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GMDC sees 1520% PAT growth in FY10GMDC) as a stock has been looking up in trade. The reason being enhancement in its production, said its MD, VS Gadhvi. \"Also, the recent mineral policy announced by the government and some of the joint ventures that are yet to come into operation are pushing the companys outlook up. We expect a 1520% profit after tax growth in FY10.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 5:53 am Launch of Wego will aid runrate of scooters: TVS MotorIn an interview with CNBCTV18, HS Goindi, President Marketing, TVS Motor Ltd, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 5:40 am No immediate plans to raise funds via QIP: Dhampur SugarNews about Dhampur Sugars planning to raise Rs 100150 crore via a QIP has been put to rest. In an exclusive interview with CNBCTV18, the companys MD, Gaurav Goel, said that though the board had approved a QIP but there were no immediate plans to raise funds.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 5:10 am SEBI rejects PwC\'s consent application: SourcesCNBCTV18 learns from sources that the Securities Exchange Board of India (SEBI) has rejected PwC\'s consent application in the Satyam case.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 4:58 am FY12 revenue target at $11bn: BHELIn an interview with CNBCTV18, BP Rao, Chairman of Bharat Heavy Electricals Limited (BHEL), spoke about his outlook for the company.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 4:54 am RBI has asked for special audit: Bank of RajasthanIn an interview with CNBCTV18, G Padmanabhan, MD CEO, Bank of Rajasthan, confirms that the RBI has ordered a special audit of the accounts of the bank.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 4:37 am Sold 48% of cos topline to Schneider: ZicomPramod V Rao, MD, Zicom Electronic Security Systems, said that 48% of the companys topline was sold to Schneider and the proceeds from the sale would be used to diversify into high growth areas and to retire some of Zimcoms debts.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 4:34 am Nifty ends above 5100; auto, bank, pharma surge - Moneycontrol.com
Source: Business - Google News | 8 Mar 2010 | 3:10 am RBI's base rate norms not to impact bank margins: BoB - Moneycontrol.com
Source: Business - Google News | 8 Mar 2010 | 3:00 am UK\'s Darling denies spending doubts hitting poundBritish finance minister Alistair Darling denied on Sunday that a lack of clarity over public spending cuts or fears over a possible indecisive election were affecting sterling or other markets.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 2:58 am Votes uncertain as US healthcare endgame loomsPresident Barack Obama\'s top healthcare official on Sunday urged quick passage of stalled healthcare reform legislation...Source: Moneycontrol Top Headlines | 8 Mar 2010 | 2:58 am Dubai debt deal this week, Nakheel a hurdle: BankersTroubled conglomerate Dubai World expects to put its debt plan to creditors as early as this week but the final proposal is being delayed by efforts to accurately value developer Nakheel\'s assets.Source: Moneycontrol Top Headlines | 8 Mar 2010 | 2:58 am Reliance MediaWorks to buy more shares in open offerThe company said on Monday that it will make an open offer for 21.7 million shares, not 21.6 million shares that it had announced earlier.Source: Daily News & Analysis: Money News | 8 Mar 2010 | 2:56 am Reliance offer not sufficiently valuable: LyondellMumbai: An offer from Indian energy major Reliance Industries was not sufficiently valuable to LyondellBasell to abandon its reorganisation plan, Lyondell said in a court filing on Monday. Reliance, India’s largest-listed firm and controlled by billionaire Mukesh Ambani, has been looking to take over the Luxembourg-headquartered bankrupt petrochemicals firm with an offer that valued the target at about $14.5 billion. Source: Home - Livemint.com | 8 Mar 2010 | 2:43 am Essar to raise $3 bn through IPO in LSE - Indian Express
Source: Business - Google News | 8 Mar 2010 | 2:38 am Gold traders step up to hedging on boursesMumbai: Indian gold traders are increasingly turning to hedges on local bourses to fight price volatility as they seek to revive from weak consumption seen last year, exchange officials and analysts said. Physical delivery of gold in settlement of contracts, a key indicator of genuine hedging, rose to 2.7 tonnes in February, compared with 0.348 tonnes a year ago, data from the MCX, India’s largest commodity exchange for bullion, showed. “Large volatility is there and we need to be protected by it, this also shows the maturity of exchanges as delivery base centre,” said Daman Prakash Rathod, director of the Chennai-based MNC Bullion, one of the country’s biggest gold traders. Gold futures, which struck a record high in December last year, has been on a downtrend this year on a strong dollar overseas, which dims the yellow metal’s appeal as an alternative investments. Indian gold futures have fallen by about 8% since the start of the year, after hitting a record high of Rs18,294 in December. “The recent decline in prices made most of the traders accumulate at lower levels and take delivery, and also members have been aggressively promoting small-sized gold products,” said Harish Galipelli, vice-president research with JRG Wealth Management, a commodity broker in Kochi. The price fall has led to expectation of a revival in gold sales after imports slumped last year on record high prices. “Traders are using our platform actively to buy gold. We see this trend increasing,” said Anjani Sinha, director, MCX. Lower price and standardisation will attract actual wholesalers and refiners to source their raw material needs through electronic platforms. The formation of an active spot market for the commodity has also helped boost hedging interest, traders said. The Indian Bullion Market Association (IBMA), an association of 10,000 jewellers across India, along with Riddhi Siddhi Bullions has been actively involved in promoting spot electronic trade, bringing transparency in the largely fragmented Indian bullion markets. Industry watchers say MMTC, which is a promoter of ICEX and also the biggest bullion importer, has been instrumental in attracting existing traders to deal in futures. MMTC had bought 77.6 tonnes in April-September, the first half of the 2009/10 fiscal year, compared with 101 tonnes in the same period last year. “We have rising interest from wholesalers to take delivery, about 90% of our open interest in gold are from hedgers,” said Ajit Mittal, chief executive officer of the newly-created Indian Commodity Exchange (ICEX), the country’s third-biggest. Its first physical gold delivery stood at 168 lots of 1 kg and 170 lots of 100 grams. India is the largest consumer of the yellow metal, followed by China. Development of the seven-year-old bullion futures trade in the country is keenly watched by the industry. Source: LatestNews-Home - Livemint.com | 8 Mar 2010 | 2:35 am India gold demand rises as rupee strengthens - Moneycontrol.com
Source: Business - Google News | 8 Mar 2010 | 2:25 am Reliance Industries offer not sufficiently valuable: LyondellReliance, India's largest-listed firm and controlled by billionaire Mukesh Ambani, has been looking to take over the Luxembourg-headquartered bankrupt petrochemicals firm.Source: Daily News & Analysis: Money News | 8 Mar 2010 | 2:25 am Sensex surges 193 points in opening trade on firm Asian marketsThe 30-share index, which had gained 22.79 points in the previous session, spurted by 193.06 points, or 1.13 per cent to 17,187.55 points.Source: Daily News & Analysis: Money News | 8 Mar 2010 | 2:22 am World stocks up as fears ease on U.S. economy, GreeceLONDON (Reuters) - Easing fears about the U.S. economy and European debt lifted world equity markets on Monday, extending a rally that has taken many bourses into positive territory for the year.Source: Reuters: Money News | 8 Mar 2010 | 2:20 am Reliance MediaWorks to buy more shares in open offerNew Delhi: Reliance MediaWorks on Monday said it raised its open offer for cinema chain Fame India by 100,000 shares to meet a regulatory requirement. Reliance MediaWorks had in February made a competitive bid for a majority stake in Fame at Rs83.40 a share, 63.5% higher than an offer by Inox Leisure for 20% equity at Rs51 a share. Inox already holds 50.48% in Fame. The company said on Monday that it will make an open offer for 21.7 million shares, not 21.6 million shares that it had announced earlier. Reliance MediaWorks increased its offer size after it reported that it held about 100,000 shares less than what it had said in its previous public offer announcement on 21 February. Since the announcement, the company