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NTPC to commission 17,500 MW capacity in 2.5 yearsNTPC\'s FPO (follow on public issue), which has opened for subscription, has been subscribed 0.6 times so far, reports CNBCTV18. In an interview with CNBCTV18, RS Sharma of NTPC, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 8:00 am Falcon Tyres to raise Rs 4,000cr for capacity expansionRuia Groupowned Falcon Tyres will be raising Rs 4,000 crore to fund its expansion plans. While around Rs 3,000 crore will be garnered in the form of debt, the balance Rs 1,000 crore will be via equity.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:58 am Order backlog at Rs 22,000cr: IVRCL InfraSudhir Reddy, CMD, IVRCL Infrastructure, says the company has held back on capital projects on account of the Telangana issue. \"Elections, drought, and Telangana impacted the project execution in Andhra Pradesh. The company managed to execute Rs 1,200 crore worth of projects. About Rs 100150 crore projects are on track.\"Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:57 am Market strength tempts India back into MA frayIn 2007, Indian firms made USD 22.6 billion of overseas buys, not far behind China\'s haul. Outbound MA last year was just USD 1.3 billion, while China spent USD 42.7 billion.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:42 am Govt may grant Rs 800cr infusion in Air India: Praful PatelThe government may approve a capital infusion of Rs 800 crore in lossmaking national carrier Air India by next week, the Civil Aviation Minister said on Wednesday.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:23 am Entegra to raise Rs 750cr in next 12monthsEntegra Limited (ENTEGRA), an independent integrated renewable energy company, plans to raise Rs 750 crore in the next 12 months via combination of equity and debt.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:15 am Income from sale of software products not taxable in IndiaThe Authority for Advance Rulings (AAR) has delivered a landmark ruling in the case of Dassault Systems, KK Japan on the taxability of income from distribution of software products in India.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:00 am Kirit Parikh panel report to be submitted today: Oil SecyOil Secretary S Sundareshan said the Kirit Parikh Committee report will be submitted today. The Committee was set up by the Centre to draft a fuel pricing policy.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 7:00 am Imports, price hike by cos, not a concern: Steel MinThe Steel Ministry has said that neither imports, nor the price hike by steel companies was a concern as of now, reports CNBCTV18, quoting NewsWire18. It further said that it would be happy if iron ore export duty was hiked.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 6:12 am Supreme Infra gets 3 orders worth RS 3.64 billionSupreme Infrastructure India Ltd said on Wednesday it received three orders worth Rs 3.64 billion.Source: Moneycontrol Top Headlines | 3 Feb 2010 | 5:57 am Inox-Fame deal bodes well for entertainment biz: Analysts - Economic Times
Source: Business - Google News | 3 Feb 2010 | 3:16 am Nifty closes 100 points higher; Sterlite, ITC gain - Economic Times
Source: Business - Google News | 3 Feb 2010 | 3:16 am Need a job? See sectors that are hiring - Moneycontrol.com
Source: Business - Google News | 3 Feb 2010 | 3:15 am Supreme Infra bags 3 orders worth Rs 364 cr - Business Standard
Source: Business - Google News | 3 Feb 2010 | 3:05 am Mitsubishi UFJ posts $2.4 billion profitTokyo: Mitsubishi UFJ Financial Group, one of Japan’s “megabanks”, returned to profit in the nine months through December amid economic recovery in Japan and overseas. Tokyo-based Mitsubishi UFJ reported 217 billion yen ($2.4 billion) net profit in the April-December period, compared with a 42 billion yen loss a year earlier. Revenue fell to 3.77 trillion yen ($41.66 billion) from 4.35 trillion yen. The bank kept unchanged its projection of a 300 billion yen net profit for the fiscal year ending March 2010. The bank posted a net loss of 256.95 billion yen in the last fiscal year. The bank credited economic recovery in the US, Europe, Japan and the rest of Asia in helping boost its income in lending and market products. Cost cuts also helped improve the results in the first nine months, Mitsubishi UFJ said. The bank said its assets increased by 2.5 trillion yen ($27.6 billion) to 201 trillion yen ($2.2 trillion) on equity gains, including issuance of new shares. Mitsubishi UFJ shares fell 0.6% to 475 yen ($5.2) in Tokyo. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 3:02 am ETA Star to launch $250 mn housing projest phase in India in 2010Dubai: Dubai-based developer ETA Star Property is set to launch the first phase of an integrated township project worth $250 million in India this year and is looking to tap the housing demand in the country. The real estate arm of ETA Ascon Star will launch an integrated township project near Chennai this year as it looks to tap strong demand for property in the country, company’s executive director Abid Junaid said. The first phase of the project — one of three or four phases — is worth $250 million, he said. “When it comes to property development itself, we are looking at India more aggressively and we believe there is potential,” he said. He, however, declined to give the total value for the project, which will take five years to complete. “There is demand for the middle-income housing in India. There are plenty of home loans available and the interest rates are regulated by the government and the economy is growing,” Junaid said. The project will be funded by local banks and pre-selling of property, he said. The township will be in addition to similar smaller projects in Bangalore coming up this year, he said, declining to give further details. ETA Star will hand over four projects in Dubai worth more than two billion UAE dirhams ($544.5 mn) to customers this year, but will not launch new projects, Junaid said. “Our focus is to deliver projects, which are under construction and have been launched earlier.” Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 2:56 am Hazira LNG plant to re-open by mid-FebNew Delhi: Hazira LNG Ltd will re-open its liquefied natural gas (LNG) terminal in western Gujarat state following a planned maintenance shutdown by mid-February, an industry official said on Wednesday. “The terminal was shut sometime last week for planned maintenance and is expected to be restarted by mid-February,” the official, who did not wish to be identified, told reporters. Royal Dutch Shell through its unit Shell Gas owns 74% stake in Hazira LNG, while Total Gaz Electricite France, a unit of France’s Total holds the remainder. Shell India spokesman Deepak Mukarji confirmed that the 3.6 million tonnes a year LNG terminal was shut for maintenance. “It will re-open (as) per safety and business norms,” Mukarji said, without elaborating further. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 2:55 am Rupee extends gains as stocks rise over 2 per cent - Economic Times
Source: Business - Google News | 3 Feb 2010 | 2:49 am Larsen and Toubro bags Rs 1 100 crore construction dealEngineering and construction major Larsen and Toubro (L&T) on Wednesday said it has been awarded projects worth Rs 1,100 crore to construct residential towers, warehouses and a factory.Source: HindustanTimes.com - Top Business News Headlines | 3 Feb 2010 | 2:42 am India may approve 8 bln rupee infusion in Air India ministerGovernment may approve a capital infusion of 8 billion rupees in loss-making national carrier Air India by next week, the Civil Aviation Minister said on Wednesday.Source: HindustanTimes.com - Top Business News Headlines | 3 Feb 2010 | 2:41 am FOCUS - Cheap loans, commodities rally fire up farmersMUMBAI (Reuters) - Until a year ago, Subash Motke was against borrowing money for farming, but this year the 65-year old sugarcane farmer in Maharashtra has cheerfully taken a loan of 50,000 rupees.Source: Reuters: Money News | 3 Feb 2010 | 2:40 am Cheap loans, commodities rally fire up Indian farmersMumbai: Until a year ago, Subash Motke was against borrowing money for farming, but this year the 65-year old sugarcane farmer in the western Maharashtra state has cheerfully taken a loan of Rs50,000. Rising food prices and government incentives to increase farm loans such as lower interest rates and waiver of some loans, have encouraged farmers such as Motke to consider increasing investments in the farm using borrowed funds. “This year sugarcane price is high. It is an opportunity for me to earn more by increasing production. But I need to invest more as seed and cultivation costs have gone up,” he explains. Financial institutions have disbursed loans of Rs1.65 trillion in April-October 2009, up 43.5% compared to the same period a year ago, said SK Mitra, executive director at National Bank for Agriculture and Rural Development (NABARD). Prices of agri-commodities soared in 2009 as the weakest monsoon in nearly four decades cut summer-crop’s output and higher global prices also influenced rates as the government struggled to bridge the demand-supply gap in the country. To encourage domestic production, bank farm loan targets were raised 16% to Rs3.25 trillion in 2009/10, while the rates on such loans dropped to 6-7% across states from 12-16% four years ago. “The government has determined to boost the farming sector by giving farmers subsidies, making them available to more funds so that productivity would increase, overall output will increase,” Harish Galipelli, head of research at JRG Wealth Management, said. The government in 2008/09 budget announced Rs710 billon debt waiver scheme