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India successfully test-fires BrahMos supersonic cruise missile - Times of India
Source: Business - Google News | 21 Mar 2010 | 4:10 am Foreign varsity campuses to help India save $7.5 bn outflowNew Delhi: Allowing foreign universities to set up their campuses in India will help the country save up to $7.5 billion (about Rs34,500 crore) foreign exchange annually that students spend on studying abroad, industry body Assocham said. “It will not only dramatically enhance profile of higher education in India but help it save outflow of about $7.5 billion of foreign exchange per annum as large number of Indian students go abroad to receive higher education,” Assocham said. Assocham president Swati Piramal said students going abroad, cost the country a foreign exchange outflow of $10 billion annually and foreign universities campuses in India could prevent at least three-fourth of students from leaving the country for higher education. On 15 March, the Union Cabinet approved a Foreign Educational Institution (Regulation of Entry and Operation) Bill, 2010, to allow foreign education providers set up campuses in India. The Cabinet clearance has paved way for its introduction in the Parliament. The chamber said over five lakh students choose to go overseas every year to obtain higher education which include professional courses in engineering, medical and management. Foreign universities in India would also prevent brain drain as large number of Indian students studying abroad opt to work overseas rather than returning home, Piramal said. Assocham said several foreign universities have plans to enter India especially at places like New Delhi, Hyderabad, Chennai, Chandigarh, Pune and Mumbai. Source: LatestNews-Home - Livemint.com | 21 Mar 2010 | 3:11 am Siemens to axe 4,200 jobs from IT businessDiversified German conglomerate Siemens AG has said it will reduce headcount by 4,200 people from its IT business worldwide by 2011 as part of reorientation.Source: India Business News | Business News - Times of India | 21 Mar 2010 | 3:00 am Pune, Kochi named new IPL teamsChennai: Sahara bagged Pune while little known Rendezvous Sports World Limited clinched Kochi, as the Indian Premier League unveiled two new teams on Sunday joining the cash-awash Twenty20 league. IPL commissioner Lalit Modi said Sahara Adventure Sports Group made an identical $370 million bid for three cities - Ahmedabad, Nagpur and Pune. “They made the highest bid for all three cities and were asked to chose one of those cities. So Pune will be the home ground of their team,” Modi told reporters. Rendezvous Sports World Limited made the second highest bid but their offer of $333.33 million was enough to land the Kochi franchise, Modi said. “In all, five groups qualified for the bid and I hope they make good business,” Modi said. He also made it clear that there was no plans to have a second IPL abroad. “I’m always misquoted by the media. This is Indian Premier League and there is no plans to have a second IPL abroad. “We also have no plans to expand further immediately. In fact I don’t foresee an expansion in many many years to come but then you never know,” he added. Apart from the two successful bidders, other groups which took part in the bidding included Adani Groups and VC Digital Solution (Videocon). Pune received three bids but Sahara’s bid was way better than what Adani group ($315 million) or a Pune consortium (($261.3 million) could offer. The cities in the fray were Pune, Ahmedabad, Nagpur, Kanpur, Dharamsala, Vizag, Rajkot, Cuttack, Baroda, Kochi, Indore and Gwalior. The Videocon group apparently had the backing of Bollywood superstars Saif Ali Khan and Kareena Kapoor but they failed to bag a team. The minimum base price of the franchises for the next 10 years was ($225 million. From 2011, IPL will become a 10-team league featuring 94 games. The bidding process was scheduled to be completed by 7 March but it got postponed after the bidders objected to stiff financial guidelines which were eventually relaxed. Modi said since Kerala Cricket Association is yet to complete their stadium, IPL would provide the new franchise an alternative venue. “Kerala Cricket Association are in the process of building the infrastructure and as when the stadium is ready teams will play there. But till the structures are ready, the IPL will provide them with alternate venue and that can be anywhere in India,” Modi said. Source: Home - Livemint.com | 21 Mar 2010 | 2:51 am 7 of top-10 Sensex cos add Rs 42k cr to m-cap, RIL gains mostThe four-day continuous rally on the Dalal Street, which took the benchmark index Sensex to a high 17,578 points, saw seven out of the top 10 companies adding over Rs 42,000 crore to their valuation, with Reliance contributing a major chunk to it with a 7 per cent gain.Source: HindustanTimes.com - Top Business News Headlines | 21 Mar 2010 | 2:43 am PM to chair full Plan panel meet on TuesdayPrime Minister Manmohan Singh will chair the full Planning Commission meeting on Tuesday to review the economy in the backdrop of the industry showing strong signs of recovery.Source: HindustanTimes.com - Top Business News Headlines | 21 Mar 2010 | 2:36 am 7 of top 10 Sensex cos add Rs 42k cr to m-cap, RIL gains mostDuring the week, the 30-share Sensex settled at 17,578.23 points, up 411.61 points or 2.39% at the end of Friday's trade on the BSE over the previous week.Source: India Business News | Business News - Times of India | 21 Mar 2010 | 2:23 am Yes Bank to raise $80m for Cleantech FundNew-generation private sector bank Yes Bank is likely to raise $80 million in the first round of fund raising for its private equity fund focused on clean technologies, its chief operating officer Alok Rastogi said here on Sunday.Source: India Business News | Business News - Times of India | 21 Mar 2010 | 2:22 am Indian ADRs gain mere $350 mn last weekNew York: Indian stocks trading on the American bourses added just $350 million to their collective market capitalization during the past week, as majority of them saw their valuation declining. The 16 Indian entities listed on the New York Stock Exchange and Nasdaq added a net of $350 million to their market capitalization for the week ended 19 March. IT bellwether Infosys Technologies, which led the gang of gainers among the Indian stocks, saw its market capitalization rising by $901 million to $34.64 billion last week. Infosys is followed by another IT icon Wipro which saw its m-cap rise by $411 million to $34.12 billion, while pharma major Dr Reddy’s Laboaratories saw its m-cap surging by $320 million to $4.74 billion. Another IT firm Patni Computer Systems gained $19 million. However, the total gain was offset by the loss made by as many as 12 companies, including private sector lenders--HDFC Bank and ICICI Bank and copper producer Sterlite Industries. The losers