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Bill Gates is not the world\'s richest personGrowth of Asian billionaires cllective wealth outpaces that of European and USA TycoonsSource: Moneycontrol Top Headlines | 11 Mar 2010 | 5:13 am Sugar gets cheaper; all eyes on international pricesA host of domestic factors, including Govt measures have helped curtail rising sugar prices. Now, any further price drop will depend on international markets.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 5:00 am Three foreign investors may raise stake in SpiceJet: ReportWilbur Ross, Goldman Sachs and Dubai\'s Istithmar may raise stake in lowcost carrier SpiceJet Ltd to 40 percent as they are likely to convert their debt holdings in the firm to equity, the Financial Express reported on Thursday citing the airline\'s chief executive.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 3:51 am Obama aims to shape 21st century trade in Pacific pactPresident Barack Obama, facing a revolt among Democrats to past trade agreements, aims to reshape the rules for international trade and shore up the US economic position in Asia with talks starting on Monday on a Pacific trade pact.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 3:50 am Videocon sets 2for9 rights issue at 225 Rs/shareConsumer electronics goods maker Videocon Industries Ltd said on Wednesday its board approved issuing two shares for every nine held on a rights basis at 225 rupees each.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 3:50 am 49 Indians make it to Forbes World\'s Billionaires listIndia is second only to China, increasing its billionaires to 49 from 24 previously. Predictably, Mukesh Ambani tops all Indians with a fourth rank in the global list.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 3:23 am Areva T&D bags Rs 400 cr power project from UP Power Trans Corp - Economic Times
Source: Business - Google News | 11 Mar 2010 | 3:06 am India to revamp mining laws, attract foreign miners - Moneycontrol.com
Source: Business - Google News | 11 Mar 2010 | 3:05 am Govt to consult all before tabling Women’s Bill: PranabNew Delhi: The stand-off over Women’s Reservation Bill ended on Thursday with government announcing that the proposed legislation would be brought in the Lok Sabha only after consultations with all sections. The breakthrough came after SP chief Mulayam Singh Yadav, RJD leader Lalu Prasad and JD(U) president Sharad Yadav, the three strong opponents of the Bill, met finance minister Pranab Mukherjee. Trinamool Congress leader Mamata Banerjee, NCP chief Sharad Pawar and DMK leader T R Baalu also attended the meeting. During the meeting, “some sort of assurance was sought on the progress of the Constitution Amendment Bill (Women’s Reservation Bill) before bringing it to the Lok Sabha. Government will complete the process of consultations with all concerned,” Mukherjee said in a statement in the Lok Sabha after his discussions. “I think, this assurance would assuage the feelings of all members and the business would be conducted smoothly,” he said, when the House re-assembled after two adjournments on the issue. The stand-off over the Bill prevented normal functioning of the Lok Sabha for the last four days as those opposed to it have been disrupting the House. “I would like to inform members that it has been agreed to conduct smooth business of the House for the remaining period,” Mukherjee said. “I would request colleagues to help the chair to conduct normal business,” he said. The statement by the leader of the House came at 2 PM after two adjournments following uproar over the Bill. Normalcy was restored soon after and discussion on general Budget, which had got delayed because of acrimony, was taken up. Earlier, after his meeting with Mukherjee, Sharad Yadav said the government had assured those opposing the Bill that all sections of the House will be consulted before bringing the measure in Lok Sabha. Source: Home - Livemint.com | 11 Mar 2010 | 2:36 am Emaar MGF to invest Rs 500 cr on Gurgoan housing project - Economic Times
Source: Business - Google News | 11 Mar 2010 | 2:34 am Subscribe to IL FS Trans IPO at cut-off Reliance Sec - Moneycontrol.com
Source: Business - Google News | 11 Mar 2010 | 2:31 am DQ Entertainment IPO subscribed 84.3 times - Moneycontrol.com
Source: Business - Google News | 11 Mar 2010 | 2:11 am GLOBAL MARKETS - China inflation spike weakens equitiesLONDON (Reuters) - A spike in Chinese inflation weakened equity markets on Thursday, as investors pondered the prospects of interest rate hikes in one of the world's main economic drivers.Source: Reuters: Money News | 11 Mar 2010 | 2:05 am Lufthansa sees cost cuts lifting 2010 oper profitBERLIN (Reuters) - Deutsche Lufthansa said it expects its operating profit to improve this year as it cuts more costs and a fragile economic recovery starts to lift demand for air travel.Source: Reuters: Money News | 11 Mar 2010 | 2:02 am Samsung unveils world s first 3 D LED TV setsWith the star power of hip-hop group The Black Eyed Peas and Avatar director James Cameron, South Korea's Samsung Electronics unveiled the world's first 3-D TV technology aimed at revolutionizing the home viewing experience.Source: HindustanTimes.com - Top Business News Headlines | 11 Mar 2010 | 2:00 am Japan growth revised down, adds to pressure on BOJTOKYO (Reuters) - Japan's economy grew less than initially estimated in the fourth quarter and a broad gauge of price trends posted the biggest negative reading on record, adding to pressure on the Bank of Japan to ease monetary policy further next week.Source: Reuters: Money News | 11 Mar 2010 | 1:56 am BP to pay Devon $7 bln for Brazil, GOM, Azeri fieldsLONDON (Reuters) - London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields.Source: Reuters: Money News | 11 Mar 2010 | 1:56 am World's 10 richest techies - Times of India
Source: Business - Google News | 11 Mar 2010 | 1:55 am Greek workers strike as anger at austerity growsATHENS (Reuters) - Greek public and private sector workers went on strike on Thursday, grounding flights, shutting schools and halting public transport in the second nationwide walkout in a fortnight in protest against austerity plans.Source: Reuters: Money News | 11 Mar 2010 | 1:50 am India's steel needs spell less iron ore for ChinaNEW DELHI (Reuters) - India's export taxes on iron ore and plans to ramp up supplies to domestic steel mills will cut shipments to key buyer China in the long term, and aid miners wrangling for a steep hike in term prices, if not scrap them.Source: Reuters: Money News | 11 Mar 2010 | 1:48 am India, China take over 50% of South Africa Feb coalIndia and China together took 2.4 million tonnes more than 50 percent of South Africa\'s 4.9 million tonnes of coal exports in February, a record proportion, exporters said.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 1:40 am A decade later, lessons in the Nasdaq collapseTen years ago today, before the dotcom bubble burst, the Nasdaq composite index hit a record 5,132.52 points a peak that the technologyheavy market shows no sign of scaling again any time soon.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 1:40 am ICICI & SBI, our top picks in bankings stocks: Emkay Global Financial Services - Economic Times
Source: Business - Google News | 11 Mar 2010 | 1:35 am Women\'s quota bill spells trouble for CongressCongress party officials met on Wednesday to douse a political standoff over a contentious parliament bill after two of its allies quit and left the government less elbow room to pass economic legislation.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 1:35 am Jan industrial output seen up 16.65% YoYIndustrial output to rise 16.65 percent in January from a year earlier, the median forecast in a poll of 20 economists shows. That is marginally lower than an annual rise of 16.8 percent in December. Forecasts ranged from a rise of 17.6 percent to 9.5 percent.Source: Moneycontrol Top Headlines | 11 Mar 2010 | 1:35 am Sensex hits new intraday high - NDTV.com
Source: Business - Google News | 11 Mar 2010 | 1:25 am Gold buying cools off after pick-upMumbai: India gold buying cooled off on Thursday afternoon as traders awaited price declines after a slight pick-up in the previous session, when the yellow metal touched a two-week low, dealers said. “I did about 70-100 kgs yesterday evening at $1,105-1,120 (an ounce), but people are moving away now as they expect a fall below $1,100,” said a dealer with a state-run bullion dealing bank. International gold, which guides the domestic markets, was trading at $1,106.50/1,107.30 an ounce as against the previous close of $1,107.85/1,108.65 an ounce. “I have plenty of orders at 1,095-1,100,” said another dealer with a private bullion dealing bank. Gold regained some strength on Thursday after falling to its lowest in nearly two weeks the previous day, although poor technicals and failure to sustain recent gains may spur selling, traders said. Further a weaker rupee, which makes the dollar-quoted asset expensive, also dented sentiment. The Indian rupee weakened slightly in early trade as the dollar’s gains versus major currencies overseas and a choppy start in domestic shares underpinned sentiment. Source: LatestNews-Home - Livemint.com | 11 Mar 2010 | 1:08 am Fuel inflation accelerates; RBI action seen - Moneycontrol.com
