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Co-operative bank failures tally hits 32 in 2009!As many as 32 co-operative banks in the country folded up last year forcing the depositors to invoke insurance guarantee to recover part of their losses.Source: Zee News : Business | 14 Feb 2010 | 5:38 am No fuel price hike for nowFacing opposition from key allies in the UPA govt, finance minister Pranab Mukherjee and oil minister Murli Deora on Sunday discussed an "all-acceptable" hike in fuel prices but it appeared the two failed to reach a consensusSource: India Business News | Business News - Times of India | 14 Feb 2010 | 3:24 am IT biggies on hiring spree, 1 lakh to join workforceNew Delhi: Switching over to robust recruitment mode after a dormant 2009, Indian IT players will hire nearly one lakh people in the coming months amid improving global economic conditions. Coming after a forgettable year of hiring freeze, layoffs and salary cuts, the recruitment drive in the IT space is led by biggies such as Tata Consultancy Services and Infosys. An analysis of the hiring plans announced by various IT companies shows that headcount in the industry is expected to go up by more than 98,000. According to analysts, increased spending on IT infrastructure and improving overseas markets for outsourcers, are among the main factors for the upbeat hiring prospects. Diptarup Chakraborti, who is a principal research analyst at global IT research firm Gartner said the industry is back on track with many projects lined up for completion. “The industry has turned the corner and renewed optimism will bring back recruitment across the globe,” he noted. Last week, the country’s largest software exporter TCS said it would increase headcount by 30,000 in next fiscal year while Infosys announced plans to hire 16,000 people this year. Of the 12 companies which have announced their hiring plans, BPO giant Genpact said it would hire 10,000 people. Besides, IBM is looking at recruiting 5,000 followed by Infosys BPO (2,000), Accenture (8,000) and Mphasis (2,000). Going by Gartner estimates, the domestic IT market is expected to grow by 19-20% in 2010, a sharp rise against a 2.6% growth in 2009. “IT companies usually hire to meet their next 18-month requirement. The actual hiring is always higher than the announced hiring as the companies also do lateral hiring besides fresh recruitments,“ Chakraborti said. An official at Info Edge, which owns the job portal Naukri.com, said the big bang hiring announcements by the IT companies took off in late 2009. “As economy started improving the IT infrastructure contracts started moving to India. The jobs in IT industry is gaining pace but for us to have a booming 2008 job market will take some (more) time,” Info Edge national head (marketing and communications) Sumeet Singh said. According to Gartner-EXP Worldwide Survey of global chief information officers (CIOs), the IT budgets are expected to witness marginal increase in global average of 1.3% compared to 2009, which saw the IT budgets declining by 8.1%. In 2009 the CIOs faced multiple budget cuts, delayed spending and increased demand for services with reduced resources. This is set to change in 2010, as the economies recover from recession and enterprises transition their strategies from cost-cutting efficiency to value-creating productivity, the survey pointed out. Source: Home - Livemint.com | 14 Feb 2010 | 2:41 am Zain confirms Bharti offer for African assetsKuwait: Kuwaiti telecom group Zain moved closer to offloading its African assets in a long-running deal said to be valued at $10.7 billion as reports pointed to Bharti Airtel as the bidder. Zain’s confirmation of the offer would mark one of the biggest cross-border transactions in the west Asia in years, and a potential turning point in the long-running sell-off saga concerning the third-biggest telecom operator in the region. “If the transaction values the African operations at $10.7 billion, it would be a nice premium,” said analyst Simon Simonian at investment bank Shuaa Capital. “We expect Zain to pay a special dividend to shareholders from the proceeds.” Kuwaiti newspapers said Zain’s board and that of its largest shareholder, Kuwait’s sovereign wealth fund KIA, will both meet to decide on the offer on Sunday. The Kuwaiti bourse suspended trading in Zain shares until the meetings conclude. The sale of Zain’s African positions would mark a strategic reversal that saw the local player rise to international status and then revert to that of a regional player. Zain has spent more than $12 billion alone to expand in Africa since 2005. Zain’s expansion from Burkina Faso to Zambia and its ubiquitous logo has transformed it into a symbol of national pride synonymous with Kuwait’s faltering aspirations to diversify its economy beyond the oil sector. “Zain grew a little bit too fast and was facing some growing pains in the past two years,” Simonian said. Reports that Bharti is the potential bidder for the assets