pack was led by ICICI Bank, witnessing a value erosion of $322 million to $22.71 billion, followed by HDFC Bank with a loss of $291 million to $19.63 billion, and Sterlite declined by $286 million to $14.95 billion. Outsourcing company Genpact declined by $164 million to $3.38 billion, auto maker Tata Motors and BPO company WNS Holdings fell by $81 million and $74 million, respectively. Other losers are Internet firms Sify Technologies and Reddif.com, BPO company EXLService Holdings, telcos Mahanagar Telephone Nigam and Tata Communications whose valuation slipped to $5 million and $30 million, respectively. On Friday, the Wall Street ended in the negative zone, following by Reserve Bank of India’s surprise move to hike key policy rates by 25 basis points, with Dow Jones Industrial Average ending down 37.19 points at 10,741.98 and the S&P 500 settling down 5.92 points to 1,159.90. Besides, tech heavy Nasdaq was down 16.87 points at 2,374.41. Source: LatestNews-Home - Livemint.com | 21 Mar 2010 | 2:16 am PM to chair Plan panel meet on TuesdayNew Delhi: Prime Minister Manmohan Singh will chair the full Planning Commission meeting on Tuesday to review the economy in the backdrop of the industry showing strong signs of recovery. The full Plan panel meeting will also consider and approve the mid-term appraisal of the 11th Plan (2007-12), the official sources said. The approval of the mid-term appraisal is significant as after the full Plan panel’s nod, it would go to the National Development Council. The Council is expected to meet next month, the sources said. Singh is the chairman of the Planning Commission which comprises key Cabinet ministers, including finance minister Pranab Mukherjee, agriculture and food minister Sharad Pawar, besides full-time Commission members and deputy chairman Montek Singh Ahluwalia. The other issues likely to come up at the meeting are rising inflation, steps taken by the government and the Reserve Bank of India (RBI) to check rising prices, falling agriculture production and other developments that have taken place since the last meeting of the full panel on 01 September 2009. The Tuesday meeting assumes importance as it will suggest mid-course policy corrections for achieving the 11th Plan objectives. The 11th Plan, which aims an average 9% GDP growth, was hit by the global financial crisis triggered by the collapse of Lehman Brothers and other Wall Street titans beginning September 2008. The global financial turmoil pulled down the GDP growth to a low 6.7% last fiscal from over 9% during the preceding three years. As regards the current fiscal, the Central Statistical Organization (CSO) had projected a growth rate of 7.2%, much more than 6.5% projected by the Plan panel on 01 September last. The GDP growth, according to the Economic Survey, can accelerate to 8.75% next fiscal and may further move up to 9% next fiscal. The Commission is expected to revise its growth projections for the current fiscal, in the backdrop of high industrial growth which soared to a historic 17.6% in December and 16.7% in January and steady recovery of exports since November last. The meeting will also finalize growth projections for the 11th Plan as the overall growth of 9% may not be feasible in view of the developments since collapse of the global economy. Buoyed by the signs of economic recovery witnessed in the past few months, Mukherjee in his Budget 2010 speech on 26 February said, “the first challenge before us is to quickly revert to the high GDP growth path of 9% and then find the means to cross the double-digit growth barrier.” Source: LatestNews-Home - Livemint.com | 21 Mar 2010 | 2:05 am GM Daewoo recalls over 58k vehicles in SKoreaSeoul: GM-Daewoo, the South Korean subsidiary of US car giant General Motors, on Sunday recalled more than 58,000 vehicles because of defects, in the latest blow to Asia’s crisis-hit auto industry. The recall affects vehicles sold in South Korea but will be expanded to include those sold abroad, according to GM Daewoo, the country’s third largest carmaker. It gave no immediate idea of the size of the foreign recall, or which countries would be affected. “GM Daewoo Auto and Technology has reported that it will recall 58,696 vehicles that it has made and sold in Winstrom, Lacetti Premiere and Damas models due to manufacturing defects,” Seoul’s ministry of land, transport and maritime affairs said in a statement. The recall will affect 45,957 Winstorm sport-utility vehicles, 12,604 Lacetti Premiere sedans and 135 Damas microvans, the ministry said. Defective steering wheels were found in Winstorm models sold from 2006 to 2007 while flawed fuel hoses were discovered in Lacetti Premiere cars sold from 2009 to early 2010. Damas vans sold in 2009 were found to have been manufactured with insufficient fire safety measures, it said. The affected 58,696 vehicles were sold in South Korea, a GM Daewoo spokesman told AFP, adding that the recall would spread to vehicles sold overseas. Source: World Business - Livemint.com | 21 Mar 2010 | 1:50 am GM Daewoo recalls over 58k vehicles in SKoreaSeoul: GM-Daewoo, the South Korean subsidiary of US car giant General Motors, on Sunday recalled more than 58,000 vehicles because of defects, in the latest blow to Asia’s crisis-hit auto industry. The recall affects vehicles sold in South Korea but will be expanded to include those sold abroad, according to GM Daewoo, the country’s third largest carmaker. It gave no immediate idea of the size of the foreign recall, or which countries would be affected. “GM Daewoo Auto and Technology has reported that it will recall 58,696 vehicles that it has made and sold in Winstrom, Lacetti Premiere and Damas models due to manufacturing defects,” Seoul’s ministry of land, transport and maritime affairs said in a statement. The recall will affect 45,957 Winstorm sport-utility vehicles, 12,604 Lacetti Premiere sedans and 135 Damas microvans, the ministry said. Defective steering wheels were found in Winstorm models sold from 2006 to 2007 while flawed fuel hoses were discovered in Lacetti Premiere cars sold from 2009 to early 2010. Damas vans sold in 2009 were found to have been manufactured with insufficient fire safety measures, it said. The affected 58,696 vehicles were sold in South Korea, a GM Daewoo spokesman told AFP, adding that the recall would spread to vehicles sold overseas. Source: Home - Livemint.com | 21 Mar 2010 | 1:50 am Stronger RBI steps if inflation worsens: Pronab SenThe Reserve Bank is likely to take tougher action than the Friday's revision in its key policy rates if headline inflation aggravates, says chief statistician Pronab Sen.Source: HindustanTimes.com - Top Business News Headlines | 21 Mar 2010 | 1:45 am Rio executives' trial to cast spotlight on China courtsSHANGHAI (Reuters) - Four executives from global miner Rio Tinto will stand before a judge in Shanghai on Monday, in