has raised its stake in Fame to 13.79% from 11.82%. Source: LatestNews-Home - Livemint.com | 8 Mar 2010 | 2:19 am Reliance MediaWorks to buy more shares in open offerNEW DELHI (Reuters) - Reliance MediaWorks on Monday said it raised its open offer for cinema chain Fame India by 100,000 shares to meet a regulatory requirement.Source: Reuters: Money News | 8 Mar 2010 | 2:17 am Reliance offer not sufficiently valuable - LyondellMUMBAI (Reuters) - An offer from Indian energy major Reliance Industries was not sufficiently valuable to LyondellBasell to abandon its reorganisation plan, Lyondell said in a court filing on Monday.Source: Reuters: Money News | 8 Mar 2010 | 2:15 am Bill in LS to allow SBI to raise more capital from marketA bill, seeking to reduce Centre's shareholding in the State Bank of India (SBI) from 55 per cent now to 51 per cent and to allow the bank to raise more capital from the market through preference shares, was introduced in the Lok Sabha today.Source: HindustanTimes.com - Top Business News Headlines | 8 Mar 2010 | 2:12 am Dai-ichi Life sets price range for $12 billion IPOThe offering, the world's largest since credit card firm Visa Inc's $19.7 billion IPO in 2008, comes after Japan's IPO market fell to a near two-decade low last year.Source: Daily News & Analysis: Money News | 8 Mar 2010 | 2:12 am Food inflation to ease in two months: Montek Singh - Moneycontrol.com
Source: Business - Google News | 8 Mar 2010 | 2:00 am Feb car sales hit record high; March seen upNEW DELHI (Reuters) - Car sales in India jumped by a third in February to a record as buyers rushed to beat higher taxes in the national budget and the momentum should continue in March before new emission norms kick in and push up prices.Source: Reuters: Money News | 8 Mar 2010 | 1:56 am Rupee extends rise on dollar’s broad drop; sharesMumbai: The Indian rupee extended gains in the afternoon session on Monday tracking a sharp fall in the dollar versus major currencies, and buyoed by gains in the local stock market, which raised hopes for more capital inflows. At 2:08pm, the partially convertible rupee was at Rs45.42/43 per dollar, off an high of Rs45.38, its strongest since 12 January, and above its Friday close of Rs45.60/61. The rupee had gained 1.1% last week, its best since a 1.9% rise in the week to 8 January. The index of the dollar against six major currencies was down 0.3%. The yen was under pressure on Monday while demand for higher-yielding currencies was robust after better-than-expected US jobs data supported optimism about an economic recovery. Indian shares were trading 0.7% higher, led by Reliance Industries and ICICI Bank, as sharp gains in Asian markets on hopes for a U.S. recovery boosted sentiment. One-month offshore non-deliverable forward contracts were at Rs45.41/51. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs45.5075, with the total traded volume on the two exchanges at about $4.2 billion. Source: Home - Livemint.com | 8 Mar 2010 | 1:39 am Dai-ichi Life sets price range for $12 bln IPOTOKYO (Reuters) - Dai-ichi Mutual Life Insurance said its IPO, Japan's biggest in 12 years, would raise as much as 1.1 trillion yen ($12 billion) at the top of a price range, roughly in line with expectations.Source: Reuters: Money News | 8 Mar 2010 | 1:38 am Nagarjuna bags orders worth Rs 1221 cr - Business Standard
Source: Business - Google News | 8 Mar 2010 | 1:35 am Bill in Lok Sabha to allow SBI to raise more capital from marketIt said the SBI Act, 1955, was amended in 1993 to enable the bank to access capital market.Source: Daily News & Analysis: Money News | 8 Mar 2010 | 1:25 am ‘Hurt Locker’ wins 6 Oscars, best filmLos Angeles: Iraq war movie The Hurt Locker, took the Oscars by storm on Sunday, winning six of the major film honours, including best movie and director for Kathryn Bigelow who became the first woman to win that honour. Also Read My quick list of Oscar hits and misses The drama about a squad of bomb defusing specialists and the emotional toll war takes on them also secured writer Mark Boal the Academy Award for best original screenplay, and claimed honours for film editing, sound editing and mixing. Hurt Locker and Bigelow won Oscars over stiff competition from her ex-husband James Cameron, whose sci-fi adventure Avatar is the top-grossing movie ever with $2.5 billion at box offices and was seen as a favorite for best movie. “This really is, there’s no other way to describe it, it’s the moment of a lifetime,” Bigelow said. Avatar earned 3 Oscars, but in technical categories -- visual effects, cinematography and art direction.  Veteran Jeff Bridges claimed best actor playing a drunken country singer in drama Crazy Heart. The son of Hollywood star Lloyd Bridges, held his trophy high over his head, looking to the heavens and thanking his deceased parents. “Mom and Dad, yeah,” he shouted. “Thank you Mom and Dad for turning me on to such a groovy profession.” Sandra Bullock was named best actress for The Blind Side in a first for the actress once dubbed “America’s Sweetheart” because she won so many early fans in her romantic comedies. But for The Blind Side, she took the part of a real-life, strong-willed mother who helps take a homeless youth off the street and makes him into a football success. “Did I really earn this, or did I just wear you all down?” she joked on Oscar’s stage. Dark drama Precious: Based on the Novel ‘Push’ by Sapphire earned two Oscars including supporting actress for Mo’Nique and adapted screenplay for writer Geoffrey Fletcher, who became the first African American to claim that honour. Christoph Waltz won best supporting actor for his turn as a menacing Nazi officer in revenge fantasy Inglourious Basterds, which follows a band of American Jews killing their enemies behind lines during World War Two. Up was named best animated movie, and Argentina’s The Secret in Their Eyes won best foreign language film. Source: Home - Livemint.com | 8 Mar 2010 | 1:23 am Bill in LS to allow SBI to raise more capital from market - NDTV.com
Source: Business - Google News | 8 Mar 2010 | 1:15 am Govt seeks to cut stake in State Bank to 51 pctNEW DELHI (Reuters) – The government on Monday sought parliamentary approval to cut its stake in top lender State Bank of India to 51 percent from 55 percent, seeking to raise $1.2 billion at current market prices from the key reform move.Source: Reuters: Money News | 8 Mar 2010 | 1:12 am RPT-UPDATE 1-India Feb car sales hit record high; March seen up - Reuters
Source: Business - Google News | 8 Mar 2010 | 1:02 am Montek says food inflation to ease in 2 mthsNEW DELHI (Reuters) - India's food and aggregate inflation would trend down over the next two months, a top economic adviser said on Monday.Source: Reuters: Money News | 8 Mar 2010 | 12:58 am Cheers to ‘The Hurt Locker’Left-leaning opinion-makers and some Facebook activists are fuming about ‘The Hurt Locker’ winning six Academy Awards. How could the Academy award a pro-America, US Army-sympathizing film? For many of us in many parts of the world, anti-Americanism or anti-American rhetoric has become a badge of our identity. Often we disregrad the fact that a very compelling human story can be set in a bomb-diffusing squad of the US Army. The Academy hasn’t been known to be unbiased. ‘Slumdog Millionaire’ getting that many awards proved its blatant lapse of judgement—or the power of lobbyists in the Academy. I can’t be sure why one film seems to sweep all the awards every year. Even ‘Hurt Locker’ which is a gritty, flawlessly- executed, brilliantly-performed film doesn’t deserve all six awards. But Kathryn Bigelow certainly deserves the director’s prize. Of late, the Academy has been awarding small films set against a bigger, political canvas—not necessarily the best or the most powerful human drama. There’s no reason but this for ‘Revolutionary Road’ not getting Best Film the same year that ‘Slumdog Millionaire’ got it. But ‘Hurt Locker’ is a great film. Like many war f ilms, it does focus on one side of the story. But to consider it a propaganda film is to entirely disregard the maker’s competence, vision and hard work. It didn’t have big names, but had skillful film technicians and a very skillful film-maker at work. Let’s just be happy that the Academy has recognized that. ‘Avatar’ certainly didn’t deserve it. It is not a director’s film—it belongs to a technical whiz with a powerful visual imagination. It has all the correct messages, which doesn’t make it the best film of the year. Source: LatestNews-Home - Livemint.com | 8 Mar 2010 | 12:58 am My quick list of Oscar hits and misses1. The colour palatte—gold, ivory and nude ruled. Actresses spotted in these colours included: Cameron Diaz, Sarah Jessica Parker, Kate Winslet,Miley Cyrus, Demi Moore, Julianne Moore, Diane Kruger and many more. Sandra Bullock in Marchesa looked stunning and one commentator described it as a gown that was modeled after the golden statuette. PS: Hope you noticed Sarah Jessica Parker’s stacked diamond bangles? She raised her hand to touch her neck when she was on stage so we wouldn’t miss them. Red lip color ruled the ceremony. 