and it was extended by six months till December 2009 in the current year’s budget. Debt waivers “Debt waiver has made more farmers eligible for borrowing. This is one of the main reasons for higher borrowing by farmers,” said Niranjan Parsha, general manager, agriculture business at State Bank of India, the country’s biggest lender. In earlier years, the government raised the minimum support price of key crops like wheat, paddy, lentils and cotton to prompt farmers to boost yields, says Mitra of NABARD. Industry observers, like Galipelli say, the change in the government policy led to higher farm loans, but it didn’t translate into agriculture output because of the poor monsoon. Moreover, cost of cultivation has also gone up, leading to higher demand for farm loans, said Balasaheb Patil, former chairman of Maharashtra State Co-operative Sugar Factories Federation Ltd. “There was no impact on farm credit owing to the drought. It had been growing at a steady pace of 20-25%,” Parsha added. The banking sector is anticipating farm loans will grow in coming years as well, as many farmers are still out of the net of institutional finance. “The increment (in credit growth) what we have seen is because of input costs and higher prices. But in spite of prices coming down, if this goes up then that would be a healthy scenario,” JRG’s Galipelli says. Source: Home - Livemint.com | 3 Feb 2010 | 2:39 am Mitsubishi UFJ posts 2 4 billion profitMitsubishi UFJ Financial Group, one of Japan's "megabanks", returned to profit in the nine months through December amid economic recovery in Japan and overseas. Tokyo-based Mitsubishi UFJ reported 217 billion yen ($2.4 billion) net profit in the April-December period, compared with a 42 billion yen loss a year earlier.Source: HindustanTimes.com - Top Business News Headlines | 3 Feb 2010 | 2:34 am Honda hoists profit forecast, sees further growthTOKYO (Reuters) - Honda Motor Co lifted its annual guidance far beyond market expectations on Wednesday after cost cuts drove quarterly profit to the strongest in a year and a half, and said it anticipates further growth next financial year.Source: Reuters: Money News | 3 Feb 2010 | 2:29 am Global air industry sees recovery but not this yearSINGAPORE (Reuters) - The global economy may be climbing out of recession but the air transport industry does not expect any significant pick up in orders this year, executives said on Wednesday.Source: Reuters: Money News | 3 Feb 2010 | 2:25 am Aircraft makers count on Asia for growthSingapore: Aircraft makers such as EADS’s Airbus and Boeing Co. are counting on Asia to pull the industry out of a slump and spur growth for years to come, executives said Wednesday. Fueled by a growing middle class eager to travel, the region will need about 8,000 planes costing $1.2 trillion by 2028, France’s Airbus estimates. Passenger traffic in Asia will likely grow an annual average of 5.9% during the next 20 years, overtaking the US and Europe to become the largest air transport market, said Airbus, the world’s biggest airplane maker. “We’re very optimistic this region will play a leading role in global economic growth and particularly aviation,” Airbus chief executive Tom Enders said at the Singapore Airshow. Global passenger traffic dropped about 2% this year amid a recession in most developed countries. Most Asian countries, meanwhile, continued to expand in 2009, and growing populations and vibrant economies are making the region the center of the aviation business. “It’s basic demographics,” said John Leahy, Airbus’s chief operating officer. Domestic air travel in China rose 21% last year, and Boeing estimates the Chinese market will need about 3,800 airplanes costing $400 billion over the next 20 years. Aircraft makers are targeting local carriers such as Garuda Indonesia, which will receive 23 planes from Boeing Co. and one from Airbus this year, part of plan to boost its fleet by nearly three quarters to 116 planes by 2014. Garuda, which is owned by the Indonesian government, is planning to raise $300 million from an initial public offering this year to help fund the expansion and better connect the country’s 230 million people and 17,000 islands. “The domestic market is doing very well because of the consistent growth of our economy,” said Garuda chief executive Emirsyah Satar. “There’s still a lot of room to grow.” Niche players are also eyeing Asia for growth. EADS unit Eurocopter, which says it has about half of Asia’s helicopter market, expects demand to grow 10% a year for the next decade. If regulations that limit helicopter use in China and India are lifted, demand will explode even further, said Eurocopter chief executive Lutz Bertling. “The Asian market is for sure the fastest growing,” Bertling said. “It’s going to be bigger than the US by 2020.” Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 2:20 am Inox buys stake in Fame, open offer to followInox Leisure Ltd said on Wednesday it bought 43.3% in rival Fame India for Rs664.8 million, making it India's No. 2 multiplex chain, pushing its shares up by the 20% limit.Source: Daily News & Analysis: Money News | 3 Feb 2010 | 2:05 am Govt may approve Rs8 billion infusion in Air India: Praful PatelThe civil aviation minister said, "We will move the proposal to the cabinet for the Rs8 billion capital infusion in Air India by next week."Source: Daily News & Analysis: Money News | 3 Feb 2010 | 2:03 am Market strength tempts India back into M&A frayMUMBAI (Reuters) - In 2007, Indian firms made $22.6 billion of overseas buys, not far behind China's haul. Outbound M&A last year was just $1.3 billion, while China spent $42.7 billion.Source: Reuters: Money News | 3 Feb 2010 | 1:48 am Indian companies turn upbeat on hiring; 71% cos currently hiringNew Delhi: India Inc’s hiring activity has increased considerably since September last year and the current recruitment level is one of the highest globally, says a survey by international recruitment firm Antal. The quarterly global survey asked more than 6,000 firms in 30 countries that whether they were hiring at managerial and professional level and planned to do so in the coming quarter as well. As much as 71% of Indian companies surveyed said they were currently hiring compared to around half in September, the survey revealed. Nigeria (79%) is the only country to have a higher rate of hiring than India’s. “Confidence is back at its peak in the Indian job markets, its happy days again for job seekers,” Antal International managing partner Joseph Devasia said. Further, the survey stated that Indian firms plan on increasing their hiring activity even more, with 78% expecting to hire managerial staff over the next three months. “Combined with a very low rate of letting people go (16% and set to drop by a further 3%) the results indicate a strong employment market which is improving all the time,” the Antal report noted about India. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 1:26 am Asian sugar demand to hold up despite price surgeSingapore: Sugar market bears hoping prices above 30 US cents will melt demand from Asia could be disappointed as dwindling stocks on shrunken domestic crops will force India, Indonesia, Pakistan and others to buy the sweetener regardless. Several consumers in Asia, which accounts for around 40% of global production and consumption and where sugar is often seen as an essential commodity, have already announced their intention to buy more this year. It’s not clear if harvests from top producers Thailand and Brazil that start in March, or a decision by the European Union to allow additional exports of 500,000 tonnes of out-of-quota sugar, will be enough to close the immediate supply shortfall. “We can’t deny that it’s been very difficult to get sugar from the overseas markets because of limited supplies,” said Subagyo, director-general of domestic trade at the Indonesian trade ministry. “To make things worse, there are also other countries which need to import,” he told Reuters. Sugar is a politically sensitive commodity in Southeast Asia’s largest consumer. A shortage of basic essentials at the height of the Asian economic crisis in the late 1990s triggered food riots that led to the downfall of then president Suharto. ICE March raw sugar rallied to another 29-year peak at 30.40 cents this week, while London’s March whites hovered within sight of the record $767 a tonne hit on Jan. 21, with a Reuters poll predicting a peak in the first quarter in the face of a 7.67-million-tonne deficit this year. India’s demand There are expectations of more white sugar imports by main consumer India after the government said it would permit duty-free imports until the end of the year. “The fact remains that India’s mills in the 2009-2010 season are unlikely to be able to produce more than 15 million tonnes, whereas local annual demand is around 23 million tonnes,” Fortis Bank Nederland said in a report. “This eight million tonnes or more gap has only been partially filled, and, as we have said before, no Indian government is comfortable with stocks at less than 10 million tonnes.” Trade sources said India’s sugar stocks fell to 2 million tonnes as of 1 November from 2.4 million tonnes when the crop season began in October last year, and much lower than 9 million tonnes at the beginning of November 2008. “To meet the immediate supply gap, the Indian government must enter global markets via state-owned trading agencies to create buffer stocks,” said Mukesh Kavadia, secretary of the Bombay Sugar Merchants Association. He added though that current prices would lift plantings, boosting sugar supplies going forward, a factor already reflected in a 25% premium for March 2010 over March 2011 white sugar