a trial that will also subject China's judicial system to international scrutiny.Source: Reuters: Money News | 21 Mar 2010 | 1:38 am Parliamentary panel raps AI for staff rationalization driveNew Delhi: A parliamentary committee has criticized the national carrier Air India for focusing more on rationalizing manpower costs which is lower than expenses on other heads like fuel and picturing them as “a villain” behind the plight of the airline. Observing that as many as 34% of the airline’s cost is incurred on fuel and only 16.2% on manpower, the Committee on Public Undertakings (Copu) asked the ailing Air India how much of cost will it be able to optimize by merely rationalizing manpower costs. The Copu, headed by senior Congress leader V Kishore Chandra Deo, feels that this issue should be given a “serious look because whatever statements we see in the newspapers, even in the last couple of weeks, it is hinging on manpower cost....Manpower is being made a villain”. This is “creating a kind of situation which is also demoralizing your workforce,” the panel told National Aviation Company of India (Nacil), the holding company of the national carrier. The Copu also recommended that to make the merger of the two airlines effective, Nacil should integrate the employees of the erstwhile Air India and Indian Airlines on the basis of scales of pay and not on their designation to ensure there is “no loss of emoluments and feelings of alienation” among the employees of these organizations. Even the aviation ministry acknowledged before the Copu that “manpower integration has not happened. There are a lot of anomalies between IA and AI workers at different levels. This is causing tremendous heartburn,” the report said, adding these information was given to them by civil aviation secretary M Madhavan Nambiar. Keeping this in mind, the Copu felt that “as far as possible, it may be ensured that there is no loss of emoluments and a feeling of alienation amongst the employees of the two organizations”. The panel also observed that, “this obvious difficulty, which should have been foreseen at the outset, did not seem to have occurred to those who worked out the merger process.” Regarding anomalies, the airline acknowledges that while pilots from Air India operating abroad are given foreign exchange in advance for their expenses, the pilots of erstwhile Indian Airlines are asked to spend their money and get it reimbursed. Source: Home - Livemint.com | 21 Mar 2010 | 1:31 am Air India resumes pilot recruitment processMumbai: National carrier Air India has put the selection process for 40 pilots back on track after having put it on hold for more than a year following charges of favouritism. While plans were afoot last year to hire 90 pilots, 40 commercial pilot licence (CPL) holders have so far successfully completed 90% of the selection process. Their final selection, however, was put on hold, following charges of nepotism, sources close to the development said, adding that now the vigilance department has cleared the process which has since been restarted. “We are hiring around 90 pilots. Currently, they are undergoing mandatory medical tests. Once the process is completed, they will be put on the training,” they said. The sources said the remaining 50 candidates were engineers, mainly from Air India who have obtained commercial pilot licence (CPL). An Air India spokesperson confirmed the developments and said that the process which was put on hold last year has been revived. “Once finally selected, these pilots will be put on eight months training before joining the left seat (of co-pilot) in the cockpit,” the sources said. Air India had last March advertised for the recruitment of pilots. Of the 1,400 commercial pilot licence holders who appeared for the exam in April 2009, Air India had finally selected 40 pilots. However, after allegations of favouritism cropped up, the entire selection process was put on hold and an investigation ordered into the whole affair. “The investigation into the process did not find any wrong doing and therefore the process has been put back on track,” the spokesperson said. Source: LatestNews-Home - Livemint.com | 21 Mar 2010 | 1:31 am Philips India launches cost-efficient X-Ray equipmentPhilips India has unveiled its first 'Made-in India' cardiovascular X-ray system as part of the strategy to penetrate the low-cost diagnostic equipment market across the country, as also export it to some European and Asian nations.Source: HindustanTimes.com - Top Business News Headlines | 21 Mar 2010 | 1:24 am BMW to launch pre-owned car business in India, sets big targetsMunich: German luxury carmaker BMW is betting big on its soon-to-be launched pre-owned car business in India and hopes that this will contribute at least 30% to its total sales in the country. BMW plans to launch dealerships for its pre-owned car business – ‘BMW Premium Selection’ - in all major metros across the country as part of the strategy. The business will kick off in April this year. “If we are able to establish our brand nationwide, the used-car business should comprise at least 30% of our annual sales,” BMW India president Peter Kronschanabl said. Last year, BMW sold 3,619 units in India, becoming the number one luxury carmaker ahead of rival Mercedes which sold 3,247 units. In 2010, the company is aiming to cross the 4,000 units mark in sales. ‘BMW Premium Selection’ will have its first dealership in Chennai in April, followed by one in Gurgaon during the third quarter of the year. “Our target would be to open dealerships for the used-car business in all major cities of India but I do not want to fix any time limit. We want to create an entirely new business with our used-cars,” Kronschanabl said. He, however, added that only the company’s cars which were purchased since the launch of BMW’s Indian operations in 2006 will be accepted from the owners. The vehicles will be selected from the owners after a full inspection by BMW engineers and technicians. The firm will give a warranty for the cars to new customers. BMW has sold over 8,000 units in the Indian market in over last three years and it is targeting a new section of customers who are still not in the luxury segment but have power to purchase a car worth around Rs20 lakh. “In a study done in 2007, we found that on an average a customer uses a premium or luxury segment car in India for 5.6 years. We want to bring down that time, possibly to 3-4 years,” Kronschanabl added. He said the new venture will add re-sell value for the BMW brand and “so it makes the entire business value and philosophy more transparent.” The company already operates the BMW Premium Selection business in Europe, US and Russia. Meanwhile, BMW’s Financial Services is also likely to be operational in India by the middle of the year. “The licence for the status of Non Banking Financial Institution should