Source: Business - Google News | 11 Mar 2010 | 12:45 am Mukesh Ambani, Mittal among world’s top 10 billionairesNew York: Mexican billionaire Carlos Slim has emerged as the richest person in the world with $53.5 billion in assets, while Indian industrialist Mukesh Ambani ranks fourth with $29 billion in the US magazine Forbes annual list of world’s top billionaires. Slim is followed by William Gates III (popularly known as Bill Gates) with a net worth of $53 billion and Warren Buffet at the third spot with assets worth $47 billion. NRI billionaire Lakshmi Mittal with a net worth of $28.7 billion ranks fifth while Mukesh’s younger brother Anil Ambani is at the 36th spot with $13.7 billion. There are 1,011 billionaires in the world now, up from 793 a year ago. Gates has held the top spot for 14 of the past 15 years in the past. “The Microsoft founder is now worth $53 billion, up $13 billion from a year ago,” Forbes said. There are just two Indians in the list of top 10 richest persons across the world. The only woman to be on the top ten list, at number ten, is German entrepreneur Karl Albrecht, who founded the Aldi supermarkets and has a net worth of $23. 5 billion. The US has 403 billionaires — the most in the world followed by China that beat out Russia to grab the second spot. Although China has larger number of billionaires than India, ten of Asia’s top 25 are Indian while China has one. Hong Kong and Japan each have five and China has one in Asia’s top 25. New York has more billionaires than any other city. The youngest billionaire who has a net worth of $4 billion is 25-year-old Mark Zuckerberg who created Facebook. The list of Indian billionaires include Mukesh Ambani and L N Mittal in the top two along with Azim Premji ($17 billion), Anil Ambani ($13.7 billion), Shashi and Ravi Ruia ($13 billion), Savitri Jindal ($12.2 billion), Kushal Pal Singh ($9 billion), Kumar Birla ($7.9 billion), Sunil Mittal ($7.8 billion) and Anil Agarwal ($6.4 billion). Source: Home - Livemint.com | 11 Mar 2010 | 12:43 am Toyota hands over 2006 dissident memo to U.S. panelTOKYO (Reuters) - Toyota Motor said on Thursday it has handed over to a U.S. congressional committee a letter sent to its management by a splinter union in 2006 seeking reforms to improve safety after a recall crisis at the time.Source: Reuters: Money News | 11 Mar 2010 | 12:30 am Food inflation slips to 17.81%, fuel prices riseFood inflation dropped to 17.81 per cent towards the end of February, but fuel inflation shot up due to a hike in excise and customs duty in the Budget.Source: India Business News | Business News - Times of India | 11 Mar 2010 | 12:22 am Toyota subsidiary Daihatsu recalls 275 000 vehiclesDaihatsu Motor Co., a subsidiary of embattled Toyota, said on Thursday it was recalling almost 275,000 vehicles due to possible defects, the latest in a raft of problems hitting Japanese carmakers.Source: HindustanTimes.com - Top Business News Headlines | 11 Mar 2010 | 12:22 am Food inflation slips to 17.81%, fuel prices riseNew Delhi: India’s food prices moderated slightly while fuel price inflation accelerated in late February adding pressure on Reserve Bank of India (RBI) to raise rates at its April policy review. India’s wholesale price inflation (WPI) is already at 8.56% in January, just above the RBI’s end-March projection of 8.5%. The food price index rose 17.81% in the 12 months to 27 February, marginally lower than an annual rise of 17.87% in the previous week. The recent government decision to raise fuel prices has also stoked inflation. The fuel price index rose 11.38% in the 12 months to 27 February, shooting up from an annual rise of 9.59% in the previous week. Market expectations of a rate hike remain unchanged as traders expect the RBI’s next move will be to raise its benchmark lending and borrowing rates by at least 25 bps each to 5.00% and 3.50% respectively. The benchmark 10-year year bond is hovering just below the 8% mark mirroring expectations of a rate hike in the near term. This despite talk that the federal government will borrow much of its estimated record borrowing of about $100 billion for the 2010-11 financial year, that begins on 1 April, in the first half of the fiscal year. The January industrial output data due on Friday, expected to be a robust 16.65% according to a Reuters poll, will also bolster the case for a rate hike in April. Indian policymakers including the deputy chairman of the planning commission have said earlier this week that food prices will moderate over the next few months. Food prices have moderated only marginally this week, but with fuel prices on the rise, these are now spilling over to the broader economy. This is reflected in the fact that manufacturing price inflation picked up to 6.55% in January from 5% in December. Food prices are making the ruling coalition vulnerable to political attacks. The strength of the coalition has been severely tested on a Bill in Parliament that seeks to reserve one-third of the total number of seats for women in the Lok Sabha. Source: Home - Livemint.com | 11 Mar 2010 | 12:16 am Fuel inflation accelerates; RBI action seenNEW DELHI (Reuters) - Food prices moderated slightly while fuel price inflation accelerated in late February adding pressure on the Reserve Bank of India (RBI) to raise rates at its April policy review.Source: Reuters: Money News | 11 Mar 2010 | 12:15 am Cost push, emission norms may hit auto firmsMumbai: Indian auto makers are in for a rough ride ahead as a rise in raw material prices coupled with costs associated with new emission norms could force them to increase prices further, which may hit volumes. The federal budget raised factory-gate duties on large cars and sport utility vehicles by 2%, which was immediately passed on by vehicles makers, including top carmaker Maruti Suzuki and utility vehicle makers Mahindra & Mahindra and Tata Motors. From 1 April, all vehicles will have to comply with Euro IV emission norms across 13 major cities, adding to costs and setting the stage for another round of price hikes. “The industry will not be able to absorb all these costs,” said Rajiv Dube, head of passenger cars at Tata Motors, the country’s largest vehicles maker. “Raw material prices are also increasing....we will have to pass on the costs of Euro IV compliance to customers,” he said. While there is still some uncertainty over the actual date of implementation of emission norms, auto makers are working on the 1 April deadline. Analysts estimate the rise in prices, including excise duty hikes, to be in the range of 5 to 6%. “We can expect an increase of 2 to 4% arising from this (Euro IV compliance)....and along with the rise on account of excise duties means a total increase of 5 to 6%,” said Surjit Arora, analyst with Prabhudas Lilladher. Dilip Chenoy, director-general of industry body Society of Indian Automobile Manufactuers, said he expected a sharp fall in sales of vehicles in April compared to March due to change in emission norms. Trucks, Buses Hit Harder Commercial vehicles, which carry freight and are a barometer of economic activity in the country, will be hit harder compared to cars and other passenger vehicles, analysts said. “Most cars, especially those recently launched, are already compliant with the norms and others are working on it and they are prepared, but commercial vehicle makers are yet to factor in those costs of upgradation and they also have to contend with the rise in diesel prices,” said Vineet Hetamasaria, auto analyst with PINC Research. Truck sales also depend heavily on financing with 90% of the vehicle cost being financed. A rise in prices would put more pressure on truck owners, with more than three-fourths being small operators. Auto makers could also face further pressure from auto parts makers passing on their costs to them. “If they have a price hike for the end product, we would expect them to understand our input price has gone up,” said an official at NRB Bearings. If input costs rise further in the near term, it would be directly passed on to the manufacturer, said Santosh Singhi, chief financial officer at Amtek Auto Ltd. “Auto parts makers have asked for price hike because of rise in rates of raw materials. Original equipment manufacturers are increasing prices as they are feeling cost pressure from supply side,” said Angel Broking analyst Vaishali Jajoo. However, auto makers are still banking on the ample liquidity in the market to see them through. “The concern is availability of liquidity. Industry should be able to manage demand as long as financing is available,” said Dube. Source: Home - Livemint.com | 11 Mar 2010 | 12:15 am Asia stocks dip on China tightening fearsSingapore: Asian stocks fell on Thursday as investors worried strong loan growth and quickening inflation in China would spur Beijing to tighten monetary policy sooner than expected, while the yen rebounded against major currencies. European equities were set track Asia lower, with financial spreadbetters