2. Kathryn Bigelow didn’t mention James Cameron in her acceptance speech. Sensible, or the next day’s headlines would have had the same old tired ex-wife jokes. They probably will anyway. Also Read ‘Hurt Locker’ wins 6 Oscars, best film 3. It should be illegal to chew gum when you’re wearing thousands of dollars worth of satin and diamonds. Sarah Jessica Parker was caught on camera doing just that. C’mon big city girl. 4. Best pair on stage: Robert Downey Jr and Tina Fey. Brilliant. Funny. 5. Sandra Bullock’s acceptance speech was lovely and by far the most gracious. My favourite. Her first line “Did I really earn this, or did I just wear ya’ll down?” She also said Meryl Streep is an amazing kisser and that the Oscar and the Razzie “are going to sit side by side. As they should.” 6. My favourite line of the ceremony: “I want to thank the Academy for not considering Navi a foreign language.” Juan Jose Campanella, winner, best foreign language film. 7. Many people expected Avatar to lose to The Hurt Locker but the worst disappointment of the night has got to be Quentin Tarantino not winning the Best Original Screenplay award for Inglourious Basterds. 8. I thought hosts Steve Martin and Alec Baldwin were quite funny. Wish we had seen more of them. Here’s a sample: Martin: “She (Bigelow) was so pleased to be nominated with him (Cameron) she sent him a gift basket with a timer.” Baldwin: “He reciprocated by sending her a Toyota.” 9. By tomorrow the mystery of why Farrah Fawcett, who died last year of cancer, was left out of the Oscars In Memorium tribute will probably be solved. Until then, it’s this year’s biggest WTF puzzle. 10. The live dance number in the middle of the ceremony was super boring. Please, even our local film awards do this better. Source: LatestNews-Home - Livemint.com | 8 Mar 2010 | 12:54 am Base rate for banks effective from July 1The Reserve Bank of India (RBI) said on Friday the new base lending rate for banks, to bring more transparency to loan pricing, will take effect from July 1.Source: HindustanTimes.com - Top Business News Headlines | 8 Mar 2010 | 12:47 am Feb car sales hit record high; March seen upNew Delhi: Car sales in India jumped by a third in February to a record as buyers rushed to beat higher taxes in the national budget and the momentum should continue in March before new emission norms kick in and push up prices. India is one of the few countries where demand for cars have been rising, thanks to a fast rebounding economy and rising incomes in the nation of more than a billion people. Sales in India have climbed for 13 months in a row, reaching 153,845 cars in February from 115,505 in the same month a year earlier, data from the Society of Indian Automobile Manufacturers (Siam) showed on Monday. The figure topped the previous high of 145,905 units in January. Dilip Chenoy, director general of Siam, said the demand should maintain the pace in March but would likely hit a roadblock when new emission rules push up costs. The Budget on 26 February had raised factory-gate duties by 2% and companies such as top carmaker Maruti Suzuki, utility vehicles maker Mahindra & Mahindra and Tata Motors passed on the increase to customers. Automobile makers have to comply with Euro-IV emission norms from 1 April and companies are expected to pass on the costs associated with investing in new technology to consumers. “We can expect an increase of 2 to 4% arising from this ... and along with the rise on account of excise duties means a total increase of 5 to 6 percent,” said Surjit Arora, analyst with Prabhudas Lilladher. He said commercial vehicles would be harder hit as, unlike cars, they have yet to factor in the cost of upgrading to Euro-IV and the rise in diesel prices. Traditionally, vehicle sales in India rise in March when individuals, companies and government offices buy ahead of the financial year’s close before the Budget allocations end and to avail of tax-saving depreciation write-offs. “This year the fall should be sharp,” said Chenoy, referring to April. “It is much more significant during a change in emission norms.” In 2005, when Euro-III standards were implemented, car sales dropped to 63,000 units in April from 89,000 in March and it took nearly a year for demand to recover, he said. Sales of passenger vehicles, which include cars, utility vehicles and multi-purpose vehicles, should top 200,000 units in March but would fall short of 250,000 to reach cumulative sales of 2 million units for the fiscal year to March, Chenoy said. Passenger vehicle sales rose to a record 1.75 million units between April and February, Siam data showed, surpassing the previous full-year’s 1.55 million units. Sales of trucks and buses, a barometer of economic activity, soared an annual 87% to 58,024 units in February, rising for the eighth consecutive month. Sales in 2008-09 had fallen 22% as the global downturn hit the domestic economy. Sales of motorcycles rose nearly 31% to 642,419 units in the month, it said. Source: Home - Livemint.com | 8 Mar 2010 | 12:38 am Talking to General Motors' Timothy E Lee - Business Standard
Source: Business - Google News | 8 Mar 2010 | 12:18 am Oil near 8-week high on weak dollar, technicalsTokyo: Oil extended gains toward $82 a barrel on Monday, buoyed by a weaker dollar and signs of an economic recovery in top oil consumer, the United States. Traders and analysts say currency movements could dominate oil prices as demand strength stays unclear during the recovery. The euro rose 0.4% to $1.3675, helped at the margins by growing support for debt-laden Greece. The US dollar index, which measures the greenback against a basket of currencies, edged down 0.32%. French President Nicolas Sarkozy promised Greece on Sunday that euro zone countries would help it overcome its financial problems and vowed a crack down on financial speculators Athens blames for its woes. Crude for April delivery climbed 44 cents to $81.94 a barrel by 11:55am, after touching $82.04 earlier. On Friday, it rose to $82.07, the highest since $82.34 marked on 12 January. London Brent crude was up 48 cents at $80.37. New York crude has traded in a range of $69 to $84 over the past few months amid uncertainty about the speed of the global economic recovery. “In the past few days, market moves have been led by technicals,” said Tomokazu Amano, analyst at Mitsubishi Corp Futures & Securities in Tokyo. “Now that $80 or higher is here to stay, we are seeing an influx of speculative money from funds and others.” Money managers extended their net long crude oil futures position on the New York Mercantile Exchange in the week through 2 March, the Commodity Futures Trading Commission said on Friday. The key speculator group hiked net long positions to 144,058 during the week, up from 132,504 in the week to 23 February. Oil also got support from higher Asian shares, which tracked a rally in the US markets to an 18-month closing high on Friday. Japan’s Nikkei average and South Korean shares closed up more than 1.5%. “The strength in Asian shares was providing support, but it’s difficult to grasp the market’s direction,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo. “Although the market hit $82 today helped by the US jobs report, it’s difficult to buy further.” Oil also got support after news that China, the world’s second-biggest oil consumer, will build two strategic oil reserve bases in Guangdong province, in Huizhou and Zhanjiang. Chinese oil demand is likely to see a further boost in the next few years as the country seeks crude to stash in its state oil reserves, which it plans to expand rapidly in the coming decade. China’s crude oil output will rise by 1-2% this year, and state-owned China National Petroleum Corp (CNPC) group will refine 11.4% more crude oil in 2010, a CNPC executive said on Sunday. With oil prices within their comfort zone of $70-80 per barrel and demand expected to revive, the Organization of the Petroleum Exporting Countries (OPEC) looks set to keep its production target unchanged on 17 March, as it has done for more than a year. Oil producers are pumping more crude than consumers need but the oversupply is insufficient to have a big impact on the market, Iran’s Opec governor said on Sunday. Oil market participants were also paying attention to the election in Iraq. Bomb blasts and rocket and mortar fire killed 38 people as Iraqis voted on Sunday in an election they hoped would distance