would further signify that the telecom operator has resumed its hunt for emerging market acquisitions after its planned $24 billion merger with South Africa’s MTN failed in September. In October, Akhil Gupta, deputy group CEO at the Indian mobile operator’s parent, said Bharti would look at buying a stake in Zain if there was an opportunity. Last month, Bharti agreed to buy 70% of Bangladesh’s Warid Telecom for an initial investment of $300 million. It also set up a new unit to drive its foreign expansion, focused on opportunities in emerging markets where it can replicate its low-price, high-volume model. Bharti’s home mobile market is facing margin pressures from intense competition and price wars, resulting in lower tariffs and shrinking profits. Transformation Analysts have pointed to Zain’s underperforming assets in Nigeria and Kenya as a burden on the group but that its large presence in sub-Saharan Africa harboured valuable growth. The group pulled back from an expansion spree in 2009 and rejected an offer from France’s Vivendi for its African assets. It then halted talks to sell the assets to appease potential buyers of a 46% stake in the parent company. A consortium of Asian investors has been trying to buy the 46% stake from Kuwaiti family conglomerate Kharafi Group for 2 dinars per share, or about $13.7 billion, although selling the African operations would likely end that initiative. In one indication of an imminent deal, Zain last week appointed Nabil bin Salama as the firm’s chief executive, replacing Saad al-Barrak, seen as the driving force behind the growth into 23 countries across Africa and the west Asia. Barrak resigned earlier this month amid uncertainty about the fate of the sale of the parent company stake. In May, Zain announced a rare cut of 2,000 jobs of its 15,500 workforce, signaling that the heyday of expansion might be over. Africa represents about 62% of Zain’s 64.7 million customers but only 15% of the groups’s net profit. Zain operates in 24 countries including Saudi Arabia and Nigeria. Shares in Zain have risen 23% since 4 February and rose 3.9% on Thursday, ahead of the west Asia weekend. A Zain spokesman was not immediately available to comment. A Bharti spokesman declined to comment. Source: Home - Livemint.com | 14 Feb 2010 | 2:23 am Tight security for Goa Carnival after Pune blast - Times of India
Source: Business - Google News | 14 Feb 2010 | 2:17 am Mkts to open higher but to be volatile till budget AnalystsThe Dalal Street is likely to see a good opening on Monday buoyed by the record growth in the December industrial output, however, China's monetary tightening measures may dampen the otherwise positive sentiment a bit, say analysts.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 2:03 am Mkts to open higher but to be volatile till budget AnalystsThe Dalal Street is likely to see a good opening on Monday buoyed by the record growth in the December industrial output, however, China's monetary tightening measures may dampen the otherwise positive sentiment a bit, say analysts.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 1:44 am Iron ore prices are likely to rise sharply: BHP chiefSYDNEY/SINGAPORE (Reuters) - Annual iron ore prices should see a large increase in 2010, BHP Billiton chief executive Marius Kloppers said on Australian television and repeated suggestions to move towards a more flexible pricing mechanism.Source: Reuters: Money News | 14 Feb 2010 | 1:40 am Cabinet to consider SAIL divestment on Feb 18The Cabinet is likely to approve the state-run steel maker SAIL's 20 per cent share sale plan at its meet scheduled for Thursday.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 1:40 am Rationalise direct taxes to mitigate slowdown effects CIIThe Confederation of Indian Industry (CII) has urged the government to rationalise direct taxes which would help consolidate the manufacturing sector, mitigating the effects of the global slowdown, and also facilitate its transition to the next level of growth.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 1:38 am Kuwait Investment Authority to decide on Bharti's offer to ZainKuwait Investment Authority (KIA), which has a 24.6% stake in the telecom operator, will meet on Sunday prior to a meeting scheduled by Zain's board to discuss the offer.Source: Daily News & Analysis: Money News | 14 Feb 2010 | 1:12 am IT biggies on hiring spree, one lakh people to join workforceComing after a forgettable year of hiring freeze, layoffs and pay cuts, the recruitment drive in IT space is led by biggies such as Tata Consultancy Services and Infosys.Source: India Business News | Business News - Times of India | 14 Feb 2010 | 1:00 am Auto industry calls for continuation of stimulus in BudgetStating that the auto industry is yet to come out of the woods despite clocking record breaking sales in January, vehicle makers have asked the government to continue the stimulus package provided during the economic downturn in the upcoming Budget.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 12:58 am IT biggies on hiring spree one lakh people to join workforceSwitching over to robust recruitment mode after a dormant 2009, Indian IT players will hire nearly one lakh people in the coming months amid improving global economic conditions.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 12:56 am Major financial firms line up for IIM-A placements - Hindustan Times