expecting Britain’s FTSE 100, Germany’s DAX and France’s CAC 40 to fall as much as 0.5%. The MSCI index of Asian shares outside Japan shed 0.5%, retreating from a seven-week high touched before the release of the Chinese data, which showed stronger-than-expected growth in factory output and consumer inflation accelerating to a 16-month high. Some economists said the central bank would probably not wait long before increasing banks’ required reserves for a third time this year and perhaps even raising interest rates. Broader losses were limited, however, by the view that gradual policy tightening in China would do little to slow its robust growth and that Asia’s economic recovery remains on track. Foreign buying of Asian stocks, particularly South Korea, Japan and India, continued unabated with data showing emerging market equity funds reported a third straight week of inflows. Shanghai stocks shed as much as 0.8% as investors feared that strong loan growth in February could prompt the authorities to soak up more cash from the financial system. But the market later recouped its losses to stand slightly higher, as did the Hang Seng index in Hong Kong. China’s central bank drained a net 82 billion yuan from money markets this week by issuing large amounts of bills, as part of its efforts to head off economic overheating and asset bubbles. “February new loans remained higher than the government intends it to be, so we expect another rise in bank reserve requirements to come very soon, almost certainly this month,” said Zheng Weigang, head of investment at Shanghai Securities. “An interest rate hike will wait at least until the second quarter.” Fears that China could tighten monetary policy have fuelled risk aversion in recent weeks, alongside jitters over debt problems in some European countries. Japan’s Nikkei average bucked the regional weakness, rising 0.9% as exporters such as Sony climbed on general weakness in the yen. “Trading by foreign investors and funds backed by domestic individual investors is dominating the market now as Japanese institutional investors can’t really move actively because this month is the end of the business year in Japan,” said Tsuyoshi Segawa, an equity strategist at Mizuho Securities. “The focus will be on important events in Japan, the United States and Europe all happening next week, namely the Federal Reserve and the Bank of Japan policy review as well as Greece’s future plans.” EU finance ministers meet on March 16 to discuss Greece’s debt problems and their exit strategies from fiscal stimulus worth hundreds of billions of euros to battle the global financial crisis. The yen climbed after the Chinese data prompted investors to cut their long positions in higher-yielding currencies. The dollar fell a fifth of a% to ¥90.35, having climbed as far as 90.83 on Wednesday, a two-week high. But gains in the yen were expected to be limited after sources told Reuters that the Bank of Japan may ease monetary policy as early as next week as it remains under government pressure to help pull the country out of grinding deflation. Data on Thursday showed the economy grew less than initially expected in the fourth quarter of 2009 and a broad gauge of price trends hit a record negative reading. The euro dropped to ¥123.28 while sterling eased to $1.4955 after an unexpected drop in British industrial production data for January released the previous day. The Australian dollar took a knock after the Chinese data but later bounced on bets of further interest rate rises at home. Gold regained some strength after falling to its weakest in nearly two weeks the previous day, while oil prices retreated 50 cents from an eight-week high hit on Wednesday. Source: Home - Livemint.com | 11 Mar 2010 | 12:08 am Overseas investors pump in Rs 10,000 cr since BudgetForeign institutional investors have put in more than Rs 10,000 crore in the equity markets since the Budget was tabled in Parliament on FebruarySource: Business Line - Home Page | 11 Mar 2010 | 12:00 am SBI planning 10-year retail bond issue next fiscalState Bank of India plans to test the waters with a 10-year retail bond issue in the next financialSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Qualcomm seeks to bring in 4G; looking for Indian partnerIndia could have the fourth generation technology-based broadband services as early as nextSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Get ready for S&P-500, DJ futures tradingIndian investors will soon be able to take an exposure to the US equity markets on NSE via rupee-denominated futures contracts based on popular global indices – S&P 500 and Dow Jones Industrial AverageSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Pound may fall further as UK economic outlook worsensIt takes quite a lot these days for a currency to underperform the euro – which has been battered by a mixture of fears about Greece, Spain, Portugal andSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Steel prices rise on high raw material costsSteel prices are back on the rise and are set to go up further in the coming months. After the excise duty hike of 2 per cent announced in the Budget, steel companies across the country announced a price increase of around RsSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Infrastructure Development Finance Company (Rs 164.3): BuyWe recommend a buy in the stock of Infrastructure Development Finance Company (IDFC) from a short-term horizon. It is apparent from the charts that after encountering resistance around Rs 180 in November 2009, the stock was on medium-termSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Tata Steel hit by Orissa Govt's blanket mining ban orderThe Orissa Government's order banning what it feels “illegal” mining by private companies in the State's iron ore-rich Banspani / Jarauli areas has proved too much for TataSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Day Trading GuideDLF bounced up taking support at intra-day low of Rs 307 in the last tradingSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am LIC Housing eyes banking licenceLIC Housing Finance Ltd, a leading mortgage lender, is keen to apply for a banking licence, following the Government's decision to open up the banking sector to more privateSource: Business Line - Home Page | 11 Mar 2010 | 12:00 am Cost push, emission norms may hit auto firmsMUMBAI (Reuters) - Auto makers are in for a rough ride ahead as a rise in raw material prices coupled with costs associated with new emission norms could force them to increase prices further, which may hit volumes.Source: Reuters: Money News | 10 Mar 2010 | 11:58 pm Toyota management to accept union demand for annual pay hikeToyota Motor Corp.'s management plans to accept a demand from its workers' union at this spring's annual labor-management wage negotiations for the implementation of an annual pay hike, sources close to the matter said.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 11:55 pm Food price index up 17 81 y y on Feb 27India's food price index rose 17.81 per cent in the 12 months to Feb. 27, while the fuel price index was up 11.38 per cent, the government said today.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 11:52 pm RBI says FY11 borrowing not seen as huge challengeMUMBAI (Reuters) - India's record government borrowing for the fiscal year starting April 1 is unlikely to be a huge challenge, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said on Thursday.Source: Reuters: Money News | 10 Mar 2010 | 11:35 pm Forbes lists Mexican billionaire richest in world; Mukesh Ambani in IndiaNRI billionaire Lakshmi Mittal with a net worth of $28.7 billion ranks fifth while Mukesh's younger brother Anil Ambani is at the 36th spot with $ 13.7 billion.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 10:48 pm Markets seesaw; metals fall, techs riseMumbai: Indian shares were little changed in flip-flop trade on Thursday morning, as Asian markets edged lower with investors fretting over tighter monetary policy in China. Export-focused outsourcers rose on hopes of improving demand. IT bellwether Infosys Technologies rose 0.6% while rivals Tata Consultancy Services and Wipro gained 0.5% and 0.8% respectively. “There is more and more evidence that demand for IT services is growing and the larger companies clearly stand to gain,” said Nitin Rakesh, CEO of Motilal Oswal’s asset management business. Infosys is seeing a rise in outsourcing deal flows due to a recovery in the global economy, its chief executive officer Kris Gopalakrishnan said on Wednesday. By 10:50am, the 30-share BSE Index was trading up 0.3 points at 17,098.63, with 11 of its components gaining. The 50-share NSE index was down 0.04% at 5,114.1. Foreigners have been net buyers in seven sessions to 9 March, pumping in more than $2 billion in Indian equities. “A significant portion of inflows seem to be going into FPOs (follow-on public offers) and IPOs (initial public offers). So, the inflow may be getting split between the primary and the secondary market,” Rakesh said. Top iron ore minor NMDC’s share sale worth up to $2.6 billion opened on Wednesday, while animation and gaming firm DQ Entertainment’s initial public offer to raise up to Rs128 crore was subscribed more than 84 times. “People are accumulating right now after the run up last week than buying heavily in the market. After the positive announcements in the (federal) budget, a steep downside is ruled out,” he added. Aluminium producer Hindalco fell 1.2% as aluminium prices declined. Tata Steel, world’s eighth largest steel maker by output, also shed 0.4% on concerns rising iron prices may crimp its margins. In the broader market, decliners almost matched the number of gainers in a volume of 97 million shares. Source: Home - Livemint.com | 10 Mar 2010 | 10:43 pm RBI says did not intervene in FX mkt in JanThe Reserve Bank of India (RBI) did not buy or sell dollars in the foreign exchange market in January, the central bank's monthly bulletin showed.