come from the RBI by middle of May. Our aim is to offer a complete insurance solution to customers including retail finance and commercial finance,” he said. The BMW Financial Services India, with headquarters in Gurgaon, is intended to offer complete insurance solution to customers including retail finance and commercial finance. Last year, the company had announced plans to invest $50 million over 24 months in the Financial Services venture. “It will also be open for non-BMW products also. Even they can apply for finances from it,” he said, however, adding that at this time there is no proposal to make the Indian financial services operations part of its proposed European Bank. Source: Home - Livemint.com | 21 Mar 2010 | 1:10 am AI resumes pilot recruitment processNational carrier Air India has put the selection process for 40 pilots back on track after having put it on hold for more than a year following charges of favouritism.Source: India Business News | Business News - Times of India | 21 Mar 2010 | 1:09 am UK Conservatives back U.S.-style bank tax planLONDON (Reuters) - Britain's opposition Conservatives would introduce a unilateral tax on banks similar to that planned by U.S. President Barack Obama if they win the upcoming election, leader David Cameron said on Saturday.Source: Reuters: Money News | 21 Mar 2010 | 1:03 am Zain rises on Bharti deal report - Economic Times
Source: Business - Google News | 21 Mar 2010 | 12:48 am Japan's vice banking min: no need for extra budget nowTOKYO (Reuters) - Japan's vice banking minister, a key policymaker in Prime Minister Yukio Hatoyama's Democratic Party, said on Sunday he saw no need for a supplementary budget as Japan's growth was expected to continue.Source: Reuters: Money News | 21 Mar 2010 | 12:46 am China to respond if hit by U.S. trade sanctions - MOFCOMBEIJING (Reuters) - Beijing will take retaliatory steps if the United States declares China a currency manipulator and imposes trade sanctions, commerce minister Chen Deming said on Sunday, the latest salvo in a spat over the value of the yuan.Source: Reuters: Money News | 21 Mar 2010 | 12:41 am Corporate India hiring may rise by 15% in FY11: E&YNew Delhi: Corporate India is likely to witness 10-15% increase in hiring in fiscal year 2010-11, led by the telecom sector which is forecast to provide a whopping over one lakh jobs, global consultancy Ernst & Young (E&Y) has said. “Indian job market seems to be striking right chord with country’s working population, as more and more vacancies are being created and filled across sectors. On a conservative stand, percentage increase in hiring in the new fiscal can be between 10-15%,” Ernst & Young partner and national head (People & Organisation) NS Rajan told PTI. “The telecom growth story would continue in the fiscal and hiring activity in this sector is likely to be in excess of 1,00,000 jobs,” Rajan said. Other sectors that are likely to lead hiring in the new fiscal include pharmaceuticals, FMCG and education, as they are facing a talent crunch at present. Ernst & Young, however, believes that despite the ensuing euphoria over rising number of jobs, companies are likely to approach hiring with caution due to the hard lesson learnt in the past. Although most companies are doing away with hiring freeze imposed during the economic downturn, they are likely to hire strategically and look for long-term talent needs and not near term staffing requirements. Moreover, Ernst & Young believes that while hiring would continue mostly to meet the replacement demand created as a result of erstwhile hiring freeze, there are likely to be mixed trends in the level of hiring activity across sectors. “Though hiring has picked up in the economy across sectors like pharmaceutical, chemical, auto, insurance, education, retail and IT, it is unlikely that the bullish hiring trends of 2007 will be restored within the next one year,” Rajan said. In sectors like auto/auto-components, banking, financial services and insurance (BFSI), and real estate, the hiring is on the rise to primarily fill in vacancies resulting from significant downsizing in the past and to meet future expansion plans. Interestingly, most companies are expecting higher attrition levels over the next few months on account of jobs coming back into economy resulting in increments being used as a tool to retain talent. Source: Home - Livemint.com | 21 Mar 2010 | 12:25 am StanChart bullish on India growthMumbai: UK-based banking giant, Standard Chartered on Saturday said the lender is looking at a ‘sensible’ growth in India and would infuse the required capital in its Indian operations to support its business plans. “Over the last few years, we have grown quite substantially here. Capital has never been a constrain. We will give capital it (Indian operations) needs to grow,” Standard Chartered’s Asia CEO, Jaspal Bindra said. He was talking to reporters after releasing the 5th edition of the book--Banking Law in Theory & Practice by SN Gupta. On the back of a strong revenue growth from corporate banking, StanChart posted a 19% growth in its operating profit from Indian operations at $1.06 billion (around Rs4,865 crore) for the year ended 31 December 2009 making it the first foreign bank in the country to cross the $1 billion in operating profit. Bindra said the banks’ growth in the Indian subcontinent would be driven by ‘sensible’ growth rather than capital driven. The recovery in Indian economy offers tremendous potential for the bank to grow its footprint here, he said. “The economy is shaping up. It is coming back to the pre-crisis levels. That is a good situation. You cannot see that in most parts of the world,” Bindra said. Source: Home - Livemint.com | 21 Mar 2010 | 12:11 am Petroleum Secretary hints at price hike againThe Secretary of Ministry of Petroleum and Natural Gas, Mr S. Sundareshan, on Saturday told a press conference here that “hard decisions are necessary” against the backdrop of volatility in the global crude oilSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am Bharti board okays $9-b offer for Zain assetsBharti Airtel's board on Saturday approved a $9-billion offer for Kuwaiti telecom operator Zain's African assets, top sourcesSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am 52% growth in engineering exports to ASEANEngineering exports to ASEAN (Association of Southeast Asian Nations) clocked 52 per cent growth in 2008-09, touching a record at $5.9 billion. The growth in engineering exports to the US and Europe recorded a 16 per cent and 26 per cent growthSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am SBI not to hike lending rates now, says BhattThe country's largest bank, State Bank of India, is not looking to increase lending ratesSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am Private equity investors get meagre returns from IPOsThe private equity investors exiting