Source: Business - Google News | 14 Feb 2010 | 12:36 am DGCA may take a new avatar as CCA with more powersA proposal to convert the Directorate General of Civil Aviation into an autonomous regulatory body with more financial and administrative teeth, would soon be placed before the government.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 12:18 am Indian ADRs gain 6 26 bn in a weekIndian stocks trading on American bourses added over $six billion to their cumulative market capitalisation last week, with IT icons-- Infosys Technologies and Wipro --accounting for half of the total gains.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 12:18 am Give fiscal incentives to boost investment employment CIIAmid debate over withdrawal of stimulus measures, CII has asked the Finance Ministry to provide fiscal incentives to boost investment and employment.Source: HindustanTimes.com - Top Business News Headlines | 14 Feb 2010 | 12:13 am Bharti Axa Life Insurance bets big on maiden child insurance productLife insurance major, Bharti Axa Life Insurance, is eyeing a premium of Rs 100-crore by end-FY 10, a top company official said.Source: Daily News & Analysis: Money News | 14 Feb 2010 | 12:10 am Shareholders cool to open offers, benefit as stocks hot upInvestors cold shouldered a majority of open offers made by companies or acquirers over the past year. And they were right to have done soSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am India, Thailand share spotlight on global small car launchesThat India is the world's favourite small car destination is a no-brainer. However, Thailand's Eco car programme could now give the country the same importance, at least from the viewpoint of a handful of globalSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am RBI reworking roadmap on capital account convertibilityThe Reserve Bank of India Governor, Dr D. Subbarao, said the RBI is reworking the roadmap for achieving fuller capital account convertibility.Source: Business Line - Home Page | 14 Feb 2010 | 12:00 am Govts' handling of financial crisis could brew another: RBI GovernorThe RBI Governor, Dr D. Subbarao, expressed fears that there could be another crisis on the anvil due to the way in which the current crisis is beingSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am Decision on 3G auction this weekThe Government is expected to take a final decision on the timing of auctioning third generation (3G) spectrum this week. While both the Finance Ministry and the Prime Minister's Office are keen to hold the auction this fiscal, seniorSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am Social networking is serious business‘Too full after a heavy lunch at Mainland China,' reads Neeraj's Facebook status update. Two minutes ago, he had posted a comment on Shah Rukh Khan's latest brush with the Shiv Sena. But before you assume he is simply idling away at work,Source: Business Line - Home Page | 14 Feb 2010 | 12:00 am India and Britain push ahead with civil nuclear plansThe UK Government is hoping to use the impetus of the recently-signed Civil Nuclear Declaration to push forward Britain's involvement in India's civil nuclearSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am Weekly News Round UpThe Centre has liberalised the policy on cases requiring Government approval for foreign investment. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Dr Manmohan Singh, decided that only proposals involving total foreignSource: Business Line - Home Page | 14 Feb 2010 | 12:00 am Kuwait's KIA to decide on Bharti's offer to Zain - paperKUWAIT (Reuters) - Kuwait's sovereign wealth fund, the biggest shareholder in Zain, will meet on Sunday to decide on a $10.7 billion offer from Bharti Airtel for some of the telco's African assets, according to a newspaper.Source: Reuters: Money News | 13 Feb 2010 | 11:57 pm Government says few clues to Pune blastPune: The government said on Sunday it had little idea who was behind a bomb in a tourist eatery in Pune that killed nine people, an attack that some experts said could be the work of home-grown terrorists. The bomb that also wounded 57 in Pune was the country’s first big attack since the 2008 Mumbai massacre and appeared to target Indian and foreign tourists. At least one foreigner whose identity had not yet been established was killed.  