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 10:41 pm Sensex falls by 38 points in early tradeThe 30-share index, which gained 45.79 points in the previous session, fell by 38.07 points, or 0.22 per cent to 17,060.26 points in early trade after rising to 17,125.05.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 9:45 pm Sensex falls by 38 points in early tradeThe Bombay Stock Exchange benchmark Sensex shed over 38 points in early trade today as investors sold stocks to book profits at existing levels amid a mixed trend on other Asian bourses.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 9:39 pm Rupee falls by 7 paise against dollar in early tradeThe Indian rupee depreciated by 7 paise against the dollar in early trade today following fresh capital outflows by foreign funds amid the US currency's gains overseas.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 9:34 pm Rupee edges down on choppy shares, weak peersMumbai: The Indian rupee weakened slightly in early trade on Thursday as the dollar’s gains versus major currencies overseas and a choppy start in domestic shares underpinned sentiment. At 10:10am, the partially convertible rupee was at Rs45.46/47 per dollar, weaker than its Rs45.375/385 close on Wednesday. “There was some knee-jerk selling towards the end yesterday as one large corporate sold dollars but the market should stay offerish today as flows are expected for NMDC,” said Madhusudan Somani, head of foreign exchange trading at Yes Bank. “On the downside, decent buying should be there from oil companies,” he added. Oil is India’s largest import and refiners are the biggest buyers of dollars in the local currency market. Dealers said they expect a good response to the follow-on share sale to raise upto $2.6 billion in state-run NMDC, India’s largest iron ore producer, which runs from 10-12 March. Traders would watch stock market performance for cues on capital flows. Indian shares were trading marginally lower in early trade amid mixed Asian cues, with Tata Steel and Housing Development Finance Corp declining the most. Foreign fund investments into the local equity market are key in determining the fortunes for the market. Since mid-February, foreigners have purchased nearly a net $3 billion worth of shares. Last year, record inflows of $17.5 billion had helped the rupee gain 4.7% year-on-year. “It is also important to watch out for the central bank if the rupee appreciates quite sharply, especially around the previous highs of Rs45.28 levels. Other Asian central banks have also intervened in the last three days,” a senior dealer with a foreign bank said. The Reserve Bank of India, the country’s central bank, has said several times in the past that it buys and sells dollars via state-run banks to prevent excessive volatility in the foreign exchange market, but does not target any particular level. One-month offshore non-deliverable forward contracts were quoted at Rs45.46/56, a touch weaker than onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoting at Rs45.5350, with the total traded volume on the two exchanges at about $950 million. Source: Home - Livemint.com | 10 Mar 2010 | 9:31 pm Sensex starts off weakA benchmark index for Indian equities on Thursday made a weak start and was ruling 36 points lower, about 28 minutes after the opening bell.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 9:15 pm Mukesh Ambani, Lakshmi Mittal among world's top ten billionaires: ForbesReliance Industries chairman Mukesh Ambani ranked fourth with $29 billion and steel czar Lakshmi Mittal ranked fifth with $28.7 billion on the Forbes list of billionaires.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 8:36 pm Oil slips from $82; Opec expected to maintain outputSingapore: Oil fell to below $82 on Thursday on expectations for Opec to keep pumping above quotas in the second quarter, pulling prices down from eight-week highs reached a day earlier. Falling fuel inventories in the United States and the first few weekly gains in total demand in one-and-a-half years have bolstered the view that the market will absorb ample supplies from Opec as Chinese imports soar. Ministers from the Organization of the Petroleum Exporting Countries meet in Vienna on 17 March to discuss production policy. Officials from member countries including Algeria, Kuwait, and Angola have said this week they do not expect a change in quotas because prices are within their desired range. “You are going to see $75 to $85 until Opec changes their views,” said Peter McGuire, managing director of Commodity Warrants Australia in Sydney. “Given that the U.S. dollar is appreciating, they are relatively content with what they are receiving for their oil.” US crude for April slid 45 cents to $81.64 a barrel by 8:46am, after touching $83.03 on Wednesday, the highest intra-day price since Jan. 11, when oil hit a 15-month high of $83.95. London ICE April Brent fell 41 cents to $80.07. Opec will keep oil production targets on hold this month but could raise output later this year as the world recovers from recession, pushing up demand for fuel, a Reuters poll showed on Monday. The group’s output climbed to a 14-month high in February, according to a Reuters survey, as producers complied with only 53% of output cuts of 4.2 million barrels per day agreed in December 2008. Saudi Arabia, Opec’s top producer, will provide full contracted volumes to most Asian buyers in April, except for a major refiner in northeast Asia. Output from the cartel is bloating US crude inventories. They have climbed for the past six weeks, showing a 1.4-million-barrel gain to 343 million barrels in the week to 5 March, the Energy Information Administration (EIA) said on Wednesday. The nation’s gasoline stockpiles showed a surprise decrease of 2.9 million barrels to 229 million barrels, the EIA said. Distillate stocks, which include heating oil and diesel, fell by 2.2 million barrels to 149.6 million barrels, down for the sixth straight week. US total oil product demand over the past four weeks was 19.41 million bpd, up 3.8% from a year ago. China’s imports of crude oil in February rose to their second-highest on record on a daily basis. Source: Home - Livemint.com | 10 Mar 2010 | 8:12 pm IIM-A sees jump in salary offers, consulting beats finance sector - Economic Times
Source: Business - Google News | 10 Mar 2010 | 2:12 pm Essar to ink Ratna output deal in Q1Expects to start production by mid 2011, eyes 35,000 bpd peak output.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:57 pm NSE, Chicago ME in cross-list dealBilateral trading link with SGX also soon.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:56 pm HDIL's follow-on QIP likely to open todayHousing Development and Infrastructure Ltd is set to open its follow-on qualified institutional placement books either today or tomorrow, sources said.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:55 pm M&M eyes Sonalika's car & tractor bizDeal may be valued at over Rs 2,000 crore.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:53 pm Curbs likely on FDI in vaccine makersThe Department of Pharmaceuticals (DoP) under the chemicals and fertilisers ministry is likely to seek curbs on foreign direct investments (FDI) in vaccine producers.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:51 pm Pharma drools as US patent expiries2010-12 the most lucrative period; opportunity tapers after thatSource: Daily News & Analysis: Money News | 10 Mar 2010 | 1:50 pm Single verification for MF investmentsKYC ensures you don't have to submit documents again and again.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:41 pm A third of companies faced cyber attack in last 12 monthsWith the data in enterprises likely to double every two years and company databases too storing significantly high levels of confidential data, cyber attacks on enterprise networks are likely to become more sophisticated.Source: Daily News & Analysis: Money News | 10 Mar 2010 | 1:39 pm Inter-ministerial climate change panel on the anvilNew Delhi: The government plans to create an inter-ministerial body to resolve contentious scientific issues on the impact of global warming on India. This body will complement the efforts of the environment ministry, but concentrate on sorting out differences of opinion between experts on the actual impact of climate change on India’s monsoon, forests and farming systems, said an official familiar with the development, who did not want to be identified. This is critical because such differences could weaken India’s position in global climate change talks. A recent controversy surrounding the melting Himalayan glaciers saw R.K. Pachauri, an adviser to the Prime Minister on climate change, and chairman of the Intergovernmental Panel on Climate Change (IPCC), publicly lock horns with environment minister Jairam Ramesh. “This body will see that whatever input we present internationally will be unanimous,” the official added.  