futures. India, whose insatiable appetite ignited a rally in global prices last year, could buy between 4 and 5% of global production in the crop year to September 2010 after the worst monsoon in 37 years ravaged its crop, analysts said. “The question of limiting domestic sales does not arise, as in India sugar falls in the category of essential commodities,” Amol Tilak, a senior analyst at Kotak Commodities in Mumbai, said. Neighbouring Pakistan faces a shortfall of 1.2 million tonnes and has offered tax incentives for importers, while Indonesia could see a shortage of more than half a million tonnes by the end of April after domestic output dropped 11% in 2009. China, which imported just over 1 million tonnes of sugar last year, has used up more than 30% of its state reserves, and output is forecast to drop 700,000 tonnes in the main producing region of Guangxi because of drought. Brazil’s cupboard bare Buyers expecting prices to fall on March’s fresh crops from Brazil and Thailand, the world’s biggest and second-largest exporter respectively, may end up paying even more if they delay. “As a potential buyer of sugar, one cannot be too fussy in this environment,” said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia in Sydney. “The Thai crush has been a little bit disappointing. And there’s a story out of Brazil where excessive rains during their crushing hampered both cane yields and sugar production.” Main producer Brazil is likely to capitalise on the significant import demand, but there are also worries about fungal disease in the country’s main centre-south growing region. Thailand was also cautious about selling forward after local output was revised down to 7.25 million tonnes from around 7.6 million due to low yields. “With Brazil’s cupboard almost bare until March/April at the earliest, and with a number of importing countries running stocks down to a minumum, the stage is set for a very tight and nervous few months,” Rabobank said in a report. Source: Home - Livemint.com | 3 Feb 2010 | 1:24 am GDP data by May to give true idea for stimulus withdrawal:SenNew Delhi: Economic growth numbers for the current fiscal, to be released by May, will provide actual picture to the government to decide if stimulus packages could be rolled back, chief statistician Pronab Sen said on Wednesday. However, strong industrial growth numbers do indicate that the government may start thinking of withdrawing these measures, Sen told reporters here. Industry growth has started picking up in recent months fueling suggestion from RBI and other analysts for partial roll back of stimulus measures taken to ward off the impact of global economic slowdown last year. Sen, the secretary, Ministry of Statistics and Programme Implementation, said industrial growth figures give supply side picture and does not tell whether demand is actually there to take that supply or only inventories are building. The GDP data provide demand side figures also, Sen said, adding it is up to Finance Minister Pranab Mukherjee to take a call in the upcoing Budget on stimulus measures, depending on industrial growth numbers or economic growth figures. “It is up to the finance minister to either play safe (in the Budget) and wait for actual economic figures to come out or play gamble and take a decision depending on industrial growth numbers,” Sen said. Industrial growth for November stood at 11.7% against just 2.5% a year back. For the first eight months, industrial production grew by 7.6% against 4.1% a year ago. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 1:24 am Govt may approve Rs800 crore infusion in Air IndiaNew Delhi: The government may approve a capital infusion of Rs800 crore in loss-making national carrier Air India by next week, the civil aviation minister said on Wednesday. “We will move the proposal to the Cabinet for the Rs800 crore capital infusion in Air India by next week,” Praful Patel told reporters after a group of ministers’ meet. Source: Home - Livemint.com | 3 Feb 2010 | 1:21 am Asia shares rise on US cues; Aussie reboundsSingapore: Asian shares powered ahead on Wednesday with energy and resources stocks leading the way, as demand for riskier assets increased after Wall Street rallied on upbeat US earnings and economic data. European stocks were set to gain for a fourth straight session on strength in Asian and US markets, with investors awaiting the European Commission’s assessment of Greece’s deficit cutting plan and the US ADP employment report later in the day. US stock futures also pointed to a slightly firmer open after Wall Street posted two days of strong gains on encouraging economic data, which have helped dispel fears in recent weeks that America’s economic recovery may be running out of steam. Rising sales of previously owned US homes and robust earnings from US bellwethers in the consumer and industrial sectors pointed to a steady rebound in demand, fuelling gains of as much as 1.3% in key US stock indexes overnight. But some analysts cautioned against predicting a strong run in Asian stocks despite the appearance of more appetite for risk. While companies overall had been beating earnings estimates, not a lot of upgrades had been forthcoming, said Andrew Orchard, strategist at Royal Bank of Scotland in Hong Kong. “We see it as a year of volatility, a year of consolidation with maybe single digit returns between the positive and the negative,” said Orchard. “Of course between the months you could see a few weeks of rallies, a few weeks of sustained falls, but overall we think it won’t be too different from where we began the year.” Japan’s Nikkei stock average edged up 0.3%, with rises by exporters on the strong US data offsetting declines for Toyota Motor Corp, whose US sales slid 16% after its massive vehicle recall. Fears of an extended sales slump pushed Toyota down 3.7%, compounding a slide that has sent the stock down 17% since its recall was announced on 21 January. All eyes will be on Toyota when it announces Q3 results on Thursday and how the recall will affect its 2010 earnings forecasts. Rival Honda Motor Co reports Q3 results later on Wednesday. Asia Pacific stocks outside Japan as measured by MSCI rose 1%, climbing further away from 3-month lows. MSCI’s Asia exJapan resources index was up nearly 2%, the biggest contributor to the rise in Asian shares for the second day in a row. Shanghai copper was seen rising around 1% at the open on Wednesday after fresh gains in London, as the latest batch of positive US data helped soothe jangled investor nerves. Top Australian miners had been sold down over the past few weeks on worries about moves by China, their biggest customer, to rein in bank lending. But signs of a sustainable global recovery have lured investors back into resources stocks. “At the end of the day demand for commodities will remain reasonably robust. I don’t see anything that’s happened to derail that theory,” said David Spry, research manager at broker FW Holst. Global miner BHP Billiton rose 2.4%. The dollar index hovered around the 79 mark, after retreating from a six-month high of 79.547 struck on 31 January. The Australian dollar was at $0.8848, bouncing from a low of $0.8780 on Tuesday and recovering some of the losses suffered when the Reserve Bank of Australia left its benchmark rate unchanged at 3.75%, defying expectations of a rate hike. The euro held on to gains made overnight, climbing to $1.3953 in Asian trade. It faces a stiff fight uphill as credit worries related to Greece fester in the background. US crude futures slipped back below $77 a barrel on Wednesday after an industry report showed a bigger than expected build in US crude oil stockpiles last week. NYMEX crude for March delivery was down 34 cents at $76.89 a barrel by 0016 GMT, after settling $2.80 higher on Tuesday, when the encouraging economic data and a weak dollar helped boost prices. Gold prices were steady at around $1,114.65 per ounce after hitting their highest level in almost two weeks the previous day, with investors cautiously awaiting US jobs data later this week to gauge prospects for the US economy and the dollar. The US ADP employment report due later on Wednesday could give some clues to the closely watched non-farm payrolls report on Friday. Policymakers fear consumer demand will not rebound decisively until unemployment figures begin to come down. Source: Home - Livemint.com | 3 Feb 2010 | 1:20 am Government may approve Rs 800 crore infusion in Air India: Minister - Economic Times
Source: Business - Google News | 3 Feb 2010 | 1:19 am L&T bags orders worth Rs. 1100 cr - The Hindu