Firefighters remove debris from the site of a bomb blast. Reuters photo German Bakery, located close to a Jewish centre and a religious retreat frequented by foreigners, was a soft target in an area that had been on the radar of intelligence officials, Union home minister Palaniappan Chidambaram said. “Nothing is ruled out, nothing is ruled in. The investigation is in progress,” Chidambaram told reporters. “There is no intelligence failure. This particular area has been on the radar for quite some time. But this was not an overt attack by a gunman, but an insidious attack with a bomb planted in a soft target.” Authorities put airports and railway stations on high alert after the blast and extra security was given to South African and Indian cricket teams playing in the country. The explosion came a day after India and Pakistan agreed to high-level talks in New Delhi on 25 February suspended after Pakistani terrorists killed 166 people during a three-day rampage through the financial capital of Mumbai in November 2008.  A man, who was injured in a bomb blast, is treated at a hospital in Pune. Reuters Photo Any sign of Pakistani involvement in the Pune attack would worsen relations between the two nuclear rivals and further destabilise a region overshadowed by war in Afghanistan. Pune police had been alerted to the possibility of attacks on Osho ashram and Chabad House, which had also been targeted during the Mumbai attacks, Chidambaram said. But there had been no intelligence input on German Bakery, he said. Chidambaram said the Pune ashram was one site surveyed by David Headley, arrested in the United States last year and charged with scouting targets for the Mumbai rampage. The government suspects he has links to Pakistan-based terrorist group Lashkar-e-Taiba that is blamed for the Mumbai attacks. Home grown attack?  Police personnel examine the site of a bomb blast at the German Bakery restaurant in Pune. Reuters photo The attack also appear similar to a wave of bombs that hit Indian cities in the year before the Mumbai attacks, killing more than 100 people. Police blamed most of those attacks on home-grown Muslim terrorists, and a little-known group called the ”Indian Mujahideen” claimed responsibility for some attacks. But Hindu militants were also accused of masterminding some bombs. “The bomb appears to have been not a sophisticated one that could have required any special training,” said B Raman, director of the Chennai-based Institute For Topical Studies. Among the injured were Iranians, Sudanese, a Taiwanese and a German. “I don’t think any particular nationality was targeted. They targeted a place where young people, both foreigners and Indians, congregated,” Chidambaram said. In response to a question on whether the proposed talks between India and Pakistan would now be suspended, Chidambaram said that was a diplomatic process that would be determined in Delhi after he returned there. Authorities have warned of renewed threats of attacks on Indian soil and stepped up security in recent months. Source: Home - Livemint.com | 13 Feb 2010 | 11:29 pm Zain confirms offer for African assets - bourseKUWAIT (Reuters) - Kuwaiti telecom group Zain confirmed it had received an offer for some of its African assets on Sunday, one day after reports Bharti Airtel had offered up to $10.7 billion for the assets.Source: Reuters: Money News | 13 Feb 2010 | 11:16 pm Demand for offshore services likely to progress: Syntel"As we look forward into 2010, we are optimistic that demand for offshore services will continue to progress," Syntel's chairman, Bharat Desai, said here.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 11:13 pm FIIs pull out $2.7 billion from stocks in 18 sessionsNew Delhi: Foreign funds to the tune of $2.7 billion were pulled out of the domestic bourses over the last 18 sessions and analysts believe the trend would continue till the Union Budget. “There will be no major FII buying activity in the market till the Union Budget on 26 February. After reviewing how the government looks at exiting the stimulus package and as well manage growth, the funds will churn their portfolio,” CNI Research’s CMD Kishor P Ostwal said. Over the 18 trading sessions in the last four weeks, the foreign institutional investors (FIIs) pulled out $ 2.7 billion (Rs12,494 crore) from the Indian stocks, the data with the market regulator Securities and Exchange Board of India (Sebi) reveals. The Bombay Stock Exchange benchmark Sensex is down 7.5% cent in 2010 to 16,152.59 points as the reverse flight of foreign funds from Indian stock markets continued unabated since mid-January of this year. In 2009, the index had risen 81% on foreign inflows of $ 17.5 billion. Analysts believe with the firming global markets and the Dow Jones Industrial Average closed above the 10,000-level on Friday, FIIs might shift their focus here for some time. SMC global vice-president Rajesh Jain said, “As the US and European market stabilises, going ahead we will see FIIs returning to India. Till the budget, the FIIs will stay away from making fresh investments and there may be some minor positive activity.” During January, overseas investors were gross sellers of equities worth Rs58,630.60 crore, while they bought shares worth Rs58,130.30 crore resulting in a net sale of Rs500.30 crore, as per the Sebi data. In 2009, FIIs were net investors of Rs83,400 crore in domestic equities, the highest inflow in the country in rupee terms in a single year. It came a year after overseas investors pulled out over Rs50,000 crore. For the sixth consecutive weeks, FIIs remained net buyer in the debt. So far this year FIIs have invested Rs11,802 crore in debt securities. Source: Home - Livemint.com | 13 Feb 2010 | 11:07 pm Venture capital and equity funds to take up to 2-years to regain 2005-07 vigourVenture capital and equity funds are likely to take up to two-years to regain their 2005-07 level, when fund-flow was at an all-time high, an industry official said.