Learning lessons:R.K. Pachauri, adviser to the Prime Minister. Among the tasks of the group that is likely to come into being this May is the collation of scientific inputs for India’s periodic greenhouse gas inventory report that is to be submitted to the United Nations. India has only made one such submission, in 1994, and several organizations are working on the second, which is due later this decade. A second official familiar with the creation of the group and who too declined to be identified agreed that it could “avoid situations such as the IPCC controversy”. A draft of IPCC’s report, published in 2007 and circulated to governments across the world, said the total area of Himalayan glaciers would shrink from the present 500,000 sq. km to 100,000 sq. km by the 2035. IPCC retracted this statement subsequently. However, Pachauri was hard-pressed, at least for a while, to defend the very scientific basis of climate change. It didn’t help that Ramesh was critical of IPCC. “My problem was...with the alarmist position of the IPCC,” Ramesh had said at the time of the glacier controversy. “Secondly, the report made sweeping statements, which were not backed by scientific facts.” India shifted its stance on climate change policy—from refusing to take on any emission reduction measures to accepting caps on the intensity of its emissions—within a calendar year, dividing policymakers in government. Experts say deeper divisions were expected to emerge in the future, which in turn could affect policy. “The policy only comes in after scientific consensus. The big debates of the future will concentrate on the regional impact of climate change on different parts of the country and that would be even more fractious, simply because more people are going to be studying climate change impacts using all kinds of models,” said K. Krishna Kumar of the Indian Institute of Tropical Meteorology, Pune, and a contributor to IPCC reports. A government expert on the subject who is involved with climate change negotiations and who did not want to be identified said some of the differences could also arise from India’s evolving position: “From emissions intensity I wouldn’t be surprised if India takes on emission cuts. Then different states would haggle over their responsibilities and all this could have a bearing at international tables.” jacob.k@livemint.com Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 12:45 pm The day after, Cong seeks to rebuild bridgesNew Delhi: The ruling Congress has, a day after the Rajya Sabha approved the controversial women’s Bill, gone into overdrive to minimize the political fallout. The immediate focus is to rally alternative political support by reaching out to independents to make up the numbers after the Samajwadi Party (SP) and the Rashtriya Janata Dal (RJD) withdrew support to the United Progressive Alliance (UPA). Without the support of these two parties, which supported it without being part of it, the government’s majority is wafer-thin in the Lok Sabha. The Congress has also been careful to tone down the rhetoric and has been conspicuously silent on any precise date on which it will introduce the Bill in the Lok Sabha, an indication that it is still looking to woo back the SP and the RJD. Failure to do so would mean that the government will be, as it happened in the case of the India-US civil nuclear deal, at the mercy of key allies, independents and the main opposition party, the Bharatiya Janata Party (BJP). The first test for the Congress-led UPA government will be on Friday when it seeks Parliament’s approval for the vote on account so as to meet its day-to-day expenses for the next three months till Budget 2010 is passed. In the run-up to this, the Congress has already initiated efforts to rebuild bridges with the SP and the RJD and held discussions with Union railway minister Mamata Banerjee, Trinamool Congress (TMC) chief, who has said that she was upset over the manner in which the legislation was put to vote. While the SP and the RJD together have 16 seats in the Rajya Sabha and 26 in the Lok Sabha, the TMC has two and 19 members, respectively, in the two Houses. Thus far, there has been no indication that the SP and the RJD are willing to revisit their position.  Next step: Congress president Sonia Gandhi with party workers at her residence in New Delhi on Wednesday. Gandhi has so far remained non-committal on introducing the women’s Bill in the Lok Sabha. Subhav Shukla/PTI A Congress leader who did not want to be identified said that the UPA would lobby the House to revoke the suspension as a conciliatory gesture, provided the offending members tendered an apology. The same person said both Congress president Sonia Gandhi and finance minister Pranab Mukherjee had spoken to Mulayam Singh Yadav of the SP and Lalu Prasad of the RJD and to Banerjee. Gandhi and several senior leaders of the party have conceded that the government took a “huge risk” by going ahead with the legislation despite vehement protests from several parties. However, according to a Congress minister, who was active in Tuesday’s behind-the-scenes activities, the party faces no “threat” of instability for the time being. “We are confident that the Finance Bill and other constitutional requirements will go through in Parliament, because no party is in a mood to pull down the government and go for elections now,” added this person who did not want to be identified. Jai Prakash Agarwal, a senior Congress leader, concurred. “We do not see any trouble for passing the Finance Bill and other budgetary requirements.” According to one of the government’s three ministers for parliamentary affairs, the government foresees trouble for other legislation such as the Civil Liability for Nuclear Damage Bill, 2010, Commercial Courts Bill, and Judicial Accountability and Standard Bill, on which there are differences among the political parties. “The Bills can be defeated if there are differences. That’s fine with us. But we are ready to amend the nuclear liability Bill if they want,” the minister, who did not want to be named, said. However, Congress leaders said the government would not try to rush the women’s Bill through the Lok Sabha before concluding crucial businesses. Even Gandhi, in an interview to NDTV 24X7 on Tuesday, remained non-committal. The Women’s Reservation Bill will not lapse even if it is not passed in this Lok Sabha due to the character of the Rajya Sabha—it never gets dissolved like the Lower House. Even if the Bill is passed by both Houses, the delimitation process to decide which seat should be reserved for women, would have to be approved by Parliament. While the reservation would not kick in during the state elections due in Bihar later this year, the government can fast-track the process and if it succeeds in getting Parliament’s approval, go ahead with reservation for women in the 2011 assembly elections in some states. The parliamentary affairs minister also said Banerjee, who had apparently been trying to mediate between the Congress, and the SP and the RJD, was upset about the passage of the Bill because “she genuinely felt the Left parties (her arch rival in West Bengal, that have been backing the legislation) would take advantage of the Bill. She was also angry that she was not informed about the decision to go ahead with the proposal to suspend the protesting representatives.” He said the decision to evict the representatives and to go ahead with the voting on the Bill was taken at a meeting of the Congress’ senior leadership, which included Gandhi and Prime Minister Manmohan Singh, after they realized that there was “no other way to get it passed”. Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 12:45 pm Bharti audit report submitted to DoTNew Delhi: The auditor appointed by the department of telecommunications (DoT) to examine the books of India’s largest telecom service provider Bharti Airtel Ltd has submitted its report to the government, a DoT official said on condition of anonymity. “We will examine the auditor’s report and then decide on any further action,” he said. Bharti’s spokesperson couldn’t be reached for comment. DoT ordered audits on telecom operators Bharti Airtel, Vodafone Essar Ltd, Idea Cellular Ltd and Tata Teleservices Ltd after the Telecom Regulatory Authority of India (Trai) recommended the move. The remaining audits are expected by next week, barring Tata Teleservices, as the auditor which was first chosen was changed after it was found that it had an existing relationship with the group. Trai said the accounts should be audited every three-five years after discrepancies in numbers reported by Reliance Communications Ltd (RCom), India’s second largest telecom firm, that were uncovered by brokerage firms Kotak Securities Ltd and UBS AG in mid-2008. DoT ordered a special audit of RCom, which was subsequently widened to cover its rivals as well. The auditors were selected from a list of CAG (Comptroller and Auditor General of India) empanelled firms. Mumbai-based Contractor, Nayak and Kishnadwala was selected to audit Bharti, Mumbai-based Chhajed and Doshi is auditing Idea Cellular, Delhi-based SK Mehta and Co. is auditing Vodafone while the books of Tata Teleservices are being examined by Delhi-based SK Mittal and Co. Trai’s financial analysis wing has been studying the trends in gross revenue and adjusted gross revenue declared by various telecom operators under different licences. ‘PTI’ contributed to this story. shauvik.g@livemint.com Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 12:20 pm UN appoints panel to review IPCC reportNew Delhi: The United Nations (UN) has launched an independent review of the Intergovernmental Panel on Climate Change’s (IPCC) fourth assesssment report in New York. Formally announced by UN secretary general Ban Ki-moon, a team of the world’s leading scientists will investigate how the Nobel Prize winning panel overlooked glaring errors in its influental report. The review will be facilitated by the inter academy council, whose members are drawn from the world’s leading national science academies, including Britain’s Royal Society, the US National Academy of Sciences and the Chinese Academy of Sciences. Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 12:18 pm Aditya Birla Retail to rope in investorKumar Mangalam Birla's retail venture, Aditya Birla Retail, is reportedly open to roping in a financial investor to fund its expansion plans.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 12:00 pm P&G ups pack size of Tide Naturals by 25%The scramble for garnering more volumes in laundry continues. Procter & Gamble India (P&G) has increased the grammage of its Tide Naturals detergent by 25%.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 11:58 am Infosys sees increase in outsourcingIT major, Infosys Technologies, has witnessed an increase in outsourcing deals as all major markets are back on the recovery track, a top company official said.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 11:56 am Tata says goodbye to Residency for VivantaIndian Hotels Co (IHCL), the hospitality arm of Tata group, is planning to do away with its Residency luxury brand.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 11:53 am NMDC FPO gets poor response on day oneLike its predecessors REC and NTPC, mining major NMDC, the third government-owned company to hit the markets this year, received tepid response on the first day of follow-on offer (FPO).Source: Business Standard | Front Page Headlines | 10 Mar 2010 | 11:53 am Quick Edit | Ready for global cuesThe first thing a stock broker does when he gets into office is to turn on his computer and check what happened overnight in the US or European markets. Now, he has a better chance to anticipate and manage these global cues. On Wednesday, the National Stock Exchange (NSE) announced an arrangement with the Chicago Mercantile Exchange (CME). NSE’s Nifty Index futures, instruments that predict movement on this index, will trade in Chicago. US futures on the S&P500 and the Dow Jones Industrial Average will also trade in Mumbai. Such an arrangement already exists between NSE and the Singapore Exchange. But CME, the world’s leading derivatives exchange, now allows access to a much bigger pool of investors. This gives even the average Indian investor with some US exposure the chance to hedge losses; the same with foreigners investing in India. And he can now not only see what US markets think of India, but also what India thinks of the US. By now, this investor knows he isn’t isolated from the vagaries of global markets. This is one step towards helping him protect his portfolio. Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 11:52 am More losses for oil companies as price rise option closesEven before the start of the new financial year, the spectre of rising losses during 2010-11 has begun to haunt the three state-controlled oil marketing companies that account for over 90 per cent of the countrys retail petroleum products market.Source: Business Standard | Front Page Headlines | 10 Mar 2010 | 11:51 am Letter to ministry: SC pulls up S TelThe communication ministry's alleged pressure tactics to soften up S Tel, a joint venture between Chennai-based Shiva Group and Bahrain Telecom, to give up its demand for 2G mobile phone service licences in 16 telecom circles did not go down well with the Supreme Court on Wednesday.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 11:50 am IPL's third innings promises high-scoring revenuesWith just two days to go for the third edition of the Indian Premier League (IPL) Twenty20 tournament to get rolling, ticket sales have been brisk for the inaugural match in the suburbs of Mumbai and franchisees, broadcasters and movie hall-owners are all expecting high-scoring returns.Source: Business Standard | Front Page Headlines | 10 Mar 2010 | 11:49 am DGCA puts Paramount on safety watchNew Delhi: In the first such move of its kind against an airline, the Directorate General of Civil Aviation (DGCA) will keep a close watch on regional carrier Paramount Airways Pvt. Ltd to check on safety issues after the carrier failed to rectify flaws brought to its notice over the past few months. India’s aviation regulator said in its 5 March order, which was reviewed by Mint, that a three-member team of senior safety officials will monitor the company on a weekly basis, “identify the risk areas in Paramount Airways”, and report to DGCA. Paramount defended itself against the DGCA order. The Coimbatore-based airline has a fleet of five Embraer 170-100LR and 170-200LR jets with 30-40 daily flights. Four of the five aircraft are operational, according to an airline official who asked not to be named as he is not authorized to speak to the media. This is the third time in around five months that the airline has come under DGCA scrutiny, though the new order is the harshest so far. In October, the regulator issued a show-cause notice on the lack of proper safety infrastructure and procedures. This was followed in December by the deregistration of three of its five aircraft after lessor GE Commercial Aviation Services complained of non-payment of dues. The planes were later re-registered after the airline sought a court stay. The latest order comes as DGCA under director general Nasim Zaidi has sought to ensure stricter compliance with regulations after a Federal Aviation Administration downgrade threat last year was averted by the regulator. The DGCA order signed by Zaidi lists “issues of serious concern” including the “dispute with lessor with regard to repossession of aircraft, loss of valuable suppliers, frequent changes in key positions and reduction in workforce, very high exceedance rate in flight operations quality assurance (FOQA) programme, non-compliance of mandatory modifications viz. cockpit door surveillance system and other engineering issues.” FOQA is a safety tool that compares data from the digital flight data recorder and the cockpit voice recorder against safety benchmarks. When any of the readings exceed the permissible limit, a warning is generated. The system helps identify faults. If a pilot is found to repeat errors, it could point to a habit that needs correction. The pilot is then counselled and corrective measures can be initiated. The “very high” FOQA readings are “of a serious nature”, said Mohan Ranganathan, a Chennai-based air safety expert with at least 20,000 hours of flying experience. “If this is allowed to continue, safety is definitely jeopardized. Some of the pointers could be very high speeds or very high rate of descent on approach and landing.” The airline rejected the contention, saying that the rules vary, depending on the aircraft procedure manual. “Paramount follows the airline procedure to the T and, therefore, to say the rate of descent is high is incorrect,” according to an email from Paramount’s public relations agency. All the airline’s planes have bulletproof doors, it said. With regard to staffing, Paramount has hired 100 people in the last quarter, the agency said. It also denied that vendors had dropped the carrier. “While there have been disputes in the past, they have all been solved legally in Paramount’s favour, there is no loss of any suppliers at all,” it said. Another air safety official, who works for a domestic airline, said a high rate of descent or high speed is associated with extraordinary conditions such as the defence airfield at Pune where civilian aircraft may be forced to speed up to maintain minimum separation from fighter jets. The official asked not to be named as he’s not authorized to speak to the media. Ranganathan said the violation of safety measures should be checked immediately. “If it has taken the DGCA five years to find this out and still permit the aircraft to fly, the whole mindset on safety and security is questionable.” The three-member team that will make the Paramount inspections comprise deputy director general V.K. Arora, flight operations inspector captain N. Shivaramakrishnan and senior air safety officer S. Dorairaj, all from from DCCA Chennai. Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 11:47 am S 500, Dow now on NSEChicago Mercantile, NSE in tie-up for cross listing arrangement for index futures.Source: Business Standard | Front Page Headlines | 10 Mar 2010 | 11:47 am Opt for short-term debt mutual funds: ExpertsGo short. That is the advice investment experts are giving debt mutual fund investors these days.Source: India Business News | Business News - Times of India | 10 Mar 2010 | 11:46 am IPL: game changer For some reason, monetization of sport remains a lingering dilemma in India when the message from the rest of the world comes through loud and clear. A whole section of people still believes that making money from sport is unethical. But it is also abundantly clear that nowhere in the world has sport grown without money. In India too, to be or not to be is the question still. I will risk the wrath of the sceptics and the old world oracles to say that there is much to be learnt from the IPL in how to create an event that incorporates the monetization aspect as an imperative. Without that, sustainable growth would be impossible, as the state of hockey (indeed most other sports played in India) suggests. As the economy becomes freer, as India gets integrated further into the globalized world, government largesse and private “dole” will not only become less and less but also counterproductive. At best, this may help a sport barely survive, but it cannot promote excellence.  In league: Owners such as (from left) Shilpa Shetty, Preity Zinta and Shah Rukh Khan bring in money and glamour to the IPL; and (below) members of the IPL team Kings XI Punjab celebrating during a game in the first season of IPL. For sustainability and excellence to be in step, sports will have to be developed and maintained as sound business models, which means the strategies for monetization will have to be as robust and focused as they should be on talent spotting, training, coaching, sports medicine, et al, for producing champions. This interdependency needs to be understood, accepted and then firmly established for India to push ahead strongly as a sporting nation. So let me come back to the IPL, which begins its third season on Friday. Already, it is valued at $4.2 billion (Rs19,068 crore) and rated No. 6 among the top sports properties in the world. This is phenomenal growth in just two seasons: What was perceived as puerile tamasha (drama) two seasons ago has become a cash cow that is redefining not just the future of cricket, but also Indian sport. It must seem ironic now that India was the last country to “buy in” to the Twenty20 (T20) game. Indeed, the Board of Control for Cricket in India (BCCI) was the last cricket board to agree to play in the inaugural World Championship in 2007, and the team which went to South Africa was then put together with a certain amount of disdain and disinterest. It is now a piece of cricket lore, of course, that M.S. Dhoni’s side went on to win that tournament, and the cricket world has not remained the same since. Yet it was the IPL which established the scope and scale of T20 cricket, and the impact it would have on the sport both in terms of finances and technique. A heady mix of cricket, showbiz and big biz compelled enormous public and media attention, and by the time the first season had ended, the entire country was hooked. The two big concerns about the IPL were about its business model, and the destructive effect so much T20 cricket would have on “technique”, which could then mar the other two formats. But these fears seem unfounded. If anything, the pace of play has increased even in Tests and One Day Internationals (ODIs). The tenor of T20 is vastly different from Tests, and that should be respected. The magic of Tests is unmatchable in its own way. But players today have become bolder, cannier, fitter, more driven to provide entertainment even in Tests. Like one-day cricket before it, T20 has added to, not subtracted from, the five-day game. The money aspect brooks lesser debate. The IPL was an outright winner from Day 1. The base price for a new team when the IPL expands in 2011 is now being pegged at $225 million and if there have been some hiccups along the way the last week as tenders for auctioning the new teams were cancelled, the fact is that the original investors already stand to make a 100% profit from the money they paid in 2008. Unless there is some diabolical mess-up, the league can only get richer.  There are periodic clarion calls still for the IPL (and by extension T20) to be reined in so that Test cricket is not wiped out. But all things considered, it is this format which might actually provide the wherewithal to salvage the five-day game. More importantly, the past couple of seasons have shown that all three formats of the game can coexist with meticulous planning of the itinerary—and if plain greed does not overrun good sense. Ayaz Memon is a senior columnist who writes on sports and other matters. Write to Ayaz at beyondboundaries@livemint.com Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 11:42 am Salaries offered to IIM-A graduates rise 23%New Delhi: Average salaries for jobs in India offered to the graduating batch of Indian Institute of Management, Ahmedabad (IIM-A) rose nearly 23% from last year to an annual Rs14.94 lakh, mirroring an improving economic environment. Average domestic salaries dropped 32% last year to Rs12.17 lakh as Indian economic growth slowed and US and Europe battled a financial crisis that plunged economies in the West into recession. IIM-A said in a statement late on Wednesday that it had concluded its on-campus placements for the class of 2010. Of the 289 students, 280 accepted job offers, with four opting out of the process and five deciding to turn entrepreneurs. India’s premier B-school said around 20 firms offered roles in the consulting space, recruiting 29% of the batch. At least 27% of the batch joined banking and financial services. “As compared to last year that saw almost no presence of investment banks for final placements, this year saw i-banks extending offers both through PPOs (pre-placement offers) and final placements,” said the school in the statement. “While Morgan Stanley, Goldman Sachs, UBS, Deutsche Bank and Citigroup were among the major recruiters to extend offers through the PPO route, we saw JPMorgan, Merrill Lynch, HSBC and Nomura participate in the final process,” the statement said. aparna.k@livemint.com Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 11:42 am The Mint Report for 10 March 2010New Delhi: Airlines may have to cough up less cash as airport fees in the near future. The Airports Economic Regulatory Authority says the so-called single-till model of airport charges is best suited to India. The single-till model can reduce airport charges because it takes into account all activities an airport. That includes activities that make money, like shops and restaurants. The other competing system for airport charges is the double-till model, which only takes into account the aeronautical services that operators provide. While airlines prefer the single-till model, airport operators support double-till. Currently, airports in India simply charge airlines and passengers a levy for future facilities being built at airports. Many more people could find themselves updating their resumes in the coming fiscal year. A new survey from Mafoi Management Consultants says India will see nearly a million new jobs in 2010-11. That’s a 35% increase over the previous year. The survey says the healthcare and pharmaceuticals industries will lead the hiring by adding nearly 300,000 new jobs. The hospitality sector will add 137,000 jobs and the real estate industry another 136,000. India’s IT sector is expected to add less than 100,000 new positions. Mafoi conducted its survey by interviewing the chief executives or human resources heads of 1,000 companies in India. Coal India Ltd says it is looking to sign strategic alliances that will help meet some of India’s demand for coal. The alliances are expected to be in the form of either equity or offtake deals with coal mining companies abroad. India’s coal shortfall for 2010-11 is projected at 81 million tonnes. Source: LatestNews-Home - Livemint.com | 10 Mar 2010 | 11:42 am New pricing norms could favour airlinesMumbai: In a move that could potentially change the way airport charges are levied in India and benefit airlines as well as passengers, the newly formed tariff regulator Airports Economic Regulatory Authority of India (Aera) said the so-called single-till model is the most appropriate way to decide such charges in India.  