companies that entered the market in recent times have had little cause forSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am ‘Further RBI action hinges on efficacy of latest steps'The RBI may have to go in for further hike in policy rates in its April monetary policy if its latest steps don't lead to tapering of inflationary expectations, Dr Pronab Sen, Chief Statistician of India, hasSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am Weekly News Round UpThe advance tax payout of the top 10 advance taxpayers' league recorded 9 per cent increase in 2009-10 to Rs 32,946 crore against Rs 30,138 crore. This is much higher than the 3 per cent year-on-year growth seen in the advance tax payout of the topSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am Govt mulls independent mining regulatorThe Government is considering the setting up of an independent regulator for the mining sector to deal with issues such as irregularities and delay inSource: Business Line - Home Page | 21 Mar 2010 | 12:00 am Bernanke: Too big to fail a 'pernicious' problemOrlando, Fla. (Reuters) - Regulators must be "significantly tougher" on large and complex financial firms to limit wider risks, but big firms are still needed to keep the global economy humming, U.S. Federal Reserve Chairman Ben Bernanke said on Saturday.Source: Reuters: Money News | 20 Mar 2010 | 11:54 pm India’s GDP to grow 8.3% in FY11: D&BNew Delhi: Consultancy firm Dun & Bradstreet has projected India’s economy to grow by 8.3% next fiscal against an estimated 7.2% in the current fiscal, but said inflation will remain a concern and touch double digits in early 2010-11. “We expect GDP growth to be around 8.3% during FY11 backed by strong investment as well as consumption demand,” Yashika Singh, head, Economic Analysis, Dun & Bradstreet (India) said. The aggressive measures taken by the government to tackle the economic crisis has put the country on a strong recovery path, it said. D&B, however, cautioned some downside risks to the economy in the form of inflation. Inflation rose by 1.33% in February to 9.89%, surpassing the RBI target of 8.5% by March end. “Inflation is expected to remain at double-digit levels in the first few months of FY11,” Singh said. The consultancy firm said the industrial sector is likely to play major role in driving the economic growth next fiscal. “IIP growth is expected to remain robust at 10.3% during FY11. Focus on infrastructure spending by the government and an increase in investment demand by the corporate along with improved consumption would provide impetus to the industrial production,” she added. For the fifth consecutive months, India’s industrial growth stood at double digits, 16.7%, in January on robust manufacturing activity, lending optimism of a faster economic recovery. Finance minister Pranab Mukherjee had earlier exuded confidence that the economy would grow more than 8% next fiscal. The Economic Survey, tabled in Parliament in February, had said the economy could grow up to 8.75% during the 2010-11 from an estimated 7.2% in the current financial year. D&B said the RBI might take some measures aimed at arresting the mounting inflationary pressure, though in a calibrated manner without affecting growth. On Friday, RBI raised short term lending and borrowing rates, Repo and Reverse Repo, by 25 basis points to tame inflation. The RBI is also expected to further squeeze money supply in its 20 April monetary policy review for 2010-11. Source: Home - Livemint.com | 20 Mar 2010 | 11:52 pm Domestic supplies to SEZs to get duty rebatesNew Delhi: Consignments from domestic area to customs bound special economic zones (SEZs) should be treated as exports, thus becoming eligible for duty rebates as applicable to offshore shipments, the revenue department has clarified. “The settled position that rebate under Rule 18 of the Central Excise Rules, 2002, is admissible for supplies made from Domestic Tarrif Area (domestic market) to SEZ ...,” the Central Board of Excise and Customs has said in a directive to its field staff. The Rule 18 grants rebate on duty on raw material used to manufacture goods for export purpose. The CBEC had to come out with clarification following a confusion whether duty benefits given to exports should be extended to supplies going to SEZs. The clarification was given because a view was put forth that rebate under Rule 18 is admissible only when the goods are exported out of the country and not when supplies are made to an SEZ. The department had received representations from its various field formations and various units on the issue of admissibility of rebate. To boost exports, the government provides several sops like refund of duty on imported raw material and concessional finance. Formal approval has been accorded to 575 SEZ proposals, of which 348 have been approved. A total of 105 have commenced exports. Under the SEZ Act, units in these zones are given 100% tax exemption on their income for the first five years and 50% in the next five years. Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 11:32 pm India to need $120-bn for aircraft, aviation infra by 2020India would require $120-billion for aircraft acquisition and building aviation infrastructure to meet domestic passenger traffic, expected to touch 240-260 million per annum by 2020.Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 11:23 pm India Inc may ramp up hiring by 15 pc in FY'11: E&YIndia Inc is likely to witness 10-15 per cent increase in hiring in 2010-11, led by the telecom sector, which is forecast to provide a whopping over one lakh jobs, global consultancy Ernst & Young has said.Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 11:22 pm ‘Close co-op between financial regulators required globally’New Delhi: Seeking to address the issue of “too-big-to-fail” institutions in times of acute financial crisis, the Bank for International Settlements (BIS) has called for close cooperation between regulators across borders. The Switzerland-based BIS, an international group of central banks, has come out with a slew of recommendations to ensure that systemic risks are tackled properly, especially when complex financial companies fail. The Basel Committee on Banking Supervision, which includes India, has stressed that supervisors should work closely with their foreign counterparts to understand how complex group structures and operations could be resolved in a crisis. The Committee’s Secretariat is based at BIS in Basel. Nout Wellink, the Committee’s chairman in a recent statement said that implementation of these recommendations would help in making meaningful progress “toward addressing systemic risk and the too-big-to-fail problem.” Ravaged by the financial turmoil, the failure of many entities such as the US-based Lehman Brothers, which had significant cross-border presence, had pushed the global economy into a