their nascent democracy from years of sectarian slaughter as US troops pack up to leave. Source: Home - Livemint.com | 8 Mar 2010 | 12:12 am RIL likely to taste success again in Cauvery regionReliance Industries Ltd (RIL), which has tasted success in a block in the Cauvery basin, could be close to striking hydrocarbon in an adjacent block (Palar deepwater PR-DWN-2001/1) in theSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Gold to test resistance before fallComex gold futures ended higher on Friday, as the sovereign debt crisis in Greece spurred buying of precious metals as a hedge against volatility in the currency markets. Gold has traditionally been used as a safe haven in times of economic andSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Demand for copter training soarsThe country is likely to witness a boom in the helicopter business in the next fewSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am IPL governing council scraps tenders for new franchisesThe bidding for the Indian Premier League's two new franchises turned out to be a damp squib as board members on the IPL Governing Council objected to the stiff norms in the tenderSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Positive data boost commodity prices; gold still vulnerableComing along with stronger than anticipated US non-farm payroll data, the Organisation for Economic Co-operation and Development (OECD) composite leading indicators continue to signal improvement in global economicSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Day Trading GuideIn the last trading session, the stock was volatile and formed doji candlestick, signalling neutral stance. As long as the stock trades in the narrow range of Rs 890 and Rs 912, desist trading inSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Continuous funds inflow may keep indices firmA steady money flow into equities is likely to keep the key indices firm on Dalal Street thisSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Nifty futures faces strong resistance at 5245I have shorted Nifty March futures at 4881. So far, I have incurred a loss of Rs 10,000 and I can bear another Rs 10,000 before the expiry of March series. Do you think the Nifty will touch 4900/4950 so that I can exit? – Mr HarkishanSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Smaller companies suffer higher tax ratesLarger companies enjoy higher tax incentives and tax subsidies provided by the Government when compared with small-sized companies, suggests the Revenue Foregone statement under the Central Tax System for FY-2009 (part of the recent BudgetSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Adhunik Metaliks – BuyInvestors with medium-term perspective can consider buying the stock of Adhunik Metaliks (Rs 114.10). The company manufactures steel products for automotive engineering and householdSource: Business Line - Home Page | 8 Mar 2010 | 12:00 am Asia shares surge on US data; outlook upbeatSingapore: Asian shares rose on Monday as encouraging US job and consumer data reinforced views that the world’s largest economy is steadily recovering, fuelling a move into riskier assets and out of safe havens like the yen. European stocks were expected to follow Asia higher and open up as much as 0.5%, buoyed as well by easing concerns over Greece’s debt crisis, which supported the euro. Japan’s benchmark Nikkei average rose 2.1% while the broader Topix gained 1.8%. The MSCI index of Asian shares outside Japan was up 1.6%. US Labour Department data on Friday showed employers cut fewer jobs than expected in February, suggesting that the economy may be strong enough to start creating new jobs soon. Other US data showed consumer credit rose in January for the first time in a year. A resurgence in consumer spending is seen as vital to a sustainable global recovery. Tuesday marks the first anniversary of the US stock market’s slide to 12-year closing lows on 9 March, 2009. Since then, the Standard & Poor’s 500 Index has climbed nearly 70%. Asian stocks are likely to outperform other global markets in the coming months thanks to stronger earnings growth, said Andrew Pease, Senior Investment Strategist Asia-Pacific for Russell Investment and author of the Russell Asia Market Commentary. Pease says that although Asia’s (ex-Japan) price-to-earnings ratio, relative to other markets, was high by historic standards, it could be justified by stronger medium-term growth prospects. “In terms of asset class valuation, we see world equities as broadly fairly valued but we believe Asian equities have more profit potential,” Pease said. “At 12.5 times, Asia’s forward PE ratio is spot on the 20-year average.” Asian company valuations were generally coming down to “attractive levels” and buyers were coming back into the market, said Lorraine Tan, director of Asia Equity Research with S&P. She also said there were few other attractive options for investors and with the earnings season in Asia practically over, some uncertainties had been removed. “There are more increases in earnings than reductions in expectations,” she said. With 59% of Asia’s large and mid-cap companies having reported quarterly results out of a total of 705 firms, data from StarMine shows 57% had beaten or met market estimates. Only Thailand bucked the Asian stock market trend, with the SET index slipping 0.35%, wary of plans for anti-government protests. The yen fell broadly, with traders citing yen-selling by hedge funds. Currencies such as the Australian dollar rose against the yen, getting a boost from a rise in demand for equities and other risky assets. “The US jobs report last week helped investor anticipation for further recovery in the next employment report and encouraged them to seek risky assets,” said Mitsuru Sahara, chief manager of currency derivatives trading at Bank of Tokyo-Mitsubishi UFJ. The yen was also weighed down by speculation that the Bank of Japan would further loosen its already lax monetary policy soon to address deflationary pressure. The euro rose 0.5% against the yen to 123.66 yen, supported in part by comments from French President Nicolas Sarkozy, who promised debt-laden Greece that euro zone countries would help it overcome its financial problems. The dollar touched a two-week high against the yen of ¥90.69. The dollar index was 0.3% lower at 80.189, with near-term support seen around 79.55/60 - its 17 February low - with the latest data showing currency speculators cutting by more than half their long bets on the US dollar in the week to 2 March. In commodities markets, gold edged higher after ending about $20 higher last week as the Greece crisis ignited safe haven buying. Spot gold was trading at $1,134.62. Crude oil for April delivery rose 43 cents to $81.93 a barrel, buoyed by the weaker dollar and the US jobs data. The Nasdaq marked its highest close in 18 months on Friday. Both the Dow Jones industrial average and the Standard & Poor’s 500 Index closed at six-week highs with gains of more than 1%. Source: Home - Livemint.com | 7 Mar 2010 | 11:51 pm RBI has asked for special audit: Bank of Rajasthan - Moneycontrol.com
Source: Business - Google News | 7 Mar 2010 | 11:21 pm Feb car sales hit record high March seen upCar sales in India jumped by a third in February to a record as buyers rushed to beat higher taxes in the national budget and the momentum should continue in March before new emission norms kick in and push up prices.Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 11:04 pm Cablevision gets ABC back in time to air Oscars 2010Many New Yorkers had faced a blank television screen instead of red-carpet Oscars glamour until 12 minutes into one of the most-watched televised events in the US.Source: Daily News & Analysis: Money News | 7 Mar 2010 | 10:57 pm BSE Sensex rises 1 pct; ICICI, Infosys gainMUMBAI (Reuters) – The BSE Sensex advanced more than 1 percent on Monday, boosted by strong gains in Asian markets after U.S. jobs data raised hopes for a recovery in the world's largest economy.Source: Reuters: Money News | 7 Mar 2010 | 10:27 pm Domestic car sales jump 33%, bikes 31% in FebDomestic passenger car sales jumped by 33.20% to 1,53,845 units in February.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 10:23 pm AIG set for 15 5 billion deal with MetLife ReportUS insurance giants American International Group and MetLife will announce a $15.5-billion deal on Monday for AIG's second-largest foreign life-insurance business, The Wall Street Journal reported. Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 10:23 pm Govt confident of passage of Women’s Reservation BillNew Delhi: The government on Monday expressed confidence over passage of Women’s Reservation Bill in Parliament, saying though it did not want to “bulldoze” those opposing it, they should understand that equality was a fundamental right. “I would say that it is a national resolve (to give 33% reservation to women in Lok Sabha and state assemblies). In all these 14 years, it has been waiting. A change has to come and this is the day the change will come,” Union law minister M Veerappa Moily told reporters. The Bill will be taken up in Rajya Sabha on Monday. When asked if government would demand removal of members opposed to the Bill from the House, Moily said this was a hypothetical question. “Our idea is not to bulldoze things. In a democracy, differences of opinion will be there, dissent will be there,” Moily said. The law minister said democracy required taking “appropriate decisions at the appropriate time”. The Bill being brought in to coincide with the International Women’s Day is expected to be approved without any hitch with the Congress, BJP and the Left support and backing of some small parties and independents. A Constitution amendment needs a two-thirds majority in voting requiring the support of 155 MPs in Rajya Sabha for its passage. The Bill has clear backing of at least 165 MPs in the House with an effective strength of 233. The opponents of the measure, BSP and SP, have 12 members each in Rajya Sabha while RJD has 4. Former premier H D Deve Gowda, whose JD(S) has 2 seats, said his party would give support if there is a OBC quota. Source: Home - Livemint.com | 7 Mar 2010 | 10:19 pm Essar plans up to $3 bln London listing - sourcesMUMBAI (Reuters) - Indian conglomerate Essar Group plans to raise about $2.5 billion to $3 billion by listing its energy and power businesses on the London bourse in late April, tapping new investors to fund its ambitious expansion plans.Source: Reuters: Money News | 7 Mar 2010 | 10:17 pm Essar plans up to $3 bn London listing: sourcesMumbai: Indian conglomerate Essar Group plans to raise about $2.5 billion to $3 billion by listing its energy and power businesses on the London bourse in late April, tapping new investors to fund its ambitious expansion plans. The company will sell a 20% stake in the operations, one source said, while another said the company could sell 20-25%. Essar has hired JPMorgan Cazenove and Deutsche Bank to handle the deal, said the sources, who did not wish to be named as they were not authorised to speak to the media. The offering could become the second-biggest share sale by an Indian firm, ahead of Reliance Power’s $2.9 billion initial public offering in 2008 and private-sector lender ICICI Bank’s $4.6 billion follow-on sale in the United States in 2007. The sale would help expansion plans at Essar, controlled by billionaire brothers Shashi and Ravi Ruia and whose interests span telecom and energy to steel and shipping. The group’s energy and power operations are valued at about $12 billion, one of the sources said. “Essar Group is always looking at a range of different funding options but has not yet made any specific decision with regards to its future financing. The group works with a range of financial advisors to assist the group,” the company said in a statement. Over the weekend, the group said it signed a deal to buy US coal producer Trinity Coal Partners LLC from US private-equity firm Denham Capital for $600 million. The deal is part of the company’s strategy to source raw materials for its global steel and power operations. Trinity Coal will help fuel the company’s North American steel operations, including its Essar Steel Algoma facility in Ontario, Canada. Essar Oil, a group firm, is in talks with Royal Dutch Shell to buy three European refineries. The company, which runs a 280,000 barrels-per-day refinery in western India and owns a 50% stake in a Kenyan refinery, is pursuing the deal as part of plans to have a refining capacity of 1 million barrels a day. In November, Essar Group agreed to buy a majority stake in Dhabi Group’s telecommunication businesses in Uganda and Congo. Essar is Vodafone’s partner in India’s No. 3 mobile firm, Vodafone Essar. It holds a 33% stake in Vodafone Essar and holds less than 10% in another Indian telecom firm, Loop Mobile. Source: Home - Livemint.com | 7 Mar 2010 | 10:03 pm Markets surge by 1% on firm AsiaMumbai: The Bombay Stock Exchange benchmark Sensex shot up by 193 points in opening trade today on a flurry of buying by funds, driven by firm Asian bourses. The 30-share index, which had gained 22.79 points in the previous session, spurted by 193.06 points, or 1.13% to 17,187.55 points. The sectoral indices, led by realty and metal sectors, were trading in positive zone with gains of up to 2.13%. The wide-based National Stock Exchange index Nifty also moved up by 58.40 points, or 1.10% to 5,147.10 points during the early trade. Stock brokers said trading sentiments were mainly helped by a strong rally on other Asian bourses after the weekend rally on the US markets on encouraging jobs and consumer data. Select covering-up of short positions by speculators also gave push to rising stock prices, they added. Among prominent gainers were Reliance Industries 1% to Rs1,020, Infosys Technologies 0.89% to Rs2,657, ICICI Bank 2.28% to Rs922.40, DLF Ltd 2.20% to Rs 323.50, Tata Steel 1.25% to Rs 625.75 and Sterlite Industries 1.24% to Rs 821. Meanwhile, the Hong Kong’s Hang Seng index was up by 1.91%, while Japan’s Nikkei was up 1.71% in the morning trade today. Source: Home - Livemint.com | 7 Mar 2010 | 9:56 pm Rupee gains 14 paise against dollar in early tradeThe Indian rupee appreciated by 14 paise to 45.46 a dollar in the early trade today, extending its rally for the sixth straight session, largely on continued capital inflows amid firming Asian currencies.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 9:26 pm Sensex surges 193 points in opening trade on firm Asian mktsThe Sensex shot up by 193 points in opening trade today on a flurry of buying by funds, driven by firm Asian bourses.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 9:17 pm Sensex up almost a percent in opening tradeA benchmark index for Indian equities opened on a firm note on Monday, and was ruling almost a percent higher within minutes of the opening bell.Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 9:13 pm MetLife set to buy AIG's Alico unit - sourcesNEW YORK (Reuters) – AIG was closing in on a deal on Sunday to sell its foreign life insurance unit to MetLife Inc for about $15.5 billion in cash and stock, leaving it with a substantial minority stake in MetLife, sources familiar with the matter said.Source: Reuters: Money News | 7 Mar 2010 | 8:47 pm Nikkei gains on relief over US jobs weaker yenJapan's Nikkei stock average climbed 1.8 per cent on Monday, boosted by better than expected US jobs data, with exporters gaining on a weaker yen and resource-linked firms up on rises in commodity prices. Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 8:12 pm India NMDC to invest upto 3 9 bln in 2nd steel plantIndia's top iron ore miner NMDC is planning to set up a 2-million tonne steel plant in Karnataka with an estimated investment of Rs 160-180 billion rupees ($3.5 billion-$3.9 billion), a senior company official said. Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 8:09 pm Base metals may witness profit sales, so add longs cautiouslyAs long as silver stays above Rs27,650 in the coming weeks, expect a faiRly good probability of it overcoming the Rs29,000 mark.Source: Daily News & Analysis: Money News | 7 Mar 2010 | 2:20 pm Nifty is set to topple 5300 markSt has strong support at 4900-5000.Source: Daily News & Analysis: Money News | 7 Mar 2010 | 2:19 pm Sebi levels field with QIB rule100% margin money to keep fly-by-night operators away and rectify demand distortion, though it'll be a short-term negative for public issues.Source: Daily News & Analysis: Money News | 7 Mar 2010 | 2:18 pm Venus-Saturn play makes week less positive than lastLarge number of aspects this week to set tone for the month.Source: Daily News & Analysis: Money News | 7 Mar 2010 | 2:17 pm Taking Stock for 08 March 2010Monday, 01 March, 2010 Markets were closed on Monday, 1 March on account of the holiday Holi. Tuesday, 02 March, 2010 Stocks saw their steepest climb in more than 2 months on Tuesday, after reports showed India’s exports and manufacturing output accelerated, raising hopes that sales could increase. Tata Motors soared 12% after the company reported a 58% climb in February sales. Mahindra & Mahindra also saw its stock rise after reporting a 40% increase in sales last month while Maruti Suzuki rose after sales increased 22% in February. Wednesday, 03 March, 2010 The Sensex rose for a 3rd day on Wednesday hitting the 17,000 mark. A report by bank Normura predicted India’s economy may expand 9% in the next fiscal year, an increase from its previous prediction of 8%. In addition, a report by HSBC Holdings and Markit Economics Purchasing Manager’s Index, said the services sector grew at its fastest pace since January 2009. DLF, State Bank of India, and HDFC all rose on the news. Jaiprakash Associates climbed after reporting cement sales rose 60% in February from a year ago. The gauge has risen 4.6% since Finance Minister Pranab Mukerjee announced in his budget speech that 10% economic growth was a possibility in the near future. Thursday, 04 March, 2010 Shares fell on Thursday snapping a 3-day rally after the finance minister said rising prices are a concern and after food inflation stayed above 17% for a sixth week. Jaiprakash Associates and ICICI Bank saw losses for the day. Friday, 05 March, 2010 The benchmark index rose on Friday after the finance ministry said India’s tax revenue collection from companies increased 10.9% in the April to February period from a year ago. The Sensex has added 3.4% during the week. Top gainers were DLF, Hero Honda, Bharti Airtel, Sun Pharma, and Jaiprakash Associates. Top losers included Tata Motors, Wipro, BHEL, Hindalco, and NTPC. Barring the Auto, Consumer Durables, and the Public Sector indices, all other sectors indices ended the day in the green. Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 12:22 pm Dalits look upon English as the language of emancipationNew Delhi: I dream of an English full of the words of my language.an English in small letters and English that shall tire a white man’s tongue an English where small children practice with smooth round pebbles in their mouth to spell the right zha. When Meena Kandasamy wrote these lines, almost like a petition, pleading that her roots be allowed to flourish in English, she was just 18 and fresh from the unusual loss of her poetic name: Ilavenil.  Aspiring for change: Tamil poet Meena Kandasamy is one of a growing band of Dalit intellectuals who look at English as a key to progress. She later adopted her nickname Meena to escape the predicament, and in response to any question posed to her in Tamil, she spoke in English. “I want this new tongue to accept me. I expect it to appreciate my sensibilities, admire my culture and, above all, be accommodating,” she says. Kandasamy is one of a growing band of Dalit intellectuals who are rooting for English, arguing what was once a language of imperial power is now a language of emancipation. Though a borrowed language, she says, English earned her recognition. Poems in Kandasamy’s first book Touch, written in English and published in 2006, have been translated into five languages. “It doesn’t operate with the Dalits alone. English takes your voice to a larger level and helps in your search for solidarity...(with) like-minded people, people who want change.” Kandasamy’s engagement is part of an emerging struggle in the journey of English in India: the Dalit aspiration for progress and a growing demand for schools teaching the language. In Coimbatore, the second largest city in Tamil Nadu, a massive English training project is under way. A seven-month-old programme designed by the British Council under the Sarva Shiksha Abhiyan (SSA), a flagship programme to put every child in school, is training teachers in government-funded schools to teach communicative English better. The real beneficiaries, says Alison Barrett, head of the council’s Project English for State Partnerships, are children from marginalized sections who attend such schools. Also Read Previous parts of the series “English is a way of accessing socio-economic advancement. English, in this country, means a language of power, and if you don’t give them English, they cannot access power structures and effect changes in socio-economic policies,” says Barrett. To listen linguist and author of ‘Indian English’, Pingali Sailaja, talk about Indian English, its characteristics and structure In Tamil Nadu, where a strong Dravidian movement in the early decades of the 20th century thwarted the Union government’s plans to impose Hindi as the country’s official language, the English Project has brought within its fold 125,000 primary school teachers and five million children in a short span of seven months. Thiru. S. Kannappan, SSA’s joint director in Tamil Nadu, who is involved in planning, implementation and monitoring, says the project came at just the right time, when learning levels in the language in state-run schools were ebbing—only around 22% children in the schools in Tamil Nadu can read easy sentences, a recent report by education activist group Pratham says. Dalit activists argue that English not just opens up job opportunities, but also helps ease the caste and power constraints that come with speaking regional languages. Far away from Tamil Nadu, in Uttar Pradesh, Dalit thinker and author Chandrabhan now calls for the worship of the English goddess—a symbol of Dalit emancipation. “Not only is the English language spoken everywhere in the world, respected by the people of all the nations and easily learnt, but the people of the English nation are also impartial and unbiased—and to whichever nation they go, they do not indulge in the base acts of casteism or communalism,” says Prasad, who declared 25 October as English Day in a ceremony in New Delhi last year, coinciding with the birthday of T.B. Macaulay, the British administrator who introduced English education in the country. “English can fill the gap,” says Alka Gupta, founder of the British Academy for English Language in New Delhi. “It is like Bisleri water—you may go for anything to eat but you do need water. Whatever be your personal qualification, you can’t go far without English.” This is the concluding part of the series pallavi.s@livemint.com Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 12:21 pm Issuers were never asked to go only for French Auction: SebiMarket regulator Sebi has said it never asked companies to use only the French Auction route for public issues, which failed to elicit the desired response from investors.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 12:11 pm Essar plans $8 billion UK listingIn an ambitious fund-raising move not undertaken by an Indian company, the $15-billion Essar Group is reported to have begun preparations for an $8-billion listing on the London Stock exchange.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 12:06 pm Public issues make strong comebackCompanies have raised Rs 12,580.8 crore from the domestic primary market in February - the highest since June 2007, data with the Centre for Monitoring Indian Economy (CMIE) shows.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 12:04 pm Essar group working on $8-billion listing on LSEThe Essar group is exploring the option of an $8-billion listing on the London Stock Exchange, potentially making it the first Indian company to enter LSE since Vedanta Resources seven years ago.Source: Business Standard | Front Page Headlines | 7 Mar 2010 | 12:02 pm LIC may seek bank licenceState-owned Life Insurance Corporation of India (LIC) is likely to seek a licence to float a bank when the Reserve Bank of India (RBI) allows more players.Source: Business Standard | Front Page Headlines | 7 Mar 2010 | 11:59 am Quick Edit | Green imperialismIt’s a battle being fought in a secluded boardroom in Washington and not some far-off and restless country. The US and Britain are trying to bully the World Bank in not going ahead with a $3.75 billion loan for a coal-fired power plant in South Africa. This is their way of imposing a climate change agenda on the developing world. A Reuters report on Sunday said that board members from Africa, China and India have shot off a protest letter to World Bank president Robert Zoellick. The loan may still get through when the World Bank board takes a decision on 6 April. But the US and Britain have threatened to withhold support for the loan. There is nothing but hypocrisy here. Unlike the US, which does not even have a nationally approved target to cut carbon emissions, South Africa foresees a peak in its greenhouse gas (GHG) emissions between 2020 and 2025. The Obama administration’s proposal to cut GHGs is stuck in the Senate. A country that cannot order its own politics on the subject has no business arm-twisting others into submission. Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 11:58 am Shipping cos raise freight rates up to 30%April could be a dicey month for consumers. Truckers have threatened to go on an indefinite strike from April 5, and shipping companies have announced a 15-30% increase in container freight charges because of rising oil prices.