In the single-till model, followed by UK airports such as Heathrow and Gatwick, all principal airport activities including aeronautical and commercial (or retail) are taken into account to determine the level of airport charges. In contrast, only aeronautical or flying-related activities are considered under the dual-till principle. Airlines prefer the single-till model as airport charges are likely to be lower under it. However, private airport operators and their investors are keen to have charges decided on the basis of a double-till model because this will help them increase revenue. Currently, most Indian airports do not earn significant commercial income. “We have tentatively taken a stand that single-till is suitable in the Indian context. We have sought comments and views from the industry stakeholders. The final decision would be taken shortly,” Aera chairman Yashwant S. Bhave said on Tuesday. Aera has already circulated a draft consultation paper on the issue among airlines and airport operators. “As we are seeking feedback from the stakeholders, I cannot comment beyond this,” Bhave said. The last date to submit comments and suggestions is 19 March. The choice of pricing model is critical as it will decide how much passengers will have to pay. Currently, passengers pay user development and airport development fees—a levy for future facilities being built at airports. Also See Global Model (Graphics) Incidentally, the UK’s specialist aviation regulator Civil Aviation Authority (CAA) had proposed a shift from its traditional single-till approach to dual-till in 2003, but the country’s Competition Commission rejected the proposal. CAA has since not recommended a shift to the dual-till pricing model. In the consultation paper, reviewed by Mint, Aera said: “The authority (Aera) considers that the balance of the evidence relevant to the Indian situation points towards single-till being the most appropriate basis in general for the regulatory regime for major airports in India”. “Non-aeronautical revenue is clearly a function of aeronautical activity at an airport. Therefore, there is a persuasive case for non-aeronautical revenues to be taken into consideration for fixation of aeronautical tariffs,” it said. It also said a single-till approach protects interests of users by ensuring service provision commensurate with the tariff. On 16 February, Mint had reported that airports and airlines in India are battling over the model that Aera should adopt for fixing airport charges. “Aera’s stance is not final and there is a long way to go before fixing the airport charges. Passengers are already overburdened with multiple charges and this will adversely affect airlines and airports. But there will be no point in implementing single-till by allowing airport operators to levy more through various other avenues,” said an aviation expert, who did not want to be identified. He said the interests of passengers should be taken into account. In January, Aera had sought initial comments on a white paper that audit and consulting firm PricewaterhouseCoopers Pvt. Ltd had prepared on behalf of the government, to formalize the structuring and operational procedures at Aera. “The single-till model incentivizes the airlines and airport operators to optimize the footfall at the airports,” Federation of Indian Airlines (FIA), a lobby group for domestic carriers, said in its reply to Aera’s white paper. “These passengers in turn avail of the non-aeronautical services at the airports which generate significant revenue,” FIA added. However, airports beg to differ. “In the Indian scenario, there is an estimated Rs40,000 crore of investments required in airports and a signal to regulate the airports under single-till will send a wrong message to the investors. In a supply-lacked scenario, regulations should seek to bring in better competition by encouraging better airports and not by seeking to be seen favouring the consumers in the short term, which would ultimately prove to be myopic,” wrote GMR Hyderabad International Airport Ltd, in response to Aera’s white paper. The financial impact of the single-till model on airlines and passengers will be known only after airport operators submit their tariffs to Aera for approval. Graphics by Yogesh Kumar/Mint Source: Home - Livemint.com | 10 Mar 2010 | 11:02 am Ford mulls entering commercial vehicles segment in India Mumbai: Auto maker Ford India Pvt. Ltd, the local arm of Ford Motor Co., is considering entering the fast-growing Indian commercial vehicles segment, president and managing director Michael Boneham said. Commercial vehicles can complement Ford’s plans of being a volume player in India, Boneham told Mint on the sidelines of the launch of the firm’s small car, Figo, in Mumbai. Ford is studying the Indian market and “will be firming up the plans by the end of the current year”, he added. The company will look at bringing out highly utilitarian sub-5 tonne pickup trucks from its Chennai facility, said Nigel E. Wark, executive director, marketing sales and service, Ford India. The facility has a capacity to make 200,000 passenger cars and 250,000 engines every year. Boneham said that with a high import duty of 107%, it did not make economic sense for Ford to import pickups from Thailand. India’s light commercial vehicles market has been growing in double digits, driven by a rising need for vehicles that can transport people and goods on shorter and congested routes. In the 10 months ended January, the segment, which is dominated by Tata Motors Ltd’s sub-1 tonne Ace, grew 30% to 406,019 units. Ford’s rival General Motors India Pvt. Ltd (GM) recently entered a collaboration with Shanghai Automotive Industry Corp. to develop and manufacture light commercial vehicles in the passenger and goods carrier segment. GM plans to produce the vehicles for Indian and exports markets from its facilities at Talegaon near Pune and Halol in Gujarat. Global auto makers are tapping into India’s commercial vehicles segment encouraged by its growth potential, said Pankaj Chadha, director of automotive practice at consultancy Ernst and Young. “It makes strategic sense for companies like General Motors and Ford to get into the segment for an optimum utilization of the capacities,” he added. shally.s@livemint.com Source: Home - Livemint.com | 10 Mar 2010 | 10:43 am AI to increase summer capacity by 10 pcThe ailing national carrier Air India has decided to increase the domestic capacity by 10 per cent from March 29 to tap the summer rush, besides introducing in-flight entertainment on the metro routes, according to a senior airline official. Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 10:42 am PC market to boom this year GartnerWorldwide sales of personal computers are expected to grow nearly 20 per cent this year over 2009, with laptops driving new sales, research group Gartner said.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 9:15 am MySpace overhauls to revive growthWith shrinking audiences, deep layoffs and two management shake-ups, News Corp’s MySpace, the one-time leader in Internet social networking, has had a rocky year.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 9:13 am Rajasthan CM sweetens refinery demand with sopsPromising interest-free loans and equity participation by state-run agencies, Rajasthan Chief Minister Ashok Gehlot has once again pushed for the setting up of an oil refinery in Barmer.Source: HindustanTimes.com - Top Business News Headlines | 10 Mar 2010 | 9:11 am Apollo to buy Citi’s property investment unit: reportLondon: US private equity player Apollo Management has inked a preliminary agreement to buy Citigroup’s property investment unit, says a media report. The deal would give the private equity firm a far bigger global presence. “Apollo Management signed a preliminary agreement to buy Citigroup’s property investment unit...,” British daily Financial Times has reported attributing to people familiar with the matter. The report noted that Apollo would get about $12.5 billion in gross assets and exposure to Europe for the first time. “It will also acquire the team of 60 professionals employed by Citi,” the daily added. As part of its efforts to shrink balance sheet and also raise money, Citi has been selling many of its assets in the past few months. According to the publication, Apollo was believed to have had an inside track against other bidders since its head of real estate, Joe Azrack, once headed the Citi real estate unit. “Azrack left Citi in June 2008 as part of a number of high-profile departures from the bank against a backdrop of heavy losses in real estate,” the report said. Source: World Business - Livemint.com | 10 Mar 2010 | 5:23 am India most optimistic nation on hiring in Q2: Manpower!India continued to be the most optimistic nation in terms of hiring plans for the next three months, driven by strong job opportunities across all sectors, global staffing services firm Manpower said.Source: Zee News : Business | 10 Mar 2010 | 5:11 am Ford launches Figo priced at Rs 3.5-4.48 lakh!US carmaker Ford Tuesday launched its much anticipated global small car `Figo` in the Indian market, priced at Rs 3.5 lakh to Rs 4.48 lakh.Source: Zee News : Business | 10 Mar 2010 | 5:11 am
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