tizzy. Regulatory lapses and inability of countries to act in a coordinated manner, were exposed by such failures. The Committee has also suggested the creation of a “national framework” in each country to monitor financial conglomerates in their respective jurisdictions. These are part of the ‘Report and Recommendations of the Cross-border Bank Resolution Group´ prepared by the committee. According to the committee, the aim is to reduce reliance on public support to institutions deemed “too big to fail”. “The assumption, and reality, that some institutions are too big or too interconnected to fail has introduced additional risk and a greater likelihood of cross-border contagion into global finance,” the report pointed out. Going by the report, “systemically important cross-border banks and groups” should have a plan to preserve the firm or facilitate a rapid wind-down, if the situation warrants. “If an institution’s group structures are too complex to permit an orderly and cost-effective resolution, national authorities should consider imposing regulatory incentives, through capital or other prudential requirements, to encourage simplification of the structures,” it noted. For instance, Lehman Brothers group consisted of 2,985 legal entities that operated in about 50 countries. Following the financial meltdown, the US and the European authorities are looking at ways to strengthen their regulatory frameworks. Apart from India, other committee members include the US, China, Britain, Brazil, France, Germany, Japan and Russia. Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 11:16 pm NTPC to set up 1000 MW power plant near Khambhat - Daily News & Analysis
Source: Business - Google News | 20 Mar 2010 | 10:43 pm Royal Challengers spank Mumbai Indians by 7 wicketsMumbai: Unheralded pacer R Vinay Kumar produced a sensational three-wicket burst before Jacques Kallis (66 not out) heroics as Royal Challengers Bangalore spanked Mumbai Indians by seven wickets in an Indian Premier League match on Saturday. Vinay Kumar (3/25) dismissed Ambati Rayudu (3), Sachin Tendulkar (25) and Dwayne Bravo (1) in one over - his third and Mumbai’s 11th -- and he was ably supported by Dale Steyn (3/26) in restricting Mumbai Indians to 151 for 9 after the home side elected to bat at the Brabourne Stadium in Mumbai.  Royal Challengers Bangalore batsman Jaques Kallis plays a shot against Mumbai Indians during the IPL 3 match at the Brabourne Stadium in Mumbai on Saturday. Shirish Shete/PTI Manish Pandey, the other opener, and one-down Robin Uthappa contributed 40 and 23 respectively as RCB ended at 155 for three in 19.1 overs with Kallis hitting a four to win the match in style. For Mumbai Indians, who tasted their first defeat after beating Rajasthan Royals and Delhi Daredevils in their earlier two matches, Zaheer Khan and Harbhajan Singh picked up a wicket apiece conceding 18 and 35 runs respectively. With this win, RCB are now on top of IPL 3 table with six points from four matches. Brief Scores Mumbai Indians: 151 for nine in 20 overs (Sachin Tendulkar 25, Saurabh Tiwary 25; R Vinay Kumar 3/25, Dale Steyn 3/26). Royal Challengers Bangalore: 155 for three from 19.1 overs (Jacques Kallis 66 not out, Manish Pandey 40). Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 10:37 pm Rajasthan Royals beat Knight Riders by 34 runsAhmedabad: Rajasthan Royals dished out an all-round performance to defeat Kolkata Knight Riders (KKR) by 34 runs and register their first win in the third edition of the Indian Premier League on Saturday. Battered and bruised in the last three matches, Rajasthan Royals were in desperate need of a win and Shane Warne’s men didn’t disappoint as they first posted a competitive target of 169 and then restricted Kolkata Knight Riders to 134 for five at the Sardar Patel stadium at Motera in Ahmedabad. Chasing 169 to win, KKR started rather slowly as they scored at nearly six runs per over and once they lost opener Manoj Tiwary in the third over bowled by Yusuf Pathan things further slowed down. Cheteshwar Pujara and opener Brad Hodge tried to keep the scoreboard ticking and put up a brilliant 50-run partnership for the second wicket before the former’s innings was cut shot by Siddharth Trivedi.  Rajasthan Royals’ Abhishek Jhunjhunwala plays a shot against Kolkata Knight Riders during their IPL 3 match in Ahmedabad on Saturday. Shashank Parade/ PTI Skipper Sourav Ganguly then joined Hodge and they added 27 runs before Hodge was bowled by Pathan in the 15th over. With the required run-rate rising every moment, Ganguly and newman Owais Shah threw there bat at everything but without much success as the match slipped through their fingers. In pursuit of runs, Ganguly perished in deep mid-wicket, caught by Adam Voges in the last over off Munaf Patel. Anjelo Mathews coming at number six also ran himself out in the last over, while Shah was left unbeaten at 19. Earlier, Abhishek Jhunjhunwala top scored with a 36-ball 45 to guide Rajasthan Royal to a modest 168 for seven after skipper Warne won the toss and decided to bat. Rajasthan found themselves in a spot of bother when they lost their opener Michael Lumb in the first ball but Naman Ojha (27), Faiz Fazal (31 off 23), Jhunjhunwala and Adam Voges (37 off 22) fired in unison to lift Rajasthan bowlers to a competitive total. Lumb flopped for the second consecutive match when he was caught plumb in front of the wicket in very first delivery of the innings by Ashok Dinda. But other opener Ojha and Fazal steadied the ship with a 42-run first wicket partnership. Ojha blasted five boundaries in his 18-ball innings, while Fazal cracked six fours before being caught by Cheteshwar Pujara off Shane Bond. Ojha’s innings came to disappointing end as he was run by a combined effort from Bond and Murali Kartik. Yusuf Pathan (15 off 14) failed to make any significant impact as he was caught by Brad Hodge off Dinda after just managing two hits to the fence. For Knight Riders, Dinda, Ishant Sharma and Bond picked up two wickets each. Brief Scores Rajasthan Royals: 168 for seven in 20 overs. (Abhishek Jhunjhunwala 45, Adam Viges 37 not out; Ashok Dinda 2/28), Sghane Bond 2/32, Ishant Sharama 2/33) Kolkata Knight Riders: 134 for five in 20 overs. (Brad Hodge 36, Saurav Ganguly 33; Yusuf Pathan 2/23). Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 10:18 pm GM S.Korea unit recalls 60,000 Cruze, Captiva modelsSEOUL (Reuters) - General Motors Co's South Korean unit plans to recall some 60,000 of the Chevy Cruze small car and the Captiva sports utility vehicle (SUV) in South Korea, the government and the company said on Sunday.Source: Reuters: Money News | 20 Mar 2010 | 10:05 pm IMF paints grim picture of fiscal tightening needsBEIJING (Reuters) - Developed countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the No. 2 official at the IMF said on Sunday.Source: Reuters: Money News | 20 Mar 2010 | 9:42 pm British Airways battles cabin crew strikeLONDON (Reuters) - British Airways and union leaders disputed the impact of a three-day cabin crew strike which began on Saturday and opponents sought to use the row to embarrass the Labour government weeks before an election.Source: Reuters: Money News | 20 Mar 2010 | 8:32 pm Green Thyagraj Stadium gets IGL gas for power - Times of India