Source: Business - Google News | 3 Feb 2010 | 1:18 am Inox buys stake in Fame, open offer to followMUMBAI (Reuters) - Cinema chain Inox Leisure Ltd said on Wednesday it bought 43.3 percent in rival Fame India for 664.8 million rupees, making it India's No. 2 multiplex chain, pushing its shares up by the 20 percent limit.Source: Reuters: Money News | 3 Feb 2010 | 1:09 am Govt may approve 8 bln rupee infusion in Air India - minNEW DELHI (Reuters) - The government may approve a capital infusion of 8 billion rupees in loss-making national carrier Air India by next week, the Civil Aviation Minister said on Wednesday.Source: Reuters: Money News | 3 Feb 2010 | 1:03 am Sharp returns to Q3 profit, keeps annual outlookTokyo: Consumer electronics maker Sharp Corp reported a swing to a quarterly profit on solid demand for LCD TVs and solar cells and maintained its annual profit outlook on Wednesday, in line with market expectations. Sharp, the world’s fourth-largest LCD TV maker and a major supplier of display panels to other TV producers, has gained from strong flat screen TV demand in emerging markets such as China, which shored up panel prices and kept supplies tight. But the cost of getting a new LCD panel factory in western Japan up and running held down profits in the latest quarter, Sharp said. The factory uses so-called 10th-generation glass substrates, which are bigger than earlier-generation substrates, allowing it to make panels more efficiently amid tough price competition with rivals such as South Korea’s Samsung Electronics Co “We saw strong LCD TV sales in Japan and China, where we sell high-margin products,” Sharp Director Tetsuo Onishi said on the sidelines of a news conference. “Of course cost cuts also helped.” Sharp, which trails Samsung, Sony Corp and LG Electronics Inc in LCD TVs, kept its forecast for an annual operating profit of 50 billion yen ($552 million). That would be a turnaround from a 55.48 billion yen loss a year earlier and roughly on a par with a consensus for a 51.4 billion yen profit in a poll of 20 analysts by Thomson Reuters I/B/E/S. Global sales of displays used in LCD TVs will likely surge 40 percent to $49.2 billion this year amid a shift in demand to large and more advanced panels, research firm iSuppli said last week, boding well for Sharp and other electronics makers. Operating profit was 21.0 billion yen in October-December, up from a 15.86 billion yen loss a year earlier. Prior to the announcement, shares in Sharp closed down 0.4 percent at 1,132 yen, underperforming the Tokyo stock market’s electrical machinery index, which rose 0.4 percent. Sharp shares have climbed 16 percent over the past three months, beating the subindex’s 9 percent gain. Sharp competes with Sanyo Electric and Q-Cells in the solar cell market. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 1:03 am India Inc upbeat: 71% of companies currently hiringIndia Inc's hiring activity has increased considerably since Sept 2009. The current recruitment level is one of the highest globally. It is going to rise further over the next three months, says a survey.Source: India Business News | Business News - Times of India | 3 Feb 2010 | 12:54 am Inox buys stake in Fame, open offer to followMumbai: Cinema chain Inox Leisure Ltd said on Wednesday it bought 43.3% in rival Fame India for Rs66.48 crore, making it India’s No. 2 multiplex chain, pushing its shares up by the 20% limit. The combined network of the two operators will have 55 multiplexes and 204 screens in all, with Fame bringing in 25 operational multiplexes and 95 screens, Inox said in a statement. Indian multiplex operators have been clashing with producers in the past few years over revenue shares and new releases were held up for about two months last year for this reason, and such moves will help operators bargain better, analysts said. “This is a good deal for the industry, signalling a consolidation in the industry which will give more bargaining power to the multiplex operators,” said an analyst tracking the industry. “But the deal is a tad expensive considering the PVR deal.” Last November, rival multiplex operator PVR Ltd said it would buy the cinema exhibition business of DLF for Rs20.02 crore. Inox, promoted by Gujarat Fluorochemicals Ltd, acquired the stakeholding of Fame’s promoters through a block deal executed on the BSE in opening trades, the company said in a statement to the stock exchange. Inox will make an open offer for an additional 20% as per regulatory guidelines, which could cost about Rs30 crore, Deepak Asher, director of Inox group said on CNBC TV18. Inox’s operating margins were 28% while Fame’s was 10-12%, another analyst said, adding Fame had foreign currency convertible bonds (FCCBs) coming up for redemptions, which could weigh on margins. Consolidation Fame had a debt of about Rs140 crore, of which about Rs85 crore were in FCCBs due for redemption next year, Asher added. Fame would continue to remain a separate company as Inox explored all options of consolidating Fame in the next few months, Asher added. The acquisition will be funded through a loan from Gujarat Fluorochemicals, it added. In opening trade on Wednesday on the BSE, Inox bought 15.1 million shares in Fame through a block deal at Rs43.95 each. Enam Securities handled the deal for Inox while Yes Bank advised Fame. Inox shares, which surged as much as 20% in the session, have eased to trade up 9.3% at Rs83.85 at 1:04 p.m., while Fame shares are trading down 0.3%, after falling more than 4% earlier in a broader market that was up more than 2% Source: Home - Livemint.com | 3 Feb 2010 | 12:40 am Sensex surges 364 points at midsessionThe Bombay Stock Exchange benchmark Sensex spurted by 364 points at midsession today on buying in banking and realty stocks by funds amid firming global trend.Source: India Business News | Business News - Times of India | 3 Feb 2010 | 12:38 am Stimulus exit may be delayed: Govt official - Economic Times
Source: Business - Google News | 3 Feb 2010 | 12:37 am Markets to come up along Bangladesh India borderBangladesh and India will set up border haats (markets) in April to promote trade and ease problems faced by the local populace, officials said. Source: HindustanTimes.com - Top Business News Headlines | 3 Feb 2010 | 12:28 am Rupee extends gains as stocks rise over 2%Mumbai: The Indian rupee extended gains in the afternoon session on Wednesday mirroring moves in the local sharemarket, which gained more than 2%, while the dollar’s losses against major units also supported. At 12:50pm, the partially convertible rupee was at Rs46.03/04 per dollar, its highest since 22 January, and stronger than its Rs46.22/23 close on Tuesday. State-run NTPC Ltd, India’s largest power producer, opens a follow-on share sale on Wednesday to raise at least $1.8 billion. The issue closes on 5 February. Dealers said these flows could also help the rupee rise further. Gains in other Asian currencies were also helping the rupee. Indian shares extended gains to 2% on Wednesday morning, with financials leading the rally, supported by a rise in global markets. Foreign fund investments into local shares are a key driver for the market and the rupee. Foreigners have been net sellers of $2 billion worth of stocks in 12 of the last 14 trading sessions. One-month offshore non-deliverable forward contracts were quoted at 46.04/14, little changed from the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoting at 46.08, with the total traded volume on the two exchanges at about $2.5 billion. Source: Home - Livemint.com | 3 Feb 2010 | 12:23 am Toyota US sales hit by recall; Honda raises outlookTokyo/Detroit: Toyota Motor Corp suffered a sharp drop in US sales last month as its massive recall and unprecedented sales halt allowed rivals to grab market share from the world’s largest automaker. Honda Motor Co was not the biggest beneficiary of Toyota’s woes in January, but raised its forecast for the year to March after reporting its strongest quarterly profit in a year-and-a-half led by motorcycle sales. In the latest blow to its once gold-plated quality image, Toyota said on Wednesday dealers in both the United States and Japan had reported complaints from buyers over the brakes in its new model Prius hybrid. Toyota pulled eight of its most popular models including the Camry, Corolla and Rav4 from US showrooms in the last week of January following complaints over sticking accelerator pedals. Toyota’s monthly sales fell 16% and its US market share fell to its lowest level since January 2006 as rivals Ford Motor Co and General Motors Corp surged past. Its monthly US sales dropped below 100,000 vehicles for the first time in more than a decade. “Auto sales and market share is kind of like a high-speed road race and if you get caught up in the gravel on the shoulder you can get passed really fast, and essentially that is what happened to Toyota,” Autoconomy analyst Erich Merkle said. “Right now we have to find out how long it is going to take them to get back on pavement again,” Merkle said. As Toyota sales fell, Ford and Hyundai Motor Co emerged as the big winners, each posting 24% sales gains. MORE SCRUTINY Toyota’s weak sales report came as US Transportation Secretary Ray LaHood took a harder line with the automaker for what he said was a slow response to safety complaints. “We’re not finished with Toyota,” LaHood said in an emailed statement to Reuters. US government officials said Toyota could face both an unusual civil penalty because of the recall and an expanded probe that would focus on electric controls. Either development could further damage the Japanese automaker’s once-unassailable reputation for quality. On top of a separate recall for slipping floormats also linked to unintended acceleration, some 8.1 million Toyota vehicles are now being recalled, more than its total group sales last year. Regarding the Prius, a Toyota spokeswoman said the company was investigating several dozen complaints since December over what drivers characterised as insufficient braking when driving over bumpy or frozen roads. CRISIS MANAGEMENT The problems have raised questions about the handling of the crisis by Toyota executives, led by president and founding family member Akio Toyoda, and cast a shadow over Toyota’s third-quarter results, due on Thursday. “In moments of a business crisis, people want to see a company take full responsibility, be empathic to the victims and their families and be in control by outlining the problem and how they intend to solve it. They also expect the CEO doing all this,” said Ong Hock Chuan, technical adviser of Jakarta-based PR consultancy Maverick who specialises in crisis management. “Toyota seems to have failed in all counts. It’s admission of the problem has been half hearted and almost reluctant, it has failed to apologize unequivocally to victims and their families, and