telegraph -Stock Watch -Reuters
all 66 news articles »

Source: Business - Google News | 23 Jan 2010 | 11:38 am

4G prospects won't keep off telecom cos from bidding for 3G, says Raja - Hindu Business Line


The Hindu
4G prospects won't keep off telecom cos from bidding for 3G, says Raja
Hindu Business Line
The Centre hopes to garner Rs 25000 crore from the auction of 3G spectrum for mobile telephony, which is expected to be completed by next month, according to Mr A. Raja, Union Minister for Communications and Information Technology. ...
3G Spectrum Auction By End Of Feb 2010: A RajaStock Watch
It is for Cabinet to decide on BSNL's public issue: RajaEconomic Times
3G spectrum auction in Feb-end: RajaExpress Buzz
Press Trust of India -All India Radio
all 19 news articles »

Source: Business - Google News | 23 Jan 2010 | 11:38 am

Godrej profit doubles - Business Standard


The Hindu
Godrej profit doubles
Business Standard
The consolidated net profit of Godrej Consumer Products Ltd rose 112 per cent to Rs 85.1 crore in the third quarter ended December 2009, against Rs 40.1 crore in the same period the previous year. Net sales were up 53 per cent in the quarter at Rs ...
Godrej Consumer Q3 net jumps twofoldEconomic Times
Godrej Consumer Products Q3 (cons) net jumps 2.12 timesMyiris.com
Godrej Consumer Products Q3 net profit at Rs 85.12 croresEquity Bulls
Hindu Business Line -Equity Bulls
all 11 news articles »

Source: Business - Google News | 23 Jan 2010 | 11:34 am

UAE holds Europeans, Asians in $10 bln bank scam

ABU DHABI (Reuters) - Abu Dhabi police have arrested seven men for plotting to defraud the UAE central bank of 7.2 billion euros ($10.17 billion) using false documents, the state news agency WAM said on Saturday.

Source: Reuters: Money News | 23 Jan 2010 | 11:17 am

Alien warming

A small group of scientists, however, say the real danger lies, not in an alien invasion but from the sky falling on our heads. As proof, they cite Chief Vitalstatistix’s and Chicken Little’s pronouncements on the subject, writes Manas Chakravarty.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 10:56 am

Volkswagen cuts global market sales forecast - paper

FRANKFURT (Reuters) - Volkswagen revised its previous assumptions for global car market sales lower by 67 million vehicles for the period through 2018, Automobilwoche reported, citing a letter presented to VW's top management.

Source: Reuters: Money News | 23 Jan 2010 | 10:20 am

GM expects to need new China plant as sales climb

SHANGHAI (Reuters) - General Motors expects it will need to build a new greenfield manufacturing facility in the near future in China, to accommodate strong growth in the world's largest auto market, but it will not be building a plant this year, its China president said on Saturday.

Source: Reuters: Money News | 23 Jan 2010 | 10:19 am

Saudi Zain in credit talks after missing commitments

RIYADH (Reuters) - Zain Saudi Arabia, the kingdom's newest mobile phone operator, said on Saturday it is in talks with lenders after missing some commitments last year on a two-year $2.5-billion Islamic loan.

Source: Reuters: Money News | 23 Jan 2010 | 10:14 am

Berlin plans G20 financial oversight meeting

BERLIN (Reuters) - Germany will host a meeting of the Group of 20 nations in May to focus efforts on reforming financial regulation in the wake of new U.S. proposals for governing banks, a finance ministry spokesman said.

Source: Reuters: Money News | 23 Jan 2010 | 9:59 am

Spectrum auction to fetch at least Rs 25 000 cr Raja

The much-awaited auction of radio waves for third generation mobile phone services, or 3G, is expected to garner at least Rs 25,000 crore from private bidders, union communications and IT minister, A Raja said in Coimbatore.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 9:32 am

Maldives keen on tie-ups with Indian cos in renewable energy

Maldives president Mohammed Nasheed stated that much of energy and its resources were untapped particularly in ocean currents.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 9:10 am

Hinduja Foundries report Rs2.22 crore net profit

For the nine months period ended December 2009, the company reported a net loss of Rs 6.42 crore agasint Rs4.44 crore in the corresponding period last year, a release here said.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 8:04 am

Are the lines blurring between ULIPs and MFs?

CNBCTV18 uncovers how insurance agents are blatantly pushing unitlinked insurance products merely as an investment option.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 7:25 am

Saudi Zain in credit talks after missing commitments

Zain Saudi Arabia, the kingdom's newest mobile phone operator, said on Saturday it is in talks with lenders after missing some commitments last year on a two-year $2.5-billion Islamic loan.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 6:27 am

Citigroup's Pandit and BoA's Moynihan head to Davos

NEW YORK (Reuters) - The CEOs of two major bailed-out U.S. banks plan to go to the World Economic Forum's schmoozefest at a glitzy ski resort in Davos, Switzerland.