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 11:00 pm I-T dept to go green; requests FM to announce step in BudgetThe Income Tax department will request finance minister Pranab Mukherjee to accept its proposal to phase out paper-based documentation to ensure prompt taxpayer-related services and in the process earn carbon credits.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 10:55 pm Cambridge Apparels plans image makeover, eyes Rs100 cr revenue by 2011Cambridge Apparels, plans an image makeover through a Rs five crore ad blitz and diversifying into women's formal wear.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 10:55 pm Passenger fares unlikely to be touched in rail budgetRailway minister Mamata Banerjee is likely to present a populist budget leaving passenger fares untouched, but rationalising the freight rates keeping the essential commodities aside.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 10:51 pm Bharti offers $10.7 bln for Zain Africa operations: ReportsBharti has resumed its hunt for emerging market acquisitions after its planned $24 billion merger with South Africa's MTN failed in September.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 9:53 pm I T dept to go green requests FM to announce step in BudgetThe Income Tax department will request Finance Minister Pranab Mukherjee to accept its proposal to phase out paper-based documentation to ensure prompt taxpayer-related services and in the process earn carbon credits.Source: HindustanTimes.com - Top Business News Headlines | 13 Feb 2010 | 9:26 pm Bharti offers $10.7 bln for Zain Africa ops - reportsKUWAIT (Reuters) - Bharti Airtel has offered up to $10.7 billion for the African assets of Kuwaiti telecom group Zain, Kuwaiti newspapers reported on Saturday, as India's largest mobile operator makes a renewed foreign push.Source: Reuters: Money News | 13 Feb 2010 | 7:27 pm UID may be rolled out in August - Times of India
Source: Business - Google News | 13 Feb 2010 | 4:00 pm RBI halts ops of remittance portal in IndiaOnline money transfer service provider PayPal has been asked by RBI to stop its operation in India.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 3:00 pm Notebook sales soar at the cost of desktop computers - Indian Express
Source: Business - Google News | 13 Feb 2010 | 2:52 pm Enter Adam, the 'iPad killer' made in IndiaThe Adam tablet PC of Hyderabad-based Notion Ink could make the iPad seem outdated. On Sunday, the final product minus the custom user-interface will be showcased in Barcelona. Notion Ink's founders are 6 IITians and an MBA grad.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 12:19 pm Drug discovery: Ajay Piramal\'s prescription for growthBiotechnology could be the next big stop for pharma major Piramal Healthcare. In an exclusive chat with Pharmasia\'s Vikas Dandekar, Chairman Ajay Piramal says the company is looking to invest in the expansion of its Scotland facility that could mark a foray in the biotech sector.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 12:10 pm Shiv Sena at a crossroadsSave the tiger, a massive hoarding close to the Siddhi Vinayak Temple warns everybody that Indias national animal could soon become extinct. On the other side of the street, Balasaheb Thackeray smiles benignly from a giant poster put up by Shiv Sainiks wishing him on his birthday that fell on January 23. In the background is the picture of a tiger the Shiv Sena emblem roaring away to glory.Source: Business Standard | Front Page Headlines | 13 Feb 2010 | 12:03 pm RBI hasn't abandoned plans for full convertibility - Economic Times
Source: Business - Google News | 13 Feb 2010 | 12:02 pm Taxman wants lower corporation taxThe corporate sector has found an unexpected ally on tax matters the income tax departments western region which accounts for the largest share of collections.Source: Business Standard | Front Page Headlines | 13 Feb 2010 | 11:55 am What makes VCI an interesting prospect for RIL?RIL has submitted an expression of interest of a privately held Canadian Company called Value Creation Inc. that is VCI. In an interview with CNBCTV18, John Kingston, Director News, Platts gave his perspective on the viability of oil sands and what made VCI an interesting prospect for Reliance Industries.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 11:33 am Grounded, for now - Business Standard