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 11:56 am IPL googly: Rebid on March 21, financial clauses dilutedFaced with a poor response from prospective bidders the governing council of the Indian Premier League (IPL) Twenty20 cricket tournament announced rebids for the two new franchises and significantly eased three critical financial conditions for prospective bidders.Source: Business Standard | Front Page Headlines | 7 Mar 2010 | 11:56 am Missing on the way up: Why boardroom is an 'unfair' placeThe world is still a long way from gender parity with evidence suggesting that while women may be visible in larger numbers in the global workforce, they disappear as they climb up the corporate ladder.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 11:55 am Dept of pharma wants review of FDI rulesThe department of pharmaceuticals (DoP) under the ministry of chemicals and fertilisers has proposed that the government set up an expert group to assess the impact of foreign direct investment (FDI) in this sector. The move follows complaints from Indian companies that they were being forced to sell out to foreign companies for lack of long-term funding for R&D and market development.Source: Business Standard | Front Page Headlines | 7 Mar 2010 | 11:54 am Ramadorai to become new BSE chairmanMumbai: S. Ramadorai, non-executive vice-chairman of India’s biggest computer services firm Tata Consultancy Services Ltd (TCS), will join the board of the Bombay Stock Exchange (BSE) and become chairman of Asia’s oldest bourse, said a person with direct knowledge of the matter.  New challenge: S. Ramadorai. Abhijit Bhatlekar/Mint Ramadorai, 65, will replace Jagdish Capoor, who stepped down last week as chairman of Asia’s oldest stock exchange citing health reasons. Ramadorai’s induction comes at a time when the 134-year-old exchange is trying to boost its technological capabilities to win market share from its younger and larger rival, the National Stock Exchange of India Ltd. To this end, BSE acquired a technology company, Marketplace Technologies Pvt. Ltd, and inducted its founder Ashish Kumar Chauhan as deputy chief executive officer (CEO) of the exchange. BSE’s board meets on Monday to discuss its restructuring. BSE spokesperson Kalyan S. Bose declined to comment. Ramadorai didn’t respond to calls seeking comment. “Ramadorai is a known institution builder and well respected in corporate circles,” said the person, who wanted to remain unidentified because of the sensitive nature of of the matter. “He will inject more professionalism into the stock exchange.” According to the TCS website, “Joining as a trainee engineer, Ramadorai took over as CEO in 1996 and has been instrumental in building TCS to a $6 billion (Rs27,480 crore today) global software and services company.” The position of BSE chairman is a non-executive post. As CEO of TCS, Ramadorai helped establish the Tata group unit’s presence in the financial technology infrastructure space. According to a company statement, India’s largest technology services provider “has played a key role in building the national financial infrastructure through projects such as the National Stock Exchange, NSDL (National Securities Depository Ltd), NCDEX (National Commodity and Derivatives Exchange Ltd), State Bank of India as well as for various departments of the Reserve Bank of India and the finance ministry.” Ramadorai retired as CEO in October. Apart from Capoor, the terms of two other members of the board, government nominee Jitesh Khosla, who is a joint secretary in the ministry of corporate affairs, and shareholder director Prakash R. Kacholia of Emkay Global Financial Services Ltd, are coming to an end in the next couple of months. The person didn’t say who will replace these board members. Another director, Ishaat Hussain, who is a director at Tata Sons Ltd, may have to step down because the exchange cannot have two people from the same corporate group on its board, the person said. The nominee of Singapore Exchange may be replaced because of a potential conflict of interest. NSE’s Nifty futures trade on the Singapore Exchange. BSE, which lags behind its younger rival in the derivatives space, wants to boost its presence in that segment by taking advantage of the brand value of the Sensex, which is India’s most widely followed stock index, and listing products based on it on Frankfurt-based Eurex and New York-based ISE. BSE is making these changes at a time when two new stock exchanges—the Multi Commodity Exchange of India Ltd’s stock exchange and the United Stock Exchange of India—have entered the business. It is valued at $1 billion on the basis of the last stake sales, compared with $2.5 billion for NSE. For the quarter ended December 2009, BSE posted a 16.7% increase in its net profit to Rs55.42 crore. ravi.k@livemint.com Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 11:49 am Companies offer flexi options to retain women employeesFlexi work hours are meant to empower women employees and offer them smarter ways of managing their career.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 11:41 am Closed-ended funds make a comebackMumbai: India’s Rs7.6 trillion mutual fund industry, seeking ways to counter a ban on entry loads they charged customers to pay for marketing and distribution costs, is bringing back closed-ended schemes that lock in investments for a predetermined tenure. At least two fund houses have won regulatory approval to launch three tranches of such schemes each in the next couple of months. Birla Sun Life Asset Management Co. Ltd and IDFC Asset Management Co. Ltd are marketing the schemes as investment plans aimed at protecting capital. Franklin Templeton Asset Management (India) Pvt. Ltd, which has been offering such schemes, currently has a similar plan open. In a closed-ended fund, investments can be made only during the new fund offers (NFOs) and no new investor can apply to buy mutual fund units once the it closes. These funds have a fixed tenure and investors can liquidate their investments only on maturity. Although these schemes are listed, they are illiquid, making withdrawals difficult and expensive. An investor cannot easily withdraw money in an emergency. Also, the investor can’t book profits and get out of the scheme even if he or she takes a view that the markets have peaked. In August, market regulator Securities and Exchange Board of India (Sebi) barred fund houses from charging investors an entry load—a non-refundable charge that went to pay for marketing and distribution expenses. Fund houses, prodded by distributors desperate for higher commission, are now turning to closed-ended versions in the hybrid space of products that invest in a combination of debt and equity, say industry executives. Such schemes allow fund houses to incentivise agents better as they are sure that the money will stay locked in for a fixed term. The first tranche of schemes from Birla Sun Life and IDFC are already open for subscription. Subsequent tranches will be raised over the next couple of months, officials at these fund houses said. According to industry estimates, these funds are targeting between Rs2,000 crore and Rs2,500 crore. Birla’s BSL Capital Protection Oriented Fund Series 1, which was to close on 5 March, has been extended to 10 March. IDFC’s Capital Protection Oriented Fund-Series 1 is open through 24 March. Ashwin Patni, portfolio manager (structured products) at IDFC Asset Management, said the fund house plans to come out with such closed-ended schemes at regular intervals so that investors get used to these products and learn to use them as an alternative to fixed deposit investments. The closed-ended category went out of vogue after Sebi in early 2008 abolished 6% amortization of issue expenses, typically spread over three-five years. Amortization is a process of recovering the acquisition cost over a period of time. Following the rule, not a single closed-ended scheme raised money until now, according to data from the Association of Mutual Funds of India. While this move affected their attractiveness in the equity segment, the liquidity crisis in 2008, following which Sebi mandated compulsory listing of such schemes on the exchanges, made it redundant in the debt space. Fixed maturity plans subsequently shrank to a trickle in 2009. From a peak of 569 schemes raising Rs1.16 trillion in 2008, just 55 new schemes raised Rs10,519 crore in 2009. “Distributors, especially banks, prefer to sell new schemes for a fixed period and move on to new ones,” said another senior official at IDFC Asset Management who didn’t want to be named. Explaining their thinking, he added that they “prefer closed-ended schemes as these provide better value given that money stays for at least three years, earning them a better trail commission”. Trail commission is paid to the distributor at the end of every year, based on the assets brought in. Distributors