its failed to articulate and communicate what it intends to do to regain control of the situation.” Honda, the first Japanese automaker to post third-quarter earnings, raised its full-year operating profit forecast to 320 billion yen, above consensus forecasts of 237 billion yen, after its 177 billion third-quarter came in more than double expectations. Shares in Honda ended 2.3% higher on Wednesday ahead of the results, while Toyota closed down 5.7% on turnover three times its daily average. The stock has fallen in eight of the past nine sessions and lost more than $25 billion in value since its initial US accelerator pedal recall on 21 January. Toyota detailed its plans on Monday to fix the faulty pedals on at least 4.2 million vehicles in North America and Europe with a small metal shim, or spacer, to prevent sticking. Toyota will restart production of the eight models on 8 February after an unprecedented one-week shutdown at six plants in the United States and Canada. Source: Home - Livemint.com | 3 Feb 2010 | 12:20 am UK’s Standard Life 2009 sales fall 7%London: Insurer Standard Life beat expectations with a 7% drop in sales during 2009, as a market recovery during the second half helped soften the impact of crisis-hit UK consumers cutting back on savings. Standard Life, Britain’s fifth-biggest insurer by market value and the first to detail sales for the full year, said it saw “good momentum” as it moved into 2010, despite an uncertain environment, adding it saw “good prospects” for its UK arm. The insurer said life and pensions sales for the 12 months totalled £14.7 billion ($23.4 billion). Analysts had expected sales of £13.8 billion, according to the average of 13 analyst estimates compiled by the company. In the UK, its core market, sales dropped 10% to £10.1 billion. Net inflows remained stable at £2.7 billion. Excluding the impact of a decision not to renew lower margin UK bulk investment deals, net inflows were up 57% at 3.2 billion. Standard Life’s long-time boss Sandy Crombie announced his intention to step down last year, and has since been replaced by finance director David Nish. Mutual insurer Royal London, Britain’s largest customer-owned life and pensions funds, said separately on Wednesday it had seen total new business rise 10% to £2.46 billion for the year, boosted by businesses acquired from rival Resolution in 2008. Source: LatestNews-Home - Livemint.com | 3 Feb 2010 | 12:16 am Internet nominated for Nobel Peace PrizeIt's official. The Internet, which has virtually revolutionised the world, has been nominated for the '2010 Nobel Peace Prize'. The Internet was proposed by the Italian edition of the popular Wired magazine for promoting "dialogue, debate and consensus through communication" as well as democracy.Source: HindustanTimes.com - Top Business News Headlines | 3 Feb 2010 | 12:10 am Toyota U.S. sales hit by recall; Honda raises outlookTOKYO/DETROIT (Reuters) - Toyota Motor Corp suffered a sharp drop in U.S. sales last month as its massive recall and unprecedented sales halt allowed rivals to grab market share from the world's largest automaker.Source: Reuters: Money News | 3 Feb 2010 | 12:09 am NTPC FPO opens; should you subscribe? - Moneycontrol.com
Source: Business - Google News | 3 Feb 2010 | 12:00 am Internet nominated for Nobel Peace Prize 2010London: It’s official. The Internet, which has virtually revolutionised the world, has been nominated for the ‘2010 Nobel Peace Prize´. The Internet was proposed by the Italian edition of the popular Wired magazine for promoting “dialogue, debate and consensus through communication” as well as democracy, the media reported. Premier endorsers of Internet for Nobel Peace Prize nomination include 2003 Nobel laureate Shirin Ebadi and famous Italian surgeon, known for his contributions to breast cancer treatments, Umberto Veronesi. Wired Italy has also launched a dedicated campaign, ‘Internet for Peace´, which will carry on till September 2010, featuring different stories and experiences of those who with the web have tried to do something concrete to promote peace and harmony in the world. “We have to look at the Internet as a huge community where men and women from all over the world and with very different religious views can communicate and sympathise, spreading a new culture centred on collaboration and sharing of knowledge that breaks all barriers. “For this reason, the Internet can be considered the first weapon of mass construction, which we can deploy to destroy hate and conflict and propagate peace and democracy. “What happened in Iran after the latest election and the role the web played in spreading information that would otherwise have been censored, are only the newest examples of how the Internet can become a weapon of global hope,” Riccardo Luna, editor of Wired Italy, said at the launch. Source: LatestNews-Home - Livemint.com | 2 Feb 2010 | 11:33 pm Internet nominated for Nobel Peace Prize 2010London: It’s official. The Internet, which has virtually revolutionised the world, has been nominated for the ‘2010 Nobel Peace Prize´. The Internet was proposed by the Italian edition of the popular Wired magazine for promoting “dialogue, debate and consensus through communication” as well as democracy, the media reported. Premier endorsers of Internet for Nobel Peace Prize nomination include 2003 Nobel laureate Shirin Ebadi and famous Italian surgeon, known for his contributions to breast cancer treatments, Umberto Veronesi. Wired Italy has also launched a dedicated campaign, ‘Internet for Peace´, which will carry on till September 2010, featuring different stories and experiences of those who with the web have tried to do something concrete to promote peace and harmony in the world. “We have to look at the Internet as a huge community where men and women from all over the world and with very different religious views can communicate and sympathise, spreading a new culture centred on collaboration and sharing of knowledge that breaks all barriers. “For this reason, the Internet can be considered the first weapon of mass construction, which we can deploy to destroy hate and conflict and propagate peace and democracy. “What happened in Iran after the latest election and the role the web played in spreading information that would otherwise have been censored, are only the newest examples of how the Internet can become a weapon of global hope,” Riccardo Luna, editor of Wired Italy, said at the launch. Source: Tech News - Livemint.com | 2 Feb 2010 | 11:33 pm Infinite Computer lists with a premium of 8 pc on BSEIT firm Infinite Computer Solutions (India) on Wednesday listed at Rs 178.35 on the Bombay Stock Exchange, a premium of 8 per cent over the issue price. Source: HindustanTimes.com - Top Business News Headlines | 2 Feb 2010 | 11:25 pm Mitsubishi Motors swings to Q3 profitTokyo: Mitsubishi Motors posted its first quarterly profit in more than a year, bolstered by cost cuts and recovering auto demand worldwide. The Japanese maker of the Galant sedan and Outlander SUV on Wednesday reported a net profit of ¥10.7 billion ($118.3 million) for the October-December quarter, a turnaround from a year-earlier loss of ¥17.5 billion. The result marked its first net profit since July-September 2008. Sales in the fiscal third quarter fell 15% to ¥379.1 billion, but lower labor and sales costs led to an operating profit of ¥12.7 billion. Last year, Mitsubishi recorded an operating loss of ¥5.4 billion. Mitsubishi, one of the smaller Japanese automakers, left its annual forecasts unchanged, saying it remains on track to end the fiscal year through 31 March in the black. It expects a net profit of ¥5 billion on sales of ¥1.5 trillion. The carmaker, however, said it aims to sell more cars than planned this year. It raised its sales volume target by 3% to 960,000 vehicles from 932,000. Although revenue for the nine months through December tumbled 43%, business began picking up late last year. A recovering global economy, various government incentives and the company’s own sales promotions combined to spur demand. December vehicle sales in Japan rose for the second month in a row, and exports jumped 23 percent in the first year-on-year rise in 14 months, according to Mitsubishi. Strong sales in China drove Asia-bound vehicle shipments up 146%. Its net loss for the April-December period widened to ¥25.7 billion, compared with a ¥4.7 billion loss last year. Mitsubishi credited a stabilizing economy for its improving prospects but remained cautious about the outlook. “The economy is far off from performing at pre-crisis levels,” Mitsubishi said in its report. “In particular, in Japan, the economic environment remained severe, with wages and employment levels continuing to worsen.” Mitsubishi reports earnings based on Japanese accounting standards. In trading Wednesday, Mitsubishi shares rose 0.8% to ¥127, slightly beating the benchmark Nikkei 225 index’s 0.3% gain. Source: LatestNews-Home - Livemint.com | 2 Feb 2010 | 11:24 pm Fiscal gap may come in at 6.41 pct FY10 - govtNEW DELHI (Reuters) - A change in the base year used to calculate gross domestic product may help reduce fiscal deficit for 2009/10 to 6.41 percent of GDP, chief statistician Pronab Sen said.Source: Reuters: Money News | 2 Feb 2010 | 11:15 pm BSE Sensex extends gains to 2 pct; financials rallyMUMBAI (Reuters) - The BSE Sensex extended gains to 2 percent on Wednesday morning, with financials leading the rally, supported by a rise in global markets.Source: Reuters: Money News | 2 Feb 2010 | 10:32 pm India services grow fastest in 16 months in January: HSBCMumbai: Business activity among Indian services companies expanded at its fastest pace in 16 months in January, rising for a second straight month on sharp increase in new work orders, a survey showed. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 58.96 in January, its highest since September 2008, after rising to 57.41 in December. This is the second successive rise in the index, which has been above 50 that separates expansion from contraction for nine months as the economy shakes off the impact of the global slowdown. Before that, it had shrank for six months, hitting a trough of 40.3 in February last year. “The key business activity index continued its march deeper into expansionary territory in January and is once again consistent with double-digit output growth in India’s service sector,” said Robert Prior-Wandesforde, senior Asian economist at HSBC. “With the manufacturing PMI also strengthening further over the last couple of months the ex-agriculture segment of the economy looks to have well and truly shaken off the spillover effects from a drought-ravaged agricultural sector,” he said. India’s manufacturing in January grew at its fastest pace in almost 18 months boosted by a sharp rise in new export orders that underpin a recovery in the industrial sector, the HSBC Markit survey showed. The business expectations sub-index snapped a two-month fall and rose to 66.58 in January from 65.56 in December. Favourable market conditions, advertising campaigns and strong reputations for quality were the key reasons for positive sentiment given by respondents, HSBC said. “However, compared with the series trend, optimism regarding future activity levels remained relatively weak,” it added. Reserve Bank of India (RBI) surprised markets by raising banks’ cash reserve requirements by more than expected on Friday and warned of mounting inflation, setting the stage for increasing interest rates in the coming months. “After a relatively soft quarter of GDP growth in October-December last year, we expect the economy to be back on track in the final quarter of the fiscal year and expand 8.5% in 2010-11,” Prior-Wandesforde said. He said stronger growth was pushing up prices in manufacturing and services, with companies citing rising wages as a contributing factor. All this could put upward pressure on interest rates. “In our view a repo-reverse repo rate rise in not too far away,” he said. The repo rate, now 4.75%, is the central bank’s short-term lending rate, while the reverse repo of 3.25% is the rate at which it absorbs excess funds from banks. Source: Home - Livemint.com | 2 Feb 2010 | 10:30 pm Markets extend gains to 2%; financials rallyMumbai: Indian shares extended gains to 2% on Wednesday morning, with financials leading the rally, supported by a rise in global markets. At 10:50am, the 30-share BSE index was up 1.9% at 16,467.69 points, with only one component declining. The 50-share NSE index was up nearly 1.9% at 4,921.95. The BSE Sensex was trading more than 1% higher since opening today, led by gains in metals makers on higher base metal prices and supported by rise in world equities on upbeat US corporate earnings. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco rose 3.3% and 2.7% respectively, buoyed by a rise in base metal prices. Tata Steel, world’s eighth-largest steel maker by output, rose 3.3% to Rs591.20. By 10:10am, the 30-share BSE Index was trading up 1.4% at 16,389.53, with only one component declining. ”We opened up because of firm global markets. But, I doubt if we can stay positive through the day,” said Nilesh Doshi, president of equities at Techno Shares. ”All the results (earnings) are now out. There is no new positive trigger to drive the market up,” he said, adding, investors were nervous ahead of the federal budget on 26 February. ”Historical precedent does not favor the market for the next two months,” Morgan Stanley said in a note. ”The markets are usually flat in the month ahead of the budget and, in two out of three years, fall in the month following it,” it added. Financials gained as investors placed bets on their long-term outlook in a growing economy. Top private lender ICICI Bank and top lender State Bank of India climbed 1.6% each, while mortgage lender Housing Development Finance Corp rose 2.2%. In the broader market, gainers outpaced losers in a ratio of 3.4:1, while 101 million shares changed hands on the Bombay Stock Exchange. The 50-share NSE index was up 1.6% at 4,906. Source: Home - Livemint.com | 2 Feb 2010 | 10:29 pm Rupee gains 10 paise against dollar in early tradeThe rupee on Wednesday gained 10 paise against the US currency in early trade on capital inflows into the stock markets. Source: HindustanTimes.com - Top Business News Headlines | 2 Feb 2010 | 10:07 pm Sensex opens higher by 166 pts on firm global cuesThe Sensex today gained 166 points in early trade on buying in metal, realty and auto stocks by funds, triggered by firm global cues.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 9:58 pm Sensex surges 364 points at midsessionThe Bombay Stock Exchange benchmark Sensex spurted by 364 points at midsession on buying in banking and realty stocks by funds amid firming global trend.Source: HindustanTimes.com - Top Business News Headlines | 2 Feb 2010 | 9:46 pm BofA approved more than $4 bln for 2009 pay - WSJNEW YORK (Reuters) - Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.Source: Reuters: Money News | 2 Feb 2010 | 9:35 pm Wall Street jumps on positive earnings, home sales dataNew York: US stocks rallied Tuesday on the back of strong fourth quarter earnings reports and home sales data that suggested economic activity is picking up. The Dow Jones Industrial Average rose 111.32 points (1.09%) to 10,296.85 as the market chalked up a second day of strong gains. The Nasdaq composite added 18.86 points (0.87%) to 2,190.06 while the Standard & Poor’s 500 index climbed 14.13 points (1.30%) to 1,103.31. The market reacted to a series of earnings of companies such as delivery giant UPS, an economic bellwether, chemicals behemoth Dow Chemical and builder D.R. Horton, all of which exceeded analysts’ forecasts, reinforcing the notion of a recovering economy. The National Association of Realtors also reported that its index for pending sales of previously owned homes increased by 1% to 96.6 in December from a revised 95.6 in November, easing fears over the troubled housing sector. The index captures prospects of existing home sales. “Encouraging signs about the housing market fanned the bullish flames today,” said Andrea Kramer of Schaeffer’s Investment Research. Better-than-expected earnings reports as well as merger and acquisition activity especially in the financial sector were also helping provide some resiliency to the bulls, analysts said. “Overall, the fundamental drivers still look good. Earnings growth is robust, inflation is low and so are interest rates,” said Patrick O’Hare of Briefing.com. Frederic Dickson, chief market strategist for DA Davidson, said the flow of data showed the economy was performing better than expected. “Signs of incremental economic recovery continue to translate into improving fundamentals for many companies, including slow upward revenue growth to accompany profit growth,” he said. “Unfortunately, these signs remain hidden for the many businesses on Main Street still hurting as they face extreme difficulties obtaining basic financing to support their businesses as personal lines of finance are finally drying up.” UPS ended 0.39% higher at $58.62, Dow Chemical shed 3.70 % to 27.57 dollars and D.R. Horton was up 10.92% to $13.21. Bank of New York Mellon dipped 1.08% to $29.26 after it announced it would buy rival PNC Financial Services’s back-office services unit for $2.31 billion dollars. Investment bank Goldman Sachs rose 2.49% to $156.94 amid reports its private equity unit has emerged as a leading contender to acquire a minority stake in a Chinese life assurer being sold by French insurance group Axa. US food giant Kraft Foods added 1.57% to $28.50 after announcing it succeeded in its takeover of British rival Cadbury. The bond market was up slightly. The yield on the 10-year US Treasury bond fell to 3.635% from 3.654% Monday and that on the 30-year bond dipped to 4.550% from 4.569%. Source: Home - Livemint.com | 2 Feb 2010 | 9:28 pm Rupee gains 10 paise to 46.12 a dollarThe rupee on Wednesday gained 10 paise against the US currency in early trade on capital inflows into the stock markets.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 9:22 pm Infinite Computer Solutions lists at Rs 170 on NSE - Economic Times