Source: Reuters: Money News | 23 Jan 2010 | 6:02 am

Maruti sees Q4 margin pressure; to raise output

India's top carmaker Maruti Suzuki said margins would be under pressure this quarter and announced a capacity expansion plan after reporting quarterly profit which more than tripled, on Saturday.
Source: Daily News & Analysis: Money News | 23 Jan 2010 | 5:12 am

Financial stability board welcomes Obama bank plan

ZURICH (Reuters) - The Financial Stability Board (FSB), charged by the G20 to coordinate national regulation in response to the financial crisis, on Saturday welcomed U.S. proposals to limit banks' size and trading activities.

Source: Reuters: Money News | 23 Jan 2010 | 5:03 am

WTO members differ over bailout impact on trade

Richcountry members of the World Trade Organisation blocked calls on Friday by developing countries to examine the possible protectionist impact of bailouts and financial stimulus packages.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am

Indian firms launch first Euro IV diesel tenders

Indian state refiners issued their first tenders to import Euro IVcompliant diesel to meet an April deadline for the roll out of cleaner fuel in 13 major cities.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am

UBS client wins appeal against US data handover

A client of Swiss bank UBS has won an appeal to prevent her account data being handed over to US authorities as part of a deal to give details on 4,450 clients to the US tax authority.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am

Eurofighter leading race for India deal

The Eurofighter Typhoon is \"leading the race\" to win a contract from the Indian government for 126 fighter jets, valued at around USD10.4 billion, India\'s ambassador to Italy said on Friday.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am

Galleon\'s Rajaratnam opposes SEC bid to add claims

Galleon Group founder Raj Rajaratnam urged a federal judge on Friday not to allow the US Securities and Exchange Commission to add new charges against him in a widening insider trading probe.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am

Bharat Forge Q3 net profit at Rs38 cr

Mumbai: Auto-parts maker Bharat Forge on Sunday posted net profit of Rs37.99 crore for the third quarter ended 31 December.
It stood at Rs4.35 crore for the corresponding period last fiscal.
The firm has adopted a new provision for accounting, which is related to effects of the foreign exchange rate during the quarter. Therefore, the results are not comparable with that of the year ago period.
Income from operations stood at Rs507.81 crore for the latest quarter, while the same was at Rs453.05 crore for the same period previous fiscal, Bharat Forge said in a filing to the Bombay Stock Exchange.
“The performance will further gain momentum going forward with the ramp up in the non-auto capacity, revival in the export market and turnaround of our overseas subsidiaries,” Bharat Forge chairman and managing director B.N. Kalyani said.
For the nine months ended 31 December, the company reported a net profit of Rs65.78 crore, while the same was at Rs42.16 crore for the corresponding period last fiscal.

Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 4:53 am

Spectrum auction to fetch at least Rs 25,000cr: Raja

"As the government has decided to hold the auction by February end, it is expecting to fetch the amount as a one-time payment from the bidders," A Raja said.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 4:52 am

Maruti sees Q4 margin pressure; to raise output

MUMBAI (Reuters) - India's top carmaker Maruti Suzuki said margins would be under pressure this quarter and announced a capacity expansion plan after reporting quarterly profit which more than tripled, on Saturday.

Source: Reuters: Money News | 23 Jan 2010 | 4:28 am

Sensex snaps 4 week winning streak drops below 17 000 level

Stocks: The BSE benchmark Sensex snapped its four-week winning streak and dropped by 695 points past week to close below the psychological 17,000 mark on all-round selling pressure following disappointment from key corporate earnings amid a weak trend in the global markets.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 3:49 am

Maruti Suzuki's Q3 net profit triples

India's largest car maker Maruti Suzuki on Saturday reported that net profits during the third quarter ended Dec 31 had tripled to Rs.687.53 crore, largely due to improved sales.
Source: India Business News | Business News - Times of India | 23 Jan 2010 | 3:42 am

Wall Street drops on Obama plan, Bernanke delay

US stocks dropped on Friday as proposed sweeping restrictions on US banks and the delayed confirmation of Fed Chairman Ben Bernanke overshadowed solid earnings from General Electric and McDonald\'s.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:42 am

Motorola files US ITC complaint against RIM

Motorola Inc has asked US regulators to bar Research In Motion from the US sale of its products, accusing the BlackBerry maker of infringing on five Motorola technology patents.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am