are happy with such offerings as many of them opt for upfront commission, forgoing the trail commission. According to them, depending on the amount of mobilization, this ranges between 3% and 4%, of the total investment. “These issues are good as the money is locked in for a fixed period, the trail income is assured. The fund house can also pay better upfront. Some even offer to pay the trail upfront,” said K. Venkitesh, national head (distribution) at Geojit BNP Paribas Financial Services Ltd. In contrast, in an open-ended scheme, investors are free to enter and exit any time. With Sebi placing restrictions on charging exit loads, fund houses are not sure of incentivising the distributor. “Distributors and fund companies are pushing these schemes,” said Dhirendra Kumar, chief executive officer, Value Research, a New Delhi-based mutual fund tracking firm, because “distributors get an upfront commission by selling these schemes, (and) the fund company has a premise to plan its investments for a longer term as these schemes come with a lock-in of three-five years.” In that period, he said, such funds can typically generate yearly returns of 8-12%. In fact, commissions are the key drivers of such schemes, said a senior official at a leading asset management company, as it allows distributors to make up to 5% in upfront commission, and assures them of the safety of capital. Closed-ended schemes may make life easier for fund houses and distributors, but they are not always investor-friendly. “For an investor, money gets locked in for three-five years with little or no upside,” said the asset management company official cited above. “There is a time value of money. If your money doesn’t grow for five years, then you are actually losing some value.” In closed-ended funds “money gets locked in, that’s a disadvantage, so from a business point of view, I still prefer the open-ended schemes,” said Kanwar Vivek, chief executive officer, Birla Sun Life Distribution Co. Ltd. However, “there is a short-term attraction in closed-ended schemes as the commissions are up to 50 basis points higher.” One basis point is one-hundredth of a percentage point. A closed-ended fund entails necessarily participating in an NFO every time. As a result investors have no track record or performance history for evaluating the scheme, and must rely on the fund house and its investment practices/processes before deciding on the investment. n.subramanian@livemint.com Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 11:40 am Debate on women’s Bill starts todayNew Delhi: On Monday, the Rajya Sabha will kick off a process that may change the look of Indian politics forever. Its members will take up a historic proposal to reserve one-third of all seats in the Lower House of Parliament, or the Lok Sabha, and state assemblies for women. The Constitution (108th Amendment) Bill 2008, commonly known as the Women’s Reservation Bill, seeks to boost the representation of women in the country’s top legislative bodies—which has remained low despite women moving up in many other walks of life, including as a vote base for political parties.  The Bill has brought together the Congress party that heads the United Progressive Alliance government, the main opposition Bharatiya Janata Party (BJP) as well as the Left parties and some regional formations. Together, they have the numbers to pull it through the two Houses. But the 14-year-old proposal continues to face a challenge from parties that want it to include a sub-reservation for women of other backward classes (OBCs). “No one except (Congress president) Sonia Gandhi and a few others are genuinely honest about the Bill,” said a Congress member of Parliament on condition of anonymity. “Most of the others feel threatened.” With good reason. The Bill would ensure that more than 100 current MPs won’t return to Parliament after the next general election. “Opposing the Bill will be politically incorrect, also there is a whip; but backing this Bill is suicidal,” the MP said. Tathagata Satpathy, an MP from the Biju Janata Dal, another party that has declared support for the legislation, said the Bill won’t serve the purpose of empowering women. He is among those who say the decision to give more seats to women should have been left to political parties. “They would have (then) started grooming women leaders as winnability would be crucial.” But a parliamentary standing committee on personnel, public grievances, law and justice, which submitted a report on the Bill in December, said the decision cannot be left to the parties. The panel backed the idea of reserving 33% of seats for women, and rotating the actual reserved seats election after election. But critics say this only weakens the Bill. “The lottery system of allotment of one-third seats and rotation of it would in turn uproot many men and women candidates from their constituencies and would empower none. The very basis of representation of people would be violated,” said Madhu Kishwar, a women’s rights activist. Parties that depend on OBC votes, such as the Samajwadi Party, the Rashtriya Janata Dal and the Bahujan Samaj Party, among others, have called for a quota-within-quota, or a reservation for OBC women within the Bill. “The introduction of this Bill is a conspiracy of the Congress and the BJP to reduce the representation of the backward castes and the minorities in the Lok Sabha,” Samajwadi Party general secretary and spokesperson Mohan Singh said. In the current format, the Bill does make space for the constitutional reservation of scheduled castes and scheduled tribes (SCs/STs), providing that if a reserved SC/ST seat comes up on the rotation chart of seats reserved for women under the Bill, then the candidates would have to be SC/ST women. liz.m@livemint.com Source: LatestNews-Home - Livemint.com | 7 Mar 2010 | 11:38 am Janalakshmi Financial raises $10 millionBangalore: Former Citigroup Inc. banker Ramesh Ramanathan-promoted Janalakshmi Financial Services (JFS), an urban poor focused microfinance institution (MFI), has raised $10 million (Rs45.8 crore) in its second round of funding.  Funds matter: JFS promoter Ramesh Ramanathan. Hemant Mishra/Mint Bangalore-based JFS, which focuses on financial inclusion of the urban poor, intends to utilize the corpus for launching its expansion plans. Currently active in six cities with around 100,000 clients, JFS has outstanding loans of Rs85 crore. Over the next year, it plans to extend operations into 35 cities, with outstanding loans of Rs300 crore. “We are very happy to have closed our second round of funding in a very quick time. It’s a validation of our approach to addressing issues of financial inclusion in a unique social business model,” said Ramanathan. He was referring to JFS’s unique two-tier structure, under which all promoter stakes are held in a not-for-profit holding company called Janalakshmi Social Services, while JFS is a for-profit urban MFI. Indian MFIs have attracted strong investor interest, comprising 30% of all microfinance equity transactions in 2009, according to a new report by Consultative Group to Assist the Poor, a microfinance group based at the World Bank, and JPMorgan Chase and Co., released a few days ago. Indian MFIs have been attracting investments from an array of investors, including MFI-sector focused funds such as Aavishkaar Goodwell India Microfinance Development Co. Ltd, and venture capital and private firms such as Sequoia Capital. deepti.c@livemint.com Source: Home - Livemint.com | 7 Mar 2010 | 10:01 am GDP to be Rs 61 lakh crore this fiscal says MukherjeeUnion Finance Minister Pranab Mukherjee expects the country's gross domestic product (GDP) to be Rs.61 lakh crore in the current fiscal (2009-10).Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 9:58 am Women take more financial decisions nowWomen in India have come a long way — from being a saver for the family’s contingency needs, they are now fully involved in the financial decisions of the household, reports Sandeep Singh.Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 9:35 am Brands get proactive with women specialsSome marketers are scripting success stories with women consumers in a focused approach. Instances in retail, travel, healthcare and the automotive sector abound, reports Rachit Vats.Source: HindustanTimes.com - Top Business News Headlines | 7 Mar 2010 | 9:33 am GM to expand R&D activities in India, to hire 400 engineersGeneral Motors India will expand its research and development activities in India for which it will be hiring 400 more engineers by the end of this year, a top company official said here today.Source: India Business News | Business News - Times of India | 7 Mar 2010 | 6:58 am
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