Source: Business - Google News | 2 Feb 2010 | 8:56 pm Campus placements at IIM-A to begin from second week of Feb!Campus placements at Indian Institute of Management, Ahmedabad (IIM-A), are likely to begin from second week of February, a member of the placement committee said here on Tuesday.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Financial crisis fallout: Americans are spending less!With the financial turmoil hitting them hard, American households have cut down on their spending and are saving more, according to the International Monetary Fund.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Infosys, TCS to go on hiring spree!With improving business sentiment and revival in IT spends, hiring seems to be back in full swing at software firms like Infosys and TCS.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Insufficient evidence to prosecute Madoff British arm: SFO!Britain`s Serious Fraud Office (SFO) said today it had insufficient evidence to justify legal action against the British arm of Wall Street conman Bernard Madoff`s investment scheme.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm RBI doesn`t have info on credit-card defaults charges !The Reserve Bank of India (RBI) does not have any information about "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Mutual Fund assets dip 4% in January!The country`s mutual fund industry witnessed a decline in the average assets under management, for the second month in a row, to Rs 7.61 lakh crore in January.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Toyota braces for sales hit from recall, costs mount!Toyota Motor`s unprecedented recall of millions of vehicles with faulty accelerators is taking a toll on sales and may force the world`s largest automaker to cut 2010 sales forecasts.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Govt announces more steps to bring sugar prices down!The Government announced more measures to clamp down on hoarders and cartels by further extending the state`s control over stockists till September, besides asking millers to release the commodity every week.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm China faces risks from bank lending surge: OECD!Surging bank lending could threaten the stability of financial institutions in fast-growing China, the OECD said on Tuesday in a report that urged more market reforms to help reduce such risks.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Fitch downgrades public telecos and new telecos outlook!Global rating agency Fitch today downgraded its outlook for the new entrants in the domestic telecom sector as well as the public sector telcos for 2010.Source: Zee News : Business | 2 Feb 2010 | 4:56 pm Rail ministry mulls policy to boost loco outputPlans to double passenger coach production from 2,500 units to 5,000 units a year.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:51 pm 'Realty regulatory bill ready in a few months'Safe, hygienic and spacious housing and congenial habitat give way to a good nation, said Kumari Selja, Union minister for housing and poverty alleviation.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:49 pm GoM unlikely to take up Air India demergerAviation ministry plans separate SBUs for ground handling, MROs, cargo.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:47 pm Fortune Park eyes 6,000 keys by 2014Fortune Park Hotels, a wholly owned subsidiary of ITC Ltd, is planning to emerge as the largest hotel chain with by 2013-14, about 6,000 rooms under its belt.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:26 pm KPMG to script McNally Bharat recastTo bring resource consolidation and synergy, company has regrouped its project business under four strategic groups -- material handling and non ferrous metal, steel mines and port solutions, power and infrastructure.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:17 pm Bharat Biotech to spend Rs250 crore on clinical trialsTo keep in pace with the development and clinical trials of these products, the company is planning to set up a manufacturing facility with an outlay of Rs 75 crore.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:16 pm Puravankara to bid for airportsStar Worth Infrastructure, Puravankara Group's wholly owned infrastructure subsidiary, is scouting for a foreign partner to bid for airport projects.Source: Daily News & Analysis: Money News | 2 Feb 2010 | 2:13 pm Kamal Nath expects $3bn funds from UKMinister of road transport and highways expects $3 billion of the $10 billion of funding required per annum from foreign sources in the public-private-partnership will come from the UKs financial markets.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 1:04 pm Its a myth that only leaders know thingsA boss who enjoys sycophancy is not a leader. Inspired leaders dont encourage servile behavior, they confront people with their freedom.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 1:01 pm HDFC offers variable rates on depositsSetting a new trend in the way lenders offer deposit products, leading home loan financier, HDFC came with a special monthly deposit product to its customers that promises higher returns by offering variable rate of interest.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 12:57 pm Choked phones efforts to end tower struggleIs the tower struggle in mobile telephony making your handset go dead? Help is coming from the telecom regulator, which has proposed new rules to modernise the system. But that could take a while, reports Manoj Gairola.Source: HindustanTimes.com - Top Business News Headlines | 2 Feb 2010 | 12:57 pm Biyani opens community shopsShopping experience is generally defined as a function of income. Hence retailers segment their formats as per the income power of their target consumers.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 12:52 pm FIIs shed stakes in telcos, bullish on tech, autoSensing a deep cut in the balance sheets of telecom companies due to the onslaught of price wars, foreign institutional investors (FIIs) trimmed their stakes in the two listed sensex companies Bharti Airtel and RCom.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 12:50 pm Mutual funds pay out below average returnsMany diversified equity and tax planning MFs that have doled out dividends in the past one month have actually delivered below average returns, analysis shows.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 12:47 pm RCOM finds few takers for FLAG networkMore than a month after putting its biggest global assets up for sale, Reliance Communications (RCOM) has found few callers for a package that includes its prized FLAG undersea cable network.Source: India Business News | Business News - Times of India | 2 Feb 2010 | 12:43 pm NREGP architects boycott anniversaryNon-government activists Aruna Roy and Jean Dreze, who are widely regarded as architects of the National Rural Employment Guarantees Programme (NREGP), today boycotted its fourth anniversary celebrations at Vigyan Bhavan as a protest against the manner in which the programme had been implemented.Source: Business Standard | Front Page Headlines | 2 Feb 2010 | 12:21 pm Experts unsure of long-term health effects of Bt brinjalThe approval to genetically modified (Bt) brinjal seems to have been been given without adequately assessing long-term health risks, although with a stipulation that surveillance and long-term follow up should be conducted two conditions that experts are aware have not been fulfilled even in the case of some critical drugs.Source: Business Standard | Front Page Headlines | 2 Feb 2010 | 12:19 pm Sebi chairman warns against leveraged derivativesSecurities and Exchange Board of India (Sebi) chairman C B Bhave on Tuesday criticised market intermediaries that devise innovative products, saying they were nothing but ways to conceal high leverage.Source: Business Standard | Front Page Headlines | 2 Feb 2010 | 12:17 pm Delhi airport to be made global airline hubAir India to shift, unused capacity in existing bilaterals may be mobilised.Source: Business Standard | Front Page Headlines | 2 Feb 2010 | 12:15 pm Monsanto defends Bt cropsIn the row over Bt brinjal, the voice of the farmer still remains unheard. “I can count on the fingers of both hands the number of farmers across the world who don’t want biotechnology,” says Brett Begemann, executive vice president, global seeds and traits, Monsanto, reports Lalita Panicker. Source: HindustanTimes.com - Top Business News Headlines | 2 Feb 2010 | 11:51 am AAR clears air on taxing foreign software firmsNew Delhi: A landmark verdict issued on Monday by a quasi-judicial authority is expected to clear the confusion over how to tax foreign companies selling copyrighted software in India. The Authority for Advance Rulings, or AAR, said the earnings of Japanese software firm Dassault Systemes KK would be classified as “business income” rather than “royalty”. It also ruled that Dassault Systemes did not have to pay taxes as it didn’t have a permanent establishment in India, but sold its copyrighted software through an intermediary, Tata Technologies Ltd. A transaction classified as “royalty” can attract tax of up to 10% of the gross amount, according to a tax consultant who did not want to be named. If the transaction is classified as “business income”, a foreign firm can sidestep the tax net if it does not have a permanent establishment in India. “This is the most comprehensive decision on characterization of income as regards licensing software on a non-exclusive and non-transferable basis,” said Mukesh Butani, partner at consultancy BMR Advisors, who represented Dassault Systemes in the hearing at AAR. The implications of the verdict, he said, were far-reaching for the software industry. “You can interpose this principle on any software which is given on a non-exclusive, non-transferable basis,” the lawyer said. AAR is headed by a retired Supreme Court judge and was set up to settle disputes while assessing the tax due from non-residents. The body has a six-month deadline to reach a conclusion and its verdict is binding on both the non-resident and the income-tax department. The only appeal possible against AAR’s verdict is by a special leave petition in the Supreme Court. A copy of the Monday ruling shows Dassault Systemes told AAR that Tata Technologies, its intermediary, had entered into independent contracts with Indian customers and took its own decisions on pricing. The Japanese firm wanted to know if its income from software sales would be taxed as business profits under the India-Japan tax treaty, or be categorized as royalty and taxed accordingly. AAR’s verdict drew a fine distinction between copyrights and copyrighted products. From an individual company’s standpoint, once the ground rules on deciding which transactions should be taxed as royalty are laid out, the financial implications are critical. According to a note prepared by BMR on the Dassault Systemes case, the ruling—along with