Source: Business - Google News | 20 Mar 2010 | 5:29 pm Three gas pipelines for TN by 2012 - Times of India
Source: Business - Google News | 20 Mar 2010 | 4:36 pm Ramesh sees delay of states deliberate - The Hindu
Source: Business - Google News | 20 Mar 2010 | 4:35 pm Bengal high on investors' list of destinations:Sen - Times of India
Source: Business - Google News | 20 Mar 2010 | 3:17 pm With 3G auctions going online, security a concernThe 3G and Broadband Wireless Access auctions could pose nightmarish security concerns for the Department of Telecom with all the bidding slated to take place online among the 20 players in the fray.Source: India Business News | Business News - Times of India | 20 Mar 2010 | 2:47 pm Costly leak: Power cos lose Rs 30,000cr every yearThe average cost of electricity in India may be the highest in the world but distribution utilities are losing around Rs 30,000 crore annually because they cannot recover the cost due to theft and poor billing practices.Source: India Business News | Business News - Times of India | 20 Mar 2010 | 2:24 pm Finmin for new bank licences to be pan-India - Economic Times
Source: Business - Google News | 20 Mar 2010 | 1:17 pm Economy Round-up - Economic Times
Source: Business - Google News | 20 Mar 2010 | 1:04 pm Never rely on promisesHere is a note of caution to all consumers: Never buy an insurance product on verbal assurances and promises, whether made by an agent or a telemarketer; a bank or an insurer.Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 12:47 pm Yunus to give lessons in social business to India IncWhat is social business? Ask Muhammad Yunus. Thats precisely what India Incs top bosses will do when they meet the Nobel Laureate and Grameen Bank managing director here on Monday.Source: Business Standard | Front Page Headlines | 20 Mar 2010 | 12:35 pm No rise in rates right away: SBIRuling out any immediate rise in lending rates, the State Bank of India today said it will wait for the Reserve Bank of India's policy meeting on April 20 before taking a decision on rates for deposits and advances. SBI is Indias largest bank.Source: Business Standard | Front Page Headlines | 20 Mar 2010 | 12:33 pm Asarco hauls Sterlite to courtClaims breach of purchase, sale agreement.Source: Business Standard | Front Page Headlines | 20 Mar 2010 | 12:31 pm Virendra Mhaiskar: Putting IRB on the highway to growthMhaiskar who is at number 51 on the Forbes India rich list of 2009, spoke about his company, and India\'s sunrise sector infrastructure.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 12:25 pm Bharti board oks $9 bln offer for Zain Africa - BloombergNEW DELHI (Reuters) - The board of Bharti Airtel on Saturday approved a $9 billion offer for Kuwaiti telecom Zain's African assets, Bloomberg reported, citing two people with knowledge of the negotiations.Source: Reuters: Money News | 20 Mar 2010 | 10:39 am Mah Satyam shortlisted for UID project: Dilip JhaMahindra Satyam is among the firms shortlisted for unique identity project, Dilip Jha, its Head of Operations for India, West Asia and Africa, told CNBCTV18.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 9:55 am Porsche aims for double-digit growth in Asia: ReportGerman sportscar maker Porsche sees potential for double-digit growth in Asia this year while growth in North America will take longer to return to pre-crisis levels.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 9:44 am Bharti approves $9 billion offer for Zain Africa: ReportIndia's Bharti Airtel's board on Saturday approved a $9 billion offer for Kuwaiti telecom Zain's African assets, Bloomberg reported.Source: India Business News | Business News - Times of India | 20 Mar 2010 | 9:43 am 'Bharti board approves $9 bln offer for Zain Africa'India's Bharti Airtel's board on Saturday approved a $9 billion offer for Kuwaiti telecom Zain's African assets, Bloomberg reported, citing two people with knowledge of the negotiations.Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 9:42 am See major growth opportunities in rural India: VodafoneVodafone is among the telcos which have bid for spectrum for both 3G and broadband wireless access. The company expects the limited supply of 3G spectrum to lead to an interesting bidding war.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 9:41 am How can corporates aid the UID project?In an interview with CNBCTV18, Nandan Nilekani, Chairman of the UID project, Nitin Paranjpe, MD CEO, HUL and Kishore Biyani, Chairman, Future Group spoke about the ambitious project and how corporates can help in setting up the project.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 9:37 am Achieving double-digit growth is foremost challenge: Pranab MukherjeeFollowing the impact of the global financial crisis, India's growth rate slipped to 6.7% in 2008-09 from over 9% in the preceding three years.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 9:23 am Disciplinary action against tainted Satyam accountants on March 30The Indian accounting sector regulator will meet this month-end to decide on disciplinary proceedings against tainted chartered accountants allegedly involved in the Satyam Computer fraud.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 8:58 am RBI may tighten monetary policy more in April: SBI chiefThe chairman of India's top lender, State Bank of India, said on Saturday the Reserve Bank of India may tighten monetary policy further at its April 20 review.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 8:07 am Over 330 mobile towers sealed across Delhi: SourcesOver 330 towers have been sealed across several locations in Delhi, reports CNBCTV18, qouting sources. Sites of leading tower companies have been impacted.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 7:57 am Greece will pay its debts, will not default - PMATHENS (Reuters) - Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council.Source: Reuters: Money News | 20 Mar 2010 | 7:03 am SBI plans to acquire 20-30% stake in TMFL: OP BhattSBI would prefer to acquire a 20-30 per cent stake in Tata Motor's vehicle financing arm, as acquiring a stake beyond that level would require approvals from the Government, Bhatt said.