EU queries impact of Microsoft/Yahoo deal on Google

EU regulators are seeking market views on whether a Microsoft Corp plan to use Yahoo Inc\'s search technology would help the US software firm compete against dominant search engine Google Inc.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am

Two big, bailedout banks send CEOs to Davos

The CEOs of two major bailedout US banks plan to go to the World Economic Forum\'s schmoozefest at a glitzy ski resort in Davos, Switzerland.
Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am

NIIT Ltd Q3 Net up 72% to Rs9.5 cr

New Delhi: IT education and training major NIIT Ltd on Saturday said that its consolidated net profit rose 72.72% to Rs9.5 crore for the third quarter ended 31 December, 2009, over the same period last year.
Total revenue rose to Rs283.6 crore for the quarter ended 31 December, against Rs278.9 crore in the same period previous fiscal, NIIT Ltd said.
“An improving market coupled with product innovation contributed to significant improvements in enrollments and order intake,” NIIT chairman Rajendra S. Pawar said.
Individual learning solutions recorded 11 per cent growth in net revenue year-on-year and 22% rise in enrollments.

Source: Home - Livemint.com | 23 Jan 2010 | 3:12 am

Maruti to invest $369 mn on expansion

Mumbai: Maruti Suzuki, India’s top carmaker, approved on Saturday an investment of Rs1700 crore ($369 million) to produce an additional 250,000 cars annually, the company said.
Maruti, in which Japan’s Suzuki Motor Corp has a 54.2% stake, currently has a production capacity of 1 million units.
The capacity growth will happen at Manesar in northern India, where Maruti is already investing $215 million in expansion and upgrading by shifting some capacity from its ageing facility in nearby Gurgaon.
The additional capacity will begin commercial production by April 2012, the company said in a statement.
Imminent competition from other Japanese auto makers such as Toyota Motor Corp and Honda in the small car market in India has prompted Maruti to raise its capacity.
At the Delhi Auto Expo earlier this month, Maruti’s managing director said that the company would double capacity at its plant in Manesar to 600,000 units to cope with competition.
At the auto expo the company also launched a five-seater multi-purpose vehicle Eeco priced at Rs259,000, which it said would create a whole new segment in the country.
NET PROFIT SOARS
The compact car segment in India, Asia’s third biggest economy and one of the fastest growing auto markets in the world, constitutes close to 75% of the total car market.
US auto maker General Motors has already entered the segment with its attractively priced Chevrolet Beat, while Ford and Volkswagen will shortly be launching their own compact cars here.
Italy’s Fiat, which has an equal joint venture with India’s Tata Motors, is also planning to unveil an India-specific car by 2012.
Maruti, which sells, one of every two cars in India, reported on Saturday a quarterly net profit of Rs688 crore ($149.2 million), more than tripling from a year earlier and beating forecasts.
The company said the higher sales were in part due to the lower base effect of the same period a year, a boost in demand from the government’s stimulus packages and easier availability of credit.
Favourable commodity prices helped keep costs low during the earlier part of the quarter, although they have started to firm up in the last few weeks, it said.

Source: Home - Livemint.com | 23 Jan 2010 | 3:03 am

Maruti Q3 Net jumps 3 fold to Rs 687 cr to invest Rs 1 700 cr

Boosted by robust sales, India's largest car maker Maruti Suzuki India on Friday reported over three-fold jump in its net profit at Rs 687.53 crore for the third quarter ended December 31, 2009.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 3:00 am

Reliance ADAG among 10 suitors for MGM Wall Street Journal

Hollywood's famous film studio Metro-Goldwyn-Mayer (MGM) has received buyout bids from several potential suitors, including India's Reliance ADA Group (ADAG), according to the Wall Street Journal.
Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 2:43 am

Maruti Suzuki December quarter net profit soars

Mumbai: India’s top carmaker Maruti Suzuki’s December quarter net profit more than tripled on improved sales, the company said on Saturday.
Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, reported net profit of Rs688 crore ($149.2 million) compared with Rs214 crore a year earlier.
Net sales rose to Rs7334 crore rupees from Rs4513 crore year ago.
A Reuters poll of 13 brokerages forecast net profit at Rs577 crore on net sales of Rs7496 crore.
The company sold 258,026 vehicles in the quarter, a rise of nearly 49% from a year earlier.
Maruti sells around one in every two cars in India, with models including the best-selling Alto, A-Star and Ritz hatchbacks and the popular sedan Swift D’Zire.
Shares in Maruti, valued at $9 billion, fell 8.2% in the December quarter, compared with a near 2% rise in the main index.

Source: Home - Livemint.com | 23 Jan 2010 | 2:38 am