a ruling in another case—“marks a paradigm shift in the approach of AAR on the issue of taxability of sale proceeds of copyrighted products. Prior to these rulings being pronounced, the AAR had been inclined towards treating the sale proceeds as royalty income”. AAR’s rulings have a “persuasive” value on income tax commissioners and tribunals, the tax consultant quoted earlier said. A series of rulings could have a positive knock-on effect on cross-border trade in software, the consultant added. New Ground Greater clarity: The AAR verdict is expected to bring certainty to the business environment related to the sale of copyrighted software to Indian customers. The ruling: The body ruled that Dassault’s receipts could not be classified as royalty, and said the firm did not have to pay tax on its business income in the absence of a permanent establishment. Former treatment: Prior to these rulings, AAR had been inclined towards treating sale proceeds as royalty income. The body: AAR is a quasi-judicial body which was set up to sidestep disputes when assessing the tax liability of non-residents—whether an individual, a firm or an association. Source: World Business - Livemint.com | 2 Feb 2010 | 10:22 am Kraft set for Cadbury deal as workers fret over jobsLondon: Kraft Foods is set to receive enough acceptances from Cadbury shareholders to seal its £11.7 billion ($18.6 billion) takeover by around 1700 GMT Tuesday and start the tough integration of Cadbury’s 45,000 worldwide employees. The North American foods group is expected to win more than 75% of votes for the deal at which level it can delist Cadbury shares in London, but it only needs 50% plus one share to take control of Cadbury and declare victory. Cadbury shareholders have until 1300 GMT to cast their votes and with the deal recommended by the Cadbury board and no rival bidders envisaged, the takeover of the British confectioner is expected to be declared complete some four hours later. “We would expect Kraft to win comfortable support for the deal given it’s agreed and the supportive comments from Cadbury shareholders,” said an industry source close to the situation. Meanwhile, Cadbury’s workers gathered in central London at midday Tuesday to urge the British government to do all they can to protect Cadbury’s 4,500 UK workforce and future investment at its British sites as they join with Kraft’s 98,000 global staff. During an acrimonious near five-month bid battle, Cadbury chairman Roger Carr has attacked Kraft’s business model, financial performance and record of integrating businesses leaving Kraft’s CEO Irene Rosenfeld to try and soothe worries. Rosenfeld is expected to outline her strategy to win the hearts and mind of Cadbury’s staff, while delivering the cost savings and revenue growth she has promised to keep her largest shareholder Warren Buffett happy. She has promised $675 million of annual cost savings from the deal, which will mean job cuts, analysts said. Cadbury’s annual sales are only one fifth of Kraft but the British group will be a major driver for growth at a combined company with over $50 billion of sales. Kraft will still be the world’s No 2 food group after Nestle but leapfrog Mars-Wrigley to be the world’s biggest confectionery group. Kraft agreed its friendly deal to buy Cadbury on 19 January in an offer that valued Cadbury shares at 840 pence with 60% of the price coming as cash and the rest in new Kraft shares. With the fall in Kraft shares, the current value of the bid is around 830p a Cadbury share. Last month, potential Cadbury bidders like Hershey, Italy’s Ferrero and Nestle ruled out bids leaving the field clear for Kraft to complete its deal for the British group. A Kraft-Cadbury combination will bring together Cadbury’s Dairy Milk chocolate, Halls cough drops and Trident gum with Kraft’s portfolio of Milka and Toblerone chocolates, Oreo biscuits, Maxwell House coffee and Philadelphia cheese. Source: World Business - Livemint.com | 2 Feb 2010 | 4:07 am Google plans to launch store for online business software: reportNew York: Internet giant Google Inc is planning to launch a store for selling online business software, a media report says. Attributing to people briefed by the company, The Wall Street Journal (WSJ) stated: “Google Inc is preparing to launch a store selling online business software that integrates with its Web services, enlisting software developers in its battle against Microsoft Corp.” The people in knowledge of the development said the store would sell business software designed by outside developers to integrate and add capabilities to Google Apps, such as enhanced security features or the ability to import contacts. Google Apps provides web-based email, word-processing and spreadsheet functions. “Google could announce the new store, a revamped version of its Solutions Marketplace site that features third-party programs as soon as March,” the report said. Google eventually plans to allow customers to purchase its partners’ software through the site, taking a cut for itself and sharing some revenue with developers, WSJ attributed the report as saying. Moreover, Google would allow users to quickly access their purchased applications through the menu at the top of their screens within Gmail or Google Docs, it added. According to Google, more than two million businesses are using the paid or free version of Google Apps. Source: Tech News - Livemint.com | 2 Feb 2010 | 3:34 am Facebook, Twitter users vulnerable to rising cyber crimesNew York: An alarming rise in attacks by cyber criminals has exposed users of social networking sites such as Facebook and Twitter to risks of identity theft, spam and malware infiltration in the last one year, a study says. According to the survey by global IT security and data protection firm Sophos, criminals have increasingly focused attacks on users of social networking sites in last 12 months with an explosion in reports of spam and malware. About 57% of users have been spammed via social networking sites, a rise of 70.6% from last year, while 36% received malware via them, a rise of 69.8%, it said. “Computer users are spending more time on social networks, sharing sensitive and valuable personal information and hackers have sniffed out where the money is to be made,” Sophos senior technology consultant Graham Cluley said. “A dramatic rise in attacks last year tells us that social networks and their millions of users have to do more to protect themselves from organised cybercrime or risk falling prey to identity theft schemes, scams and malware attacks.” Sophos surveyed over 500 firms and found that 72% are concerned that employee behaviour on social networking sites exposes their businesses to danger and puts corporate infrastructure and sensitive data at risk. When asked, which social network they believed posed the biggest security risk, 60% respondents named Facebook, followed by MySpace (18%), Twitter( 17%) and LinkedIn (four%). ”We shouldn’t forget that Facebook is by far the largest social network - and you’ll find more bad apples in the biggest orchard,“ Cluley said. The truth is that security team at Facebook works hard to counter threats on their site — it’s just that policing 350 million users can’t be an easy job for anyone, Cluley added. The “Social Security” survey is a part of Sophos’ 2010 Security Threat Report, which explores current and emerging computer security trends. The report reveals that criminals identify potential victims on social networks and then attack them, both at home and at work. Sophos believes that many Web 2.0 sites are concentrating too much on growing their market share at the expense of properly defending their existing users from Internet threats. Source: Tech News - Livemint.com | 2 Feb 2010 | 2:47 am Mitsubishi says MRJ jet should capture 30% marketSingapore: Mitsubishi Aircraft Corp, a unit of Japan’s Mitsubishi Heavy Industries Ltd, said its new MRJ jet, Japan’s first domestically developed passenger aircraft, should capture 30% of the short-haul market in 10 years. The jet, to be built in 70-seat and 90-seat variants, will be more fuel efficient and help airlines cut operating costs by as much as $20 million over the next 20 years, said Yosuke Takigawa, senior vice president of sales and marketing. The 90-seater will be priced at around $40 million, he said. Mitsubishi is keen to drum up more business for the MRJ, which is likely to compete against Brazilian aircraft maker Embraer’s regional jet series. The MRJ project is seen by some as Japan’s final hope for aircraft manufacturing with the first aircraft expected to go into service in 2014. “The airline market is still undergoing a tough time, but we expect a big potential in the regional jet market,” Takigawa told Reuters on the sidelines of the Singapore Airshow. Takigawa said the company’s initial plan is to raise MRJ’s presence in Southeast Asia and India. Mitsubishi Aircraft, owned 64% by Mitsubishi Heavy, has so far received orders for 125 aircraft, including 25 from All Nippon Airways. “Since there will be a number of Embraer aircraft that will see their current leasing contracts ending in or around 2014, our entry to the market (in 2014) would be timely in order to win customers,” Takigawa said. Takigawa said the company is also looking to finalise its first sales deal with Japan Airlines (JAL), which filed for bankruptcy on 19 January. Under the government-led restructuring planned for JAL, the carrier plans to reconfigure its fleet by retiring all of its 37 Boeing 747-400 and all 16 McDonnell Doughlas MD-90 planes to buy smaller aircraft to take their place. Source: World Business - Livemint.com | 2 Feb 2010 | 2:14 am
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