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 5:40 am Gold plummets on selling pressureNew Delhi: Gold prices on Saturday nosedived by Rs280 to Rs16,660 per 10 grams in the bullion market on hectic selling induced by weak global cues. Standard gold and ornaments weakened by Rs280 each to Rs16,660 and Rs16,510 per ten grams, respectively, while sovereign shed Rs25 to trade at Rs14,000 per eight-gram piece. Selling pressure gathered momentum as gold prices fell the most in six weeks in New York last evening on dollar rally, which eroded the appeal of the metal as an alternative investment. Continued uncertainty about Greece’s economy helped the greenback rise against the euro. The overseas markets, which normally set the price trend for the domestic markets here, saw gold lose $19.90 to $1,107.60 an ounce in New York last night. Traders refraining from purchases on hopes of a further correction in gold prices further dampened the sentiment, marketmen said. In line with the general trend, silver ready dropped by Rs175 to Rs27,000 per kg and weekly-based delivery lost Rs375 to Rs26,600 per kg. Silver coins lost Rs100 to Rs33,300 for buying and Rs33,400 for selling of 100 pieces. Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 5:08 am RBI will ensure level playing field in banking sector: GovtThe government today said the Reserve Bank will ensure a level playing field for existing banks, while allowing new players in the banking sector who have to operate on a pan-India basis.Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 4:46 am Oil explorer Gulfsands rejects Indian firm`s bid approachGulfsands Petroleum has rejected a takeover approach of around 350 pence per share from an Indian company, ahead of a possible upgrade to its oil reserves which could boost the company\'s valuation.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 4:39 am Nine firms to bid for 3G mobile spectrum: GovtNine telecoms firms have applied to bid for thirdgeneration (3G) mobile spectrum in India in an April auction, the government said after the end of the deadline for submitting interest on Friday.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 4:39 am Bharti board to meet as $9 billion Zain deal nearsBharti Airtel\'s board will on Saturday discuss its USD 9 billion bid for Kuwaiti telecom group Zain\'s African units, a source said, and the two sides may clinch a deal next week.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 4:39 am Amtek Auto group firm to set up 2 m tonne steel plantA group company of auto parts maker Amtek Auto Ltd will set up a 2 million tonne steel plant and an auto parts unit in Orissa, spending 158 billion rupees, the company said on Friday.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 4:39 am BPCL seeks more Mayloading crudeBharat Petroleum Corp (BPCL), India\'s secondlargest refiner, has issued another tender to buy Mayloading crude, according to a copy of the tender document seen by Reuters on Friday.Source: Moneycontrol Top Headlines | 20 Mar 2010 | 4:39 am Toyota Kirloskar eyes 25% plus sales growth in 2010Bangalore: Japanese car maker Toyota is aiming for more than 25% growth in India in the current calendar year as it targets to sell a minimum of 70,000 units. Its joint venture with Kirloskar Group, Toyota Kirloskar Motor Pvt. Ltd., (TKM) sold 55,497 units in 2009. “This year, we are looking at a minimum of 70,000 units,” TKM’s deputy managing director (marketing), Sandeep Singh told PTI on Saturday. TKM aims to sell 47,000-48,000 units of Innova, 10,000-odd Fortuner and 12,000 Corolla Altis in 2010, he said. TKM has decided to come out with diesel version of Corolla Altis, but is yet to decide on the launch timeframe. Meanwhile, at Toyota ‘Q’ World event here, where the company is showcasing Toyota Etios (its upcoming compact car in India) concept and displaying other company products, TKM managing director Hiroshi Nakagawa said the company would hire an additional 2,000 people for its India plants. The TKM plant is located at Bidadi on Bangalore outskirts employs around 3,000 people. A Rs3,200 crore second plant is coming up near this location for manufacturing Etios, expected to be rolled out from December. The Etios sedan version, targeted at small family and businessmen, would compete with the likes of Swift D’zire and Tata Indigo Manza, while the hatchback is being positioned for young people, employed and entrepreneurs and would compete with Swift and Hyundai’s i20, among others, officials said. The company expects to sell 70,000 units of Etios, which will mark Toyota’s entry into the mass volume segment in India, in the first year of its sales. Singh claimed Etios would be at least 10% more fuel efficient than its “nearest competitors”. “We have ambitious plans to export (Etios),” Nakagawa said, but did not elaborate. Company officials said TKM sees good export potential but is yet to decide on overseas markets. He said the company’s current production capacity in India is 70,000 units annually, and it has plans to boost it to 200,000, but gave no timeframe. Singh said TKM would launch variants of Innova and Corolla Altis in the current calendar year. He said TKM has received orders to deliver 68 units of Toyota Prius hybrid vehicle. “Delivery started in the last few days”. Toyota ‘Q’ World are planned to be held in 10 cities across India from January to April this year; six cities have already been covered apart from Bangalore. Singh said in view of the good response the event has received, TKM has decided to hold it in 10 more cities like Coimbatore, Indore, Jaipur and Bhubaneswar between April and July. Nakagawa added: “This (Toyota ‘Q’ World) is an opportunity for us to get a direct feedback from customers across the country, which will in turn help us to further improve our products and services..…” Source: LatestNews-Home - Livemint.com | 20 Mar 2010 | 4:02 am CNG prices up 50 paise to Rs 21.70 per kgIndraprasthan Gas Ltd, the sole supplier of CNG to automobiles in the national capital, today raised the price of CNG marginally by Rs 0.50 per kg. CNG will cost Rs 21.70 per kg with effect from midnight tonight.Source: India Business News | Business News - Times of India | 20 Mar 2010 | 3:34 am SBI to wait for policy cues before hiking rates : OP BhattWith a view to arrest inflation, the RBI yesterday upped its repo and reverse repo rates (short term lending and borrowing rates) by 0.25% each to 5% and 3.75%, respectively.Source: Daily News & Analysis: Money News | 20 Mar 2010 | 3:02 am SBI not to hike lending rates now: OP BhattThe country's largest lender SBI on Saturday said that it has no plans to hike lending rates immediately, and would wait for further signals from the Reserve Bank to arrive at any decision. Source: HindustanTimes.com - Top Business News Headlines | 20 Mar 2010 | 2:53 am SBI not to hike lending rates immediately: O P BhattState Bank of India on Saturday said that it has no plans to hike its lending rates immediately and would wait till further signals from the RBI to take a call on the issue.Source: India Business News | Business News - Times of India | 20 Mar 2010 | 2:40 am
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