Source: Business - Google News | 13 Feb 2010 | 10:30 am All about the 'con' in consultancyWritten in the form of a diary, this book is the hilarious story of Robin 'Einstein' Varghese, a graduate from a management institute who joins a consulting firm called Dufresne Partners.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 10:15 am Facts about Gulf mobile operator ZainKuwaiti telecom firm Zain has received an offer of up to USD 10.7 billion for its African assets from Indian telecoms firms Bharti Airtel, Kuwaiti newspapers reported on Saturday.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 9:58 am EU's Juncker warns against eurozone drift apart - paperBERLIN (Reuters) - Eurogroup Chairman Jean-Claude Juncker warned on Saturday against a further drifting apart of euro zone economies in an interview with a German newspaper.Source: Reuters: Money News | 13 Feb 2010 | 8:32 am BPCL's Mumbai refinery starts producing cleaner petrol, dieselThe refinery, which processes 12 million tonnes of crude annually, would produce Euro IV diesel and petrol that contain lesser amount of pollutants.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 8:11 am Next crisis could be related to currency or fiscal: SubbaraoThe RBI governor said said there is a possibility that stimulus measures rolled out by central banks and governments globally to resolve the financial crisis may lead to another crisis in the future.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 8:01 am Sugar Association seeks removal of octroi, APMC cess to curb pricesThis year both sugarcane and sugar production remained low and sugar price has shot up to Rs45 per kilogram in the retail market.Source: Daily News & Analysis: Money News | 13 Feb 2010 | 7:17 am Obama's remarks not aimed at Indian companies : Infosys chiefA day after US president Barack Obama lashed out at US companies which are outsourcing to India, tech major Infosys Technologies brushed aside the apprehensions that the remarks were aimed at Indian Companies.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 7:05 am India Infoline Weekly Newsletter - February 13, 2010 - India Infoline.com
Source: Business - Google News | 13 Feb 2010 | 6:40 am Kuwait\'s Zain gets offer from Bharti for African assetsKuwait\'s Zain has received an offer of up to USD 10.7 billion for its African assets from Indian telecoms firm Bharti, a Kuwaiti newspaper reported on Saturday.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Ashok Leyland launches die casting JV with Finnish firmAshley Alteams, a 50:50 joint venture between Ashok Leyland and Finnish light cast metal components manufacturers Alteams OY has been inaugurated at Cheyyar, near Kanchipuram in Tamil Nadu.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am MercedesBenz sets up new dealership in SuratMercedesBenz the German luxury car maker has opened a new dealership Benchmark cars in Gujarat.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Bridgestone all set to expand its operation in IndiaBridgestone, the worlds number one tyre and rubber manufacturer has announced that it will start manufacturing truck and bus radial (TBR) tyres in India in order to meet the growing demand in the country. With the expansion of road infrastructure and expressways, the demand for TBR is also on the rise.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Hyundai opens new dealership in MumbaiHyundai Motor India has inaugurated Asset Hyundai, a new dealership at Kanjurmarg (Powai) in MumbaiSource: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Exponential increase in sales for Suzuki motorcyclesThe India subsidiary of Suzuki Motorcycles experienced a staggering 93% growth in sales in January 2010 over the same period last year.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Mahindra launches Maxximo, the first mini truckThe first minitruck in the world to be powered by a 2cylinder CRDe engine with DOHC and 4 valves per cylinder, the Mahindra Maxximo, was launched today.Source: Moneycontrol Top Headlines | 13 Feb 2010 | 6:15 am Euro zone needs stronger economic management - DraghiROME (Reuters) - The fragility of the euro zone economy and public finances underline the need to extend and strengthen euro-wide economic management, European Central Bank Governing Council Member Mario Draghi said on Saturday.Source: Reuters: Money News | 13 Feb 2010 | 5:45 am 'Heavy Engineering Corporation to be listed, become Navratna'Heavy Engineering Corporation (HEC), a public sector firm based here, will become a Navratna company and get listed on a stock exchange, union Heavy Industries Minister Vilasrao Deshmukh said Saturday.Source: India Business News | Business News - Times of India | 13 Feb 2010 | 5:21 am Sensex snaps 3-week losing spree, gains 1.49%Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex snapped a three-week sluggish trend by gaining 234 points, or 1.49%, during the shortened week under review on firm global cues amid good buying support from domestic funds. In a volatile week, all-round buying support, mainly towards the end of the week, on the back of easing of foreign investment norms amid favourable global trends despite rise in food inflation helped the recovery. The news that the government has allowed Foreign Investment Promotion Board (FIPB) to approve foreign investment of up to Rs1,200 crore against the existing limit of Rs600 crore also helped to turn the corner. The move will further liberalize norms and expedite foreign investment inflow into the country that might help markets to gain further momentum. Rise in exports in January, for the third month in a row, by 11.5% too had a positive sentimental impact on the domestic bourses. The 30-share Sensex regained 16,000-mark and ended the week at 16,152.59, a gain of 236.94 points, or 1.49%, over its last weekend’s close of 15,915.65. The bellwether index had crashed by a whopping 1,638.65 points, or 9.33%, in the last three weeks due to all round profit-booking. Asian as well as European stocks showed a positive trend during the week on expectations of a rescue plan for the debt-burdened Greece. IT, consumer durable, realty, auto and banking counters were at the forefront on heavy demand. IT stocks rose on a possible financial rescue plan for debt-ridden economy of Greece. Banking shares moved up following Reserve Bank of India’s announcement about new base rate to price credit more transparently from 1 April 2010. The NSE 50-share index Nifty also recovered by 69.60 points, or 1.46%, to finish the week at 4,826.85. Meanwhile, food inflation rose to 17.94% for the week ended 30 January from 17.56% a week ago, but it did not have a negative impact on the market. Among the major indices, the BSE-IT shot up by 173.74 points, or 3.59%, the BSE-Consumer durable by 92.93 points, or 2.36%, the BSE-Realty by 64.35 points, or 1.94%, the BSE-Auto by 98.86 points, or 1.44%, and the BSE-Bankex by 1331.42 points, or 1.42%. During the truncated week, as both the exchanges were closed on Friday on occasion of ‘Mahashivratri’, total trading volume on the BSE and NSE fell to Rs18,289.21 crore and Rs51,471.25 crore from Rs24,568.82 crore and Rs97,680.67 crore respectively, from the last weekend. Source: Home - Livemint.com | 13 Feb 2010 | 4:13 am Gold rallies on fresh buying, silver firms upMumbai: Gold prices rallied at the bullion market here on Saturday due to hectic buying by stockists and speculators at lower levels despite a bearish trend in overseas markets. Silver also firmed up owing to good demand from industrial users. Standard gold (99.5 purity) strengthened by Rs205 per ten grams to close at Rs16,495 from previous closing level of Rs16,290. Pure gold (99.9 purity) shot up by Rs200 per ten grams to finish at Rs16,580 as against Rs16,380 previously. Silver ready (.999 fineness) moved up by Rs75 per kilo to conclude at Rs25,155 from Rs25,080. In New York, gold for April delivery down by 41 cents at $1,090.00 an ounce on the Comex division of the NYMEX. Silver for March delivery fell by 14 cents to $15.45 an ounce. Source: Home - Livemint.com | 13 Feb 2010 | 3:52 am Sesa Goa aims to up iron ore production by 25% next fiscalPanaji: Top iron ore exporter Sesa Goa is set to produce 20 million tonnes of iron ore in the financial year ended March, and aims to expand it by up to 25% in 2010-11, the company’s head said on Saturday. “Our sales may be 20 million tonnes plus (in 2009-10 to end in March)”, PK Mukherjee, managing director of Sesa Goa said on the sidelines of a steel conference in Goa. In the next financial year starting in April, there will be “20-25% volume growth delivered,” he said. Sesa Goa, a subsidiary of London-listed metal and mining group Vedanta Resources, is the largest iron ore exporter in India and has mines in Goa, Karnataka and Orissa. Mukherjee said the company continued to aim for acquisitions of mines but did not give any further details. Last year, in June, Sesa Goa acquired the mining assets of Dempo Group in Goa to boost its output of iron ore. “We are a resource company, our appetite is always strong. We don’t choose (whether to acquire mines in India or overseas.) wherever it makes economic sense, we will go for a deal”, he told reporters. “Our cash is Rs80 billion ($1.7 billion). There is no allocation as such for acquisitions”, Mukherjee said. Speaking on rumours of a likely hike in iron ore export duty, Mukherjee said it could bring down India’s total exports of over 100 million tonnes. Source: LatestNews-Home - Livemint.com | 13 Feb 2010 | 3:39 am FACTBOX - Facts about Gulf mobile operator ZainREUTERS - Kuwaiti telecom firm Zain has received an offer of up to $10.7 billion for its African assets from Indian telecoms firms Bharti Airtel, Kuwaiti newspapers reported on Saturday.Source: Reuters: Money News | 13 Feb 2010 | 3:23 am
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